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Variable Interest Entities ("VIE") (Tables) | 9 Months Ended
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Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Summary of Bareboat Charters | A summary of our payment obligations (excluding repurchase options and obligations) under the bareboat charters with the lessor VIEs as of September 30, 2021, are shown below:
(in thousands of $) | 2021 (1) | 2022 | 2023 | 2024 | 2025 | 2026+
Golar Glacier (2) | 4,310 | 17,100 | 4,451 | — | — | —
Golar Kelvin (2) | 4,968 | 19,710 | 19,710 | 18,468 | — | —
Golar Snow (2) | 4,310 | 17,100 | 3,608 | — | — | —
Golar Ice (2) | 4,968 | 19,710 | 19,710 | 19,764 | 162 | —
Golar Tundra (3)(4) | 4,305 | 7,075 | — | — | — | —
Golar Seal (5) | 3,382 | 13,717 | 13,754 | 13,717 | 13,717 | —
Golar Crystal (3) | 2,597 | 10,379 | 10,363 | 10,356 | 10,321 | 12,035
Hilli (3) | 26,445 | 103,630 | 100,019 | 96,494 | 92,796 | 195,574
Golar Bear (3) | 3,950 | 15,459 | 14,894 | 14,339 | 13,763 | 15,919
(1) For the three months ending December 31, 2021. (2) In June 2021, we entered into certain amendments to our four ICBC sale and leaseback facilities which includes (i) prepayment of $15.0 million for each sale and leaseback facility in July 2021; (ii) increase in daily debt service costs from $46,850 to $54,000 for the Golar Ice and Golar Kelvin facilities; and (iii) brought forward our obligation to repurchase the Golar Glacier and Golar Snow to April 2023 from October 2024 and January 2025, respectively. (3) 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 an assumed LIBOR plus margin. (4) In August 2021, we refinanced the Golar Tundra Facility, which has a put option of $101.1 million that would become exercisable in January 2022 were we not to have sufficiently advanced plans to refinance the 2017 Convertible Bonds by that date, otherwise the Golar Tundra Facility matures in June 2022. (5) In October 2021, we entered into a supplementary agreement with existing lender from CCBFL to extend Golar Seal's put option to January 2025. The last payment obligation relating to the Golar Seal has been presented in 2025 even though the maturity of the lease obligation is in March 2026, due to the put option maturing in January 2025.
Schedule of Variable Interest Entities | The assets and liabilities of these lessor VIEs that most significantly impact our consolidated balance sheet as of September 30, 2021 and December 31, 2020, are as follows:
(in thousands of $) | Golar Glacier | Golar Kelvin | Golar Snow | Golar Ice | Golar Tundra | Golar Seal | Golar Crystal | Hilli | Golar Bear | September 30, 2021 | December 31, 2020
Assets |  |  |  |  |  |  |  |  |  | Total | Total
Restricted cash and short-term deposits | 30 |  | 100 |  | 100 |  | 47 |  | — |  | 13,767 |  | 4,686 |  | 25,904 |  | 20,471 |  | 65,105 |  | 36,875 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Debt: |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt and short-term debt (1) | (82,728) |  | (99,450) |  | (81,883) |  | (54,860) |  | (78,196) |  | — |  | (8,358) |  | (396,866) |  | — |  | (802,341) |  | (865,982) |
Long-term interest-bearing debt - non-current portion (1) | — |  | — |  | — |  | — |  | — |  | (90,293) |  | (68,603) |  | (232,158) |  | (113,767) |  | (504,821) |  | (625,119) |
| (82,728) |  | (99,450) |  | (81,883) |  | (54,860) |  | (78,196) |  | (90,293) |  | (76,961) |  | (629,024) |  | (113,767) |  | (1,307,162) |  | (1,491,101) |
(1) Where applicable, these balances are net of deferred finance charges. The most significant impact of the lessor VIE's operations on our unaudited consolidated statements of operations, and unaudited consolidated statements of cash flows, are as follows:
(in thousands of $) | Nine months ended September 30,
| 2021 | 2020
Statement of operations |  |
Interest expense | 20,467 |  | 27,752 |
Statement of cash flows |  |
Net debt repayments | (197,308) |  | (352,046) |
Net debt receipts | 12,920 |  | 444,307 |
Financing costs paid | (700) |  | (2,731) |
The assets and liabilities of Hilli LLC(1) that most significantly impact our consolidated balance sheet are as follows:
(in thousands of $) | September 30, 2021 | December 31, 2020
Balance sheet |  |
Current assets | 81,515 |  | 65,629 |
Non-current assets | 1,339,496 |  | 1,203,805 |
Current liabilities | (457,323) |  | (447,701) |
Non-current liabilities | (295,333) |  | (345,058) |
(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 operations, and unaudited consolidated statements of cash flows, are as follows:
(in thousands of $) | Nine months ended September 30,
| 2021 | 2020
Statement of operations |  |
Liquefaction services revenue | 164,614 |  | 163,572 |
Realized and unrealized gain/(loss) on oil and gas derivative instruments | 157,119 |  | (36,861) |
Statement of cash flows |  |
Net debt repayments | (64,854) |  | (281,972) |
Net debt receipts | 2,848 |  | 223,821 |
The assets and liabilities of Gimi MS that most significantly impact our consolidated balance sheet are as follows:
(in thousands of $) | September 30, 2021 | December 31, 2020
Balance sheet |  |
Current assets | 4,385 |  | 15,505 |
Non-current assets | 850,589 |  | 658,247 |
Current liabilities | (24,954) |  | (33,844) |
Non-current liabilities | (388,809) |  | (277,932) |
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,
| 2021 | 2020
Statement of cash flows |  |
Additions to asset under development | 183,305 |  | 142,397 |
Capitalized financing costs | (4,432) |  | (5,313) |
Net debt receipts | 110,000 |  | 95,000 |
Proceeds from subscription of equity interest | 16,872 |  | 7,098 |

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- Definition Tabular disclosure of the bareboat charter rates per day + References No definition available. + Details
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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=123419778&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=123419778&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=123419778&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=123419778&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=123419778&loc=d3e5728-111685 + Details
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