Document

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, 2018

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. 2 to the Report on Form 6-K for the quarter ended June 30, 2018, originally filed with the Securities and Exchange Commission on August 27, 2018 and as previously amended on August 30, 2018 (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 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, 2018, originally filed with the SEC on August 27, 2018 and as previously amended on August 30, 2018, formatted in Extensible Business Reporting Language (XBRL): (i) Unaudited Consolidated Statements of Loss for the three and six months ended June 30, 2018 and 2017; (ii) Unaudited Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2018 and 2017; (iii) Unaudited Consolidated Balance Sheets as at June 30, 2018 and December 31, 2017; (iv) Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017; (v) Unaudited Consolidated Statement of Changes In Total Equity for the six months ended June 30, 2018; 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. 033-97746) 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-3 (FILE NO. 333-212787) FILED WITH THE SEC ON JULY 29, 2016;


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


•	REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-221806) FILED WITH THE SEC ON NOVEMBER 29, 2017.

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 17, 2018	By:	/s/ Vincent Lok
		Vincent Lok Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2018
Document And Entity Information [Abstract]
Document Type	6-K/A
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
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

Unaudited Consolidated Statements of Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Revenues (notes 2, 3 and 4)	$ 405,642	$ 513,923	$ 799,664	$ 1,057,428
Voyage expenses (notes 2 and 3)	(94,912)	(40,640)	(180,789)	(91,437)
Vessel operating expenses (notes 2 and 4)	(162,537)	(207,784)	(320,472)	(399,044)
Time-charter hire expense (note 4)	(20,648)	(30,689)	(40,059)	(69,461)
Depreciation and amortization	(67,960)	(142,741)	(135,271)	(285,771)
General and administrative expenses (note 4)	(23,720)	(29,541)	(47,903)	(60,979)
Write-down and loss on sales of vessels (note 7)	(32,830)	(14,242)	(51,492)	(18,669)
Restructuring charges (note 12)	(1,114)	0	(3,252)	(2,176)
Income from vessel operations	1,921	48,286	20,426	129,891
Interest expense	(59,526)	(74,383)	(114,151)	(144,738)
Interest income	2,095	1,536	3,772	3,017
Realized and unrealized gains (losses) on non-designated derivative instruments (note 14)	10,723	(30,570)	20,149	(37,045)
Equity income (loss)	837	(47,984)	27,954	(37,637)
Foreign exchange gain (loss) (notes 8 and 14)	12,529	(17,342)	12,551	(20,246)
Loss on deconsolidation of Teekay Offshore (note 4)	0	0	(7,070)	0
Other income (loss)	520	(759)	(395)	(464)
Loss before income taxes	(30,901)	(121,216)	(36,764)	(107,222)
Income tax expense (note 15)	(8,746)	(3,527)	(12,863)	(6,546)
Net loss	(39,647)	(124,743)	(49,627)	(113,768)
Less: Net loss (income) attributable to non-controlling interests	11,323	44,591	748	(11,640)
Net loss attributable to the shareholders of Teekay Corporation	$ (28,324)	$ (80,152)	$ (48,879)	$ (125,408)
Earnings Per Share, Basic and Diluted	$ (0.28)	$ (0.93)	$ (0.49)	$ (1.45)
Per common share of Teekay Corporation (note 16)
Cash dividends declared (in usd per share)	$ 0.055	$ 0.055	$ 0.110	$ 0.11
Weighted average number of common shares outstanding (note 16)
Basic and Diluted (in shares)	100,434,512	86,259,207	98,892,574	86,217,567

Unaudited Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net loss	$ (39,647)	$ (124,743)	$ (49,627)	$ (113,768)
Other comprehensive income (loss) before reclassifications
Unrealized gain on marketable securities	0	16	0	700
Unrealized gain (loss) on qualifying cash flow hedging instruments	7,054	(2,795)	9,676	(3,585)
Pension adjustments, net of taxes	181	(57)	376	(112)
Foreign exchange gain on currency translation	426	19	49	411
Amounts reclassified from accumulated other comprehensive income (loss) relating to:
Loss on deconsolidation of Teekay Offshore (note 4)	0	0	7,720	0
Other comprehensive income (loss)	7,138	(1,972)	17,471	(841)
Comprehensive loss	(32,509)	(126,715)	(32,156)	(114,609)
Less: Comprehensive loss (income) attributable to non-controlling interests	6,910	46,069	(5,664)	(10,243)
Comprehensive loss attributable to shareholders of Teekay Corporation	(25,599)	(80,646)	(37,820)	(124,852)
Interest Expense
Amounts reclassified from accumulated other comprehensive income (loss) relating to:
Realized loss on qualifying cash flow hedging instruments to equity income	(2)	706	248	762
Equity Income [Member]
Amounts reclassified from accumulated other comprehensive income (loss) relating to:
Realized loss on qualifying cash flow hedging instruments to equity income	$ (521)	$ 139	$ (598)	$ 983

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current
Cash and cash equivalents (note 8)	$ 454,933	$ 445,452
Restricted cash - current	55,466	38,179
Accounts receivable, including non-trade of $15,856 (2017 – $15,273) and related party balance of $25,227 (2017 – $16,068) (note 2)	171,196	159,859
Assets held for sale (note 7)	29,911	33,671
Net investment in direct financing leases (note 3)	10,453	9,884
Prepaid Expenses and Other	47,336	38,180
Current portion of loans to equity-accounted investees (note 4)	66,161	107,486
Total current assets	835,456	832,711
Restricted cash - non-current	34,627	68,543
Vessels and equipment (note 8)
At cost, less accumulated depreciation of $1,352,513 (2017 – $1,293,447)	3,365,283	3,491,491
Vessels related to capital leases, at cost, less accumulated amortization of $75,059 (2017 – $51,290) (note 6)	1,628,286	1,272,560
Advances on newbuilding contracts (note 10a)	349,169	444,493
Total vessels and equipment	5,342,738	5,208,544
Net investment in direct financing leases - non-current (note 3)	480,294	486,106
Investment in and advances to equity-accounted investments (notes 4 and 10b)	1,299,551	1,276,618
Other non-current assets (note 14)	95,158	83,211
Intangible assets – net	85,394	93,014
Goodwill	43,690	43,690
Total assets	8,216,908	8,092,437
Current
Accounts payable	17,881	24,107
Accrued liabilities and other (notes 10d, 12 and 14)	263,791	296,232
Advances from affiliates (note 4)	64,100	49,100
Current portion of derivative liabilities (note 14)	65,112	80,423
Current portion of long-term debt (note 8)	527,467	800,897
Current obligations related to capital leases	90,828	114,173
Total current liabilities	1,029,179	1,364,932
Long-term debt (note 8)	2,821,866	2,616,808
Long-term obligations related to capital leases	1,261,370	1,046,284
Derivative liabilities (note 14)	38,373	48,388
Other long-term liabilities (note 15)	132,507	136,369
Total liabilities	5,283,295	5,212,781
Commitments and contingencies (notes 6, 8, 10, and 14)
Equity
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 100,434,994 shares outstanding and issued (2017 – 89,127,041)) (note 9)	1,044,752	919,078
Accumulated deficit	(193,751)	(135,892)
Non-controlling interest	2,077,449	2,102,465
Accumulated other comprehensive income (loss)	5,163	(5,995)
Total equity	2,933,613	2,879,656
Total liabilities and equity	$ 8,216,908	$ 8,092,437

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Accounts receivable, non-trade	$ 15,856	$ 15,273
Accounts receivable, related party balance	25,227	16,068
Accumulated depreciation on vessels and equipment	1,352,513	1,293,447
Accumulated amortization on vessels under capital lease	$ 75,059	$ 51,290
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, share authorized (in shares)	725,000,000	725,000,000
Common stock, share outstanding (in shares)	100,434,994	89,127,041
Common stock, share issued (in shares)	100,434,994	89,127,041

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
OPERATING ACTIVITIES
Net loss	$ (49,627)	$ (113,768)
Non-cash items:
Depreciation and amortization	135,271	285,771
Unrealized gain on derivative instruments	(35,515)	(45,128)
Write-down and loss on sales of vessels (note 7)	51,492	18,669
Loss on deconsolidation of Teekay Offshore (note 4)	7,070	0
Equity (income) loss, net of dividends received	(15,207)	65,915
Income tax expense	12,863	6,546
Unrealized foreign exchange loss and other	2,199	63,219
Change in operating assets and liabilities	14,325	16,508
Expenditures for dry docking	(12,437)	(18,639)
Net operating cash flow	110,434	279,093
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt, net of issuance costs	409,793	461,095
Prepayments of long-term debt	(295,914)	(132,920)
Scheduled repayments of long-term debt (note 8)	(171,433)	(451,072)
Proceeds from financings related to sale-leaseback of vessels	243,812	297,230
Repayments of obligations related to capital leases	(28,819)	(20,582)
Net proceeds from equity issuances of subsidiaries	0	8,521
Net proceeds from equity issuances of Teekay Corporation (note 9)	103,657	0
Distributions paid from subsidiaries to non-controlling interests	(33,872)	(63,803)
Cash dividends paid	(11,036)	(9,493)
Other financing activities	(566)	(650)
Net financing cash flow	215,622	88,326
INVESTING ACTIVITIES
Expenditures for vessels and equipment	(315,348)	(365,903)
Proceeds from sale of vessels and equipment	0	59,935
Proceeds from sale of equity-accounted investment	54,438	0
Investment in equity-accounted investments	(27,629)	(31,680)
Advances to joint ventures and joint venture partners	(24,971)	(32,469)
Cash of transferred subsidiaries on sale, net of proceeds received (note 4)	(25,254)	0
Other investing activities	5,560	12,214
Net investing cash flow	(333,204)	(357,903)
(Decrease) increase in cash, cash equivalents and restricted cash	(7,148)	9,516
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning balance	552,174	805,242
Cash, cash equivalents, restricted cash and restricted cash equivalents, ending balance	$ 545,026	$ 814,758

Unaudited Consolidated Statement of Changes in Total Equity - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Total	Common Stock	Common Stock and Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Loss	Non-controlling Interests
Beginning Balance (in shares) at Dec. 31, 2017	89,127,041	89,127,000
Beginning Balance at Dec. 31, 2017	$ 2,879,656		$ 919,078	$ (135,892)	$ (5,995)	$ 2,102,465
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(49,627)			(48,879)		(748)
Other comprehensive income	17,471				11,059	6,412
Dividends, Common Stock, Cash	(44,921)			(11,049)		(33,872)
Employee stock compensation and other (note 9) (in shares)		181,000
Employee stock compensation and other (note 9)	5,918		5,918
Proceeds from equity offerings, net of offering costs (note 9) (in shares)		11,127,000
Proceeds from equity offerings, net of offering costs (note 9)	103,657		103,657
Equity component of convertible notes (note 8)	16,099		16,099
Changes to non-controlling interest from equity contributions and other	$ 5,360			2,069	99	3,192
Ending Balance (in shares) at Jun. 30, 2018	100,434,994	100,435,000
Ending Balance at Jun. 30, 2018	$ 2,933,613		$ 1,044,752	$ (193,751)	$ 5,163	$ 2,077,449

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2018
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 of Teekay’s significant non-wholly owned subsidiaries are consolidated in these financial statements even though Teekay owns less than a 50% ownership interest in the subsidiaries. These significant subsidiaries include the following publicly-traded subsidiaries (collectively, the Public Subsidiaries): Teekay LNG Partners L.P. (or Teekay LNG); Teekay Tankers Ltd. (or Teekay Tankers); and, until September 25, 2017, Teekay Offshore Partners L.P. (or Teekay Offshore) (see Note 4). Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2017, included in the Company’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (or SEC) on April 30, 2018. In the opinion of management, these unaudited interim consolidated financial statements reflect all adjustments, consisting 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 three and six months ended June 30, 2018, are not necessarily indicative of those for a full fiscal year. Significant intercompany balances and transactions have been eliminated upon consolidation. In addition, because the Company has determined that the entities that have financed certain of the Teekay liquefied natural gas (or LNG) carriers or LNG carrier newbuildings through sale-leaseback transactions are variable interest entities (or VIEs) that should be consolidated, the presentation of the sale-leaseback transactions in the consolidated statements of cash flows has been adjusted to reflect these transactions as financing activities instead of investing activities in the current and comparative period. 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.

Accounting Pronouncements

6 Months Ended

Jun. 30, 2018

Accounting Changes and Error Corrections [Abstract]

Accounting Pronouncements

Recent 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 requires 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 includes (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 became effective for the Company as of January 1, 2018 and may be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of such date. The Company has elected to apply ASU 2014-09 only to those contracts that are not completed as of January 1, 2018. The Company has adopted ASU 2014-09 as a cumulative-effect adjustment as of the date of adoption. The Company has identified the following differences on adoption of ASU 2014-09:

•

The Company previously presented the net allocation for its vessels participating in revenue sharing arrangements (or RSAs) as revenues. The Company has determined that it is the principal in voyages its vessels perform that are included in the RSAs. As such, the revenue from those voyages is presented in voyage revenues and the difference between this amount and the Company's net allocation from the RSA is presented as voyage expenses. This had the effect of increasing both revenues and voyage expenses for the three and six months ended June 30, 2018 by $67.5 million and $128.8 million, respectively. There was no cumulative impact to opening equity as at January 1, 2018.

•

The Company manages vessels owned by its equity-accounted investments and third parties. Upon the adoption of ASU 2014-09, costs incurred by the Company for its seafarers will be presented as vessel operating expenses and the reimbursement of such expenses will be presented as revenue, instead of such amounts being presented on a net basis. This had the effect of increasing both revenues and vessel operating expenses for the three and six months ended June 30, 2018 by $19.6 million and $41.1 million, respectively. There was no cumulative impact to opening equity as at January 1, 2018.

•

The Company previously presented all accrued revenue as a component of accounts receivable. The Company has determined that if the right to such consideration is conditioned upon something other than the passage of time, such accrued revenue should be presented apart from accounts receivable. This had the effect of increasing prepaid expenses and other and decreasing accounts receivable by $5.1 million as at June 30, 2018. There was no cumulative impact to opening equity as at January 1, 2018.

•

The Company will sometimes incur pre-operational costs that relate directly to a specific customer contract, that generate or enhance resources of the Company that will be used in satisfying performance obligations in the future, whereby such costs are expected to be recovered via the customer contract. Such costs will be deferred and amortized over the duration of the customer contract. The Company previously expensed such costs as incurred unless the costs were directly reimbursable by the contract or if they were related to the mobilization of offshore assets to an oil field. This change had the effect of increasing prepaid expenses and other by $2.5 million, investments in and advances to equity-accounted joint ventures by $2.1 million and equity by $4.6 million as at June 30, 2018. This change did not have a material effect on the consolidated statement of loss for the three and six months ended June 30, 2018. The cumulative increase to opening equity as at January 1, 2018 was $4.1 million.

•

The Company at times will enter into charter contracts that have annual performance measures that may result in the Company receiving additional consideration each year based on the annual performance measure result for such year. The Company previously recognized such consideration upon completion of the annual performance period. Upon adoption of ASU 2014-09, the portion of such consideration allocable to the non-lease element of charter contracts is included in the determination of the contract consideration and recognized over the annual performance period. This had the effect of decreasing contract liabilities included within accrued liabilities and other by approximately $3.8 million at June 30, 2018 as well as increasing revenues for the three and six months ended June 30, 2018 by approximately $1.8 million and $3.8 million, respectively. There was no cumulative impact to opening equity as at January 1, 2018 as the end of the annual performance period is December 31^st.

In February 2016, 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. For lessees, leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 requires lessors to classify leases as a sales-type, direct financing, or operating lease. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all of the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type leases or direct financing leases are operating leases. ASU 2016-02 is effective January 1, 2019, with early adoption permitted. FASB issued an additional accounting standards update in July 2018 that made further amendments to accounting for leases, including allowing the use of a transition approach whereby a cumulative effect adjustment is made as of the effective date, with no retrospective effect. The Company has elected to use this new optional transitional approach. The Company is currently assessing whether it will adopt ASU 2016-02 during 2018 or on January 1, 2019. To determine the cumulative effect adjustment, the Company will not reassess lease classification, initial direct costs for any existing leases and whether any expired or existing contracts are or contain leases. The cumulative effect adjustment to the Company's consolidated financial statements from the adoption of ASU 2016-02 will vary depending on the period in which the Company chooses to adopt ASU 2016-02. The Company is expecting to disclose in its consolidated financial statements for the third quarter of 2018 the quantitative impact of adopting ASU 2016-02, once the Company has determined the date on which it will adopt the new standard. The Company has identified the following differences based on the work performed to date:

•

The adoption of ASU 2016-02 will result in a change in the accounting method for the Company's office leases and the lease portion of the daily charter hire for the chartered-in vessels by the Company and the Company's equity-accounted joint ventures accounted for as operating leases with firm periods of greater than one year. Under ASU 2016-02, the Company and the Company's equity-accounted joint ventures will recognize a right-of-use asset and a lease liability on the balance sheet for these charters and office leases based on the present value of future minimum lease payments, whereas currently no right-of-use asset or lease liability is recognized. This will have the result of increasing the Company's and its equity-accounted joint ventures' assets and liabilities. The pattern of expense recognition of chartered-in vessels is expected to remain substantially unchanged, unless the right of use asset becomes impaired.

•

The adoption of ASU 2016-02 will require the Company to complete its lease classification assessment when a lease commences instead of when the lease is entered into. The Company has entered into charters in prior periods for certain of its vessels currently under construction and which are expected to deliver over the period from 2018 to 2020. Historically, for charters that were negotiated concurrently with the construction of the related vessels, the fair value of the constructed asset was presumed to be its newbuilding cost and no gain or loss was recognized on commencement of the charter if such charters were classified as direct finance leases. On the adoption of ASU 2016-02, the fair value of the vessel is determined based on information available at the lease commencement date and any difference in the fair value of the ship upon commencement of the charter and its carrying value is recognized as a gain or loss upon commencement of the charter.


•	The adoption of ASU 2016-02 will result in the recognition of revenue from the reimbursement of scheduled dry-dock expenditures, where such charter contract is accounted for as an operating lease, occurring upon completion of the scheduled dry-dock, instead of ratably over the period between the previous scheduled dry-dock and the next scheduled dry-dock.


•	In addition, direct financing lease payments received will be presented as an operating cash inflow instead of an investing cash inflow in the statement of cash flows.

In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for the Company as of January 1, 2020, with a modified-retrospective approach. The Company is currently evaluating the effect of adopting this new guidance.

In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (or ASU 2016-15), which, among other things, provides guidance on two acceptable approaches of classifying distributions received from equity method investees in the consolidated statements of cash flows. ASU 2016-15 became effective for the Company as of January 1, 2018, with a retrospective approach. The Company has elected to classify distributions received from equity method investees in the statement of cash flows based on the nature of the distribution. The adoption of this update did not have a material impact on the Company.

In November 2016, the FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows: Restricted Cash (or ASU 2016-18). ASU 2016-18 requires that the statements of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Entities are also required to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. ASU 2016-18 became effective for the Company as of January 1, 2018. Adoption of ASU 2016-18 resulted in the Company including in its consolidated statements of cash flows changes in cash, cash equivalents and restricted cash.

In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities (or ASU 2017-12). ASU 2017-12 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires, for qualifying hedges, the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also modifies the accounting for components excluded from the assessment of hedge effectiveness, eases documentation and assessment requirements and modifies certain disclosure requirements. ASU 2017-12 will be effective for the Company as of January 1, 2019. The Company is currently evaluating the effect of adopting this new guidance.

Revenues Revenues

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Revenues

The Company’s primary source of revenue is chartering its vessels and offshore units to its customers. The Company utilizes four primary forms of contracts, consisting of time-charter contracts, voyage charter contracts, bareboat charter contracts and contracts for floating production, storage and offloading (or FPSO) units. The Company also generates revenue from the management and operation of vessels owned by third parties and by equity-accounted investees as well as providing corporate management services to such entities.

Time Charters

Pursuant to a time charter, the Company charters a vessel to a customer for a period of time, generally one year or more. The performance obligations within a time-charter contract, which will include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including any bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the customer, as long as the vessel is not off-hire. Hire is typically invoiced monthly in advance for time-charter contracts, based on a fixed daily hire amount. However, certain sources of variability exist. Those include penalties, such as those that relate to periods the vessels are off-hire and where minimum speed and performance metrics are not met. In addition, certain time charters will contain provisions that allow the Company to be compensated for increases in the Company’s costs during the term of the charter. Such provisions may be in the form of annual hire rate adjustments for changes in inflation indices or interest rates or in the form of cost reimbursements for vessel operating expenditures or dry-docking expenditures. Finally, in a small number of charters, the Company may earn profit share consideration, which occurs when actual spot tanker rates earned by the vessel exceed certain thresholds for a period of time. Variable consideration of the Company’s contracts is typically recognized in the period in which the changes in facts and circumstances on which the variable lease payments are based occur as either such revenue is allocated and accounted for under lease accounting requirements or alternatively such consideration is allocated to distinct periods within a contract that such variable consideration was incurred in. The Company does not engage in any specific tactics to minimize vessel residual value risk.

Voyage Charters

Voyage charters are charters for a specific voyage that are usually priced on a current or "spot" market rate and then adjusted for any pool participation based on predetermined criteria. The performance obligations within a voyage charter contract, which will typically include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of the voyage, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the vessel owner. The Company’s voyage charters will normally contain a lease; however, judgment is necessary to determine whether this is the case based upon the decision-making rights the charterer has under the contract. Consideration for such contracts is generally fixed, although certain sources of variability exist. Delays caused by the charterer result in additional consideration. Payment for the voyage is not due until the voyage is completed. The duration of a single voyage will typically be less than three months. The Company does not engage in any specific tactics to minimize vessel residual value risk due to the short-term nature of the contracts.

Bareboat Charters

Pursuant to a bareboat charter, the Company charters a vessel to a customer for a fixed period of time, generally one year or more, at rates that are generally fixed. However, the customer is responsible for operation and maintenance of the vessel with its own crew as well as any expenses that are unique to a particular voyage, including any bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. If the vessel goes off-hire due to a mechanical issue or any other reason, the monthly hire received by the vessel owner is normally not impacted by such events. The performance obligations within a bareboat charter, which will include the lease of the vessel to the charterer, are satisfied over the duration of such contract, as measured using the time that has elapsed from commencement of the lease. Hire is typically invoiced monthly in advance for bareboat charters, based on a fixed daily hire amount.

FPSO Contracts

Pursuant to an FPSO contract, the Company charters an FPSO unit to a customer for a period of time, generally more than one year. The performance obligations within an FPSO contract, which will include the lease of the FPSO unit to the charterer as well as the operation of the FPSO unit, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement of performance. Hire is typically invoiced monthly in arrears, based on a fixed daily hire amount. In certain FPSO contracts, the Company is entitled to a lump sum amount due upon commencement of the contract and may also be entitled to termination fees if the contract is canceled early. While the fixed daily hire amount may be the same over the term of the FPSO contract, the daily hire amount may increase or decrease over the duration of the FPSO contract. As a result of the Company accounting for compensation from such charters on a straight-line basis over the duration of the charter, FPSO contracts where revenue is recognized before the Company is entitled to such amounts under the FPSO contracts will result in the Company recognizing a contract asset and FPSO contracts where revenue is recognized after the Company is entitled to such amounts under the FPSO contracts will result in the Company recognizing deferred revenue.

Certain sources of consideration variability exist within FPSO contracts. Those include penalties, such as those that relate to periods where production on the FPSO unit is interrupted. In addition, certain FPSO contracts may contain provisions that allow the Company to be compensated for increases in the Company’s costs to operate the unit during the term of the contract. Such provisions may be in the form of annual hire rate adjustments for changes in inflation indices or in the form of cost reimbursements for vessel operating expenditures incurred. Finally, the Company may earn additional compensation from monthly production tariffs, which are based on the volume of oil produced, as well as other monthly or annual operational performance measures. Variable consideration of the Company's contracts are typically recognized as incurred as either such revenue is allocated and accounted for under lease accounting requirements or alternatively such consideration is allocated to distinct periods under a contract during which such variable consideration was incurred. The Company does not engage in any specific tactics to minimize residual value risk. Given the uncertainty involved in oil field production estimates and the result impact on oil field life, FPSO contracts typically will include extension options or options to terminate early.

Management Fees and Other

The Company also generates revenue from the management and operation of vessels owned by third parties and by equity-accounted investees as well as providing corporate management services to such entities. Such services may include the arrangement of third party goods and services for the vessel’s owner. The performance obligations within these contracts will typically consist of crewing, technical management, insurance and potentially commercial management. The performance obligations are satisfied concurrently and consecutively rendered over the duration of the management contract, as measured using the time that has elapsed from commencement of performance. Consideration for such contracts will generally consist of a fixed monthly management fee, plus the reimbursement of crewing costs for vessels being managed. Management fees are typically invoiced monthly.

Revenue Table

The following tables contain the Company’s revenue for the three and six months ended June 30, 2018 and 2017, by contract type and by segment. The periods for the three and six months ended June 30, 2018, do not include revenues for Teekay Offshore, as Teekay Offshore was deconsolidated subsequent to the Brookfield Transaction in September 2017 (see Note 4).



	Three Months Ended June 30, 2018
	Teekay LNG Liquefied Gas Carriers	Teekay LNG Conventional Tankers	Teekay Tankers Conventional Tankers	Teekay Parent Offshore Production	Teekay Parent Other	Eliminations and Other		Total


	$	$	$	$	$	$		$
Time charters	96,857	4,316	17,384	—	7,588	(1,439	)	124,706
Voyage charters ⁽¹⁾	6,767	5,719	144,328	—	—	—		156,814
Bareboat charters	5,734	—	—	—	—	—		5,734
FPSO contracts	—	—	—	66,429	—	—		66,429
Management fees and other ⁽²⁾	2,814	108	9,947	—	38,595	495		51,959
	112,172	10,143	171,659	66,429	46,183	(944	)	405,642



	Three Months Ended June 30, 2017
	Teekay LNG Liquefied Gas Carriers	Teekay LNG Conven-tional Tankers	Teekay Tankers Conven-tional Tankers	Teekay Parent Offshore Production	Teekay Parent Conven-tional Tankers	Teekay Parent Other	Teekay Offshore	Eliminations and Other		Total



	$	$	$	$	$	$	$	$		$
Time charters	79,404	10,965	30,091	—	—	9,823	81,558	(8,564	)	203,277
Voyage charters ⁽¹⁾	—	230	30,140	—	—	—	7,838	—		38,208
Bareboat charters	7,405	—	—	—	—	—	21,547	(14,207	)	14,745
FPSO contracts	—	—	—	48,173	—	—	110,247	—		158,420
Net pool revenues ⁽¹⁾	—	—	33,100	—	1,757	—	—	—		34,857
Contracts of affreightment	—	—	—	—	—	—	43,602	—		43,602
Management fees and other	2,622	278	15,458	—	—	5,742	—	(3,286	)	20,814
	89,431	11,473	108,789	48,173	1,757	15,565	264,792	(26,057	)	513,923



	Six Months Ended June 30, 2018
	Teekay LNG Liquefied Gas Carriers	Teekay LNG Conventional Tankers	Teekay Tankers Conventional Tankers	Teekay Parent Offshore Production	Teekay Parent Other	Eliminations and Other		Total



	$	$	$	$	$	$		$
Time charters	190,316	9,714	39,494	—	20,682	(9,418	)	250,788
Voyage charters ⁽¹⁾	10,390	10,470	279,970	—	—	—		300,830
Bareboat charters	11,111	—	—	—	—	—		11,111
FPSO contracts	—	—	—	132,399	—	—		132,399
Management fees and other ⁽²⁾	5,404	216	20,660	—	77,445	811		104,536
	217,221	20,400	340,124	132,399	98,127	(8,607	)	799,664



	Six Months Ended June 30, 2017
	Teekay LNG Liquefied Gas Carriers	Teekay LNG Conven-tional Tankers	Teekay Tankers Conven-tional Tankers	Teekay Parent Offshore Production	Teekay Parent Conven-tional Tankers	Teekay Parent Other	Teekay Offshore	Eliminations and Other		Total



	$	$	$	$	$	$	$	$		$
Time charters	157,918	21,697	60,421	—	—	16,254	154,043	(17,555	)	392,778
Voyage charters ⁽¹⁾	—	1,453	69,484	—	—	—	23,508	—		94,445
Bareboat charters	15,835	—	—	—	—	—	49,015	(24,218	)	40,632
FPSO contracts	—	—	—	92,515	—	—	223,102	—		315,617
Net pool revenues ⁽¹⁾	—	—	80,289	—	3,924	—	—	—		84,213
Contracts of affreightment	—	—	—	—	—	—	91,262	—		91,262
Management fees and other	4,625	556	29,080	—	—	11,168	—	(6,948	)	38,481
	178,378	23,706	239,274	92,515	3,924	27,422	540,930	(48,721	)	1,057,428


(1)	The adoption of ASU 2014-09 had the impact of increasing both voyage charter revenues and voyage expenses for the three and six months ended June 30, 2018 by $67.5 million and $128.8 million, respectively.

(2)

The Company manages vessels owned by its equity-accounted investments and third parties. Following the adoption of ASU 2014-09, costs incurred by the Company for its seafarers are presented as vessel operating expenses and the reimbursement of such expenses will be presented as revenue, instead of such amounts being presented on a net basis. This had the effect of increasing both revenues and vessel operating expenses for the three and six months ended June 30, 2018 by $19.6 million and $41.1 million, respectively.

The following table contains the Company's revenue from contracts that do not contain a lease element and the non-lease element of time-charters accounted for as direct financing leases for the three and six months ended June 30, 2018 and 2017.



	Three Months Ended June 30,		Six Months Ended June 30,
	2018	2017	2018	2017
	$	$	$	$
Non-lease revenue - related to sales type or direct financing leases	4,124	6,333	8,264	15,287
Voyage charters - towage	—	4,229	—	15,127
Management fees and other	51,959	20,814	104,536	38,481
	56,083	31,376	112,800	68,895

Operating Leases

As at June 30, 2018, the minimum scheduled future rentals to be received by the Company in each of the next five years for the lease and non-lease elements related to time-charters, bareboat charters and FPSO contracts that were accounted for as operating leases are approximately $317.9 million (remaining 2018), $520.7 million (2019), $430.6 million (2020), $366.9 million (2021), $338.5 million (2022), and $698.1 million thereafter. The minimum scheduled future 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, 2018, revenue from unexercised option periods of contracts that existed on June 30, 2018, revenue from vessels in the Company’s equity-accounted investments, or variable or contingent revenues. In addition, minimum scheduled future operating lease revenues presented in this paragraph have been reduced by estimated off-hire time for any periodic maintenance. The amounts may vary given unscheduled future events such as vessel maintenance.

The carrying amount of the vessels employed on time-charters, bareboat charters and FPSO contracts that have been accounted for as operating leases at June 30, 2018, was $3.2 billion (2017 - $3.1 billion). At June 30, 2018, the cost and accumulated depreciation of such vessels were $4.1 billion (2017 - $4.1 billion) and $932.0 million (2017 - $1.0 billion), respectively.

Direct Financing Leases

Teekay LNG owns a 69% ownership interest in Teekay BLT Corporation (or the Teekay Tangguh Joint Venture), which is a party to operating leases whereby the Teekay Tangguh Joint Venture 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. The time charters for the two Tangguh LNG carriers are accounted for as direct financing leases. The Tangguh LNG Carriers commenced their time-charters with their charterers in 2009. In addition, in 2013, Teekay LNG acquired two 155,900-cubic meter LNG carriers (or Awilco LNG Carriers) from Norway-based Awilco LNG ASA (or Awilco) and chartered them back to Awilco on five- and four-year fixed-rate bareboat charter contracts (plus a one-year extension option), respectively, with Awilco holding a fixed-price purchase obligation at the end of the charters. The bareboat charters with Awilco were accounted for as direct financing leases. However, in June 2017, Teekay LNG agreed to amend the charter contracts with Awilco to defer a portion of charter hire and extend the bareboat charter contracts and related purchase obligations on both vessels to December 2019. The amendments have the effect of deferring charter hire of between $10,600 per day and $20,600 per day per vessel from July 1, 2017 until December 2019, with such deferred amounts added to the purchase obligation amounts. As a result of the contract amendments, one of the charter contracts with Awilco has been reclassified as an operating lease upon the expiration of its original contract terms in November 2017. The second charter contract with Awilco will be reclassified as an operating lease upon the expiration of its original contract terms in August 2018, and at that time, approximately $131 million will be recorded as part of vessels and equipment. The following table lists the components of the net investments in direct financing leases:



	June 30, 2018		December 31, 2017
	$		$
Total minimum lease payments to be received	543,569		568,710
Estimated unguaranteed residual value of leased properties	194,965		194,965
Initial direct costs and other	344		361
Less unearned revenue	(248,131	)	(268,046	)
Total	490,747		495,990
Less current portion	(10,453	)	(9,884	)
Long-term portion	480,294		486,106

As at June 30, 2018, estimated minimum lease payments to be received by Teekay LNG under the Tangguh LNG Carrier leases are approximately $19.6 million (remainder of 2018) and $39.1 million per year from 2019 through 2022 and $235.7 million thereafter. Both leases are scheduled to end in 2029. In addition, the estimated minimum lease payments to be received by Teekay LNG in the remainder of 2018 related to the second Awilco LNG Carrier lease, until its original contract term expires in August 2018, were approximately $1.0 million.

Contract Costs

In certain cases, the Company incurs pre-operational costs that relate directly to a specific customer contract and that generate or enhance resources of the Company that will be used in satisfying performance obligations in the future, in which case such costs are expected to be recovered via the customer contract. Those costs include costs incurred to mobilize an offshore asset to an oilfield, pre-operational costs incurred to prepare for commencement of operations of an offshore asset or costs incurred to reposition a vessel to a location where a charterer will take delivery of the vessel. In certain cases, the Company must make judgments about whether costs relate directly to a specific customer contract or whether costs were factored into the pricing of a customer contract and thus expected to be recovered. Such deferred costs are amortized on a straight-line basis over the duration of the customer contract. Amortization of such costs for the three and six months ended June 30, 2018 was $0.2 million and $0.4 million, respectively. As at June 30, 2018, repositioning costs of $2.5 million were included as part of other assets in the Company's consolidated balance sheets.

Contract Liabilities

The Company enters into certain customer contracts that result in situations where the customer will pay consideration upfront for performance to be provided in the following month or months. These receipts are contract liabilities and are presented as deferred revenue until performance is provided. As at June 30, 2018 and on transition to ASC 606 on January 1, 2018, there were contract liabilities of $23.3 million and $29.5 million, respectively. During the three and six months ended June 30, 2018, the Company recognized $2.4 million and $28.9 million, respectively, of revenue that was included in the contract liability balance on transition.

Deconsolidation of Teekay Offshore	6 Months Ended
Deconsolidation of Teekay Offshore	Jun. 30, 2018
Business Combinations [Abstract]
Deconsolidation of Teekay Offshore	Deconsolidation of Teekay Offshore On September 25, 2017, Teekay, Teekay Offshore and Brookfield Business Partners L.P. together with its institutional partners (collectively, Brookfield) finalized a strategic partnership (or the Brookfield Transaction) which resulted in the deconsolidation of Teekay Offshore as of that date. This transaction and its impact is described in more detail in Note 3 of the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2017. Subsequent to the closing of the Brookfield Transaction, Teekay currently has significant influence over Teekay Offshore and accounts for its investment in Teekay Offshore using the equity method. As of June 30, 2018 and December 31, 2017, Teekay owned a 13.8% interest in the common units of Teekay Offshore. Teekay Offshore is a related party of Teekay. As at June 30, 2018, Teekay has recorded $56.5 million in advances to Teekay Offshore (December 31, 2017 – $102.8 million) and $50.8 million in advances from Teekay Offshore (December 31, 2017 – $37.2 million) in current portion of loans to equity-accounted investees and advances from affiliates, respectively, on its consolidated balance sheets. In March 2018, Teekay Offshore entered into a loan agreement for a $125.0 million senior unsecured revolving credit facility, of which up to $25.0 million is provided by Teekay and up to $100.0 million is provided by Brookfield. The facility is scheduled to mature in October 2019. The interest payments on the revolving credit facility are based on LIBOR plus a margin of 5.00% per annum until March 31, 2019 and LIBOR plus a margin of 7.00% per annum for balances outstanding after March 31, 2019. Any outstanding principal balances are due on the maturity date. As at June 30, 2018, Teekay had advanced $25.0 million to Teekay Offshore under this facility recorded in investment in and advances to equity-accounted investments in the consolidated balance sheets. Until December 31, 2017, Teekay and its wholly-owned subsidiaries directly and indirectly provided substantially all of Teekay Offshore’s ship management, commercial, technical, strategic, business development and administrative service needs. On January 1, 2018, as part of the Brookfield Transaction, Teekay Offshore acquired a 100% ownership interest in seven subsidiaries (or the Transferred Subsidiaries) of Teekay at carrying value. The Company recognized a loss of $nil and $7.1 million for the three and six months ended June 30, 2018, respectively, related to the sale of the Transferred Subsidiaries and the resultant release of accumulated pension losses from accumulated other comprehensive income, which is recorded in loss on deconsolidation of Teekay Offshore on the Company's consolidated statements of loss. The Transferred Subsidiaries provide ship management, commercial, technical, strategic, business development and administrative services to Teekay Offshore, primarily related to Teekay Offshore's FPSO units, shuttle tankers and floating storage and offtake (or FSO) units. Subsequent to their transfer to Teekay Offshore, the Transferred Subsidiaries continue to provide ship management, commercial, technical, strategic, business development and administrative services to Teekay, primarily related to Teekay's FPSO units. Teekay and certain of its subsidiaries, other than the Transferred Subsidiaries, continue to provide certain other ship management, commercial, technical, strategic and administrative services to Teekay Offshore. Revenues received by the Company for services provided to Teekay Offshore for the three and six months ended June 30, 2018 were $4.5 million and $11.1 million, respectively, which were recorded in revenues on the Company's consolidated statements of loss. Fees paid by the Company to Teekay Offshore for services provided by Teekay Offshore for the three and six months ended June 30, 2018 were $5.4 million and $10.7 million, respectively, which were recorded in vessel operating expenses and general and administrative expenses on the Company's consolidated statements of loss. As at June 30, 2018, two shuttle tankers and three FSO units of Teekay Offshore were employed on long-term time-charter-out or bareboat contracts to subsidiaries of Teekay. Time-charter hire expenses paid by the Company to Teekay Offshore for the three and six months ended June 30, 2018 were $3.5 million and $7.0 million, respectively. No such amounts are included in the comparative periods when Teekay Offshore was consolidated by Teekay.

Segment Reporting

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Segment Reporting

The Company allocates capital and assesses performance from the separate perspectives of its two publicly-traded subsidiaries Teekay LNG and Teekay Tankers (together, the Controlled Daughter Entities), Teekay and its remaining subsidiaries (or Teekay Parent), and its equity-accounted investee, Teekay Offshore (collectively with the Controlled Daughter Entities, the Daughter Entities), as well as from the perspective of the Company's lines of business. The primary focus of the Company’s organizational structure, internal reporting and allocation of resources by the chief operating decision maker is on the Controlled Daughter Entities, Teekay Parent and its equity-accounted investee, Teekay Offshore (the Legal Entity approach), and its segments are presented accordingly on this basis. The Company (which excludes Teekay Offshore) has three primary lines of business: (1) offshore production (FPSO units), (2) LNG and liquefied petroleum gas (or LPG) carriers), and (3) conventional tankers. The Company manages these businesses for the benefit of all stakeholders. The Company incorporates the primary lines of business within its segments, as in certain cases there is more than one line of business in each Controlled Daughter Entity and the Company believes this information allows a better understanding of the Company’s performance and prospects for future net cash flows.

The following table includes the Company’s revenues by segment for the three and six months ended June 30, 2018 and 2017:



	Revenues ⁽¹⁾
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
	$		$		$		$
Teekay LNG
Liquefied Gas Carriers⁽²⁾	112,172		89,431		217,221		178,378
Conventional Tankers	10,143		11,473		20,400		23,706
	122,315		100,904		237,621		202,084

Teekay Tankers
Conventional Tankers	171,659		108,789		340,124		239,274

Teekay Parent
Offshore Production	66,429		48,173		132,399		92,515
Conventional Tankers	—		1,757		—		3,924
Other	46,183		15,565		98,127		27,422
	112,612		65,495		230,526		123,861

Teekay Offshore⁽²⁾⁽³⁾	—		264,792		—		540,930

Eliminations and other	(944	)	(26,057	)	(8,607	)	(48,721	)
	405,642		513,923		799,664		1,057,428


(1)	The comparative periods do not include the impact of the January 1, 2018 adoption of ASU 2014-09 (see Note 2).


(2)	Certain vessels are chartered between the Daughter Entities 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, 2018 and 2017 is as follows:



	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2018	2017	2018	2017
	$	$	$	$
Teekay LNG - Liquefied Gas Carriers	1,439	8,564	9,418	17,555
Teekay Offshore	—	14,207	—	24,218
	1,439	22,771	9,418	41,773

(3) On September 25, 2017, the Company deconsolidated Teekay Offshore (see Note 4).

The following table includes the Company’s income (loss) from vessel operations by segment for the three and six months ended June 30, 2018 and 2017:



	Income (loss) from Vessel Operations⁽¹⁾
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
	$		$		$		$
Teekay LNG
Liquefied Gas Carriers	9,445		40,043		53,990		83,379
Conventional Tankers	1,060		(10,172	)	(18,343	)	(7,430	)
	10,505		29,871		35,647		75,949

Teekay Tankers
Conventional Tankers	(13,415	)	1,587		(21,836	)	12,328

Teekay Parent
Offshore Production	5,541		(18,618	)	12,423		(39,029	)
Conventional Tankers	—		(2,988	)	—		(5,447	)
Other	(710	)	(7,784	)	(5,808	)	(20,586	)
	4,831		(29,390	)	6,615		(65,062	)

Teekay Offshore⁽²⁾	—		46,218		—		106,676

	1,921		48,286		20,426		129,891


(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)	On September 25, 2017, the Company deconsolidated Teekay Offshore (see Note 4).

Commencing on September 25, 2017, the Company accounts for its investment in Teekay Offshore using the equity method, and recognized equity losses of $9.3 million and $8.7 million in respect of Teekay Offshore for the three and six months ended June 30, 2018, respectively.

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



	June 30, 2018		December 31, 2017
	$		$
Teekay LNG - Liquefied Gas Carriers	4,857,355		4,624,321
Teekay LNG - Conventional Tankers	70,782		112,844
Teekay Tankers - Conventional Tankers	2,092,239		2,125,909
Teekay Parent - Offshore Production	343,547		366,229
Teekay Parent - Conventional Tankers	13,043		13,620
Teekay Parent - Other	30,065		26,527
Teekay Offshore	257,896		280,774
Cash and cash equivalents	454,933		445,452
Other assets not allocated	117,321		118,493
Eliminations	(20,273	)	(21,732	)
Consolidated total assets	8,216,908		8,092,437

Vessel Charters

6 Months Ended

Jun. 30, 2018

Leases [Abstract]

Vessel Charters

The minimum estimated charter hire and rental payments for the remainder of the year and the next four fiscal years, as at June 30, 2018, for the Company’s chartered-in vessels were as follows:



Vessel Charters⁽¹⁾	Remainder of 2018	2019	2020	2021	2022
	(in millions of U.S. Dollars)
Charters-in – operating leases	36.0	64.1	57.4	54.4	20.0
Charters-in – related to capital leases⁽²⁾	87.8	119.5	118.8	117.8	117.0
Charters-in – related to capital leases⁽³⁾	8.2	16.2	16.3	16.2	16.2
	132.0	199.8	192.5	188.4	153.2

(1)

Teekay LNG owns a 69% ownership interest in the Teekay Tangguh Joint Venture, which is a party to operating leases whereby the Teekay Tangguh Joint Venture 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, 2017. Under the terms of the leasing arrangement for the Tangguh LNG Carriers, whereby the Teekay Tangguh Joint Venture is the lessee, the lessor claims tax depreciation on its lease of these vessels. As is typical in these types of leasing arrangements, tax and change of law risks are assumed by the lessee. Lease payments under the lease arrangements are based on certain tax and financial assumptions at the commencement of the leases. If an assumption proves to be incorrect, the lessor is entitled to increase the lease payments to maintain its agreed after-tax margin.

The carrying amount of tax indemnification guarantees of Teekay LNG relating to the leasing arrangement through the Teekay Tangguh Joint Venture as at June 30, 2018 was $6.8 million (December 31, 2017 – $7.1 million) and is included as part of other long-term liabilities in Teekay LNG’s consolidated balance sheets. The tax indemnification is for the duration of the lease contracts with the third party plus the years it would take for the lease payments to be statute barred, which will end in 2033 for the vessels. Although there is no maximum potential amount of future payments, the Teekay Tangguh Joint Venture may terminate the lease arrangement on a voluntary basis at any time. If the lease arrangement terminates, the Teekay Tangguh Joint Venture will be required to pay termination sums to the lessor sufficient to repay the lessor’s investment in the vessels and to compensate it for the tax effect of the terminations, including recapture of any tax depreciation.

(2)

As at June 30, 2018, Teekay LNG was a party, as lessee, to capital leases on one Suezmax tanker, the Toledo Spirit. Under this capital lease, the owner has the option to require Teekay LNG to purchase the vessel. The charterer and owner, also has the option to cancel the charter contract and the cancellation option is first exercisable in August 2018. The amounts in the table above assume the owner will not exercise its option to require Teekay LNG to purchase the vessel from the owner, but rather assume the owner will cancel the charter contracts when the cancellation right is first exercisable in August 2018 and sell the vessel to a third party, upon which the remaining lease obligation will be extinguished. Therefore, the table above does not include any amounts after the expected cancellation date of the lease. In May 2018, the charterer of the Toledo Spirit gave formal notification to the Partnership of its intention to terminate its charter contract in August 2018 subject to certain conditions being met and the receipt of certain third-party approvals.

Teekay LNG is also a party to capital leases on seven LNG carriers, the Creole Spirit, the Oak Spirit, the Torben Spirit, the Macoma, the Murex, the Magdala and the Myrina. Upon delivery of these seven LNG carriers between February 2016 and May 2018, Teekay LNG sold these respective vessels to third parties (or the Lessors) and leased them back under 10-year bareboat charter contracts ending in 2026 through to 2028. The bareboat charter contracts are accounted for as obligations related to capital leases and have fixed-price purchase obligations at the end of the lease terms.

As at June 30, 2018, Teekay LNG has a sale-leaseback agreement in place for one of its LNG carrier newbuildings scheduled to deliver during the remainder of 2018, and upon delivery, the Lessor will charter the vessel back to Teekay LNG. As at June 30, 2018, Teekay LNG had received $58 million from the Lessor relating to the one LNG carrier newbuilding that was recorded in current and long-term obligations related to capital leases in Teekay LNG's consolidated balance sheets. Teekay LNG has secured a further $127 million in capital lease financing to be received during the remainder of 2018 upon delivery of the vessel.

Teekay LNG understands that these vessels and lease operations are the only assets and operations of the Lessors. Teekay LNG operates the vessels during the lease term and as a result, is considered to be, under GAAP, each Lessor's primary beneficiary; therefore, Teekay LNG consolidates the Lessors for financial reporting purposes as VIEs.

The liabilities of the Lessors are loans and are non-recourse to Teekay LNG. The amounts funded to the Lessors in order to purchase the vessels materially match the funding to be paid by Teekay LNG's subsidiaries under the sale-leaseback transaction. As a result, the amounts due by Teekay LNG's subsidiaries to the Lessors have been included in obligations related to capital leases as representing the Lessors' loans.

The obligations of Teekay LNG under the bareboat charter contracts are guaranteed by Teekay LNG. In addition, the guarantee agreements require Teekay LNG to maintain minimum levels of tangible net worth and aggregate liquidity, and not to exceed a maximum amount of leverage. As at June 30, 2018, Teekay LNG was in compliance with all covenants in respect of the obligations related to capital leases.

(3) In July 2017, Teekay Tankers completed a $153.0 million sale-leaseback financing transaction with a financial institution relating to four of its Suezmax tankers, the Athens Spirit, the Beijing Spirit, the Moscow Spirit and the Sydney Spirit. Under this arrangement, Teekay Tankers transferred the vessels to subsidiaries of the financial institution (or collectively, the Lessors), and leased the vessels back from the Lessors on bareboat charters for 12-year terms. Teekay Tankers has the option to purchase each of the four vessels at any point between July 2020 and July 2029. Teekay Tankers understands that these vessels and lease operations are the only assets and operations of the Lessors. Teekay Tankers operates the vessels during the lease term, and as a result, is considered to be the Lessors' primary beneficiary and therefore it consolidates the Lessors for financial reporting purposes. The liabilities of the Lessors are loans and are non-recourse to Teekay Tankers. The amounts funded to the Lessors in order to purchase the vessels materially match the funding to be paid by Teekay Tankers' subsidiaries under the lease-back transaction. As a result, the amounts due by Teekay Tankers' subsidiaries to the Lessors have been included in obligations related to capital leases as representing the Lessors' loans. The bareboat charters also require that Teekay Tankers maintain minimum levels of cash and aggregate liquidity.

Write-down and Loss on Sales of Vessels

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Write-down and Loss on Sales of Vessels

The Company's write-downs and sales of vessels generally consist of those vessels approaching the end of their useful lives as well as other vessels it strategically sells to reduce exposure to a certain vessel class.

The following tables show the write-downs and loss on sales of vessels for the three and six months ended June 30, 2018 and 2017:



			Write-Down and Loss on Sales of Vessels
			Three Months Ended June 30,
Segment	Asset Type	Completion of Sale Date	2018 $		2017 $
Teekay LNG Segment - Liquefied Gas Carriers	4 Multi-gas Carriers	⁽¹⁾	(33,000	)	—
Teekay LNG Segment - Conventional Tankers	Suezmax	⁽²⁾	—		(12,600	)
Teekay Tankers Segment - Conventional Tankers	Aframax	Jun-2017	—		(150	)
Teekay Offshore Segment	FSO	⁽³⁾	—		(1,500	)
Other			170		8
Total			(32,830	)	(14,242	)

			Write-Down and Loss on Sales of Vessels
			Six Months Ended June 30,
Segment	Asset Type	Completion of Sale Date	2018 $		2017 $
Teekay LNG Segment - Conventional Tankers	Handymax	⁽⁴⁾	(13,000	)	—
Teekay LNG Segment - Liquefied Gas Carriers	4 Multi-gas Carriers	⁽¹⁾	(33,000	)	—
Teekay LNG Segment - Conventional Tankers	2 Suezmaxes	⁽²⁾	(5,662	)	(12,600	)
Teekay Tankers Segment - Conventional Tankers	Aframax	Jun-2017	—		(2,743	)
Teekay Tankers Segment - Conventional Tankers	Suezmax	Mar-2017	—		(1,469	)
Teekay Offshore Segment	FSO	⁽³⁾	—		(1,500	)
Other			170		(357	)
Total			(51,492	)	(18,669	)

(1)

In June 2018, the carrying value for four of Teekay LNG's seven wholly-owned Multi-gas carriers, the Napa Spirit, Pan Spirit, Cathinka Spirit and Camilla Spirit, were written down to their estimated fair value, using appraised values, as a result of Teekay LNG's evaluation of alternative strategies for these assets, the current charter rate environment and the outlook for charter rates for these vessels.


(2)	Teekay LNG has commenced marketing these vessels for sale and the vessels are classified as held for sale at June 30, 2018.


(3)	During the three and six months ended June 30, 2017, the carrying value of the Falcon Spirit FSO was written down as a result of a decrease in the estimated residual value of the unit.


(4)	In March 2018, the carrying value of the Alexander Spirit conventional tanker was written down to its estimated fair value, using an appraised value, as a result of changes in the Company's expectations of the vessel's future opportunities once its current charter contract ends in 2019.

Long-Term Debt

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Long-Term Debt



	June 30, 2018		December 31, 2017
	$		$
Revolving Credit Facilities	679,141		877,343
Senior Notes (8.5%) due January 15, 2020	585,841		592,657
Convertible Senior Notes (5%) due January 15, 2023	125,000		—
Norwegian Kroner-denominated Bonds due through October 2021	380,491		377,856
U.S. Dollar-denominated Term Loans due through 2031	1,410,348		1,358,798
Euro-denominated Term Loans due through 2023	217,621		232,957
Other U.S. Dollar-denominated loan	—		10,000
Total principal	3,398,442		3,449,611
Less unamortized discount and debt issuance costs	(49,109	)	(31,906	)
Total debt	3,349,333		3,417,705
Less current portion	(527,467	)	(800,897	)
Long-term portion	2,821,866		2,616,808

As of June 30, 2018, the Company had seven revolving credit facilities (or the Revolvers) available, which, as at such date, provided for aggregate borrowings of up to $1.2 billion, of which $0.5 billion was undrawn. Interest payments are based on LIBOR plus margins; the margins ranged between 1.25% and 4.0% at June 30, 2018 and 0.45% and 4.0% at December 31, 2017. The aggregate amount available under the Revolvers is scheduled to decrease by $480.3 million (remainder of 2018), $52.6 million (2019), $53.6 million (2020), $347.3 million (2021) and $261.0 million (thereafter). The Revolvers are collateralized by first-priority mortgages granted on 50 of the Company’s vessels, together with other related security, and include a guarantee from Teekay or its subsidiaries for all but one of the Revolvers' outstanding amounts. Included in other related security are 38.2 million common units in Teekay Offshore, 25.2 million common units in Teekay LNG, and 16.8 million Class A common shares in Teekay Tankers, which secure a $200 million credit facility.

The Company’s 8.5% senior unsecured notes are due January 15, 2020 with an original aggregate principal amount of $450 million (the Original Notes). The Original Notes issued on January 27, 2010 were sold at a price equal to 99.2% of par. During 2014, the Company repurchased $57.3 million of the Original Notes. 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 (collectively referred to as the 8.5% Notes). The Notes were issued under the same indenture governing the Original Notes, and are fungible with the Original Notes. The discount on the 8.5% Notes is accreted through the maturity date of the notes using the effective interest rate of 8.67% per year. During the first quarter of 2018, the Company repurchased $6.8 million of the 8.5% Notes. During July 2018, the Company repurchased $45.8 million in aggregate principal amount of the 8.5% Notes.

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.

On January 26, 2018, Teekay Parent completed a private offering of $125.0 million of aggregate principal amount of 5% Convertible Senior Notes due January 15, 2023 (the Convertible Notes). The Convertible Notes are convertible into Teekay’s common stock, initially at a rate of 85.4701 shares of common stock per $1,000 principal amount of Convertible Notes. This represents an initial effective conversion price of $11.70 per share of common stock. The initial conversion price represents a premium of 20% to the concurrent common stock offering price of $9.75 per share. The conversion rate is subject to customary adjustments for, among other things, payments of dividends by Teekay Parent beyond the current quarterly dividend of $0.055 per share of common stock. On issuance of the Convertible Notes, $104.6 million of the net proceeds was reflected in long-term debt and is being accreted to $125.0 million over its five-year term through interest expense. The remaining amount of the net proceeds of $16.1 million was allocated to the conversion feature and reflected in additional paid-in capital.

Teekay LNG has a total of Norwegian Kroner (or NOK) 3.1 billion in senior unsecured bonds issued in the Norwegian bond market at June 30, 2018 that mature through October 2021. As of June 30, 2018, the total carrying amount of the senior unsecured bonds was $380.5 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 6.00%. The Company entered into cross-currency rate swaps to swap all interest and principal payments of the bonds into U.S. Dollars, with the interest payments fixed at rates ranging from 5.92% to 7.72%, and the transfer of the principal amount fixed at $430.5 million upon maturity in exchange for NOK 3.1 billion (see Note 14).

As of June 30, 2018, the Company had 11 U.S. Dollar-denominated term loans outstanding, which totaled $1.4 billion in aggregate principal amount (December 31, 2017 – $1.4 billion). Interest payments on the term loans are based on LIBOR plus a margin, of which one of the term loans has an additional tranche based on a fixed rate of 5.37%. At June 30, 2018 and December 31, 2017, the margins ranged between 0.30% and 3.25%. 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 nine of the term loans have balloon or bullet repayments due at maturity. The term loans are collateralized by first-priority mortgages on 26 (December 31, 2017 – 22) of the Company’s vessels, together with certain other security. In addition, at June 30, 2018 and December 31, 2017, all of the outstanding term loans were guaranteed by Teekay or its subsidiaries.

Teekay LNG has two Euro-denominated term loans outstanding, which, as at June 30, 2018, totaled 186.2 million Euros ($217.6 million) (December 31, 2017 – 194.1 million Euros ($233.0 million)). Teekay LNG is servicing the loans with funds generated by two Euro-denominated, long-term time-charter contracts. Interest payments on the loans are based on EURIBOR plus a margin. At June 30, 2018 and December 31, 2017, the margins ranged between 0.60% and 2.25%. The Euro-denominated term loans reduce in monthly payments with varying maturities through 2023, are collateralized by first-priority mortgages on two of Teekay LNG'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, obligations related to capital leases and restricted cash, and the change in the valuation of the Company’s cross-currency swaps, the Company recognized a foreign exchange gain (loss) of $12.5 million (2017 – $(17.3) million) and $12.6 million (2017 – $(20.2) million) during the three and six months ended June 30, 2018 and 2017, respectively.

The weighted-average interest rate on the Company’s aggregate long-term debt as at June 30, 2018 was 5.0% (December 31, 2017 – 4.3%). This rate does not include the effect of the Company’s interest rate swap agreements (see Note 14).

Teekay has guaranteed obligations pursuant to certain credit facilities of Teekay Tankers. As at June 30, 2018, the aggregate outstanding balance on such credit facilities was $226.8 million.

The aggregate annual long-term debt principal repayments required to be made by the Company subsequent to June 30, 2018, after giving effect to the debt facility refinancing completed in July 2018 (see Note 18), are $0.4 billion (remainder of 2018), $0.3 billion (2019), $1.1 billion (2020), $0.8 billion (2021), $0.2 billion (2022) and $0.6 billion (thereafter).

The Company’s long-term debt agreements generally provide for maintenance of minimum consolidated financial covenants and seven loan agreements require the maintenance of vessel market value to loan ratios. As at June 30, 2018, these ratios ranged from 126% to 183% compared to their minimum required ratios of 105% to 135%. The vessel values used in these ratios are the appraised values provided by third parties where available, or prepared by the Company based on second-hand sale and purchase market data. Changes in the LNG/LPG carrier and conventional tanker markets could negatively affect the Company's compliance with these ratios.

One of Teekay Tankers’ revolvers is guaranteed by Teekay Parent and contains covenants that require Teekay Parent to maintain the greater of free liquidity (cash and cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $50.0 million and at least 5.0% of Teekay’s total consolidated debt which has recourse to Teekay Parent. Two of Teekay Tankers’ term loans require Teekay Parent and Teekay Tankers in aggregate to maintain the greater of (a) free cash (cash and cash equivalents) of at least $100.0 million for one of the term loans and $50.0 million for the other and (b) an aggregate of free cash and undrawn committed revolving credit lines with at least six months to maturity of at least 7.5% for one of the term loans and 5.0% for the other, of their total debt. In addition, certain loan agreements require Teekay Tankers to maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35.0 million and at least 5.0% of Teekay Tankers' total consolidated debt. Certain loan agreements require Teekay LNG to maintain a minimum level of tangible net worth, and minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35.0 million, and not to exceed a maximum level of financial leverage.

As at June 30, 2018, the Company was in compliance with all covenants under its credit facilities and other long-term debt.

Capital Stock	6 Months Ended
Capital Stock	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Capital Stock	Capital Stock The authorized capital stock of Teekay at June 30, 2018 and December 31, 2017 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, 2018, Teekay had no shares of preferred stock issued. During the six months ended June 30, 2018, Teekay completed a public offering of 10.0 million common shares priced at $9.75 per share, raising net proceeds of approximately $93.0 million, issued 1.1 million shares of common stock as part of a continuous offering program, generating net proceeds of $10.7 million, and issued 0.2 million shares of common stock pursuant to stock options, restricted stock units and restricted stock awards. During the six months ended June 30, 2018 and 2017, the Company granted 1,048,916 and 731,405 stock options with exercise prices of $8.67 and $10.18 per share, respectively, 625,878 and 343,330 restricted stock units with fair values of $5.4 million and $3.5 million, respectively, and 79,869 and 83,739 shares of restricted stock awards with fair values of $0.7 million and $0.9 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 and restricted stock award 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. Upon vesting, the value of the restricted stock units and restricted stock awards are paid to each grantee in the form of shares. The weighted-average grant-date fair value of stock options granted during March 2018 was $4.21 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 64.8%; expected life of 5.5 years; dividend yield of 2.5%; risk-free interest rate of 2.6%; and estimated forfeiture rate of 7.4%. 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 and Equity-Accounted Investments During the six months ended June 30, 2018 and 2017, 293,770 and 56,950 common units of Teekay Offshore, respectively, 17,498 and 17,345 common units of Teekay LNG, respectively, and 168,029 and nil shares of Class A common stock of Teekay Tankers, respectively, with aggregate values of $1.3 million and $0.6 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 2018 and 2017. Teekay Offshore, Teekay LNG and Teekay Tankers grant equity-based compensation awards as incentive-based compensation to certain employees of Teekay Offshore's and Teekay’s subsidiaries that provide services to Teekay Offshore, Teekay LNG and Teekay Tankers. During the six months ended June 30, 2018 and 2017, Teekay Offshore and Teekay LNG granted phantom unit awards and Teekay Tankers granted restricted stock-based compensation awards with respect to 1,424,058 and 321,318 common units of Teekay Offshore, 62,283 and 60,809 common units of Teekay LNG and 762,640 and 382,437 Class A common shares of Teekay Tankers, respectively, with aggregate grant date fair values of $5.8 million and $3.5 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. 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 2018, Teekay Tankers granted 736,327 and 504,097 stock options with an exercise price of $1.22 per share to officers and non-management directors of Teekay Tankers, respectively. During March 2017, Teekay Tankers granted 486,329 and 396,412 stock options with an exercise price of $2.23 per share to officers and non-management directors of Teekay Tankers, respectively. Each stock option has a ten-year term and vests equally over three years from the grant date.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


a)	Vessels Under Construction

As at June 30, 2018, Teekay LNG was committed to the construction of four LNG carriers for a total cost of approximately $0.8 billion, including capitalized interest and other miscellaneous construction costs. Two LNG carriers are scheduled for delivery during the second half of 2018 and two LNG carriers are scheduled for delivery in 2019. As at June 30, 2018, payments made towards these commitments totaled $349.2 million. As at June 30, 2018, the remaining payments required to be made under these newbuilding and conversion capital commitments were $244.1 million (remainder of 2018) and $250.0 million (2019). Teekay LNG has secured $371 million of undrawn financing related to the remaining commitments for three of the four LNG carrier newbuildings.


b)	Equity-Accounted Investments

Teekay LNG’s share of commitments to fund newbuilding and other construction contract costs of its equity-accounted joint ventures as at June 30, 2018 is as follows:



	Total	Remainder of 2018	2019	2020
	$	$	$	$
Equity-accounted joint ventures ⁽ⁱ⁾	763,318	243,990	320,028	199,300

(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, 2018. 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, 2017. As of June 30, 2018, based on Teekay LNG's ownership percentage in each respective joint venture, Teekay LNG's equity-accounted joint ventures have secured $724 million of financing related to the remaining commitments included in the table above.


c)	Liquidity

Management is required to assess if the Company will have sufficient liquidity to continue as a going concern for the one-year period following the issuance of its financial statements. The Company had a consolidated net loss of $49.6 million and consolidated cash flows from operating activities of $110.4 million during the six months ended June 30, 2018, and ended the second quarter of 2018 with a working capital deficit of $193.7 million. This working capital deficit primarily relates to the scheduled debt maturities in the next 12 months and repayments of approximately $527.5 million of outstanding consolidated debt which was classified as current liabilities as at June 30, 2018. In addition to these obligations, the Company also anticipates that Teekay LNG will be required to make payments related to commitments to fund vessels under construction and refinance or repay its debt facilities maturing in the remainder of 2018 and in 2019, and the Company expects that Teekay Tankers' operating cash flows in 2018, on average, will be lower than in 2017 as a result of lower expected average spot tanker rates.

Based on these factors, over the one-year period following the issuance of their consolidated financial statements, the Company’s consolidated subsidiaries, Teekay Tankers and Teekay LNG, will need to obtain additional sources of liquidity, in addition to amounts generated from operations, to meet their minimum liquidity requirements under their financial covenants. These anticipated potential sources of additional liquidity include: refinancing various loan facilities of Teekay LNG and Teekay Tankers; completing proposed sale-leaseback transactions for additional vessels in Teekay Tankers; the completion of a proposed loan to finance working capital for the Teekay Tankers’ RSA management operations in the fourth quarter of 2018; completing new secured debt financings related to vessels under construction and projects for Teekay LNG and Teekay Tankers; and raising capital through equity and/or bond issuances. The success of these initiatives of the Controlled Daughter Entities may impact the liquidity of Teekay Parent as a result of certain guarantees provided by Teekay Parent to Teekay Tankers and through the payment of dividends/distributions by the Controlled Daughter Entities to Teekay Parent.

The Company is actively pursuing the alternatives described above. The Company considers a number of the alternatives probable of completion based on the Company’s history of being able to complete sale-leaseback transactions and equity and bond issuances, refinance similar loan facilities and to obtain new debt financing for its vessels under construction, as well as the progress it has made to-date on the other liquidity initiatives described above. The Company is in various stages of completion on these matters.

Based on the Company’s liquidity at the date these consolidated financial statements were issued, the liquidity the Company expects to generate from operations over the following year, and by incorporating the Company’s plans to raise additional liquidity that it considers probable of completion, the Company expects that it will have sufficient liquidity to continue as a going concern for at least the one-year period following the issuance of these consolidated financial statements.


d)	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.

Teekay Nakilat Capital Lease

Teekay LNG owns a 70% interest in Teekay Nakilat Corporation (or Teekay Nakilat Joint Venture), which wholly-owns a subsidiary which was the lessee under three separate 30-year capital lease arrangements with a third party for three LNG carriers (or the RasGas II LNG Carriers). Under the terms of the leases, 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 in 2006 and subsequently adjusted to maintain the lessor's agreed after-tax margin. On December 22, 2014, the Teekay Nakilat Joint Venture terminated the leasing of the RasGas II LNG Carriers; however, the joint venture remained obligated to the lessor for changes in tax treatment.

The UK taxing authority (or HMRC) has been challenging the use by third parties of similar lease structures in the United Kingdom courts. One of those challenges was eventually decided in favor of HMRC (Lloyds Bank Equipment Leasing No. 1 or LEL1), with the lessor and lessee choosing not to appeal further. The LEL1 tax case concluded that capital allowances are 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 lessors. Under the terms of the Teekay Nakilat Joint Venture lease, the lessor is entitled to make a determination that additional rentals are due, even where a court has not made a determination on whether capital allowances are available or where discussions are otherwise ongoing with HMRC on the matter (such that additional rentals paid may be rebated in due course if the final tax position is not as determined by the lessor). The Teekay Nakilat Joint Venture received initial indications from the lessor in April 2018, which were confirmed on May 10, 2018, that the lessor made a determination that additional rentals are due under the leases. In June 2018, the Teekay Nakilat Joint Venture partially paid the tax indemnification guarantee liability by releasing its $7.0 million deposit it had made with the lessor. As at June 30, 2018, the Teekay Nakilat Joint Venture’s carrying amount of this estimated tax indemnification guarantee liability was $56.0 million or 42.3 million GBP (December 31, 2017 – $62.7 million or 46.4 million GBP). The amount is included as part of accrued liabilities and other in the Company's consolidated balance sheets. The Teekay Nakilat Joint Venture is in discussions with HMRC in relation to the correct tax treatment to be applied to the leases.

