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Discontinued Operations and Disposal Groups (Tables) | 12 Months Ended
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Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations | The following table contains the major components of income from discontinued operations of the Teekay Gas Business for the periods presented:
| Year Ended December 31,
| 2021 $ |  | 2020 $ |  | 2019 $
Revenues | 680,589 |  | 669,417 |  | 670,346
Voyage expenses | (28,190) |  | (17,394) |  | (21,387)
Vessel operating expenses | (200,917) |  | (188,251) |  | (177,141)
Time-charter hire expenses | (23,487) |  | (23,564) |  | (19,994)
Depreciation and amortization | (130,810) |  | (129,752) |  | (136,765)
General and administrative expenses | (24,196) |  | (15,075) |  | (11,714)
(Write-down) and gain on sale of vessels | — |  | (51,000) |  | 13,564
Restructuring charges | (3,223) |  | — |  | (3,690)
Income from vessel operations | 269,766 |  | 244,381 |  | 313,219
Interest expense | (122,561) |  | (136,572) |  | (167,661)
Interest income | 5,945 |  | 6,903 |  | 4,400
Realized and unrealized gains (losses) on non-designated derivative instruments | 8,524 |  | (33,334) |  | (13,361)
Equity income | 115,399 |  | 72,233 |  | 58,819
Foreign exchange gain (loss) | 7,344 |  | (18,373) |  | (10,051)
Other loss | (3,566) |  | (16,523) |  | (2,008)
Income from discontinued operations before income taxes | 280,851 |  | 118,715 |  | 183,357
Income tax expense | (6,756) |  | (3,429) |  | (7,636)
Income from discontinued operations | 274,095 |  | 115,286 |  | 175,721
As at December 31, 2021 and December 31, 2020, the major classes of the Teekay Gas Business’s assets and liabilities that are components of current assets – discontinued operations, non-current assets – discontinued operations, current liabilities – discontinued operations and non-current liabilities – discontinued operations, were as follows:
| As at December 31,
| 2021 $ |  | 2020 $
ASSETS |  |  |
Cash and cash equivalents | 101,190 |  | 220,042
Other current assets | 264,537 |  | 60,999
Vessels and equipment | 2,831,530 |  | —
Net investment in direct financing and sales-type leases, net | 480,508 |  | —
Investment in and loans, net to equity-accounted investments | 1,126,674 |  | —
Current assets – discontinued operations | 4,804,439 |  | 281,041
Vessels and equipment | — |  | 2,895,919
Net investment in direct financing and sales-type leases, net – non-current | — |  | 500,101
Investment in and loans, net to equity-accounted investments | — |  | 1,047,091
Other non-current assets | — |  | 142,223
Non-current assets – discontinued operations | — |  | 4,585,334
Total assets – discontinued operations | 4,804,439 |  | 4,866,375
LIABILITIES |  |  |
Current portion of long-term debt | 1,379,642 |  | 250,508
Current obligations related to finance leases | 1,268,990 |  | 71,932
Other current liabilities | 228,997 |  | 209,301
Current liabilities – discontinued operations | 2,877,629 |  | 531,741
Long-term debt | — |  | 1,221,705
Long-term obligations related to finance leases | — |  | 1,268,990
Other long-term liabilities | — |  | 95,779
Non-current liabilities – discontinued operations | — |  | 2,586,474
Total liabilities – discontinued operations | 2,877,629 |  | 3,118,215
A condensed summary of the financial information for certain equity-accounted investments (20% to 52%-owned) shown on a 100% basis (excluding the impact from purchase price adjustments arising from the acquisition of joint ventures), included in discontinued operations, are as follows:
| As at December 31,
| 2021 $ |  | 2020 $
Cash and restricted cash | 460,342 |  |  | 400,816 |
Other assets – current | 208,029 |  |  | 180,673 |
Vessels and equipment, including vessels related to finance leases and advances on newbuilding contracts | 1,825,562 |  |  | 1,912,776 |
Net investment in direct financing leases | 5,103,376 |  |  | 5,237,791 |
Other assets – non-current | 255,270 |  |  | 216,331 |
Current portion of long-term debt and obligations related to finance leases | 611,180 |  |  | 582,767
Other liabilities – current | 250,753 |  |  | 232,466 |
Long-term debt and obligations related to finance leases | 4,551,612 |  |  | 4,853,791
Other liabilities – non-current | 220,454 |  |  | 350,057 |
| Year Ended December 31,
| 2021 $ |  | 2020 $ |  | 2019 $
Revenues | 990,703 |  |  | 1,008,112 |  |  | 766,618 |
Income from vessel operations | 572,985 |  |  | 584,685 |  |  | 400,326 |
Realized and unrealized gain (loss) on non-designated derivative instruments | 26,743 |  |  | (94,760) |  |  | (40,915) |
Net income | 342,068 |  |  | 152,144 |  |  | 130,314 |

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