Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

A summary of this sale and lease back arrangement, including repurchase options and obligations as of June 30, 2018 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
Hilli	June 2018	1,200.0	633.2	June 2023	300.0	June 2028

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, 2018, are shown below:



(in thousands of $)	2018 ⁽¹⁾	2019	2020	2021	2022	2023+
Golar Glacier	8,620	17,100	17,147	17,100	17,100	29,984
Golar Kelvin	8,620	17,100	17,147	17,100	17,100	32,795
Golar Snow	8,620	17,100	17,147	17,100	17,100	32,795
Golar Ice	8,620	17,100	17,147	17,100	17,100	35,700
Golar Tundra ⁽²⁾⁽³⁾	11,445	21,910	20,833	19,739	18,695	47,532
Golar Seal ⁽³⁾	7,513	15,193	15,151	15,151	15,151	45,495
Golar Crystal ⁽²⁾	6,083	11,934	11,726	11,477	11,271	45,529
Hilli⁽²⁾	64,568	126,118	121,036	116,143	111,279	505,666

(1) For the six months ending December 31, 2018.

(2) The payment obligations relating to the Golar Tundra, Golar Crystal and Hilli above includes variable rental payments due under the lease based on an assumed LIBOR plus margin.

(3) The payment obligations relating to the Golar Tundra and Golar Seal above have been prepared on the assumption that we are able to secure a replacement charter for these two vessels, to ensure continuation of these financing arrangements. Refer to note 1 for further details.

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, 2018 and December 31, 2017, are as follows:



(in thousands of $)	Golar Glacier	Golar Kelvin	Golar Snow	Golar Ice	Golar Tundra	Golar Seal	Golar Crystal	Hilli	June 30, 2018	December 31, 2017
Assets									Total	Total
Restricted cash and short-term deposits	18,844	62,319	18,548	8	25,000	22,141	2,372	36,441	185,673	130,063

Liabilities
Debt:
Current portion of long-term debt and short-term debt ⁽¹⁾	39,314	182,540	30,398	126,508	155,318	143,849	10,075	148,880	836,882	833,664
Long-term interest bearing debt - non-current portion ⁽¹⁾	117,841	—	127,189	—	—	—	89,246	779,400	1,113,676	252,691
	157,155	182,540	157,587	126,508	155,318	143,849	99,321	928,280	1,950,558	1,086,355

(1) Where applicable, these balances are net of deferred finance charges.

- 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 + Details