XML 33 R13.htm IDEA: XBRL DOCUMENT
v3.4.0.3

Segment Reporting | 12 Months Ended
--- | ---
Dec. 31, 2015
Segment Reporting [Abstract] |
Segment Reporting |
4. | 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 carriers, LPG carriers and multigas carriers, which can carry both LNG and LPG, which generally operate under long-term, fixed-rate charters to international energy companies and Teekay Corporation (see Note 12a). As at December 31, 2015, the Partnership’s liquefied gas segment consisted of 50 LNG carriers (including 26 LNG carriers included in joint ventures that are accounted for under the equity method), and 29 LPG/Multigas carriers (including 23 LPG carriers included in a joint venture that is accounted for under the equity method). As at December 31, 2015, the Partnership’s conventional tanker segment consisted of seven Suezmax-class crude oil tankers and one Handymax product tanker which generally operate under 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 the Partnership’s top customers during any of the periods presented.
(U.S. Dollars in millions) |  | Year Ended December 31, 2015 |  |  | Year Ended December 31, 2014 |  |  | Year Ended December 31, 2013 |
Ras Laffan Liquefied Natural Gas Company Ltd.(i) |  | $ | 70.1 or 18 | % |  | $ | 69.8 or 17 | % |  | $ | 69.7 or 17 | %
Shell Spain LNG S.A.U.(i),(ii) |  | $ | 48.5 or 12 | % |  | $ | 51.8 or 13 | % |  | $ | 53.5 or 13 | %
The Tangguh Production Sharing Contractors(i) |  | $ | 44.9 or 11 | % |  | $ | 44.3 or 11 | % |  | $ | 47.3 or 12 | %
(i) | Liquefied gas segment.
(ii) | Shell Spain LNG S.A.U. acquired the charter contracts from Repsol YPF, S.A. in March 2014. The voyage revenues in 2014 consisted of the voyage revenues from both customers relating to the same charter contract; voyage revenues in 2013 were only from Repsol YPF. S.A.
The following tables include results for these segments for the years presented in these financial statements.
|  | Year Ended December 31, 2015 |
|  | Liquefied Gas Segment $ |  |  | Conventional Tanker Segment $ |  |  | Total $ |
Voyage revenues |  |  | 305,056 |  |  |  | 92,935 |  |  |  | 397,991 |
Voyage recoveries (expenses) |  |  | 203 |  |  |  | (1,349 | ) |  |  | (1,146 | )
Vessel operating expenses |  |  | (63,344 | ) |  |  | (30,757 | ) |  |  | (94,101 | )
Depreciation and amortization |  |  | (71,323 | ) |  |  | (20,930 | ) |  |  | (92,253 | )
General and administrative expenses(i) |  |  | (19,392 | ) |  |  | (5,726 | ) |  |  | (25,118 | )
Restructuring charge |  |  | — |  |  |  | (4,001 | ) |  |  | (4,001 | )
Income from vessel operations |  |  | 151,200 |  |  |  | 30,172 |  |  |  | 181,372 |
Equity income |  |  | 84,171 |  |  |  | — |  |  |  | 84,171 |
Investment in and advances to equity accounted joint ventures |  |  | 883,731 |  |  |  | — |  |  |  | 883,731 |
Total assets at December 31, 2015 |  |  | 3,550,396 |  |  |  | 360,527 |  |  |  | 3,910,923 |
Expenditures for vessels and equipment |  |  | (191,642 | ) |  |  | (327 | ) |  |  | (191,969 | )
Expenditures for dry docking |  |  | (8,659 | ) |  |  | (1,698 | ) |  |  | (10,357 | )
|  | Year Ended December 31, 2014 |
|  | Liquefied Gas Segment $ |  |  | Conventional Tanker Segment $ |  |  | Total $ |
Voyage revenues |  |  | 307,426 |  |  |  | 95,502 |  |  |  | 402,928 |
Voyage expenses |  |  | (1,768 | ) |  |  | (1,553 | ) |  |  | (3,321 | )
Vessel operating expenses |  |  | (59,087 | ) |  |  | (36,721 | ) |  |  | (95,808 | )
Depreciation and amortization |  |  | (71,711 | ) |  |  | (22,416 | ) |  |  | (94,127 | )
General and administrative expenses(i) |  |  | (17,992 | ) |  |  | (5,868 | ) |  |  | (23,860 | )
Restructuring charge |  |  | — |  |  |  | (1,989 | ) |  |  | (1,989 | )
Income from vessel operations |  |  | 156,868 |  |  |  | 26,955 |  |  |  | 183,823 |
Equity income |  |  | 115,478 |  |  |  | — |  |  |  | 115,478 |
Investment in and advances to equity accounted joint ventures |  |  | 891,478 |  |  |  | — |  |  |  | 891,478 |
Total assets at December 31, 2014 |  |  | 3,379,279 |  |  |  | 381,175 |  |  |  | 3,760,454 |
Expenditures for vessels and equipment |  |  | (193,669 | ) |  |  | (586 | ) |  |  | (194,255 | )
Expenditures for dry docking |  |  | (8,127 | ) |  |  | (5,344 | ) |  |  | (13,471 | )
|  | Year Ended December 31, 2013 |
|  | Liquefied Gas Segment $ |  |  | Conventional Tanker Segment $ |  |  | Total $ |
Voyage revenues |  |  | 285,694 |  |  |  | 113,582 |  |  |  | 399,276 |
Voyage expenses |  |  | (407 | ) |  |  | (2,450 | ) |  |  | (2,857 | )
Vessel operating expenses |  |  | (55,459 | ) |  |  | (44,490 | ) |  |  | (99,949 | )
Depreciation and amortization |  |  | (71,485 | ) |  |  | (26,399 | ) |  |  | (97,884 | )
General and administrative expenses(i) |  |  | (13,913 | ) |  |  | (6,531 | ) |  |  | (20,444 | )
Restructuring charge |  |  | — |  |  |  | (1,786 | ) |  |  | (1,786 | )
Income from vessel operations |  |  | 144,430 |  |  |  | 31,926 |  |  |  | 176,356 |
Equity income |  |  | 123,282 |  |  |  | — |  |  |  | 123,282 |
Expenditures for vessels and equipment |  |  | (469,463 | ) |  |  | (750 | ) |  |  | (470,213 | )
Expenditures for dry docking |  |  | (21,090 | ) |  |  | (6,113 | ) |  |  | (27,203 | )
(i) | 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, 2015 $ |  |  | December 31, 2014 $ |
Total assets of the liquefied gas segment |  |  | 3,550,396 |  |  |  | 3,379,279 |
Total assets of the conventional tanker segment |  |  | 360,527 |  |  |  | 381,175 |
Unallocated: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 102,481 |  |  |  | 159,639 |
Accounts receivable and prepaid expenses |  |  | 26,550 |  |  |  | 15,240 |
Advances to affiliates |  |  | 13,026 |  |  |  | 11,942 |
Consolidated total assets |  |  | 4,052,980 |  |  |  | 3,947,275 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration