XML 228 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Segment Reporting (Tables)
12 Months Ended
Dec. 31, 2017
Segment Reporting [Abstract]  
Schedule of Company's Revenue and Income From Operations by Segment
The following table includes results for the Company’s revenue and income from operations by segment for the years ended December 31, 2017, 2016 and 2015.
 
Year Ended December 31, 2017
Conventional
Tanker
Segment
$
 
Ship-to-Ship
Transfer
Segment
$
 
Inter-segment
Adjustment
(1)
$
 
Total
$
Revenues (2)
391,267

 
50,422

 
(10,511
)
 
431,178

Voyage expenses
(87,879
)
 

 
10,511

 
(77,368
)
Vessel operating expenses
(135,740
)
 
(39,649
)
 

 
(175,389
)
Time-charter hire expense
(25,666
)
 
(4,995
)
 

 
(30,661
)
Depreciation and amortization
(95,433
)
 
(5,048
)
 

 
(100,481
)
General and administrative expenses (3)
(29,539
)
 
(3,340
)
 

 
(32,879
)
(Loss) gain on sale of vessels
(13,034
)
 
50

 

 
(12,984
)
Income (loss) from operations
3,976


(2,560
)
 

 
1,416

Equity loss
(25,370
)
 

 

 
(25,370
)

Year Ended December 31, 2016
Conventional
Tanker
Segment
$
 
Ship-to-Ship
Transfer
Segment
$
 
Inter-segment
Adjustment
(1)
$
 
Total
$
Revenues (2)
512,608

 
41,136

 
(3,201
)
 
550,543

Voyage expenses
(56,805
)
 

 
3,201

 
(53,604
)
Vessel operating expenses
(150,100
)
 
(32,498
)
 

 
(182,598
)
Time-charter hire expense
(57,368
)
 
(2,279
)
 

 
(59,647
)
Depreciation and amortization
(99,024
)
 
(5,125
)
 

 
(104,149
)
General and administrative expenses (3)
(29,432
)
 
(3,767
)
 

 
(33,199
)
(Loss) gain on sale of vessel
(20,926
)
 
332

 

 
(20,594
)
Income (loss) from operations
98,953

 
(2,201
)
 

 
96,752

Equity income
7,680

 

 

 
7,680

Year Ended December 31, 2015
Conventional
Tanker
Segment
$
 
Ship-to-Ship
Transfer
Segment
$
 
Inter-segment
Adjustment
(1)
$
 
Total
$
Revenues (2)
516,943

 
18,587

 
(849
)
 
534,681

Voyage expenses
(18,379
)
 
(348
)
 

 
(18,727
)
Vessel operating expenses
(123,572
)
 
(14,441
)
 
849

 
(137,164
)
Time-charter hire expense
(74,860
)
 
(38
)
 

 
(74,898
)
Depreciation and amortization
(72,118
)
 
(1,642
)
 

 
(73,760
)
General and administrative expenses (3)
(28,418
)
 
(1,985
)
 

 
(30,403
)
Gain on sale of vessel
771

 

 

 
771

Restructuring charge
(6,468
)
 
(327
)
 

 
(6,795
)
Income (loss) from operations
193,899

 
(194
)
 

 
193,705

Equity income
11,528

 

 

 
11,528

(1)
The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations and the pricing for such services is based on actual costs incurred per voyage commencing January 1, 2017 (2016 - based on estimated costs of approximately $25,000 per voyage).
(2)
Revenues, net of the inter-segment adjustment, earned from the ship-to-ship transfer segment are reflected in Other Revenues in the Company's consolidated statements of (loss) income.
(3)
Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). 

Reconciliation of Total Segment Assets to Total Assets Presented in Consolidated Balance Sheets
A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows:
 
As at
December 31, 2017
$
 
As at
December 31, 2016
$
Conventional Tanker
2,089,099

 
1,828,550

Ship-to-Ship Transfer
36,810

 
41,663

Cash and cash equivalents
71,439

 
94,157

Total assets
2,197,348

 
1,964,370