XML 209 R46.htm IDEA: XBRL DOCUMENT v3.22.1

SEGMENT INFORMATION (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

+ Details

Name:	us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph a
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

+ Details

Name:	us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration