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Other Income (Expense), Net (Notes)
 12 Months Ended
Dec. 31, 2023
Other Income and Expenses [Abstract]  
Other Income (Expense), Net 9. OTHER INCOME (EXPENSE), NET
Other income (expense), net consists of the following:
(In thousands)202320222021
Gain on investment in kaléo(a)
$262 $1,406 $12,780 
One-time tax credit in Brazil for unemployment/social security insurance non-income taxes resulting from a favorable decision by Brazil’s Supreme Court regarding the calculation of such tax— — 8,486 
COVID-19-related expenses(b)
(9)(350)(624)
Group annuity contract premium expense(c)
(2,000)— — 
Other(400)(47)(377)
Total$(2,147)$1,009 $20,265 
(a) In January 2023 and May 2022, additional cash consideration of $0.3 million and $1.4 million, respectively was received related to customary post-closing adjustments. The gain in 2021 includes a $0.3 million dividend received from kaléo in the first quarter of 2021.
(b) Costs associated with operating under COVID-19 conditions include employee overtime expenses associated with absenteeism, personal protective equipment supplies and facility maintenance.
(c) See Note 8 for more information.
On December 27, 2021, the Company completed the sale of its investment interests in kaleo, Inc. (“kaléo”) (Series A-3 Preferred Stock, Series B Preferred Stock and common stock) that, taken together, represented on a fully diluted basis an approximate 18% interest in kaléo. Tredegar received closing cash proceeds of $47.1 million.
In May 2021, the Brazil Supreme Court ruled in a leading case related to the amount of Brazilian value-added tax to exclude from the calculation of unemployment/social security insurance non-income taxes (“PIS/COFINS”). As a result, in the second quarter of 2021, the Company recorded a pre-tax gain of $8.5 million for certain excess PIS/COFINS paid from 2003 to 2021, that included applicable interest, which the Company applied to required Brazilian federal tax payments during 2021. The pre-tax gain was recorded in “Other income (expense), net” in the consolidated statements of income.