6-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________________________________________________

FORM 6-K/A

__________________________________________________________

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2016

Commission file number 1-12874

__________________________________________________________

TEEKAY CORPORATION

(Exact name of Registrant as specified in its charter)

__________________________________________________________

4th Floor, Belvedere Building

69 Pitts Bay Road

Hamilton, HM 08 Bermuda

(Address of principal executive office)

__________________________________________________________

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ý            Form 40- F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).

Yes  ¨            No   ý

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).

Yes  ¨            No   ý

EXPLANATORY NOTE

This Amendment No. 1 to the Report on Form 6-K for the quarter ended June 30, 2016, originally filed with the Securities and Exchange Commission on September 1, 2016 (the “Form 6-K”), is being filed solely for the purposes of furnishing Interactive Data File disclosure as Exhibit 101 in accordance with Rule 405 of Regulation S-T. This Exhibit was not previously filed.

Other than as expressly set forth above, this Form 6-K/A does not, and does not purport to, amend, update or restate the information in any other item of the Form 6-K, or reflect any events that have occurred after the Form 6-K was originally filed. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

Item 6.	Exhibits
Exhibit Number	Description
101	The following financial information from Teekay Corporation’s Report on Form 6-K for the quarter ended June 30, 2016, filed with the SEC on September 1, 2016, formatted in Extensible Business Reporting Language (XBRL): (i) Unaudited Consolidated Statements of (loss) Income for the three and six months ended June 30, 2016 and 2015; (ii) Unaudited Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2016 and 2015; (iii) Unaudited Consolidated Balance Sheets as at June 30, 2016 and December 31, 2015; (iv) Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2016 and 2015; (v) Unaudited Consolidated Statement of Changes In Total Equity for the six months ended June 30, 2016; and (vi) Notes to the Unaudited Consolidated Financial Statements.

THIS REPORT ON FORM 6-K/A IS HEREBY INCORPORATED BY REFERENCE INTO THE FOLLOWING REGISTRATION STATEMENTS OF TEEKAY CORPORATION:

• REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-97746) FILED WITH THE SEC ON OCTOBER 4, 1995;

• REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-42434) FILED WITH THE SEC ON JULY 28, 2000;

• REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-119564) FILED WITH THE SEC ON OCTOBER 6, 2004;

• REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-147683) FILED WITH THE SEC ON NOVEMBER 28, 2007;

• REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-166523) FILED WITH THE SEC ON MAY 5, 2010;

• REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-187142) FILED WITH THE SEC ON MARCH 8, 2013;

• REGISTRATION STATEMENT ON FORM F-3ASR (NO. 333-192753) FILED WITH THE SEC ON DECEMBER 10, 2013;

• REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-97746) FILED WITH THE SEC ON DECEMBER 10, 2013;

• REGISTRATION STATEMENT ON FORM F-4 (NO. 333-211069) FILED WITH THE SEC ON MAY 2, 2016;

• REGISTRATION STATEMENT ON FORM F-3 (NO. 333-212787) FILED THE WITH SEC ON JULY 29, 2016; AND

• REGISTRATION STATEMENT ON FORM F-3 (NO. 333-213213) FILED THE WITH SEC ON AUGUST 19, 2016.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		TEEKAY CORPORATION
Date: September 21, 2016	By:	/s/ Vincent Lok
		Vincent Lok Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)

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Document and Entity Information	6 Months Ended
	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Trading Symbol	TK
Entity Registrant Name	TEEKAY CORP
Entity Central Index Key	0000911971
Current Fiscal Year End Date	--12-31

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Unaudited Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Revenues	$ 587,619	$ 592,797	$ 1,228,727	$ 1,138,659
Voyage expenses	(28,299)	(23,890)	(59,889)	(49,560)
Vessel operating expenses	(205,655)	(201,370)	(421,516)	(385,573)
Time-charter hire expense	(38,314)	(30,333)	(77,917)	(55,260)
Depreciation and amortization	(141,079)	(128,199)	(285,236)	(240,903)
General and administrative	(29,871)	(33,730)	(62,838)	(71,684)
Asset impairments (note 7)	(62,605)	(500)	(62,605)	(15,996)
(Loss) gain on sale of vessels, equipment and other assets (note 7)	0	0	(27,619)	1,643
Restructuring (charges) reversals (note 12)	(5,818)	742	(19,804)	(8,384)
Income from vessel operations	75,978	175,517	211,303	312,942
Interest expense	(73,255)	(62,388)	(145,458)	(113,734)
Interest income	1,042	1,199	2,364	2,729
Realized and unrealized (loss) gain on non-designated derivative instruments (note 15)	(89,272)	63,752	(196,893)	(19,634)
Equity income	37,219	39,901	52,636	60,650
Foreign exchange (loss) gain (notes 8 and 15)	(15,157)	(1,604)	(25,671)	15,906
Other loss (note 13)	(21,436)	(389)	(21,286)	(14)
Net (loss) income before income taxes	(84,881)	215,988	(123,005)	258,845
Income tax (expense) recovery (note 16)	(1,423)	(752)	(2,499)	243
Net (loss) income	(86,304)	215,236	(125,504)	259,088
Less: Net loss (income) attributable to non-controlling interests	8,495	(149,324)	(1,088)	(202,940)
Net (loss) income attributable to shareholders of Teekay Corporation	$ (77,809)	$ 65,912	$ (126,592)	$ 56,148
Per common share of Teekay Corporation (note 17)
Basic (loss) income attributable to shareholders of Teekay Corporation (usd per share)	$ (1.14)	$ 0.91	$ (1.81)	$ 0.77
Diluted (loss) income attributable to shareholders of Teekay Corporation (usd per share)	(1.14)	0.90	(1.81)	0.77
Cash dividends declared (usd per share)	$ 0.055	$ 0.3163	$ 0.11	$ 0.6325
Weighted average number of common shares outstanding (note 17)
Basic (shares)	72,945,635	72,697,121	72,844,031	72,623,503
Diluted (shares)	72,945,635	73,477,680	72,844,031	73,379,228

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Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (86,304)	$ 215,236	$ (125,504)	$ 259,088
Other comprehensive (loss) income before reclassifications
Unrealized (loss) gain on marketable securities	(25)	(217)	10	(429)
Unrealized (loss) gain on qualifying cash flow hedging instruments	(12,547)	328	(38,193)	(644)
Pension adjustments, net of taxes	209	(96)	431	(188)
Foreign exchange (loss) gain on currency translation	(44)	(174)	87	(653)
Amounts reclassified from accumulated other comprehensive (loss) income to equity income:
Realized loss on qualifying cash flow hedging instruments	892	591	1,821	953
Other comprehensive (loss) income	(11,515)	432	(35,844)	(961)
Comprehensive (loss) income	(97,819)	215,668	(161,348)	258,127
Less: Comprehensive loss (income) attributable to non-controlling interests	16,947	(149,934)	23,914	(203,144)
Comprehensive (loss) income attributable to shareholders of Teekay Corporation	$ (80,872)	$ 65,734	$ (137,434)	$ 54,983

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Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current
Cash and cash equivalents (note 8)	$ 789,708	$ 678,392
Restricted cash	17,530	61,818
Accounts receivable, including non-trade of $15,968 (2015 – $12,305) and related party balance of $31,873 (2015 – $65,936)	363,783	395,013
Assets held for sale (note 7)	75,562	55,450
Net investment in direct financing leases (note 6)	25,095	26,542
Prepaid expenses and other	116,270	102,429
Total current assets	1,387,948	1,319,644
Restricted cash – non-current	125,509	114,619
Vessels and equipment (note 8)
At cost, less accumulated depreciation of $3,107,437 (2015 – $2,894,097)	7,953,534	8,460,500
Vessels under capital leases, at cost, less accumulated amortization of $61,087 (2015 – $56,316)	289,797	88,215
Advances on newbuilding contracts and conversion costs (notes 10a)	889,617	817,878
Total vessels and equipment	9,132,948	9,366,593
Net investment in direct financing leases - non-current (note 6)	647,653	657,587
Loans to equity-accounted investees and joint venture partners, bearing interest between nil and LIBOR plus margins up to 3%	191,271	184,390
Equity-accounted investments (notes 4a and 10b)	984,601	905,159
Other non-current assets	220,740	232,776
Intangible assets – net	95,698	111,909
Goodwill	176,631	168,571
Total assets	12,962,999	13,061,248
Current
Accounts payable	63,952	64,212
Accrued liabilities	410,084	412,278
Current portion of derivative liabilities (note 15)	154,166	267,539
Current portion of long-term debt (note 8)	1,059,354	1,106,104
Current obligation under capital leases	62,973	4,546
Current portion of in-process revenue contracts	32,876	32,109
Total current liabilities	1,783,405	1,886,788
Long-term debt (note 8)	5,941,283	6,277,982
Long-term obligation under capital leases	166,270	54,581
Derivative liabilities (note 15)	612,437	414,084
In-process revenue contracts	103,491	118,690
Other long-term liabilities (note 10c)	359,345	352,378
Total liabilities	8,966,231	9,104,503
Commitments and contingencies (notes 4a, 6, 8, 10 and 15)
Redeemable non-controlling interest (note 10d)	248,317	255,671
Equity
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 84,832,824 shares outstanding (2015 – 72,711,371); 84,832,824 shares issued (2015 – 72,711,371)) (note 9)	875,275	775,018
Retained earnings	31,892	158,898
Non-controlling interest	2,866,027	2,782,049
Accumulated other comprehensive loss (note 14)	(24,743)	(14,891)
Total equity	3,748,451	3,701,074
Total liabilities and equity	$ 12,962,999	$ 13,061,248

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Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accounts receivable, non-trade	$ 15,968	$ 12,305
Accounts receivable, related party balance	31,873	65,936
Accumulated depreciation on vessels and equipment	3,107,437	2,894,097
Accumulated amortization on vessels under capital lease	$ 61,087	$ 56,316
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, share authorized	725,000,000	725,000,000
Common stock, share issued	84,832,824	72,711,371
Common stock, share outstanding	84,832,824	72,711,371
Minimum [Member]
Range of interest	0.00%	0.00%
Maximum [Member]
Range of interest	3.00%	3.00%

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Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
OPERATING ACTIVITIES
Net (loss) income	$ (125,504)	$ 259,088
Non-cash items:
Depreciation and amortization	285,236	240,903
Amortization of in-process revenue contracts	(14,432)	(12,149)
Unrealized loss (gain) on derivative instruments	82,807	(2,968)
Loss (gain) on sale of vessels and equipment	27,619	(1,643)
Asset impairments (note 7)	62,605	15,996
Equity income, net of dividends received	(44,972)	(14,667)
Income tax expense (recovery)	2,499	(243)
Unrealized foreign exchange gain and other	61,459	(82,598)
Change in operating assets and liabilities	(14,570)	(54,303)
Expenditures for dry docking	(15,905)	(11,102)
Net operating cash flow	306,842	336,314
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt, net of issuance costs	1,147,647	1,143,442
Prepayments of long-term debt	(1,068,937)	(395,199)
Scheduled repayments of long-term debt (note 8)	(496,034)	(282,391)
Decrease in restricted cash	34,681	4,296
Net proceeds from equity and warrant issuances of subsidiaries to non-controlling interests (note 5)	168,752	187,576
Net proceeds from equity issuance of Teekay Corporation	96,163	0
Distributions paid from subsidiaries to non-controlling interests	(62,403)	(164,808)
Cash dividends paid	(8,003)	(45,910)
Other financing activities	(8,570)	780
Net financing cash flow	(196,704)	447,786
INVESTING ACTIVITIES
Expenditures for vessels and equipment	(269,109)	(873,274)
Proceeds from sale of vessels and equipment and other	149,582	8,918
Proceeds from sale-lease back of a vessel	179,434	0
Investment in equity-accounted investments	(56,578)	(8,604)
Loan repayments from joint ventures and joint venture partners	(13,536)	16,768
Increase (decrease) in restricted cash	4	(42,048)
Other investing activities	11,381	15,121
Net investing cash flow	1,178	(883,119)
Increase (decrease) in cash and cash equivalents	111,316	(99,019)
Cash and cash equivalents, beginning of the period	678,392	806,904
Cash and cash equivalents, end of the period	$ 789,708	$ 707,885

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Unaudited Consolidated Statement of Changes in Total Equity - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Total	Common Stock [Member]	TOTAL EQUITY Common Stock and Additional Paid-in Capital [Member]	TOTAL EQUITY Retained Earnings [Member]	TOTAL EQUITY Accumulated Other Comprehensive Loss [Member]	TOTAL EQUITY Non-controlling Interests [Member]
Beginning Balance at Dec. 31, 2015	$ 3,701,074		$ 775,018	$ 158,898	$ (14,891)	$ 2,782,049
Beginning Balance, Shares at Dec. 31, 2015	72,711,371	72,711,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (125,504)			(126,592)		1,088
Reclassification of redeemable non-controlling interest in net income (note 5)	(9,492)					(9,492)
Other comprehensive loss	(35,844)				(10,842)	(25,002)
Dividends declared	(59,725)			(8,072)
Dividends declared						(51,653)
Reinvested dividends	2		2
Reinvested dividends, Shares		1,000
Exercise of stock options and other (note 9), Shares		102,000
Employee stock compensation (note 9)	4,092		4,092
Proceeds from equity offering, net of offering costs	$ 96,163		96,163
Proceeds from equity offering, net of offering costs, Shares	12,000,000	12,019,000
Dilution losses on equity issuances of subsidiaries	$ 12,651			12,651
Additions to non-controlling interest from equity contributions and other	165,034			(4,993)	990	169,037
Ending Balance at Jun. 30, 2016	$ 3,748,451		$ 875,275	$ 31,892	$ (24,743)	$ 2,866,027
Ending Balance, Shares at Jun. 30, 2016	84,832,824	84,833,000
Beginning Balance at Dec. 31, 2015	$ 255,671
Increase (Decrease) in Temporary Equity [Roll Forward]
Reclassification of redeemable non-controlling interest in net income (note 5)	9,492
Dividends declared	(10,750)
Additions to non-controlling interest from equity contributions and other	(6,096)
Ending Balance at Jun. 30, 2016	$ 248,317

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Basis of Presentation

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The unaudited interim consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (or GAAP). They include the accounts of Teekay Corporation (or Teekay), which is incorporated under the laws of the Republic of the Marshall Islands, and its wholly-owned or controlled subsidiaries (collectively, the Company). Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2015, included in the Company’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (or SEC) on April 26, 2016. In the opinion of management, these unaudited interim consolidated financial statements reflect all adjustments, consisting solely of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, cash flows and changes in total equity for the interim periods presented. The results of operations for the six months ended June 30, 2016 are not necessarily indicative of those for a full fiscal year. Significant intercompany balances and transactions have been eliminated upon consolidation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Given current credit markets, it is possible that the amounts recorded as derivative assets and liabilities could vary by material amounts prior to their settlement.

Teekay’s publicly-listed subsidiary, Teekay Offshore Partners, L.P. (or Teekay Offshore), considers its shuttle tankers to be comprised of two components: (i) a conventional tanker (the “tanker component”) and (ii) specialized shuttle equipment (the “shuttle component”). Teekay Offshore differentiates these two components on the principle that a shuttle tanker can also operate as a conventional tanker without the use of the shuttle component. The economics of this alternate use depend on the supply and demand fundamentals in the two segments. Historically, the useful life of both components was assessed as 25 years commencing from the date the vessel is delivered from the shipyard. During the three months ended March 31, 2016, Teekay Offshore considered factors related to the ongoing use of the shuttle component and reassessed the useful life as being 20 years based on the challenges associated with adverse market conditions in the energy sector and other long term factors associated with the global oil industry. This change in estimate, commencing January 1, 2016, impacts the entire fleet of Teekay Offshore’s shuttle tanker vessels. Separately, Teekay Offshore has reviewed the depreciation of the tanker component for eight vessels in its fleet that are 17 years of age or older. Based on Teekay Offshore’s expected operating plan for these vessels, it has reassessed the estimated useful life of the tanker component for these vessels as 20 years, commencing January 1, 2016. As market conditions evolve, Teekay Offshore will continue to monitor the useful life of the tanker component for other vessels within the shuttle tanker fleet.

The effect of these changes in estimates on the Company’s consolidated statements of (loss) income, was an increase in depreciation and amortization expense and net loss of $7.3 million and $14.6 million, respectively, in the three and six months ended June 30, 2016, and an increase in net loss attributable to shareholders of the Company of $2.4 million and $4.8 million, or $0.03 and $0.06, respectively, per basic and diluted common share, for the three and six months ended June 30, 2016.

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Accounting Pronouncements

6 Months Ended

Jun. 30, 2016

Accounting Changes and Error Corrections [Abstract]

Accounting Pronouncements

Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, (or ASU 2014-09). ASU 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. ASU 2014-09 is effective for the Company January 1, 2018 and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is evaluating the effect of adopting this new accounting guidance.

In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (or ASU 2016-02). ASU 2016-02 establishes a right-of-use model that requires a lessee to record a right of use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for the Company January 1, 2019 with early adoption permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is evaluating the effect of adopting this new accounting guidance.

In March 2016, the FASB issued Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting (or ASU 2016-09). ASU 2016-09 simplifies aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for the Company January 1, 2017 with early adoption permitted. The Company expects the impact of adopting this new accounting guidance will be a change in presentation of cash payments for tax withholdings on share-settled equity awards from an operating cash outflow to financing cash outflow on the Company's statement of cash flows.

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Segment Reporting

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company has four primary lines of business: offshore logistics (shuttle tankers, the HiLoad DP unit, floating storage and offtake (or FSO) units, units for maintenance and safety (or UMS) and long-distance towing and offshore installation vessels), offshore production (floating production, storage and off-loading (or FPSO) units), liquefied gas carriers (liquefied natural gas (or LNG) and liquefied petroleum gas (or LPG) carriers) and conventional tankers. The Company manages these businesses for the benefit of all stakeholders. The Company allocates capital and assesses performance both from the separate perspectives of our publicly-traded subsidiaries Teekay Offshore, Teekay LNG Partners, L.P. (or Teekay LNG), Teekay Tankers Ltd. (or Teekay Tankers) (together, the Daughter Companies) and Teekay and its remaining subsidiaries (or Teekay Parent) as well as from the perspective of the lines of business. Historically, the Company’s organizational structure and internal reporting has been primarily based on the lines of business (the Line of Business approach), resulting in the Company’s segment disclosure presentation on a lines-of-business basis, without reference to the legal entities. With the establishment of the Daughter Companies and subsequent dropdown of vessels from Teekay Parent to the Daughter Companies, the Company’s organizational structure and internal reporting has gradually evolved to focus less on lines of business and more on the Daughter Companies and Teekay Parent (the Legal Entity approach). As a result of an internal re-organization that was completed in the third quarter of 2015, the primary focus of the Company’s organizational structure, internal reporting and allocation of resources by the chief operating decision maker is now the Legal Entity approach. As such, the Company has modified the presentation of its segments to incorporate the Legal Entity approach. However, the Company has continued to incorporate the Line of Business approach within its segments, as in certain cases there is more than one line of business in each Daughter Company and the Company believes this information allows a better understanding of the Company’s performance and prospects for future net cash flows. All segment information for prior periods has been retroactively adjusted to be consistent with the change in segment presentation that was adopted in the third quarter of 2015.

The following table includes results for the Company’s revenues by segment for the three and six months ended June 30, 2016 and 2015:

	Revenues
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
	$		$		$		$
Teekay Offshore
Offshore Logistics(1)	155,095		161,267		320,205		319,913
Offshore Production	124,715		141,722		257,499		239,997
Conventional Tankers(1)	4,654		8,245		13,468		16,307
	284,464		311,234		591,172		576,217
Teekay LNG
Liquefied Gas Carriers(1)	84,497		77,466		163,082		153,400
Conventional Tankers	14,744		21,142		31,930		42,534
	99,241		98,608		195,012		195,934
Teekay Tankers(2)
Conventional Tankers(1)	139,621		107,594		304,571		211,472
Teekay Parent
Offshore Production	58,600		66,394		113,806		135,327
Conventional Tankers(1)	9,534		18,413		23,584		34,886
Other	14,970		17,153		43,440		35,913
	83,104		101,960		180,830		206,126
Eliminations and other	(18,811	)	(26,599	)	(42,858	)	(51,090	)
	587,619		592,797		1,228,727		1,138,659

(1) Certain vessels are chartered between the Daughter Companies and Teekay Parent. The amounts in the table below represent revenue earned by each segment from other segments within the group. Such intersegment revenue for the three and six months ended June 30 is as follows:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2016	2015	2016	2015
	$	$	$	$
Teekay Offshore - Offshore Logistics	10,129	9,245	18,508	18,511
Teekay Offshore - Conventional Tankers	—	8,245	6,410	16,307
Teekay LNG - Liquefied Gas Carriers	8,933	10,600	18,646	20,009
Teekay Tankers - Conventional Tankers	2,453	—	4,988	—
	21,515	28,090	48,552	54,827

(2) Financial information for Teekay Tankers includes operations of the SPT Explorer and Navigator Spirit from December 18, 2015, the date Teekay Tankers acquired the vessels from Teekay Offshore.

The following table includes results for the Company’s income from vessel operations by segment for the three and six months ended June 30, 2016 and 2015:

	Income (Loss) from Vessel Operations(1)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
	$		$		$		$
Teekay Offshore
Offshore Logistics	(11,954	)	45,908		30,552		78,681
Offshore Production	36,412		46,602		76,024		78,685
Conventional Tankers	(187	)	3,902		5,994		8,096
	24,271		96,412		112,570		165,462
Teekay LNG
Liquefied Gas Carriers	42,484		37,821		82,673		75,818
Conventional Tankers	5,070		6,035		(18,136	)	13,135
	47,554		43,856		64,537		88,953
Teekay Tankers(2)
Conventional Tankers	30,751		43,668		84,589		83,972
Teekay Parent
Offshore Production	(8,343	)	(10,091	)	(26,043	)	(22,239	)
Conventional Tankers	(12,176	)	2,414		(13,281	)	3,516
Other	(8,277	)	(2,659	)	(16,254	)	(8,612	)
	(28,796	)	(10,336	)	(55,578	)	(27,335	)
Eliminations and other	2,198		1,917		5,185		1,890
	75,978		175,517		211,303		312,942

(1) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).

(2) Financial information for Teekay Tankers includes operations of the SPT Explorer and Navigator Spirit from December 18, 2015, the date Teekay Tankers acquired the vessels from Teekay Offshore.

A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows:

	June 30, 2016		December 31, 2015
	$		$
Teekay Offshore - Offshore Logistics	2,634,188		2,591,489
Teekay Offshore - Offshore Production	2,710,632		2,717,193
Teekay Offshore - Conventional Tankers	14,552		63,900
Teekay LNG - Liquefied Gas Carriers	3,703,244		3,550,396
Teekay LNG - Conventional Tankers	211,282		360,527
Teekay Tankers - Conventional Tankers	2,005,712		2,073,059
Teekay Parent - Offshore Production	670,632		710,533
Teekay Parent - Conventional Tankers	120,642		142,236
Teekay Parent - Other	18,302		17,256
Cash	789,708		678,392
Other assets not allocated	230,614		301,586
Eliminations	(146,509	)	(145,319	)
Consolidated total assets	12,962,999		13,061,248

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Investments

6 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

Investments

Investments

a) Teekay LNG - Bahrain LNG Joint Venture

In December 2015, Teekay LNG entered into an agreement with National Oil & Gas Authority (or Nogaholding), Samsung C&T (or Samsung) and Gulf Investment Corporation (or GIC) to form a joint venture, Bahrain LNG W.L.L. (or the Bahrain LNG Joint Venture), for the development of an LNG receiving and regasification terminal in Bahrain. The Bahrain LNG Joint Venture is a joint venture between Nogaholding (30%), Teekay LNG (30%), Samsung (20%) and GIC (20%). The project will include an offshore LNG receiving jetty and breakwater, an adjacent regasification platform, subsea gas pipelines from the platform to shore, an onshore gas receiving facility, and an onshore nitrogen production facility with a total LNG terminal capacity of 800 million standard cubic feet per day and will be owned and operated under a 20-year agreement commencing in late-2018 with an estimated fully-built up cost of approximately $885.0 million, which will be funded by the Bahrain LNG Joint Venture through a combination of equity capital and project-level debt through a consortium of regional and international banks. Teekay LNG will supply a floating storage unit (or FSU) in connection with this project, which will be modified specifically from one of the Teekay LNG’s nine M-type, Electronically Controlled Gas Injection (or MEGI) LNG carrier newbuildings ordered from Daewoo Shipbuilding & Marine Engineering Co., through a 20-year time-charter contract with the Bahrain LNG Joint Venture.

b) Teekay Tankers - Principal Maritime

In August 2015, Teekay Tankers agreed to acquire 12 modern Suezmax tankers from Principal Maritime Tankers Corporation (or Principal Maritime). All 12 of the vessels were delivered in 2015 for a total purchase price of $661.3 million, consisting of $612.0 million in cash and approximately 7.2 million shares of Teekay Tankers’ Class A common stock with a value of $49.3 million. To finance the cash portion of the acquisition price, Teekay Tankers secured a $397.2 million loan facility which matured in January 2016, and which was refinanced as part of a comprehensive Teekay Tankers refinancing in January 2016 (see note 8). The loan was fully drawn as of December 31, 2015. In addition, Teekay Tankers issued approximately 13.6 million shares of its Class A common stock for net proceeds of approximately $90.6 million, including approximately 4.5 million shares which were issued to Teekay Parent. Teekay Tankers financed the remainder of the cash purchase price with existing liquidity.

c) Teekay Tankers - Ship-to-Ship Transfer Business

In July 2015, Teekay Tankers acquired a ship-to-ship transfer business (or SPT) from a company jointly-owned by Teekay and a Norway-based marine transportation company, I.M. Skaugen SE, for a cash purchase price of $47.3 million (including $1.8 million for working capital). To finance this acquisition, Teekay subscribed for approximately 6.5 million shares of Teekay Tankers’ Class B common stock at a subscription price of approximately $6.99 per share. SPT provides a full suite of ship-to-ship transfer services in the oil, gas and dry bulk industries. In addition to full service lightering and lightering support, SPT also provides consultancy, terminal management and project development services. This acquisition establishes Teekay Tankers as a leading global company in the ship-to-ship (or STS) transfer business, which is expected to increase Teekay Tankers’ fee-based revenue and its overall fleet utilization. As at July 31, 2015, SPT owned and operated a fleet of six STS support vessels and had one chartered-in Aframax tanker.

The acquisition of SPT was accounted for using the acquisition method of accounting, based upon estimates of fair value.

The following table summarizes the final estimates of fair values of the SPT assets acquired and liabilities assumed by Teekay Tankers on the acquisition date. Such estimates of fair value were finalized in the first quarter of 2016 and resulted in an increase in goodwill of $8.1 million and a decrease in intangible assets by $8.4 million from preliminary estimates. Such changes did not have a material impact to the Company’s statements of loss for the three and six months ended June 30, 2016.

	As at
	July 31, 2015
ASSETS	$
Cash, cash equivalents and short-term restricted cash	1,292
Accounts receivable	10,332
Prepaid expenses and other current assets	3,763
Vessels and equipment	6,475
Other assets	143
Intangible assets subject to amortization
Customer relationships(1)	17,901
Customer contracts(1)	4,599
Goodwill(2)	8,059
Total assets acquired	52,564
LIABILITIES
Accounts payable	(3,650	)
Accrued liabilities	(3,276	)
Total liabilities assumed	(6,926	)
Net assets acquired(3)	45,638

(1) The customer relationships and customer contracts are being amortized over a weighted average amortization period of 10 years and 7.6 years, respectively. As at June 30, 2016, the gross carrying amount, accumulated amortization and net carrying amount were $22.5 million, $3.1 million and $19.4 million, respectively.

(2) Goodwill recognized from this acquisition attributed to the Company’s Teekay Tankers Segment - Conventional tankers.

(3) Prior to the SPT acquisition date, SPT had in-chartered the SPT Explorer from the Company. Of the SPT acquisition purchase price, $1.4 million was allocated to the settlement of this pre-existing relationship. Such amount has been accounted for as a reduction to revenue on the SPT acquisition date.

Operating results of SPT are reflected in the Company’s consolidated financial statements commencing July 31, 2015, the effective date of acquisition. Pro forma revenues and net income as if the acquisition of SPT had occurred at the beginning of 2015 would not be materially different than actual operating results reported. The Company’s prior 50% interest in SPT was remeasured to its estimated fair value on the acquisition date and the resulting gain of $8.7 million was recognized in equity income in July 2015.

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Equity Financing Transactions of the Daughter Companies

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Equity Financing Transactions of the Daughter Companies

Equity Financing Transactions of the Daughter Companies

During the six months ended June 30, 2016, Teekay Offshore completed private placements of preferred units, which were sold together with warrants exercisable for common units, and common units.

	Total Proceeds Received $	Less: Teekay Corporation Portion $	Offering Expenses $	Net Proceeds Received $
Six Months ended June 30, 2016
Teekay Offshore Preferred Units Offering	100,000	(26,000)	(2,750)	71,250
Teekay Offshore Common Units Offering	102,041	(2,041)	(2,550)	97,450

In June 2016, Teekay Offshore issued 4,000,00010.50% Series D Cumulative Convertible Perpetual Preferred Units (the Series D Preferred Units) and 4,500,000 warrants exercisable to acquire up to 4,500,000 common units at an exercise price equal to the closing price of Teekay Offshore's common units on June 16, 2016, or $4.55 per unit (the $4.55 Warrants) and 2,250,000 warrants exercisable to acquire up to 2,250,000 common units with an exercise price at a 33% premium to the closing price of Teekay Offshore's common units on June 16, 2016, or $6.05 per unit (the $6.05 Warrants) (together, the Warrants). The Warrants have a seven-year term and are exercisable any time after six months following their issuance date. The Warrants are net settled in either cash or common units at Teekay Offshore's option. The gross proceeds from the sale of these securities was $100.0 million ($97.2 million net of offering costs).

Teekay purchased $26.0 million or 1,040,00010.50% Series D Preferred Units of Teekay Offshore. Teekay also received 1,170,000 of the $4.55 Warrants and 585,000 of the $6.05 Warrants. The purchase of Teekay Offshore Series D Preferred Units has been accounted for as an equity transaction. Therefore, no gains or losses were recognized in the Company’s consolidated statements of (loss) income as a result of this purchase.

Net cash proceeds from the sale of these securities of $71.3 million, which excludes Teekay's share, was allocated on a relative fair value basis to the Series D Preferred Units ($61.1 million), to the $4.55 Warrants ($7.0 million) and to the $6.05 Warrants ($3.1 million). The Warrants qualify as freestanding financial instruments and are accounted for separately from the Series D Preferred Units. The Series D Preferred Units are presented in the Company's consolidated balance sheet as temporary equity which is above the equity section but below the liabilities section as they are not mandatorily redeemable and the prospect of a forced redemption paid with cash due to a change of control event is not presently probable. The Warrants are recorded as non-controlling interest in the Company's consolidated balance sheets.

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Vessel Charters

6 Months Ended

Jun. 30, 2016

Leases [Abstract]

Vessel Charters

Vessel Charters

The minimum estimated charter hire payments for the remainder of the year and the next four fiscal years, as at June 30, 2016, for the Company’s chartered-in and chartered-out vessels were as follows:

Vessel Charters(1)	Remainder of 2016	2017	2018	2019	2020
	(in millions of U.S. Dollars)
Charters-in – operating leases	50.6	74.6	28.1	21.7	8.3
Charters-in – capital leases(2)	11.5	46.2	42.6	15.3	15.3
	62.1	120.8	70.7	37.0	23.6
Charters-out – operating leases(3)	696.6	1,412.9	1,214.1	993.4	903.0
Charters-out – direct financing leases	39.6	208.8	174.6	40.0	40.1
	736.2	1,621.7	1,388.7	1,033.4	943.1

(1) Teekay LNG owns a 99% interest in Teekay Tangguh Borrower LLC (or Teekay Tangguh), which owns a 70% interest in Teekay BLT Corporation (or the Teekay Tangguh Joint Venture), giving Teekay LNG a 69% interest in the Teekay Tangguh Joint Venture. The joint venture is a party to operating leases whereby it is leasing two LNG carriers (or the Tangguh LNG Carriers) to a third party, which is in turn leasing the vessels back to the joint venture. This table does not include Teekay LNG’s minimum charter hire payments to be paid and received under these leases for the Tangguh LNG Carriers (which are described in Note 9 to the audited consolidated financial statements filed with the Company’s Annual Report on Form 20-F for the year ended December 31, 2015).

(2) As at June 30, 2016, Teekay LNG was a party to capital leases on two Suezmax tankers, the Teide Spirit and the Toledo Spirit. Under these capital leases, the owner has the option to require Teekay LNG to purchase the two vessels. The charterer, who is also the owner, also has the option to cancel the charter contracts. The amounts in the table assume the owner will not exercise its options to require Teekay LNG to purchase either of the vessels from the owner, but rather it assumes the owner will cancel the charter contracts when the cancellation right is first exercisable, which is the thirteenth year anniversary of each respective contract in 2017 and 2018.

In February 2016, Teekay LNG took delivery of a LNG carrier newbuilding, the Creole Spirit. Teekay LNG sold this vessel to a third party and leased it back under a 10-year bareboat charter contract ending in 2026. The bareboat charter contract is accounted for as a capital lease. The obligations of Teekay LNG under the bareboat charter contract are guaranteed by Teekay LNG. In addition, the guarantee agreement requires Teekay LNG to maintain minimum levels of tangible net worth and aggregate liquidity, and not exceed a maximum amount of leverage.

(3) The minimum scheduled future operating lease revenues should not be construed to reflect total charter hire revenues for any of the years. Minimum scheduled future revenues do not include revenue generated from new contracts entered into after June 30, 2016, revenue from unexercised option periods of contracts that existed on June 30, 2016 or variable or contingent revenues. In addition, minimum scheduled future operating lease revenues presented in the table have been reduced by estimated off-hire time for any period maintenance. The amounts may vary given unscheduled future events such as vessel maintenance.

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Vessel Sales and Asset Impairments

6 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Vessel Sales and Asset Impairments

Vessel Sales and Asset Impairments

During the three and six months ended June 30, 2016, Teekay Offshore canceled the UMS construction contracts for its two UMS newbuildings. As a result, the carrying value of these two UMS newbuildings were written down to $nil. The Company's consolidated statements of (loss) income for the three and six months ended June 30, 2016 includes a $43.7 million write-down related to these two UMS newbuildings. The write-down is included in the Company’s Teekay Offshore Segment - Offshore Logistics.

The Company’s consolidated statements of loss for the three and six months ended June 30, 2016 includes a $12.5 million write-down of one VLCC tanker. The VLCC tanker was held for sale at June 30, 2016 and the sale is expected to be completed in the fourth quarter of 2016. The vessel was written down to its agreed sales price to a third party. The write-down is included in the Company's Teekay Parent Segment - Conventional Tankers.

The Company’s consolidated statements of loss for the three and six months ended June 30, 2016 includes a $6.4 million write-down of one Medium Range (or MR) tanker in Teekay Tankers. The MR tanker was held for sale at June 30, 2016 and is expected to deliver in the third quarter of 2016. The vessel was written down to its agreed sales price to a third party. The write-down is included in the Company's Teekay Tankers Segment - Conventional Tankers.

During February and March 2016, Centrofin Management Inc. (or Centrofin), the charterer for both the Bermuda Spirit and Hamilton Spirit Suezmax tankers, exercised its options to purchase both the Bermuda Spirit and Hamilton Spirit as permitted under the charter contract agreements. The vessels delivered to Centrofin during April and May 2016. Upon Centrofin exercising its purchase options, the vessels and remaining term of the charter contracts have been reclassified as sales-type leases by Teekay LNG, which resulted in the recognition of an accounting loss of $27.4 million in the first quarter of 2016. This loss is included in the Company’s Teekay LNG Segment - Conventional Tankers.

During the six months ended June 30, 2016, Teekay Offshore sold a 1992-built shuttle tanker, the Navion Torinita, for net proceeds of $5.0 million, which was the approximate carrying value of the vessel at the time of sale. During the three months ended March 31, 2015, the carrying value of this shuttle tanker was written down to its estimated fair value, using an appraised value as a result of the expected sale of the vessel and the vessel was classified as held for sale on the Company’s consolidated balance sheet as at December 31, 2015. The Company’s consolidated statements of (loss) income for the six months ended June 30, 2015 includes a $1.7 million write-down related to this vessel. The write-down is included in the Company’s Teekay Offshore Segment - Offshore Logistics.

In March 2016, the time-charter contract with a subsidiary of the Company for a 2004-built conventional tanker, the Kilimanjaro Spirit, was terminated by Teekay Offshore. Immediately following the charter termination, Teekay Offshore sold the Kilimanjaro Spirit for net proceeds of $26.7 million and also sold a 2003-built conventional tanker, the Fuji Spirit, for net proceeds of $23.7 million, which were the approximate carrying values of the vessels at the time of sale. Both vessels were classified as held for sale on the Company’s consolidated balance sheet as at December 31, 2015. As part of the sale of these vessels, Teekay Offshore is in-chartering these vessels for a period of three years each, both with an additional one-year extension option. One vessel is fixed on a two-year time-charter-out contract which commenced during the second quarter of 2016, and the other vessel is currently trading in the spot conventional tanker market.

During the six months ended June 30, 2015, the carrying value of one of Teekay Offshore's 1999-built shuttle tankers was written down to its estimated fair value, using an appraised value. The write down was a result of a recent change in the operating plan of the vessel. The Company’s consolidated statements of (loss) income for the six months ended June 30, 2015, includes a $13.8 million write-down related to this vessel. The write-down is included in the Company’s Teekay Offshore Segment - Offshore Logistics.

During the six months ended June 30, 2015, Teekay Offshore sold a 1997-built shuttle tanker, the Navion Svenita, for net proceeds of $8.6 million. The Company’s consolidated statements of (loss) income for the six months ended June 30, 2015 includes a $1.6 million gain related to the sale of this vessel. This gain is included in the Company’s Teekay Offshore Segment - Offshore Logistics.

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Long-Term Debt

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

	June 30, 2016		December 31, 2015
	$		$
Revolving Credit Facilities	1,365,156		1,500,848
Senior Notes (8.5%) due January 15, 2020	592,657		592,657
Norwegian Kroner-denominated Bonds due through May 2020	597,845		621,957
U.S. Dollar-denominated Term Loans due through 2028	3,828,077		4,020,665
U.S. Dollar Bonds due through 2024	474,839		502,449
Euro-denominated Term Loans due through 2023	239,792		241,798
Total Principal	7,098,366		7,480,374
Unamortized discount and debt issuance costs	(97,729	)	(96,288	)
Total debt	7,000,637		7,384,086
Less current portion	(1,059,354	)	(1,106,104	)
Long-term portion	5,941,283		6,277,982

As of June 30, 2016, the Company had 13 revolving credit facilities (or the Revolvers) available, which, as at such date, provided for aggregate borrowings of up to $1.7 billion, of which $0.3 billion was undrawn. Interest payments are based on LIBOR plus margins; at June 30, 2016 and December 31, 2015, the margins ranged between 0.45% and 4.00% and between 0.45% and 3.95%, respectively. At June 30, 2016 and December 31, 2015, the three-month LIBOR was 0.63% and 0.61%, respectively. The aggregate amount available under the Revolvers is scheduled to decrease by $402.6 million (remainder of 2016), $291.0 million (2017), $586.4 million (2018), $43.0 million (2019) and $369.1 million (thereafter). The Revolvers are collateralized by first-priority mortgages granted on 70 of the Company’s vessels, together with other related security, and include a guarantee from Teekay or its subsidiaries for all outstanding amounts. Included in other security, as of June 30, 2016, are 38.2 million common units of Teekay Offshore, 25.2 million common units of Teekay LNG and 16.8 million Class A common shares in Teekay Tankers, which secure a $150.0 million revolving credit facility.

The Company’s 8.5% senior unsecured notes (or the 8.5% Notes) are due January 15, 2020 with an original principal amount of $450 million (The Original Notes). The Original Notes issued on January 27, 2010 were sold at a price equal to 99.181% of par. In November 2015, the Company issued an aggregate principal amount of $200 million of the Company’s 8.5% senior unsecured notes due on January 15, 2020 (or the Notes) at 99.01% of face value, plus accrued interest from July 15, 2015. The Notes are an additional issuance of the Company's Original Notes (cumulatively referred to as the 8.5% Notes). The Notes were issued under the same indenture governing the Original Notes, but will not be fungible with the Original Notes unless and until such time as the Notes are exchanged for additional Original Notes pursuant to the terms of a registration rights agreement. On August 16, 2016 the Company commenced a registered exchange offer to exchange up to $200 million of the Original Notes for a like principal amount of newly issued, registered 8.5% Senior Notes due 2020. The discount on the 8.5% Notes is accreted through the maturity date of the notes using the effective interest rate of 8.670% per year.

The Company capitalized issuance costs of $13.3 million, which will be amortized to interest expense over the term of the 8.5% Notes. As of June 30, 2016, the unamortized balance of the capitalized issuance cost was $6.6 million which is recorded in long-term debt in the consolidated balance sheet. The 8.5% Notes rank equally in right of payment with all of Teekay's existing and future senior unsecured debt and senior to any future subordinated debt of Teekay. The 8.5% Notes are not guaranteed by any of Teekay's subsidiaries and effectively rank behind all existing and future secured debt of Teekay and other liabilities of its subsidiaries.

The Company may redeem the 8.5% Notes in whole or in part at any time before their maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the 8.5% Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 8.5% Notes to be redeemed (excluding accrued interest), discounted to the redemption date on a semi-annual basis, at the treasury yield plus 50 basis points, plus accrued and unpaid interest to the redemption date. During 2014, the Company repurchased the principal amount of $57.3 million of the 8.5% Notes at a premium of $7.7 million and such amount was reflected in other income in the Company’s consolidated statements of (loss) income.

Teekay Offshore and Teekay LNG issued in the Norwegian bond market a total of NOK 5.5 billion of senior unsecured bonds that mature through May 2020. Senior unsecured bonds in an aggregate principal amount of NOK 500 million matured in January 2016. As of June 30, 2016, the carrying amount of the remaining NOK 5.0 billion senior unsecured bonds was $597.8 million. The bonds are listed on the Oslo Stock Exchange. The interest payments on the bonds are based on NIBOR plus a margin which ranges from 3.70% to 5.75%. The Company entered into cross currency swaps to swap all interest and principal payments of the bonds into US Dollars, with the interest payments fixed at a rates ranging from 5.92% to 8.84%, and the transfer of the principal amount fixed at $816.1 million upon maturity in exchange for NOK 5.0 billion (see Note 15). In June 2016 Teekay Offshore amended certain of the bond agreements to extend the maturity dates of the senior unsecured bonds. The maturity date for bonds in an aggregate principal amount of NOK 600 million was extended to November 2018, with two interim installments of NOK 180 million each due in October 2016 and October 2017. The maturity date for bonds in an aggregate principal amount of NOK 800 million was extended to December 2018, with one interim installment of NOK 160 million in January 2018 with the remaining balance of NOK 640 million repayable in December 2018 at 103%.

As of June 30, 2016, the Company had 23 U.S. Dollar-denominated term loans outstanding, which totaled $3.8 billion in aggregate principal amount (December 31, 2015 – $4.0 billion). Certain of the term loans with a total outstanding principal balance of $37.7 million as at June 30, 2016 (December 31, 2015 – $48.6 million) bear interest at a weighted-average fixed rate of 2.9% (December 31, 2015 – 4.0%). Interest payments on the remaining term loans are based on LIBOR plus a margin. At June 30, 2016 and December 31, 2015, the margins ranged between 0.3% and 3.50%. At June 30, 2016 and December 31, 2015, the three-month LIBOR was 0.63% and 0.61%, respectively. The term loan payments are made in quarterly or semi-annual payments commencing three or six months after delivery of each newbuilding vessel financed thereby, and 20 of the term loans have balloon or bullet repayments due at maturity. The term loans are collateralized by first-priority mortgages on 44 (December 31, 2015 – 67) of the Company’s vessels, together with certain other security. In addition, at June 30, 2016, all but $60.4 million (December 31, 2015 – $64.6 million) of the outstanding term loans were guaranteed by Teekay or its subsidiaries.

During May 2014, Teekay Offshore issued $300 million of five-year senior unsecured bonds that mature in July 2019 in the U.S. bond market. As of June 30, 2016, the carrying amount of the bonds was $300 million. The bonds were listed on the New York Stock Exchange in June 2014. The interest payments on the bonds are fixed at a rate of 6.0%.

In September 2013 and November 2013, Teekay Offshore issued a total of $174.2 million of ten-year senior bonds that mature in December 2023 and that were issued in a U.S. private placement to finance the Bossa Nova Spirit and the Sertanejo Spirit shuttle tankers. The bonds accrue interest at a fixed combined rate of 4.96%. The bonds are collateralized by first-priority mortgages on the two vessels to which the bonds relate, together with other related security. Teekay Offshore made semi-annual repayments on the bonds and as of June 30, 2016, the carrying amount of the bonds was $149.4 million.

In February 2015, Teekay Offshore issued $30.0 million in senior bonds that mature in June 2024 in a U.S. private placement. As of June 30, 2016, the carrying amount of the bonds was $25.4 million. The interest payments on the bonds are fixed at an annual rate of 4.27%. The bonds are collateralized by first-priority mortgage on the Dampier Spirit FSO unit together with other related security and are guaranteed by Teekay Offshore.

Teekay LNG has two Euro-denominated term loans outstanding, which, as at June 30, 2016, totaled 215.9 million Euros ($239.8 million) (December 31, 2015 – 222.7 million Euros ($241.8 million)). Interest payments on the loans are based on EURIBOR plus margins. At June 30, 2016 and December 31, 2015, the margins ranged between 0.6% and 2.25% and the one-month EURIBOR at June 30, 2016 was (0.36)% (December 31, 2015 – (0.21%)). The Euro-denominated term loans reduce in monthly payments with varying maturities through 2023, are collateralized by first-priority mortgages on two of the Company’s vessels, together with certain other security, and are guaranteed by Teekay LNG and one of its subsidiaries.

Both Euro-denominated term loans and NOK-denominated bonds are revalued at the end of each period using the then-prevailing U.S. Dollar exchange rate. Due primarily to the revaluation of the Company’s NOK-denominated bonds, the Company’s Euro-denominated term loans, capital leases and restricted cash, and the change in the valuation of the Company’s cross currency swaps, the Company recognized foreign exchange losses of $15.2 million (2015 – $1.6 million loss) and $25.7 million (2015 – $15.9 million gain) during the three and six months ended June 30, 2016, respectively.

The weighted-average effective interest rate on the Company’s aggregate long-term debt as at June 30, 2016 was 3.7% (December 31, 2015 – 3.4%). This rate does not include the effect of the Company’s interest rate swap agreements (see Note 15).

The aggregate annual long-term debt principal repayments required to be made by the Company subsequent to June 30, 2016, including the impact of refinancing $150 million of an existing revolving credit facility relating to Teekay Parent’s three directly-owned FPSO units, are $0.5 billion (remainder of 2016), $1.1 billion (2017), $1.7 billion (2018), $1.0 billion (2019), $1.1 billion (2020) and $1.7 billion (thereafter).

Among other matters, the Company’s long-term debt agreements generally provide for maintenance of minimum consolidated financial covenants and 10 loan agreements require the maintenance of vessel market value to loan ratios. As at June 30, 2016, these ratios ranged from 119.5% to 201.8% compared to their minimum required ratios of 105% to 125%. The vessel values used in these ratios are the appraised values prepared by the Company based on second-hand sale and purchase market data. Changes in the conventional tanker, FPSO, towage, UMS, and shuttle tankers markets and a weakening of the LNG/LPG carrier market could negatively affect the Company's compliance with these ratios. Certain loan agreements require that a minimum level of free cash be maintained and as at June 30, 2016 and December 31, 2015, this amount was $100.0 million. Most of the loan agreements also require that the Company maintain an aggregate minimum level of free liquidity and undrawn revolving credit lines with at least six months to maturity, in amounts ranging from 5% to 7.5% of total debt. As at June 30, 2016, this aggregate amount was $384.8 million (December 31, 2015 - $410.5 million). As at June 30, 2016, the Company was in compliance with all covenants required by its credit facilities and other long-term debt.

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Capital Stock

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Capital Stock

Capital Stock

The authorized capital stock of Teekay at June 30, 2016 and December 31, 2015 was 25 million shares of preferred stock, with a par value of $1 per share, and 725 million shares of common stock, with a par value of $0.001 per share. As at June 30, 2016, Teekay had no shares of preferred stock issued. During the six months ended June 30, 2016, Teekay issued 0.1 million shares of common stock upon the exercise or issuance of stock options, restricted stock units and restricted stock awards. During the six months ended June 30, 2016, Teekay issued approximately 12.0 million shares of common stock in a private placement for net proceeds of approximately $96.2 million.

During the six months ended June 30, 2016 and 2015, the Company granted 916,015 and 265,135 stock options with exercise prices of $9.44 and $43.99 per share, respectively, 243,296 and 63,912 restricted stock units with fair values of $2.3 million and $2.9 million, respectively, 311,691 and 61,774 performance shares with fair values of $3.6 million and $3.4 million, respectively, and 67,000 and 22,502 shares of restricted stock awards with fair values of $0.6 million and $1.0 million, respectively, to certain of the Company’s employees and directors. Each stock option has a ten-year term and vests equally over three years from the grant date. Each restricted stock unit, restricted stock award and performance share is equal in value to one share of the Company’s common stock plus reinvested dividends from the grant date to the vesting date. The restricted stock units vest equally over three years from the grant date and the performance shares vest three years from the grant date. Upon vesting, the value of the restricted stock units, restricted stock awards and performance shares are paid to each grantee in the form of shares or cash. The number of performance share units that vest will range from zero to a multiple of the original number granted, based on certain performance and market conditions.

The weighted-average grant-date fair value of stock options granted during March 2016 was $3.60 per stock option. The fair value of each stock option granted was estimated on the grant date using the Black-Scholes option pricing model. The following weighted-average assumptions were used in computing the fair value of the stock options granted: expected volatility of 55.1%; expected life of 5.5 years; dividend yield of 3.2%; risk-free interest rate of 1.3%; and estimated forfeiture rate of 7.1%. The expected life of the stock options granted was estimated using the historical exercise behavior of employees. The expected volatility was generally based on historical volatility as calculated using historical data during the five years prior to the grant date.

Share-based Compensation of Subsidiaries

During the six months ended June 30, 2016 and 2015, 76,084 and 14,603 common units of Teekay Offshore, 32,723 and 10,447 common units of Teekay LNG and 9,358 and 51,948 shares of Class A common stock of Teekay Tankers, respectively, with aggregate values of $0.7 million and $1.0 million, respectively, were granted and issued to the non-management directors of the general partners of Teekay Offshore and Teekay LNG and the non-management directors of Teekay Tankers as part of their annual compensation for 2016 and 2015.

Teekay Offshore, Teekay LNG and Teekay Tankers grant equity-based compensation awards as incentive-based compensation to certain employees of Teekay’s subsidiaries that provide services to Teekay Offshore, Teekay LNG and Teekay Tankers. During March 2016 and 2015, Teekay Offshore and Teekay LNG granted phantom unit awards and Teekay Tankers granted restricted stock-based compensation awards with respect to 599,479 and 102,834 units of Teekay Offshore, 131,062 and 32,054 units of Teekay LNG and 275,848 and 192,387 Class A common shares of Teekay Tankers, respectively, with aggregate grant date fair values of $4.8 million and $4.2 million, respectively, based on Teekay Offshore, Teekay LNG and Teekay Tankers’ closing unit or stock prices on the grant dates. Each phantom unit or restricted stock unit is equal in value to one of Teekay Offshore’s, Teekay LNG’s or Teekay Tankers’ common units or common shares plus reinvested distributions or dividends from the grant date to the vesting date. The awards vest equally over three years from the grant date. Any portion of an award that is not vested on the date of a recipient’s termination of service, is canceled, unless their termination arises as a result of the recipient’s retirement, in which case, the award will continue to vest in accordance with the vesting schedule. Upon vesting, the awards are paid to a substantial majority of the grantees in the form of common units or common shares, net of withholding tax. During March 2016, Teekay Tankers granted 216,043 stock options with an exercise price of $3.74 per share to an officer of Teekay Tankers. Each stock option granted in March 2016 has a ten-year term and vests equally over three years from the grant date. During March 2015, Teekay Tankers granted 58,434 stock options with an exercise price of $5.39 per share to an officer of Teekay Tankers. Each stock option granted in March 2015 has a ten-year term and vests equally over three years from the grant date.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

a. Vessels Under Construction

As at June 30, 2016, the Company was committed to the construction of 10 LNG carriers, four long-haul towage vessels, three shuttle tankers, one FSO conversion and one FPSO upgrade for a total cost of approximately $3.0 billion, excluding capitalized interest and other miscellaneous construction costs. One LNG carrier delivered in July 2016. Three LNG carriers are scheduled for delivery in 2017, four LNG carriers are scheduled for delivery in 2018 and two LNG carriers are scheduled for delivery in 2019. Four long-haul towage vessels are scheduled for delivery during the remainder of 2016 to early-2017, the one FSO conversion is scheduled for completion in early-2017 and the one FPSO upgrade is scheduled for completion in early-2017. As at June 30, 2016, payments made towards these commitments totaled $852.1 million (excluding $10.9 million of capitalized interest and other miscellaneous construction costs). As at June 30, 2016, the remaining payments required to be made under these newbuilding and conversion capital commitments were $428.2 million (remainder of 2016), $932.2 million (2017), $597.4 million (2018), and $238.0 million (2019). During the second quarter of 2016, Teekay Offshore's subsidiary, Logitel Offshore, canceled the UMS construction contracts for the two remaining UMS newbuildings, the Stavanger Spirit and the Nantong Spirit (see note 10c).

b. Joint Ventures

Teekay LNG’s share of commitments to fund newbuilding and other construction contract costs as at June 30, 2016 are as follows:

	Total	Remainder of 2016	2017	2018	2019	2020
	$	$	$	$	$	$
Equity accounted joint ventures (i)	1,509,394	153,174	325,496	548,923	278,801	203,000

(i) The commitment amounts relating to Teekay LNG’s share of costs for newbuilding and other construction contracts in Teekay LNG’s equity accounted joint ventures are based on Teekay LNG’s ownership percentage in each respective joint venture as of June 30, 2016. These commitments are described in more detail in Note 16 of the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year-ended December 31, 2015. As of June 30, 2016, based on the Teekay LNG's ownership percentage in each respective joint venture, Teekay LNG's equity accounted joint ventures have secured $197 million of financing related to $187 million of LNG and LPG carrier newbuilding commitments included in the table above.

In October 2014, Teekay Offshore sold a 1995-built shuttle tanker, the Navion Norvegia, to a 50/50 joint venture of Teekay Offshore and Odebrecht Oil and Gas S.A. (or OOG). The vessel is committed to a new FPSO conversion for the Libra field located in the Santos Basin offshore Brazil. The conversion project will be completed at Sembcorp Marine’s Jurong Shipyard in Singapore and the FPSO unit is scheduled to commence operations in early-2017 under a 12-year fixed-rate contract with a consortium led by Petroleo Brasileiro SA (or Petrobras). The FPSO conversion is expected to cost approximately $1.0 billion. As at June 30, 2016, payments made by the joint venture towards these commitments totaled $390.2 million and the remaining payments required to be made by the joint venture are $415.5 million (remainder of 2016) and $198.9 million (2017). Teekay Offshore intends to finance its share of the conversion through existing long-term debt financing within the joint venture, and to a lesser extent, through existing liquidity. The joint venture secured a long-term debt facility in 2015 providing total borrowings of up to $804 million for the FPSO conversion.

c. Legal Proceedings and Claims

The Company may, from time to time, be involved in legal proceedings and claims that arise in the ordinary course of business. The Company believes that any adverse outcome of existing claims, other than with respect to the items noted below, individually or in the aggregate, would not have a material effect on its financial position, results of operations or cash flows, when taking into account its insurance coverage and indemnifications from charterers.

Cancellation of two UMS newbuilding contracts

In August 2014, Teekay Offshore acquired 100% of the outstanding shares of Logitel, a Norway-based company focused on high-end UMS. As part of this transaction, Teekay Offshore assumed three UMS newbuilding contracts ordered from COSCO in China. Teekay Offshore took delivery of one of the UMS newbuildings, the Arendal Spirit, in February 2015.

In February 2016, a special committee of the Board of Directors of Sevan Marine ASA (or Special Committee), responding to allegations made by certain minority shareholders of Sevan Marine ASA (or Sevan), advised Teekay Offshore that they had initiated a review of the legality of the agreements between Sevan and CeFront Technology AS (or CeFront) relating to the transfer to Logitel Offshore Pte. Ltd. or its wholly-owned subsidiaries (collectively Logitel Offshore) in 2013 of two hulls to be converted into UMS, including the $60 million bond loan (of which $41 million was a vendor credit and $19 million was a cash loan) granted by a Sevan affiliate to Logitel (or the 2013 Transaction). The Special Committee also reviewed the legality of the agreements between Sevan and Teekay Offshore entered into in connection with the 2014 transaction whereby Teekay Offshore acquired Logitel from CeFront (or the 2014 Transaction). The Special Committee advised Teekay Offshore that it had obtained legal advice indicating that Sevan had failed to obtain necessary shareholder approvals in connection with both the 2013 Transaction and the 2014 Transaction. The Special Committee also advised Teekay Offshore of its view that the $60 million bond loan to Logitel represents lending to a related party of a Sevan shareholder, which is in breach of Norwegian corporate law. The Special Committee has advised Teekay Offshore that the failure to obtain the necessary shareholder approvals would render certain of the agreements in the Logitel transaction either void or voidable, exposing Teekay Offshore to potential claims for restitution as mandated by Norwegian corporate law. On August 25, 2016, Sevan issued a press release relating to their second quarter earnings in which they advised the market that they will commence legal action against Logitel claiming more than $60 million relating to the bond loan and arbitration against both Logitel and Teekay Offshore claiming approximately $10 million relating to certain payments under an agreement entered into in connection with the 2014 Transaction.

During the second quarter of 2016, Teekay Offshore canceled the UMS construction contracts for the two remaining UMS newbuildings, the Stavanger Spirit and Nantong Spirit. As a result of this cancellation, Teekay Offshore wrote-off $43.7 million of the assets related to these newbuildings and reversed contingent liabilities of $14.5 million associated with the delivery of these assets during the three and six months ended June 30, 2016. The estimate of potential damages for the cancellation of the Stavanger Spirit newbuilding contract is based on the amount due for the final yard installment of approximately $170 million less the estimated fair value of the Stavanger Spirit. Given the unique design of the vessel as well as the lack of recent sale and purchase transactions for this type of asset, the value of this vessel, and thus ultimately the amount of potential damages that may result from a cancellation, is uncertain. The estimate of potential damages for the cancellation of the Nantong Spirit newbuilding contract is based upon estimates of a number of factors, which will ultimately be decided upon between the parties, including accumulated costs incurred by COSCO, sub-supplier contract cancellation costs, as well as how such costs are treated under the termination provisions in the contract. Teekay Offshore estimates that the amount of potential damages related to the cancellation of the Nantong Spirit contract could range between $10 million and $40 million.

As at June 30, 2016, Teekay Offshore has accrued $58 million in aggregate related to the above potential claims from Sevan and COSCO. Pursuant to the Stavanger Spirit newbuilding contract and related agreements, COSCO only has recourse to the single purpose subsidiary that is a party to the Stavanger Spirit newbuilding contract and its immediate parent company, Logitel Offshore Pte. Ltd., for damages incurred. Logitel Offshore Pte. Ltd. owns a 100% direct interest in a subsidiary that owns the Arendal Spirit UMS and the subsidiary that is a party the existing charter contract for the Arendal Spirit UMS. Pursuant to the Nantong Spirit newbuilding contract, COSCO only has recourse to the single purpose subsidiary that is a party to the Nantong Spirit newbuilding contract.

Piranema Spirit FPSO Contract

In March 2016, Petrobras claimed that Teekay Offshore’s November 2011 cessation of paying certain agency fees with respect to the Piranema Spirit FPSO unit’s employment should have resulted in a corresponding 2% rate reduction on the FPSO contract with Petrobras. Teekay Offshore has estimated the maximum amount of the claim at $7.5 million, consisting of $5.0 million from a return of 2% of the charter hire previously paid by Petrobras to Teekay Offshore for the period from November 2011 up to June 30, 2016, which is the amount accrued by Teekay Offshore at June 30, 2016, which has been recorded as a reduction to revenue, and $2.5 million from a 2% reduction of future charter hire to the end of the term of the FPSO contract with Petrobras.

STX Offshore & Shipbuilding Co.

In April 2013, four special purpose subsidiary companies of Teekay Tankers entered into agreements with STX Offshore & Shipbuilding Co., Ltd (or STX) of South Korea to construct four, fuel-efficient 113,000 dead-weight tonne Long Range 2 (or LR2) product tanker newbuildings. At the same time, Teekay Tankers entered into an Option Agreement with STX allowing Teekay Tankers to order up to 12 additional vessels. The payment of Teekay Tankers’ first shipyard installment was contingent on Teekay Tankers receiving acceptable refund guarantees for the shipyard installment payments. At around the same time, however, STX commenced a voluntary financial restructuring with its lenders, and as a result, STX’s ability to obtain the necessary refund guarantees in respect of the four firm shipbuilding contracts was severely affected. In October and November 2013, Teekay Tankers exercised its rights under the Option Agreement to order eight additional newbuildings. The further required shipbuilding contracts were not entered into by STX within the timeframe specified in the Option Agreement. By December 2013, Teekay Tankers had determined that there was no prospect of the refund guarantees being provided under any of the firm shipbuilding contracts, and then by February 2014 that there was no prospect of the same in respect of the further contracts to be entered pursuant to the Option Agreement or of that agreement being otherwise performed by STX. In December 2013, therefore, the subsidiaries of Teekay Tankers gave STX notice that it was treating STX as having repudiated the four firm shipbuilding contracts. Then in February 2014, Teekay Tankers gave STX notice that it was treating STX as having repudiated the Option Agreement. Having asserted that this was the position, in February and March 2014, Teekay Tankers and its subsidiaries commenced legal proceedings against STX for damages. This involved arbitration proceedings in London in respect of the four firm shipbuilding contracts and English High Court proceedings in respect of the Option Agreement. In November 2014, Teekay Tankers, on behalf of the subsidiaries, placed $0.6 million in an escrow account as cash security in respect of STX’s legal costs relating to the arbitration proceedings. These funds were classified as cash and cash equivalents in Teekay Tankers’ consolidated balance sheets as of December 31, 2015.

On February 15, 2016, Teekay Tankers’ subsidiaries had successfully obtained an English Court Order requiring STX to pay a total of $32.4 million in respect of the four firm shipbuilding contracts. As a result, Teekay Tankers’ subsidiaries have exercised their rights under English law to seek the assistance of the English court in the enforcement of the arbitration awards. Teekay Tankers and its subsidiaries are also pursuing other routes to enforce the awards against STX. Additionally, the $0.6 million cash deposit was refunded to Teekay Tankers in March 2016.

The trial in the English High Court in respect of the Option Agreement commenced on April 11, 2016. STX has filed for bankruptcy protection and as of June 30, 2016 all Korean enforcement actions are stayed. STX has also instructed its London lawyers to have that protection recognized in England and Wales. While Teekay Tankers is awaiting the decision of the High Court on the Option Agreements, Teekay Tankers will not be in a position to take any further action on enforcement and recognition in the UK or Korea while the bankruptcy protection remains in place. No amounts have been recorded as receivable in respect of these awards due to uncertainty of their collection.

Class Action Complaint

Following the Company’s announcement in December 2015 that its Board of Directors had approved a plan to reduce the Company’s quarterly dividend from $0.55 per share to $0.055 per share, commencing with the fourth quarter of 2015 dividend payable in February 2016 and the subsequent decline of the price of the Company’s common stock, a class action complaint was filed on March 1, 2016 in the U.S. District Court for the District of Connecticut against the Company and certain of its officers. The complaint includes claims that the Company and certain of its officers violated Section 10(b) of the Securities Exchange Act 1934 and Rule 10b-5 promulgated thereunder. In general, the complaint alleges the Company and certain of its officers violated federal securities laws by making materially false and misleading statements regarding the Company’s ability and intention to maintain a quarterly dividend of at least $0.55 per share, thereby artificially inflating the price of its common stock. The plaintiffs are seeking unspecified monetary damages, including reasonable costs and expenses incurred in this action. The Company plans to vigorously defend against the claims. Based on the early stage of this action and evaluation of the facts available at this time, the amount or range of reasonably possible losses to which the Company is exposed cannot be estimated and the ultimate resolution of this matter and the associated financial impact to the Company, if any, remains uncertain at this time. The Company maintains a Directors and Officers insurance policy that provides a fixed amount of coverage for such claims, subject to coverage defenses, and a deductible to be paid by the Company.

Teekay Nakilat Capital Lease

Teekay LNG owns a 70% interest in Teekay Nakilat Corporation (or Teekay Nakilat Joint Venture) that was the lessee under three separate 30-year capital lease arrangements with a third party for the three LNG carriers (or the RasGas II LNG Carriers). Under the terms of the leasing arrangements in respect of the RasGas II LNG Carriers, the lessor claimed tax depreciation on the capital expenditures it incurred to acquire these vessels. As is typical in these leasing arrangements, tax and change of law risks were assumed by the lessee, in this case the Teekay Nakilat Joint Venture. Lease payments under the lease arrangements were based on certain tax and financial assumptions at the commencement of the leases and subsequently adjusted to maintain its agreed after-tax margin. On December 22, 2014, the Teekay Nakilat Joint Venture terminated the leasing of the RasGas II LNG Carriers. However, the Teekay Nakilat Joint Venture remains obligated to the lessor to maintain the lessor’s agreed after-tax margin from the commencement of the lease to the lease termination date and placed $6.8 million on deposit to the lessor as security against any future claims and recorded as part of restricted cash - long-term in the Company's consolidated balance sheets.

The UK taxing authority (or HMRC) has been challenging the use of similar lease structures in the UK courts. One of those challenges was eventually decided in favor of HMRC (Lloyds Bank Equipment Leasing No. 1), with the lessor and lessee choosing not to appeal further. That case concluded that capital allowances were not available to the lessor.  On the basis of this conclusion, HMRC is now asking lessees on other leases, including the Teekay Nakilat Joint Venture, to accept that capital allowances are not available to their lessor. The Teekay Nakilat Joint Venture does not accept this contention and has informed HMRC of this position. It is uncertain at this time whether the Teekay Nakilat Joint Venture would eventually prevail in court. If the former lessor of the RasGas II LNG Carriers were to lose on a similar claim from HMRC, Teekay LNG’s 70% share of the potential exposure in the Teekay Nakilat Joint Venture is estimated to be approximately $60 million. Such estimate is primarily based on information received from the lessor.

d. Redeemable Non-Controlling Interest

During 2010, an unrelated party contributed a shuttle tanker with a value of $35.0 million to a subsidiary of Teekay Offshore for a 33% equity interest in the subsidiary. The non-controlling interest owner of Teekay Offshore’s 67%-owned subsidiary holds a put option which, if exercised, would obligate Teekay Offshore to purchase the non-controlling interest owner’s 33% share in the entity for cash in accordance with a defined formula. This redeemable non-controlling interest is subject to remeasurement if the formulaic redemption amount exceeds the carrying value. No remeasurement was required as at June 30, 2016.

In July 2015, Teekay Offshore issued 10.4 million8.60% Series C Cumulative Convertible Perpetual Preferred Units (or Series C Preferred Units) in a private placement for net proceeds of approximately $249.8 million. The terms of the Series C Units provided that at any time after the 18-month anniversary of the closing date, at the election of each holder, the Series C Preferred Units could be converted on a one-for-one basis into common units of Teekay Offshore. In addition, if after the three-year anniversary of the closing date, the volume weighted average price of the common units exceeds 150% of the issuance price, Teekay Offshore has the option to convert the Series C Preferred Units into common units. Distributions on the Series C Preferred Units are cumulative from the date of original issue and are payable quarterly in arrears, when, as and if declared by the board of directors of the general partner. The Series C Preferred Units may be redeemed in cash if a change of control occurs in Teekay Offshore.

In June 2016, Teekay Offshore and the unitholders of the Series C Preferred Units exchanged approximately 1.9 million of the Series C Preferred Units to approximately 8.3 million common units of Teekay Offshore. The number of common units issued consists of the approximately 1.9 million common units that would have been issuable under the original conversion terms of the Series C Preferred Units plus approximately an extra 6.4 million common units to induce the exchange (the Inducement Premium). The value of the extra 6.4 million common units on the date of conversion was approximately $37.7 million, of which $26.7 million has been charged to non-controlling interest and $11.0 million has been charged to retained earnings on the Company's consolidated balance sheet.

In June 2016, Teekay Offshore and the unitholders of the Series C Preferred Units also exchanged the remaining approximately 8.5 million Series C Preferred Units for approximately 8.5 million Series C-1 Preferred Units. The terms of the Series C-1 Preferred Units are equivalent to the terms of the Series C Preferred Units, with the exception that at any time after the 18-month anniversary of the original Series C Preferred Units closing date, at the election of each holder, each Series C-1 Preferred Unit is convertible into 1.474 common units of Teekay Offshore. In addition, if a unitholder of the Series C-1 Preferred Units elects to convert their Series C-1 Preferred Units into common units of Teekay Offshore, Teekay Offshore now has the option to redeem these Series C-1 Preferred Units for cash based on the closing market price of the common units of Teekay Offshore instead of common units. Furthermore, if after the three-year anniversary of the closing date, the volume weighted average price of the common units exceeds 150% of $16.25 per unit, Teekay Offshore has the option to convert the Series C-1 Preferred Units into common units. In addition, unlike the Series C Preferred Units, whereby quarterly distributions are to be paid in cash, under the terms of the Series C-1 Preferred Units, quarterly distributions on the Series C-1 Preferred Units for the eight consecutive quarters ending March 31, 2018 may be paid in Teekay Offshore's sole discretion, in cash, common units (at a discount of 2% to the 10-trading day volume weighted average price ending on the distribution declaration date) or a combination of cash and common units (at the same discount), and thereafter, the distributions shall be paid in cash. Consistent with the terms of the Series C Preferred Units, the Series C-1 Preferred Units may be redeemed in cash if a change of control occurs in Teekay Offshore. As a result, the Series C-1 Preferred Units are included on the Company’s consolidated balance sheet as part of temporary equity which is above the equity section but below the liabilities section. The exchange of the Series C Preferred Units for Series C-1 Preferred Units has been accounted for as an extinguishment of the Series C Preferred Units and the issuance of the Series C-1 Preferred Units. As a result, the excess of the carrying value of the Series C Preferred Units over the fair value of the Series C-1 Preferred Units was approximately $20.6 million, of which $14.6 million was accounted for as an increase to non-controlling interest and $6.0 million as an increase to retained earnings on the Company's consolidated balance sheet (the Exchange Contribution).

In June 2016, Teekay Offshore issued 4,000,00010.50% Series D Preferred Units, of which 1,040,000 of the Series D Preferred Units were purchased by Teekay. Teekay Offshore will pay to holders of the Series D Preferred Units a cumulative, quarterly cash distribution in arrears at an annual rate of 10.5%. However, under the terms of the Series D Preferred Units, Teekay Offshore may elect, in its sole discretion, to pay the quarterly distributions for the first eight consecutive quarters following issuance with common units in cash, common units (at a discount of 4% to the 10-trading day volume weighted average price ending on the distribution declaration date) or a combination of cash and common units (at the same discount), and thereafter the distributions shall be paid in cash. The Series D Preferred Units have no mandatory redemption date, but they are redeemable at Teekay Offshore's option after the five-year anniversary of the Series D Preferred Units issuance date for a 10% premium to the liquidation value and for a 5% premium to the liquidation value any time after the six-year anniversary of the Series D Preferred Units issuance date. The Series D Preferred Units are exchangeable into common units of Teekay Offshore at the option of the holder at any time after five years, based on the 10-trading day volume weighted average price at the time of the notice of exchange. A change of control event involving the purchase of at least 90% of the common units would result in the Series D Preferred Units being redeemable for cash. As a result, the Series D Preferred Units, net of Teekay's units, are included on the Company’s consolidated balance sheet as part of temporary equity which is above the equity section but below the liabilities section.

In June 2016, in connection with completing its financing initiatives, Teekay Offshore agreed that, until Teekay Offshore repays amounts outstanding under its Norwegian Kroner bonds maturing 2018, Teekay Offshore will only pay distributions to holders of Series C-1 Preferred Units and Series D Preferred Units in common units, except that, at any time with respect to the Series C-1 Preferred Units, and at any time after June 29, 2018 with respect to the Series D Preferred Units, Teekay Offshore may pay distributions to holders of Series C-1 Preferred Units and Series D Preferred Units, respectively, in cash, upon condition that the amount of such cash distributions are matched or exceeded by the proceeds of additional equity raised by Teekay Offshore in advance of, or within six months following, payment of the cash distributions.

e. Other

The Company enters into indemnification agreements with certain officers and directors. In addition, the Company enters into other indemnification agreements in the ordinary course of business. The maximum potential amount of future payments required under these indemnification agreements is unlimited. However, the Company maintains what it believes is appropriate liability insurance that reduces its exposure and enables the Company to recover future amounts paid up to the maximum amount of the insurance coverage, less any deductible amounts pursuant to the terms of the respective policies, the amounts of which are not considered material.

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Financial Instruments

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Financial Instruments

Financial Instruments

a. Fair Value Measurements

For a description of how the Company estimates fair value and for a description of the fair value hierarchy levels, see Note 11 in the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2015.

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 fair value on a recurring basis.

			June 30, 2016				December 31, 2015
	Fair Value Hierarchy Level		Carrying Amount Asset (Liability) $		Fair Value Asset (Liability) $		Carrying Amount Asset (Liability) $		Fair Value Asset (Liability) $
Recurring
Cash and cash equivalents, restricted cash, and marketable securities	Level 1		933,034		933,034		855,107		855,107
Derivative instruments (note 15)
Interest rate swap agreements – assets(1)	Level 2		2,122		2,122		6,136		6,136
Interest rate swap agreements – liabilities(1)	Level 2		(521,617	)	(521,617	)	(370,952	)	(370,952	)
Cross currency interest swap agreement(1)	Level 2		(258,568	)	(258,568	)	(312,110	)	(312,110	)
Foreign currency contracts	Level 2		(3,762	)	(3,762	)	(18,826	)	(18,826	)
Stock purchase warrants	Level 3		1,833		1,833		10,328		10,328
Time charter swap agreement	Level 3		1,345		1,345		—		—
Logitel contingent consideration (see below)	Level 3		—		—		(14,830	)	(14,830	)
Non-recurring
Vessels and equipment	Level 2		—		—		100,600		100,600
Vessels held for sale (note 7)	Level 2		75,562		75,562		55,450		55,450
Other
Loans to equity-accounted investees and joint venture partners – Current	(2	)	17,740		(2	)	7,127		(2	)
Loans to equity-accounted investees and joint venture partners – Long-term	(2	)	191,271		(2	)	184,390		(2	)
Long-term receivable included in accounts receivable and other assets(3)	Level 3		14,406		14,366		16,453		16,427
Long-term debt – public (note 8)	Level 1		(1,471,093	)	(1,299,169	)	(1,493,915	)	(1,161,729	)
Long-term debt – non-public (note 8)	Level 2		(5,529,544	)	(5,383,777	)	(5,890,171	)	(5,881,483	)

(1) The fair value of the Company's interest rate swap agreements at June 30, 2016 includes $18.1 million (December 31, 2015 - $21.7 million) accrued interest expense which is recorded in accrued liabilities on the consolidated balance sheets.

(2) In the consolidated financial statements, the Company’s loans to and equity investments in equity-accounted investees form the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. In addition, the loans to joint venture partners together with the joint venture partner’s equity investment in joint ventures form the net aggregate carrying value of the Company’s interest in the joint ventures. The fair value of the individual components of such aggregate interests is not determinable.

(3) As at June 30, 2016 the estimated fair value of the non-interest bearing receivable from BG Norge Limited (or BG) was based on the remaining future fixed payments as well as an estimated discount rate. The estimated fair value of this receivable as of June 30, 2016 was $14.4 million (December 31, 2015–$16.4 million) using a discount rate of 8.0%. As there is no market rate for the equivalent of an unsecured non-interest bearing receivable from BG, the discount rate is based on unsecured debt instruments of similar maturity held, adjusted for a liquidity premium. A higher or lower discount rate would result in a lower or higher fair value asset.

Time-charter swap agreement - Changes in fair value during the three and six months ended June 30, 2016 for Teekay Tankers' time-charter swap agreement, which is described below and is measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows:

	Three and Six Months
	Ended
	June 30, 2016
	$
Fair value asset - beginning of the period	—
Settlements	(126)
Realized and unrealized gain	1,471
Fair value asset - at the end of the period	1,345

The estimated fair value of the time-charter swap agreement is based in part upon the Company’s projection of future Aframax spot market tanker rates, which has been derived from current Aframax spot market tanker rates and estimated future rates, as well as an estimated discount rate. The estimated fair value of the time-charter swap agreement as of June 30, 2016 is based upon an estimated average daily tanker rate of approximately $21,500 over the remaining duration of the contract. In developing and evaluating this estimate, the Company considers the current tanker market fundamentals as well as the short and long-term outlook. A higher or lower average daily tanker rate would result in a higher or lower fair value liability or a lower or higher fair value asset. A higher or lower discount rate would result in a lower or higher fair value asset or liability.

Stock purchase warrants – During January 2014, the Company received from Tanker Investments Ltd. (or TIL) stock purchase warrants entitling it to purchase up to 1.5 million shares of common stock of TIL (see note 15). The estimated fair value of the stock purchase warrants was determined using a Monte-Carlo simulation and is based, in part, on the historical price of common shares of TIL, the risk-free rate, vesting conditions and the historical volatility of comparable companies. The estimated fair value of these stock purchase warrants as of June 30, 2016 is based on the historical volatility of the comparable companies of 52.4%. A higher or lower volatility would result in a higher or lower fair value of this derivative asset.

Changes in fair value during the three and six months ended June 30, 2016 and 2015 for the Company’s derivative instruments, the TIL stock purchase warrants, which are described below and are measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows: 

	Three Months Ended June 30,			Six Months Ended June 30,
	2016		2015	2016		2015
	$		$	$		$
Fair value at the beginning of the period	6,107		9,234	10,328		9,314
Unrealized (loss) gain included in earnings	(4,274	)	1,817	(8,495	)	1,737
Fair value at the end of the period	1,833		11,051	1,833		11,051

Contingent consideration liability – In August 2014, Teekay Offshore acquired 100% of the outstanding shares of Logitel, a Norway-based company focused on high-end UMS, from CeFront for $4.0 million, which was paid in cash at closing, plus an additional amount of up to $27.6 million, depending on certain performance criteria.

During the second quarter of 2016, Teekay Offshore canceled the UMS construction contracts for its two remaining UMS newbuildings. This is expected to eliminate any future contingent consideration payments. Consequently, the contingent liability was reversed in the second quarter of 2016. The gain associated with this reversal is included in other loss on the Company's consolidated statements of (loss) income for the three and six months ended June 30, 2016.

Changes in the estimated fair value of Teekay Offshore’s contingent consideration liability relating to the acquisition of Logitel, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), during the three and six months ended June 30, 2016 and 2015 are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	$		$		$		$
Balance at beginning of period	(15,221	)	(21,562	)	(14,830	)	(21,448	)
Adjustment to Liability	—		2,569		—		2,569
Settlement of liability	—		3,540		—		3,540
Gain included in Other income - net (note 13)	15,221		161		14,830		47
Balance at end of period	—		(15,292	)	—		(15,292	)

b. Financing Receivables

The following table contains a summary of the Company’s financing receivables by type of borrower and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis.

Class of Financing Receivable	Credit Quality Indicator	Grade	June 30, 2016	December 31, 2015
			$	$
Direct financing leases	Payment activity	Performing	672,748	684,129
Other loan receivables
Loans to equity-accounted investees and joint venture partners	Other internal metrics	Performing	209,011	191,517
Long-term receivable included in other assets	Payment activity	Performing	20,213	37,032
			901,972	912,678

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Restructuring (Charges) Reversals

6 Months Ended

Jun. 30, 2016

Restructuring and Related Activities [Abstract]

Restructuring (Charges) Reversals

Restructuring (Charges) Reversals

During the three and six months ended June 30, 2016, the Company recorded restructuring charges of $5.8 million and $19.8 million, respectively. The restructuring charges relate to the closure of two offices and seafarers' severance amounts related to the tug business in Western Australia, reorganization of the Company’s FPSO business to create better alignment with the Company’s offshore operations, and reductions to charges previously accrued. The charges related to the seafarers' severance are expected to be partly recovered from the customer and is included in revenues on the consolidated statements of (loss) income.

During the three and six months ended June 30, 2015, the Company recorded restructuring reversals (charges) of $0.7 million and $(8.4) million, respectively. The restructuring charges relate to the termination of the employment of certain seafarers upon the expiration of a time-charter out contract, the reorganization of the Company’s marine operations and corporate services, and reductions to the charges previously accrued as certain seafarers were not terminated as initially planned. The actual restructuring charges relating to the seafarers were fully reimbursed to the Company by the charterer and the net reimbursement is included in revenues.

At June 30, 2016 and December 31, 2015, $7.4 million and $3.2 million, respectively, of restructuring liabilities were recorded in accrued liabilities on the consolidated balance sheets.

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Other Loss

6 Months Ended

Jun. 30, 2016

Other Income and Expenses [Abstract]

Other Loss

Other Loss

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	$		$		$		$
Write-off of contingent consideration (note 10c)	36,333		—		36,333		—
Accrual of contingent liability (note 10c)	(57,950	)	—		(57,950	)	—
Miscellaneous income (loss)	181		(389	)	331		(14	)
Other loss	(21,436	)	(389	)	(21,286	)	(14	)

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Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

As at June 30, 2016 and December 31, 2015, the Company’s accumulated other comprehensive loss consisted of the following components:

	June 30,		December 31,
	2016		2015
	$		$
Unrealized loss on qualifying cash flow hedging instruments	(10,799	)	(419	)
Pension adjustments, net of tax recoveries	(15,418	)	(15,850	)
Unrealized loss on marketable securities	(454	)	(463	)
Foreign exchange gain on currency translation	1,928		1,841
	(24,743	)	(14,891	)

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Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

The Company uses derivatives to manage certain risks in accordance with its overall risk management policies.

Foreign Exchange Risk

The Company economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts.

As at June 30, 2016, the Company was committed to the following foreign currency forward contracts:

			Fair Value / Carrying Amount Of Asset (Liability) $		Expected Maturity
	Contract Amount in Foreign Currency	Average Forward Rate (1)			2016	2017
					$	$
Euro	4,500	0.92	124		4,886	—
Norwegian Kroner	762,500	8.02	(3,869	)	47,151	47,947
Singapore Dollar	19,637	1.35	(17	)	14,592	—
			(3,762	)	66,629	47,947

(1) Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy.

The Company enters into cross currency swaps, and pursuant to these swaps the Company receives the principal amount in NOK on the maturity date of the swap, in exchange for payment of a fixed U.S. Dollar amount. In addition, the cross currency swaps exchange a receipt of floating interest in NOK based on NIBOR plus a margin for a payment of U.S. Dollar fixed interest. The purpose of the cross currency swaps is to economically hedge the foreign currency exposure on the payment of interest and principal at maturity of the Company’s NOK-denominated bonds due in 2017 through 2020. In addition, the cross currency swaps economically hedge the interest rate exposure on the NOK bonds due in 2017 through 2020. The Company has not designated, for accounting purposes, these cross currency swaps as cash flow hedges of its NOK-denominated bonds due in 2017 through 2020. As at June 30, 2016, 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)
700,000	125,000	NIBOR	5.25	%	6.88	%	(44,079	)	0.8
900,000	150,000	NIBOR	4.35	%	6.43	%	(48,959	)	2.2
1,000,000	134,000	NIBOR	3.70	%	5.92	%	(20,923	)	3.9
600,000 (1)(2)	101,351	NIBOR	5.75	%	8.84	%	(34,817	)	2.4
800,000 (1)(3)	143,536	NIBOR	5.75	%	7.58	%	(55,132	)	2.5
1,000,000	162,200	NIBOR	4.25	%	7.45	%	(54,658	)	2.6
							(258,568	)

(1) Notional amount reduces equally with NOK bond repayments (see note 8).

(2) Excludes an economic hedge on the foreign currency exposure for a three percent premium upon maturity of the NOK bonds which exchanges NOK 7.2 million for $1.2 million (see note 8).

(3) Excludes an economic hedge on the foreign currency exposure for a three percent premium upon maturity of the NOK bonds which exchanges NOK 19.2 million for $3.4 million (see note 8).

Interest Rate Risk

The Company enters into interest rate swap agreements, which exchange a receipt of floating interest for a payment of fixed interest, to reduce the Company’s exposure to interest rate variability on its outstanding floating-rate debt. The Company designates certain of its interest rate swap agreements as cash flow hedges for accounting purposes.

As at June 30, 2016, 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 debt were swapped with fixed-rate obligations:

	Interest Rate Index	Principal Amount	Fair Value / Carrying Amount of Asset / (Liability) $		Weighted- Average Remaining Term (years)	Fixed Interest Rate (%) (1)
LIBOR-Based Debt:
U.S. Dollar-denominated interest rate swaps (2)	LIBOR	3,219,730	(411,210	)	4.9	3.3
U.S. Dollar-denominated interest rate swaps (3)	LIBOR	762,957	(47,498	)	4.9	2.6
U.S. Dollar-denominated interest rate swaption (4)	LIBOR	155,000	(8,404	)	0.8	2.2
U.S. Dollar-denominated interest rate swaption(4)	LIBOR	155,000	113		0.8	3.3
U.S. Dollar-denominated interest rate swaption(5)	LIBOR	160,000	(7,168	)	1.6	2.0
U.S. Dollar-denominated interest rate swaption(5)	LIBOR	160,000	742		1.6	3.1
U.S. Dollar-denominated interest rate swaption(6)	LIBOR	160,000	(6,091	)	2.0	1.8
U.S. Dollar-denominated interest rate swaption(6)	LIBOR	160,000	1,268		2.0	2.9
EURIBOR-Based Debt:
Euro-denominated interest rate swaps(7) (8)	EURIBOR	239,792	(41,247	)	4.5	3.1
			(519,495	)

(1) Excludes the margins the Company pays on its variable-rate debt, which, as of June 30, 2016, ranged from 0.3% to 4.00%.

(2) Includes a swap in which the principal amount of $200 million is fixed at 2.14%, unless LIBOR exceeds 6%, in which case the Company pays a floating rate of interest.

(3) Inception dates range from July 2016 to April 2018. Interest rate swaps with an aggregate principal amount of $320 million are being used to economically hedge expected interest payments on new debt that is planned to be outstanding from 2017 to 2024. These interest rate swaps are subject to mandatory early termination in 2017 and 2018 whereby the swaps will be settled based on their fair value at that time.

(4) During June 2015, as part of its hedging program, Teekay LNG entered into interest rate swaption agreements whereby it has a one-time option in April 2017 to enter into an interest rate swap at a fixed rate of 3.34% with a third party, and the third party has a one-time option in April 2017 to require Teekay LNG to enter into an interest swap at a fixed rate of 2.15%. If Teekay LNG or the third party exercises its option, there will be a cash settlement in April 2017 for the fair value of the interest rate swap, in lieu of taking delivery of the actual interest rate swap.

(5) During August 2015, as part of its hedging program, Teekay LNG entered into interest rate swaption agreements whereby it has a one-time option in January 2018 to enter into an interest rate swap at a fixed rate of 3.10% with a third party, and the third party has a one-time option in January 2018 to require Teekay LNG to enter into an interest rate swap at a fixed rate of 1.97%. If Teekay LNG or the third party exercises its option, there will be a cash settlement in January 2018 for the fair value of the interest rate swap in lieu of taking delivery of the actual interest rate swap.

(6) During October 2015, as part of its hedging program, Teekay LNG entered into interest rate swaption agreements whereby it has a one-time option in July 2018 to enter into an interest rate swap at a fixed rate of 2.935% with a third party, and the third party has a one-time option in July 2018 to require Teekay LNG to enter into an interest rate swap at a fixed rate of 1.83%. If Teekay LNG or the third party exercises its option, there will be a cash settlement in July 2018 for the fair value of the interest rate swap in lieu of taking delivery of the actual interest rate swap.

(7) Principal amount reduces monthly to 70.1 million Euros ($77.9 million) by the maturity dates of the swap agreements.

(8) Principal amount is the U.S. Dollar equivalent of 215.9 million Euros.

Stock Purchase Warrants

In January 2014, Teekay and Teekay Tankers formed TIL. Teekay and Teekay Tankers purchased an aggregate of 5.0 million shares of TIL’s common stock, representing an initial 20% interest in TIL, as part of a $250 million private placement by TIL, which represents a total investment by Teekay and Teekay Tankers of $50.0 million. In addition, Teekay and Teekay Tankers received stock purchase warrants entitling them to purchase an aggregate of up to 1.5 million shares of common stock of TIL at a fixed price of $10 per share. Alternatively, if the shares of TIL’s common stock trade on a national securities exchange or over-the-counter market denominated in NOK, Teekay and Teekay Tankers may also exercise their stock purchase warrants at 61.67 NOK per share. The estimated fair value of the warrants on issuance was $6.8 million and was included in other income in the consolidated statements of (loss) income. The stock purchase warrants vest in four equally sized tranches and as at June 30, 2016, two tranches have vested. If the shares of TIL’s common stock trade on a national securities exchange or over-the-counter market denominated in NOK, each tranche will vest and become exercisable when and if the fair market value of a share of TIL’s common stock equals or exceeds 77.08 NOK, 92.50 NOK, 107.91 NOK and 123.33 NOK, respectively, for such tranche for any ten consecutive trading days. The stock purchase warrants expire on January 23, 2019. The fair value of the stock purchase warrants at June 30, 2016 was $1.8 million. The Company reports the unrealized gains from the stock purchase warrants in realized and unrealized losses on non-designated derivatives in the consolidated statements of (loss) income.

Time-charter Swap

Effective June 1, 2016, Teekay Tankers entered into a time-charter swap agreement for 55% of two Aframax-equivalent vessels. Under such agreement, Teekay Tankers will receive $27,776 per day, net of a 1.25% brokerage commission, and pay 55% of the net revenue distribution of two Aframax-equivalent vessels employed in Teekay Tankers' Aframax revenue sharing pooling arrangement, less $500 per day, for a period of 11 months plus an additional two months at the counterparty's option. The purpose of the agreement is to reduce Teekay Tankers’ exposure to spot tanker market rate variability for certain of its vessels that are employed in the Aframax revenue sharing pooling arrangement. Teekay Tankers has not designated, for accounting purposes, the time-charter swap as a cash flow hedge.

Tabular Disclosure

The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets.

	Prepaid Expenses and Other	Other Non-Current Assets	Accrued Liabilities		Current Portion of Derivative Liabilities		Derivative Liabilities
	$	$	$		$		$
As at June 30, 2016
Derivatives designated as a cash flow hedge:
Interest rate swap agreements	—	—	(184	)	(760	)	(14,436	)
Derivatives not designated as a cash flow hedge:
Foreign currency contracts	432	347	—		(4,513	)	(28	)
Interest rate swap agreements	113	2,009	(14,891	)	(79,293	)	(412,053	)
Cross currency swap agreements	—	—	(3,048	)	(69,600	)	(185,920	)
Stock purchase warrants	—	1,833	—		—		—
Time-charter swap agreement	1,345	—	—		—		—
	1,890	4,189	(18,123	)	(154,166	)	(612,437	)
As at December 31, 2015
Derivatives designated as a cash flow hedge:
Interest rate swap agreements	—	—	—		(338	)	(777	)
Derivatives not designated as a cash flow hedge:
Foreign currency contracts	80	—	—		(16,372	)	(2,534	)
Interest rate swap agreements	—	7,516	(18,348	)	(198,196	)	(154,673	)
Cross currency swap agreements	—	—	(3,377	)	(52,633	)	(256,100	)
Stock purchase warrants	—	10,328	—		—		—
	80	17,844	(21,725	)	(267,539	)	(414,084	)

As at June 30, 2016, the Company had multiple interest rate swaps, cross currency swaps and foreign currency forward contracts with the same counterparty that are subject to the same master agreements. Each of these master agreements provides for the net settlement of all derivatives subject to that master agreement through a single payment in the event of default or termination of any one derivative. The fair value of these derivatives is presented on a gross basis in the Company’s consolidated balance sheets. As at June 30, 2016, these derivatives had an aggregate fair value asset amount of nil and an aggregate fair value liability amount of $625.8 million. As at June 30, 2016, the Company had $70.1 million on deposit with the relevant counterparties as security for swap liabilities under certain master agreements. The deposit is presented in restricted cash on the consolidated balance sheets.

For the periods indicated, the following table presents the effective portion of gains (losses) on interest rate swap agreements designated and qualifying as cash flow hedges:

Three Months Ended June 30, 2016
Effective Portion		Effective Portion	Ineffective
Recognized in AOCI(1)		Reclassified from AOCI(2)	Portion(3)
$		$	$
(5,458	)	—	1,291		Interest expense
(5,458	)	—	1,291
Six Months Ended June 30, 2016
Effective Portion		Effective Portion	Ineffective
Recognized in AOCI(1)		Reclassified from AOCI(2)	Portion(3)
(14,025	)	—	(56	)	Interest expense
(14,025	)	—	(56	)

(1) Recognized in accumulated other comprehensive (loss) income (or AOCI).

(2) Recorded in AOCI during the term of the hedging relationship and reclassified to earnings.

(3) Recognized in the ineffective portion of gains (losses) on derivative instruments designated and qualifying as cash flow hedges.

Realized and unrealized gains and (losses) 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 on non-designated derivatives in the consolidated statements of (loss) income. The effect of the gains and (losses) on derivatives not designated as hedging instruments in the consolidated statements of (loss) income are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	$		$		$		$
Realized (losses) gains relating to:
Interest rate swap agreements	(22,409	)	(27,205	)	(45,589	)	(55,094	)
Interest rate swap agreement terminations	—		—		(8,140	)	—
Foreign currency forward contracts	(2,336	)	(4,232	)	(7,332	)	(9,660	)
Time charter swap agreement	126		—		126		—
	(24,619	)	(31,437	)	(60,935	)	(64,754	)
Unrealized (losses) gains relating to:
Interest rate swap agreements	(62,817	)	83,986		(143,871	)	40,326
Foreign currency forward contracts	1,093		9,386		15,064		3,057
Stock purchase warrants	(4,274	)	1,817		(8,496	)	1,737
Time charter swap agreement	1,345		—		1,345		—
	(64,653	)	95,189		(135,958	)	45,120
Total realized and unrealized (losses) gains on derivative instruments	(89,272	)	63,752		(196,893	)	(19,634	)

Realized and unrealized gains (losses) of the cross currency swaps are recognized in earnings and reported in foreign currency exchange (loss) gain in the consolidated statements of income. The effect of the gains (losses) on cross currency swaps on the consolidated statements of income (loss) is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	$		$		$		$
Realized losses on termination of cross currency swaps	—		—		(32,628	)	—
Realized losses	(5,000	)	(3,771	)	(9,939	)	(7,934	)
Unrealized (losses) gains	(20,993	)	13,501		53,213		(42,152	)
Total realized and unrealized (losses) gains on cross currency swaps	(25,993	)	9,730		10,646		(50,086	)

The Company is exposed to credit loss to the extent the fair value represents an asset in the event of non-performance by the counterparties to the foreign currency forward contracts, and cross currency and interest rate swap agreements; however, the Company does not anticipate non-performance by any of the counterparties. In order to minimize counterparty risk, the Company only enters into derivative transactions with counterparties that are rated A- or better by Standard & Poor’s or A3 or better by Moody’s at the time of the transaction. In addition, to the extent possible and practical, interest rate swaps are entered into with different counterparties to reduce concentration risk.

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Income Tax (Expense) Recovery

6 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

Income Tax (Expense) Recovery

Income Tax (Expense) Recovery

The components of the provision for income tax (expense) recovery are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	$		$		$		$
Current	(4,082	)	(2,630	)	(8,712	)	(2,828	)
Deferred	2,659		1,878		6,213		3,071
Income tax (expense) recovery	(1,423	)	(752	)	(2,499	)	243

The following reflects the changes in the Company’s unrecognized tax benefits, recorded in other long-term liabilities, from December 31, 2015 to June 30, 2016:

	$
Balance of unrecognized tax benefits as at January 1, 2016	18,390
Decrease for positions taken in prior years	(2,988	)
Increase for positions related to the current period	4,874
Decrease related to statute of limitations	(764	)
Balance of unrecognized tax benefits as at June 30, 2016	19,512

The majority of the net increase for positions for the six months ended June 30, 2016 relates to potential tax on freight income.

The Company does not presently anticipate such uncertain tax positions will significantly increase or decrease in the next 12 months; however, actual developments could differ from those currently expected.

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Net (Loss) Income Per Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Net (Loss) Income Per Share

Net (Loss) Income Per Share

	Three Months Ended June 30,			Six Months Ended June 30,
	2016		2015	2016		2015
	$		$	$		$
Net (loss) income attributable to shareholders of Teekay Corporation	(77,809	)	65,912	(126,592	)	56,148
The Company's portion of the Inducement Premium and Exchange Contribution charged to retained earnings by Teekay Offshore (note 10d)	(4,993	)	—	(4,993	)	—
Net (loss) income attributable to shareholders of Teekay Corporation - basic and diluted	(82,802	)	65,912	(131,585	)	56,148
Weighted average number of common shares	72,945,635		72,697,121	72,844,031		72,623,503
Dilutive effect of stock-based compensation	—		780,559	—		755,725
Common stock and common stock equivalents	72,945,635		73,477,680	72,844,031		73,379,228
(Loss) income per common share:
– Basic	(1.14	)	0.91	(1.81	)	0.77
– Diluted	(1.14	)	0.90	(1.81	)	0.77

Stock-based awards, which have an anti-dilutive effect on the calculation of diluted loss per common share, are excluded from this calculation. For the three and six months ended June 30, 2016, options to acquire 3.9 million shares of Common Stock had an anti-dilutive effect on the calculation of diluted income per common share (three and six months ended June 30, 2015 - 0.4 million). In periods where a loss attributable to shareholders of Teekay has been incurred all stock-based awards are anti-dilutive.

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Subsequent Event

6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On July 19, 2016, Teekay LNG took delivery of its second MEGI LNG carrier newbuilding, the Oak Spirit, which commenced its five-year charter contract with a subsidiary of Cheniere Energy, Inc. on August 1, 2016. Teekay LNG partially financed this MEGI LNG carrier newbuilding through a sale-leaseback transaction of approximately $176 million.

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Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Basis of Presentation

The unaudited interim consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (or GAAP). They include the accounts of Teekay Corporation (or Teekay), which is incorporated under the laws of the Republic of the Marshall Islands, and its wholly-owned or controlled subsidiaries (collectively, the Company). Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2015, included in the Company’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (or SEC) on April 26, 2016. In the opinion of management, these unaudited interim consolidated financial statements reflect all adjustments, consisting solely of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, cash flows and changes in total equity for the interim periods presented. The results of operations for the six months ended June 30, 2016 are not necessarily indicative of those for a full fiscal year. Significant intercompany balances and transactions have been eliminated upon consolidation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Given current credit markets, it is possible that the amounts recorded as derivative assets and liabilities could vary by material amounts prior to their settlement.

Teekay’s publicly-listed subsidiary, Teekay Offshore Partners, L.P. (or Teekay Offshore), considers its shuttle tankers to be comprised of two components: (i) a conventional tanker (the “tanker component”) and (ii) specialized shuttle equipment (the “shuttle component”). Teekay Offshore differentiates these two components on the principle that a shuttle tanker can also operate as a conventional tanker without the use of the shuttle component. The economics of this alternate use depend on the supply and demand fundamentals in the two segments. Historically, the useful life of both components was assessed as 25 years commencing from the date the vessel is delivered from the shipyard. During the three months ended March 31, 2016, Teekay Offshore considered factors related to the ongoing use of the shuttle component and reassessed the useful life as being 20 years based on the challenges associated with adverse market conditions in the energy sector and other long term factors associated with the global oil industry. This change in estimate, commencing January 1, 2016, impacts the entire fleet of Teekay Offshore’s shuttle tanker vessels. Separately, Teekay Offshore has reviewed the depreciation of the tanker component for eight vessels in its fleet that are 17 years of age or older. Based on Teekay Offshore’s expected operating plan for these vessels, it has reassessed the estimated useful life of the tanker component for these vessels as 20 years, commencing January 1, 2016. As market conditions evolve, Teekay Offshore will continue to monitor the useful life of the tanker component for other vessels within the shuttle tanker fleet.

Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, (or ASU 2014-09). ASU 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. ASU 2014-09 is effective for the Company January 1, 2018 and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is evaluating the effect of adopting this new accounting guidance.

In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (or ASU 2016-02). ASU 2016-02 establishes a right-of-use model that requires a lessee to record a right of use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for the Company January 1, 2019 with early adoption permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is evaluating the effect of adopting this new accounting guidance.

In March 2016, the FASB issued Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting (or ASU 2016-09). ASU 2016-09 simplifies aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for the Company January 1, 2017 with early adoption permitted. The Company expects the impact of adopting this new accounting guidance will be a change in presentation of cash payments for tax withholdings on share-settled equity awards from an operating cash outflow to financing cash outflow on the Company's statement of cash flows.

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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Revenue and Income from Vessel Operations by Segment

The following table includes results for the Company’s revenues by segment for the three and six months ended June 30, 2016 and 2015:

	Revenues
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
	$		$		$		$
Teekay Offshore
Offshore Logistics(1)	155,095		161,267		320,205		319,913
Offshore Production	124,715		141,722		257,499		239,997
Conventional Tankers(1)	4,654		8,245		13,468		16,307
	284,464		311,234		591,172		576,217
Teekay LNG
Liquefied Gas Carriers(1)	84,497		77,466		163,082		153,400
Conventional Tankers	14,744		21,142		31,930		42,534
	99,241		98,608		195,012		195,934
Teekay Tankers(2)
Conventional Tankers(1)	139,621		107,594		304,571		211,472
Teekay Parent
Offshore Production	58,600		66,394		113,806		135,327
Conventional Tankers(1)	9,534		18,413		23,584		34,886
Other	14,970		17,153		43,440		35,913
	83,104		101,960		180,830		206,126
Eliminations and other	(18,811	)	(26,599	)	(42,858	)	(51,090	)
	587,619		592,797		1,228,727		1,138,659

(1) Certain vessels are chartered between the Daughter Companies and Teekay Parent. The amounts in the table below represent revenue earned by each segment from other segments within the group. Such intersegment revenue for the three and six months ended June 30 is as follows:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2016	2015	2016	2015
	$	$	$	$
Teekay Offshore - Offshore Logistics	10,129	9,245	18,508	18,511
Teekay Offshore - Conventional Tankers	—	8,245	6,410	16,307
Teekay LNG - Liquefied Gas Carriers	8,933	10,600	18,646	20,009
Teekay Tankers - Conventional Tankers	2,453	—	4,988	—
	21,515	28,090	48,552	54,827

(2) Financial information for Teekay Tankers includes operations of the SPT Explorer and Navigator Spirit from December 18, 2015, the date Teekay Tankers acquired the vessels from Teekay Offshore.

The following table includes results for the Company’s income from vessel operations by segment for the three and six months ended June 30, 2016 and 2015:

	Income (Loss) from Vessel Operations(1)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
	$		$		$		$
Teekay Offshore
Offshore Logistics	(11,954	)	45,908		30,552		78,681
Offshore Production	36,412		46,602		76,024		78,685
Conventional Tankers	(187	)	3,902		5,994		8,096
	24,271		96,412		112,570		165,462
Teekay LNG
Liquefied Gas Carriers	42,484		37,821		82,673		75,818
Conventional Tankers	5,070		6,035		(18,136	)	13,135
	47,554		43,856		64,537		88,953
Teekay Tankers(2)
Conventional Tankers	30,751		43,668		84,589		83,972
Teekay Parent
Offshore Production	(8,343	)	(10,091	)	(26,043	)	(22,239	)
Conventional Tankers	(12,176	)	2,414		(13,281	)	3,516
Other	(8,277	)	(2,659	)	(16,254	)	(8,612	)
	(28,796	)	(10,336	)	(55,578	)	(27,335	)
Eliminations and other	2,198		1,917		5,185		1,890
	75,978		175,517		211,303		312,942

(1) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).

(2) Financial information for Teekay Tankers includes operations of the SPT Explorer and Navigator Spirit from December 18, 2015, the date Teekay Tankers acquired the vessels from Teekay Offshore.

