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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Commitment of Cross Currency Swaps | As at December 31, 2018, Teekay LNG was committed to the following cross currency swaps:
Notional Amount NOK |  | Notional Amount USD |  |  |  |  |  |  |  | Fair Value / Carrying Amount of (Liability) / Asset |  | Remaining Term (years)
Floating Rate Receivable |  |  |
Reference Rate |  | Margin |  | Fixed Rate Payable |
1,000,000 |  | 134,000 |  |  | NIBOR |  | 3.70 | % |  | 5.92 | % |  | (18,315 | ) |  | 1.4
1,200,000 |  | 146,500 |  |  | NIBOR |  | 6.00 | % |  | 7.72 | % |  | (4,727 | ) |  | 2.8
850,000 |  | 102,000 |  |  | NIBOR |  | 4.60 | % |  | 7.89 | % |  | (6,080 | ) |  | 4.7
|  |  |  |  |  |  |  |  |  | (29,122 | ) |  |
Interest Rate Swap Agreements | As at December 31, 2018, the Company was committed to the following interest rate swap agreements related to its LIBOR-based debt and EURIBOR-based debt, whereby certain of the Company’s floating-rate debt obligations were swapped with fixed-rate obligations:
| Interest Rate Index |  | Principal Amount $ |  | Fair Value / Carrying Amount of Asset / (Liability) $ |  | Weighted- Average Remaining Term (years) |  | Fixed Interest Rate (%) (1)
LIBOR-Based Debt: |  |  |  |  |  |  |  |  |
U.S. Dollar-denominated interest rate swaps (2) | LIBOR |  | 1,162,476 |  |  | (22,443 | ) |  | 3.7 |  | 2.9
EURIBOR-Based Debt: |  |  |  |  |  |  |  |  |
Euro-denominated interest rate swaps | EURIBOR |  | 86,477 |  |  | (11,092 | ) |  | 4.7 |  | 3.8
|  |  |  |  | (33,535 | ) |  |  |  |
(1) | Excludes the margins the Company pays on its variable-rate debt, which, as of December 31, 2018, ranged from 0.3% to 3.95%.
(2) | Includes interest rate swaps with the notional amount reducing quarterly or semi-annually. Two interest rate swaps are subject to mandatory early termination in 2020 and 2021, at which time the swaps will be settled based on their fair value.
Location and Fair Value Amounts of Derivative Instruments | The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets.
| Prepaid Expenses and Other |  | Other Non-Current Assets |  | Accrued Liabilities and Other |  | Current Portion of Derivative Liabilities |  | Derivative Liabilities
As at December 31, 2018 |  |  |  |  |  |  |  |  |
Derivatives designated as a cash flow hedge: |  |  |  |  |  |  |  |  |
Interest rate swap agreements | 784 |  |  | 2,362 |  |  | 20 |  |  | — |  |  | — |
Derivatives not designated as a cash flow hedge: |  |  |  |  |  |  |  |  |
Foreign currency contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest rate swap agreements | 2,915 |  |  | 2,973 |  |  | (2,498 | ) |  | (7,419 | ) |  | (32,672 | )
Cross currency swap agreements | — |  |  | — |  |  | (713 | ) |  | (4,729 | ) |  | (23,680 | )
Stock purchase warrants | — |  |  | 12,026 |  |  | — |  |  | — |  |  | — |
Forward freight agreements | — |  |  | — |  |  | — |  |  | (57 | ) |  | — |
| 3,699 |  |  | 17,361 |  |  | (3,191 | ) |  | (12,205 | ) |  | (56,352 | )
As at December 31, 2017 |  |  |  |  |  |  |  |  |
Derivatives designated as a cash flow hedge: |  |  |  |  |  |  |  |  |
Interest rate swap agreements | — |  |  | 1,037 |  |  | (18 | ) |  | (751 | ) |  | (7 | )
Derivatives not designated as a cash flow hedge: |  |  |  |  |  |  |  |  |
Foreign currency contracts | 96 |  |  | — |  |  | — |  |  | (15 | ) |  | — |
