Other Expense, net

12 Months Ended

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.