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OTHER OPERATING (INCOME) EXPENSE, NET | 9 Months Ended
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Sep. 30, 2023
Other Income and Expenses [Abstract] |
OTHER OPERATING (INCOME) EXPENSE, NET | OTHER OPERATING (INCOME) EXPENSE, NET Items included in Other operating expense, net consist of:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Merger and acquisition expense, net | $ | 2 |  |  | $ | 5 |  |  | $ | 18 |  |  | $ | 13 |
Service and lease agreement termination | — |  |  | — |  |  | 9 |  |  | — |
Asset impairments | 2 |  |  | — |  |  | 2 |  |  | — |
Loss (gain) on sale of business | — |  |  | 9 |  |  | (5) |  |  | (15) |
Gain on sale of assets | (7) |  |  | — |  |  | (13) |  |  | — |
Other (income) expense, net | (3) |  |  | (2) |  |  | (12) |  |  | (5) |
Other operating (income) expense, net | $ | (6) |  |  | $ | 12 |  |  | $ | (1) |  |  | $ | (7) |
Merger and acquisition expense, net: During the three and nine months ended September 30, 2023, the Company recorded merger and acquisition expense, net of $2 million and $18 million, respectively, primarily related to professional fees for specific acquisition initiatives. During the three and nine months ended September 30, 2022, the Company recorded merger and acquisition expense, net of $5 million and $13 million, respectively, primarily related to professional fees associated with specific acquisition initiatives. Loss (gain) on sale of business: During the three months ended September 30, 2022, the Company updated its estimate of the expected earn-out related to a previous divestiture resulting in a $9 million loss in the period. During the nine months ended September 30, 2022, the Company recorded a pre-tax gain of $24 million in connection with the sale of its interest in BorgWarner Romeo Power LLC, in which the Company owned a 60% interest. Gain on sale of assets: During the three months ended September 30, 2023, the Company recorded a $7 million gain related to the sale of a European manufacturing facility. The sale of the facility was pursuant to a formal restructuring plan. During the nine months ended September 30, 2023, the Company recorded a $13 million gain, primarily related to the sale of the European manufacturing facility and other fixed assets.

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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 -Topic 610 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//610/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 720 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//720/tableOfContent + Details
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