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LNG Inventory
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12 Months Ended |
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Dec. 31, 2012
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| Inventory Disclosure [Abstract] | |
| LNG Inventory |
LNG INVENTORY
LNG inventory is recorded at cost and is subject to lower of cost or market ("LCM") adjustments at the end of each period. LNG inventory cost is determined using the average cost method. Recoveries of losses resulting from interim period LCM adjustments are recorded when market price recoveries occur on the same inventory in the same fiscal year. These recoveries are recognized as gains in later interim periods with such gains not exceeding previously recognized losses. As of December 31, 2012, we had 2,298,000 MMBtu of LNG inventory recorded at $7.0 million, and as of December 31, 2011, we had 1,995,000 MMBtu of LNG inventory recorded at $6.6 million on our Consolidated Balance Sheets. During the years ended December 31, 2012, 2011 and 2010, we recognized $20.4 million, $11.0 million and $0.3 million, respectively, as a result of LCM adjustments to our LNG inventory.
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- Details
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- Definition
The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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