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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