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Segment Reporting | 6 Months Ended
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Jun. 30, 2016
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company has four primary lines of business: offshore logistics (shuttle tankers, the HiLoad DP unit, floating storage and offtake (or FSO) units, units for maintenance and safety (or UMS) and long-distance towing and offshore installation vessels), offshore production (floating production, storage and off-loading (or FPSO) units), liquefied gas carriers (liquefied natural gas (or LNG) and liquefied petroleum gas (or LPG) carriers) and conventional tankers. The Company manages these businesses for the benefit of all stakeholders. The Company allocates capital and assesses performance both from the separate perspectives of our publicly-traded subsidiaries Teekay Offshore, Teekay LNG Partners, L.P. (or Teekay LNG), Teekay Tankers Ltd. (or Teekay Tankers) (together, the Daughter Companies) and Teekay and its remaining subsidiaries (or Teekay Parent) as well as from the perspective of the lines of business. Historically, the Company’s organizational structure and internal reporting has been primarily based on the lines of business (the Line of Business approach), resulting in the Company’s segment disclosure presentation on a lines-of-business basis, without reference to the legal entities. With the establishment of the Daughter Companies and subsequent dropdown of vessels from Teekay Parent to the Daughter Companies, the Company’s organizational structure and internal reporting has gradually evolved to focus less on lines of business and more on the Daughter Companies and Teekay Parent (the Legal Entity approach). As a result of an internal re-organization that was completed in the third quarter of 2015, the primary focus of the Company’s organizational structure, internal reporting and allocation of resources by the chief operating decision maker is now the Legal Entity approach. As such, the Company has modified the presentation of its segments to incorporate the Legal Entity approach. However, the Company has continued to incorporate the Line of Business approach within its segments, as in certain cases there is more than one line of business in each Daughter Company and the Company believes this information allows a better understanding of the Company’s performance and prospects for future net cash flows. All segment information for prior periods has been retroactively adjusted to be consistent with the change in segment presentation that was adopted in the third quarter of 2015. The following table includes results for the Company’s revenues by segment for the three and six months ended June 30, 2016 and 2015:
| Revenues
| Three Months Ended | Six Months Ended
| June 30, | June 30,
| 2016 | 2015 | 2016 | 2015
| $ | $ | $ | $
Teekay Offshore |  |  |  |
Offshore Logistics(1) | 155,095 |  | 161,267 |  | 320,205 |  | 319,913 |
Offshore Production | 124,715 |  | 141,722 |  | 257,499 |  | 239,997 |
Conventional Tankers(1) | 4,654 |  | 8,245 |  | 13,468 |  | 16,307 |
| 284,464 |  | 311,234 |  | 591,172 |  | 576,217 |
Teekay LNG |  |  |  |
Liquefied Gas Carriers(1) | 84,497 |  | 77,466 |  | 163,082 |  | 153,400 |
Conventional Tankers | 14,744 |  | 21,142 |  | 31,930 |  | 42,534 |
| 99,241 |  | 98,608 |  | 195,012 |  | 195,934 |
Teekay Tankers(2) |  |  |  |
Conventional Tankers(1) | 139,621 |  | 107,594 |  | 304,571 |  | 211,472 |
Teekay Parent |  |  |  |
Offshore Production | 58,600 |  | 66,394 |  | 113,806 |  | 135,327 |
Conventional Tankers(1) | 9,534 |  | 18,413 |  | 23,584 |  | 34,886 |
Other | 14,970 |  | 17,153 |  | 43,440 |  | 35,913 |
| 83,104 |  | 101,960 |  | 180,830 |  | 206,126 |
Eliminations and other | (18,811 | ) | (26,599 | ) | (42,858 | ) | (51,090 | )
| 587,619 |  | 592,797 |  | 1,228,727 |  | 1,138,659 |
(1) | Certain vessels are chartered between the Daughter Companies and Teekay Parent. The amounts in the table below represent revenue earned by each segment from other segments within the group. Such intersegment revenue for the three and six months ended June 30 is as follows:
| Three Months Ended | Six Months Ended
| June 30, | June 30,
| 2016 | 2015 | 2016 | 2015
| $ | $ | $ | $
Teekay Offshore - Offshore Logistics | 10,129 |  | 9,245 |  | 18,508 |  | 18,511 |
Teekay Offshore - Conventional Tankers | — |  | 8,245 |  | 6,410 |  | 16,307 |
Teekay LNG - Liquefied Gas Carriers | 8,933 |  | 10,600 |  | 18,646 |  | 20,009 |
Teekay Tankers - Conventional Tankers | 2,453 |  | — |  | 4,988 |  | — |
| 21,515 |  | 28,090 |  | 48,552 |  | 54,827 |
(2) | Financial information for Teekay Tankers includes operations of the SPT Explorer and Navigator Spirit from December 18, 2015, the date Teekay Tankers acquired the vessels from Teekay Offshore.
The following table includes results for the Company’s income from vessel operations by segment for the three and six months ended June 30, 2016 and 2015:
| Income (Loss) from Vessel Operations(1)
| Three Months Ended | Six Months Ended
| June 30, | June 30,
| 2016 | 2015 | 2016 | 2015
| $ | $ | $ | $
Teekay Offshore |  |  |  |
Offshore Logistics | (11,954 | ) | 45,908 |  | 30,552 |  | 78,681 |
Offshore Production | 36,412 |  | 46,602 |  | 76,024 |  | 78,685 |
Conventional Tankers | (187 | ) | 3,902 |  | 5,994 |  | 8,096 |
| 24,271 |  | 96,412 |  | 112,570 |  | 165,462 |
Teekay LNG |  |  |  |
Liquefied Gas Carriers | 42,484 |  | 37,821 |  | 82,673 |  | 75,818 |
Conventional Tankers | 5,070 |  | 6,035 |  | (18,136 | ) | 13,135 |
| 47,554 |  | 43,856 |  | 64,537 |  | 88,953 |
Teekay Tankers(2) |  |  |  |
Conventional Tankers | 30,751 |  | 43,668 |  | 84,589 |  | 83,972 |
Teekay Parent |  |  |  |
Offshore Production | (8,343 | ) | (10,091 | ) | (26,043 | ) | (22,239 | )
Conventional Tankers | (12,176 | ) | 2,414 |  | (13,281 | ) | 3,516 |
Other | (8,277 | ) | (2,659 | ) | (16,254 | ) | (8,612 | )
| (28,796 | ) | (10,336 | ) | (55,578 | ) | (27,335 | )
Eliminations and other | 2,198 |  | 1,917 |  | 5,185 |  | 1,890 |
| 75,978 |  | 175,517 |  | 211,303 |  | 312,942 |
(1) | Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).
(2) | Financial information for Teekay Tankers includes operations of the SPT Explorer and Navigator Spirit from December 18, 2015, the date Teekay Tankers acquired the vessels from Teekay Offshore.
A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows:
| June 30, 2016 | December 31, 2015
| $ | $
Teekay Offshore - Offshore Logistics | 2,634,188 |  | 2,591,489 |
Teekay Offshore - Offshore Production | 2,710,632 |  | 2,717,193 |
Teekay Offshore - Conventional Tankers | 14,552 |  | 63,900 |
Teekay LNG - Liquefied Gas Carriers | 3,703,244 |  | 3,550,396 |
Teekay LNG - Conventional Tankers | 211,282 |  | 360,527 |
Teekay Tankers - Conventional Tankers | 2,005,712 |  | 2,073,059 |
Teekay Parent - Offshore Production | 670,632 |  | 710,533 |
Teekay Parent - Conventional Tankers | 120,642 |  | 142,236 |
Teekay Parent - Other | 18,302 |  | 17,256 |
Cash | 789,708 |  | 678,392 |
Other assets not allocated | 230,614 |  | 301,586 |
Eliminations | (146,509 | ) | (145,319 | )
Consolidated total assets | 12,962,999 |  | 13,061,248 |

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- 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 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: 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=51669610&loc=d3e9038-108599 Reference 3: 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=51669610&loc=d3e8971-108599 Reference 4: 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=51669610&loc=d3e8595-108599 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=51669610&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 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: 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=51669610&loc=d3e8844-108599 Reference 8: 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=51669610&loc=d3e8984-108599 Reference 9: 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=51669610&loc=d3e9031-108599 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=51669610&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 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: 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=51669610&loc=d3e8864-108599 Reference 13: 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=51669610&loc=d3e8924-108599 Reference 14: 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=51669610&loc=d3e8906-108599 + Details
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