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Other (Income) Expense | 6 Months Ended
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Jun. 30, 2024
Other Income and Expenses [Abstract] |
Other (Income) Expense | NOTE 4. OTHER (INCOME) EXPENSE
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(In millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Non-service related pension and other postretirement benefits cost |  | $ | 27 |  |  | $ | 64 |  |  | $ | 50 |  |  | $ | 93 |
Financing fees and financial instruments expense |  |  | 16 |  |  |  | 17 |  |  |  | 31 |  |  |  | 29 |
Net foreign currency exchange (gains) losses |  |  | (4 | ) |  |  | 29 |  |  |  | (3 | ) |  |  | 41 |
Interest income |  |  | (12 | ) |  |  | (18 | ) |  |  | (27 | ) |  |  | (34 | )
General and product liability expense - discontinued products |  |  | 2 |  |  |  | 1 |  |  |  | 4 |  |  |  | 3 |
Royalty income |  |  | (6 | ) |  |  | (11 | ) |  |  | (11 | ) |  |  | (18 | )
Net (gains) losses on asset sales |  |  | (96 | ) |  |  | (60 | ) |  |  | (94 | ) |  |  | (62 | )
Miscellaneous (income) expense |  |  | 1 |  |  |  | 14 |  |  |  | 8 |  |  |  | 9 |
|  | $ | (72 | ) |  | $ | 36 |  |  | $ | (42 | ) |  | $ | 61 |
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. Pension expense for the six months ended June 30, 2024 includes a pension settlement credit of $5 million related to a premium refund on the purchase of a group annuity contract for the Cooper Tire U.S. Salaried defined benefit pension plan in 2023. Pension expense for the three and six months ended June 30, 2023 includes pension settlement charges of $36 million related to the termination of the Cooper Tire U.S. Salaried and Ireland defined benefit pension plans. For further information, refer to Note to the Consolidated Financial Statements No. 10, Pension, Savings and Other Postretirement Benefit Plans. Net foreign currency exchange (gains) losses for the three and six months ended June 30, 2023 inc lude losses of $17 million and $19 million, respectively, related to the Turkish lira and $11 million and $19 million, respectively, related to the Argentine peso. Net gains on asset sales for the three and six months ended June 30, 2024 include an $80 million gain related to the sale of a distribution center in EMEA. Net gains on asset sales for the three and six months ended June 30, 2024 also include a $14 million gain related to a sale and leaseback transaction for a warehouse in Americas. Cash proceeds, which were received during the second quarter of 2024, related to the Americas transaction totaled $16 million. Leaseback terms for this location include a 4-year initial term with one 5-year renewal option. We have determined that it is not probable that we will exercise the renewal option. This transaction resulted in the recognition of Operating Lease Right-of-Use Assets totaling $6 million. Net gains on asset sales for the three and six months ended June 30, 2023 include a $59 million gain related to a sale and leaseback transaction for a warehouse in Americas. Cash proceeds, which were received during the second quarter of 2023, related to this transaction totaled $66 million. Leaseback terms for this location include a 5-year initial term with one 5-year renewal option. We have determined that it is not probable that we will exercise the renewal option. This transaction resulted in the recognition of Operating Lease Right-of-Use Assets totaling $24 million. Miscellaneous (income) expense for the six months ended June 30, 2024 includes an $8 million loss related to the sale of receivables in Argentina. Miscellaneous (income) expense for the three and six months ended June 30, 2023 includes non-indemnified costs for product liability claims related to products manufactured by a formerly consolidated joint venture entity totaling $4 million and $15 million, respectively, and a $10 million loss related to the sale of a receivable in Argentina. Miscellaneous (income) expense for the six months ended June 30, 2023 also includes $11 million of income related to a favorable court decision setting aside a previous unfavorable verdict on intellectual property-related legal claims and $5 million of income related to the write-off of accumulated foreign currency translation in Russia. Other (Income) Expense also includes financing fees and financial instruments expense, which consists of commitment fees and charges incurred in connection with financing transactions; interest income; 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; and royalty income.

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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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