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Operating and Direct Financing Leases (Tables) | 12 Months Ended
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Dec. 31, 2015
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Estimated Future Minimum Rental Payments to be Received and Paid Under Lease Contracts | As at December 31, 2015, the total estimated future minimum rental payments to be received and paid under the lease contracts are as follows:
|  | Head Lease |  |  | Sublease |
Year |  | Receipts (1) |  |  | Payments(1)(2) |
2016 |  |  | 21,242 |  |  |  | 24,113 |
2017 |  |  | 21,242 |  |  |  | 24,113 |
2018 |  |  | 21,242 |  |  |  | 24,113 |
2019 |  |  | 21,242 |  |  |  | 24,113 |
2020 |  |  | 21,242 |  |  |  | 24,113 |
Thereafter |  |  | 175,337 |  |  |  | 199,072 |
Total |  | $ | 281,547 |  |  | $ | 319,637 |
(1) | The Head Leases are fixed-rate operating leases while the Subleases have a small variable-rate component. As at December 31, 2015, the Teekay Tangguh Subsidiary had received $228.8 million of aggregate Head Lease receipts and had paid $163.7 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 and, as at December 31, 2015, $3.8 million and $40.4 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 is 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, |
|  | 2015 |  |  | 2014 |
|  | $ |  |  | $ |
Total minimum lease payments to be received |  |  | 855,655 |  |  |  | 936,164 |
Estimated unguaranteed residual value of leased properties |  |  | 203,465 |  |  |  | 203,465 |
Initial direct costs and other |  |  | 428 |  |  |  | 461 |
Less unearned revenue |  |  | (375,419 | ) |  |  | (435,137 | )
Total |  |  | 684,129 |  |  |  | 704,953 |
Less current portion |  |  | (26,542) |  |  |  | (20,823 | )
Long-term portion |  |  | 657,587 |  |  |  | 684,130 |

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- Definition Tabular disclosure of long-lived, depreciable assets that are subject to a lease meeting the criteria for capitalization and are used in the normal conduct of business to produce goods and services. Examples may include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 + Details
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