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Segment Reporting | 12 Months Ended
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Dec. 31, 2016
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company allocates capital and assesses performance from the separate perspectives of its two publicly-traded subsidiaries Teekay LNG and Teekay Tankers (together, the Daughter Companies), Teekay and its remaining subsidiaries (or Teekay Parent), and its investment in Teekay Offshore, as well as from the perspective of the Company's lines of business. The primary focus of the Company’s organizational structure, internal reporting and allocation of resources by the chief operating decision maker is on the Daughter Companies, Teekay Parent and its investment in Teekay Offshore (the Legal Entity approach) and its segments are presented accordingly on this basis. The Company (excluding its investment in Teekay Offshore) has three primary lines of business: (1) offshore production (floating production, storage and off-loading (or FPSO) units), (2) liquefied gas carriers (liquefied natural gas (or LNG) and liquefied petroleum gas (or LPG) carriers), and (3) conventional tankers. The Company manages these businesses for the benefit of all stakeholders. The Company incorporates the primary lines of business 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. Prior to the Brookfield Transaction on September 25, 2017, the Company's operating segments reflected further disaggregation within Teekay Offshore including three individual lines of business: (1) offshore production (FPSO units), (2) 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), and (3) conventional tankers. Subsequent to September 25, 2017, the Company has determined that its investment in Teekay Offshore represents a single operating segment. These consolidated fincial statements have been amended to reflect the change in segment presentation of Teekay Offshore described above on a retroactive basis as required by ASC 280-10-50-34. The following table includes results for the Company’s revenue and income from vessel operations by segment for the periods presented in these financial statements.
| Revenues (1) |  | Income from Vessel Operations (2)
| Year Ended December 31, |  | Year Ended December 31,
| 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
Teekay Offshore | 1,152,390 |  |  | 1,229,413 |  |  | 1,019,539 |  |  | 230,853 |  |  | 283,399 |  |  | 256,218 |
Teekay LNG |  |  |  |  |  |  |  |  |  |  |
Liquefied Gas Carriers | 336,530 |  |  | 305,056 |  |  | 307,426 |  |  | 174,600 |  |  | 151,200 |  |  | 156,868 |
Conventional Tankers | 59,914 |  |  | 92,935 |  |  | 95,502 |  |  | (21,419 | ) |  | 30,172 |  |  | 26,955 |
| 396,444 |  |  | 397,991 |  |  | 402,928 |  |  | 153,181 |  |  | 181,372 |  |  | 183,823 |
Teekay Tankers (3) |  |  |  |  |  |  |  |  |  |  |
Conventional Tankers | 526,896 |  |  | 504,347 |  |  | 235,593 |  |  | 86,456 |  |  | 184,083 |  |  | 58,271 |
Teekay Parent |  |  |  |  |  |  |  |  |  |  |
Offshore Production | 231,435 |  |  | 277,842 |  |  | 259,945 |  |  | (48,310 | ) |  | (40,227 | ) |  | (78,804 | )
Conventional Tankers | 32,967 |  |  | 65,777 |  |  | 94,376 |  |  | (15,967 | ) |  | 4,984 |  |  | (12,407 | )
Other | 76,111 |  |  | 75,547 |  |  | 95,791 |  |  | (32,219 | ) |  | 5,015 |  |  | 17,488 |
| 340,513 |  |  | 419,166 |  |  | 450,112 |  |  | (96,496 | ) |  | (30,228 | ) |  | (73,723 | )
Eliminations and other | (87,674 | ) |  | (100,535 | ) |  | (114,252 | ) |  | 10,296 |  |  | 6,506 |  |  | 2,570 |
| 2,328,569 |  |  | 2,450,382 |  |  | 1,993,920 |  |  | 384,290 |  |  | 625,132 |  |  | 427,159 |
(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 year ended 2016, 2015 and 2014 is as follows:
| Year Ended December 31,
| 2016 |  | 2015 |  | 2014
Teekay Offshore | 49,514 |  |  | 67,993 |  |  | 67,014 |
Teekay LNG - Liquefied Gas Carriers | 37,336 |  |  | 35,887 |  |  | 37,596 |
Teekay Tankers - Conventional Tankers | 5,404 |  |  | 1,380 |  |  | 13,707 |
Teekay Parent - Conventional Tankers | — |  |  | 3,080 |  |  | — |
| 92,254 |  |  | 108,340 |  |  | 118,317 |
(2) | Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).
(3) | Financial information for Teekay Tankers includes operations of the Explorer Spirit, formerly known as the SPT Explorer, and Navigator Spirit from December 18, 2015, the date Teekay Tankers acquired the vessels from Teekay Offshore.
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.
| Year Ended December 31, |  | Year Ended December 31, |  | Year Ended December 31,
(U.S. dollars in millions) | 2016 |  | 2015 |  | 2014
Royal Dutch Shell Plc (1) (2) | $429.9 or 19% |  | (5) |  | (5)
BG Group (1) (2) | (2) |  | $263.4 or 11% |  | (5)
Petroleo Brasileiro SA (3) | $223.7 or 10% |  | $231.8 or 10% |  | $248.2 or 12%
Statoil ASA (4) | (5) |  | (5) |  | $239.8 or 12%
(1) | Teekay Offshore
(2) | In February 2016, Royal Dutch Shell Plc acquired BG Group Plc and therefore includes revenues from both Royal Dutch Shell Plc and BG Group Plc for 2016.
