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FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

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			—

X

- Definition

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 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.

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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).

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