Segment Reporting

12 Months Ended

Dec. 31, 2014

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, FSO and offshore support segment (or Teekay Shuttle and Offshore), its 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, FSO and offshore support segment consists of shuttle tankers, FSO units, floating accommodation units (or FAUs) and long-distance towing and offshore installation vessels. 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 are 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, 2014, 2013, and 2012.

Year ended December 31, 2014	Shuttle Tanker, FSO and Offshore Support Segment			FPSO Segment			Liquefied Gas Segment			Conventional Tanker Segment			Total
	$			$			$			$			$
Revenues		608,068			614,463			325,707			445,682			1,993,920
Voyage expenses		(106,291	)		(756	)		(1,913	)		(18,887	)		(127,847	)
Vessel operating expenses		(191,173	)		(370,397	)		(68,839	)		(178,910	)		(809,319	)
Time-charter hire expense		(31,090	)		—			—			(36,129	)		(67,219	)
Depreciation and amortization		(111,891	)		(157,829	)		(71,712	)		(81,472	)		(422,904	)
General and administrative (1)		(35,665	)		(57,915	)		(27,434	)		(19,903	)		(140,917	)
Asset impairments		(4,759	)		—			—			—			(4,759	)
Loan loss recoveries		—			2,521			—			—			2,521
Net gain on sale of vessels and equipment		3,121			935			—			9,453			13,509
Restructuring recoveries (charges)		812			—			—			(10,638	)		(9,826	)
Income from vessel operations		131,132			31,022			155,809			109,196			427,159
Year ended December 31, 2013	Shuttle Tanker, FSO and Offshore Support Segment			FPSO Segment			Liquefied Gas Segment			Conventional Tanker Segment			Total
	$			$			$			$			$
Revenues		583,201			567,620			298,228			381,036			1,830,085
Voyage expenses		(99,111	)		—			(602	)		(12,505	)		(112,218	)
Vessel operating expenses		(182,973	)		(364,986	)		(61,471	)		(196,722	)		(806,152	)

Time-charter hire expense		(56,682	)		—			—			(46,964	)		(103,646	)
Depreciation and amortization		(116,376	)		(151,365	)		(71,485	)		(91,860	)		(431,086	)
General and administrative (1)		(37,529	)		(51,891	)		(19,597	)		(31,941	)		(140,958	)
Asset impairments		(76,782	)		—			—			(90,823	)		(167,605	)
Loan loss (provisions) recoveries		—			(2,634	)		—			1,886			(748	)
Net gain on sale of vessels and equipment		—			1,338			—			657			1,995
Restructuring charges		(2,123	)		—			—			(4,798	)		(6,921	)
Income (loss) from vessel operations		11,625			(1,918	)		145,073			(92,034	)		62,746
Year ended December 31, 2012	Shuttle Tanker, FSO and Offshore Support Segment			FPSO Segment			Liquefied Gas Segment			Conventional Tanker Segment			Total
	$			$			$			$			$
Revenues		616,295			581,215			291,712			491,549			1,980,771
Voyage expenses		(104,382	)		(232	)		(283	)		(33,386	)		(138,283	)
Vessel operating expenses		(196,021	)		(354,020	)		(54,773	)		(208,512	)		(813,326	)
Time-charter hire expense		(56,989	)		—			—			(73,750	)		(130,739	)
Depreciation and amortization		(125,104	)		(135,413	)		(69,064	)		(126,317	)		(455,898	)
General and administrative (1)		(36,484	)		(45,139	)		(18,643	)		(44,030	)		(144,296	)
Asset impairments		(28,830	)		—			—			(403,366	)		(432,196	)
Loan loss provisions		—			—			—			(1,886	)		(1,886	)
Net loss on sale of vessels and equipment		(1,112	)		—			—			(5,863	)		(6,975	)
Restructuring charges		(652	)		—			—			(6,913	)		(7,565	)
Income (loss) from vessel operations		66,721			46,411			148,949			(412,474	)		(150,393	)

(1) 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, 2014		December 31, 2013
	$		$
Shuttle tanker, FSO and offshore support segment		2,055,348		1,947,905
FPSO segment		3,442,109		2,836,998
Liquefied gas segment		3,401,167		3,616,044
Conventional tanker segment		1,538,074		1,874,101
Cash		806,904		614,660
Accounts receivable and other assets		620,610		665,993
Consolidated total assets		11,864,212		11,555,701

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, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Petroleo Brasileiro SA (1)	$	248.2 or 12	%	$	244.3 or 13	%	$	289.3 or 15	%
Statoil ASA (1)	$	239.8 or 12	%	$	250.5 or 14	%	$	299.1 or 15	%
BP PLC (2)		(3	)	$	182.5 or 10	%		(3	)

(1) Shuttle tanker, FSO and offshore support and conventional tanker segments

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

(3) Less than 10%