XML 29 R14.htm IDEA: XBRL DOCUMENT
v3.20.4

Other (Income) Expense | 12 Months Ended
--- | ---
Dec. 31, 2020
Other Income And Expenses [Abstract] |
Other (Income) Expense | Note 5. Other (Income) Expense
(In millions) |  | 2020 |  |  | 2019 |  |  | 2018 |
Gain on TireHub transaction, net of transaction costs |  | $ | — |  |  | $ | — |  |  | $ | (272 | )
Non-service related pension and other postretirement benefits costs |  |  | 110 |  |  |  | 118 |  |  |  | 121 |
Interest income on indirect tax settlements in Brazil |  |  | — |  |  |  | (8 | ) |  |  | (38 | )
Financing fees and financial instruments expense |  |  | 26 |  |  |  | 34 |  |  |  | 36 |
Net foreign currency exchange (gains) losses |  |  | (9 | ) |  |  | (22 | ) |  |  | (16 | )
General and product liability expense - discontinued products |  |  | 10 |  |  |  | 11 |  |  |  | 9 |
Royalty income |  |  | (19 | ) |  |  | (19 | ) |  |  | (20 | )
Net (gains) losses on asset sales |  |  | 2 |  |  |  | (16 | ) |  |  | (1 | )
Interest income |  |  | (14 | ) |  |  | (18 | ) |  |  | (16 | )
Miscellaneous (income) expense |  |  | 13 |  |  |  | 18 |  |  |  | 23 |
|  | $ | 119 |  |  | $ | 98 |  |  | $ | (174 | )
Gain on TireHub transaction represented the difference between the initial fair value of the equity interest received and the net book value of the assets and liabilities contributed in connection with the formation of TireHub in 2018, net of transaction costs. For the year ended December 31, 2018, we recognized a gain of $286 million and incurred transaction costs of $14 million. Non-service related pension and other postretirement benefits cost consists primarily of the interest cost, expected return on plan assets and amortization components of net periodic cost, as well as curtailments and settlements which are not related to rationalization plans. Non-service related pension and other postretirement benefits cost included net pension settlement and curtailment charges of $18 million, $6 million and $21 million in 2020, 2019 and 2018, respectively. For further information, refer to Note to the Consolidated Financial Statements No. 17, Pension, Other Postretirement Benefits and Savings Plans. We previously filed claims with the Brazilian tax authorities challenging the legality of the calculation of certain indirect taxes for the years 2001 through 2018. During 2018, we received favorable rulings related to these claims. As a result of the rulings, we recorded a gain of $53 million in CGS and related interest income of $38 million in Other (Income) Expense for the year ended December 31, 2018. During 2019, there were additional favorable rulings related to these claims. As a result, we recorded an additional gain of $11 million in CGS and related interest income of $8 million in Other (Income) Expense. Miscellaneous expense for the year ended December 31, 2019 includes expenses of $25 million incurred by the Company as a direct result of flooding at our Beaumont, Texas chemical facility during the third quarter of 2019. Miscellaneous expense in 2018 includes $12 million related to expenses incurred by the Company as a direct result of hurricanes Harvey and Irma during 2017. Other (Income) Expense also includes financing fees and financial instruments expense which consists of commitment fees and charges incurred in connection with financing transactions; net foreign currency exchange (gains) and losses; general and product liability expense - discontinued products, which consists of charges for claims against us related primarily to asbestos personal injury claims, net of probable insurance recoveries; royalty income which is derived primarily from licensing arrangements; net (gains) and losses on asset sales, and interest income.

X
- References No definition available. + Details
Name: | us-gaap_OtherIncomeAndExpensesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration