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OTHER INCOME | 6 Months Ended
--- | ---
Jun. 30, 2022
Other Income and Expenses [Abstract] |
OTHER INCOME, NET | OTHER INCOME Other income consisted of the following (amounts in thousands):
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Income on indirect taxes (1) | $ | 22,450 |  |  | $ | — |  |  | $ | 22,450 |  |  | $ | — |
Loss on sale of Australian wheel business (2) | — |  |  | — |  |  | (10,890) |  |  | — |
Proceeds from government grant (3) | — |  |  | — |  |  | 1,324 |  |  | — |
Gain on legal settlement (4) | — |  |  | 1,750 |  |  | — |  |  | 1,750 |
Equity investment income | 322 |  |  | 60 |  |  | 570 |  |  | 124 |
Gain (loss) on sale of assets | 72 |  |  | (626) |  |  | 182 |  |  | 165 |
Other income (expense) | 850 |  |  | 48 |  |  | 1,199 |  |  | (1,175) |
| $ | 23,694 |  |  | $ | 1,232 |  |  | $ | 14,835 |  |  | $ | 864 |
(1) In May 2022, the Brazilian tax authorities approved indirect tax credits to be applied against future tax obligations. Refer to Footnote 14 for additional information. (2) 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. (3) 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 six months ended June 30, 2022, of which $1.3 million was recorded as other income to match to the historical depreciation recorded on the underlying assets. (4) The gain on legal settlement relates to proceeds received from a steel supplier for the six months ended June 30, 2021.

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- Definition The entire disclosure for the components of non-operating income or non-operating expense, including, but not limited to, amounts earned from dividends, interest on securities, gain (loss) on securities sold, equity earnings of unconsolidated affiliates, gain (loss) on sales of business, interest expense and other miscellaneous income or expense items. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)) -URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)) -URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227 + Details
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