XML 46 R38.htm IDEA: XBRL DOCUMENT
v3.20.2

Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2020
Derivative [Line Items] |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | As at September 30, 2020, 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)
1,200,000 |  |  | 146,500 |  |  | NIBOR |  | 6.00% |  | 7.72% |  | (20,638) |  |  | 1.1
850,000 |  |  | 102,000 |  |  | NIBOR |  | 4.60% |  | 7.89% |  | (18,606) |  |  | 2.9
1,000,000 |  |  | 112,000 |  |  | NIBOR |  | 5.15% |  | 5.74% |  | (5,529) |  |  | 4.9
|  |  |  |  |  |  |  |  |  | (44,773) |  |  |
Schedule of Interest Rate Derivatives [Table Text Block] | As at September 30, 2020, 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 debts were swapped with fixed-rate obligations:
| Interest Rate Index |  | Principal Amount |  | Fair Value / Carrying Amount of Asset / (Liability) $ |  | Weighted- Average Remaining Term (years) |  | Fixed Swap Rate (%)(1)
LIBOR-Based Debt: |  |  |  |  |  |  |  |  |
U.S. Dollar-denominated interest rate swaps (2) | LIBOR |  | 821,196 |  |  | (73,352) |  |  | 4.0 |  | 3.0
EURIBOR-Based Debt: |  |  |  |  |  |  |  |  |
Euro-denominated interest rate swaps | EURIBOR |  | 70,577 |  |  | (6,395) |  |  | 2.9 |  | 3.9
|  |  |  |  | (79,747) |  |  |  |  |
(1)Excludes the margins the Company pays on its variable-rate debt which, as of September 30, 2020, ranged fro m 0.3% to 3.95%. (2)Includes interest rate swaps with the notional amount reducing quarterly or semi-annually. Three interest rate swaps are subject to mandatory early termination in 2021 and 2024, at which time the swaps will be settled based on their fair value.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | 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 |  | Accrued Liabilities and Other (1) |  | Accrued Liabilities and Other (2) |  | Other Long-Term Liabilities
| $ |  | $ |  | $ |  | $ |  | $
As at September 30, 2020 |  |  |  |  |  |  |  |  |
Derivatives designated as a cash flow hedge: |  |  |  |  |  |  |  |  |
Interest rate swap agreements | — |  |  | — |  |  | (65) |  |  | (3,132) |  |  | (10,790) |
Derivatives not designated as a cash flow hedge: |  |  |  |  |  |  |  |  |
Interest rate swap agreements | — |  |  | — |  |  | (3,572) |  |  | (27,821) |  |  | (34,367) |
Cross currency swap agreements | — |  |  | — |  |  | (956) |  |  | (6,266) |  |  | (37,551) |
Forward freight agreements | — |  |  | — |  |  | — |  |  | (483) |  |  | — |
| — |  |  | — |  |  | (4,593) |  |  | (37,702) |  |  | (82,708) |
| Prepaid Expenses and Other |  | Other Non-Current Assets |  | Accrued Liabilities and Other (1) |  | Accrued Liabilities and Other (2) |  | Other Long-Term Liabilities
| $ |  | $ |  | $ |  | $ |  | $
As at December 31, 2019 |  |  |  |  |  |  |  |  |
Derivatives designated as a cash flow hedge: |  |  |  |  |  |  |  |  |
Interest rate swap agreements | — |  |  | — |  |  | (13) |  |  | (836) |  |  | (3,475) |
Derivatives not designated as a cash flow hedge: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | — |  |  | — |  |  | — |  |  | (202) |  |  | — |
Interest rate swap agreements | 932 |  |  | 1,916 |  |  | (2,948) |  |  | (15,478) |  |  | (29,452) |
Cross currency swap agreements | — |  |  | — |  |  | (456) |  |  | (22,661) |  |  | (18,987) |
Forward freight agreements | — |  |  | — |  |  | — |  |  | (86) |  |  | — |
| 932 |  |  | 1,916 |  |  | (3,417) |  |  | (39,263) |  |  | (51,914) |
(1)Represents accrued interest related to derivative instruments presented in accrued liabilities and other on the consolidated balance sheets (see Note 8). (2)Represents the current portion of derivative liabilities presented in accrued liabilities and other on the consolidated balance sheets (see Note 8).
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 September 30, 2020 |  | Three Months Ended September 30, 2019
Amount of Gain Recognized in OCI |  | Amount of Loss Reclassified from Accumulated OCI to Interest Expense |  | Amount of Loss Recognized in OCI |  | Amount of Gain Reclassified from Accumulated OCI to Interest Expense |
616 |  | (835) |  | (2,244) |  | 22 |
Nine Months Ended September 30, 2020 |  | Nine Months Ended September 30, 2019
Amount of Loss Recognized in OCI |  | Amount of Loss Reclassified from Accumulated OCI to Interest Expense |  | Amount of Loss Recognized in OCI |  | Amount of Gain Reclassified from Accumulated OCI to Interest Expense |
(9,610) |  | (1,469) |  | (9,646) |  | 430 |
Derivative Not Designated as Hedging Instruments [Table Text Block] | Realized and unrealized (losses) gains from derivative instruments that are not designated for accounting purposes as cash flow hedges are recognized in earnings and reported in realized and unrealized (losses) gains on non-designated derivatives in the unaudited consolidated statements of (loss) income as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
| $ |  | $ |  | $ |  | $
Realized (losses) gains relating to: |  |  |  |  |  |  |
Interest rate swap agreements | (5,349) |  |  | (2,247) |  |  | (11,905) |  |  | (5,720) |
Foreign currency forward contracts | 379 |  |  | — |  |  | 138 |  |  | — |
Stock purchase warrants | — |  |  | — |  |  | — |  |  | (25,559) |
Forward freight agreements | (183) |  |  | 435 |  |  | (433) |  |  | 393 |
| (5,153) |  |  | (1,812) |  |  | (12,200) |  |  | (30,886) |
Unrealized gains (losses) relating to: |  |  |  |  |  |  |
Interest rate swap agreements | 3,956 |  |  | (623) |  |  | (20,107) |  |  | (14,839) |
Foreign currency forward contracts | (53) |  |  | (435) |  |  | 202 |  |  | (536) |
Stock purchase warrants | — |  |  | — |  |  | — |  |  | 26,900 |
Forward freight agreements | (221) |  |  | 946 |  |  | (299) |  |  | 1,050 |
| 3,682 |  |  | (112) |  |  | (20,204) |  |  | 12,575 |
Total realized and unrealized losses on derivative instruments | (1,471) |  |  | (1,924) |  |  | (32,404) |  |  | (18,311) |
Schedule of Derivative Gains and Losses in Consolidated Statements of Financial Performance [Table Text Block] | Realized and unrealized (losses) gains from cross currency swaps are recognized in earnings and reported in foreign exchange (loss) gain in the unaudited consolidated statements of (loss) income as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
| $ |  | $ |  | $ |  | $
Realized losses on maturity and termination of cross currency swaps | — |  |  | — |  |  | (33,844) |  |  | — |
Realized losses | (1,669) |  |  | (1,431) |  |  | (4,915) |  |  | (3,952) |
Unrealized gains (losses) | 1,489 |  |  | (23,759) |  |  | (2,169) |  |  | (25,819) |
Total realized and unrealized losses on cross currency swaps | (180) |  |  | (25,190) |  |  | (40,928) |  |  | (29,771) |

X
- Definition Schedule Of Derivative Gains And Losses In Consolidated Statements Of Financial Performance. + References No definition available. + Details
Name: | tk_ScheduleOfDerivativeGainsAndLossesInConsolidatedStatementsOfFinancialPerformanceTableTextBlock
Namespace Prefix: | tk_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DerivativeLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4CC -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL109998890-113959 + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration