v3.8.0.1

Segment Reporting | 12 Months Ended
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Dec. 31, 2016
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting On July 31, 2015, the Company acquired a ship-to-ship transfer business (or SPT) from a company jointly-owned by Teekay and a Norway-based marine transportation company, I.M. Skaugen SE (see note 24). Following the acquisition, the Company has two reportable segments, its conventional tanker segment and its ship-to-ship transfer segment. The Company’s conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts. The Company’s ship-to-ship transfer segment consists of the Company’s lightering support services, including those provided to the Company’s conventional tanker segment as part of full service lightering operations and other related services. Segment results are evaluated based on income from operations. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company’s consolidated financial statements. The following table includes results for the Company’s revenue and income from operations by segment for the years ended December 31, 2016 and 2015. Prior to 2015, the Company had one operating segment.
Year Ended December 31, 2016 | Conventional Tanker Segment $ |  | Ship-to-Ship Transfer Segment $ |  | Inter-segment Adjustment (1) $ |  | Total $
Revenues | 512,608 |  |  | 41,136 |  |  | (3,201 | ) |  | 550,543 |
Voyage expenses | (56,805 | ) |  | — |  |  | 3,201 |  |  | (53,604 | )
Vessel operating expenses | (150,100 | ) |  | (32,498 | ) |  | — |  |  | (182,598 | )
Time-charter hire expense | (57,368 | ) |  | (2,279 | ) |  | — |  |  | (59,647 | )
Depreciation and amortization | (99,024 | ) |  | (5,125 | ) |  | — |  |  | (104,149 | )
General and administrative expenses | (29,432 | ) |  | (3,767 | ) |  | — |  |  | (33,199 | )
(Loss) gain on sale of vessels | (20,926 | ) |  | 332 |  |  | — |  |  | (20,594 | )
Income (loss) from operations (2) | 98,953 |  |  | (2,201 | ) |  | — |  |  | 96,752 |
Equity income | 7,680 |  |  | — |  |  | — |  |  | 7,680 |
Year Ended December 31, 2015 | Conventional Tanker Segment $ |  | Ship-to-Ship Transfer Segment $ |  | Inter-segment Adjustment (1) $ |  | Total $
Revenues | 516,943 |  |  | 18,587 |  |  | (849 | ) |  | 534,681 |
Voyage expenses | (18,379 | ) |  | (348 | ) |  | — |  |  | (18,727 | )
Vessel operating expenses | (123,572 | ) |  | (14,441 | ) |  | 849 |  |  | (137,164 | )
Time-charter hire expense | (74,860 | ) |  | (38 | ) |  | — |  |  | (74,898 | )
Depreciation and amortization | (72,118 | ) |  | (1,642 | ) |  | — |  |  | (73,760 | )
General and administrative expenses | (28,418 | ) |  | (1,985 | ) |  | — |  |  | (30,403 | )
Gain on sale of vessel | 771 |  |  | — |  |  | — |  |  | 771 |
Restructuring charge | (6,468 | ) |  | (327 | ) |  | — |  |  | (6,795 | )
Income (loss) from operations (2) | 193,899 |  |  | (194 | ) |  | — |  |  | 193,705 |
Equity income | 11,528 |  |  | — |  |  | — |  |  | 11,528 |
(1) | The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations and the pricing for such services is based on estimated costs incurred of approximately $25,000 per voyage.
(2) | 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 to total assets presented in the accompanying consolidated balance sheets is as follows:
| As at December 31, 2016 $ |  | As at December 31, 2015 $
Conventional Tanker | 1,809,956 |  |  | 1,999,979 |
Ship-to-Ship Transfer | 26,468 |  |  | 24,429 |
Cash and cash equivalents | 94,157 |  |  | 156,520 |
Accounts receivable | 33,789 |  |  | 33,875 |
Total assets | 1,964,370 |  |  | 2,214,803 |

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- 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 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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