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Segments (Tables)
3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Information
The table below presents segment information for the three months ended March 31, 2022 and 2021:
Three Months Ended March 31, 2022
(in thousands of $)
Terminals and
Infrastructure(1)
Ships(2)
Total
Segment
Consolidation
and Other(3)
Consolidated
Statement of operations:
Total revenues$480,349 $114,942 $595,291 $(90,173)$505,118 
Cost of sales235,532 — 235,532 (27,234)208,298 
Vessel operating expenses3,492 25,942 29,434 (6,470)22,964 
Operations and maintenance30,242 — 30,242 (7,074)23,168 
Segment Operating Margin$211,083 $89,000 $300,083 $(49,395)$250,688 
Balance sheet:
Total assets(4)
$5,291,601 $2,074,207 $7,365,808 $— $7,365,808 
Other segmental financial information:
Capital expenditures(4)(5)
$196,390 $3,289 $199,679 $— $199,679 

Three Months Ended March 31, 2021
(in thousands of $)
Terminals and
Infrastructure(1)
Ships(2)
Total Segment
Consolidation
and Other(3)
Consolidated
Statement of operations:
Total revenues$145,684 $— $145,684 $— $145,684 
Cost of sales96,671 — 96,671 — 96,671 
Vessel operating expenses— — — — — 
Operations and maintenance16,252 — 16,252 — 16,252 
Segment Operating Margin$32,761 $ $32,761 $ $32,761 
Balance sheet:
Total assets(4)
$1,832,111 $— $1,832,111 $— $1,832,111 
Other segmental financial information:
Capital expenditures(4)(5)
$106,895 $— $106,895 $— $106,895 
(1) Terminals and Infrastructure includes the Company’s effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR. The earnings attributable to the investment of $36,680 for the three months ended March 31, 2022 are reported in income from equity method investments in the condensed consolidated statements of operations and comprehensive income (loss). Terminals and Infrastructure does not include the unrealized mark-to-market gain on derivative instruments of $2,492 for the three months ended March 31, 2022 reported in Cost of sales.
(2) Ships includes the Company’s effective share of revenues, expenses and operating margin attributable to 50% ownership of the Hilli Common Units. The earnings attributable to the investment of $13,555 for the three months ended March 31, 2022, are reported in income from equity method investments in the condensed consolidated statements of operations and comprehensive income (loss).
(3) Consolidation and Other adjusts for the inclusion of the effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR and Hilli Common Units in the segment measure and exclusion of the unrealized mark-to-market gain or loss on derivative instruments.
(4) Total assets and capital expenditure by segment refers to assets held and capital expenditures related to the development of the Company’s terminals and vessels. The Terminals and Infrastructure segment includes the net book value of vessels utilized within the Terminals and Infrastructure segment.
(5) Capital expenditures includes amounts capitalized to construction in progress and additions to property, plant and equipment during the period.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
The following table reconciles Net income (loss), the most comparable financial statement measure, to Consolidated Segment Operating Margin:
Three Months Ended March 31,
(in thousands of $)20222021
Net income (loss)$241,181 $(39,509)
Add:
Selling, general and administrative48,041 33,617 
Transaction and integration costs1,901 11,564 
Depreciation and amortization34,290 9,890 
Interest expense44,916 18,680 
Other (income), net(19,725)(604)
Tax benefit(49,681)(877)
(Income) from equity method investments(50,235)— 
Consolidated Segment Operating Margin$250,688 $32,761