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Other (Income) Expense | 12 Months Ended
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Dec. 31, 2024
Other Income and Expenses [Abstract] |
Other (Income) Expense | Note 5. Other (Income) Expense
(In millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
Non-service related pension and other postretirement benefits cost |  | $ | 99 |  |  | $ | 148 |  |  | $ | 178 |
Financing fees and financial instruments expense |  |  | 62 |  |  |  | 59 |  |  |  | 40 |
Net foreign currency exchange (gains) losses |  |  | 9 |  |  |  | 87 |  |  |  | 12 |
Interest income |  |  | (54 | ) |  |  | (84 | ) |  |  | (34 | )
General and product liability expense - discontinued products |  |  | 3 |  |  |  | 6 |  |  |  | 5 |
Royalty income |  |  | (21 | ) |  |  | (30 | ) |  |  | (27 | )
Net (gains) losses on asset sales |  |  | (93 | ) |  |  | (104 | ) |  |  | (122 | )
Miscellaneous (income) expense |  |  | 27 |  |  |  | 26 |  |  |  | 23 |
|  | $ | 32 |  |  | $ | 108 |  |  | $ | 75 |
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 includes a net pension settlement credit of $3 million in 2024 and net pension settlement and curtailment charges of $40 million and $124 million in 2023 and 2022, respectively. For further information, refer to Note to the Consolidated Financial Statements No. 17, Pension, Other Postretirement Benefits and Savings Plans. Net foreign currency exchange (gains) losses include losses of $5 million, $80 million and $19 million related to the Argentine peso in 2024, 2023 and 2022, respectively, and a $13 million loss related to the Turkish lira in 2023. Interest income includes interest income in Argentina of $6 million, $44 million and $17 million in 2024, 2023 and 2022, respectively. Net gains on asset sales in 2024 primarily relate to a gain of $80 million related to the sale of a distribution center in EMEA and a $14 million gain related to sale and leaseback transactions for warehouses in Americas. Cash proceeds for the sale and leaseback transaction in Americas totaled $16 million, which were received during the second quarter of 2024. 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 in 2023 primarily relate to gains on sale and leaseback transactions of $88 million in Americas, resulting in $99 million of cash proceeds. Sale and leaseback transactions included the sale and leaseback of a warehouse in Americas in the second quarter of 2023 and a retail location in Americas in the fourth quarter of 2023. A $59 million gai n was recorded in the second quarter of 2023 related to the sale and leaseback transaction for the warehouse in Americas. Cash proceeds 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 it is not probable that we will exercise this option. This transaction resulted in the recognition of Operating Lease Right-of-Use Assets totaling $24 million. The sale and leaseback transaction in the fourth quarter of 2023 for the retail location in Americas resulted in a gain of $23 million. Cash proceeds related to this transaction totaled $24 million. Leaseback terms for this location include a 5-year initial term. This transaction resulted in the recognition of Operating Lease Right-of-Use Assets totaling $7 million. The remainder of net gains on asset sales in 2023 primarily relate to the sale and exit of certain retail locations in Americas. Net gains on asset sales in 2022 include a $95 million gain related to a sale and leaseback transaction of certain consumer and commercial retail locations in Americas. Cash proceeds related to this transaction totaled $108 million. Leaseback terms for all locations include a 15-year initial term with up to six 5-year renewal options. We determined at the inception of the leases that it was not probable that we would exercise any of the renewal options. The transaction resulted in the recognition of Operating Lease Right-of-Use Assets totaling $57 million. The remainder of net gains on asset sales in 2022 primarily relate to the sale and exit of certain retail locations in Americas. Miscellaneous (income) expense in 2024 includes $19 million of transaction costs related to the sale of the OTR business and an $8 million loss related to the sale of receivables in Argentina. M iscellaneous (income) expense in 2023 includes non-indemnified costs for product liability claims related to products manufactured by a formerly consolidated joint venture entity totaling $31 million and a $10 million loss related to the sale of a receivable in Argentina, partially offset by $5 million of income for the write-off of accumulated foreign currency translation related to our exited business in Russia. Miscellaneous (income) expense in 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. The impact of that verdict and other fees of $15 million was recorded in miscellaneous (income) expense in 2022. Other (Income) Expense also includes financing fees and financial instruments expense, which consists of commitment fees and charges incurred in connection with financing transactions, primarily due to accounts receivable factoring programs; 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, which is derived primarily from licensing arrangements.

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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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