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OTHER INCOME (Tables)
 3 Months Ended
Mar. 31, 2022
Other Income and Expenses [Abstract]  
Other Income [Table Text Block]
Other expense consisted of the following (amounts in thousands):
Three months ended
March 31,
 20222021
Loss on sale of Australian wheel business (1)$(10,890)$— 
Proceeds from government grant (2)1,324 — 
Equity investment income248 64 
Gain on sale of assets110 791 
Other income (expense)349 (1,223)
 $(8,859)$(368)

(1) The loss on sale of the Australian wheel business is comprised primarily of the release of the cumulative translation adjustment of approximately $10.0 million and closing costs associated with the completion of the transaction of approximately $0.9 million. Refer to Footnote 1 for additional information.

(2) In August 2014, the Company received an approximately $17.0 million capital grant from the Italian government for asset damages related to the earthquake that occurred in May 2012 at one of our Italian subsidiaries. The grant was recorded as deferred income in non-current liabilities which is being amortized over the life of the reconstructed building. The Company received proceeds of an additional $1.9 million from the grant during the three months ended March 31, 2022 and recorded as other income of $1.3 million to match to the historical depreciation recorded on the underlying assets.