Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2018 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | GOLAR LNG LTD |
Entity Central Index Key | 1,207,179 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q3 |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2018 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Total operating revenues | $ 248,665 | $ 85,950 | |
Vessel operating expenses | 67,761 | 38,870 | |
Voyage and charterhire expenses | 15,307 | 20,637 | |
Administrative expenses | 38,867 | 27,188 | |
Project development expenses | 16,964 | 6,383 | |
Depreciation and amortization | [1] | 65,394 | 59,937 |
Total operating expenses | 254,727 | 174,206 | |
Realized and unrealized gain on oil derivative instrument | 200,088 | 0 | |
Other operating gains and losses | [2] | 23,278 | 0 |
Total other operating income | 223,366 | 0 | |
Operating income (loss) | 217,304 | (88,256) | |
Other non-operating income | |||
Other | 0 | 108 | |
Total other non-operating income | 0 | 108 | |
Financial income (expense) | |||
Interest income | 7,150 | 4,704 | |
Interest expense | (70,657) | (53,085) | |
(Losses) gains on derivative instruments | (12,258) | 580 | |
Other financial items, net | 4,621 | (4,075) | |
Net financial expense | (71,144) | (51,876) | |
Income (loss) before income taxes, equity in net earnings (losses) of affiliates and non-controlling interests | 146,160 | (140,024) | |
Income taxes | (640) | (1,070) | |
Equity in net earnings (losses) of affiliates | (3,547) | (19,100) | |
Net income (loss) | [1] | 141,973 | (160,194) |
Net income attributable to non-controlling interests | (60,444) | (23,332) | |
Net income (loss) attributable to Golar LNG Limited | $ 81,529 | $ (183,526) | |
Basic and diluted loss per share (in USD per share) | $ 0.81 | $ (1.82) | |
Cash dividends declared and paid per share (in USD per share) | $ 0.225 | $ 0.15 | |
Other operating gain | $ 36,000 | ||
Other operating loss | 12,700 | ||
Time and Voyage Charter | |||
Total operating revenues | 123,414 | $ 52,004 | |
Liquefaction Services | |||
Total operating revenues | 73,101 | 0 | |
Vessel and Other Management Fees | |||
Total operating revenues | 15,968 | 16,930 | |
Collaborative Arrangement | |||
Voyage and charterhire expenses | 50,434 | 21,191 | |
Collaborative Arrangement | Time Charter | |||
Total operating revenues | $ 36,182 | $ 17,016 | |
[1] | Following the adoption of the amendments to ASC 230, the statement of cash flows presents the change in the period in total cash, cash equivalents and restricted cash. These amendments have been applied retrospectively for the nine months ended September 30, 2017. | ||
[2] | This represents initial amounts of $36.0 million recovered in connection with the ongoing arbitration proceedings arising from the delays and the termination of the Golar Tundra time charter with a former charterer, partially offset by a write off of $12.7 million of the trading balance with OneLNG, subsequent to the decision to dissolve OneLNG, as we deem it to be no longer recoverable (see note 16). |
UNAUDITED CONSOLIDATED STATEM_2
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | [1] | $ 141,973 | $ (160,194) |
Other comprehensive (loss) income: | |||
Net (loss) gain on qualifying cash flow hedging instruments | (5,038) | 1,621 | |
Net loss on foreign currency translation | (22,830) | 0 | |
Other comprehensive (loss) income | (27,868) | 1,621 | |
Comprehensive income (loss) | 114,105 | (158,573) | |
Comprehensive income (loss) attributable to: | |||
Stockholders of Golar LNG Limited | 53,661 | (181,905) | |
Non-controlling interests | $ 60,444 | $ 23,332 | |
[1] | Following the adoption of the amendments to ASC 230, the statement of cash flows presents the change in the period in total cash, cash equivalents and restricted cash. These amendments have been applied retrospectively for the nine months ended September 30, 2017. |
UNAUDITED CONSOLIDATED BALANCE
UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Current | |||
Cash and cash equivalents | $ 306,387 | $ 214,862 | |
Restricted cash and short-term deposits | 302,456 | 222,265 | |
Trade accounts receivable | [1] | 37,474 | 14,980 |
Inventories | 5,998 | 7,408 | |
Other current assets | 15,982 | 6,047 | |
Amounts due from related parties | 18,109 | 7,898 | |
Total current assets | 686,406 | 473,460 | |
Non-current | |||
Restricted cash | 155,320 | 175,550 | |
Investments in affiliates | 702,222 | 703,225 | |
Asset under development | 0 | 1,177,489 | |
Vessels and equipment, net | 3,315,960 | 2,077,059 | |
Other non-current assets | 327,176 | 157,504 | |
Total assets | 5,187,084 | 4,764,287 | |
Current | |||
Current portion of long-term debt and short-term debt | 830,911 | 1,384,933 | |
Trade accounts payable | 7,573 | 70,430 | |
Accrued expenses | 157,970 | 105,895 | |
Other current liabilities (2) | [2] | 96,545 | 62,282 |
Amounts due to related parties | 6,571 | 8,734 | |
Total current liabilities | 1,099,570 | 1,632,274 | |
Non-current | |||
Long-term debt | 1,788,669 | 1,025,914 | |
Amounts due to related parties | 0 | 177,247 | |
Other non-current liabilities | 152,449 | 132,548 | |
Total liabilities | 3,040,688 | 2,967,983 | |
Equity | |||
Stockholders' equity | 2,063,226 | 1,715,316 | |
Non-controlling interests | 83,170 | 80,988 | |
Total liabilities and stockholders' equity | $ 5,187,084 | $ 4,764,287 | |
[1] | This includes amounts arising from transactions with related parties (see note 16). | ||
[2] | This includes the total return equity swap liability (see note 15). |
UNAUDITED CONSOLIDATED STATEM_3
UNAUDITED CONSOLIDATED STATEMENTS OF CASHFLOWS - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
OPERATING ACTIVITIES | |||
Net income (loss) | [1] | $ 141,973 | $ (160,194) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | [1] | 65,394 | 59,937 |
Amortization of deferred charges and debt guarantees | [1] | 6,750 | (2,306) |
Equity in net earnings (losses) of affiliates | [1] | 3,547 | 19,100 |
Dividends received, operating activities | [1],[2] | 15,837 | 25,079 |
Compensation cost related to share options | [1] | 9,113 | 6,196 |
Net foreign exchange loss | [1] | 973 | 2,034 |
Change in fair value of derivative instruments | [1] | 12,258 | (580) |
Change in assets and liabilities: | |||
Trade accounts receivable | [1] | (22,494) | (1,191) |
Inventories | [1] | 1,410 | (2,313) |
Other current and non-current assets | [1] | 3,482 | (2,596) |
Amounts due to related companies | [1] | (13,050) | (32,706) |
Trade accounts payable | [1] | (26,092) | (2,376) |
Accrued expenses | [1] | 9,681 | 21,030 |
Other current and non-current liabilities | [1] | 39,099 | 16,396 |
Net cash provided by (used in) operating activities | [1] | 61,270 | (54,490) |
INVESTING ACTIVITIES | |||
Additions to vessels and equipment | [1] | (2,999) | (1,233) |
Additions to asset under development | [1] | (116,715) | (169,542) |
Additions to investments in affiliates | [1] | (65,972) | (91,499) |
Dividends received, investing activities | [1],[2] | 23,760 | 13,434 |
Proceeds from disposals to Golar Partners | [1] | 0 | 70,000 |
Net cash used in investing activities | [1] | (161,926) | (178,840) |
FINANCING ACTIVITIES | |||
Proceeds from short-term and long-term debt | [1] | 1,177,748 | 778,432 |
Repayments of short-term and long-term debt | [1] | (936,896) | (398,316) |
Payment for capped call in connection with bond issuance | [1] | 0 | (31,194) |
Cash effect of consolidating Hilli Lessor VIE | [1],[3] | 36,532 | 0 |
Cash dividends paid | [1] | (27,085) | (15,384) |
Proceeds from exercise of share options | [1] | 2,597 | 203 |
Financing costs paid | [1] | (754) | (1,564) |
Net cash provided by financing activities | [1] | 252,142 | 332,177 |
Net increase in cash, cash equivalents and restricted cash | [1] | 151,486 | 98,847 |
Cash, cash equivalents and restricted cash at beginning of period | [1] | 612,677 | 640,218 |
Cash, cash equivalents and restricted cash at end of period | [1] | 764,163 | 739,065 |
Energy Related Derivative - Oil | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Change in fair value of derivative instruments | [1] | $ (186,611) | $ 0 |
[1] | Following the adoption of the amendments to ASC 230, the statement of cash flows presents the change in the period in total cash, cash equivalents and restricted cash. These amendments have been applied retrospectively for the nine months ended September 30, 2017. | ||
[2] | Following the adoption of the amendments to ASC 230, we have made an accounting policy election to classify distributions received from equity method investees using the "cumulative earnings approach" and, as a result, certain of the dividends received have been retrospectively reclassified, where required, as cash inflows from investing activities for the nine months ended September 30, 2017. | ||
[3] | This relates to the cash reserves held by the Hilli Lessor VIE as of the date that we determined ourselves to be its primary beneficiary and thus required to consolidate the VIE. See note 8. |
UNAUDITED CONSOLIDATED STATEM_4
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Share Capital | Treasury Shares | Additional Paid-in Capital | Contributed Surplus | [1] | Accumulated Other Comprehensive (Loss) Income | Accumulated Retained Earnings (Losses) | Total before Non-controlling Interest | Non-controlling Interest | ||
Beginning balance at Dec. 31, 2016 | $ 1,909,826 | $ 101,081 | $ (20,483) | $ 1,488,556 | $ 200,000 | $ (9,542) | $ 103,650 | $ 1,863,262 | $ 46,564 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | (160,194) | [2] | (183,526) | (183,526) | 23,332 | |||||||
Dividends | (14,635) | (14,635) | (14,635) | |||||||||
Exercise of share options | 204 | 27 | 177 | 204 | ||||||||
Grant of share options | 7,866 | 7,866 | 7,866 | |||||||||
Forfeiture of share options | (120) | (120) | (120) | |||||||||
Other comprehensive income (see note 14) | 1,621 | 1,621 | 1,621 | |||||||||
Issuance of convertible bonds | 39,861 | 39,861 | 39,861 | |||||||||
Ending balance at Sep. 30, 2017 | 1,784,429 | 101,108 | (20,483) | 1,536,340 | 200,000 | (7,921) | (94,511) | 1,714,533 | 69,896 | |||
Beginning balance at Dec. 31, 2017 | 1,796,304 | 101,119 | (20,483) | 1,538,191 | 200,000 | (7,769) | (95,742) | 1,715,316 | 80,988 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | 141,973 | [2] | 81,529 | 81,529 | 60,444 | |||||||
Dividends | (37,958) | (22,350) | (22,350) | (15,608) | ||||||||
Exercise of share options | 2,597 | 180 | 2,417 | 2,597 | ||||||||
Grant of share options | 11,026 | 11,159 | (133) | 11,026 | ||||||||
Forfeiture of share options | (1,492) | (1,492) | (1,492) | |||||||||
Effect of consolidating Hilli Lessor VIE | [3] | 28,703 | 28,703 | |||||||||
Sale of equity interest in common units | [4] | 177,977 | 304,468 | 304,468 | (126,491) | |||||||
Conversion of debt to equity (see note 13) | 55,134 | 55,134 | ||||||||||
Other comprehensive income (see note 14) | (27,868) | (27,868) | (27,868) | |||||||||
Ending balance at Sep. 30, 2018 | $ 2,146,396 | $ 101,299 | $ (20,483) | $ 1,854,743 | $ 200,000 | $ (35,637) | $ (36,696) | $ 2,063,226 | $ 83,170 | |||
[1] | Contributed Surplus is capital that can be returned to stockholders without the need to reduce share capital, thereby giving Golar greater flexibility when it comes to declaring dividends. | |||||||||||
[2] | Following the adoption of the amendments to ASC 230, the statement of cash flows presents the change in the period in total cash, cash equivalents and restricted cash. These amendments have been applied retrospectively for the nine months ended September 30, 2017. | |||||||||||
[3] | This relates to the reserves held by the Hilli Lessor VIE as of the date that we determined ourselves to be its primary beneficiary and thus required to consolidate the VIE. See note 8. | |||||||||||
[4] | In the current quarter, we completed the dropdown of 50% of the Hilli Common Units in Golar Hilli LLC to Golar Partners. As we retain control of the entity, the dropdown is accounted for as a partial disposal within equity. See note 1. |
General
General | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | GENERAL Golar LNG Limited (the "Company" or "Golar") was incorporated in Hamilton, Bermuda on May 10, 2001 for the purpose of acquiring the liquefied natural gas ("LNG") shipping interests of Osprey Maritime Limited, which was owned by World Shipholding Limited. As of September 30, 2018 , our fleet comprises of 12 LNG carriers, one Floating Storage Regasification Unit (''FSRU'') and one Floating Liquefaction Natural Gas vessel ("FLNG"). We also operate, under management agreements, Golar LNG Partners LP's ("Golar Partners" or the "Partnership") fleet of 10 vessels and Golar Power Limited's ("Golar Power") fleet of three vessels. Collectively with Golar Partners and Golar Power, our combined fleet is comprised of 18 LNG carriers, eight FSRUs and one FLNG. As used herein and unless otherwise required by the context, the terms "Golar", the "Company", "we", "our" and words of similar import refer to Golar or anyone or more of its consolidated subsidiaries, or to all such entities. FLNG Hilli The Hilli Episeyo (the " Hilli ") is in full commercial operation under the Liquefaction Tolling Agreement ("LTA") with Perenco Cameroon S.A. ("Perenco") and Société Nationale des Hydrocarbures ("SNH"). The LTA with Perenco and SNH (together, the "Customer"), was executed on November 29, 2017 and considered legally effective on December 19, 2017 when all conditions precedent were met. Following the effectiveness of the LTA, a derivative asset of $79.6 million was initially recognized, representing the fair value of the estimated discounted cash flows of payments due to us as a result of the Brent Crude price moving above the contractual floor of $60.00 per barrel over the contract term. The derivative asset is subsequently remeasured to fair value at each balance sheet date. The fair value as of September 30, 2018 and December 31, 2017 was $280.5 million and $94.7 million , respectively (see note 15). This resulted in the recognition of an unrealized gain of $185.8 million and $ nil for the nine months ended September 30, 2018 and 2017, respectively, presented under "Other operating income" under the line item "Realized and unrealized gain on oil derivative instrument" in our consolidated statements of income (see note 2). The corresponding liability relating to the initial fair value of the oil derivative instrument ("Day 1 gain") of $79.6 million was deferred and is being released to earnings on a straight-line basis over the term of the LTA, presented under the line item "Liquefaction services revenue" in the consolidated statements of income (see note 5). Hilli Disposal On July 12, 2018 (the "Closing Date"), we and affiliates of Keppel Shipyard Limited ("Keppel") and Black & Veatch Corporation ("B&V") (together, the "Sellers"), completed the sale ("Hilli Disposal") to Golar Partners of common units in our consolidated subsidiary Golar Hilli LLC ("Hilli LLC") (the "Hilli Common Units"), which owns Golar Hilli Corp. ("Hilli Corp"), the disponent owner of the Hilli . The selling price for the Hilli Disposal was $658 million , less 50% of our net lease obligations under the Hilli Facility (see note 13) on the Closing Date and working capital adjustments. On August 15, 2017, concurrently with our entry into the purchase and sale agreement for the Hilli Disposal (the "Hilli Sale Agreement"), we received a deposit from Golar Partners, which, together with accrued interest, equaled $71.9 million on the Closing Date (the "Hilli deposit"), combined with Golar Partners’ payment for its exercise of the Tundra Put Right, which, together with accrued interest, equaled $110.1 million on the Closing Date (the "Deferred Purchase Price"). We applied the Hilli Deposit, the Deferred Purchase Price and interest accrued thereon as payment for the Hilli Disposal. We entered into the Amended and Restated Limited Liability Company Agreement of Hilli LLC (the "LLC Agreement") on July 12, 2018. 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, we own: • 44.6% of the Hilli Common Units, with the remaining Hilli Common Units owned by Golar Partners, Keppel and B&V ( 50.0% , 5.0% and 0.4% , respectively); • 89.1% of the Series A Special Units, with the remaining Series A Special Units owned by Keppel and B&V ( 10.0% and 0.9% , respectively); and • 89.1% of the Series B Special Units, with the remaining Series B Special Units owned by Keppel and B&V ( 10.0% and 0.9% , respectively). We are the managing member of Hilli LLC and are responsible for all operational, management and administrative decisions relating to Hilli LLC’s business and, as a result, we continue to consolidate both Hilli LLC and Hilli Corp. All three classes of ownership interests in Hilli LLC have certain participating and protective rights. We reflect Keppel and B&V’s ownership in Hilli LLC’s Series A Special Units and Series B Special Units as non-controlling interests in our financial statements. The LLC Agreement provides that within 60 days after the end of each quarter (commencing with the quarter ending September 30, 2018), we, in our capacity as the managing member of Hilli LLC, shall determine the amount of Hilli LLC’s available cash and appropriate reserves (including cash reserves for future maintenance capital expenditures, working capital and other matters), and Hilli LLC shall make a distribution to the unitholders of Hilli LLC (the "Hilli Unitholders") of the available cash, subject to such reserves. Hilli LLC shall make distributions to the Hilli Unitholders when, as and if declared by us; provided, however, that no distributions may be made on the Hilli Common Units on any distribution date unless Series A Distributions (defined below) and Series B Distributions (defined below) for the most recently ended quarter and any accumulated Series A Distributions and Series B Distributions in arrears for any past quarter have been or contemporaneously are being paid or provided for. Series A Special Units: The Series A Special Units rank senior to the Hilli Common Units and on par with the Series B Special Units. Upon termination of the LTA, Hilli LLC has a right to redeem the Series A Special Units from legally available funds at a redemption price of $1 plus any unpaid distributions. There are no conversion features on the Series A Special Units. "Series A Distributions" reflect all incremental cash receipts by Hilli Corp during such quarter when Brent Crude prices rise above $60 per barrel with contractually defined adjustments. Series B Special Units: The Series B Special Units rank senior to the Hilli Common Units and on par with the Series A Special Units. There are no conversion or redemption features on the Series B Special Units. Incremental returns generated from future vessel expansion capacity (currently uncontracted and excluding the exercise of additional capacity under the existing LTA) include cash receipts and contractually defined adjustments. Of such vessel expansion capacity distributions ("Series B Distributions"): • holders of Series B Special Units are entitled to 95% of these distributions, and • holders of Hilli Common Units are entitled to 5% of these distributions. Hilli Common Units: Distributions attributable to Hilli Common Unitholders are not declared until any accumulated Series A Special Units and Series B Special Units distributions have been paid. As discussed above, Hilli Common Unitholders are entitled to receive a pro rata share of 5% of the vessel expansion capacity distributions. Impact of partial disposal: Hilli LLC is an entity where the economic results are allocated based on the LLC Agreement rather than relative ownership percentages. This is due to the different classes of equity within the Hilli LLC entity, as discussed above (Hilli Common Units, Series A Special Units, Series B Special Units). As the LLC Agreement is a substantive contractual arrangement that specifies the allocation of cash proceeds, management has allocated the results of the Hilli LLC entity based on this. The main assumption made in the above exercise was to make certain assumptions about the allocation of non-cash components. Specifically, the unrealized mark-to-market movement in the oil derivative instrument is allocated to the Series A Special Unit holders only as they are the only unit holders who benefit from the oil-linked revenues, and the cost of the Hilli asset is allocated between the Hilli Common Unit holders and the Series B Special Unit holders. This split follows the allocation of cash revenues associated with the capacity of the asset to the Hilli Common Unit holders and the Series B Special Unit holders and also the rights that such holders have in the event of Hilli LLC being liquidated, or in the event that there is an insurance payout related to the Hilli asset. Going concern The condensed consolidated financial statements have been prepared on a going concern basis. A pre-condition of the Golar Tundra lease financing with CMBL of $125.9 million (refer to note 8), which is secured on the vessel, is for the FSRU to be employed under an effective charter. Under the terms of our sale and lease back facility for the Golar Tundra , by virtue of our prior termination of the WAGL charter, we are required to find a replacement charter by June 30, 2019, or we could be required to refinance the FSRU. A similar pre-condition also applies to the Golar Seal lease financing with CCBFL of $143.8 million (refer to note 8), which is secured on the vessel, whereby the vessel is to be employed under an effective charter by December 31, 2018, or we could be required to refinance the LNG carrier. Accordingly, to address our anticipated working capital requirements over the next 12 months, in the event we are unable to secure a charter for the Golar Tundra or the Golar Seal , we are currently exploring our refinancing options, which may include seeking further extensions by the lenders of their deadlines for satisfaction of such. While we believe we will be able to obtain the necessary funds from these refinancings, we cannot be certain that the proposed new credit facilities will be executed in time or at all. However, we have a track record of successfully financing and refinancing our vessels, even in the absence of term charter coverage. In addition to vessel refinancings, if market and economic conditions are favorable, we may also consider further issuances of corporate debt or equity to increase liquidity. Our medium and long-term liquidity requirements are primarily for funding the investments for our conversion projects including potential investments into our joint venture, and repayment of long-term debt balances. Sources of funding for our medium and long-term liquidity requirements include new loans, refinancing of existing financing arrangements, public and private debt or equity offerings, and potential sales of our interests in our vessel owning subsidiaries operating under long-term charters (including additional sales of interests in Hilli LLC). With respect to the Greater Tortue / Ahmeyim Project with BP for a FLNG vessel, pursuant to the exchange of the Heads of Terms in April 2018, we commenced FEED work to be ready for a vessel conversion for a future expected notice to proceed from BP. The vessel conversion is contingent on a positive Final Investment Decision ("FID") being taken for the project by the project partners, which is expected by the end of 2018. In the event of a positive FID, we have commenced financing discussions in relation to funding our potential future conversion commitments. |
