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Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2021
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, 2021 and December 31, 2020 are as follows:
|  | September 30, 2021 | December 31, 2020
(in thousands of $) | Fair value hierarchy | Carrying value | Fair value | Carrying value | Fair value
Non-Derivatives: |  |  |  |  |
Cash and cash equivalents | Level 1 | 123,690 |  | 123,690 |  | 127,691 |  | 127,691 |
Restricted cash and short-term deposits | Level 1 | 144,480 |  | 144,480 |  | 163,181 |  | 163,181 |
Investment in listed equity securities (1) | Level 2 | 501,233 |  | 501,233 |  | — |  | — |
Current portion of long-term debt and short-term debt (2)(3) | Level 2 | (821,181) |  | (821,181) |  | (984,510) |  | (984,510) |
Current portion of convertible bonds (3) | Level 2 | (310,906) |  | (315,380) |  | — |  | — |
Long-term portion of convertible bonds (3) | Level 2 | (85,168) |  | (85,594) |  | (383,740) |  | (366,581) |
Long-term debt (3) | Level 2 | (1,089,282) |  | (1,089,282) |  | (1,011,281) |  | (1,011,281) |
Derivatives: |  |  |  |  |
Oil and gas derivative instruments (4)(5) | Level 2 | 174,114 |  | 174,114 |  | 540 |  | 540 |
Interest rate swaps liability (4)(6) | Level 2 | (25,758) |  | (25,758) |  | (44,315) |  | (44,315) |
Foreign exchange swaps liability (4) | Level 2 | — |  | — |  | (1,310) |  | (1,310) |
(1) “Investment in listed equity securities” refers to our 18.6 million NFE Shares (note 9). The fair value was calculated using the NFE closing share price as at September 30, 2021 discounted at 3.00% using an option pricing valuation model to quantify the discount for the lack of marketability during the holding period, resulting in a valuation of $501.2 million. (2) The carrying amounts of our short-term debt 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 $24.8 million and $28.7 million at September 30, 2021 and December 31, 2020, respectively. (3) The fair value of certain 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. See note 16. (4) Derivative liabilities are captured within other current liabilities and derivative assets are generally captured within other current assets and non-current assets on the balance sheet. (5) The fair value of the oil and gas derivative instruments was determined using the estimated discounted cash flows of the additional payments due to us as a result of oil prices moving above a contractual oil price floor over the term of the LTA and the estimated discounted cash flows of the additional payments due to us in 2022 as a result of gas prices moving with respect to the contractual pricing terms per the LTA Amendment and the Euro/USD exchange rates based on the forex forward curve. Significant inputs used in the valuation of the oil and gas derivative instruments include management’s estimate of an appropriate discount rate and the length of time necessary to blend the long-term and short-term oil and gas prices obtained from quoted prices in active markets. (6) The fair value of certain 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.
Schedule of Designated Cash Flow Hedges | As of September 30, 2021, we were party to 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 | 505,000 |  | 2024 to 2029 | 1.69% - 2.37%

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
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