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VESSELS AND EQUIPMENT UNDER FINANCE LEASE, NET (Tables) | 6 Months Ended
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Jun. 30, 2021
Leases [Abstract] |
Schedule of Finance Leased Assets |
(in thousands of $) | Cost | Accumulated Depreciation | Net Carrying Value
Balance at December 31, 2020 | 103,888 |  | (50,370) |  | 53,518 |
Depreciation | — |  | (4,283) |  | — |
Balance at June 30, 2021 | 103,888 |  | (54,653) |  | 49,235 |
Maturities of Finance Leases | The outstanding obligations under finance leases as of June 30, 2021 are payable as follows:
(in thousands of $) |  |  |
Year 1 |  | 10,946 |  |
Year 2 |  | 11,705 |  |
Year 3 |  | 11,737 |  |
Year 4 |  | 10,946 |  |
Year 5 |  | 11,706 |  |
Thereafter |  | 7,512 |  |
Minimum lease payments |  | 64,552 |  |
Less: imputed interest |  | (12,108) |  |
Present value of obligations under finance leases |  | 52,444 |  |
The outstanding obligations under finance leases as of December 31, 2020 are payable as follows:
(in thousands of $) |  |
2021 |  | 11,705 |
2022 |  | 10,946 |
2023 |  | 11,705 |
2024 |  | 10,978 |
2025 |  | 11,705 |
Thereafter |  | 13,347 |
Minimum lease payments |  | 70,386 |
Less: imputed interest |  | (14,109) |
Present value of obligations under finance leases |  | 56,277 |
Lease Cost | The Company recognized the following income (expenses) in relation to the amortization of finance lease assets and obligations in the six months ended June 30, 2021 and June 30, 2020:
(in thousands of $) | June 30, 2021 | June 30, 2020
Depreciation of vessels under finance leases | (4,283) |  | (7,282) |
Interest expense on obligations under finance leases | (2,002) |  | (4,833) |
Contingent rental income (expense) | 1,624 |  | (8,270) |
Gain on termination of vessel lease | — |  | 7,409 |
Total finance lease expense, net | (4,661) |  | (12,976) |

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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=121609121&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- References No definition available. + Details
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