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Other Income (Expense), net

12 Months Ended

Dec. 31, 2020

Other Income (Expense), net.

Other Income (Expense), net

18. Other Income (Expense), net

Other income (expense), net for the years ended December 31, 2020, 2019, and 2018 included the following:

​

​	​	​	​	​	​	​	​	​	​	​
​		2020			2019			2018		​
Impairment of goodwill (see Note 7)	​	$	—	​	$	(595)	​	$	—	​
Gain on sale of ANZ businesses (see Note 23)	​	​	275	​	​	​	​	​	​	​
Restructuring, asset impairment and other charges	​	​	(106)	​	​	(89)	​	​	(97)	​
Charge for asbestos-related costs	​	​	​	​	​	(35)	​	​	(125)	​
Pension settlement charges	​	​	(26)	​	​	(26)	​	​	(74)	​
Charge for other asset impairments	​	​	​	​	​	(22)	​	​	​	​
Intangible amortization expense	​	​	(33)	​	​	(41)	​	​	(40)	​
Strategic transaction and corporate modernization costs	​	​	(8)	​	​	(31)	​	​	​	​
Gain on sale of equity investment	​	​	​	​	​	107	​	​	​	​
Charge for deconsolidation of Paddock	​	​	(14)	​	​	​	​	​	​	​
Royalty income	​	​	12	​	​	12	​	​	13	​
Foreign currency exchange loss	​	​	(4)	​	​	(5)	​	​	(6)	​
Non-income tax gain	​	​	​	​	​	​	​	​	19	​
Other income (expense),net	​	​	(9)	​	​	(4)	​	​	41	​
​	​	$	87	​	$	(729)	​	$	(269)	​

​

In 2019, the Company recorded charges of approximately $22 million for asset impairments related to the Company’s operations in Argentina and China, due primarily to macroeconomic conditions in those countries. The Company wrote down the value of these assets to the extent their carrying amounts exceeded fair value. The fair value of the assets was computed based on estimated future cash flows. The Company classified the significant assumptions used to determine the fair value of the impaired assets, which was not material, as Level 3 (third-party appraisal) in the fair value hierarchy. The remaining carrying value of the impaired assets was approximately $5 million.

In 2018, other income (expense), net includes a gain realized on a sale of an asset in Europe (approximately $11 million) and gains recorded on insurance proceeds in the Americas (approximately $11 million).

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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
-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

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