XML 50 R42.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Operating and Direct Financing Leases (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2012
Estimated Future Minimum Rental Payments to be Received and Paid Under Lease Contracts | As at December 31, 2012, the total estimated future minimum rental payments to be received and paid under the lease contracts are as follows:
Year |  | Head Lease Receipts (1) |  |  | Sublease Payments(1)(2) |
2013 |  |  | 28,843 |  |  |  | 24,779 |
2014 |  |  | 28,828 |  |  |  | 24,779 |
2015 |  |  | 22,188 |  |  |  | 24,779 |
2016 |  |  | 21,242 |  |  |  | 24,779 |
2017 |  |  | 21,242 |  |  |  | 24,779 |
Thereafter |  |  | 239,063 |  |  |  | 278,884 |
Total |  | $ | 361,406 |  |  | $ | 402,779 |
(1) | The Head Leases are fixed-rate operating leases while the Subleases have a small variable-rate component. As at December 31, 2012, the Teekay Tangguh Subsidiary had received $149.0 million of aggregate Head Lease receipts and had paid $90.6 million of aggregate Sublease payments. The portion of the Head Lease receipts that haven’t been recognized into earnings are deferred and amortized on a straight line basis over the lease terms and as at December 31, 2012, $39.1 million of Head Lease receipts had been deferred and included in other long-term liabilities in the Company’s consolidated balance sheets.
(2) | The amount of payments under the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law.
Net Investment in Direct Financing Leases | The time-charters for two of the Company’s LNG carriers, one FSO unit and equipment that reduce volatile organic compound emissions (or VOC equipment) are accounted for as direct financing leases. The following table lists the components of the net investments in direct financing leases:
|  | December 31, 2012 $ |  |  | December 31, 2011 $ |
Total minimum lease payments to be received |  |  | 675,013 |  |  |  | 741,604 |
Estimated unguaranteed residual value of leased properties |  |  | 203,465 |  |  |  | 203,465 |
Initial direct costs and other |  |  | 1,409 |  |  |  | 1,636 |
Less unearned revenue |  |  | (443,286 | ) |  |  | (486,797 | )
Total |  |  | 436,601 |  |  |  | 459,908 |
Less current portion |  |  | 12,303 |  |  |  | 23,171 |
Long-term portion |  |  | 424,298 |  |  |  | 436,737 |

X
- Definition Schedule of future minimum lease payments and receipt for operating lease. + References No definition available. + Details
Name: | tk_ScheduleOfFutureMinimumLeasePaymentsAndReceiptForOperatingLeaseTableTextBlock
Namespace Prefix: | tk_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for capital leasing arrangements including, but not limited to, the following: a) the basis on which contingent rental payments are determined; (b) the existence and terms of renewal or purchase options and escalation clauses; (c) restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694 + Details
Name: | us-gaap_CapitalLeasesInFinancialStatementsOfLesseeDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration