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Segment Reporting
 12 Months Ended
Dec. 31, 2017
Segment Reporting [Abstract]  
Segment Reporting
2. Segment Reporting
The Company allocates capital and assesses performance from the separate perspectives of its two publicly-traded subsidiaries Teekay LNG and Teekay Tankers (together, the Controlled Daughter Entities), Teekay and its remaining subsidiaries (or Teekay Parent), and its equity-accounted investee, Teekay Offshore, (collectively with the Controlled Daughter Entities, the Daughter Entities), as well as from the perspective of the Company's lines of business. The primary focus of the Company’s organizational structure, internal reporting and allocation of resources by the chief operating decision maker is on the Controlled Daughter Entities, Teekay Parent and its equity-accounted investee, Teekay Offshore, (the Legal Entity approach) and its segments are presented accordingly on this basis. The Company (excluding Teekay Offshore) has three primary lines of business: (1) offshore production (floating production, storage and off-loading (or FPSO) units), (2) liquefied gas carriers (liquefied natural gas (or LNG) and liquefied petroleum gas (or LPG) carriers), and (3) conventional tankers. The Company manages these businesses for the benefit of all stakeholders. The Company incorporates the primary lines of business within its segments, as in certain cases there is more than one line of business in each Controlled Daughter Entity and the Company believes this information allows a better understanding of the Company’s performance and prospects for future net cash flows.

Prior to the Brookfield Transaction on September 25, 2017, the Company's operating segments reflected further disaggregation within Teekay
Offshore including three individual lines of business: (1) offshore production (FPSO units), (2) offshore logistics (shuttle tankers, the HiLoad
DP unit, floating storage and offtake (or FSO) units, units for maintenance and safety (or UMS) and long-distance towing and offshore installation vessels), and (3) conventional tankers. Subsequent to September 25, 2017, the Company has determined that its investment in Teekay Offshore represents a single operating segment.

The following table includes results for the Company’s revenue and income from vessel operations by segment for the periods presented in these financial statements.
 
Revenues (1)
 
Income from Vessel Operations (2)
 
Year Ended
December 31,
 
Year Ended
December 31,
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Teekay Offshore (3)
796,711

 
1,152,390

 
1,229,413

 
147,060

 
230,853

 
283,399

 
 
 
 
 
 
 
 
 
 
 
 
Teekay LNG
 
 
 
 
 
 
 
 
 
 
 
Liquefied Gas Carriers
385,683

 
336,530

 
305,056

 
188,676

 
174,600

 
151,200

Conventional Tankers
46,993

 
59,914

 
92,935

 
(40,027
)
 
(21,419
)
 
30,172

 
432,676

 
396,444

 
397,991

 
148,649

 
153,181

 
181,372

Teekay Tankers (4)
 
 
 
 
 
 
 
 
 
 
 
Conventional Tankers
431,178

 
550,543

 
524,834

 
1,416

 
96,752

 
190,589

Teekay Parent
 
 
 
 
 
 
 
 
 
 
 
Offshore Production
209,394

 
231,435

 
277,842

 
(256,758
)
 
(48,310
)
 
(40,227
)
Conventional Tankers
5,065

 
32,967

 
65,777

 
(13,390
)
 
(15,967
)
 
4,984

Other
89,107

 
76,111

 
75,547

 
(20,277
)
 
(32,219
)
 
5,015

 
303,566

 
340,513

 
419,166

 
(290,425
)
 
(96,496
)
 
(30,228
)
Eliminations and other
(83,799
)
 
(111,321
)
 
(121,022
)
 
—

 
—

 
—

 
1,880,332

 
2,328,569

 
2,450,382

 
6,700

 
384,290

 
625,132

 
(1)
Certain vessels are chartered between the Daughter Entities and Teekay Parent. The amounts in the table below represent revenue earned by each segment from other segments within the group. Such intersegment revenue for the year ended 2017, 2016 and 2015 is as follows:
 
Year Ended
December 31,
 
2017
 
2016
 
2015
Teekay Offshore
34,232

 
49,514

 
67,993

Teekay LNG - Liquefied Gas Carriers
36,358

 
37,336

 
35,887

Teekay Tankers - Conventional Tankers
—

 
5,404

 
1,380

Teekay Parent - Conventional Tankers
—

 
—

 
3,080

 
70,590

 
92,254

 
108,340

(2)
Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).
(3)
On September 25, 2017, the Company deconsolidated Teekay Offshore (see Note 3). The figures above include those of Teekay Offshore until the date of deconsolidation.
(4)
Financial information for Teekay Tankers includes operations of the Explorer Spirit, formerly known as the SPT Explorer, and Navigator Spirit from December 18, 2015, the date Teekay Tankers acquired the vessels from Teekay Offshore.

The following table presents revenues and percentage of consolidated revenues for customers that accounted for more than 10% of the Company’s consolidated revenues during the periods presented. All of these customers are international oil companies.
 
