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INVESTMENTS IN AFFILIATES (Tables) | 12 Months Ended
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Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract] |
Participation percentages, carrying amounts and components of non-consolidated investees | At December 31, 2015 and 2014, we have the following participation in investments that are recorded using the equity method:
| 2015 |  |  | 2014 |
Golar Partners (1) | 25.4 | % |  | 25.4 | %
The Cool Pool Limited ("Pool Manager") | 33 | % |  | — | %
Egyptian Company for Gas Services S.A.E ("ECGS") | 50 | % |  | 50 | %
Golar Wilhelmsen Management AS ("Golar Wilhelmsen") | 100 | % |  | 60 | %
(1) As of December 31, 2015, we held a 30.7% (2014: 41.4%) ownership interest in Golar Partners. However, the above 25.4% interest refers only to our interests in the subordinated units (in substance common stock) which are subject to the equity method accounting. The carrying amounts of our investments in our equity method investments as at December 31, 2015 and 2014 are as follows:
(in thousands of $) | 2015 |  |  | 2014 |
Golar Partners | 307,546 |  |  | 328,853 |
ECGS | 5,475 |  |  | 5,942 |
Golar Wilhelmsen (1) | — |  |  | 577 |
Equity in net assets of affiliates | 313,021 |  |  | 335,372 |
(1) Effective September 4, 2015, we ceased equity accounting for our interests in Golar Wilhelmsen, pursuant to the acquisition of the remaining 40% interest in the entity. Accordingly, as of this date, Golar Wilhelmsen became a wholly-owned subsidiary. The components of equity in net assets of non-consolidated affiliates are as follows:
(in thousands of $) | 2015 |  |  | 2014 |
Cost | 374,675 |  |  | 374,729 |
Dividend | (105,401 | ) |  | (68,127 | )
Equity in net earnings of other affiliates | 43,992 |  |  | 28,141 |
Share of other comprehensive (loss) income in affiliate | (245 | ) |  | 629 |
Equity in net assets of affiliates | 313,021 |  |  | 335,372 |
Schedule of carrying value of investments in Golar Partners | The carrying value of our investments in Golar Partners as of December 31, 2015 and 2014, are as follows:
(in thousands of $) | 2015 |  |  | 2014 |
Subordinated units - accounted for under the equity method (i) | 307,546 |  |  | 328,853 |
Common units (ii) | 25,530 |  |  | 275,307 |
General Partner Units and IDRs (iii) | 196,825 |  |  | 196,825 |
Total investments in Golar Partners | 529,901 |  |  | 800,985 |
(i) | Subordinated units (Equity method)
For the period presented we held 15.9 million units, representing 100% of the subordinated units. We have accounted for this investment under the equity method on the basis that the subordinated units are considered to be, in-substance, common stock for accounting purposes. The initial carrying value of these units was based on the fair value on the deconsolidation date. The fair value was determined based on the quoted market price of the listed common units as of December 13, 2012, but discounted principally for their non-tradability and subordinated dividend and liquidation rights during the subordination period. The subordination period will end on the satisfaction of various tests as prescribed in the Partnership Agreement, but will not end before March 31, 2016, except with our removal as general partner. Upon expiration of the subordination period, the subordinated units will convert to common units subject to passing certain conditions. Dividends received for the year ended December 31, 2015 and 2014, in relation to our holding in the subordinated units amounted to $36.6 million and $34.1 million, respectively.
(ii) | Common units (Available-for-sale securities)
Our holding in the voting common units of Golar Partners have been accounted for under the guidance for available-for-sale securities (see note 22) on the basis that during the subordination period the common units have preferential dividend and liquidation rights.
(iii) | General Partner units and IDRs (Cost method)
Our 2% general partner interest and 100% of the IDRs in Golar Partners have been accounted for as cost-method investments (see note 23) on the basis that the general partner interests have preferential dividend and liquidation rights during the subordination period. The carrying value of the IDRs was based on the fair value as of the deconsolidation date of Golar Partners, December 13, 2012. The fair value of the IDRs was determined using a Monte Carlo simulation method. This simulation was performed within the Black Scholes option pricing model then solved via an iterative process by applying the Newton-Raphson method for the fair value of the IDRs, such that the price of a unit output by the Monte Carlo simulation equalled the price observed in the market. The method took into account the historical volatility, dividend yield as well as the share price of the units as of the deconsolidation date. Refer to note 23 for additional detail.
Summarized financial information of affiliated undertakings | Summarized financial information of the affiliated undertakings shown on a 100% basis are as follows:
(in thousands of $) | December 31, 2015 |  | December 31, 2014
| ECGS |  | Golar Partners |  | Pool Manager |  |  | Golar Wilhelmsen |  | ECGS |  | Golar Partners |
Balance Sheet |  |  |  |  |  |  |
Current assets | 35,042 |  | 131,851 |  | 4,901 |  |  | 2,096 |  | 37,159 |  | 141,556 |
Non-current assets | 3,200 |  | 2,113,487 |  | — |  |  | 5 |  | 3,224 |  | 1,814,646 |
Current liabilities | 27,272 |  | 266,012 |  | 216 |  |  | 1,044 |  | 28,711 |  | 277,874 |
Non-current liabilities | 20 |  | 1,382,811 |  | — |  |  | — |  | 20 |  | 1,076,589 |
Non-controlling interest | — |  | 66,765 |  | — |  |  | — |  | — |  | 67,618 |
Statement of Operations |  |  |  |  |  |  |
Revenue | 72,294 |  | 434,687 |  | 8,356 |  |  | 6,732 |  | 78,946 |  | 396,026 |
Net income | 730 |  | 172,683 |  | — |  |  | 479 |  | 1,508 |  | 184,735 |

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66011266&loc=d3e33918-111571 + Details
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- Definition A tabular presentation of the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates, as prescribed by the SEC. It reflects specified information about ownership, financial results from, and financial position in such entities. Includes the tabular presentations that disaggregate investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. + References No definition available. + Details
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