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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Foreign Currency Contracts [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 December 31, 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
 
 
 
 
2020
 
2021
 
 
 
 
$
 
$
Euro
5,820
 
0.86
 
(202)
 
6,750
 
—

(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 December 31, 2019, the Company was committed to the following cross currency swaps:
Notional Amount NOK
 
Notional Amount USD
 
 
 
 
 
 
 
Fair Value / Carrying Amount of Asset / (Liability)
 
Remaining
Term (years)
Floating Rate Receivable
 
 
 
Reference Rate
 
Margin
 
Fixed Rate Payable
 
1,000,000
 
134,000

 
NIBOR
 
3.70
%
 
5.92
%
 
(20,665
)
 
0.4
1,200,000
 
146,500

 
NIBOR
 
6.00
%
 
7.72
%
 
(10,532
)
 
1.8
850,000
 
102,000

 
NIBOR
 
4.60
%
 
7.89
%
 
(10,907
)
 
3.7
 
 
 
 
 
 
 
 
 
 
(42,104
)
 
 
Interest Rate Swap Agreements
As at December 31, 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 obligations 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
 
1,042,106

 
(41,194
)
 
3.4
 
2.8
EURIBOR-Based Debt:
 
 
 
 
 
 
 
 
 
Euro-denominated interest rate swaps
EURIBOR
 
75,089

 
(8,160
)
 
3.7
 
3.8
 
 
 
 
 
(49,354
)
 
 
 
 
(1)
Excludes the margins the Company pays on its variable-rate debt, which, as of December 31, 2019, ranged from 0.3% to 3.95%.
(2)
Includes interest rate swaps with the notional amount reducing quarterly or semi-annually. Three interest rate swaps are subject to mandatory early termination in 2020, 2021 and 2024, at which time the swaps will be settled based on their fair value.
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 and Other (1)
 
Accrued Liabilities and Other (2)
 
Other long-term liabilities
As at December 31, 2019
 
 
 
 
 
 
 
 
 
Derivatives designated as a cash flow hedge:
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
—

 
—

 
(13
)
 
(836
)
 
(3,475
)
Derivatives not designated as a cash flow hedge:

 

 

 

 

Foreign currency contracts
—

 
—

 
—

 
(202
)
 
—

Interest rate swap agreements
932

 
1,916

 
(2,948
)
 
(15,478
)
 
(29,452
)
Cross currency swap agreements
—

 
—

 
(456
)
 
(22,661
)
 
(18,987
)
Forward freight agreements
—

 
—

 
—

 
(86
)
 
—

 
932

 
1,916

 
(3,417
)
 
(39,263
)
 
(51,914
)
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
)
Effective Portion of Gains (Losses) on Interest Rate Swap Agreements
For the periods indicated, the following table presents the effective portion of gains (losses) on consolidated interest rate swap agreements designated and qualifying as cash flow hedges (excluding such agreements in equity-accounted investments):
Year Ended December 31, 2019
Amount of Loss Recognized in OCI (effective portion)
 
Amount of Gain Reclassified from Accumulated OCI to Interest Expense (1)
$
 
$
(7,458
)
 
376

Year Ended December 31, 2018
Amount of Gain Recognized in OCI (effective portion)
 
Amount of Loss Reclassified from Accumulated OCI to Interest Expense (1)
 
Amount of Gain Recognized in Interest Expense (ineffective portion)
$
 
$
 
$
2,128

 
(152
)
 
740

Year Ended December 31, 2017
Amount of Loss Recognized in OCI (effective portion)
 
Amount of Loss Reclassified from Accumulated OCI to Interest Expense (1)
 
Amount of Loss Recognized in Interest Expense (ineffective portion)
$
 
$
 
$
(31
)
 
(1,614
)
 
(746
)
(1)
See Note 1 – adoption of ASU 2017-12
Effect of Gain (Loss) on Derivatives Not Designated as Hedging Instruments
The effect of the (losses) and gains on derivatives not designated as hedging instruments in the consolidated statements of loss are as follows:
 
Year Ended
December 31, 2019
$
 
Year Ended
December 31, 2018
$
 
Year Ended
December 31, 2017
$
Realized (losses) gains relating to:
 
 
 
 
 
Interest rate swap agreements
(8,296
)
 
(13,898
)
 
(53,921
)
Interest rate swap agreement terminations
—

 
(13,681
)
 
(610
)
Foreign currency forward contracts
(147
)
 
—

 
667

Stock purchase warrants
(25,559
)
 
—

 
—

Time charter swap agreement
—

 
—

 
1,106

Forward freight agreements
1,490

 
137

 
270

 
(32,512
)
 
(27,442
)
 
(52,488
)
Unrealized (losses) gains relating to:
 
 
 
 
 
Interest rate swap agreements
(7,878
)
 
33,700

 
17,005

Foreign currency forward contracts
(200
)
 
—

 
3,925

Stock purchase warrants
26,900

 
(21,053
)
 
(6,421
)
Time-charter swap agreement
—

 
—

 
(875
)
Forward Freight Agreements
(29
)
 
(57
)
 
—

 
18,793

 
12,590

 
13,634

Total realized and unrealized losses on derivative instruments
(13,719
)
 
(14,852
)
 
(38,854
)
Effect of Gains (Losses) on Cross Currency Swaps
The effect of the gains (losses) on cross currency swaps on the consolidated statements of loss is as follows:
 
Year Ended December 31,
 
2019
$
 
2018
$
 
2017
$
Realized gains (losses) on maturity and/or partial termination of cross currency swap
—

 
(42,271
)
 
(25,733
)
Realized losses
(5,062
)
 
(6,533
)
 
(18,494
)
Unrealized (losses) gains
(13,239
)
 
21,240

 
82,668

Total realized and unrealized (losses) gains on cross currency swaps
(18,301
)
 
(27,564
)
 
38,441