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FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair values of derivative instruments designated and not designated as cash flow hedges | The following table presents the fair values of the Company’s derivative instruments that were designated as cash flow hedges and qualified as part of a hedging relationship, and those that were not designated:
(in thousands of $) | June 30, 2014 |  |  | December 31, 2013 |
Designated derivative instruments - Assets: |  |  |
Interest rate swaps | 646 |  |  | 6,565 |
Cross currency interest rate swaps | — |  |  | — |
Non-designated derivative instruments - Assets: |  |  |
Interest rate swaps | 6,674 |  |  | 10,068 |
Cross currency interest rate swaps | — |  |  | — |
Total derivative instruments - non-current assets | 7,320 |  |  | 16,633 |
(in thousands of $) | June 30, 2014 |  |  | December 31, 2013 |
Designated derivative instruments -short-term liabilities: |  |  |
Interest rate swaps | 1,987 |  |  | 2,279 |
Cross currency interest rate swaps | — |  |  | 3,358 |
Non-designated derivative instruments -short-term liabilities: |  |  |
Interest rate swaps | 581 |  |  | — |
Cross currency interest rate swaps | — |  |  | 68 |
Total derivative instruments - short-term liabilities | 2,568 |  |  | 5,705 |
(in thousands of $) | June 30, 2014 |  |  | December 31, 2013 |
Designated derivative instruments - long-term liabilities: |  |  |
Interest rate swaps | 42,691 |  |  | 44,006 |
Cross currency interest rate swaps | 14,974 |  |  | 8,915 |
Non-designated derivative instruments - long-term liabilities: |  |  |
Interest rate swaps | 1,782 |  |  | 3,183 |
Cross currency interest rate swaps | 533 |  |  | 386 |
Total derivative instruments - long-term liabilities | 59,980 |  |  | 56,490 |
Schedule of interest rate swap transactions designated as hedges against specific loans | The summary includes all swap transactions, most of which are hedges against specific loans.
(in thousands of $) |  |  |  |  |  |
Notional Principal as at June 30, 2014 | Inception date |  | Maturity date |  | Fixed interest rate |
$167,895 (reducing to $122,632) | March 2010 |  | March 2015 |  | 1.96% - 2.22% |
$69,713 (reducing to $69,713) | September 2012 |  | September 2014 |  | 4.85% |
$35,686 (reducing to $24,794) | March 2008 |  | August 2018 |  | 4.05% - 4.15% |
$40,002 (reducing to $23,394) | April 2011 |  | December 2018 |  | 2.13% - 2.80% |
$59,591 (reducing to $34,044) | May 2011 |  | January 2019 |  | 0.80% - 2.58% |
$100,000 (remaining at $100,000) | August 2011 |  | August 2021 |  | 2.50% - 2.93% |
$173,142 (reducing to $153,804) | April 2012 |  | May 2019 |  | 3.67% - 3.77% |
$176,333 (reducing to $79,733) | May 2012 |  | August 2022 |  | 1.76% - 1.85% |
$105,436 (equivalent to NOK600 million) | October 2012 |  | October 2017 |  | 5.92% - 6.23% | *
$46,550 (reducing to $32,142) | February 2013 |  | December 2017 |  | 0.81% - 0.82% |
$100,000 (remaining at $100,000) | March 2013 |  | April 2023 |  | 1.85% - 1.97% |
$151,008 (equivalent to NOK900 million) | March 2014 |  | March 2019 |  | 6.03% | *
Schedule of currency swap transactions | The Company has entered into currency swap transactions, involving the payment of U.S. dollars in exchange for Norwegian kroner, which are designated as hedges against the NOK 600 million senior unsecured bonds due 2017 and NOK 900 million senior unsecured bonds due 2019.
Principal Receivable | Principal Payable |  |  | Inception date |  | Maturity date
NOK600 million | $ | 105.4 | million |  | October 2012 |  | October 2017
NOK900 million | $ | 151.0 | million |  | March 2014 |  | March 2019
Schedule of carrying value and estimated fair value of financial assets and liabilities | The carrying value and estimated fair value of the Company’s financial assets and liabilities at June 30, 2014 and December 31, 2013 are as follows:
| June 30, 2014 |  |  | June 30, 2014 |  |  | December 31, 2013 |  |  | December 31, 2013 |
(in thousands of $) | Carrying value |  |  | Fair value |  |  | Carrying value |  |  | Fair value |
Non-derivatives: |  |  |  |  |  |  |
Available for sale securities | 61,889 |  |  | 61,889 |  |  | 76,925 |  |  | 76,925 |
Floating rate NOK bonds due 2014 | — |  |  | — |  |  | 71,854 |  |  | 72,032 |
Floating rate NOK bonds due 2017 | 93,231 |  |  | 97,152 |  |  | 92,483 |  |  | 93,752 |
Floating rate NOK bonds due 2019 | 145,388 |  |  | 145,387 |  |  | — |  |  | — |
3.75% unsecured convertible bonds due 2016 | 125,000 |  |  | 135,516 |  |  | 125,000 |  |  | 130,589 |
3.25% unsecured convertible bonds due 2018 | 350,000 |  |  | 398,598 |  |  | 350,000 |  |  | 359,307 |
Derivatives: |  |  |  |  |  |  |
Interest rate/ currency swap contracts - short-term and long-term receivables | 7,320 |  |  | 7,320 |  |  | 16,633 |  |  | 16,633 |
Interest rate/ currency swap contracts - short-term payables | 2,568 |  |  | 2,568 |  |  | 5,705 |  |  | 5,705 |
Interest rate/ currency swap contracts - long-term payables | 59,980 |  |  | 59,980 |  |  | 56,490 |  |  | 56,490 |
Schedule of financial assets and liabilities measured at fair value on a recurring basis | The above fair values of financial assets and liabilities as at June 30, 2014, were measured as follows:
|  |  | Fair value measurements using
(in thousands of $) | June 30, 2014 |  |  | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |
Available for sale securities | 61,889 |  |  | 39,811 |  |  |  |  | 22,078 |
Interest rate/ currency swap contracts - long-term receivables | 7,320 |  |  |  |  |  | 7,320 |  |  |
Total assets | 69,209 |  |  | 39,811 |  |  | 7,320 |  |  | 22,078 |
Liabilities: |  |  |  |  |  |  |
Floating rate NOK bonds due 2017 | 97,152 |  |  | 97,152 |  |  |  |  |
Floating rate NOK bonds due 2019 | 145,387 |  |  | 145,387 |  |  |  |  |
3.75% unsecured convertible bonds due 2016 | 135,516 |  |  | 135,516 |  |  |  |  |
3.25% unsecured convertible bonds due 2018 | 398,598 |  |  | 398,598 |  |  |  |  |
Interest rate/ currency swap contracts – short-term payables | 2,568 |  |  |  |  | 2,568 |  |  |
Interest rate/ currency swap contracts – long-term payables | 59,980 |  |  |  |  |  | 59,980 |  |  |
Total liabilities | 839,201 |  |  | 776,653 |  |  | 62,548 |  |  | — |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=25499696&loc=SL7498348-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 9: 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=7476318&loc=SL5624171-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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