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Equity-accounted Investments | 12 Months Ended
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Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Equity-accounted Investments | 22. Equity-accounted Investments Teekay Tankers has a joint venture arrangement with Wah Kwong Maritime Transport Holdings Limited (or Wah Kwong), whereby Teekay Tankers has a 50% economic interest in the High-Q joint venture, which is jointly controlled by Teekay Tankers and Wah Kwong. The High-Q joint venture owns one 2013-built VLCC, which trades on spot voyage charters in a pool managed by a third party. As at December 31, 2022, the High-Q joint venture had a loan outstanding with a financial institution with a balance of $24.4 million (2021 - $28.1 million). The loan is secured by a first-priority mortgage on the VLCC owned by the High-Q joint venture and 50% of the outstanding loan balance is guaranteed by Teekay Tankers. During the year ended December 31, 2021, Teekay Tankers recognized an other-than-temporary decline in the carrying value of its investment in the High-Q joint venture, primarily due to a decline in the value of the VLCC as a result of the tanker market which was impacted by the COVID-19 pandemic, which was a contributing factor resulting in low oil demand. The investment was written-down by $11.6 million to its estimated fair value, which was recognized in equity (loss) income in the consolidated statements of income (loss) for the year ended December 31, 2021. For the year ended December 31, 2022, Teekay Tankers recorded equity income (loss) of $0.2 million (2021 - $(14.1) million and 2020 – $5.1 million), which comprises its share of net income (loss) from the High-Q joint venture, as well as the impairment recognized in 2021. As at December 31, 2022 and 2021, Teekay Tankers had a total investment in and advances to its equity-accounted joint venture of $16.2 million and $13.0 million, respectively (see Note 11).

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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