Segment Reporting

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company has four primary lines of business: offshore logistics (shuttle tankers, the HiLoad DP unit, floating storage and offtake (or FSO) units, units for maintenance and safety (or UMS) and long-distance towing and offshore installation vessels), offshore production (floating production, storage and off-loading (or FPSO) units), liquefied gas carriers (liquefied natural gas (or LNG) and liquefied petroleum gas (or LPG) carriers) and conventional tankers. The Company manages these businesses for the benefit of all stakeholders. The Company allocates capital and assesses performance both from the separate perspectives of our publicly-traded subsidiaries Teekay Offshore, Teekay LNG Partners, L.P. (or Teekay LNG), Teekay Tankers Ltd. (or Teekay Tankers) (together, the Daughter Companies) and Teekay and its remaining subsidiaries (or Teekay Parent) as well as from the perspective of the lines of business. Historically, the Company’s organizational structure and internal reporting has been primarily based on the lines of business (the Line of Business approach), resulting in the Company’s segment disclosure presentation on a lines-of-business basis, without reference to the legal entities. With the establishment of the Daughter Companies and subsequent dropdown of vessels from Teekay Parent to the Daughter Companies, the Company’s organizational structure and internal reporting has gradually evolved to focus less on lines of business and more on the Daughter Companies and Teekay Parent (the Legal Entity approach). As a result of an internal re-organization that was completed in the third quarter of 2015, the primary focus of the Company’s organizational structure, internal reporting and allocation of resources by the chief operating decision maker is now the Legal Entity approach. As such, the Company has modified the presentation of its segments to incorporate the Legal Entity approach. However, the Company has continued to incorporate the Line of Business approach within its segments, as in certain cases there is more than one line of business in each Daughter Company and the Company believes this information allows a better understanding of the Company’s performance and prospects for future net cash flows. All segment information for prior periods has been retroactively adjusted to be consistent with the change in segment presentation that was adopted in the third quarter of 2015.

The following table includes results for the Company’s revenues by segment for the three and six months ended June 30, 2016 and 2015:

	Revenues
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
	$		$		$		$
Teekay Offshore
Offshore Logistics(1)	155,095		161,267		320,205		319,913
Offshore Production	124,715		141,722		257,499		239,997
Conventional Tankers(1)	4,654		8,245		13,468		16,307
	284,464		311,234		591,172		576,217
Teekay LNG
Liquefied Gas Carriers(1)	84,497		77,466		163,082		153,400
Conventional Tankers	14,744		21,142		31,930		42,534
	99,241		98,608		195,012		195,934
Teekay Tankers(2)
Conventional Tankers(1)	139,621		107,594		304,571		211,472
Teekay Parent
Offshore Production	58,600		66,394		113,806		135,327
Conventional Tankers(1)	9,534		18,413		23,584		34,886
Other	14,970		17,153		43,440		35,913
	83,104		101,960		180,830		206,126
Eliminations and other	(18,811	)	(26,599	)	(42,858	)	(51,090	)
	587,619		592,797		1,228,727		1,138,659

(1) Certain vessels are chartered between the Daughter Companies 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 is as follows:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2016	2015	2016	2015
	$	$	$	$
Teekay Offshore - Offshore Logistics	10,129	9,245	18,508	18,511
Teekay Offshore - Conventional Tankers	—	8,245	6,410	16,307
Teekay LNG - Liquefied Gas Carriers	8,933	10,600	18,646	20,009
Teekay Tankers - Conventional Tankers	2,453	—	4,988	—
	21,515	28,090	48,552	54,827

(2) Financial information for Teekay Tankers includes operations of the SPT Explorer and Navigator Spirit from December 18, 2015, the date Teekay Tankers acquired the vessels from Teekay Offshore.

The following table includes results for the Company’s income from vessel operations by segment for the three and six months ended June 30, 2016 and 2015:

	Income (Loss) from Vessel Operations(1)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
	$		$		$		$
Teekay Offshore
Offshore Logistics	(11,954	)	45,908		30,552		78,681
Offshore Production	36,412		46,602		76,024		78,685
Conventional Tankers	(187	)	3,902		5,994		8,096
	24,271		96,412		112,570		165,462
Teekay LNG
Liquefied Gas Carriers	42,484		37,821		82,673		75,818
Conventional Tankers	5,070		6,035		(18,136	)	13,135
	47,554		43,856		64,537		88,953
Teekay Tankers(2)
Conventional Tankers	30,751		43,668		84,589		83,972
Teekay Parent
Offshore Production	(8,343	)	(10,091	)	(26,043	)	(22,239	)
Conventional Tankers	(12,176	)	2,414		(13,281	)	3,516
Other	(8,277	)	(2,659	)	(16,254	)	(8,612	)
	(28,796	)	(10,336	)	(55,578	)	(27,335	)
Eliminations and other	2,198		1,917		5,185		1,890
	75,978		175,517		211,303		312,942

(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) Financial information for Teekay Tankers includes operations of the SPT Explorer and Navigator Spirit from December 18, 2015, the date Teekay Tankers acquired the vessels from Teekay Offshore.

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

	June 30, 2016		December 31, 2015
	$		$
Teekay Offshore - Offshore Logistics	2,634,188		2,591,489
Teekay Offshore - Offshore Production	2,710,632		2,717,193
Teekay Offshore - Conventional Tankers	14,552		63,900
Teekay LNG - Liquefied Gas Carriers	3,703,244		3,550,396
Teekay LNG - Conventional Tankers	211,282		360,527
Teekay Tankers - Conventional Tankers	2,005,712		2,073,059
Teekay Parent - Offshore Production	670,632		710,533
Teekay Parent - Conventional Tankers	120,642		142,236
Teekay Parent - Other	18,302		17,256
Cash	789,708		678,392
Other assets not allocated	230,614		301,586
Eliminations	(146,509	)	(145,319	)
Consolidated total assets	12,962,999		13,061,248