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Restricted Cash and Short-Term Deposits | 6 Months Ended
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Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract] |
Restricted Cash and Short-Term Deposits | RESTRICTED CASH AND SHORT-TERM DEPOSITS Our restricted cash and short-term deposits balances are as follows:
(in thousands of $) | June 30, 2022 | December 31, 2021
Restricted cash in relation to the Hilli (1) | 60,817 |  | 60,720 |
Restricted cash and short-term deposits held by lessor VIEs (note 12) | 16,735 |  | 16,523 |
Restricted cash in relation to the LNG Croatia (2) | 11,344 |  | 11,328 |
Restricted cash related to Hygo performance guarantee (3) | 1,502 |  | 1,500 |
Restricted cash relating to office lease | 1,068 |  | 2 |
Restricted cash in relation to liability on legacy UK tax leases (4) | — |  | 16,000 |
Total restricted cash and short-term deposits | 91,466 |  | 106,073 |
Less: Amounts included in current restricted cash and short-term deposits | (18,238) |  | (34,025) |
Long-term restricted cash | 73,228 |  | 72,048 |
(1) In November 2015, in connection with the issuance of a $400 million letter of credit (“LC”) by a financial institution to the customer of the FLNG Hilli, we recognized an initial cash collateral of $305.0 million to support the Hilli performance guarantee. Under the provisions of the 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, once the Hilli reached 3.6 million tonnes of LNG production, the LC was reduced to $100 million and the cash collateral to $60.8 million. (2) In connection with the O&M Agreement, we are required to maintain a performance guarantee of €9.3 million and $1.3 million, which will remain restricted throughout the 10-year term of the O&M Agreement. (3) In connection with the disposal of Hygo, we provided a $1.5 million performance guarantee to the senior lenders of Centrais Eléctricas de Sergipe S.A. (“CELSE”) to enable the lenders to waive their requirement for consent in the event of a change of control and extend the technical completion date. (4) The lessor of our six legacy UK leases had a first priority security interest in relation to the Golar Gandria and second priority interests in relation to the Golar Tundra and Golar Frost with cash collateral of $16.0 million. Upon reaching a settlement in April 2022, this was released (note 22).

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