Accounting Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Accounting Policies | ACCOUNTING POLICIES Basis of accounting The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. The condensed consolidated financial statements do not include all of the disclosures required in the annual consolidated financial statements, and should be read in conjunction with our annual financial statements for the year ended December 31, 2017 . Significant accounting policies The accounting policies adopted in the preparation of the condensed consolidated financial statements for the nine months ended September 30, 2018 are consistent with those followed in the preparation of our audited consolidated financial statements for the year ended December 31, 2017 , except for the following significant changes to our accounting policy "Revenue and related expense recognition" as a result of adopting the requirements of ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)" (hereafter, ASC 606), for further changes, see note 3, updates to our "Principles of consolidation" accounting policy for changes to ownership interests, and as a result of a change in presentation of expenses in the statements of income in quarter ended September 30, 2018 . Principles of consolidation Changes in our ownership interest while we retain a controlling financial interest in a subsidiary are accounted for as equity transactions. The carrying amount of the non-controlling interest is adjusted to reflect our changed ownership interest, with any difference between the fair value of consideration and the amount of the adjusted non-controlling interest being recognized in equity. Revenue and related expense recognition Time charter agreements Revenues include minimum lease payments under time charters and gross pool revenues. Revenues generated from time charters, which we classify as operating leases, are recorded over the term of the charter as service is provided. However, we do not recognize revenue if a charter has not been contractually committed to by a customer and ourselves, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Repositioning fees (included in time and voyage charter revenues) received in respect of time charters are recognized at the end of the charter when the fee becomes fixed and determinable. However, where there is a fixed amount specified in the charter, which is not dependent upon redelivery location, the fee will be recognized evenly over the term of the charter. Under time charters, voyage expenses are generally paid by our customers. Voyage related expenses, principally fuel, may also be incurred when positioning or repositioning the vessel before or after the period of time charter and during periods when the vessel is not under charter or is offhire, for example when the vessel is undergoing repairs. These expenses are recognized as incurred. Vessel operating expenses, which are recognized when incurred, include crewing, repairs and maintenance, insurance, stores, lube oils, communication expenses and third party management fees. Bunkers consumption represents mainly bunkers consumed during unemployment and off-hire. Liquefaction services revenue Liquefaction services revenue is generated from a LTA entered into with our customer. Our provision of liquefaction services capacity includes the receipt of the customer’s gas, treatment and temporary storage on board our FLNG, and delivery of LNG to waiting carriers. The liquefaction services capacity provided to our customer is considered a single performance obligation recognized evenly over time as our services are rendered. We consider our services a series of distinct services that are substantially the same and have the same pattern of transfer to our customer. Contractual payment terms for liquefaction services is monthly in arrears, after services have been provided, generally resulting in the recognition of contract assets. Contract assets are regularly assessed for impairment. Contract liabilities arise when the customer makes payments in advance of receiving services. The term between when invoicing and when payment is due is not significant. We recognize revenue when obligations under the terms of our contract are satisfied. We have applied the practical expedient to recognize liquefaction services revenue in proportion to the amount we have the right to invoice. Management fees Management fees are generated from commercial and technical vessel-related services and corporate and administrative services. Commercial and technical vessel-related services include vessel maintenance, providing vessel crew, making arrangements for vessel insurance, bunkering, provisions and stores, invoicing and collecting vessel hire. Corporate and administrative services include corporate services, group accounting, treasury, legal, tax, consultancy and other administrative services. These services are provided to our customers Golar Partners, Golar Power and OneLNG. Our contracts generally have an initial contract term of one year or less, after which the arrangement continues with a short notice period to end the contract, ranging from 30 days to 180 days. Our management services provided are considered a single performance obligation recognized evenly over time as our services are rendered. We consider our services a series of distinct services that are substantially the same and have the same pattern of transfer to the customer. Contractual payment terms for management fees generally allow for billing and payment in advance of services being provided. However, contract liabilities did not arise because there was no billing in recognition for services rendered in future periods at the reporting date. Contract assets arise when we render management services in advance of receiving payment from our customers. Contract assets are regularly assessed for impairment. The transaction price is generally considered variable consideration given the key driver of consideration is actual costs incurred in a given period, which varies each period according to activity levels. The entire amount of the transaction price is allocated to the single performance obligation identified. We recognize revenue when obligations under the terms of our contracts with our customers are satisfied. We have applied the practical expedient to recognize management fee revenue in proportion to the amount we have the right to invoice. Cool Pool Pool revenues and expenses under the Cool Pool arrangement have been accounted for in accordance with the guidance for collaborative arrangements. In relation to our vessels participating within the pool, voyage expenses and commissions from collaborative arrangements include an allocation of our net results from the pool to the other participants. Each participants' share of the net pool revenues is based on the number of pool points attributable to its vessels and the number of days such vessels participated in the pool. We have presented our share of the net income earned under the Cool Pool arrangement across a number of line items in the income statement. For net revenues and expenses incurred relating specifically to Golar’s vessels, and for which we are deemed the principal, these will be presented gross on the face of the income statement in the line items "Time and voyage charter revenues" and "Voyage, charterhire and commission expenses". For pool net revenues generated by the other participants in the pooling arrangement, these will be presented separately in revenue and expenses from collaborative arrangements. Refer to note 16 for an analysis of the income statement effect for the pooling arrangement. Project development expenses With effect from the quarter ended June 30, 2018, we presented a new line item in operating expenses on the face of the statements of income. The new line item, "Project development expenses", includes the costs associated with pursuing future contracts and developing our pipeline of activities that have not met our internal threshold for capitalization. Previously, these costs were presented within "Administrative expenses" along with our general overhead costs. We believe that the introduction of this new line item in the statements of income provides users of our financial statements greater transparency over a key element of our business. This presentation change has been retrospectively restated in prior periods. The change in presentation for the nine months ended September 30, 2017 is as follows: Nine months ended September 30, 2017 (in thousands of $) As previously reported Adjustments increase (decrease) As adjusted Project development expenses — 6,383 6,383 Administrative expenses 33,571 (6,383 ) 27,188 Changes in fair value of derivative instruments With effect from the quarter ended September 30, 2018, we presented two new line items in operating activities on the face of the statements of cashflows. Given the significance of the oil derivative instrument in the current year, we believe that the introduction of this new line item in the statements of cashflows provides users of our financial statements greater transparency over a key element of our business. This presentation change has been retrospectively restated in prior periods. The change in presentation for the nine months ended September 30, 2017 is as follows: Nine months ended September 30, 2017 (in thousands of $) As previously reported Adjustments (decrease) increase As adjusted Change in fair value of derivative instruments — (580 ) (580 ) Change in assets and liabilities: Other current and non-current assets (5,613 ) 3,017 (2,596 ) Other current and non-current liabilities 18,833 (2,437 ) 16,396 (Losses) gains on derivative instruments With effect from the quarter ended September 30, 2018, we presented a new line item under financial income (expense) on the face of the statements of income. The new line item, "(Losses) gains on derivative instruments", includes the movement of our derivative instruments. Previously, these items were presented within "Other financial items, net" along with our general finance costs. We believe that the introduction of this new line item in the statements of income provides users of our financial statements greater transparency over a key element of our business. This presentation change has been retrospectively restated in prior periods. The change in presentation for the nine months ended September 30, 2017 is as follows: Nine months ended September 30, 2017 (in thousands of $) As previously reported Adjustments increase (decrease) As adjusted (Losses) gains on derivative instruments — 580 580 Other financial items, net (3,495 ) (580 ) (4,075 ) Use of estimates The preparation of financial statements in accordance with United States Generally Accepted Accounting Principles ("U.S. GAAP") requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As of September 30, 2018 , we leased eight vessels under finance leases from wholly-owned special purpose vehicles ("Lessor SPVs") of financial institutions in connection with our sale and leaseback transactions. While we do not hold any equity investments in these Lessor SPVs, we have determined that we are the primary beneficiary of these entities and, accordingly, we are required to consolidate these VIEs into our financial results. The key line items impacted by our consolidation of these VIEs are short-term and long-term debt, restricted cash and short-term deposits, non-controlling interests, interest income and interest expense. In consolidating these lessor VIEs, on a quarterly basis, we must make assumptions regarding (i) the debt amortization profile; (ii) the interest rate to be applied against the VIEs’ debt principal; and (iii) the VIE's application of cash receipts. Our estimates are therefore dependent upon the timeliness of receipt and accuracy of financial information provided by these lessor VIE entities. Upon receipt of the audited annual financial statements of the lessor VIEs, we will make a true-up adjustment for any material differences. In relation to the oil derivative instrument (see note 1), the fair value was determined using the estimated discounted cash flows of the additional payments due to us as a result of oil prices moving above a contractual oil price floor over the term of the LTA. Significant inputs used in the valuation of the oil derivative instrument include management’s estimate of an appropriate discount rate and the length of time to blend the long-term and the short-term oil prices obtained from quoted prices in active markets. The changes in fair value of our oil derivative instrument is recognized in each period in current earnings in "Realized and unrealized gain on oil derivative instrument". The realized and unrealized gain on oil derivative instrument is as follows: (in thousands of $) Nine Months Ended 2018 2017 Realized gain on oil derivative instrument 14,318 — Unrealized gain on oil derivative instrument 185,770 — 200,088 — For further information on the nature of this derivative, refer to note 15. The unrealized gain results from movement in oil prices above a contractual floor price over term of the LTA; the realized gain results from monthly billings above the base tolling fee under the LTA. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards | RECENTLY ISSUED ACCOUNTING STANDARDS Adoption of new accounting standards In May 2014, the FASB issued ASC 606 and subsequent amendments. The standard provides a single, comprehensive revenue recognition model and requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We adopted this guidance on January 1, 2018, under a modified retrospective approach - see note 5 for further details. The adoption of this guidance impacts presentation and disclosure of our management fee revenue only, there is no impact to recognition or measurement. In January 2016, the FASB issued ASU 2016-01 Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which made targeted improvements to the recognition, measurement, presentation and disclosure of financial instruments. We adopted the amendments to this ASU on January 1, 2018 under a modified retrospective approach except for equity securities without a determinable fair value, for which a prospective approach is prescribed. The adoption of this ASU did not have a material impact on the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which provides guidance on the disclosure and classification of certain items within the statements of cash flows. We adopted this ASU on January 1, 2018 under a retrospective approach, resulting in presentational changes to our consolidated statements of cash flows. In November 2016, the FASB issued ASU 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash , which requires that restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts presented on the statements of cash flows. We adopted this ASU on January 1, 2018 under a retrospective approach, resulting in presentational changes to our consolidated statements of cash flows and related disclosures. The adoption changed how restricted cash is reported in the consolidated statements of cash flows as follows for the nine months ended September 30, 2017: Nine months ended September 30, 2017 (in thousands of $) Cash flow line item As previously reported Adjustments decrease As adjusted OPERATING ACTIVITIES Restricted cash and short-term deposits 323 (323 ) — INVESTING ACTIVITIES Restricted cash and short-term deposits (4,773 ) 4,773 — FINANCING ACTIVITIES Restricted cash and short-term deposits (32,025 ) 32,025 — As a result of the above changes, the following subtotals as retrospectively restated are as follows: Net increase in cash, cash equivalents and restricted cash 62,372 36,475 98,847 Cash, cash equivalents and restricted cash at beginning of period 224,190 416,028 640,218 Cash, cash equivalents and restricted cash at end of period 286,562 452,503 739,065 In January 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. We adopted this ASU prospectively from January 1, 2018. As a result, this increases the likelihood that future vessel dropdowns may be considered the sale of an asset rather than a business. However, this will be dependent upon the facts and circumstances of each prospective transaction. There was no material impact on the adoption of this ASU on our consolidated financial statements and related disclosures. In February 2017, the FASB issued ASU 2017-05 Other Income - Gains and Losses from the Derecognition of Non-Financial Assets . This ASU clarifies the scope of guidance applicable to sales of non-financial assets and also provides guidance on partial sales of such assets. We adopted this ASU prospectively from January 1, 2018. We expect any gain or loss on sale from future dropdowns, accounted for as a disposal, will be recognized in full on the disposal date, however this will be dependent on the facts and circumstances of each prospective transaction. There was no material impact to our consolidated financial statements and related disclosures on adoption of this standard. Accounting pronouncements that have been issued but not adopted In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842) and subsequent amendments. This standard requires a lessee to recognize right-of-use assets and lease liabilities on its balance sheet for all leases with terms longer than 12 months and introduces additional disclosure requirements. Lessors are required to classify leases as sales-type, finance or operating, with classification affecting the pattern of income recognition and provides guidance for sale and leaseback transactions. Classification for both lessees and lessors will be based on an assessment of whether risks and rewards as well as substantive control have been transferred through a lease contract. The standard will become effective on a modified retrospective basis for us on January 1, 2019. We are evaluating the impact of this standard on our consolidated financial statements and related disclosures. Due to the transition provisions for lessors, we expect the most significant impact of the adoption of this standard will be the recognition of lease assets and lease liabilities on our balance sheet for those leases where we are a lessee that are currently classified as operating leases. In June 2016, the FASB issued ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which requires recognition and measurement of expected credit losses for financial assets and off balance sheet credit exposures. The guidance is effective on a modified retrospective basis for us on January 1, 2020 with early adoption permitted. We are evaluating the impact of this standard on our consolidated financial statements and related disclosures. In July 2018, the FASB issued ASU 2018-09 Codification improvements . The amendments in this ASU cover a wide range of topics covering primarily minor corrections, clarifications and codification improvements. We are evaluating the impact of these amendments on our consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . These amendments change the disclosures for fair value measurements - removing or modifying certain existing disclosure requirements, and adding new disclosure requirements. We are evaluating the impact of these amendments on our consolidated financial statement disclosures. In August 2018, the FASB issued ASU 2018-14 Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans . These amendments change the disclosures for defined benefit plans - removing or clarifying certain existing disclosure requirements, and adding new disclosure requirements. We are evaluating the impact of these amendments on our consolidated financial statement disclosures. In August 2018, the FASB issued ASU 2018-15 Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . These amendments change the definition of a hosting arrangement and requires the capitalization of certain implementation costs. We are evaluating the impact of these amendments on our consolidated financial statement disclosures. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION We are a marine LNG infrastructure provider and a project development company. We own and operate LNG carriers, a FLNG and FSRUs and provide these services under time charters under varying periods. As of September 30, 2018 , we have completed the commissioning of our first FLNG vessel and have entered the power market in an effort to become a midstream LNG solution provider. Our reportable segments consist of the primary services each provides. Although our segments are generally influenced by the same economic factors, each represents a distinct product in the LNG industry. Segment results are evaluated based on net income. The accounting principles for the segments are the same as for our consolidated financial statements. "Project development expenses" are allocated to each segment based on the nature of the project. Indirect general and administrative expenses are allocated to each segment based on estimated use. The split of the organization of the business into three reportable segments is based on differences in management structure and reporting, economic characteristics, customer base, asset class and contract structure. As of September 30, 2018 , we operate in the following three reportable segments: • Vessel operations – We operate and subsequently charter out vessels on fixed terms to customers. • FLNG – In 2014, we ordered our first FLNG based on the conversion of our existing LNG carrier, the Hilli. The Hilli FLNG conversion has been completed and the vessel has been accepted by the Customer under the LTA. In July 2016, we entered into an agreement with Schlumberger B.V. ("Schlumberger") to form OneLNG, a joint venture, with the intention to offer an integrated upstream and midstream solution for the development of low cost gas reserves to LNG. As a result we report the equity in net losses of OneLNG in the FLNG segment. In May 2018, it was decided that Golar and Schlumberger will wind down OneLNG and work on FLNG projects as required on a case-by-case basis. • Power – In July 2016, we entered into certain agreements forming a 50/50 joint venture, Golar Power, with private equity firm Stonepeak. Golar Power offers integrated LNG based downstream solutions, through the ownership and operation of FSRUs and associated terminal and power generation infrastructure. Statement of Operations: Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 (3) (in thousands of $) Vessel operations FLNG Power Other (1) Total Vessel operations FLNG Power Other (1) Total Total operating revenues 175,564 73,101 — — 248,665 85,950 — — — 85,950 Depreciation and amortization (49,252 ) (16,142 ) — — (65,394 ) (59,937 ) — — — (59,937 ) Other operating expenses (158,964 ) (30,369 ) — — (189,333 ) (113,888 ) (381 ) — — (114,269 ) Other operating gains and losses 36,000 187,366 — — 223,366 — — — — — Operating income (loss) 3,348 213,956 — — 217,304 (87,875 ) (381 ) — — (88,256 ) Inter segment operating income (loss) (2) 269 — — (269 ) — 1,770 — — (1,770 ) — Segment operating (loss) income 3,617 213,956 — (269 ) 217,304 (86,105 ) (381 ) — (1,770 ) (88,256 ) Equity in net earnings (losses) of affiliates 15,485 (2,047 ) (16,985 ) — (3,547 ) (1,359 ) (5,281 ) (12,460 ) — (19,100 ) Balance Sheet: September 30, 2018 December 31, 2017 (in thousands of $) Vessel operations FLNG Power Other (1) Total Vessel operations FLNG Power Other (1) Total Total assets 3,008,178 1,925,688 258,599 (5,381 ) 5,187,084 3,025,244 1,515,463 228,696 (5,116 ) 4,764,287 Investments in affiliates 443,623 — 258,599 — 702,222 472,482 2,047 228,696 — 703,225 (1) Eliminations required for consolidation purposes. (2) Inter segment operating income (loss) relates to management fee revenues and charter revenues between the segments. (3) We no longer consider LNG trading a separate reportable segment. Given the previously reported segment information was immaterial for all periods presented, we have included these amounts within the vessel operations segment. Revenues from external customers During the nine months ended September 30, 2018 , our vessels operated predominately under charters within the Cool Pool and under our LTA with Perenco and SNH. For the nine months ended September 30, 2018 and 2017 , revenues from the following customers accounted for over 10% of our total operating revenues, excluding vessel and other management fees: Nine Months Ended (in thousands of $) 2018 2017 Cool Pool (note 16) 141,024 61 % 62,113 90 % Perenco and SNH (note 5) 73,101 31 % — — % An energy and logistics company 6,907 3 % 6,907 10 % |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Contract assets arise when we render services in advance of receiving payment from our customers. Contract liabilities arise when the customer makes payments in advance of receiving the services. Changes in our contract balances during the period are as follows: (in thousands of $) Contract assets (1) Contract liabilities (2) Opening balance on January 1, 2018 17,245 — Payments received for services billed (14,558 ) — Services provided and billed in current period 84,336 33,763 Payments received for services billed in current period (65,089 ) — Impairment (1,006 ) — Deferred commissioning period billing — (1,412 ) Closing balance on September 30, 2018 20,928 32,351 (1) Relates to management fee revenue and liquefaction services revenue, see a) and b) below. (2) Relates to liquefaction services revenue, see b) below. a) Management fee revenue: By virtue of an agreement to offset intercompany balances entered into between us and Golar Partners, of our total contract asset balances above: • $3.1 million is included in balance sheet line item "Amounts due from related parties" under current assets ( $7.2 million at December 31, 2017), and • $0.8 million is included in "Amounts due to related parties" under current liabilities ( $10.0 million at December 31, 2017). Refer to note 16 for further details of our management fee revenue and contract terms. b) Liquefaction services revenue: The Hilli is moored in close proximity to the Customer’s gasfields, providing liquefaction service capacity over the term of the LTA. Liquefaction services revenue recognized comprises the following amounts: Nine Months Ended (in thousands of $) 2018 2017 Base tolling fee (1) 68,552 — Amortization of deferred commissioning period billing (2) 1,412 — Amortization of Day 1 gain (3) 3,329 — Other (192 ) — Total 73,101 — (1) The LTA bills at a base rate in periods when the oil price is $60 or less per barrel (included in "Liquefaction services revenue" in the consolidated statements of income), and at an increased rate when the oil price is greater than $60 per barrel (recognized as a derivative and included in "Realized and unrealized gain on oil derivative instrument" in the consolidated statements of income, excluded from revenue and from the transaction price). (2) Customer billing during the commissioning period, prior to vessel acceptance and commencement of the contract term, of $33.8 million is considered an upfront payment for services. These amounts billed are deferred (included in "Other current liabilities" and "Other non-current liabilities" in the consolidated balance sheets) and recognized as part of "Liquefaction services revenue" in the consolidated statements of income evenly over the contract term. (3) The Day 1 gain was established when the oil derivative asset was initially recognized in December 2017 for $79.6 million (recognized in "Other current liabilities" and "Other non-current liabilities" in the consolidated balance sheets). This amount is amortized and recognized as part of "Liquefaction services revenue" in the consolidated statements of income evenly over the contract term. We expect to recognize liquefaction services revenue related to the partially unsatisfied performance obligation at the reporting date evenly over the remaining contract term of less than eight years, including the components of transaction price described above. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share ("EPS") is calculated with reference to the weighted average number of common shares outstanding during the period. The components of the numerator for the calculation of basic and diluted EPS are as follows: (in thousands of $) Nine Months Ended 2018 2017 Net income (loss) attributable to Golar LNG Ltd stockholders - basic and diluted 81,529 (183,526 ) The components of the denominator for the calculation of basic and diluted EPS are as follows: (in thousands) Nine Months Ended 2018 2017 Basic: Weighted average number of common shares outstanding 100,665 100,599 Dilutive: Dilutive impact of share options 169 — Weighted average number of common shares outstanding 100,834 100,599 Earnings (loss) per share are as follows: Nine Months Ended 2018 2017 Basic $ 0.81 $ (1.82 ) Diluted $ 0.81 $ (1.82 ) For the nine months ended September 30, 2018 and 2017 , convertible bonds have been excluded from the calculation of diluted EPS because the effect was anti-dilutive. |
