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INVESTMENTS IN ASSOCIATED COMPANIES (Tables) | 6 Months Ended
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Jun. 30, 2021
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] |
Schedule of percentage participation using the equity method of accounting | At June 30, 2021, June 30, 2020 and December 31, 2020 the Company had the following participation in investments that were recorded using the equity method:
| June 30, 2021 |  | June 30, 2020 |  | December 31, 2020
River Box Holding Inc. ("River Box") | 49.90 | % |  | † |  | 49.90 | %
SFL Deepwater Ltd (“SFL Deepwater”) | * |  | 100.00 | % |  | *
SFL Hercules Ltd (“SFL Hercules”) | 100.00 | % |  | 100.00 | % |  | 100.00 | %
SFL Linus Ltd (“SFL Linus”) | * |  | 100.00 | % |  | *
† River Box was a previously wholly owned subsidiary of the Company. River Box holds investments in direct financing leases, through its subsidiaries, in relation to the 19,200 and 19,400 TEU containerships MSC Anna, MSC Viviana, MSC Erica and MSC Reef. On December 31, 2020, the Company sold 50.1% of the shares of River Box to a subsidiary of Hemen, a related party and has accounted for the remaining 49.9% ownership in River Box using the equity method. * SFL Hercules and SFL Linus own the drilling units West Hercules and West Linus respectively which are on charter to subsidiaries of Seadrill. SFL Deepwater owns the drilling unit West Taurus which was also on charter to a subsidiary of Seadrill until the first quarter of 2021. All three entities were previously determined to be variable interest entities in which the Company was not the primary beneficiary and thus accounted for using the equity method. In October 2020, the Company was determined to be the primary beneficiary of SFL Linus and SFL Deepwater following changes to the financing agreements and as a result of defaults by Seadrill. Therefore, from October 2020 these two subsidiaries were consolidated by the Company.
Schedule of summarized financial statement information of equity method investees | Summarized balance sheet information of the Company’s equity method investees is as follows:
| As of June 30, 2021
(in thousands of $) | TOTAL |  | River Box |  |  | SFL Hercules |  |
Share presented |  |  | 49.90 | % |  |  | 100.00 | % |  |
Current assets | 21,617 |  |  | 13,602 |  |  |  | 8,015 |  |  |
Non-current assets | 517,381 |  |  | 253,457 |  |  |  | 263,924 |  |  |
Total assets | 538,998 |  |  | 267,059 |  |  |  | 271,939 |  |  |
Current liabilities | 30,618 |  |  | 12,921 |  |  |  | 17,697 |  |  |
Non-current liabilities | 479,239 |  |  | 237,487 |  |  |  | 241,752 |  |  |
Total liabilities | 509,857 |  |  | 250,408 |  |  |  | 259,449 |  |  |
Total stockholders’ equity | 29,141 |  |  | 16,651 |  |  |  | 12,490 |  |  |
| As of December 31, 2020
(in thousands of $) | TOTAL |  | River Box |  |  | SFL Hercules |  |
Share presented |  |  | 49.90 | % |  |  | 100.00 | % |  |
Current assets | 34,763 |  |  | 12,475 |  |  |  | 22,288 |  |  |
Non-current assets | 513,918 |  |  | 258,865 |  |  |  | 255,053 |  |  |
Total assets | 548,681 |  |  | 271,340 |  |  |  | 277,341 |  |  |
Current liabilities | 199,255 |  |  | 12,569 |  |  |  | 186,686 |  |  |
Non-current liabilities | 322,129 |  |  | 243,219 |  |  |  | 78,910 |  |  |
Total liabilities | 521,384 |  |  | 255,788 |  |  |  | 265,596 |  |  |
Total stockholders’ equity | 27,297 |  |  | 15,552 |  |  |  | 11,745 |  |  |
Summarized statement of operations information of the Company’s equity method investees is as follows:
| Six months ended June 30, 2021
(in thousands of $) | TOTAL |  | River Box |  |  |  | SFL Hercules |  |
Share presented |  |  | 49.90 | % |  |  |  | 100.00 | % |  |
Operating revenues | 20,141 |  |  | 10,076 |  |  |  |  | 10,065 |  |  |
Net operating revenues | 15,082 |  |  | 10,065 |  |  |  |  | 5,017 |  |  |
Net income | 2,564 |  |  | 1,819 |  |  |  |  | 745 |  |  |
| Six months ended June 30, 2020
(in thousands of $) | TOTAL |  |  |  | SFL Deepwater |  | SFL Hercules |  | SFL Linus
Share presented |  |  |  |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Operating revenues | 28,315 |  |  |  |  | 8,207 |  |  | 8,157 |  |  | 11,951 |
Net operating revenues | 28,315 |  |  |  |  | 8,207 |  |  | 8,157 |  |  | 11,951 |
Net income/(loss) | 6,246 |  |  |  |  | (721) |  |  | 2,341 |  |  | 4,626 |
Schedule of allowance for expected credit losses in associates | Movements in the six months ended June 30, 2021 in the allowance for expected credit losses can be summarized as follows:
(in thousands of $) | TOTAL |  | River Box |  |  | SFL Hercules |  |
Share presented |  |  | 49.90 | % |  |  | 100.00 | % |  |
Balance at December 31, 2020 | 3,421 |  |  | 786 |  |  |  | 2,635 |  |  |
Reclassification to owned vessels within the associate | (1,896) |  |  | — |  |  |  | (1,896) |  |  |
Allowance recorded in net income of associated companies | (551) |  |  | (381) |  |  |  | (170) |  |  |
Balance at June 30, 2021 | 974 |  |  | 405 |  |  |  | 569 |  |  |

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