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VESSELS AND EQUIPMENT, NET | 12 Months Ended
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Dec. 31, 2019
Property, Plant and Equipment [Abstract] |
VESSELS AND EQUIPMENT, NET |
16. | VESSELS AND EQUIPMENT, NET
| Year Ended December 31, 2019 |  |  |  |
(in thousands of $) | Vessels and equipment | Mooring equipment | Drydocking expenditure | Office equipment | Total
Cost |  |  |  |  |
As of January 1 | 3,447,464 |  | 45,771 |  | 133,316 |  | 11,497 |  | 3,638,048 |
Additions | 6,268 |  | — |  | 29,557 |  | 159 |  | 35,984 |
Write-offs (2) | (24,415) |  | — |  | (22,135) |  | (3,258) |  | (49,808) |
As of December 31 | 3,429,317 |  | 45,771 |  | 140,738 |  | 8,398 |  | 3,624,224 |
Depreciation, amortization and impairment |  |  |  |  |
As of January 1 | (331,477) |  | (3,392) |  | (26,039) |  | (5,761) |  | (366,669) |
Charge for the year (3) | (93,084) |  | (5,714) |  | (12,530) |  | (1,236) |  | (112,564) |
Impairment (1) | (34,250) |  | — |  | — |  | — |  | (34,250) |
Write-offs (2) | 24,415 |  | — |  | 22,135 |  | 3,258 |  | 49,808 |
As of December 31 | (434,396) |  | (9,106) |  | (16,434) |  | (3,739) |  | (463,675) |
Net book value as at December 31 | 2,994,921 |  | 36,665 |  | 124,304 |  | 4,659 |  | 3,160,549 |
| Year Ended December 31, 2018 |  |  |  |
(in thousands of $) | Vessels and equipment | Mooring equipment | Drydocking expenditure | Office equipment | Total
Cost |  |  |  |  |
As of January 1 | 2,383,993 |  | — |  | 37,352 |  | 9,791 |  | 2,431,136 |
Additions | 3,639 |  | — |  | 4,681 |  | 2,984 |  | 11,304 |
Transfer from asset under development (4) | 1,150,660 |  | 45,771 |  | 100,000 |  | — |  | 1,296,431 |
Transfer to asset under development | (90,828) |  | — |  | — |  | — |  | (90,828) |
Write-offs (2) | — |  | — |  | (8,717) |  | (1,278) |  | (9,995) |
As of December 31 | 3,447,464 |  | 45,771 |  | 133,316 |  | 11,497 |  | 3,638,048 |
Depreciation, amortization and impairment |  |  |  |  |
As of January 1 | (323,883) |  | — |  | (24,337) |  | (5,857) |  | (354,077) |
Charge for the year (3) | (78,422) |  | (3,392) |  | (10,419) |  | (1,182) |  | (93,415) |
Transfer to asset under development | 70,828 |  | — |  | — |  | — |  | 70,828 |
Write-offs (2) | — |  | — |  | 8,717 |  | 1,278 |  | 9,995 |
As of December 31 | (331,477) |  | (3,392) |  | (26,039) |  | (5,761) |  | (366,669) |
Net book value as at December 31 | 3,115,987 |  | 42,379 |  | 107,277 |  | 5,736 |  | 3,271,379 |
(1) In March 2019, we entered into a number of contracts relating to the conversion and subsequent disposal of the Golar Viking, which triggered an impairment assessment as it was considered probable to be disposed of significantly before the end of its useful economic life. This resulted in an impairment charge of $34.3 million, which represents the write down of the Golar Viking asset to its fair value. Fair value is based on average broker valuation at date of measurement and represents the exit price in the principal LNG carrier sales market. (2) Write-offs relates to fully depreciated and amortized assets. (3) Depreciation and amortization charge for the years ended December 31, 2019 and 2018, excludes $0.5 million and, $0.3 million respectively, of amortization charged to non-current assets in relation to the Cameroon License fee. (4) On completion of the Hilli FLNG conversion and commissioning, we reclassified the total balance from "Asset under development" in our consolidated balance sheet as of December 31, 2018. Capitalized interest costs of $148.1 million are included in the cost amounts above as of December 31, 2018. The following table presents the market values and carrying values of our vessels that we have determined to have market values that are less than their carrying values as of December 31, 2019. However, based on the estimated future undiscounted cash flows of these vessels, which are significantly greater than the respective carrying values, no impairment was recognized. (in millions of $)
Vessel | 2019 Market value (1) | 2019 Carrying value | Deficit
Golar Arctic | 64.0 | 136.4 | (72.4)
Golar Bear | 174.0 | 184.2 | (10.2)
Golar Crystal | 172.0 | 178.6 | (6.6)
Golar Frost | 174.0 | 187.0 | (13.0)
Golar Glacier | 175.0 | 182.9 | (7.9)
Golar Ice | 178.0 | 190.2 | (12.2)
Golar Kelvin | 177.0 | 184.4 | (7.4)
Golar Snow | 179.0 | 192.0 | (13.0)
Golar Viking | 73.0 | 75.8 | (2.8)
(1) Market values are determined using reference to average broker values provided by independent brokers. Broker values are considered an estimate of the market value for the purpose of determining whether an impairment trigger exists. Broker values are commonly used and accepted by our lenders in relation to determining compliance with relevant covenants in applicable credit facilities for the purpose of assessing security quality. Since vessel values can be volatile, our estimates of market value may not be indicative of either the current or future prices we could obtain if we sold any of the vessels. In addition, the determination of estimated market values may involve considerable judgment, given the illiquidity of the second-hand markets for these types of vessels.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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