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Interest and Other Income (Expense), Net
 6 Months Ended
Jun. 30, 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 June 30,

 

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Interest income

 

$

2.4

 

 

$

1.9

 

 

$

5.0

 

 

$

3.3

 

Interest expense

 

 

(15.7

)

 

 

(3.9

)

 

 

(20.7

)

 

 

(8.1

)

Impairment of minority investments

 

 

(20.2

)

 

 

(11.4

)

 

 

(20.2

)

 

 

(18.3

)

Exchange gains (losses) on foreign currency transactions

 

 

9.0

 

 

 

(2.2

)

 

 

17.9

 

 

 

(5.5

)

Pension components

 

 

0.3

 

 

 

—

 

 

 

0.6

 

 

 

(0.1

)

Other income (expense)

 

 

—

 

 

 

6.9

 

 

 

—

 

 

 

3.9

 

Interest and other income (expense), net

 

$

(24.2

)

 

$

(8.7

)

 

$

(17.4

)

 

$

(24.8

)

 

For the six months ended June 30, 2024, the Company recognized $17.9 million in exchange gains on foreign currency transactions. This foreign exchange gain includes a realized gain recognized on a forward contract taken to minimize risks from fluctuations in the Euro currency related to the closing of our acquisition of ELITechGroup in the quarter ended June 30, 2024, the purchase price of which was denominated in Euro. In the three and six months ended June 30, 2024, the Company recorded a realized foreign exchange gain of $10.4 million in interest and other income (expense), net, related to this forward contract.