OTHER INCOME, NET

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

OTHER INCOME, NET

7. OTHER INCOME, NET

	For the Year Ended
	December 31,
(thousands of dollars)	2023		2022
Other income:
Interest income	$	1,348	$	1,054
Accrued uranium royalties write-off		1,150		—
Foreign exchange loss		(46)		(52)
Other (expense) income		(32)		2
Total other income, net	$	2,420	$	1,004

As of December 31, 2023 and 2022, the Company recognized interest income of $1.3 million and $1.1 million, respectively, in our investment account.

During the fourth quarter of 2023, the Company completed a voluntary disclosure of unclaimed property, which included a review of the historical accrued uranium royalties related to the Company’s former uranium business. Upon completion of the review by the state authority, it was concluded that the accrued uranium royalties were not owed or escheatable to the state.  Based on the completion of the voluntary disclosure of unclaimed property, the Company has determined that the probability of these accrued uranium royalty liabilities becoming payable is remote and therefore wrote off the estimated liability and recognized other income of $1.2 million for the year ended December 31, 2023.

For the years ended December 31, 2023 and 2022, the Company recognized less than $0.1 million of foreign currency exchange loss related to our Euro denominated bank account. As of December 31, 2023, the Company’s cash balance included less than 0.1 million Euros. The foreign exchange loss was calculated using the exchange rate as of the balance sheet date. A change in the Euro to USD exchange rate of $0.01 results in a foreign exchange adjustment of less than $0.1 million.