XML 57 R13.htm IDEA: XBRL DOCUMENT
v3.2.0.727

Segmental Information | 6 Months Ended
--- | ---
Jun. 30, 2015
Segment Reporting [Abstract] |
Segmental Information | SEGMENTAL INFORMATION We own and operate LNG carriers and FSRUs and provide these services under time charters under varying periods, trades in physical and future LNG contracts, and are in the process of developing our first FLNGV. Since the initial public offering ("IPO") of Golar Partners, we have become a project development company. Our reportable segments consist of the primary services each 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 three reportable segments is based on differences in management structure and reporting, economic characteristics, customer base, asset class and contract structure. As of June 30, 2015, we operate in the following three reportable segments:
• | Vessel operations – We operate and subsequently charter out LNG carriers and FSRUs on fixed terms to customers. We aggregate our vessel operations into one reportable segment as they exhibit similar expected long-term financial performance.
• | LNG trading – We provide 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.
• | FLNGV - In 2014, we ordered our first floating liquefaction natural gas vessel based on the conversion of our existing LNG carrier, the Hilli and in December 2014, we signed an agreement for the conversion of the LNG carrier, the Gimi to a FLNGV. Our first FLNGV is expected to be delivered in 2017. The costs associated with the conversion of the FLNGV has been considered as a separate segment.
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. FLNGV meets the definition of an operating segment as the business is a distinguishable component of the business from which once the first FLNG is delivered to us, we will earn revenues and incur expenses and whose operating results will be regularly reviewed by the chief operating decision maker, and due to its nature is subject to risks and rewards different from the vessel operations segment or the LNG trading segment.
| Three months ended | Three months ended
| June 30, 2015 | June 30, 2014
(in thousands of $) | Vessel operations |  | LNG Trading |  | FLNGV* |  | Total |  | Vessel operations |  | LNG Trading |  | Total |
Time charter revenues | 16,922 |  | — |  | — |  | 16,922 |  | 18,336 |  | — |  | 18,336 |
Vessel and other management fees | 3,222 |  | — |  | — |  | 3,222 |  | 2,748 |  | — |  | 2,748 |
Vessel and voyage operating expenses | (36,225 | ) | — |  | — |  | (36,225 | ) | (15,026 | ) | — |  | (15,026 | )
Administrative expenses | (9,214 | ) | — |  | — |  | (9,214 | ) | (4,542 | ) | 35 |  | (4,507 | )
Depreciation and amortization | (18,118 | ) | — |  | — |  | (18,118 | ) | (12,055 | ) | (77 | ) | (12,132 | )
Gain on disposals to Golar Partners (including amortization of deferred gains) | 126 |  | — |  | — |  | 126 |  | (483 | ) | — |  | (483 | )
Impairment of vessel 'Held for sale' | (1,032 | ) | — |  | — |  | (1,032 | ) | — |  | — |  | — |
Dividend income | 3,914 |  | — |  | — |  | 3,914 |  | 6,439 |  | — |  | 6,439 |
Other non-operating (loss)/income | — |  | — |  | — |  | — |  | (1,468 | ) | 718 |  | (750 | )
Net financial income/(expenses) | 35,080 |  | — |  | — |  | 35,080 |  | (23,391 | ) | — |  | (23,391 | )
Income taxes | 742 |  | — |  | — |  | 742 |  | 566 |  | — |  | 566 |
Equity in net earnings of affiliates | 4,406 |  | — |  | — |  | 4,406 |  | 3,970 |  | — |  | 3,970 |
Net loss/(income) | (177 | ) | — |  | — |  | (177 | ) | (24,906 | ) | 676 |  | (24,230 | )
Non-controlling interests | (2,386 | ) | — |  | — |  | (2,386 | ) | — |  | — |  | — |
Net income (loss) attributable to Golar LNG Ltd | (2,563 | ) | — |  | — |  | (2,563 | ) | (24,906 | ) | 676 |  | (24,230 | )
Total assets | 3,743,226 |  | — |  | 428,005 |  | 4,171,231 |  | 3,405,382 |  | 1,353 |  | 3,406,735 |
| Six months ended | Six months ended
| June 30, 2015 | June 30, 2014
(in thousands of $) | Vessel operations |  | LNG Trading |  | FLNGV* |  | Total |  | Vessel operations |  | LNG Trading |  | Total |
Time charter revenues | 45,757 |  | — |  | — |  | 45,757 |  | 36,872 |  | — |  | 36,872 |
Vessel and other management fees | 6,545 |  | — |  | — |  | 6,545 |  | 5,178 |  | — |  | 5,178 |
Vessel and voyage operating expenses | (74,469 | ) | — |  | — |  | (74,469 | ) | (34,907 | ) | — |  | (34,907 | )
Administrative expenses | (16,166 | ) | — |  | — |  | (16,166 | ) | (9,332 | ) | (39 | ) | (9,371 | )
Depreciation and amortization | (35,815 | ) | — |  | — |  | (35,815 | ) | (24,236 | ) | (231 | ) | (24,467 | )
Other operating gains and losses | — |  | — |  | — |  | — |  | — |  | 1,317 |  | 1,317 |
Gain on disposals to Golar Partners (including amortization of deferred gains) | 103,790 |  | — |  | — |  | 103,790 |  | 35,036 |  | — |  | 35,036 |
Loss on disposal of fixed assets | (5,824 | ) | — |  | — |  | (5,824 | ) | — |  | — |  | — |
Impairment of vessel 'Held for sale' | (1,032 | ) | — |  | — |  | (1,032 | ) | — |  | — |  | — |
Dividend income | 7,495 |  | — |  | — |  | 7,495 |  | 12,855 |  | — |  | 12,855 |
Other non-operating (loss)/income | — |  | — |  | — |  | — |  | (750 | ) | 718 |  | (32 | )
Loss on sale of available-for-sale securities | (3,011 | ) | — |  | — |  | (3,011 | ) | — |  | — |  | — |
Net financial income/(expenses) | (11,908 | ) | — |  | — |  | (11,908 | ) | (41,732 | ) | (252 | ) | (41,984 | )
Income taxes | 1,803 |  | — |  | — |  | 1,803 |  | 1,180 |  | — |  | 1,180 |
Equity in net earnings of affiliates | 7,225 |  | — |  | — |  | 7,225 |  | 7,084 |  | — |  | 7,084 |
Net Income | 24,390 |  | — |  | — |  | 24,390 |  | (12,752 | ) | 1,513 |  | (11,239 | )
Non-controlling interests | (5,035 | ) | — |  | — |  | (5,035 | ) | — |  | — |  | — |
Net income (loss) attributable to Golar LNG Ltd | 19,355 |  | — |  | — |  | 19,355 |  | (12,752 | ) | 1,513 |  | (11,239 | )
Total assets | 3,743,226 |  | — |  | 428,005 |  | 4,171,231 |  | 3,405,382 |  | 1,353 |  | 3,406,735 |
*The Hilli conversion into a FLNGV commenced in July 2014. Therefore no comparative segmental information for the period ended June 30, 2014. Revenues from external customers Our vessel operations arise under time and voyage charters and in particular five main charterers: Nigeria LNG Limited; a major commodity trading company; a major Japanese trading company; a multinational oil and gas company and KNPC, as of June 30, 2015. KNPC is the national oil refining company of Kuwait. During the six months ended June 30, 2014, our vessels operated under time charters with three main charterers: KNPC, a major Japanese trading company and a major commodity trading company. In time charters, the charterer, not the Company, controls the choice of which routes our vessel will serve. These routes can be worldwide except for FSRUs which operate in a specific location. Accordingly, our management, including the chief operating decision maker, does not evaluate our performance either according to customer or geographical region. For the three months ended June 30, 2015 and 2014, revenues from the following charterers accounted for over 10% of our time charter revenues:
(in thousands of $) | Three months ended June 30, | Three months ended June 30,
| 2015 | 2014
Nigeria LNG Ltd | 10,556 |  | 62 | % | — |  | — | %
Major commodity trading company | 3,761 |  | 22 | % | 1,473 |  | 8 | %
Major Japanese trading company | — |  | — | % | 12,513 |  | 68 | %
EDF Trading | — |  | — | % | 2,380 |  | 13 | %
For the six months ended June 30, 2015 and 2014, revenues from the following charterers accounted for over 10% of our time charter revenues:
(in thousands of $) | Six months ended June 30, | Six months ended June 30,
| 2015 | 2014
Nigeria LNG Ltd | 18,444 |  | 40 | % | — |  | — | %
Major commodity trading company | 7,910 |  | 17 | % | — |  | — | %
Major Japanese trading company | 6,623 |  | 14 | % | 24,888 |  | 67 | %
Multinational oil and gas company | 4,388 |  | 10 | % | — |  | — | %
KNPC | — |  | — | % | 4,183 |  | 11 | %

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: 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=51669610&loc=d3e9038-108599 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=51669610&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 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599 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=51669610&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 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: 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=51669610&loc=d3e8844-108599 Reference 8: 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=51669610&loc=d3e8984-108599 Reference 9: 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=51669610&loc=d3e9031-108599 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=51669610&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 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: 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=51669610&loc=d3e8864-108599 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=51669610&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 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration