Derivative financial instruments	3 Months Ended
Mar. 31, 2022
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. During the first quarter of 2022, the Company entered into a 30 day forward currency contract, for a notional amount of $60,000,000, designated to economically hedge the foreign currency exchange revaluation gains and losses that are recognized by its Canadian subsidiary on a specific monetary intercompany loan receivable denominated in US dollars. During the first quarter of 2022, a $576,000 gain was recognized for the change in fair value of the forward currency contract within foreign exchange loss (gain) in the consolidated income statement. The Company also held two deal contingent foreign exchange forward currency contracts to manage its exposure to foreign currency exchange rate fluctuations against the US and Canadian dollar on £343,000,000 of the £775,000,000 purchase consideration for the proposed Euro Auctions Acquisition. The notional amounts of the derivative instruments are £216,000,000 (US dollar forward) and £127,000,000 (Canadian dollar forward). These forward contracts were terminated by the Company in April 2022 at no cost. During the first quarter of 2022, a $1,263,000 gain was recognized for the change in the fair value of the deal contingent foreign exchange currency contracts in the consolidated income statement. (Note 5b)

Derivative financial instruments

3 Months Ended

Mar. 31, 2022

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.

During the first quarter of 2022, the Company entered into a 30 day forward currency contract, for a notional amount of $60,000,000, designated to economically hedge the foreign currency exchange revaluation gains and losses that are recognized by its Canadian subsidiary on a specific monetary intercompany loan receivable denominated in US dollars. During the first quarter of 2022, a $576,000 gain was recognized for the change in fair value of the forward currency contract within foreign exchange loss (gain) in the consolidated income statement.

The Company also held two deal contingent foreign exchange forward currency contracts to manage its exposure to foreign currency exchange rate fluctuations against the US and Canadian dollar on £343,000,000 of the £775,000,000 purchase consideration for the proposed Euro Auctions Acquisition. The notional amounts of the derivative instruments are £216,000,000 (US dollar forward) and £127,000,000 (Canadian dollar forward). These forward contracts were terminated by the Company in April 2022 at no cost. During the first quarter of 2022, a $1,263,000 gain was recognized for the change in the fair value of the deal contingent foreign exchange currency contracts in the consolidated income statement. (Note 5b)