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Other (Income) Expense - Net | 9 Months Ended
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Sep. 30, 2022
Other Income and Expenses [Abstract] |
Other (Income) Expense - Net | Other (Income) Expense - Net The following table sets forth the items in other (income) expense:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In millions)
Gains on sales of assets | $ | (35) |  |  | $ | (7) |  |  | $ | (40) |  |  | $ | (46) |
Debt extinguishment charges | — |  |  | 36 |  |  | — |  |  | 36 |
Pension settlement | — |  |  | 1 |  |  | — |  |  | 83 |
Other – net | (32) |  |  | (10) |  |  | (143) |  |  | (37) |
Other (Income) Expense - Net | $ | (67) |  |  | $ | 20 |  |  | $ | (183) |  |  | $ | 36 |
Gains on sales of assets in the three and nine months ended September 30, 2022 and 2021 consisted of gains on sales of certain assets and disposals of individually insignificant assets in the ordinary course of business. Debt extinguishment charges in the three and nine months ended September 30, 2021 were related to the early redemption of $500 million aggregate principal amount of 2.750% notes due in March 2025. Pension settlement in the three and nine months ended September 30, 2021 was related to the purchase of group annuity contracts that irrevocably transferred the future benefit obligations and annuity administration for certain salaried and hourly retirees and terminated vested participants under the Company’s ADM Retirement Plan and ADM Pension Plan for Hourly-Wage Employees to independent third parties. Other - net in the three and nine months ended September 30, 2022 included the non-service components of net pension benefit income of $7 million and $19 million, respectively, foreign exchange gains from hedge activity, and other income. Other - net in the nine months ended September 30, 2022 also included a $50 million one-time payment from the USDA Biofuel Producer Recovery Program. Other - net in the three and nine months ended September 30, 2021 included the non-service components of net pension benefit income of $1 million and $12 million, respectively, foreign exchange gains from hedge activity, and other income and expense.

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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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