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DISPOSAL OF LONG-LIVED ASSETS (Tables) | 12 Months Ended
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Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract] |
Changes In Ownership Of a Subsidiary | The Hilli Disposal resulted in the following changes to our ownership interest in our consolidated subsidiary Hilli LLC in our equity:
(in thousands of $) | December 31, 2018 |
Net loss attributable to stockholders of Golar LNG Limited | (231,428 | )
Transfer to the non-controlling interests: increase in Golar LNG Limited’s paid-in capital for sale of 1,096 Hilli Common Units in July 2018 | 304,468 |
Changes from net income attributable to stockholders of Golar LNG Limited and transfers to non-controlling interests | 73,040 |
Deconsolidation of Equity Method Investments | The table below illustrates how the loss on loss of control has been calculated:
(in thousands of $) | As of July 6, 2016 |
Net proceeds (a) | 113,000 |
Fair value of 50% retained investment in Golar Power (b) | 116,000 |
Fair value of counter guarantees from Golar Power (c) | 3,701 |
Total fair value of Golar Power | 232,701 |
Less: |
Carrying value of Golar Power’s net assets (d) | 236,713 |
Guarantees issued by Golar to Golar Power (e) | 4,471 |
Loss on loss of control of Golar Power | (8,483 | )
(a) Net proceeds received for the disposal of 50% in Golar Power The table below shows the purchase consideration we received for the disposal of a 50% interest in the ordinary share capital in Golar Power that was acquired by Stonepeak:
(in thousands of $) | As of July 6, 2016 |
Consideration received from Stonepeak | 116,000 |
Less: Fee paid in relation to the transaction | (3,000 | )
Net proceeds | 113,000 |
(b) Fair value of the retained investment in Golar Power The fair value of our retained investment, being the 50% interest in the ordinary share capital in Golar Power has been recorded at $116 million. The fair value was determined with reference to the consideration of $116 million we received from Stonepeak pertaining to the 50% ordinary share capital interest they acquired. Thus given that this was negotiated between third parties, this is representative of fair value. (c) Fair value of counter guarantees from Golar Power A number of counter guarantees were entered into by Golar Power for the benefit of Golar LNG, specifically to reimburse Golar for the historic legacy debt guarantees discussed in (e) below. In aggregate, based on the agreed premiums the fair value of these counter guarantees were calculated as $3.7 million. (d) Carrying value of Golar Power's net assets The table below shows the underlying carrying value of Golar Power's net assets at the deconsolidation date:
(in thousands of $) | As at July 6, 2016 |
ASSETS |
Current |
Cash and cash equivalents | 10,992 |
Restricted cash | 15,463 |
Trade accounts receivable | 1,474 |
Other receivables, prepaid expenses and accrued income | 178 |
Short term amounts due from related parties | 3,000 |
Inventory | 952 |
Total current assets | 32,059 |
Non-current |
Newbuildings | 50,436 |
Vessels, net | 387,261 |
Total assets | 469,756 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
Current |
Current portion of long-term debt | 20,032 |
Trade accounts payable | 969 |
Accrued expenses | 21,357 |
Total current liabilities | 42,358 |
Non-current |
Long-term debt | 190,685 |
Total liabilities | 233,043 |
Equity |
Stockholders’ equity | 236,713 |
Total liabilities and stockholders' equity | 469,756 |
(e) Guarantees issued by Golar to Golar Power The guarantees issued by us in respect of Golar Power and its subsidiaries were fair valued as of the deconsolidation date which amounted to a liability of $4.5 million. This comprises of the following items:
(in thousands of $) |  | As of July 6, 2016 |
Debt guarantees |  | 3,283 |
Shipyard guarantee |  | 1,188 |
Total guarantees |  | 4,471 |

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