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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
SEGMENT INFORMATION |
6. | SEGMENT INFORMATION
In January 2021, following the board of directors' approvals of the GMLP Merger and Hygo Merger (note 14), we determined that our share of the net earnings/(losses) in Golar Partners and Hygo and the respective carrying values of our equity method investments have to be presented as “Net income/(loss) from discontinued operations” and “Assets held for sale”, respectively. The disposal of our interest in Hygo signaled our exit from Power operations and we ceased to consider the Power operations as a reportable segment (as defined under U.S. GAAP) with effect from the first quarter of 2021. Consequently, 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, the Gimi (note 18), 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 income/(loss) to Adjusted EBITDA for the years ended December 31, 2021, 2020 and 2019 are as follows:
(in thousands of $) | 2021 |  | 2020 |  | 2019
Net income/(loss) | 560,615 |  |  | (167,930) |  |  | (122,375) |
Income taxes | 1,740 |  |  | 981 |  |  | 1,024 |
Income/(loss) before income taxes | 562,355 |  |  | (166,949) |  |  | (121,351) |
Depreciation and amortization | 105,952 |  |  | 107,923 |  |  | 113,033 |
Impairment of long-term assets (1) | — |  |  | — |  |  | 42,098 |
Unrealized (gain)/loss on oil and gas derivative instruments (note 8) | (179,891) |  |  | 45,100 |  |  | 39,090 |
Other non-operating losses/(income), net | 361,928 |  |  | (5,682) |  |  | — |
Interest income | (139) |  |  | (1,572) |  |  | (10,479) |
Interest expense | 55,163 |  |  | 69,354 |  |  | 103,124 |
(Gains)/losses on derivative instruments | (24,348) |  |  | 52,423 |  |  | 38,044 |
Other financial items, net | 759 |  |  | 1,552 |  |  | 5,522 |
Net (income)/losses from equity method investments | (1,080) |  |  | 538 |  |  | 2,515 |
Net (income)/loss from discontinued operations | (568,049) |  |  | 175,989 |  |  | 43,284 |
Adjusted EBITDA | 312,650 |  |  | 278,676 |  |  | 254,880 |
(1) Impairment of long-term assets for the year ended December 31, 2019 include: •$34.3 million impairment charge on vessel and equipment associated with our LNG carrier, the LNG Croatia; •$7.3 million impairment charge associated with our investment in OLT Offshore LNG Toscana S.P.A. (“OLT-O”); and •$0.5 million impairment charge in relation to our investment in Cool Company Ltd.
| Year Ended December 31, 2021
(in thousands of $) | Shipping | FLNG | Corporate and other (1) | Total results from continuing operations | Results from Discontinued operations | Total
Statement of Operations: |  |  |  |  |  |
Total operating revenues | 202,968 |  | 221,020 |  | 27,777 |  | 451,765 |  | — |  | 451,765 |
Vessel operating expenses | (57,010) |  | (51,196) |  | (12,119) |  | (120,325) |  | — |  | (120,325) |
Voyage, charterhire and commission expenses, net | (10,340) |  | (600) |  | 166 |  | (10,774) |  | — |  | (10,774) |
Administrative expenses (2) | (644) |  | (397) |  | (33,980) |  | (35,021) |  | — |  | (35,021) |
Project development expenses | — |  | (2,974) |  | 187 |  | (2,787) |  | — |  | (2,787) |
Realized gains on oil derivative instrument (note 8) | — |  | 24,772 |  | — |  | 24,772 |  | — |  | 24,772 |
Other operating income | 5,020 |  | — |  | — |  | 5,020 |  | — |  | 5,020 |
Adjusted EBITDA | 139,994 |  | 190,625 |  | (17,969) |  | 312,650 |  | — |  | 312,650 |
Net income/(losses) of equity method investments | — |  | — |  | 1,080 |  | 1,080 |  | 568,049 |  | 569,129 |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments. (2) Included within the “Corporate and other” “administrative expenses” is $0.5 million of redundancy costs from an overhead streamlining exercise following the completion of the Hygo and GMLP Merger Agreements (note 14).
