Interest Expense (Income)

12 Months Ended

Dec. 31, 2018

Banking and Thrift, Interest [Abstract]

Interest Expense (Income)

18. Interest Expense (Income)

The components of net interest expense are as follows (in thousands):

	Year Ended December 31,
	2018			2017			2016
Interest expense	$	161,256		$	187,282		$	181,179
Interest income		(25,721	)		(13,702	)		(11,935	)
Interest expense, net	$	135,535		$	173,580		$	169,244

Interest paid was $165.7 million in 2018 ($186.8 million in 2017 and $183.4 million in 2016). Interest expense for 2018 decreased compared to 2017 in part due to a benefit received from entering into and settling a treasury lock instrument in anticipation of the Company’s debt issuance in the second quarter of 2018. The Company did not elect hedge accounting for this instrument.