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VARIABLE INTEREST ENTITIES ("VIE") (Tables) | 12 Months Ended
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Dec. 31, 2015
VARIABLE INTEREST ENTITIES [Abstract] |
Schedule of sale leaseback transactions | The following table gives a summary of the sale and leaseback arrangements, including repurchase options and obligations as of December 31, 2015:
Vessel | Effective from | Sales value (in $ millions) | First repurchase option (in $ millions) | Date of first repurchase option | Repurchase obligation at end of lease term (in $ millions) | End of lease term
Golar Glacier | October 2014 | 204.0 | 173.8 | October 2019 | 142.7 | October 2024
Golar Kelvin | January 2015 | 204.0 | 173.8 | January 2020 | 142.7 | January 2025
Golar Snow | January 2015 | 204.0 | 173.8 | January 2020 | 142.7 | January 2025
Golar Ice | February 2015 | 204.0 | 173.8 | February 2020 | 142.7 | February 2025
Golar Tundra | November 2015 | 254.6 | 194.1 | November 2018 | 101.8 | November 2025
Summary of the bareboat charter rates per day based on Base LIBOR Interest Rate for the next five years | A summary of our payment obligations (excluding repurchase options and obligations) under the bareboat charters with the lessor VIEs as of December 31, 2015, are shown below:
(in $ thousands) | 2016 | 2017 | 2018 | 2019 | 2020 | 2021+
Golar Glacier | 17,147 | 17,100 | 17,100 | 17,100 | 17,147 | 64,137
Golar Kelvin | 17,147 | 17,100 | 17,100 | 17,100 | 17,147 | 66,995
Golar Snow | 17,147 | 17,100 | 17,100 | 17,100 | 17,147 | 66,995
Golar Ice | 17,147 | 17,100 | 17,100 | 17,100 | 17,147 | 69,899
Golar Tundra | 12,729 | 12,729 | 12,729 | 12,729 | 12,729 | 61,522
Schedule of assets and liabilities of lessor VIEs | The assets and liabilities of the ICBCL and CMBL lessor VIEs that most significantly impact our consolidated balance sheet as of December 31, 2015 and 2014, are as follows:
(in $ thousands) | Golar Glacier | Golar Kelvin | Golar Snow | Golar Ice | Golar Tundra | 2015 |  | 2014
Assets |  |  |  |  |  | Total |  | Total
Restricted cash and short term receivables (see note 21) | 7,132 |  | 16,942 |  | 8,648 |  | 2,728 |  | — |  | 35,450 |  |  | — |
Restricted cash - held-for-sale current assets (1) (see note 19) | — |  | — |  | — |  | — |  | 3,618 |  | 3,618 |  |  | — |
| 7,132 |  | 16,942 |  | 8,648 |  | 2,728 |  | 3,618 |  | 39,068 |  |  | — |
Liabilities |  |  |  |  |  |  |  |
Debt: |  |  |  |  |  |  |  |
Short-term interest bearing debt (see note 27) | 31,826 |  | 182,540 |  | 22,566 |  | 172,046 |  | — |  | 408,978 |  |  | 31,826 |
Long-term interest bearing debt - current portion (see note 27) | 7,650 |  | — |  | 8,000 |  | — |  | — |  | 15,650 |  |  | 7,650 |
Long-term interest bearing debt - non-current portion (see note 27) | 137,700 |  | — |  | 148,000 |  | — |  | — |  | 285,700 |  |  | 145,350 |
Short-term interest bearing debt - held-for-sale (1) (see note 19) | — |  | — |  | — |  | — |  | 201,725 |  | 201,725 |  |  | — |
| 177,176 |  | 182,540 |  | 178,566 |  | 172,046 |  | 201,725 |  | 912,053 |  |  | 184,826 |
(1) | The assets and liabilities relating to the Golar Tundra lessor VIE have been reclassified as “held-for-sale” in connection with the sale of our interests in the companies that own and operate the vessel to Golar Partners (see note 19).

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- Definition Tabular disclosure of the bareboat charter rates per day based on Base LIBOR Interest Rate for each of the next five fiscal years succeeding the latest balance sheet date. + References No definition available. + Details
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- Definition Tabular disclosure of leases entered into in connection with the transaction involving the sale of property to another party and the lease of the property back to the seller was accounted for as an operating or capital lease. If the sale of the asset(s) did not meet the requirements to be accounted for as a sale whether the transaction was accounted for using the deposit method or as a financing. Disclosure may also include a description of the terms of the sale-leaseback transaction, including future commitments, obligations, provisions, or circumstances that require or result in the seller-lessee's continuing involvement. For leasing transactions involving "Special Purpose Entities"', disclosure may include a general description of the significant terms of the leasing arrangement including renewal or purchase options, escalation clauses, obligations with respect to refinancing of the lessor's debt, significant penalties and the provisions of any significant guarantees, such as residual value guarantees. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6456341&loc=d3e50796-112755 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 40 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6456377&loc=d3e50824-112756 + Details
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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=64801991&loc=d3e5747-111685 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=64801991&loc=SL6228884-111685 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64801991&loc=d3e5728-111685 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Variable Interest Entity -URI http://asc.fasb.org/extlink&oid=6528138 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64801991&loc=SL6759159-111685 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64801991&loc=d3e5710-111685 + Details
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