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FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest rate derivatives

As of December 31, 2012, the Company has entered into the following interest rate swap transactions involving the payment of fixed rates in exchange for LIBOR as summarized below.  The summary also includes those that are designated as cash flow hedges:

Instrument (in thousands of $)	Notional value			Maturity Dates		Fixed Interest Rates
Interest rate swaps:
Receiving floating, pay fixed	180,104			2014-2015		3.57% to 4.52%

Effect of cash flow hedging relationships on statements of operations

The effect of cash flow hedging relationships relating to interest rate swap agreements on the consolidated statements of operations is as follows:

(in thousands of $)	Effective portion Gain/(loss) reclassified from Accumulated Other Comprehensive Loss									Ineffective Portion
Derivatives designated as hedging instruments location	2012			2011			2010			2012				2011				2010
Interest rate swaps Other financial items, net	—			—			—			$	(535	)		$	(632	)		$	(427	)

Effect of cash flow hedging relationships on statements of changes in equity

The effect of cash flow hedging relationships relating to interest rate swap agreements to the consolidated statements of changes in equity is as follows:

(in thousands of $)	Amount of gain/(loss) recognized in other comprehensive income on derivative (effective portion)
Derivatives designated as hedging instruments	2012			2011			2010
Interest rate swaps	1,547			1,024			(8,578	)

Fair value hierarchy of derivative and non-derivative financial instruments

The fair value hierarchy has three levels based on reliability of inputs used to determine fair value as follows:

Level 1: Quoted market prices in active markets for identical assets and liabilities;

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

	Fair value		2012			2012			2011			2011
(in thousands of $)	Hierarchy(1)		Carrying Value			Fair Value			Carrying Value			Fair Value
Non-Derivatives:
Cash and cash equivalents	Level 1		424,714			424,714			66,913			66,913
Restricted cash and short-term investments	Level 1		1,551			1,551			213,282			213,282
Investment in available-for-sale securities	Level 1		353,034			353,034			—			—
Cost method investments	Level 3		198,524			N/a			7,347			N/a
Amounts due from Golar Partners	Level 1		34,953			36,109			—			—
Long-term debt – convertible bond (1)	Level 1		228,331			251,250			—			—
Long-term debt – floating (1)			276,575			276,575			771,549			771,549
Obligations under capital leases (1)			—			—			405,843			405,843
Derivatives:
Interest rate swaps liability (2) (3)	Level 2		26,472			26,472			59,084			59,084
Foreign currency swaps liability (3)	Level 2		970			970			27,622			27,622

(1) The Company's debt and capital lease obligations were recorded at amortized cost in the consolidated balance sheet.

(2) Derivative liabilities are captured within other current liabilities and derivative assets are captured within long-term assets on the balance sheet.

(3) The fair value/carrying value of interest rate swap agreements that qualify and are designated as a cash hedge as at December 31, 2012 and 2011, was $12.9 million (with a notional value of $180.1 million) and $25.9 million (with a notional value of $436.3 million), respectively. The expected maturity of these interest rate agreements is from June 2014 to April 2015.

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Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period.

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