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OTHER OPERATING EXPENSE, NET | 6 Months Ended
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Jun. 30, 2024
Other Income and Expenses [Abstract] |
OTHER OPERATING EXPENSE, NET | OTHER OPERATING EXPENSE, NET Items included in Other operating expense, net consist of:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Commercial contract settlement | $ | 15 |  |  | $ | — |  |  | $ | 15 |  |  | $ | — |
Adjustments associated with Spin-Off related balances | 11 |  |  | — |  |  | 11 |  |  | — |
Merger and acquisition expense | — |  |  | 8 |  |  | 5 |  |  | 16 |
Gain on sale of businesses | — |  |  | (5) |  |  | (3) |  |  | (5) |
Service and lease agreement termination | — |  |  | 9 |  |  | — |  |  | 9 |
Gain on sale of assets | — |  |  | (6) |  |  | — |  |  | (6) |
Other income, net | (4) |  |  | (2) |  |  | (5) |  |  | (9) |
Other operating expense, net | $ | 22 |  |  | $ | 4 |  |  | $ | 23 |  |  | $ | 5 |
Commercial contract settlement: During the three months ended June 30, 2024, the Company recorded a loss of approximately $15 million related to the settlement of a commercial contract assumed in its acquisition of the electric hybrid systems business segment of Eldor. Adjustments associated with Spin-Off related balances: During the three months ended June 30, 2024, the Company recorded expense of approximately $11 million primarily for adjustments to net amounts owed to the Company related to the tax matters agreement between the Company and PHINIA. Merger and acquisition expense: During the six months ended June 30, 2024, the Company recorded merger and acquisition expense of $5 million primarily related to professional fees associated with specific acquisition initiatives. During the three and six months ended June 30, 2023, the Company recorded merger and acquisition expense of $8 million and $16 million, respectively, primarily related to professional fees associated with specific acquisition initiatives.

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 720 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/720/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 610 -Publisher FASB -URI https://asc.fasb.org/610/tableOfContent + Details
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