Year Ended
December 31,
 
Year Ended
December 31,
 
Year Ended
December 31,
(U.S. dollars in millions)
2017
 
2016
 
2015
Royal Dutch Shell Plc (1) (2) (3)
$259.4 or 14%
 
$429.9 or 19%
 
(7) 
BG Group (1) (2) (3)
(2) 
 
(2) 
 
$263.4 or 11%
Petroleo Brasileiro SA (1) (4)
(7) 
 
$223.7 or 10%
 
$231.8 or 10%
Statoil ASA (1) (5)
(7) 
 
(7) 
 
(7) 
BP Exploration Operating Co. Ltd. (1) (6)
$183.0 or 10%
 
(7) 
 
(7) 
(1)
On September 25, 2017, the Company deconsolidated Teekay Offshore (see Note 3). The figures above include those of Teekay Offshore until the date of deconsolidation.
(2)
In February 2016, Royal Dutch Shell Plc acquired BG Group Plc and therefore includes revenues from both Royal Dutch Shell Plc and BG Group Plc for 2016.
(3)
Teekay Offshore Segment, Teekay LNG Segment — Liquefied Gas Carriers, Teekay Tankers Segment — Conventional Tankers, and Teekay Parent Segment — Conventional Tankers
(4)
Teekay Offshore Segment, and Teekay Tankers Segment — Conventional Tankers
(5)
Teekay Offshore Segment, Teekay Tankers Segment — Conventional Tankers, and Teekay Parent Segment — Conventional Tankers
(6)
Teekay Offshore Segment, Teekay LNG Segment — Liquefied Gas Carriers, Teekay Tankers Segment — Conventional Tankers, Teekay Parent Segment — Offshore Production, and Teekay Parent Segment — Conventional Tankers
(7)
Less than 10%.

The following table includes other income statement items by segment for the periods presented in these financial statements. 
 
Depreciation and Amortization
 
Asset Impairments and Net Loss on Sale of Vessels, Equipment and Other Operating Assets
 
Equity (Loss) Income
 
Year Ended
December 31,
 
Year Ended
December 31,
 
Year Ended
December 31,
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Teekay Offshore (1)
(219,406
)
 
(300,011
)
 
(274,599
)
 
(1,500
)
 
(40,079
)
 
(69,998
)
 
12,028

 
17,933

 
7,672

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Teekay Offshore (2)


 


 


 


 


 


 
(2,461
)
 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Teekay LNG
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liquefied Gas Carriers
(95,025
)
 
(80,084
)
 
(71,323
)
 
—

 
—

 
—

 
9,789

 
62,307

 
84,171

Conventional Tankers
(10,520
)
 
(15,458
)
 
(20,930
)
 
(50,600
)
 
(38,976
)
 
—

 
—

 
—

 
—

 
(105,545
)
 
(95,542
)
 
(92,253
)
 
(50,600
)
 
(38,976
)
 
—

 
9,789

 
62,307

 
84,171

Teekay Tankers (3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Conventional Tankers
(100,481
)
 
(104,149
)
 
(71,429
)
 
(12,984
)
 
(20,594
)
 
771

 
(25,370
)
 
7,680

 
11,528

Teekay Parent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Offshore Production
(60,560
)
 
(70,855
)
 
(69,508
)
 
(205,659
)
 
(110
)
 
(948
)
 
(7,861
)
 
(575
)
 
(12,196
)
Conventional Tankers
—

 
(1,717
)
 
(2,852
)
 
—

 
(12,487
)
 
—

 
(20,677
)
 
132

 
12,797

Other
163

 
449

 
451

 
—

 
—

 
—

 
(2,792
)
 
(1,838
)
 
(1,101
)
 
(60,397
)
 
(72,123
)
 
(71,909
)
 
(205,659
)
 
(12,597
)
 
(948
)
 
(31,330
)
 
(2,281
)
 
(500
)
Eliminations and other
—

 
—

 
690

 
—

 
—

 
—

 
—

 
—

 
—

 
(485,829
)
 
(571,825
)
 
(509,500
)
 
(270,743
)
 
(112,246
)
 
(70,175
)
 
(37,344
)
 
85,639

 
102,871

(1)
On September 25, 2017, the Company deconsolidated Teekay Offshore (see Note 3). The figures above include those of Teekay Offshore until the date of deconsolidation.
(2)
Commencing on September 25, 2017, the Company accounts for its investment in Teekay Offshore using the equity method, and recognized an equity loss of $2.5 million for the post-deconsolidation period ended December 31, 2017.
(3)
Financial information for Teekay Tankers includes operations of the Explorer Spirit, formerly known as the SPT Explorer and Navigator Spirit from December 18, 2015, the date Teekay Tankers acquired the vessels from Teekay Offshore.

A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows:
 
December 31, 2017
$
 
December 31, 2016
$
Teekay Offshore
280,774

 
5,354,702

Teekay LNG - Liquefied Gas Carriers
4,624,321

 
3,957,088

Teekay LNG - Conventional Tankers
112,844

 
193,553

Teekay Tankers - Conventional Tankers
2,125,909

 
1,870,211

Teekay Parent - Offshore Production
366,229

 
635,364

Teekay Parent - Conventional Tankers
13,620

 
55,937

Teekay Parent - Other
26,527

 
13,208

Cash and cash equivalents
445,452

 
567,994

Other assets not allocated
118,493

 
281,244

Eliminations
(21,732
)
 
(114,549
)
Consolidated total assets
8,092,437

 
12,814,752

 
The following table includes capital expenditures by segment for the periods presented in these financial statements.
 
December 31, 2017
$
 
December 31, 2016
$
Teekay Offshore
340,705

 
294,581

Teekay LNG - Liquefied Gas Carriers
708,608

 
344,924

Teekay LNG - Conventional Tankers
—

 
63

Teekay Tankers - Conventional Tankers
4,732

 
9,226

Teekay Parent - Other
7

 
88

 
1,054,052

 
648,882