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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | 12 Months Ended
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Dec. 31, 2015
Accounting Changes and Error Corrections [Abstract] |
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS |
35. | RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
1. | Investment in Affiliates - Golar LNG Partners L.P.
We recently completed a review of our accounting for our investment in our affiliate Golar LNG Partners in light of recent clarifications contained in published comment letters from the Staff of the Securities and Exchange Commission (“SEC”). In our original evaluation, in considering the attributes of Golar Partners we determined that the substance of the Partnership’s ownership and governance structure was more similar to that of a corporation than it was to its legal form as a partnership. Therefore we historically applied the guidance contained in ASC 323-30-35-3 ("Investments — Equity Method and Joint Ventures") addressing limited liability companies that have characteristics of both corporations and partnerships in evaluating each interest in Golar Partners. Accordingly, since the deconsolidation date of the Partnership on December 13, 2012, we have accounted for our various unit interest holdings in Golar Partners according to their individual attributes as follows:
• | Common Units - accounted for as available-for-sale securities
• | Subordinated Units - accounted for under the equity method as investments in affiliates
• | General Partner Units and Incentive Distribution Rights - accounted for under the cost method
Investment in available-for-sale securities - Common Units These securities have been carried at fair value, with unrealized gains and losses excluded from earnings and reported directly in stockholders' equity as a component of other comprehensive income (loss). Dividends received from our Common Units have been recorded in the consolidated statement of operations in the line item "Dividend income". Investments in affiliates - Subordinated Units These securities have been accounted for under the equity method of accounting. We recorded these investments initially at their fair value (as of the deconsolidation date), and subsequently adjusted the carrying amount for our share of Golar Partners earnings attributable to the subordinated units and other comprehensive income (loss) and reported the recognized earnings in income or in other comprehensive income, respectively. Dividends received reduced the carrying amount of the investment. Our investments in the subordinated units of Golar Partners include our share of the basis difference as calculated at the deconsolidation date; which represents the excess of the fair value over the underlying book value of Golar Partners net assets. The basis difference, relating to the Subordinated Units, has been amortized through the statement of operations as part of the equity method of accounting. Cost-method investments - General Partner Units and Incentive Distribution Rights We recorded these securities at cost. Dividends received have been recorded in the consolidated statement of operations in the line item "Dividend income". Whilst we believed that our historical accounting policies for our investments in our affiliate Golar Partners was appropriate, following our review we have concluded that our policies were not in accordance with ASC 323, in particular ASC 323-30-25-1 and ASC 323-30-S99-1 which requires us to account for all our interests in Golar Partners under the equity method of accounting. We have therefore restated our financial statements and have accounted for our Common Units, General Partner Units and Incentive Distribution rights in the same way we have accounted for our Subordinated Units as noted above, under the equity method of accounting. The change in accounting for our investment in Golar Partners does not affect the market value of our investment, our cash flows, our covenant compliance or our liquidity. 