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VARIABLE INTEREST ENTITIES ("VIEs") (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020 | Dec. 31, 2019
VARIABLE INTEREST ENTITIES [Abstract] |  |
Schedule of sale leaseback transactions | The following table gives a summary of the sale and leaseback arrangements, including repurchase options and obligations as of December 31, 2020:
Vessel | Effective from | Lessor | Sales value (in $ millions) | Lease duration | First repurchase option (in $ millions) | Date of first repurchase option | Net repurchase obligation at end of lease term (in $ millions) | End of lease term
Golar Glacier | October 2014 | ICBCL | 204.0 | 10 years | 173.8 | October 2019 (1) | 116.7 | October 2024
Golar Kelvin | January 2015 | ICBCL | 204.0 | 10 years | 173.8 | January 2020 (1) | 116.7 | January 2025
Golar Snow | January 2015 | ICBCL | 204.0 | 10 years | 173.8 | January 2020 (1) | 116.7 | January 2025
Golar Ice | February 2015 | ICBCL | 204.0 | 10 years | 173.8 | February 2020 (1) | 116.7 | February 2025
Golar Tundra | November 2015 | CMBL | 254.6 | 10 years | 168.7 | November 2018 (1) | 51.3 | November 2025
Golar Seal | March 2016 | CCBFL | 203.0 | 10 years | 132.8 | March 2018(1) | 63.4 | March 2026
Golar Crystal | March 2017 | COSCO | 187.0 | 10 years | 97.3 | March 2020 (1) | 50.0 | March 2027
Hilli | June 2018 | CSSC | 1,200.0 | 10 years | 633.2 | June 2023 | 300.0 | June 2028
Golar Bear | June 2020 | AVIC | 160.0 | 7 years | 100.7 | June 2021 | 45.0 | June 2027
(1) We did not exercise the first repurchase option. |
Summary of the bareboat charter rates per day based on Base LIBOR Interest Rate for the next five years | A summary of our payment obligations (excluding repurchase options and obligations) under the bareboat charters with the lessor VIEs as of December 31, 2020, are shown below:
(in thousands of $) | 2021 | 2022 | 2023 | 2024 | 2025 | 2026+
Golar Glacier | 17,100 | 17,100 | 17,100 | 12,884 | — | —
Golar Kelvin | 17,100 | 17,100 | 17,100 | 15,695 | — | —
Golar Snow | 17,100 | 17,100 | 17,100 | 15,695 | — | —
Golar Ice | 17,100 | 17,100 | 17,100 | 17,147 | 1,452 | —
Golar Tundra (1)(2) | 80,203 | — | — | — | — | —
Golar Seal (2) | — | 68,621 | — | — | — | —
Golar Crystal (1) | 9,903 | 9,932 | 9,951 | 9,979 | 9,982 | 12,499
Hilli (1) | 102,874 | 99,645 | 96,416 | 93,265 | 89,958 | 190,590
Golar Bear (1) | 13,923 | 13,490 | 13,058 | 12,635 | 12,193 | 14,081
(1) The payment obligations relating to the Golar Tundra, Golar Crystal, Hilli and Golar Bear above includes variable rental payments due under the lease based on assumed LIBOR plus a margin. (2) The payment obligations relating to the Golar Tundra and Golar Seal have been presented in 2021 and 2022 even though the maturities of the lease obligations are in November 2025 and March 2026, due to the call option and put option maturing in June 2021 and January 2022, respectively (note 18). |
Schedule of assets and liabilities of lessor VIEs | The assets and liabilities of the lessor VIEs that most significantly impact our consolidated balance sheets as of December 31, 2020 and 2019, are as follows:
(in thousands of $) | Golar Glacier | Golar Kelvin | Golar Snow | Golar Ice | Golar Tundra | Golar Seal | Golar Crystal | Hilli | Golar Bear | 2020 | 2019
Assets |  |  |  |  |  |  |  |  |  | Total | Total
Restricted cash and short-term deposits (note 12) | 69 |  | 11 |  | 1,467 |  | 1,521 |  | — |  | 3,432 |  | 4,990 |  | 16,670 |  | 8,715 |  | 36,875 |  | 34,947 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Debt: |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt and short-term debt (1) | (110,625) |  | (128,563) |  | (111,108) |  | (83,857) |  | (10,215) |  | — |  | (8,220) |  | (413,394) |  | — |  | (865,982) |  | (963,005) |
Long-term interest bearing debt - non-current portion (1) | — |  | — |  | — |  | — |  | (79,235) |  | (89,752) |  | (74,984) |  | (277,487) |  | (103,661) |  | (625,119) |  | (617,124) |
| (110,625) |  | (128,563) |  | (111,108) |  | (83,857) |  | (89,450) |  | (89,752) |  | (83,204) |  | (690,881) |  | (103,661) |  | (1,491,101) |  | (1,580,129) |
(1) Where applicable, these balances are net of deferred finance charges (note 18). The most significant impact of the lessor VIE's operations on our consolidated statements of operations and consolidated statements of cash flows, for the years ended December 31, 2020, 2019 and 2018 are as follows:
(in thousands of $) | 2020 | 2019 | 2018
Statement of income |  |  |
Interest expense | 34,733 |  | 69,373 |  | 61,502 |
Statement of cash flows |  |  |
Net debt repayments | (550,663) |  | (410,737) |  | (299,776) |
Net debt receipts | 459,707 |  | 144,278 |  | 1,061,000 |
The assets and liabilities of Hilli LLC(1) that most significantly impacted our consolidated balance sheet as of December 31, 2020 and 2019, are as follows:
(in thousands of $) | 2020 | 2019
Balance sheet |  |
Current assets | 65,629 |  | 64,507 |
Non-current assets | 1,203,805 |  | 1,300,065 |
Current liabilities | (447,701) |  | (496,029) |
Non-current liabilities | (345,058) |  | (418,578) |
(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 impacts of Hilli LLC VIE's operations on our consolidated statements of operations and consolidated statements of cash flows, as of December 31, 2020 and 2019, are as follows:
(in thousands of $) | 2020 | 2019
Statement of income |  |
Liquefaction services revenue | 226,061 |  | 218,096 |
Realized and unrealized losses on the oil derivative instrument | (42,561) |  | (26,001) |
Statement of cash flows |  |
Net debt repayments | (322,304) |  | (243,513) |
Net debt receipts | 230,721 |  | 129,454 |
The assets and liabilities of Gimi MS that most significantly impacted our consolidated balance sheet as of December 31, 2020 and 2019, are as follows:
(in thousands of $) | Notes | 2020 | 2019
Balance sheet |  |  |
Current assets |  | 15,505 |  | 24,894 |
Non-current assets | 15 | 658,247 |  | 434,248 |
Current liabilities |  | (33,844) |  | (9,697) |
Non-current liabilities |  | (277,932) |  | (107,902) |
The most significant impacts of Gimi MS VIE's operations on our consolidated statement of cash flows, as of December 31, 2020 and 2019, are as follows:
(in thousands of $) | 2020 | 2019
Statement of cash flows |  |
Additions to asset under development | 217,590 |  | 376,276 |
Financing costs paid | (11,302) |  | (20,938) |
Net debt receipts | 170,000 |  | 130,000 |
Proceeds from subscription of equity interest | 11,081 |  | 115,246 |
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 1096 Hilli Common Units in July 2018 | 304,468 |  |
Changes from net loss attributable to stockholders of Golar LNG Limited and transfers to non-controlling interests | 73,040 |  |
Schedule of Other Ownership Interests | The ownership interests in Hilli LLC are represented by three classes of units: the Hilli Common Units, the Series A Special Units and the Series B Special Units. After the Hilli Disposal, the ownership structure of Hilli LLC is as follows:
| Percentage ownership interest
| Common Units | Series A Special Units | Series B Special Units
Golar LNG Limited | 44.6 | % | 89.1 | % | 89.1 | %
Golar Partners | 50.0 | % | — | % | — | %
Keppel | 5.0 | % | 10.0 | % | 10.0 | %
B&V | 0.4 | % | 0.9 | % | 0.9 | %

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=121559654&loc=SL6759159-111685 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5747-111685 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121559654&loc=SL6228884-111685 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5728-111685 + Details
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