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Other Income/(Expense), Net | 9 Months Ended
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Sep. 30, 2024
Other Net [Abstract] |
Other, Net | Other Income/(Expense), Net The components of Other income/(expense), net for the three and nine months ended September 30 were as follows:
| Three months ended |  | Nine months ended
In millions | 2024 |  | 2023 |  | 2024 |  | 2023
Interest income | $ | 15.3 |  |  | $ | 3.6 |  |  | $ | 24.4 |  |  | $ | 11.1 |
Foreign currency exchange loss | (2.9) |  |  | (5.8) |  |  | (19.9) |  |  | (12.4) |
Other components of net periodic benefit credit/(cost) | (3.7) |  |  | (4.7) |  |  | (9.1) |  |  | (15.0) |
Other activity, net | (2.4) |  |  | (3.1) |  |  | (18.2) |  |  | (60.5) |
Other income/(expense), net | $ | 6.3 |  |  | $ | (10.0) |  |  | $ | (22.8) |  |  | $ | (76.8) |
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 postretirement obligations other than the service cost component. Other activity, net includes several items including legacy legal matters, such as activities related to Murray Boiler LLC (Murray). Refer to Note 18, "Commitments and Contingencies," for more information regarding activities related to Murray. The increase in interest income for the nine months ended September 30, 2024 primarily relates to interest from short-term investments purchased in the second quarter of 2024 with proceeds from the issuance of Senior Notes due 2034 as discussed in Note 6. During the nine months ended September 30, 2023, the Company recorded within other activity, net an impairment of an equity investment of $52.2 million.

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- Definition The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 720 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/720/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 610 -Publisher FASB -URI https://asc.fasb.org/610/tableOfContent + Details
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