Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Net Income of Consolidated Partially-Owned Entities and Attribution of Net Income to Controlling and Non-controlling Interests

The total net income of Teekay’s consolidated partially-owned entities and the attribution of that net income to controlling and non-controlling interests is as follows:


	Net income (loss) attributable to non-controlling interests													Controlling Interest								Net income (loss) of partially- owned consolidated entities⁽¹⁾
	Non- public partially- owned subsidiaries			Preferred unit holders		Distributed Earnings		Undistributed Earnings			Total			Distributed Earnings		Undistributed Earnings			Total

Teekay Offshore		13,911			28,609		119,971		(103,949	)		58,542			70,414		(38,913	)		31,501			90,043
Teekay LNG		16,627			—		120,482		(1,510	)		135,599			82,791		(880	)		81,911			217,510
Teekay Tankers		—			—		—		129,725			129,725			—		47,202			47,202			176,927
Other entities and eliminations		—			—		—		—			(557	)

For the Year Ended December 31, 2015		30,538			28,609		240,453		24,266			323,309

Teekay Offshore		10,503			10,875		136,743		(150,724	)		7,397			71,166		(60,907	)		10,259			17,656
Teekay LNG		13,489			—		143,292		(26,116	)		130,665			101,946		(13,684	)		88,262			218,927
Teekay Tankers		—			—		—		41,048			41,048			—		16,094			16,094			57,142
Other entities and eliminations		—			—		—		—			(351	)

For the Year Ended December 31, 2014		23,992			10,875		280,035		(135,792	)		178,759

Teekay Offshore		(19,089	)		7,250		127,523		(86,148	)		29,536			65,393		(20,789	)		44,604			74,140
Teekay LNG		12,073			—		127,087		(13,101	)		126,059			94,253		(6,997	)		87,256			213,315
Teekay Tankers		—			—		—		(6,096	)		(6,096	)		—		(2,042	)		(2,042	)		(8,138	)
Other entities and eliminations		—			—		—		—			719

For the Year Ended December 31, 2013		(7,016	)		7,250		254,610		(105,345	)		150,218

(1)	Excludes the results of the acquisition of interests in vessels between Teekay Corporation, Teekay Offshore and Teekay Tankers during the periods the vessels were under common control and had begun operations.

Summary of Capitalized Dry Docking Costs

The continuity of capitalized dry-docking costs for the years ended December 31, 2015, 2014, and 2013, is summarized as follows:


	Year Ended December 31,
	2015			2014			2013
	$			$			$
Balance at the beginning of the year		135,331			118,194			100,928
Costs incurred for dry dockings		69,927			74,018			72,545
Dry-dock amortization		(47,271	)		(50,926	)		(50,325	)
Write down / sales of vessels		(7,285	)		(5,955	)		(4,954	)

Balance at the end of the year		150,702			135,331			118,194

Summary of Financing Receivables

The following table contains a summary of the Company’s financing receivables by type of borrower, the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis, and the grade as of December 31, 2015.

December 31,

Class of Financing Receivable

Credit Quality

Indicator

Grade

2015
$

2014
$

Direct financing leases

Payment activity

Performing

684,129

704,953

Other loan receivables

Loans to equity-accounted investees and joint venture partners

Other internal metrics

Performing

191,517

253,426

Long-term receivable included in other assets

Payment activity

Performing

37,032

43,843

912,678

1,002,222

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table contains the changes in the balances of each component of accumulated other comprehensive income (loss) attributable to shareholders of Teekay for the periods presented.


	Qualifying Cash Flow Hedging Instruments			Pension Adjustments			Unrealized (Loss) Gain on Available for Sale Marketable Securities			Foreign Exchange Gain (Loss) on Currency Translation			Total
	$			$			$			$			$
Balance as of December 31, 2012		341			(16,253	)		—			1,144			(14,768	)
Other comprehensive (loss) income		(324	)		(2,666	)		(171	)		740			(2,421	)

Balance as of December 31, 2013		17			(18,919	)		(171	)		1,884			(17,189	)
Other comprehensive (loss) income		(485	)		(10,969	)		171			174			(11,109	)

Balance as of December 31, 2014		(468	)		(29,888	)		—			2,058			(28,298	)
Other comprehensive income (loss)		49			14,038			(463	)		(217	)		13,407

Balance as of December 31, 2015		(419	)		(15,850	)		(463	)		1,841			(14,891	)