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OTHER INCOME
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
OTHER INCOME OTHER INCOME
Other income consisted of the following for the years set forth below (amounts in thousands):
 202420232022
Gain on property insurance settlement (a)$2,433 $— $— 
Pension plan income1,619 138 2,040 
Equity investment income1,020 1,158 859 
Gain on sale of assets806 246 216 
Income on indirect taxes (b)
— 475 32,043 
Loss on sale of Australia wheel business (c)
— — (10,890)
Proceeds from government grant (d)
— 319 1,324 
Loss on sale of investment (e)(379)— — 
Other income (expense)1,116 292 (172)
 $6,615 $2,628 $25,420 

(a) 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.

(b) In May 2022 and September 2022, the Brazilian tax authorities approved indirect tax credits to be applied against future tax obligations. Refer to Note 19 for additional information.

(c) 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.

(d) 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 Note 9 for additional information.

(e) In September 2024, the Company sold its remaining ownership interest in an Indian undercarriage business and incurred a loss of $0.4 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.