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Restatement
 9 Months Ended
Sep. 30, 2016
Accounting Changes and Error Corrections [Abstract]  
Restatement
RESTATEMENT

Restatement of comparative period for the nine months ended September 30, 2015

As further described in note 35 to the consolidated financial statements in our recently filed annual report on form 20-F/A for the year ended December 31, 2015, as filed on November 10, 2016, we restated our consolidated financial statements to account for the various investments in Golar Partners since the deconsolidation date of December 13, 2012, as equity accounted for investments. 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. Accordingly, the comparative for the nine month period ended September 30, 2015, has also been restated within these interim financial statements.
These interim financial statements should be read in conjunction with the company's restated audited financial statements for the year ended December 31, 2015 included in the Form 20-F/A.

GOLAR LNG LIMITED
RESTATEMENT IMPACT ON THE UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in thousands of $ except per share amounts)
Nine months ended September 30,
2015

Adjustment

2015

 
 
 
Restated

Time and voyage charter revenues
70,009

—

70,009

Vessel and other management fee
9,671

—

9,671

Operating revenues
79,680

—

79,680

 
 
 
 
Vessel operating expenses
42,857

—

42,857

Voyage and charterhire expenses
57,515

—

57,515

Administrative expenses
23,505

—

23,505

Depreciation and amortization
54,191

—

54,191

Total operating expenses
178,068

—

178,068

 
 
 
 
Gain on disposals to Golar Partners
103,917

(378
)
103,539

Impairment of vessel held-for-sale
(1,032
)
—

(1,032
)
Loss on disposal of vessel held-for-sale
(5,824
)
—

(5,824
)
Operating loss
(1,327
)
(378
)
(1,705
)
 
 
 
 
Other non-operating income (loss)
 
 
 
Dividend income
11,409

(11,409
)
—

Loss on sale of available-for-sale securities
(3,011
)
3,011

—

Total other non-operating income (loss)
8,398

(8,398
)
—

 
 
 
 
Financial income (expense)
 
 
 
Interest income
4,786

—

4,786

Interest expense
(51,622
)
—

(51,622
)
Other financial items, net
(91,561
)
—

(91,561
)
Net financial expense
(138,397
)
—

(138,397
)
 
 
 
 
Loss before taxes and equity in net earnings of affiliates
(131,326
)
(8,776
)
(140,102
)
Income taxes
2,563

—

2,563

Equity in net earnings of affiliates
10,133

32,007

42,140

 
 
 
 
Net (loss) income
(118,630
)
23,231

(95,399
)
Net income attributable to non-controlling interests
(8,138
)
—

(8,138
)
Net (loss) income attributable to Golar LNG Ltd
(126,768
)
23,231

(103,537
)
Basic and diluted (loss) earnings per share ($)
(1.36
)
0.25

(1.11
)
 
 
 
 
Cash dividends declared and paid per share ($)

$
1.35

$
—

$
1.35




GOLAR LNG LIMITED
RESTATEMENT IMPACT ON THE UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 
Nine months ended September 30,
(in thousands of $)
2015

Adjustment

2015

 
 
 
Restated

 
 
 
 
Net loss
(118,630
)
23,231

(95,399
)
 
 
 
 
Other comprehensive loss:
 
 
 
Net loss on qualifying cash flow hedging instruments
(706
)
(3,271
)
(3,977
)
Net (loss) gain on investment in available-for-sale securities
(41,898
)
41,898

—

Other comprehensive (loss) income (note 15)
(42,604
)
38,627

(3,977
)
Comprehensive (loss) income
(161,234
)
61,858

(99,376
)
 
 
 
 
Comprehensive (loss) income attributable to:
 
 
 
 
 
 
 
Stockholders of Golar LNG Limited
(169,372
)
61,858

(107,514
)
Non-controlling interests
8,138

—

8,138

 
(161,234
)
61,858

(99,376
)

GOLAR LNG LIMITED
RESTATEMENT IMPACT ON THE UNAUDITED CONSOLIDATED STATEMENTS OF CASHFLOWS


 
Nine months ended September 30,
 
2015

Adjustment

2015

(in thousands of $)
 
 
Restated

 
 
 
 
OPERATING ACTIVITIES
 
 
 
Net loss
(118,630
)
23,231

(95,399
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 

Depreciation and amortization
54,191

—

54,191

Amortization of deferred tax benefits on intra-group transfers
(2,616
)
—

(2,616
)
Amortization of deferred charges and guarantees, net
(2,454
)
—

(2,454
)
Gain on disposals to Golar Partners
(103,917
)
378

(103,539
)
Equity in net earnings of affiliates
(10,133
)
(32,007
)
(42,140
)
Dividend income from available-for-sale securities and cost investments recognized in operating income
(11,409
)
11,409