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.

Financial Instruments

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

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, 2017.

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, 2018				December 31, 2017
	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 cash	Level 1	545,026		545,026		552,174		552,174
Derivative instruments (note 14)
Interest rate swap agreements – assets⁽¹⁾	Level 2	15,503		15,503		6,081		6,081
Interest rate swap agreements – liabilities⁽¹⁾	Level 2	(56,233	)	(56,233	)	(78,560	)	(78,560	)
Cross-currency interest swap agreements – assets⁽¹⁾	Level 2	6,449		6,449		3,758		3,758
Cross-currency interest swap agreements – liabilities⁽¹⁾	Level 2	(50,975	)	(50,975	)	(54,217	)	(54,217	)
Foreign currency contracts	Level 2	—		—		81		81
Stock purchase warrants	Level 3	35,271		35,271		30,749		30,749
Freight forward agreements	Level 1	18		18		—		—
Non-recurring
Vessels and equipment (note 7)	Level 2	65,209		65,209		—		—
Vessels held for sale (note 7)	Level 2	—		—		16,671		16,671
Other
Loans to equity-accounted investees – Current	(2)	66,161		(2	)	107,486		(2	)
Advances to equity-accounted investees and joint venture partners – Long-term	(2)	166,328		(2	)	146,420		(2	)
Long-term receivable included in accounts receivable and other non-current assets⁽³⁾	Level 3	1,200		1,194		3,476		3,459
Long-term debt – public (note 8)	Level 1	(961,344	)	(992,612	)	(963,563	)	(979,773	)
Long-term debt – non-public (note 8)	Level 2	(2,387,989	)	(2,355,850	)	(2,454,142	)	(2,421,273	)
Obligations related to capital leases, including current portion	Level 2	(1,352,198	)	(1,306,537	)	(1,160,457	)	(1,148,989	)


(1)	The fair value of the Company's interest rate swap and cross-currency swap agreements at June 30, 2018 includes $4.0 million (December 31, 2017 - $5.7 million) accrued interest expense which is recorded in accrued liabilities on the unaudited consolidated balance sheets.


(2)	In the unaudited interim 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. The fair value of the individual components of such aggregate interests is not determinable.

(3)

As at June 30, 2018, the estimated fair value of the non-interest-bearing receivable from Royal Dutch Shell plc (or Shell) is 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, 2018 was $1.2 million (December 31, 2017 – $3.5 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 Shell, the discount rate is based on unsecured debt instruments of similar maturity held by the Company, adjusted for a liquidity premium. A higher or lower discount rate would result in a lower or higher fair value asset.

Stock purchase warrants - As at June 30, 2018, Teekay held 14.5 million common unit warrants issued by Teekay Offshore (or Brookfield Transaction Warrants) (see Note 3 of the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2017), which warrants are among those issued by Teekay Offshore to Brookfield and Teekay as part of the Brookfield Transaction. In July 2018, Brookfield transferred to Teekay an additional 1.0 million Brookfield Transaction Warrants upon Brookfield’s exercise of its option to acquire an additional 2% of ownership interests in Teekay Offshore's general partner from Teekay. The Brookfield Transaction Warrants allow the holders to acquire one common unit of Teekay Offshore for each Brookfield Transaction Warrant for an exercise price of $0.01 per common unit, which warrants become exercisable when Teekay Offshore's common unit volume-weighted average price is equal to or greater than $4.00 per common unit for 10 consecutive trading days until September 25, 2024. The fair value of the Brookfield Transaction Warrants was $33.8 million and $29.4 million on June 30, 2018 and December 31, 2017, respectively.

As of June 30, 2018, in addition to the Brookfield Transaction Warrants, Teekay held a total of 1,755,000 warrants to purchase common units of Teekay Offshore that were issued in connection with Teekay Offshore's private placement of Series D Preferred Units in June 2016 (or the Series D Warrants) with an exercise price of $4.55, which have a seven-year term. The Series D Warrants will be net settled in either cash or common units at Teekay Offshore’s option. The fair value of the Series D Warrants was $1.5 million and $1.3 million on June 30, 2018 and December 31, 2017, respectively.

The estimated fair values of the Brookfield Transaction Warrants and the Series D Warrants were determined using a Black-Scholes pricing model and are based, in part, on the historical price of common units of Teekay Offshore, the risk-free rate, vesting conditions and the historical volatility of Teekay Offshore. The estimated fair values of these Brookfield Transaction Warrants and Series D Warrants as of June 30, 2018 were based on the historical volatility of Teekay Offshore's common units of 58.1% and 55.8%, respectively. A higher or lower volatility would result in a higher or lower fair value of this derivative asset.

During January 2014, the Company received from Tanker Investments Limited (or TIL) stock purchase warrants entitling it to purchase up to 1.5 million shares of common stock of TIL. In May 2017, Teekay Tankers entered into a merger agreement with TIL, and in November 2017, on completion of the merger, TIL became a wholly-owned subsidiary of Teekay Tankers. This transaction and its effects are described in more detail in Note 4a of the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2017. Under the terms of the merger agreement, warrants to purchase or acquire shares of common stock of TIL that had not been exercised as of the effective time of the merger, were canceled. As a result, no value is recorded for this warrant in the Company's balance sheet at June 30, 2018.

Changes in fair value during the three and six months ended June 30, 2018 and 2017 for the Company’s Brookfield Transaction Warrants, Series D Warrants and the TIL stock purchase warrants, as applicable, which are described above and were 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,
	2018	2017		2018	2017
	$	$		$	$
Fair value at the beginning of the period	29,065	332		30,479	575
Unrealized gain (loss) included in earnings	6,206	(332	)	4,792	(575	)
Fair value at the end of the period	35,271	—		35,271	—


b)	Financing Receivables

The following table contains a summary of the Company’s carrying value of 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, 2018	December 31, 2017
Class of Financing Receivable	Credit Quality Indicator	Grade	$	$
Direct financing leases	Payment activity	Performing	490,747	495,990
Other loan receivables
Loans to equity-accounted investees and joint venture partners	Other internal metrics	Performing	232,489	253,906
Long-term receivable and accrued revenue included in accounts receivable and other assets	Payment activity	Performing	14,093	12,175
			737,329	762,071

Restructuring Charges	6 Months Ended
Restructuring Charges	Jun. 30, 2018
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges During the three and six months ended June 30, 2018, the Company recorded restructuring charges of $1.1 million and $3.3 million, respectively. The restructuring charges primarily related to severance costs resulting from reorganization and realignment of resources of certain of the Company's business development, marine solutions and fleet operations functions to better respond to the changing business environment. During the three and six months ended June 30, 2017, the Company recorded restructuring charges of $nil and $2.2 million, respectively. The restructuring charges primarily related to the reorganization and realigning of resources of certain of the Company's strategic development functions to better respond to the changing business environment, and reorganization of the Company's FPSO business to create better alignment with the Company's offshore operations. At June 30, 2018 and December 31, 2017, $0.9 million and $1.3 million, respectively, of restructuring liabilities were recorded in accrued liabilities and other on the consolidated balance sheets.

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

As at June 30, 2018 and December 31, 2017, the Company’s accumulated other comprehensive income (loss) (or AOCI) consisted of the following components:



	June 30,		December 31,
	2018		2017
	$		$
Unrealized gain on qualifying cash flow hedging instruments	4,421		1,409
Pension adjustments, net of tax recoveries	(2,601	)	(10,697	)
Foreign exchange gain on currency translation	3,343		3,293
	5,163		(5,995	)

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

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

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, 2018, the Company was not committed to any foreign currency forward contracts.

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 2018, 2020 and 2021. In addition, the cross-currency swaps economically hedge the interest rate exposure on the NOK bonds due in 2018, 2020 and 2021. The Company has not designated, for accounting purposes, these cross-currency swaps as cash flow hedges of its NOK-denominated bonds due in 2018, 2020 and 2021. As at June 30, 2018, 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
Notional Amount NOK	Notional Amount USD	Reference Rate	Margin	Fixed Rate Payable			Remaining Term (years)
900,000	150,000	NIBOR	4.35%	6.43%	(40,214	)	0.2
1,000,000	134,000	NIBOR	3.70%	5.92%	(10,761	)	1.9
1,200,000	146,500	NIBOR	6.00%	7.72%	6,449		3.3
					(44,526	)

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, 2018, 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	1,256,827	(14,623	)	4.1	2.9
EURIBOR-Based Debt:
Euro-denominated interest rate swaps⁽³⁾	EURIBOR	217,621	(26,107	)	2.5	3.1
			(40,730	)


(1)	Excludes the margins the Company pays on its variable-rate debt, which, as of June 30, 2018, ranged from 0.3% to 4.0%.


(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.

(3)

Principal amount is the U.S. Dollar equivalent of 186.2 million Euros. Principal amount reduces monthly to 70.1 million Euros ($81.9 million) by the maturity dates of the swap agreements. Certain of these Euro-denominated interest rate swaps are subject to mandatory early termination in 2018 whereby the swaps will be settled based on their fair value at that time. Certain of these interest rate swaps were terminated in July 2018.

Stock Purchase Warrants

As at June 30, 2018, Teekay held 14.5 million Brookfield Transaction Warrants (see Notes 4 and 11) with a fair value of $33.8 million on June 30, 2018.

As of June 30, 2018, Teekay held 1,755,000 Series D Warrants of Teekay Offshore (see Notes 4 and 11) with a fair value of $1.5 million on June 30, 2018.

Tabular Disclosure

The following table presents 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	Accrued Liabilities and Other		Current Portion of Derivative Liabilities		Derivative Liabilities
	$	$	$		$		$
As at June 30, 2018
Derivatives designated as a cash flow hedge:
Interest rate swap agreements	515	5,594	—		—		—
Derivatives not designated as a cash flow hedge:
Interest rate swap agreements	3,053	5,869	(3,385	)	(22,812	)	(29,564	)
Cross-currency swap agreements	—	7,212	(645	)	(42,284	)	(8,809	)
Stock purchase warrants	—	35,271	—		—		—
Forward freight agreements	34	—	—		(16	)	—
	3,602	53,946	(4,030	)	(65,112	)	(38,373	)
As at December 31, 2017
Derivatives designated as a cash flow hedge:
Interest rate swap agreements	—	1,037	(18	)	(751	)	(7	)
Derivatives not designated as a cash flow hedge:
Foreign currency contracts	96	—	—		(15	)	—
Interest rate swap agreements	1,124	4,319	(4,836	)	(35,134	)	(38,213	)
Cross-currency swap agreements	—	5,042	(810	)	(44,523	)	(10,168	)
Stock purchase warrants	—	30,749	—		—		—
	1,220	41,147	(5,664	)	(80,423	)	(48,388	)

As at June 30, 2018, the Company had multiple interest rate swaps and cross-currency swaps 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 unaudited consolidated balance sheets. As at June 30, 2018, these derivatives had an aggregate fair value asset amount of $21.4 million and an aggregate fair value liability amount of $73.6 million. As at June 30, 2018, the Company had $17.2 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 unaudited 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 (excluding such agreements in equity-accounted investments):



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
1,534	2	—

Three Months Ended June 30, 2017
Effective Portion	Effective Portion	Ineffective
Recognized in AOCI⁽¹⁾	Reclassified from AOCI⁽²⁾	Portion⁽³⁾
(1,508)	(706)	(821)	Interest expense
(1,508)	(706)	(821)

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
5,090	(248)	740

Six Months Ended June 30, 2017
Effective Portion	Effective Portion	Ineffective
Recognized in AOCI⁽¹⁾	Reclassified from AOCI⁽²⁾	Portion⁽³⁾
(1,562)	(762)	(754)	Interest expense
(1,562)	(762)	(754)

(1) Recognized in accumulated other comprehensive income (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.

Realized and unrealized (losses) and gains from derivative instruments that are not designated for accounting purposes as cash flow hedges are recognized in earnings and reported in realized and unrealized gains (losses) on non-designated derivatives in the unaudited consolidated statements of loss. The effect of the (losses) and gains on derivatives not designated as hedging instruments in the unaudited consolidated statements of loss is as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	$		$		$		$
Realized (losses) gains relating to:
Interest rate swap agreements	(4,031	)	(15,914	)	(8,840	)	(32,470	)
Interest rate swap agreement terminations	—		(1,005	)	—		(610	)
Foreign currency forward contracts	—		(618	)	—		(971	)
Time charter swap agreement	—		360		—		1,106
Forward freight agreements	(18	)	80		(18	)	113
	(4,049	)	(17,097	)	(8,858	)	(32,832	)
Unrealized gains (losses) relating to:
Interest rate swap agreements	8,532		(15,517	)	24,451		(6,394	)
Foreign currency forward contracts	—		2,808		—		3,648
Stock purchase warrants	6,206		(332	)	4,522		(575	)
Time charter swap agreement	—		(402	)	—		(875	)
Forward freight agreements	34		(30	)	34		(17	)
	14,772		(13,473	)	29,007		(4,213	)
Total realized and unrealized gains (losses) on derivative instruments	10,723		(30,570	)	20,149		(37,045	)

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	$		$		$		$
Realized losses on maturity and termination of cross-currency swaps	—		(25,733	)	—		(25,733	)
Realized losses	(1,798	)	(5,394	)	(3,182	)	(12,135	)
Unrealized (losses) gains	(16,566	)	43,017		5,768		50,096
Total realized and unrealized (losses) gains on cross-currency swaps	(18,364	)	11,890		2,586		12,228

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.

Income Tax Expense

6 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Income Tax Expense

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	$		$		$		$
Current	(8,410	)	(4,283	)	(11,221	)	(5,945	)
Deferred	(336	)	756		(1,642	)	(601	)
Income tax expense	(8,746	)	(3,527	)	(12,863	)	(6,546	)

The following reflects the changes in the Company’s potential tax on freight income, recorded in other long-term liabilities, from January 1, 2018 to June 30, 2018:



	$
Balance of unrecognized tax benefits as at January 1, 2018	31,061
Increase for positions related to the current period	2,047
Changes for positions taken in prior periods	2,337
Decrease related to statute of limitations	(312	)
Balance of unrecognized tax benefits as at June 30, 2018	35,133

The majority of the net increase for positions for the six months ended June 30, 2018 relates to potential tax on freight income.

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

Net Loss Per Share

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Net Loss Per Share



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	$		$		$		$
Net loss attributable to the shareholders of Teekay Corporation - basic and diluted	(28,324	)	(80,152	)	(48,879	)	(125,408	)
Weighted average number of common shares	100,434,512		86,259,207		98,892,574		86,217,567
Common stock and common stock equivalents	100,434,512		86,259,207		98,892,574		86,217,567
Loss per common share - basic and diluted	(0.28	)	(0.93	)	(0.49	)	(1.45	)

The Company intends to settle the principal of the Convertible Notes in cash on conversion and calculates diluted earnings per share using the treasury-stock method. Stock-based awards and the conversion feature on the Convertible Notes that 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, 2018, options to acquire 3.9 million shares of Teekay Common Stock had an anti-dilutive effect on the calculation of diluted income per common share (three and six months ended June 30, 2017 - 4.0 million). In periods where a loss attributable to shareholders of Teekay has been incurred, all stock-based awards and the conversion feature on the Convertible Notes are anti-dilutive.

Supplementary Cash Flow Information

6 Months Ended

Jun. 30, 2018

Supplemental Cash Flow Elements [Abstract]

Supplementary Cash Flow Information

Supplemental Cash Flow Information

Total cash, cash equivalents and restricted cash are as follows:



	June 30, 2018	December 31, 2017	June 30, 2017	December 31, 2016
	$	$	$	$
Cash and cash equivalents	454,933	445,452	600,881	567,994
Restricted cash – current	55,466	38,179	108,535	107,672
Restricted cash – non-current	34,627	68,543	105,342	129,576
	545,026	552,174	814,758	805,242

The Company maintains restricted cash deposits relating to certain term loans, leasing arrangements, project tenders, and collateral for cross-currency swaps (see note 14).

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events a)On July 6, 2018, Teekay LNG refinanced an outstanding debt facility of $107 million Euro ($125 million) maturing in 2018 and secured by the Madrid Spirit LNG carrier, with a new $100 million Euro ($117 million) debt facility maturing in 2024. b)On July 17, 2018, Teekay LNG took delivery of an LNG carrier newbuilding, the Megara, which concurrently commenced its eight-year charter contract with Shell. Upon delivery of the vessel, Teekay LNG sold and leased back the vessel under a sale-leaseback financing transaction, which includes a purchase obligation at the end of the ten-year bareboat charter contract. c)On July 31, 2018, Teekay LNG's 50%-owned Exmar LPG Joint Venture took delivery of its ninth LPG carrier newbuilding, the Wepion. In addition, the Exmar LPG Joint Venture completed a three-year, $35 million financing for the Wepion in July 2018. d)On August 22, 2018, Teekay LNG priced NOK 850 million (approximately $100 million) in new senior unsecured bonds that mature in August 2023 in the Norwegian bond market. The bond offering is scheduled to close on August 29, 2018.

Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2018

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 of Teekay’s significant non-wholly owned subsidiaries are consolidated in these financial statements even though Teekay owns less than a 50% ownership interest in the subsidiaries. These significant subsidiaries include the following publicly-traded subsidiaries (collectively, the Public Subsidiaries): Teekay LNG Partners L.P. (or Teekay LNG); Teekay Tankers Ltd. (or Teekay Tankers); and, until September 25, 2017, Teekay Offshore Partners L.P. (or Teekay Offshore) (see Note 4).

Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2017, included in the Company’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (or SEC) on April 30, 2018. In the opinion of management, these unaudited interim consolidated financial statements reflect all adjustments, consisting 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 three and six months ended June 30, 2018, are not necessarily indicative of those for a full fiscal year. Significant intercompany balances and transactions have been eliminated upon consolidation. In addition, because the Company has determined that the entities that have financed certain of the Teekay liquefied natural gas (or LNG) carriers or LNG carrier newbuildings through sale-leaseback transactions are variable interest entities (or VIEs) that should be consolidated, the presentation of the sale-leaseback transactions in the consolidated statements of cash flows has been adjusted to reflect these transactions as financing activities instead of investing activities in the current and comparative period.

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.

Accounting Pronouncements

•


•	The adoption of ASU 2016-02 will result in the recognition of revenue from the reimbursement of scheduled dry-dock expenditures, where such charter contract is accounted for as an operating lease, occurring upon completion of the scheduled dry-dock, instead of ratably over the period between the previous scheduled dry-dock and the next scheduled dry-dock.


•	In addition, direct financing lease payments received will be presented as an operating cash inflow instead of an investing cash inflow in the statement of cash flows.

Revenues (Tables)

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The periods for the three and six months ended June 30, 2018, do not include revenues for Teekay Offshore, as Teekay Offshore was deconsolidated subsequent to the Brookfield Transaction in September 2017 (see Note 4).



	Three Months Ended June 30, 2018
	Teekay LNG Liquefied Gas Carriers	Teekay LNG Conventional Tankers	Teekay Tankers Conventional Tankers	Teekay Parent Offshore Production	Teekay Parent Other	Eliminations and Other		Total


	$	$	$	$	$	$		$
Time charters	96,857	4,316	17,384	—	7,588	(1,439	)	124,706
Voyage charters ⁽¹⁾	6,767	5,719	144,328	—	—	—		156,814
Bareboat charters	5,734	—	—	—	—	—		5,734
FPSO contracts	—	—	—	66,429	—	—		66,429
Management fees and other ⁽²⁾	2,814	108	9,947	—	38,595	495		51,959
	112,172	10,143	171,659	66,429	46,183	(944	)	405,642



	Three Months Ended June 30, 2017
	Teekay LNG Liquefied Gas Carriers	Teekay LNG Conven-tional Tankers	Teekay Tankers Conven-tional Tankers	Teekay Parent Offshore Production	Teekay Parent Conven-tional Tankers	Teekay Parent Other	Teekay Offshore	Eliminations and Other		Total



	$	$	$	$	$	$	$	$		$
Time charters	79,404	10,965	30,091	—	—	9,823	81,558	(8,564	)	203,277
Voyage charters ⁽¹⁾	—	230	30,140	—	—	—	7,838	—		38,208
Bareboat charters	7,405	—	—	—	—	—	21,547	(14,207	)	14,745
FPSO contracts	—	—	—	48,173	—	—	110,247	—		158,420
Net pool revenues ⁽¹⁾	—	—	33,100	—	1,757	—	—	—		34,857
Contracts of affreightment	—	—	—	—	—	—	43,602	—		43,602
Management fees and other	2,622	278	15,458	—	—	5,742	—	(3,286	)	20,814
	89,431	11,473	108,789	48,173	1,757	15,565	264,792	(26,057	)	513,923



	Six Months Ended June 30, 2018
	Teekay LNG Liquefied Gas Carriers	Teekay LNG Conventional Tankers	Teekay Tankers Conventional Tankers	Teekay Parent Offshore Production	Teekay Parent Other	Eliminations and Other		Total



	$	$	$	$	$	$		$
Time charters	190,316	9,714	39,494	—	20,682	(9,418	)	250,788
Voyage charters ⁽¹⁾	10,390	10,470	279,970	—	—	—		300,830
Bareboat charters	11,111	—	—	—	—	—		11,111
FPSO contracts	—	—	—	132,399	—	—		132,399
Management fees and other ⁽²⁾	5,404	216	20,660	—	77,445	811		104,536
	217,221	20,400	340,124	132,399	98,127	(8,607	)	799,664



	Six Months Ended June 30, 2017
	Teekay LNG Liquefied Gas Carriers	Teekay LNG Conven-tional Tankers	Teekay Tankers Conven-tional Tankers	Teekay Parent Offshore Production	Teekay Parent Conven-tional Tankers	Teekay Parent Other	Teekay Offshore	Eliminations and Other		Total



	$	$	$	$	$	$	$	$		$
Time charters	157,918	21,697	60,421	—	—	16,254	154,043	(17,555	)	392,778
Voyage charters ⁽¹⁾	—	1,453	69,484	—	—	—	23,508	—		94,445
Bareboat charters	15,835	—	—	—	—	—	49,015	(24,218	)	40,632
FPSO contracts	—	—	—	92,515	—	—	223,102	—		315,617
Net pool revenues ⁽¹⁾	—	—	80,289	—	3,924	—	—	—		84,213
Contracts of affreightment	—	—	—	—	—	—	91,262	—		91,262
Management fees and other	4,625	556	29,080	—	—	11,168	—	(6,948	)	38,481
	178,378	23,706	239,274	92,515	3,924	27,422	540,930	(48,721	)	1,057,428


(1)	The adoption of ASU 2014-09 had the impact of increasing both voyage charter revenues and voyage expenses for the three and six months ended June 30, 2018 by $67.5 million and $128.8 million, respectively.

