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Segment Reporting
 9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Segment Reporting
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 (which excludes Teekay Offshore) has three primary lines of business: (1) offshore production (FPSO units), (2) 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.
The following table includes the Company’s revenues by segment for the three and nine months ended September 30, 2018 and 2017:
 
Revenues(1)
 
Three Months Ended
Nine Months Ended
 
September 30,
September 30,
 
2018
2017
2018
2017
 
$
$
$
$
Teekay LNG
 
 
 
 
Liquefied Gas Carriers(2)
118,188

92,700

335,409

271,078

Conventional Tankers
5,148

11,585

25,548

35,291

 
123,336

104,285

360,957

306,369

 
 
 
 
 
Teekay Tankers
 
 
 
 
Conventional Tankers
175,915

91,238

516,039

330,512

 
 
 
 
 
Teekay Parent
 
 
 
 
Offshore Production
71,583

51,254

203,982

143,769

Conventional Tankers
—

1,041

—

4,965

Other
45,988

19,727

144,115

47,149

 
117,571

72,022

348,097

195,883

 
 
 
 
 
Teekay Offshore(2)(3)
—

255,781

—

796,711

 
 
 
 
 
Eliminations and other
(260
)
(22,545
)
(8,867
)
(71,266
)
 
416,562

500,781

1,216,226

1,558,209


(1)
The comparative periods do not include the impact of the January 1, 2018 adoption of ASU 2014-09 (see Note 2).
(2)
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 three and nine months ended September 30, 2018 and 2017 is as follows:
 
Three Months Ended
Nine Months Ended
 
September 30,
September 30,
 
2018
2017
2018
2017
 
$
$
$
$
Teekay LNG - Liquefied Gas Carriers
—

9,296

9,418

26,851

Teekay Offshore
—

9,211

—

33,429

 
—

18,507

9,418

60,280

(3) On September 25, 2017, the Company deconsolidated Teekay Offshore (see Note 4).
The following table includes the Company’s income (loss) from vessel operations by segment for the three and nine months ended September 30, 2018 and 2017:
 
Income (loss) from Vessel Operations(1)
 
Three Months Ended
Nine Months Ended
 
September 30,
September 30,
 
2018
2017
2018
2017
 
$
$
$
$
Teekay LNG
 
 
 
 
Liquefied Gas Carriers
51,581

44,902

105,571

128,281

Conventional Tankers
(4,583
)
(34,580
)
(22,926
)
(42,010
)
 
46,998

10,322

82,645

86,271

 
 
 
 
 
Teekay Tankers
 
 
 
 
Conventional Tankers
(2,166
)
(13,734
)
(24,002
)
(1,406
)
 
 
 
 
 
Teekay Parent
 
 
 
 
Offshore Production
12,905

(223,957
)
25,328

(262,986
)
Conventional Tankers
—

(3,077
)
—

(8,524
)
Other
(2,655
)
216

(8,463
)
(20,370
)
 
10,250

(226,818
)
16,865

(291,880
)
 
 
 
 
 
Teekay Offshore(2)
—

40,384

—

147,060

 
 
 
 
 
 
55,082

(189,846
)
75,508

(59,955
)

(1)
Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).
(2)
On September 25, 2017, the Company deconsolidated Teekay Offshore (see Note 4).
Commencing on September 25, 2017, the Company accounts for its investment in Teekay Offshore using the equity method, and recognized equity losses of $2.7 million and $11.4 million in respect of Teekay Offshore for the three and nine months ended September 30, 2018, respectively, and an equity loss of $3.1 million for the three and nine months ended September 30, 2017.

A reconciliation of total segment assets to total assets presented in the accompanying unaudited consolidated balance sheets is as follows:
 
September 30, 2018
December 31, 2017
 
$
$
Teekay LNG - Liquefied Gas Carriers
5,081,219

4,624,321

Teekay LNG - Conventional Tankers
67,244

112,844

Teekay Tankers - Conventional Tankers
2,074,833

2,125,909

Teekay Parent - Offshore Production
335,948

366,229

Teekay Parent - Conventional Tankers
13,056

13,620

Teekay Parent - Other
35,592

26,527

Teekay Offshore
259,839

280,774

Cash and cash equivalents
385,352

445,452

Other assets not allocated
103,821

118,493

Eliminations
(17,117
)
(21,732
)
Consolidated total assets
8,339,787

8,092,437