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SEGMENTAL INFORMATION | 12 Months Ended
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Dec. 31, 2013
Segment Reporting [Abstract] |
SEGMENTAL INFORMATION |
8. | SEGMENTAL INFORMATION
We own and operate LNG carriers and operate FSRUs and provide these services under time charters under varying periods, and trades in physical and future LNG contracts. Our reportable segments consist of the primary services it provides. Although our 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 our 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, 2013, we operate in the following two segments:
• | Vessel Operations – We own and subsequently charter 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.
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 business from which we earn revenues and incur 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 $) | 2013 | 2012 | 2011
| Vessel operations |  | LNG Trading |  | Total |  | Vessel operations |  | LNG Trading |  | Total |  | Vessel operations |  | LNG Trading |  | Total |
Time charter revenues | 90,558 |  | — |  | 90,558 |  | 409,593 |  | — |  | 409,593 |  | 299,848 |  | — |  | 299,848 |
Vessel and other management fees | 9,270 |  | — |  | 9,270 |  | 752 |  | — |  | 752 |  | — |  | — |  | — |
Vessel and voyage operating expenses | (58,009 | ) | — |  | (58,009 | ) | (96,525 | ) | — |  | (96,525 | ) | (68,914 | ) | — |  | (68,914 | )
Administrative expenses | (22,816 | ) | (136 | ) | (22,952 | ) | (23,973 | ) | (1,040 | ) | (25,013 | ) | (26,988 | ) | (6,691 | ) | (33,679 | )
Impairment of long-term assets | (500 | ) | — |  | (500 | ) | (500 | ) | — |  | (500 | ) | (500 | ) | — |  | (500 | )
Depreciation and amortization | (36,562 | ) | (309 | ) | (36,871 | ) | (85,187 | ) | (337 | ) | (85,524 | ) | (69,814 | ) | (472 | ) | (70,286 | )
Other operating gains and losses | — |  | — |  | — |  | — |  | (27 | ) | (27 | ) | — |  | (5,438 | ) | (5,438 | )
Gain on disposal of Golar Maria (including amortization of deferred gain) | 65,619 |  | — |  | 65,619 |  | — |  | — |  | — |  | — |  | — |  | — |
Operating income (loss) | 47,560 |  | (445 | ) | 47,115 |  | 204,160 |  | (1,404 | ) | 202,756 |  | 133,632 |  | (12,601 | ) | 121,031 |
Other non-operating income (loss) | 27,605 |  | — |  | 27,605 |  | 858,080 |  | (151 | ) | 857,929 |  | 541 |  | — |  | 541 |
Net financial income (expenses) | 41,768 |  | — |  | 41,768 |  | (42,864 | ) | (4 | ) | (42,868 | ) | (52,593 | ) | (509 | ) | (53,102 | )
Income taxes | 3,404 |  | — |  | 3,404 |  | (2,765 | ) | — |  | (2,765 | ) | 1,705 |  | — |  | 1,705 |
Equity in net earnings (losses) of affiliates | 15,821 |  | — |  | 15,821 |  | (609 | ) | — |  | (609 | ) | (1,900 | ) | — |  | (1,900 | )
Net income (loss) | 136,158 |  | (445 | ) | 135,713 |  | 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 | 136,158 |  | (445 | ) | 135,713 |  | 972,862 |  | (1,559 | ) | 971,303 |  | 59,760 |  | (13,110 | ) | 46,650 |
Total assets | 2,664,953 |  | 268 |  | 2,665,221 |  | 2,413,564 |  | 835 |  | 2,414,399 |  | 2,230,006 |  | 2,628 |  | 2,232,634 |
Investment in affiliates | 350,918 |  | — |  | 350,918 |  | 367,656 |  | — |  | 367,656 |  | 22,529 |  | — |  | 22,529 |
Capital Expenditures | 734,155 |  | — |  | 734,155 |  | 342,987 |  | — |  | 342,987 |  | 289,182 |  | — |  | 289,182 |
Revenues from external customers During December 31, 2013, our vessels operated under time charters with four main charterers: Gdf Suez, a major Japanese trading company, Eni S.p.A and the BG Group. Prior to the deconsolidation of Golar Partners in December 2012, during December 31, 2012 and 2011, the vast majority of our vessel operations operated under time charters with seven main charterers: Petrobras, Dubai Supply Authority, Pertamina, Qatar Gas Transport Company, BG Group plc, Shell and PT Nusantara Regas. Gdf Suez is a power, natural gas and energy services company headquartered in France. Eni S.pA is an Italian integrated energy company. Petrobras is a Brazilian energy company. Dubai Supply Authority is a government entity which is the sole supplier of natural gas to the Emirates. 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 our 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, our management, including the chief operating decision maker, do not evaluate our performance either according to customer or geographical region. In the years ended December 31, 2013, 2012 and 2011, revenues from the following customers accounted for over 10% of our consolidated time charter revenues:
(in thousands of $) | 2013 |  | 2012 |  | 2011
Gdf Suez Gas | 10,015 |  |  | 11 | % |  | 22,326 |  |  | 5 | % |  | 4,931 |  |  | 2 | %
Major Japanese trading Company | 47,744 |  |  | 53 | % |  | 38,992 |  |  | 9 | % |  | — |  |  | — | %
Eni Spa | 8,912 |  |  | 10 | % |  | 2,480 |  |  | 1 | % |  | — |  |  | — | %
Petrobras* | — |  |  | — | % |  | 90,321 |  |  | 22 | % |  | 93,741 |  |  | 31 | %
Dubai Supply Authority* | — |  |  | — | % |  | 45,951 |  |  | 11 | % |  | 47,054 |  |  | 16 | %
Pertamina* | — |  |  | — | % |  | 35,455 |  |  | 9 | % |  | 37,829 |  |  | 13 | %
Qatar Gas Transport Company* | — |  |  | — | % |  | 23,006 |  |  | 6 | % |  | 35,461 |  |  | 12 | %
BG Group plc* | 13,114 |  |  | 14 | % |  | 96,179 |  |  | 23 | % |  | 25,101 |  |  | 8 | %
PT Nusantara Regas* | — |  |  | — | % |  | 38,789 |  |  | 9 | % |  | — |  |  | — |
Geographical segment data The following geographical data presents our revenues with respect only to our FSRUs, operating under long-term charters, at specific locations. LNG vessels operate on a worldwide basis and are not restricted to specific locations.
Revenues (in thousands of $) |  | 2013 |  |  | 2012 |  |  | 2011 |
Brazil* |  | — |  |  | 90,321 |  |  | 93,741 |
United Arab Emirates* |  | — |  |  | 45,951 |  |  | 47,054 |
Indonesia* |  | — |  |  | 38,789 |  |  | — |
* A substantial portion of these revenues for the years ended December 31, 2012 and 2011 pertain to vessels owned by Golar Partners and its subsidiaries which were deconsolidated from December 13, 2012. We have not presented geographical data of our fixed assets, as we did not own any FSRUs as of December 31, 2013 and 2012.

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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 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: 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 4: 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 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 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 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 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: 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 11: 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 12: 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 13: 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 14: 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 + Details
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