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VARIABLE INTEREST ENTITIES ("VIEs") (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2021:
Vessel | Effective from | Lessor | Sales value (in $ millions) | Lease duration | Next repurchase option (in $ millions) | Date of next repurchase option | Net repurchase obligation at end of lease term (in $ millions) | End of lease term
Golar Glacier(1) | October 2014 | ICBCL | 204.0 | 10 years | 118.3 | October 2022(2) | 113.4 | April 2023
Golar Kelvin (1) | January 2015 | ICBCL | 204.0 | 10 years | 121.7 | January 2022(2) | 71.0 | January 2025
Golar Snow(1) | January 2015 | ICBCL | 204.0 | 10 years | 126.2 | January 2022(2) | 116.2 | April 2023
Golar Ice (1) | February 2015 | ICBCL | 204.0 | 10 years | 121.2 | February 2022(2) | 71.0 | January 2025
Golar Seal | March 2016 | CCBFL | 203.0 | 10 years | 99.2 | March 2022(2) | 63.4 | March 2026
Golar Crystal | March 2017 | COSCO | 187.0 | 10 years | 85.3 | March 2022(2) | 50.0 | March 2027
Hilli | June 2018 | CSSC | 1,200.0 | 10 years | 611.9 | June 2023 | 300.0 | June 2028
Golar Bear | June 2020 | AVIC | 160.0 | 7 years | 100.1 | March 2022(2) | 35.0 | June 2027
(1) In June 2021, we entered into certain amendments to our ICBCL sale and leaseback facilities which include (i) prepayment of $15.0 million for each sale and leaseback facility in July 2021; and (ii) bringing forward our obligation to repurchase the Golar Glacier and Golar Snow to April 2023 from October 2024 and January 2025, respectively. (2) We did not exercise our previous repurchase options.
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, 2021, are shown below:
(in thousands of $) | 2022 | 2023 | 2024 | 2025 | 2026 | 2027+
Golar Glacier | 17,100 | 4,451 | — | — | — | —
Golar Kelvin | 19,710 | 19,710 | 18,468 | — | — | —
Golar Snow | 17,100 | 3,608 | — | — | — | —
Golar Ice | 19,710 | 19,710 | 19,764 | 162 | — | —
Golar Seal (1) | 13,717 | 13,754 | 13,717 | 13,717 | — | —
Golar Crystal (2) | 10,659 | 10,622 | 10,593 | 10,534 | 10,500 | 1,753
Hilli (2) | 105,509 | 101,717 | 98,016 | 94,133 | 90,341 | 107,583
Golar Bear (2) | 15,755 | 15,153 | 14,562 | 13,949 | 13,347 | 2,721
(1) In November 2021, we entered into another supplementary agreement with the existing lender CCBFL to extend further 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, given the put option is maturing in January 2025 (note 21). (2) The payment obligations relating to the Golar Crystal, Hilli and Golar Bear above includes variable rental payments due under the lease based on assumed LIBOR plus a margin.
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, 2021 and 2020, are as follows:
(in thousands of $) | Golar Glacier | Golar Kelvin | Golar Snow | Golar Ice | Golar Seal | Golar Crystal | Hilli | Golar Bear | 2021 | 2020
Assets |  |  |  |  |  |  |  |  | Total | Total
Restricted cash and short-term deposits (note 15) | 4,340 |  | 5,068 |  | 4,410 |  | 6,689 |  | 3,432 |  | 4,612 |  | 16,523 |  | 14,156 |  | 59,230 |  | 36,875 |
Liabilities |  |  |  |  |  |  |  |  |  |
Debt: |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt and short-term debt (1) | (82,752) |  | (99,463) |  | (81,906) |  | (54,872) |  | — |  | (8,691) |  | (380,554) |  | — |  | (708,238) |  | (865,982) |
Long-term interest bearing debt - non-current portion (1) | — |  | — |  | — |  | — |  | (78,540) |  | (66,109) |  | (216,313) |  | (104,044) |  | (465,006) |  | (625,119) |
| (82,752) |  | (99,463) |  | (81,906) |  | (54,872) |  | (78,540) |  | (74,800) |  | (596,867) |  | (104,044) |  | (1,173,244) |  | (1,491,101) |
(1) Where applicable, these balances are net of deferred finance charges (note 21). 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, 2021, 2020 and 2019 are as follows:
(in thousands of $) | 2021 | 2020 | 2019
Statement of income |  |  |
Interest expense | 22,670 |  | 34,733 |  | 69,373 |
Statement of cash flows |  |  |
Net debt repayments | (331,929) |  | (550,663) |  | (410,737) |
Net debt receipts | 13,250 |  | 459,707 |  | 144,278 |
Financing costs paid | (1,568) |  | (3,931) |  | — |
The assets and liabilities of Hilli LLC (1) that most significantly impacted our consolidated balance sheet as of December 31, 2021 and 2020, are as follows:
(in thousands of $) | 2021 | 2020
Balance sheet |  |
Current assets | 157,643 |  | 65,629 |
Non-current assets | 1,280,217 |  | 1,203,805 |
Current liabilities | (444,352) |  | (447,701) |
Non-current liabilities | (270,371) |  | (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 impacts of Hilli LLC VIE's operations on our consolidated statements of operations and consolidated statements of cash flows, as of December 31, 2021 and 2020, are as follows:
(in thousands of $) | 2021 | 2020 | 2019
Statement of operations |  |  |
Liquefaction services revenue | 221,020 |  | 226,061 |  | 218,096 |
Realized and unrealized gain/(loss) on oil and gas derivative instruments | 202,998 |  | (42,561) |  | (26,001) |
Statement of cash flows |  |  |
Net debt repayments | (97,056) |  | (322,304) |  | (243,513) |
Net debt receipts | 2,848 |  | 230,721 |  | 129,454 |
The assets and liabilities of Gimi MS that most significantly impacted our consolidated balance sheet as of December 31, 2021 and 2020, are as follows:
(in thousands of $) | Notes | 2021 | 2020
Balance sheet |  |  |
Current assets |  | 7,107 |  | 15,505 |
Non-current assets | 18 | 877,835 |  | 658,247 |
Current liabilities |  | (18,127) |  | (33,844) |
Non-current liabilities |  | (389,244) |  | (277,932) |
The most significant impacts of Gimi MS VIE's operations on our consolidated statement of cash flows, as of December 31, 2021 and 2020, are as follows:
(in thousands of $) | 2021 | 2020 | 2019
Statement of cash flows |  |  |
Additions to asset under development | 213,481 |  | 217,590 |  | 376,276 |
Financing costs paid | (5,605) |  | (11,302) |  | (20,938) |
Net debt receipts | 110,000 |  | 170,000 |  | 130,000 |
Proceeds from subscription of equity interest | 25,403 |  | 11,081 |  | 115,246 |
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 bareboat charter rates per day based on Base LIBOR Interest Rate for each of the next five fiscal years succeeding the latest balance sheet date. + 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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