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Variable Interest Entities (Tables)

9 Months Ended

Sep. 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 September 30, 2019, are shown below:



(in thousands of $)	2019 ⁽¹⁾	2020	2021	2022	2023	2024+
Golar Glacier	4,310	17,147	17,100	17,100	17,100	12,884
Golar Kelvin	4,310	17,147	17,100	17,100	17,100	15,695
Golar Snow	4,310	17,147	17,100	17,100	17,100	15,695
Golar Ice	4,310	17,147	17,100	17,100	17,100	18,599
Golar Tundra ⁽²⁾	5,032	19,593	18,787	18,010	17,242	29,656
Golar Seal	3,420	13,717	13,717	13,717	13,754	27,433
Golar Crystal ⁽²⁾	2,718	10,863	10,796	10,764	10,719	34,480
Hilli⁽²⁾	28,349	111,213	107,499	103,785	100,160	383,897

(1) For the 3 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 $)	September 30, 2019
Balance sheet
Current assets	21,729
Non-current assets	284,344
Current liabilities	(92,147	)

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



(in thousands of $)	Nine months ended September 30, 2019
Statement of cash flows
Additions to asset under development	145,358

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



(in thousands of $)	September 30, 2019		December 31, 2018
Balance sheet
Current assets	86,806		172,554
Non-current assets	1,308,377		1,392,713
Current liabilities	(325,539	)	(278,728	)
Non-current liabilities	(637,134	)	(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 $)	Nine months ended September 30, 2019		Nine months ended September 30, 2018
Statement of operations
Liquefaction services revenue	163,572		73,101
Realized and unrealized gains on the oil derivative instrument	(31,441	)	200,088

Statement of cash flows
Net debt repayments	(204,447	)	(46,870	)
Net debt receipts	129,454		960,000

The assets and liabilities of these lessor VIEs that most significantly impact our consolidated balance sheet as of September 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	September 30, 2019	December 31, 2018
Assets									Total	Total
Restricted cash and short-term deposits	10,679	1,470	8,718	11,358	—	26,789	4,531	40,916	104,461	176,428

Liabilities
Debt:
Current portion of long-term debt and short-term debt ⁽¹⁾	141,637	151,325	140,204	116,450	10,917	—	5,751	269,050	835,334	646,513
Long-term interest bearing debt - non-current portion ⁽¹⁾	—	—	—	—	98,173	123,023	86,599	552,220	860,015	1,200,774
	141,637	151,325	140,204	116,450	109,090	123,023	92,350	821,270	1,695,349	1,847,287

(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.

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