XML 163 R10.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Segment Reporting | 12 Months Ended
--- | ---
Dec. 31, 2014
Segment Reporting [Abstract] |
Segment Reporting |
2. | Segment Reporting
The Company is a leading provider of international crude oil and gas marine transportation services and also offers offshore oil production storage and offloading services, primarily under long-term fixed-rate contracts. The Company has four reportable segments: its shuttle tanker, FSO and offshore support segment (or Teekay Shuttle and Offshore), its FPSO segment (or Teekay Petrojarl), its liquefied gas segment (or Teekay Gas Services) and its conventional tanker segment (or Teekay Tanker Services). The Company’s shuttle tanker, FSO and offshore support segment consists of shuttle tankers, FSO units, floating accommodation units (or FAUs) and long-distance towing and offshore installation vessels. The Company’s FPSO segment consists of FPSO units and other vessels used to service its FPSO contracts. The Company’s liquefied gas segment consists of LNG and LPG carriers. The Company’s conventional tanker segment consists of conventional crude oil and product tankers that: (i) are subject to long-term, fixed-rate time-charter contracts, which have an original term of one year or more; (ii) operate in the spot tanker market; or (iii) are subject to time-charters or contracts of affreightment that are priced on a spot-market basis or are short-term, fixed-rate contracts, which have an original term of less than one year. Segment results are evaluated based on income from vessel 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 present results for these segments for the years ended December 31, 2014, 2013, and 2012.
Year ended December 31, 2014 |  | Shuttle Tanker, FSO and Offshore Support Segment |  |  | FPSO Segment |  |  | Liquefied Gas Segment |  |  | Conventional Tanker Segment |  |  | Total |
|  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
Revenues |  |  | 608,068 |  |  |  | 614,463 |  |  |  | 325,707 |  |  |  | 445,682 |  |  |  | 1,993,920 |
Voyage expenses |  |  | (106,291 | ) |  |  | (756 | ) |  |  | (1,913 | ) |  |  | (18,887 | ) |  |  | (127,847 | )
Vessel operating expenses |  |  | (191,173 | ) |  |  | (370,397 | ) |  |  | (68,839 | ) |  |  | (178,910 | ) |  |  | (809,319 | )
Time-charter hire expense |  |  | (31,090 | ) |  |  | — |  |  |  | — |  |  |  | (36,129 | ) |  |  | (67,219 | )
Depreciation and amortization |  |  | (111,891 | ) |  |  | (157,829 | ) |  |  | (71,712 | ) |  |  | (81,472 | ) |  |  | (422,904 | )
General and administrative (1) |  |  | (35,665 | ) |  |  | (57,915 | ) |  |  | (27,434 | ) |  |  | (19,903 | ) |  |  | (140,917 | )
Asset impairments |  |  | (4,759 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,759 | )
Loan loss recoveries |  |  | — |  |  |  | 2,521 |  |  |  | — |  |  |  | — |  |  |  | 2,521 |
Net gain on sale of vessels and equipment |  |  | 3,121 |  |  |  | 935 |  |  |  | — |  |  |  | 9,453 |  |  |  | 13,509 |
Restructuring recoveries (charges) |  |  | 812 |  |  |  | — |  |  |  | — |  |  |  | (10,638 | ) |  |  | (9,826 | )
Income from vessel operations |  |  | 131,132 |  |  |  | 31,022 |  |  |  | 155,809 |  |  |  | 109,196 |  |  |  | 427,159 |
Year ended December 31, 2013 |  | Shuttle Tanker, FSO and Offshore Support Segment |  |  | FPSO Segment |  |  | Liquefied Gas Segment |  |  | Conventional Tanker Segment |  |  | Total |
|  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
Revenues |  |  | 583,201 |  |  |  | 567,620 |  |  |  | 298,228 |  |  |  | 381,036 |  |  |  | 1,830,085 |
Voyage expenses |  |  | (99,111 | ) |  |  | — |  |  |  | (602 | ) |  |  | (12,505 | ) |  |  | (112,218 | )
Vessel operating expenses |  |  | (182,973 | ) |  |  | (364,986 | ) |  |  | (61,471 | ) |  |  | (196,722 | ) |  |  | (806,152 | )
Time-charter hire expense |  |  | (56,682 | ) |  |  | — |  |  |  | — |  |  |  | (46,964 | ) |  |  | (103,646 | )
