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Variable Interest Entities (Tables) | 6 Months Ended
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Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Summary of Sale and Leaseback Arrangement | A summary of this sale and lease back arrangement, including repurchase options and obligations as of June 30, 2016 is provided below:
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 Seal | March 2016 | 203.0 | 132.8 | March 2021 | 87.4 | March 2026
Summary of Bareboat Charters | A summary of our payment obligations (excluding repurchase options and obligations) under the bareboat charters with the lessor VIEs as of June 30, 2016, are shown below:
(in thousands of $) | 2016 (1) | 2017 | 2018 | 2019 | 2020 | 2021+
Golar Glacier | 8,620 | 17,100 | 17,100 | 17,100 | 17,147 | 64,185
Golar Kelvin | 8,620 | 17,100 | 17,100 | 17,100 | 17,147 | 66,996
Golar Snow | 8,620 | 17,100 | 17,100 | 17,100 | 17,147 | 66,996
Golar Ice | 8,620 | 17,100 | 17,100 | 17,100 | 17,147 | 69,900
Golar Tundra (2)* | 5,931 | 11,863 | 11,863 | 11,863 | 11,863 | 57,336
Golar Seal | 7,472 | 15,151 | 15,151 | 15,193 | 15,151 | 75,797
(1) For the six months ended December 31, 2016. (2) As a result of the sale of the Golar Tundra to Golar Partners in May 2016 (see "Tundra Lessor VIE" below), the payment obligations under the bareboat charter with the Golar Tundra lessor VIE are borne by Golar Partners. However, by virtue of the put option contained within the sale and purchase arrangements, we will continue to consolidate the Golar Tundra related entities until the charter with WAGL commences. *The payment obligation relating to the Golar Tundra presented in the table above excludes variable rental payments due under the lease. Based on an assumed LIBOR of 0.38% plus margin, additional payments totaling $73.7 million should be payable over the lifetime of the lease.
Schedule of Assets and Liabilities of Lessor VIEs | The assets and liabilities of these lessor VIEs that most significantly impact our consolidated balance sheet as of June 30, 2016 and December 31, 2015, are as follows:
(in thousands of $) | Golar Glacier | Golar Kelvin | Golar Snow | Golar Ice | Golar Tundra | Golar Seal | June 30, 2016 |  | December 31, 2015
Assets |  |  |  |  |  |  | Total |  | Total
Restricted cash and short-term receivables | 18,408 |  | 25,625 |  | 17,813 |  | 11,380 |  | — |  | 3,819 |  | 77,045 |  |  | 35,450 |
Restricted cash and short-term receivables - held-for-sale current assets (1) | — |  | — |  | — |  | — |  | 167 |  | — |  | 167 |  |  | 3,618 |
| 18,408 |  | 25,625 |  | 17,813 |  | 11,380 |  | 167 |  | 3,819 |  | 77,212 |  |  | 39,068 |
Liabilities |  |  |  |  |  |  |  |  |
Debt: |  |  |  |  |  |  |  |  |
Short-term interest bearing debt | 40,903 |  | 182,540 |  | 31,079 |  | 172,046 |  | — |  | — |  | 426,568 |  |  | 408,978 |
Long-term interest bearing debt - current portion | 7,650 |  | — |  | 8,000 |  | — |  | — |  | 5,706 |  | 21,356 |  |  | 15,650 |
Long-term interest bearing debt - non-current portion | 132,805 |  | — |  | 142,844 |  | — |  | — |  | 151,413 |  | 427,062 |  |  | 285,700 |
Long-term interest bearing debt - held-for-sale (1) | — |  | — |  | — |  | — |  | 214,245 |  | — |  | 214,245 |  |  | 201,725 |
| 181,358 |  | 182,540 |  | 181,923 |  | 172,046 |  | 214,245 |  | 157,119 |  | 1,089,231 |  |  | 912,053 |
(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.

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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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