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VARIABLE INTEREST ENTITIES ("VIEs") (Tables)

12 Months Ended

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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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.

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VARIABLE INTEREST ENTITIES [Abstract]

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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.

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