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OTHER INCOME

12 Months Ended

Dec. 31, 2023

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):

			2023						2022						2021
Income on indirect taxes (a)			$	475					$	32,043					$	—
Loss on sale of Australia wheel business (b)			—						(10,890)						—
Proceeds from government grant (c)			319						1,324						—
Gain on legal settlement (d)			—						—						1,750
Equity investment income			1,158						859						806
Gain on sale of assets			246						216						257
Other income (expense)			430						1,868						(727)
			$	2,628					$	25,420					$	2,086

(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 17 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) For the year ended December 31, 2023, the Company received government subsidies associated with current year capital expenditure investments in technological and digital innovation in Europe, of which $0.3 million was recorded as other income.

In addition, during 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 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 7 for additional information.

(d) The gain on legal settlement relates to proceeds received from a steel supplier for the year ended December 31, 2021.

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- References

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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
-Topic 610
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//610/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 720
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//720/tableOfContent

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