XML 337 R33.htm IDEA: XBRL DOCUMENT v3.24.0.1
FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of interest swap contracts
Our interest rate swap contracts as of December 31, 2023, none of which are designated as hedging instruments are summarized as follows;
(in thousands of $)Notional principalWeighted Average Maturity DateWeighted Average Fixed Interest RateInterest Rate Benchmark
Receiving floating, pay fixed (1)
841,000 November 20272.45 %SOFR
Receiving floating, pay fixed160,000 April 20250.96 %
SOFR + CAS(2)
Receiving fixed, pay floating (1) (3)
(281,000)October 20274.43 %SOFR
Total720,000 
(1)    This includes two reverse interest rate swap agreements with a forward start date of March 2026 that are on average receiving a net weighted average 2.50% fixed interest on a notional principal of $100.0 million and maturity date of March 2032.
(2)    The reference rate for these interest rate swap agreements are based on SOFR plus a Credit Adjustment Spread ("CAS") of 0.26161% based on the LIBOR fallback protocol.
(3)    Interest rate swap agreements, which involve the receiving of fixed interest and paying of a floating benchmark rate of interest, have been entered into by the Company as reverse swaps of existing interest rate swap agreements. This has the effect of unwinding the positive fair value position of existing swap agreements.
Derivative instruments, gain (loss)
The Company's gain on derivatives for the year ended December 31, 2023, 2022 and 2021 was comprised of the following:
 (in thousands of $)
202320222021
Change in fair value of derivative instruments(6,686)78,207 24,423 
Realized gain/(loss) on derivative instruments24,967 1,475 (6,024)
Gain on derivatives
18,281 79,682 18,399 
Schedule of derivative instruments
Movements in the year ended December 31, 2023 and 2022 for the derivative instrument assets and liabilities is summarized as follows:
(in thousands of $)Derivative Instrument AssetDerivative Instrument LiabilityTotal
At December 31, 2021
5,862 (4,764)1,098 
Change in fair value of derivative instruments73,443 4,764 78,207 
Termination of derivative instruments
(23,790)— (23,790)
At December 31, 2022
55,515 — 55,515 
Change in fair value of derivative instruments(6,686)— (6,686)
At December 31, 202348,829 — 48,829