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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:
InstrumentYear endNotional value Maturity datesFixed interest rates
Interest rate swaps:   
Receiving floating, pay fixed2022740,000 2024/2029
1.69% to 2.37%
Receiving floating, pay fixed2021505,000 2024/2029
1.69% to 2.37%
Fair value of derivative instruments on a gross basis
InstrumentYear endNotional quantity (MMBtu)Maturity dateFixed price/MMBtu
Commodity swap derivatives:   
Receiving fixed, pay floating20224,839,000 2023 - 2024
$49.50 to $51.20
Receiving fixed, pay floating20211,209,753 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 classification20222021
(in thousands of $)
Asset derivatives
Gas derivative instrumentOther current assets and other non-current assets (note 16 and note 20)196,184 79,578 
Oil derivative instrumentOther non-current assets (note 20)182,795 127,480 
Commodity swapsOther current assets and other non-current assets (note 16 and note 20)113,368 1,753 
Interest rate swapsOther non-current assets (note 20)54,970 — 
Total asset derivatives547,317 208,811 
Liability derivatives
Interest rate swapsOther current liabilities (note 23)— (17,300)
Commodity swapOther 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:
 2022202220212021
(in thousands of $)Fair value hierarchyCarrying valueFair valueCarrying valueFair value
Non-Derivatives:    
Cash and cash equivalents (1)
Level 1878,838 878,838 231,849 231,849 
Restricted cash and short-term deposits (2)
Level 1134,043 134,043 106,073 106,073 
Trade accounts receivable (2)
Level 141,545 41,545 28,912 28,912 
Receivable from TTF linked commodity swap derivatives (2)
Level 14,638 4,638 — — 
Receivable from IRS derivatives (2)
Level 11,923 1,923 — — 
Investment in listed equity securities (3)
Level 1224,788 224,788 449,666 449,666 
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 2721 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 2378,979 378,979 207,058 207,058 
Asset on IRS derivatives (8)
Level 254,970 54,970 — — 
Liability on IRS derivatives (8)
Level 2— — (17,300)(17,300)
Asset on TTF linked commodity swap derivatives (8) (9)
Level 2113,368 113,368 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:
20222021
Gross amounts presented in the consolidated balance sheetGross amounts not offset in the consolidated balance sheet subject to netting agreementsNet amountGross amounts presented in the consolidated balance sheetGross amounts not offset in the consolidated balance sheet subject to netting agreementsNet amount
(in thousands of $)
Commodity swaps
Total asset derivatives113,368 — 113,368 1,753 (88)1,665 
Total derivative liabilities— — — (88)88 —