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VESSELS UNDER CAPITAL LEASE, NET (Tables) | 12 Months Ended
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Dec. 31, 2014
Leases, Capital [Abstract] |
Schedule of book value of vessels | Movements in the three years ended December 31, 2014 may be summarized as follows:
(in thousands of $) | Cost |  | Accumulated Depreciation |  | Net Carrying Value |
Balance at December 31, 2011 | 2,073,779 |  | (1,051,607 | ) | 1,022,172 |
Disposals | (110,625 | ) | 100,806 |  |
Impairment loss | (32,042 | ) | — |  |
Lease modification | 9,115 |  | — |  |
Depreciation | — |  | (96,337 | ) |
Balance at December 31, 2012 | 1,940,227 |  | (1,047,138 | ) | 893,089 |
Disposals | (159,016 | ) | 155,848 |  |
Impairment loss | (153,508 | ) | 49,784 |  |
Depreciation | — |  | (81,389 | ) |
Balance at December 31, 2013 | 1,627,703 |  | (922,895 | ) | 704,808 |
Impairment loss | (204,260 | ) | 118,976 |  |
Additions | 1,210 |  | — |  |
Depreciation | — |  | (70,389 | ) |
Balance at December 31, 2014 | 1,424,653 |  | (874,308 | ) | 550,345 |
Schedule of future minimum lease payments for capital leases | The outstanding obligations under capital leases are payable as follows:
(in thousands of $) |
Year ending December 31, |
2015 | 82,402 |
2016 | 139,256 |
2017 | 102,451 |
2018 | 96,292 |
2019 | 87,690 |
Thereafter | 330,064 |
Minimum lease payments | 838,155 |
Less: imputed interest | (194,474 | )
Present value of obligations under capital leases | 643,681 |
Summary of company activity with non consolidated lessor entities | The following table discloses information about the Company's activity with these non-consolidated lessor entities in the three year period ended December 31, 2014:
(in thousands of $) | 2014 |  |  | 2013 |  |  | 2012 |
Repayments of principal obligations under capital leases | 12,948 |  |  | 12,260 |  |  | 11,665 |
Contingent rental expense (income) | 4,237 |  |  | (7,761 | ) |  | 2,436 |
Interest expense for capital leases | 4,429 |  |  | 5,389 |  |  | 6,301 |
Deferred lease obligation | — |  |  | — |  |  | 3,795 |

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- Definition Book value of vessels under capital lease. + References No definition available. + Details
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- Definition A tabular disclosure of information about the company's activity with non consolidated lessor entites + References No definition available. + Details
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- Definition Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 + Details
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