(Losses) gains on derivative in
(Losses) gains on derivative instruments and other financial items, net | 9 Months Ended |
Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | |
(Losses) gains on derivative instruments and other financial items, net | (LOSSES) GAINS ON DERIVATIVE INSTRUMENTS AND OTHER FINANCIAL ITEMS, NET (Losses) gains on derivative instruments comprise of the following: (in thousands of $) Nine Months Ended 2018 2017 Mark-to-market adjustment for interest rate swap derivatives 6,059 1,056 Unrealized mark-to-market (losses) gains on Earn-Out Units (see note 12) (7,400 ) 2,000 Mark-to-market adjustment for equity derivatives (10,757 ) (3,841 ) Mark-to-market adjustment for foreign exchange swap derivatives (160 ) 1,365 (12,258 ) 580 Other financial items, net comprise of the following: (in thousands of $) Nine Months Ended 2018 2017 Interest income (expense) on undesignated interest rate swaps 5,322 (3,436 ) Foreign exchange loss on operations (973 ) — Amortization of debt guarantee 539 1,234 Financing arrangement fees and other costs (54 ) (283 ) Others (213 ) (1,590 ) 4,621 (4,075 ) |
Variable Interest Entities ("VI
Variable Interest Entities ("VIE") | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities (VIE) | VARIABLE INTEREST ENTITIES ("VIE") As of September 30, 2018 , we leased eight ( December 31, 2017 : seven ) vessels from VIEs under finance leases, of which four were with ICBCL entities, one with a CMBL entity, one with a CCBFL entity, one with a COSCO Shipping entity and one with a CSSC entity. Each of the ICBCL, CMBL, CCBFL, COSCO Shipping and CSSC entities are wholly-owned, newly formed special purpose vehicles ("Lessor SPVs"). In each of these transactions, we sold our vessel and then subsequently leased back the vessel on a bareboat charter for a term of ten years. We have options to repurchase each vessel at fixed predetermined amounts during their respective charter periods and an obligation to repurchase each vessel at the end of the ten year lease period. Refer to note 5 to our consolidated financial statements filed with our annual report on Form 20-F for the year ended December 31, 2017 , for additional details. While we do not hold any equity investments in the above Lessor SPVs, we have determined that we have a variable interest in these SPVs and that these lessor entities, that own the vessels, are VIEs. Based on our evaluation of the agreements, we have concluded that we are the primary beneficiary of these VIEs and, accordingly, these lessor VIEs are consolidated into our financial results. We did not record any gains or losses from the sale of these vessels as they continued to be reported as vessels at their original costs in our consolidated financial statements at the time of each transaction. Similarly, the effect of the bareboat charter arrangement is eliminated upon consolidation of the Lessor SPV. The equity attributable to the respective lessor VIEs are included in non-controlling interests in our consolidated results. As of September 30, 2018 and December 31, 2017 , the respective vessels are reported under "Vessels and equipment, net" in our consolidated balance sheets. A summary of our payment obligations (excluding repurchase options and obligations) under the bareboat charters with the lessor VIEs as of September 30, 2018 , are shown below: (in thousands of $) 2018 (1) 2019 2020 2021 2022 2023+ Golar Glacier 4,310 17,100 17,147 17,100 17,100 29,984 Golar Kelvin 4,310 17,100 17,147 17,100 17,100 32,795 Golar Snow 4,310 17,100 17,147 17,100 17,100 32,795 Golar Ice 4,310 17,100 17,147 17,100 17,100 35,700 Golar Tundra (2)(3) 5,800 22,437 21,548 20,610 19,697 50,863 Golar Seal (3) 3,736 15,193 15,151 15,151 15,151 45,495 Golar Crystal (2) 3,127 12,440 12,335 12,175 12,050 49,508 Hilli (2) 32,575 128,418 123,526 118,800 114,075 521,518 (1) For the three months ending December 31, 2018. (2) The payment obligations relating to the Golar Tundra , Golar Crystal and Hilli above includes variable rental payments due under the lease based on an assumed LIBOR plus margin. (3) The payment obligations relating to the Golar Tundra and Golar Seal above have been prepared on the assumption that we are able to secure a replacement charter for these two vessels, to ensure continuation of these financing arrangements. Refer to note 1 for further details. The assets and liabilities of these lessor VIEs that most significantly impact our consolidated balance sheet as of September 30, 2018 and December 31, 2017 , are as follows: (in thousands of $) Golar Glacier Golar Kelvin Golar Snow Golar Ice Golar Tundra Golar Seal Golar Crystal Hilli September 30, 2018 December 31, 2017 Assets Total Total Restricted cash and short-term deposits 23,272 67,109 16,436 18 — 25,750 2,798 53,051 188,434 130,063 Liabilities Debt: Current portion of long-term debt and short-term debt (1) 39,316 182,540 30,402 122,208 125,937 143,849 5,879 148,880 799,011 833,664 Long-term interest bearing debt - non-current portion (1) 117,880 — 123,228 — — — 92,181 764,250 1,097,539 252,691 157,196 182,540 153,630 122,208 125,937 143,849 98,060 913,130 1,896,550 1,086,355 (1) Where applicable, these balances are net of deferred finance charges. The most significant impact of lessor VIE's operations on our unaudited consolidated statements of income is interest expense of $40.2 million and $29.4 million for the nine months ended September 30, 2018 and 2017 , respectively. The most significant impact of lessor VIE's cash flows on our unaudited consolidated statements of cash flows is net receipts of $810.6 million and $80.9 million in financing activities for the nine months ended September 30, 2018 and 2017 , respectively. Changes in ownership of a subsidiary On July 12, 2018, we and affiliates of Keppel and B&V, completed the Hilli Disposal to Golar Partners of common units in our consolidated subsidiary Hilli LLC, which owns Hilli Corp, the disponent owner of the Hilli . The Hilli Disposal resulted in the following changes to our ownership interest in our consolidated subsidiary Hilli LLC in our equity: (in thousands of $) September 30, 2018 Net income attributable to stockholders of Golar LNG Limited 81,529 Transfer to the non-controlling interests: increase in Golar LNG Limited’s paid-in capital for sale of 1,096 Hilli Common Units in July 2018 304,468 Changes from net income attributable to stockholders of Golar LNG Limited and transfers to non-controlling interests 385,997 Subsequent to the Hilli Disposal, we have retained sole control over the most significant activities and the greatest exposure to variability in residual returns and expected losses from the Hilli . Accordingly, management have concluded Hilli LLC is a VIE and that we are the primary beneficiary. The assets and liabilities of Hilli LLC that most significantly impact our consolidated balance sheet as of September 30, 2018 , are as follows: (in thousands of $) Hilli LLC (2) Assets Cash and short-term deposits 101,074 Restricted cash and short-term deposits 53,051 Vessels and equipment, net 1,313,475 Other non-current assets 287,432 1,755,032 Liabilities Current portion of long-term debt and short-term debt (1) 148,569 Long-term interest bearing debt - non-current portion (1) 762,533 911,102 (1) Where applicable, these balances are net of deferred finance charges. (2) 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 income is liquefaction services revenue of $48.0 million and realized and unrealized gains on the oil derivative instrument of $88.7 million for the period July 12, 2018 to September 30, 2018 . The most significant impact of lessor VIE's cash flows on our unaudited consolidated statements of cash flows is net payments of $15.2 million in financing activities for the period July 12, 2018 to September 30, 2018 . |
Restricted cash and short term
Restricted cash and short term deposits | 9 Months Ended |
Sep. 30, 2018 | |
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 $) September 30, 2018 December 31, 2017 Restricted cash relating to the total return equity swap 69,382 58,351 Restricted cash in relation to the Hilli (1) 175,482 174,737 Restricted cash and short-term deposits held by lessor VIEs 188,434 130,063 Restricted cash relating to the $1.125 billion debt facility 22,986 33,752 Restricted cash relating to office lease 818 813 Bank guarantee 674 99 Total restricted cash and short-term deposits 457,776 397,815 Less: Amounts included in current restricted cash and short-term deposits (302,456 ) (222,265 ) Long-term restricted cash 155,320 175,550 (1) In November 2015, in connection with the issuance of a letter of credit by a financial institution to our project partner involved in the Hilli FLNG project, we were required to provide cash collateral to support the performance guarantee. The following table identifies the balance sheet line-items included in cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows: (in thousands of $) September 30, 2018 December 31, 2017 September 30, 2017 December 31, 2016 Cash and cash equivalents 306,387 214,862 286,562 224,190 Restricted cash and short-term deposits (current portion) 302,456 222,265 270,087 183,693 Restricted cash (non-current portion) 155,320 175,550 182,416 232,335 764,163 612,677 739,065 640,218 |
Asset Under Development
Asset Under Development | 9 Months Ended |
Sep. 30, 2018 | |
Extractive Industries [Abstract] | |
Asset Under Development | ASSET UNDER DEVELOPMENT (in thousands of $) December 31, 2017 Purchase price installments 962,709 Interest costs capitalized 116,416 Other costs capitalized 98,364 1,177,489 In May 2014, we entered into agreements for the conversion of the Hilli to a FLNG vessel. The primary contract was entered into with Keppel Shipyard Limited ("Keppel"). The Hilli was delivered to Keppel in Singapore in September 2014 for the commencement of her conversion. On completion of the Hilli FLNG conversion and commissioning, we reclassified the total balance to "Vessels and equipment, net" in our consolidated balance sheet as of September 30, 2018 . |
Investments in Affiliates and J
Investments in Affiliates and Joint Ventures | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Affiliates and Joint Ventures | INVESTMENTS IN AFFILIATES Nine Months Ended (in thousands of $) 2018 2017 Share of net earnings (losses) in Golar Partners (1) 15,541 (1,763 ) Share of net loss in Golar Power (16,985 ) (12,460 ) Share of net loss in OneLNG (2,047 ) (5,281 ) Share of net (loss) earnings in Egyptian Company for Gas Services ("ECGS") (56 ) 404 (3,547 ) (19,100 ) (1) For the nine months ended September 30, 2017 , our share of net earnings (losses) in Golar Partners includes a non-cash loss on deemed disposal of $17.0 million , being the dilutive impact on our ownership interest due to further issuances of common units by Golar Partners in February 2017. The carrying amounts of our investments in our equity method investments as at September 30, 2018 and December 31, 2017 are as follows: (in thousands of $) September 30, 2018 December 31, 2017 Golar Partners 438,294 467,097 Golar Power 258,599 228,696 OneLNG (1) — 2,047 ECGS 5,329 5,385 Equity in net assets of affiliates 702,222 703,225 (1) The delays in finalizing a debt financing package for the Fortuna FLNG project, together with other capital and resource priorities, has resulted in a decision from Schlumberger to end their participation in the project. Golar and Schlumberger, as a result of this, plan to wind down OneLNG and work on FLNG projects as required on a case-by-case basis. As a result, we have written down our investment in OneLNG to $ nil at September 30, 2018 . |
Other Non-Current Assets
Other Non-Current Assets | 9 Months Ended |
Sep. 30, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Non-Current Assets | OTHER NON-CURRENT ASSETS Other non-current assets comprise of the following: (in thousands of $) September 30, 2018 December 31, 2017 Oil derivative instrument (1) 280,470 94,700 Other non-current assets (2) 25,130 37,891 Mark-to-market interest rate swaps valuation 14,229 10,166 Investment in OLT Offshore LNG Toscana S.p.A (3) 7,347 7,347 Derivatives - other (4) — 7,400 327,176 157,504 (1) "Oil derivative instrument" refers to a derivative embedded in the Hilli LTA. See note 1 for further details. (2) "Other non-current assets" is mainly comprised of payments made relating to long lead items ordered in preparation for the conversion of the Gimi and the Gandria into FLNG vessels. As of September 30, 2018 and December 31, 2017 , the aggregate carrying value was $15.0 million and $31.0 million , respectively. The Gimi and the Gandria conversion contracts provide the flexibility wherein certain beneficial cancellation provisions exist which, if exercised prior to contract expiry, will allow termination of contracts and recovery of previous milestone payments, less cancellation fees. The Gimi contract will expire on December 30, 2018 and the Gandria contract will expire on December 31, 2018. (3) "Investment in OLT Offshore LNG Toscana S.p.A" ("OLT-O") refers to our investment in an Italian incorporated unlisted company which is involved in the construction, development, operation and maintenance of a FSRU terminal to be situated off the Livorno coast of Italy. In prior years, this investment was classified as a cost method investment. Following the adoption of ASU 2016-01, we have applied the measurement alternative for measuring equity investments without readily determinable fair values. As of September 30, 2018 and December 31, 2017 , our investment in OLT-O was $7.3 million , representing a 2.7% interest in OLT-O’s issued share capital. (4) "Derivatives - other" refers to the Earn-Out Units issuable to us in connection with the IDR reset transaction with Golar Partners in October 2016. As of September 30, 2018 , the fair value of the Earn-Out Units was written down to $ nil due to the expectation that Golar Partners would decrease its quarterly distribution. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | DEBT As of September 30, 2018 and December 31, 2017 , our debt was as follows: (in thousands of $) September 30, 2018 December 31, 2017 Golar Arctic facility 60,125 65,600 Golar Viking facility 48,177 52,083 2017 convertible bonds 350,148 340,173 Margin loan (1) 100,000 119,125 FLNG Hilli facility (2) — 525,000 Hilli shareholder loans (6) — 49,066 $1.125 billion facility (7) 179,202 195,449 Subtotal (excluding lessor VIE loans) 737,652 1,346,496 ICBCL VIE loans (3) 617,365 641,936 CCBFL VIE loan (3) 143,849 143,849 CMBL VIE loan (3) 125,937 198,613 COSCO Shipping VIE loan (3)(4) 98,727 104,006 CSSC VIE loan (2)(3)(5) 913,130 — Total debt 2,636,660 2,434,900 Less: Deferred finance charges (17,080 ) (24,053 ) Total debt, net of deferred finance charges 2,619,580 2,410,847 (1) During July 2018, amendments to the existing margin loan facility, secured by units in Golar Partners, were completed. Although most of the existing terms remain substantially unchanged, the facility will no longer amortize. Subject to the satisfaction of certain covenants, no further principal repayments will be required ahead of maturity in March 2020. (2) In June 2018, we repaid $640.0 million on the pre-delivery credit facility and drew down $960.0 million on the post-acceptance sale and leaseback financing (the "Hilli Facility") in relation to the FLNG Hilli facility. The sale and leaseback arrangement is provided by a related party of CSSC. (3) See note 8. (4) In April 2018, the SPV, Oriental Fleet LNG 01 Limited, which owns the Golar Crystal , entered into a long-term loan facility for $101.0 million . The loan facility is provided by a related party of COSCO Shipping. The loan facility is denominated in USD, is a 10 year loan, limited to the term of the bareboat charter, bears interest at LIBOR plus a margin and is repayable in monthly installments with a balloon payment on maturity. (5) On July 12, 2018, we entered into an agreement to guarantee the debt payable by Hilli Corp to creditor Fortune Lianjiang Shipping S.A. Under the guarantee we are severally liable for any outstanding principal, interest, expenses and other amounts that are payable, on a pro rata basis to our ownership in Common Units in Golar Hilli LLC. As of September 30, 2018 the amount we have guaranteed is $456.6 million . (6) The Hilli shareholder loans were converted to equity on the Closing Date of the Hilli Disposal. (7) During October 2018, amendments to the existing $1.125 billion facility were completed, extending the term of the commercial tranche by 5 years. At September 30, 2018 , our debt can be broken down as follows: Golar debt VIE debt (1) Total debt (in thousands of $) Current portion of long-term debt and short-term debt 31,900 799,011 830,911 Long-term debt 691,130 1,097,539 1,788,669 Total 723,030 1,896,550 2,619,580 (1) These amounts relate to certain lessor entities (for which legal ownership resides with financial institutions) that we are required to consolidate under U.S. GAAP into our financial statements as variable interest entities (see note 8). CSSC VIE loan In June 2018, we repaid $640.0 million on the pre-delivery credit facility and entered into a sale and leaseback transaction pursuant to which we sold the Hilli to a CSSC entity ("Hilli Lessor VIE"), and leased back the vessel under a bareboat charter for a monthly hire rate. As discussed in note 8, while we have no control over the funding arrangements of Hilli Lessor VIE, we consider ourselves to be the primary beneficiary and therefore are required to consolidate the Hilli Lessor VIE’s funding arrangements into our financial statements. Accordingly, in June 2018, Hilli Lessor VIE, which is the legal owner of the Hilli , entered into a secured financing agreement for $840.0 million . This loan facility is a 10 year non-recourse loan denominated in USD, bears interest at LIBOR plus a margin and is repayable in quarterly installments with a balloon payment on maturity. In addition to this facility, Hilli Lessor VIE entered into an internal loan with CSSC for $120.0 million . This loan bears no interest and is repayable on demand. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss consisted of the following: (in thousands of $) Pension and post-retirement benefit plan adjustments Share of affiliates' comprehensive income (loss) Total accumulated comprehensive (loss) income Balance at December 31, 2016 (12,956 ) 3,414 (9,542 ) Other comprehensive income — 1,621 1,621 Balance at September 30, 2017 (12,956 ) 5,035 (7,921 ) Balance at December 31, 2017 (12,799 ) 5,030 (7,769 ) Other comprehensive loss — (27,868 ) (27,868 ) Balance at September 30, 2018 (12,799 ) (22,838 ) (35,637 ) |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS Fair values We recognize our fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value of hierarchy has three levels based on reliability of inputs used to determine fair value as follows: Level 1: Quoted market prices in active markets for identical assets and liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The carrying values and estimated fair values of our financial instruments at September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 December 31, 2017 (in thousands of $) Fair value hierarchy Carrying value Fair value Carrying value Fair value Non-Derivatives: Cash and cash equivalents Level 1 306,387 306,387 214,862 214,862 Restricted cash and short-term deposits Level 1 457,776 457,776 397,815 397,815 Current portion of long-term debt and short-term debt (1)(2) Level 2 (833,691 ) (833,691 ) (1,393,229 ) (1,393,229 ) Long-term debt - convertible bonds (2) Level 2 (350,148 ) (420,653 ) (340,173 ) (430,361 ) Long-term debt (2) Level 2 (1,452,821 ) (1,452,821 ) (701,498 ) (701,498 ) Derivatives: Oil derivative instrument (6) Level 2 280,470 280,470 94,700 94,700 Interest rate swaps asset (3) Level 2 16,225 16,225 10,166 10,166 Foreign exchange swaps asset Level 2 129 129 51 51 Foreign exchange swaps liability Level 2 (460 ) (460 ) (223 ) (223 ) Total return equity swap liability (3)(4) Level 2 (50,899 ) (50,899 ) (40,141 ) (40,141 ) Earn-Out Units asset (5) Level 2 — — 7,400 7,400 (1) The carrying amounts of our short-term debt approximate their fair values because of the near term maturity of these instruments. (2) Our debt obligations are recorded at amortized cost in the consolidated balance sheets. The amounts presented in the table above are gross of the deferred finance charges amounting to $ 17.1 million and $ 24.1 million at September 30, 2018 and December 31, 2017 , respectively. (3) The fair value of certain derivative instruments is the estimated amount that we would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, foreign exchange rates, closing quoted market prices and our creditworthiness and that of our counterparties. (4) The fair value of total return equity swaps is calculated using the closing prices of the underlying listed shares, dividends paid since inception and the interest rate charged by the counterparty. (5) The Earn-Out Units are issuable to Golar in connection with the IDR reset transaction between Golar and Golar Partners in October 2016. As of September 30, 2018 , the fair value of the Earn-Out Units was written down to $ nil due to the expectation that Golar Partners would decrease its quarterly distribution. (6) The fair value of the oil derivative instrument was determined using the estimated discounted cash flows of the additional payments due to us as a result of oil prices moving above a contractual oil price floor over the term of the LTA. Significant inputs used in the valuation of the oil derivative include management’s estimate of an appropriate discount rate and the length of time to blend the long-term and the short-term oil prices obtained from quoted prices in active markets. As of September 30, 2018 , we were party to the following interest rate swap transactions involving the payment of fixed rates in exchange for LIBOR as summarized below: Instrument (in thousands of $) Notional value Maturity dates Fixed interest rates Interest rate swaps: Receiving floating, pay fixed 1,250,000 2018 to 2021 1.13% to 1.94% The credit exposure of our interest rate and equity swap agreements are represented by the fair value of contracts with a positive fair value at the end of each period, reduced by the effects of master netting agreements. It is our policy to enter into master netting agreements with the counterparties to derivative financial instrument contracts, which give us the legal right to discharge all or a portion of amounts owed to the counterparty by offsetting them against amounts that the counterparty owes to us. We have elected not to offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable master netting arrangements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in our consolidated balance sheets as of September 30, 2018 and December 31, 2017 would be adjusted as detailed in the following table: September 30, 2018 December 31, 2017 (in thousands of $) Gross amounts presented in the consolidated balance sheet Gross amounts not offset in the consolidated balance sheet subject to netting agreements Net amount Gross amounts presented in the consolidated balance sheet Gross amounts not offset in the consolidated balance sheet subject to netting agreements Net amount Total asset derivatives 16,225 — 16,225 10,166 — 10,166 The total return equity swap has a credit arrangement that requires us to provide cash collateral equaling 20% of the initial purchase price and to subsequently post additional cash collateral that corresponds to any unrealized loss. As at September 30, 2018 , cash collateral amounting to $69.4 million has been provided. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS a) Transactions with Golar Partners and subsidiaries: Net revenues (expenses): The transactions with Golar Partners and its subsidiaries for the nine months ended September 30, 2018 and 2017 consisted of the following: Nine Months Ended (in thousands of $) 2018 2017 Management and administrative services revenue (a) 5,777 5,066 Ship management fees revenue (b) 3,900 4,030 Charterhire expense (c) — (14,908 ) Interest expense on deposits payable (d) (4,779 ) (2,535 ) Share options expense recharge (e) — 95 Total 4,898 (8,252 ) Payables: The balances with Golar Partners and its subsidiaries as of September 30, 2018 and December 31, 2017 consisted of the following: (in thousands of $) September 30, 2018 December 31, 2017 Deposit payable (d) — (177,247 ) Methane Princess security lease deposit movement (f) (2,988 ) (3,464 ) Trading balances due from (owing to) Golar Partners and affiliates (g) 12,928 (4,144 ) Total 9,940 (184,855 ) a) Management and administrative services agreement - On March 30, 2011, Golar Partners entered into a management and administrative services agreement with Golar Management Limited ("Golar Management"), a wholly-owned subsidiary of Golar, pursuant to which Golar Management will provide to Golar Partners certain management and administrative services. The services provided by Golar Management are charged at cost plus a management fee equal to 5% of Golar Management’s costs and expenses incurred in connection with providing these services. Golar Partners may terminate the agreement by providing 120 days written notice. b) Ship management fees - Golar and certain of its affiliates charge ship management fees to Golar Partners for the provision of technical and commercial management of Golar Partners' vessels. Each of Golar Partners’ vessels is subject to management agreements pursuant to which certain commercial and technical management services are provided by Golar Management. Golar Partners may terminate these agreements by providing 30 days written notice. c) Charterhire expenses - For the nine months ended September 30, 2017 , this consists of charterhire expenses that we incurred for the charter back from Golar Partners of the Golar Grand , less any time charter revenues that Golar Partners generated through subleasing the Golar Grand from Golar during the period . On November 1, 2017, the Golar Grand arrangement concluded. d) Interest expense on deposits payable Expense under Tundra Letter Agreement - In May 2016, we completed the Golar Tundra Sale and received a total cash consideration of $107.2 million . We agreed to pay Golar Partners a daily fee plus operating expenses for the right to use the Golar Tundra from the date the Golar Tundra Sale was closed, until the date that the vessel would commence operations under the Golar Tundra Time Charter. In return, Golar Partners agreed to remit to us any hire income received with respect to the Golar Tundra during that period. It was further agreed that, if for any reason the Golar Tundra Time Charter had not commenced by the 12 month anniversary of the closing of the Golar Tundra Sale, Golar Partners had the right to require that we repurchase the shares of Tundra Corp at a price equal to the purchase price. Accordingly, by virtue of the put option, which was exercised by Golar Partners in May 2017, we continued to consolidate the Golar Tundra for the periods whilst the put option remained in place, thus we have accounted for $nil and $2.1 million as interest expense for the nine months ended September 30, 2018 and 2017, respectively. Deferred purchase price - In May 2017, the Golar Tundra had not commenced her charter and, accordingly, Golar Partners elected to exercise the Tundra Put Right to require us to repurchase Tundra Corp at a price equal to the original purchase price. In connection with Golar Partners exercising the Tundra Put Right, we and Golar Partners entered into an agreement pursuant to which we agreed to purchase Tundra Corp from Golar Partners on the date of the closing of the Tundra Put Sale (the "Put Sale Closing Date") in return we will be required to pay an amount equal to $107.2 million (the "Deferred Purchase Price") plus an additional amount equal to 5% per annum of the Deferred Purchase Price (the "Additional Amount"). The Deferred Purchase Price and the Additional Amount shall be due and payable by us on the date of the closing of the Hilli Disposal (see below). We agreed to accept the Deferred Purchase Price and the Additional Amount in lieu of a cash receipt on the Put Sale Closing Date in return we have provided Golar Partners with an option (which Golar Partners have exercised) to purchase an interest in Hilli Corp. We have accounted for $2.9 million and $ nil as interest expense for the nine months ended September 30, 2018 and 2017, respectively, in relation to the Deferred Purchase Price. Deposit received from Golar Partners - On August 15, 2017, we entered into the Hilli Sale Agreement with Golar Partners for the Hilli Disposal from the Sellers of the Hilli Common Units in Hilli LLC. On the Closing Date of the Hilli Disposal, Hilli LLC will be the disponent owner of the Hilli . The Disposal Interests represent the equivalent of 50% of the two liquefaction trains, out of a total of four , that are contracted to Perenco and SNH under an eight -year LTA. The sale price for the Disposal Interests is $658 million less 50% of the net lease obligations under the financing facility for the Hilli (the "Hilli Facility") on closing date, plus post-closing purchase price adjustments. Concurrently with the execution of the Hilli Sale Agreement, we received a further $70 million deposit from Golar Partners, upon which we pay interest at a rate of 5% per annum. We have accounted for $1.9 million and $0.4 million as interest expense for the nine months ended September 30, 2018 and 2017, respectively, in relation to the $70 million deposit from Golar Partners. On July 12, 2018, we concluded the Hilli Disposal with Golar Partners, accordingly we applied the Deferred Purchase Price as well as the deposit received from Golar Partners against the disposal. e) Share options expense - This relates to a recharge of share option expense to Golar Partners in relation to share options in Golar granted to certain of Golar Partners directors, officers and employees. f) Methane Princess Lease security deposit movements - This represents net advances from Golar Partners since its IPO, which correspond with the net release of funds from the security deposits held relating to the Methane Princess Lease. This is in connection with the Methane Princess tax lease indemnity provided to Golar Partners under the Omnibus Agreement. Accordingly, these amounts will be settled as part of the eventual termination of the Methane Princess Lease. g) Trading balances - Receivables and payables with Golar Partners and its subsidiaries are comprised primarily of unpaid management fees, interest expense and expenses for management, advisory and administrative services and may include working capital adjustments in respect of disposals to the Partnership, as well as charterhire expenses. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from Golar Partners and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. They primarily relate to amounts that arose due to the Hilli Disposal, recharges for trading expenses paid on behalf of Golar Partners, including ship management and administrative service fees due to us. h) Distributions from Golar Partners, net - During the nine months ended September 30, 2018 and 2017, we received total distributions from Golar Partners of $39.3 million and $38.5 million , respectively in respect of the common units and general partner units owned by us. We have a dividend payable of $1.9 million during the nine months ended September 30, 2018 from Hilli LLC in respect of the common units owned by Golar Partners. Indemnifications and guarantees: Hilli cost indemnification We (as one of the Sellers) have agreed to indemnify Golar Partners for certain costs incurred in Hilli operations until August 14, 2025, when these costs exceed a contractual ceiling, capped at $20 million . Costs indemnified include vessel operating expenses, taxes, maintenance expenses, employee compensation and benefits, and capital expenditures. b) Transactions with Golar Power and affiliates: Net revenues: The transactions with Golar Power and its affiliates for the nine months ended September 30, 2018 and 2017 consisted of the following: Nine Months Ended (in thousands of $) 2018 2017 Management and administrative services revenue 3,640 3,470 Ship management fees income 1,050 552 Debt guarantee compensation (a) 539 592 Other (247 ) 67 Total 4,982 4,681 Payables: The balances with Golar Power and its affiliates as of September 30, 2018 and December 31, 2017 consisted of the following: (in thousands of $) September 30, 2018 December 31, 2017 Trading balances due to Golar Power and affiliates (b) (6,571 ) (935 ) Total (6,571 ) (935 ) a) Debt guarantee compensation - In connection with the closing of the formation of the joint venture Golar Power with Stonepeak, Golar Power entered into agreements to compensate Golar in relation to certain debt guarantees relating to Golar Power and its subsidiaries. This compensation amounted to an aggregate of $0.5 million and $0.6 million income for the nine months ended September 30, 2018 and 2017 , respectively. b) Trading balances - Receivables and payables with Golar Power and its subsidiaries are comprised primarily of unpaid management fees, charterhire expenses, advisory and administrative services and may include working capital adjustments in connection with the initial formation of the joint venture and transaction with Stonepeak. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from Golar Power and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. They primarily relate to recharges for trading expenses paid on behalf of Golar Power, including ship management and administrative service fees due to us. Indemnifications and guarantees: Debt guarantees provided on behalf of Golar Power and its affiliates During the quarter, Golar issued a debt guarantee to a third party bank in respect of certain secured debt facilities relating to Golar Power and its affiliates. The fair value of the debt guarantee liability, which is recorded in "Other non-current liabilities" and "Other current liabilities", is being amortized over the remaining term of the respective debt facilities with the credit being recognized in "Other financial items, net". As of September 30, 2018 , the Company guaranteed $235.5 million of Golar Power's short and long-term debt obligations. The debt facilities are secured against the respective vessel. c) Transactions with OneLNG and subsidiaries: Net revenues: The transactions with OneLNG and its subsidiaries for the nine months ended September 30, 2018 and 2017 consisted of the following: Nine Months Ended (in thousands of $) 2018 2017 Management and administrative services revenue 1,399 3,797 Total 1,399 3,797 Receivables: The balances with OneLNG and its subsidiaries as of September 30, 2018 and December 31, 2017 consisted of the following: (in thousands of $) September 30, 2018 December 31, 2017 Trading balances due from OneLNG (a) 8,169 7,898 Total 8,169 7,898 a) Trading balances - Receivables and payables with One LNG and its subsidiaries are comprised primarily of unpaid management fees, charterhire expenses, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from OneLNG are unsecured, interest-free and intended to be settled in the ordinary course of business. Subsequent to the decision to dissolve OneLNG, we have written off $12.7 million of the trading balance with OneLNG as we deem it to be no longer recoverable. The trade receivables of $8.2 million is net of this provision. d) Transactions with the Cool Pool: The table below summarizes our earnings generated from our participation in the Cool Pool: Nine Months Ended (in thousands of $) 2018 2017 Time and voyage charter revenues 104,842 45,097 Time charter revenues - collaborative arrangement 36,182 17,016 Voyage, charterhire and commission expenses (10,969 ) (6,932 ) Voyage, charterhire and commission expenses - collaborative arrangement (50,434 ) (21,191 ) Net income from the Cool Pool 79,621 33,990 Receivables from other related parties: (in thousands of $) September 30, 2018 December 31, 2017 Cool Pool (a) 16,839 14,004 16,839 14,004 a) Trade accounts receivable includes amounts due from the Cool Pool arising from our collaborative arrangement, amounting to $16.8 million as of September 30, 2018 (December 31, 2017: $14.0 million ). From our participation in the Cool Pool, we recognized net income of $79.6 million and $34.0 million for the nine months ended September 30, 2018 and 2017 , respectively. |
Other Commitments and Contingen
Other Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments and Contingencies | OTHER COMMITMENTS AND CONTINGENCIES Assets pledged (in thousands of $) September 30, 2018 December 31, 2017 Book value of vessels secured against long-term loans 3,269,907 2,032,747 As at September 30, 2018 , 21,226,586 Golar Partners common units were pledged as security for the obligations under the margin loan. See note 13. UK tax lease benefits As described under note 31 in our audited consolidated financial statements filed with our annual report on Form 20-F for the year ended December 31, 2017 , during 2003 we entered into six UK tax leases. Under the terms of the leasing arrangements, the benefits are derived primarily from the tax depreciation assumed to be available to the lessors as a result of their investment in the vessels. As is typical in these leasing arrangements, as the lessee we are obligated to maintain the lessor’s after-tax margin. Accordingly, in the event of any adverse tax changes or a successful challenge by the UK Tax Authorities (''HMRC'') with regard to the initial tax basis of the transactions, or in relation to the 2010 lease restructurings, or in the event of an early termination of the Methane Princess lease, we may be required to make additional payments principally to the UK vessel lessor, which could adversely affect our earnings or financial position. We would be required to return all, or a portion of, or in certain circumstances significantly more than, the upfront cash benefits that we received in respect of our lease financing transactions, including the 2010 restructurings and subsequent termination transactions. The gross cash benefit we received upfront on these leases amounted to approximately £41 million British Pounds (before deduction of fees). Of these six leases we have since terminated five , with one lease remaining, being that of the Methane Princess lease. Pursuant to the deconsolidation of Golar Partners in 2012, Golar Partners is no longer considered a controlled entity but an affiliate and therefore as at September 30, 2018 , the capital lease obligation relating to this remaining UK tax lease is not included on our consolidated balance sheet. However, under the indemnity provisions of the Omnibus Agreement or the respective share purchase agreements, we have agreed to indemnify Golar Partners in the event of any tax liabilities in excess of scheduled or final scheduled amounts arising from the Methane Princess leasing arrangements and termination thereof. HMRC has been challenging the use of similar lease structures and has been engaged in litigation of a test case for some years. In August 2015, following an appeal to the Court of Appeal by the HMRC which set aside previous judgments in favor of the tax payer, the First Tier Tribunal (UK court) ruled in favor of HMRC. The tax payer in this particular ruling has the election to appeal the courts’ decision, but no appeal has been filed. The judgments of the First Tier Tribunal do not create binding precedent for other UK court decisions and therefore the ruling in favor of HMRC is not binding in the context of our structures. Further, we consider there are differences in the fact pattern and structure between this case and our 2003 leasing arrangements and therefore is not necessarily indicative of any outcome should HMRC challenge us and we remain confident that our fact pattern is sufficiently different to succeed if we are challenged by HMRC. HMRC have written to our lessor to indicate that they believe our lease may be similar to the case noted above. We have reviewed the details of the case and the basis of the judgment with our legal and tax advisers to ascertain what impact, if any, the judgment may have on us and the possible range of exposure has been estimated at approximately £ nil to £112 million British Pounds. We are currently in conversation with HMRC on this matter and, as well as continuing to present the factual background of Golar's position, we are progressing the possibility of bringing this inquiry to a mutually satisfactory conclusion. Given the complexity of these discussions, it is impossible to quantify the reasonably possible loss, however we continue to estimate the possible range of exposures as set out above. Legal proceedings and claims We may, from time to time, be involved in legal proceedings and claims that arise in the ordinary course of business. A provision will be recognized in the financial statements only where we believe that a liability will be probable and for which the amounts are reasonably estimable, based upon the facts known prior to the issuance of the financial statements. Other In December 2005, we signed a shareholders' agreement in connection with the setting up of a jointly owned company to be named Egyptian Company for Gas Services S.A.E ("ECGS"), which was to be established to develop hydrocarbon business and in particular LNG related business in Egypt. As at September 30, 2018 , we had a commitment to pay $1.0 million to a third party, contingent upon the conclusion of a material commercial business transaction by ECGS as consideration for work performed in connection with the setting up and incorporation of ECGS. We are party to a shareholders’ agreement with a consortium of investors to fund the development of pipeline infrastructure and a FSRU which are intended to supply two power plants in the Ivory Coast. The project is currently in the initial design phase, with FID currently expected to be taken in the first half of 2019. Negotiations are underway with third party lenders for the financing of construction costs in the event a positive investment decision is made. During the initial phase of the project, our remaining contractual commitments for this project are estimated to be in the region of €0.5 million . In the event a positive FID is taken on the project, this could increase up to approximately €15 million . This figure is dependent upon a variety of factors such as whether third party financing is obtained for a portion of the construction costs. The timing of this range of payments is dependent on whether and when FID is made, progress of negotiations with lenders for non-investor financing, and the progress of eventual construction work. The nature of payments to the project could be made in a combination of capital contributions or interest-bearing shareholder loans. In relation to our investment in small-scale LNG services provider Avenir LNG Limited ("Avenir") (see note 18), we are party to a combined commitment of up to $182.0 million from initial Avenir shareholders Stolt-Nielsen Limited ("Stolt-Nielsen"), Höegh LNG Holdings Limited ("Höegh") and us. Based on our initial 25% shareholding, our overall commitment to Avenir is $45.5 million , of which $24.8 million has already been paid in as part of our initial investment in Avenir. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Dividends On November 5, 2018, we declared a dividend of $0.15 per share in respect of the quarter ended September 30, 2018 to holders of record on December 14, 2018, which will be paid on or about January 3, 2018. Avenir ( 22.5% interest in LNG small-scale venture, a non-consolidated affiliate) On October 1, 2018, Avenir issued a private placement of 99 million shares at a par price of $1.00 per share, which was successfully completed at a subscription price of $ 1.00 per share. Of the 99 million shares placed, we subscribed for 24.8 million shares, representing an investment of $24.8 million , or 25% . The investment was made as part of a combined commitment of up to $182.0 million from Stolt-Nielsen, Höegh and us for the pursuit of opportunities in small-scale LNG, including the delivery of LNG to areas of stranded demand, the development of LNG bunkering services and supply to the transportation sector. On November 8, 2018, Avenir placed a further 11 million shares, also at a subscription price of $1.00 per share, with a group of institutional and other professional investors and, subsequent to this placement, Stolt-Nielsen, Höegh and Golar have a 45% , 22.5% and 22.5% investment in Avenir, respectively. Avenir's shares were listed on the N-OTC list with effect from November 14, 2018. Legal claims During October 2018, we recovered an additional $14.0 million in connection with the ongoing arbitration proceedings arising from the delays and the termination of the Golar Tundra time charter with a former charterer. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of accounting | Basis of accounting The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. The condensed consolidated financial statements do not include all of the disclosures required in the annual consolidated financial statements, and should be read in conjunction with our annual financial statements for the year ended December 31, 2017 . |
Adoption of new accounting standards, Accounting pronouncements to be adopted | Significant accounting policies The accounting policies adopted in the preparation of the condensed consolidated financial statements for the nine months ended September 30, 2018 are consistent with those followed in the preparation of our audited consolidated financial statements for the year ended December 31, 2017 , except for the following significant changes to our accounting policy "Revenue and related expense recognition" as a result of adopting the requirements of ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)" (hereafter, ASC 606), for further changes, see note 3, updates to our "Principles of consolidation" accounting policy for changes to ownership interests, and as a result of a change in presentation of expenses in the statements of income in quarter ended September 30, 2018 . Principles of consolidation Changes in our ownership interest while we retain a controlling financial interest in a subsidiary are accounted for as equity transactions. The carrying amount of the non-controlling interest is adjusted to reflect our changed ownership interest, with any difference between the fair value of consideration and the amount of the adjusted non-controlling interest being recognized in equity. Revenue and related expense recognition Time charter agreements Revenues include minimum lease payments under time charters and gross pool revenues. Revenues generated from time charters, which we classify as operating leases, are recorded over the term of the charter as service is provided. However, we do not recognize revenue if a charter has not been contractually committed to by a customer and ourselves, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Repositioning fees (included in time and voyage charter revenues) received in respect of time charters are recognized at the end of the charter when the fee becomes fixed and determinable. However, where there is a fixed amount specified in the charter, which is not dependent upon redelivery location, the fee will be recognized evenly over the term of the charter. Under time charters, voyage expenses are generally paid by our customers. Voyage related expenses, principally fuel, may also be incurred when positioning or repositioning the vessel before or after the period of time charter and during periods when the vessel is not under charter or is offhire, for example when the vessel is undergoing repairs. These expenses are recognized as incurred. Vessel operating expenses, which are recognized when incurred, include crewing, repairs and maintenance, insurance, stores, lube oils, communication expenses and third party management fees. Bunkers consumption represents mainly bunkers consumed during unemployment and off-hire. Liquefaction services revenue Liquefaction services revenue is generated from a LTA entered into with our customer. Our provision of liquefaction services capacity includes the receipt of the customer’s gas, treatment and temporary storage on board our FLNG, and delivery of LNG to waiting carriers. The liquefaction services capacity provided to our customer is considered a single performance obligation recognized evenly over time as our services are rendered. We consider our services a series of distinct services that are substantially the same and have the same pattern of transfer to our customer. Contractual payment terms for liquefaction services is monthly in arrears, after services have been provided, generally resulting in the recognition of contract assets. Contract assets are regularly assessed for impairment. Contract liabilities arise when the customer makes payments in advance of receiving services. The term between when invoicing and when payment is due is not significant. We recognize revenue when obligations under the terms of our contract are satisfied. We have applied the practical expedient to recognize liquefaction services revenue in proportion to the amount we have the right to invoice. Management fees Management fees are generated from commercial and technical vessel-related services and corporate and administrative services. Commercial and technical vessel-related services include vessel maintenance, providing vessel crew, making arrangements for vessel insurance, bunkering, provisions and stores, invoicing and collecting vessel hire. Corporate and administrative services include corporate services, group accounting, treasury, legal, tax, consultancy and other administrative services. These services are provided to our customers Golar Partners, Golar Power and OneLNG. Our contracts generally have an initial contract term of one year or less, after which the arrangement continues with a short notice period to end the contract, ranging from 30 days to 180 days. Our management services provided are considered a single performance obligation recognized evenly over time as our services are rendered. We consider our services a series of distinct services that are substantially the same and have the same pattern of transfer to the customer. Contractual payment terms for management fees generally allow for billing and payment in advance of services being provided. However, contract liabilities did not arise because there was no billing in recognition for services rendered in future periods at the reporting date. Contract assets arise when we render management services in advance of receiving payment from our customers. Contract assets are regularly assessed for impairment. The transaction price is generally considered variable consideration given the key driver of consideration is actual costs incurred in a given period, which varies each period according to activity levels. The entire amount of the transaction price is allocated to the single performance obligation identified. We recognize revenue when obligations under the terms of our contracts with our customers are satisfied. We have applied the practical expedient to recognize management fee revenue in proportion to the amount we have the right to invoice. Cool Pool Pool revenues and expenses under the Cool Pool arrangement have been accounted for in accordance with the guidance for collaborative arrangements. In relation to our vessels participating within the pool, voyage expenses and commissions from