(2)



	Three Months Ended June 30,		Six Months Ended June 30,
	2018	2017	2018	2017
	$	$	$	$
Non-lease revenue - related to sales type or direct financing leases	4,124	6,333	8,264	15,287
Voyage charters - towage	—	4,229	—	15,127
Management fees and other	51,959	20,814	104,536	38,481
	56,083	31,376	112,800	68,895

The following table includes the Company’s revenues by segment for the three and six months ended June 30, 2018 and 2017:



	Revenues ⁽¹⁾
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
	$		$		$		$
Teekay LNG
Liquefied Gas Carriers⁽²⁾	112,172		89,431		217,221		178,378
Conventional Tankers	10,143		11,473		20,400		23,706
	122,315		100,904		237,621		202,084

Teekay Tankers
Conventional Tankers	171,659		108,789		340,124		239,274

Teekay Parent
Offshore Production	66,429		48,173		132,399		92,515
Conventional Tankers	—		1,757		—		3,924
Other	46,183		15,565		98,127		27,422
	112,612		65,495		230,526		123,861

Teekay Offshore⁽²⁾⁽³⁾	—		264,792		—		540,930

Eliminations and other	(944	)	(26,057	)	(8,607	)	(48,721	)
	405,642		513,923		799,664		1,057,428


(1)	The comparative periods do not include the impact of the January 1, 2018 adoption of ASU 2014-09 (see Note 2).


(2)	Certain vessels are chartered between the Daughter Entities 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, 2018 and 2017 is as follows:



	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2018	2017	2018	2017
	$	$	$	$
Teekay LNG - Liquefied Gas Carriers	1,439	8,564	9,418	17,555
Teekay Offshore	—	14,207	—	24,218
	1,439	22,771	9,418	41,773

(3) On September 25, 2017, the Company deconsolidated Teekay Offshore (see Note 4).

Schedule of Capital Leased Assets

The following table lists the components of the net investments in direct financing leases:



	June 30, 2018		December 31, 2017
	$		$
Total minimum lease payments to be received	543,569		568,710
Estimated unguaranteed residual value of leased properties	194,965		194,965
Initial direct costs and other	344		361
Less unearned revenue	(248,131	)	(268,046	)
Total	490,747		495,990
Less current portion	(10,453	)	(9,884	)
Long-term portion	480,294		486,106

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Disaggregation of Revenue



	Three Months Ended June 30, 2018
	Teekay LNG Liquefied Gas Carriers	Teekay LNG Conventional Tankers	Teekay Tankers Conventional Tankers	Teekay Parent Offshore Production	Teekay Parent Other	Eliminations and Other		Total


	$	$	$	$	$	$		$
Time charters	96,857	4,316	17,384	—	7,588	(1,439	)	124,706
Voyage charters ⁽¹⁾	6,767	5,719	144,328	—	—	—		156,814
Bareboat charters	5,734	—	—	—	—	—		5,734
FPSO contracts	—	—	—	66,429	—	—		66,429
Management fees and other ⁽²⁾	2,814	108	9,947	—	38,595	495		51,959
	112,172	10,143	171,659	66,429	46,183	(944	)	405,642



	Three Months Ended June 30, 2017
	Teekay LNG Liquefied Gas Carriers	Teekay LNG Conven-tional Tankers	Teekay Tankers Conven-tional Tankers	Teekay Parent Offshore Production	Teekay Parent Conven-tional Tankers	Teekay Parent Other	Teekay Offshore	Eliminations and Other		Total



	$	$	$	$	$	$	$	$		$
Time charters	79,404	10,965	30,091	—	—	9,823	81,558	(8,564	)	203,277
Voyage charters ⁽¹⁾	—	230	30,140	—	—	—	7,838	—		38,208
Bareboat charters	7,405	—	—	—	—	—	21,547	(14,207	)	14,745
FPSO contracts	—	—	—	48,173	—	—	110,247	—		158,420
Net pool revenues ⁽¹⁾	—	—	33,100	—	1,757	—	—	—		34,857
Contracts of affreightment	—	—	—	—	—	—	43,602	—		43,602
Management fees and other	2,622	278	15,458	—	—	5,742	—	(3,286	)	20,814
	89,431	11,473	108,789	48,173	1,757	15,565	264,792	(26,057	)	513,923



	Six Months Ended June 30, 2018
	Teekay LNG Liquefied Gas Carriers	Teekay LNG Conventional Tankers	Teekay Tankers Conventional Tankers	Teekay Parent Offshore Production	Teekay Parent Other	Eliminations and Other		Total



	$	$	$	$	$	$		$
Time charters	190,316	9,714	39,494	—	20,682	(9,418	)	250,788
Voyage charters ⁽¹⁾	10,390	10,470	279,970	—	—	—		300,830
Bareboat charters	11,111	—	—	—	—	—		11,111
FPSO contracts	—	—	—	132,399	—	—		132,399
Management fees and other ⁽²⁾	5,404	216	20,660	—	77,445	811		104,536
	217,221	20,400	340,124	132,399	98,127	(8,607	)	799,664



	Six Months Ended June 30, 2017
	Teekay LNG Liquefied Gas Carriers	Teekay LNG Conven-tional Tankers	Teekay Tankers Conven-tional Tankers	Teekay Parent Offshore Production	Teekay Parent Conven-tional Tankers	Teekay Parent Other	Teekay Offshore	Eliminations and Other		Total



	$	$	$	$	$	$	$	$		$
Time charters	157,918	21,697	60,421	—	—	16,254	154,043	(17,555	)	392,778
Voyage charters ⁽¹⁾	—	1,453	69,484	—	—	—	23,508	—		94,445
Bareboat charters	15,835	—	—	—	—	—	49,015	(24,218	)	40,632
FPSO contracts	—	—	—	92,515	—	—	223,102	—		315,617
Net pool revenues ⁽¹⁾	—	—	80,289	—	3,924	—	—	—		84,213
Contracts of affreightment	—	—	—	—	—	—	91,262	—		91,262
Management fees and other	4,625	556	29,080	—	—	11,168	—	(6,948	)	38,481
	178,378	23,706	239,274	92,515	3,924	27,422	540,930	(48,721	)	1,057,428


(1)	The adoption of ASU 2014-09 had the impact of increasing both voyage charter revenues and voyage expenses for the three and six months ended June 30, 2018 by $67.5 million and $128.8 million, respectively.

(2)



	Three Months Ended June 30,		Six Months Ended June 30,
	2018	2017	2018	2017
	$	$	$	$
Non-lease revenue - related to sales type or direct financing leases	4,124	6,333	8,264	15,287
Voyage charters - towage	—	4,229	—	15,127
Management fees and other	51,959	20,814	104,536	38,481
	56,083	31,376	112,800	68,895

The following table includes the Company’s revenues by segment for the three and six months ended June 30, 2018 and 2017:



	Revenues ⁽¹⁾
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
	$		$		$		$
Teekay LNG
Liquefied Gas Carriers⁽²⁾	112,172		89,431		217,221		178,378
Conventional Tankers	10,143		11,473		20,400		23,706
	122,315		100,904		237,621		202,084

Teekay Tankers
Conventional Tankers	171,659		108,789		340,124		239,274

Teekay Parent
Offshore Production	66,429		48,173		132,399		92,515
Conventional Tankers	—		1,757		—		3,924
Other	46,183		15,565		98,127		27,422
	112,612		65,495		230,526		123,861

Teekay Offshore⁽²⁾⁽³⁾	—		264,792		—		540,930

Eliminations and other	(944	)	(26,057	)	(8,607	)	(48,721	)
	405,642		513,923		799,664		1,057,428


(1)	The comparative periods do not include the impact of the January 1, 2018 adoption of ASU 2014-09 (see Note 2).


(2)	Certain vessels are chartered between the Daughter Entities 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, 2018 and 2017 is as follows:



	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2018	2017	2018	2017
	$	$	$	$
Teekay LNG - Liquefied Gas Carriers	1,439	8,564	9,418	17,555
Teekay Offshore	—	14,207	—	24,218
	1,439	22,771	9,418	41,773

(3) On September 25, 2017, the Company deconsolidated Teekay Offshore (see Note 4).

Revenue and Income from Vessel Operations by Segment

The following table includes the Company’s income (loss) from vessel operations by segment for the three and six months ended June 30, 2018 and 2017:



	Income (loss) from Vessel Operations⁽¹⁾
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
	$		$		$		$
Teekay LNG
Liquefied Gas Carriers	9,445		40,043		53,990		83,379
Conventional Tankers	1,060		(10,172	)	(18,343	)	(7,430	)
	10,505		29,871		35,647		75,949

Teekay Tankers
Conventional Tankers	(13,415	)	1,587		(21,836	)	12,328

Teekay Parent
Offshore Production	5,541		(18,618	)	12,423		(39,029	)
Conventional Tankers	—		(2,988	)	—		(5,447	)
Other	(710	)	(7,784	)	(5,808	)	(20,586	)
	4,831		(29,390	)	6,615		(65,062	)

Teekay Offshore⁽²⁾	—		46,218		—		106,676

	1,921		48,286		20,426		129,891


(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)	On September 25, 2017, the Company deconsolidated Teekay Offshore (see Note 4).

Reconciliation of Total Segment Assets

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



	June 30, 2018		December 31, 2017
	$		$
Teekay LNG - Liquefied Gas Carriers	4,857,355		4,624,321
Teekay LNG - Conventional Tankers	70,782		112,844
Teekay Tankers - Conventional Tankers	2,092,239		2,125,909
Teekay Parent - Offshore Production	343,547		366,229
Teekay Parent - Conventional Tankers	13,043		13,620
Teekay Parent - Other	30,065		26,527
Teekay Offshore	257,896		280,774
Cash and cash equivalents	454,933		445,452
Other assets not allocated	117,321		118,493
Eliminations	(20,273	)	(21,732	)
Consolidated total assets	8,216,908		8,092,437

Vessel Charters (Tables)

6 Months Ended

Jun. 30, 2018

Leases [Abstract]

Minimum Estimated Charter Hire Payments

The minimum estimated charter hire and rental payments for the remainder of the year and the next four fiscal years, as at June 30, 2018, for the Company’s chartered-in vessels were as follows:



Vessel Charters⁽¹⁾	Remainder of 2018	2019	2020	2021	2022
	(in millions of U.S. Dollars)
Charters-in – operating leases	36.0	64.1	57.4	54.4	20.0
Charters-in – related to capital leases⁽²⁾	87.8	119.5	118.8	117.8	117.0
Charters-in – related to capital leases⁽³⁾	8.2	16.2	16.3	16.2	16.2
	132.0	199.8	192.5	188.4	153.2

(1)

(2)

Write-down and Loss on Sales of Vessels (Tables)

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Schedule of Loss on Sale of Vessels, Equipment and Other Operating Assets

The following tables show the write-downs and loss on sales of vessels for the three and six months ended June 30, 2018 and 2017:



			Write-Down and Loss on Sales of Vessels
			Three Months Ended June 30,
Segment	Asset Type	Completion of Sale Date	2018 $		2017 $
Teekay LNG Segment - Liquefied Gas Carriers	4 Multi-gas Carriers	⁽¹⁾	(33,000	)	—
Teekay LNG Segment - Conventional Tankers	Suezmax	⁽²⁾	—		(12,600	)
Teekay Tankers Segment - Conventional Tankers	Aframax	Jun-2017	—		(150	)
Teekay Offshore Segment	FSO	⁽³⁾	—		(1,500	)
Other			170		8
Total			(32,830	)	(14,242	)

			Write-Down and Loss on Sales of Vessels
			Six Months Ended June 30,
Segment	Asset Type	Completion of Sale Date	2018 $		2017 $
Teekay LNG Segment - Conventional Tankers	Handymax	⁽⁴⁾	(13,000	)	—
Teekay LNG Segment - Liquefied Gas Carriers	4 Multi-gas Carriers	⁽¹⁾	(33,000	)	—
Teekay LNG Segment - Conventional Tankers	2 Suezmaxes	⁽²⁾	(5,662	)	(12,600	)
Teekay Tankers Segment - Conventional Tankers	Aframax	Jun-2017	—		(2,743	)
Teekay Tankers Segment - Conventional Tankers	Suezmax	Mar-2017	—		(1,469	)
Teekay Offshore Segment	FSO	⁽³⁾	—		(1,500	)
Other			170		(357	)
Total			(51,492	)	(18,669	)

(1)


(2)	Teekay LNG has commenced marketing these vessels for sale and the vessels are classified as held for sale at June 30, 2018.


(3)	During the three and six months ended June 30, 2017, the carrying value of the Falcon Spirit FSO was written down as a result of a decrease in the estimated residual value of the unit.


(4)	In March 2018, the carrying value of the Alexander Spirit conventional tanker was written down to its estimated fair value, using an appraised value, as a result of changes in the Company's expectations of the vessel's future opportunities once its current charter contract ends in 2019.

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Long-Term Debt



	June 30, 2018		December 31, 2017
	$		$
Revolving Credit Facilities	679,141		877,343
Senior Notes (8.5%) due January 15, 2020	585,841		592,657
Convertible Senior Notes (5%) due January 15, 2023	125,000		—
Norwegian Kroner-denominated Bonds due through October 2021	380,491		377,856
U.S. Dollar-denominated Term Loans due through 2031	1,410,348		1,358,798
Euro-denominated Term Loans due through 2023	217,621		232,957
Other U.S. Dollar-denominated loan	—		10,000
Total principal	3,398,442		3,449,611
Less unamortized discount and debt issuance costs	(49,109	)	(31,906	)
Total debt	3,349,333		3,417,705
Less current portion	(527,467	)	(800,897	)
Long-term portion	2,821,866		2,616,808

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of Joint Ventures

Teekay LNG’s share of commitments to fund newbuilding and other construction contract costs of its equity-accounted joint ventures as at June 30, 2018 is as follows:



	Total	Remainder of 2018	2019	2020
	$	$	$	$
Equity-accounted joint ventures ⁽ⁱ⁾	763,318	243,990	320,028	199,300

(i)

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments and Other Non-Financial Assets



		June 30, 2018				December 31, 2017
	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 cash	Level 1	545,026		545,026		552,174		552,174
Derivative instruments (note 14)
Interest rate swap agreements – assets⁽¹⁾	Level 2	15,503		15,503		6,081		6,081
Interest rate swap agreements – liabilities⁽¹⁾	Level 2	(56,233	)	(56,233	)	(78,560	)	(78,560	)
Cross-currency interest swap agreements – assets⁽¹⁾	Level 2	6,449		6,449		3,758		3,758
Cross-currency interest swap agreements – liabilities⁽¹⁾	Level 2	(50,975	)	(50,975	)	(54,217	)	(54,217	)
Foreign currency contracts	Level 2	—		—		81		81
Stock purchase warrants	Level 3	35,271		35,271		30,749		30,749
Freight forward agreements	Level 1	18		18		—		—
Non-recurring
Vessels and equipment (note 7)	Level 2	65,209		65,209		—		—
Vessels held for sale (note 7)	Level 2	—		—		16,671		16,671
Other
Loans to equity-accounted investees – Current	(2)	66,161		(2	)	107,486		(2	)
Advances to equity-accounted investees and joint venture partners – Long-term	(2)	166,328		(2	)	146,420		(2	)
Long-term receivable included in accounts receivable and other non-current assets⁽³⁾	Level 3	1,200		1,194		3,476		3,459
Long-term debt – public (note 8)	Level 1	(961,344	)	(992,612	)	(963,563	)	(979,773	)
Long-term debt – non-public (note 8)	Level 2	(2,387,989	)	(2,355,850	)	(2,454,142	)	(2,421,273	)
Obligations related to capital leases, including current portion	Level 2	(1,352,198	)	(1,306,537	)	(1,160,457	)	(1,148,989	)


(1)	The fair value of the Company's interest rate swap and cross-currency swap agreements at June 30, 2018 includes $4.0 million (December 31, 2017 - $5.7 million) accrued interest expense which is recorded in accrued liabilities on the unaudited consolidated balance sheets.


(2)	In the unaudited interim 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. The fair value of the individual components of such aggregate interests is not determinable.

(3)

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



	Three Months Ended June 30,			Six Months Ended June 30,
	2018	2017		2018	2017
	$	$		$	$
Fair value at the beginning of the period	29,065	332		30,479	575
Unrealized gain (loss) included in earnings	6,206	(332	)	4,792	(575	)
Fair value at the end of the period	35,271	—		35,271	—

Summary of Financing Receivables



Class of Financing Receivable	Credit Quality Indicator	Grade	June 30, 2018	December 31, 2017
Class of Financing Receivable	Credit Quality Indicator	Grade	$	$
Direct financing leases	Payment activity	Performing	490,747	495,990
Other loan receivables
Loans to equity-accounted investees and joint venture partners	Other internal metrics	Performing	232,489	253,906
Long-term receivable and accrued revenue included in accounts receivable and other assets	Payment activity	Performing	14,093	12,175
			737,329	762,071

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

As at June 30, 2018 and December 31, 2017, the Company’s accumulated other comprehensive income (loss) (or AOCI) consisted of the following components:



	June 30,		December 31,
	2018		2017
	$		$
Unrealized gain on qualifying cash flow hedging instruments	4,421		1,409
Pension adjustments, net of tax recoveries	(2,601	)	(10,697	)
Foreign exchange gain on currency translation	3,343		3,293
	5,163		(5,995	)

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commitment of Cross Currency Swaps

As at June 30, 2018, 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
Notional Amount NOK	Notional Amount USD	Reference Rate	Margin	Fixed Rate Payable			Remaining Term (years)
900,000	150,000	NIBOR	4.35%	6.43%	(40,214	)	0.2
1,000,000	134,000	NIBOR	3.70%	5.92%	(10,761	)	1.9
1,200,000	146,500	NIBOR	6.00%	7.72%	6,449		3.3
					(44,526	)

Interest Rate Swap Agreements



	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	1,256,827	(14,623	)	4.1	2.9
EURIBOR-Based Debt:
Euro-denominated interest rate swaps⁽³⁾	EURIBOR	217,621	(26,107	)	2.5	3.1
			(40,730	)


(1)	Excludes the margins the Company pays on its variable-rate debt, which, as of June 30, 2018, ranged from 0.3% to 4.0%.


(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.

(3)

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 unaudited consolidated balance sheets.



	Prepaid Expenses and Other	Other Non-Current Assets	Accrued Liabilities and Other		Current Portion of Derivative Liabilities		Derivative Liabilities
	$	$	$		$		$
As at June 30, 2018
Derivatives designated as a cash flow hedge:
Interest rate swap agreements	515	5,594	—		—		—
Derivatives not designated as a cash flow hedge:
Interest rate swap agreements	3,053	5,869	(3,385	)	(22,812	)	(29,564	)
Cross-currency swap agreements	—	7,212	(645	)	(42,284	)	(8,809	)
Stock purchase warrants	—	35,271	—		—		—
Forward freight agreements	34	—	—		(16	)	—
	3,602	53,946	(4,030	)	(65,112	)	(38,373	)
As at December 31, 2017
Derivatives designated as a cash flow hedge:
Interest rate swap agreements	—	1,037	(18	)	(751	)	(7	)
Derivatives not designated as a cash flow hedge:
Foreign currency contracts	96	—	—		(15	)	—
Interest rate swap agreements	1,124	4,319	(4,836	)	(35,134	)	(38,213	)
Cross-currency swap agreements	—	5,042	(810	)	(44,523	)	(10,168	)
Stock purchase warrants	—	30,749	—		—		—
	1,220	41,147	(5,664	)	(80,423	)	(48,388	)

Schedule of Cash Flow Hedges



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
1,534	2	—

Three Months Ended June 30, 2017
Effective Portion	Effective Portion	Ineffective
Recognized in AOCI⁽¹⁾	Reclassified from AOCI⁽²⁾	Portion⁽³⁾
(1,508)	(706)	(821)	Interest expense
(1,508)	(706)	(821)

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
5,090	(248)	740

Six Months Ended June 30, 2017
Effective Portion	Effective Portion	Ineffective
Recognized in AOCI⁽¹⁾	Reclassified from AOCI⁽²⁾	Portion⁽³⁾
(1,562)	(762)	(754)	Interest expense
(1,562)	(762)	(754)

(1) Recognized in accumulated other comprehensive income (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

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	$		$		$		$
Realized (losses) gains relating to:
Interest rate swap agreements	(4,031	)	(15,914	)	(8,840	)	(32,470	)
Interest rate swap agreement terminations	—		(1,005	)	—		(610	)
Foreign currency forward contracts	—		(618	)	—		(971	)
Time charter swap agreement	—		360		—		1,106
Forward freight agreements	(18	)	80		(18	)	113
	(4,049	)	(17,097	)	(8,858	)	(32,832	)
Unrealized gains (losses) relating to:
Interest rate swap agreements	8,532		(15,517	)	24,451		(6,394	)
Foreign currency forward contracts	—		2,808		—		3,648
Stock purchase warrants	6,206		(332	)	4,522		(575	)
Time charter swap agreement	—		(402	)	—		(875	)
Forward freight agreements	34		(30	)	34		(17	)
	14,772		(13,473	)	29,007		(4,213	)
Total realized and unrealized gains (losses) on derivative instruments	10,723		(30,570	)	20,149		(37,045	)

Effect of Gains (Losses) on Cross Currency Swaps

The effect of the gains and losses on cross-currency swaps on the consolidated statements of loss is as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	$		$		$		$
Realized losses on maturity and termination of cross-currency swaps	—		(25,733	)	—		(25,733	)
Realized losses	(1,798	)	(5,394	)	(3,182	)	(12,135	)
Unrealized (losses) gains	(16,566	)	43,017		5,768		50,096
Total realized and unrealized (losses) gains on cross-currency swaps	(18,364	)	11,890		2,586		12,228

Income Tax Expense (Tables)

6 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Components of Provision for Income Tax (Expense) Recovery

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	$		$		$		$
Current	(8,410	)	(4,283	)	(11,221	)	(5,945	)
Deferred	(336	)	756		(1,642	)	(601	)
Income tax expense	(8,746	)	(3,527	)	(12,863	)	(6,546	)

Unrecognized Tax Benefits, Recorded in Other Long-Term Liabilities

The following reflects the changes in the Company’s potential tax on freight income, recorded in other long-term liabilities, from January 1, 2018 to June 30, 2018:



	$
Balance of unrecognized tax benefits as at January 1, 2018	31,061
Increase for positions related to the current period	2,047
Changes for positions taken in prior periods	2,337
Decrease related to statute of limitations	(312	)
Balance of unrecognized tax benefits as at June 30, 2018	35,133

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Schedule of Net (Loss) Income Per Share



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	$		$		$		$
Net loss attributable to the shareholders of Teekay Corporation - basic and diluted	(28,324	)	(80,152	)	(48,879	)	(125,408	)
Weighted average number of common shares	100,434,512		86,259,207		98,892,574		86,217,567
Common stock and common stock equivalents	100,434,512		86,259,207		98,892,574		86,217,567
Loss per common share - basic and diluted	(0.28	)	(0.93	)	(0.49	)	(1.45	)

Supplementary Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2018

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Total cash, cash equivalents and restricted cash are as follows:



	June 30, 2018	December 31, 2017	June 30, 2017	December 31, 2016
	$	$	$	$
Cash and cash equivalents	454,933	445,452	600,881	567,994
Restricted cash – current	55,466	38,179	108,535	107,672
Restricted cash – non-current	34,627	68,543	105,342	129,576
	545,026	552,174	814,758	805,242

Basis of Presentation (Details)	Jun. 30, 2018
Subsidiaries
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage	50.00%

Accounting Pronouncements (Details) - Accounting Standards Update 2014-09 - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jan. 01, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principle in period of adoption			$ 0.0
Increase in Prepaid Expenses and Accrued Revenue	$ 5.1	$ 5.1
Increase in revenue from contract with customer	19.6	41.1
Revenue Sharing Arrangements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in cost of services	67.5	128.8
Cumulative effect of new accounting principle in period of adoption			0.0
Increase in revenue from contract with customer	67.5	128.8
Non-lease
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principle in period of adoption			0.0
Decrease in contract with customer, liability		3.8
Increase in revenue from contract with customer	1.8	3.8
Pre-operational costs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principle in period of adoption	4.6	4.6	$ 4.1
Increase in Prepaid Expenses and Accrued Revenue	2.5	2.5
Increase in investments in and advance to joint ventures	2.1	2.1
Teekay Tankers
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in direct operating costs	19.6	41.1
Increase in revenue from contract with customer	$ 19.6	$ 41.1

Revenues Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenues Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Revenues	$ 405,642	$ 513,923	$ 799,664	$ 1,057,428
Time charters
Disaggregation of Revenue [Line Items]
Revenues	124,706	203,277	250,788	392,778
Voyage charters
Disaggregation of Revenue [Line Items]
Revenues	156,814	38,208	300,830	94,445
Bareboat charters
Disaggregation of Revenue [Line Items]
Revenues	5,734	14,745	11,111	40,632
FPSO contracts
Disaggregation of Revenue [Line Items]
Revenues	66,429	158,420	132,399	315,617
Net pool revenues
Disaggregation of Revenue [Line Items]
Revenues		34,857		84,213
Contracts of affreightment
Disaggregation of Revenue [Line Items]
Revenues		43,602		91,262
Management fees and other
Disaggregation of Revenue [Line Items]
Revenues	51,959	20,814	104,536	38,481
Non-lease revenue
Disaggregation of Revenue [Line Items]
Revenues	4,124	6,333	8,264	15,287
Voyage charters - towage
Disaggregation of Revenue [Line Items]
Revenues	0	4,229	0	15,127
Non-lease
Disaggregation of Revenue [Line Items]
Revenues	56,083	31,376	112,800	68,895
Operating Segments \| Teekay LNG
Disaggregation of Revenue [Line Items]
Revenues	122,315	100,904	237,621	202,084
Operating Segments \| Teekay LNG \| Liquefied Gas Carriers
Disaggregation of Revenue [Line Items]
Revenues	112,172	89,431	217,221	178,378
Operating Segments \| Teekay LNG \| Liquefied Gas Carriers \| Time charters
Disaggregation of Revenue [Line Items]
Revenues	96,857	79,404	190,316	157,918
Operating Segments \| Teekay LNG \| Liquefied Gas Carriers \| Voyage charters
Disaggregation of Revenue [Line Items]
Revenues	6,767	0	10,390	0
Operating Segments \| Teekay LNG \| Liquefied Gas Carriers \| Bareboat charters
Disaggregation of Revenue [Line Items]
Revenues	5,734	7,405	11,111	15,835
Operating Segments \| Teekay LNG \| Liquefied Gas Carriers \| FPSO contracts
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Teekay LNG \| Liquefied Gas Carriers \| Net pool revenues
Disaggregation of Revenue [Line Items]
Revenues		0		0
Operating Segments \| Teekay LNG \| Liquefied Gas Carriers \| Contracts of affreightment
Disaggregation of Revenue [Line Items]
Revenues		0		0
Operating Segments \| Teekay LNG \| Liquefied Gas Carriers \| Management fees and other
Disaggregation of Revenue [Line Items]
Revenues	2,814	2,622	5,404	4,625
Operating Segments \| Teekay LNG \| Conventional Tankers
Disaggregation of Revenue [Line Items]
Revenues	10,143	11,473	20,400	23,706
Operating Segments \| Teekay LNG \| Conventional Tankers \| Time charters
Disaggregation of Revenue [Line Items]
Revenues	4,316	10,965	9,714	21,697
Operating Segments \| Teekay LNG \| Conventional Tankers \| Voyage charters
Disaggregation of Revenue [Line Items]
Revenues	5,719	230	10,470	1,453
Operating Segments \| Teekay LNG \| Conventional Tankers \| Bareboat charters
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Teekay LNG \| Conventional Tankers \| FPSO contracts
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Teekay LNG \| Conventional Tankers \| Net pool revenues
Disaggregation of Revenue [Line Items]
Revenues		0		0
Operating Segments \| Teekay LNG \| Conventional Tankers \| Contracts of affreightment
Disaggregation of Revenue [Line Items]
Revenues		0		0
Operating Segments \| Teekay LNG \| Conventional Tankers \| Management fees and other
Disaggregation of Revenue [Line Items]
Revenues	108	278	216	556
Operating Segments \| Teekay Tankers \| Conventional Tankers
Disaggregation of Revenue [Line Items]
Revenues	171,659	108,789	340,124	239,274
Operating Segments \| Teekay Tankers \| Conventional Tankers \| Time charters
Disaggregation of Revenue [Line Items]
Revenues	17,384	30,091	39,494	60,421
Operating Segments \| Teekay Tankers \| Conventional Tankers \| Voyage charters
Disaggregation of Revenue [Line Items]
Revenues	144,328	30,140	279,970	69,484
Operating Segments \| Teekay Tankers \| Conventional Tankers \| Bareboat charters
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Teekay Tankers \| Conventional Tankers \| FPSO contracts
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Teekay Tankers \| Conventional Tankers \| Net pool revenues
Disaggregation of Revenue [Line Items]
Revenues		33,100		80,289
Operating Segments \| Teekay Tankers \| Conventional Tankers \| Contracts of affreightment
Disaggregation of Revenue [Line Items]
Revenues		0		0
Operating Segments \| Teekay Tankers \| Conventional Tankers \| Management fees and other
Disaggregation of Revenue [Line Items]
Revenues	9,947	15,458	20,660	29,080
Operating Segments \| Teekay Parent
Disaggregation of Revenue [Line Items]
Revenues	112,612	65,495	230,526	123,861
Operating Segments \| Teekay Parent \| Conventional Tankers
Disaggregation of Revenue [Line Items]
Revenues	0	1,757	0	3,924
Operating Segments \| Teekay Parent \| Conventional Tankers \| Time charters
Disaggregation of Revenue [Line Items]
Revenues		0		0
Operating Segments \| Teekay Parent \| Conventional Tankers \| Voyage charters
Disaggregation of Revenue [Line Items]
Revenues		0		0
Operating Segments \| Teekay Parent \| Conventional Tankers \| Bareboat charters
Disaggregation of Revenue [Line Items]
Revenues		0		0
Operating Segments \| Teekay Parent \| Conventional Tankers \| FPSO contracts
Disaggregation of Revenue [Line Items]
Revenues		0		0
Operating Segments \| Teekay Parent \| Conventional Tankers \| Net pool revenues
Disaggregation of Revenue [Line Items]
Revenues		1,757		3,924
Operating Segments \| Teekay Parent \| Conventional Tankers \| Contracts of affreightment
Disaggregation of Revenue [Line Items]
Revenues		0		0
Operating Segments \| Teekay Parent \| Conventional Tankers \| Management fees and other
Disaggregation of Revenue [Line Items]
Revenues		0		0
Operating Segments \| Teekay Parent \| Offshore Production
Disaggregation of Revenue [Line Items]
Revenues	66,429	48,173	132,399	92,515
Operating Segments \| Teekay Parent \| Offshore Production \| Time charters
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Teekay Parent \| Offshore Production \| Voyage charters
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Teekay Parent \| Offshore Production \| Bareboat charters
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Teekay Parent \| Offshore Production \| FPSO contracts
Disaggregation of Revenue [Line Items]
Revenues	66,429	48,173	132,399	92,515
Operating Segments \| Teekay Parent \| Offshore Production \| Net pool revenues
Disaggregation of Revenue [Line Items]
Revenues		0		0
Operating Segments \| Teekay Parent \| Offshore Production \| Contracts of affreightment
Disaggregation of Revenue [Line Items]
Revenues		0		0
Operating Segments \| Teekay Parent \| Offshore Production \| Management fees and other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Teekay Parent \| Teekay Parent, Other
Disaggregation of Revenue [Line Items]
Revenues	46,183	15,565	98,127	27,422
Operating Segments \| Teekay Parent \| Teekay Parent, Other \| Time charters
Disaggregation of Revenue [Line Items]
Revenues	7,588	9,823	20,682	16,254
Operating Segments \| Teekay Parent \| Teekay Parent, Other \| Voyage charters
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Teekay Parent \| Teekay Parent, Other \| Bareboat charters
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Teekay Parent \| Teekay Parent, Other \| FPSO contracts
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Teekay Parent \| Teekay Parent, Other \| Net pool revenues
Disaggregation of Revenue [Line Items]
Revenues		0		0
Operating Segments \| Teekay Parent \| Teekay Parent, Other \| Contracts of affreightment
Disaggregation of Revenue [Line Items]
Revenues		0		0
Operating Segments \| Teekay Parent \| Teekay Parent, Other \| Management fees and other
Disaggregation of Revenue [Line Items]
Revenues	38,595	5,742	77,445	11,168
Operating Segments \| Teekay Offshore \| Teekay Offshore
Disaggregation of Revenue [Line Items]
Revenues	0	264,792	0	540,930
Operating Segments \| Teekay Offshore \| Teekay Offshore \| Time charters
Disaggregation of Revenue [Line Items]
Revenues		81,558		154,043
Operating Segments \| Teekay Offshore \| Teekay Offshore \| Voyage charters
Disaggregation of Revenue [Line Items]
Revenues		7,838		23,508
Operating Segments \| Teekay Offshore \| Teekay Offshore \| Bareboat charters
Disaggregation of Revenue [Line Items]
Revenues		21,547		49,015
Operating Segments \| Teekay Offshore \| Teekay Offshore \| FPSO contracts
Disaggregation of Revenue [Line Items]
Revenues		110,247		223,102
Operating Segments \| Teekay Offshore \| Teekay Offshore \| Net pool revenues
Disaggregation of Revenue [Line Items]
Revenues		0		0
Operating Segments \| Teekay Offshore \| Teekay Offshore \| Contracts of affreightment
Disaggregation of Revenue [Line Items]
Revenues		43,602		91,262
Operating Segments \| Teekay Offshore \| Teekay Offshore \| Management fees and other
Disaggregation of Revenue [Line Items]
Revenues		0		0
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(944)	(26,057)	(8,607)	(48,721)
Intersegment Eliminations \| Time charters
Disaggregation of Revenue [Line Items]
Revenues	(1,439)	(8,564)	(9,418)	(17,555)
Intersegment Eliminations \| Voyage charters
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Intersegment Eliminations \| Bareboat charters
Disaggregation of Revenue [Line Items]
Revenues	0	(14,207)	0	(24,218)
Intersegment Eliminations \| FPSO contracts
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Intersegment Eliminations \| Net pool revenues
Disaggregation of Revenue [Line Items]
Revenues		0		0
Intersegment Eliminations \| Contracts of affreightment
Disaggregation of Revenue [Line Items]
Revenues		0		0
Intersegment Eliminations \| Management fees and other
Disaggregation of Revenue [Line Items]
Revenues	495	(3,286)	811	(6,948)
Intersegment Eliminations \| Teekay LNG \| Liquefied Gas Carriers
Disaggregation of Revenue [Line Items]
Revenues	1,439	8,564	9,418	17,555
Intersegment Eliminations \| Teekay Offshore \| Teekay Offshore
Disaggregation of Revenue [Line Items]
Revenues	0	$ 14,207	0	$ 24,218
Accounting Standards Update 2014-09
Disaggregation of Revenue [Line Items]
Increase in revenue from contract with customer	19,600		41,100
Accounting Standards Update 2014-09 \| Non-lease
Disaggregation of Revenue [Line Items]
Increase in revenue from contract with customer	1,800		3,800
Accounting Standards Update 2014-09 \| Teekay Tankers
Disaggregation of Revenue [Line Items]
Increase in direct operating costs	19,600		41,100
Increase in revenue from contract with customer	19,600		41,100
Revenue Sharing Arrangements \| Accounting Standards Update 2014-09
Disaggregation of Revenue [Line Items]
Decrease (increase) in cost of services	67,500		128,800
Increase in revenue from contract with customer	$ 67,500		$ 128,800

Revenues Operating Leases (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Property Subject to or Available for Operating Lease [Line Items]
Payments remaining in 2018	$ 317.9
Payments in 2019	520.7
Payments in 2020	430.6
Payments in 2021	366.9
Payments in 2022	338.5
Payments thereafter	698.1
Property Available for Operating Lease
Property Subject to or Available for Operating Lease [Line Items]
Net lease	3,200.0	$ 3,100.0
Gross lease	4,100.0	4,100.0
Accumulated depreciation	$ 932.0	$ 1,000.0

Revenues Direct Financing Leases (Details)	3 Months Ended	6 Months Ended
Revenues Direct Financing Leases (Details)	Nov. 30, 2013 vessel m³	Jun. 30, 2018 USD ($) vessel	Dec. 31, 2019 USD ($)	Aug. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Nov. 30, 2017 vessel
Property Subject to or Available for Operating Lease [Line Items]
Total minimum lease payments to be received		$ 543,569,000			$ 568,710,000
Estimated unguaranteed residual value of leased properties		194,965,000			194,965,000
Initial direct costs and other		344,000			361,000
Less unearned revenue		(248,131,000)			(268,046,000)
Total		490,747,000			495,990,000
Less current portion		(10,453,000)			(9,884,000)
Long-term portion		480,294,000			$ 486,106,000
Awilco Lng Carrier
Property Subject to or Available for Operating Lease [Line Items]
Receivable in remainder of 2018		1,000,000
Teekay LNG
Property Subject to or Available for Operating Lease [Line Items]
Payments, remainder of fiscal year		87,800,000
Payments in 2019		119,500,000
Payments in 2020		118,800,000
Payments in 2021		117,800,000
Payments in 2022		$ 117,000,000
Teekay LNG \| Teekay Tangguh Joint Venture
Property Subject to or Available for Operating Lease [Line Items]
Ownership percentage		69.00%
Number of vessels \| vessel		2
Teekay LNG \| Awilco Lng Carrier
Property Subject to or Available for Operating Lease [Line Items]
Number of vessels \| vessel	2
Carriers Volume \| m³	155,900
Additional Time Period For Fixed Rate Time Charters Contract	1 year
Property Subject to or Available for Operating Lease, Number of Units \| vessel						1
Teekay Tangguh Joint Venture
Property Subject to or Available for Operating Lease [Line Items]
Payments, remainder of fiscal year		$ 19,600,000
Payments in 2019		39,100,000
Payments in 2020		39,100,000
Payments in 2021		39,100,000
Payments in 2022		39,100,000
Payments thereafter		$ 235,700,000
Maximum \| Teekay LNG \| Awilco Lng Carrier
Property Subject to or Available for Operating Lease [Line Items]
Operating lease arrangement period, lessor	5 years
Minimum \| Teekay LNG \| Awilco Lng Carrier
Property Subject to or Available for Operating Lease [Line Items]
Operating lease arrangement period, lessor	4 years
Forecast \| Awilco Lng Carrier
Property Subject to or Available for Operating Lease [Line Items]
Long-term portion				$ 131,000,000
Forecast \| Maximum \| Teekay LNG \| Awilco Lng Carrier
Property Subject to or Available for Operating Lease [Line Items]
Deferred Rent Receivables, Net			$ 20,600
Forecast \| Minimum \| Teekay LNG \| Awilco Lng Carrier
Property Subject to or Available for Operating Lease [Line Items]
Deferred Rent Receivables, Net			$ 10,600

Revenues Contract costs, assets and liabilities (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Contract with Customer, Asset and Liability [Abstract]
Capitalized contract cost, amortization	$ 0.2	$ 0.4
Contract with customer, asset, net	2.5	2.5
Contract with customer, liability, current	23.3	23.3	$ 29.5
Contract with customer, liability, revenue recognized	$ 2.4	$ 28.9

Deconsolidation of Teekay Offshore - Narrative (Details)		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended	15 Months Ended
	Jan. 01, 2018 Subsidiaries	Mar. 31, 2018 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($) vessel	Jun. 30, 2017 USD ($)	Dec. 31, 2017 USD ($) vessel	Jun. 30, 2019
Business Acquisition [Line Items]
Current portion of loans to equity-accounted investees (note 4)			$ 66,161,000		$ 66,161,000		$ 107,486,000
Loss on deconsolidation of Teekay Offshore (note 4)			$ 0	$ 0	$ (7,070,000)	$ 0
Teekay Offshore \| Common Stock
Business Acquisition [Line Items]
Ownership percentage			13.80%		13.80%		13.80%
Teekay Offshore
Business Acquisition [Line Items]
Due to related parties			$ 50,800,000		$ 50,800,000		$ 37,200,000
Current portion of loans to equity-accounted investees (note 4)			56,500,000		56,500,000		$ 102,800,000
Revenue from Related Parties			4,500,000		11,100,000
Teekay Offshore \| Brookfield
Business Acquisition [Line Items]
Percentage of ownership acquired	100.00%
Number of subsidiaries \| Subsidiaries	7
Revolving Credit Facilities
Business Acquisition [Line Items]
Credit facility, maximum borrowing capacity			1,194,827,883.76		1,194,827,883.76
Revolving Credit Facilities \| Teekay Offshore
Business Acquisition [Line Items]
Credit facility, maximum borrowing capacity		$ 125,000,000
Revolving Credit Facilities \| Teekay Offshore \| Brookfield
Business Acquisition [Line Items]
Credit facility, maximum borrowing capacity		100,000,000
Teekay Parent \| Revolving Credit Facilities \| Teekay Offshore
Business Acquisition [Line Items]
Credit facility, maximum borrowing capacity		$ 25,000,000
Amount extended			25,000,000		25,000,000
LIBOR \| Revolving Credit Facilities \| Teekay Offshore
Business Acquisition [Line Items]
Debt instrument, basis spread on variable rate		5.00%
Technical Services \| Teekay Offshore
Business Acquisition [Line Items]
Related party expense			5,400,000		10,700,000
Time-Charter Hire Expense \| Teekay Offshore
Business Acquisition [Line Items]
Related party expense			$ 3,500,000		$ 7,000,000
Shuttle Tankers \| Teekay Offshore
Business Acquisition [Line Items]
Number of vessels \| vessel					2
FSO \| Teekay Offshore
Business Acquisition [Line Items]
Number of vessels \| vessel							3
Forecast \| LIBOR \| Revolving Credit Facilities \| Teekay Offshore
Business Acquisition [Line Items]
Debt instrument, basis spread on variable rate								7.00%

Segment Reporting Narrative (Detail) $ in Thousands	3 Months Ended		6 Months Ended
Segment Reporting Narrative (Detail) $ in Thousands	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($) subsidiary segment	Jun. 30, 2017 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			3
Number of lines of businesses, more than \| segment			1
Equity income (loss) \| $	$ 837	$ (47,984)	$ 27,954	$ (37,637)
Teekay Offshore
Segment Reporting Information [Line Items]
Equity income (loss) \| $	$ 9,300		$ (8,700)
Subsidiaries
Segment Reporting Information [Line Items]
Number of subsidiaries \| subsidiary			2

Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenues (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Revenues	$ 405,642	$ 513,923	$ 799,664	$ 1,057,428
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	(944)	(26,057)	(8,607)	(48,721)
Teekay LNG \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	122,315	100,904	237,621	202,084
Teekay LNG \| Liquefied Gas Carriers \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	112,172	89,431	217,221	178,378
Teekay LNG \| Liquefied Gas Carriers \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	1,439	8,564	9,418	17,555
Teekay LNG \| Conventional Tankers \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	10,143	11,473	20,400	23,706
Teekay Tankers \| Conventional Tankers \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	171,659	108,789	340,124	239,274
Teekay Parent \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	112,612	65,495	230,526	123,861
Teekay Parent \| Conventional Tankers \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	1,757	0	3,924
Teekay Parent \| Offshore Production \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	66,429	48,173	132,399	92,515
Teekay Parent \| Teekay Parent, Other \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	46,183	15,565	98,127	27,422
Teekay Offshore \| Teekay Offshore \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	264,792	0	540,930
Teekay Offshore \| Teekay Offshore \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	0	14,207	0	24,218
Teekay LNG and Offshore \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	1,439	22,771	9,418	41,773
FPSO contracts
Segment Reporting Information [Line Items]
Revenues	66,429	158,420	132,399	315,617
FPSO contracts \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
FPSO contracts \| Teekay LNG \| Liquefied Gas Carriers \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
FPSO contracts \| Teekay LNG \| Conventional Tankers \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
FPSO contracts \| Teekay Tankers \| Conventional Tankers \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
FPSO contracts \| Teekay Parent \| Conventional Tankers \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		0		0
FPSO contracts \| Teekay Parent \| Offshore Production \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	66,429	48,173	132,399	92,515
FPSO contracts \| Teekay Parent \| Teekay Parent, Other \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 0	0	$ 0	0
FPSO contracts \| Teekay Offshore \| Teekay Offshore \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		110,247		223,102
Net pool revenues
Segment Reporting Information [Line Items]
Revenues		34,857		84,213
Net pool revenues \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues		0		0
Net pool revenues \| Teekay LNG \| Liquefied Gas Carriers \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		0		0
Net pool revenues \| Teekay LNG \| Conventional Tankers \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		0		0
Net pool revenues \| Teekay Tankers \| Conventional Tankers \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		33,100		80,289
Net pool revenues \| Teekay Parent \| Conventional Tankers \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		1,757		3,924
Net pool revenues \| Teekay Parent \| Offshore Production \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		0		0
Net pool revenues \| Teekay Parent \| Teekay Parent, Other \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		0		0
Net pool revenues \| Teekay Offshore \| Teekay Offshore \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		$ 0		$ 0

Operating income (loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Operating income (loss) (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ 1,921	$ 48,286	$ 20,426	$ 129,891
Teekay Offshore \| Teekay Offshore \| Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	0	46,218	0	106,676
Teekay LNG \| Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	10,505	29,871	35,647	75,949
Teekay LNG \| Liquefied Gas Carriers \| Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	9,445	40,043	53,990	83,379
Teekay LNG \| Conventional Tankers \| Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	1,060	(10,172)	(18,343)	(7,430)
Teekay Tankers \| Conventional Tankers \| Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	(13,415)	1,587	(21,836)	12,328
Teekay Parent \| Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	4,831	(29,390)	6,615	(65,062)
Teekay Parent \| Conventional Tankers \| Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	0	(2,988)	0	(5,447)
Teekay Parent \| Offshore Production \| Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	5,541	(18,618)	12,423	(39,029)
Teekay Parent \| Teekay Parent, Other \| Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ (710)	$ (7,784)	$ (5,808)	$ (20,586)

Segment Reporting - Reconciliation of Total Segment Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total assets	$ 8,216,908	$ 8,092,437
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total assets	117,321
Segment Reconciling Items \| Cash and cash equivalents
Segment Reporting Information [Line Items]
Total assets	454,933	445,452
Segment Reconciling Items \| Other assets not allocated
Segment Reporting Information [Line Items]
Total assets		118,493
Eliminations
Segment Reporting Information [Line Items]
Total assets	(20,273)	(21,732)
Teekay LNG \| Liquefied Gas Carriers \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	4,857,355	4,624,321
Teekay LNG \| Conventional Tankers \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	70,782	112,844
Teekay Tankers \| Conventional Tankers \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	2,092,239	2,125,909
Teekay Parent \| Conventional Tankers \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	13,043	13,620
Teekay Parent \| Teekay Parent, Other \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	30,065	26,527
Teekay Parent \| Offshore Production \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	343,547	366,229
Teekay Offshore \| Teekay Offshore \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	$ 257,896	$ 280,774

Vessel Charters - Minimum Estimated Charter Hire Payments (Details) $ in Millions	Jun. 30, 2018 USD ($)
Charters-in – operating leases
Remainder of 2018	$ 36.0
2019	64.1
2020	57.4
2021	54.4
2022	20.0
Charters-in – Leases
Remainder of 2018	132.0
2019	199.8
2020	192.5
2021	188.4
2022	153.2
Teekay LNG
Charters-in – capital leases
Remainder of 2018	87.8
2019	119.5
2020	118.8
2021	117.8
2022	117.0
Teekay Tankers
Charters-in – capital leases
Remainder of 2018	8.2
2019	16.2
2020	16.3
2021	16.2
2022	$ 16.2

Vessel Charters - Additional Information (Details) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended	28 Months Ended
	Jul. 31, 2017 USD ($) vessel	Jun. 30, 2018 USD ($) vessel lease	Dec. 31, 2018 USD ($) vessel	May 31, 2018	Dec. 31, 2017 USD ($)
Teekay LNG \| Asset under Construction \| Forecast
Capital Leases and Operating and Direct Finance Leases [Line Items]
Number of vessels with secured financing \| vessel			1
Teekay LNG \| LNG Carriers
Capital Leases and Operating and Direct Finance Leases [Line Items]
Capital Lease Obligations \| $		$ 58.0
Teekay LNG \| 4 Multi-gas Carriers
Capital Leases and Operating and Direct Finance Leases [Line Items]
Number of capital leased assets \| vessel		1
Teekay LNG \| LNG Carriers
Capital Leases and Operating and Direct Finance Leases [Line Items]
Number of capital leased assets \| lease		7
Lease term				10 years
Teekay LNG \| LNG Carriers \| Liquefied Natural Gas \| Forecast
Capital Leases and Operating and Direct Finance Leases [Line Items]
Financing \| $			$ 127.0
Teekay Tangguh Joint Venture
Capital Leases and Operating and Direct Finance Leases [Line Items]
Guarantee obligation \| $		$ 6.8			$ 7.1
Teekay Tankers
Capital Leases and Operating and Direct Finance Leases [Line Items]
Financing \| $	$ 153.0
Term of contract	12 years
Teekay Tankers \| 4 Multi-gas Carriers
Capital Leases and Operating and Direct Finance Leases [Line Items]
Number of vessels \| vessel	4
Teekay Tangguh Joint Venture \| Teekay LNG
Capital Leases and Operating and Direct Finance Leases [Line Items]
Ownership percentage		69.00%
Teekay Tangguh Joint Venture
Capital Leases and Operating and Direct Finance Leases [Line Items]
Number of vessels \| vessel		2

Write-down and Loss on Sales of Vessels (Detail) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2018 vessel	Jul. 31, 2017 vessel	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)
Long Lived Assets Held-for-sale [Line Items]
Write-down and loss on sales of vessels (note 7)			$ (32,830)	$ (14,242)	$ (51,492)	$ (18,669)
Other
Long Lived Assets Held-for-sale [Line Items]
Write-Down and Loss on Sales of Vessels			170	8	170	(357)
Teekay LNG \| Conventional Tankers \| 4 Multi-gas Carriers
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges			0	(12,600)
Teekay LNG \| Conventional Tankers \| 2 Suezmaxes
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges					(5,662)	(12,600)
Teekay LNG \| Conventional Tankers \| Handymax Product
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges					(13,000)	0
Teekay LNG \| Liquefied Gas Segment \| LNG Carriers
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges			(33,000)	0	(33,000)	0
Number of vessels \| vessel	7
Teekay Tankers \| 4 Multi-gas Carriers
Long Lived Assets Held-for-sale [Line Items]
Number of vessels \| vessel		4
Teekay Tankers \| Conventional Tankers \| Aframax
Long Lived Assets Held-for-sale [Line Items]
Write-Down and Loss on Sales of Vessels			0	(150)	0	(2,743)
Teekay Tankers \| Conventional Tankers \| 4 Multi-gas Carriers
Long Lived Assets Held-for-sale [Line Items]
Write-Down and Loss on Sales of Vessels					0	(1,469)
Teekay Offshore \| Teekay Offshore \| FSO
Long Lived Assets Held-for-sale [Line Items]
Asset Impairment Charges			$ 0	$ (1,500)	$ 0	$ (1,500)

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Nov. 30, 2015	Jan. 27, 2010
Debt Instrument [Line Items]
Total principal	$ 3,398,442		$ 3,449,611
Less unamortized discount and debt issuance costs	(49,109)		(31,906)
Total debt	3,349,333		3,417,705
Less current portion	(527,467)		(800,897)
Long-term portion	$ 2,821,866		2,616,808
Senior Notes (8.5%) due January 15, 2020
Debt Instrument [Line Items]
Long-term debt, percentage bearing fixed interest, percentage rate	8.50%	8.50%		8.50%	8.50%
Total principal	$ 585,841		592,657
Convertible Senior Notes due 2023
Debt Instrument [Line Items]
Long-term debt, percentage bearing fixed interest, percentage rate	5.00%
Total principal	$ 125,000		0
Norwegian Kroner Denominated Bonds Due Through October 2021
Debt Instrument [Line Items]
Total principal	380,491		377,856
U.S. Dollar-denominated Term Loans due through 2031
Debt Instrument [Line Items]
Total principal	1,410,348		1,358,798
Euro-denominated Term Loans due through 2023
Debt Instrument [Line Items]
Total principal	217,621		232,957
Other U.S. Dollar-denominated loan
Debt Instrument [Line Items]
Total principal	0		10,000
Revolving Credit Facilities
Debt Instrument [Line Items]
Total principal	$ 679,141		$ 877,343

Long-Term Debt Narrative (Details) $ / shares in Units, € in Millions, shares in Millions			1 Months Ended		3 Months Ended			6 Months Ended		12 Months Ended
	Jan. 31, 2018 USD ($)	Jan. 27, 2010 USD ($)	Jul. 31, 2018 USD ($)	Nov. 30, 2015 USD ($)	Jun. 30, 2018 USD ($) vessel SecurityLoan term_loan $ / shares shares	Mar. 31, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($) subsidiary vessel SecurityLoan term_loan $ / shares shares	Jun. 30, 2017 USD ($)	Dec. 31, 2017 USD ($) vessel	Dec. 31, 2014 USD ($)	Jun. 30, 2018 NOK (kr) vessel SecurityLoan term_loan shares	Jun. 30, 2018 EUR (€) vessel SecurityLoan term_loan shares	Jan. 26, 2018 USD ($) $ / shares	Dec. 31, 2017 EUR (€) vessel	May 31, 2015 NOK (kr)
Debt Instrument [Line Items]
Repayments of senior debt						$ 6,800,000
Long-term debt, gross					$ 3,398,442,000			$ 3,398,442,000		$ 3,449,611,000
Long-term Debt					3,349,333,000			3,349,333,000		$ 3,417,705,000
Foreign exchange gain (loss) (notes 8 and 14)					$ 12,529,000		$ (17,342,000)	$ 12,551,000	$ (20,246,000)
Weighted average interest rate, at point in time					5.00%			5.00%		4.30%		5.00%	5.00%		4.30%
Remainder of fiscal year					$ 400,000,000			$ 400,000,000
2019					300,000,000			300,000,000
2020					1,100,000,000			1,100,000,000
2021					800,000,000			800,000,000
2022					200,000,000			200,000,000
Thereafter					$ 600,000,000			$ 600,000,000
Number of loan agreements \| SecurityLoan					7			7				7	7
Minimum
Debt Instrument [Line Items]
Vessel market value to loan ratio					126.00%			126.00%				126.00%	126.00%
Vessel market value to loan required ratio					105.00%			105.00%				105.00%	105.00%
Undrawn revolving credit facilities time to maturity								6 months
Maximum
Debt Instrument [Line Items]
Vessel market value to loan ratio					183.00%			183.00%				183.00%	183.00%
Vessel market value to loan required ratio					135.00%			135.00%				135.00%	135.00%
Term Loan One
Debt Instrument [Line Items]
Minimum level of free cash maintained per loan agreements					$ 100,000,000			$ 100,000,000
Term Loan One \| Minimum
Debt Instrument [Line Items]
Free liquidity and undrawn revolving credit line as percentage of debt					7.50%			7.50%				7.50%	7.50%
Term Loan Two
Debt Instrument [Line Items]
Minimum level of free cash maintained per loan agreements					$ 50,000,000			$ 50,000,000
Term Loan Two \| Minimum
Debt Instrument [Line Items]
Free liquidity and undrawn revolving credit line as percentage of debt					5.00%			5.00%				5.00%	5.00%
Revolving Credit Facilities
Debt Instrument [Line Items]
Minimum level of free cash maintained per loan agreements					$ 50,000,000			$ 50,000,000
Revolving Credit Facilities \| Minimum
Debt Instrument [Line Items]
Free liquidity and undrawn revolving credit line as percentage of debt					5.00%			5.00%				5.00%	5.00%
Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross					$ 1,400,000,000			$ 1,400,000,000		$ 1,400,000,000
Number of debt instruments \| term_loan								11
Number of debt instruments with balloon or bullet payments \| term_loan					9			9				9	9
Number of vessels held as collateral \| vessel					26			26		22		26	26		22
Secured Debt \| Revolving Credit Facilities
Debt Instrument [Line Items]
Number of debt instruments \| term_loan								1
Secured Debt \| Remaining Term Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					5.37%			5.37%				5.37%	5.37%
Secured Debt \| Remaining Term Loans \| Fixed Rate
Debt Instrument [Line Items]
Number of debt instruments \| term_loan								1
Secured Debt \| Remaining Term Loans \| Three Month London Interbank Offered Rate \| Minimum
Debt Instrument [Line Items]
Minimum variable interest rate on debt								0.30%
Secured Debt \| Remaining Term Loans \| Three Month London Interbank Offered Rate \| Maximum
Debt Instrument [Line Items]
Minimum variable interest rate on debt										3.25%
Senior Notes (8.5%) due January 15, 2020
Debt Instrument [Line Items]
Long-term debt, percentage bearing fixed interest, percentage rate		8.50%		8.50%	8.50%	8.50%		8.50%				8.50%	8.50%
Debt instrument, principal amount		$ 450,000,000		$ 200,000,000
Percentage of par at which notes sold		99.20%		99.01%
Debt instrument, interest rate, effective percentage					8.67%			8.67%				8.67%	8.67%
Repayments of senior debt											$ 57,300,000
Debt instrument, redemption price, percentage								100.00%
Discount rate for redemption feature								50.00%
Long-term debt, gross					$ 585,841,000			$ 585,841,000		$ 592,657,000
Convertible Debt \| Convertible Senior Notes due 2023
Debt Instrument [Line Items]
Debt instrument, convertible, conversion price \| $ / shares														$ 11.70
Initial conversion price premium	20.00%
Sale of stock, price per share (in USD per share) \| $ / shares														9.75
Norwegian Kroner Denominated Bonds Due Through October 2021
Debt Instrument [Line Items]
Long-term debt, gross					380,491,000			380,491,000		377,856,000
Euro-denominated Term Loans due through 2023
Debt Instrument [Line Items]
Long-term debt, gross					$ 217,621,000			$ 217,621,000		232,957,000
Revolving Credit Facilities
Debt Instrument [Line Items]
Number of credit facilities \| term_loan					7			7				7	7
Credit facility, maximum borrowing capacity					$ 1,194,827,883.76			$ 1,194,827,883.76
Line of credit facility, remaining borrowing capacity					500,000,000			500,000,000
Line of Credit, reduction of available borrowing capacity, remainder of fiscal year					480,300,000			480,300,000
Line of Credit, reduction of available borrowing capacity, year two					52,600,000			52,600,000
Line of Credit, reduction of available borrowing capacity, year three					53,600,000			53,600,000
Line of Credit, reduction of available borrowing capacity, year four					347,300,000			347,300,000
Line of Credit, reduction of available borrowing capacity, thereafter					$ 261,000,000			$ 261,000,000
Debt instrument, collateral, number of vessels \| vessel					50			50				50	50
Long-term debt, gross					$ 679,141,000			$ 679,141,000		$ 877,343,000
Revolving Credit Facilities \| Minimum
Debt Instrument [Line Items]
Minimum variable interest rate on debt								1.25%		0.45%
Revolving Credit Facilities \| Maximum
Debt Instrument [Line Items]
Minimum variable interest rate on debt								4.00%		4.00%
Revolving Credit Facilities \| Secured Debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					200,000,000			$ 200,000,000
Teekay Offshore \| Revolving Credit Facilities
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity						$ 125,000,000
Teekay LNG
Debt Instrument [Line Items]
Minimum level of free cash maintained per loan agreements					35,000,000.0			35,000,000.0
Teekay LNG \| Norwegian Kroner Denominated Bonds Due Through October 2021 \| Nibor Loan
Debt Instrument [Line Items]
Debt instrument, principal amount \| kr																kr 3,100,000,000
Unsecured debt \| kr												kr 3,100,000,000
Senior notes					380,500,000			380,500,000
Notional amount					$ 430,500,000			$ 430,500,000
Teekay LNG \| Norwegian Kroner Denominated Bonds Due Through October 2021 \| Nibor Loan \| Minimum
Debt Instrument [Line Items]
Minimum variable interest rate on debt								3.70%
Fixed interest rate					5.92%			5.92%				5.92%	5.92%
Teekay LNG \| Norwegian Kroner Denominated Bonds Due Through October 2021 \| Nibor Loan \| Maximum
Debt Instrument [Line Items]
Minimum variable interest rate on debt								6.00%
Fixed interest rate					7.72%			7.72%				7.72%	7.72%
Teekay LNG \| Euro-denominated Term Loans due through 2023
Debt Instrument [Line Items]
Number of debt instruments \| term_loan								2
Number of vessels held as collateral \| vessel					2			2				2	2
Long-term Debt					$ 217,600,000			$ 217,600,000		$ 233,000,000			€ 186.2		€ 194.1
Number of subsidiaries \| subsidiary								1
Teekay LNG \| Euro-denominated Term Loans due through 2023 \| Minimum
Debt Instrument [Line Items]
Minimum variable interest rate on debt								0.60%
Teekay LNG \| Euro-denominated Term Loans due through 2023 \| Maximum
Debt Instrument [Line Items]
Minimum variable interest rate on debt								2.25%
Teekay Tankers
Debt Instrument [Line Items]
Minimum level of free cash maintained per loan agreements					$ 35,000,000			$ 35,000,000
Teekay Tankers \| Minimum
Debt Instrument [Line Items]
Free liquidity and undrawn revolving credit line as percentage of debt					5.00%			5.00%				5.00%	5.00%
Teekay Tankers \| Long-term Debt
Debt Instrument [Line Items]
Debt guaranteed					$ 226,800,000			$ 226,800,000
Securities Pledged as Collateral \| Teekay Offshore \| Revolving Credit Facilities
Debt Instrument [Line Items]
Common unit, issued \| shares					38.2			38.2				38.2	38.2
Securities Pledged as Collateral \| Teekay LNG \| Revolving Credit Facilities
Debt Instrument [Line Items]
Common unit, issued \| shares					25.2			25.2				25.2	25.2
Class A common stock \| Securities Pledged as Collateral \| Teekay Tankers \| Revolving Credit Facilities
Debt Instrument [Line Items]
Common unit, issued \| shares					16.8			16.8				16.8	16.8
Common Stock \| Convertible Debt \| Convertible Senior Notes due 2023
Debt Instrument [Line Items]
Dividends payable, amount per share (in USD per share) \| $ / shares														$ 0.055
Teekay Parent \| Convertible Debt \| Convertible Senior Notes due 2023
Debt Instrument [Line Items]
Debt instrument, principal amount														$ 125,000,000
Debt instrument, interest rate, stated percentage														5.00%
Proceeds from convertible debt	$ 104,600,000
Debt instrument, convertible term	5 years
Debt instrument, convertible, carrying amount of equity component														$ 16,100,000
Teekay Parent \| Teekay Offshore \| Revolving Credit Facilities
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity						$ 25,000,000
Teekay Parent \| Common Stock
Debt Instrument [Line Items]
Sale of stock, price per share (in USD per share) \| $ / shares					$ 9.75			$ 9.75
Subsequent Event \| Senior Notes (8.5%) due January 15, 2020
Debt Instrument [Line Items]
Long-term debt, percentage bearing fixed interest, percentage rate			8.50%
Repayments of senior debt			$ 45,800,000

Capital Stock - Capital Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Mar. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Class of Stock [Line Items]
Preferred stock, share authorized (in shares)		25,000,000		25,000,000
Preferred stock, par value (in usd per share)		$ 1		$ 1
Common stock, share authorized (in shares)		725,000,000		725,000,000
Common stock, par value (in usd per share)		$ 0.001		$ 0.001
Preferred stock, share issued (in shares)		0
Net proceeds from equity issuances of subsidiaries		$ 0	$ 8,521
Number of common shares or units issued related to the exercise of share based compensation during the period (in shares)		200,000
Stock options granted (in shares)		1,048,916	731,405
Stock option per share value (in usd per share)		$ 8.67	$ 10.18
Restricted stock units
Class of Stock [Line Items]
Number of shares or units granted equity based compensation awards (in shares)		625,878	343,330
Fair value of granted stock		$ 5,400	$ 3,500
Vesting period		3 years
Restricted stock awards
Class of Stock [Line Items]
Number of shares or units granted equity based compensation awards (in shares)		79,869	83,739
Fair value of granted stock		$ 700	$ 900
Stock option
Class of Stock [Line Items]
Stock option, term		10 years
Vesting period		3 years
Weighted-average grant-date fair value of options granted (in usd per share)	$ 4.21
Expected volatility used in computing fair value of options granted		64.80%
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		2.50%
Risk-free interest rate used in computing fair value of options granted		2.60%
Estimated forfeiture rate used in computing fair value of options granted		7.40%
Period of historical data used to calculate expected volatility in years		5 years
Teekay Parent \| Common Stock
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		10,000,000
Sale of stock, price per share (in USD per share)		$ 9.75
Net proceeds from equity issuances of subsidiaries		$ 93,000
Continuous Offering Program \| Teekay Parent
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		1,100,000
Sale of stock, consideration received per transaction		$ 10,700

Capital Stock - Share-based Compensation of Subsidiaries (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended	6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares or units issued related to the exercise of share based compensation during the period (in shares)				200,000
Stock options granted (in shares)				1,048,916	731,405
Stock option per share value (in usd per share)				$ 8.67	$ 10.18
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares or units granted equity based compensation awards (in shares)				625,878	343,330
Vesting period				3 years
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Teekay Offshore \| Phantom unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares or units granted equity based compensation awards (in shares)				1,424,058	321,318
Teekay Offshore \| Non-management directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares or units issued related to the exercise of share based compensation during the period (in shares)				293,770	56,950
Teekay LNG \| Phantom unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares or units granted equity based compensation awards (in shares)				62,283	60,809
Teekay LNG \| Non-management directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares or units issued related to the exercise of share based compensation during the period (in shares)				17,498	17,345
Teekay Tankers \| Restricted stock units \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares or units granted equity based compensation awards (in shares)	762,640	382,437
Teekay Tankers \| Non-management directors \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares or units issued related to the exercise of share based compensation during the period (in shares)				168,029	0
Teekay Tankers \| Non-management directors \| Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	504,097	396,412
Teekay Tankers \| Officer \| Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Stock options granted (in shares)	736,327	486,329
Stock option per share value (in usd per share)	$ 1.22		$ 2.23
Maximum contractual term	10 years
Teekay Offshore Teekay Lng And Teekay Tankers \| Restricted stock and phantom share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common units aggregate value, granted				$ 5.8	$ 3.5
Vesting period				3 years
Teekay Offshore Teekay Lng And Teekay Tankers \| Non-management directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common units aggregate value, granted				$ 1.3	$ 0.6

