v3.10.0.1

Segment Reporting | 9 Months Ended
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Sep. 30, 2018
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting 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 the operations of TTOL and Tanker Investments Ltd. (or TIL), which were acquired in 2017 (notes 4, 6 and 18), and those tankers 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 LNG terminal management, consultancy, procurement 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 tables include results for the Company’s revenues and (loss) income from operations by segment for the three and nine months ended September 30, 2018 and September 30, 2017.
Three Months Ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |
|  | Conventional Tanker Segment |  | Ship-to-Ship Transfer Segment (2) |  | Inter-segment Adjustment (1) |  | Total
|  | $ |  |  | $ |  |  | $ |  |  | $ |
Revenues (3) |  | 166,423 |  |  |  | 12,019 |  |  |  | (2,527 | ) |  |  | 175,915 |  |
Voyage expenses (3) |  | (85,575 | ) |  |  | — |  |  |  | 2,527 |  |  |  | (83,048 | ) |
Vessel operating expenses |  | (43,432 | ) |  |  | (8,729 | ) |  |  | — |  |  |  | (52,161 | ) |
Time-charter hire expense |  | (2,935 | ) |  |  | (1,382 | ) |  |  | — |  |  |  | (4,317 | ) |
Depreciation and amortization |  | (28,532 | ) |  |  | (1,063 | ) |  |  | — |  |  |  | (29,595 | ) |
General and administrative expenses (4) |  | (7,985 | ) |  |  | (762 | ) |  |  | — |  |  |  | (8,747 | ) |
Restructuring charges |  | — |  |  |  | (213 | ) |  |  | — |  |  |  | (213 | ) |
Loss from operations |  | (2,036 | ) |  |  | (130 | ) |  |  | — |  |  |  | (2,166 | ) |
Equity loss |  | (359 | ) |  |  | — |  |  |  | — |  |  |  | (359 | ) |
Three Months Ended September 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |
|  | Conventional Tanker Segment |  | Ship-to-Ship Transfer Segment (2) |  | Inter-segment Adjustment (1) |  | Total
|  | $ |  |  | $ |  |  | $ |  |  | $ |
Revenues (3) |  | 81,758 |  |  |  | 11,902 |  |  |  | (2,422 | ) |  |  | 91,238 |  |
Voyage expenses (3) |  | (20,725 | ) |  |  | — |  |  |  | 2,422 |  |  |  | (18,303 | ) |
Vessel operating expenses |  | (32,227 | ) |  |  | (8,731 | ) |  |  | — |  |  |  | (40,958 | ) |
Time-charter hire expense |  | (4,629 | ) |  |  | (1,206 | ) |  |  | — |  |  |  | (5,835 | ) |
Depreciation and amortization |  | (23,071 | ) |  |  | (1,257 | ) |  |  | — |  |  |  | (24,328 | ) |
General and administrative expenses (4) |  | (6,823 | ) |  |  | (799 | ) |  |  | — |  |  |  | (7,622 | ) |
(Loss) gain on sale of vessels |  | (7,968 | ) |  |  | 42 |  |  |  | — |  |  |  | (7,926 | ) |
Loss from operations |  | (13,685 | ) |  |  | (49 | ) |  |  | — |  |  |  | (13,734 | ) |
Equity loss |  | (274 | ) |  |  | — |  |  |  | — |  |  |  | (274 | ) |
Nine Months Ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |
|  | Conventional Tanker Segment |  | Ship-to-Ship Transfer Segment (2) |  | Inter-segment Adjustment (1) |  | Total |
|  | $ |  |  | $ |  |  | $ |  |  | $ |
Revenues (3) |  | 490,083 |  |  |  | 35,061 |  |  |  | (9,105 | ) |  |  | 516,039 |  |
Voyage expenses (3) |  | (259,079 | ) |  |  | — |  |  |  | 9,105 |  |  |  | (249,974 | ) |
Vessel operating expenses |  | (131,886 | ) |  |  | (25,922 | ) |  |  | — |  |  |  | (157,808 | ) |
Time-charter hire expense |  | (10,326 | ) |  |  | (4,371 | ) |  |  | — |  |  |  | (14,697 | ) |
Depreciation and amortization |  | (85,171 | ) |  |  | (3,427 | ) |  |  | — |  |  |  | (88,598 | ) |
General and administrative expenses (4) |  | (25,385 | ) |  |  | (2,554 | ) |  |  | — |  |  |  | (27,939 | ) |
Gain on sale of vessels |  | — |  |  |  | 170 |  |  |  | — |  |  |  | 170 |  |
Restructuring charges |  | (152 | ) |  |  | (1,043 | ) |  |  | — |  |  |  | (1,195 | ) |
Loss from operations |  | (21,916 | ) |  |  | (2,086 | ) |  |  | — |  |  |  | (24,002 | ) |
Equity income |  | 265 |  |  |  | — |  |  |  | — |  |  |  | 265 |  |
Nine months ended September 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |
|  | Conventional Tanker Segment |  | Ship-to-Ship Transfer Segment (2) |  | Inter-segment Adjustment (1) |  | Total |
|  | $ |  |  | $ |  |  | $ |  |  | $ |
Revenues (3) |  | 299,154 |  |  |  | 39,387 |  |  |  | (8,029 | ) |  |  | 330,512 |  |
Voyage expenses (3) |  | (69,517 | ) |  |  | — |  |  |  | 8,029 |  |  |  | (61,488 | ) |
Vessel operating expenses |  | (100,586 | ) |  |  | (31,363 | ) |  |  | — |  |  |  | (131,949 | ) |
Time-charter hire expense |  | (23,698 | ) |  |  | (3,761 | ) |  |  | — |  |  |  | (27,459 | ) |
Depreciation and amortization |  | (69,857 | ) |  |  | (3,795 | ) |  |  | — |  |  |  | (73,652 | ) |
General and administrative expenses (4) |  | (22,258 | ) |  |  | (2,617 | ) |  |  | — |  |  |  | (24,875 | ) |
(Loss) gain on sale of vessels |  | (12,545 | ) |  |  | 50 |  |  |  | — |  |  |  | (12,495 | ) |
Income (loss) from operations |  | 693 |  |  |  | (2,099 | ) |  |  | — |  |  |  | (1,406 | ) |
Equity loss |  | (27,174 | ) |  |  | — |  |  |  | — |  |  |  | (27,174 | ) |
(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 was based on actual costs incurred.
(2) | Revenues, net of the inter-segment adjustment, earned from the ship-to-ship transfer segment are reflected in Other Revenues in the Company's consolidated statements of loss.
(3) | The comparative periods do not include the impact of the January 1, 2018 adoption of ASU 2014-09 (see note 2).
(4) | 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 |  | As at
| September 30, 2018 |  | December 31, 2017
| $ |  | $
Conventional Tanker Segment | 2,036,698 |  |  | 2,089,099 |
Ship-to-Ship Transfer Segment | 38,135 |  |  | 36,810 |
Cash and cash equivalents | 54,361 |  |  | 71,439 |
Consolidated total assets | 2,129,194 |  |  | 2,197,348 |

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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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