collaborative arrangements include an allocation of our net results from the pool to the other participants. Each participants' share of the net pool revenues is based on the number of pool points attributable to its vessels and the number of days such vessels participated in the pool. We have presented our share of the net income earned under the Cool Pool arrangement across a number of line items in the income statement. For net revenues and expenses incurred relating specifically to Golar’s vessels, and for which we are deemed the principal, these will be presented gross on the face of the income statement in the line items "Time and voyage charter revenues" and "Voyage, charterhire and commission expenses". For pool net revenues generated by the other participants in the pooling arrangement, these will be presented separately in revenue and expenses from collaborative arrangements. Refer to note 16 for an analysis of the income statement effect for the pooling arrangement. Project development expenses With effect from the quarter ended June 30, 2018, we presented a new line item in operating expenses on the face of the statements of income. The new line item, "Project development expenses", includes the costs associated with pursuing future contracts and developing our pipeline of activities that have not met our internal threshold for capitalization. Previously, these costs were presented within "Administrative expenses" along with our general overhead costs. We believe that the introduction of this new line item in the statements of income provides users of our financial statements greater transparency over a key element of our business. This presentation change has been retrospectively restated in prior periods. Adoption of new accounting standards In May 2014, the FASB issued ASC 606 and subsequent amendments. The standard provides a single, comprehensive revenue recognition model and requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We adopted this guidance on January 1, 2018, under a modified retrospective approach - see note 5 for further details. The adoption of this guidance impacts presentation and disclosure of our management fee revenue only, there is no impact to recognition or measurement. In January 2016, the FASB issued ASU 2016-01 Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which made targeted improvements to the recognition, measurement, presentation and disclosure of financial instruments. We adopted the amendments to this ASU on January 1, 2018 under a modified retrospective approach except for equity securities without a determinable fair value, for which a prospective approach is prescribed. The adoption of this ASU did not have a material impact on the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which provides guidance on the disclosure and classification of certain items within the statements of cash flows. We adopted this ASU on January 1, 2018 under a retrospective approach, resulting in presentational changes to our consolidated statements of cash flows. In November 2016, the FASB issued ASU 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash , which requires that restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts presented on the statements of cash flows. We adopted this ASU on January 1, 2018 under a retrospective approach, resulting in presentational changes to our consolidated statements of cash flows and related disclosures. The adoption changed how restricted cash is reported in the consolidated statements of cash flows as follows for the nine months ended September 30, 2017: Nine months ended September 30, 2017 (in thousands of $) Cash flow line item As previously reported Adjustments decrease As adjusted OPERATING ACTIVITIES Restricted cash and short-term deposits 323 (323 ) — INVESTING ACTIVITIES Restricted cash and short-term deposits (4,773 ) 4,773 — FINANCING ACTIVITIES Restricted cash and short-term deposits (32,025 ) 32,025 — As a result of the above changes, the following subtotals as retrospectively restated are as follows: Net increase in cash, cash equivalents and restricted cash 62,372 36,475 98,847 Cash, cash equivalents and restricted cash at beginning of period 224,190 416,028 640,218 Cash, cash equivalents and restricted cash at end of period 286,562 452,503 739,065 In January 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. We adopted this ASU prospectively from January 1, 2018. As a result, this increases the likelihood that future vessel dropdowns may be considered the sale of an asset rather than a business. However, this will be dependent upon the facts and circumstances of each prospective transaction. There was no material impact on the adoption of this ASU on our consolidated financial statements and related disclosures. In February 2017, the FASB issued ASU 2017-05 Other Income - Gains and Losses from the Derecognition of Non-Financial Assets . This ASU clarifies the scope of guidance applicable to sales of non-financial assets and also provides guidance on partial sales of such assets. We adopted this ASU prospectively from January 1, 2018. We expect any gain or loss on sale from future dropdowns, accounted for as a disposal, will be recognized in full on the disposal date, however this will be dependent on the facts and circumstances of each prospective transaction. There was no material impact to our consolidated financial statements and related disclosures on adoption of this standard. Accounting pronouncements that have been issued but not adopted In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842) and subsequent amendments. This standard requires a lessee to recognize right-of-use assets and lease liabilities on its balance sheet for all leases with terms longer than 12 months and introduces additional disclosure requirements. Lessors are required to classify leases as sales-type, finance or operating, with classification affecting the pattern of income recognition and provides guidance for sale and leaseback transactions. Classification for both lessees and lessors will be based on an assessment of whether risks and rewards as well as substantive control have been transferred through a lease contract. The standard will become effective on a modified retrospective basis for us on January 1, 2019. We are evaluating the impact of this standard on our consolidated financial statements and related disclosures. Due to the transition provisions for lessors, we expect the most significant impact of the adoption of this standard will be the recognition of lease assets and lease liabilities on our balance sheet for those leases where we are a lessee that are currently classified as operating leases. In June 2016, the FASB issued ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which requires recognition and measurement of expected credit losses for financial assets and off balance sheet credit exposures. The guidance is effective on a modified retrospective basis for us on January 1, 2020 with early adoption permitted. We are evaluating the impact of this standard on our consolidated financial statements and related disclosures. In July 2018, the FASB issued ASU 2018-09 Codification improvements . The amendments in this ASU cover a wide range of topics covering primarily minor corrections, clarifications and codification improvements. We are evaluating the impact of these amendments on our consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . These amendments change the disclosures for fair value measurements - removing or modifying certain existing disclosure requirements, and adding new disclosure requirements. We are evaluating the impact of these amendments on our consolidated financial statement disclosures. In August 2018, the FASB issued ASU 2018-14 Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans . These amendments change the disclosures for defined benefit plans - removing or clarifying certain existing disclosure requirements, and adding new disclosure requirements. We are evaluating the impact of these amendments on our consolidated financial statement disclosures. In August 2018, the FASB issued ASU 2018-15 Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . These amendments change the definition of a hosting arrangement and requires the capitalization of certain implementation costs. We are evaluating the impact of these amendments on our consolidated financial statement disclosures. |
Derivatives, methods of accounting, hedging derivatives | Changes in fair value of derivative instruments With effect from the quarter ended September 30, 2018, we presented two new line items in operating activities on the face of the statements of cashflows. Given the significance of the oil derivative instrument in the current year, we believe that the introduction of this new line item in the statements of cashflows provides users of our financial statements greater transparency over a key element of our business. This presentation change has been retrospectively restated in prior periods. |
Use of estimates | Use of estimates The preparation of financial statements in accordance with United States Generally Accepted Accounting Principles ("U.S. GAAP") requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As of September 30, 2018 , we leased eight vessels under finance leases from wholly-owned special purpose vehicles ("Lessor SPVs") of financial institutions in connection with our sale and leaseback transactions. While we do not hold any equity investments in these Lessor SPVs, we have determined that we are the primary beneficiary of these entities and, accordingly, we are required to consolidate these VIEs into our financial results. The key line items impacted by our consolidation of these VIEs are short-term and long-term debt, restricted cash and short-term deposits, non-controlling interests, interest income and interest expense. In consolidating these lessor VIEs, on a quarterly basis, we must make assumptions regarding (i) the debt amortization profile; (ii) the interest rate to be applied against the VIEs’ debt principal; and (iii) the VIE's application of cash receipts. Our estimates are therefore dependent upon the timeliness of receipt and accuracy of financial information provided by these lessor VIE entities. Upon receipt of the audited annual financial statements of the lessor VIEs, we will make a true-up adjustment for any material differences. In relation to the oil derivative instrument (see note 1), the fair value was determined using the estimated discounted cash flows of the additional payments due to us as a result of oil prices moving above a contractual oil price floor over the term of the LTA. Significant inputs used in the valuation of the oil derivative instrument include management’s estimate of an appropriate discount rate and the length of time to blend the long-term and the short-term oil prices obtained from quoted prices in active markets. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The change in presentation for the nine months ended September 30, 2017 is as follows: Nine months ended September 30, 2017 (in thousands of $) As previously reported Adjustments (decrease) increase As adjusted Change in fair value of derivative instruments — (580 ) (580 ) Change in assets and liabilities: Other current and non-current assets (5,613 ) 3,017 (2,596 ) Other current and non-current liabilities 18,833 (2,437 ) 16,396 This presentation change has been retrospectively restated in prior periods. The change in presentation for the nine months ended September 30, 2017 is as follows: Nine months ended September 30, 2017 (in thousands of $) As previously reported Adjustments increase (decrease) As adjusted (Losses) gains on derivative instruments — 580 580 Other financial items, net (3,495 ) (580 ) (4,075 ) The change in presentation for the nine months ended September 30, 2017 is as follows: Nine months ended September 30, 2017 (in thousands of $) As previously reported Adjustments increase (decrease) As adjusted Project development expenses — 6,383 6,383 Administrative expenses 33,571 (6,383 ) 27,188 Nine months ended September 30, 2017 (in thousands of $) Cash flow line item As previously reported Adjustments decrease As adjusted OPERATING ACTIVITIES Restricted cash and short-term deposits 323 (323 ) — INVESTING ACTIVITIES Restricted cash and short-term deposits (4,773 ) 4,773 — FINANCING ACTIVITIES Restricted cash and short-term deposits (32,025 ) 32,025 — As a result of the above changes, the following subtotals as retrospectively restated are as follows: Net increase in cash, cash equivalents and restricted cash 62,372 36,475 98,847 Cash, cash equivalents and restricted cash at beginning of period 224,190 416,028 640,218 Cash, cash equivalents and restricted cash at end of period 286,562 452,503 739,065 |
Schedule of Price Risk Derivatives | The realized and unrealized gain on oil derivative instrument is as follows: (in thousands of $) Nine Months Ended 2018 2017 Realized gain on oil derivative instrument 14,318 — Unrealized gain on oil derivative instrument 185,770 — 200,088 — |
Recently Issued Accounting St_2
Recently Issued Accounting Standards Recently Issued Accounting Standards (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The change in presentation for the nine months ended September 30, 2017 is as follows: Nine months ended September 30, 2017 (in thousands of $) As previously reported Adjustments (decrease) increase As adjusted Change in fair value of derivative instruments — (580 ) (580 ) Change in assets and liabilities: Other current and non-current assets (5,613 ) 3,017 (2,596 ) Other current and non-current liabilities 18,833 (2,437 ) 16,396 This presentation change has been retrospectively restated in prior periods. The change in presentation for the nine months ended September 30, 2017 is as follows: Nine months ended September 30, 2017 (in thousands of $) As previously reported Adjustments increase (decrease) As adjusted (Losses) gains on derivative instruments — 580 580 Other financial items, net (3,495 ) (580 ) (4,075 ) The change in presentation for the nine months ended September 30, 2017 is as follows: Nine months ended September 30, 2017 (in thousands of $) As previously reported Adjustments increase (decrease) As adjusted Project development expenses — 6,383 6,383 Administrative expenses 33,571 (6,383 ) 27,188 Nine months ended September 30, 2017 (in thousands of $) Cash flow line item As previously reported Adjustments decrease As adjusted OPERATING ACTIVITIES Restricted cash and short-term deposits 323 (323 ) — INVESTING ACTIVITIES Restricted cash and short-term deposits (4,773 ) 4,773 — FINANCING ACTIVITIES Restricted cash and short-term deposits (32,025 ) 32,025 — As a result of the above changes, the following subtotals as retrospectively restated are as follows: Net increase in cash, cash equivalents and restricted cash 62,372 36,475 98,847 Cash, cash equivalents and restricted cash at beginning of period 224,190 416,028 640,218 Cash, cash equivalents and restricted cash at end of period 286,562 452,503 739,065 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Statement of Operations: Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 (3) (in thousands of $) Vessel operations FLNG Power Other (1) Total Vessel operations FLNG Power Other (1) Total Total operating revenues 175,564 73,101 — — 248,665 85,950 — — — 85,950 Depreciation and amortization (49,252 ) (16,142 ) — — (65,394 ) (59,937 ) — — — (59,937 ) Other operating expenses (158,964 ) (30,369 ) — — (189,333 ) (113,888 ) (381 ) — — (114,269 ) Other operating gains and losses 36,000 187,366 — — 223,366 — — — — — Operating income (loss) 3,348 213,956 — — 217,304 (87,875 ) (381 ) — — (88,256 ) Inter segment operating income (loss) (2) 269 — — (269 ) — 1,770 — — (1,770 ) — Segment operating (loss) income 3,617 213,956 — (269 ) 217,304 (86,105 ) (381 ) — (1,770 ) (88,256 ) Equity in net earnings (losses) of affiliates 15,485 (2,047 ) (16,985 ) — (3,547 ) (1,359 ) (5,281 ) (12,460 ) — (19,100 ) Balance Sheet: September 30, 2018 December 31, 2017 (in thousands of $) Vessel operations FLNG Power Other (1) Total Vessel operations FLNG Power Other (1) Total Total assets 3,008,178 1,925,688 258,599 (5,381 ) 5,187,084 3,025,244 1,515,463 228,696 (5,116 ) 4,764,287 Investments in affiliates 443,623 — 258,599 — 702,222 472,482 2,047 228,696 — 703,225 (1) Eliminations required for consolidation purposes. (2) Inter segment operating income (loss) relates to management fee revenues and charter revenues between the segments. (3) We no longer consider LNG trading a separate reportable segment. Given the previously reported segment information was immaterial for all periods presented, we have included these amounts within the vessel operations segment. |
Schedules of Concentration of Risk, by Risk Factor | For the nine months ended September 30, 2018 and 2017 , revenues from the following customers accounted for over 10% of our total operating revenues, excluding vessel and other management fees: Nine Months Ended (in thousands of $) 2018 2017 Cool Pool (note 16) 141,024 61 % 62,113 90 % Perenco and SNH (note 5) 73,101 31 % — — % An energy and logistics company 6,907 3 % 6,907 10 % |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Change in Contract with Customer, Asset and Liability | Changes in our contract balances during the period are as follows: (in thousands of $) Contract assets (1) Contract liabilities (2) Opening balance on January 1, 2018 17,245 — Payments received for services billed (14,558 ) — Services provided and billed in current period 84,336 33,763 Payments received for services billed in current period (65,089 ) — Impairment (1,006 ) — Deferred commissioning period billing — (1,412 ) Closing balance on September 30, 2018 20,928 32,351 (1) Relates to management fee revenue and liquefaction services revenue, see a) and b) below. (2) Relates to liquefaction services revenue, see b) below. |
Disaggregation of Revenue | Liquefaction services revenue recognized comprises the following amounts: Nine Months Ended (in thousands of $) 2018 2017 Base tolling fee (1) 68,552 — Amortization of deferred commissioning period billing (2) 1,412 — Amortization of Day 1 gain (3) 3,329 — Other (192 ) — Total 73,101 — (1) The LTA bills at a base rate in periods when the oil price is $60 or less per barrel (included in "Liquefaction services revenue" in the consolidated statements of income), and at an increased rate when the oil price is greater than $60 per barrel (recognized as a derivative and included in "Realized and unrealized gain on oil derivative instrument" in the consolidated statements of income, excluded from revenue and from the transaction price). (2) Customer billing during the commissioning period, prior to vessel acceptance and commencement of the contract term, of $33.8 million is considered an upfront payment for services. These amounts billed are deferred (included in "Other current liabilities" and "Other non-current liabilities" in the consolidated balance sheets) and recognized as part of "Liquefaction services revenue" in the consolidated statements of income evenly over the contract term. (3) The Day 1 gain was established when the oil derivative asset was initially recognized in December 2017 for $79.6 million (recognized in "Other current liabilities" and "Other non-current liabilities" in the consolidated balance sheets). This amount is amortized and recognized as part of "Liquefaction services revenue" in the consolidated statements of income evenly over the contract term. |
(Losses) Earnings Per Share (Ta
(Losses) Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of (Losses) Earnings Per Share | The components of the numerator for the calculation of basic and diluted EPS are as follows: (in thousands of $) Nine Months Ended 2018 2017 Net income (loss) attributable to Golar LNG Ltd stockholders - basic and diluted 81,529 (183,526 ) The components of the denominator for the calculation of basic and diluted EPS are as follows: (in thousands) Nine Months Ended 2018 2017 Basic: Weighted average number of common shares outstanding 100,665 100,599 Dilutive: Dilutive impact of share options 169 — Weighted average number of common shares outstanding 100,834 100,599 Earnings (loss) per share are as follows: Nine Months Ended 2018 2017 Basic $ 0.81 $ (1.82 ) Diluted $ 0.81 $ (1.82 ) |
Other Financial Items (Tables)
Other Financial Items (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of Derivative Instruments, Gain (Loss) | (Losses) gains on derivative instruments comprise of the following: (in thousands of $) Nine Months Ended 2018 2017 Mark-to-market adjustment for interest rate swap derivatives 6,059 1,056 Unrealized mark-to-market (losses) gains on Earn-Out Units (see note 12) (7,400 ) 2,000 Mark-to-market adjustment for equity derivatives (10,757 ) (3,841 ) Mark-to-market adjustment for foreign exchange swap derivatives (160 ) 1,365 (12,258 ) 580 |
Schedule of Other Financial Items | Other financial items, net comprise of the following: (in thousands of $) Nine Months Ended 2018 2017 Interest income (expense) on undesignated interest rate swaps 5,322 (3,436 ) Foreign exchange loss on operations (973 ) — Amortization of debt guarantee 539 1,234 Financing arrangement fees and other costs (54 ) (283 ) Others (213 ) (1,590 ) 4,621 (4,075 ) |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 , are shown below: (in thousands of $) 2018 (1) 2019 2020 2021 2022 2023+ Golar Glacier 4,310 17,100 17,147 17,100 17,100 29,984 Golar Kelvin 4,310 17,100 17,147 17,100 17,100 32,795 Golar Snow 4,310 17,100 17,147 17,100 17,100 32,795 Golar Ice 4,310 17,100 17,147 17,100 17,100 35,700 Golar Tundra (2)(3) 5,800 22,437 21,548 20,610 19,697 50,863 Golar Seal (3) 3,736 15,193 15,151 15,151 15,151 45,495 Golar Crystal (2) 3,127 12,440 12,335 12,175 12,050 49,508 Hilli (2) 32,575 128,418 123,526 118,800 114,075 521,518 (1) For the three months ending December 31, 2018. (2) The payment obligations relating to the Golar Tundra , Golar Crystal and Hilli above includes variable rental payments due under the lease based on an assumed LIBOR plus margin. (3) The payment obligations relating to the Golar Tundra and Golar Seal above have been prepared on the assumption that we are able to secure a replacement charter for these two vessels, to ensure continuation of these financing arrangements. Refer to note 1 for further details. |
Schedule of Assets and Liabilities of Lessor VIEs | The assets and liabilities of Hilli LLC that most significantly impact our consolidated balance sheet as of September 30, 2018 , are as follows: (in thousands of $) Hilli LLC (2) Assets Cash and short-term deposits 101,074 Restricted cash and short-term deposits 53,051 Vessels and equipment, net 1,313,475 Other non-current assets 287,432 1,755,032 Liabilities Current portion of long-term debt and short-term debt (1) 148,569 Long-term interest bearing debt - non-current portion (1) 762,533 911,102 (1) Where applicable, these balances are net of deferred finance charges. (2) As Hilli LLC is the primary beneficiary of the Hilli Lessor VIE (see above) the Hilli LLC balances include the Hilli Lessor VIE. The assets and liabilities of these lessor VIEs that most significantly impact our consolidated balance sheet as of September 30, 2018 and December 31, 2017 , are as follows: (in thousands of $) Golar Glacier Golar Kelvin Golar Snow Golar Ice Golar Tundra Golar Seal Golar Crystal Hilli September 30, 2018 December 31, 2017 Assets Total Total Restricted cash and short-term deposits 23,272 67,109 16,436 18 — 25,750 2,798 53,051 188,434 130,063 Liabilities Debt: Current portion of long-term debt and short-term debt (1) 39,316 182,540 30,402 122,208 125,937 143,849 5,879 148,880 799,011 833,664 Long-term interest bearing debt - non-current portion (1) 117,880 — 123,228 — — — 92,181 764,250 1,097,539 252,691 157,196 182,540 153,630 122,208 125,937 143,849 98,060 913,130 1,896,550 1,086,355 (1) Where applicable, these balances are net of deferred finance charges. |
Schedule of changes in subsidiary ownership | The Hilli Disposal resulted in the following changes to our ownership interest in our consolidated subsidiary Hilli LLC in our equity: (in thousands of $) September 30, 2018 Net income attributable to stockholders of Golar LNG Limited 81,529 Transfer to the non-controlling interests: increase in Golar LNG Limited’s paid-in capital for sale of 1,096 Hilli Common Units in July 2018 304,468 Changes from net income attributable to stockholders of Golar LNG Limited and transfers to non-controlling interests 385,997 |
Restricted cash and short ter_2
Restricted cash and short term deposits (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 $) September 30, 2018 December 31, 2017 Restricted cash relating to the total return equity swap 69,382 58,351 Restricted cash in relation to the Hilli (1) 175,482 174,737 Restricted cash and short-term deposits held by lessor VIEs 188,434 130,063 Restricted cash relating to the $1.125 billion debt facility 22,986 33,752 Restricted cash relating to office lease 818 813 Bank guarantee 674 99 Total restricted cash and short-term deposits 457,776 397,815 Less: Amounts included in current restricted cash and short-term deposits (302,456 ) (222,265 ) Long-term restricted cash 155,320 175,550 (1) In November 2015, in connection with the issuance of a letter of credit by a financial institution to our project partner involved in the Hilli FLNG project, we were required to provide cash collateral to support the performance guarantee. |
Schedule of Cash Flow, Supplemental Disclosures | The following table identifies the balance sheet line-items included in cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows: (in thousands of $) September 30, 2018 December 31, 2017 September 30, 2017 December 31, 2016 Cash and cash equivalents 306,387 214,862 286,562 224,190 Restricted cash and short-term deposits (current portion) 302,456 222,265 270,087 183,693 Restricted cash (non-current portion) 155,320 175,550 182,416 232,335 764,163 612,677 739,065 640,218 |
Asset Under Development (Tables
Asset Under Development (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Extractive Industries [Abstract] | |
Schedule for Assets Under Development | (in thousands of $) December 31, 2017 Purchase price installments 962,709 Interest costs capitalized 116,416 Other costs capitalized 98,364 1,177,489 |
Equity in Net (Losses) Earnings
Equity in Net (Losses) Earnings of Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Equity Method Investments | Nine Months Ended (in thousands of $) 2018 2017 Share of net earnings (losses) in Golar Partners (1) 15,541 (1,763 ) Share of net loss in Golar Power (16,985 ) (12,460 ) Share of net loss in OneLNG (2,047 ) (5,281 ) Share of net (loss) earnings in Egyptian Company for Gas Services ("ECGS") (56 ) 404 (3,547 ) (19,100 ) (1) For the nine months ended September 30, 2017 , our share of net earnings (losses) in Golar Partners includes a non-cash loss on deemed disposal of $17.0 million , being the dilutive impact on our ownership interest due to further issuances of common units by Golar Partners in February 2017. The carrying amounts of our investments in our equity method investments as at September 30, 2018 and December 31, 2017 are as follows: (in thousands of $) September 30, 2018 December 31, 2017 Golar Partners 438,294 467,097 Golar Power 258,599 228,696 OneLNG (1) — 2,047 ECGS 5,329 5,385 Equity in net assets of affiliates 702,222 703,225 (1) The delays in finalizing a debt financing package for the Fortuna FLNG project, together with other capital and resource priorities, has resulted in a decision from Schlumberger to end their participation in the project. Golar and Schlumberger, as a result of this, plan to wind down OneLNG and work on FLNG projects as required on a case-by-case basis. As a result, we have written down our investment in OneLNG to $ nil at September 30, 2018 . |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Components of Other Non-current Assets | Other non-current assets comprise of the following: (in thousands of $) September 30, 2018 December 31, 2017 Oil derivative instrument (1) 280,470 94,700 Other non-current assets (2) 25,130 37,891 Mark-to-market interest rate swaps valuation 14,229 10,166 Investment in OLT Offshore LNG Toscana S.p.A (3) 7,347 7,347 Derivatives - other (4) — 7,400 327,176 157,504 (1) "Oil derivative instrument" refers to a derivative embedded in the Hilli LTA. See note 1 for further details. (2) "Other non-current assets" is mainly comprised of payments made relating to long lead items ordered in preparation for the conversion of the Gimi and the Gandria into FLNG vessels. As of September 30, 2018 and December 31, 2017 , the aggregate carrying value was $15.0 million and $31.0 million , respectively. The Gimi and the Gandria conversion contracts provide the flexibility wherein certain beneficial cancellation provisions exist which, if exercised prior to contract expiry, will allow termination of contracts and recovery of previous milestone payments, less cancellation fees. The Gimi contract will expire on December 30, 2018 and the Gandria contract will expire on December 31, 2018. (3) "Investment in OLT Offshore LNG Toscana S.p.A" ("OLT-O") refers to our investment in an Italian incorporated unlisted company which is involved in the construction, development, operation and maintenance of a FSRU terminal to be situated off the Livorno coast of Italy. In prior years, this investment was classified as a cost method investment. Following the adoption of ASU 2016-01, we have applied the measurement alternative for measuring equity investments without readily determinable fair values. As of September 30, 2018 and December 31, 2017 , our investment in OLT-O was $7.3 million , representing a 2.7% interest in OLT-O’s issued share capital. (4) "Derivatives - other" refers to the Earn-Out Units issuable to us in connection with the IDR reset transaction with Golar Partners in October 2016. As of September 30, 2018 , the fair value of the Earn-Out Units was written down to $ nil due to the expectation that Golar Partners would decrease its quarterly distribution. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Components of Debt | As of September 30, 2018 and December 31, 2017 , our debt was as follows: (in thousands of $) September 30, 2018 December 31, 2017 Golar Arctic facility 60,125 65,600 Golar Viking facility 48,177 52,083 2017 convertible bonds 350,148 340,173 Margin loan (1) 100,000 119,125 FLNG Hilli facility (2) — 525,000 Hilli shareholder loans (6) — 49,066 $1.125 billion facility (7) 179,202 195,449 Subtotal (excluding lessor VIE loans) 737,652 1,346,496 ICBCL VIE loans (3) 617,365 641,936 CCBFL VIE loan (3) 143,849 143,849 CMBL VIE loan (3) 125,937 198,613 COSCO Shipping VIE loan (3)(4) 98,727 104,006 CSSC VIE loan (2)(3)(5) 913,130 — Total debt 2,636,660 2,434,900 Less: Deferred finance charges (17,080 ) (24,053 ) Total debt, net of deferred finance charges 2,619,580 2,410,847 (1) During July 2018, amendments to the existing margin loan facility, secured by units in Golar Partners, were completed. Although most of the existing terms remain substantially unchanged, the facility will no longer amortize. Subject to the satisfaction of certain covenants, no further principal repayments will be required ahead of maturity in March 2020. (2) In June 2018, we repaid $640.0 million on the pre-delivery credit facility and drew down $960.0 million on the post-acceptance sale and leaseback financing (the "Hilli Facility") in relation to the FLNG Hilli facility. The sale and leaseback arrangement is provided by a related party of CSSC. (3) See note 8. (4) In April 2018, the SPV, Oriental Fleet LNG 01 Limited, which owns the Golar Crystal , entered into a long-term loan facility for $101.0 million . The loan facility is provided by a related party of COSCO Shipping. The loan facility is denominated in USD, is a 10 year loan, limited to the term of the bareboat charter, bears interest at LIBOR plus a margin and is repayable in monthly installments with a balloon payment on maturity. (5) On July 12, 2018, we entered into an agreement to guarantee the debt payable by Hilli Corp to creditor Fortune Lianjiang Shipping S.A. Under the guarantee we are severally liable for any outstanding principal, interest, expenses and other amounts that are payable, on a pro rata basis to our ownership in Common Units in Golar Hilli LLC. As of September 30, 2018 the amount we have guaranteed is $456.6 million . (6) The Hilli shareholder loans were converted to equity on the Closing Date of the Hilli Disposal. (7) During October 2018, amendments to the existing $1.125 billion facility were completed, extending the term of the commercial tranche by 5 years. At September 30, 2018 , our debt can be broken down as follows: Golar debt VIE debt (1) Total debt (in thousands of $) Current portion of long-term debt and short-term debt 31,900 799,011 830,911 Long-term debt 691,130 1,097,539 1,788,669 Total 723,030 1,896,550 2,619,580 (1) These amounts relate to certain lessor entities (for which legal ownership resides with financial institutions) that we are required to consolidate under U.S. GAAP into our financial statements as variable interest entities (see note 8). |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive (Loss) Income | The components of accumulated other comprehensive loss consisted of the following: (in thousands of $) Pension and post-retirement benefit plan adjustments Share of affiliates' comprehensive income (loss) Total accumulated comprehensive (loss) income Balance at December 31, 2016 (12,956 ) 3,414 (9,542 ) Other comprehensive income — 1,621 1,621 Balance at September 30, 2017 (12,956 ) 5,035 (7,921 ) Balance at December 31, 2017 (12,799 ) 5,030 (7,769 ) Other comprehensive loss — (27,868 ) (27,868 ) Balance at September 30, 2018 (12,799 ) (22,838 ) (35,637 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Carrying Values and Estimated Values of Financial Instruments | The carrying values and estimated fair values of our financial instruments at September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 December 31, 2017 (in thousands of $) Fair value hierarchy Carrying value Fair value Carrying value Fair value Non-Derivatives: Cash and cash equivalents Level 1 306,387 306,387 214,862 214,862 Restricted cash and short-term deposits Level 1 457,776 457,776 397,815 397,815 Current portion of long-term debt and short-term debt (1)(2) Level 2 (833,691 ) (833,691 ) (1,393,229 ) (1,393,229 ) Long-term debt - convertible bonds (2) Level 2 (350,148 ) (420,653 ) (340,173 ) (430,361 ) Long-term debt (2) Level 2 (1,452,821 ) (1,452,821 ) (701,498 ) (701,498 ) Derivatives: Oil derivative instrument (6) Level 2 280,470 280,470 94,700 94,700 Interest rate swaps asset (3) Level 2 16,225 16,225 10,166 10,166 Foreign exchange swaps asset Level 2 129 129 51 51 Foreign exchange swaps liability Level 2 (460 ) (460 ) (223 ) (223 ) Total return equity swap liability (3)(4) Level 2 (50,899 ) (50,899 ) (40,141 ) (40,141 ) Earn-Out Units asset (5) Level 2 — — 7,400 7,400 (1) The carrying amounts of our short-term debt approximate their fair values because of the near term maturity of these instruments. (2) Our debt obligations are recorded at amortized cost in the consolidated balance sheets. The amounts presented in the table above are gross of the deferred finance charges amounting to $ 17.1 million and $ 24.1 million at September 30, 2018 and December 31, 2017 , respectively. (3) The fair value of certain derivative instruments is the estimated amount that we would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, foreign exchange rates, closing quoted market prices and our creditworthiness and that of our counterparties. (4) The fair value of total return equity swaps is calculated using the closing prices of the underlying listed shares, dividends paid since inception and the interest rate charged by the counterparty. (5) The Earn-Out Units are issuable to Golar in connection with the IDR reset transaction between Golar and Golar Partners in October 2016. As of September 30, 2018 , the fair value of the Earn-Out Units was written down to $ nil due to the expectation that Golar Partners would decrease its quarterly distribution. (6) The fair value of the oil derivative instrument was determined using the estimated discounted cash flows of the additional payments due to us as a result of oil prices moving above a contractual oil price floor over the term of the LTA. Significant inputs used in the valuation of the oil derivative include management’s estimate of an appropriate discount rate and the length of time to blend the long-term and the short-term oil prices obtained from quoted prices in active markets. |
Schedule of Interest Rate Derivatives | As of September 30, 2018 , we were party to the following interest rate swap transactions involving the payment of fixed rates in exchange for LIBOR as summarized below: Instrument (in thousands of $) Notional value Maturity dates Fixed interest rates Interest rate swaps: Receiving floating, pay fixed 1,250,000 2018 to 2021 1.13% to 1.94% |
Offsetting Assets | We have elected not to offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable master netting arrangements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in our consolidated balance sheets as of September 30, 2018 and December 31, 2017 would be adjusted as detailed in the following table: September 30, 2018 December 31, 2017 (in thousands of $) Gross amounts presented in the consolidated balance sheet Gross amounts not offset in the consolidated balance sheet subject to netting agreements Net amount Gross amounts presented in the consolidated balance sheet Gross amounts not offset in the consolidated balance sheet subject to netting agreements Net amount Total asset derivatives 16,225 — 16,225 10,166 — 10,166 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Transactions with the Cool Pool: The table below summarizes our earnings generated from our participation in the Cool Pool: Nine Months Ended (in thousands of $) 2018 2017 Time and voyage charter revenues 104,842 45,097 Time charter revenues - collaborative arrangement 36,182 17,016 Voyage, charterhire and commission expenses (10,969 ) (6,932 ) Voyage, charterhire and commission expenses - collaborative arrangement (50,434 ) (21,191 ) Net income from the Cool Pool 79,621 33,990 Receivables from other related parties: (in thousands of $) September 30, 2018 December 31, 2017 Cool Pool (a) 16,839 14,004 16,839 14,004 a) Trade accounts receivable includes amounts due from the Cool Pool arising from our collaborative arrangement, amounting to $16.8 million as of September 30, 2018 (December 31, 2017: $14.0 million ). From our participation in the Cool Pool, we recognized net income of $79.6 million and $34.0 million for the nine months ended September 30, 2018 and 2017 , respectively. Net revenues (expenses): The transactions with Golar Partners and its subsidiaries for the nine months ended September 30, 2018 and 2017 consisted of the following: Nine Months Ended (in thousands of $) 2018 2017 Management and administrative services revenue (a) 5,777 5,066 Ship management fees revenue (b) 3,900 4,030 Charterhire expense (c) — (14,908 ) Interest expense on deposits payable (d) (4,779 ) (2,535 ) Share options expense recharge (e) — 95 Total 4,898 (8,252 ) Payables: The balances with Golar Partners and its subsidiaries as of September 30, 2018 and December 31, 2017 consisted of the following: (in thousands of $) September 30, 2018 December 31, 2017 Deposit payable (d) — (177,247 ) Methane Princess security lease deposit movement (f) (2,988 ) (3,464 ) Trading balances due from (owing to) Golar Partners and affiliates (g) 12,928 (4,144 ) Total 9,940 (184,855 ) a) Management and administrative services agreement - On March 30, 2011, Golar Partners entered into a management and administrative services agreement with Golar Management Limited ("Golar Management"), a wholly-owned subsidiary of Golar, pursuant to which Golar Management will provide to Golar Partners certain management and administrative services. The services provided by Golar Management are charged at cost plus a management fee equal to 5% of Golar Management’s costs and expenses incurred in connection with providing these services. Golar Partners may terminate the agreement by providing 120 days written notice. b) Ship management fees - Golar and certain of its affiliates charge ship management fees to Golar Partners for the provision of technical and commercial management of Golar Partners' vessels. Each of Golar Partners’ vessels is subject to management agreements pursuant to which certain commercial and technical management services are provided by Golar Management. Golar Partners may terminate these agreements by providing 30 days written notice. c) Charterhire expenses - For the nine months ended September 30, 2017 , this consists of charterhire expenses that we incurred for the charter back from Golar Partners of the Golar Grand , less any time charter revenues that Golar Partners generated through subleasing the Golar Grand from Golar during the period . On November 1, 2017, the Golar Grand arrangement concluded. d) Interest expense on deposits payable Expense under Tundra Letter Agreement - In May 2016, we completed the Golar Tundra Sale and received a total cash consideration of $107.2 million . We agreed to pay Golar Partners a daily fee plus operating expenses for the right to use the Golar Tundra from the date the Golar Tundra Sale was closed, until the date that the vessel would commence operations under the Golar Tundra Time Charter. In return, Golar Partners agreed to remit to us any hire income received with respect to the Golar Tundra during that period. It was further agreed that, if for any reason the Golar Tundra Time Charter had not commenced by the 12 month anniversary of the closing of the Golar Tundra Sale, Golar Partners had the right to require that we repurchase the shares of Tundra Corp at a price equal to the purchase price. Accordingly, by virtue of the put option, which was exercised by Golar Partners in May 2017, we continued to consolidate the Golar Tundra for the periods whilst the put option remained in place, thus we have accounted for $nil and $2.1 million as interest expense for the nine months ended September 30, 2018 and 2017, respectively. Deferred purchase price - In May 2017, the Golar Tundra had not commenced her charter and, accordingly, Golar Partners elected to exercise the Tundra Put Right to require us to repurchase Tundra Corp at a price equal to the original purchase price. In connection with Golar Partners exercising the Tundra Put Right, we and Golar Partners entered into an agreement pursuant to which we agreed to purchase Tundra Corp from Golar Partners on the date of the closing of the Tundra Put Sale (the "Put Sale Closing Date") in return we will be required to pay an amount equal to $107.2 million (the "Deferred Purchase Price") plus an additional amount equal to 5% per annum of the Deferred Purchase Price (the "Additional Amount"). The Deferred Purchase Price and the Additional Amount shall be due and payable by us on the date of the closing of the Hilli Disposal (see below). We agreed to accept the Deferred Purchase Price and the Additional Amount in lieu of a cash receipt on the Put Sale Closing Date in return we have provided Golar Partners with an option (which Golar Partners have exercised) to purchase an interest in Hilli Corp. We have accounted for $2.9 million and $ nil as interest expense for the nine months ended September 30, 2018 and 2017, respectively, in relation to the Deferred Purchase Price. Deposit received from Golar Partners - On August 15, 2017, we entered into the Hilli Sale Agreement with Golar Partners for the Hilli Disposal from the Sellers of the Hilli Common Units in Hilli LLC. On the Closing Date of the Hilli Disposal, Hilli LLC will be the disponent owner of the Hilli . The Disposal Interests represent the equivalent of 50% of the two liquefaction trains, out of a total of four , that are contracted to Perenco and SNH under an eight -year LTA. The sale price for the Disposal Interests is $658 million less 50% of the net lease obligations under the financing facility for the Hilli (the "Hilli Facility") on closing date, plus post-closing purchase price adjustments. Concurrently with the execution of the Hilli Sale Agreement, we received a further $70 million deposit from Golar Partners, upon which we pay interest at a rate of 5% per annum. We have accounted for $1.9 million and $0.4 million as interest expense for the nine months ended September 30, 2018 and 2017, respectively, in relation to the $70 million deposit from Golar Partners. On July 12, 2018, we concluded the Hilli Disposal with Golar Partners, accordingly we applied the Deferred Purchase Price as well as the deposit received from Golar Partners against the disposal. e) Share options expense - This relates to a recharge of share option expense to Golar Partners in relation to share options in Golar granted to certain of Golar Partners directors, officers and employees. f) Methane Princess Lease security deposit movements - This represents net advances from Golar Partners since its IPO, which correspond with the net release of funds from the security deposits held relating to the Methane Princess Lease. This is in connection with the Methane Princess tax lease indemnity provided to Golar Partners under the Omnibus Agreement. Accordingly, these amounts will be settled as part of the eventual termination of the Methane Princess Lease. g) Trading balances - Receivables and payables with Golar Partners and its subsidiaries are comprised primarily of unpaid management fees, interest expense and expenses for management, advisory and administrative services and may include working capital adjustments in respect of disposals to the Partnership, as well as charterhire expenses. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from Golar Partners and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. They primarily relate to amounts that arose due to the Hilli Disposal, recharges for trading expenses paid on behalf of Golar Partners, including ship management and administrative service fees due to us. h) Distributions from Golar Partners, net - During the nine months ended September 30, 2018 and 2017, we received total distributions from Golar Partners of $39.3 million and $38.5 million , respectively in respect of the common units and general partner units owned by us. We have a dividend payable of $1.9 million during the nine months ended September 30, 2018 from Hilli LLC in respect of the common units owned by Golar Partners. Net revenues: The transactions with OneLNG and its subsidiaries for the nine months ended September 30, 2018 and 2017 consisted of the following: Nine Months Ended (in thousands of $) 2018 2017 Management and administrative services revenue 1,399 3,797 Total 1,399 3,797 Receivables: The balances with OneLNG and its subsidiaries as of September 30, 2018 and December 31, 2017 consisted of the following: (in thousands of $) September 30, 2018 December 31, 2017 Trading balances due from OneLNG (a) 8,169 7,898 Total 8,169 7,898 a) Trading balances - Receivables and payables with One LNG and its subsidiaries are comprised primarily of unpaid management fees, charterhire expenses, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from OneLNG are unsecured, interest-free and intended to be settled in the ordinary course of business. Subsequent to the decision to dissolve OneLNG, we have written off $12.7 million of the trading balance with OneLNG as we deem it to be no longer recoverable. The trade receivables of $8.2 million is net of this provision. Net revenues: The transactions with Golar Power and its affiliates for the nine months ended September 30, 2018 and 2017 consisted of the following: Nine Months Ended (in thousands of $) 2018 2017 Management and administrative services revenue 3,640 3,470 Ship management fees income 1,050 552 Debt guarantee compensation (a) 539 592 Other (247 ) 67 Total 4,982 4,681 Payables: The balances with Golar Power and its affiliates as of September 30, 2018 and December 31, 2017 consisted of the following: (in thousands of $) September 30, 2018 December 31, 2017 Trading balances due to Golar Power and affiliates (b) (6,571 ) (935 ) Total (6,571 ) (935 ) a) Debt guarantee compensation - In connection with the closing of the formation of the joint venture Golar Power with Stonepeak, Golar Power entered into agreements to compensate Golar in relation to certain debt guarantees relating to Golar Power and its subsidiaries. This compensation amounted to an aggregate of $0.5 million and $0.6 million income for the nine months ended September 30, 2018 and 2017 , respectively. b) Trading balances - Receivables and payables with Golar Power and its subsidiaries are comprised primarily of unpaid management fees, charterhire expenses, advisory and administrative services and may include working capital adjustments in connection with the initial formation of the joint venture and transaction with Stonepeak. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from Golar Power and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. They primarily relate to recharges for trading expenses paid on behalf of Golar Power, including ship management and administrative service fees due to us. |
Other Commitments and Conting_2
Other Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Assets Pledged | Assets pledged (in thousands of $) September 30, 2018 December 31, 2017 Book value of vessels secured against long-term loans 3,269,907 2,032,747 |
General (Details)
General (Details) $ in Thousands | Jul. 12, 2018USD ($) | Sep. 30, 2018USD ($)carrier | Sep. 30, 2018USD ($)$ / barrelcarrier | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 19, 2017USD ($) |
Property, Plant and Equipment [Line Items] | ||||||
Derivative asset | $ 16,225 | $ 16,225 | $ 10,166 | |||
Oil price per barrel | $ / barrel | 60 | |||||
Golar LNG Partners | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of carriers operated by other | carrier | 10 | 10 | ||||
Golar Power | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of carriers operated by other | carrier | 3 | 3 | ||||
LNG Carrier | LNG Carrier | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of carriers owned and operated | carrier | 12 | 12 | ||||
LNG Carrier | LNG Carrier | Golar LNG Limited, Golar LNG Partners, and Golar Power | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of carriers owned and operated | carrier | 18 | 18 | ||||
LNG Carrier | Floating Storage Regasification Unit | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of carriers owned and operated | carrier | 1 | 1 | ||||
LNG Carrier | Floating Storage Regasification Unit | Golar LNG Limited, Golar LNG Partners, and Golar Power | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of carriers owned and operated | carrier | 8 | 8 | ||||
LNG Carrier | FLNG | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of carriers owned and operated | carrier | 1 | 1 | ||||
LNG Carrier | FLNG | Golar LNG Limited, Golar LNG Partners, and Golar Power | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of carriers owned and operated | carrier | 1 | 1 | ||||
FLNG | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Derivative asset | 79,600 | $ 79,600 | ||||
Derivative liability | 79,600 | |||||
Energy Related Derivative - Oil | FLNG | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Unrealized gain on oil derivative instrument | $ 185,770 | $ 0 | ||||
Energy Related Derivative - Oil | FLNG | Fair value | Level 2 | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Derivative asset | $ 280,500 | 280,500 | $ 94,700 | |||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Golar Hilli LLC | Golar, Keppel, and B&V | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Equity method investment, aggregate cost | $ 658,000 | |||||
Portion of net lease obligations | 50.00% | |||||
