XML 365 R46.htm IDEA: XBRL DOCUMENT
v3.23.1

SEGMENT INFORMATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Segment Reporting [Abstract] |
Reconciliation of net income/(loss) to Adjusted EBITDA | A reconciliation of net income/(loss) to Adjusted EBITDA for the years ended December 31, 2022, 2021 and 2020 is as follows:
(in thousands of $) | 2022 | 2021 | 2020
Net income/(loss) | 939,057 |  | 560,615 |  | (167,930) |
Income taxes | (438) |  | 1,440 |  | 579 |
Income/(loss) before income taxes | 938,619 |  | 562,055 |  | (167,351) |
Depreciation and amortization | 51,712 |  | 55,362 |  | 55,940 |
Impairment of long-term assets (note 19) | 76,155 |  | — |  | — |
Unrealized (gain)/loss on oil and gas derivative instruments (note 8) | (288,977) |  | (179,891) |  | 45,100 |
Realized and unrealized mark-to-market (gains)/losses on our investment in listed equity securities (note 9) | (400,966) |  | 295,777 |  | — |
Other non-operating (income)/losses (note 9) | (11,916) |  | 66,027 |  | (5,682) |
Interest income | (12,225) |  | (128) |  | (1,479) |
Interest expense | 19,286 |  | 34,486 |  | 39,182 |
(Gains)/losses on derivative instruments (note 10) | (71,497) |  | (24,348) |  | 52,423 |
Other financial items, net (note 10) | 5,380 |  | (693) |  | 557 |
Net (income)/loss from equity method investments (note 17) | (19,041) |  | (1,080) |  | 537 |
Net loss/(income) from discontinued operations (note 14) | 76,450 |  | (625,389) |  | 142,912 |
Adjusted EBITDA | 362,980 |  | 182,178 |  | 162,139 |
Segment reporting information |
| Year Ended December 31, 2022
(in thousands of $) | FLNG | Corporate and other (2) | Shipping | Total results from continuing operations
Statement of Operations: |  |  |  |
Total operating revenues (1) | 214,825 |  | 43,230 |  | 9,685 |  | 267,740 |
Vessel operating expenses | (58,583) |  | (6,578) |  | (7,641) |  | (72,802) |
Voyage, charterhire and commission expenses, net | (600) |  | (34) |  | (1,810) |  | (2,444) |
Administrative (income)/expenses | 22 |  | (38,224) |  | 102 |  | (38,100) |
Project development expenses | (5,335) |  | (2,637) |  | (45) |  | (8,017) |
Realized gain on oil and gas derivative instruments (note 8) | 232,020 |  | — |  | — |  | 232,020 |
Other operating losses | (15,417) |  | — |  | — |  | (15,417) |
Adjusted EBITDA | 366,932 |  | (4,243) |  | 291 |  | 362,980 |
Net income/(losses) from equity method investments (note 17) | — |  | (5,193) |  | 24,234 |  | 24,234 |
(1) Total operating revenues under the FLNG segment includes $0.9 million revenue from a FLNG study (note 7). (2) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
Balance Sheet: | Year Ended December 31, 2022
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Segment assets from continuing operations | Assets held for sale | Total
Total assets | 2,815,552 |  | 1,410,587 |  | 52,700 |  | 4,278,839 |  | 721 |  | 4,279,560 |
Equity method investments (note 17) | — |  | 48,669 |  | 55,439 |  | 104,108 |  | — |  | 104,108 |
Capital expenditures (note 18 and 20) | 301,292 |  | — |  | 2,901 |  | 304,193 |  | — |  | 304,193 |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
| Year Ended December 31, 2021
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Total results from continuing operations
Statement of Operations: |  |  |  |
Total operating revenues | 221,020 |  | 27,777 |  | 11,476 |  | 260,273 |
Vessel operating expenses | (51,195) |  | (12,119) |  | (1,052) |  | (64,366) |
Voyage, charterhire and commission expenses/(income) | (600) |  | 166 |  | (235) |  | (669) |
Administrative expenses (2) | (241) |  | (34,913) |  | (157) |  | (35,311) |
Project development income/(expenses) | (3,171) |  | 507 |  | 143 |  | (2,521) |
Realized gain on oil and gas derivative instruments (note 8) | 24,772 |  | — |  | — |  | 24,772 |
Adjusted EBITDA | 190,585 |  | (18,582) |  | 10,175 |  | 182,178 |
Net income from equity method investments (note 17) | — |  | 1,080 |  | — |  | — |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments. (2) Included within the “Corporate and other” “administrative expenses” is $0.5 million of redundancy costs from an overhead streamlining exercise following the completion of the sale of our investments in Golar Partners and Hygo to NFE, (the “GMLP Merger” and “Hygo Merger”, respectively) (note 14).
Balance Sheet: | Year Ended December 31, 2021
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Segment assets from continuing operations | Assets held for sale | Total
Total assets | 2,314,342 |  | 807,276 |  | 128,901 |  | 3,250,519 |  | 1,697,776 |  | 4,948,295 |
Equity method investments (note 17) | — |  | 52,215 |  | — |  | 52,215 |  | — |  | 52,215 |
Capital expenditures (note 18) | 219,582 |  | — |  | — |  | 219,582 |  | — |  | 219,582 |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
| Year Ended December 31, 2020
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Total results from continuing operations
Statement of Operations: |  |  |  |
Total operating revenues | 226,061 |  | 20,695 |  | 14,632 |  | 261,388 |
Vessel operating expenses/(income) | (52,104) |  | 504 |  | (5,652) |  | (57,252) |
Voyage, charterhire and commission expenses | — |  | — |  | (1,544) |  | (1,544) |
Administrative expenses | (1,672) |  | (32,068) |  | (636) |  | (34,376) |
Project development expenses | (2,793) |  | (5,711) |  | (112) |  | (8,616) |
Realized gain on oil and gas derivative instruments (note 8) | 2,539 |  | — |  | — |  | 2,539 |
Adjusted EBITDA | 172,031 |  | (16,580) |  | 6,688 |  | 162,139 |
Net income/(losses) from equity method investments (note 17) | — |  | (537) |  | — |  | — |
Revenue by major customer | For the years ended December 31, 2022, 2021 and 2020, revenues from the following customer accounted for over 10% of our total operating revenues:
(in thousands of $) | 2022 | 2021 | 2020
Perenco and SNH (1) | 213,970 |  | 80 | % | 221,020 |  | 85 | % | 226,061 |  | 86 | %
(1) LTA with Perenco Cameroon S.A. (“Perenco”) and Société Nationale des Hydrocarbures (“SNH”), (together, the “Customer”) in relation to the FLNG Hilli (note 7).
Revenue by geographic area | The following geographical data presents our revenues from customers and total assets with respect only to our FLNG, while operating under the LTA, in Cameroon. In time and voyage charters for LNG carriers, the charterer, not us, controls the routes of our vessels. These routes can be worldwide as determined by the charterers. Accordingly, our CODM do not evaluate our performance according to geographical region.
| Year Ended December 31,
(in thousands of $) | 2022 | 2021 | 2020
Cameroon |  |  |
Liquefaction services revenue | 213,970 |  | 221,020 |  | 226,061 |
Total assets | 1,559,158 |  | 1,408,444 |  | 1,264,085 |

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 revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph a -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 + Details
Name: | us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock
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