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OTHER INCOME (Tables)
 9 Months Ended
Sep. 30, 2024
Other Income and Expenses [Abstract]  
Schedule of Other Income
Other income consisted of the following (amounts in thousands):
Three months endedNine months ended
September 30,September 30,
 2024202320242023
Income on indirect taxes (1)
$— $— $— $475 
Gain on property insurance settlement (2)
520 — 2,433 — 
Loss on sale of investment (3)
(1,032)— (1,032)— 
Equity investment income165 222 733 954 
Gain on sale of assets19 87 407 158 
Other income703 152 1,516 822 
 $375 $461 $4,057 $2,409 
(1) In May 2022, the Brazilian tax authorities approved indirect tax credits to be applied against future tax obligations. For the nine months ended September 30, 2023, the Company recorded indirect tax credits of $0.5 million within other income.
(2) The gain on property insurance settlement relates to the receipt of insurance proceeds of $3.5 million offset by costs to repair one of the Company's operating facilities in Italy related to a 2023 hail storm weather event. During the three months ended September 30, 2024, the Company also received insurance proceeds of $0.5 million associated with certain equipment at our North American wheel facility.
(3) In September 2024, the Company sold its remaining ownership interest in an Indian undercarriage business and incurred a loss of $1.0 million as a result of the sale. The sale agreement includes a commitment to purchase approximately $1.7 million of products from the Indian undercarriage business over a two year period.