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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Segment information |
6. | SEGMENT INFORMATION
We provide and operate three distinct reportable segments as follows: •FLNG – This segment includes our operations of FLNG vessels or projects. We convert LNG carriers into FLNG vessels or build new FLNG vessels and subsequently contract them out to customers. We currently have one operational FLNG, the FLNG Hilli, and one undergoing conversion into a FLNG, the Gimi (note 18). •Corporate and other – This segment includes our vessel management, FSRU services for third parties, administrative services to affiliates and third parties and our corporate overhead costs. •Shipping – This segment includes our operations of the transportation of LNG carriers. We have historically operated and subsequently chartered out LNG carriers on fixed terms to charterers. 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 |
| 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) |  | — |  | — |
Revenues from external customers 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). The revenue from external customers above excludes vessel and other management fees from related parties (note 28). Geographic data 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 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -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 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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