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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Reconciliation of net income/(loss) to Adjusted EBITDA | 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.
Segment reporting information |
| 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.
Revenue by major customer | 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).
Revenue from External Customers by Geographic Areas | 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 Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer. + References No definition available. + Details
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