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Segment Reporting | 12 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
Segment Reporting | 3. 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 Entities), Teekay and its remaining subsidiaries (or Teekay Parent), and, prior to the completion of the 2019 Brookfield Transaction (see Note 4), its equity-accounted investment in Altera, 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 Entities, Teekay Parent and, prior to the completion of the 2019 Brookfield Transaction, its equity-accounted investment in Altera (the Legal Entity approach), and its segments are presented accordingly on this basis. The Company (which excludes Altera) has three primary lines of business: (1) offshore production (FPSO units), (2) LNG and 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 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 and income (loss) from vessel operations by segment for the periods presented in these financial statements:
| Revenues (1)(2) |  | Income (loss) from Vessel Operations (3)
| Year Ended December 31, |  | Year Ended December 31,
| 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Teekay LNG |  |  |  |  |  |  |  |  |  |  |
Liquefied Gas Carriers | 594,514 |  |  | 478,439 |  |  | 385,683 |  |  | 300,520 |  |  | 169,918 |  |  | 188,676 |
Conventional Tankers | 6,742 |  |  | 32,323 |  |  | 46,993 |  |  | (1,267 | ) |  | (21,319 | ) |  | (40,027 | )
| 601,256 |  |  | 510,762 |  |  | 432,676 |  |  | 299,253 |  |  | 148,599 |  |  | 148,649 |
Teekay Tankers |  |  |  |  |  |  |  |  |  |  |
Conventional Tankers | 943,917 |  |  | 776,493 |  |  | 431,178 |  |  | 123,883 |  |  | 7,204 |  |  | 1,416 |
Teekay Parent |  |  |  |  |  |  |  |  |  |  |
Offshore Production | 210,816 |  |  | 261,736 |  |  | 209,394 |  |  | (208,167 | ) |  | 22,958 |  |  | (256,758 | )
Conventional Tankers | — |  |  | — |  |  | 5,065 |  |  | — |  |  | — |  |  | (13,390 | )
Other | 202,990 |  |  | 189,923 |  |  | 89,107 |  |  | (10,927 | ) |  | (14,442 | ) |  | (20,277 | )
| 413,806 |  |  | 451,659 |  |  | 303,566 |  |  | (219,094 | ) |  | 8,516 |  |  | (290,425 | )
Altera (4) | — |  |  | — |  |  | 796,711 |  |  | — |  |  | — |  |  | 147,060 |
Eliminations and other | (13,588 | ) |  | (10,426 | ) |  | (83,799 | ) |  | — |  |  | — |  |  | — |
| 1,945,391 |  |  | 1,728,488 |  |  | 1,880,332 |  |  | 204,042 |  |  | 164,319 |  |  | 6,700 |
(1) | The year ended December 31, 2017 does not include the impact of the January 1, 2018 adoption of ASU 2014-09.
(2) | The amounts in the table below represent revenue earned by each segment from other segments within the group. Such intersegment revenue for the years ended 2019, 2018 and 2017 are as follows:
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Teekay LNG – Liquefied Gas Carriers | 11,562 |  |  | 9,418 |  |  | 36,358 |
Teekay Tankers – Conventional Tankers | 1,979 |  |  | 1,689 |  |  | — |
Altera | — |  |  | — |  |  | 34,232 |
| 13,541 |  |  | 11,107 |  |  | 70,590 |
(3) | Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).
(4) | On September 25, 2017, the Company deconsolidated Altera (see Note 4). The figures above include those of Altera until the date of deconsolidation.
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,
(U.S. dollars in millions) | 2019 |  | 2018 |  | 2017
BP Plc (1) (2) | $227.6 or 12% |  | $195.0 or 11% |  | $183.0 or 10%
Royal Dutch Shell Plc (1) (3) | (4) |  | (4) |  | $259.4 or 14%
(1) | On September 25, 2017, the Company deconsolidated Altera (see Note 4). The figures above include those of Altera until the date of deconsolidation.
(2) | Altera Segment, Teekay LNG Segment — Liquefied Gas Carriers, Teekay Tankers Segment — Conventional Tankers, Teekay Parent Segment — Offshore Production, and Teekay Parent Segment — Conventional Tankers.
(3) | Altera Segment, Teekay LNG Segment – Liquefied Gas Carriers, Teekay Tankers Segment – Conventional Tankers, and Teekay Parent Segment – Conventional Tankers.
(4) | Less than 10%.
