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Segment Reporting | 6 Months Ended
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Jun. 30, 2017
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company allocates capital and assesses performance both from the separate perspectives of its three publicly-traded subsidiaries Teekay Offshore Partners L.P. (or Teekay Offshore), Teekay LNG Partners, L.P. (or Teekay LNG), and 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 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 and Teekay Parent (the Legal Entity approach) and its segments are presented accordingly on this basis. The Company has four primary lines of business: (1) 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), (2) offshore production (floating production, storage and off-loading (or FPSO) units), (3) liquefied gas carriers (liquefied natural gas (or LNG) and liquefied petroleum gas (or LPG) carriers) and (4) 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. The following table includes results for the Company’s revenues by segment for the three and six months ended June 30, 2017 and 2016:
| Revenues
| Three Months Ended | Six Months Ended
| June 30, | June 30,
| 2017 | 2016 | 2017 | 2016
| $ | $ | $ | $
Teekay Offshore |  |  |  |
Offshore Logistics(1) | 151,080 |  | 155,095 |  | 310,527 |  | 320,205 |
Offshore Production | 110,247 |  | 124,715 |  | 223,102 |  | 257,499 |
Conventional Tankers(1) | 3,465 |  | 4,654 |  | 7,301 |  | 13,468 |
| 264,792 |  | 284,464 |  | 540,930 |  | 591,172 |
Teekay LNG |  |  |  |
Liquefied Gas Carriers(1) | 89,431 |  | 84,497 |  | 178,378 |  | 163,082 |
Conventional Tankers | 11,473 |  | 14,744 |  | 23,706 |  | 31,930 |
| 100,904 |  | 99,241 |  | 202,084 |  | 195,012 |
Teekay Tankers(2) |  |  |  |
Conventional Tankers(1) | 108,789 |  | 145,738 |  | 239,274 |  | 317,047 |
Teekay Parent |  |  |  |
Offshore Production | 48,173 |  | 58,600 |  | 92,515 |  | 113,806 |
Conventional Tankers(1) | 1,757 |  | 9,534 |  | 3,924 |  | 23,584 |
Other | 15,565 |  | 14,970 |  | 27,422 |  | 43,440 |
| 65,495 |  | 83,104 |  | 123,861 |  | 180,830 |
Eliminations and other | (26,057 | ) | (24,928 | ) | (48,721 | ) | (55,334 | )
| 513,923 |  | 587,619 |  | 1,057,428 |  | 1,228,727 |
(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, 2017 and 2016 is as follows:
| Three Months Ended | Six Months Ended
| June 30, | June 30,
| 2017 | 2016 | 2017 | 2016
| $ | $ | $ | $
Teekay Offshore - Offshore Logistics | 14,207 |  | 10,129 |  | 24,218 | 18,508
Teekay Offshore - Conventional Tankers | — |  | — |  | — | 6,410
Teekay LNG - Liquefied Gas Carriers | 8,564 |  | 8,933 |  | 17,555 | 18,646
Teekay Tankers - Conventional Tankers | — |  | 2,453 |  | — | 4,988
| 22,771 |  | 21,515 |  | 41,773 | 48,552
(2) | On May 31, 2017, Teekay Tankers acquired from Teekay Parent the remaining 50% interest in Teekay Tanker Operations Ltd. (or TTOL); Teekay Tankers acquired its initial 50% interest in TTOL in August 2014. As a result of the acquisition, the financial information for Teekay Tankers prior to the date that Teekay Tankers acquired its remaining 50% interest in TTOL is retroactively adjusted to include the results of TTOL during the periods they were under common control of Teekay and had begun operations.
The following table includes results for the Company’s income (loss) from vessel operations by segment for the three and six months ended June 30, 2017 and 2016:
| Income (Loss) from Vessel Operations(1)
| Three Months Ended | Six Months Ended
| June 30, | June 30,
| 2017 | 2016 | 2017 | 2016
| $ | $ | $ | $
Teekay Offshore |  |  |  |
Offshore Logistics | 15,400 |  | (11,954 | ) | 43,283 |  | 30,552 |
Offshore Production | 31,601 |  | 36,412 |  | 64,581 |  | 76,024 |
Conventional Tankers | (783 | ) | (187 | ) | (1,188 | ) | 5,994 |
| 46,218 |  | 24,271 |  | 106,676 |  | 112,570 |
Teekay LNG |  |  |  |
Liquefied Gas Carriers | 40,043 |  | 42,484 |  | 83,379 |  | 82,673 |
Conventional Tankers | (10,172 | ) | 5,070 |  | (7,430 | ) | (18,136 | )
| 29,871 |  | 47,554 |  | 75,949 |  | 64,537 |
Teekay Tankers(2) |  |  |  |
Conventional Tankers | 1,587 |  | 32,948 |  | 12,328 |  | 89,772 |
Teekay Parent |  |  |  |
Offshore Production | (18,618 | ) | (8,343 | ) | (39,029 | ) | (26,043 | )
Conventional Tankers | (2,988 | ) | (12,176 | ) | (5,447 | ) | (13,281 | )
Other | (7,784 | ) | (8,276 | ) | (20,586 | ) | (16,252 | )
| (29,390 | ) | (28,795 | ) | (65,062 | ) | (55,576 | )
| 48,286 |  | 75,978 |  | 129,891 |  | 211,303 |
(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) | On May 31, 2017, Teekay Tankers acquired from Teekay Parent, the remaining 50% interest in TTOL; Teekay Tankers acquired its initial 50% interest in TTOL in August 2014. As a result of the acquisition, the financial information for Teekay Tankers prior to the date that Teekay Tankers acquired its remaining 50% interest in TTOL is retroactively adjusted to include the results of TTOL during the periods they were under common control of Teekay and had begun operations.
A reconciliation of total segment assets to total assets presented in the accompanying unaudited consolidated balance sheets is as follows:
| June 30, 2017 | December 31, 2016
| $ | $
Teekay Offshore - Offshore Logistics | 2,660,051 |  | 2,677,784 |
Teekay Offshore - Offshore Production | 2,643,055 |  | 2,672,100 |
Teekay Offshore - Conventional Tankers | 3,800 |  | 4,818 |
Teekay LNG - Liquefied Gas Carriers | 4,189,383 |  | 3,957,088 |
Teekay LNG - Conventional Tankers | 155,938 |  | 193,553 |
Teekay Tankers - Conventional Tankers | 1,716,171 |  | 1,870,211 |
Teekay Parent - Offshore Production | 599,388 |  | 635,364 |
Teekay Parent - Conventional Tankers | 30,870 |  | 55,937 |
Teekay Parent - Other | 12,279 |  | 13,208 |
Cash and cash equivalents | 600,881 |  | 567,994 |
Other assets not allocated | 215,051 |  | 281,244 |
Eliminations | (56,435 | ) | (114,549 | )
Consolidated total assets | 12,770,432 |  | 12,814,752 |

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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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