Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. |
Form 20-F ý Form 40- F ¨ |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). |
Yes ¨ No ý |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7). |
Yes ¨ No ý |
TEEKAY CORPORATION | |||
Date: November 9, 2017 | By: | /s/ Vincent Lok | |
Vincent Lok Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
• | Reported consolidated GAAP net loss attributable to shareholders of Teekay of $12.6 million, or $0.15 per share, and consolidated adjusted net loss attributable to shareholders of Teekay(1) of $35.6 million, or $0.41 per share, in the third quarter of 2017. |
• | Generated GAAP consolidated loss from vessel operations of $189.8 million (inclusive of $243.7 million of impairment charges) and consolidated total cash flow from vessel operations(1) of $238.1 million in the third quarter of 2017. |
• | In September 2017, Teekay and Teekay Offshore completed the previously announced strategic partnership with Brookfield. |
• | Subsequent to September 30, 2017, Teekay Offshore's Randgrid FSO unit commenced its charter contract with Statoil and Teekay Offshore took delivery of two of the East Coast Canada shuttle tanker newbuildings and one towage newbuilding vessel. |
• | Subsequent to September 30, 2017, Teekay LNG took delivery of two MEGI LNG carrier newbuildings and a 30-percent owned LNG carrier newbuilding, each of which immediately commenced charter contracts with Shell. |
• | Two leading independent proxy advisory firms have both recommended to vote "FOR" Teekay Tankers' proposed charter amendment to permit its proposed strategic merger with Tanker Investments Ltd. (TIL). |
Three Months Ended | ||||||
September 30, | June 30, | September 30, | ||||
2017 | 2017 | 2016 | ||||
(in thousands of U.S. dollars, except per share data) | (unaudited) | (unaudited) | (unaudited) | |||
TEEKAY CORPORATION CONSOLIDATED | ||||||
GAAP FINANCIAL COMPARISON | ||||||
Revenues | 500,781 | 513,923 | 547,639 | |||
(Loss) income from vessel operations | (189,846 | ) | 48,286 | 89,765 | ||
Equity income (loss) | 1,264 | (47,984 | ) | 21,070 | ||
Net (loss) income attributable to shareholders of Teekay | (12,582 | ) | (80,152 | ) | 6,072 | |
(Loss) income per share attributable to shareholders of Teekay | (0.15 | ) | (0.93 | ) | 0.07 | |
NON-GAAP FINANCIAL COMPARISON | ||||||
Total Cash Flow from Vessel Operations (CFVO)(1) | 238,060 | 254,496 | 285,514 | |||
Adjusted Net Loss attributable to shareholders of Teekay(1) | (35,638 | ) | (38,145 | ) | (19,536 | ) |
Adjusted Loss per share attributable to shareholders of Teekay(1) | (0.41 | ) | (0.44 | ) | (0.23 | ) |
TEEKAY PARENT | ||||||
NON-GAAP FINANCIAL COMPARISON | ||||||
Teekay Parent GPCO Cash Flow(1) | 7,162 | 3,287 | 6,370 | |||
Teekay Parent OPCO Cash Flow(1) | (19,055 | ) | (22,854 | ) | (13,144 | ) |
Total Teekay Parent Free Cash Flow(1) | (11,893 | ) | (19,567 | ) | (6,774 | ) |
• | Brookfield and Teekay Parent invested $610 million and $30 million, respectively, in Teekay Offshore at a price of $2.50 per common unit and received 65.5 million Teekay Offshore warrants (Warrants) on a pro rata basis. Following the transaction, Brookfield owns approximately 60 percent and Teekay Parent owns approximately 14 percent of the common units of Teekay Offshore; |
• | Brookfield acquired from Teekay Parent both a 49 percent interest in TOO GP in exchange for $4 million and an option to acquire an additional two percent of TOO GP, subject to the satisfaction of certain conditions, in exchange for 1.0 million of the Warrants issued to Brookfield; |
• | Teekay Offshore repurchased and canceled all $304 million of the outstanding Series C-1 and Series D preferred units from the existing unitholders for an aggregate of approximately $250 million in cash, which will save approximately $28 million annually in cash distributions. Concurrently, Teekay Offshore's Series D tranche B warrants to purchase common units issued on June 29, 2016, were amended to reduce the exercise price from $6.05 to $4.55; |
• | Teekay Offshore extended the mandatory prepayment date for the Arendal Spirit UMS debt facility to September 30, 2018 in exchange for a principal prepayment of $30 million; |
• | Brookfield acquired from Teekay Parent an existing $200 million loan, previously extended to Teekay Offshore, in exchange for $140 million in cash and 11.4 million of the Warrants initially issued to Brookfield. Brookfield extended the maturity date of the loan from 2019 to 2022; |
• | Teekay Offshore transferred its shuttle tanker business into a new, wholly-owned, non-recourse subsidiary, Teekay Shuttle Tankers L.L.C. (ShuttleCo). As part of the formation of ShuttleCo, a majority of Teekay Offshore's shuttle tanker fleet was refinanced with a new $600 million, five-year debt facility, and two 50 percent-owned |
• | All of Teekay Offshore's existing NOK bonds due to mature in late-2018 are expected to be repurchased with proceeds from a new five-year $250 million U.S. Dollar denominated bond offering by ShuttleCo in the Norwegian bond market, which priced at a fixed coupon of 7.125 percent per annum; and |
• | Certain financial institutions providing interest rate swaps to Teekay Offshore (i) lowered the fixed interest rate on the swaps, (ii) extended the termination option of the swaps by two years to 2021, and (iii) eliminated the financial guarantee and security package currently provided by Teekay Parent in return for a prepayment amount and fees. |
• | By dialing (866) 548-4713 or (416) 640-5944, if outside North America, and quoting conference ID code 3371748. |
• | By accessing the webcast, which will be available on Teekay’s website at www.teekay.com (the archive will remain on the website for a period of one year). |