2. Indirect adjustments related to Golar LNG Partners L.P. Gain on disposal of the Golar Maria In conjunction with our review of our accounting for our investment in affiliates we have also revisited a related matter, being our accounting of the sale of the LNG carrier Golar Maria to Golar Partners in January 2013. We previously accounted the sale as an asset disposition and deferred a portion of the gain related to a indirectly retained interest in the Golar Maria through our equity interest in Golar Partners. Upon further review, we have concluded that the disposition should have been accounted for as the sale of a business whereby the element of the gain on disposal of the Golar Maria to Golar Partners that was deferred and amortized should have been recognized in full at the time of the disposal. This adjustment to our accounting for our disposal of the Golar Maria to Golar Partners does not affect our cash flows, our bank covenants compliance or our liquidity. As a result of the conclusions described above under 1 and 2, we are restating in this Form 20-F/A our historical consolidated financial statements as of, and for the three years ended December 31, 2015, and our selected financial data. The items had no material effect on our cash flows, our covenant compliance or our liquidity as a result of these adjustments for any of the years presented. Adoption of ASU 2015-03 "Interest- Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs" In addition, we historically presented deferred debt issuance costs or fees related to directly issuing debt, as long-term assets on the consolidated balance sheets. We adopted guidance codified in ASU 2015-03 . The guidance simplifies the presentation of debt issuance costs to be presented as a deduction from the corresponding liability consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected. Pursuant to SEC Financial Reporting Manual Topic 13, "Effects of Subsequent Events on Financial Statements Required in Filings" changes in accounting principles which require retrospective application require the reissuance of previously filed financial statements ("pre-event financial statements"). The reclassification does not impact net income as previously reported or any prior amounts reported in the Statements of Operations or the Consolidation Statements of Cash Flows. The effect of the retrospective application of this change in accounting principle on our Consolidated Balance Sheets as of December 31, 2015 and 2014 resulted in a reduction of "Total assets" in the amount of $42.2 million and $26.8 million, respectively, with a corresponding decrease in "Current portion of long-term debt and short-term debt" and "Long-term debt". The following table presents the effect of the restatement on our previously reported net income (loss), comprehensive income and total equity as of the date and for the periods shown (in thousands of US dollars): Golar LNG Limited Consolidated Statements of Operations for the years ended December 31, 2015, 2014, and 2013 (in thousands of $)
| 2015 |  | 2014 |  | 2013
| As previously | Adjustment |  |  | As previously | Adjustment |  |  | As previously | Adjustment |
| Reported |  | Restated |  | Reported |  | Restated |  | Reported |  | Restated
Operating revenues |  |  |  |  |  |  |  |  |  |  |
Time and voyage charter revenues | 90,127 |  | — |  | 90,127 |  |  | 95,399 |  | — |  | 95,399 |  |  | 90,558 |  | — |  | 90,558 |
Vessel and other management fees | 12,547 |  | — |  | 12,547 |  |  | 10,756 |  | — |  | 10,756 |  |  | 9,270 |  | — |  | 9,270 |
Total operating revenues | 102,674 |  | — |  | 102,674 |  |  | 106,155 |  | — |  | 106,155 |  |  | 99,828 |  | — |  | 99,828 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vessel operating expenses | 56,347 |  | — |  | 56,347 |  |  | 49,570 |  | — |  | 49,570 |  |  | 43,750 |  | — |  | 43,750 |
Voyage, charter-hire and commission expenses | 69,042 |  | — |  | 69,042 |  |  | 27,340 |  | — |  | 27,340 |  |  | 14,259 |  | — |  | 14,259 |
Administrative expenses | 33,526 |  | — |  | 33,526 |  |  | 19,267 |  | — |  | 19,267 |  |  | 22,952 |  | — |  | 22,952 |
