Other (Income) Expense

12 Months Ended

Dec. 31, 2019

Other Income And Expenses [Abstract]

18. OTHER (INCOME) EXPENSE, NET

The components of other (income) expense, net, for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands):

	2019			2018			2017
Sale of assets	$	(583	)	$	(1,078	)	$	(346	)
Results of non-consolidated subsidiaries		(208	)		(203	)		(332	)
Foreign exchange		1,725			2,598			951
Rents and royalties		(607	)		(510	)		(454	)
Employment related charges		2,998			—			—
Return on pension assets and other pension costs		(1,501	)		(644	)		(587	)
Acquisition-related costs		—			623			—
Gain on sale of business		(1,154	)		—			—
Insurance settlement		—			(707	)		—
Cost reduction and other charges		5,555			—			1,145
Other, net		(906	)		(816	)		255
Total Other (income) expense, net	$	5,319		$	(737	)	$	632

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 foreign exchange contract is an agreement to exchange different currencies at a given date and at a specified rate). Foreign exchange gains and losses are the result of 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 and losses for the years ended December 31, 2019, 2018 and 2017 are summarized in the following table (in thousands):

(Gains) losses by currency	2019		2018		2017
Australian Dollar	$	158	$	183	$	12
British Pound		599		158		(92	)
Canadian Dollar		489		458		(62	)
Euro		469		208		1,413
Other currencies, net		10		1,591		(320	)
Total (gain) loss, net	$	1,725	$	2,598	$	951