Depreciation and amortization |  |  | (116,376 | ) |  |  | (151,365 | ) |  |  | (71,485 | ) |  |  | (91,860 | ) |  |  | (431,086 | )
General and administrative (1) |  |  | (37,529 | ) |  |  | (51,891 | ) |  |  | (19,597 | ) |  |  | (31,941 | ) |  |  | (140,958 | )
Asset impairments |  |  | (76,782 | ) |  |  | — |  |  |  | — |  |  |  | (90,823 | ) |  |  | (167,605 | )
Loan loss (provisions) recoveries |  |  | — |  |  |  | (2,634 | ) |  |  | — |  |  |  | 1,886 |  |  |  | (748 | )
Net gain on sale of vessels and equipment |  |  | — |  |  |  | 1,338 |  |  |  | — |  |  |  | 657 |  |  |  | 1,995 |
Restructuring charges |  |  | (2,123 | ) |  |  | — |  |  |  | — |  |  |  | (4,798 | ) |  |  | (6,921 | )
Income (loss) from vessel operations |  |  | 11,625 |  |  |  | (1,918 | ) |  |  | 145,073 |  |  |  | (92,034 | ) |  |  | 62,746 |
Year ended December 31, 2012 |  | Shuttle Tanker, FSO and Offshore Support Segment |  |  | FPSO Segment |  |  | Liquefied Gas Segment |  |  | Conventional Tanker Segment |  |  | Total |
|  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
Revenues |  |  | 616,295 |  |  |  | 581,215 |  |  |  | 291,712 |  |  |  | 491,549 |  |  |  | 1,980,771 |
Voyage expenses |  |  | (104,382 | ) |  |  | (232 | ) |  |  | (283 | ) |  |  | (33,386 | ) |  |  | (138,283 | )
Vessel operating expenses |  |  | (196,021 | ) |  |  | (354,020 | ) |  |  | (54,773 | ) |  |  | (208,512 | ) |  |  | (813,326 | )
Time-charter hire expense |  |  | (56,989 | ) |  |  | — |  |  |  | — |  |  |  | (73,750 | ) |  |  | (130,739 | )
Depreciation and amortization |  |  | (125,104 | ) |  |  | (135,413 | ) |  |  | (69,064 | ) |  |  | (126,317 | ) |  |  | (455,898 | )
General and administrative (1) |  |  | (36,484 | ) |  |  | (45,139 | ) |  |  | (18,643 | ) |  |  | (44,030 | ) |  |  | (144,296 | )
Asset impairments |  |  | (28,830 | ) |  |  | — |  |  |  | — |  |  |  | (403,366 | ) |  |  | (432,196 | )
Loan loss provisions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,886 | ) |  |  | (1,886 | )
Net loss on sale of vessels and equipment |  |  | (1,112 | ) |  |  | — |  |  |  | — |  |  |  | (5,863 | ) |  |  | (6,975 | )
Restructuring charges |  |  | (652 | ) |  |  | — |  |  |  | — |  |  |  | (6,913 | ) |  |  | (7,565 | )
Income (loss) from vessel operations |  |  | 66,721 |  |  |  | 46,411 |  |  |  | 148,949 |  |  |  | (412,474 | ) |  |  | (150,393 | )
(1) | 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 amounts presented in the accompanying consolidated balance sheets is as follows:
|  | December 31, 2014 |  |  | December 31, 2013 |
|  | $ |  |  | $ |
Shuttle tanker, FSO and offshore support segment |  |  | 2,055,348 |  |  |  | 1,947,905 |
FPSO segment |  |  | 3,442,109 |  |  |  | 2,836,998 |
Liquefied gas segment |  |  | 3,401,167 |  |  |  | 3,616,044 |
Conventional tanker segment |  |  | 1,538,074 |  |  |  | 1,874,101 |
Cash |  |  | 806,904 |  |  |  | 614,660 |
Accounts receivable and other assets |  |  | 620,610 |  |  |  | 665,993 |
Consolidated total assets |  |  | 11,864,212 |  |  |  | 11,555,701 |
The following table presents revenues and percentage of consolidated revenues for customers that accounted for more than 10% of the Company’s consolidated revenues during the periods presented. All of these customers are international oil companies.
(U.S. dollars in millions) |  | Year Ended December 31, 2014 |  |  | Year Ended December 31, 2013 |  |  | Year Ended December 31, 2012 |
Petroleo Brasileiro SA (1) |  | $ | 248.2 or 12 | % |  | $ | 244.3 or 13 | % |  | $ | 289.3 or 15 | %
Statoil ASA (1) |  | $ | 239.8 or 12 | % |  | $ | 250.5 or 14 | % |  | $ | 299.1 or 15 | %
BP PLC (2) |  |  | (3 | ) |  | $ | 182.5 or 10 | % |  |  | (3 | )
(1) | Shuttle tanker, FSO and offshore support and conventional tanker segments
(2) | Shuttle tanker, FSO and offshore support, liquefied gas and conventional tanker segments
(3) | Less than 10%

X
- Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration