Other, Net

12 Months Ended

Dec. 31, 2023

The components of Other income/(expense), net for the years ended December 31, 2023, 2022 and 2021 were as follows:


In millions	2023		2022		2021
Interest income	$	15.4	$	9.2	$	4.0
Foreign currency exchange loss	(20.1)		(17.9)		(10.7)
Other components of net periodic benefit credit/(cost)	(20.0)		(10.6)		(1.6)
Other activity, net	(67.5)		(4.0)		9.4
Other income/(expense), net	$	(92.2)	$	(23.3)	$	1.1

Other income/(expense), net includes the results from activities other than core business operations such as interest income and foreign currency gains and losses on transactions that are denominated in a currency other than an entity’s functional currency. In addition, the Company includes the components of net periodic benefit credit/(cost) for pension and post retirement obligations other than the service cost component. During the year ended December 31, 2022 the Company recorded a $15.0 million settlement charge for a compensation related payment to a retired executive within other components of net periodic benefit credit/(cost).

Other activity, net primarily includes items associated with certain legal matters, as well as asbestos-related activities. During the year ended December 31, 2023, the Company recorded within other activity, net an impairment of an equity investment of $52.2 million. During the year ended December 31, 2021, the Company recorded a gain of $12.8 million related to the release of a pension indemnification liability, partially offset by a charge of $7.2 million to increase its Funding Agreement liability from asbestos-related activities of Murray. Refer to Note 20, "Commitments and Contingencies," for more information regarding asbestos-related matters.