Reconciliation of Total Segment Assets

A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows:

	June 30, 2016		December 31, 2015
	$		$
Teekay Offshore - Offshore Logistics	2,634,188		2,591,489
Teekay Offshore - Offshore Production	2,710,632		2,717,193
Teekay Offshore - Conventional Tankers	14,552		63,900
Teekay LNG - Liquefied Gas Carriers	3,703,244		3,550,396
Teekay LNG - Conventional Tankers	211,282		360,527
Teekay Tankers - Conventional Tankers	2,005,712		2,073,059
Teekay Parent - Offshore Production	670,632		710,533
Teekay Parent - Conventional Tankers	120,642		142,236
Teekay Parent - Other	18,302		17,256
Cash	789,708		678,392
Other assets not allocated	230,614		301,586
Eliminations	(146,509	)	(145,319	)
Consolidated total assets	12,962,999		13,061,248

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Investments (Tables)

6 Months Ended

Jun. 30, 2016

Teekay Tankers [Member] | Ship-to-ship transfer business [Member]

Summary of Preliminary and Finalized Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the final estimates of fair values of the SPT assets acquired and liabilities assumed by Teekay Tankers on the acquisition date. Such estimates of fair value were finalized in the first quarter of 2016 and resulted in an increase in goodwill of $8.1 million and a decrease in intangible assets by $8.4 million from preliminary estimates. Such changes did not have a material impact to the Company’s statements of loss for the three and six months ended June 30, 2016.

	As at
	July 31, 2015
ASSETS	$
Cash, cash equivalents and short-term restricted cash	1,292
Accounts receivable	10,332
Prepaid expenses and other current assets	3,763
Vessels and equipment	6,475
Other assets	143
Intangible assets subject to amortization
Customer relationships(1)	17,901
Customer contracts(1)	4,599
Goodwill(2)	8,059
Total assets acquired	52,564
LIABILITIES
Accounts payable	(3,650	)
Accrued liabilities	(3,276	)
Total liabilities assumed	(6,926	)
Net assets acquired(3)	45,638

(1) The customer relationships and customer contracts are being amortized over a weighted average amortization period of 10 years and 7.6 years, respectively. As at June 30, 2016, the gross carrying amount, accumulated amortization and net carrying amount were $22.5 million, $3.1 million and $19.4 million, respectively.

(2) Goodwill recognized from this acquisition attributed to the Company’s Teekay Tankers Segment - Conventional tankers.

(3) Prior to the SPT acquisition date, SPT had in-chartered the SPT Explorer from the Company. Of the SPT acquisition purchase price, $1.4 million was allocated to the settlement of this pre-existing relationship. Such amount has been accounted for as a reduction to revenue on the SPT acquisition date.

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Equity Financing Transactions of the Daughter Companies (Tables)

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Summary of Proceeds Received from Financial Transactions

During the six months ended June 30, 2016, Teekay Offshore completed private placements of preferred units, which were sold together with warrants exercisable for common units, and common units.

	Total Proceeds Received $	Less: Teekay Corporation Portion $	Offering Expenses $	Net Proceeds Received $
Six Months ended June 30, 2016
Teekay Offshore Preferred Units Offering	100,000	(26,000)	(2,750)	71,250
Teekay Offshore Common Units Offering	102,041	(2,041)	(2,550)	97,450

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Vessel Charters (Tables)

6 Months Ended

Jun. 30, 2016

Leases [Abstract]

Schedule of Estimated Minimum Hire Payments

The minimum estimated charter hire payments for the remainder of the year and the next four fiscal years, as at June 30, 2016, for the Company’s chartered-in and chartered-out vessels were as follows:

Vessel Charters(1)	Remainder of 2016	2017	2018	2019	2020
	(in millions of U.S. Dollars)
Charters-in – operating leases	50.6	74.6	28.1	21.7	8.3
Charters-in – capital leases(2)	11.5	46.2	42.6	15.3	15.3
	62.1	120.8	70.7	37.0	23.6
Charters-out – operating leases(3)	696.6	1,412.9	1,214.1	993.4	903.0
Charters-out – direct financing leases	39.6	208.8	174.6	40.0	40.1
	736.2	1,621.7	1,388.7	1,033.4	943.1

(1) Teekay LNG owns a 99% interest in Teekay Tangguh Borrower LLC (or Teekay Tangguh), which owns a 70% interest in Teekay BLT Corporation (or the Teekay Tangguh Joint Venture), giving Teekay LNG a 69% interest in the Teekay Tangguh Joint Venture. The joint venture is a party to operating leases whereby it is leasing two LNG carriers (or the Tangguh LNG Carriers) to a third party, which is in turn leasing the vessels back to the joint venture. This table does not include Teekay LNG’s minimum charter hire payments to be paid and received under these leases for the Tangguh LNG Carriers (which are described in Note 9 to the audited consolidated financial statements filed with the Company’s Annual Report on Form 20-F for the year ended December 31, 2015).

(2) As at June 30, 2016, Teekay LNG was a party to capital leases on two Suezmax tankers, the Teide Spirit and the Toledo Spirit. Under these capital leases, the owner has the option to require Teekay LNG to purchase the two vessels. The charterer, who is also the owner, also has the option to cancel the charter contracts. The amounts in the table assume the owner will not exercise its options to require Teekay LNG to purchase either of the vessels from the owner, but rather it assumes the owner will cancel the charter contracts when the cancellation right is first exercisable, which is the thirteenth year anniversary of each respective contract in 2017 and 2018.

In February 2016, Teekay LNG took delivery of a LNG carrier newbuilding, the Creole Spirit. Teekay LNG sold this vessel to a third party and leased it back under a 10-year bareboat charter contract ending in 2026. The bareboat charter contract is accounted for as a capital lease. The obligations of Teekay LNG under the bareboat charter contract are guaranteed by Teekay LNG. In addition, the guarantee agreement requires Teekay LNG to maintain minimum levels of tangible net worth and aggregate liquidity, and not exceed a maximum amount of leverage.

(3) The minimum scheduled future operating lease revenues should not be construed to reflect total charter hire revenues for any of the years. Minimum scheduled future revenues do not include revenue generated from new contracts entered into after June 30, 2016, revenue from unexercised option periods of contracts that existed on June 30, 2016 or variable or contingent revenues. In addition, minimum scheduled future operating lease revenues presented in the table have been reduced by estimated off-hire time for any period maintenance. The amounts may vary given unscheduled future events such as vessel maintenance.

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Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Long-Term Debt

	June 30, 2016		December 31, 2015
	$		$
Revolving Credit Facilities	1,365,156		1,500,848
Senior Notes (8.5%) due January 15, 2020	592,657		592,657
Norwegian Kroner-denominated Bonds due through May 2020	597,845		621,957
U.S. Dollar-denominated Term Loans due through 2028	3,828,077		4,020,665
U.S. Dollar Bonds due through 2024	474,839		502,449
Euro-denominated Term Loans due through 2023	239,792		241,798
Total Principal	7,098,366		7,480,374
Unamortized discount and debt issuance costs	(97,729	)	(96,288	)
Total debt	7,000,637		7,384,086
Less current portion	(1,059,354	)	(1,106,104	)
Long-term portion	5,941,283		6,277,982

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Unrecorded Unconditional Purchase Obligations Disclosure

Teekay LNG’s share of commitments to fund newbuilding and other construction contract costs as at June 30, 2016 are as follows:

	Total	Remainder of 2016	2017	2018	2019	2020
	$	$	$	$	$	$
Equity accounted joint ventures (i)	1,509,394	153,174	325,496	548,923	278,801	203,000

(i) The commitment amounts relating to Teekay LNG’s share of costs for newbuilding and other construction contracts in Teekay LNG’s equity accounted joint ventures are based on Teekay LNG’s ownership percentage in each respective joint venture as of June 30, 2016. These commitments are described in more detail in Note 16 of the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year-ended December 31, 2015. As of June 30, 2016, based on the Teekay LNG's ownership percentage in each respective joint venture, Teekay LNG's equity accounted joint ventures have secured $197 million of financing related to $187 million of LNG and LPG carrier newbuilding commitments included in the table above.

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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments and Other Non-Financial Assets

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 fair value on a recurring basis.

			June 30, 2016				December 31, 2015
	Fair Value Hierarchy Level		Carrying Amount Asset (Liability) $		Fair Value Asset (Liability) $		Carrying Amount Asset (Liability) $		Fair Value Asset (Liability) $
Recurring
Cash and cash equivalents, restricted cash, and marketable securities	Level 1		933,034		933,034		855,107		855,107
Derivative instruments (note 15)
Interest rate swap agreements – assets(1)	Level 2		2,122		2,122		6,136		6,136
Interest rate swap agreements – liabilities(1)	Level 2		(521,617	)	(521,617	)	(370,952	)	(370,952	)
Cross currency interest swap agreement(1)	Level 2		(258,568	)	(258,568	)	(312,110	)	(312,110	)
Foreign currency contracts	Level 2		(3,762	)	(3,762	)	(18,826	)	(18,826	)
Stock purchase warrants	Level 3		1,833		1,833		10,328		10,328
Time charter swap agreement	Level 3		1,345		1,345		—		—
Logitel contingent consideration (see below)	Level 3		—		—		(14,830	)	(14,830	)
Non-recurring
Vessels and equipment	Level 2		—		—		100,600		100,600
Vessels held for sale (note 7)	Level 2		75,562		75,562		55,450		55,450
Other
Loans to equity-accounted investees and joint venture partners – Current	(2	)	17,740		(2	)	7,127		(2	)
Loans to equity-accounted investees and joint venture partners – Long-term	(2	)	191,271		(2	)	184,390		(2	)
Long-term receivable included in accounts receivable and other assets(3)	Level 3		14,406		14,366		16,453		16,427
Long-term debt – public (note 8)	Level 1		(1,471,093	)	(1,299,169	)	(1,493,915	)	(1,161,729	)
Long-term debt – non-public (note 8)	Level 2		(5,529,544	)	(5,383,777	)	(5,890,171	)	(5,881,483	)

(1) The fair value of the Company's interest rate swap agreements at June 30, 2016 includes $18.1 million (December 31, 2015 - $21.7 million) accrued interest expense which is recorded in accrued liabilities on the consolidated balance sheets.

(2) In the consolidated financial statements, the Company’s loans to and equity investments in equity-accounted investees form the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. In addition, the loans to joint venture partners together with the joint venture partner’s equity investment in joint ventures form the net aggregate carrying value of the Company’s interest in the joint ventures. The fair value of the individual components of such aggregate interests is not determinable.

(3) As at June 30, 2016 the estimated fair value of the non-interest bearing receivable from BG Norge Limited (or BG) was based on the remaining future fixed payments as well as an estimated discount rate. The estimated fair value of this receivable as of June 30, 2016 was $14.4 million (December 31, 2015–$16.4 million) using a discount rate of 8.0%. As there is no market rate for the equivalent of an unsecured non-interest bearing receivable from BG, the discount rate is based on unsecured debt instruments of similar maturity held, adjusted for a liquidity premium. A higher or lower discount rate would result in a lower or higher fair value asset.

Stock Purchase Warrants Changes in Fair Value Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3)

Changes in fair value during the three and six months ended June 30, 2016 and 2015 for the Company’s derivative instruments, the TIL stock purchase warrants, which are described below and are measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows: 

	Three Months Ended June 30,			Six Months Ended June 30,
	2016		2015	2016		2015
	$		$	$		$
Fair value at the beginning of the period	6,107		9,234	10,328		9,314
Unrealized (loss) gain included in earnings	(4,274	)	1,817	(8,495	)	1,737
Fair value at the end of the period	1,833		11,051	1,833		11,051

Changes in fair value during the three and six months ended June 30, 2016 for Teekay Tankers' time-charter swap agreement, which is described below and is measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows:

	Three and Six Months
	Ended
	June 30, 2016
	$
Fair value asset - beginning of the period	—
Settlements	(126)
Realized and unrealized gain	1,471
Fair value asset - at the end of the period	1,345

Changes in Estimated Fair Value of Contingent Consideration Liability Relating to Acquisition of Logitel

Changes in the estimated fair value of Teekay Offshore’s contingent consideration liability relating to the acquisition of Logitel, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), during the three and six months ended June 30, 2016 and 2015 are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	$		$		$		$
Balance at beginning of period	(15,221	)	(21,562	)	(14,830	)	(21,448	)
Adjustment to Liability	—		2,569		—		2,569
Settlement of liability	—		3,540		—		3,540
Gain included in Other income - net (note 13)	15,221		161		14,830		47
Balance at end of period	—		(15,292	)	—		(15,292	)

Summary of Financing Receivables

The following table contains a summary of the Company’s financing receivables by type of borrower and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis.

Class of Financing Receivable	Credit Quality Indicator	Grade	June 30, 2016	December 31, 2015
			$	$
Direct financing leases	Payment activity	Performing	672,748	684,129
Other loan receivables
Loans to equity-accounted investees and joint venture partners	Other internal metrics	Performing	209,011	191,517
Long-term receivable included in other assets	Payment activity	Performing	20,213	37,032
			901,972	912,678

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Other Loss (Tables)

6 Months Ended

Jun. 30, 2016

Other Income and Expenses [Abstract]

Summary of Other (Loss) Income

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	$		$		$		$
Write-off of contingent consideration (note 10c)	36,333		—		36,333		—
Accrual of contingent liability (note 10c)	(57,950	)	—		(57,950	)	—
Miscellaneous income (loss)	181		(389	)	331		(14	)
Other loss	(21,436	)	(389	)	(21,286	)	(14	)

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Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Schedule of Accumulated Other comprehensive loss

As at June 30, 2016 and December 31, 2015, the Company’s accumulated other comprehensive loss consisted of the following components:

	June 30,		December 31,
	2016		2015
	$		$
Unrealized loss on qualifying cash flow hedging instruments	(10,799	)	(419	)
Pension adjustments, net of tax recoveries	(15,418	)	(15,850	)
Unrealized loss on marketable securities	(454	)	(463	)
Foreign exchange gain on currency translation	1,928		1,841
	(24,743	)	(14,891	)

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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commitment of Foreign Currency Forward Contracts

As at June 30, 2016, the Company was committed to the following foreign currency forward contracts:

			Fair Value / Carrying Amount Of Asset (Liability) $		Expected Maturity
	Contract Amount in Foreign Currency	Average Forward Rate (1)			2016	2017
					$	$
Euro	4,500	0.92	124		4,886	—
Norwegian Kroner	762,500	8.02	(3,869	)	47,151	47,947
Singapore Dollar	19,637	1.35	(17	)	14,592	—
			(3,762	)	66,629	47,947

(1) Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy.

Commitment of Cross Currency Swaps

As at June 30, 2016, 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)
700,000	125,000	NIBOR	5.25	%	6.88	%	(44,079	)	0.8
900,000	150,000	NIBOR	4.35	%	6.43	%	(48,959	)	2.2
1,000,000	134,000	NIBOR	3.70	%	5.92	%	(20,923	)	3.9
600,000 (1)(2)	101,351	NIBOR	5.75	%	8.84	%	(34,817	)	2.4
800,000 (1)(3)	143,536	NIBOR	5.75	%	7.58	%	(55,132	)	2.5
1,000,000	162,200	NIBOR	4.25	%	7.45	%	(54,658	)	2.6
							(258,568	)

(1) Notional amount reduces equally with NOK bond repayments (see note 8).

(2) Excludes an economic hedge on the foreign currency exposure for a three percent premium upon maturity of the NOK bonds which exchanges NOK 7.2 million for $1.2 million (see note 8).

(3) Excludes an economic hedge on the foreign currency exposure for a three percent premium upon maturity of the NOK bonds which exchanges NOK 19.2 million for $3.4 million (see note 8).

Interest Rate Swap Agreements

As at June 30, 2016, 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 debt were swapped with fixed-rate obligations:

	Interest Rate Index	Principal Amount	Fair Value / Carrying Amount of Asset / (Liability) $		Weighted- Average Remaining Term (years)	Fixed Interest Rate (%) (1)
LIBOR-Based Debt:
U.S. Dollar-denominated interest rate swaps (2)	LIBOR	3,219,730	(411,210	)	4.9	3.3
U.S. Dollar-denominated interest rate swaps (3)	LIBOR	762,957	(47,498	)	4.9	2.6
U.S. Dollar-denominated interest rate swaption (4)	LIBOR	155,000	(8,404	)	0.8	2.2
U.S. Dollar-denominated interest rate swaption(4)	LIBOR	155,000	113		0.8	3.3
U.S. Dollar-denominated interest rate swaption(5)	LIBOR	160,000	(7,168	)	1.6	2.0
U.S. Dollar-denominated interest rate swaption(5)	LIBOR	160,000	742		1.6	3.1
U.S. Dollar-denominated interest rate swaption(6)	LIBOR	160,000	(6,091	)	2.0	1.8
U.S. Dollar-denominated interest rate swaption(6)	LIBOR	160,000	1,268		2.0	2.9
EURIBOR-Based Debt:
Euro-denominated interest rate swaps(7) (8)	EURIBOR	239,792	(41,247	)	4.5	3.1
			(519,495	)

(1) Excludes the margins the Company pays on its variable-rate debt, which, as of June 30, 2016, ranged from 0.3% to 4.00%.

(2) Includes a swap in which the principal amount of $200 million is fixed at 2.14%, unless LIBOR exceeds 6%, in which case the Company pays a floating rate of interest.

(3) Inception dates range from July 2016 to April 2018. Interest rate swaps with an aggregate principal amount of $320 million are being used to economically hedge expected interest payments on new debt that is planned to be outstanding from 2017 to 2024. These interest rate swaps are subject to mandatory early termination in 2017 and 2018 whereby the swaps will be settled based on their fair value at that time.

(4) During June 2015, as part of its hedging program, Teekay LNG entered into interest rate swaption agreements whereby it has a one-time option in April 2017 to enter into an interest rate swap at a fixed rate of 3.34% with a third party, and the third party has a one-time option in April 2017 to require Teekay LNG to enter into an interest swap at a fixed rate of 2.15%. If Teekay LNG or the third party exercises its option, there will be a cash settlement in April 2017 for the fair value of the interest rate swap, in lieu of taking delivery of the actual interest rate swap.

(5) During August 2015, as part of its hedging program, Teekay LNG entered into interest rate swaption agreements whereby it has a one-time option in January 2018 to enter into an interest rate swap at a fixed rate of 3.10% with a third party, and the third party has a one-time option in January 2018 to require Teekay LNG to enter into an interest rate swap at a fixed rate of 1.97%. If Teekay LNG or the third party exercises its option, there will be a cash settlement in January 2018 for the fair value of the interest rate swap in lieu of taking delivery of the actual interest rate swap.

(6) During October 2015, as part of its hedging program, Teekay LNG entered into interest rate swaption agreements whereby it has a one-time option in July 2018 to enter into an interest rate swap at a fixed rate of 2.935% with a third party, and the third party has a one-time option in July 2018 to require Teekay LNG to enter into an interest rate swap at a fixed rate of 1.83%. If Teekay LNG or the third party exercises its option, there will be a cash settlement in July 2018 for the fair value of the interest rate swap in lieu of taking delivery of the actual interest rate swap.

(7) Principal amount reduces monthly to 70.1 million Euros ($77.9 million) by the maturity dates of the swap agreements.

(8) Principal amount is the U.S. Dollar equivalent of 215.9 million Euros.

Location and Fair Value Amounts of Derivative Instruments

The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets.

	Prepaid Expenses and Other	Other Non-Current Assets	Accrued Liabilities		Current Portion of Derivative Liabilities		Derivative Liabilities
	$	$	$		$		$
As at June 30, 2016
Derivatives designated as a cash flow hedge:
Interest rate swap agreements	—	—	(184	)	(760	)	(14,436	)
Derivatives not designated as a cash flow hedge:
Foreign currency contracts	432	347	—		(4,513	)	(28	)
Interest rate swap agreements	113	2,009	(14,891	)	(79,293	)	(412,053	)
Cross currency swap agreements	—	—	(3,048	)	(69,600	)	(185,920	)
Stock purchase warrants	—	1,833	—		—		—
Time-charter swap agreement	1,345	—	—		—		—
	1,890	4,189	(18,123	)	(154,166	)	(612,437	)
As at December 31, 2015
Derivatives designated as a cash flow hedge:
Interest rate swap agreements	—	—	—		(338	)	(777	)
Derivatives not designated as a cash flow hedge:
Foreign currency contracts	80	—	—		(16,372	)	(2,534	)
Interest rate swap agreements	—	7,516	(18,348	)	(198,196	)	(154,673	)
Cross currency swap agreements	—	—	(3,377	)	(52,633	)	(256,100	)
Stock purchase warrants	—	10,328	—		—		—
	80	17,844	(21,725	)	(267,539	)	(414,084	)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

For the periods indicated, the following table presents the effective portion of gains (losses) on interest rate swap agreements designated and qualifying as cash flow hedges:

Three Months Ended June 30, 2016
Effective Portion		Effective Portion	Ineffective
Recognized in AOCI(1)		Reclassified from AOCI(2)	Portion(3)
$		$	$
(5,458	)	—	1,291		Interest expense
(5,458	)	—	1,291
Six Months Ended June 30, 2016
Effective Portion		Effective Portion	Ineffective
Recognized in AOCI(1)		Reclassified from AOCI(2)	Portion(3)
(14,025	)	—	(56	)	Interest expense
(14,025	)	—	(56	)

(1) Recognized in accumulated other comprehensive (loss) income (or AOCI).

(2) Recorded in AOCI during the term of the hedging relationship and reclassified to earnings.

(3) Recognized in the ineffective portion of gains (losses) on derivative instruments designated and qualifying as cash flow hedges.

Effect of Gain (Loss) on Derivatives Not Designated as Hedging Instruments

The effect of the gains and (losses) on derivatives not designated as hedging instruments in the consolidated statements of (loss) income are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	$		$		$		$
Realized (losses) gains relating to:
Interest rate swap agreements	(22,409	)	(27,205	)	(45,589	)	(55,094	)
Interest rate swap agreement terminations	—		—		(8,140	)	—
Foreign currency forward contracts	(2,336	)	(4,232	)	(7,332	)	(9,660	)
Time charter swap agreement	126		—		126		—
	(24,619	)	(31,437	)	(60,935	)	(64,754	)
Unrealized (losses) gains relating to:
Interest rate swap agreements	(62,817	)	83,986		(143,871	)	40,326
Foreign currency forward contracts	1,093		9,386		15,064		3,057
Stock purchase warrants	(4,274	)	1,817		(8,496	)	1,737
Time charter swap agreement	1,345		—		1,345		—
	(64,653	)	95,189		(135,958	)	45,120
Total realized and unrealized (losses) gains on derivative instruments	(89,272	)	63,752		(196,893	)	(19,634	)

Effect of Gains (Losses) on Cross Currency Swaps

The effect of the gains (losses) on cross currency swaps on the consolidated statements of income (loss) is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	$		$		$		$
Realized losses on termination of cross currency swaps	—		—		(32,628	)	—
Realized losses	(5,000	)	(3,771	)	(9,939	)	(7,934	)
Unrealized (losses) gains	(20,993	)	13,501		53,213		(42,152	)
Total realized and unrealized (losses) gains on cross currency swaps	(25,993	)	9,730		10,646		(50,086	)

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Income Tax (Expense) Recovery (Tables)

6 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

Components of Provision for Income Tax (Expense) Recovery

The components of the provision for income tax (expense) recovery are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	$		$		$		$
Current	(4,082	)	(2,630	)	(8,712	)	(2,828	)
Deferred	2,659		1,878		6,213		3,071
Income tax (expense) recovery	(1,423	)	(752	)	(2,499	)	243

Unrecognized Tax Benefits, Recorded in Other Long-Term Liabilities

The following reflects the changes in the Company’s unrecognized tax benefits, recorded in other long-term liabilities, from December 31, 2015 to June 30, 2016:

	$
Balance of unrecognized tax benefits as at January 1, 2016	18,390
Decrease for positions taken in prior years	(2,988	)
Increase for positions related to the current period	4,874
Decrease related to statute of limitations	(764	)
Balance of unrecognized tax benefits as at June 30, 2016	19,512

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Net (Loss) Income Per Share (Tables)

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Schedule of Net Income (Loss) Per Share

	Three Months Ended June 30,			Six Months Ended June 30,
	2016		2015	2016		2015
	$		$	$		$
Net (loss) income attributable to shareholders of Teekay Corporation	(77,809	)	65,912	(126,592	)	56,148
The Company's portion of the Inducement Premium and Exchange Contribution charged to retained earnings by Teekay Offshore (note 10d)	(4,993	)	—	(4,993	)	—
Net (loss) income attributable to shareholders of Teekay Corporation - basic and diluted	(82,802	)	65,912	(131,585	)	56,148
Weighted average number of common shares	72,945,635		72,697,121	72,844,031		72,623,503
Dilutive effect of stock-based compensation	—		780,559	—		755,725
Common stock and common stock equivalents	72,945,635		73,477,680	72,844,031		73,379,228
(Loss) income per common share:
– Basic	(1.14	)	0.91	(1.81	)	0.77
– Diluted	(1.14	)	0.90	(1.81	)	0.77

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Basis of Presentation (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016 USD ($) $ / shares	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) component $ / shares	Jun. 30, 2015 USD ($)	Dec. 31, 2015
Change in Accounting Estimate [Line Items]
Depreciation and amortization	$ 141,079	$ 128,199	$ 285,236	$ 240,903
Net (loss) income	(86,304)	215,236	(125,504)	259,088
Net (loss) income attributable to shareholders of Teekay Corporation	(77,809)	$ 65,912	(126,592)	$ 56,148
Service Life [Member] | Restatement Adjustment [Member]
Change in Accounting Estimate [Line Items]
Net (loss) income	(7,300)		(14,600)
Net (loss) income attributable to shareholders of Teekay Corporation	$ (2,400)		$ (4,800)
Earnings per share, basic and diluted (usd per share) | $ / shares	$ 0.03		$ 0.06
Service Life [Member] | Restatement Adjustment [Member] | Vessels [Member]
Change in Accounting Estimate [Line Items]
Depreciation and amortization	$ 7,300		$ 14,600
Teekay Offshore [Member]
Change in Accounting Estimate [Line Items]
Useful life			20 years		25 years
Teekay Offshore [Member] | Shuttle Tankers [Member]
Change in Accounting Estimate [Line Items]
Number of components in segment | component			2

XML

Segment Reporting - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016 Segment
Segment Reporting Information [Line Items]
Number of reportable segments	4
Minimum [Member] | Public Subsidiaries [Member]
Segment Reporting Information [Line Items]
Number of lines of businesses	1

