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Other, Net | 12 Months Ended
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Dec. 31, 2024
Other Net [Abstract] |
Other, Net | The components of Other income/(expense), net for the years ended December 31, 2024, 2023 and 2022 were as follows:
In millions |  | 2024 |  | 2023 |  | 2022
Interest income |  | $ | 35.9 |  |  | $ | 15.4 |  |  | $ | 9.2 |
Foreign currency exchange loss |  | (24.1) |  |  | (20.1) |  |  | (17.9) |
Other components of net periodic benefit credit/(cost) |  | (11.6) |  |  | (20.0) |  |  | (10.6) |
Other activity, net |  | (20.1) |  |  | (67.5) |  |  | (4.0) |
Other income/(expense), net |  | $ | (19.9) |  |  | $ | (92.2) |  |  | $ | (23.3) |
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. The increase in interest income for the year ended December 31, 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 7. 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 includes items associated with legacy legal matters, such as asbestos-related activities related to Murray. Refer to Note 20, "Commitments and Contingencies" for more information regarding asbestos-related matters. During the year ended December 31, 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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