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Other Income (Expense), Net

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

OTHER INCOME (EXPENSE), NET

OTHER INCOME (EXPENSE), NET

The amounts included in "Other income (expense), net" in the consolidated statements of income for the year ended December 31, 2023, 2022 and 2021 were as follows (in thousands):

			For the Year Ended December 31,
			2023						2022						2021
Interest and investment income			$	46,628					$	14,452					$	1,690
Loss on extinguishment of long-term debt			—						(11,190)						—
Other			11,184						(6,719)						9,885
Other income (expense), net			$	57,812					$	(3,457)					$	11,575

Interest and investment income increased to $46.6 million for the year ended December 31, 2023 primarily due to increased short-term investments made by the Company and market conditions driving higher yields on our short-term investments, as compared to both the years ended December 31, 2022 and 2021. Refer to Note 10, "Obligations," for further information on the $11.2 million loss on extinguishment of long-term debt recognized during the year ended December 31, 2022.

The change in Other was primarily due to fair value adjustments of our investments and pension obligation resulting in $12.1 million and $11.4 million of net gains in 2023 and 2021, respectively, and $2.4 million of net losses in 2022. Additionally, the change in Other was driven by foreign currency translation a net gain arising from euro translation of our foreign subsidiaries of $1.0 million in 2023, compared to net losses of $3.9 million and $3.0 million in 2022 and 2021, respectively.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 610
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//610/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 720
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//720/tableOfContent

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