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Operating and Direct Financing Leases (Tables)

12 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Estimated Future Minimum Rental Payments to be Received and Paid Under Lease Contracts

As at December 31, 2013, 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)
2014			28,828				24,779
2015			22,188				24,779
2016			21,242				24,779
2017			21,242				24,779
2018			21,242				24,779
Thereafter			217,821				254,105
Total		$	332,563			$	378,000

(1) The Head Leases are fixed-rate operating leases while the Subleases have a small variable-rate component. As at December 31, 2013, the Teekay Tangguh Subsidiary had received $177.8 million of aggregate Head Lease receipts and had paid $115.4 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, 2013, $43.0 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 Investments in Direct Financing Leases

The following table lists the components of the net investments in direct financing leases:

		December 31, 2013 $				December 31, 2012 $
Total minimum lease payments to be received			1,024,187				675,013
Estimated unguaranteed residual value of leased properties			203,465				203,465
Initial direct costs and other			1,379				1,409
Less unearned revenue			(501,769	)			(443,286	)
Total			727,262				436,601
Less current portion			21,545				12,303
Long-term portion			705,717				424,298

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Schedule of future minimum lease payments and receipt for operating lease.

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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

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