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FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

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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