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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