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SEGMENTAL INFORMATION | 12 Months Ended
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Dec. 31, 2011
Segment Reporting [Abstract] |
SEGMENTAL INFORMATION | 5. SEGMENTAL INFORMATION The Company owns and operates LNG carriers and FSRUs and provides these services under time charters under varying periods, and trades in physical and future LNG contracts. Golar's reportable segments consist of the primary services it provides. Although Golar's segments are generally influenced by the same economic factors, each represents a distinct product in the LNG industry. There have not been any intersegment sales during the periods presented. Segment results are evaluated based on net income. The accounting principles for the segments are the same as for the Company's consolidated financial statements. Indirect general and administrative expenses are allocated to each segment based on estimated use. The split of the organization of the business into two segments was based on differences in management structure and reporting, economic characteristics, customer base, asset class and contract structure. As of December 31, 2011, the Company operates in the following two segments:
• | Vessel Operations – The Company owns or leases, and subsequently charters out LNG carriers and FSRUs on fixed terms to customers.
• | LNG Trading – Provides physical and financial risk management in LNG and gas markets for its customers around the world. Activities include structured services to outside customers, arbitrage service as well as proprietary trading.
Prior to the creation of the LNG trading business in September 2010, the Company had not presented segmental information as it considered it operated in one reportable segment, the LNG vessel market. The LNG trading operations meets the definition of an operating segment as the business is a financial trading business and its financial results are reported directly to the chief operating decision maker. The LNG trading segment is a distinguishable component of the Company from which it earns revenues and incurs expenses and whose operating results are regularly reviewed by the chief operating decision maker, and which is subject to risks and rewards different from the vessel operations segment.
(in thousands of $) | 2011 |  | 2010
| Vessel operations |  |  | LNG Trading |  |  | Total |  |  | Vessel operations |  |  | LNG Trading |  |  | Total |
Revenue from external customers | 299,848 |  |  | — |  |  | 299,848 |  |  | 244,045 |  |  | — |  |  | 244,045 |
Vessel and voyage operating expenses | (68,914 | ) |  | — |  |  | (68,914 | ) |  | (85,221 | ) |  | — |  |  | (85,221 | )
Administrative expenses | (26,988 | ) |  | (6,691 | ) |  | (33,679 | ) |  | (16,580 | ) |  | (6,252 | ) |  | (22,832 | )
Impairment of long-term assets | (500 | ) |  | — |  |  | (500 | ) |  | (4,500 | ) |  | — |  |  | (4,500 | )
Depreciation and amortization | (69,814 | ) |  | (472 | ) |  | (70,286 | ) |  | (65,038 | ) |  | (38 | ) |  | (65,076 | )
Other operating gains and losses | — |  |  | (5,438 | ) |  | (5,438 | ) |  | — |  |  | (6,230 | ) |  | (6,230 | )
Operating income (loss) | 133,632 |  |  | (12,601 | ) |  | 121,031 |  |  | 72,706 |  |  | (12,520 | ) |  | 60,186 |
Gain on sale of available-for-sale securities | 541 |  |  | — |  |  | 541 |  |  | 4,196 |  |  | — |  |  | 4,196 |
Net financial expenses | (52,593 | ) |  | (509 | ) |  | (53,102 | ) |  | (66,775 | ) |  | (186 | ) |  | (66,961 | )
Income taxes | 1,705 |  |  | — |  |  | 1,705 |  |  | (1,427 | ) |  | — |  |  | (1,427 | )
Equity in net losses of investees | (1,900 | ) |  | — |  |  | (1,900 | ) |  | (1,435 | ) |  | — |  |  | (1,435 | )
Net income (loss) | 81,385 |  |  | (13,110 | ) |  | 68,275 |  |  | 7,265 |  |  | (12,706 | ) |  | (5,441 | )
Non-controlling interests | (21,625 | ) |  | — |  |  | (21,625 | ) |  | 5,825 |  |  | — |  |  | 5,825 |
Net income attributable to Golar LNG Ltd | 59,760 |  |  | (13,110 | ) |  | 46,650 |  |  | 13,090 |  |  | (12,706 | ) |  | 384 |
Total assets | 2,230,006 |  |  | 2,628 |  |  | 2,232,634 |  |  | 2,038,384 |  |  | 39,388 |  |  | 2,077,772 |
LNG trading commenced operations in 2010. Therefore no comparative segmental information for the year ended December 31, 2009 is presented. Revenues from external customers During December 31, 2011, 2010 and 2009, the vast majority of the Company's vessel operations operated under time charters and in particular with six charterers: Petrobras, Dubai Supply Authority, Pertamina, Qatar Gas Transport Company, BG Group plc and Shell. Petrobras is a Brazilian energy company. Dubai Supply Authority or DUSUP is a government entity which is the sole supplier of natural gas to the Emirate. Pertamina is the state-owned oil and gas company of Indonesia. Qatar Gas Transport Company is a Qatari-listed shipping company established by the State of Qatar. BG Group plc and Shell are both headquartered in the United Kingdom. In time charters, the charterer, not the Company, controls the choice of which routes the Company's vessel will serve. These routes can be worldwide. Accordingly, the Company's management, including the chief operating decision maker, does not evaluate the Company's performance either according to customer or geographical region. In the years ended December 31, 2011, 2010 and 2009, revenues from the following customers accounted for over 10% of the Company's consolidated revenues:
(in thousands of $) | 2011 |  | 2010 |  | 2009
Petrobras | 93,741 |  |  | 31 | % |  | 90,652 |  |  | 37 | % |  | 57,622 |  |  | 27 | %
DUSUP | 47,054 |  |  | 16 | % |  | 29,893 |  |  | 12 | % |  | — |  |  | — |
Pertamina | 37,829 |  |  | 13 | % |  | 36,944 |  |  | 15 | % |  | 37,570 |  |  | 17 | %
Qatar Gas Transport Company | 35,461 |  |  | 12 | % |  | — |  |  | — |  |  | — |  |  | — |
BG Group plc | 25,101 |  |  | 8 | % |  | 49,147 |  |  | 20 | % |  | 61,299 |  |  | 28 | %
Shell | 5,105 |  |  | 2 | % |  | 25,440 |  |  | 10 | % |  | 45,564 |  |  | 21 | %

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 + Details
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