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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2019
Derivative [Line Items] |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | Foreign Exchange Risk From time to time the Company economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts. As at June 30, 2019, the Company was committed to the following foreign currency forward contracts:
| Contract Amount in Foreign Currency |  | Average Forward Rate (1) |  | Fair Value / Carrying Amount Of Asset (Liability) $ |  |
|  |  |  | Expected Maturity
|  |  |  | 2019 |  | 2020
|  |  |  | $ |  | $
Euro | 9,240 |  | 0.86 |  | (101) |  | 3,952 |  | 6,750
(1) | Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy.
The Company enters into cross currency swaps, and pursuant to these swaps the Company receives the principal amount in NOK on the maturity date of the swap, in exchange for payment of a fixed U.S. Dollar amount. In addition, the cross currency swaps exchange a receipt of floating interest in NOK based on NIBOR plus a margin for a payment of U.S. Dollar fixed interest. The purpose of the cross currency swaps is to economically hedge the foreign currency exposure on the payment of interest and principal amounts of the Company’s NOK-denominated bonds due in 2020, 2021 and 2023. In addition, the cross currency swaps economically hedge the interest rate exposure on the NOK bonds due in 2020, 2021 and 2023. The Company has not designated, for accounting purposes, these cross currency swaps as cash flow hedges of its NOK-denominated bonds due in 2020, 2021 and 2023. As at June 30, 2019, the Company was committed to the following cross currency swaps:
|  |  |  |  |  |  |  |  |  | Fair Value / Carrying Amount of Asset / (Liability) $ |  |
Notional Amount NOK |  | Notional Amount USD |  | Floating Rate Receivable |  |  |  |  |
|  | Reference Rate |  | Margin |  | Fixed Rate Payable |  |  | Remaining Term (years)
1,000,000 |  | 134,000 |  |  | NIBOR |  | 3.70% |  | 5.92% |  | (17,133 | ) |  | 0.9
1,200,000 |  | 146,500 |  |  | NIBOR |  | 6.00% |  | 7.72% |  | (5,785 | ) |  | 2.3
850,000 |  | 102,000 |  |  | NIBOR |  | 4.60% |  | 7.89% |  | (8,088 | ) |  | 4.2
|  |  |  |  |  |  |  |  |  | (31,006 | ) |  |
Interest Rate Swap Agreements | As at June 30, 2019, 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 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 |  | 1,011,178 |  |  | (44,855 | ) |  | 3.6 |  | 3.0 |
EURIBOR-Based Debt: |  |  |  |  |  |  |  |  |
Euro-denominated interest rate swaps | EURIBOR |  | 81,059 |  |  | (9,912 | ) |  | 4.2 |  | 3.8 |
|  |  |  |  | (54,767 | ) |  |  |  |
(1) | Excludes the margins the Company pays on its variable-rate debt, which, as of June 30, 2019, 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 tables present the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s unaudited consolidated balance sheets.
| Prepaid Expenses and Other |  | Other Non-Current Assets |  | Accounts Payable, Accrued Liabilities and Other |  | Current Portion of Derivative Liabilities |  | Derivative Liabilities
| $ |  | $ |  | $ |  | $ |  | $
As at June 30, 2019 |  |  |  |  |  |  |  |  |
Derivatives designated as a cash flow hedge: |  |  |  |  |  |  |  |  |
Interest rate swap agreements | — |  |  | — |  |  | 3 |  |  | (497 | ) |  | (3,758 | )
Derivatives not designated as a cash flow hedge: |  |  |  |  |  |  |  |  |
Foreign currency contracts | — |  |  | — |  |  | — |  |  | (101 | ) |  | — |
Interest rate swap agreements | 1,168 |  |  | 240 |  |  | (2,094 | ) |  | (8,996 | ) |  | (40,833 | )
Cross currency swap agreements | — |  |  | — |  |  | (538 | ) |  | (18,887 | ) |  | (11,581 | )
Forward freight agreements | 61 |  |  | — |  |  | — |  |  | — |  |  |  |
| 1,229 |  |  | 240 |  |  | (2,629 | ) |  | (28,481 | ) |  | (56,172 | )
| Prepaid Expenses and Other |  | Other Non-Current Assets |  | Accounts Payable, 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: |  |  |  |  |  |  |  |  |
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 | )
Schedule of Cash Flow Hedges | For the periods indicated, the following tables present the gains (losses) on interest rate swap agreements designated and qualifying as cash flow hedges (excluding such agreements in equity-accounted investments):
Three Months Ended June 30, 2019 |
Amount |  | Amount |
Recognized in AOCI (1) |  | Reclassified from AOCI (2) |
(4,570) |  | 157 | Interest expense
Three Months Ended June 30, 2018 |
Effective Portion |  | Effective Portion | Ineffective |
Recognized in AOCI (1) |  | Reclassified from AOCI (2) | Portion (3) |
1,534 |  | 2 | — | Interest expense
Six Months Ended June 30, 2019 |
Effective Portion |  | Amount |
Recognized in AOCI (1) |  | Reclassified from AOCI (2) |
(7,402) |  | 408 | Interest expense
Six Months Ended June 30, 2018 |
Effective Portion |  | Effective Portion | Ineffective |
Recognized in AOCI (1) |  | Reclassified from AOCI (2) | Portion (3) |
5,090 |  | (248) | 740 | 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 | as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| $ |  | $ |  | $ |  | $
Realized losses relating to: |  |  |  |  |  |  |  |  |
Interest rate swap agreements | (1,785 | ) |  | (4,031 | ) |  | (3,473 | ) |  | (8,840 | )
Stock purchase warrants | (25,559 | ) |  | — |  |  | (25,559 | ) |  | — |
Forward freight agreements | (29 | ) |  | (18 | ) |  | (42 | ) |  | (18 | )
| (27,373 | ) |  | (4,049 | ) |  | (29,074 | ) |  | (8,858 | )
Unrealized gains (losses) relating to: |  |  |  |  |  |  |  |  |
Interest rate swap agreements | (8,195 | ) |  | 8,532 |  |  | (14,216 | ) |  | 24,451 |
Foreign currency forward contracts | (101 | ) |  | — |  |  | (101 | ) |  | — |
Stock purchase warrants | 24,584 |  |  | 6,206 |  |  | 26,900 |  |  | 4,522 |
Forward freight agreements | 121 |  |  | 34 |  |  | 104 |  |  | 34 |
| 16,409 |  |  | 14,772 |  |  | 12,687 |  |  | 29,007 |
Total realized and unrealized (losses) gains on derivative instruments | (10,964 | ) |  | 10,723 |  |  | (16,387 | ) |  | 20,149 |
Effect of Gains (Losses) on Cross Currency Swaps | as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| $ |  | $ |  | $ |  | $
Realized losses | (1,087 | ) |  | (1,798 | ) |  | (2,521 | ) |  | (3,182 | )
Unrealized (losses) gains | (140 | ) |  | (16,566 | ) |  | (2,060 | ) |  | 5,768 |
Total realized and unrealized (losses) gains on cross currency swaps | (1,227 | ) |  | (18,364 | ) |  | (4,581 | ) |  | 2,586 |

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