XML 386 R67.htm IDEA: XBRL DOCUMENT
v3.23.1

FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Interest rate swap transactions | As of December 31, 2022 and 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 | Year end | Notional value | Maturity dates | Fixed interest rates
Interest rate swaps: |  |  |  |
Receiving floating, pay fixed | 2022 | 740,000 |  | 2024/2029 | 1.69% to 2.37%
Receiving floating, pay fixed | 2021 | 505,000 |  | 2024/2029 | 1.69% to 2.37%
Fair value of derivative instruments on a gross basis |
Instrument | Year end | Notional quantity (MMBtu) | Maturity date | Fixed price/MMBtu
Commodity swap derivatives: |  |  |  |
Receiving fixed, pay floating | 2022 | 4,839,000 |  | 2023 - 2024 | $49.50 to $51.20
Receiving fixed, pay floating | 2021 | 1,209,753 |  | 2023 - 2024 | $23.25 to $28.00
The following table summarizes the fair value of our derivative instruments on a gross basis (none of which have been designated as hedges) recorded in our consolidated balance sheets as of December 31, 2022 and 2021:
| Balance sheet classification | 2022 | 2021
(in thousands of $) |  |  |
Asset derivatives |  |  |
Gas derivative instrument | Other current assets and other non-current assets (note 16 and note 20) | 196,184 |  | 79,578 |
Oil derivative instrument | Other non-current assets (note 20) | 182,795 |  | 127,480 |
Commodity swaps | Other current assets and other non-current assets (note 16 and note 20) | 113,368 |  | 1,753 |
Interest rate swaps | Other non-current assets (note 20) | 54,970 |  | — |
Total asset derivatives |  | 547,317 |  | 208,811 |
Liability derivatives |  |  |
Interest rate swaps | Other current liabilities (note 23) | — |  | (17,300) |
Commodity swap | Other current liabilities (note 23) | — |  | (88) |
Total liability derivatives |  | — |  | (17,388) |
Fair value hierarchy of derivative and non-derivative financial instruments | The carrying values and estimated fair values of our financial instruments at December 31, 2022 and 2021 are as follows:
|  | 2022 | 2022 | 2021 | 2021
(in thousands of $) | Fair value hierarchy | Carrying value | Fair value | Carrying value | Fair value
Non-Derivatives: |  |  |  |  |
Cash and cash equivalents (1) | Level 1 | 878,838 |  | 878,838 |  | 231,849 |  | 231,849 |
Restricted cash and short-term deposits (2) | Level 1 | 134,043 |  | 134,043 |  | 106,073 |  | 106,073 |
Trade accounts receivable (2) | Level 1 | 41,545 |  | 41,545 |  | 28,912 |  | 28,912 |
Receivable from TTF linked commodity swap derivatives (2) | Level 1 | 4,638 |  | 4,638 |  | — |  | — |
Receivable from IRS derivatives (2) | Level 1 | 1,923 |  | 1,923 |  | — |  | — |
Investment in listed equity securities (3) | Level 1 | 224,788 |  | 224,788 |  | 449,666 |  | 449,666 |
TTF linked commodity swap collateral (2) (note 16) | Level 1 | — |  | — |  | 6,940 |  | 6,940 |
Trade accounts payable (3) | Level 1 | (8,983) |  | (8,983) |  | (4,929) |  | (4,929) |
Assets held for sale (note 14) | Level 2 | 721 |  | 721 |  | 1,697,776 |  | 1,697,776 |
Liabilities held for sale (note 14) | Level 2 | (373) |  | (373) |  | (879,904) |  | (879,904) |
Current portion of long-term debt and short-term debt (2) (4) (5) | Level 2 | (344,960) |  | (344,960) |  | (388,005) |  | (388,005) |
Current portion of 2017 Convertible Bonds (4) (6) | Level 2 | — |  | — |  | (315,646) |  | (316,561) |
Long-term debt (6) (7) | Level 2 | (706,290) |  | (706,290) |  | (947,855) |  | (947,855) |
Long-term debt - Unsecured Bonds (4) (6) | Level 1 | (159,029) |  | (158,092) |  | — |  | — |
Derivatives: |  |  |  |  |
Oil and gas derivative instruments (7) | Level 2 | 378,979 |  | 378,979 |  | 207,058 |  | 207,058 |
Asset on IRS derivatives (8) | Level 2 | 54,970 |  | 54,970 |  | — |  | — |
Liability on IRS derivatives (8) | Level 2 | — |  | — |  | (17,300) |  | (17,300) |
Asset on TTF linked commodity swap derivatives (8) (9) | Level 2 | 113,368 |  | 113,368 |  | 1,753 |  | 1,753 |
Liability on TTF linked commodity swap derivatives (8) (9) | Level 2 | — |  | — |  | (88) |  | (88) |
(1) These instruments carrying value is highly liquid and is a reasonable estimate of fair value. (2) These instruments are considered to be equal to their estimated fair value because of their near term maturity. (3) “Investment in listed equity securities” refers to our NFE Shares (note 16). The fair value is based on the NFE closing share price as of the balance sheet date. (4) Our debt obligations are recorded at amortized cost in the consolidated balance sheets. The amounts presented in the table are gross of the deferred charges amounting to $21.0 million and $28.2 million at December 31, 2022 and 2021, respectively. (5) The estimated fair values for both the floating long-term debt and short-term debt are considered to be equal to the carrying value since they bear variable interest rates, which are adjusted on a quarterly or six-monthly basis. (6) The estimated fair values of our unsecured 2017 Convertible Bonds and Unsecured Bonds are based on their quoted market prices as of the balance sheet date. In February 2022, following the listing of the Unsecured Bonds, the fair value hierarchy transferred from Level 2 to Level 1. (7) The fair value of the oil and gas derivative instruments is determined using the estimated discounted cash flows of the additional payments due to us as a result of oil and gas prices moving above the contractual floor price over the remaining term of the LTA. Significant inputs used in the valuation of the oil and gas derivative instruments include the Euro/U.S. Dollar exchange rates based on the forex forward curve for the gas derivative instrument and 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. (8) 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. The credit exposure of certain derivative instruments is represented by the fair value of contracts with a positive value at the end of each period, reduced by the effects of master netting arrangements. (9) Does not include collateral posted with counterparties to our TTF commodity swaps. We have recognized cash collateral receivable of $nil and $6.9 million as of December 31, 2022 and 2021, respectively, in relation to our TTF commodity swaps (note 16).
Offsetting assets and liabilities | The amounts presented in our consolidated balance sheet in relation to interest rate and commodity swaps have not been offset. For our commodity swaps, 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 December 31, 2022 and 2021 would be adjusted as in the following table:
| 2022 | 2021
| 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
(in thousands of $) |  |  |  |  |  |
Commodity swaps |  |  |  |  |  |
Total asset derivatives | 113,368 |  | — |  | 113,368 |  | 1,753 |  | (88) |  | 1,665 |
Total derivative liabilities | — |  | — |  | — |  | (88) |  | 88 |  | — |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for net investment hedges of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the 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 4C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfNetInvestmentHedgesStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration