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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurement Inputs and Valuation Techniques
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 a fair value on a recurring basis. All amounts exclude all assets and liabilities of the Teekay Gas Business (see Note 23).
December 31, 2021December 31, 2020
Fair Value
Hierarchy
Level 		Carrying
Amount
Asset (Liability)
$		Fair
Value
Asset (Liability)
$		Carrying
Amount
Asset (Liability)
$		Fair
Value
Asset (Liability)
$
Recurring
Cash, cash equivalents and restricted cashLevel 1114,339 114,339 134,664 134,664 
 Derivative instruments (note 15)
Interest rate swap agreements – assets (1)
Level 2550 550 — — 
Interest rate swap agreements – liabilities (1)
Level 2— — (2,405)(2,405)
Foreign currency contractsLevel 2(58)(58)— — 
Freight forward agreementsLevel 2(4)(4)— — 
Non-recurring
Vessels and equipment (note 18)
Level 2— — 59,250 59,250 
Assets held for sale (note 18)
Level 240,854 40,854 31,680 31,680 
Operating lease right-of-use assets (note 18)
Level 2— — 1,799 1,799 
Investment in equity-accounted investment (note 22)
Level 29,174 9,174 — — 
Other
Advances to equity-accounted joint venture – long-term
(2)
3,780 
(2)
5,280 
(2)
Short-term debt (note 7)
Level 2(25,000)(25,000)(10,000)(10,000)
Long-term debt, including current portion – public (note 8)
Level 1(239,807)(240,963)(235,653)(237,700)
Long-term debt, including current portion – non-public (note 8)
Level 2(431,673)(436,892)(347,241)(344,043)
Obligations related to finance leases, including current portion
(note 10)
Level 2(294,481)(306,386)(360,043)(411,740)
(1)The fair value of the Company’s interest rate swap agreements at December 31, 2021 includes $nil (December 31, 2020 – $0.5 million) accrued interest expense which is recorded in accrued liabilities on the consolidated balance sheets.
(2)In the consolidated financial statements, the Company’s advances to and investments in equity-accounted investments form the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. The fair value of the advances to its equity-accounted joint venture was not determinable.