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OTHER FINANCIAL ITEMS | 6 Months Ended
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Jun. 30, 2021
Other Financial Items [Abstract] |
OTHER FINANCIAL ITEMS | OTHER FINANCIAL ITEMS Other financial items, net comprise the following items:
| Six months ended |  |
(in thousands of $) | June 30, 2021 |  | June 30, 2020 |  |
Net cash movement on non-designated derivatives and swap settlements | (3,558) |  |  | (5,756) |  |  |
Net increase/(decrease) in fair value of non-designated derivatives | 6,937 |  |  | (25,864) |  |  |
Allowance for expected credit losses | 716 |  |  | (68) |  |  |
Other items | (338) |  |  | 105 |  |  |
Total other financial items, net | 3,757 |  |  | (31,583) |  |  |
The net movement in the fair values of non-designated derivatives and net cash payments thereon relate to non-designated, terminated or de-designated interest rate swaps and cross currency interest rate swaps. Changes in the fair values of the effective portion of interest rate swaps that are designated as cash flow hedges are reported under "Other comprehensive income". The Company recognizes, among other things, a measurement of expected credit losses for financial assets held at the reporting date, based on historical experience, current conditions and reasonable supportable forecasts. See also Note 18: Allowance for Expected Credit Losses. Other items in the six months ended June 30, 2021 include a net gain of $0.1 million arising from foreign currency translations (in the six months ended June 30, 2020: gain of $0.9 million). Other items included in other financial items include bank charges and fees relating to loan facilities.

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- Definition The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 720 -URI http://asc.fasb.org/topic&trid=2122503 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 610 -URI http://asc.fasb.org/topic&trid=49130413 + Details
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