Interest rate swap agreements | 1,124 |  |  | 4,319 |  |  | (4,836 | ) |  | (35,134 | ) |  | (38,213 | )
Cross currency swap agreements | — |  |  | 5,042 |  |  | (810 | ) |  | (44,523 | ) |  | (10,168 | )
Stock purchase warrants | — |  |  | 30,749 |  |  | — |  |  | — |  |  | — |
| 1,220 |  |  | 41,147 |  |  | (5,664 | ) |  | (80,423 | ) |  | (48,388 | )
Effective Portion of Gains (Losses) on Interest Rate Swap Agreements | For the periods indicated, the following table presents the effective portion of gains (losses) on consolidated interest rate swap agreements designated and qualifying as cash flow hedges:
Year Ended December 31, 2018
Effective Portion |  | Effective Portion |  | Ineffective |  |
Recognized in AOCI (1) |  | Reclassified from AOCI (2) |  | Portion (3) |  |
$ |  | $ |  | $ |  |
2,128 |  |  | (152 | ) |  | 740 |  |  | Interest expense
Year Ended December 31, 2017
Effective Portion |  | Effective Portion |  | Ineffective |  |
Recognized in AOCI (1) |  | Reclassified from AOCI (2) |  | Portion (3) |  |
$ |  | $ |  | $ |  |
(31 | ) |  | (1,614 | ) |  | (746 | ) |  | Interest expense
(1) Recognized in accumulated other comprehensive loss (or AOCI). (2) Recorded in AOCI during the term of the hedging relationship and reclassified to earnings. (3) Recognized in the ineffective portion of gains (losses) on derivative instruments designated and qualifying as cash flow hedges.
Effect of Gain (Loss) on Derivatives Not Designated as Hedging Instruments | The effect of the (losses) and gains on derivatives not designated as hedging instruments in the consolidated statements of (loss) income are as follows:
| Year Ended December 31, 2018 $ |  | Year Ended December 31, 2017 $ |  | Year Ended December 31, 2016 $
Realized (losses) gains relating to: |  |  |  |  |
Interest rate swap agreements | (13,898 | ) |  | (53,921 | ) |  | (87,320 | )
Interest rate swap agreement terminations | (13,681 | ) |  | (610 | ) |  | (8,140 | )
Foreign currency forward contracts | — |  |  | 667 |  |  | (11,186 | )
Time charter swap agreement | — |  |  | 1,106 |  |  | 2,154 |
Forward freight agreements | 137 |  |  | 270 |  |  | — |
| (27,442 | ) |  | (52,488 | ) |  | (104,492 | )
Unrealized gains (losses) relating to: |  |  |  |  |
Interest rate swap agreements | 33,700 |  |  | 17,005 |  |  | 62,446 |
Foreign currency forward contracts | — |  |  | 3,925 |  |  | 15,833 |
Stock purchase warrants | (21,053 | ) |  | (6,421 | ) |  | (9,753 | )
Time-charter swap agreement | — |  |  | (875 | ) |  | 875 |
Forward Freight Agreements | (57 | ) |  | — |  |  | — |
| 12,590 |  |  | 13,634 |  |  | 69,401 |
Total realized and unrealized losses on derivative instruments | (14,852 | ) |  | (38,854 | ) |  | (35,091 | )
Effect of Gains (Losses) on Cross Currency Swaps | The effect of the gains (losses) on cross currency swaps on the consolidated statements of (loss) income is as follows:
| Year Ended December 31,
| 2018 $ |  | 2017 $ |  | 2016 $
Realized losses on maturity and/or partial termination of cross currency swap | (42,271 | ) |  | (25,733 | ) |  | (41,707 | )
Realized losses | (6,533 | ) |  | (18,494 | ) |  | (38,564 | )
Unrealized gains | 21,240 |  |  | 82,668 |  |  | 75,033 |
Total realized and unrealized (losses) gains on cross currency swaps | (27,564 | ) |  | 38,441 |  |  | (5,238 | )

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