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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
SEGMENT INFORMATION |
6. | SEGMENT INFORMATION
In 2020, we changed the way in which we report and measure our reportable segments. The main driver of the change is the alignment of presentation and contents of financial information provided to our chief operating decision maker (our Board of Directors), required to allocate resources, evaluate and manage both our standalone operating segments and our overall business performance. The key impacts of the changes are: •The profitability of our reportable segments is now measured based on “Adjusted EBITDA”. Previously, our reportable segments profit measure was “Operating Income”. We believe that Adjusted EBITDA assists management's and our investors' decision making by increasing the comparability of our performance from period to period and against the performance of other companies in our industry. •Our “Vessel operations” segment is separated into “Shipping” and “Corporate and other” segments. Our “Shipping” segment is based on the business activities of the transportation of LNG carriers while “Corporate and other” segment captures our business of vessel management and administrative services predominantly to our affiliates, Golar Partners and Hygo plus our corporate overhead costs. •Management has therefore determined that the volatility and risks of our “Shipping” business differ significantly from Corporate and other segment and that both business operations are distinguishable components of our overall business which are regularly reviewed and monitored by the chief operating decision maker. Management has therefore concluded that we provide four distinct services and operate in the following four reportable segments: •Shipping – This segment is based on the business activities of the transportation of LNG carriers. We operate and subsequently charter out LNG carriers on fixed terms to customers. •FLNG – This segment is based on the business activities of FLNG vessels or projects. We convert LNG carriers into FLNG vessels and subsequently charter them out to customers. We currently have one operational FLNG, the Hilli, one undergoing conversion, the Gimi (note 15), and one LNG carrier earmarked for conversion, the Gandria. •Power – This segment is based on the business activities of power generation infrastructure. We have a 50/50 joint venture, Hygo, with private equity firm Stonepeak. Hygo offers integrated LNG based downstream solutions, through the ownership and operation of FSRUs and associated terminal and power generation infrastructure. •Corporate and other – This segment is based on the business activities of vessel management and administrative services and our corporate overhead costs.
| Year Ended December 31, 2020
(in thousands of $) | Shipping | FLNG | Power | Corporate and other (1) | Total
Statement of Operations: |  |  |  |  |
Total operating revenues | 191,881 |  | 226,061 |  | — |  | 20,695 |  | 438,637 |
Vessel operating expenses | (57,326) |  | (52,104) |  | — |  | 504 |  | (108,926) |
Voyage, charterhire and commission expenses | (12,634) |  | — |  | — |  | — |  | (12,634) |
Administrative expenses | (2,211) |  | (1,672) |  | — |  | (31,428) |  | (35,311) |
Project development expenses | (112) |  | (2,793) |  | — |  | (5,986) |  | (8,891) |
Realized gains on oil derivative instrument (note 2) | — |  | 2,539 |  | — |  | — |  | 2,539 |
Other operating income | 3,262 |  | — |  | — |  | — |  | 3,262 |
Adjusted EBITDA | 122,860 |  | 172,031 |  | — |  | (16,215) |  | 278,676 |
Equity in net losses of affiliates | — |  | — |  | (39,158) |  | (137,369) |  | (176,527) |
| Year Ended December 31, 2019
(in thousands of $) | Shipping | FLNG | Power | Corporate and other (1) | Total
Statement of Operations: |  |  |  |  |
Total operating revenues | 208,766 |  | 218,096 |  | — |  | 21,888 |  | 448,750 |
Vessel operating expenses | (66,502) |  | (55,284) |  | — |  | 496 |  | (121,290) |
Voyage, charterhire and commission expenses (including expenses from collaborative arrangement) | (38,053) |  | (788) |  | — |  | — |  | (38,841) |
Administrative expenses | (2,220) |  | (1,526) |  | — |  | (48,425) |  | (52,171) |
Project development expenses | (964) |  | (3,173) |  | — |  | (853) |  | (4,990) |
Realized gains on oil derivative instrument (note 2) | — |  | 13,089 |  | — |  | — |  | 13,089 |
Other operating income/(losses) | 13,295 |  | (2,962) |  | — |  | — |  | 10,333 |
Adjusted EBITDA | 114,322 |  | 167,452 |  | — |  | (26,894) |  | 254,880 |
Equity in net losses of affiliates | — |  | — |  | (23,234) |  | (22,565) |  | (45,799) |
| Year Ended December 31, 2018
(in thousands of $) | Shipping | FLNG | Power | Corporate and other (1) | Total
Statement of Operations: |  |  |  |  |
Total operating revenues | 278,770 |  | 127,625 |  | — |  | 24,209 |  | 430,604 |
Vessel operating expenses | (67,897) |  | (29,363) |  | — |  | 400 |  | (96,860) |
Voyage, charterhire and commission expenses (including expenses from collaborative arrangement) | (104,397) |  | (1,429) |  | — |  | — |  | (105,826) |
Administrative expenses | (2,221) |  | (140) |  | — |  | (49,181) |  | (51,542) |
Project development expenses | — |  | (16,570) |  | — |  | (5,120) |  | (21,690) |
Realized gains on oil derivative instrument (note 2) | — |  | 26,737 |  | — |  | — |  | 26,737 |
Other operating income/(losses) | 50,740 |  | (14,018) |  | — |  | — |  | 36,722 |
Adjusted EBITDA | 154,995 |  | 92,842 |  | — |  | (29,692) |  | 218,145 |
Equity in net losses of affiliates | — |  | (2,047) |  | (16,913) |  | (138,676) |  | (157,636) |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
| Year Ended December 31, 2020
(in thousands of $) | Shipping | FLNG | Power | Corporate and other (1) | Total
Balance sheet: |  |  |  |  |
Total assets | 1,870,819 |  | 1,933,677 |  | 200,337 |  | 309,396 |  | 4,314,229 |
Investment in affiliates | — |  | — |  | 200,337 |  | 111,814 |  | 312,151 |
Capital expenditures | 101,380 |  | 223,999 |  | — |  | — |  | 325,379 |
(1) During the year ended December 31, 2020, we recognized an impairment of $135.9 million against our investment in Golar Partners, presented in "Investments in affiliates" in our consolidated balance sheet. See note 14.
| Year Ended December 31, 2019
(in thousands of $) | Shipping (1) | FLNG | Power | Corporate and other | Total
Balance sheet: |  |  |  |  |
Total assets | 2,016,427 |  | 1,814,588 |  | 261,693 |  | 539,436 |  | 4,632,144 |
Investment in affiliates | — |  | — |  | 261,693 |  | 247,112 |  | 508,805 |
Capital expenditures | 35,984 |  | 383,200 |  | — |  | — |  | 419,184 |
(1) During the year ended December 31, 2019, we impaired the LNG Croatia by $34.3 million presented in "Vessels and equipment, net" in our consolidated balance sheet. See note 16. Revenues from external customers On July 8, 2019, following the exit of GasLog from the Cool Pool, we consolidated the Cool Pool. From the point of consolidation, the Cool Pool ceased to be an external customer, and we no longer use a collaborative arrangement accounting. Consequently, we account for the gross revenue and voyage expenses relating to our vessels in the Cool Pool under "Time and voyage charter revenues" and "Voyage, charterhire and commission expenses", respectively. In the years ended December 31, 2020, 2019 and 2018, revenues from the following customers accounted for over 10% of our consolidated time and voyage charter and liquefaction revenues:
(in thousands of $) | 2020 |  | 2019 |  | 2018
The Cool Pool (1) | — |  |  | — | % |  | 66,691 |  |  | 16 | % |  | 251,070 |  |  | 62 | %
Perenco and SNH (2) | 226,061 |  |  | 54 | % |  | 218,096 |  |  | 51 | % |  | 127,625 |  |  | 31 | %
An international major trading house | 46,090 |  |  | 11 | % |  | 25,371 |  |  | 6 | % |  | — |  |  | — | %
A European major trading house | 43,536 |  |  | 10 | % |  | 8,908 |  |  | 2 | % |  | — |  |  | — | %
(1) The 2019 Cool Pool revenue of $66.7 million includes revenue of $23.4 million that is separately disclosed in the consolidated statements of operations as from a collaborative arrangement. The balance of $43.3 million was derived from Golar vessels operating within the Cool Pool, and is included within the caption "Time and voyage charter revenues" in the consolidated statements of operations. See note 25. (2) LTA with Perenco Cameroon S.A. ("Perenco") and Société Nationale des Hydrocarbures ("SNH"), (together, the "Customer") in relation to the Hilli. See note 7. The above revenues exclude vessel and other management fees from Golar Partners, Hygo and other related parties (note 25). Geographic data The following geographical data presents our revenues from customers and total assets with respect only to our FLNG, while operating under the LTA, in Cameroon. In time and voyage charters for LNG carriers (or our FSRU, operating as a LNG carrier), the charterer, not us, controls the routes of our vessels. These routes can be worldwide as determined by the charterers. Accordingly, the chief operating decision makers do not evaluate our performance either according to customer or geographical region.
(in thousands of $) | 2020 |  | 2019 |  | 2018
Cameroon |  |  |  |  |
Liquefaction services revenue | 226,061 |  |  | 218,096 |  |  | 127,625 |
Total assets | 1,264,085 |  |  | 1,333,779 |  |  | 1,535,389 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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