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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurement Inputs and Valuation Techniques | The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Company’s financial instruments that are not accounted for at a fair value on a recurring basis. All amounts exclude all assets and liabilities of the Teekay Gas Business (see Note 23).
|  |  | December 31, 2021 |  | December 31, 2020
| Fair Value Hierarchy Level |  | Carrying Amount Asset (Liability) $ |  | Fair Value Asset (Liability) $ |  | Carrying Amount Asset (Liability) $ |  | Fair Value Asset (Liability) $
Recurring |  |  |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash | Level 1 |  | 114,339 |  |  | 114,339 |  |  | 134,664 |  |  | 134,664 |
Derivative instruments (note 15) |  |  |  |  |  |  |  |  |
Interest rate swap agreements – assets (1) | Level 2 |  | 550 |  |  | 550 |  |  | — |  |  | — |
Interest rate swap agreements – liabilities (1) | Level 2 |  | — |  |  | — |  |  | (2,405) |  |  | (2,405) |
Foreign currency contracts | Level 2 |  | (58) |  |  | (58) |  |  | — |  |  | — |
Freight forward agreements | Level 2 |  | (4) |  |  | (4) |  |  | — |  |  | — |
Non-recurring |  |  |  |  |  |  |  |  |
Vessels and equipment (note 18) | Level 2 |  | — |  |  | — |  |  | 59,250 |  |  | 59,250 |
Assets held for sale (note 18) | Level 2 |  | 40,854 |  |  | 40,854 |  |  | 31,680 |  |  | 31,680 |
Operating lease right-of-use assets (note 18) | Level 2 |  | — |  |  | — |  |  | 1,799 |  |  | 1,799 |
Investment in equity-accounted investment (note 22) | Level 2 |  | 9,174 |  |  | 9,174 |  |  | — |  |  | — |
Other |  |  |  |  |  |  |  |  |
Advances to equity-accounted joint venture – long-term | (2) |  | 3,780 |  |  | (2) |  | 5,280 |  |  | (2)
Short-term debt (note 7) | Level 2 |  | (25,000) |  |  | (25,000) |  |  | (10,000) |  |  | (10,000) |
Long-term debt, including current portion – public (note 8) | Level 1 |  | (239,807) |  |  | (240,963) |  |  | (235,653) |  |  | (237,700) |
Long-term debt, including current portion – non-public (note 8) | Level 2 |  | (431,673) |  |  | (436,892) |  |  | (347,241) |  |  | (344,043) |
Obligations related to finance leases, including current portion (note 10) | Level 2 |  | (294,481) |  |  | (306,386) |  |  | (360,043) |  |  | (411,740) |
(1)The fair value of the Company’s interest rate swap agreements at December 31, 2021 includes $nil (December 31, 2020 – $0.5 million) accrued interest expense which is recorded in accrued liabilities on the consolidated balance sheets. (2)In the consolidated financial statements, the Company’s advances to and investments in equity-accounted investments form the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. The fair value of the advances to its equity-accounted joint venture was not determinable.

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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