(3) | Teekay Offshore, Teekay Tankers - Conventional Tankers and Teekay Parent – Conventional Tankers
(4) | Teekay Offshore, Teekay Tankers—Conventional Tankers, Teekay Parent – Offshore Production and Teekay Parent – Conventional Tankers
(5) | Less than 10%
The following table includes other income statement items by segment for the periods presented in these financial statements.
| Depreciation and Amortization |  | Asset Impairments, Loan Loss Recoveries, and Net (Loss) Gain on Sale of Vessels, Equipment and Other Operating Assets |  | Equity Income (Loss)
| Year Ended December 31, |  | Year Ended December 31, |  | Year Ended December 31,
| 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
Teekay Offshore | (300,011 | ) |  | (274,599 | ) |  | (198,553 | ) |  | (40,079 | ) |  | (69,998 | ) |  | (1,638 | ) |  | 17,933 |  |  | 7,672 |  |  | 10,341 |
Teekay LNG |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liquefied Gas Carriers | (80,084 | ) |  | (71,323 | ) |  | (71,711 | ) |  | — |  |  | — |  |  | — |  |  | 62,307 |  |  | 84,171 |  |  | 115,478 |
Conventional Tankers | (15,458 | ) |  | (20,930 | ) |  | (22,416 | ) |  | (38,976 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| (95,542 | ) |  | (92,253 | ) |  | (94,127 | ) |  | (38,976 | ) |  | — |  |  | — |  |  | 62,307 |  |  | 84,171 |  |  | 115,478 |
Teekay Tankers (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Conventional Tankers | (104,149 | ) |  | (71,429 | ) |  | (50,152 | ) |  | (20,594 | ) |  | 771 |  |  | 9,955 |  |  | 13,101 |  |  | 14,411 |  |  | 5,228 |
Teekay Parent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Offshore Production | (70,855 | ) |  | (69,508 | ) |  | (78,630 | ) |  | (110 | ) |  | (948 | ) |  | 3,456 |  |  | (575 | ) |  | (12,196 | ) |  | (1,357 | )
Conventional Tankers | (1,717 | ) |  | (2,852 | ) |  | (2,216 | ) |  | (12,487 | ) |  | — |  |  | (502 | ) |  | 5,089 |  |  | 16,712 |  |  | 3,052 |
Other | 449 |  |  | 451 |  |  | 774 |  |  | — |  |  | — |  |  | — |  |  | (1,838 | ) |  | (1,101 | ) |  | (2,546 | )
| (72,123 | ) |  | (71,909 | ) |  | (80,072 | ) |  | (12,597 | ) |  | (948 | ) |  | 2,954 |  |  | 2,676 |  |  | 3,415 |  |  | (851 | )
Eliminations and other | — |  |  | 690 |  |  | — |  |  |  |  |  |  |  |  |  |  |  | (10,378 | ) |  | (6,798 | ) |  | (2,082 | )
| (571,825 | ) |  | (509,500 | ) |  | (422,904 | ) |  | (112,246 | ) |  | (70,175 | ) |  | 11,271 |  |  | 85,639 |  |  | 102,871 |  |  | 128,114 |
(1) | Financial information for Teekay Tankers includes operations of the Explorer Spirit, formerly known as 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:
| December 31, 2016 $ |  | December 31, 2015 $
Teekay Offshore | 5,354,702 |  |  | 5,372,582 |
Teekay LNG - Liquefied Gas Carriers | 3,957,088 |  |  | 3,550,396 |
Teekay LNG - Conventional Tankers | 193,553 |  |  | 360,527 |
Teekay Tankers - Conventional Tankers | 1,864,317 |  |  | 2,073,059 |
Teekay Parent - Offshore Production | 635,364 |  |  | 710,533 |
Teekay Parent - Conventional Tankers | 55,937 |  |  | 142,236 |
Teekay Parent - Other | 13,208 |  |  | 17,256 |
Cash and cash equivalents | 567,994 |  |  | 678,392 |
Other assets not allocated | 287,138 |  |  | 301,586 |
Eliminations | (114,549 | ) |  | (145,319 | )
Consolidated total assets | 12,814,752 |  |  | 13,061,248 |
The following table includes capital expenditures by segment for the periods presented in these financial statements.
| December 31, 2016 $ |  | December 31, 2015 $
Teekay Offshore | 294,581 |  |  | 672,476 |
Teekay LNG - Liquefied Gas Carriers | 344,924 |  |  | 191,642 |
Teekay LNG - Conventional Tankers | 63 |  |  | 327 |
Teekay Tankers - Conventional Tankers | 9,226 |  |  | 848,250 |
Teekay Parent - Offshore Production | — |  |  | 57,778 |
Teekay Parent - Conventional Tankers | — |  |  | 92 |
Teekay Parent - Other | 88 |  |  | 199 |
| 648,882 |  |  | 1,770,764 |

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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 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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