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Segment Reporting
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company’s segments are described in "Item 18 – Financial Statements: Note 3" to the Company’s Annual Report on Form 20-F for the year ended December 31, 2019. The Company allocates capital and assesses performance from the separate perspectives of its two publicly-traded subsidiaries Teekay LNG and Teekay Tankers (together, the Daughter Entities), Teekay and its remaining subsidiaries (or Teekay Parent), and, prior to the completion of the 2019 Brookfield Transaction, its equity-accounted investment in Altera, 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 Daughter Entities, Teekay Parent and, prior to the completion of the 2019 Brookfield Transaction, its equity-accounted investment in Altera, and its segments are presented accordingly on this basis. The Company (which excludes Altera) 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 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 six months ended June 30, 2020 and 2019:
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2020
2019
2020
2019
 
$
$
$
$
Teekay LNG
 
 
 
 
Liquefied Gas Carriers
148,205

150,691

288,092

297,673

Conventional Tankers
—

2,369

—

5,131

 
148,205

153,060

288,092

302,804

 
 
 
 
 
Teekay Tankers
 
 
 
 
Conventional Tankers(1)
246,492

207,007

588,392

445,168

 
 
 
 
 
Teekay Parent
 
 
 
 
Offshore Production
28,787

57,828

74,720

107,266

Other
59,321

47,989

105,655

98,648

 
88,108

105,817

180,375

205,914

 
 
 
 
 
Eliminations and other(1)
—

(3,487
)
—

(4,616
)
 
482,805

462,397

1,056,859

949,270


(1)
During 2019, Teekay Tankers' ship-to-ship transfer business provided operational and maintenance services to Teekay LNG Bahrain Operations L.L.C., an entity wholly-owned by Teekay LNG, for the LNG receiving and regasification terminal in Bahrain. Also during 2019, the Magellan Spirit was chartered by Teekay LNG to Teekay Parent.

The following table includes the Company’s income (loss) from vessel operations by segment for the three and six months ended June 30, 2020 and 2019:
 
Income (Loss) from Vessel Operations(1)
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2020
2019
2020
2019
 
$
$
$
$
Teekay LNG
 
 
 
 
Liquefied Gas Carriers
69,589

74,244

91,327

144,687

Conventional Tankers
—

433

—

(649
)
 
69,589

74,677

91,327

144,038

 
 
 
 
 
Teekay Tankers
 
 
 
 
Conventional Tankers
92,986

5,051

213,112

37,148

 
 
 
 
 
Teekay Parent
 
 
 
 
Offshore Production
(11,540
)
(5,987
)
(23,808
)
(18,544
)
Other
(2,531
)
(2,278
)
(3,231
)
(6,947
)
 
(14,071
)
(8,265
)
(27,039
)
(25,491
)
 
 
 
 
 
 
148,504

71,463

277,400

155,695


(1)
Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).
Prior to its sale in May 2019, the Company accounted for its investment in Altera's general partner and common units using the equity method and recognized equity losses in respect of Altera for the periods from April 1, 2019 to May 8, 2019 and January 1, 2019 to May 8, 2019 of $nil and $3.1 million, respectively. The Company wrote-down the investment in Altera by $64.9 million in the six months ended June 30, 2019 and recognized a loss on sale of $8.9 million in the three and six months ended June 30, 2019.
A reconciliation of total segment assets to total assets presented in the accompanying unaudited consolidated balance sheets is as follows:
 
June 30, 2020
December 31, 2019
 
$
$
Teekay LNG – Liquefied Gas Carriers
4,762,748

5,249,465

Teekay Tankers – Conventional Tankers
1,904,059

2,140,652

Teekay Parent – Offshore Production
48,867

161,096

Teekay Parent – Other
52,848

80,455

Cash and cash equivalents
461,152

353,241

Other assets not allocated
126,197

102,701

Eliminations
(10,359
)
(14,746
)
Consolidated total assets
7,345,512

8,072,864