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ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) | 12 Months Ended
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Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of disposal groups, including discontinued operations | The net income/(loss) from discontinued operations for the years ended December 31, 2022, 2021 and 2020 are as follows:
| Year Ended December 31, 2022
(in thousands of $) | CoolCo | TundraCo | Golar Partners and Hygo | Total
(Loss)/income from discontinued operations | (194,500) |  | 4,880 |  | — |  | (189,620) |
(Loss)/ gain on disposal | (10,060) |  | 123,230 |  | — |  | 113,170 |
Net (loss)/income from discontinued operations | (204,560) |  | 128,110 |  | — |  | (76,450) |
| Year Ended December 31, 2021
(in thousands of $) | CoolCo | TundraCo | Golar Partners and Hygo | Total
(Loss)/income from discontinued operations | 54,534 |  | 2,806 |  | (6,892) |  | 50,448 |
Gain on disposal | — |  | — |  | 574,941 |  | 574,941 |
Net income from discontinued operations | 54,534 |  | 2,806 |  | 568,049 |  | 625,389 |
| Year Ended December 31, 2020
(in thousands of $) | CoolCo | TundraCo | Golar Partners and Hygo | Total
Income/(loss) from discontinued operations | 36,699 |  | (3,622) |  | (175,989) |  | (142,912) |
Net income/(loss) from discontinued operations | 36,699 |  | (3,622) |  | (175,989) |  | (142,912) |
The following table contains the financial statement line-items presented as discontinued operations following the CoolCo Disposal:
| Year ended December 31,
(in thousands of $) | 2022 | 2021 | 2020
Time and voyage charter revenues | 37,289 |  | 161,957 |  | 164,740 |
Vessel and other management fees | 1,815 |  | — |  | — |
Vessel operating expenses | (8,466) |  | (49,446) |  | (46,400) |
Voyage, charterhire and commission expenses | (1,229) |  | (709) |  | (11,228) |
Administrative expenses | 1,906 |  | 476 |  | (772) |
Project development expenses | (62) |  | (362) |  | (275) |
Depreciation and amortization | (5,807) |  | (43,497) |  | (44,437) |
Impairment of long-lived assets (1) | (218,349) |  | — |  | — |
Other operating income | 4,374 |  | 5,020 |  | 3,262 |
Operating (loss)/income | (188,529) |  | 73,439 |  | 64,890 |
Other non-operating losses | — |  | (124) |  | — |
Interest income | 4 |  | 7 |  | 67 |
Interest expense | (4,725) |  | (18,087) |  | (26,954) |
Other financial items, net | (799) |  | (401) |  | (902) |
Pretax (loss)/income from discontinued operations | (194,049) |  | 54,834 |  | 37,101 |
Income taxes | (451) |  | (300) |  | (402) |
(Loss)/income from discontinued operations | (194,500) |  | 54,534 |  | 36,699 |
Loss on CoolCo Disposal (2) | (10,060) |  | — |  | — |
Net (loss)/income from discontinued operations | (204,560) |  | 54,534 |  | 36,699 |
(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 of $218.2 million cash consideration and 12.5 million shares of CoolCo valued at $127.1 million (based on the respective share price on the phased completion dates). The following table contains the financial statement line-items forming the assets and liabilities classified as held for sale:
(in thousands of $) | 2022 | 2021
ASSETS |  |
Current assets |  |
Cash and cash equivalents | 369 |  | 34,173 |
Restricted cash and short-term deposits | — |  | 43,311 |
Trade accounts receivable | 16 |  | 767 |
Other current assets | 29 |  | 1,965 |
Total current assets held for sale | 414 |  | 80,216 |
Non-current assets |  |
Restricted cash | — |  | 780 |
Vessels and equipment, net | 51 |  | 1,383,760 |
Other non-current assets | 151 |  | 697 |
Total non-current assets held for sale | 202 |  | 1,385,237 |
Total assets held for sale | 616 |  | 1,465,453 |
LIABILITIES |  |
Current liabilities |  |
Current portion of long-term debt and short-term debt | — |  | (338,501) |
Trade accounts payables | (3) |  | (7,272) |
Accrued expenses | (180) |  | (59,246) |
Other current liabilities | (76) |  | (11,640) |
Total current liabilities held for sale | (259) |  | (416,659) |
Non-current liabilities |  |
Long-term debt | — |  | (292,322) |
Other non-current liabilities | (114) |  | (11,978) |
Total non-current liabilities held for sale | (114) |  | (304,300) |
Total liabilities held for sale | (373) |  | (720,959) |
