XML 47 R40.htm IDEA: XBRL DOCUMENT v3.21.2

Restricted Cash and Short Term Deposits (Tables)

6 Months Ended

Jun. 30, 2021

Supplemental Cash Flow Elements [Abstract]

Restrictions on Cash and Cash Equivalents

Our restricted cash and short-term deposits balances are as follows:

(in thousands of $)			June 30, 2021			December 31, 2020
Restricted cash in relation to the Hilli (1)			60,721			77,212
Restricted cash and short-term deposits held by lessor VIEs (note 10)			51,228			36,875
Restricted cash in relation to the LNG Croatia (2)			11,329			—
Restricted cash relating to interest rate swaps (note 18)			3,140			8,864
Restricted cash relating to the $1.125 billion debt facility			2,551			2,615
Restricted cash related to Hygo performance guarantee(3)			1,500			—
Restricted cash relating to office lease			799			868
Restricted cash relating to disposal of LNG Croatia			—			36,747
Total restricted cash and short-term deposits			131,268			163,181
Less: Amounts included in current restricted cash and short-term deposits			(58,421)			(100,361)
Long-term restricted cash			72,847			62,820

(1) In November 2015, in connection with the issuance of a $400 million letter of credit ("LC") by a financial institution to our project partner involved in the Hilli, we posted an initial cash collateral of $305.0 million to support the performance guarantee. Under the provisions of the $400 million LC, the terms allow for a stepped reduction in the value of the guarantee over time and thus, a concurrent reduction in the cash collateral requirements. In May 2021, following the production of 3.6 million tonnes of LNG, the LC was reduced to $100.0 million and the cash collateral to $60.7 million.

(2) In connection with Operation & Maintenance ("O&M") Agreement that we entered with LNG Hrvatska d.o.o. to operate and maintain the FSRU, LNG Croatia, we are required to hold a performance guarantee of $11.3 million, which will remain restricted throughout the 10 year O&M Agreement term.

(3) In connection with the disposal of Hygo, we provided a $1.5 million performance guarantee to the senior lenders of CELSE to enable the lenders to waive their consent to a change of control and extend the technical completion date. The guarantee expires in January 2022.

X

- Definition

Tabular disclosure of cash and cash equivalents restricted as to withdrawal or usage.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(1)(a))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123431023&loc=SL98516268-108586

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 4: 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(1))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

+ Details

Name:	us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SupplementalCashFlowElementsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration