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OTHER INCOME | 3 Months Ended
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Mar. 31, 2023
Other Income and Expenses [Abstract] |
OTHER INCOME, NET | OTHER INCOME (EXPENSE) Other income (expense) consisted of the following (amounts in thousands):
| Three months ended |  |
| March 31, |  |
| 2023 |  | 2022 |  |  |  |
Loss on sale of Australian wheel business (1) | $ | — |  |  | $ | (10,890) |  |  |  |  |
Proceeds from government grant (2) | — |  |  | 1,324 |  |  |  |  |
Equity investment income | 455 |  |  | 248 |  |  |  |  |
Gain on sale of assets | 10 |  |  | 110 |  |  |  |  |
Other income | 297 |  |  | 349 |  |  |  |  |
| $ | 762 |  |  | $ | (8,859) |  |  |  |  |
(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 Note 1 for additional information. (2) In August 2014, the Company received 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. There are no specific stipulations associated with the government grant. The Company received proceeds of an additional $1.9 million from the grant during the three months ended March 31, 2022, of which $1.3 million was recorded as other income to match to the historical depreciation recorded on the underlying assets.

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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 https://asc.fasb.org/extlink&oid=126953954&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 https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 + Details
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