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Derivative Financial Instruments
3 Months Ended
Mar. 31, 2023
Derivative Financial Instruments  
Derivative Financial Instruments

13. Derivative Financial Instruments

The Company’s derivative financial instruments are accounted for as derivatives under ASC 815, Derivatives and Hedging, and are classified in other current assets and other current liabilities. The Company has not applied hedge accounting to these instruments.

The Company enters into forward currency contracts from time to time to manage its exposure to foreign currency exchange rate fluctuations recognized by its subsidiaries on specific monetary loan receivables. During the first quarter of 2023, a loss of $0.2 million (March 31, 2022: $0.6 million) was recognized for the change in fair values of the forward currency contracts within foreign exchange loss (gain) in the consolidated income statement.