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Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Carrying Values and Estimated Values of Financial Instruments | The carrying values and estimated fair values of our financial instruments at September 30, 2017 and December 31, 2016 are as follows:
|  | September 30, 2017 | December 31, 2016
(in thousands of $) | Fair value hierarchy | Carrying value | Fair value | Carrying value | Fair value
Non-Derivatives: |  |  |  |  |
Cash and cash equivalents | Level 1 | 286,562 |  | 286,562 |  | 224,190 |  | 224,190 |
Restricted cash and short-term deposits | Level 1 | 452,503 |  | 452,503 |  | 416,028 |  | 416,028 |
Cost method investments (1) | Level 3 | 7,347 |  | 7,347 |  | 7,347 |  | 7,347 |
Current portion of long-term debt and short-term debt (2)(3) | Level 2 | 1,111,697 |  | 1,111,697 |  | 455,405 |  | 455,405 |
Long-term debt - convertible bonds (3) | Level 2 | 336,899 |  | 381,236 |  | 218,851 |  | 219,428 |
Long-term debt (3) | Level 2 | 881,341 |  | 881,341 |  | 1,329,250 |  | 1,329,250 |
Derivatives: |  |  |  |  |
Interest rate swaps asset (4)(5) | Level 2 | 5,154 |  | 5,154 |  | 5,022 |  | 5,022 |
Interest rate swaps liability (4)(5) | Level 2 | 546 |  | 546 |  | 1,470 |  | 1,470 |
Foreign exchange swaps asset (4) | Level 2 | 388 |  | 388 |  | — |  | — |
Foreign exchange swaps liability (4) | Level 2 | 17 |  | 17 |  | 993 |  | 993 |
Total return equity swap liability (4)(5)(6) | Level 2 | 60,603 |  | 60,603 |  | 56,763 |  | 56,763 |
Earn-out Units asset (4) | Level 2 | 17,000 |  | 17,000 |  | 15,000 |  | 15,000 |
(1) The carrying value of our cost method investments includes our holdings in OLT Offshore LNG Toscana S.p.A (or OLT-O). As we have no established method of determining the fair value of this investment, we have not estimated its fair value as of September 30, 2017, but have not identified any changes in circumstances which would alter our view of fair value as disclosed. (2) The carrying amounts of our short-term debts and loans receivable approximate their fair values because of the near term maturity of these instruments. (3) Our debt obligations are recorded at amortized cost in the consolidated balance sheets. The amounts presented in the table above are gross of the deferred finance charges amounting to $27.4 million and $26.3 million at September 30, 2017 and December 31, 2016, respectively. (4) Derivative liabilities are captured within other current liabilities and derivative assets are captured within other non-current assets on the balance sheet. (5) The fair value of our derivative instruments is the estimated amount that we would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, foreign exchange rates, closing quoted market prices and our creditworthiness and that of our counterparties. (6) The fair value of total return equity swaps is calculated using the closing prices of the underlying listed shares, dividends paid since inception and the interest rate charged by the counterparty.
Schedule of Designated Cash Flow Hedges | As of September 30, 2017, we had entered into the following interest rate swap transactions involving the payment of fixed rates in exchange for LIBOR as summarized below:
Instrument (in thousands of $) | Notional value |  | Maturity dates | Fixed interest rates
Interest rate swaps: |  |  |
Receiving floating, pay fixed | 1,250,000 |  | 2018 to 2021 | 1.13% to 1.94%
Offsetting Assets | We have elected not to offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable master netting arrangements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in our consolidated balance sheets as of September 30, 2017 and December 31, 2016 would be adjusted as detailed in the following table:
| September 30, 2017 |  | December 31, 2016 |
(in thousands of $) | Gross amounts presented in the consolidated balance sheet |  | Gross amounts not offset in the consolidated balance sheet subject to netting agreements |  | Net amount |  | Gross amounts presented in the consolidated balance sheet |  | Gross amounts not offset in the consolidated balance sheet subject to netting agreements |  | Net amount |
Total asset derivatives | 5,154 |  |  | (546 | ) |  | 4,608 |  |  | 5,022 |  |  | (1,351 | ) |  | 3,671 |  |
Total liability derivatives | 546 |  |  | (546 | ) |  | — |  |  | 1,470 |  |  | (1,351 | ) |  | 119 |  |
Offsetting Liabilities | We have elected not to offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable master netting arrangements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in our consolidated balance sheets as of September 30, 2017 and December 31, 2016 would be adjusted as detailed in the following table:
| September 30, 2017 |  | December 31, 2016 |
(in thousands of $) | Gross amounts presented in the consolidated balance sheet |  | Gross amounts not offset in the consolidated balance sheet subject to netting agreements |  | Net amount |  | Gross amounts presented in the consolidated balance sheet |  | Gross amounts not offset in the consolidated balance sheet subject to netting agreements |  | Net amount |
Total asset derivatives | 5,154 |  |  | (546 | ) |  | 4,608 |  |  | 5,022 |  |  | (1,351 | ) |  | 3,671 |  |
Total liability derivatives | 546 |  |  | (546 | ) |  | — |  |  | 1,470 |  |  | (1,351 | ) |  | 119 |  |

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