Three Months Ended | Nine Months Ended | |||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||
2017 | 2017 | 2016 | 2017 | 2016 | ||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||
Revenues(1) | 500,781 | 513,923 | 547,639 | 1,558,209 | 1,776,366 | |||||
Voyage expenses | (42,454 | ) | (40,640 | ) | (37,213 | ) | (133,891 | ) | (97,102 | ) |
Vessel operating expenses | (200,456 | ) | (207,784 | ) | (204,156 | ) | (599,500 | ) | (625,672 | ) |
Time-charter hire expense | (28,645 | ) | (30,689 | ) | (33,810 | ) | (98,106 | ) | (111,727 | ) |
Depreciation and amortization | (136,942 | ) | (142,741 | ) | (141,688 | ) | (422,713 | ) | (426,924 | ) |
General and administrative expenses | (27,662 | ) | (29,541 | ) | (30,052 | ) | (88,641 | ) | (92,890 | ) |
Asset impairments(2) | (243,659 | ) | (1,500 | ) | — | (245,159 | ) | (43,649 | ) | |
Net loss on sale of vessels, equipment and other operating assets | (7,926 | ) | (12,742 | ) | (7,838 | ) | (25,095 | ) | (54,413 | ) |
Restructuring charges(1) | (2,883 | ) | — | (3,117 | ) | (5,059 | ) | (22,921 | ) | |
(Loss) income from vessel operations | (189,846 | ) | 48,286 | 89,765 | (59,955 | ) | 301,068 | |||
Interest expense | (74,499 | ) | (74,383 | ) | (68,490 | ) | (219,237 | ) | (213,948 | ) |
Interest income | 1,900 | 1,536 | 1,143 | 4,917 | 3,507 | |||||
Realized and unrealized (loss) gain on | ||||||||||
non-designated derivative instruments(3) | (6,128 | ) | (30,570 | ) | 29,926 | (43,173 | ) | (166,967 | ) | |
Equity income (loss)(4) | 1,264 | (47,984 | ) | 21,070 | (36,373 | ) | 73,706 | |||
Income tax (expense) recovery | (5,221 | ) | (3,527 | ) | 133 | (11,767 | ) | (2,366 | ) | |
Foreign exchange (loss) gain | (2,642 | ) | (17,342 | ) | 6,116 | (22,888 | ) | (19,555 | ) | |
Loss on deconsolidation of Teekay Offshore(5) | (103,188 | ) | — | — | (103,188 | ) | — | |||
Other (loss) income – net | (4,705 | ) | (759 | ) | 480 | (5,169 | ) | (20,806 | ) | |
Net (loss) income | (383,065 | ) | (124,743 | ) | 80,143 | (496,833 | ) | (45,361 | ) | |
Less: Net loss (income) attributable | ||||||||||
to non-controlling interests(6) | 370,483 | 44,591 | (74,071 | ) | 358,843 | (75,159 | ) | |||
Net (loss) income attributable to the shareholders of Teekay Corporation | ||||||||||
(12,582 | ) | (80,152 | ) | 6,072 | (137,990 | ) | (120,520 | ) | ||
Loss per common share of Teekay Corporation | ||||||||||
- Basic | (0.15 | ) | (0.93 | ) | 0.07 | (1.60 | ) | (1.63 | ) | |
- Diluted | (0.15 | ) | (0.93 | ) | 0.07 | (1.60 | ) | (1.63 | ) | |
Weighted-average number of common shares | ||||||||||
outstanding | ||||||||||
- Basic | 86,261,330 | 86,259,207 | 84,887,101 | 86,232,315 | 76,887,689 | |||||
- Diluted | 86,261,330 | 86,259,207 | 84,973,745 | 86,232,315 | 76,887,689 |
(1) | Restructuring charges for the three and nine months ended September 30, 2017 primarily relate to severance costs from the termination of the charter contract for Teekay Offshore's Arendal Spirit UMS. Restructuring charges for the nine months ended September 30, 2017 also relate to the reorganization and realignment of resources of the Company's strategic development function. Restructuring charges for the three and nine months ended September 30, 2016 primarily relate to the closure of offices and seafarers' severance amounts, part of which were recovered from the customer and which recovery was included in revenues in the consolidated statements of income (loss) for the three and nine months ended September 30, 2016. Restructuring charges for the three and nine months ended September 30, 2016 also include costs related to the reorganization of the Company's FPSO business. |
(2) | Asset impairments for the three and nine months ended September 30, 2017 primarily relate to the impairments of two FPSO units in Teekay Parent. Factors contributing to the impairments included changes to the estimated cash flows and carrying values of the asset group for impairment assessment purposes under GAAP as a result of the deconsolidation of Teekay Offshore on September 25, 2017, and a re-evaluation of the estimated future net cash flows of the units. Asset impairments for the three and nine months ended September 30, 2017 also include the impairments of three Suezmax tankers in Teekay LNG. Please refer to Teekay LNG’s third quarter 2017 earnings release for additional information on the asset impairments. Asset impairments for the nine months ended September 30, 2016 relate to the write-downs of two units for maintenance and safety (UMS) newbuildings as a result of the cancellation of the related construction contracts by Teekay Offshore's subsidiaries within Logitel Offshore Pte. Ltd. |
(3) | Realized and unrealized (losses) gains related to derivative instruments that are not designated as hedges for accounting purposes are included as a separate line item in the consolidated statements of (loss) income. The realized (losses) gains relate to the amounts the Company actually paid to settle such derivative instruments and the unrealized gains (losses) relate to the change in fair value of such derivative instruments, as detailed in the table below: |
Three Months Ended | Nine Months Ended | ||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | |||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||
Realized (losses) gains relating to: | |||||||||||
Interest rate swaps | (15,729 | ) | (15,913 | ) | (22,219 | ) | (48,199 | ) | (67,808 | ) | |
Termination of interest rate swaps | — | (1,006 | ) | — | (610 | ) | (8,140 | ) | |||
Foreign currency forward contracts | 1,609 | (618 | ) | (2,583 | ) | 638 | (9,915 | ) | |||
Time-charter swaps | — | 360 | 1,096 | 1,106 | 1,222 | ||||||
Forward freight agreements | 234 | 81 | — | 347 | — | ||||||
(13,886 | ) | (17,096 | ) | (23,706 | ) | (46,718 | ) | (84,641 | ) | ||
