Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011

Fair Value Measurements [Abstract]

Fair value of the company financial instruments and other non financial assets

		December 31, 2011						December 31, 2010
		Carrying			Fair			Carrying			Fair
	Fair Value	Amount			Value			Amount			Value
	Hierarchy	Asset (Liability)			Asset (Liability)			Asset (Liability)			Asset (Liability)
	Level (1)	$			$			$			$
Recurring
Cash and cash equivalents, restricted cash, and marketable securities	Level 1		1,200,063			1,200,063			1,377,399			1,377,399
Derivative instruments (note 15)
Interest rate swap agreements (2)	Level 2		(707,437	)		(707,437	)		(557,991	)		(557,991	)
Interest rate swap agreements (2)	Level 2		159,603			159,603			66,869			66,869
Cross currency interest swap agreement	Level 2		2,677			2,677			4,233			4,233
Foreign currency contracts	Level 2		(4,362	)		(4,362	)		11,375			11,375
Foinaven embedded derivative	Level 2		3,385			3,385			(3,500	)		(3,500	)
Non-recurring
Vessels and equipment (3)	Level 2		118,682			118,682			—			—
Equity accounted investments (4)	Level 3		9,623			9,623			—			—
Vessels held for sale	Level 2		19,000			19,000			—			—
Other
Investment in term loans (note 4)			189,666			190,939			116,014			120,837
Loans to equity accounted investees and joint venture partners			85,248			85,248			32,750			32,750
Loans from equity accounted investees			—			—			(59	)		(59	)
Long-term debt			(5,444,373	)		(5,072,214	)		(4,432,064	)		(4,192,646	)

(1) The fair value hierarchy level is only applicable to each financial instrument on the consolidated balance sheets that are recorded at fair value on a recurring basis.

(2) The fair value of the Company’s interest rate swap agreements at December 31, 2011 includes $24.5 million (December 31, 2010—$31.0 million) of net accrued interest which is recorded in accrued liabilities on the consolidated balance sheet.

(3) The fair value measurement used to determine the impairment of the vessels was calculated based upon the estimated sales price of the vessel or the estimated scrap value of the respective vessels.

(4) The fair value measurement used to determine the impairment of the investment in Petrotrans Holdings Ltd. (or PTH) was based upon the estimated liquidation values of the underlying net assets of the investment.

There are no other non-financial assets or non-financial liabilities carried at fair value as at December 31, 2011 and December 31, 2010.