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Segment Reporting | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Reporting | 4. Segment Reporting The Company allocates capital and assesses performance from the perspective of the Company's lines of business. The Company has two primary lines of business: (1) tankers and (2) marine services. The primary focus of the Company’s internal reporting and allocation of resources by the chief operating decision maker (or CODM) is on the two lines of business and its segments are presented accordingly on this basis. The tanker segment consists of the operation of all of the Company's tankers (including the operations from those tankers employed on full service lightering contracts), and the Company's U.S. based ship-to-ship support service operations (including its lightering support services provided as part of full service lightering operations). The marine services and other segment consists of operational and maintenance marine services provided to the Australian government, Australian energy companies and other third parties, and includes corporate and general administrative expense. The CODM is the chief executive officer of the Company. The CODM uses income from operations to assess the performance of each segment and to make decisions about allocating resources. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company’s consolidated financial statements. 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. Significant Customers No customer accounted for more than 10% of the Company’s consolidated revenues, excluding such amounts of the Company’s discontinued operations (see Note 22), during the periods presented. 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. 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

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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/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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