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OTHER (EXPENSE) INCOME, NET

9 Months Ended

Sep. 30, 2022

OTHER (EXPENSE) INCOME, NET

OTHER (EXPENSE) INCOME, NET

6. OTHER (EXPENSE) INCOME, NET

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For the Three Months Ended

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For the Nine Months Ended

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September 30,

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September 30,

(thousands of dollars)

2022

2021

2022

2021

Other (expense) income:

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Foreign exchange loss

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(649)

—

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(645)

—

Interest income

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352

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8

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453

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18

Other income

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1

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27

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1

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26

Total other (expense) income, net

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$

(296)

$

35

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$

(191)

$

44

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As of the three and nine months ended September 30, 2022, the Company recognized $0.6 million of foreign currency exchange loss related to our Euro denominated bank account.  As of September 30, 2022, the Company’s cash balance included approximately 9.5 million Euros. The foreign exchange loss was calculated using the exchange rate as of the balance sheet date.  A change in the Euro to USD exchange rate of $0.01 results in a foreign exchange adjustment of less than $0.1 million.

As of the three and nine months ended September 30, 2022, the Company recognized interest income of $0.4 million and $0.5 million, respectively, in our investment account.  

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- References

No definition available.

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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

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