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(LOSSES)/GAINS ON DERIVATIVE INSTRUMENTS AND OTHER FINANCIAL ITEMS, NET | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
(Losses)/gains on derivative instruments and other financial items, net |
10. | (LOSSES)/GAINS ON DERIVATIVE INSTRUMENTS AND OTHER FINANCIAL ITEMS, NET
(Losses)/gains on derivative instruments, net is comprised of the following:
| Year Ended December 31,
(in thousands of $) | 2023 | 2022 | 2021
Unrealized MTM adjustment for interest rate swap (“IRS”) derivatives | (15,583) |  | 72,269 |  | 27,016 |
Net interest income/(expense) on undesignated IRS derivatives | 8,356 |  | (772) |  | (2,908) |
Foreign exchange gain on terminated undesignated foreign exchange swaps | — |  | — |  | 240 |
(Losses)/gains on derivative instruments, net | (7,227) |  | 71,497 |  | 24,348 |
Other financial items, net is comprised of the following:
| Year Ended December 31,
(in thousands of $) | 2023 | 2022 | 2021
Financing arrangement fees and other related costs (1) | (1,667) |  | (9,340) |  | (1,201) |
Amortization of debt guarantees | 2,019 |  | 2,657 |  | 2,569 |
Foreign exchange (loss)/gain on operations | (941) |  | 1,598 |  | (384) |
Other | (311) |  | (295) |  | (291) |
Other financials items, net | (900) |  | (5,380) |  | 693 |
(1) Financing arrangement fees and other related costs for the year ended December 31, 2022 is mainly comprised of (i) $4.9 million write-off of deferred financing fees and expenses in relation to an undrawn corporate bilateral facility, the availability of which expired in June 2022; (ii) $2.3 million loss on partial repurchase of our $300.0 million senior unsecured bonds (“Unsecured Bonds”) in December 2022 (note 21); and (iii) $1.4 million commitment fees paid in relation to the undrawn portion of the Corporate RCF, which was canceled in November 2022 (note 21).

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
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