Unrealized gains (losses) relating to: | |||||||||||
Interest rate swaps | 11,575 | (15,517 | ) | 47,816 | 5,181 | (96,055 | ) | ||||
Foreign currency forward contracts | 735 | 2,809 | 6,006 | 4,383 | 21,070 | ||||||
Stock purchase warrants | (4,461 | ) | (332 | ) | (398 | ) | (5,036 | ) | (8,894 | ) | |
Time-charter swap | — | (402 | ) | 208 | (875 | ) | 1,553 | ||||
Forward freight agreements | (91 | ) | (32 | ) | — | (108 | ) | — | |||
7,758 | (13,474 | ) | 53,632 | 3,545 | (82,326 | ) | |||||
Total realized and unrealized (losses) gains on non-designated derivative instruments | (6,128 | ) | (30,570 | ) | 29,926 | (43,173 | ) | (166,967 | ) |
(4) | The Company’s proportionate share of items within equity income (loss) as identified in Appendix A of this release is detailed in the table below. By excluding these items from equity income (loss) as reflected in the consolidated statements of (loss) income, the Company believes the resulting adjusted equity income is a normalized amount that can be used to evaluate the financial performance of the Company’s equity accounted investments. Adjusted equity income is a non-GAAP financial measure. |
Three Months Ended | Nine Months Ended | ||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | |||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||
Equity income (loss) | 1,264 | (47,984 | ) | 21,070 | (36,373 | ) | 73,706 | ||||
Proportionate share of unrealized (gains) losses on derivative instruments | (3,804 | ) | 3,853 | (6,616 | ) | (2,026 | ) | (1,921 | ) | ||
Other(i) | 6,963 | 49,994 | (2,526 | ) | 57,719 | (1,517 | ) | ||||
Equity income adjusted for items in Appendix A | 4,423 | 5,863 | 11,928 | 19,320 | 70,268 |
(i) | Other for the three and nine months ended September 30, 2017 include realized losses on cross-currency swap and interest rate swap amendments in Teekay Offshore and foreign currency exchange gains and losses in the Company's equity accounted investments. Refer to footnote (2) of Appendix A included in this release for further details. Other for the three months ended June 30, 2017 and nine months ended September 30, 2017 include the write-down of the Company's and Teekay Tankers' equity investments in TIL to their estimated fair value, based on the best available indication of fair value at June 30, 2017, which was the TIL share price as on that date. This resulted in a consolidated non-cash impairment charge of $48.6 million during the quarter ended June 30, 2017, related to their equity investments in TIL. |
(5) | In connection with Brookfield's acquisition of the 49 percent interest in TOO GP, Teekay and Brookfield entered into an amended limited liability company agreement whereby Brookfield obtained certain participatory rights in the management of TOO GP, which resulted in Teekay deconsolidating Teekay Offshore for accounting purposes on September 25, 2017. Subsequent to the closing of the Brookfield transaction, Teekay retains significant influence over Teekay Offshore and accounts for its investment in Teekay Offshore using the equity method. |
As of September 25, 2017 | ||
(unaudited) | ||
Net cash proceeds received by Teekay | 139,693 | |
Fair value of Teekay's net investment in Teekay Offshore | 203,140 | |
Carrying value of the non-controlling interest in Teekay Offshore | 1,138,275 | |
Subtotal | 1,481,108 | |
Less: | ||
Carrying value of Teekay Offshore's net assets on deconsolidation | (1,584,296 | ) |
Loss on deconsolidation of Teekay Offshore | (103,188 | ) |
(6) | Subsequent to the formation of the Daughter Entities, Teekay sold certain vessels to the Daughter Entities. Even though the Daughter Entities were not wholly-owned subsidiaries of Teekay, all of the gain or loss on sales of these vessels was fully eliminated upon consolidation. Consequently, the portion of the gain or loss attributable to Teekay’s reduced interest in the vessels was deferred. The total unrecognized net deferred gain relating to the vessels previously sold from Teekay to Teekay Offshore was $349.6 million. Upon deconsolidation of Teekay Offshore, such amount was recognized in net loss (income) attributable to non-controlling interests. |
As at September 30, | As at June 30, | As at December 31, | ||||
2017(1) | 2017 | 2016 | ||||
(unaudited) | (unaudited) | (unaudited) | ||||
ASSETS | ||||||
Cash and cash equivalents - Teekay Parent | 231,669 | 110,249 | 146,362 | |||
Cash and cash equivalents - Teekay LNG | 161,008 | 191,110 | 126,146 | |||
Cash and cash equivalents - Teekay Offshore | — | 212,267 | 227,378 | |||
Cash and cash equivalents - Teekay Tankers | 60,606 | 87,255 | 68,108 | |||
Other current assets | 339,277 | 331,954 | 389,727 | |||
Restricted cash - Teekay Parent | 4,820 | 4,534 | 4,562 | |||
Restricted cash - Teekay LNG | 93,012 | 108,243 | 117,027 | |||
Restricted cash - Teekay Offshore | — | 99,720 | 114,909 | |||
Restricted cash - Teekay Tankers | 4,317 | 1,380 | 750 | |||
Assets held for sale | 23,400 | 23,900 | 61,282 | |||
Vessels and equipment - Teekay Parent | 346,090 | 568,042 | 602,672 | |||
Vessels and equipment - Teekay LNG | 1,960,207 | 2,014,909 | 1,858,381 | |||
Vessels and equipment - Teekay Offshore | — | 3,997,446 | 4,084,803 | |||
Vessels and equipment - Teekay Tankers | 1,514,685 | 1,554,055 | 1,605,372 | |||
Advances on newbuilding contracts/conversions | 492,800 | 1,082,277 | 987,658 | |||
Investment in equity accounted investees(1) | 1,187,648 | 978,266 | 1,010,308 | |||
Investment in direct financing leases | 633,805 | 653,846 | 660,594 | |||
Other assets | 235,863 | 491,883 | 482,908 | |||
Intangible assets | 97,949 | 82,466 | 89,175 | |||
Goodwill | 43,692 | 176,630 | 176,630 | |||
Total Assets | 7,430,848 | 12,770,432 | 12,814,752 | |||
LIABILITIES AND EQUITY | ||||||
Accounts payable and accrued liabilities | 217,771 | 437,564 | 448,670 | |||
Advances from affiliates | 79,208 | 12,275 | 8,522 | |||
Current portion of long-term debt - Teekay Parent | 52,115 | 52,113 | 52,169 | |||
Current portion of long-term debt - Teekay LNG | 624,824 | 301,236 | 228,864 | |||
Current portion of long-term debt - Teekay Offshore | — | 891,558 | 586,892 | |||
Current portion of long-term debt - Teekay Tankers | 166,185 | 150,254 | 171,019 | |||
Long-term debt - Teekay Parent | 754,085 | 730,892 | 680,241 | |||
Long-term debt - Teekay LNG | 1,975,849 | 2,192,615 | 1,955,201 | |||
Long-term debt - Teekay Offshore | — | 2,252,561 | 2,596,002 | |||
Long-term debt - Teekay Tankers | 630,676 | 671,532 | 761,997 | |||
Derivative liabilities | 134,244 | 481,564 | 530,854 | |||
In process revenue contracts | 42,618 | 103,884 | 122,690 | |||
Other long-term liabilities | 131,115 | 328,823 | 333,236 | |||
Redeemable non-controlling interest | — | 249,778 | 249,102 | |||
Equity: | ||||||
Non-controlling interests | 1,833,095 | 3,108,941 | 3,189,928 | |||
Shareholders of Teekay | 789,063 | 804,842 | 899,365 | |||
Total Liabilities and Equity | 7,430,848 | 12,770,432 | 12,814,752 | |||
Net debt - Teekay Parent(2) | 569,711 | 668,222 | 581,486 | |||
Net debt - Teekay LNG(2) | 2,346,653 | 2,194,498 | 1,940,892 | |||
Net debt - Teekay Offshore(2) | — | 2,832,132 | 2,840,607 | |||
Net debt - Teekay Tankers(2) | 731,938 | 733,151 | 864,158 |
Nine Months Ended | ||||
September 30, | ||||
2017 | 2016 | |||
(unaudited) | (unaudited) | |||
Cash and cash equivalents provided by (used for) | ||||
OPERATING ACTIVITIES | ||||
Net loss | (496,833 | ) | (45,361 | ) |
Non-cash items: | ||||
Depreciation and amortization | 422,713 | 426,924 | ||
Amortization of in-process revenue contracts | (22,307 | ) | (21,191 | ) |
Unrealized gains on derivative instruments | (94,532 | ) | (10,847 | ) |
Net loss on sale of vessels, equipment and other operating assets | 25,095 | 43,649 | ||
Asset impairments | 245,159 | 54,413 | ||
Equity loss (income), net of dividends received | 72,159 | (37,393 | ) | |
Income tax expense | 11,767 | 2,366 | ||
Unrealized foreign exchange loss and other | 111,216 | 96,257 | ||
Deconsolidation loss | 103,188 | — | ||
Change in operating assets and liabilities | 72,558 | 28,797 | ||
Expenditures for dry docking | (38,704 | ) | (33,841 | ) |
Net operating cash flow | 411,479 | 503,773 | ||
FINANCING ACTIVITIES | ||||
Proceeds from issuance of long-term debt, net of issuance costs | 680,261 | 1,568,348 | ||
Prepayments of long-term debt | (314,029 | ) | (1,532,606 | ) |
Scheduled repayments of long-term debt | (615,337 | ) | (616,343 | ) |
Decrease in restricted cash | 105,999 | 27,384 | ||
Net proceeds from equity issuances of subsidiaries | 8,521 | 190,007 | ||
Net proceeds from equity issuances of Teekay Corporation | — | 101,900 | ||
Distributions paid from subsidiaries to non-controlling interests | (88,133 | ) | (98,657 | ) |
Cash dividends paid | (14,235 | ) | (12,667 | ) |
Proceeds from sales-leaseback of vessels | 153,000 | — | ||
Other financing activities | (24,348 | ) | (17,567 | ) |
Net financing cash flow | (108,301 | ) | (390,201 | ) |
INVESTING ACTIVITIES | ||||
Expenditures for vessels and equipment | (694,507 | ) | (547,345 | ) |
Proceeds from sale of vessels and equipment | 67,440 | 163,588 | ||
Proceeds from sale-leaseback of vessels | 335,830 | 355,306 | ||
Investment in equity-accounted investments | (109,580 | ) | (63,120 | ) |
Advances to joint ventures and joint venture partners | (12,576 | ) | (12,259 | ) |
Cash of Teekay Offshore upon deconsolidation, net of proceeds received | (17,977 | ) | — | |
Other investing activities | 13,481 | 17,162 | ||
Net investing cash flow | (417,889 | ) | (86,668 | ) |
(Decrease) increase in cash and cash equivalents | (114,711 | ) | 26,904 | |
Cash and cash equivalents, beginning of the period | 567,994 | 678,392 | ||
Cash and cash equivalents, end of the period | 453,283 | 705,296 |
Three Months Ended | |||||||||||||
September 30, | June 30, | September 30, | |||||||||||
2017 | 2017 | 2016 | |||||||||||
(unaudited) | (unaudited) | (unaudited) | |||||||||||
$ Per | $ Per | $ Per | |||||||||||
$ | Share(1) | $ | Share(1) | $ | Share(1) | ||||||||
Net (loss) income – GAAP basis | (383,065 | ) | (124,743 | ) | 80,143 | ||||||||
Adjust for: Net loss (income) attributable to | |||||||||||||
non-controlling interests | 370,483 | 44,591 | (74,071 | ) | |||||||||
Net (loss) income attributable to | |||||||||||||
shareholders of Teekay | (12,582 | ) | (0.15 | ) | (80,152 | ) | (0.93 | ) | 6,072 | 0.07 | |||
Add (subtract) specific items affecting net (loss): | |||||||||||||
Unrealized (gains) losses from derivative instruments(2) | (11,555 | ) | (0.13 | ) | 18,148 | 0.21 | (60,245 | ) | (0.72 | ) | |||
Foreign exchange (gains) losses(3) | (853 | ) | (0.01 | ) | 12,263 | 0.14 | (11,815 | ) | (0.14 | ) | |||
Net loss on sale of vessels, equipment and other operating assets | 7,926 | 0.09 | 12,742 | 0.15 | (2,931 | ) | (0.03 | ) | |||||
Asset impairments(4) | 243,659 | 2.82 | 50,071 | 0.58 | 8,330 | 0.10 | |||||||
Restructuring charges, net of recovery(5) | 2,909 | 0.03 | — | — | 1,687 | 0.02 | |||||||
Realized loss on interest rate swap amendments | 5,347 | 0.06 | — | — | — | — | |||||||
Loss on deconsolidation of Teekay Offshore(6) | 103,188 | 1.20 | — | — | — | — | |||||||
Other(7) | 8,371 | 0.10 | 17,311 | 0.20 | 582 | 0.01 | |||||||
Non-controlling interests’ share of items above(8) | (382,048 | ) | (4.42 | ) | (68,528 | ) | (0.79 | ) | 38,784 | 0.46 | |||
Total adjustments | (23,056 | ) | (0.26 | ) | 42,007 | 0.49 | (25,608 | ) | (0.30 | ) | |||
Adjusted net loss attributable to | |||||||||||||
shareholders of Teekay | (35,638 | ) | (0.41 | ) | (38,145 | ) | (0.44 | ) | (19,536 | ) | (0.23 | ) |
(1) | Basic per share amounts. |
(2) | Reflects the unrealized (gains) losses relating to the change in the mark-to-market value of derivative instruments that are not designated as hedges for accounting purposes, including those investments included in the Company's proportionate share of equity income (loss) from joint ventures, and hedge ineffectiveness from derivative instruments designated as hedges for accounting purposes. |
(3) | Foreign currency exchange (gains) losses primarily relate to the Company’s debt denominated in Euros and Norwegian Kroner (NOK) and unrealized losses on cross currency swaps used to economically hedge the principal and interest on NOK bonds. Nearly all of the Company’s foreign currency exchange gains and losses are unrealized. |
(4) | Refer to footnote (4) of the summary consolidated statements of (loss) income included in this release for further details. |
(5) | Refer to footnote (1) of the summary consolidated statements of (loss) income included in this release for further details. |
(6) | Refer to footnote (5) of the summary consolidated statements of (loss) income included in this release for further details. |
(7) | Other for the three months ended September 30, 2017 primarily relates to the settlement of a contingent liability in Teekay Offshore, legal fees associated with the Brookfield transaction, legal fees associated with Teekay Tanker's proposed merger with TIL, and costs, including those associated with interest rate swaps, related to projects during their pre-operational phases. |
(8) | Items affecting net income include items from the Company’s consolidated non-wholly-owned subsidiaries. The specific items affecting net income are analyzed to determine whether any of the amounts originated from a consolidated non-wholly-owned subsidiary. Each amount that originates from a consolidated non-wholly-owned subsidiary is multiplied by the non-controlling interests’ percentage share in this subsidiary to determine the non-controlling interests’ share of the amount. The amount identified as “Non-controlling interests’ share of items above” in the table above is the cumulative amount of the non-controlling interests’ proportionate share of items listed in the table. “Non-controlling interests’ share of items above” for the three months ended September 30, 2017 also includes the recognition of previously deferred gains of $349.6 million. See footnote (6) of the summary consolidated statements of (loss) income included in this release for further details. |
Teekay | Teekay | Teekay | Teekay | Consolidation | Total | ||||||||
Offshore(1) | LNG | Tankers | Parent | Adjustments(2) | |||||||||
Revenues | 255,781 | 104,285 | 91,238 | 72,022 | (22,545 | ) | 500,781 | ||||||
— | |||||||||||||
Voyage expenses | (23,465 | ) | (1,466 | ) | (18,303 | ) | (562 | ) | 1,342 | (42,454 | ) | ||
Vessel operating expenses | (81,110 | ) | (26,724 | ) | (40,958 | ) | (51,774 | ) | 110 | (200,456 | ) | ||
Time-charter hire expense | (19,329 | ) | — | (5,835 | ) | (21,968 | ) | 18,487 | (28,645 | ) | |||
Depreciation and amortization | (70,393 | ) | (24,980 | ) | (24,328 | ) | (17,241 | ) | — | (136,942 | ) | ||
General and administrative expenses | (18,403 | ) | (2,793 | ) | (7,622 | ) | (1,450 | ) | 2,606 | (27,662 | ) | ||
Asset impairments | — | (38,000 | ) | — | (205,659 | ) | — | (243,659 | ) | ||||
Net loss on sale of vessels, equipment and | |||||||||||||
other operating assets | — | — | (7,926 | ) | — | — | (7,926 | ) | |||||
Restructuring charges | (2,697 | ) | — | — | (186 | ) | — | (2,883 | ) | ||||
Income (loss) from vessel operations | 40,384 | 10,322 | (13,734 | ) | (226,818 | ) | — | (189,846 | ) | ||||
Interest expense | (36,287 | ) | (20,091 | ) | (7,299 | ) | (17,440 | ) | 6,618 | (74,499 | ) | ||
Interest income | 664 | 602 | 305 | 6,947 | (6,618 | ) | 1,900 | ||||||
Realized and unrealized (loss) gain | — | ||||||||||||
on derivative instruments | (606 | ) | (2,178 | ) | 390 | (3,734 | ) | — | (6,128 | ) | |||
Equity income (loss) | 4,128 | 1,417 | (274 | ) | (4,007 | ) | — | 1,264 | |||||
Equity in earnings of subsidiaries(3) | — | — | — | 331,418 | (331,418 | ) | — | ||||||
Income tax expense | (2,142 | ) | (750 | ) | (1,864 | ) | (465 | ) | — | (5,221 | ) | ||
Foreign exchange (loss) gain | (3,362 | ) | (5,104 | ) | 81 | 5,743 | — | (2,642 | ) | ||||
Other (loss) income - net | (4,837 | ) | 356 | 15 | (239 | ) | — | (4,705 | ) | ||||
Loss on deconsolidation of Teekay Offshore | — | — | — | (103,987 | ) | 799 | (103,188 | ) | |||||
Net loss | (2,058 | ) | (15,426 | ) | (22,380 | ) | (12,582 | ) | (330,619 | ) | (383,065 | ) | |
Less: Net income attributable | |||||||||||||
to non-controlling interests(4) | (2,351 | ) | (3,470 | ) | — | — | 376,304 | 370,483 | |||||
Net loss attributable to shareholders/ | |||||||||||||
unitholders of publicly-listed entities | (4,409 | ) | (18,896 | ) | (22,380 | ) | (12,582 | ) | 45,685 | (12,582 | ) |
(1) | Teekay Offshore was consolidated by the Company for the period up to September 25, 2017 and equity accounted for thereafter. Teekay Offshore recorded in its full quarter results for the third quarter of 2017 impairment charges of $316.7 million. These impairment charges are not reflected in Teekay Offshore's results in the table above as Teekay Offshore is consolidated only up to September 25, 2017. However, the Company's proportionate share of those impairment charges are effectively included in Teekay Parent as part of the calculation of Loss on deconsolidation of Teekay Offshore. |
(2) | Consolidation Adjustments column includes adjustments which eliminate transactions between subsidiaries (a) Teekay Offshore, Teekay LNG and Teekay Tankers and (b) Teekay Parent. |