Depreciation and amortization | 73,732 |  | — |  | 73,732 |  |  | 49,811 |  | — |  | 49,811 |  |  | 36,871 |  | — |  | 36,871 |
Impairment of long-term assets | 1,957 |  | — |  | 1,957 |  |  | 500 |  | — |  | 500 |  |  | 500 |  | — |  | 500 |
Total operating expenses | 234,604 |  | — |  | 234,604 |  |  | 146,488 |  | — |  | 146,488 |  |  | 118,332 |  | — |  | 118,332 |
Gain on disposals to Golar Partners (1) | 102,884 |  | (478 | ) | 102,406 |  |  | 43,783 |  | (496 | ) | 43,287 |  |  | 65,619 |  | 16,651 |  | 82,270 |
Other operating loss | — |  | — |  | — |  |  | (6,387 | ) | — |  | (6,387 | ) |  | — |  | — |  | — |
Impairment of vessel held-for-sale | (1,032 | ) | — |  | (1,032 | ) |  | — |  | — |  | — |  |  | — |  | — |  | — |
Other operating gains - LNG trade | — |  | — |  | — |  |  | 1,317 |  | — |  | 1,317 |  |  | — |  | — |  | — |
Loss on disposal of vessel held-for-sale | (5,824 | ) | — |  | (5,824 | ) |  | — |  | — |  | — |  |  | — |  | — |  | — |
Operating (loss) income | (35,902 | ) | (478 | ) | (36,380 | ) |  | (1,620 | ) | (496 | ) | (2,116 | ) |  | 47,115 |  | 16,651 |  | 63,766 |
Other non-operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividend income (2) | 15,524 |  | (15,524 | ) | — |  |  | 27,203 |  | (27,203 | ) | — |  |  | 30,960 |  | (30,951 | ) | 9 |
Gain on sale of available-for-sale securities (2) | (3,011 | ) | 3,011 |  | — |  |  | — |  | — |  | — |  |  | (754 | ) | 854 |  | 100 |
Other non-operating income (expense) (1) | — |  | (27 | ) | (27 | ) |  | 281 |  | (9 | ) | 272 |  |  | (2,601 | ) | 10 |  | (2,591 | )
Total other non-operating income | 12,513 |  | (12,540 | ) | (27 | ) |  | 27,484 |  | (27,212 | ) | 272 |  |  | 27,605 |  | (30,087 | ) | (2,482 | )
Financial income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income | 6,896 |  | — |  | 6,896 |  |  | 716 |  | — |  | 716 |  |  | 3,549 |  | — |  | 3,549 |
Interest expense | (62,911 | ) | — |  | (62,911 | ) |  | (14,474 | ) | — |  | (14,474 | ) |  | — |  | — |  | — |
Other financial items, net | (118,604 | ) | — |  | (118,604 | ) |  | (74,094 | ) | — |  | (74,094 | ) |  | 38,219 |  | — |  | 38,219 |
Net financial (expense) income | (174,619 | ) | — |  | (174,619 | ) |  | (87,852 | ) | — |  | (87,852 | ) |  | 41,768 |  | — |  | 41,768 |
(Loss) income before equity in net earnings of affiliates, income taxes and non-controlling interests | (198,008 | ) | (13,018 | ) | (211,026 | ) |  | (61,988 | ) | (27,708 | ) | (89,696 | ) |  | 116,488 |  | (13,436 | ) | 103,052 |
Income taxes | 3,053 |  |  |  | 3,053 |  |  | 1,114 |  |  |  | 1,114 |  |  | 3,404 |  |  |  | 3,404 |
Equity in net earnings of affiliates (2) | 16,454 |  | 39,531 |  | 55,985 |  |  | 19,408 |  | 22,812 |  | 42,220 |  |  | 15,821 |  | (12,722 | ) | 3,099 |
Net (loss) income | (178,501 | ) | 26,513 |  | (151,988 | ) |  | (41,466 | ) | (4,896 | ) | (46,362 | ) |  | 135,713 |  | (26,158 | ) | 109,555 |
Net income attributable to non-controlling interests | (19,158 | ) | — |  | (19,158 | ) |  | (1,655 | ) | — |  | (1,655 | ) |  | — |  | — |  | — |
Net (loss) income attributable to Golar LNG Ltd | (197,659 | ) | 26,513 |  | (171,146 | ) |  | (43,121 | ) | (4,896 | ) | (48,017 | ) |  | 135,713 |  | (26,158 | ) | 109,555 |
(Loss) earnings per share attributable to Golar LNG Ltd stockholders Per common share amounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Loss) earnings – Basic | $ | (2.12 | ) | $ | 0.29 |  | $ | (1.83 | ) |  | $ | (0.50 | ) | $ | (0.05 | ) | $ | (0.55 | ) |  | $ | 1.69 |  | $ | (0.33 | ) | $ | 1.36 |
(Loss) earnings – Diluted | $ | (2.12 | ) | $ | 0.29 |  | $ | (1.83 | ) |  | $ | (0.50 | ) | $ | (0.05 | ) | $ | (0.55 | ) |  | $ | 1.59 |  | $ | (0.31 | ) | $ | 1.28 |
Cash dividends declared and paid | $ | 1.35 |  | $ | — |  | $ | 1.35 |  |  | $ | 1.80 |  | $ | — |  | $ | 1.80 |  |  | $ | 1.35 |  | $ | — |  | $ | 1.35 |