The following table contains the financial statement line-items presented as discontinued operations following TundraCo's Disposal:
| Year ended December 31,
(in thousands of $) | 2022 | 2021 | 2020
Time and voyage charter revenues | 27,776 |  | 29,534 |  | 12,509 |
Vessel operating expenses | (5,119) |  | (6,511) |  | (5,274) |
Voyage, charterhire and commission expenses | (10,004) |  | (9,396) |  | 138 |
Administrative expenses | (16) |  | (89) |  | (163) |
Depreciation and amortization | (2,955) |  | (7,092) |  | (7,546) |
Operating income/(loss) | 9,682 |  | 6,446 |  | (336) |
Interest income | — |  | 4 |  | 27 |
Interest expense | (4,649) |  | (2,589) |  | (3,219) |
Other financial items, net | (153) |  | (1,055) |  | (94) |
Pretax income/(loss) from discontinued operations | 4,880 |  | 2,806 |  | (3,622) |
Income taxes | — |  | — |  | — |
Income/(loss) from discontinued operations | 4,880 |  | 2,806 |  | (3,622) |
Gain on disposal of discontinued operations (1) | 123,230 |  | — |  | — |
Net income/(loss) from discontinued operations | 128,110 |  | 2,806 |  | (3,622) |
(1) Gain on TundraCo Disposal comprised of (i) cash proceeds received of $352.5 million, (ii) a partially offset by the net asset value of Golar LNG NB 13 Corporation of $229.0 million and (iii) related fees incurred in relation to disposal of $0.3 million. The following table contains the financial statement line-items forming the assets and liabilities classified as held for sale:
(in thousands of $) | 2022 | 2021
ASSETS |  |
Current assets |  |
Cash and cash equivalents | — |  | 2,605 |
Trade accounts receivable | — |  | 70 |
Other current assets | 105 |  | 153 |
Total current assets held for sale | 105 |  | 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 | 105 |  | 232,323 |
(in thousands of $) | 2022 | 2021
LIABILITIES |  |
Current liabilities |  |
Current portion of long-term debt and short-term debt | — |  | (9,911) |
Trade accounts payables | — |  | (204) |
Accrued expenses | — |  | (737) |
Other current liabilities | — |  | (2,325) |
Total current liabilities held for sale | — |  | (13,177) |
Non-current liabilities |  |
Long-term debt | — |  | (145,768) |
Total non-current liabilities held for sale | — |  | (145,768) |
Total liabilities held for sale | — |  | (158,945) |
The net income/(loss) of equity method investments from discontinued operations for the period ended April 15, 2021 and the year ended December 31, 2020 is as follows:
| Period January 1, 2021 to April 15, 2021 | Year ended December 31,
(in thousands of $) | 2021 | 2020
Net income/(loss) from equity method investments in Golar Partners | 8,116 |  | (136,832) |
Net loss from equity method investments in Hygo | (15,008) |  | (39,157) |
Loss from discontinued operations | (6,892) |  | (175,989) |
Gain on disposal of equity method investments (1) | 574,939 |  | — |
Net income/(loss) from discontinued operations | 568,047 |  | (175,989) |
(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 $2.0 million; (iii) a partial offset by the carrying values of our investment in affiliates disposed of $257.3 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 $2.7 million. The summarized financial information of Golar Partners and Hygo shown on a 100% basis are as follows:
(in thousands of $) | April 15, 2021 | December 31, 2020
| Golar Partners | Hygo | Golar Partners | Hygo
Balance Sheet |  |  |  |
Current assets | 85,738 |  | 97,509 |  | 146,821 |  | 109,596 |
Non-current assets | 1,742,835 |  | 949,265 |  | 1,880,840 |  | 917,976 |
Current liabilities | (1,152,473) |  | (144,146) |  | (832,277) |  | (97,245) |
Non-current liabilities | (17,965) |  | (461,291) |  | (570,063) |  | (453,278) |
Non-controlling interests | (82,339) |  | (15,250) |  | 82,112 |  | 13,557 |
(in thousands of $) | April 15, 2021 | December 31, 2020
| Golar Partners | Hygo | Golar Partners | Hygo
Statement of Operations |  |  |  |
Revenue | 78,389 |  | 13,749 |  | 284,734 |  | 47,295 |
Net income/(loss) (1) | 28,952 |  | (110,735) |  | 18,077 |  | (61,859) |
(1) Net loss for Hygo for the period ended April 15, 2021 includes the management incentive scheme (“MIS”) of $83.7 million which is not reflected in our share of net losses of Hygo as the MIS was reimbursed by Stonepeak.

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