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VESSELS UNDER FINANCE LEASE, NET (Tables) | 12 Months Ended
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Dec. 31, 2019
Leases, Capital [Abstract] |
Schedule of Book Value of Leased Assets | Movements in the three years ended December 31, 2019 are summarized as follows:
(in thousands of $) |  | Cost |  |  | Accumulated Depreciation |  |  | Net Carrying Value |
Balance at December 31, 2016 |  | 607,449 |  |  | (71,016 | ) |  | 536,433 |
Impairment loss |  | (187,379 | ) |  | 4,727 |  |  |
Lease termination |  | (61,075 | ) |  | 23,192 |  |  |
Depreciation |  | — |  |  | (64,200 | ) |  |
Balance at December 31, 2017 |  | 358,995 |  |  | (107,297 | ) |  | 251,698 |
Lease termination |  | (218,494 | ) |  | 83,601 |  |  |
Depreciation |  | — |  |  | (26,129 | ) |  |
Balance at December 31, 2018 |  | 140,501 |  |  | (49,825 | ) |  | 90,676 |
Additions |  | 343,564 |  |  | — |  |  |
Depreciation |  | — |  |  | (15,850 | ) |  |
Balance at December 31, 2019 |  | 484,065 |  |  | (65,675 | ) |  | 418,390 |
Schedule of Finance Lease Maturities | The outstanding obligations under finance leases as of December 31, 2019 are payable as follows:
(in thousands of $) |  |
2020 |  | 291,964 |
2021 |  | 17,557 |
2022 |  | 16,419 |
2023 |  | 17,557 |
2024 |  | 16,468 |
Thereafter |  | 25,920 |
Minimum lease payments |  | 385,885 |
Less: imputed interest |  | (25,975 | )
Present value of obligations under finance leases |  | 359,910 |
Vessels Under Terminated Finance Leases | The following table sets forth certain details of vessel lease terminations in the years ended December 31, 2018 and December 31, 2017. There were no lease terminations in the year ended December 31, 2019:
(in thousands of $) |  |  |  |  |  |  |  |  |  |
Vessel |  | Year |  | Termination agreed |  | Termination date |  | Termination (payment)/ receipt |  | Gain/ (loss) on termination
Front Circassia |  | 2018 |  | February 2018 |  | February 2018 |  | (8,891 | ) |  | (5,811 | )
Front Page |  | 2018 |  | June 2018 |  | July 2018 |  | (3,375 | ) |  | 2,638 |
Front Stratus |  | 2018 |  | June 2018 |  | August 2018 |  | (3,375 | ) |  | 2,144 |
Front Serenade |  | 2018 |  | June 2018 |  | September 2018 |  | (3,375 | ) |  | 2,426 |
Front Ariake |  | 2018 |  | October 2018 |  | October 2018 |  | (3,375 | ) |  | 3,523 |
Front Falcon |  | 2018 |  | November 2018 |  | December 2018 |  | — |  |  | 5,404 |
Vessels terminated in 2018 |  |  |  |  |  |  |  | (22,391 | ) |  | 10,324 |
Front Ardenne |  | 2017 |  | July 2017 |  | August 2017 |  | (4,853 | ) |  | (5,824 | )
Front Scilla |  | 2017 |  | May 2017 |  | June 2017 |  | (6,465 | ) |  | (7,341 | )
Front Brabant |  | 2017 |  | May 2017 |  | May 2017 |  | (3,578 | ) |  | (5,021 | )
Front Century |  | 2017 |  | November 2016 |  | March 2017 |  | (4,110 | ) |  | 20,565 |
Vessels terminated in 2017 |  |  |  |  |  |  |  | (19,006 | ) |  | 2,379 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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