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IMPAIRMENT OF LONG-TERM ASSETS | 12 Months Ended
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Dec. 31, 2015
IMPAIRMENT OF LONG-TERM ASSETS [Abstract] |
IMPAIRMENT OF LONG-TERM ASSETS |
8. | IMPAIRMENT OF LONG-TERM ASSETS
Vessels The following table presents the market value and carrying value of one of our vessels that we have determined to have a market value that is less than their carrying value as of December 31, 2015. Based on the estimated future undiscounted cash flows of the vessel, which are significantly greater than the respective carrying value, no impairment was recognized on this vessel. (in thousands of $)
Vessel | 2015 Market value(1) | 2015 Carrying value | Deficit
Golar Arctic | 115,000 | 149,600 | 34,600
(1) Market values are determined using reference to market comparable values as provided by independent brokers. Since vessel values can be volatile, our estimates of market value may not be indicative of either the current or future prices we could obtain if we sold any of the vessels. In addition, the determination of estimated market values may involve considerable judgment, given the illiquidity of the second-hand markets for these types of vessels. Long-lived assets The following table presents the impairment charge recognized in relation to surplus FSRU equipment acquired in connection with the initial conversion of the Golar Spirit to a FSRU.
(in thousands of $) | 2015 |  |  | 2014 |  |  | 2013 |
Impairment charge | 1,957 |  |  | 500 |  |  | 500 |
As of December 31, 2015, given the current offshore environment and lack of demand for this equipment, we recognized a full impairment charge against this item.

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- Definition IMPAIRMENT OF LONG-TERM ASSETS [Abstract] + References No definition available. + Details
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- Definition The disclosure of long-lived assets to be held and used by an entity, which may include a description of the impaired long-lived asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired long-lived asset is reported + References No definition available. + Details
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