(1) The adjustment pertains to an element of the gain on disposal of the Golar Maria to Golar Partners that was deferred and amortized however should have been recognized in full at the time of the disposal. See item 2 above (2) The adjustment is to account for the equity pick up relating to the various investments in Golar Partners being accounted for under the equity accounting method. See item 1 above Golar LNG Limited Consolidated Statements of Comprehensive Income for the years ended December 31, 2015, 2014 and 2013 (in thousands of $)
| 2015 |  | 2014 |  | 2013
| As previously | Adjustment |  |  | As previously | Adjustment |  |  | As previously | Adjustment |
| Reported |  | Restated |  | Reported |  | Restated |  | Reported |  | Restated
COMPREHENSIVE INCOME |  |  |  |  |  |  |  |  |  |  |
Net (loss) income | (178,501 | ) | 26,513 |  | (151,988 | ) |  | (41,466 | ) | (4,896 | ) | (46,362 | ) |  | 135,713 |  | (26,158 | ) | 109,555 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) associated with pensions, net of tax | 2,851 |  | — |  | 2,851 |  |  | (2,520 | ) | — |  | (2,520 | ) |  | 5,078 |  | — |  | 5,078 |
Net (loss) gain on qualifying cash flow hedging instruments (1) | (493 | ) | (3,947 | ) | (4,440 | ) |  | 6,493 |  | 176 |  | 6,669 |  |  | 5,010 |  | 4,005 |  | 9,015 |
Net (loss) gain on investments in available-for-sale securities (1) | (44,359 | ) | 44,359 |  | — |  |  | 7,955 |  | (7,955 | ) | — |  |  | 1,885 |  | (1,885 | ) | — |
Other comprehensive (loss) income | (42,001 | ) | 40,412 |  | (1,589 | ) |  | 11,928 |  | (7,779 | ) | 4,149 |  |  | 11,973 |  | 2,120 |  | 14,093 |
Comprehensive (loss) income | (220,502 | ) | 66,925 |  | (153,577 | ) |  | (29,538 | ) | (12,675 | ) | (42,213 | ) |  | 147,686 |  | (24,038 | ) | 123,648 |
Comprehensive (loss) income attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stockholders of Golar LNG Limited | (239,660 | ) | 66,925 |  | (172,735 | ) |  | (31,193 | ) | (12,675 | ) | (43,868 | ) |  | 147,686 |  | (24,038 | ) | 123,648 |
Non-controlling interests | 19,158 |  | — |  | 19,158 |  |  | 1,655 |  | — |  | 1,655 |  |  | — |  | — |  | — |
Comprehensive (loss) income | (220,502 | ) | 66,925 |  | (153,577 | ) |  | (29,538 | ) | (12,675 | ) | (42,213 | ) |  | 147,686 |  | (24,038 | ) | 123,648 |
(1) The adjustment is to account for various investments in Golar Partners being accounted for under the equity accounting method. See item 1 above. Golar LNG Limited Consolidated Balance Sheets as of December 31, 2015 and 2014 (in thousands of $)
| 2015 |  | 2014
| As previously | Adjustment |  |  | As previously | Adjustment |
| Reported |  | Restated |  | Reported |  | Restated
ASSETS |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |
Cash and cash equivalents | 105,235 |  | — |  | 105,235 |  |  | 191,410 |  | — |  | 191,410 |
Restricted cash and short-term receivables | 228,202 |  | — |  | 228,202 |  |  | 74,162 |  | — |  | 74,162 |
Trade accounts receivable | 4,474 |  | — |  | 4,474 |  |  | 4,419 |  | — |  | 4,419 |
Other receivables, prepaid expenses and accrued income | 24,753 |  | — |  | 24,753 |  |  | 17,498 |  | — |  | 17,498 |
Amounts due from related parties | — |  | — |  | — |  |  | 9,967 |  | — |  | 9,967 |
Short-term debt due from related party | — |  | — |  | — |  |  | 20,000 |  | — |  | 20,000 |
Inventories | 8,650 |  | — |  | 8,650 |  |  | 8,317 |  | — |  | 8,317 |
Vessel held-for-sale | — |  | — |  | — |  |  | 132,110 |  | — |  | 132,110 |
Assets held-for-sale (1) | 269,459 |  | (2,425 | ) | 267,034 |  |  | 284,955 |  | (4,209 | ) | 280,746 |
Total current assets | 640,773 |  | (2,425 | ) | 638,348 |  |  | 742,838 |  | (4,209 | ) | 738,629 |
Long-term assets |  |  |  |  |  |  |  |  |  |  |  |  |
Restricted cash | 180,361 |  | — |  | 180,361 |  |  | 425 |  | — |  | 425 |
Investment in available-for-sale securities (2) | 25,530 |  | (25,530 | ) | — |  |  | 275,307 |  | (275,307 | ) | — |
Investments in affiliates (2) | 313,021 |  | 228,544 |  | 541,565 |  |  | 335,372 |  | 410,891 |  | 746,263 |
Cost method investments (2) | 204,172 |  | (196,825 | ) | 7,347 |  |  | 204,172 |  | (196,825 | ) | 7,347 |
Newbuildings | 13,561 |  | — |  | 13,561 |  |  | 344,543 |  | — |  | 344,543 |
Asset under development | 501,022 |  | — |  | 501,022 |  |  | 345,205 |  | — |  | 345,205 |
Vessels and equipment, net | 2,336,144 |  | — |  | 2,336,144 |  |  | 1,648,888 |  | — |  | 1,648,888 |
Deferred charges (1) | 42,154 |  | (42,154 | ) | — |  |  | 26,801 |  | (26,801 | ) | — |
Other non-current assets | 50,850 |  | — |  | 50,850 |  |  | 68,442 |  | — |  | 68,442 |
Total assets | 4,307,588 |  | (38,390 | ) | 4,269,198 |  |  | 3,991,993 |  | (92,251 | ) | 3,899,742 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt and short-term debt, net of deferred finance charges (1) | 501,618 |  | (10,220 | ) | 491,398 |  |  | 116,431 |  | (3,578 | ) | 112,853 |
Trade accounts payable | 53,281 |  | — |  | 53,281 |  |  | 10,811 |  | — |  | 10,811 |
Accrued expenses | 53,333 |  | — |  | 53,333 |  |  | 31,124 |  | — |  | 31,124 |
Amounts due to related parties | 7,128 |  | — |  | 7,128 |  |  | — |  | — |  | — |
Other current liabilities (3) | 148,583 |  | (506 | ) | 148,077 |  |  | 46,923 |  | (506 | ) | 46,417 |
Liabilities held-for-sale (1) | 203,638 |  | (2,425 | ) | 201,213 |  |  | 164,401 |  | (4,209 | ) | 160,192 |
Total current liabilities | 967,581 |  | (13,151 | ) | 954,430 |  |  | 369,690 |  | (8,293 | ) | 361,397 |
Long-term liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt, net of deferred finance charges (1) | 1,376,443 |  | (31,934 | ) | 1,344,509 |  |  | 1,264,356 |  | (23,223 | ) | 1,241,133 |
Long-term debt due to related parties | — |  | — |  | — |  |  | — |  | — |  | — |
Other long-term liabilities (3) | 69,225 |  | (15,145 | ) | 54,080 |  |  | 75,440 |  | (15,650 | ) | 59,790 |
Total liabilities | 2,413,249 |  | (60,230 | ) | 2,353,019 |  |  | 1,709,486 |  | (47,166 | ) | 1,662,320 |
EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |
Share capital 93,546,663 common shares of $1.00 each issued and outstanding (2014: 93,414,672 and 2013: 80,579,295) | 93,547 |  | — |  | 93,547 |  |  | 93,415 |  | — |  | 93,415 |
Treasury shares | (12,269 | ) | — |  | (12,269 | ) |  | — |  | — |  | — |
Additional paid-in capital | 1,317,806 |  | — |  | 1,317,806 |  |  | 1,307,087 |  | — |  | 1,307,087 |
Contributed surplus | 200,000 |  | — |  | 200,000 |  |  | 200,000 |  | — |  | 200,000 |
Accumulated other comprehensive (loss) gain (2) | (41,254 | ) | 28,662 |  | (12,592 | ) |  | 5,171 |  | (11,750 | ) | (6,579 | )
Retained earnings (2)(3) | 315,696 |  | (6,822 | ) | 308,874 |  |  | 675,179 |  | (33,335 | ) | 641,844 |
Total stockholders' equity | 1,873,526 |  | 21,840 |  | 1,895,366 |  |  | 2,280,852 |  | (45,085 | ) | 2,235,767 |
Non-controlling interests | 20,813 |  | — |  | 20,813 |  |  | 1,655 |  | — |  | 1,655 |
Total equity | 1,894,339 |  | 21,840 |  | 1,916,179 |  |  | 2,282,507 |  | (45,085 | ) | 2,237,422 |
Total liabilities and equity | 4,307,588 |  | (38,390 | ) | 4,269,198 |  |  | 3,991,993 |  | (92,251 | ) | 3,899,742 |
(1) The adjustment is to account for the deferred finance charges in accordance with ASU 2015-3. See item 2 above. (2) The adjustment is to account for various investments in Golar Partners being accounted for under the equity accounting method. See item 1 above. (3) The adjustment pertains to an element of the gain on disposal of the Golar Maria to Golar Partners that was deferred and amortized however should have been recognized in full at the time of the disposal. See item 2 above. Golar LNG Limited Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014, and 2013 (in thousands of $)
| 2015 |  | 2014 |  | 2013
| As previously | Adjustment |  |  | As previously | Adjustment |  |  | As previously | Adjustment |
| Reported |  | Restated |  | Reported |  | Restated |  | Reported |  | Restated
Operating activities |  |  |  |  |  |  |  |  |  |  |
Net (loss) income | (178,501 | ) | 26,513 |  | (151,988 | ) |  | (41,466 | ) | (4,896 | ) | (46,362 | ) |  | 135,713 |  | (26,158 | ) | 109,555 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 73,732 |  | — |  | 73,732 |  |  | 49,811 |  | — |  | 49,811 |  |  | 36,871 |  | — |  | 36,871 |
Amortization of deferred charges and debt guarantee | (2,073 | ) | — |  | (2,073 | ) |  | 2,459 |  | — |  | 2,459 |  |  | 1,120 |  | — |  | 1,120 |
