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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2019
Derivative [Line Items]  
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block]
Foreign Exchange Risk

From time to time the Company economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts.

As at June 30, 2019, the Company was committed to the following foreign currency forward contracts:
 
Contract Amount in Foreign Currency
 
Average
Forward Rate (1)
 
Fair Value / Carrying Amount
Of Asset (Liability)
$
 
 
 
 
 
 
Expected Maturity
 
 
 
 
2019
 
2020
 
 
 
 
$
 
$
Euro
9,240
 
0.86
 
(101)
 
3,952
 
6,750


(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 amounts of the Company’s NOK-denominated bonds due in 2020, 2021 and 2023. In addition, the cross currency swaps economically hedge the interest rate exposure on the NOK bonds due in 2020, 2021 and 2023. The Company has not designated, for accounting purposes, these cross currency swaps as cash flow hedges of its NOK-denominated bonds due in 2020, 2021 and 2023. As at June 30, 2019, 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)
1,000,000
 
134,000

 
NIBOR
 
3.70%
 
5.92%
 
(17,133
)
 
0.9
1,200,000
 
146,500

 
NIBOR
 
6.00%
 
7.72%
 
(5,785
)
 
2.3
850,000
 
102,000

 
NIBOR
 
4.60%
 
7.89%
 
(8,088
)
 
4.2
 
 
 
 
 
 
 
 
 
 
(31,006
)
 
 
Interest Rate Swap Agreements
As at June 30, 2019, 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
 
1,011,178

 
(44,855
)
 
3.6
 
3.0

EURIBOR-Based Debt:
 
 
 
 
 
 
 
 
 
Euro-denominated interest rate swaps
EURIBOR
 
81,059

 
(9,912
)
 
4.2
 
3.8

 
 
 
 
 
(54,767
)
 
 
 
 

(1)
Excludes the margins the Company pays on its variable-rate debt, which, as of June 30, 2019, ranged from 0.3% to 3.95%.
(2)
Includes interest rate swaps with the notional amount reducing quarterly or semi-annually. Two interest rate swaps are subject to mandatory early termination in 2020 and 2021, at which time the swaps will be settled based on their fair value.
Location and Fair Value Amounts of Derivative Instruments
The following tables present the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s unaudited consolidated balance sheets.
 
Prepaid Expenses and Other
 
Other Non-Current Assets
 
Accounts Payable, Accrued
Liabilities and Other
 
Current
Portion of
Derivative
Liabilities
 
Derivative
Liabilities
 
$
 
$
 
$
 
$
 
$
As at June 30, 2019
 
 
 
 
 
 
 
 
 
Derivatives designated as a cash flow hedge:
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
—

 
—

 
3

 
(497
)
 
(3,758
)
Derivatives not designated as a cash flow hedge:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
—

 
—

 
—

 
(101
)
 
—

Interest rate swap agreements
1,168

 
240

 
(2,094
)
 
(8,996
)
 
(40,833
)
Cross currency swap agreements
—

 
—

 
(538
)
 
(18,887
)
 
(11,581
)
Forward freight agreements
61

 
—

 
—

 
—

 


 
1,229

 
240

 
(2,629
)
 
(28,481
)
 
(56,172
)

 
 
Prepaid Expenses and Other
 
Other Non-Current Assets
 
Accounts Payable, Accrued
Liabilities and Other
 
Current
Portion of
Derivative
Liabilities
 
Derivative
Liabilities
 
$
 
$
 
$
 
$
 
$
As at December 31, 2018
 
 
 
 
 
 
 
 
 
Derivatives designated as a cash flow hedge:
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
784

 
2,362

 
20

 
—

 
—

Derivatives not designated as a cash flow hedge:
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
2,915

 
2,973

 
(2,498
)
 
(7,419
)
 
(32,672
)
Cross currency swap agreements
—

 
—

 
(713
)
 
(4,729
)
 
(23,680
)
Stock purchase warrants
—

 
12,026

 
—

 
—

 
—

Forward freight agreements
—

 
—

 
—

 
(57
)
 
—

 
3,699

 
17,361

 
(3,191
)
 
(12,205
)
 
(56,352
)
Schedule of Cash Flow Hedges
For the periods indicated, the following tables present the gains (losses) on interest rate swap agreements designated and qualifying as cash flow hedges (excluding such agreements in equity-accounted investments):
Three Months Ended June 30, 2019
 
Amount
 
Amount
 
Recognized in AOCI (1)
 
Reclassified from AOCI (2)
 
(4,570)
 
157
Interest expense
Three Months Ended June 30, 2018
 
Effective Portion
 
Effective Portion
Ineffective
 
Recognized in AOCI (1)
 
Reclassified from AOCI (2)
Portion (3)
 
1,534
 
2
—
Interest expense
Six Months Ended June 30, 2019
 
Effective Portion
 
Amount
 
Recognized in AOCI (1)
 
Reclassified from AOCI (2)
 
(7,402)
 
408
Interest expense
Six Months Ended June 30, 2018
 
Effective Portion
 
Effective Portion
Ineffective
 
Recognized in AOCI (1)
 
Reclassified from AOCI (2)
Portion (3)
 
5,090
 
(248)
740
Interest expense

(1) Recognized in accumulated other comprehensive loss (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
as follows:

Three Months Ended June 30,
 
Six Months Ended June 30,

2019

2018
 
2019
 
2018

$

$
 
$
 
$
Realized losses relating to:





 
 
 
 
Interest rate swap agreements
(1,785
)

(4,031
)
 
(3,473
)
 
(8,840
)
Stock purchase warrants
(25,559
)
 
—

 
(25,559
)
 
—

Forward freight agreements
(29
)

(18
)
 
(42
)
 
(18
)

(27,373
)

(4,049
)
 
(29,074
)
 
(8,858
)
Unrealized gains (losses) relating to:





 
 
 
 
Interest rate swap agreements
(8,195
)

8,532

 
(14,216
)
 
24,451

Foreign currency forward contracts
(101
)

—

 
(101
)
 
—

Stock purchase warrants
24,584


6,206

 
26,900

 
4,522

Forward freight agreements
121


34

 
104

 
34


16,409


14,772

 
12,687

 
29,007

Total realized and unrealized (losses) gains on derivative instruments
(10,964
)

10,723

 
(16,387
)
 
20,149
Effect of Gains (Losses) on Cross Currency Swaps
as follows:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
$
 
$
 
$
 
$
Realized losses
(1,087
)
 
(1,798
)
 
(2,521
)
 
(3,182
)
Unrealized (losses) gains
(140
)
 
(16,566
)
 
(2,060
)
 
5,768

Total realized and unrealized (losses) gains on cross currency swaps
(1,227
)
 
(18,364
)
 
(4,581
)
 
2,586