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Segment Reporting
 12 Months Ended
Dec. 31, 2012
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, 2012, the Partnership’s liquefied gas segment consisted of 27 LNG carriers (including 16 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,
2012		   Year Ended
December 31,
2011		   Year Ended
December 31,
2010

Ras Laffan Liquefied Natural Gas Company Ltd.(1)

    $69.6 or 18%   $68.8 or 18%   $68.7 or 18%

Repsol YPF, S.A.(1)

    $50.3 or 13%   $53.9 or 14%   $51.9 or 14%

Compania Espanola de Petroleos(2)

    $47.3 or 12%   $44.4 or 12%   $44.0 or 12%

The Tangguh Production Sharing Contractors(1)

    $45.4 or 12%   $43.7 or 12%   $42.8 or 11%

Teekay Corporation(1)

    $37.6 or 10%   Less than 10%   $36.5 or 10%

 

(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, 2012  
     Liquefied
Gas
Segment
$		      Conventional
Tanker
Segment
$		      Total
$		  

Voyage revenues

      278,511        113,740        392,251  

Voyage expenses

      66        1,706        1,772  

Vessel operating expenses

      45,816        40,531        86,347  

Depreciation and amortization

      69,064        30,761        99,825  

General and administrative(1)

      17,532        9,617        27,149  

Write down of vessels

      —          29,367        29,367  
  

 

 

     

 

 

     

 

 

  

Income from vessel operations

      146,033        1,758        147,791  
  

 

 

     

 

 

     

 

 

  

Equity income

      78,866        —          78,866  

Investment in and advances to equity accounted joint ventures

      409,735        —          409,735  

Total assets at December 31, 2012

      3,143,205        495,556        3,638,761  

Expenditures for vessels and equipment

      39,366        528        39,894  

Expenditures for dry docking

      6,054        1,439        7,493  

 

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

Voyage revenues

      269,408       110,567        379,975  

Voyage 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 equity accounted joint ventures

      191,448       —          191,448  

Total assets at December 31, 2011

      2,911,659       552,689        3,464,348  

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  

Expenditures for vessels and equipment

      24,095       2,557        26,652  

Expenditures for dry docking

      2,014       10,713        12,727  

 

(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 sheets is as follows:

 

     December  31,
2012
$		      December  31,
2011
$		  

Total assets of the liquefied gas segment

      3,143,205        2,911,659  

Total assets of the conventional tanker segment

      495,556        552,689  

Unallocated:

      

Cash and cash equivalents

      113,577        93,627  

Accounts receivable and prepaid expenses

      19,244        18,837  

Advances to affiliates

      13,864        11,922  
  

 

 

     

 

 

  

Consolidated total assets

      3,785,446        3,588,734