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OTHER INCOME | 12 Months Ended
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Dec. 31, 2022
Other Income and Expenses [Abstract] |
OTHER INCOME, NET | OTHER INCOME Other income consisted of the following for the years set forth below (amounts in thousands):
| 2022 |  | 2021 |  | 2020
Income on indirect taxes (a) | $ | 32,043 |  |  | $ | — |  |  | $ | — |
Loss on sale of Australia wheel business (b) | (10,890) |  |  | — |  |  | — |
Proceeds from government grant (c) | 1,324 |  |  | — |  |  | — |
Gain on legal settlement (d) | — |  |  | 1,750 |  |  | — |
Equity investment income | 859 |  |  | 806 |  |  | 720 |
Gain on sale of assets | 216 |  |  | 257 |  |  | 440 |
Gain on property insurance settlement (e) | — |  |  | — |  |  | 8,600 |
Gain on sale of Brownsville, Texas facility | — |  |  | — |  |  | 4,855 |
Loss on sale of Wheels India Limited shares (f) | — |  |  | — |  |  | (703) |
Other income (expense) | 1,868 |  |  | (727) |  |  | 4,887 |
| $ | 25,420 |  |  | $ | 2,086 |  |  | $ | 18,799 |
(a) In May 2022 and September 2022, the Brazilian tax authorities approved indirect tax credits to be applied against future tax obligations. Refer to Footnote 21 for additional information. (b) 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. (c) The amount relates to foreign government grant programs for certain capital development projects in Italy and Spain. The grants were recorded as deferred income which will be amortized over the life of the capital development projects. The Company received proceeds of an additional $1.9 million from the grant for the year ended December 31, 2022, of which $1.3 million was recorded as other income to match to the historical depreciation recorded on the underlying assets. Refer to Footnote 8 for additional information. (d) The gain on legal settlement relates to proceeds received from a steel supplier for the year ended December 31, 2021. (e) The gain on property insurance settlement relates to the receipt of insurance proceeds for the year ended December 31, 2020 for a 2017 fire that occurred at a facility of TTRC, a subsidiary of the Company, located in Fort McMurray in Alberta, Canada. (f) The Company sold its remaining equity method investment in Wheels India Limited (Wheels India) during 2020 resulting in net proceeds of $32.9 million and net loss of $0.7 million for the year ended December 31, 2020.

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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 https://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 https://asc.fasb.org/topic&trid=49130413 + Details
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