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FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2019
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, 2019 |  |  | December 31, 2018 |
Non-designated derivative instruments - short-term assets: |  |  |
Cross currency interest rate swaps | — |  |  | 5,279 |
Total derivative instruments - short-term assets | — |  |  | 5,279 |
Designated derivative instruments - long-term assets: |  |  |
Interest rate swaps | 2,597 |  |  | 5,459 |
Non-designated derivative instruments - long-term assets: |  |  |
Interest rate swaps | — |  |  | 5,174 |
Total derivative instruments - long-term assets | 2,597 |  |  | 10,633 |
(in thousands of $) | June 30, 2019 |  |  | December 31, 2018 |
Designated derivative instruments - short-term liabilities: |  |  |
Cross currency interest rate swaps | 4,390 |  |  | 33,004 |
Non-designated derivative instruments - short-term liabilities: |  |  |
Cross currency interest rate swaps | — |  |  | 12,043 |
Total derivative instruments - short-term liabilities | 4,390 |  |  | 45,047 |
Designated derivative instruments - long-term liabilities: |  |  |
Interest rate swaps | 5,859 |  |  | 1,811 |
Cross currency interest rate swaps | 8,953 |  |  | 4,709 |
Cross currency swaps | — |  |  | 9,607 |
Non-designated derivative instruments - long-term liabilities: |  |  |
Interest rate swaps | 1,901 |  |  | 86 |
Total derivative instruments - long-term liabilities | 16,713 |  |  | 16,213 |
Schedule of currency swap transactions |
Principal Receivable | Principal Payable | Inception date | Maturity date
NOK500 million | US$64.0 million | October 2017 | March - June 2020
NOK600 million | US$76.8 million | September 2018 | September 2023
NOK700 million | US$80.5 million | June 2019 | June 2024
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, 2019 and December 31, 2018 are as follows:
| June 30, 2019 |  |  | June 30, 2019 |  |  | December 31, 2018 |  |  | December 31, 2018 |
(in thousands of $) | Carrying value |  |  | Fair value |  |  | Carrying value |  |  | Fair value |
Non-derivatives: |  |  |  |  |  |  |
Available-for-sale debt securities | 14,221 |  |  | 14,221 |  |  | 13,245 |  |  | 13,245 |
Equity securities | 101,337 |  |  | 101,337 |  |  | 73,929 |  |  | 73,929 |
Floating rate NOK bonds due 2019 | — |  |  | — |  |  | 77,722 |  |  | 77,916 |
Floating rate NOK bonds due 2020 | 58,582 |  |  | 60,368 |  |  | 57,829 |  |  | 58,841 |
Floating rate NOK bonds due 2023 | 70,298 |  |  | 70,562 |  |  | 69,395 |  |  | 69,568 |
Floating rate NOK bonds due 2024 | 82,014 |  |  | 82,014 |  |  | — |  |  | — |
5.75% unsecured convertible bonds due 2021 | 212,230 |  |  | 213,822 |  |  | 212,230 |  |  | 199,496 |
4.875% unsecured convertible bonds due 2023 | 148,300 |  |  | 149,819 |  |  | 151,700 |  |  | 139,374 |
Derivatives: |  |  |  |  |  |  |
Interest rate/currency swap contracts - short-term receivables | — |  |  | — |  |  | 5,279 |  |  | 5,279 |
Interest rate/currency swap contracts - long-term receivables | 2,597 |  |  | 2,597 |  |  | 10,633 |  |  | 10,633 |
Interest rate/currency swap contracts - short-term payables | 4,390 |  |  | 4,390 |  |  | 45,047 |  |  | 45,047 |
Interest rate/currency swap contracts - long-term payables | 16,713 |  |  | 16,713 |  |  | 16,213 |  |  | 16,213 |
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, 2019, were measured as follows:
|  |  | Fair value measurements using,
(in thousands of $) | June 30, 2019 |  |  | 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 debt securities | 14,221 |  |  | 14,221 |  |  |  |  |
Equity securities | 101,337 |  |  | 101,337 |  |  |  |  |
Interest rate/ currency swap contracts - long-term receivables | 2,597 |  |  |  |  |  | 2,597 |  |  |
Total assets | 118,155 |  |  | 115,558 |  |  | 2,597 |  |  |
Liabilities: |  |  |  |  |  |  |
Floating rate NOK bonds due 2020 | 60,368 |  |  | 60,368 |  |  |  |  |
Floating rate NOK bonds due 2023 | 70,562 |  |  | 70,562 |  |  |  |  |
Floating rate NOK bonds due 2024 | 82,014 |  |  | 82,014 |  |  |  |  |
5.75% unsecured convertible bonds due 2021 | 213,822 |  |  | 213,822 |  |  |  |  |
4.875% unsecured convertible bonds due 2023 | 149,819 |  |  | 149,819 |  |  |  |  |
Interest rate/currency swap contracts - short-term payables | 4,390 |  |  |  |  | 4,390 |  |  |
Interest rate/currency swap contracts - long-term payables | 16,713 |  |  |  |  | 16,713 |  |  |
Total liabilities | 597,688 |  |  | 576,585 |  |  | 21,103 |  |  |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=99377789&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
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