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Other Expense, net | 12 Months Ended
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Dec. 31, 2018
Other Income and Expenses [Abstract] |
Other Expense/(Income), net | 6. Other Expense, net The components of Other Expense, net, are:
(in thousands) | 2018 |  | 2017 |  | 2016 |
Currency transactions | $(67 | ) | $4,634 |  | $(3,532 | )
Bank fees and amortization of debt issuance costs | 417 |  | 487 |  | 759 |
Pension settlements and curtailments | 1,494 |  |  |  | 51 |
Components of net periodic pension and postretirement cost other than service | 1,089 |  | 2,525 |  | 2,305 |
Gain on insurance recovery | - |  | (2,000 | ) | - |
Loss due to theft | - |  | - |  | 2,506 |
Other | 1,104 |  | 1,231 |  | 313 |
Total | $4,037 |  | $6,877 |  | $2,402 |
In 2018, the Company adopted the provisions of ASU 2017-07. This accounting update required the components of net periodic pension and postretirement benefit costs, other than service cost, to be reported separately from the service cost component and outside of operating income. The Company elected to report other components of net periodic pension and postretirement cost in Other expense, net. The comparative consolidated statement of income was restated as required by this update. Additional detail of this accounting update is disclosed in Note 4. In 2018, the Company took actions to settle a portion of its non-U.S. defined benefit pension plan liabilities, which resulted in a settlement charge of $2.2 million. In 2018, the Company recorded a pension curtailment gain of $0.7 million related to the restructuring in Sélestat, France. In 2016, the Company had a loss due to theft of cash in Japan, resulting in a loss of $2.5 million. In September 2017, the Company recorded an insurance recovery gain of $2.0 million related to that incident.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 720 -URI http://asc.fasb.org/topic&trid=2122503 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 610 -URI http://asc.fasb.org/topic&trid=49130413 + Details
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