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FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2016

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, 2016			December 31, 2015
Designated derivative instruments - long-term assets:
Interest rate swaps	—			487
Non-designated derivative instruments - long-term assets:
Interest rate swaps	—			313
Total derivative instruments - long-term assets	—			800
(in thousands of $)	June 30, 2016			December 31, 2015
Designated derivative instruments - long-term liabilities:
Interest rate swaps	26,693			11,458
Cross currency interest rate swaps	78,674			87,642
Non-designated derivative instruments - long-term liabilities:
Interest rate swaps	13,296			2,897
Cross currency interest rate swaps	10,502			11,645
Total derivative instruments - long-term liabilities	129,165			113,642

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.

Notional Principal (in thousands of $)	Inception date		Maturity date		Fixed interest rate
$30,163 (reducing to $24,794)	March 2008		August 2018		4.05% - 4.15%
$32,186 (reducing to $23,394)	April 2011		December 2018		2.13% - 2.80%
$47,816 (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%
$151,800 (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%	*
$37,683 (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%	*
$108,375 (reducing to $70,125)	December 2016		December 2021		1.86% - 3.33%
$110,500 (reducing to $70,125)	January 2017		January 2022		1.56% - 3.09%
$32,760 (reducing to $19,413)	September 2015		March 2022		1.67%
$206,719 (reducing to $149,844)	February 2016		February 2021		1.0725% - 1.2625%

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 NOK600 million senior unsecured bonds due 2017 and NOK900 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, 2016 and December 31, 2015 are as follows:

	June 30, 2016			June 30, 2016			December 31, 2015			December 31, 2015
(in thousands of $)	Carrying value			Fair value			Carrying value			Fair value
Non-derivatives:
Available for sale securities	119,975			119,975			199,594			199,594
Floating rate NOK bonds due 2017	67,368			66,006			63,681			63,719
Floating rate NOK bonds due 2019	90,380			83,170			85,434			79,549
3.75% unsecured convertible bonds due 2016	—			—			117,500			118,021
3.25% unsecured convertible bonds due 2018	350,000			372,505			350,000			378,315
Derivatives:
Interest rate/ currency swap contracts - long-term receivables	—			—			800			800
Interest rate/ currency swap contracts - long-term payables	129,165			129,165			113,642			113,642

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, 2016, were measured as follows:

				Fair value measurements using
(in thousands of $)	June 30, 2016			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	119,975			119,975						—
Interest rate/ currency swap contracts - long-term receivables	—						—
Total assets	119,975			119,975			—			—
Liabilities:
Floating rate NOK bonds due 2017	66,006			66,006
Floating rate NOK bonds due 2019	83,170			83,170
3.25% unsecured convertible bonds due 2018	372,505			372,505
Interest rate/ currency swap contracts - long-term payables	129,165						129,165
Total liabilities	650,846			521,681			129,165			—

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