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Segmental Information | 6 Months Ended
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Jun. 30, 2016
Segment Reporting [Abstract] |
Segmental Information | SEGMENTAL INFORMATION We own and operate LNG carriers and FSRUs and provide these services under time charters under varying periods, trade in physical and future LNG contracts, and are in the process of developing our first FLNG. Since the initial public offering ("IPO") of Golar Partners, we have become a project development company. Our reportable segments consist of the primary services each provides. Although our segments are generally influenced by the same economic factors, each represents a distinct product in the LNG industry. There have not been any intersegment sales during the periods presented. Segment results are evaluated based on net income. The accounting principles for the segments are the same as for our consolidated financial statements. Indirect general and administrative expenses are allocated to each segment based on estimated use. The split of the organization of the business into three reportable segments is based on differences in management structure and reporting, economic characteristics, customer base, asset class and contract structure. As of June 30, 2016, we operate in the following three reportable segments:
• | Vessel operations – We operate and subsequently charter out LNG carriers and FSRUs on fixed terms to customers.
• | LNG trading – We provide physical and financial risk management in LNG and gas markets for customers around the world. Activities include structured services to outside customers, arbitrage service as well as proprietary trading.
• | FLNG – In 2014, we ordered our first FLNG based on the conversion of our existing LNG carrier, the Hilli. The Hilli FLNG conversion is expected to be completed and delivered in 2017.
The LNG trading operations meets the definition of an operating segment as the business is a financial trading business and its financial results are reported directly to the chief operating decision maker. The LNG trading segment is a distinguishable component of the business from which we earn revenues and incur expenses and whose operating results are regularly reviewed by the chief operating decision maker, and which is subject to risks and rewards different from the vessel operations segment. FLNG meets the definition of an operating segment as the business is a distinguishable component of the business from which, once the first FLNG is delivered to us, we will earn revenues and incur expenses and whose operating results will be regularly reviewed by the chief operating decision maker, and due to its nature is subject to risks and rewards different from the vessel operations segment or the LNG trading segment.
| Six months ended | Six months ended
(in thousands of $) | June 30, 2016 | June 30, 2015
|  |  |  |  | Restated |  |  |  | Restated |
| Vessel operations |  | LNG trading |  | FLNG |  | Total |  | Vessel operations |  | LNG trading |  | FLNG |  | Total |
Time and voyage charter revenues | 24,222 |  | — |  | — |  | 24,222 |  | 45,757 |  | — |  | — |  | 45,757 |
Time charter revenues - collaborative arrangement | 5,936 |  | — |  | — |  | 5,936 |  | — |  | — |  | — |  | — |
Vessel and other management fees | 4,769 |  | — |  | — |  | 4,769 |  | 6,545 |  | — |  | — |  | 6,545 |
Vessel and voyage operating expenses | (50,111 | ) | — |  | — |  | (50,111 | ) | (74,469 | ) | — |  | — |  | (74,469 | )
Vessel and voyage operating expenses - collaborative arrangement | (2,804 | ) | — |  | — |  | (2,804 | ) | — |  | — |  | — |  | — |
Administrative expenses | (19,141 | ) | — |  | (2,124 | ) | (21,265 | ) | (14,123 | ) | — |  | (2,043 | ) | (16,166 | )
Depreciation and amortization | (39,149 | ) | — |  | — |  | (39,149 | ) | (35,815 | ) | — |  | — |  | (35,815 | )
Other operating gains and losses (LNG Trade) | — |  | 16 |  | — |  | 16 |  | — |  | — |  | — |  | — |
Impairment of long-term assets | (1,706 | ) | — |  | — |  | (1,706 | ) | — |  | — |  | — |  | — |
Gain on disposals to Golar Partners | — |  | — |  | — |  | — |  | 103,540 |  | — |  | — |  | 103,540 |
Loss on disposal of vessel held-for-sale | — |  | — |  | — |  | — |  | (5,824 | ) | — |  | — |  | (5,824 | )
Impairment of vessel held-for-sale | — |  | — |  | — |  | — |  | (1,032 | ) | — |  | — |  | (1,032 | )
Net financial expenses * | (74,613 | ) | — |  | — |  | (74,613 | ) | (11,908 | ) | — |  | — |  | (11,908 | )
Income taxes | 1,285 |  | — |  | — |  | 1,285 |  | 1,803 |  | — |  | — |  | 1,803 |
Equity in net (losses) earnings of affiliates | (5,563 | ) | — |  | — |  | (5,563 | ) | 40,171 |  | — |  | — |  | 40,171 |
Net (loss) income | (156,875 | ) | 16 |  | (2,124 | ) | (158,983 | ) | 54,645 |  | — |  | (2,043 | ) | 52,602 |
Non-controlling interests | (12,229 | ) | — |  | — |  | (12,229 | ) | (5,035 | ) | — |  | — |  | (5,035 | )
Net (loss) income attributable to Golar LNG Ltd | (169,104 | ) | 16 |  | (2,124 | ) | (171,212 | ) | 49,610 |  | — |  | (2,043 | ) | 47,567 |
Total assets | 3,442,102 |  | — |  | 913,899 |  | 4,356,001 |  | 3,855,320 |  | — |  | 413,878 |  | 4,269,198 |
* Included within this amount are out of period adjustments, which are discussed in note 2. Revenues from external customers During the six months ended June 30, 2016, our vessels operated predominately within the Cool Pool, NFE Transport Partners LLC and under a charter with Nigeria LNG Ltd, which concluded in March 2016. During the six months ended June 30, 2015, our vessels operated under time charters with four main charterers: Nigeria LNG Limited; a major Japanese trading company; a multinational oil and gas company; and a leading independent commodity trading and logistics house. In time and voyage charters, the charterer, not us, controls the routes of our vessels. These routes can be worldwide as determined by the charterers, except for the FSRUs, which operate at specific locations where the charterers are based. Accordingly, our management, including the chief operating decision maker, do not evaluate our performance either according to customer or geographical region. For the six months ended June 30, 2016 and 2015, revenues from the following counterparties accounted for over 10% of our time charter revenues:
(in thousands of $) | Six months ended June 30, | Six months ended June 30,
| 2016 | 2015
The Cool Pool | 20,820 |  | 69 | % | — |  | — | %
Nigeria LNG Ltd | 5,849 |  | 19 | % | 18,444 |  | 40 | %
NFE Transport Partners LLC | 3,487 |  | 12 | % | — |  | — | %
Major commodity trading company | — |  | — | % | 7,910 |  | 17 | %
Major Japanese trading company | — |  | — | % | 6,623 |  | 14 | %
Multinational oil and gas company | — |  | — | % | 4,388 |  | 10 | %
The above revenues exclude vessel and other management fees from Golar Partners (see note 16).

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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