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Interest and Other Income (Expense), Net | 3 Months Ended
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Mar. 31, 2024
Other Income and Expenses [Abstract] |
Interest and Other Income (Expense), Net | 15. Interest and Other Income (Expense), Net The components of interest and other income (expenses), net were as follows (in millions):
|  | Three Months Ended March 31, |  |
|  | 2024 |  |  | 2023 |  |
Interest income |  | $ | 2.6 |  |  | $ | 1.4 |  |
Interest expense |  |  | (5.0 | ) |  |  | (4.2 | ) |
Impairment of minority investments |  |  | — |  |  |  | (6.9 | ) |
Exchange gains (losses) on foreign currency transactions |  |  | 8.9 |  |  |  | (3.3 | ) |
Pension components |  |  | 0.3 |  |  |  | (0.1 | ) |
Other income (expense) |  |  | — |  |  |  | (3.0 | ) |
Interest and other income (expense), net |  | $ | 6.8 |  |  | $ | (16.1 | ) |
For the three months ended March 31, 2024, the Company had $8.9 million in exchange gain in foreign currency transactions. This foreign exchange gain includes an unrealized gain recognized on a forward contract taken to minimize risks from fluctuations in the Euro currency in anticipation of the closing of our acquisition of ELITechGroup in the quarter ending June 30, 2024, the purchase price of which is denominated in Euro.

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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 + Details
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