Related Party, Deposit Amount Incl. Accrued Interest | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Golar Hilli LLC | Golar, Keppel, and B&V | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Deposits received | $ 71,900 | |||||
Golar Tundra | Related Party, Deposit Amount Incl. Accrued Interest | Golar LNG Partners | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Deposits received | $ 110,100 | |||||
Variable Interest Entity, Primary Beneficiary | CMBL Agreement | Golar Tundra | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Capital Lease Obligations | 125,937 | 125,937 | ||||
Variable Interest Entity, Primary Beneficiary | CCBFL Agreement | Golar Seal | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Capital Lease Obligations | $ 143,849 | $ 143,849 | ||||
Series A Preferred Units | Keppel Shipyard Limited (“Keppel”) | Golar Hilli LLC | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 10.00% | |||||
Series A Preferred Units | Golar | Golar Hilli LLC | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Ownership percentage | 89.10% | |||||
Series A Preferred Units | Black and Veatch (“B&V”) | Golar Hilli LLC | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 0.90% | |||||
Series B Preferred Units | Golar Hilli LLC | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Entitlement to distributions | 95.00% | |||||
Series B Preferred Units | Keppel Shipyard Limited (“Keppel”) | Golar Hilli LLC | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 10.00% | |||||
Series B Preferred Units | Golar | Golar Hilli LLC | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Ownership percentage | 89.10% | |||||
Series B Preferred Units | Black and Veatch (“B&V”) | Golar Hilli LLC | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 0.90% | |||||
Common Units | Golar Hilli LLC | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Entitlement to distributions | 5.00% | |||||
Entitlement to vehicle expansion capacity distributions | 5.00% | |||||
Ownership percentage | 44.60% | |||||
Common Units | Keppel Shipyard Limited (“Keppel”) | Golar Hilli LLC | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 5.00% | |||||
Common Units | Golar LNG Partners | Golar Hilli LLC | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Ownership percentage | 50.00% | |||||
Common Units | Black and Veatch (“B&V”) | Golar Hilli LLC | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 0.40% |
Accounting Policies - Project d
Accounting Policies - Project development expenses (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Project development expenses | $ 16,964 | $ 6,383 |
Administrative expenses | $ 38,867 | 27,188 |
Previously Reported | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Project development expenses | 0 | |
Administrative expenses | 33,571 | |
Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Project development expenses | 6,383 | |
Administrative expenses | $ (6,383) |
Accounting Policies - Changes i
Accounting Policies - Changes in fair value of derivative instruments and oil derivative instrument (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Change in fair value of derivative instruments | $ 12,258 | $ (580) | |
Other current and non-current assets | [1] | 3,482 | (2,596) |
Other current and non-current liabilities | [1] | $ 39,099 | 16,396 |
Previously Reported | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Change in fair value of derivative instruments | 0 | ||
Other current and non-current assets | (5,613) | ||
Other current and non-current liabilities | 18,833 | ||
Restatement Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Change in fair value of derivative instruments | (580) | ||
Other current and non-current assets | 3,017 | ||
Other current and non-current liabilities | $ (2,437) | ||
[1] | Following the adoption of the amendments to ASC 230, the statement of cash flows presents the change in the period in total cash, cash equivalents and restricted cash. These amendments have been applied retrospectively for the nine months ended September 30, 2017. |
Accounting Policies - (Losses)
Accounting Policies - (Losses) gains on derivative instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
(Losses) gains on derivative instruments | $ (12,258) | $ 580 |
Other financial items, net | $ 4,621 | (4,075) |
Previously Reported | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
(Losses) gains on derivative instruments | 0 | |
Other financial items, net | (3,495) | |
Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
(Losses) gains on derivative instruments | 580 | |
Other financial items, net | $ (580) |
Accounting Policies - Use of es
Accounting Policies - Use of estimates (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018USD ($)vessel | Sep. 30, 2017USD ($) | |
Price Risk Derivatives [Line Items] | ||
Number of vessels in sale and leaseback transaction | vessel | 8 | |
FLNG derivative | FLNG | ||
Price Risk Derivatives [Line Items] | ||
Realized gain on oil derivative instrument | $ 14,318 | $ 0 |
Unrealized gain on oil derivative instrument | 185,770 | 0 |
Gain on FLNG derivative instrument | $ 200,088 | $ 0 |
Recently Issued Accounting St_3
Recently Issued Accounting Standards Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase (decrease) in restricted cash and cash equivalents, operating activities | $ 0 | ||
Increase (decrease) in restricted cash and cash equivalents, investing activities | 0 | ||
Increase (decrease) in restricted cash and cash equivalents, financing activities | 0 | ||
Net increase in cash, cash equivalents and restricted cash | [1] | $ 151,486 | 98,847 |
Cash, cash equivalents and restricted cash at beginning of period | [1] | 612,677 | 640,218 |
Cash, cash equivalents and restricted cash at end of period | [1] | $ 764,163 | 739,065 |
Accounting Standards Update 2016-18 | Previously Reported | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase (decrease) in restricted cash and cash equivalents, operating activities | 323 | ||
Increase (decrease) in restricted cash and cash equivalents, investing activities | (4,773) | ||
Increase (decrease) in restricted cash and cash equivalents, financing activities | (32,025) | ||
Net increase in cash, cash equivalents and restricted cash | 62,372 | ||
Cash, cash equivalents and restricted cash at beginning of period | 224,190 | ||
Cash, cash equivalents and restricted cash at end of period | 286,562 | ||
Accounting Standards Update 2016-18 | Restatement Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase (decrease) in restricted cash and cash equivalents, operating activities | (323) | ||
Increase (decrease) in restricted cash and cash equivalents, investing activities | 4,773 | ||
Increase (decrease) in restricted cash and cash equivalents, financing activities | 32,025 | ||
Net increase in cash, cash equivalents and restricted cash | 36,475 | ||
Cash, cash equivalents and restricted cash at beginning of period | 416,028 | ||
Cash, cash equivalents and restricted cash at end of period | $ 452,503 | ||
[1] | Following the adoption of the amendments to ASC 230, the statement of cash flows presents the change in the period in total cash, cash equivalents and restricted cash. These amendments have been applied retrospectively for the nine months ended September 30, 2017. |
Segment Information - Narrative
Segment Information - Narrative (Details) | 9 Months Ended |
Sep. 30, 2018segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | $ 248,665 | $ 85,950 | ||
Depreciation and amortization | [1] | (65,394) | (59,937) | |
Other operating expenses | (189,333) | (114,269) | ||
Other operating gains and losses | 223,366 | 0 | ||
Operating income (loss) before inter-segment eliminations | 217,304 | (88,256) | ||
Operating income (loss) | 217,304 | (88,256) | ||
Equity in net earnings (losses) of affiliates | (3,547) | (19,100) | ||
Total assets | 5,187,084 | $ 4,764,287 | ||
Investments in affiliates | 702,222 | 703,225 | ||
Operating Segments | Vessel Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 175,564 | 85,950 | ||
Depreciation and amortization | (49,252) | (59,937) | ||
Other operating expenses | (158,964) | (113,888) | ||
Other operating gains and losses | 36,000 | 0 | ||
Operating income (loss) before inter-segment eliminations | 3,348 | (87,875) | ||
Operating income (loss) | 3,617 | (86,105) | ||
Equity in net earnings (losses) of affiliates | 15,485 | (1,359) | ||
Total assets | 3,008,178 | 3,025,244 | ||
Investments in affiliates | 443,623 | 472,482 | ||
Operating Segments | FLNG | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 73,101 | 0 | ||
Depreciation and amortization | (16,142) | 0 | ||
Other operating expenses | (30,369) | (381) | ||
Other operating gains and losses | 187,366 | 0 | ||
Operating income (loss) before inter-segment eliminations | 213,956 | (381) | ||
Operating income (loss) | 213,956 | (381) | ||
Equity in net earnings (losses) of affiliates | (2,047) | (5,281) | ||
Total assets | 1,925,688 | 1,515,463 | ||
Investments in affiliates | 0 | 2,047 | ||
Operating Segments | Power Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Other operating expenses | 0 | 0 | ||
Other operating gains and losses | 0 | 0 | ||
Operating income (loss) before inter-segment eliminations | 0 | 0 | ||
Operating income (loss) | 0 | 0 | ||
Equity in net earnings (losses) of affiliates | (16,985) | (12,460) | ||
Total assets | 258,599 | 228,696 | ||
Investments in affiliates | 258,599 | 228,696 | ||
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Other operating expenses | 0 | 0 | ||
Other operating gains and losses | 0 | 0 | ||
Operating income (loss) before inter-segment eliminations | 0 | 0 | ||
Operating income (loss) | (269) | (1,770) | ||
Equity in net earnings (losses) of affiliates | 0 | 0 | ||
Total assets | (5,381) | (5,116) | ||
Investments in affiliates | 0 | $ 0 | ||
Intersegment Eliminations | Vessel Operations | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | 269 | 1,770 | ||
Intersegment Eliminations | FLNG | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | 0 | 0 | ||
Intersegment Eliminations | Power Segment | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | $ 0 | $ 0 | ||
[1] | Following the adoption of the amendments to ASC 230, the statement of cash flows presents the change in the period in total cash, cash equivalents and restricted cash. These amendments have been applied retrospectively for the nine months ended September 30, 2017. |
Segment information - Revenue f
Segment information - Revenue from external customers (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 248,665 | $ 85,950 |
Sales Revenue, Net | The Cool Pool | Customer Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 141,024 | $ 62,113 |
Concentration risk, percentage | 61.00% | 90.00% |
Sales Revenue, Net | Perenco and SNH | Customer Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 73,101 | $ 0 |
Concentration risk, percentage | 31.00% | 0.00% |
Sales Revenue, Net | An Energy and Logistics Company | Customer Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 6,907 | $ 6,907 |
Concentration risk, percentage | 3.00% | 10.00% |
Revenue Change in Contract Bala
Revenue Change in Contract Balances (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Change in Contract with Customer, Asset [Abstract] | |
Contract with customer, asset, net, beginning balance | $ 17,245 |
Payments received for services billed | (14,558) |
Services provided and billed in current period | 84,336 |
Payments received for services billed in current period | (65,089) |
Impairment | (1,006) |
Contract with customer, asset, net, ending balance | 20,928 |
Change in Contract with Customer, Liability [Abstract] | |
Contract with customer, liability, beginning balance | 0 |
Services provided and billed in current period | 33,763 |
Deferred commissioning period billing | (1,412) |
Contract with customer, liability, ending balance | $ 32,351 |
Revenue Management Fee Revenue
Revenue Management Fee Revenue (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Amounts due from related parties | $ 18,109 | $ 7,898 |
Amounts due to related parties | 6,571 | 8,734 |
Golar LNG Partners | Management and administrative services revenue | ||
Related Party Transaction [Line Items] | ||
Amounts due from related parties | 3,100 | 7,200 |
Amounts due to related parties | $ 800 | $ 10,000 |
Revenue Liquefaction services r
Revenue Liquefaction services revenue (Details) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2018USD ($)$ / barrel | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | ||
Disaggregation of Revenue [Line Items] | ||||
Liquefaction services revenue | $ 248,665 | $ 85,950 | ||
Amortization of Day 1 gain | [1] | $ (12,258) | 580 | |
Oil price per barrel | $ / barrel | 60 | |||
Contract with customer, liability, revenue recognized | $ 33,763 | |||
Derivative asset | 16,225 | $ 10,166 | ||
Base tolling fee | ||||
Disaggregation of Revenue [Line Items] | ||||
Liquefaction services revenue | 68,552 | 0 | ||
Liquefaction Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Liquefaction services revenue | 73,101 | 0 | ||
Amortization of deferred commissioning period billing | 1,412 | 0 | ||
Amortization of Day 1 gain | 3,329 | 0 | ||
Other | $ (192) | $ 0 | ||
[1] | Following the adoption of the amendments to ASC 230, the statement of cash flows presents the change in the period in total cash, cash equivalents and restricted cash. These amendments have been applied retrospectively for the nine months ended September 30, 2017. |
(Losses) Earnings Per Share (De
(Losses) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net income (loss) attributable to Golar LNG Ltd stockholders - basic and diluted | $ 81,529 | $ (183,526) |
Weighted average number of common shares outstanding, basic (in shares) | 100,665 | 100,599 |
Weighted average number of common shares outstanding, basic and diluted (in shares) | 100,834 | 100,599 |
Losses per share | ||
Basic and diluted (in USD per share) | $ 0.81 | $ (1.82) |
Employee Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive impact of share options (in shares) | 169 | 0 |
(Losses) gains on derivative _2
(Losses) gains on derivative instruments and other financial items, net (Losses) gains on derivative instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Losses) gains on derivative instruments | $ (12,258) | $ 580 |
Interest Rate Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Losses) gains on derivative instruments | 6,059 | 1,056 |
Earn-out Units | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Losses) gains on derivative instruments | (7,400) | 2,000 |
Equity Derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Losses) gains on derivative instruments | (10,757) | (3,841) |
Foreign Exchange Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Losses) gains on derivative instruments | $ (160) | $ 1,365 |
Other Financial Items (Details)
Other Financial Items (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign exchange loss on operations | $ (973) | $ 0 |
Amortization of debt guarantee | 539 | 1,234 |
Financing arrangement fees and other costs | (54) | (283) |
Others | (213) | (1,590) |
Other financial items, net | 4,621 | (4,075) |
Interest Rate Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest income (expense), net | $ 5,322 | $ (3,436) |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018USD ($)vessel | Sep. 30, 2017USD ($) | Dec. 31, 2017vessel | ||
Variable Interest Entity [Line Items] | ||||
Number of vessels in sale and leaseback transaction | 8 | |||
Interest expense | $ | $ 70,657 | $ 53,085 | ||
Net cash received in financing activities | $ | [1] | $ (252,142) | (332,177) | |
Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Number of vessels in sale and leaseback transaction | 8 | 7 | ||
Sale and leaseback term | 10 years | |||
Interest expense | $ | $ 40,200 | 29,400 | ||
Net cash received in financing activities | $ | $ 810,600 | $ 80,900 | ||
Variable Interest Entity, Primary Beneficiary | ICBCL Agreement | ||||
Variable Interest Entity [Line Items] | ||||
Number of vessels in sale and leaseback transaction | 4 | |||
Variable Interest Entity, Primary Beneficiary | CMBL Agreement | ||||
Variable Interest Entity [Line Items] | ||||
Number of vessels in sale and leaseback transaction | 1 | |||
Variable Interest Entity, Primary Beneficiary | CCBFL Agreement | ||||
Variable Interest Entity [Line Items] | ||||
Number of vessels in sale and leaseback transaction | 1 | |||
Variable Interest Entity, Primary Beneficiary | COSCO Shipping Agreement | ||||
Variable Interest Entity [Line Items] | ||||
Number of vessels in sale and leaseback transaction | 1 | |||
Variable Interest Entity, Primary Beneficiary | CSSC | ||||
Variable Interest Entity [Line Items] | ||||
Number of vessels in sale and leaseback transaction | 1 | |||
[1] | Following the adoption of the amendments to ASC 230, the statement of cash flows presents the change in the period in total cash, cash equivalents and restricted cash. These amendments have been applied retrospectively for the nine months ended September 30, 2017. |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Bareboat Charters (Details) - Variable Interest Entity, Primary Beneficiary $ in Thousands | Sep. 30, 2018USD ($) |
ICBCL Agreement | Golar Glacier | |
Variable Interest Entity [Line Items] | |
2,018 | $ 4,310 |
2,019 | 17,100 |
2,020 | 17,147 |
2,021 | 17,100 |
2,022 | 17,100 |
After 2,023 | 29,984 |
ICBCL Agreement | Golar Kelvin | |
Variable Interest Entity [Line Items] | |
2,018 | 4,310 |
2,019 | 17,100 |
2,020 | 17,147 |
2,021 | 17,100 |
2,022 | 17,100 |
After 2,023 | 32,795 |
ICBCL Agreement | Golar Snow | |
Variable Interest Entity [Line Items] | |
2,018 | 4,310 |
2,019 | 17,100 |
2,020 | 17,147 |
2,021 | 17,100 |
2,022 | 17,100 |
After 2,023 | 32,795 |
ICBCL Agreement | Golar Ice | |
Variable Interest Entity [Line Items] | |
2,018 | 4,310 |
2,019 | 17,100 |
2,020 | 17,147 |
2,021 | 17,100 |
2,022 | 17,100 |
After 2,023 | 35,700 |
CMBL Agreement | Golar Tundra | |
Variable Interest Entity [Line Items] | |
2,018 | 5,800 |
2,019 | 22,437 |
2,020 | 21,548 |
2,021 | 20,610 |
2,022 | 19,697 |
After 2,023 | 50,863 |
CCBFL Agreement | Golar Seal | |
Variable Interest Entity [Line Items] | |
2,018 | 3,736 |
2,019 | 15,193 |
2,020 | 15,151 |
2,021 | 15,151 |
2,022 | 15,151 |
After 2,023 | 45,495 |
COSCO Shipping Agreement | Golar Crystal | |
Variable Interest Entity [Line Items] | |
2,018 | 3,127 |
2,019 | 12,440 |
2,020 | 12,335 |
2,021 | 12,175 |
2,022 | 12,050 |
After 2,023 | 49,508 |
CSSC | Hilli | |
Variable Interest Entity [Line Items] | |
2,018 | 32,575 |
2,019 | 128,418 |
2,020 | 123,526 |
2,021 | 118,800 |
2,022 | 114,075 |
After 2,023 | $ 521,518 |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Assets and Liabilities of Lessor VIEs (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt: | ||
Current portion of long-term debt and short-term debt | $ 830,911 | $ 1,384,933 |
Long-term debt | 1,788,669 | 1,025,914 |
Total liabilities | 3,040,688 | 2,967,983 |
Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash and short-term deposits | 188,434 | 130,063 |
Debt: | ||
Current portion of long-term debt and short-term debt | 799,011 | 833,664 |
Long-term debt | 1,097,539 | 252,691 |
Total liabilities | 1,896,550 | $ 1,086,355 |
ICBCL Agreement | Golar Glacier | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash and short-term deposits | 23,272 | |
Debt: | ||
Current portion of long-term debt and short-term debt | 39,316 | |
Long-term debt | 117,880 | |
Total liabilities | 157,196 | |
ICBCL Agreement | Golar Kelvin | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash and short-term deposits | 67,109 | |
Debt: | ||
Current portion of long-term debt and short-term debt | 182,540 | |
Long-term debt | 0 | |
Total liabilities | 182,540 | |
ICBCL Agreement | Golar Snow | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash and short-term deposits | 16,436 | |
Debt: | ||
Current portion of long-term debt and short-term debt | 30,402 | |
Long-term debt | 123,228 | |
Total liabilities | 153,630 | |
ICBCL Agreement | Golar Ice | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash and short-term deposits | 18 | |
Debt: | ||
Current portion of long-term debt and short-term debt | 122,208 | |
Long-term debt | 0 | |
Total liabilities | 122,208 | |
CMBL Agreement | Golar Tundra | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash and short-term deposits | 0 | |
Debt: | ||
Current portion of long-term debt and short-term debt | 125,937 | |
Long-term debt | 0 | |
Capital Lease Obligations | 125,937 | |
CCBFL Agreement | Golar Seal | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash and short-term deposits | 25,750 | |
Debt: | ||
Current portion of long-term debt and short-term debt | 143,849 | |
Long-term debt | 0 | |
Capital Lease Obligations | 143,849 | |
COSCO Shipping Agreement | Golar Crystal | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash and short-term deposits | 2,798 | |
Debt: | ||
Current portion of long-term debt and short-term debt | 5,879 | |
Long-term debt | 92,181 | |
Total liabilities | 98,060 | |
CSSC | Hilli | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash and short-term deposits | 53,051 | |
Debt: | ||
Current portion of long-term debt and short-term debt | 148,880 | |
Long-term debt | 764,250 | |
Total liabilities | $ 913,130 |
Variable Interest Entities ("_2
Variable Interest Entities ("VIE") Variable Interest Entities - Changes to our ownership interest in consolidated subsidiary Hilli LLC in our equity (Details) - USD ($) $ in Thousands | Jul. 12, 2018 | Sep. 30, 2018 | Sep. 30, 2017 |
Variable Interest Entity [Line Items] | |||
Net income attributable to stockholders of Golar LNG Limited | $ 81,529 | $ (183,526) | |
Transfer to the non-controlling interests: increase in Golar LNG Limited’s paid-in capital for sale of 1,096 Hilli Common Units in July 2018 | 304,468 | ||
Changes from net income attributable to stockholders of Golar LNG Limited and transfers to non-controlling interests | $ 385,997 | ||
Common Stock | Golar LNG Partners | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Golar Hilli LLC | |||
Variable Interest Entity [Line Items] | |||
Sale of stock, number of shares issued in transaction (in shares) | 1,096 |
Variable Interest Entities ("_3
Variable Interest Entities ("VIE") Variable Interest Entities - Assets and Liabilities of Hilli LLC (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | ||
ASSETS | ||||||
Cash and short-term deposits | $ 306,387 | $ 306,387 | $ 286,562 | $ 214,862 | $ 224,190 | |
Restricted cash and short-term deposits | 457,776 | 457,776 | 397,815 | |||
Vessels and equipment, net | 3,315,960 | 3,315,960 | 2,077,059 | |||
Other non-current assets | 327,176 | 327,176 | 157,504 | |||
Total assets | 5,187,084 | 5,187,084 | 4,764,287 | |||
Liabilities | ||||||
Current portion of long-term debt and short-term debt | 830,911 | 830,911 | 1,384,933 | |||
Long-term debt | 1,788,669 | 1,788,669 | 1,025,914 | |||
Total liabilities | 3,040,688 | 3,040,688 | 2,967,983 | |||
Total operating revenues | 248,665 | 85,950 | ||||
Realized and unrealized gain on oil derivative instrument | 200,088 | 0 | ||||
Net cash payments in financing activities | [1] | (252,142) | (332,177) | |||
Variable Interest Entity, Primary Beneficiary | ||||||
Liabilities | ||||||
Current portion of long-term debt and short-term debt | 799,011 | 799,011 | 833,664 | |||
Long-term debt | 1,097,539 | 1,097,539 | 252,691 | |||
Total liabilities | 1,896,550 | 1,896,550 | $ 1,086,355 | |||
Net cash payments in financing activities | 810,600 | 80,900 | ||||
Liquefaction Services | ||||||
Liabilities | ||||||
Total operating revenues | 73,101 | $ 0 | ||||
Liquefaction Services | Variable Interest Entity, Primary Beneficiary | ||||||
Liabilities | ||||||
Total operating revenues | 48,000 | |||||
Net cash payments in financing activities | 15,200 | |||||
Energy Related Derivative - Oil | Variable Interest Entity, Primary Beneficiary | ||||||
Liabilities | ||||||
Realized and unrealized gain on oil derivative instrument | 88,700 | |||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Golar Hilli LLC | Golar LNG Partners | ||||||
ASSETS | ||||||
Cash and short-term deposits | 101,074 | 101,074 | ||||
Restricted cash and short-term deposits | 53,051 | 53,051 | ||||
Vessels and equipment, net | 1,313,475 | 1,313,475 | ||||
Other non-current assets | 287,432 | 287,432 | ||||
Total assets | 1,755,032 | 1,755,032 | ||||
Liabilities | ||||||
Current portion of long-term debt and short-term debt | 148,569 | 148,569 | ||||
Long-term debt | 762,533 | 762,533 | ||||
Total liabilities | $ 911,102 | $ 911,102 | ||||
[1] | Following the adoption of the amendments to ASC 230, the statement of cash flows presents the change in the period in total cash, cash equivalents and restricted cash. These amendments have been applied retrospectively for the nine months ended September 30, 2017. |
Restricted cash and short ter_3
Restricted cash and short term deposits Restricted cash and short-term deposits, composition (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash and cash equivalents | $ 457,776,000 | $ 397,815,000 | ||
Restricted cash and cash equivalents, current | (302,456,000) | (222,265,000) | $ (270,087,000) | $ (183,693,000) |
Restricted cash (non-current portion) | 155,320,000 | 175,550,000 | $ 182,416,000 | $ 232,335,000 |
Return Equity Swap | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash and cash equivalents | 69,382,000 | 58,351,000 | ||
Letter of Credit | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash and cash equivalents | 175,482,000 | 174,737,000 | ||
Lessor VIEs | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash and cash equivalents | 188,434,000 | 130,063,000 | ||
Office lease | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash and cash equivalents | 818,000 | 813,000 | ||
Bank guarantee | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash and cash equivalents | 674,000 | 99,000 | ||
