Other expense, net

9 Months Ended

Sep. 30, 2018

Other Income and Expenses [Abstract]

Other expense, net

6. Other expense, net

The components of Other expense, net are:

	Three months ended September 30,		Nine months ended September 30,
(in thousands)	2018	2017	2018	2017
Currency transaction (gains)/losses	($3,611)	$261	($2,930)	$2,310
Bank fees	100	116	303	375
Gain on insurance recovery	-	(2,000)	-	(2,000)
Components of net periodic pension and postretirement cost other than service	282	625	807	1,874
Other	78	468	847	295
Total	($3,151)	($530)	($973)	$2,854

In 2018, the Company adopted the provisions of ASU 2017-07. This accounting update affected the classification of components of net periodic benefit cost, 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. Further detail of this accounting update is disclosed in Note 4.

In the third quarter of 2017, the Company recorded an insurance recovery gain of $2.0 million related to a 2016 loss due a theft of cash in Japan.