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FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair values of derivative instruments designated and not designated as cash flow hedges

The following table presents the fair values of the Company’s derivative instruments that were designated as cash flow hedges and qualified as part of a hedging relationship, and those that were not designated: 

(in thousands of $)			June 30, 2024						December 31, 2023
Designated derivative instruments - short-term assets:
Interest rate swaps			2,874						4,333
Non-designated derivative instruments - short-term assets:
Interest rate swaps			124						284
Commodity swaps			19						—
Total derivative instruments - short-term assets			3,017						4,617
Designated derivative instruments - long-term assets:
Interest rate swaps			—						2,357
Non-designated derivative instruments - long-term assets:
Interest rate swaps			12,624						11,251
Total derivative instruments - long-term assets			12,624						13,608
(in thousands of $)			June 30, 2024						December 31, 2023
Designated derivative instruments - short-term liabilities:
Cross currency swaps			11,118						11,845
Non-designated derivative instruments - short-term liabilities:
Cross currency swaps			586						85
Commodity swaps			—						436
Total derivative instruments - short-term liabilities			11,704						12,366
Designated derivative instruments - long-term liabilities:
Cross currency swaps			—						8,965
Total derivative instruments - long-term liabilities			—						8,965

Derivative Instruments, Gain (Loss)

Movements in the Consolidated Statement of Operations are summarized as follows:

			Six months ended
(in thousands of $)			June 30, 2024						June 30, 2023
Net gain/(loss) in fair value movements of non-designated derivatives			1,555						(5,571)
Net cash movement on non-designated derivatives and swap settlements			2,975						2,877
Total cash movement and valuation gain/(loss) on non-designated derivatives			4,530						(2,694)

Schedule of carrying value and estimated fair value of financial assets and liabilities

The carrying value and estimated fair value of the Company’s financial assets and liabilities as of June 30, 2024 and December 31, 2023 are as follows: 

			June 30, 2024												December 31, 2023
(in thousands of $)			Carrying value						Fair value						Carrying value						Fair value
Non-derivatives:
Equity securities			4,662						4,662						5,104						5,104
NOK700 million senior unsecured floating rate bonds due 2024			—						—						68,426						68,919
NOK600 million senior unsecured floating rate bonds due 2025			53,373						54,174						58,089						59,181
7.25% senior unsecured sustainability-linked bonds due 2026			150,000						149,813						150,000						146,310
8.875% senior unsecured sustainability-linked bonds due 2027			150,000						154,125						150,000						152,820
8.25% senior unsecured sustainability-linked bonds due 2028			150,000						150,375						—						—
Derivatives:
Interest rate/ currency/ commodity swap contracts - short-term receivables			3,017						3,017						4,617						4,617
Interest rate/ currency/ commodity swap contracts - long-term receivables			12,624						12,624						13,608						13,608
Interest rate/ currency/ commodity swap contracts - short-term payables			11,704						11,704						12,366						12,366
Interest rate/ currency/ commodity swap contracts - long-term payables			—						—						8,965						8,965

Schedule of financial assets and liabilities measured at fair value on a recurring basis

The fair values of financial assets and liabilities as of June 30, 2024, were measured as follows: 

									Fair value measurements using
(in thousands of $)			June 30, 2024						Quoted Prices in Active Markets for identical Assets/Liabilities (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Equity securities			4,662						4,662
Interest rate/ currency/ commodity swap contracts, short-term receivables			3,017												3,017
Interest rate/ currency/ commodity swap contracts, long-term receivables			12,624												12,624
Total assets			20,303						4,662						15,641						—
Liabilities:
NOK600 million senior unsecured floating rate bonds due 2025			54,174						54,174
7.25% senior unsecured sustainability-linked bonds due 2026			149,813						149,813
8.875% senior unsecured sustainability-linked bonds due 2027			154,125						154,125
8.25% senior unsecured sustainability-linked bonds due 2028			150,375						150,375
Interest rate/ currency/ commodity swap contracts, short-term payables			11,704												11,704
Total liabilities			520,191						508,487						11,704						—

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Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure for cash flow hedging instruments 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.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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