XML 23 R15.htm IDEA: XBRL DOCUMENT
v3.20.2

Accrued Liabilities and Other and Other Long-Term Liabilities | 6 Months Ended
--- | ---
Jun. 30, 2020
Payables and Accruals [Abstract] |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. Accrued Liabilities and Other and Other Long-Term Liabilities Accrued Liabilities and Other
| June 30, 2020 |  | December 31, 2019
| $ |  | $
Accrued liabilities |  |  |
Voyage and vessel expenses | 109,925 |  |  | 121,937 |
Interest | 25,079 |  |  | 29,371 |
Payroll and related liabilities | 39,298 |  |  | 33,494 |
Distributions payable and other | 6,425 |  |  | 6,487 |
Deferred revenues – current | 39,749 |  |  | 36,242 |
In-process revenue contracts – current | — |  |  | 5,933 |
Current portion of derivative liabilities (note 16) | 36,375 |  |  | 39,263 |
Office lease liability – current | 2,654 |  |  | 3,627 |
Loans from equity-accounted investments | 25,442 |  |  | 18,647 |
Asset retirement obligation – current | 19,000 |  |  | — |
| 303,947 |  |  | 295,001 |
Other Long-Term Liabilities
| June 30, 2020 |  | December 31, 2019
| $ |  | $
Deferred revenues and gains | 26,222 |  |  | 28,612 |
Guarantee liabilities | 12,053 |  |  | 10,113 |
Asset retirement obligation | 39,565 |  |  | 31,068 |
Pension liabilities | 7,512 |  |  | 7,238 |
In-process revenue contracts | — |  |  | 11,866 |
Derivative liabilities (note 16) | 89,778 |  |  | 51,914 |
Unrecognized tax benefits (note 17) | 41,188 |  |  | 62,958 |
Office lease liability – long-term | 10,016 |  |  | 10,254 |
Other | 3,081 |  |  | 2,325 |
| 229,415 |  |  | 216,348 |
Asset Retirement Obligations In the first quarter of 2020, CNR provided formal notice to Teekay of its intention to cease production in June 2020 and decommission the Banff field shortly thereafter. As such, the Company expects to remove the Petrojarl Banff FPSO and Apollo Spirit FSO from the Banff field in 2020 and the subsea equipment in 2021. The Company expects to recycle the FPSO unit and sub-sea equipment and redeliver the FSO unit to its owner following removal from the field. Accordingly, the asset retirement obligation for the Petrojarl Banff FPSO unit was increased based on recent changes to cost estimates and the carrying value of the unit was fully written down. As of June 30, 2020, the present value of the Petrojarl Banff FPSO unit's estimated asset retirement obligations relating to the remediation of the subsea infrastructure was $52.1 million, of which $19.0 million is recorded in accrued liabilities and $33.1 million recorded in other long-term liabilities. The Company has also recorded $8.1 million in other non-current assets as at June 30, 2020 for the expected recovery of a portion of these costs from the customer upon the completion of the remediation work. In March 2020, Teekay Parent entered into a new bareboat charter contract with the existing charterer of the Petrojarl Foinaven FPSO unit, which can be extended up to December 2030. Under the terms of the new contract, Teekay received a cash payment of $67 million in April 2020 and will receive a nominal per day rate over the life of the contract and a lump sum payment at the end of the contract period, which is expected to cover the costs of recycling the FPSO unit in accordance with the EU ship recycling regulations. As of June 30, 2020, the carrying value of the related lease asset was $15.2 million. As of June 30, 2020, the present value of the Petrojarl Foinaven FPSO unit's estimated asset retirement obligation relating to recycling costs was $6.3 million.

X
- Definition The entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as noncurrent at the end of the reporting period. + References No definition available. + Details
Name: | us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureNoncurrentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_PayablesAndAccrualsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration