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SEGMENTAL INFORMATION | 12 Months Ended
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Dec. 31, 2012
Segment Reporting [Abstract] |
SEGMENTAL INFORMATION |
7. | SEGMENTAL INFORMATION
The Company owns and operates LNG carriers and operates 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, 2012, the Company operates in the following two segments:
• | Vessel Operations – The Company owns and subsequently charters out LNG carriers 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 $) | 2012 |  | 2011
| Vessel operations |  |  | LNG Trading |  |  | Total |  |  | Vessel operations |  |  | LNG Trading |  |  | Total |
Time charter revenues | 410,345 |  |  | — |  |  | 410,345 |  |  | 299,848 |  |  | — |  |  | 299,848 |
Vessel and voyage operating expenses | (96,525 | ) |  | — |  |  | (96,525 | ) |  | (68,914 | ) |  | — |  |  | (68,914 | )
Administrative expenses | (23,973 | ) |  | (1,040 | ) |  | (25,013 | ) |  | (26,988 | ) |  | (6,691 | ) |  | (33,679 | )
Impairment of long-term assets | (500 | ) |  | — |  |  | (500 | ) |  | (500 | ) |  | — |  |  | (500 | )
Depreciation and amortization | (85,187 | ) |  | (337 | ) |  | (85,524 | ) |  | (69,814 | ) |  | (472 | ) |  | (70,286 | )
Other operating gains and losses | — |  |  | (27 | ) |  | (27 | ) |  | — |  |  | (5,438 | ) |  | (5,438 | )
Operating income (loss) | 204,160 |  |  | (1,404 | ) |  | 202,756 |  |  | 133,632 |  |  | (12,601 | ) |  | 121,031 |
Other non-operating income (loss) | 858,080 |  |  | (151 | ) |  | 857,929 |  |  | 541 |  |  | — |  |  | 541 |
Net financial expenses | (42,864 | ) |  | (4 | ) |  | (42,868 | ) |  | (52,593 | ) |  | (509 | ) |  | (53,102 | )
Income taxes | (2,765 | ) |  | — |  |  | (2,765 | ) |  | 1,705 |  |  | — |  |  | 1,705 |
Equity in net losses of affiliates | (609 | ) |  | — |  |  | (609 | ) |  | (1,900 | ) |  | — |  |  | (1,900 | )
Net income (loss) | 1,016,002 |  |  | (1,559 | ) |  | 1,014,443 |  |  | 81,385 |  |  | (13,110 | ) |  | 68,275 |
Non-controlling interests | (43,140 | ) |  | — |  |  | (43,140 | ) |  | (21,625 | ) |  | — |  |  | (21,625 | )
Net income attributable to Golar LNG Ltd | 972,862 |  |  | (1,559 | ) |  | 971,303 |  |  | 59,760 |  |  | (13,110 | ) |  | 46,650 |
Total assets | 2,413,564 |  |  | 835 |  |  | 2,414,399 |  |  | 2,230,006 |  |  | 2,628 |  |  | 2,232,634 |
Investment in affiliates | 367,656 |  |  | — |  |  | 367,656 |  |  | 22,529 |  |  | — |  |  | 22,529 |
Capital Expenditures | 342,987 |  |  | — |  |  | 342,987 |  |  | 289,182 |  |  | — |  |  | 289,182 |
Revenues from external customers During December 31, 2012, 2011 and 2010, the vast majority of the Company's vessel operations operated under time charters and in particular with seven charterers: Petrobras, Dubai Supply Authority, Pertamina, Qatar Gas Transport Company, BG Group plc, Shell and PT Nusantara Regas. Petrobras is a Brazilian energy company. Dubai Supply Authority 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. Both BG Group Plc and Shell are headquartered in the United Kingdom. PT Nusantara Regas is a joint venture company of Pertamina and Perusahaan Gas Negara, an Indonesian company engaged in the transport and distribution of natural gas in Indonesia. 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 as determined by the charterers, except for the FSRUs, which operate at specific locations where the charterers are based. Accordingly, the Company's management, including the chief operating decision maker, do not evaluate the Company's performance either according to customer or geographical region. In the years ended December 31, 2012, 2011 and 2010, revenues from the following customers accounted for over 10% of the Company's consolidated time charter revenues:
(in thousands of $) | 2012 |  | 2011 |  | 2010
Petrobras* | 90,321 |  |  | 22 | % |  | 93,741 |  |  | 31 | % |  | 90,652 |  |  | 37 | %
Dubai Supply Authority* | 45,951 |  |  | 11 | % |  | 47,054 |  |  | 16 | % |  | 29,893 |  |  | 12 | %
Pertamina* | 35,455 |  |  | 9 | % |  | 37,829 |  |  | 13 | % |  | 36,944 |  |  | 15 | %
Qatar Gas Transport Company | 23,006 |  |  | 6 | % |  | 35,461 |  |  | 12 | % |  | — |  |  | — |
BG Group plc* | 96,179 |  |  | 23 | % |  | 25,101 |  |  | 8 | % |  | 49,147 |  |  | 20 | %
PT Nusantara Regas* | 38,789 |  |  | 9 | % |  | — |  |  | — |  |  | — |  |  | — |
Shell | 2,590 |  |  | 1 | % |  | 5,105 |  |  | 2 | % |  | 25,440 |  |  | 10 | %
Geographical segment data The following geographical data presents the Company's revenues and fixed assets with respect only to its FSRUs, operating under long-term charters, at specific locations. LNG vessels operate on a worldwide basis and are not restricted to specific locations. Accordingly, it is not possible to allocate certain assets of these operations to specific countries.
Revenues |  | 2012 |  |  | 2011 |  |  | 2010 |
Brazil* |  | 90,321 |  |  | 93,741 |  |  | 90,652 |
United Arab Emirates* |  | 45,951 |  |  | 47,054 |  |  | 29,893 |
Indonesia* |  | 38,789 |  |  | — |  |  | — |
Fixed assets |  | 2012 |  |  | 2011 |
Brazil ** |  | — |  |  | 393,214 |
United Arab Emirates ** |  | — |  |  | 163,495 |
* A substantial portion of these revenues pertain to vessels owned by Golar Partners and its subsidiaries which were deconsolidated from December 13, 2012. ** These fixed assets relate to the FSRU vessels owned by Golar Partners and from December 13, 2012, have been deconsolidated from the Company's Consolidated Balance Sheet.

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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 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 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 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 14: 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 15: 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 + Details
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