Other (Income) Expense, Net

12 Months Ended

Dec. 31, 2020

Other Income And Expenses [Abstract]

19. OTHER (INCOME) EXPENSE, NET

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

	For the Years Ended December 31,
	2020			2019			2018
Gain on sale of assets	$	(1,254	)	$	(583	)	$	(1,078	)
Results of non-consolidated subsidiaries		(125	)		(208	)		(203	)
Foreign exchange (gain) loss		1,160			1,725			2,598
Rents and royalties		(466	)		(607	)		(510	)
Employment related charges		—			2,998			—
Return on pension assets and other pension costs		(1,502	)		(1,501	)		(644	)
Acquisition-related costs		—			—			623
Gain on sale of business		—			(1,154	)		—
Insurance settlement		—			—			(707	)
Loss on lease abandonment		504			—			—
Cost reduction and other charges		3,943			5,555			—
Other, net		(434	)		(906	)		(816	)
Total Other (income) expense, net	$	1,826		$	5,319		$	(737	)

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,
	2020			2019		2018
Australian Dollar	$	174		$	158	$	183
British Pound		653			599		158
Canadian Dollar		590			489		458
Euro		458			469		208
Other currencies, net		(715	)		10		1,591
Foreign exchange (gain) loss, net	$	1,160		$	1,725	$	2,598