XML

Segment Reporting - Revenue and Income from Vessel Operations by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Revenues	$ 587,619	$ 592,797	$ 1,228,727	$ 1,138,659
Income (Loss) from Vessel Operations	75,978	175,517	211,303	312,942
Other Entities And Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	(18,811)	(26,599)	(42,858)	(51,090)
Income (Loss) from Vessel Operations	2,198	1,917	5,185	1,890
Teekay Offshore [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	284,464	311,234	591,172	576,217
Income (Loss) from Vessel Operations	24,271	96,412	112,570	165,462
Teekay Offshore [Member] | Offshore Logistics [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	155,095	161,267	320,205	319,913
Income (Loss) from Vessel Operations	(11,954)	45,908	30,552	78,681
Teekay Offshore [Member] | Offshore Production [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	124,715	141,722	257,499	239,997
Income (Loss) from Vessel Operations	36,412	46,602	76,024	78,685
Teekay Offshore [Member] | Conventional Tankers [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	4,654	8,245	13,468	16,307
Income (Loss) from Vessel Operations	(187)	3,902	5,994	8,096
Teekay LNG [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	99,241	98,608	195,012	195,934
Income (Loss) from Vessel Operations	47,554	43,856	64,537	88,953
Teekay LNG [Member] | Liquefied Gas Carriers [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	84,497	77,466	163,082	153,400
Income (Loss) from Vessel Operations	42,484	37,821	82,673	75,818
Teekay LNG [Member] | Conventional Tankers [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	14,744	21,142	31,930	42,534
Income (Loss) from Vessel Operations	5,070	6,035	(18,136)	13,135
Teekay Tankers [Member] | Conventional Tankers [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	139,621	107,594	304,571	211,472
Income (Loss) from Vessel Operations	30,751	43,668	84,589	83,972
Teekay Parent [Member]
Segment Reporting Information [Line Items]
Revenues	83,104	101,960	180,830	206,126
Income (Loss) from Vessel Operations	(28,796)	(10,336)	(55,578)	(27,335)
Teekay Parent [Member] | Offshore Production [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	58,600	66,394	113,806	135,327
Income (Loss) from Vessel Operations	(8,343)	(10,091)	(26,043)	(22,239)
Teekay Parent [Member] | Conventional Tankers [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	9,534	18,413	23,584	34,886
Income (Loss) from Vessel Operations	(12,176)	2,414	(13,281)	3,516
Teekay Parent [Member] | Other [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	14,970	17,153	43,440	35,913
Income (Loss) from Vessel Operations	$ (8,277)	$ (2,659)	$ (16,254)	$ (8,612)

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Segment Reporting - Revenue and Income from Vessel Operations by Segment - Intersegment revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Revenues	$ 587,619	$ 592,797	$ 1,228,727	$ 1,138,659
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	21,515	28,090	48,552	54,827
Teekay Offshore [Member] | Offshore Logistics [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	10,129	9,245	18,508	18,511
Teekay Offshore [Member] | Conventional Tankers [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	0	8,245	6,410	16,307
Teekay LNG [Member] | Liquefied Gas Carriers [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	8,933	10,600	18,646	20,009
Teekay Tankers [Member] | Conventional Tankers [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	$ 2,453	$ 0	$ 4,988	$ 0

XML

Segment Reporting - Reconciliation of Total Segment Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total assets	$ 12,962,999	$ 13,061,248
Segment Reconciling Items [Member] | Cash and Cash Equivalents [Member]
Segment Reporting Information [Line Items]
Total assets	789,708	678,392
Segment Reconciling Items [Member] | Other Assets [Member]
Segment Reporting Information [Line Items]
Total assets	230,614	301,586
Consolidation, Eliminations [Member]
Segment Reporting Information [Line Items]
Total assets	(146,509)	(145,319)
Teekay Offshore [Member] | Offshore Logistics [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	2,634,188	2,591,489
Teekay Offshore [Member] | Offshore Production [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	2,710,632	2,717,193
Teekay Offshore [Member] | Conventional Tankers [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	14,552	63,900
Teekay LNG [Member] | Conventional Tankers [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	211,282	360,527
Teekay LNG [Member] | Liquefied Gas Carriers [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	3,703,244	3,550,396
Teekay Tankers [Member] | Conventional Tankers [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	2,005,712	2,073,059
Teekay Parent [Member] | Offshore Production [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	670,632	710,533
Teekay Parent [Member] | Conventional Tankers [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	120,642	142,236
Teekay Parent [Member] | Other [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	$ 18,302	$ 17,256

XML

Investments - Teekay LNG - Bahrain LNG Joint Venture - Additional Information (Detail) - Teekay LNG [Member] - Bahrain LNG Joint Venture [Member] $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2015 USD ($) floating_storage_unit Vessel ft³	Dec. 31, 2015
Net Investment Income [Line Items]
Partnership owns percentage in joint venture	30.00%	30.00%
Modified Vessel [Member] | Daewoo Shipbuilding & Marine Engineering Co. Ltd. [Member]
Net Investment Income [Line Items]
Number of floating storage units | floating_storage_unit	1
Liquefied Natural Gas [Member]
Net Investment Income [Line Items]
Number of vessels | Vessel	9
LNG receiving and regasification terminal [member]
Net Investment Income [Line Items]
Expected cost of project | $	$ 885.0
Lease Agreements [Member] | Daewoo Shipbuilding & Marine Engineering Co. Ltd. [Member]
Net Investment Income [Line Items]
Onshore nitrogen production facility lease period		20 years
Lease Agreements [Member] | LNG receiving and regasification terminal [member]
Net Investment Income [Line Items]
Onshore nitrogen production facility lease period	20 years
Maximum [Member] | LNG receiving and regasification terminal [member]
Net Investment Income [Line Items]
Capacity of production facility, per day | ft³	800,000,000
Nogaholding [Member]
Net Investment Income [Line Items]
Partnership owns percentage in joint venture	30.00%	30.00%
Samsung [Member]
Net Investment Income [Line Items]
Partnership owns percentage in joint venture	20.00%	20.00%
GIC [Member]
Net Investment Income [Line Items]
Partnership owns percentage in joint venture	20.00%	20.00%

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Investments - Teekay Tankers - Principal Maritime - Additional Information (Detail) shares in Millions, $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Aug. 31, 2015 Vessel	Jun. 30, 2016 shares	Dec. 31, 2015 USD ($) shares
Net Investment Income [Line Items]
Number of common stock issued | shares		12.0
Teekay Tankers [Member]
Net Investment Income [Line Items]
Number of common stock issued | shares			7.2
Teekay Tankers [Member] | Class A common stock [Member]
Net Investment Income [Line Items]
Number of common shares issued, non cash consideration			$ 49.3
Teekay Tankers [Member] | Suezmax Tankers [Member] | Principal Maritime Tankers [Member]
Net Investment Income [Line Items]
Number of vessels | Vessel	12
Aggregate purchase price			661.3
Aggregate purchase price, cash			612.0
Teekay Tankers [Member] | Suezmax Tankers [Member] | Principal Maritime Tankers [Member] | Due January 29, 2016 [Member]
Net Investment Income [Line Items]
Loan facility, amount			$ 397.2
Teekay Tankers [Member] | Suezmax Tankers [Member] | Principal Maritime Tankers [Member] | Class A common stock [Member]
Net Investment Income [Line Items]
Number of common stock issued | shares			13.6
Net proceeds from common stock			$ 90.6
Teekay [Member] | Teekay Tankers [Member] | Class A common stock [Member]
Net Investment Income [Line Items]
Number of common stock issued | shares			4.5

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Investments - Teekay Tankers - Ship-to-Ship Transfer Business - Additional Information (Detail) $ / shares in Units, $ in Thousands, shares in Millions		1 Months Ended	3 Months Ended			6 Months Ended
	Jul. 31, 2015 USD ($) Vessel $ / shares shares	Jul. 31, 2015 USD ($) $ / shares	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2015
Net Investment Income [Line Items]
Equity income			$ 37,219		$ 39,901	$ 52,636	$ 60,650
Ship-to-ship transfer business [Member]
Net Investment Income [Line Items]
Joint venture ownership percentage								50.00%
Equity income		$ 8,700
Ship-to-ship transfer business [Member] | Teekay Tankers [Member]
Net Investment Income [Line Items]
Purchase price of acquisition	$ 47,300
Goodwill, purchase accounting adjustments				$ 8,100
Finite-lived intangible assets, purchase accounting adjustments				$ (8,400)
Ship-to-ship transfer business [Member] | Working Capital [Member] | Teekay Tankers [Member]
Net Investment Income [Line Items]
Purchase price of acquisition	$ 1,800
Ship-to-ship Support Vessel [Member] | Ship-to-ship transfer business [Member] | Teekay Tankers [Member]
Net Investment Income [Line Items]
Number of vessels | Vessel	6
Aframax Tanker [Member] | Ship-to-ship transfer business [Member] | Teekay Tankers [Member]
Net Investment Income [Line Items]
Number of vessels | Vessel	1
Teekay [Member] | Ship-to-ship transfer business [Member] | Teekay Tankers [Member] | Class B common stock [Member]
Net Investment Income [Line Items]
Number of common stock issued | shares	6.5
Shares issued, price per share (usd per share) | $ / shares	$ 6.99	$ 6.99

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Investments - Teekay Tankers - Ship-to-Ship Transfer Business - Summary of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended
	Jul. 31, 2015	Dec. 31, 2015	Jun. 30, 2016
ASSETS
Goodwill		$ 168,571	$ 176,631
Ship-to-ship transfer business [Member] | Customer Relationships [Member]
LIABILITIES
Acquired finite-lived intangible assets, weighted average useful life			10 years
Ship-to-ship transfer business [Member] | Customer Contracts [Member]
LIABILITIES
Acquired finite-lived intangible assets, weighted average useful life			7 years 7 months 6 days
Teekay Tankers [Member] | Ship-to-ship transfer business [Member]
ASSETS
Cash, cash equivalents and short-term restricted cash	$ 1,292
Accounts receivable	10,332
Prepaid expenses and other current assets	3,763
Vessels and equipment	6,475
Other assets	143
Goodwill	8,059
Total assets acquired	52,564
LIABILITIES
Accounts payable	(3,650)
Accrued liabilities	(3,276)
Total liabilities assumed	(6,926)
Net assets acquired	45,638
Finite-lived intangible assets, gross			$ 22,500
Finite-lived intangible assets, accumulated amortization			3,100
Finite-lived intangible assets, net			$ 19,400
Purchase price of acquisition	47,300
Teekay Tankers [Member] | Ship-to-ship transfer business [Member] | Preexisting Obligation [Member]
LIABILITIES
Purchase price of acquisition		$ 1,400
Teekay Tankers [Member] | Ship-to-ship transfer business [Member] | Customer Relationships [Member]
ASSETS
Intangible assets subject to amortization	17,901
Teekay Tankers [Member] | Ship-to-ship transfer business [Member] | Customer Contracts [Member]
ASSETS
Intangible assets subject to amortization	$ 4,599

XML

Equity Financing Transactions of the Daughter Companies - Summary of Proceeds Received from Financial Transactions (Detail) - USD ($) $ in Thousands		6 Months Ended
	Jun. 29, 2016	Jun. 30, 2016	Jun. 30, 2015
Subsidiary, Sale of Stock [Line Items]
Net Proceeds Received		$ 168,752	$ 187,576
Teekay Offshore [Member]
Subsidiary, Sale of Stock [Line Items]
Net Proceeds Received	$ 71,300
Teekay Offshore [Member] | Preferred Units Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Total Proceeds Received		100,000
Less: Teekay Corporation Portion		(26,000)
Offering Expenses		(2,750)
Net Proceeds Received		71,250
Teekay Offshore [Member] | Common Units Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Total Proceeds Received		102,041
Less: Teekay Corporation Portion		(2,041)
Offering Expenses		(2,550)
Net Proceeds Received		$ 97,450

XML

Equity Financing Transactions of the Daughter Companies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Jun. 29, 2016	Jun. 30, 2016	Jun. 30, 2015
Class of Warrant or Right [Line Items]
Net Proceeds Received		$ 168,752	$ 187,576
Teekay Offshore [Member]
Class of Warrant or Right [Line Items]
Proceeds from issuance of convertible preferred stock	$ 100,000
Proceeds from issuance or sale of equity, net of offering costs	97,200
Net Proceeds Received	$ 71,300
Teekay Offshore [Member] | The Warrants [Member]
Class of Warrant or Right [Line Items]
Class of warrant or right, term	7 years
Class of warrant or right, period after which warrants or rights exercisable	6 months
Teekay Offshore [Member] | The $4.55 Warrants [Member]
Class of Warrant or Right [Line Items]
Class of warrant or right, outstanding	4,500,000
Fixed price of stock purchase warrants, per share	$ 4.55
Net Proceeds Received	$ 7,000
Teekay Offshore [Member] | The $6.05 Warrants [Member]
Class of Warrant or Right [Line Items]
Class of warrant or right, outstanding	2,250,000
Fixed price of stock purchase warrants, per share	$ 6.05
Class of warrant or right, exercise premium	33.00%
Net Proceeds Received	$ 3,100
Teekay Offshore [Member] | Series D Preferred Stock [Member]
Class of Warrant or Right [Line Items]
Partners' capital account, units, sold in private placement	4,000,000
Preferred units dividend rate	10.50%
Net Proceeds Received	$ 61,100
Teekay Offshore [Member] | Teekay Parent [Member]
Class of Warrant or Right [Line Items]
Proceeds from issuance of convertible preferred stock	$ 26,000
Teekay Offshore [Member] | Teekay Parent [Member] | The $4.55 Warrants [Member]
Class of Warrant or Right [Line Items]
Class of warrant or right, outstanding	1,170,000
Fixed price of stock purchase warrants, per share	$ 4.55
Teekay Offshore [Member] | Teekay Parent [Member] | The $6.05 Warrants [Member]
Class of Warrant or Right [Line Items]
Class of warrant or right, outstanding	585,000
Fixed price of stock purchase warrants, per share	$ 6.05
Teekay Offshore [Member] | Teekay Parent [Member] | Series D Preferred Stock [Member]
Class of Warrant or Right [Line Items]
Partners' capital account, units, sold in private placement	1,040,000
Preferred units dividend rate	10.50%

XML

Vessel Charters - Schedule of Estimated Minimum Hire Payments (Detail) $ in Millions	Jun. 30, 2016 USD ($)
Charters-in [Member]
Capital Leases and Operating and Direct Finance Leases [Line Items]
Operating leases, Remainder of 2016	$ 50.6
Operating leases, 2017	74.6
Operating leases, 2018	28.1
Operating leases, 2019	21.7
Operating leases, 2020	8.3
Capital leases, Remainder of 2016	11.5
Capital leases, 2017	46.2
Capital leases, 2018	42.6
Capital leases, 2019	15.3
Capital leases, 2020	15.3
Future minimum payments, Remainder of 2016	62.1
Future minimum payments, 2017	120.8
Future minimum payments, 2018	70.7
Future minimum payments, 2019	37.0
Future minimum payments, 2020	23.6
Charters-out [Member]
Capital Leases and Operating and Direct Finance Leases [Line Items]
Operating leases, Remainder of 2016	696.6
Operating leases, 2017	1,412.9
Operating leases, 2018	1,214.1
Operating leases, 2019	993.4
Operating leases, 2020	903.0
Future minimum payments, Remainder of 2016	736.2
Future minimum payments, 2017	1,621.7
Future minimum payments, 2018	1,388.7
Future minimum payments, 2019	1,033.4
Future minimum payments, 2020	943.1
Direct Financing Lease [Member]
Capital Leases and Operating and Direct Finance Leases [Line Items]
Direct financing leases, Remainder of 2016	39.6
Direct financing leases, 2017	208.8
Direct financing leases, 2018	174.6
Direct financing leases, 2019	40.0
Direct financing leases, 2020	$ 40.1

XML

Vessel Charters - Additional Information (Detail) - Vessel	1 Months Ended	6 Months Ended
	Feb. 29, 2016	Jun. 30, 2016
Teekay LNG [Member]
Property Subject to or Available for Operating Lease [Line Items]
Sale leaseback transaction, term of contract	10 years
Teekay LNG [Member] | Suezmax Tankers [Member]
Property Subject to or Available for Operating Lease [Line Items]
Capital leased assets, number of vessels		2
Teekay LNG [Member] | Teekay Tangguh Borrower LLC [Member]
Property Subject to or Available for Operating Lease [Line Items]
Ownership percentage		99.00%
Teekay LNG [Member] | Teekay BLT Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Ownership percentage		69.00%
Teekay Tangguh Borrower LLC [Member] | Teekay BLT Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Ownership percentage		70.00%
Teekay BLT Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Number of vessels		2

XML

Vessel Sales and Asset Impairments - Additional Information (Detail)	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2016 USD ($)	Jun. 30, 2016 USD ($) Vessel	Mar. 31, 2016 USD ($)	Jun. 30, 2016 USD ($) Vessel	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)
Long Lived Assets Held-for-sale [Line Items]
Total vessels and equipment		$ 9,132,948,000		$ 9,132,948,000		$ 9,366,593,000
Loss (gain) on write-down				$ 12,500,000
Long lived assets held-for-sale, number of vessels | Vessel		1		1
Proceeds from sale of vessels				$ 149,582,000	$ 8,918,000
Teekay Offshore [Member]
Long Lived Assets Held-for-sale [Line Items]
Charter contract period	3 years
Charter contract extension, period	1 year
Teekay Tankers [Member]
Long Lived Assets Held-for-sale [Line Items]
Loss (gain) on write-down				$ 6,400,000
Long lived assets held-for-sale, number of vessels | Vessel		1		1
Units for Maintenance and Safety [Member] | Teekay Offshore [Member]
Long Lived Assets Held-for-sale [Line Items]
Number of vessels | Vessel		2
Gain (loss) on sale of assets and asset impairment charges		$ (43,700,000)		$ (43,700,000)
Conventional Tankers [Member]
Long Lived Assets Held-for-sale [Line Items]
Loss (gain) on write-down		$ 12,500,000
Long lived assets held-for-sale, number of vessels | Vessel		1		1
Conventional Tankers [Member] | Teekay Tankers [Member]
Long Lived Assets Held-for-sale [Line Items]
Loss (gain) on write-down		$ 6,400,000
Long lived assets held-for-sale, number of vessels | Vessel		1		1
Conventional Tankers [Member] | Teekay LNG [Member]
Long Lived Assets Held-for-sale [Line Items]
Gain (loss) on disposition of property plant equipment			$ (27,400,000)
Impaired Asset [Member] | Units for Maintenance and Safety [Member] | Teekay Offshore [Member]
Long Lived Assets Held-for-sale [Line Items]
Number of vessels | Vessel		2		2
Total vessels and equipment		$ 0		$ 0
1992-built shuttle tanker [Member] | Teekay Offshore [Member]
Long Lived Assets Held-for-sale [Line Items]
Proceeds from sale of vessels				5,000,000
1992-built shuttle tanker [Member] | Shuttle Tanker, FSO and Offshore Support Segment [Member] | 1992-built shuttle tanker [Member] | Teekay Offshore [Member]
Long Lived Assets Held-for-sale [Line Items]
Gain (loss) on sale of assets and asset impairment charges				(1,700,000)
2004-Built Conventional Tanker [Member] | Teekay Offshore [Member]
Long Lived Assets Held-for-sale [Line Items]
Proceeds from sale of vessels	$ 26,700,000
2003-Built Conventional Tanker [Member] | Teekay Offshore [Member]
Long Lived Assets Held-for-sale [Line Items]
Proceeds from sale of vessels	$ 23,700,000
One Vessel [Member] | Teekay Offshore [Member]
Long Lived Assets Held-for-sale [Line Items]
Number of vessels | Vessel		1
Charter contract period		2 years
1999-built shuttle tanker [Member] | Shuttle Tanker, FSO and Offshore Support Segment [Member] | 1999-built shuttle tanker [Member] | Teekay Offshore [Member]
Long Lived Assets Held-for-sale [Line Items]
Gain (loss) on sale of assets and asset impairment charges				(13,800,000)
1997-built shuttle tanker [Member] | Teekay Offshore [Member]
Long Lived Assets Held-for-sale [Line Items]
Gain (loss) on sale of assets and asset impairment charges				1,600,000
Proceeds from sale of vessels				$ 8,600,000
Cost Approach Valuation Technique [Member] | 1999-built shuttle tanker [Member] | Impaired Asset [Member] | Shuttle Tankers [Member] | Teekay Offshore [Member]
Long Lived Assets Held-for-sale [Line Items]
Number of vessels | Vessel				1

XML

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total Principal	$ 7,098,366	$ 7,480,374
Unamortized discount and debt issuance costs	(97,729)	(96,288)
Total	7,000,637	7,384,086
Less current portion	(1,059,354)	(1,106,104)
Long-term portion	5,941,283	6,277,982
Senior Notes (8.5%) due January 15, 2020 [Member]
Debt Instrument [Line Items]
Total Principal	592,657	592,657
Norwegian Kroner-denominated Bonds due through May 2020 [Member]
Debt Instrument [Line Items]
Total Principal	597,845	621,957
U.S. Dollar-denominated Term Loans due through 2026 [Member]
Debt Instrument [Line Items]
Total Principal	3,828,077	4,020,665
U.S. Dollar Bonds due through 2024 [Member]
Debt Instrument [Line Items]
Total Principal	474,839	502,449
Euro-denominated Term Loans due through 2023 [Member]
Debt Instrument [Line Items]
Total Principal	239,792	241,798
Revolving Credit Facilities [Member]
Debt Instrument [Line Items]
Total Principal	$ 1,365,156	$ 1,500,848

XML

Long-Term Debt - Additional Information - Revolvers (Detail) - Revolving Credit Facilities [Member] shares in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016 USD ($) Term_loan Vessel shares	Dec. 31, 2015
Debt Instrument [Line Items]
Number of credit facilities | Term_loan	13
Credit facility, maximum borrowing capacity	$ 1,700,000,000.0
Undrawn amount of revolving credit facility	300,000,000
Available capacity reduced under revolving credit facility remainder of 2016	402,600,000
Available capacity reduced under revolving credit facility in 2017	291,000,000
Available capacity reduced under revolving credit facility in 2018	586,400,000
Available capacity reduced under revolving credit facility in 2019	43,000,000
Available capacity reduced under revolving credit facility thereafter	$ 369,100,000
Debt instrument, collateral, number of vessels | Vessel	70
Secured debt [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 150,000,000
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument, three-month LIBOR rate (percent)	0.63%	0.61%
Teekay Offshore [Member] | Securities Pledged as Collateral [Member] | Common Stock [Member]
Debt Instrument [Line Items]
Number of other securities collateralized by first-priority mortgages | shares	38.2
Teekay LNG [Member] | Securities Pledged as Collateral [Member] | Common Stock [Member]
Debt Instrument [Line Items]
Number of other securities collateralized by first-priority mortgages | shares	25.2
Teekay Tankers [Member] | Securities Pledged as Collateral [Member] | Common Stock [Member] | Class A common stock [Member]
Debt Instrument [Line Items]
Number of other securities collateralized by first-priority mortgages | shares	16.8
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument spread on variable rate	0.45%	0.45%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument spread on variable rate	4.00%	3.95%

XML

Long-Term Debt - Additional Information - Senior unsecured notes (Detail) - Senior Notes (8.5%) due January 15, 2020 [Member]	6 Months Ended
	Jun. 30, 2016 USD ($)
The 8.5% Notes due in January 2020 [Member]
Debt Instrument [Line Items]
Fixed interest rate on the portion of U. S. Dollar-denominated term loans outstanding	8.50%
Effective interest rate	8.67%
Capitalized cost included in other non-current asset	$ 13,300,000
Debt instrument, redemption price as percentage of principal amount	100.00%
Discount rate for redemption feature	0.50%
Repurchased principal amount	$ 57,300,000
Premium on bond repurchases	7,700,000
The 8.5% Notes due in January 2020 [Member] | Long-term Debt [Member]
Debt Instrument [Line Items]
Unamortized debt issuance expense	6,600,000
The Original Notes [Member]
Debt Instrument [Line Items]
Senior unsecured bonds issued	$ 450,000,000
Percentage over par at which notes sold	99.181%
The Notes [Member]
Debt Instrument [Line Items]
Senior unsecured bonds issued	$ 200,000,000
Percentage over par at which notes sold	99.01%

XML

Long-Term Debt - Additional Information - NOK Bonds (Detail) - Nibor Loan [Member] $ in Millions	6 Months Ended
	Jun. 30, 2016 USD ($)	Jun. 30, 2016 NOK	May 31, 2015 NOK	Jan. 31, 2013 NOK	Jan. 31, 2012 NOK installment
Teekay Offshore and Teekay LNG [Member] | Norwegian Kroner Bond Due In January 2016 [Member]
Debt Instrument [Line Items]
Debt instrument, carrying amount				NOK 500,000,000
Teekay Offshore and Teekay LNG [Member] | Norwegian Kroner Bond Due In May 2020 [Member]
Debt Instrument [Line Items]
Debt instrument, carrying amount				5,500,000,000
Senior unsecured bonds issued		NOK 5,000,000,000.0	NOK 5,000,000,000
Debt instrument, carrying amount | $	$ 597.8
Debt instrument transfer of principal amount | $	$ 816.1
Teekay Offshore and Teekay LNG [Member] | Norwegian Kroner Bond Due In May 2020 [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument spread on variable rate	3.70%
Fixed interest rates based on cross currency swaps	5.92%	5.92%
Teekay Offshore and Teekay LNG [Member] | Norwegian Kroner Bond Due In May 2020 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument spread on variable rate	5.75%
Fixed interest rates based on cross currency swaps	8.84%	8.84%
Teekay Offshore [Member] | Norwegian Kroner Bond Due In November 2018 [Member]
Debt Instrument [Line Items]
Senior unsecured bonds issued					NOK 600,000,000
Debt Instrument, number of interim installments | installment					2
Teekay Offshore [Member] | Norwegian Kroner Bond Due In January 2018 [Member]
Debt Instrument [Line Items]
Senior unsecured bonds issued				NOK 800,000,000
Norwegian Kroner Bond Amendment [Member] | Teekay Offshore [Member] | Norwegian Kroner Bond Due In October 2016 [Member]
Debt Instrument [Line Items]
Senior unsecured bonds issued		NOK 180,000,000
Norwegian Kroner Bond Amendment [Member] | Teekay Offshore [Member] | Norwegian Kroner Bond Due In October 2017 [Member]
Debt Instrument [Line Items]
Debt instrument, carrying amount		180,000,000
Norwegian Kroner Bond Amendment [Member] | Teekay Offshore [Member] | Norwegian Kroner Bond Due In January 2018 [Member]
Debt Instrument [Line Items]
Senior unsecured bonds issued		160,000,000
Norwegian Kroner Bond Amendment [Member] | Teekay Offshore [Member] | Norwegian Kroner Bond Due In December 2018 [Member]
Debt Instrument [Line Items]
Senior unsecured bonds issued		NOK 640,000,000
Norwegian Kroner Bond Amendment [Member] | Teekay Offshore [Member] | Norwegian Kroner Bond Due In December 2018 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, repayment price, percentage	103.00%

