Interest Expense (Income)

12 Months Ended

Dec. 31, 2019

Banking And Thrift Interest [Abstract]

Interest Expense (Income)

19. Interest Expense (Income)

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

	Year Ended December 31,
	2019			2018			2017
Interest expense	$	157,358		$	161,256		$	187,282
Interest income		(35,933	)		(25,721	)		(13,702	)
Interest expense, net	$	121,425		$	135,535		$	173,580

Interest paid was $172.6 million in 2019 ($165.7 million in 2018 and $186.8 million in 2017). Interest expense for 2019 decreased compared to 2018 in part due to an increase in capitalized interest related to an increase in spending associated with capital projects in 2019. Included in interest expense in 2018 was the benefit received from the settlement of a treasury lock instrument that was entered into in anticipation of the Company’s debt issuance that occurred in 2018. The Company did not elect hedge accounting for this instrument.