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FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2011
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Interest rate derivatives | As of December 31, 2011, the Company has entered into the following interest rate swap transactions involving the payment of fixed rates in exchange for LIBOR as summarized below. The summary also includes those that are designated as cash flow hedges:
Instrument (in thousands of $) | Notional value |  |  | Maturity Dates |  | Fixed Interest Rates
Interest rate swaps: |  |  |  |  |
Receiving floating, pay fixed | 899,080 |  |  | 2013-2018 |  | 0.92% to 5.04%
Effect of cash flow hedging relationships on statements of operations | The effect of cash flow hedging relationships relating to interest rate swap agreements on the consolidated statements of operations is as follows:
| Effective portion Gain/(loss) reclassified from Accumulated Other Comprehensive Loss |  | Ineffective Portion
Derivatives designated as hedging instruments location | 2011 |  |  | 2010 |  |  | 2009 |  |  | 2011 |  |  | 2010 |  |  | 2009
Interest rate swaps Other financial items, net | — |  |  | — |  |  | — |  |  | $ | (632 | ) |  | $ | (427 | ) |  | $ | (552 | )
Effect of cash flow hedging relationships on statements of changes in equity | The effect of cash flow hedging relationships relating to interest rate swap agreements to the consolidated statements of changes in equity is as follows:
| Amount of gain/(loss) recognized in OCI on derivative (effective portion)
Derivatives designated as hedging instruments | 2011 |  |  | 2010 |  |  | 2009 |
Interest rate swaps | 1,024 |  |  | (8,578 | ) |  | 11,615 |
Summary of foreign currency contracts | As of December 31, 2011, the Company has entered into the following foreign currency forward contracts as summarized below:
| Notional amount |  |  |  |  |
Instrument (in thousands) | Receiving in foreign currency |  |  | Pay in USD |  |  | Maturity dates |  | Average forward rate USD foreign currency |
Currency rate swaps: |  |  |  |  |  |  |
British Pounds | 60,462 |  |  | 111,128 |  |  | 2032 |  | 1.5803 |
Norwegian Kroner | 26,000 |  |  | 4,211 |  |  | 2012 |  | 0.1619 |
Singapore Dollar | 15,800 |  |  | 12,134 |  |  | 2012 |  | 0.7674 |
Fair value hierarchy of derivative and non-derivative financial instruments |
| Fair value |  | 2011 |  |  | 2011 |  |  | 2010 |  |  | 2010 |
(in thousands of $) | Hierachy(1) |  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Non-Derivatives: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | Level 1 |  | 66,913 |  |  | 66,913 |  |  | 164,717 |  |  | 164,717 |
Restricted cash and short-term investments | Level 1 |  | 213,282 |  |  | 213,282 |  |  | 207,856 |  |  | 207,856 |
Long-term unlisted investments - (1) | Level 3 |  | 7,347 |  |  | N/a |  |  | 7,347 |  |  | N/a |
Long-term debt – fixed (1) |  |  | — |  |  | — |  |  | 10,000 |  |  | 10,000 |
Long-term debt – floating (1) |  |  | 771,549 |  |  | 771,549 |  |  | 787,078 |  |  | 787,078 |
Obligations under capital leases(1) |  |  | 405,843 |  |  | 405,843 |  |  | 411,875 |  |  | 411,875 |
Derivatives: |  |  |  |  |  |  |  |  |  |  |
Commodity contracts asset | Level 2 |  | — |  |  | — |  |  | 111 |  |  | 111 |
Interest rate swaps liability (2) | Level 2 |  | 59,084 |  |  | 59,084 |  |  | 50,051 |  |  | 50,051 |
Foreign currency swaps liability | Level 2 |  | 27,622 |  |  | 27,622 |  |  | 26,205 |  |  | 26,205 |
(1) | The fair value hierachy is only applicable to each financial instrument on the consolidated balance sheets that are recorded at fair value on a recurring basis.
(2) | The fair value/carrying value of interest rate swap agreements that qualify and are designated as a cash flow hedge as at December 31, 2011 and 2010, was $25.9 million (with a notional value of $436.3 million) and $24 million (with a notional value of $284.3 million), respectively. The expected maturity of these interest rate agreements is from April 2012 to March 2018.

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- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 815 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph (c) -Name Accounting Standards Codification -Paragraph 4C -Section 50 -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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