XML 33 R9.htm IDEA: XBRL DOCUMENT v3.24.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Reporting
3. Segment Reporting
On October 4, 2021, Teekay LNG Partners (now known as Seapeak) and Stonepeak, together with affiliates, entered into an agreement and plan of merger pursuant to which Stonepeak would acquire Teekay LNG Partners. In connection with the merger, the Company sold to Stonepeak the Teekay Gas Business, which included the Company’s general partner interest in Teekay LNG Partners, all of its common units in Teekay LNG Partners, and certain subsidiaries which collectively contain the shore-based management operations of Teekay LNG Partners and certain of Teekay LNG Partners' joint ventures. The Company’s interests in Teekay LNG Partners constituted the Company’s Teekay LNG segment. The Company’s shore-based management operations included in the transactions were included in the Company’s Teekay Parent – Marine Services and Other segment. The segment information below excludes the results of these operations that the Company sold on January 13, 2022, which resulted in Teekay deconsolidating the Teekay Gas Business for accounting purposes on that date. See Note 21 for information on the historical results of these operations and other information about this transaction.

The Company allocates capital and assesses performance from the separate perspectives of its publicly-traded subsidiary, Teekay Tankers, and from Teekay and its remaining subsidiaries (or Teekay Parent), 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 Teekay Tankers and Teekay Parent, and its segments are presented accordingly on this basis. The Company has two primary lines of business: (1) conventional tankers and (2) marine services. The Company manages these businesses for the benefit of all stakeholders. Starting in 2023, Teekay Parent elected to combine its Offshore Production segment with the Marine Services and Other segment, and presented the comparative figures accordingly.

The following table includes the Company’s revenues and income (loss) from vessel operations by segment, excluding such amounts of the Company’s Teekay Gas Business (see Note 21), for the periods presented in these financial statements:
Revenues
Income (loss) from Vessel Operations (1)
Year Ended December 31,Year Ended December 31,
202320222021202320222021
$$$$$$
Teekay Tankers - Conventional Tankers1,364,452 1,063,111 542,367 535,910 255,949 (194,095)
Teekay Parent - Marine Services and Other100,523 127,073 140,141 (4,185)(10,183)8,742 
1,464,975 1,190,184 682,508 531,725 245,766 (185,353)
(1)Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).

No customer accounted for more than 10% of the Company’s consolidated revenues, excluding such amounts of the Company’s discontinued operations (see Note 21), during the periods presented.

The following table includes other income statement items by segment, excluding such amounts of the Company’s Teekay Gas Business (see Note 21).
Depreciation and AmortizationGain on sale and (Write-down) of assets
Equity income (loss)
Year Ended
December 31,		Year Ended
December 31,		Year Ended
December 31,
202320222021202320222021202320222021
$$$$$$$$$
Teekay Tankers - Conventional Tankers(97,551)(99,033)(106,084)10,360 8,888 (92,368)3,432 244 (14,107)
Teekay Parent - Marine Services and Other— — — — 12,975 — — — — 
(97,551)(99,033)(106,084)10,360 21,863 (92,368)3,432 244 (14,107)

A reconciliation of total segment assets to total assets, presented in the accompanying consolidated balance sheets is as follows:
December 31, 2023
$		December 31, 2022
$
Teekay Tankers – Conventional Tankers1,508,2431,603,142
Teekay Parent – Marine Services and Other35,84044,333
Cash and cash equivalents480,080309,857
Short-term investments172,604210,000
Eliminations(129)(2,486)
Consolidated total assets2,196,6382,164,846
 
The following table includes capital expenditures by segment, excluding such amounts of the Company’s Teekay Gas Business (see Note 21), for the periods presented in these financial statements.
December 31, 2023
$		December 31, 2022
$
Teekay Tankers – Conventional Tankers10,19815,430