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Other (Income)/Expense, net | 6 Months Ended
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Jun. 30, 2024
Other Income and Expenses [Abstract] |
Other (Income)/Expense, net | Other (Income)/Expense, net The components of Other (income)/expense, net are:
| Three months ended June 30, | Six months ended June 30,
(in thousands) | 2024 | 2023 | 2024 | 2023
Currency transaction (gains)/losses | $ | 150 |  | $ | (4,193) |  | $ | (1,142) |  | $ | (4,133) |
Derivative instruments losses/(gains) | 4,391 |  | (138) |  | 4,273 |  | (123) |
Bank fees and amortization of debt issuance costs | 77 |  | 33 |  | 121 |  | 91 |
Components of net periodic pension and postretirement cost other than service cost | 664 |  | (120) |  | 1,332 |  | (245) |
Other | 375 |  | (93) |  | (1,909) |  | (556) |
Total other (income)/expense, net | $ | 5,657 |  | $ | (4,511) |  | $ | 2,675 |  | $ | (4,966) |
Other (income)/expense, net, included foreign currency related transactions which resulted in losses of $0.2 million and gains of $1.1 million in the three and six months ended June 30, 2024, respectively, as compared to gains of $4.2 million and $4.1 million in the same period last year. In addition, changes in the fair value of derivative instruments included losses of $4.4 million and $4.3 million in the three and six months ended June 30, 2024, as compared to gains of $0.1 million and $0.1 million in the same period last year, driven by currency rate movements, most notably the Brazilian Real and Mexican Peso. Net periodic pension and postretirement costs, other than service costs, were $0.7 million and $1.3 million in the three and six months ended June 30, 2024, respectively, as compared to benefits of $0.1 million and $0.2 million in the same period last year. Other (income)/expense, net, also included net proceeds of $0.5 million from the divestiture of assets related to Heimbach during the three and six months ended June 30, 2024, as well as bank fees, amortization of debt issuance costs, and rental income.

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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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