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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Reconciliation of net profit / (loss) to adjusted EBITDA | 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).
Segment reporting Information |
| 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 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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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- 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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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