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Assets and Liabilities Held for Sale and Discontinued Operations (Tables) | 6 Months Ended
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Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations | The following table contains the line-items of the CoolCo Disposal discontinued operations:
| Six months ended June 30,
(in thousands of $) | 2022 | 2021
Time and voyage charter revenues | 37,289 |  | 83,274 |
Vessel and other management fees | 1,432 |  | — |
Vessel operating expenses | (8,466) |  | (23,500) |
Voyage, charterhire and commission expenses | (1,229) |  | (3,215) |
Administrative expenses | 1,757 |  | (380) |
Project development expenses | (62) |  | (124) |
Depreciation and amortization | (5,745) |  | (21,718) |
Impairment of long-lived assets (1) | (218,349) |  | — |
Other operating income | 4,374 |  | 2,770 |
Operating (loss)/income | (188,999) |  | 37,107 |
Other non-operating losses | — |  | (31) |
Interest income | 4 |  | 4 |
Interest expense | (4,725) |  | (11,205) |
Other financial items, net | (787) |  | (171) |
Income taxes | (385) |  | (139) |
(Loss)/income from discontinued operations | (194,892) |  | 25,565 |
Loss on disposal of discontinued operations (2) | (10,060) |  | — |
Net (loss)/income from discontinued operations | (204,952) |  | 25,565 |
(1) Impairment of long-live assets relates to the impairment expense of vessels recognized in accordance with ASC 360 Property, plant and equipment, following their classification as held-for-sale. (2) Loss on disposal of discontinued operations comprised of carrying values of the assets and liabilities disposed of $355.4 million, partially offset by the proceeds received of $218.2 million cash consideration and $127.1 million of equity consideration which consisted of CoolCo shares. The following table contains the financial statement line-items forming the assets and liabilities classified as held for sale:
(in thousands of $) | December 31, 2021
ASSETS |
Current assets |
Cash and cash equivalents | 33,811 |
Restricted cash and short-term deposits | 43,311 |
Trade accounts receivable | 767 |
Other current assets | 1,913 |
Total current assets held for sale | 79,802 |
Non-current assets |
Restricted cash | 780 |
Vessels and equipment, net | 1,383,656 |
Other non-current assets | 478 |
Total non-current assets held for sale | 1,384,914 |
Total assets held for sale | 1,464,716 |
LIABILITIES |
Current liabilities |
Current portion of long-term debt and short-term debt | (338,501) |
Trade accounts payables | (7,265) |
Accrued expenses | (59,094) |
Other current liabilities | (11,572) |
Total current liabilities held for sale | (416,432) |
Non-current liabilities |
Long-term debt | (292,322) |
Other non-current liabilities | (11,778) |
Total non-current liabilities held for sale | (304,100) |
Total liabilities held for sale | (720,532) |
The table below summarizes the financial performance of CoolCo on a 100% basis:
| Six months ended June 30,
(in thousands of $) | 2022 | 2021
Revenue | 100,743 |  | 83,274 |
Adjusted EBITDA | 67,000 |  | 58,825 |
Net income | 40,903 |  | 25,565 |
The following table contains the line-items of the discontinued operation:
| Six months ended June 30,
(in thousands of $) | 2022 | 2021
Time and voyage charter revenues | 13,575 |  | 15,734 |
Vessel operating expenses | (2,821) |  | (4,030) |
Voyage, charterhire and commission expenses | (3,681) |  | (6,067) |
Administrative expenses | (1) |  | (24) |
Depreciation and amortization | (2,955) |  | (3,546) |
Operating income | 4,117 |  | 2,067 |
Interest income | — |  | 2 |
Interest expense | (4,649) |  | (1,241) |
Other financial items, net | (167) |  | (118) |
(Loss)/income from discontinued operations | (699) |  | 710 |
Gain on disposal of discontinued operations (1) | 123,299 |  | — |
Net income from discontinued operations | 122,600 |  | 710 |
(1) Gain on disposal of discontinued operations comprised of (i) cash proceeds received of $350.0 million, (ii) working capital adjustment of $2.5 million, (iii) a partial offset by our investment in Golar LNG NB 13 Corporation of $229.0 million and (iv) fees incurred in relation to disposal of $0.2 million. The following table contains the financial statement line-items forming the assets and liabilities classified as held for sale:
(in thousands of $) | June 30, 2022 | December 31, 2021
ASSETS |  |
Current assets |  |
Cash and cash equivalents | 36 |  | 2,605 |
Trade accounts receivable | 1 |  | 70 |
Other current assets | 2,632 |  | 153 |
Total current assets held for sale | 2,669 |  | 2,828 |
Non-current assets |  |
Vessels and equipment, net | — | 229,495 |
Total non-current assets held for sale | — |  | 229,495 |
Total assets held for sale | 2,669 |  | 232,323 |
LIABILITIES |  |
(in thousands of $) | June 30, 2022 | December 31, 2021
Current liabilities |  |
Current portion of long-term debt and short-term debt | — | (9,911) |
Trade accounts payables | (210) |  | (204) |
Accrued expenses | (1,245) |  | (737) |
Other current liabilities | — | (2,325) |
Total current liabilities held for sale | (1,455) |  | (13,177) |
Non-current liabilities |  |
Long-term debt | — | (145,768) |
Total non-current liabilities held for sale | — | (145,768) |
Total liabilities held for sale | (1,455) |  | (158,945) |
The net income of equity method investments from discontinued operations for the period ended April 15, 2021 is as follows:
(in thousands of $) | Period ended April 15, 2021
Net income from equity method investments of Golar Partners | 8,116 |
Net losses from equity method investments of Hygo | (15,008) |
Loss from discontinued operations | (6,892) |
Gain on disposal of equity method investments(1) | 575,056 |
Net income from discontinued operations | 568,164 |
(1) Gain on disposal of discontinued operations comprised of (i) proceeds received of $876.3 million; (ii) release of our tax indemnity guarantee liability to Golar Partners of $2.1 million; (iii) a partial offset by the carrying values of our investment in affiliates disposed of $257.2 million as of April 15, 2021; (iv) realized accumulated comprehensive losses on disposal of investment in affiliates of $43.4 million; and (v) fees incurred in relation to disposals of $2.6 million.

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