$1.125 billion facility | Interest-bearing Deposits | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash and cash equivalents | 22,986,000 | 33,752,000 | ||
Line of Credit | Secured Debt | $1.125 billion facility | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Maximum borrowing capacity | $ 1,125,000,000 | $ 1,125,000,000 |
Restricted cash and short ter_4
Restricted cash and short term deposits Cash and restricted cash, summary (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |||||
Cash and cash equivalents | $ 306,387 | $ 214,862 | $ 286,562 | $ 224,190 | |
Restricted cash and short-term deposits | 302,456 | 222,265 | 270,087 | 183,693 | |
Restricted cash (non-current portion) | 155,320 | 175,550 | 182,416 | 232,335 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents | [1] | $ 764,163 | $ 612,677 | $ 739,065 | $ 640,218 |
[1] | Following the adoption of the amendments to ASC 230, the statement of cash flows presents the change in the period in total cash, cash equivalents and restricted cash. These amendments have been applied retrospectively for the nine months ended September 30, 2017. |
Asset Under Development (Detail
Asset Under Development (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | ||
Asset under development | $ 0 | $ 1,177,489 |
Hilli Conversion to FLNG | ||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | ||
Purchase price installments | 962,709 | |
Interest costs capitalized | 116,416 | |
Other costs capitalized | 98,364 | |
Asset under development | $ 1,177,489 |
Equity in Net (Losses) Earnin_2
Equity in Net (Losses) Earnings of Affiliates (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Debt Securities, Available-for-sale [Line Items] | ||
Equity in net earnings (losses) of affiliates | $ (3,547) | $ (19,100) |
Golar Partners | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity in net earnings (losses) of affiliates | 15,541 | (1,763) |
Non cash loss on deemed disposal | 17,000 | |
Golar Power | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity in net earnings (losses) of affiliates | (16,985) | (12,460) |
OneLNG | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity in net earnings (losses) of affiliates | (2,047) | (5,281) |
Egyptian Company for Gas Services (ECGS) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity in net earnings (losses) of affiliates | $ (56) | $ 404 |
Equity in Net (Losses) Earnin_3
Equity in Net (Losses) Earnings of Affiliates - Schedule of Carrying Amount of Equity Method Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Equity in net assets of affiliates | $ 702,222 | $ 703,225 |
Golar Partners | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in net assets of affiliates | 438,294 | 467,097 |
Golar Power | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in net assets of affiliates | 258,599 | 228,696 |
OneLNG | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in net assets of affiliates | 0 | 2,047 |
Egyptian Company for Gas Services (ECGS) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in net assets of affiliates | $ 5,329 | $ 5,385 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Components of Other Non-Current Assets: | ||
Other non-current assets | $ 25,130 | $ 37,891 |
Total other non-current assets | 327,176 | 157,504 |
OLT Offshore LNG Toscana | ||
Components of Other Non-Current Assets: | ||
Investment in OLT Offshore LNG Toscana | $ 7,347 | $ 7,347 |
Noncontrolling interest, ownership percentage by noncontrolling owners | 2.70% | 2.70% |
Golar Gimi and Gandria | ||
Components of Other Non-Current Assets: | ||
Other non-current assets | $ 15,000 | $ 31,000 |
Interest Rate Swap | ||
Components of Other Non-Current Assets: | ||
Derivatives | 14,229 | 10,166 |
Earn-out Units | ||
Components of Other Non-Current Assets: | ||
Derivatives | 0 | 7,400 |
FLNG | FLNG derivative | ||
Components of Other Non-Current Assets: | ||
Derivatives | $ 280,470 | $ 94,700 |
Debt - Components of Debt (Deta
Debt - Components of Debt (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||||
Jun. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Jul. 12, 2018 | Apr. 30, 2018 | Dec. 31, 2017 | ||
Debt Instrument [Line Items] | |||||||
Total debt, excluding VIE loans | $ 737,652,000 | $ 1,346,496,000 | |||||
Total debt | 2,636,660,000 | 2,434,900,000 | |||||
Less: Deferred finance charges | (17,080,000) | (24,053,000) | |||||
Total debt, net of deferred finance charges | 2,619,580,000 | 2,410,847,000 | |||||
Repayments of debt | [1] | 936,896,000 | $ 398,316,000 | ||||
Secured Debt | Golar Arctic facility | |||||||
Debt Instrument [Line Items] | |||||||
Total debt, excluding VIE loans | 60,125,000 | 65,600,000 | |||||
Secured Debt | Golar Viking facility | |||||||
Debt Instrument [Line Items] | |||||||
Total debt, excluding VIE loans | 48,177,000 | 52,083,000 | |||||
Secured Debt | Margin Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Total debt, excluding VIE loans | 100,000,000 | 119,125,000 | |||||
Secured Debt | FLNG Hilli facility | |||||||
Debt Instrument [Line Items] | |||||||
Total debt, excluding VIE loans | 0 | 525,000,000 | |||||
Secured Debt | $1.125 billion facility | |||||||
Debt Instrument [Line Items] | |||||||
Total debt, excluding VIE loans | 179,202,000 | 195,449,000 | |||||
Secured Debt | ICBC VIE loans | |||||||
Debt Instrument [Line Items] | |||||||
Total debt, VIE loans | 617,365,000 | 641,936,000 | |||||
Secured Debt | Seal VIE loan | |||||||
Debt Instrument [Line Items] | |||||||
Total debt, VIE loans | 143,849,000 | 143,849,000 | |||||
Secured Debt | Tundra VIE loan | |||||||
Debt Instrument [Line Items] | |||||||
Total debt, VIE loans | 125,937,000 | 198,613,000 | |||||
Secured Debt | Crystal VIE loan | |||||||
Debt Instrument [Line Items] | |||||||
Total debt, VIE loans | 98,727,000 | 104,006,000 | |||||
Debt instrument, face amount | $ 101,000,000 | ||||||
Long-term debt, term | 10 years | ||||||
Secured Debt | CSSC VIE Loan | |||||||
Debt Instrument [Line Items] | |||||||
Total debt, VIE loans | 913,130,000 | 0 | |||||
Convertible Debt | 2017 convertible bonds | |||||||
Debt Instrument [Line Items] | |||||||
Total debt, excluding VIE loans | 350,148,000 | 340,173,000 | |||||
Shareholder Notes Payable | Hilli shareholder loans | |||||||
Debt Instrument [Line Items] | |||||||
Total debt, excluding VIE loans | 0 | 49,066,000 | |||||
Variable Interest Entity, Primary Beneficiary | |||||||
Debt Instrument [Line Items] | |||||||
Total debt, net of deferred finance charges | 1,896,550,000 | ||||||
Hilli / CSSC | Affiliated Entity | FLNG Hilli facility | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of debt | $ 640,000,000 | ||||||
Hilli / CSSC | Variable Interest Entity, Primary Beneficiary | Affiliated Entity | FLNG Hilli facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | 960,000,000 | ||||||
Line of Credit | Secured Debt | $1.125 billion facility | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 1,125,000,000 | $ 1,125,000,000 | |||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Golar Hilli LLC | Golar LNG Partners | |||||||
Debt Instrument [Line Items] | |||||||
Guarantor obligations, current carrying value | $ 456,600,000 | ||||||
[1] | Following the adoption of the amendments to ASC 230, the statement of cash flows presents the change in the period in total cash, cash equivalents and restricted cash. These amendments have been applied retrospectively for the nine months ended September 30, 2017. |
Debt Debt - Summary (Details)
Debt Debt - Summary (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Current portion of long-term debt and short-term debt | $ 830,911 | $ 1,384,933 |
Long-term debt | 1,788,669 | 1,025,914 |
Total debt, net of deferred finance charges | 2,619,580 | 2,410,847 |
Variable Interest Entity, Primary Beneficiary | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt and short-term debt | 799,011 | 833,664 |
Long-term debt | 1,097,539 | $ 252,691 |
Total debt, net of deferred finance charges | 1,896,550 | |
Golar | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt and short-term debt | 31,900 | |
Long-term debt | 691,130 | |
Total debt, net of deferred finance charges | $ 723,030 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Debt Instrument [Line Items] | ||||
Repayments of debt | [1] | $ 936,896 | $ 398,316 | |
Secured Debt | Hilli Lessor VIE | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 840,000 | |||
Long-term debt, term | 10 years | |||
Affiliated Entity | Secured Debt | Hilli Lessor VIE | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 120,000 | |||
Affiliated Entity | Hilli / CSSC | FLNG Hilli facility | ||||
Debt Instrument [Line Items] | ||||
Repayments of debt | $ 640,000 | |||
Variable Interest Entity, Primary Beneficiary | Affiliated Entity | Hilli / CSSC | FLNG Hilli facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 960,000 | |||
[1] | Following the adoption of the amendments to ASC 230, the statement of cash flows presents the change in the period in total cash, cash equivalents and restricted cash. These amendments have been applied retrospectively for the nine months ended September 30, 2017. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | $ 1,796,304 | $ 1,909,826 |
Other comprehensive income | (27,868) | 1,621 |
Ending balance | 2,146,396 | 1,784,429 |
Pension and post-retirement benefit plan adjustments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (12,799) | (12,956) |
Other comprehensive income | 0 | 0 |
Ending balance | (12,799) | (12,956) |
Share of affiliates' comprehensive income (loss) | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | 5,030 | 3,414 |
Other comprehensive income | (27,868) | 1,621 |
Ending balance | (22,838) | 5,035 |
Accumulated Other Comprehensive (Loss) Income | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (7,769) | (9,542) |
Other comprehensive income | (27,868) | 1,621 |
Ending balance | $ (35,637) | $ (7,921) |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 19, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Non-Derivatives: | |||||
Cash and cash equivalents | $ 306,387,000 | $ 214,862,000 | $ 286,562,000 | $ 224,190,000 | |
Restricted cash and short-term deposits | 457,776,000 | 397,815,000 | |||
Long-term debt | (1,788,669,000) | (1,025,914,000) | |||
Derivatives: | |||||
Derivative asset | 16,225,000 | 10,166,000 | |||
Deferred finance charges | 17,080,000 | 24,053,000 | |||
Interest Rate Swap | Cash Flow Hedging | |||||
Derivatives: | |||||
Notional value | $ 1,250,000,000 | ||||
Interest Rate Swap | Minimum | Cash Flow Hedging | |||||
Derivatives: | |||||
Fixed interest rates | 1.13% | ||||
Interest Rate Swap | Maximum | Cash Flow Hedging | |||||
Derivatives: | |||||
Fixed interest rates | 1.94% | ||||
Carrying value | Level 1 | |||||
Non-Derivatives: | |||||
Cash and cash equivalents | $ 306,387,000 | 214,862,000 | |||
Restricted cash and short-term deposits | 457,776,000 | 397,815,000 | |||
Carrying value | Level 2 | |||||
Non-Derivatives: | |||||
Debt, current | (833,691,000) | (1,393,229,000) | |||
Long-term debt - convertible bonds | (350,148,000) | (340,173,000) | |||
Long-term debt | (1,452,821,000) | (701,498,000) | |||
Carrying value | Level 2 | Interest Rate Swap | |||||
Derivatives: | |||||
Derivative asset | 16,225,000 | 10,166,000 | |||
Carrying value | Level 2 | Foreign Exchange Swaps | |||||
Derivatives: | |||||
Foreign exchange swaps asset | 129,000 | 51,000 | |||
Foreign exchange swaps liability | (460,000) | (223,000) | |||
Carrying value | Level 2 | Return Equity Swap | |||||
Derivatives: | |||||
Derivative liability | (50,899,000) | (40,141,000) | |||
Carrying value | Level 2 | Earn-out Units | |||||
Derivatives: | |||||
Derivative asset | 0 | 7,400,000 | |||
Fair value | Level 1 | |||||
Non-Derivatives: | |||||
Cash and cash equivalents, fair value disclosure | 306,387,000 | 214,862,000 | |||
Restricted cash and cash equivalents, fair value disclosure | 457,776,000 | 397,815,000 | |||
Fair value | Level 2 | |||||
Non-Derivatives: | |||||
Debt, current, fair value disclosure | (833,691,000) | (1,393,229,000) | |||
Convertible debt, fair value disclosures | (420,653,000) | (430,361,000) | |||
Long-term debt, fair value | (1,452,821,000) | (701,498,000) | |||
Fair value | Level 2 | Interest Rate Swap | |||||
Derivatives: | |||||
Derivative asset | 16,225,000 | 10,166,000 | |||
Fair value | Level 2 | Foreign Exchange Swaps | |||||
Derivatives: | |||||
Foreign exchange swaps asset | 129,000 | 51,000 | |||
Foreign exchange swaps liability | (460,000) | (223,000) | |||
Fair value | Level 2 | Return Equity Swap | |||||
Derivatives: | |||||
Derivative liability | (50,899,000) | (40,141,000) | |||
Fair value | Level 2 | Earn-out Units | |||||
Derivatives: | |||||
Derivative asset | 0 | 7,400,000 | |||
FLNG | |||||
Derivatives: | |||||
Derivative asset | 79,600,000 | $ 79,600,000 | |||
Derivative liability | (79,600,000) | ||||
FLNG | Carrying value | Level 2 | Interest Rate Swap | |||||
Derivatives: | |||||
Derivative asset | 280,470,000 | 94,700,000 | |||
FLNG | Fair value | Level 2 | Interest Rate Swap | |||||
Derivatives: | |||||
Derivative asset | $ 280,470,000 | $ 94,700,000 |
Financial Instruments - Offsett
Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Total asset derivatives | ||
Gross amounts presented in the consolidated balance sheet | $ 16,225 | $ 10,166 |
Gross amounts not offset in the consolidated balance sheet subject to netting agreements | 0 | 0 |
Net amount | $ 16,225 | $ 10,166 |
Cash collateral for borrowed securities, percent | 20.00% | |
Cash collateral for borrowed securities | $ 69,400 |
Related Party Transactions - Tr
Related Party Transactions - Transactions and balances with Golar Partners and Subsidiaries (Details) - USD ($) $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | May 31, 2017 | May 31, 2016 | |
Related Party Transaction [Line Items] | |||||
Total operating revenues | $ 248,665 | $ 85,950 | |||
Due from (to) related party | 16,839 | $ 14,004 | |||
Golar LNG Partners | |||||
Related Party Transaction [Line Items] | |||||
Net (expenses) income (due to) from related parties | 4,898 | (8,252) | |||
Due from (to) related party | 9,940 | (184,855) | |||
Golar LNG Partners | Management and administrative services revenue | |||||
Related Party Transaction [Line Items] | |||||
Total operating revenues | 5,777 | 5,066 | |||
Golar LNG Partners | Ship management fees revenue | |||||
Related Party Transaction [Line Items] | |||||
Total operating revenues | 3,900 | 4,030 | |||
Golar LNG Partners | Charterhire expense | |||||
Related Party Transaction [Line Items] | |||||
Related party expense | 0 | (14,908) | |||
Golar LNG Partners | Interest expense on deposits payable | |||||
Related Party Transaction [Line Items] | |||||
Related party interest expense | (4,779) | (2,535) | |||
Golar LNG Partners | Methane Princess security lease deposit movement | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related party | (2,988) | (3,464) | |||
Golar LNG Partners | Deposits Due to Affiliates | |||||
Related Party Transaction [Line Items] | |||||
Related party interest expense | (2,900) | 0 | |||
Due from (to) related party | 0 | (177,247) | $ (107,200) | $ (107,200) | |
Golar LNG Partners | Trading Balances Due from Affiliates | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related party | 12,928 | $ (4,144) | |||
Golar LNG Partners | Share Options Expense Recharge | |||||
Related Party Transaction [Line Items] | |||||
Share options expense recharge | $ 0 | $ 95 |
Related Party Transactions - Go
Related Party Transactions - Golar Partners and Subsidiaries Footnotes (Details) $ in Thousands | Jul. 12, 2018 | Aug. 15, 2017USD ($)train | May 31, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | May 31, 2016USD ($) | |
Related Party Transaction [Line Items] | ||||||||
Due from (to) related party | $ 16,839 | $ 14,004 | ||||||
Sale price for disposal interests | [1] | $ 0 | $ 70,000 | |||||
Golar LNG Partners | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate | 5.00% | |||||||
Termination of related party agreement, period of written notice | 120 days | |||||||
Due from (to) related party | $ 9,940 | (184,855) | ||||||
Additional amount, percent per annum of deferred purchase price | 5.00% | |||||||
Distributions from related party | 39,300 | 38,500 | ||||||
Golar LNG Partners | Golar Hilli LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Dividends payable | 1,900 | |||||||
Golar LNG Partners | Golar Hilli LLC | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | ||||||||
Related Party Transaction [Line Items] | ||||||||
Disposal interest, equivalent percentage | 50.00% | |||||||
Number of liquefaction trains contracted | train | 2 | |||||||
Total number of liquefaction trains | train | 4 | |||||||
Liquefaction trains, contractual term | 8 years | |||||||
Sale price for disposal interests | $ 658,000 | |||||||
Portion of net lease obligations | 50.00% | |||||||
Golar LNG Partners | Deposits Due to Affiliates | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from (to) related party | $ (107,200) | 0 | $ (177,247) | $ (107,200) | ||||
Interest expense, related party | 2,900 | 0 | ||||||
Golar LNG Partners | Tundra Letter Agreement, Interest expense on deposits payable | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest expense, related party | 0 | 2,100 | ||||||
Golar LNG Partners | Deposit Received | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate | 5.00% | |||||||
Interest expense, related party | $ 1,900 | $ 400 | ||||||
Related party transaction amount | $ 70,000 | |||||||
Golar LNG Partners | Golar Management | ||||||||
Related Party Transaction [Line Items] | ||||||||
Termination of related party agreement, period of written notice | 30 days | |||||||
Golar, Keppel, and B&V | Golar Hilli LLC | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | ||||||||
Related Party Transaction [Line Items] | ||||||||
Portion of net lease obligations | 50.00% | |||||||
[1] | Following the adoption of the amendments to ASC 230, the statement of cash flows presents the change in the period in total cash, cash equivalents and restricted cash. These amendments have been applied retrospectively for the nine months ended September 30, 2017. |
Related Party Transactions - _2
Related Party Transactions - Transactions and balances with Golar Power and Affiliates (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Total operating revenues | $ 248,665 | $ 85,950 | |
Due from (to) related party | 16,839 | $ 14,004 | |
Golar Power | |||
Related Party Transaction [Line Items] | |||
Related party transaction, net income (expense) from related parties | 4,982 | 4,681 | |
Due from (to) related party | (6,571) | (935) | |
Golar Power | Management and administrative services revenue | |||
Related Party Transaction [Line Items] | |||
Total operating revenues | 3,640 | 3,470 | |
Golar Power | Ship management fees revenue | |||
Related Party Transaction [Line Items] | |||
Total operating revenues | 1,050 | 552 | |
Golar Power | Debt Guarantee Compensation | |||
Related Party Transaction [Line Items] | |||
Related party transaction amount | 539 | 592 | |
Guarantor obligations, current carrying value | 235,500 | ||
Golar Power | Share Options Expense Recharge | |||
Related Party Transaction [Line Items] | |||
Related party transaction amount | (247) | $ 67 | |
Golar Power | Trading balances due to Golar Power and affiliates | |||
Related Party Transaction [Line Items] | |||
Due from (to) related party | (6,571) | $ (935) | |
Golar LNG Partners | |||
Related Party Transaction [Line Items] | |||
Guarantor obligations, maximum exposure, undiscounted | $ 20,000 |
Related Party Transactions - _3
Related Party Transactions - Transactions and balances with OneLNG and Subsidiaries (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Total operating revenues | $ 248,665 | $ 85,950 | |
Due from (to) related party | 16,839 | $ 14,004 | |
OneLNG | |||
Related Party Transaction [Line Items] | |||
Due from (to) related party | 8,169 | 7,898 | |
OneLNG | Management and administrative services revenue | |||
Related Party Transaction [Line Items] | |||
Total operating revenues | 1,399 | $ 3,797 | |
OneLNG | Trading Balances Due from OneLNG | |||
Related Party Transaction [Line Items] | |||
Due from (to) related party | 8,169 | $ 7,898 | |
Impairment of related party transaction | $ 12,700 |
Related Party Transactions - Ea
Related Party Transactions - Earnings Generated from Participation in The Cool Pool (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||
Related Party Transaction [Line Items] | ||||
Total operating revenues | $ 248,665 | $ 85,950 | ||
Voyage and charterhire expenses | (15,307) | (20,637) | ||
Due from (to) related party | 16,839 | $ 14,004 | ||
Accounts receivable, gross, current | [1] | 37,474 | 14,980 | |
The Cool Pool | ||||
Related Party Transaction [Line Items] | ||||
Net income (expenses) from related party transactions | 79,621 | 33,990 | ||
Due from (to) related party | 16,839 | 14,004 | ||
Accounts receivable, gross, current | 16,800 | $ 14,000 | ||
Non-collaborative Arrangement | The Cool Pool | ||||
Related Party Transaction [Line Items] | ||||
Voyage and charterhire expenses | (10,969) | (6,932) | ||
Collaborative Arrangement | ||||
Related Party Transaction [Line Items] | ||||
Voyage and charterhire expenses | (50,434) | (21,191) | ||
Collaborative Arrangement | The Cool Pool | ||||
Related Party Transaction [Line Items] | ||||
Voyage and charterhire expenses | (50,434) | (21,191) | ||
Time and Voyage Charter | ||||
Related Party Transaction [Line Items] | ||||
Total operating revenues | 123,414 | 52,004 | ||
Time and Voyage Charter | Non-collaborative Arrangement | The Cool Pool | ||||
Related Party Transaction [Line Items] | ||||
Total operating revenues | 104,842 | 45,097 | ||
Time Charter | Collaborative Arrangement | ||||
Related Party Transaction [Line Items] | ||||
Total operating revenues | 36,182 | 17,016 | ||
Time Charter | Collaborative Arrangement | The Cool Pool | ||||
Related Party Transaction [Line Items] | ||||
Total operating revenues | $ 36,182 | $ 17,016 | ||
[1] | This includes amounts arising from transactions with related parties (see note 16). |
Other Commitments and Conting_3
Other Commitments and Contingencies Other Commitments and Contingencies - Pledged Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Book value of vessels secured against long-term loans | $ 3,269,907 | $ 2,032,747 |
Other Commitments and Conting_4
Other Commitments and Contingencies - Narrative (Details) $ in Thousands, € in Millions, £ in Millions | Oct. 01, 2018USD ($) | Sep. 30, 2018GBP (£)tax_lease | Dec. 31, 2003GBP (£)tax_lease | Sep. 30, 2018USD ($)shares | Sep. 30, 2018EUR (€)shares | Dec. 31, 2017USD ($) |
Loss Contingencies [Line Items] | ||||||
Number of tax leases | tax_lease | 6 | |||||
Gross cash benefit received from tax leases | £ | £ 41 | |||||
Number of tax leases terminated | tax_lease | 5 | |||||
Number of tax leases remaining | tax_lease | 1 | |||||
Investments in affiliates | $ 702,222 | $ 703,225 | ||||
Minimum | ||||||
Loss Contingencies [Line Items] | ||||||
Estimate of possible exposure | £ | £ 0 | |||||
Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Estimate of possible exposure | £ | £ 112 | |||||
Margin Loan Facility | Golar Partners, Common Units | ||||||
Loss Contingencies [Line Items] | ||||||
Number of common units pledged as security (in shares) | shares | 21,226,586 | 21,226,586 | ||||
ECGS | ||||||
Loss Contingencies [Line Items] | ||||||
Commitments and contingencies | $ 1,000 | |||||
Shareholders' Agreement, Project to Fund Development of Pipeline Infrastructure and FSRU [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Contractual obligation | € | € 0.5 | |||||
Shareholders' Agreement, Project to Fund Development of Pipeline Infrastructure and FSRU [Member] | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Contractual obligation | € | € 15 | |||||
Avenir LNG Ltd | Subsequent Event | ||||||
Loss Contingencies [Line Items] | ||||||
Ownership percentage | 25.00% | |||||
Equity Method Investment Overall Commitment | $ 45,500 | |||||
Investments in affiliates | 24,800 | |||||
Avenir LNG Ltd | Subsequent Event | Stolt-Nielsen Ltd and Höegh LNG Holdings Ltd | ||||||
Loss Contingencies [Line Items] | ||||||
Investment company, committed capital | $ 182,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Nov. 08, 2018 | Oct. 01, 2018 | Oct. 31, 2018 | Nov. 05, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | ||||||
Investments in affiliates | $ 702,222 | $ 703,225 | ||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Dividend declared (in usd per share) | $ 0.15 | |||||
Golar LNG Partners | Golar Tundra | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds from legal settlements | $ 14,000 | |||||
Avenir LNG Ltd | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Ownership percentage | 22.50% | |||||
Avenir LNG Ltd | Stolt-Nielsen Ltd and Höegh LNG Holdings Ltd | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Investment company, committed capital | $ 182,000 | |||||
Avenir LNG Ltd | Stolt-Nielsen Limited | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Ownership percentage | 45.00% | |||||
Avenir LNG Ltd | Hoegh LNG Holdings Limited | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Ownership percentage | 22.50% | |||||
Private Placement | Avenir LNG Ltd | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Sale of stock, number of shares issued in transaction (in shares) | 11 | 99 | ||||
Par value (in usd per share) | $ 1 | |||||
Share price (in usd per share) | $ 1 | $ 1 | ||||
Shares subscribed (in shares) | 24.8 | |||||
Investments in affiliates | $ 24,800 | |||||
Avenir LNG Ltd | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Investments in affiliates | $ 24,800 | |||||
Ownership percentage | 25.00% | |||||
Avenir LNG Ltd | Stolt-Nielsen Ltd and Höegh LNG Holdings Ltd | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Investment company, committed capital | $ 182,000 |
Uncategorized Items - glng-2018
Label | Element | Value |
Dropdown, Partial Disposal Within Equity | glng_DropdownPartialDisposalWithinEquity | 50.00% |