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VESSELS AND EQUIPMENT, NET | 12 Months Ended
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Dec. 31, 2020
Property, Plant and Equipment [Abstract] |
VESSELS AND EQUIPMENT, NET |
16. | VESSELS AND EQUIPMENT, NET
| Year Ended December 31, 2020
(in thousands of $) | Vessels and equipment | Mooring equipment | Drydocking expenditure | Office equipment | Total
Cost |  |  |  |  |
As of January 1 | 3,429,317 |  | 45,771 |  | 140,738 |  | 8,398 |  | 3,624,224 |
Additions | 3,282 |  | — |  | 3,713 |  | 161 |  | 7,156 |
Transfer to asset under development (1) | (127,620) |  | — |  | — |  | — |  | (127,620) |
Write-offs (2) | (6,125) |  | — |  | (6,500) |  | (393) |  | (13,018) |
As of December 31 | 3,298,854 |  | 45,771 |  | 137,951 |  | 8,166 |  | 3,490,742 |
Depreciation, amortization and impairment |  |  |  |  |
As of January 1 | (434,396) |  | (9,106) |  | (16,434) |  | (3,739) |  | (463,675) |
Charge for the year (3) | (87,383) |  | (5,714) |  | (13,080) |  | (1,283) |  | (107,460) |
Transfer to asset under development (1) | 50,448 |  | — |  | — |  |  | 50,448 |
Write-offs (2) | 6,125 |  | — |  | 6,500 |  | 393 |  | 13,018 |
As of December 31 | (465,206) |  | (14,820) |  | (23,014) |  | (4,629) |  | (507,669) |
Net book value as at December 31, 2020 | 2,833,648 |  | 30,951 |  | 114,937 |  | 3,537 |  | 2,983,073 |
| 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 (4) | (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, 2019 | 2,994,921 |  | 36,665 |  | 124,304 |  | 4,659 |  | 3,160,549 |
(1) Upon LNG Croatia's entry to the shipyard in January 2020 for her conversion to a FSRU, we have reclassified the carrying value of the vessel and its associated accumulated depreciation to “Asset under development” (note 15) (2) Write-offs relates to fully depreciated and amortized assets. (3) Depreciation and amortization charge for the years ended December 31, 2020 and 2019, excludes $0.5 million and, $0.5 million respectively, of amortization charged to non-current assets in relation to the Cameroon License fee. (4) In March 2019, we entered into a number of contracts relating to the conversion and subsequent disposal of the LNG Croatia (note 15), 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. 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, 2020. 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 | 2020 Market value (1) | 2020 Carrying value | Deficit
Golar Arctic | 47.5 | 129.8 | (82.3)
Golar Bear | 160.0 | 178.4 | (18.4)
Golar Crystal | 159.0 | 173.2 | (14.2)
Golar Frost | 160.5 | 181.4 | (20.9)
Golar Glacier | 155.7 | 177.4 | (21.7)
Golar Ice | 159.5 | 184.6 | (25.1)
Golar Kelvin | 160.0 | 178.9 | (18.9)
Golar Seal | 156.3 | 168.2 | (11.9)
Golar Snow | 159.8 | 184.8 | (25.0)
(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 asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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