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Segment Information | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION 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, or build new 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 15). •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 to Adjusted EBITDA is as follows:
| Six months ended June 30,
(in thousands of $) | 2022 | 2021
Net income | 696,552 |  | 570,439 |
Income taxes | 184 |  | 274 |
Income before income taxes | 696,736 |  | 570,713 |
Depreciation and amortization | 26,880 |  | 27,734 |
Impairment of long-term assets (1) | 76,155 |  | — |
Unrealized gain on oil and gas derivative instruments (note 7) | (349,607) |  | (81,190) |
Realized and unrealized (gains)/losses on our investment in listed equity securities (note 8) | (295,048) |  | 86,664 |
Other non-operating (income)/losses (note 8) | (10,023) |  | 71,431 |
Interest income | (954) |  | (57) |
Interest expense | 11,435 |  | 16,568 |
Gains on derivative instruments (note 9) | (47,877) |  | (16,482) |
Other financial items, net (note 9) | 3,607 |  | (586) |
Net income from equity method investments (note 16) | (3,009) |  | (157) |
Net loss/(income) from discontinued operations (note 11) | 82,352 |  | (594,439) |
Adjusted EBITDA | 190,647 |  | 80,199 |
(1) In May 2022, we entered into a sale and purchase agreement (the “Arctic SPA”) with SNAM RETE GAS S.p.A (part of “Snam”), pursuant to which, upon receipt of a notice to proceed, we will convert LNG carrier Golar Arctic to a FSRU, deliver, install and connect her to Snam's mooring, and following completion of commissioning activities and provisional acceptance, we will sell her to Snam. Entry into the Arctic SPA changes the expected recovery of Golar Arctic's carrying amount from continued use in operations over her remaining useful life, to recovery from sale, and was considered an indicator of impairment. The revised future estimated cash flows were less than her carrying amount on June 30, 2022 and an impairment charge of $76.2 million was recognized, reflecting an adjustment to her fair value (based on average broker valuation at date of measurement and represents the exit price in the principal LNG carrier sales market).
| Six months ended June 30, 2022
(in thousands of $) | Shipping | FLNG | Corporate and other (1) | Total results from continuing operations
Statement of Operations: |  |  |  |
Total operating revenues | 3,235 |  | 123,421 |  | 13,509 |  | 140,165 |
Vessel operating expenses | (3,819) |  | (29,153) |  | (3,228) |  | (36,200) |
Voyage, charterhire and commission expenses | (1,109) |  | (300) |  | (50) |  | (1,459) |
Administrative expenses | 69 |  | (29) |  | (20,103) |  | (20,063) |
Project development expenses | — |  | (5,002) |  | 1,450 |  | (3,552) |
Realized gain on oil and gas derivative instruments, net (note 7) | — |  | 97,650 |  | — |  | 97,650 |
Other operating income | — |  | 14,106 |  | — |  | 14,106 |
Adjusted EBITDA | (1,624) |  | 200,693 |  | (8,422) |  | 190,647 |
Balance Sheet: | June 30, 2022
(in thousands of $) | Shipping | FLNG | Corporate and other (1) | Segment assets from continuing operations | Assets held for sale | Total assets
Total assets | 48,497 |  | 2,884,246 |  | 1,287,363 |  | 4,220,106 |  | 2,669 |  | 4,222,775 |
Equity method investments (note 16) | 134,862 |  | — |  | 49,831 |  | 184,693 |  | — |  | 184,693 |
| Six months ended June 30, 2021
(in thousands of $) | Shipping | FLNG | Corporate and other (1) | Total results from continuing operations
Statement of Operations: |  |  |  |
Total operating revenues | 5,690 |  | 110,134 |  | 15,281 |  | 131,105 |
Vessel operating expenses | (3,371) |  | (26,045) |  | (5,181) |  | (34,597) |
Voyage, charterhire and commission expenses | (107) |  | (300) |  | (41) |  | (448) |
Administrative expenses | (17) |  | (328) |  | (17,693) |  | (18,038) |
Project development expenses | — |  | (16) |  | (782) |  | (798) |
Realized gain on oil and gas derivative instruments, net (note 7) | — |  | 2,975 |  | — |  | 2,975 |
Adjusted EBITDA | 2,195 |  | 86,420 |  | (8,416) |  | 80,199 |
Balance Sheet: | December 31, 2021
(in thousands of $) | Shipping | FLNG | Corporate and other (1) | Segment assets from continuing operations | Assets held for sale | Total assets
Total assets | 128,901 |  | 2,314,342 |  | 808,013 |  | 3,251,256 |  | 1,697,039 |  | 4,948,295 |
Equity method investments (note 16) | — |  | — |  | 52,215 |  | 52,215 |  | — |  | 52,215 |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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