18.OTHER RESERVES The following table sets out the movements in other reserves for the years ended December 31, 2025 and 2024: | | | | | | | | | | | | Equity | | Cash flow | | | | | | securities | | hedge | | | | | | reserve | | reserve | | Total | Balance at December 31, 2023 | | $ | (91,643) | | $ | (7,312) | | $ | (98,955) | Net change in cash flow hedge reserve | | | — | | | 1,176 | | | 1,176 | Transfer of net gain on disposal of equity securities to retained earnings | | | (312) | | | — | | | (312) | Net change in fair value of equity securities | | | 56,944 | | | — | | | 56,944 | Balance at December 31, 2024 | | $ | (35,011) | | $ | (6,136) | | $ | (41,147) | Net change in cash flow hedge reserve | | | — | | | 1,176 | | | 1,176 | Transfer of net gain on disposal of equity securities to retained earnings, net of tax | | | (227,199) | | | — | | | (227,199) | Net change in fair value of equity securities | | | 679,091 | | | — | | | 679,091 | Balance at December 31, 2025 | | $ | 416,881 | | $ | (4,960) | | $ | 411,921 |
The cash flow hedge reserve represents the settlement of an interest rate derivative related to the 2020 Notes. The reserve will be amortized over the term of the Notes. Amortization of the reserve is included in the finance costs line item in the consolidated statements of income.
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