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Segment Reporting | 6 Months Ended
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Jun. 30, 2018
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 Controlled Daughter Entities), Teekay and its remaining subsidiaries (or Teekay Parent), and its equity-accounted investee, Teekay Offshore (collectively with the Controlled Daughter Entities, the Daughter Entities), 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 Controlled Daughter Entities, Teekay Parent and its equity-accounted investee, Teekay Offshore (the Legal Entity approach), and its segments are presented accordingly on this basis. The Company (which excludes Teekay Offshore) has three primary lines of business: (1) offshore production (FPSO units), (2) 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 Controlled Daughter Entity 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 the Company’s revenues by segment for the three and six months ended June 30, 2018 and 2017:
| Revenues (1)
| Three Months Ended | Six Months Ended
| June 30, | June 30,
| 2018 | 2017 | 2018 | 2017
| $ | $ | $ | $
Teekay LNG |  |  |  |
Liquefied Gas Carriers(2) | 112,172 |  | 89,431 |  | 217,221 |  | 178,378 |
Conventional Tankers | 10,143 |  | 11,473 |  | 20,400 |  | 23,706 |
| 122,315 |  | 100,904 |  | 237,621 |  | 202,084 |
Teekay Tankers |  |  |  |
Conventional Tankers | 171,659 |  | 108,789 |  | 340,124 |  | 239,274 |
Teekay Parent |  |  |  |
Offshore Production | 66,429 |  | 48,173 |  | 132,399 |  | 92,515 |
Conventional Tankers | — |  | 1,757 |  | — |  | 3,924 |
Other | 46,183 |  | 15,565 |  | 98,127 |  | 27,422 |
| 112,612 |  | 65,495 |  | 230,526 |  | 123,861 |
Teekay Offshore(2)(3) | — |  | 264,792 |  | — |  | 540,930 |
Eliminations and other | (944 | ) | (26,057 | ) | (8,607 | ) | (48,721 | )
| 405,642 |  | 513,923 |  | 799,664 |  | 1,057,428 |
(1) | The comparative periods do not include the impact of the January 1, 2018 adoption of ASU 2014-09 (see Note 2).
(2) | Certain vessels are chartered between the Daughter Entities 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, 2018 and 2017 is as follows:
| Three Months Ended | Six Months Ended
| June 30, | June 30,
| 2018 | 2017 | 2018 | 2017
| $ | $ | $ | $
Teekay LNG - Liquefied Gas Carriers | 1,439 |  | 8,564 |  | 9,418 |  | 17,555 |
Teekay Offshore | — |  | 14,207 |  | — |  | 24,218 |
| 1,439 |  | 22,771 |  | 9,418 |  | 41,773 |
(3) On September 25, 2017, the Company deconsolidated Teekay Offshore (see Note 4). The following table includes the Company’s income (loss) from vessel operations by segment for the three and six months ended June 30, 2018 and 2017:
| Income (loss) from Vessel Operations(1)
| Three Months Ended | Six Months Ended
| June 30, | June 30,
| 2018 | 2017 | 2018 | 2017
| $ | $ | $ | $
Teekay LNG |  |  |  |
Liquefied Gas Carriers | 9,445 |  | 40,043 |  | 53,990 |  | 83,379 |
Conventional Tankers | 1,060 |  | (10,172 | ) | (18,343 | ) | (7,430 | )
| 10,505 |  | 29,871 |  | 35,647 |  | 75,949 |
Teekay Tankers |  |  |  |
Conventional Tankers | (13,415 | ) | 1,587 |  | (21,836 | ) | 12,328 |
Teekay Parent |  |  |  |
Offshore Production | 5,541 |  | (18,618 | ) | 12,423 |  | (39,029 | )
Conventional Tankers | — |  | (2,988 | ) | — |  | (5,447 | )
Other | (710 | ) | (7,784 | ) | (5,808 | ) | (20,586 | )
| 4,831 |  | (29,390 | ) | 6,615 |  | (65,062 | )
Teekay Offshore(2) | — |  | 46,218 |  | — |  | 106,676 |
| 1,921 |  | 48,286 |  | 20,426 |  | 129,891 |
(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 September 25, 2017, the Company deconsolidated Teekay Offshore (see Note 4).
Commencing on September 25, 2017, the Company accounts for its investment in Teekay Offshore using the equity method, and recognized equity losses of $9.3 million and $8.7 million in respect of Teekay Offshore for the three and six months ended June 30, 2018, respectively. A reconciliation of total segment assets to total assets presented in the accompanying unaudited consolidated balance sheets is as follows:
| June 30, 2018 | December 31, 2017
| $ | $
Teekay LNG - Liquefied Gas Carriers | 4,857,355 |  | 4,624,321 |
Teekay LNG - Conventional Tankers | 70,782 |  | 112,844 |
Teekay Tankers - Conventional Tankers | 2,092,239 |  | 2,125,909 |
Teekay Parent - Offshore Production | 343,547 |  | 366,229 |
Teekay Parent - Conventional Tankers | 13,043 |  | 13,620 |
Teekay Parent - Other | 30,065 |  | 26,527 |
Teekay Offshore | 257,896 |  | 280,774 |
Cash and cash equivalents | 454,933 |  | 445,452 |
Other assets not allocated | 117,321 |  | 118,493 |
Eliminations | (20,273 | ) | (21,732 | )
Consolidated total assets | 8,216,908 |  | 8,092,437 |

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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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