XML

Long-Term Debt - Additional Information - USD Term Loans (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016 USD ($) Term_loan Vessel	Dec. 31, 2015 USD ($) Vessel
Debt Instrument [Line Items]
Loans outstanding	$ 7,098,366	$ 7,480,374
Interest at a weighted-average fixed rate	3.70%	3.40%
Secured debt [Member]
Debt Instrument [Line Items]
Number of debt instruments | Term_loan	23
Loans outstanding	$ 3,800,000	$ 4,000,000
Number of term loans which have balloon or bullet repayments | Term_loan	20
Number of vessels | Vessel	44	67
Outstanding term loans not guaranteed by Teekay or its subsidiaries	$ 60,400	$ 64,600
Secured debt [Member] | Certain Term Loans [Member]
Debt Instrument [Line Items]
Loans outstanding	$ 37,700	$ 48,600
Interest at a weighted-average fixed rate	2.90%	4.00%
Minimum [Member] | Secured debt [Member] | Remaining Term Loans [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument spread on variable rate	0.30%	0.30%
Maximum [Member] | Secured debt [Member] | Remaining Term Loans [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument spread on variable rate	3.50%	3.50%

XML

Long-Term Debt - Additional Information - Senior unsecured bonds (Detail)	1 Months Ended	3 Months Ended	6 Months Ended
	May 31, 2014 USD ($)	Nov. 30, 2013 USD ($)	Jun. 30, 2016 USD ($) Vessel	Dec. 31, 2015 USD ($)	Feb. 28, 2015 USD ($)
Debt Instrument [Line Items]
Carrying amount of long-term debt			$ 7,000,637,000	$ 7,384,086,000
Teekay Offshore [Member] | Five-year senior unsecured bonds [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount	$ 300,000,000
Debt instrument, term	5 years
Debt instrument, carrying amount			$ 300,000,000
Debt instrument interest rate	6.00%
Teekay Offshore [Member] | Ten-year senior secured bonds [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount		$ 174,200,000
Debt instrument, term		10 years
Debt instrument interest rate		4.96%
Number of vessels | Vessel			2
Debt instrument, carrying amount			$ 149,400,000
Teekay Offshore [Member] | Senior Secured Bonds Mature in June 2024 [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount					$ 30,000,000
Debt instrument interest rate					4.27%
Carrying amount of long-term debt			$ 25,400,000

XML

Long-Term Debt - Additional Information - Term Loans (Detail) $ in Thousands, € in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016 USD ($) Term_loan Vessel	Dec. 31, 2015 USD ($)	Jun. 30, 2016 EUR (€)	Dec. 31, 2015 EUR (€)
Debt Instrument [Line Items]
Carrying amount of long-term debt | $	$ 7,000,637	$ 7,384,086
Teekay LNG [Member] | Euro-denominated Term Loans due through 2023 [Member]
Debt Instrument [Line Items]
Number of debt instruments | Term_loan	2
Carrying amount of long-term debt	$ 239,800	$ 241,800	€ 215.9	€ 222.7
Number of vessels | Vessel	2
Teekay LNG [Member] | Minimum [Member] | Euro-denominated Term Loans due through 2023 [Member] | One-month EURIBOR [Member]
Debt Instrument [Line Items]
Debt instrument spread on variable rate	0.60%	0.60%
Teekay LNG [Member] | Maximum [Member] | Euro-denominated Term Loans due through 2023 [Member] | One-month EURIBOR [Member]
Debt Instrument [Line Items]
Debt instrument spread on variable rate	2.25%	2.25%

XML

Long-Term Debt - Additional Information - Other (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016 USD ($) SecurityLoan	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) SecurityLoan	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)
Debt Instrument [Line Items]
Unrealized foreign exchange gain (loss)	$ (15,157)	$ (1,604)	$ (25,671)	$ 15,906
Interest at a weighted-average fixed rate	3.70%		3.70%		3.40%
Long term debt principal repayments remainder of 2016	$ 500,000		$ 500,000
Long term debt principal repayments in 2017	1,100,000		1,100,000
Long term debt principal repayments in 2018	1,700,000		1,700,000
Long term debt principal repayments in 2019	1,000,000		1,000,000
Long term debt principal repayments in 2020	1,100,000		1,100,000
Long term debt principal repayments thereafter	$ 1,700,000		$ 1,700,000
Number of loan agreement | SecurityLoan	10		10
Minimum level of free cash be maintained as per loan agreements	$ 100,000		$ 100,000		$ 100,000
Amount of free liquidity and undrawn revolving credit line	$ 384,800		384,800		$ 410,500
Revolving Credit Facilities [Member]
Debt Instrument [Line Items]
Debt, refinanced, amount			$ 150,000
Minimum [Member]
Debt Instrument [Line Items]
Vessel market value to loan ratio	119.51%		119.51%
Vessel market value to loan minimum required ratio	105.00%		105.00%
Revolving credit lines maturity period			6 months
Free liquidity and undrawn revolving credit line as percentage of debt	5.00%		5.00%
Maximum [Member]
Debt Instrument [Line Items]
Vessel market value to loan ratio	201.77%		201.77%
Vessel market value to loan minimum required ratio	125.00%		125.00%
Free liquidity and undrawn revolving credit line as percentage of debt	7.50%		7.50%

XML

Capital Stock - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2016 USD ($) $ / shares shares	Mar. 31, 2015 USD ($) $ / shares shares	Jun. 30, 2016 USD ($) Times $ / shares shares	Jun. 30, 2015 USD ($) $ / shares shares	Dec. 31, 2015 $ / shares shares
Class of Stock [Line Items]
Preferred stock, share authorized			25,000,000		25,000,000
Preferred stock, par value (usd per share) | $ / shares			$ 1		$ 1
Common stock, share authorized			725,000,000		725,000,000
Common stock, par value (usd per share) | $ / shares			$ 0.001		$ 0.001
Preferred stock, share issued			0
Number of common shares or units issued related to the exercise of share based compensation during the period			100,000
Number of common stock issued			12,000,000
Proceeds from issuance of common stock | $			$ 96.2
Stock options granted			916,015	265,135
Stock option per share value (usd per share) | $ / shares			$ 9.44	$ 43.99
Restricted stock units [Member]
Class of Stock [Line Items]
Number of shares or units granted equity based compensation awards			243,296	63,912
Fair value of granted stock | $			$ 2.3	$ 2.9
Vesting period			3 years
Value of each restricted stock unit and performance share unit in shares			Each restricted stock unit, restricted stock award and performance share is equal in value to one share of the Company’s common stock plus reinvested dividends from the grant date to the vesting date.
Performance shares [Member]
Class of Stock [Line Items]
Number of shares or units granted equity based compensation awards			311,691	61,774
Fair value of granted stock | $			$ 3.6	$ 3.4
Vesting period			3 years
Number of times performance units to vest, minimum | Times			0
Restricted Stock Awards [Member]
Class of Stock [Line Items]
Number of shares or units granted equity based compensation awards			67,000	22,502
Fair value of granted stock | $			$ 0.6	$ 1.0
Stock Option [Member]
Class of Stock [Line Items]
Stock option, term			10 years
Vesting period			3 years
Weighted-average grant-date fair value of options granted (usd per share) | $ / shares	$ 3.60
Expected volatility used in computing fair value of options granted	55.10%
Expected life used in computing fair value of options granted, years	5 years 6 months
Dividend yield used in computing fair value of options granted	3.20%
Risk-free interest rate used in computing fair value of options granted	1.30%
Estimated forfeiture rate used in computing fair value of options granted	7.10%
Period of historical data used to calculate expected volatility in years	5 years
Teekay Tankers, Teekay Offshore and Teekay LNG [Member] | Non-management directors [Member]
Class of Stock [Line Items]
Common units aggregate value, granted | $			$ 0.7	$ 1.0
Teekay Tankers, Teekay Offshore and Teekay LNG [Member] | Restricted stock and phantom share units [Member]
Class of Stock [Line Items]
Vesting period			3 years
Common units aggregate value, granted | $	$ 4.8	$ 4.2
Teekay Offshore [Member] | Non-management directors [Member]
Class of Stock [Line Items]
Number of common shares or units issued related to the exercise of share based compensation during the period			76,084	14,603
Teekay Offshore [Member] | Phantom unit awards [Member]
Class of Stock [Line Items]
Number of shares or units granted equity based compensation awards	599,479	102,834
Teekay LNG [Member] | Non-management directors [Member]
Class of Stock [Line Items]
Number of common shares or units issued related to the exercise of share based compensation during the period			32,723	10,447
Teekay LNG [Member] | Phantom unit awards [Member]
Class of Stock [Line Items]
Number of shares or units granted equity based compensation awards	131,062	32,054
Teekay Tankers [Member]
Class of Stock [Line Items]
Number of common stock issued					7,200,000
Teekay Tankers [Member] | Non-management directors [Member] | Class A common stock [Member]
Class of Stock [Line Items]
Number of common shares or units issued related to the exercise of share based compensation during the period			9,358	51,948
Teekay Tankers [Member] | Officer [Member]
Class of Stock [Line Items]
Stock options granted	216,043	58,434
Stock option per share value (usd per share) | $ / shares	$ 3.74	$ 5.39
Teekay Tankers [Member] | Restricted stock units [Member] | Class A common stock [Member]
Class of Stock [Line Items]
Number of shares or units granted equity based compensation awards	275,848	192,387
Teekay Tankers [Member] | Equity Option [Member] | Officer [Member]
Class of Stock [Line Items]
Stock option, term	10 years	10 years
Vesting period	3 years	3 years

XML

Commitments and Contingencies - Additional Information - Vessels Under Construction (Detail) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016 USD ($) Vessel	Jun. 30, 2016 USD ($) Vessel	Jul. 31, 2016 Vessel	Dec. 31, 2015 USD ($)
Long-term Purchase Commitment [Line Items]
Payments made towards commitments for construction of certain carriers and tankers | $	$ 889,617	$ 889,617		$ 817,878
Liquefied Natural Gas [Member] | 2016 [Member] | Subsequent Event [Member]
Long-term Purchase Commitment [Line Items]
Number of vessels			1
Newbuildings [Member]
Long-term Purchase Commitment [Line Items]
Expected cost of project | $		3,000,000
Payments made towards commitments for construction of certain carriers and tankers | $	852,100	852,100
Capitalized interest and other miscellaneous construction costs | $	10,900	10,900
Estimated remaining payments required to be made under newbuilding contract in remainder of 2016 | $	428,200	428,200
Estimated remaining payments required to be made under newbuilding contract in 2017 | $	932,200	932,200
Estimated remaining payments required to be made under newbuilding contract in 2018 | $	597,400	597,400
Estimated remaining payments required to be made under newbuilding contract in 2019 | $	$ 238,000	$ 238,000
Newbuildings [Member] | Liquefied Natural Gas [Member]
Long-term Purchase Commitment [Line Items]
Number of vessels	10	10
Newbuildings [Member] | Liquefied Natural Gas [Member] | 2017 [Member]
Long-term Purchase Commitment [Line Items]
Number of vessels	3	3
Newbuildings [Member] | Liquefied Natural Gas [Member] | 2018 [Member]
Long-term Purchase Commitment [Line Items]
Number of vessels	4	4
Newbuildings [Member] | Liquefied Natural Gas [Member] | 2019 [Member]
Long-term Purchase Commitment [Line Items]
Number of vessels	2	2
Newbuildings [Member] | Long Distance Towing And Offshore Installation [Member]
Long-term Purchase Commitment [Line Items]
Number of vessels	4	4
Newbuildings [Member] | Long Distance Towing And Offshore Installation [Member] | 2016 - 2017 [Member]
Long-term Purchase Commitment [Line Items]
Number of vessels	4	4
Newbuildings [Member] | Shuttle Tankers [Member]
Long-term Purchase Commitment [Line Items]
Number of vessels	3	3
Newbuildings [Member] | Floating Storage and Off-take [Member]
Long-term Purchase Commitment [Line Items]
Number of vessels	1	1
Newbuildings [Member] | Floating Storage and Off-take [Member] | 2017 [Member]
Long-term Purchase Commitment [Line Items]
Number of vessels	1	1
Newbuildings [Member] | FPSO Segment [Member]
Long-term Purchase Commitment [Line Items]
Number of vessels	1	1
Newbuildings [Member] | FPSO Segment [Member] | 2017 [Member]
Long-term Purchase Commitment [Line Items]
Number of vessels	1	1
Units for Maintenance and Safety [Member] | Logitel Offshore Holdings [Member]
Long-term Purchase Commitment [Line Items]
Number of vessels	2

XML

Commitments and Contingencies - Additional Information - Joint Ventures (Detail) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Oct. 31, 2014	Jun. 30, 2016	Dec. 31, 2015	Jul. 31, 2015
Long-term Purchase Commitment [Line Items]
Payments made towards commitments for construction of certain carriers and tankers		$ 889,617	$ 817,878
Teekay LNG [Member] | Capital Addition Purchase Commitments, Equity Method Investee [Member]
Long-term Purchase Commitment [Line Items]
Net of financing on newbuilding installments, total		1,509,394
Net of financing on newbuilding installments, remainder of 2016		153,174
Net of financing on newbuilding installments, 2017		325,496
Net of financing on newbuilding installments, 2018		548,923
Net of financing on newbuilding installments, 2019		278,801
Net of financing on newbuilding installments, 2020		203,000
Credit facility, maximum borrowing capacity		197,000
Unrecorded unconditional purchase obligation, funded by debt		$ 187,000
Teekay Offshore [Member] | Odebrecht Oil & Gas S.A. [Member]
Long-term Purchase Commitment [Line Items]
Joint venture ownership percentage	50.00%
Operating lease arrangement period, lessor		12 years
Expected cost of project	$ 1,000,000
Payments made towards commitments for construction of certain carriers and tankers		$ 390,200
Payments due in the remainder of 2016		415,500
Payments due in 2017		$ 198,900
Secured short-term loan refinanced with long-term debt facility				$ 804,000

XML

Commitments and Contingencies - Additional Information - Legal Proceedings and Claims (Detail) $ / shares in Units, DWT in Thousands			1 Months Ended			2 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Aug. 25, 2016 USD ($)	Feb. 15, 2016 USD ($)	Mar. 31, 2016 USD ($)	Aug. 31, 2014 MaintenanceAndSafety	Apr. 30, 2013 Vessel Contract DWT	Nov. 30, 2013 Vessel	Jun. 30, 2016 USD ($) Vessel Agreement	Jun. 30, 2016 USD ($) Vessel Agreement $ / shares	Dec. 31, 2015 $ / shares	Feb. 29, 2016 USD ($) hull	Dec. 22, 2014 USD ($)	Nov. 30, 2014 USD ($)	Aug. 11, 2014
Teekay LNG [Member] | Ras Gas Two LNG Carriers [Member] | Foreign Tax Authority [Member]
Loss Contingencies [Line Items]
Estimated shares of lease rental increase claim							$ 60,000,000	$ 60,000,000
Teekay LNG [Member] | Teekay Nakilat Corporation [Member]
Loss Contingencies [Line Items]
Share of potential exposure									70.00%
Security deposit against future claims											$ 6,800,000
Units for Maintenance and Safety [Member] | Teekay Offshore [Member]
Loss Contingencies [Line Items]
Number of vessels | Vessel							2
Gain (loss) on sale of assets and asset impairment charges							$ (43,700,000)	(43,700,000)
Loss contingency accrual, period increase (decrease)							$ (14,500,000)
Units for Maintenance and Safety [Member] | Logitel Offshore Holdings [Member]
Loss Contingencies [Line Items]
Number of vessels | Vessel							2
Logitel Offshore Holdings [Member] | Teekay Offshore [Member]
Loss Contingencies [Line Items]
Percentage of ownership acquired				100.00%									100.00%
Number of units for maintenance and safety | MaintenanceAndSafety				3
Sevan Marine ASA [Member] | Logitel Offshore Holdings [Member] | Teekay Offshore [Member]
Loss Contingencies [Line Items]
Number of hulls | hull										2
Senior unsecured bonds issued										$ 60,000,000.0
Sevan and Cosco [Member] | Teekay Offshore [Member]
Loss Contingencies [Line Items]
Loss contingency accrual							$ 58,000,000	58,000,000
STX Offshore And Shipbuilding Co., Ltd [Member] | Teekay Tankers [Member]
Loss Contingencies [Line Items]
Number of shipbuilding contracts | Contract					4
Weight capacity | DWT					113
Settlement in respect to four firm shipbuilding contracts		$ 32,400,000
Vendor Credit Loan [Member] | Sevan Marine ASA [Member] | Logitel Offshore Holdings [Member] | Teekay Offshore [Member]
Loss Contingencies [Line Items]
Senior unsecured bonds issued										41,000,000
Cash Loan [Member] | Sevan Marine ASA [Member] | Logitel Offshore Holdings [Member] | Teekay Offshore [Member]
Loss Contingencies [Line Items]
Senior unsecured bonds issued										$ 19,000,000
Stavanger Spirit [Member] | Teekay Offshore [Member]
Loss Contingencies [Line Items]
Loss contingency, range of possible loss, maximum							170,000,000	170,000,000
Nantong Spirit [Member] | Teekay Offshore [Member]
Loss Contingencies [Line Items]
Loss contingency, range of possible loss, maximum							40,000,000	40,000,000
Loss contingency, range of possible loss, minimum							$ 10,000,000	$ 10,000,000
Class Action Complaint [Member]
Loss Contingencies [Line Items]
Quarterly dividend, per share | $ / shares								$ 0.055	$ 0.55
Petrobras [Member] | Fpso [Member] | Teekay Offshore [Member]
Loss Contingencies [Line Items]
Loss contingency, damages sought, value			$ 7,500,000
Percentage of rate reduction claim			2.00%
return of Two Percentage of charter hire charter hire paid [Member] | Petrobras [Member] | Fpso [Member] | Teekay Offshore [Member]
Loss Contingencies [Line Items]
Loss contingency, damages sought, value			$ 5,000,000
Two Percentage reduction of future charter hire [Member] | Petrobras [Member] | Fpso [Member] | Teekay Offshore [Member]
Loss Contingencies [Line Items]
Loss contingency, damages sought, value			$ 2,500,000
Orders to Construct Newbuildings [Member] | STX Offshore And Shipbuilding Co., Ltd [Member] | Teekay Tankers [Member]
Loss Contingencies [Line Items]
Number of vessels | Vessel					4
Additional Order Option Maximum [Member] | STX Offshore And Shipbuilding Co., Ltd [Member] | Teekay Tankers [Member]
Loss Contingencies [Line Items]
Number of vessels | Vessel					12
Option To Order Exercised [Member] | STX Offshore And Shipbuilding Co., Ltd [Member] | Teekay Tankers [Member]
Loss Contingencies [Line Items]
Number of vessels | Vessel						8
Cash and Cash Equivalents [Member] | STX Offshore And Shipbuilding Co., Ltd [Member] | Teekay Tankers [Member]
Loss Contingencies [Line Items]
Escrow deposit												$ 600,000
Teekay Nakilat Corporation [Member] | Teekay LNG [Member]
Loss Contingencies [Line Items]
Capital leases of lessor, number of vessels leased | Vessel							3	3
Capital leases of lessor, number of lease agreements | Agreement							3	3
Lessor leasing arrangements, capital leases, term of contract								30 years
Subsequent Event [Member] | Threatened Litigation [Member] | Logitel and Teekay Offshore [Member]
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 10,000,000
Subsequent Event [Member] | Threatened Litigation [Member] | Logitel Offshore Holdings [Member]
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 60,000,000

XML

Commitments and Contingencies - Additional Information - Redeemable Non-Controlling Interest (Detail) - Teekay Offshore [Member] - USD ($) $ / shares in Units, $ in Millions		1 Months Ended		6 Months Ended	12 Months Ended
	Jun. 29, 2016	Jun. 30, 2016	Jul. 31, 2015	Jun. 30, 2016	Dec. 31, 2010
Redeemable Noncontrolling Interest [Line Items]
Incentive distribution, distribution				$ 20.6
TOTAL EQUITY Non-controlling Interests [Member]
Redeemable Noncontrolling Interest [Line Items]
Value of shuttle tanker contributed by unrelated party in exchange of equity interest in subsidiary					$ 35.0
Percentage of non-controlling interest owner's share					33.00%
Ownership percentage					67.00%
Common Stock [Member]
Redeemable Noncontrolling Interest [Line Items]
Stock issued during period, shares, conversion of convertible securities		1,900,000
Series C Preferred Stock [Member]
Redeemable Noncontrolling Interest [Line Items]
Partners' capital account, units, sold in private placement			10,400,000
Preferred units dividend rate			8.60%
Preferred units, contributed capital			$ 249.8
Convertible preferred stock, conversion period			18 months
Convertible preferred stock, shares issued upon conversion			1
Convertible preferred stock, period for optional conversion to common units			3 years
Convertible preferred stock, terms of conversion, optional conversion to common units, volume weighted average price of common units, percent of issuance price			150.00%
Series C-1 Preferred Units [Member]
Redeemable Noncontrolling Interest [Line Items]
Convertible preferred stock, shares issued upon conversion		1.474		1.474
Convertible preferred stock, period for optional conversion to common units		3 years
Convertible preferred stock, terms of conversion, optional conversion to common units, volume weighted average price of common units, percent of issuance price		150.00%
Stock issued during period, shares, conversion of convertible securities		8,500,000
Convertible preferred stock, issuance price		$ 16.25
Preferred stock, dividend payment terms, common units, discount on ten days trading volume weighted average price, percent		2.00%
Series D Preferred Stock [Member]
Redeemable Noncontrolling Interest [Line Items]
Partners' capital account, units, sold in private placement	4,000,000
Preferred units dividend rate	10.50%
Preferred stock, dividend payment terms, common units, discount on ten days trading volume weighted average price, percent	4.00%
Preferred stock, redemption terms, redemption period one	5 years
Preferred stock, redemption terms, premium to liquidation value in redemption period one, percent	10.00%
Preferred stock, redemption terms, premium to liquidation value in redemption period two, percent	5.00%
Preferred stock, redemption terms, redemption period two	6 years
Preferred stock, redemption period	5 years
Preferred stock, redemption terms, percent of common units purchased to trigger a change of control event	90.00%
Limited Partner [Member] | Common Stock [Member]
Redeemable Noncontrolling Interest [Line Items]
Stock issued during period, shares, conversion of convertible securities				8,300,000
Induced Exchange of Series C Preferred Units [Member] | Series C Preferred Stock [Member]
Redeemable Noncontrolling Interest [Line Items]
Conversion of stock, shares converted		1,900,000
Inducement Premium on Series C Preferred Units Conversion [Member]
Redeemable Noncontrolling Interest [Line Items]
Stock issued during period, shares, conversion of convertible securities		6,400,000
Stock issued during period, value, conversion of units		$ 37.7
Extinguishment of Series C Preferred Units [Member] | Series C Preferred Stock [Member]
Redeemable Noncontrolling Interest [Line Items]
Conversion of stock, shares converted		8,500,000
Retained Earnings [Member]
Redeemable Noncontrolling Interest [Line Items]
Incentive distribution, distribution				$ 6.0
Retained Earnings [Member] | Inducement Premium on Series C Preferred Units Conversion [Member]
Redeemable Noncontrolling Interest [Line Items]
Stock issued during period, value, conversion of units		$ 11.0
TOTAL EQUITY Non-controlling Interests [Member]
Redeemable Noncontrolling Interest [Line Items]
Incentive distribution, distribution				$ 14.6
TOTAL EQUITY Non-controlling Interests [Member] | Inducement Premium on Series C Preferred Units Conversion [Member]
Redeemable Noncontrolling Interest [Line Items]
Stock issued during period, value, conversion of units		$ 26.7
Teekay Parent [Member] | Series D Preferred Stock [Member]
Redeemable Noncontrolling Interest [Line Items]
Partners' capital account, units, sold in private placement	1,040,000
Preferred units dividend rate	10.50%

XML

Financial Instruments - Fair Value of Financial Instruments and Other Non-Financial Assets (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stock purchase warrants	$ 4,189	$ 17,844
Loans to equity-accounted investees and joint venture partners - Long-term	191,271	184,390
Long-term debt	(7,000,637)	(7,384,086)
Carrying Amount Asset (Liability) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans to equity-accounted investees and joint venture partners - Current	17,740	7,127
Loans to equity-accounted investees and joint venture partners - Long-term	191,271	184,390
Carrying Amount Asset (Liability) [Member] | Level 1 [Member] | Public [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	(1,471,093)	(1,493,915)
Carrying Amount Asset (Liability) [Member] | Level 2 [Member] | Private [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	(5,529,544)	(5,890,171)
Carrying Amount Asset (Liability) [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term receivable included in accounts receivable and other assets	14,406	16,453
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, restricted cash, and marketable securities	933,034	855,107
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Interest rate swap agreements [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap agreements - assets	2,122	6,136
Interest rate swap agreements - liabilities	(521,617)	(370,952)
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Cross currency swap agreements [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cross currency interest swap agreement	(258,568)	(312,110)
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Foreign currency contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cross currency interest swap agreement	(3,762)	(18,826)
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Logitel contingent consideration (see below)	0	(14,830)
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 3 [Member] | Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stock purchase warrants	1,833	10,328
Carrying Amount Asset (Liability) [Member] | Recurring [Member] | Level 3 [Member] | Time-charter Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Time charter swap agreement	1,345	0
Carrying Amount Asset (Liability) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vessels and equipment	0	100,600
Vessels held for sale (note 7)	75,562	55,450
Fair Value Asset (Liability) [Member] | Level 1 [Member] | Public [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	(1,299,169)	(1,161,729)
Fair Value Asset (Liability) [Member] | Level 2 [Member] | Private [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	(5,383,777)	(5,881,483)
Fair Value Asset (Liability) [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term receivable included in accounts receivable and other assets	14,366	16,427
Fair Value Asset (Liability) [Member] | Recurring [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, restricted cash, and marketable securities	933,034	855,107
Fair Value Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Interest rate swap agreements [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap agreements - assets	2,122	6,136
Interest rate swap agreements - liabilities	(521,617)	(370,952)
Fair Value Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Cross currency swap agreements [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cross currency interest swap agreement	(258,568)	(312,110)
Fair Value Asset (Liability) [Member] | Recurring [Member] | Level 2 [Member] | Foreign currency contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cross currency interest swap agreement	(3,762)	(18,826)
Fair Value Asset (Liability) [Member] | Recurring [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Logitel contingent consideration (see below)	0	(14,830)
Fair Value Asset (Liability) [Member] | Recurring [Member] | Level 3 [Member] | Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stock purchase warrants	1,833	10,328
Fair Value Asset (Liability) [Member] | Recurring [Member] | Level 3 [Member] | Time-charter Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Time charter swap agreement	1,345	0
Fair Value Asset (Liability) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vessels and equipment	0	100,600
Vessels held for sale (note 7)	$ 75,562	55,450
BG Joint Venture [Member] | Supply Commitment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount rate	8.00%
BG Joint Venture [Member] | Supply Commitment [Member] | Fair Value Asset (Liability) [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term receivable included in accounts receivable and other assets	$ 14,400	16,400
Accrued Liabilities [Member] | Interest rate swap agreements [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Accrued interest	$ 18,100	$ 21,700

