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Segment Information
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
In the 2020 Form 20-F, 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 are our segments' profit measures are now based on Adjusted EBITDA across our four reportable segments: Shipping; FLNG; Power and Corporate and other. Refer to note 6 to our consolidated financial statements filed with the 2020 Form 20-F for additional details.

In January 2021, following the board of directors' approvals of the GMLP Merger and Hygo Merger with NFE (note 9), we determined that our share of the net earnings/(losses) in Golar Partners and Hygo and the respective carrying values of our investments in affiliates have to be presented as net income/(loss) from discontinued operations and assets held for sale, respectively. Consequently, for the nine months ended September 30, 2021, we ceased to consider Power as a reportable segment. Management has therefore concluded that we provide and operate three distinct reportable segments as follows:

•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 into a FLNG, the Gimi (note 13), and one LNG carrier earmarked for conversion, the Gandria.
•Corporate and other – This segment is based on the business activities of vessel management and administrative services and our corporate overhead costs.
A reconciliation of net profit / (loss) to Adjusted EBITDA is as follows:
Nine months ended September 30,
(in thousands of $)20212020
Net profit / (loss)514,804 (206,572)
Income taxes
565 598 
Profit/(loss) before income taxes515,369 (205,974)
Depreciation and amortization79,488 81,097 
Unrealized (gain)/loss on oil and gas derivative instruments (note 2)(145,282)39,400 
Other non-operating losses, net311,916 — 
Interest income(67)(1,432)
Interest expense42,776 54,137 
(Gains)/losses on derivative instruments(17,063)54,543 
Other financial items, net(524)(1,986)
Equity in net losses of affiliates561 391 
Net (income)/loss from discontinued operations(568,047)180,469 
Adjusted EBITDA219,127 200,645 

Nine months ended September 30, 2021
(in thousands of $)ShippingFLNG
Corporate and other (1)
Total results from continuing operationsResults from discontinued operationsTotal
Statement of Operations:
Total operating revenues150,528 164,614 21,575 336,717 — 336,717 
Vessel operating expenses
(47,118)(39,289)(7,658)(94,065)— (94,065)
Voyage, charterhire and commission expenses
(10,600)(450)(66)(11,116)— (11,116)
Administrative expenses
(457)(185)(26,429)(27,071)— (27,071)
Project development expenses
— (2,116)(79)(2,195)— (2,195)
Realized gains on oil derivative instrument (note 2)— 11,837 — 11,837 — 11,837 
Other operating income5,020 — — 5,020 — 5,020 
Adjusted EBITDA97,373 134,411 (12,657)219,127 — 219,127 
Balance Sheet:September 30, 2021
(in thousands of $)ShippingFLNG
Corporate and other (1)
Segment assets from continuing operationsAssets held for saleTotal assets
Total assets1,830,057 2,267,252 706,844 4,804,153 — 4,804,153 
Investment in affiliates (note 14)— — 50,573 50,573 — 50,573 
Nine months ended September 30, 2020
(in thousands of $)ShippingFLNG
Corporate and other (1)
Total results from continuing operationsResults from Discontinued operationsTotal
Statement of Operations:
Total operating revenues141,154 163,572 15,227 319,953 — 319,953 
Vessel operating expenses
(42,695)(40,430)416 (82,709)— (82,709)
Voyage, charterhire and commission expenses
(6,842)— — (6,842)— (6,842)
Administrative expenses
(1,416)(803)(24,505)(26,724)— (26,724)
Project development expenses
(105)(1,430)(4,569)(6,104)— (6,104)
Realized gains on oil derivative instrument (note 2)— 2,539 — 2,539 — 2,539 
Other operating income532 — — 532 — 532 
Adjusted EBITDA90,628 123,448 (13,431)200,645 — 200,645 
Balance Sheet:December 31, 2020
(in thousands of $)ShippingFLNG
Corporate and other (1)
Segment assets from continuing operationsAssets held for saleTotal assets
Total assets1,870,819 1,933,677 241,967 4,046,463 267,766 4,314,229 
Investment in affiliates (note 14)— — 44,385 44,385 — 44,385 
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.