XML 39 R33.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Segment Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Segment Reporting [Abstract] |
Reconciliation of net profit / (loss) to adjusted EBITDA | 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).
Segment Reporting Information |
| 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.

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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://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 https://asc.fasb.org/extlink&oid=126901519&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