Vessels Under Construction (Detail) $ in Thousands	6 Months Ended
Vessels Under Construction (Detail) $ in Thousands	Jun. 30, 2018 USD ($) vessel	Dec. 31, 2017 USD ($)
Long-term Purchase Commitment [Line Items]
Payments made towards commitments for construction of certain carriers and tankers	$ 349,169	$ 444,493
Newbuildings
Long-term Purchase Commitment [Line Items]
Expected cost of project	800,000
Payments made towards commitments for construction of certain carriers and tankers	349,200
Estimated remaining payments required under newbuilding contract, remainder of 2018	244,100
Estimated remaining payments required under newbuilding contract, 2019	$ 250,000
Newbuildings \| Liquefied Natural Gas
Long-term Purchase Commitment [Line Items]
Number of vessels \| vessel	4
Debt instrument, principal amount	$ 371,000
Newbuildings \| Delivery Year, Remainder of fiscal year \| Liquefied Natural Gas
Long-term Purchase Commitment [Line Items]
Number of vessels \| vessel	2
Newbuildings \| Delivery in 2019 \| Liquefied Natural Gas
Long-term Purchase Commitment [Line Items]
Number of vessels \| vessel	2

Joint Ventures (Detail) $ in Thousands	Jun. 30, 2018 USD ($)
Newbuildings
Long-term Purchase Commitment [Line Items]
Remainder of 2018	$ 244,100
2019	250,000
Teekay LNG \| BG Joint Venture \| Newbuildings \| Supply Commitment
Long-term Purchase Commitment [Line Items]
Credit facility, maximum borrowing capacity	724,000
Capital Addition Purchase Commitments, Equity Method Investee
Long-term Purchase Commitment [Line Items]
Total	763,318
Remainder of 2018	243,990
2019	320,028
2020	$ 199,300

Liquidity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Liquidity (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Net loss	$ 39,647	$ 124,743	$ 49,627	$ 113,768
Net operating cash flow			110,434	$ 279,093
Working capital deficit	193,700		193,700
Current portion of long-term debt	$ 527,467		$ 527,467		$ 800,897

Legal Proceedings and Claims - Teekay Nakilat Capital Lease (Details) $ in Thousands, £ in Millions	6 Months Ended
	Jun. 30, 2018 USD ($) vessel agreement	Jun. 30, 2018 GBP (£) agreement	Dec. 31, 2017 USD ($)	Dec. 31, 2017 GBP (£)	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($)
Loss Contingencies [Line Items]
Restricted cash - current	$ 55,466		$ 38,179		$ 108,535	$ 107,672
Teekay LNG \| Teekay Nakilat Corporation
Loss Contingencies [Line Items]
Number of vessels \| vessel	3
Teekay Nakilat Joint Venture
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 56,000	£ 42.3	$ 62,700	£ 46.4
Teekay Nakilat Corporation
Loss Contingencies [Line Items]
Restricted cash - current	$ 7,000
Teekay Nakilat Corporation \| Teekay LNG
Loss Contingencies [Line Items]
Number of lease agreements \| agreement	3	3
Lease term	30 years
Teekay Nakilat Joint Venture \| Teekay LNG \| Teekay Nakilat Corporation
Loss Contingencies [Line Items]
Share of potential exposure	70.00%

Fair Value of Financial Instruments and Other Non-Financial Assets (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Recurring
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 545,026	$ 552,174	$ 814,758	$ 805,242
Non-recurring
Assets held for sale (note 7)	29,911	33,671
Other
Loans to equity-accounted investees and joint venture partners - Current	66,161	107,486
Long-term debt	(3,349,333)	(3,417,705)
Accrued Liabilities, Fair Value Disclosure	4,000	5,700
Carrying Amount Asset (Liability)
Other
Loans to equity-accounted investees and joint venture partners - Current	66,161	107,486
Loans to equity-accounted investees and joint venture partners - Long-term	166,328	146,420
Carrying Amount Asset (Liability) \| Level 1 \| Public
Other
Long-term debt	(961,344)	(963,563)
Carrying Amount Asset (Liability) \| Level 2 \| Non-public
Other
Long-term debt	(2,387,989)	(2,454,142)
Obligations related to capital leases, including current portion	(1,352,198)	(1,160,457)
Carrying Amount Asset (Liability) \| Level 3
Other
Long-term receivable included in accounts receivable and other assets	1,200	3,476
Carrying Amount Asset (Liability) \| Recurring \| Level 1
Recurring
Cash, cash equivalents, restricted cash and restricted cash equivalents	545,026	552,174
Carrying Amount Asset (Liability) \| Recurring \| Level 1 \| Freight forward agreements
Recurring
Derivative Asset, Current	18	0
Carrying Amount Asset (Liability) \| Recurring \| Level 2 \| Interest rate swap agreements
Recurring
Interest rate swap agreements – assets	15,503	6,081
Interest rate swap agreements – liabilities	(56,233)	(78,560)
Carrying Amount Asset (Liability) \| Recurring \| Level 2 \| Cross currency interest swap agreement
Recurring
Cross currency interest swap agreements – assets	6,449	3,758
Cross currency interest swap agreements – liabilities	(50,975)	(54,217)
Carrying Amount Asset (Liability) \| Recurring \| Level 2 \| Foreign currency contracts
Recurring
Cross currency interest swap agreement and Foreign currency contracts	0	81
Carrying Amount Asset (Liability) \| Recurring \| Level 3 \| Stock purchase warrants
Recurring
Other Non-Current Assets	35,271	30,749
Carrying Amount Asset (Liability) \| Non-recurring \| Level 2
Non-recurring
Vessels and equipment (note 7)	65,209	0
Assets held for sale (note 7)	0	16,671
Fair Value Asset (Liability) \| Level 1 \| Public
Other
Long-term debt	(992,612)	(979,773)
Fair Value Asset (Liability) \| Level 2 \| Non-public
Other
Long-term debt	(2,355,850)	(2,421,273)
Obligations related to capital leases, including current portion	(1,306,537)	(1,148,989)
Fair Value Asset (Liability) \| Level 3
Other
Long-term receivable included in accounts receivable and other assets	1,194	3,459
Fair Value Asset (Liability) \| Recurring \| Level 1
Recurring
Cash, cash equivalents, restricted cash and restricted cash equivalents	545,026	552,174
Fair Value Asset (Liability) \| Recurring \| Level 1 \| Freight forward agreements
Recurring
Derivative Asset, Current	18	0
Fair Value Asset (Liability) \| Recurring \| Level 2 \| Interest rate swap agreements
Recurring
Interest rate swap agreements – assets	15,503	6,081
Interest rate swap agreements – liabilities	(56,233)	(78,560)
Fair Value Asset (Liability) \| Recurring \| Level 2 \| Cross currency interest swap agreement
Recurring
Cross currency interest swap agreements – assets	6,449	3,758
Cross currency interest swap agreements – liabilities	(50,975)	(54,217)
Fair Value Asset (Liability) \| Recurring \| Level 2 \| Foreign currency contracts
Recurring
Cross currency interest swap agreement and Foreign currency contracts	0	81
Fair Value Asset (Liability) \| Recurring \| Level 3 \| Stock purchase warrants
Recurring
Other Non-Current Assets	35,271	30,749
Fair Value Asset (Liability) \| Non-recurring \| Level 2
Non-recurring
Vessels and equipment (note 7)	65,209	0
Assets held for sale (note 7)	$ 0	$ 16,671
BG Joint Venture \| Supply Commitment
Other
Fair Value Inputs, Discount Rate	8.00%	8.00%
BG Joint Venture \| Supply Commitment \| Fair Value Asset (Liability) \| Level 3
Other
Long-term receivable included in accounts receivable and other assets	$ 1,200	$ 3,500

Financial Instruments Narrative (Detail)		1 Months Ended		6 Months Ended
Financial Instruments Narrative (Detail)	Sep. 25, 2017 day $ / shares $ / unit	Jul. 31, 2018 shares	Jan. 31, 2014 shares	Jun. 30, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($)
Derivative [Line Items]
Available through exercise of stock purchase warrant (in shares)			1,500,000.0
Teekay Offshore
Derivative [Line Items]
Class of warrant or right, exercise price of warrants (in USD per share) \| $ / shares	$ 0.01
Common stock, threshold consecutive trading days \| day	10
Stock purchase warrants \| Teekay Offshore
Derivative [Line Items]
Derivative, Cap Price \| $ / unit	4.00
Series D Warrant
Derivative [Line Items]
Number of shares available through exercise of stock purchase warrant (in shares)				1,755,000
Class of warrant or right, term				7 years
Series D Warrant \| Teekay Offshore
Derivative [Line Items]
Stock purchase warrants \| $					$ 1,300,000
Other Non-Current Assets \| $				$ 1,500,000
Teekay Offshore \| Series D Warrant
Derivative [Line Items]
Fair value assumptions, weighted average volatility rate				55.80%
Teekay Offshore \| Brookfield Transaction Warrants
Derivative [Line Items]
Fair value assumptions, weighted average volatility rate				58.10%
Teekay Offshore \| Series B
Derivative [Line Items]
Class of warrant or right, exercise price of warrants (in USD per share) \| $ / shares				$ 4.55
Teekay Corporation \| Stock purchase warrants \| Brookfield
Derivative [Line Items]
Number of shares available through exercise of stock purchase warrant (in shares)				14,500,000
Brookfield Transaction \| Teekay Offshore \| Stock purchase warrants
Derivative [Line Items]
Other Non-Current Assets \| $				$ 33,800,000	$ 29,400,000
Tanker Investments Limited \| Stock purchase warrants
Derivative [Line Items]
Stock purchase warrants \| $				$ 0
Subsequent Event \| Teekay Offshore
Derivative [Line Items]
Common Unit, Authorized		1
Subsequent Event \| Teekay Corporation \| Stock purchase warrants \| Brookfield
Derivative [Line Items]
Class of warrant or right, warrants issued (in shares)		1,000,000
Subsequent Event \| General Partner \| Brookfield
Derivative [Line Items]
Members or limited partners, ownership interest		2.00%

Warrants change in Fair Value (Detail) - Level 3 - Recurring - Stock purchase warrants - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at the beginning of the period	$ 29,065	$ 332	$ 30,479	$ 575
Unrealized gain (loss) included in earnings	6,206	(332)	4,792	(575)
Fair value at the end of the period	$ 35,271	$ 0	$ 35,271	$ 0

Financing Receivables (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Class of Financing Receivable
Direct financing leases	$ 490,747	$ 495,990
Other loan receivables
Total direct financing leases and other loan receivables	737,329	762,071
Performing \| Payment activity
Class of Financing Receivable
Direct financing leases	490,747	495,990
Other loan receivables
Long-term receivable and accrued revenue included in accounts receivable and other assets	14,093	12,175
Performing \| Other internal metrics
Other loan receivables
Loans to equity-accounted investees and joint venture partners	$ 232,489	$ 253,906

Restructuring Charges (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Restructuring Charges (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 1,114	$ 0	$ 3,252	$ 2,176
Restructuring liability	$ 900		$ 900		$ 1,300

Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Unrealized gain on qualifying cash flow hedging instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Loss	$ 4,421	$ 1,409
Pension adjustments, net of tax recoveries
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Loss	(2,601)	(10,697)
Foreign exchange gain on currency translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Loss	3,343	3,293
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Loss	$ 5,163	$ (5,995)

Derivative Instruments and Hedging Activities - Commitment of Cross Currency Swaps (Detail) - Cross Currency Interest Rate Contract kr in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($)	Jun. 30, 2018 NOK (kr)
Derivative [Line Items]
Fair value / carrying amount of asset / (liability)	$ (44,526)
NIBOR \| 4.35%
Derivative [Line Items]
Notional amount	$ 150,000	kr 900,000
Receivable margin	4.35%	4.35%
Fixed interest rate	6.43%	6.43%
Fair value / carrying amount of asset / (liability)	$ (40,214)
Remaining term (years)	2 months 12 days
NIBOR \| 3.70%
Derivative [Line Items]
Notional amount	$ 134,000	kr 1,000,000
Receivable margin	3.70%	3.70%
Fixed interest rate	5.92%	5.92%
Fair value / carrying amount of asset / (liability)	$ (10,761)
Remaining term (years)	1 year 10 months 24 days
NIBOR \| 6.00%
Derivative [Line Items]
Notional amount	$ 146,500	kr 1,200,000
Receivable margin	6.00%	6.00%
Fixed interest rate	7.72%	7.72%
Fair value / carrying amount of asset / (liability)	$ 6,449
Remaining term (years)	3 years 3 months 18 days

Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Detail) - 6 months ended Jun. 30, 2018 $ in Thousands, € in Millions	USD ($) interest_rate_swaps	EUR (€) interest_rate_swaps
U.S. Dollar-denominated interest rate swaps \| LIBOR
Derivative [Line Items]
Principal Amount	$ 1,256,827
Fair value / carrying amount of asset / (liability)	$ (14,623)
Weighted-average remaining term (years)	4 years 1 month 6 days
Fixed interest rate	2.90%	2.90%
Euro-denominated interest rate swaps
Derivative [Line Items]
Principal Amount \| €		€ 186.2
Reduced principal amount of interest rate swaps	$ 81,900	€ 70.1
Euro-denominated interest rate swaps \| EURIBOR
Derivative [Line Items]
Principal Amount	217,621
Fair value / carrying amount of asset / (liability)	$ (26,107)
Weighted-average remaining term (years)	2 years 6 months
Fixed interest rate	3.10%	3.10%
Interest rate swap agreements
Derivative [Line Items]
Fair value / carrying amount of asset / (liability)	$ (40,730)
Derivative, number of instruments held \| interest_rate_swaps	2	2
Minimum \| Interest rate swap agreements
Derivative [Line Items]
Debt instrument, basis spread on variable rate	0.30%
Maximum \| Interest rate swap agreements
Derivative [Line Items]
Debt instrument, basis spread on variable rate	4.00%

Derivative Instruments and Hedging Activities - Location and Fair Value Amounts of Derivative Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Prepaid Expenses and Other	$ 47,336	$ 38,180
Current Portion of Derivative Liabilities	(65,112)	(80,423)
Derivative Liabilities	(38,373)	(48,388)
Interest Rate Swaps and Cross Currency Swaps Agreement
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	21,400
Derivative liability, fair value, gross liability	73,600
Restricted cash and cash equivalents	17,200
Derivative
Derivatives, Fair Value [Line Items]
Prepaid Expenses and Other	3,602	1,220
Other Non-Current Assets	53,946	41,147
Accrued Liabilities and Other	(4,030)	(5,664)
Current Portion of Derivative Liabilities	(65,112)	(80,423)
Derivative Liabilities	(38,373)	(48,388)
Derivative \| Derivatives designated as a cash flow hedge \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Prepaid Expenses and Other	515	0
Other Non-Current Assets	5,594	1,037
Accrued Liabilities and Other	0	(18)
Current Portion of Derivative Liabilities	0	(751)
Derivative Liabilities	0	(7)
Derivative \| Derivatives not designated as a cash flow hedge \| Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Prepaid Expenses and Other		96
Other Non-Current Assets		0
Accrued Liabilities and Other		0
Current Portion of Derivative Liabilities		(15)
Derivative Liabilities		0
Derivative \| Derivatives not designated as a cash flow hedge \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Prepaid Expenses and Other	3,053	1,124
Other Non-Current Assets	5,869	4,319
Accrued Liabilities and Other	(3,385)	(4,836)
Current Portion of Derivative Liabilities	(22,812)	(35,134)
Derivative Liabilities	(29,564)	(38,213)
Derivative \| Derivatives not designated as a cash flow hedge \| Cross Currency Swap Agreements
Derivatives, Fair Value [Line Items]
Prepaid Expenses and Other	0	0
Other Non-Current Assets	7,212	5,042
Accrued Liabilities and Other	(645)	(810)
Current Portion of Derivative Liabilities	(42,284)	(44,523)
Derivative Liabilities	(8,809)	(10,168)
Derivative \| Derivatives not designated as a cash flow hedge \| Stock Purchase Warrants
Derivatives, Fair Value [Line Items]
Prepaid Expenses and Other	0	0
Other Non-Current Assets	35,271	30,749
Accrued Liabilities and Other	0	0
Current Portion of Derivative Liabilities	0	0
Derivative Liabilities	0	0
Derivative \| Derivatives not designated as a cash flow hedge \| Forward freight agreements
Derivatives, Fair Value [Line Items]
Prepaid Expenses and Other	34
Other Non-Current Assets	0
Accrued Liabilities and Other	0
Current Portion of Derivative Liabilities	(16)
Derivative Liabilities	$ 0
Series D Warrant
Derivatives, Fair Value [Line Items]
Number of securities called by warrants or rights (in shares)	1,755,000
Teekay Offshore \| Series D Warrant
Derivatives, Fair Value [Line Items]
Other Non-Current Assets		$ 1,300
Brookfield \| Stock Purchase Warrants \| Teekay Corporation
Derivatives, Fair Value [Line Items]
Number of securities called by warrants or rights (in shares)	14,500,000

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Derivative [Line Items]
Effective Portion Recognized in AOCI	$ 1,534	$ (1,508)	$ 5,090	$ (1,562)
Effective Portion Reclassified from AOCI	2	(706)	(248)	(762)
Ineffective Portion	0	(821)	740	(754)
Interest Expense
Derivative [Line Items]
Effective Portion Recognized in AOCI	1,534	(1,508)	5,090	(1,562)
Effective Portion Reclassified from AOCI	2	(706)	(248)	(762)
Ineffective Portion	$ 0	$ (821)	$ 740	$ (754)

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Realized (losses) gains relating to:
Derivative instruments not designated as hedging instruments realized (loss) gain net	$ (4,049)	$ (17,097)	$ (8,858)	$ (32,832)
Unrealized gains (losses) relating to:
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	14,772	(13,473)	29,007	(4,213)
Total realized and unrealized gains (losses) on derivative instruments	10,723	(30,570)	20,149	(37,045)
Interest rate swap agreements
Realized (losses) gains relating to:
Derivative instruments not designated as hedging instruments realized (loss) gain net	(4,031)	(15,914)	(8,840)	(32,470)
Unrealized gains (losses) relating to:
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	8,532	(15,517)	24,451	(6,394)
Interest rate swap agreement terminations
Realized (losses) gains relating to:
Derivative instruments not designated as hedging instruments realized (loss) gain net	0	(1,005)	0	(610)
Foreign currency forward contracts
Realized (losses) gains relating to:
Derivative instruments not designated as hedging instruments realized (loss) gain net	0	(618)	0	(971)
Unrealized gains (losses) relating to:
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	0	2,808	0	3,648
Time-charter swap agreement
Realized (losses) gains relating to:
Derivative instruments not designated as hedging instruments realized (loss) gain net	0	360	0	1,106
Unrealized gains (losses) relating to:
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	0	(402)	0	(875)
Forward freight agreements
Realized (losses) gains relating to:
Derivative instruments not designated as hedging instruments realized (loss) gain net	(18)	80	(18)	113
Unrealized gains (losses) relating to:
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	34	(30)	34	(17)
Stock purchase warrants
Unrealized gains (losses) relating to:
Derivative instruments not designated as hedging instruments unrealized gain (loss) net	$ 6,206	$ (332)	$ 4,522	$ (575)

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Total realized and unrealized (losses) gains on cross-currency swaps	$ 12,529	$ (17,342)	$ 12,551	$ (20,246)
Cross Currency Interest Rate Contract Maturity And Partial Termination
Derivative Instruments, Gain (Loss) [Line Items]
Realized losses	0	(25,733)	0	(25,733)
Cross Currency Interest Rate Contract
Derivative Instruments, Gain (Loss) [Line Items]
Realized losses	(1,798)	(5,394)	(3,182)	(12,135)
Unrealized (losses) gains	(16,566)	43,017	5,768	50,096
Total realized and unrealized (losses) gains on cross-currency swaps	$ (18,364)	$ 11,890	$ 2,586	$ 12,228

Income Tax Expense - Components of Provision for Income Tax (Expense) Recovery (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Current	$ (8,410)	$ (4,283)	$ (11,221)	$ (5,945)
Deferred	(336)	756	(1,642)	(601)
Income tax expense	$ (8,746)	$ (3,527)	$ (12,863)	$ (6,546)

Income Tax Expense - Unrecognized Tax Benefits, Recorded in Other Long-Term Liabilities (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 31,061
Increase for positions related to the current period	2,047
Increase for positions taken in prior years	2,337
Decrease related to statute of limitations	(312)
Ending balance	$ 35,133

Net Loss Per Share - Schedule of Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Net loss attributable to the shareholders of Teekay Corporation - basic and diluted	$ (28,324)	$ (80,152)	$ (48,879)	$ (125,408)
Basic and Diluted (in shares)	100,434,512	86,259,207	98,892,574	86,217,567
Common stock and common stock equivalents (in shares)	100,434,512	86,259,207	98,892,574	86,217,567
Loss per common share - basic and diluted
Earnings Per Share, Basic and Diluted	$ (0.28)	$ (0.93)	$ (0.49)	$ (1.45)

Net Loss Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Anti-dilutive effect on calculation of diluted loss per common share attributable to outstanding stock-based awards (in shares)	3.9	4.0	3.9	3.8

Supplementary Cash Flow Information (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 454,933	$ 445,452	$ 600,881	$ 567,994
Restricted cash - current	55,466	38,179	108,535	107,672
Restricted cash - non-current	34,627	68,543	105,342	129,576
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 545,026	$ 552,174	$ 814,758	$ 805,242

Subsequent Events (Details) - Teekay LNG - Subsequent Event	Jul. 31, 2018 USD ($)	Jul. 17, 2018	Aug. 22, 2018 USD ($)	Aug. 22, 2018 NOK (kr)	Jul. 06, 2018 USD ($)	Jul. 06, 2018 EUR (€)
Term Loan
Subsequent Event [Line Items]
Debt instrument, principal amount					$ 125,000,000	€ 107,000,000
Debt facility maturing in 2024
Subsequent Event [Line Items]
Debt instrument, principal amount					$ 117,000,000	€ 100,000,000
Senior unsecured bonds maturing in August 2023
Subsequent Event [Line Items]
Unsecured debt			$ 100,000,000	kr 850,000,000
Royal Dutch Shell Plc \| The Megara
Subsequent Event [Line Items]
Lease term		10 years
Operating lease arrangement period, lessor		8 years
Exmar LPG Joint Venture \| The Wepion
Subsequent Event [Line Items]
Ownership percentage	50.00%
Exmar LPG Joint Venture \| The Wepion \| Line of Credit
Subsequent Event [Line Items]
Debt term	3 years
Debt instrument, principal amount	$ 35,000,000