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Goodwill, Intangible Assets and In-Process Revenue Contracts | 12 Months Ended
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Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill, Intangible Assets and In-Process Revenue Contracts |
| Goodwill, Intangible Assets and In-Process Revenue Contracts
Goodwill The carrying amount of goodwill for the years ended December 31, 2016 and 2015, for the Company’s reportable segments are as follows:
| Teekay Offshore $ |  | Teekay LNG - Liquefied Gas Segment $ |  | Conventional Tanker Segment $ |  | Total $
Balance as of December 31, 2015 and 2014 | 132,940 |  |  | 35,631 |  |  | — |  |  | 168,571 |
Goodwill acquired | — |  |  | — |  |  | 8,059 |  |  | 8,059 |
Balance as of December 31, 2016 | 132,940 |  |  | 35,631 |  |  | 8,059 |  |  | 176,630 |
In July 2015, Teekay Tankers acquired SPT. The estimates of fair value were finalized in the first quarter of 2016 and resulted in an increase in goodwill of $8.1 million from preliminary estimates (see Note 3c). Intangible Assets As at December 31, 2016, the Company’s intangible assets consisted of:
| Gross Carrying Amount $ |  | Accumulated Amortization $ |  | Net Carrying Amount $
Customer contracts | 317,222 |  |  | (245,705 | ) |  | 71,517 |
Customer relationships | 22,500 |  |  | (4,842 | ) |  | 17,658 |
Other intangible assets | 1,000 |  |  | (1,000 | ) |  | — |
| 340,722 |  |  | (251,547 | ) |  | 89,175 |
As at December 31, 2015, the Company’s intangible assets consisted of:
| Gross Carrying Amount $ |  | Accumulated Amortization $ |  | Net Carrying Amount $
Customer contracts | 316,684 |  |  | (234,894 | ) |  | 81,790 |
Customer relationships | 30,879 |  |  | (1,260 | ) |  | 29,619 |
Other intangible assets | 1,000 |  |  | (500 | ) |  | 500 |
| 348,563 |  |  | (236,654 | ) |  | 111,909 |
In July 2015, as part of Teekay Tankers’ acquisition of SPT (see Note 3c), Teekay Tankers ascribed a value of $30.9 million to the customer relationships assumed as part of the acquisition of the STS transfer business. The Company is amortizing the customer relationships over a period of 10 years. The estimates of fair value were finalized in the first quarter of 2016 and resulted in a decrease in intangible assets by $8.4 million from preliminary estimates. This change did not have a material impact to the Company’s consolidated statement of income for the year ended December 31, 2016. Amortization expense relating to this acquisition for the years ended December 31, 2016 and 2015 were $3.6 million and 1.3 million, respectively, which is included in depreciation and amortization. Aggregate amortization expense of intangible assets for the year ended December 31, 2016, was $14.9 million (2015 - $13.6 million, 2014 - $13.2 million), which is included in depreciation and amortization. Amortization of intangible assets following 2016 is expected to be $13.2 million (2017), $12.0 million (2018), $11.2 million (2019), $10.9 million (2020), $10.7 million (2021) and $31.3 million (thereafter). In-Process Revenue Contracts As part of the Company’s acquisition of FPSO units from Sevan Marine ASA (or Sevan) and its previous acquisition of Petrojarl ASA (subsequently renamed Teekay Petrojarl AS, or Teekay Petrojarl), and Teekay LNG’s acquisition of BG’s ownership interests in four LNG carrier newbuildings, the Company assumed certain FPSO contracts and time-charter-out contracts with terms that were less favorable than the then prevailing market terms, and a service obligation for shipbuilding supervision and crew training services for the four LNG carrier newbuildings. At the time of the acquisitions, the Company recognized liabilities based on the estimated fair value of these contracts and service obligations. The Company is amortizing these liabilities over the estimated remaining terms of their associated contracts on a weighted basis, based on the projected revenue to be earned under the contracts. Amortization of in-process revenue contracts for the year ended December 31, 2016 was $28.1 million (2015 - $30.1 million, 2014 - $40.9 million), which is included in revenues on the consolidated statements of income. Amortization of in-process revenue contracts following 2016 is expected to be $34.5 million (2017), $22.7 million (2018), $14.3 million (2019), $13.8 million (2020), $13.8 million (2021) and $23.6 million (thereafter).

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