XML 85 R35.htm IDEA: XBRL DOCUMENT

Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

A summary of our payment obligations (excluding repurchase options and obligations) under the bareboat charters with the lessor VIEs as of June 30, 2019, are shown below:



(in thousands of $)	2019 ⁽¹⁾	2020	2021	2022	2023	2024+
Golar Glacier	8,620	17,147	17,100	17,100	17,100	12,884
Golar Kelvin	8,620	17,147	17,100	17,100	17,100	15,695
Golar Snow	8,620	17,147	17,100	17,100	17,100	15,695
Golar Ice	8,620	17,147	17,100	17,100	17,100	18,599
Golar Tundra ⁽²⁾	10,284	19,963	19,196	18,449	17,703	30,527
Golar Seal	6,840	13,717	13,717	13,717	13,754	27,433
Golar Crystal ⁽²⁾	5,617	11,151	11,066	11,016	10,952	35,092
Hilli⁽²⁾	58,322	113,845	109,915	105,984	102,148	389,916

(1) For the six months ending December 31, 2019.

(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.

Schedule of Variable Interest Entities

The assets and liabilities of Gimi MS that most significantly impact our consolidated balance sheet are as follows:



(in thousands of $)	June 30, 2019
Balance sheet
Current assets	48,328
Non-current assets	187,056
Current liabilities	(40,837	)

The most significant impact of Gimi MS VIE's operations on our unaudited consolidated statements of cash flows, are as follows:



(in thousands of $)	Six months ended June 30, 2019
Statement of cash flows
Additions to asset under development	105,339

The assets and liabilities of these lessor VIEs that most significantly impact our consolidated balance sheet as of June 30, 2019 and December 31, 2018, are as follows:



(in thousands of $)	Golar Glacier	Golar Kelvin	Golar Snow	Golar Ice	Golar Tundra	Golar Seal	Golar Crystal	Hilli	June 30, 2019	December 31, 2018
Assets									Total	Total
Restricted cash and short-term deposits	10,652	9	8,707	11,346	—	23,370	4,103	56,789	114,976	176,428

Liabilities
Debt:
Current portion of long-term debt and short-term debt ⁽¹⁾	146,203	155,626	144,742	120,748	11,065	—	5,748	139,884	724,016	646,513
Long-term interest bearing debt - non-current portion ⁽¹⁾	—	—	—	—	102,256	123,105	88,036	718,800	1,032,197	1,200,774
	146,203	155,626	144,742	120,748	113,321	123,105	93,784	858,684	1,756,213	1,847,287

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

The assets and liabilities of Hilli LLC⁽¹⁾that most significantly impact our consolidated balance sheet are as follows:



(in thousands of $)	June 30, 2019		December 31, 2018
Balance sheet
Current assets	112,646		172,554
Non-current assets	1,366,869		1,392,713
Current liabilities	(200,633	)	(278,728	)
Non-current liabilities	(805,686	)	(842,786	)

(1) As Hilli LLC is the primary beneficiary of the Hilli Lessor VIE (see above) the Hilli LLC balances include the Hilli Lessor VIE.

The most significant impact of Hilli LLC VIE's operations on our unaudited consolidated statements of income, and unaudited consolidated statements of cash flows, are as follows:



(in thousands of $)	Six months ended June 30, 2019	Six months ended June 30, 2018
Statement of operations
Liquefaction services revenue	109,048	18,577
Realized and unrealized gains on the oil derivative instrument	8,145	111,348

Statement of cash flows
Net debt repayments	39,297	—
Net debt receipts	—	928,280

- 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