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OTHER | 3 Months Ended
--- | ---
Mar. 31, 2021
Other Income and Expenses [Abstract] |
OTHER | OTHER Other general expense - net Included in Other general expense - net were the following:
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Provisions for environmental matters - net | $ | 2.5 |  |  | $ | 2.2 |  |  |  |  |
Loss on divestiture of business (see Note 3) | 111.9 |  |  | — |  |  |  |  |
Loss on sale or disposition of assets | 3.1 |  |  | 1.5 |  |  |  |  |
Other general expense - net | $ | 117.5 |  |  | $ | 3.7 |  |  |  |  |
Provisions for environmental matters - net represent initial provisions for site-specific estimated costs of environmental investigation or remediation and increases or decreases to environmental-related accruals as information becomes available upon which more accurate costs can be reasonably estimated and as additional accounting guidelines are issued. Environmental-related accruals are not recorded net of insurance proceeds in accordance with the Offsetting Subtopic of the Balance Sheet Topic of the ASC. See Note 8 for further details on the Company’s environmental-related activities. The loss on sale or disposition of assets represents net realized losses associated with the sale or disposal of property, plant and equipment and intangible assets previously used in the conduct of the primary business of the Company. Other (income) expense - net Included in Other (income) expense - net were the following:
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Investment and royalty (income) expense | $ | (6.5) |  |  | $ | 2.3 |  |  |  |  |
Loss on extinguishment of debt (see Note 6) | — |  |  | 21.3 |  |  |  |  |
Net expense from banking activities | 2.6 |  |  | 2.8 |  |  |  |  |
Foreign currency transaction related losses | 2.5 |  |  | 3.9 |  |  |  |  |
Miscellaneous pension expense | 0.9 |  |  | 1.2 |  |  |  |  |
Other income | (5.2) |  |  | (10.8) |  |  |  |  |
Other expense | 3.5 |  |  | 1.7 |  |  |  |  |
Other (income) expense - net | $ | (2.2) |  |  | $ | 22.4 |  |  |  |  |
Foreign currency transaction related losses include the impact from foreign currency transactions and net realized losses from foreign currency option and forward contracts. There were no material foreign currency option and forward contracts outstanding at March 31, 2021 and 2020. Miscellaneous pension expense consists of the non-service components of net pension costs (credits). See Note 7. Other income and Other expense included items of revenue, gains, expenses and losses that were unrelated to the primary business purpose of the Company. There were no other items within the Other income or Other expense caption that were individually significant.

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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 + Details
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