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Assets and Liabilities Held for Sale and Discontinued Operations (Tables) | 9 Months Ended
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Sep. 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:
| Nine months ended September 30,
(in thousands of $) | 2022 | 2021
Time and voyage charter revenues | 37,289 |  | 119,323 |
Vessel and other management fees | 1,432 |  | — |
Vessel operating expenses | (8,466) |  | (37,066) |
Voyage, charterhire and commission expenses | (1,229) |  | (2,443) |
Administrative expenses | 1,757 |  | (1,029) |
Project development expenses | (62) |  | (149) |
Depreciation and amortization | (5,745) |  | (32,576) |
Impairment of long-lived assets (1) | (218,349) |  | — |
Other operating income | 4,374 |  | 5,020 |
Operating (loss)/income | (188,999) |  | 51,080 |
Other non-operating losses | — |  | (124) |
Interest income | 4 |  | 4 |
Interest expense | (4,725) |  | (16,799) |
Other financial items, net | (787) |  | (293) |
Income taxes | (385) |  | (158) |
(Loss)/income from discontinued operations | (194,892) |  | 33,710 |
Loss on CoolCo Disposal (2) | (10,060) |  | — |
Net (loss)/income from discontinued operations | (204,952) |  | 33,710 |
(1) Impairment of long-live assets relates to the impairment charge on the held for sale vessels recognized in accordance with ASC 360 Property, plant and equipment, following their classification as held-for-sale. (2) Loss on CoolCo Disposal comprised of carrying values of the assets and liabilities disposed of $355.4 million, partially offset by the proceeds received, $218.2 million cash consideration and $127.1 million of equity consideration. 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:
| Nine months ended September 30,
(in thousands of $) | 2022 | 2021
Revenue | 151,675 |  | 125,273 |
Adjusted EBITDA | 109,437 |  | 79,019 |
Net income | 63,171 |  | 29,220 |
The following table contains the line-items of the discontinued operation:
| Nine months ended September 30,
(in thousands of $) | 2022 | 2021
Time and voyage charter revenues | 22,016 |  | 22,634 |
Vessel operating expenses | (4,155) |  | (5,109) |
Voyage, charterhire and commission expenses | (7,707) |  | (7,997) |
Administrative expenses | (1) |  | (45) |
Depreciation and amortization | (2,955) |  | (5,319) |
Operating income | 7,198 |  | 4,164 |
Interest income | 17 |  | 2 |
Interest expense | (4,649) |  | (1,855) |
Other financial items, net | (147) |  | (121) |
Income from discontinued operations | 2,419 |  | 2,190 |
Gain on TundraCo Disposal(1) | 123,252 |  | — |
Net income from discontinued operations | 125,671 |  | 2,190 |
(1) Gain on TundraCo Disposal comprised of (i) cash proceeds received of $350.0 million, (ii) working capital adjustment of $2.5 million, (iii) partially offset by the net asset value of Golar LNG NB 13 Corporation of $229.0 million and (iv) related fees incurred 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 $) | September 30, 2022 | December 31, 2021
ASSETS |  |
Current assets |  |
Cash and cash equivalents | 41 |  | 2,605 |
Trade accounts receivable | 400 |  | 70 |
Other current assets | 266 |  | 153 |
Total current assets held for sale | 707 |  | 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 | 707 |  | 232,323 |
(in thousands of $) | September 30, 2022 | December 31, 2021
LIABILITIES |  |
Current liabilities |  |
Current portion of long-term debt and short-term debt | — |  | (9,911) |
Trade accounts payables | (183) |  | (204) |
Accrued expenses | (1,217) |  | (737) |
Other current liabilities | (2,789) |  | (2,325) |
Total current liabilities held for sale | (4,189) |  | (13,177) |
Non-current liabilities |  |
Long-term debt | — |  | (145,768) |
Total non-current liabilities held for sale | — |  | (145,768) |
Total liabilities held for sale | (4,189) |  | (158,945) |
The net income of equity method investments from discontinued operations for the nine months ended September 30, 2021, are as follows:
(in thousands of $) | September 30, 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) | 574,939 |
Net income from discontinued operations | 568,047 |
(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 amounting to $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) related fees of $2.7 million.

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