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Segment Reporting
 12 Months Ended
Dec. 31, 2011
Segment Reporting [Abstract]  
Segment Reporting
5. Segment Reporting

The Partnership has two reportable segments, its liquefied gas segment and its conventional tanker segment. The Partnership’s liquefied gas segment consists of LNG and LPG carriers subject to long-term, fixed-rate charters to international energy companies and Teekay Corporation (see Note 12b). As at December 31, 2011, the Partnership’s liquefied gas segment consisted of 20 LNG carriers (including nine LNG carriers included in joint ventures that are accounted for under the equity method), three LPG carriers and two Multigas carriers. The Partnership’s conventional tanker segment consisted of ten Suezmax-class crude oil tankers and one Handymax product tanker operating on long-term, fixed-rate time-charter contracts to international energy and shipping companies. 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 Partnership’s consolidated financial statements.

The following table presents voyage revenues and percentage of consolidated voyage revenues for customers that accounted for more than 10% of the Partnership’s consolidated voyage revenues during any of the periods presented.

 

 

             
(U.S. dollars in millions)   Year Ended
December 31, 2011		   Year Ended
December 31, 2010		   Year Ended
December 31, 2009

Ras Laffan Liquefied Natural Gas Company Ltd. (1)

   $68.8 or 18%   $68.7 or 18%   $68.7 or 20%

Repsol YPF, S.A. (1)

   $53.9 or 14%   $51.9 or 14%   $51.5 or 15%

Compania Espanola de Petroleos (2)

   $44.4 or 12%   $44.0 or 12%   $44.5 or 13%

The Tangguh Production Sharing Contractors (1)

   $43.7 or 12%   $42.8 or 11%   Less than 10%

Teekay Corporation (1)

   Less than 10%   $36.5 or 10%   $38.9 or 11%

 

(1) 

Liquefied gas segment

(2) 

Conventional tanker segment

 

The following tables include results for these segments for the years presented in these financial statements.

 

 

                         
     Year Ended December 31, 2011  
    Liquefied Gas
Segment
$		     Conventional
Tanker
Segment
$ 		    Total
$		  
       

Voyage revenues

            269,408       110,567       379,975  

Voyage (recoveries) expenses

    (87 )      1,474       1,387  

Vessel operating expenses

    47,773       41,273       89,046  

Depreciation and amortization

    62,889       29,030       91,919  

General and administrative (1)

     13,385       10,735       24,120  
   

 

 

    

 

 

    

 

 

  

Income from vessel operations

    145,448       28,055       173,503  
   

 

 

    

 

 

    

 

 

  
       

Equity income

    20,584       —         20,584  

Investment in and advances to joint ventures

    191,448       —         191,448  

Total assets at December 31, 2011

    2,911,659       546,155       3,457,814  

Expenditures for vessels and equipment

    63,686       999       64,685  

Expenditures for dry docking

    13,831       5,807       19,638  

 

                         
    Year Ended December 31, 2010  
    Liquefied Gas
Segment
$		     Conventional
Tanker
Segment
$ 		    Total
$		  
       

Voyage revenues

            264,816       109,192       374,008  

Voyage expenses

    29       2,013       2,042  

Vessel operating expenses

    46,496       38,081       84,577  

Depreciation and amortization

    60,954       28,393       89,347  

General and administrative (1)

     12,239       11,008       23,247  

Gain on sale of vessel

    (4,340 )      —         (4,340 ) 

Restructuring charge

    —         175       175  
   

 

 

    

 

 

    

 

 

  

Income from vessel operations

    149,438       29,522       178,960  
   

 

 

    

 

 

    

 

 

  
       

Equity income

    8,043       —         8,043  

Investment in and advances to joint ventures

    172,898       —         172,898  

Total assets at December 31, 2010

    2,866,541       568,393       3,434,934  

Expenditures for vessels and equipment

    24,095       2,557       26,652  

Expenditures for dry docking

    2,014       10,713       12,727  

 

                         
    Year Ended December 31, 2009  
    Liquefied Gas
Segment
$		     Conventional
Tanker
Segment
$ 		    Total
$		  
       

Voyage revenues

            252,854       90,194       343,048  

Voyage expenses

    1,018       1,016       2,034  

Vessel operating expenses

    50,919       31,455       82,374  

Depreciation and amortization

    59,088       23,598       82,686  

General and administrative (1)

     11,033       8,731       19,764  

Restructuring charge

    1,381       1,869       3,250  
   

 

 

    

 

 

    

 

 

  

Income from vessel operations

    129,415       23,525       152,940  
   

 

 

    

 

 

    

 

 

  
       

Equity income

    27,639       —         27,639  

Investment in and advances to joint venture

    93,320       —         93,320  

Total assets at December 31, 2009

    2,846,685       583,525       3,430,210  

Expenditures for vessels and equipment

    133,563       1,363       134,926  

Expenditures for dry docking

    8,409       1,320       9,729  

 

(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 presented in the consolidated balance sheet is as follows:

 

 

                 
    December  31,
2011
$		     December  31,
2010
$		  
     

Total assets of the liquefied gas segment

     2,911,659       2,866,541  

Total assets of the conventional tanker segment

     546,155       568,393  

Cash and cash equivalents

     93,627       81,055  

Accounts receivable and prepaid expenses

     18,837       25,273  

Advances to affiliates

     11,922       6,133  
   

 

 

    

 

 

  

Consolidated total assets

     3,582,200       3,547,395