Teekay Corp Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Teekay Corp has submitted its 20-F annual report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

TEEKAY CORP (TK) filed a Foreign Annual Report (20-F) with the SEC on March 15, 2024. Teekay Corp filed its 20-F annual report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located in Hamilton, Bermuda, with mail addressed to Vancouver, Canada. Teekay Corp was formerly known as Teekay Shipping Corp and Viking Star Shipping Inc. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking TEEKAY CORP, this filing contains several important signals. This filing provides investors and stakeholders with a comprehensive overview of Teekay Corp's financial health, operational activities, and strategic direction for the past fiscal year. As a 20-F filing, it is a crucial document for understanding the company's compliance with SEC regulations and its performance in the global energy and transportation sector.

Risk Assessment

Risk Level: medium — TEEKAY CORP shows moderate risk based on this filing. The filing is a standard annual report (20-F), which typically contains a broad range of information. Specific financial performance details or significant operational changes are not immediately apparent from the header information alone, requiring a deeper dive into the document's content.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to assess Teekay Corp's performance and future outlook.

Key Numbers

• 2023 — Fiscal Year End (Period of report)
• 2022 — Previous Fiscal Year (Financial data comparison)
• 2021 — Prior Fiscal Year (Financial data comparison)

Key Players & Entities

• TEEKAY CORP (company) — Filer name
• 0001628280-24-011405 (other) — Accession number
• 20240315 (date) — Filing date
• 20231231 (date) — Period of report
• Hamilton, Bermuda (location) — Business address city and state
• Vancouver, Canada (location) — Mail address city and state
• TEEKAY SHIPPING CORP (company) — Former company name
• VIKING STAR SHIPPING INC (company) — Former company name

FAQ

Industry Context

Teekay Corp operates in the energy and transportation sector, specifically in the deep-sea transportation of freight, which includes the movement of oil and gas products via various vessel types.

Regulatory Implications

As a foreign private issuer, Teekay Corp files an annual report on Form 20-F with the U.S. Securities and Exchange Commission (SEC), which is a comprehensive disclosure document.

What Investors Should Do

1. Analyze the consolidated financial statements for the fiscal years 2023, 2022, and 2021.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations section for insights into performance drivers.
3. Examine the Risk Factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2024-03-15: Filing Date — Submission of the 20-F annual report
• 2023-12-31: Fiscal Year End — Reporting period for the financial statements

Year-Over-Year Comparison

This filing represents the annual disclosure for the fiscal year 2023, following previous filings for prior periods. Specific year-over-year comparisons require detailed analysis of the financial statements within the report.

Key Financial Figures

• $0.001 — registered Common Stock, par value of $0.001 per share TK New York Stock Exchange

Filing Documents

• tk-20231231.htm (20-F) — 2588KB
• tkc-exhibit23.htm (EX-2.3) — 12KB
• tkcex-81q42023.htm (EX-8.1) — 56KB
• tkcex-121q42023.htm (EX-12.1) — 15KB
• tkcex-122q42023.htm (EX-12.2) — 15KB
• tkcex-131q42023.htm (EX-13.1) — 6KB
• tkcex-132q42023.htm (EX-13.2) — 6KB
• tkcex-151q42023.htm (EX-15.1) — 5KB
• tkc-ex97xincentivecompen.htm (EX-97) — 13KB
• tk-20231231_g1.jpg (GRAPHIC) — 26KB
• tk-20231231_g2.jpg (GRAPHIC) — 94KB
• tkc-ex97xincentivecompen001.jpg (GRAPHIC) — 224KB
• tkc-ex97xincentivecompen002.jpg (GRAPHIC) — 206KB
• tkc-ex97xincentivecompen003.jpg (GRAPHIC) — 224KB
• tkc-ex97xincentivecompen004.jpg (GRAPHIC) — 152KB
• tkc-ex97xincentivecompen005.jpg (GRAPHIC) — 117KB
• tkc-exhibit23001.jpg (GRAPHIC) — 189KB
• tkc-exhibit23002.jpg (GRAPHIC) — 260KB
• tkc-exhibit23003.jpg (GRAPHIC) — 122KB
• 0001628280-24-011405.txt (&nbsp;) — 17056KB
• tk-20231231.xsd (EX-101.SCH) — 99KB
• tk-20231231_cal.xml (EX-101.CAL) — 96KB
• tk-20231231_def.xml (EX-101.DEF) — 1068KB
• tk-20231231_lab.xml (EX-101.LAB) — 1085KB
• tk-20231231_pre.xml (EX-101.PRE) — 1204KB
• tk-20231231_htm.xml (XML) — 1806KB

Identity of Directors, Senior Management and Advisors

Item 1. Identity of Directors, Senior Management and Advisors 6

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable 6

Key Information

Item 3. Key Information 6

Risk Factors

Risk Factors 6 Tax Risks 23

Information on the Company

Item 4. Information on the Company 24 A. Overview, History and Development 24 B. Business Overview 25 Our Consolidated Fleet 28 Safety, Management of Ship Operations and Administration 29 Risk of Loss and Insurance 30 Operations Outside of the United States 30 Customers 30 Flag, Classification, Audits and Inspections 30 Regulations 31 C. Organizational Structure 38 D. Property, Plant and Equipment 38 E. Taxation of the Company 38 1. United States Taxation 38 2. Marshall Islands Taxation 40 3. Other Taxation 40

Unresolved Staff Comments

Item 4A. Unresolved Staff Comments 40

Operating and Financial Review and Prospects

Item 5. Operating and Financial Review and Prospects 40 Overview 40 Important Financial and Operational Terms and Concepts 41 Items You Should Consider When Evaluating Our Results 42 Summary Financial Data 43 Recent Developments and Results of Operations 44 Liquidity and Capital Resources 51 Critical Accounting Estimates 55 Non-GAAP Financial Measures 57

Directors, Senior Management and Employees

Item 6. Directors, Senior Management and Employees 58 Directors and Senior Management. 58 Compensation of Directors and Senior Management 60 Options to Purchase Securities from Registrant or Subsidiaries 60 Board Practices 60 The Board's Role in Oversight of Environmental, Social and Corporate Governance 62 Crewing and Staff 62 Share Ownership 62

Major Shareholders and Certain Relationships and Related Party Transactions

Item 7. Major Shareholders and Certain Relationships and Related Party Transactions 62 Major Shareholders 62 Relationships with Our Major Shareholder 63 Our Directors and Executive Officers 63 Relationship and Management Agreement with Teekay Tankers 63

Financial Information

Item 8. Financial Information 64

The Offer and Listing

Item 9. The Offer and Listing 64

Additional Information

Item 10. Additional Information 64 Memorandum and Articles of Association 64 Material Contracts 64 3 Table of Contents Exchange Controls and Other Limitations Affecting Security Holders 64 Taxation 65 Material United States Federal Income Tax Considerations 65 Non-United States Tax Considerations 69 Documents on Display 69

Quantitative and Qualitative Disclosures About Market Risk

Item 11. Quantitative and Qualitative Disclosures About Market Risk 69

Description of Securities Other than Equity Securities

Item 12. Description of Securities Other than Equity Securities 70 PART II. 70

Defaults, Dividend Arrearages and Delinquencies

Item 13. Defaults, Dividend Arrearages and Delinquencies 70

Material Modifications to the Rights of Security Holders and Use of Proceeds

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 70

Controls and Procedures

Item 15. Controls and Procedures 71 Management's Report on Internal Control over Financial Reporting 71

Audit Committee Financial Expert

Item 16A. Audit Committee Financial Expert 71

Code of Ethics

Item 16B. Code of Ethics 71

Principal Accountant Fees and Services

Item 16C. Principal Accountant Fees and Services 72

Exemptions from the Listing Standards for Audit Committees

Item 16D. Exemptions from the Listing Standards for Audit Committees 72

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 72

Change in Registrant's Certifying Accountant

Item 16F. Change in Registrant's Certifying Accountant 73

Corporate Governance

Item 16G. Corporate Governance 73

Mine Safety Disclosure

Item 16H. Mine Safety Disclosure 73

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 73

Insider Trading Policies

Item 16J. Insider Trading Policies 73

Cybersecurity

Item 16K. Cybersecurity 73 PART III. 74

Financial Statements

Item 17. Financial Statements 74

Financial Statements

Item 18. Financial Statements 74

Exhibits

Item 19. Exhibits 76 Signature 78 4 Table of Contents PART I This Annual Report of Teekay Corporation on Form 20-F for the year ended December 31, 2023 (or Annual Report) should be read in conjunction with the consolidated financial statements and accompanying notes included in this Annual Report. Unless otherwise indicated, references in this Annual Report to "Teekay," "the Company," "we," "us" and "our" and similar terms refer to Teekay Corporation and its subsidiaries. References in this Annual Report to "Teekay Tankers" refer to our subsidiary, Teekay Tankers Ltd. (NYSE: TNK). In addition, references in this Annual Report to "Altera" refer to Altera Infrastructure L.P., previously known as Teekay Offshore Partners L.P. (NYSE: TOO), which was a subsidiary of Teekay Corporation until September 2017, and an equity-accounted investment until May 2019, and to "Seapeak" refer to Seapeak LLC (NYSE: SEAL), previously known as Teekay LNG Partners L.P. (NYSE: TGP) (or Teekay LNG Partners), which was a subsidiary of Teekay Corporation until January 2022. References to the "Teekay Gas Business" refer to the following, prior to their sale by Teekay to Stonepeak Partners L.P. and Seapeak in January 2022: Teekay's general partner interest in Teekay LNG Partners; all of Teekay LNG Partners' common units held by Teekay; and certain subsidiaries of Teekay that collectively contained the shore-based management operations of Teekay LNG Partners and certain of its joint ventures. The sale of the Teekay Gas Business by Teekay occurred on January 13, 2022. The presentation of certain information in the Company's consolidated financial statements included in this Annual Report reflects that the Teekay Gas Business is a discontinued operation of the Company. See "Item 18 – Financial Statements: Note 21 - Discontinued Operations" for further information. In addition to historical information, this Annual Report contains forward-looking statements that involve risks and u

Identity of Directors, Senior Management and Advisors

Item 1. Identity of Directors, Senior Management and Advisors Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not applicable.

Key Information

Item 3. Key Information

Risk Factors

Risk Factors Some of the risks summarized below and discussed in greater detail in the following pages relate principally to the industries in which we operate and to our business in general. Other risks relate principally to the securities market and to ownership of our common stock. The occurrence of any of the events described in this section could materially and adversely affect our business, financial condition, operating results and ability to pay dividends on, and the trading price of our common stock. Risk Factor Summary Risks Related to Our Industry Changes in the oil markets could result in decreased demand for our vessels and services. The cyclical nature of the tanker industry may lead to volatile changes in charter rates and significant fluctuations in the utilization of our vessels, which may adversely affect our earnings. Changes in the spot tanker market may result in significant fluctuations in the utilization of our vessels and our profitability. Our vessels operate in the highly competitive international tanker market. High oil prices could negatively impact tanker freight rates. Marine transportation is inherently risky, and an incident involving loss or damage to a vessel, significant loss of product or environmental contamination by any of our vessels could harm our reputation and business. Terrorist attacks, increased hostilities, political change, or war could lead to further economic instability, increased costs and business disruption. Acts of piracy on ocean-going vessels continue to be a risk, which could adversely affect our business. 6 Table of Contents Public health threats, including pandemics, epidemics, and other public health crises, could have adverse effects on our operations and financial results. Governments could requisition our vessels during a period of war or emergency. Risks Related to Our Business Economic downturns, including disruptions in the global credit markets, could adversely affect our ability

View Full Filing

View this 20-F filing on SEC EDGAR