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Segment Information | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segment information | SEGMENT INFORMATION As of September 30, 2023, we 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 charter them out to third parties. We have one operational FLNG, the FLNG Hilli, and one completing conversion into a FLNG and commencing commissioning, the Gimi (note 15). •Corporate and other – This segment includes our vessel management, FSRU services provided for third parties, administrative services to former affiliates and third parties and our corporate overhead costs. •Shipping – This segment includes our operations of the transportation of LNG carriers. A reconciliation of net income to Adjusted EBITDA for the nine months ended September 30, 2023 and 2022 is as follows:
(in thousands of $) | 2023 | 2022
Net income | 28,221 |  | 871,987 |
Income taxes | 1,538 |  | 282 |
Income before income taxes | 29,759 |  | 872,269 |
Depreciation and amortization | 37,500 |  | 39,280 |
Impairment of long-lived assets (1) | 5,021 |  | 76,155 |
Unrealized loss/(gain) on oil and gas derivative instruments (note 7) | 157,749 |  | (361,972) |
Realized and unrealized mark-to-market losses/(gains) on investment in listed equity securities (note 8) | 62,308 |  | (346,497) |
Other non-operating income, net (note 8) | (9,823) |  | (11,267) |
Interest income | (34,827) |  | (4,013) |
Interest expense | 1,107 |  | 15,589 |
Gains on derivative instruments, net (note 9) | (9,315) |  | (73,330) |
Other financial items, net (note 9) | 1,057 |  | 3,243 |
Net losses/(income) from equity method investments (note 16) | 1,279 |  | (12,996) |
Net (income)/loss from discontinued operations (note 11) | (293) |  | 79,111 |
Adjusted EBITDA | 241,522 |  | 275,572 |
(1) In May 2023, we entered into an agreement for the sale and recycling of the Gandria (“Gandria SPA”) with Last Voyage, DMCC (the “Buyer”) for net consideration of $15.2 million, of which $2.3 million was received in advance in May 2023 (note 19). The Buyer agreed to purchase the Gandria (including vessel and onboard equipment) for demolition and recycling which will take place at a ship recycling facility in India. In late May 2023, the held for sale presentation criteria was met, and we reclassified the Gandria, previously reported in our FLNG segment as held-for-sale and remeasured the vessel and onboard equipment to the lower of her carrying value and fair value less estimated costs to sell, recognizing an impairment charge of $5.0 million. In May 2022, entry into a sale and purchase agreement (the “Arctic SPA”) with SNAM RETE Gas S.p.A (part of “Snam”) changed 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 valuations at date of measurement and represents the exit price in the principal LNG carrier sales market).
| Nine months ended September 30, 2023
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Total results from continuing operations
Statement of Operations: |  |  |  |
Total operating revenues | 172,985 |  | 29,576 |  | 16,189 |  | 218,750 |
Vessel operating expenses | (49,238) |  | (14,483) |  | (4,148) |  | (67,869) |
Voyage, charterhire and commission expenses | (450) |  | (19) |  | (681) |  | (1,150) |
Administrative expenses | (446) |  | (26,000) |  | (13) |  | (26,459) |
Project development (expenses)/income | (3,193) |  | (35,289) |  | 29 |  | (38,453) |
Realized gain on oil and gas derivative instruments, net (note 7) | 146,387 |  | — |  | — |  | 146,387 |
Other operating income | 2,499 |  | 7,817 |  | — |  | 10,316 |
Adjusted EBITDA | 268,544 |  | (38,398) |  | 11,376 |  | 241,522 |
Net (losses)/income from equity method investments (note 16) | — |  | (3,593) |  | 2,314 |  | (1,279) |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
Balance Sheet: | September 30, 2023
(in thousands of $) | FLNG | Corporate and other | Shipping | Segment assets from continuing operations | Assets held for sale | Total assets
Total assets | 3,050,146 |  | 919,294 |  | 49,426 |  | 4,018,866 |  | 14,979 |  | 4,033,845 |
Equity method investments (note 16) | — |  | 45,340 |  | — |  | 45,340 |  | — |  | 45,340 |
| Nine months ended September 30, 2022
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Total results from continuing operations
Statement of Operations: |  |  |  |
Total operating revenues | 178,314 |  | 26,070 |  | 4,216 |  | 208,600 |
Vessel operating expenses | (43,380) |  | (4,861) |  | (5,676) |  | (53,917) |
Voyage, charterhire and commission expenses | (450) |  | (25) |  | (1,699) |  | (2,174) |
Administrative (expenses)/income | (22) |  | (30,644) |  | 65 |  | (30,601) |
Project development (expenses)/income | (2,917) |  | 1,586 |  | — |  | (1,331) |
Realized gain on oil and gas derivative instruments, net (note 7) | 154,696 |  | — |  | — |  | 154,696 |
Other operating income | 299 |  | — |  | — |  | 299 |
Adjusted EBITDA | 286,540 |  | (7,874) |  | (3,094) |  | 275,572 |
Net income from equity method investments (note 16) | — |  | 12,996 |  | — |  | 12,996 |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
Balance Sheet: | December 31, 2022
(in thousands of $) | FLNG | Corporate and other | Shipping | Segment assets from continuing operations | Assets held for sale | Total assets
Total assets | 2,815,552 |  | 1,410,587 |  | 52,700 |  | 4,278,839 |  | 721 |  | 4,279,560 |
Equity method investments (note 16) | — |  | 48,669 |  | 55,439 |  | 104,108 |  | — |  | 104,108 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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