XML 65 R33.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Segment Reporting (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Reporting [Abstract] |
Revenue and Income from Vessel Operations by Segment | The following table includes the Company’s revenues, expenses, other segment items, income (loss) from operations and equity income by segment, excluding such amounts of the Company’s Teekay Gas Business (see Note 22), and reconciles such amounts to the Company’s consolidated income from continuing operations before income taxes for the periods presented in these financial statements:
| Year Ended December 31, 2024
| Tankers |  | Marine Services and Other |  | Elimination (1) |  | Total
| $ |  | $ |  | $ |  | $
Revenues (note 3) | 1,106,278 |  | 114,096 |  | — |  | 1,220,374
Voyage expenses | (405,546) |  | — |  | — |  | (405,546)
Vessel operating expenses | (150,605) |  | (101,989) |  | — |  | (252,594)
Time-charter hire expenses | (74,379) |  | (416) |  | — |  | (74,795)
Depreciation and amortization | (93,582) |  | — |  | — |  | (93,582)
General and administrative expenses (2) | (48,833) |  | (11,905) |  | (320) |  | (61,058)
Gain on sale and write-down of assets (note 15) | 38,080 |  | — |  | — |  | 38,080
Restructuring charges (note 16) | (5,952) |  | — |  | 320 |  | (5,632)
Income (loss) from operations | 365,461 |  | (214) |  | — |  | 365,247
Equity income | 2,767 |  | — |  |  |  | 2,767
Non-segment reconciling items: |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  | (7,542)
Interest income |  |  |  |  |  |  | 37,218
Other - net (note 17) |  |  |  |  |  |  | 4,334
Income from continuing operations before taxes |  |  |  |  |  |  | 402,024
(1)Relates to inter-segment transactions that are eliminated on consolidation. (2)Includes direct general and administrative expenses and indirect general and administrative expenses allocated based on estimated use of corporate resources.
| Year Ended December 31, 2023
| Tankers |  | Marine Services and Other |  | Total
| $ |  | $ |  | $
Revenues (note 3) | 1,364,452 |  | 100,523 |  | 1,464,975
Voyage expenses | (474,371) |  | — |  | (474,371)
Vessel operating expenses | (148,960) |  | (92,625) |  | (241,585)
Time-charter hire expenses | (70,836) |  | — |  | (70,836)
Depreciation and amortization | (97,551) |  | — |  | (97,551)
General and administrative expenses(1) | (45,936) |  | (11,654) |  | (57,590)
Gain on sale of assets (note 15) | 10,360 |  | — |  | 10,360
Restructuring charges (note 16) | (1,248) |  | (429) |  | (1,677)
Income (loss) from operations | 535,910 |  | (4,185) |  | 531,725
Equity income | 3,432 |  | — |  | 3,432
Non-segment reconciling items: |  |  |  |  |
Interest expense |  |  |  |  | (28,009)
Interest income |  |  |  |  | 24,128
Other - net (note 17) |  |  |  |  | (1,691)
Income from continuing operations before taxes |  |  |  |  | 529,585
(1)Includes direct general and administrative expenses and indirect general and administrative expenses allocated based on estimated use of corporate resources.
| Year Ended December 31, 2022
| Tankers |  | Marine Services and Other |  | Total
| $ |  | $ |  | $
Revenues (note 3) | 1,063,111 |  | 127,073 |  | 1,190,184
Voyage expenses | (495,604) |  | — |  | (495,604)
Vessel operating expenses | (150,448) |  | (124,691) |  | (275,139)
Time-charter hire expenses | (27,374) |  | — |  | (27,374)
Depreciation and amortization | (99,033) |  | — |  | (99,033)
General and administrative expenses(1) | (41,769) |  | (15,783) |  | (57,552)
Gain on sale and write-down of assets (note 15) | 8,888 |  | 12,975 |  | 21,863
Restructuring charges (note 16) | (1,822) |  | (9,757) |  | (11,579)
Income (loss) from operations | 255,949 |  | (10,183) |  | 245,766
Equity income | 244 |  | — |  | 244
Non-segment reconciling items: |  |  |  |  |
Interest expense |  |  |  |  | (38,580)
Interest income |  |  |  |  | 6,689
Other - net (note 17) |  |  |  |  | (3,066)
Income from continuing operations before taxes |  |  |  |  | 211,053
(1)Includes direct general and administrative expenses and indirect general and administrative expenses allocated based on estimated use of corporate resources.
Other Income Statement Items by Segment | The following table includes capital expenditures by segment, excluding such amounts of the Company’s Teekay Gas Business (see Note 22), for the periods presented in these financial statements.
| December 31, 2024 $ |  | December 31, 2023 $
Tankers | 4,841 |  | 10,198
Reconciliation of Total Segment Assets | A reconciliation of total segment assets to total assets, presented in the accompanying consolidated balance sheets is as follows:
| December 31, 2024 (1) $ |  | December 31, 2023 (1) $
Tankers | 1,416,789 |  | 1,508,243
Marine Services and Other | 40,995 |  | 35,840
Cash and cash equivalents | 685,331 |  | 480,080
Short-term investments | 10,000 |  | 172,604
Eliminations (2) | — |  | (129)
Consolidated total assets | 2,153,115 |  | 2,196,638
(1)There are no differences between the measurements of the segment assets and the Company’s consolidated assets. (2)Relates to inter-segment balances that are eliminated on consolidation.

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration