XML 71 R53.htm IDEA: XBRL DOCUMENT
v3.19.1

RESTRICTED CASH AND SHORT-TERM DEPOSITS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Restricted Cash and Investments [Abstract] |
Components of restricted cash and cash equivalents | Our restricted cash and short-term deposits balances are as follows:
(in thousands of $) | 2018 |  |  | 2017 |
Restricted cash relating to the total return equity swap (1) | 82,863 |  |  | 58,351 |
Restricted cash in relation to the Hilli (2) | 174,597 |  |  | 174,737 |
Restricted cash and short-term deposits held by lessor VIEs (3) | 176,428 |  |  | 130,063 |
Restricted cash relating to the $1.125 billion debt facility (4) | 17,657 |  |  | 33,752 |
Collateral on the Margin Loan Facility (5) | 33,413 |  |  | — |
Restricted cash relating to office lease | 777 |  |  | 813 |
Bank guarantee | 691 |  |  | 99 |
Total restricted cash and short-term deposits | 486,426 |  |  | 397,815 |
Less: Amounts included in current restricted cash and short-term deposits | (332,033 | ) |  | (222,265 | )
Long-term restricted cash | 154,393 |  |  | 175,550 |
(1) Restricted cash relating to the share repurchase forward swap refers to the collateral required by the bank with whom we entered into a total return equity swap. Collateral of 20% of the total purchase price is required and this is subsequently adjusted with reference to the Company's share price (see note 27). (2) In November 2015, in connection with the issuance of a $400 million letter of credit by a financial institution to our project partner involved in the Hilli FLNG project, we posted an initial cash collateral sum of $305.0 million to support the performance guarantee. Under the provisions of the $400 million letter of credit, the terms allow for a stepped reduction in the value of the guarantee over time and thus, conversely, a reduction in the cash collateral requirements. Effective December 19, 2017, the $400 million letter of credit reduced to $300 million. The corresponding release of $57.2 million cash collateral reduced the cash collateral requirement to $174.7 million at December 31, 2017, with no further reduction in 2018. It is expected that the letter of credit will further reduce to $250.0 million during 2019. In November 2016, after certain conditions precedent were satisfied by the Company, the letter of credit required in accordance with the signed LTA was re-issued and, with an initial expiry date of December 31, 2018, the letter of credit automatically extends, on an annual basis, until the tenth anniversary of the acceptance date of the Hilli by the charterer, unless the bank should exercise its option to exit from this arrangement by giving three months' notice prior to the annual renewal date. (3) These are amounts held by lessor VIE entities that we are required to consolidate under U.S. GAAP into our financial statements as VIEs (see note 5). (4) This refers to cash deposits required under the $1.125 billion debt facility (see note 20). The covenant requires that, on the second anniversary of drawdown under the facility, where we fall below a prescribed EBITDA to debt service ratio, additional cash deposits with the financial institution are required to be made or maintained. (5) Collateral held against the Margin Loan Facility is required to satisfy one of the mandatory prepayment events within the facility, with this having been triggered when the closing price of the Golar Partners common units pledged by us as security for the obligations under the facility fell below a defined threshold. If certain requirements are met, the facility allows for the release of the collateral (see note 20).

X
- References No definition available. + Details
Name: | us-gaap_RestrictedCashAndInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cash and cash equivalents restricted as to withdrawal or usage. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(1)(a)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=98513485&loc=SL98516268-108586 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration