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Total Capital and Net Income Per Unit (Tables) | 12 Months Ended
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Dec. 31, 2015
Equity [Abstract] |
Issuances of Common Units | The following table summarizes the issuances of common units over the three years ending December 31, 2015:
Date |  | Units Issued |  | Offering Price |  | Gross Proceeds (i) $ |  | Net Proceeds $ |  | Teekay Corporation’s Ownership After the Offering(ii) |  | Use of Proceeds
Continuous offering program during 2013 |  | 124,071 |  | (iii) |  | 5,383 |  | 4,926 |  | (iii) |  | General partnership purposes
July 2013 |  | 931,098 |  | $42.96 |  | 40,816 |  | 40,776 |  | 36.92% |  | Funding of LNG carrier newbuilding
October 2013 |  | 3,450,000 |  | $42.62 |  | 150,040 |  | 144,818 |  | 35.30% |  | Prepayment of revolving credit facilities, funding of an LNG carrier acquisition and for general partnership purposes
July 2014 |  | 3,090,000 |  | $44.65 |  | 140,784 |  | 140,484 |  | 33.96% |  | Prepayment of revolving credit facilities, funding of the Yamal LNG Project and portion of the MEGI newbuildings
Continuous offering program during 2014 |  | 1,050,463 |  | (iii) |  | 42,556 |  | 41,655 |  | (iii) |  | General partnership purposes including funding newbuilding installments
Continuous offering program during 2015 (iv) |  | 1,173,428 |  | (iii) |  | 36,274 |  | 35,374 |  | (iii) |  | General partnership purposes, including funding newbuilding installments
(i) | Including General Partner’s 2% proportionate capital contribution.
(ii) | Including Teekay Corporation’s indirect 2% general partner interest.
(iii) | Commencing in May 2013, the Partnership implemented a continuous offering program (or COP) under which the Partnership may issue new common units, representing limited partner interests, at market prices up to a maximum aggregate amount of $100 million.
(iv) | Includes 160,000 common units for net proceed of $6.8 million (including General Partner’s 2% proportionate capital contribution) from the COP executed in 2014 that were received in January 2015.
Incentive Distributions | The General Partner is entitled to incentive distributions if the amount the Partnership distributes to unitholders with respect to any quarter exceeds specified target levels shown below:
Quarterly Distribution Target Amount (per unit) |  | Unitholders |  |  | General Partner |
Minimum quarterly distribution of $0.4125 |  |  | 98 | % |  |  | 2 | %
Up to $0.4625 |  |  | 98 | % |  |  | 2 | %
Above $0.4625 up to $0.5375 |  |  | 85 | % |  |  | 15 | %
Above $0.5375 up to $0.6500 |  |  | 75 | % |  |  | 25 | %
Above $0.6500 |  |  | 50 | % |  |  | 50 | %

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