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Segment Reporting | 6 Months Ended
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Jun. 30, 2019
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company’s segments are described in "Item 18 – Financial Statements: Note 3" to the Company’s Annual Report on Form 20-F for the year ended December 31, 2018. 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, prior to the completion of the 2019 Brookfield Transaction, its equity-accounted 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 Controlled Daughter Entities, Teekay Parent and, prior to the completion of the 2019 Brookfield Transaction, its equity-accounted investment in 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, 2019 and 2018:
| Revenues
| Three Months Ended June 30, | Six Months Ended June 30,
| 2019 | 2018 | 2019 | 2018
| $ | $ | $ | $
Teekay LNG |  |  |  |
Liquefied Gas Carriers(1) | 150,691 |  | 112,172 |  | 297,673 |  | 217,221 |
Conventional Tankers | 2,369 |  | 10,143 |  | 5,131 |  | 20,400 |
| 153,060 |  | 122,315 |  | 302,804 |  | 237,621 |
Teekay Tankers |  |  |  |
Conventional Tankers(1) | 202,277 |  | 171,659 |  | 434,778 |  | 340,124 |
Teekay Parent |  |  |  |
Offshore Production | 57,828 |  | 66,429 |  | 107,266 |  | 132,399 |
Other | 47,989 |  | 46,183 |  | 98,648 |  | 98,127 |
| 105,817 |  | 112,612 |  | 205,914 |  | 230,526 |
Eliminations and other | (3,487 | ) | (944 | ) | (4,616 | ) | (8,607 | )
| 457,667 |  | 405,642 |  | 938,880 |  | 799,664 |
(1) | The amounts in the table below represent revenue earned by each segment from other segments within the group. During 2019, Teekay Tankers' ship-to-ship transfer business provided operational and maintenance services to Teekay LNG Bahrain Operations L.L.C., an entity wholly-owned by Teekay LNG, for the LNG receiving and regasification terminal in Bahrain. Also during 2019, the Magellan Spirit was chartered by Teekay LNG to Teekay Parent. During 2018, certain vessels were chartered by Teekay LNG to Teekay Parent. Such intersegment revenue for the three and six months ended June 30, 2019 and 2018 is as follows:
| Three Months Ended June 30, | Six Months Ended June 30,
| 2019 | 2018 | 2019 | 2018
| $ | $ | $ | $
Teekay LNG - Liquefied Gas Carriers | 2,487 |  | 1,439 |  | 2,487 |  | 9,418 |
Teekay Tankers - Conventional Tankers | 1,000 |  | — |  | 2,129 |  | — |
| 3,487 |  | 1,439 |  | 4,616 |  | 9,418 |
The following table includes the Company’s income (loss) from vessel operations by segment for the three and six months ended June 30, 2019 and 2018:
| Income (Loss) from Vessel Operations(1)
| Three Months Ended June 30, | Six Months Ended June 30,
| 2019 | 2018 | 2019 | 2018
| $ | $ | $ | $
Teekay LNG |  |  |  |
Liquefied Gas Carriers | 74,244 |  | 9,445 |  | 144,687 |  | 53,990 |
Conventional Tankers | 433 |  | 1,060 |  | (649 | ) | (18,343 | )
| 74,677 |  | 10,505 |  | 144,038 |  | 35,647 |
Teekay Tankers |  |  |  |
Conventional Tankers | 5,051 |  | (13,415 | ) | 37,148 |  | (21,836 | )
Teekay Parent |  |  |  |
Offshore Production | (5,987 | ) | 5,541 |  | (18,544 | ) | 12,423 |
Other | (2,278 | ) | (710 | ) | (6,947 | ) | (5,808 | )
| (8,265 | ) | 4,831 |  | (25,491 | ) | 6,615 |
| 71,463 |  | 1,921 |  | 155,695 |  | 20,426 |
(1) | Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).
Prior to its sale in May 2019, the Company accounted for its investment in Teekay Offshore's general partner and common units using the equity method and recognized equity losses in respect of Teekay Offshore for the periods from April 1, 2019 to May 8, 2019 and January 1, 2019 to May 8, 2019 of $nil and $3.1 million, respectively (three and six months ended June 30, 2018 – equity losses of $9.3 million and $8.7 million, respectively). The Company wrote-down the investment in Teekay Offshore by $64.9 million in the six months ended June 30, 2019 and recognized a loss on sale of $8.9 million in the three and six months ended June 30, 2019. A reconciliation of total segment assets to total assets presented in the accompanying unaudited consolidated balance sheets is as follows:
| June 30, 2019 | December 31, 2018
| $ | $
Teekay LNG – Liquefied Gas Carriers | 5,207,739 |  | 5,188,088 |
Teekay LNG – Conventional Tankers | 13,748 |  | 39,450 |
Teekay Tankers – Conventional Tankers | 2,118,499 |  | 2,106,169 |
Teekay Parent – Offshore Production | 361,785 |  | 311,550 |
Teekay Parent – Conventional Tankers | — |  | 13,056 |
Teekay Parent – Other | 91,683 |  | 25,224 |
Teekay Offshore | — |  | 233,225 |
Cash and cash equivalents | 235,199 |  | 424,169 |
Other assets not allocated | 130,348 |  | 70,153 |
Eliminations | (32,983 | ) | (19,414 | )
Consolidated total assets | 8,126,018 |  | 8,391,670 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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