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Operating and Direct Financing Leases (Tables) | 12 Months Ended
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Dec. 31, 2014
Text Block [Abstract] |
Estimated Future Minimum Rental Payments to be Received and Paid Under Lease Contracts | As at December 31, 2014, 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) |
2015 |  |  | 22,188 |  |  |  | 24,113 |
2016 |  |  | 21,242 |  |  |  | 24,113 |
2017 |  |  | 21,242 |  |  |  | 24,113 |
2018 |  |  | 21,242 |  |  |  | 24,113 |
2019 |  |  | 21,242 |  |  |  | 24,113 |
Thereafter |  |  | 196,579 |  |  |  | 223,185 |
Total |  | $ | 303,735 |  |  | $ | 343,750 |
(1) | The Head Leases are fixed-rate operating leases while the Subleases have a small variable-rate component. As at December 31, 2014, the Teekay Tangguh Subsidiary had received $206.6 million of aggregate Head Lease receipts and had paid $139.6 million of aggregate Sublease payments. The portion of the Head Lease receipts that have not been recognized into earnings, is deferred and amortized on a straight line basis over the lease terms. As at December 31, 2014, $2.8 million and $44.1 million of Head Lease receipts had been deferred and included in accrued liabilities and other long-term liabilities, respectively, 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, |  |  | December 31, |
|  | 2014 |  |  | 2013 |
|  | $ |  |  | $ |
Total minimum lease payments to be received |  |  | 936,164 |  |  |  | 1,024,187 |
Estimated unguaranteed residual value of leased properties |  |  | 203,465 |  |  |  | 203,465 |
Initial direct costs and other |  |  | 461 |  |  |  | 1,379 |
Less unearned revenue |  |  | (435,137 | ) |  |  | (501,769 | )
Total |  |  | 704,953 |  |  |  | 727,262 |
Less current portion |  |  | 20,823 |  |  |  | 21,545 |
Long-term portion |  |  | 684,130 |  |  |  | 705,717 |

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- 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
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