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Total Capital and Net Income Per Unit (Tables)

12 Months Ended

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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- References

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Tabular disclosure of an entity's capital units or capital shares, including the value of capital units or capital shares, units authorized, units outstanding and other information necessary to a fair presentation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04.16)
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Tabular disclosure of incentive payments in cash or stock or units paid during the accounting period to managing members or general partners of a limited liability corporation or limited partnership, as governed by the operating or partnership agreement. Disclosure may include identification of recipient, payments made, minimum distribution level, date payments are received, distributions per unit and per year, subsequent distribution amount and date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 72
-URI http://asc.fasb.org/extlink&oid=6926462&loc=SL5163672-159010

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
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-Section 55
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
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-URI http://asc.fasb.org/extlink&oid=6926462&loc=SL5163674-159010

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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

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