—

Dividends received
39,474

—

39,474

Drydocking expenditure
(10,405
)
—

(10,405
)
Stock-based compensation
3,611

—

3,611

Loss on disposal of available-for-sale securities
3,011

(3,011
)
—

Loss on sale of vessel
5,824

—

5,824

Impairment of vessel held-for-sale
1,032

—

1,032

Net foreign exchange gain
1,883

—

1,883

Impairment of loan receivable
15,010

—

15,010

Change in assets and liabilities, net of effects from the sale of the Golar Eskimo:
 
 
 
Trade accounts receivable
(2,845
)
—

(2,845
)
Inventories
1,831

—

1,831

Prepaid expenses, accrued income and other assets
(1,869
)
—

(1,869
)
Amounts due from/to related companies
(9,540
)
—

(9,540
)
Trade accounts payable
(2,410
)
—

(2,410
)
Accrued expenses and deferred income
17,222

—

17,222

Other liabilities
41,575

—

41,575

Net cash used in operating activities
(91,564
)
—

(91,564
)
GOLAR LNG LIMITED
RESTATEMENT IMPACT ON THE UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS


 
Nine months ended September 30,
 
2015

Adjustment

2015

(in thousands of $)
 
 
Restated

 
 
 
 
INVESTING ACTIVITIES
 
 
 
Additions to vessels and equipment
(3,633
)
—

(3,633
)
Additions to newbuildings
(405,331
)
—

(405,331
)
Additions to assets under development
(80,985
)
—

(80,985
)
Acquisition of LNG Abuja
(20,000
)
—

(20,000
)
Repayment of short-term loan granted to third party
400

—

400

Loans granted (including related parties)
(1,000
)
—

(1,000
)
Repayment of short-term loan granted to Golar Partners
20,000

—

20,000

Additions to investment in affiliates
(5,023
)
—

(5,023
)
Proceeds from disposal of business to Golar Partners, net of cash disposed (including repayments on related vendor financing loans granted)
126,872

—

126,872

Proceeds from disposal of fixed assets
18,987

—

18,987

Proceeds from disposal of high yield bond in Golar Partners
—

 
—

Investment in subsidiary, net of cash acquired
(16
)
—

(16
)
Proceeds from disposal of investments in affiliates
207,428

—

207,428

Restricted cash and short-term receivables
(843
)
—

(843
)
Net cash used in investing activities
(143,144
)
—

(143,144
)
 
 
 
 
FINANCING ACTIVITIES
 
 
 
Proceeds from short-term and long-term debt (including related parties)
570,077

—

570,077

Repayments of short-term and long-term debt (including related parties)
(138,299
)
—

(138,299
)
Financing costs paid
(11,290
)
—

(11,290
)
Cash dividends paid
(121,359
)
—

(121,359
)
Restricted cash and short-term receivables
(33,012
)
—

(33,012
)
Proceeds from exercise of share options
23

—

23

Net cash provided by financing activities
266,140

—

266,140

Net increase in cash and cash equivalents
31,432

—

31,432

Cash and cash equivalents at beginning of period
191,410

—

191,410

Cash and cash equivalents at end of period
222,842

—

222,842

GOLAR LNG LIMITED
RESTATEMENT IMPACT ON THE UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(in thousands of $)
Share Capital
Treasury Shares
Additional Paid-in Capital
Contributed Surplus (1)
Accumulated Other Comprehensive (Loss) Income
Accumulated Retained Earnings

Total before Non- controlling Interest
(Restated)
Non-controlling Interest
Total Equity
(Restated)
2015
Adjustment
Restated
2015
Adjustment
Restated
Balance at December 31, 2014
93,415

—

1,307,087

200,000

5,171

(11,750
)
(6,579
)
675,179

(33,335
)
641,844

2,235,767

1,655

2,237,422

 








 
 


 
 






 
Net income (1)(2)
—

—

—

—

—

—

—

(126,768
)
23,231

(103,537
)
(103,537
)
8,138

(95,399
)
Dividends
—

—

—

—

—

—

—

(121,359
)
—

(121,359
)
(121,359
)
—

(121,359
)
Exercise of share options
8

—

15

—

—

—

—

—

—

—

23

—

23

Grant of share options
—

—

4,891

—

—

—

—

—

—

—

4,891

—

4,891

Forfeiture of share options
—

—

(1,735
)
—

—

—

—

—

—

—

(1,735
)
—

(1,735
)
Cancellation of share options
—

—

787

—

—

—

—

—

—

—

787

—

787

Transfer of additional paid in capital
—

—

6,003

—

(4,425
)
—

(4,425
)
—

—

—

1,578

 
1,578

Other comprehensive loss (2)
—

—

—

—

(42,604
)
38,627

(3,977
)
—

—

—

(3,977
)
—

(3,977
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at September 30, 2015
93,423

—

1,317,048

200,000

(41,858
)
26,877

(14,981
)
427,052

(10,104
)
416,948

2,012,438

9,793

2,022,231