The following table includes other income statement items by segment for the periods presented in these financial statements.
| Depreciation and Amortization |  | Write-down and loss on sale of vessels |  | Equity Income (Loss)
| Year Ended December 31, |  | Year Ended December 31, |  | Year Ended December 31,
| 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Teekay LNG |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liquefied Gas Carriers | (136,069 | ) |  | (119,108 | ) |  | (95,025 | ) |  | 14,349 |  |  | (33,000 | ) |  | — |  |  | 58,819 |  |  | 53,546 |  |  | 9,789 |
Conventional Tankers | (696 | ) |  | (5,270 | ) |  | (10,520 | ) |  | (785 | ) |  | (20,863 | ) |  | (50,600 | ) |  | — |  |  | — |  |  | — |
| (136,765 | ) |  | (124,378 | ) |  | (105,545 | ) |  | 13,564 |  |  | (53,863 | ) |  | (50,600 | ) |  | 58,819 |  |  | 53,546 |  |  | 9,789 |
Teekay Tankers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Conventional Tankers | (124,002 | ) |  | (118,514 | ) |  | (100,481 | ) |  | (5,544 | ) |  | 170 |  |  | (12,984 | ) |  | 2,345 |  |  | 1,220 |  |  | (25,370 | )
Teekay Parent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Offshore Production | (29,710 | ) |  | (33,271 | ) |  | (60,560 | ) |  | (178,330 | ) |  | — |  |  | (205,659 | ) |  | — |  |  | 15,089 |  |  | (7,861 | )
Conventional Tankers | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (510 | ) |  | (20,677 | )
Other | (195 | ) |  | (144 | ) |  | 163 |  |  | — |  |  | — |  |  | — |  |  | 127 |  |  | (1,384 | ) |  | (2,792 | )
| (29,905 | ) |  | (33,415 | ) |  | (60,397 | ) |  | (178,330 | ) |  | — |  |  | (205,659 | ) |  | 127 |  |  | 13,195 |  |  | (31,330 | )
Altera (1) | — |  |  | — |  |  | (219,406 | ) |  | — |  |  | — |  |  | (1,500 | ) |  | — |  |  | — |  |  | 12,028 |
Altera (2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (75,814 | ) |  | (6,907 | ) |  | (2,461 | )
| (290,672 | ) |  | (276,307 | ) |  | (485,829 | ) |  | (170,310 | ) |  | (53,693 | ) |  | (270,743 | ) |  | (14,523 | ) |  | 61,054 |  |  | (37,344 | )
(1) | On September 25, 2017, the Company deconsolidated Altera (see Note 4). The figures above include those of Altera until the date of deconsolidation.
(2) | Commencing on September 25, 2017 and prior to its sale in May 2019, the Company accounted for its investment in Altera using the equity method, and recognized equity losses of $75.8 million and $6.9 million for the years ended December 31, 2019 and December 31, 2018, respectively, and an equity loss of $2.5 million for the post-deconsolidation period ended December 31, 2017. During the year ended December 31, 2019, the Company wrote-down the investment in Altera by $64.9 million and recognized a loss on sale of $8.9 million.
A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows:
| December 31, 2019 $ |  | December 31, 2018 $
Teekay LNG – Liquefied Gas Carriers | 5,249,465 |  |  | 5,188,088 |
Teekay LNG – Conventional Tankers | — |  |  | 39,450 |
Teekay Tankers – Conventional Tankers | 2,140,652 |  |  | 2,106,169 |
Teekay Parent – Offshore Production | 161,096 |  |  | 311,550 |
Teekay Parent – Other | 80,455 |  |  | 38,280 |
Altera | — |  |  | 233,225 |
Cash and cash equivalents | 353,241 |  |  | 424,169 |
Other assets not allocated | 102,701 |  |  | 70,153 |
Eliminations | (14,746 | ) |  | (19,414 | )
Consolidated total assets | 8,072,864 |  |  | 8,391,670 |
The following table includes capital expenditures by segment for the periods presented in these financial statements.
| December 31, 2019 $ |  | December 31, 2018 $
Teekay LNG – Liquefied Gas Carriers | 96,357 |  |  | 687,841 |
Teekay LNG – Conventional Tankers | 1,538 |  |  | 124 |
Teekay Tankers – Conventional Tankers | 11,628 |  |  | 5,827 |
| 109,523 |  |  | 693,792 |

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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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