Segment Reporting

12 Months Ended

Dec. 31, 2011

Segment Reporting [Abstract]

Segment Reporting

2. Segment Reporting

The Company is a leading provider of international crude oil and gas marine transportation services and also offers offshore oil production storage and offloading services, primarily under long-term fixed-rate contracts.

The Company has four reportable segments: its shuttle tanker and FSO segment (or Teekay Shuttle and Offshore), its floating production, storage and offloading (or FPSO) segment (or Teekay Petrojarl), its liquefied gas segment (or Teekay Gas Services) and its conventional tanker segment (or Teekay Tanker Services). The Company’s shuttle tanker and FSO segment consists of shuttle tankers and FSO units. The Company’s FPSO segment consists of FPSO units and other vessels used to service its FPSO contracts. The Company’s liquefied gas segment consists of LNG and LPG carriers. The Company’s conventional tanker segment consists of conventional crude oil and product tankers that: (i) are subject to long-term, fixed-rate time-charter contracts, which have an original term of one year or more; (ii) operate in the spot tanker market; or (iii) are subject to time-charters or contracts of affreightment that are priced on a spot-market basis or are short-term, fixed-rate contracts, which have an original term of less than one year. Segment results are evaluated based on income from vessel operations. The accounting policies applied to the reportable segments is the same as those used in the preparation of the Company’s consolidated financial statements.

The following tables present results for these segments for the years ended December 31, 2011, 2010 and 2009.

Year ended December 31, 2011	Shuttle Tanker  and FSO Segment $		FPSO Segment $			Liquefied Gas Segment $		Conventional Tanker Segment $			Total $
Revenues		613,768		464,810			272,041		603,163			1,953,782
Voyage expenses		97,743		—			4,862		74,009			176,614
Vessel operating expenses		196,536		242,332			48,158		190,661			677,687
Time-charter hire expense		74,478		—			—		139,701			214,179
Depreciation and amortization		129,293		96,915			63,641		138,759			428,608
General and administrative (2)		60,359		52,854			20,586		89,817			223,616
Asset impairments and net loss (gain) on sale of vessels and equipment		43,356		(4,888	)		—		112,591			151,059
Bargain purchase gain		—		(58,235	)		—		—			(58,235	)
Goodwill impairment		—		—			—		36,652			36,652
Restructuring charges		5,351		—			—		139			5,490
Income (loss) from vessel operations		6,652		135,832			134,794		(179,166	)		98,112
Segment assets		2,182,461		2,225,830			2,924,653		2,572,685			9,905,629

Year ended December 31, 2010	Shuttle Tanker  and FSO Segment $		FPSO Segment $		Liquefied Gas Segment $			Conventional Tanker Segment $			Total $
Revenues (1)		622,195		463,931		248,378			761,249			2,095,753
Voyage expenses		111,003		—		29			134,065			245,097
Vessel operating expenses		182,614		209,283		46,497			192,153			630,547
Time charter hire expense		89,768		—		—			196,224			285,992
Depreciation and amortization		127,438		95,784		62,904			154,579			440,705
General and administrative (2)		51,281		42,714		20,147			79,601			193,743
Asset impairments and net loss (gain) on sale of vessels and equipment		19,480		—		(4,340	)		34,010			49,150
Restructuring charges		704		—		394			15,298			16,396
Income (loss) from vessel operations		39,907		116,150		122,747			(44,681	)		234,123
Segment assets		1,811,186		1,185,017		2,869,713			2,691,407			8,557,323

Year ended December 31, 2009	Shuttle Tanker  and FSO Segment $		FPSO Segment $		Liquefied Gas Segment $		Conventional Tanker Segment $			Total $
Revenues		583,320		390,576		246,472		961,237			2,181,605
Voyage expenses		86,499		—		1,018		206,574			294,091
Vessel operating expenses		173,463		200,856		50,704		190,741			615,764
Time charter hire expense		113,786		—		—		325,091			438,877
Depreciation and amortization		122,630		102,316		59,868		152,362			437,176
General and administrative (2)		50,923		34,276		20,007		93,630			198,836
Asset impairments and net loss on sale of vessels and equipment		1,902		—		—		10,727			12,629
Restructuring charges		7,032		—		4,177		3,235			14,444
Income (loss) from vessel operations		27,085		53,128		110,698		(21,123	)		169,788

(1) FPSO segment includes $59.2 million in revenue for the year ended December 31, 2010, related to operations in previous years as a result of executing a contract amendment in March 2010.

(2) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).

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

	December 31, 2011 $		December 31, 2010 $
Total assets of all segments		9,905,629		8,557,323
Cash		692,127		779,748
Accounts receivable and other assets		533,640		575,277
Consolidated total assets		11,131,396		9,912,348

The following table presents revenues and percentage of consolidated revenues for customers that accounted for more than 10% of the Company’s consolidated revenues during the periods presented. All of these customers are international oil companies.

(U.S. dollars in millions)	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Statoil ASA (1)	$	283.7 or 15	%	$	330.4 or 16	%	$	346.6 or 16	%
Petroleo Brasileiro SA (1)	$	224.9 or 12	%	$	226.0 or 11	%	$	217.9 or 10	%
BP PLC (2)	$	190.3	(3)	$	222.2 or 11	%	$	152.0	(3)

(1) Shuttle tanker and FSO, FPSO and conventional tanker segments

(2) Shuttle tanker and FSO, FPSO, liquefied gas and conventional tanker segments

(3) Less than 10%