Equity in net earnings of affiliates (1) | (16,454 | ) | (39,531 | ) | (55,985 | ) |  | (19,408 | ) | (22,812 | ) | (42,220 | ) |  | (15,821 | ) | 12,722 |  | (3,099 | )
Gain on disposals to Golar Partners (2) | (102,884 | ) | 478 |  | (102,406 | ) |  | (43,783 | ) | 496 |  | (43,287 | ) |  | (65,619 | ) | (16,651 | ) | (82,270 | )
Loss on sale of vessel | 5,824 |  | — |  | 5,824 |  |  | — |  | — |  | — |  |  | — |  | — |  | — |
Impairment of vessel held-for-sale | 1,032 |  | — |  | 1,032 |  |  | — |  | — |  | — |  |  | — |  | — |  | — |
Dividend income from available-for-sale and cost investments recognized in operating income (1) | (15,524 | ) | 15,524 |  | — |  |  | (27,203 | ) | 27,203 |  | — |  |  | (30,960 | ) | 30,951 |  | (9 | )
Dividends received | 52,800 |  | — |  | 52,800 |  |  | 61,967 |  | — |  | 61,967 |  |  | 64,198 |  | — |  | 64,198 |
Loss on disposal of available-for-sale securities (1) | 3,011 |  | (3,011 | ) | — |  |  | — |  | — |  | — |  |  | 754 |  | (854 | ) | (100 | )
Gain on disposal of high yield bond in Golar Partners | — |  | — |  | — |  |  | — |  | — |  | — |  |  | (841 | ) | — |  | (841 | )
Compensation cost related to stock options | 4,125 |  | — |  | 4,125 |  |  | 1,619 |  | — |  | 1,619 |  |  | 500 |  | — |  | 500 |
Net foreign exchange losses (gain) | 2,404 |  | — |  | 2,404 |  |  | 1,314 |  | — |  | 1,314 |  |  | (277 | ) | — |  | (277 | )
Amortization of deferred tax benefits on intra-group transfers | (3,488 | ) | — |  | (3,488 | ) |  | (3,488 | ) | — |  | (3,488 | ) |  | (3,487 | ) | — |  | (3,487 | )
Impairment of long-term assets | 1,957 |  | — |  | 1,957 |  |  | 500 |  | — |  | 500 |  |  | 500 |  | — |  | 500 |
Impairment of loan receivable | 15,010 |  | — |  | 15,010 |  |  | — |  | — |  | — |  |  | — |  | — |  | — |
Drydocking expenditure | (10,405 | ) | — |  | (10,405 | ) |  | (8,947 | ) | — |  | (8,947 | ) |  | (4,248 | ) | — |  | (4,248 | )
Change in assets and liabilities, net of effects from the sale of Golar Eskimo, Golar Igloo and Golar Maria: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restricted cash | (280,000 | ) | — |  | (280,000 | ) |  | — |  | — |  | — |  |  | — |  | — |  | — |
Trade accounts receivable | 911 |  | — |  | 911 |  |  | (10,533 | ) | — |  | (10,533 | ) |  | 304 |  | — |  | 304 |
Inventories | (2,252 | ) | — |  | (2,252 | ) |  | (809 | ) | — |  | (809 | ) |  | (10,137 | ) | — |  | (10,137 | )
Prepaid expenses, accrued income and other assets | (6,361 | ) | — |  | (6,361 | ) |  | 27,612 |  | — |  | 27,612 |  |  | (50,877 | ) | — |  | (50,877 | )
Amounts due from/to related companies | 15,259 |  | — |  | 15,259 |  |  | (6,003 | ) | — |  | (6,003 | ) |  | 3,497 |  | — |  | 3,497 |
Trade accounts payable | 8,944 |  | — |  | 8,944 |  |  | (1,746 | ) | — |  | (1,746 | ) |  | 2,525 |  | — |  | 2,525 |
Accrued expenses | 21,479 |  | — |  | 21,479 |  |  | 13,802 |  | — |  | 13,802 |  |  | 3,349 |  | — |  | 3,349 |
Other current liabilities (2) | 66,805 |  | 27 |  | 66,832 |  |  | 29,175 |  | 9 |  | 29,184 |  |  | 658 |  | (10 | ) | 648 |
Net cash (used in) provided by operating activities | (344,649 | ) | — |  | (344,649 | ) |  | 24,873 |  | — |  | 24,873 |  |  | 67,722 |  | — |  | 67,722 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Additions to vessels and equipment | (26,110 | ) | — |  | (26,110 | ) |  | (2,359 | ) | — |  | (2,359 | ) |  | (802 | ) | — |  | (802 | )
Additions to newbuildings | (559,667 | ) | — |  | (559,667 | ) |  | (1,150,669 | ) | — |  | (1,150,669 | ) |  | (733,353 | ) | — |  | (733,353 | )
Investing activities (continued) |  |  |  |  |  |  |  |  |  |  |
Additions to asset under development | (111,572 | ) | — |  | (111,572 | ) |  | (313,645 | ) | — |  | (313,645 | ) |  | — |  | — |  | — |
Investment in subsidiary, net of cash acquired | (16 | ) | — |  | (16 | ) |  | — |  | — |  | — |  |  | — |  | — |  | — |
Proceeds from disposal of investments in affiliates | 207,428 |  | — |  | 207,428 |  |  | — |  | — |  | — |  |  | 99,210 |  | — |  | 99,210 |
Additions to investment in affiliates | (5,023 | ) | — |  | (5,023 | ) |  | — |  | — |  | — |  |  | (12,400 | ) | — |  | (12,400 | )
Additions to investments | — |  | — |  | — |  |  | — |  | — |  | — |  |  | (5,649 | ) | — |  | (5,649 | )
Short-term loan granted to third party | (2,000 | ) | — |  | (2,000 | ) |  | — |  | — |  | — |  |  | (11,960 | ) | — |  | (11,960 | )
Repayment of short-term loan granted to third party | 400 |  | — |  | 400 |  |  | — |  | — |  | — |  |  | 2,469 |  | — |  | 2,469 |
Proceeds from disposals to Golar Partners, net of cash disposed | 226,872 |  | — |  | 226,872 |  |  | 155,319 |  | — |  | 155,319 |  |  | 119,927 |  | — |  | 119,927 |
Proceeds from disposal of high yield bond in Golar Partners | — |  | — |  | — |  |  | — |  | — |  | — |  |  | 34,483 |  | — |  | 34,483 |
Short-term loan granted to Golar Partners | — |  | — |  | — |  |  | (20,000 | ) | — |  | (20,000 | ) |  | (20,000 | ) | — |  | (20,000 | )
Additions to other long-term assets | — |  | — |  | — |  |  | (49,873 | ) | — |  | (49,873 | ) |  | — |  | — |  | — |
Repayment of short-term loan granted to Golar Partners | 20,000 |  | — |  | 20,000 |  |  | — |  | — |  | — |  |  | 20,000 |  | — |  | 20,000 |
Proceeds from disposal of fixed assets | 18,987 |  | — |  | 18,987 |  |  | — |  | — |  | — |  |  | — |  | — |  | — |
Restricted cash and short-term receivables | (25,255 | ) | — |  | (25,255 | ) |  | (48,043 | ) | — |  | (48,043 | ) |  | (24,992 | ) | — |  | (24,992 | )
Net cash used in investing activities | (255,956 | ) | — |  | (255,956 | ) |  | (1,429,270 | ) | — |  | (1,429,270 | ) |  | (533,067 | ) | — |  | (533,067 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from short-term and long-term debt (including related parties) | 918,801 |  | — |  | 918,801 |  |  | 1,222,746 |  | — |  | 1,222,746 |  |  | 306,358 |  | — |  | 306,358 |
Repayments of short-term and long-term debt (including related parties) | (215,363 | ) | — |  | (215,363 | ) |  | (239,903 | ) | — |  | (239,903 | ) |  | (9,400 | ) | — |  | (9,400 | )
Financing costs paid | (23,266 | ) | — |  | (23,266 | ) |  | (18,672 | ) | — |  | (18,672 | ) |  | (22,612 | ) | — |  | (22,612 | )
Cash dividends paid | (121,358 | ) | — |  | (121,358 | ) |  | (155,996 | ) | — |  | (155,996 | ) |  | (108,976 | ) | — |  | (108,976 | )
Proceeds from exercise of share options | 225 |  | — |  | 225 |  |  | 1,338 |  | — |  | 1,338 |  |  | 608 |  | — |  | 608 |
Purchase of treasury shares | (12,269 | ) | — |  | (12,269 | ) |  | — |  | — |  | — |  |  | — |  | — |  | — |
Proceeds from issuance of equity | — |  | — |  | — |  |  | 660,947 |  | — |  | 660,947 |  |  | — |  | — |  | — |
Restricted cash and short-term receivables | (32,340 | ) | — |  | (32,340 | ) |  | — |  | — |  | — |  |  | — |  | — |  | — |
Net cash provided by financing activities | 514,430 |  | — |  | 514,430 |  |  | 1,470,460 |  | — |  | 1,470,460 |  |  | 165,978 |  | — |  | 165,978 |
Net (decrease) increase in cash and cash equivalents | (86,175 | ) | — |  | (86,175 | ) |  | 66,063 |  | — |  | 66,063 |  |  | (299,367 | ) | — |  | (299,367 | )
Cash and cash equivalents at beginning of period | 191,410 |  | — |  | 191,410 |  |  | 125,347 |  | — |  | 125,347 |  |  | 424,714 |  | — |  | 424,714 |
Cash and cash equivalents at end of period | 105,235 |  | — |  | 105,235 |  |  | 191,410 |  | — |  | 191,410 |  |  | 125,347 |  | — |  | 125,347 |
Supplemental disclosure of cash flow information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the year for: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest paid, net of capitalized interest | 37,964 |  | — |  | 37,964 |  |  | 11,372 |  | — |  | 11,372 |  |  | — |  | — |  | — |
Income taxes paid | 1,278 |  | — |  | 1,278 |  |  | 1,372 |  | — |  | 1,372 |  |  | 1,322 |  | — |  | 1,322 |
(1) The adjustment is to account for various investments in Golar Partners being accounted for under the equity accounting method. See item 1 above (2) The adjustment pertains to an element of the gain on disposal of the Golar Maria to Golar Partners that was deferred and amortized however should have been recognized in full at the time of the disposal. See item 2 above Golar LNG Limited Consolidated Statements of Changes in Equity for the years ended December 31, 2015, 2014 and 2013 (in thousands of $)
| Share Capital | Treasury Shares | Additional Paid-in Capital | Contributed Surplus | Accumulated Other Comprehensive Loss (Restated) | Accumulated Earnings (Restated) | Non-controlling Interest | Total Equity (Restated)
|  |  |  |  | Reported |  | Adjustment |  | Restated |  | Reported |  | Adjustment |  | Restated |  |  | Restated |
Balance at December 31, 2012 | 80,504 |  | — |  | 654,042 |  | 200,000 |  | (18,730 | ) | (6,091 | ) | (24,821 | ) | 848,503 |  | (2,281 | ) | 846,222 |  | — |  | 1,755,947 |
Net income (2)(3) | — |  | — |  | — |  | — |  | — |  |  |  | — |  | 135,713 |  | (26,158 | ) | 109,555 |  | — |  | 109,555 |
Dividends | — |  | — |  | — |  | — |  | — |  |  |  | — |  | (108,976 | ) |  |  | (108,976 | ) | — |  | (108,976 | )
Exercise of share options | 76 |  | — |  | 1,476 |  | — |  | — |  |  |  | — |  | (944 | ) |  |  | (944 | ) | — |  | 608 |
Grant of share options | — |  | — |  | 500 |  | — |  | — |  |  |  | — |  | — |  |  |  | — |  | — |  | 500 |
Other comprehensive income (2) | — |  | — |  | — |  | — |  | 11,973 |  | 2,120 |  | 14,093 |  | — |  |  |  | — |  | — |  | 14,093 |
Balance at December 31, 2013 | 80,580 |  | — |  | 656,018 |  | 200,000 |  | (6,757 | ) | (3,971 | ) | (10,728 | ) | 874,296 |  | (28,439 | ) | 845,857 |  | — |  | 1,771,727 |
Net (loss) income (2)(3) | — |  | — |  | — |  | — |  | — |  |  |  | — |  | (43,121 | ) | (4,896 | ) | (48,017 | ) | 1,655 |  | (46,362 | )
Dividends | — |  | — |  | — |  | — |  | — |  |  |  | — |  | (155,996 | ) |  |  | (155,996 | ) | — |  | (155,996 | )
Exercise of share options | 185 |  | — |  | 1,153 |  | — |  | — |  |  |  | — |  | — |  |  |  | — |  | — |  | 1,338 |
Grant of share options | — |  | — |  | 1,619 |  | — |  | — |  |  |  | — |  | — |  |  |  | — |  | — |  | 1,619 |
Net proceeds from issuance of shares | 12,650 |  | — |  | 648,297 |  | — |  | — |  |  |  | — |  | — |  |  |  | — |  | — |  | 660,947 |
Other comprehensive income (2) | — |  | — |  | — |  | — |  | 11,928 |  | (7,779 | ) | 4,149 |  | — |  |  |  | — |  | — |  | 4,149 |
Balance at December 31, 2014 | 93,415 |  | — |  | 1,307,087 |  | 200,000 |  | 5,171 |  | (11,750 | ) | (6,579 | ) | 675,179 |  | (33,334 | ) | 641,844 |  | 1,655 |  | 2,237,422 |
Net loss (2)(3) | — |  | — |  | — |  | — |  | — |  |  |  | — |  | (197,659 | ) | 26,513 |  | (171,146 | ) | 19,158 |  | (151,988 | )
Dividends | — |  | — |  | — |  | — |  | — |  |  |  | — |  | (161,824 | ) |  |  | (161,824 | ) | — |  | (161,824 | )
Exercise of share options | 132 |  | — |  | 93 |  | — |  | — |  |  |  | — |  | — |  |  |  | — |  | — |  | 225 |
Grant of share options | — |  | — |  | 6,358 |  | — |  | — |  |  |  | — |  | — |  |  |  | — |  | — |  | 6,358 |
Forfeiture of share options | — |  | — |  | (2,521 | ) | — |  | — |  |  |  | — |  | — |  |  |  | — |  | — |  | (2,521 | )
Cancellation of share options | — |  | — |  | 786 |  | — |  | — |  |  |  | — |  | — |  |  |  | — |  | — |  | 786 |
Transfer of additional paid-in capital | — |  | — |  | 6,003 |  | — |  | (4,424 | ) |  |  | (4,424 | ) | — |  |  |  | — |  | — |  | 1,579 |
Other comprehensive loss (2) | — |  | — |  | — |  | — |  | (42,001 | ) | 40,412 |  | (1,589 | ) | — |  |  |  | — |  | — |  | (1,589 | )
Treasury shares | — |  | (12,269 | ) | — |  | — |  | — |  |  |  | — |  | — |  |  |  | — |  | — |  | (12,269 | )
Balance at December 31, 2015 | 93,547 |  | (12,269 | ) | 1,317,806 |  | 200,000 |  | (41,254 | ) | 28,662 |  | (12,592 | ) | 315,696 |  | (6,822 | ) | 308,874 |  | 20,813 |  | 1,916,179 |
(1) The adjustment is to account for the deferred finance charges in accordance with ASU 2015-3. See item 2 above (2) The adjustment is to account for various investments in Golar Partners being accounted for under the equity accounting method. See item 1 above (3) The adjustment pertains to an element of the gain on disposal of the Golar Maria to Golar Partners that was deferred and amortized however should have been recognized in full at the time of the disposal. See item 2 above

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