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OTHER FINANCIAL ITEMS, NET
 12 Months Ended
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 $)202420232022
Net payments on non-designated derivatives relating to interest rate swaps5,311 5,270 (341)
Net payments on non-designated derivatives relating to cross currency swaps314 (3)(7)
Net settlement on non-designated derivatives relating to commodity swaps(640)— — 
Total net cash movement on non-designated derivatives and swap settlements4,985 5,267 (348)
Net (decrease)/increase in mark-to-market valuation of non-designated derivatives relating to interest rate swaps102 (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 swaps437 (437)— 
Net (decrease)/increase in mark-to-market valuation of non-designated derivatives relating to combined cross currency and interest rate swaps165 — — 
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 items2,646 1,458 (1,788)
Total other financial items, net2,515 (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.