Other (Income) Expense, Net

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Other (Income) Expense, Net

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

	For the Years Ended December 31,
	2022			2021			2020
Gain on sale of assets	$	(1,068	)	$	(427	)	$	(1,254	)
Results of non-consolidated subsidiaries		(294	)		(62	)		(125	)
Foreign exchange (gain) loss, net		229			(228	)		1,160
Rents and royalties		(709	)		(571	)		(466	)
Return on pension assets and other pension costs		(545	)		(306	)		(1,502	)
Gain on sale of business		—			(1,012	)		—
Insurance and other settlements		(669	)		(2,236	)		—
Loss on lease abandonment		—			—			504
Severance and other charges		3,332			—			3,943
Other, net		(998	)		(753	)		(434	)
Total other (income) expense, net	$	(722	)	$	(5,595	)	$	1,826

In 2022, we sold our ownership interest in mineral rights of certain properties for a net gain of $0.7 million which is included in gain on sale of assets. 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 insurance settlements of $0.7 million and $1.6 million in 2022 and 2021, respectively.

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. 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 recognized 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 recognized 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,
	2022			2021			2020
British Pound	$	212		$	86		$	653
Canadian Dollar		238			77			590
Colombian Peso		(430	)		(281	)		(331	)
Euro		(382	)		(450	)		458
Indonesian rupiah		379			123			(96	)
Other currencies, net		212			217			(114	)
Foreign exchange (gain) loss, net	$	229		$	(228	)	$	1,160