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VESSELS UNDER CAPITAL LEASE, NET (Tables)
 12 Months Ended
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