XML

Financial Instruments - Summary of Derivative Instrument Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Details) - Teekay Tankers [Member] - Time-charter Swap [Member] - Level 3 [Member] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value at the beginning of the period	$ 0	$ 0
Settlements	(126)	(126)
Realized and unrealized gain	1,471	1,471
Fair value at the end of the period	$ 1,345	$ 1,345

XML

Financial Instruments - Additional Information (Detail)			1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Aug. 11, 2014 USD ($)	Jan. 31, 2014 shares	Jun. 30, 2016 USD ($) Vessel	Jun. 30, 2016 USD ($) Vessel	Aug. 31, 2014
Teekay Offshore [Member] | Units for Maintenance and Safety [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of vessels | Vessel				2
Teekay Offshore [Member] | Units for Maintenance and Safety [Member] | Impaired Asset [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of vessels | Vessel				2	2
Teekay Offshore [Member] | Logitel Offshore Holdings [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Percentage of ownership acquired		100.00%				100.00%
Portion of purchase price paid in cash		$ 4,000,000
Potential additional cash amount for purchase price		$ 27,600,000
Time-charter Swap [Member] | Teekay Tankers [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated average daily tanker rate				$ 21,500	$ 21,500
Warrant [Member] | Tanker Investments Limited [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Expected volatility used in computing fair value of stock purchase warrants	52.40%
Warrant [Member] | Tanker Investments Limited [Member] | Maximum [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of shares available through exercise of stock purchase warrant | shares			1,500,000.0

XML

Financial Instruments - Stock Purchase Warrants Changes in Fair Value Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - Recurring [Member] - Level 3 [Member] - Warrant [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value at the beginning of the period	$ 6,107	$ 9,234	$ 10,328	$ 9,314
Unrealized gain (loss) included in earnings	(4,274)	1,817	(8,495)	1,737
Fair value at the end of the period	$ 1,833	$ 11,051	$ 1,833	$ 11,051

XML

Financial Instruments - Changes in Estimated Fair Value of Contingent Consideration Liability Relating to Acquisition of Logitel (Detail) - Contingent Consideration [Member] - Logitel Offshore Holdings [Member] - Teekay Offshore [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	$ (15,221)	$ (21,562)	$ (14,830)	$ (21,448)
Adjustment to Liability	0	2,569	0	2,569
Settlement of liability	0	(3,540)	0	(3,540)
Unrealized gain included in other income	15,221	161	14,830	47
Balance at end of period	$ 0	$ (15,292)	$ 0	$ (15,292)

XML

Financial Instruments - Summary of Financing Receivables (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Other loan receivables
Total direct financing leases and other loan receivables	$ 901,972	$ 912,678
Payment activity [Member] | Performing [Member]
Summary of financing receivables
Direct financing leases	672,748	684,129
Other loan receivables
Long-term receivable included in other assets	20,213	37,032
Other internal metrics [Member] | Performing [Member]
Other loan receivables
Loans to equity-accounted investees and joint venture partners	$ 209,011	$ 191,517

XML

Restructuring (Charges) Reversals - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Restructuring and Related Activities [Abstract]
Restructuring charges	$ (5,818)	$ 742	$ (19,804)	$ (8,384)
Restructuring liability	$ 7,400		$ 7,400		$ 3,200

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Other Loss - Summary of Other (Loss) Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other Income and Expenses [Abstract]
Write-off of contingent consideration (note 10c)	$ 36,333	$ 0	$ 36,333	$ 0
Accrual of contingent liability (note 10c)	(57,950)	0	(57,950)	0
Miscellaneous income (loss)	181	(389)	331	(14)
Other loss	$ (21,436)	$ (389)	$ (21,286)	$ (14)

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Accumulated Other Comprehensive Loss - Schedule of Accumulated Other comprehensive loss (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized loss on qualifying cash flow hedging instruments	$ (10,799)	$ (419)
Pension adjustments, net of tax recoveries	(15,418)	(15,850)
Unrealized loss on marketable securities	(454)	(463)
Foreign exchange gain on currency translation	1,928	1,841
Accumulated other comprehensive loss	$ (24,743)	$ (14,891)

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Derivative Instruments and Hedging Activities - Commitment of Foreign Currency Forward Contracts (Detail) - Jun. 30, 2016 - Foreign currency forward contracts [Member] € in Thousands, SGD in Thousands, NOK in Thousands, $ in Thousands	USD ($) € / $ NOK / $ SGD / $	EUR (€) € / $ NOK / $ SGD / $	NOK € / $ NOK / $ SGD / $	SGD € / $ NOK / $ SGD / $
Derivative [Line Items]
Fair Value / Carrying Amount of Asset (Liability)	$ (3,762)
Expected Maturity Amount of Foreign Currency Derivatives in Current Year	66,629
Expected Maturity Amount of Foreign Currency Derivatives in Next Fiscal Year	$ 47,947
Euro [Member]
Derivative [Line Items]
Contract Amount in Foreign Currency | €		€ 4,500
Average Forward Rate | € / $	0.92	0.92	0.92	0.92
Fair Value / Carrying Amount of Asset (Liability)	$ 124
Expected Maturity Amount of Foreign Currency Derivatives in Current Year	4,886
Expected Maturity Amount of Foreign Currency Derivatives in Next Fiscal Year	$ 0
Norwegian Kroner [Member]
Derivative [Line Items]
Contract Amount in Foreign Currency | NOK			NOK 762,500
Average Forward Rate | NOK / $	8.02	8.02	8.02	8.02
Fair Value / Carrying Amount of Asset (Liability)	$ (3,869)
Expected Maturity Amount of Foreign Currency Derivatives in Current Year	47,151
Expected Maturity Amount of Foreign Currency Derivatives in Next Fiscal Year	$ 47,947
Singapore Dollar [Member]
Derivative [Line Items]
Contract Amount in Foreign Currency | SGD				SGD 19,637
Average Forward Rate | SGD / $	1.35	1.35	1.35	1.35
Fair Value / Carrying Amount of Asset (Liability)	$ (17)
Expected Maturity Amount of Foreign Currency Derivatives in Current Year	14,592
Expected Maturity Amount of Foreign Currency Derivatives in Next Fiscal Year	$ 0

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Derivative Instruments and Hedging Activities - Commitment of Cross Currency Swaps (Detail) NOK in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2016 USD ($)	Jun. 30, 2016 NOK
Cross Currency Interest Rate Contract [Member] | NIBOR [Member]
Derivative [Line Items]
Fair Value / Carrying Amount of Asset / (Liability)	$ (258,568)
Cross Currency Interest Rate Contract [Member] | Maturing In May 2017 [Member] | NIBOR [Member]
Derivative [Line Items]
Notional Amount	$ 125,000	NOK 700,000
Receivable Margin	5.25%	5.25%
Fixed Rate Payable	6.88%	6.88%
Fair Value / Carrying Amount of Asset / (Liability)	$ (44,079)
Remaining Term (years)	9 months 18 days
Cross Currency Interest Rate Contract [Member] | Maturing in September 2018 [Member] | NIBOR [Member]
Derivative [Line Items]
Notional Amount	$ 150,000	NOK 900,000
Receivable Margin	4.35%	4.35%
Fixed Rate Payable	6.43%	6.43%
Fair Value / Carrying Amount of Asset / (Liability)	$ (48,959)
Remaining Term (years)	2 years 2 months 12 days
Cross Currency Interest Rate Contract [Member] | Maturing In May 2020 [Member] | NIBOR [Member]
Derivative [Line Items]
Notional Amount	$ 134,000	NOK 1,000,000
Receivable Margin	3.70%	3.70%
Fixed Rate Payable	5.92%	5.92%
Fair Value / Carrying Amount of Asset / (Liability)	$ (20,923)
Remaining Term (years)	3 years 10 months 24 days
Cross Currency Interest Rate Contract [Member] | Maturing In November 2018 [Member] | NIBOR [Member]
Derivative [Line Items]
Notional Amount	$ 101,351	NOK 600,000
Receivable Margin	5.75%	5.75%
Fixed Rate Payable	8.84%	8.84%
Fair Value / Carrying Amount of Asset / (Liability)	$ (34,817)
Remaining Term (years)	2 years 4 months 26 days
Cross Currency Interest Rate Contract [Member] | Maturing In December 2018 [Member] | NIBOR [Member]
Derivative [Line Items]
Notional Amount	$ 143,536	NOK 800,000
Receivable Margin	5.75%	5.75%
Fixed Rate Payable	7.58%	7.58%
Fair Value / Carrying Amount of Asset / (Liability)	$ (55,132)
Remaining Term (years)	2 years 6 months
Cross Currency Interest Rate Contract [Member] | Maturing In January 2019 [Member] | NIBOR [Member]
Derivative [Line Items]
Notional Amount	$ 162,200	NOK 1,000,000
Receivable Margin	4.25%	4.25%
Fixed Rate Payable	7.45%	7.45%
Fair Value / Carrying Amount of Asset / (Liability)	$ (54,658)
Remaining Term (years)	2 years 7 months 6 days
Foreign currency contracts [Member] | Maturing In November 2018 [Member]
Derivative [Line Items]
Notional Amount	$ 1,200	NOK 7,200
Debt instrument, premium, percent	3.00%	3.00%
Foreign currency contracts [Member] | Maturing In December 2018 [Member]
Derivative [Line Items]
Notional Amount	$ 3,400	NOK 19,200
Debt instrument, premium, percent	3.00%	3.00%

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Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Detail) $ in Thousands, € in Millions	6 Months Ended
	Jun. 30, 2016 USD ($)	Jun. 30, 2016 EUR (€)	Oct. 31, 2015	Aug. 31, 2015	Jun. 30, 2015
Derivative [Line Items]
Minimum variable interest rate on debt	0.30%	0.30%
Maximum variable interest rate on debt	4.00%	4.00%
Interest rate contracts [Member]
Derivative [Line Items]
Fair Value / Carrying Amount of Asset / (Liability)	$ (519,495)
U.S. Dollar-denominated interest rate swaps 1 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Principal Amount	3,219,730
Fair Value / Carrying Amount of Asset / (Liability)	$ (411,210)
Weighted-Average Remaining Term (Years)	4 years 10 months 24 days
Fixed Interest Rate	3.30%	3.30%
Derivative Floating Rate Payable [Member]
Derivative [Line Items]
Principal Amount	$ 200,000
Fixed Interest Rate	2.14%	2.14%
Floating LIBOR rate receivable/payable cap	6.00%	6.00%
U.S. Dollar-denominated interest rate swaps 2 [Member] | Designated as Hedging Instrument [Member] | 2017 and 2018 Termination [Member]
Derivative [Line Items]
Principal Amount	$ 320,000
U.S. Dollar-denominated interest rate swaps 2 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Principal Amount	762,957
Fair Value / Carrying Amount of Asset / (Liability)	$ (47,498)
Weighted-Average Remaining Term (Years)	4 years 10 months 24 days
Fixed Interest Rate	2.60%	2.60%
U.S. Dollar-denominated interest rate swaption 1 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Principal Amount	$ 155,000
Fair Value / Carrying Amount of Asset / (Liability)	$ (8,404)
Weighted-Average Remaining Term (Years)	9 months 18 days
Fixed Interest Rate	2.20%	2.20%
U.S. Dollar-denominated interest rate swaption 2 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Principal Amount	$ 155,000
Fair Value / Carrying Amount of Asset / (Liability)	$ 113
Weighted-Average Remaining Term (Years)	9 months 18 days
Fixed Interest Rate	3.30%	3.30%
U.S. Dollar-denominated interest rate swaption 3 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Principal Amount	$ 160,000
Fair Value / Carrying Amount of Asset / (Liability)	$ (7,168)
Weighted-Average Remaining Term (Years)	1 year 7 months 6 days
Fixed Interest Rate	2.00%	2.00%
U.S. Dollar-denominated interest rate swaption 4 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Principal Amount	$ 160,000
Fair Value / Carrying Amount of Asset / (Liability)	$ 742
Weighted-Average Remaining Term (Years)	1 year 7 months 6 days
Fixed Interest Rate	3.10%	3.10%
U.S. Dollar-denominated interest rate swaption 5 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Principal Amount	$ 160,000
Fair Value / Carrying Amount of Asset / (Liability)	$ (6,091)
Weighted-Average Remaining Term (Years)	2 years
Fixed Interest Rate	1.80%	1.80%
U.S. Dollar-denominated interest rate swaption 6 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Principal Amount	$ 160,000
Fair Value / Carrying Amount of Asset / (Liability)	$ 1,268
Weighted-Average Remaining Term (Years)	2 years
Fixed Interest Rate	2.90%	2.90%
Euro-denominated interest rate swaps [Member]
Derivative [Line Items]
Principal Amount | €		€ 215.9
Reducing principal amount of Euro-denominated interest rate swaps	$ 77,900	€ 70.1
Euro-denominated interest rate swaps [Member] | Euro Interbank Offered Rate Euribor [Member]
Derivative [Line Items]
Principal Amount	239,792
Fair Value / Carrying Amount of Asset / (Liability)	$ (41,247)
Weighted-Average Remaining Term (Years)	4 years 5 months 27 days
Fixed Interest Rate	3.10%	3.10%
U.S. Dollar-denominated interest rate swaps 3 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Teekay LNG [Member]
Derivative [Line Items]
Fixed Interest Rate					3.34%
U.S. Dollar-denominated interest rate swaps 4 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Third Party [Member]
Derivative [Line Items]
Fixed Interest Rate					2.15%
U.S. Dollar-denominated interest rate swaps 5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Teekay LNG [Member]
Derivative [Line Items]
Fixed Interest Rate				3.10%
U.S. Dollar-denominated interest rate swaps 6 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Third Party [Member]
Derivative [Line Items]
Fixed Interest Rate				1.97%
U.S. Dollar-denominated interest rate swaps 7 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Teekay LNG [Member]
Derivative [Line Items]
Fixed Interest Rate			2.935%
U.S. Dollar-denominated interest rate swaps 8 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Third Party [Member]
Derivative [Line Items]
Fixed Interest Rate			1.83%

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Derivative Instruments and Hedging Activities - Additional Information (Detail)		1 Months Ended	6 Months Ended
	Jan. 23, 2014 USD ($)	Jan. 31, 2014 USD ($) NOK / Derivative shares	Jun. 30, 2016 USD ($) Vessel tranche $ / shares	Dec. 31, 2015 USD ($)	Jan. 31, 2014 NOK / shares
Derivative [Line Items]
Interest rate swaps, description of objective			The Company enters into interest rate swap agreements, which exchange a receipt of floating interest for a payment of fixed interest, to reduce the Company’s exposure to interest rate variability on its outstanding floating-rate debt.
Derivatives not designated as a cash flow hedge			$ 4,189,000	$ 17,844,000
Warrant [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivatives not designated as a cash flow hedge			$ 1,833,000	$ 10,328,000
Time-charter Swap [Member]
Derivative [Line Items]
Derivative, term of contract			11 months
Derivative, term of contract extension, counterparty option			2 months
Interest Rate Swaps, Cross Currency Swaps Agreement and Foreign Currency Forward Contracts [Member]
Derivative [Line Items]
Fair value asset of interest rate swaps, cross currency swaps and foreign currency forward contracts having master agreements providing for net settlement			$ 0
Fair value liability of interest rate swaps, cross currency swaps and foreign currency forward contracts having master agreements providing for net settlement			625,800,000
Restricted cash			$ 70,100,000
Teekay and Teekay Tankers [Member] | Tanker Investments Limited [Member]
Derivative [Line Items]
Purchase of common stock | shares		5,000,000
Equity method investment, ownership percentage		20.00%
Issuance of equity private placement	$ 250,000,000
Equity method investment		$ 50,000,000
Teekay and Teekay Tankers [Member] | Tanker Investments Limited [Member] | Warrant [Member]
Derivative [Line Items]
Fixed price of stock purchase warrants, per share | (per share)			$ 10		NOK 61.67
Number of tranches | tranche			4
Number of tranches vested | tranche			2
Consecutive trading days		10 days
Teekay and Teekay Tankers [Member] | Tanker Investments Limited [Member] | Warrant [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivatives not designated as a cash flow hedge		$ 6,800,000	$ 1,800,000
Teekay and Teekay Tankers [Member] | Tanker Investments Limited [Member] | Maximum [Member] | Warrant [Member]
Derivative [Line Items]
Number of shares available through exercise of stock purchase warrant | shares		1,500,000.0
Teekay and Teekay Tankers [Member] | Tanker Investments Limited [Member] | Minimum [Member] | Warrant [Member] | Tranche One [Member]
Derivative [Line Items]
Fair market value of the shares | NOK / Derivative		77.08
Teekay and Teekay Tankers [Member] | Tanker Investments Limited [Member] | Minimum [Member] | Warrant [Member] | Tranche Two [Member]
Derivative [Line Items]
Fair market value of the shares | NOK / Derivative		92.50
Teekay and Teekay Tankers [Member] | Tanker Investments Limited [Member] | Minimum [Member] | Warrant [Member] | Tranche Three [Member]
Derivative [Line Items]
Fair market value of the shares | NOK / Derivative		107.91
Teekay and Teekay Tankers [Member] | Tanker Investments Limited [Member] | Minimum [Member] | Warrant [Member] | Tranche Four [Member]
Derivative [Line Items]
Fair market value of the shares | NOK / Derivative		123.33
Teekay Tankers [Member] | Time-charter Swap [Member]
Derivative [Line Items]
Derivative, nonmonetary notional amount, percent of required need, coverage			55.00%
Derivative, number of vessel-equivalents in swap agreement | Vessel			2
Derivative, daily payments received			$ 27,776
Derivative, brokerage fee, percent			1.25%
Derivative, deduction from daily payments made			$ 500

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Derivative Instruments and Hedging Activities - Location and Fair Value Amounts of Derivative Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Prepaid expenses and other	$ 116,270	$ 102,429
Other non-current assets	4,189	17,844
Accrued Liabilities	(410,084)	(412,278)
Current Portion of Derivative Liabilities	(154,166)	(267,539)
Derivative Liabilities	(612,437)	(414,084)
Designated as Hedging Instrument [Member] | Interest rate swap agreements [Member]
Derivatives, Fair Value [Line Items]
Current Portion of Derivative Liabilities	(760)	(338)
Derivative Liabilities	(14,436)	(777)
Not Designated as Hedging Instrument [Member] | Foreign currency contracts [Member]
Derivatives, Fair Value [Line Items]
Other non-current assets	347
Current Portion of Derivative Liabilities	(4,513)	(16,372)
Derivative Liabilities	(28)	(2,534)
Not Designated as Hedging Instrument [Member] | Interest rate swap agreements [Member]
Derivatives, Fair Value [Line Items]
Other non-current assets	2,009	7,516
Current Portion of Derivative Liabilities	(79,293)	(198,196)
Derivative Liabilities	(412,053)	(154,673)
Not Designated as Hedging Instrument [Member] | Cross currency swap agreements [Member]
Derivatives, Fair Value [Line Items]
Current Portion of Derivative Liabilities	(69,600)	(52,633)
Derivative Liabilities	(185,920)	(256,100)
Not Designated as Hedging Instrument [Member] | Warrant [Member]
Derivatives, Fair Value [Line Items]
Other non-current assets	1,833	10,328
Derivative [Member]
Derivatives, Fair Value [Line Items]
Prepaid expenses and other	1,890	80
Accrued Liabilities	(18,123)	(21,725)
Derivative [Member] | Designated as Hedging Instrument [Member] | Interest rate swap agreements [Member]
Derivatives, Fair Value [Line Items]
Accrued Liabilities	(184)
Derivative [Member] | Not Designated as Hedging Instrument [Member] | Foreign currency contracts [Member]
Derivatives, Fair Value [Line Items]
Prepaid expenses and other	432	80
Derivative [Member] | Not Designated as Hedging Instrument [Member] | Interest rate swap agreements [Member]
Derivatives, Fair Value [Line Items]
Prepaid expenses and other	113
Accrued Liabilities	(14,891)	(18,348)
Derivative [Member] | Not Designated as Hedging Instrument [Member] | Cross currency swap agreements [Member]
Derivatives, Fair Value [Line Items]
Accrued Liabilities	(3,048)	$ (3,377)
Derivative [Member] | Not Designated as Hedging Instrument [Member] | Time-charter Swap [Member]
Derivatives, Fair Value [Line Items]
Prepaid expenses and other	$ 1,345

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Derivative Instruments and Hedging Activities - Effective Portion of Gains (Losses) on Interest Rate Swap Agreements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative [Line Items]
Effective Portion Reclassified from AOCI	$ 892	$ 591	$ 1,821	$ 953
Interest rate swap agreements [Member]
Derivative [Line Items]
Effective Portion Recognized in AOCI	(5,458)		(14,025)
Effective Portion Reclassified from AOCI	0		0
Ineffective Portion	1,291		(56)
Interest rate swap agreements [Member] | Interest Expense [Member]
Derivative [Line Items]
Effective Portion Recognized in AOCI	(5,458)		(14,025)
Effective Portion Reclassified from AOCI	0		0
Ineffective Portion	$ 1,291		$ (56)

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Derivative Instruments and Hedging Activities - Effect of Gain (Loss) on Derivatives Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Realized (losses) gains relating to:
Derivative instruments not designated as hedging instruments realized (loss) gain net	$ (24,619)	$ (31,437)	$ (60,935)	$ (64,754)
Unrealized gains (losses) relating to:
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	(64,653)	95,189	(135,958)	45,120
Total realized and unrealized gains (losses) on derivative instruments	(89,272)	63,752	(196,893)	(19,634)
Interest rate swap agreements [Member]
Realized (losses) gains relating to:
Derivative instruments not designated as hedging instruments realized (loss) gain net	(22,409)	(27,205)	(45,589)	(55,094)
Unrealized gains (losses) relating to:
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	(62,817)	83,986	(143,871)	40,326
Interest Rate Swaps Terminated [Member]
Realized (losses) gains relating to:
Derivative instruments not designated as hedging instruments realized (loss) gain net	0	0	(8,140)	0
Foreign currency forward contracts [Member]
Realized (losses) gains relating to:
Derivative instruments not designated as hedging instruments realized (loss) gain net	(2,336)	(4,232)	(7,332)	(9,660)
Unrealized gains (losses) relating to:
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	1,093	9,386	15,064	3,057
Warrant [Member]
Unrealized gains (losses) relating to:
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	(4,274)	1,817	(8,496)	1,737
Time charter swap agreement [Member]
Realized (losses) gains relating to:
Derivative instruments not designated as hedging instruments realized (loss) gain net	126	0	126	0
Unrealized gains (losses) relating to:
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	$ 1,345	$ 0	$ 1,345	$ 0

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Derivative Instruments and Hedging Activities - Effect of Gains (Losses) on Cross Currency Swaps (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Realized and Unrealized gains (losses)	$ (15,157)	$ (1,604)	$ (25,671)	$ 15,906
Cross Currency Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized and Unrealized gains (losses)	(25,993)	9,730	10,646	(50,086)
Cross Currency Interest Rate Contract [Member] | Realized losses [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized and Unrealized gains (losses)	(5,000)	(3,771)	(9,939)	(7,934)
Cross Currency Interest Rate Contract [Member] | Unrealized gains (losses) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized and Unrealized gains (losses)	(20,993)	13,501	53,213	(42,152)
Cross Currency Interest Rate Contract Termination [Member] | Realized losses [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized and Unrealized gains (losses)	$ 0	$ 0	$ (32,628)	$ 0

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Income Tax (Expense) Recovery - Components of Provision for Income Tax (Expense) Recovery (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Current	$ (4,082)	$ (2,630)	$ (8,712)	$ (2,828)
Deferred	2,659	1,878	6,213	3,071
Income tax (expense) recovery	$ (1,423)	$ (752)	$ (2,499)	$ 243

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Income Tax (Expense) Recovery - Unrecognized Tax Benefits, Recorded in Other Long-Term Liabilities (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2016 USD ($)
Income Tax Disclosure [Abstract]
Beginning balance	$ 18,390
Decrease for positions taken in prior years	(2,988)
Increase for positions related to the current period	4,874
Decrease related to statute of limitations	(764)
Ending balance	$ 19,512

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Net (Loss) Income Per Share - Schedule of Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Net (loss) income attributable to shareholders of Teekay Corporation	$ (77,809)	$ 65,912	$ (126,592)	$ 56,148
The Company's portion of the Inducement Premium and Exchange Contribution charged to retained earnings by Teekay Offshore (note 10d)	(4,993)	0	(4,993)	0
Net (loss) income attributable to shareholders of Teekay Corporation - basic and diluted	$ (82,802)	$ 65,912	$ (131,585)	$ 56,148
Weighted average number of common shares	72,945,635	72,697,121	72,844,031	72,623,503
Dilutive effect of stock-based compensation	0	780,559	0	755,725
Common stock and common stock equivalents	72,945,635	73,477,680	72,844,031	73,379,228
(Loss) income per common share:
Basic (usd per share)	$ (1.14)	$ 0.91	$ (1.81)	$ 0.77
Diluted (usd per share)	$ (1.14)	$ 0.90	$ (1.81)	$ 0.77

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Net (Loss) Income Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Anti-dilutive effect on calculation of diluted loss per common share attributable to outstanding stock-based awards	3.9	0.4	3.9	0.4

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Subsequent Event (Details) - Subsequent Event [Member] - Teekay LNG [Member] - USD ($) $ in Millions	Aug. 01, 2016	Jul. 19, 2016
Subsequent Event [Line Items]
Operating lease arrangement period, lessor		5 years
Sale leaseback transaction, net proceeds	$ 176