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Variable Interest Entities (VIEs) (Tables) | 6 Months Ended
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Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Summary of Sale and Leaseback Arrangements | The following table gives a summary of the sale and leaseback arrangements, as at June 30, 2018:
Unit |  | Effective from |  |  | Sale value (In $ millions) |  |  | First repurchase option (In $ millions) |  |  | Month of first repurchase option |  |  | Last repurchase option (In $ millions) |  |  | Month of last repurchase Option* |
West Taurus |  |  | Nov 2008 |  |  |  | 850 |  |  |  | 418 |  |  |  | Feb 2015 |  |  |  | 149 | (1) |  |  | Nov 2023 |
West Hercules |  |  | Oct 2008 |  |  |  | 850 |  |  |  | 580 |  |  |  | Aug 2011 |  |  |  | 135 | (1) |  |  | Aug 2023 |
West Linus |  |  | June 2013 |  |  |  | 600 |  |  |  | 370 |  |  |  | June 2018 |  |  |  | 170 | (2) |  |  | June 2028 |
(1) | Purchase obligations at the end of the 15-year lease period
(2) | Ship Finance has a right to require us to purchase the West Linus rig on the 15th anniversary for $100 million if we do not exercise the final repurchase option
Summary of Bareboat Charter Rates per Day Based on Base LIBOR Interest Rate for Next Five Years | A summary of the bareboat charter rates per day for each unit is given below.
|  | (In $ thousands) |
Unit |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |
West Taurus |  |  | 112 |  |  |  | 103 |  |  |  | 101 |  |  |  | 97 |  |  |  | 96 |  |  |  | 181 |
West Hercules |  |  | 118 |  |  |  | 101 |  |  |  | 100 |  |  |  | 96 |  |  |  | 96 |  |  |  | 184 |
West Linus |  |  | 158 |  |  |  | 122 |  |  |  | 99 |  |  |  | 99 |  |  |  | 93 |  |  |  | 189 |
Assets and Liabilities in Statutory Accounts of VIEs | The assets and liabilities in the financial statements of the VIEs as at June 30, 2018 and as at December 31, 2017 are as follows:
|  | As at June 30, 2018 |  |  | As at December 31, 2017 |
(In $ millions) |  | SFL Deepwater Limited |  |  | SFL Hercules Limited |  |  | SFL Linus Limited |  |  | SFL Deepwater Limited |  |  | SFL Hercules Limited |  |  | SFL Linus Limited |
Name of unit |  | West Taurus |  |  | West Hercules |  |  | West Linus |  |  | West Taurus |  |  | West Hercules |  |  | West Linus |
Investment in finance lease |  |  | 326 |  |  |  | 316 |  |  |  | 414 |  |  |  | 335 |  |  |  | 326 |  |  |  | 431 |
Amount due from related parties |  |  | 3 |  |  |  | 4 |  |  |  | — |  |  |  | 4 |  |  |  | 4 |  |  |  | — |
Other assets |  |  | 6 |  |  |  | 6 |  |  |  | 7 |  |  |  | 6 |  |  |  | 6 |  |  |  | 8 |
Total assets of the VIEs |  |  | 335 |  |  |  | 326 |  |  |  | 421 |  |  |  | 345 |  |  |  | 336 |  |  |  | 439 |
Short-term interest bearing debt |  |  | 19 |  |  |  | 28 |  |  |  | 45 |  |  |  | 226 |  |  |  | 27 |  |  |  | 48 |
Long-term interest bearing debt |  |  | 196 |  |  |  | 210 |  |  |  | 240 |  |  |  | — |  |  |  | 224 |  |  |  | 261 |
Other liabilities |  |  | 10 |  |  |  | 10 |  |  |  | — |  |  |  | 3 |  |  |  | 2 |  |  |  | — |
Short-term amounts due to related parties |  |  | — |  |  |  | — |  |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | 4 |
Long-term debt due to related parties |  |  | 106 |  |  |  | 73 |  |  |  | 115 |  |  |  | 113 |  |  |  | 80 |  |  |  | 121 |
Total liabilities of the VIEs |  |  | 331 |  |  |  | 321 |  |  |  | 412 |  |  |  | 342 |  |  |  | 333 |  |  |  | 434 |
Equity of the VIEs |  |  | 4 |  |  |  | 5 |  |  |  | 9 |  |  |  | 3 |  |  |  | 3 |  |  |  | 5 |
Book value of units in the Company’s consolidated financial statements |  |  | 373 |  |  |  | 525 |  |  |  | 504 |  |  |  | 385 |  |  |  | 508 |  |  |  | 515 |

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- Definition Summary Of Bareboat Charter Rates Per Day Based On Base Libor Interest Rate For Next Five Years [Table Text Block] + References No definition available. + Details
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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77990344&loc=d3e5747-111685 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=77990344&loc=SL6228884-111685 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77990344&loc=d3e5728-111685 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=77990344&loc=SL6759159-111685 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=77990344&loc=d3e5710-111685 + Details
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