(3) | Teekay Corporation’s proportionate share of the net earnings of its publicly-traded subsidiaries. Refer to footnote (6) of the summary consolidated statements of (loss) income included in this release for further details. |
(4) | Net income attributable to non-controlling interests in the Teekay Offshore and Teekay LNG columns represents the joint venture partners’ share of the net income or loss of their respective joint ventures. Net income attributable to non-controlling interest in the Consolidation Adjustments column represents the public’s share of the net income of Teekay’s publicly-traded subsidiaries. |
Teekay | ||||||||||
Conventional | Corporate | Parent | ||||||||
Tankers | FPSOs(1) | Other(2) | G&A(3) | Total | ||||||
Revenues | 1,041 | 51,254 | 19,727 | — | 72,022 | |||||
— | ||||||||||
Voyage expenses | (92 | ) | (9 | ) | (461 | ) | — | (562 | ) | |
Vessel operating expenses | (1,457 | ) | (40,438 | ) | (9,879 | ) | — | (51,774 | ) | |
Time-charter hire expense | (2,423 | ) | (7,714 | ) | (11,831 | ) | — | (21,968 | ) | |
Depreciation and amortization | — | (17,320 | ) | 79 | — | (17,241 | ) | |||
General and administrative expenses | (146 | ) | (4,071 | ) | 2,271 | 496 | (1,450 | ) | ||
Asset impairments | — | (205,659 | ) | — | — | (205,659 | ) | |||
Restructuring charges | — | — | (186 | ) | — | (186 | ) | |||
(Loss) income from vessel operations | (3,077 | ) | (223,957 | ) | (280 | ) | 496 | (226,818 | ) | |
Reconciliation of (loss) income from vessel operations to cash flow from vessel operations | ||||||||||
(Loss) income from vessel operations | (3,077 | ) | (223,957 | ) | (280 | ) | 496 | (226,818 | ) | |
Depreciation and amortization | — | 17,320 | (79 | ) | — | 17,241 | ||||
Asset impairments | — | 205,659 | — | — | 205,659 | |||||
Amortization of in-process revenue | — | |||||||||
contracts and other | — | (1,483 | ) | (646 | ) | — | (2,129 | ) | ||
Realized gains from the | — | |||||||||
settlements of non-designated | — | |||||||||
derivative instruments | — | 560 | — | — | 560 | |||||
CFVO - Consolidated(4) | (3,077 | ) | (1,901 | ) | (1,005 | ) | 496 | (5,487 | ) | |
CFVO - Equity Investments | 629 | (990 | ) | (1,025 | ) | — | (1,386 | ) | ||
CFVO - Total | (2,448 | ) | (2,891 | ) | (2,030 | ) | 496 | (6,873 | ) |
(1) | Includes recoveries from Teekay Offshore for business development costs. |
(2) | Includes the results of two chartered-in LNG carriers owned by Teekay LNG and two chartered-in FSO units owned by Teekay Offshore. |
(3) | Includes recoveries from Teekay Offshore for legal expenses. |
(4) | In addition to the CFVO generated by its directly owned and chartered-in assets, Teekay Parent also receives cash dividends and distributions from its publicly-traded subsidiaries. For the three months ended September 30, 2017, Teekay Parent received cash distributions and dividends from these subsidiaries totaling $6.7 million. The distributions and dividends received by Teekay Parent include, among others, those made with respect to its general partner interests in Teekay Offshore and Teekay LNG. Please refer to Appendix D this release for further details. |
Three Months Ended | |||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | |||||||
2017 | 2017 | 2017 | 2016 | 2016 | |||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||
TEEKAY PARENT GPCO CASH FLOW | |||||||||||
Daughter Entities distributions | |||||||||||
to Teekay Parent(1) | |||||||||||
Limited Partner interests(2) | |||||||||||
Teekay LNG | 3,529 | 3,529 | 3,529 | 3,529 | 3,529 | ||||||
Teekay Offshore | 566 | 444 | 4,624 | 4,465 | 4,305 | ||||||
GP interests | |||||||||||
Teekay LNG | 228 | 228 | 228 | 227 | 227 | ||||||
Teekay Offshore | 16 | 31 | 336 | 331 | 321 | ||||||
Other Dividends | |||||||||||
Teekay Tankers(2)(3) | 1,690 | 1,690 | 1,276 | 1,276 | 1,212 | ||||||
Teekay Offshore(4) | 637 | 683 | 683 | 683 | 683 | ||||||
Total Daughter Entity Distributions | 6,666 | 6,605 | 10,676 | 10,511 | 10,277 | ||||||
Less: | |||||||||||
Corporate general and | |||||||||||
administrative expenses(5) | 496 | (3,318 | ) | (5,956 | ) | (6,759 | ) | (3,907 | ) | ||
Total Parent GPCO Cash Flow | 7,162 | 3,287 | 4,720 | 3,752 | 6,370 | ||||||
TEEKAY PARENT OPCO CASH FLOW | |||||||||||
Teekay Parent cash flow from | |||||||||||
vessel operations(6) | |||||||||||
Conventional Tankers | (3,077 | ) | (2,988 | ) | (2,459 | ) | (2,372 | ) | (363 | ) | |
FPSOs(7) | (1,901 | ) | (3,089 | ) | (4,830 | ) | 6,522 | 2,295 | |||
Other(8) | (1,005 | ) | (3,997 | ) | (6,040 | ) | 134 | (1,818 | ) | ||
Total(9) | (5,983 | ) | (10,074 | ) | (13,329 | ) | 4,284 | 114 | |||
Less: Net interest expense(10) | (13,072 | ) | (12,780 | ) | (12,362 | ) | (12,314 | ) | (13,258 | ) | |
Teekay Parent OPCO Cash Flow | (19,055 | ) | (22,854 | ) | (25,691 | ) | (8,030 | ) | (13,144 | ) | |
TOTAL TEEKAY PARENT FREE | |||||||||||
CASH FLOW | (11,893 | ) | (19,567 | ) | (20,971 | ) | (4,278 | ) | (6,774 | ) | |
Weighted-average number of | |||||||||||
common shares - Basic | 86,261,330 | 86,259,207 | 86,183,831 | 86,131,038 | 84,887,101 |
(1) | Daughter Entity dividends and distributions for a given quarter consists of the amount of dividends and distributions (including payments in kind) relating to such quarter but received by Teekay Parent in the following quarter. The limited partner and general partner distributions received from Teekay Offshore for the quarters ended September 30, 2017, June 30, 2017, March 31, 2017, December 31, 2016, and September 30, 2016 were paid-in-kind in the form of new Teekay Offshore common units. |
(2) | Common share/unit dividend/distribution cash flows to Teekay Parent are based on Teekay Parent’s ownership on the ex-dividend date for the respective publicly-traded subsidiary and period as follows: |
Three Months Ended | ||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30 | ||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
Teekay LNG | ||||||||||||||||
Distribution per common unit | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.14 | ||||||
Common units owned by | ||||||||||||||||
Teekay Parent | 25,208,274 | 25,208,274 | 25,208,274 | 25,208,274 | 25,208,274 | |||||||||||
Total distribution | $ | 3,529,158 | $ | 3,529,158 | $ | 3,529,158 | $ | 3,529,158 | $ | 3,529,158 | ||||||
Teekay Offshore | ||||||||||||||||
Distribution per common unit | $ | 0.01 | $ | 0.01 | $ | 0.11 | $ | 0.11 | $ | 0.11 | ||||||
Common units owned by | ||||||||||||||||
Teekay Parent | 56,587,484 | 44,400,566 | 42,037,728 | 40,589,218 | 39,138,991 | |||||||||||
Total distribution | $ | 565,875 | $ | 444,006 | $ | 4,624,150 | $ | 4,464,814 | $ | 4,305,289 | ||||||
Teekay Tankers | ||||||||||||||||
Dividend per share | $ | 0.03 | $ | 0.03 | $ | 0.03 | $ | 0.03 | $ | 0.03 | ||||||
Shares owned by Teekay Parent(3) | 56,317,627 | 56,317,627 | 42,542,403 | 42,542,403 | 40,387,231 | |||||||||||
Total dividend | $ | 1,689,529 | $ | 1,689,529 | $ | 1,276,272 | $ | 1,276,272 | $ | 1,211,617 |
(3) | Includes Class A and Class B shareholdings. Teekay Tankers' current dividend policy is to pay out 30 percent to 50 percent of its quarterly adjusted net income (as defined) with a minimum quarterly dividend of $0.03 per share. |
(4) | Includes distributions from Teekay Parent's interest in Teekay Offshore's 10.5% Series D Preferred Units acquired in June 2016. The distribution received for the quarters ended June 30, 2017, March 31, 2017, December 31, 2016 and September 30, 2016 were paid-in-kind in the form of new Teekay Offshore common units. All outstanding Series D Preferred Units were repurchased by Teekay Offshore in September 2017 as part of the Brookfield Transaction. |
(5) | Includes recoveries from Teekay Offshore for legal expenses for the three months ended September 30, 2017. Includes a one-time compensation cost associated with the retirement of Teekay Corporation's Chief Executive Officer for the three months ended December 31, 2016. |
(6) | Please refer to Appendices C and E for additional financial information on Teekay Parent’s cash flow from vessel operations. |
(7) | Includes recoveries from Teekay Offshore for business development costs for the three months ended September 30, 2017. |
(8) | Includes $0.4 million, $0.9 million, $2.2 million, $0.3 million, and $1.1 million for the three months ended June 30, 2017, March 31, 2017, December 31, 2016, and September 30, 2016, respectively, relating to 50 percent of the CFVO from TTOL. Teekay Parent owned 50 percent of TTOL for the period up to May 31, 2017, when Teekay Tankers purchased the remaining 50 percent of TTOL from Teekay Parent. |
(9) | Excludes corporate general and administrative expenses relating to Teekay Parent GPCO Cash Flow. |
(10) | Please see Appendix E to this release for a description of this measure and a reconciliation of this non-GAAP financial measure as used in this release to interest expense net of interest income, the most directly comparable GAAP financial measure. |
Three Months Ended | |||||||
September 30, | June 30, | September 30, | |||||
2017 | 2017 | 2016 | |||||
(unaudited) | (unaudited) | (unaudited) | |||||
(Loss) income from vessel operations | (189,846 | ) | 48,286 | 89,765 | |||
Depreciation and amortization | 136,942 | 142,741 | 141,688 | ||||
Amortization of in-process revenue contracts and other | (6,737 | ) | (6,241 | ) | (5,921 | ) | |
Realized gains (losses) from the settlements of non-designated | |||||||
derivative instruments | 1,843 | (177 | ) | (1,364 | ) | ||
Asset impairments | 243,659 | 1,500 | 7,766 | ||||
Net loss on sale of vessels, equipment and other operating assets | 7,926 | 12,742 | 72 | ||||
Termination of Arendal Spirit UMS charter contract | — | 8,888 | — | ||||
Cash flow from time-charter contracts, net of revenue accounted for | |||||||
as direct finance leases | 3,071 | 6,509 | 6,809 | ||||
CFVO - Consolidated | 196,858 | 214,248 | 238,815 | ||||
CFVO - Equity Investments (see Appendix E) | 41,202 | 40,248 | 46,699 | ||||
CFVO - Total | 238,060 | 254,496 | 285,514 |
Three Months Ended | |||||||||||||
September 30, 2017 | June 30, 2017 | September 30, 2016 | |||||||||||
(unaudited) | (unaudited) | (unaudited) | |||||||||||
At | Company's | At | Company's | At | Company's | ||||||||
100% | Portion(1) | 100% | Portion | 100%(2) | Portion(2) | ||||||||
Revenues | 196,281 | 78,912 | 176,125 | 74,082 | 194,068 | 81,764 | |||||||
Vessel and other operating expenses | (101,063 | ) | (40,279 | ) | (86,424 | ) | (36,077 | ) | (89,084 | ) | (37,143 | ) | |
Depreciation and amortization | (48,045 | ) | (19,425 | ) | (40,199 | ) | (17,428 | ) | (39,982 | ) | (17,288 | ) | |
Income from vessel operations of | |||||||||||||
equity accounted vessels | 47,173 | 19,208 | 49,502 | 20,577 | 65,002 | 27,333 | |||||||
Interest expense | (36,568 | ) | (14,878 | ) | (29,607 | ) | (12,383 | ) | (26,604 | ) | (11,278 | ) | |
Realized and unrealized (loss) gain on | |||||||||||||
derivative instruments | (21,538 | ) | (3,652 | ) | (20,957 | ) | (6,647 | ) | 9,401 | 3,481 | |||
Write-down of other assets(3) | — | — | — | (48,571 | ) | — | — | ||||||
Other - net | (1,716 | ) | 586 | (1,284 | ) | (960 | ) | 3,663 | 1,544 | ||||
Net (loss) income of equity accounted vessels | (12,649 | ) | 1,264 | (2,346 | ) | (47,984 | ) | 51,462 | 21,080 | ||||
Income from vessel operations of | |||||||||||||
equity accounted vessels | 47,173 | 19,208 | 49,502 | 20,577 | 65,002 | 27,333 | |||||||
Depreciation and amortization | 43,134 | 19,425 | 40,199 | 17,428 | 39,982 | 17,288 | |||||||
Cash flow from time-charter contracts, | |||||||||||||
net of revenue accounted for as | |||||||||||||
direct finance lease | 10,017 | 3,636 | 9,476 | 3,361 | 9,333 | 3,388 | |||||||
Amortization of in-process | |||||||||||||
revenue contracts and other | (2,065 | ) | (1,067 | ) | (2,541 | ) | (1,118 | ) | (2,553 | ) | (1,310 | ) | |
Cash flow from vessel operations | |||||||||||||
of equity accounted vessels(4) | 98,259 | 41,202 | 96,636 | 40,248 | 111,764 | 46,699 |
(1) | The Company’s proportionate share of its equity accounted vessels and other investments, including its investment in Teekay Offshore, ranges from 14 percent to 52 percent. |
(2) | On May 31, 2017, Teekay Tankers acquired from Teekay Parent, the remaining 50% interest in TTOL. As a result of the acquisition, the financial information for Teekay Tankers prior to the date that Teekay Tankers acquired interests in TTOL are retroactively adjusted to include the results of TTOL during the periods they were under common control of Teekay and had begun operations. As a result, TTOL's results are no longer included in this table. |
(3) | Refer to footnote (4) of the summary consolidated statements of (loss) income included in this release for further details. |
(4) | CFVO from equity accounted vessels represents the Company’s proportionate share of CFVO from its equity accounted vessels and other investments. |
Three Months Ended June 30, 2017 | ||||||||||||||
(unaudited) | ||||||||||||||
Teekay | ||||||||||||||
Conventional | Corporate | Parent | ||||||||||||
Tankers | FPSOs | Other | G&A | Total | ||||||||||
Teekay Parent loss from | ||||||||||||||
vessel operations | (2,988 | ) | (18,618 | ) | (4,466 | ) | (3,318 | ) | (29,390 | ) | ||||
Depreciation and amortization | — | 17,320 | (75 | ) | — | 17,245 | ||||||||
Amortization of in-process | ||||||||||||||
revenue contracts and other | — | (1,483 | ) | 135 | — | (1,348 | ) | |||||||
Realized losses from the | ||||||||||||||
settlements of non-designated | ||||||||||||||
foreign currency derivative | ||||||||||||||
instruments | — | (308 | ) | — | — | (308 | ) | |||||||
Cash flow from vessel | ||||||||||||||
operations - Teekay Parent | (2,988 | ) | (3,089 | ) | (4,406 | ) | (3,318 | ) | (13,801 | ) |
Three Months Ended March 31, 2017 | ||||||||||||||
(unaudited) | ||||||||||||||
Teekay | ||||||||||||||
Conventional | Corporate | Parent | ||||||||||||
Tankers | FPSOs | Other | G&A | Total | ||||||||||
Teekay Parent loss from | ||||||||||||||
vessel operations | (2,459 | ) | (20,411 | ) | (6,846 | ) | (5,956 | ) | (35,672 | ) | ||||
Depreciation and amortization | — | 17,319 | (44 | ) | — | 17,275 | ||||||||
Amortization of in-process | ||||||||||||||
revenue contracts and other | — | (1,484 | ) | (15 | ) | — | (1,499 | ) | ||||||
Realized losses from the | ||||||||||||||
settlements of non-designated | ||||||||||||||
foreign currency derivative | ||||||||||||||
instruments | — | (254 | ) | — | — | (254 | ) | |||||||
Cash flow from vessel | ||||||||||||||
operations - Teekay Parent | (2,459 | ) | (4,830 | ) | (6,905 | ) | (5,956 | ) | (20,150 | ) |
Three Months Ended December 31, 2016 | ||||||||||||||
(unaudited) | ||||||||||||||
Teekay | ||||||||||||||
Conventional | Corporate | Parent | ||||||||||||
Tankers | FPSOs | Other | G&A | Total | ||||||||||
Teekay Parent loss from | ||||||||||||||
vessel operations | (2,323 | ) | (9,151 | ) | (3,297 | ) | (6,759 | ) | (21,530 | ) | ||||
Depreciation and amortization | — | 17,546 | (112 | ) | — | 17,434 | ||||||||
(Gain) loss on sale of vessels and equipment | (49 | ) | 110 | — | — | 61 | ||||||||
Amortization of in-process | ||||||||||||||
revenue contracts and other | — | (1,483 | ) | 1,274 | — | (209 | ) | |||||||
Realized losses from the | ||||||||||||||
settlements of non-designated | ||||||||||||||
foreign currency derivative | ||||||||||||||
instruments | — | (500 | ) | — | — | (500 | ) | |||||||
Cash flow from vessel | ||||||||||||||
operations - Teekay Parent | (2,372 | ) | 6,522 | (2,135 | ) | (6,759 | ) | (4,744 | ) |
Three Months Ended September 30, 2016 | ||||||||||||||
(unaudited) | ||||||||||||||
Teekay | ||||||||||||||
Conventional | Corporate | Parent | ||||||||||||
Tankers | FPSOs | Other | G&A | Total | ||||||||||
Teekay Parent loss from | ||||||||||||||
vessel operations | (363 | ) | (13,116 | ) | (2,002 | ) | (3,907 | ) | (19,388 | ) | ||||
Depreciation and amortization | — | 17,713 | (113 | ) | — | 17,600 | ||||||||
Amortization of in-process | ||||||||||||||
revenue contracts and other | — | (1,483 | ) | 10 | — | (1,473 | ) | |||||||
Realized losses from the | ||||||||||||||
settlements of non-designated | ||||||||||||||
foreign currency derivative | ||||||||||||||
instruments | — | (819 | ) | — | — | (819 | ) | |||||||
Cash flow from vessel | ||||||||||||||
operations - Teekay Parent | (363 | ) | 2,295 | (2,105 | ) | (3,907 | ) | (4,080 | ) |
Three Months Ended | |||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||
2017 | 2017 | 2017 | 2016 | 2016 | |||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||
Interest expense | (74,499 | ) | (74,383 | ) | (70,355 | ) | (69,018 | ) | (68,490 | ) | |||
Interest income | 1,900 | 1,536 | 1,481 | 1,314 | 1,143 | ||||||||
Interest expense net of interest income - consolidated | (72,599 | ) | (72,847 | ) | (68,874 | ) | (67,704 | ) | (67,347 | ) | |||
Less: | |||||||||||||
Non-Teekay Parent interest expense net of interest income and adjustment | (60,201 | ) | (60,777 | ) | (57,282 | ) | (56,227 | ) | (55,035 | ) | |||
Interest expense net of interest income - Teekay Parent | (12,398 | ) | (12,070 | ) | (11,592 | ) | (11,477 | ) | (12,312 | ) | |||
Add: | |||||||||||||
Teekay Parent realized losses on interest rate swaps | (674 | ) | (710 | ) | (770 | ) | (837 | ) | (946 | ) | |||
Net interest expense - Teekay Parent | (13,072 | ) | (12,780 | ) | (12,362 | ) | (12,314 | ) | (13,258 | ) |
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