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OTHER FINANCIAL ITEMS, NET | 12 Months Ended
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Dec. 31, 2024
Other Income and Expenses [Abstract] |
OTHER FINANCIAL ITEMS, NET | OTHER FINANCIAL ITEMS, NET Other financial items comprise the following items:
| Year ended December 31,
(in thousands of $) | 2024 |  | 2023 |  | 2022
Net payments on non-designated derivatives relating to interest rate swaps | 5,311 |  |  | 5,270 |  |  | (341) |
Net payments on non-designated derivatives relating to cross currency swaps | 314 |  |  | (3) |  |  | (7) |
Net settlement on non-designated derivatives relating to commodity swaps | (640) |  |  | — |  |  | — |
Total net cash movement on non-designated derivatives and swap settlements | 4,985 |  |  | 5,267 |  |  | (348) |
Net (decrease)/increase in mark-to-market valuation of non-designated derivatives relating to interest rate swaps | 102 |  |  | (2,926) |  |  | 17,202 |
Net (decrease)/increase in mark-to-market valuation of non-designated derivatives relating to cross currency swaps | (5,411) |  |  | (5,012) |  |  | (60) |
Net (decrease)/increase in mark-to-market valuation of non-designated derivatives relating to commodity swaps | 437 |  |  | (437) |  |  | — |
Net (decrease)/increase in mark-to-market valuation of non-designated derivatives relating to combined cross currency and interest rate swaps | 165 |  |  | — |  |  | — |
Total net movement in fair value of non-designated derivatives | (4,707) |  |  | (8,375) |  |  | 17,142 |
Allowance for expected credit losses | (409) |  |  | 458 |  |  | 522 |
Other items | 2,646 |  |  | 1,458 |  |  | (1,788) |
Total other financial items, net | 2,515 |  |  | (1,192) |  |  | 15,528 |
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, cross currency interest rate swaps, cross currency swaps and commodity swaps. Changes in the fair values of the effective portion of swaps that are designated as cash flow hedges are reported under "Other comprehensive income". The above net movement in the valuation of non-designated derivatives in the year ended December 31, 2024, includes a net increase of $1.7 million (year ended December 31, 2023: decrease of $4.6 million; year ended December 31, 2022: $0.0 million) reclassified from "Other comprehensive income", as a result of certain swaps relating to loan facilities no longer being designated as cash flow hedges. During the year ended December 31, 2024, the Company recorded an increase in the credit loss provision of $0.4 million (year ended December 31, 2023: decrease of $0.5 million, year ended December 31, 2022: decrease of $0.5 million). (See Note 27: Allowance for Expected Credit Losses). Other items include foreign currency translation gains and losses, bank charges, fees relating to loan facilities and other financial items.

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 720 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/720/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 610 -Publisher FASB -URI https://asc.fasb.org/610/tableOfContent + Details
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