Other (Income) Expense, Net

12 Months Ended

Dec. 31, 2021

Other Income and Expenses [Abstract]

Other (Income) Expense, Net

19. OTHER (INCOME) EXPENSE, NET

The components of other (income) expense, net are as follows (in thousands):

	For the Years Ended December 31,
	2021			2020			2019
Gain on sale of assets	$	(427	)	$	(1,254	)	$	(583	)
Results of non-consolidated subsidiaries		(62	)		(125	)		(208	)
Foreign exchange (gain) loss, net		(228	)		1,160			1,725
Rents and royalties		(571	)		(466	)		(607	)
Employment related charges		—			—			2,998
Return on pension assets and other pension costs		(306	)		(1,502	)		(1,501	)
Gain on sale of business		(1,012	)		—			(1,154	)
Insurance and other settlements		(2,236	)		—			—
Loss on lease abandonment		—			504			—
Cost reduction and other charges		—			3,943			5,555
Other, net		(753	)		(434	)		(906	)
Total Other (income) expense, net	$	(5,595	)	$	1,826		$	5,319

We incurred property and other losses in a fire incident that occurred in 2020 that we received full and final insurance settlement of $0.6 million in 2021. The North America mid-continent winter storm in February 2021 caused business interruptions and property losses to certain facilities, and we received partial insurance settlement of $1.6 million in 2021.

Foreign Currency Risk

We operate in a number of international areas which exposes us to foreign currency exchange rate risk. We do not currently hold or issue forward exchange contracts or other derivative instruments for hedging or speculative purposes. A forward exchange contract is an agreement to exchange different currencies at a given date and at a specified rate. Foreign exchange gains and losses result from fluctuations in the USD against foreign currencies and are included in other (income) expense, net

in the consolidated statements of operations. We recognize foreign exchange losses in countries where the USD weakened against the local currency and we had net monetary liabilities denominated in the local currency; as well as countries where the USD strengthened against the local currency and we had net monetary assets denominated in the local currency. We recognize foreign exchange gains in countries where the USD strengthened against the local currency and we had net monetary liabilities denominated in the local currency and in countries where the USD weakened against the local currency and we had net monetary assets denominated in the local currency.

Foreign exchange (gains) losses by currency are summarized in the following table (in thousands):

	For the Years Ended December 31,
	2021			2020			2019
Australian Dollar	$	113		$	174		$	158
British Pound		86			653			599
Canadian Dollar		77			590			489
Euro		(450	)		458			469
Other currencies, net		(54	)		(715	)		10
Foreign exchange (gain) loss, net	$	(228	)	$	1,160		$	1,725