XML 44 R52.htm IDEA: XBRL DOCUMENT
v3.20.1

VESSELS AND EQUIPMENT, NET (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Property, Plant and Equipment [Abstract] |
Components of vessels and equipment, net | Useful lives applied in depreciation are as follows:
Vessels (excluding converted FSRUs and FLNG) | 40 years
Vessels - converted FSRUs | 20 years from conversion date
Vessels - FLNG | 30 years from conversion date
Drydocking expenditure | 5 years
Deferred drydocking expenditure - FLNG | 20 years
Mooring equipment - FLNG | 8 years
Office equipment and fittings | 3 to 6 years
| Year Ended December 31, 2019 |  |  |  |
(in thousands of $) | Vessels and equipment | Mooring equipment | Drydocking expenditure | Office equipment | Total
Cost |  |  |  |  |
As of January 1 | 3,447,464 |  | 45,771 |  | 133,316 |  | 11,497 |  | 3,638,048 |
Additions | 6,268 |  | — |  | 29,557 |  | 159 |  | 35,984 |
Write-offs (2) | (24,415) |  | — |  | (22,135) |  | (3,258) |  | (49,808) |
As of December 31 | 3,429,317 |  | 45,771 |  | 140,738 |  | 8,398 |  | 3,624,224 |
Depreciation, amortization and impairment |  |  |  |  |
As of January 1 | (331,477) |  | (3,392) |  | (26,039) |  | (5,761) |  | (366,669) |
Charge for the year (3) | (93,084) |  | (5,714) |  | (12,530) |  | (1,236) |  | (112,564) |
Impairment (1) | (34,250) |  | — |  | — |  | — |  | (34,250) |
Write-offs (2) | 24,415 |  | — |  | 22,135 |  | 3,258 |  | 49,808 |
As of December 31 | (434,396) |  | (9,106) |  | (16,434) |  | (3,739) |  | (463,675) |
Net book value as at December 31 | 2,994,921 |  | 36,665 |  | 124,304 |  | 4,659 |  | 3,160,549 |
| Year Ended December 31, 2018 |  |  |  |
(in thousands of $) | Vessels and equipment | Mooring equipment | Drydocking expenditure | Office equipment | Total
Cost |  |  |  |  |
As of January 1 | 2,383,993 |  | — |  | 37,352 |  | 9,791 |  | 2,431,136 |
Additions | 3,639 |  | — |  | 4,681 |  | 2,984 |  | 11,304 |
Transfer from asset under development (4) | 1,150,660 |  | 45,771 |  | 100,000 |  | — |  | 1,296,431 |
Transfer to asset under development | (90,828) |  | — |  | — |  | — |  | (90,828) |
Write-offs (2) | — |  | — |  | (8,717) |  | (1,278) |  | (9,995) |
As of December 31 | 3,447,464 |  | 45,771 |  | 133,316 |  | 11,497 |  | 3,638,048 |
Depreciation, amortization and impairment |  |  |  |  |
As of January 1 | (323,883) |  | — |  | (24,337) |  | (5,857) |  | (354,077) |
Charge for the year (3) | (78,422) |  | (3,392) |  | (10,419) |  | (1,182) |  | (93,415) |
Transfer to asset under development | 70,828 |  | — |  | — |  | — |  | 70,828 |
Write-offs (2) | — |  | — |  | 8,717 |  | 1,278 |  | 9,995 |
As of December 31 | (331,477) |  | (3,392) |  | (26,039) |  | (5,761) |  | (366,669) |
Net book value as at December 31 | 3,115,987 |  | 42,379 |  | 107,277 |  | 5,736 |  | 3,271,379 |
(1) In March 2019, we entered into a number of contracts relating to the conversion and subsequent disposal of the Golar Viking, which triggered an impairment assessment as it was considered probable to be disposed of significantly before the end of its useful economic life. This resulted in an impairment charge of $34.3 million, which represents the write down of the Golar Viking asset to its fair value. Fair value is based on average broker valuation at date of measurement and represents the exit price in the principal LNG carrier sales market. (2) Write-offs relates to fully depreciated and amortized assets. (3) Depreciation and amortization charge for the years ended December 31, 2019 and 2018, excludes $0.5 million and, $0.3 million respectively, of amortization charged to non-current assets in relation to the Cameroon License fee. (4) On completion of the Hilli FLNG conversion and commissioning, we reclassified the total balance from "Asset under development" in our consolidated balance sheet as of December 31, 2018. Capitalized interest costs of $148.1 million are included in the cost amounts above as of December 31, 2018.
Market Values and Carrying Values of Vessels | The following table presents the market values and carrying values of our vessels that we have determined to have market values that are less than their carrying values as of December 31, 2019. However, based on the estimated future undiscounted cash flows of these vessels, which are significantly greater than the respective carrying values, no impairment was recognized. (in millions of $)
Vessel | 2019 Market value (1) | 2019 Carrying value | Deficit
Golar Arctic | 64.0 | 136.4 | (72.4)
Golar Bear | 174.0 | 184.2 | (10.2)
Golar Crystal | 172.0 | 178.6 | (6.6)
Golar Frost | 174.0 | 187.0 | (13.0)
Golar Glacier | 175.0 | 182.9 | (7.9)
Golar Ice | 178.0 | 190.2 | (12.2)
Golar Kelvin | 177.0 | 184.4 | (7.4)
Golar Snow | 179.0 | 192.0 | (13.0)
Golar Viking | 73.0 | 75.8 | (2.8)
(1) Market values are determined using reference to average broker values provided by independent brokers. Broker values are considered an estimate of the market value for the purpose of determining whether an impairment trigger exists. Broker values are commonly used and accepted by our lenders in relation to determining compliance with relevant covenants in applicable credit facilities for the purpose of assessing security quality.

X
- Definition Tabular disclosure of information about fair value of asset and liability not measured at fair value. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2E -URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498357-110258 + Details
Name: | us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: 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(13)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
Name: | us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration