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FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2021
Fair Value Disclosures [Abstract] |
Summary of interest rate swaps not designated as hedges | The interest rate swaps are not designated as hedges and are summarized as of June 30, 2021 as follows:
Notional Amount | Inception Date | Maturity Date | Fixed Interest Rate
($000s) |  |  |
11,318 | September 2014 | September 2021 | 1.9070 | %
150,000 | February 2016 | February 2026 | 2.1970 | %
100,000 | March 2020 | March 2027 | 0.9750 | %
50,000 | March 2020 | March 2027 | 0.6000 | %
100,000 | March 2020 | March 2025 | 0.9000 | %
100,000 | April 2020 | April 2027 | 0.5970 | %
50,000 | April 2020 | April 2025 | 0.5000 | %
561,318 |  |  |
Carrying value and estimated fair value of financial instruments | The carrying value and estimated fair value of the Company's financial assets and liabilities as of June 30, 2021 and December 31, 2020 are as follows:
|  | 2021 | 2020
(in thousands of $) | Carrying Value | Fair Value | Carrying Value | Fair Value
Assets: |  |  |  |
Cash and cash equivalents | 140,361 |  | 140,361 |  | 174,721 |  | 174,721 |
Restricted cash | 1,140 |  | 1,140 |  | 14,928 |  | 14,928 |
Marketable securities | 2,673 |  | 2,673 |  | 2,639 |  | 2,639 |
Marketable securities pledged to creditors | — |  | — |  | 5,835 |  | 5,835 |
Derivative instruments receivable | 4,557 |  | 4,557 |  | — |  | — |
Liabilities: |  |  |  |
Floating rate debt | 2,075,867 |  | 2,075,867 |  | 2,089,930 |  | 2,089,930 |
Fixed rate debt | 161,700 |  | 160,141 |  | 66,251 |  | 65,348 |
Derivative instruments payable | 9,972 |  | 9,972 |  | 19,261 |  | 19,261 |
Financial assets and liabilities measured at fair value on recurring basis | The estimated fair value of financial assets and liabilities as of June 30, 2021 are as follows:
(in thousands of $) | Fair Value | Level 1 | Level 2 | Level 3
Assets: |  |  |  |
Cash and cash equivalents | 140,361 |  | 140,361 |  | — |  | — |
Restricted cash | 1,140 |  | 1,140 |  | — |  | — |
Marketable securities | 2,673 |  | 2,673 |  | — |  | — |
Derivative instruments receivable | 4,557 |  | — |  | 4,557 |  | — |
Liabilities: |  |  |  |
Floating rate debt | 2,075,867 |  | — |  | 2,075,867 |  | — |
Fixed rate debt | 160,141 |  | — |  | — |  | 160,141 |
Derivative instruments payable | 9,972 |  | — |  | 9,972 |  | — |
The estimated fair value of financial assets and liabilities as of December 31, 2020 are as follows:
(in thousands of $) | Fair Value | Level 1 | Level 2 | Level 3
Assets: |  |  |  |
Cash and cash equivalents | 174,721 |  | 174,721 |  | — |  | — |
Restricted cash | 14,928 |  | 14,928 |  | — |  | — |
Marketable securities | 2,639 |  | 2,639 |  | — |  | — |
Marketable securities pledged to creditors | 5,835 |  | 5,835 |  | — |  | — |
Liabilities: |  |  |  |
Floating rate debt | 2,089,930 |  | — |  | 2,089,930 |  | — |
Fixed rate debt | 65,348 |  | — |  | 6,251 |  | 59,097 |
Derivative instruments payable | 19,261 |  | — |  | 19,261 |  | — |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + 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=121590274&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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