| Year Ended December 31, 2020
(in thousands of $) | Shipping | FLNG | Corporate and other (1) | Total results from continuing operations | Results from Discontinued operations | Total
Statement of Operations: |  |  |  |  |  |
Total operating revenues | 191,881 |  | 226,061 |  | 20,695 |  | 438,637 |  | — |  | 438,637 |
Vessel operating expenses | (57,326) |  | (52,104) |  | 504 |  | (108,926) |  | — |  | (108,926) |
Voyage, charterhire and commission expenses (including expenses from collaborative arrangement) | (12,634) |  | — |  | — |  | (12,634) |  | — |  | (12,634) |
Administrative expenses | (2,211) |  | (1,672) |  | (31,428) |  | (35,311) |  | — |  | (35,311) |
Project development expenses | (112) |  | (2,793) |  | (5,986) |  | (8,891) |  | — |  | (8,891) |
Realized gains on oil derivative instrument (note 8) | — |  | 2,539 |  | — |  | 2,539 |  | — |  | 2,539 |
Other operating income/(losses) | 3,262 |  | — |  | — |  | 3,262 |  | — |  | 3,262 |
Adjusted EBITDA | 122,860 |  | 172,031 |  | (16,215) |  | 278,676 |  | — |  | 278,676 |
Net income/(losses) from equity method investments | — |  | — |  | (538) |  | (538) |  | (175,989) |  | (176,527) |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
| Year Ended December 31, 2019
(in thousands of $) | Shipping | FLNG | Corporate and other (1) | Total results from continuing operations | Results from Discontinued operations | Total
Statement of Operations: |  |  |  |  |  |
Total operating revenues | 208,766 |  | 218,096 |  | 21,888 |  | 448,750 |  | — |  | 448,750 |
Vessel operating expenses | (66,502) |  | (55,284) |  | 496 |  | (121,290) |  | — |  | (121,290) |
Voyage, charterhire and commission expenses (including expenses from collaborative arrangement) | (38,053) |  | (788) |  | — |  | (38,841) |  | — |  | (38,841) |
Administrative expenses | (2,220) |  | (1,526) |  | (48,425) |  | (52,171) |  | — |  | (52,171) |
Project development expenses | (964) |  | (3,173) |  | (853) |  | (4,990) |  | — |  | (4,990) |
Realized gains on oil derivative instrument (note 8) | — |  | 13,089 |  | — |  | 13,089 |  | — |  | 13,089 |
Other operating income/(losses) | 13,295 |  | (2,962) |  | — |  | 10,333 |  | — |  | 10,333 |
Adjusted EBITDA | 114,322 |  | 167,452 |  | (26,894) |  | 254,880 |  | — |  | 254,880 |
Net income/(losses) from equity method investments | — |  | — |  | (2,515) |  | (2,515) |  | (43,284) |  | (45,799) |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
| Year Ended December 31, 2021
(in thousands of $) | Shipping | FLNG | Corporate and other (1) | Segment assets from continuing operations | Assets held for sale | Total
Balance sheet: |  |  |  |  |  |
Total assets | 1,811,844 |  | 2,314,342 |  | 822,109 |  | 4,948,295 |  | — |  | 4,948,295 |
Equity method investments | — |  | — |  | 52,215 |  | 52,215 |  | — |  | 52,215 |
Capital expenditures | — |  | 219,582 |  | — |  | 219,582 |  | — |  | 219,582 |
(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 | Corporate and other (1) | Segment assets from continuing operations | Assets held for sale (2)(3) | Total
Balance sheet: |  |  |  |  |  |
Total assets | 1,870,819 |  | 1,933,677 |  | 241,967 |  | 4,046,463 |  | 267,766 |  | 4,314,229 |
Equity method investments | — |  | — |  | 44,385 |  | 44,385 |  | — |  | 44,385 |
Capital expenditures | 101,380 |  | 223,999 |  | — |  | 325,379 |  | — |  | 325,379 |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments. (2) In 2020, given the continued suppression of Golar Partners' unit price and the significant difference between the carrying value of our investment in Golar Partners and its fair value, we recognized an impairment charge of $135.9 million.. The fair value of our investment in Golar Partners was categorized within level 2 of the fair value hierarchy. (3) In 2020, we had capitalized interest costs on Hygo amounting to $1.9 million prior to the commencement of the Sergipe Power Plant. 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, 2021, 2020 and 2019, revenues from the following customers accounted for over 10% of our consolidated time and voyage charter and liquefaction revenues:
(in thousands of $) | 2021 |  | 2020 |  | 2019
Perenco and SNH (1) | 221,020 |  |  | 50 | % |  | 226,061 |  |  | 54 | % |  | 218,096 |  |  | 51 | %
An international major trading house | 70,249 |  |  | 16 | % |  | 46,090 |  |  | 11 | % |  | 25,371 |  |  | 6 | %
A European major trading house | 21,557 |  |  | 5 | % |  | 43,536 |  |  | 10 | % |  | 8,908 |  |  | 2 | %
The Cool Pool (2) | — |  |  | — | % |  | — |  |  | — | % |  | 66,691 |  |  | 16 | %
(1) LTA with Perenco Cameroon S.A. (“Perenco”) and Société Nationale des Hydrocarbures (“SNH”), (together, the “Customer”) in relation to the Hilli (note 7). (2) 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 (note 28). The revenue table above excludes vessel and other management fees from related parties (note 28). 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 $) | 2021 |  | 2020 |  | 2019
Cameroon |  |  |  |  |
Liquefaction services revenue | 221,020 |  |  | 226,061 |  |  | 218,096 |
Total assets | 1,408,444 |  |  | 1,264,085 |  |  | 1,333,779 |

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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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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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