Other Income (Expense), Net

12 Months Ended

Dec. 31, 2023

Other Nonoperating Income (Expense) [Abstract]

Other Income (Expense), Net

Other (Expense) Income, Net

Other (expense) income, net is summarized as follows:

	For the Twelve Months Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Kansas Development Finance Authority bond	$	2.9	$	2.4	$	2.8
Pension (loss) income (1)	(52.0)		(30.2)		150.1
Interest income	12.9		6.2		1.8
Gain (loss) on foreign currency forward contract and interest rate swaps	0.5		(17.1)		(1.0)
Loss on sale of accounts receivable	(52.4)		(23.4)		(6.7)
Foreign currency gains (losses) (2)	(13.9)		21.6		1.4
Excise tax on pension assets reversion (3)	(37.7)		(6.8)		—
Gain on settlement of financial instrument (4)	—		20.7		—
Other (5)	(0.7)		12.5		(1.8)
Total Other (Expense) Income, net	$	(140.4)	$	(14.1)	$	146.6

(1) Pension expense for the twelve months ended December 31, 2023 includes $59.6 of settlement loss. See also Note 17 Pension and Other Post-Retirement Benefits. Pension expense for the twelve months ended December 31, 2022 includes a $73.5 non-cash, pre-tax non-operating charge for amortization of prior service costs and $33.3 of settlement loss. See also Note 17 Pension and Other Post-Retirement Benefits. Pension income for the twelve months ended December 31, 2021 includes $119.8 of income related to pension plans for current and former employees at the Belfast location, including the impact of the closure of the Shorts Pension which resulted in a curtailment gain of $61.0 for the twelve months ended December 31, 2021.

(2) Foreign currency losses are due to the impact of movement in foreign currency exchange rates on an intercompany revolver and long-term contractual rights/obligations, as well as trade and intercompany receivables/payables that are denominated in a currency other than the entity’s functional currency.

(3) Excise tax related to the reversion of excess plan assets for the twelve months ended December 31, 2023 and 2022. See Note 17 Pension and Other Post-Retirement Benefits.

(4) The twelve-month period ended December 31, 2022 includes a $20.7 gain related to a deed of release and related cash payment that fully settled the existing repayable investment agreement between the Company and the U.K.'s Department for Business, Energy and Industrial Strategy ("BEIS"). In January 2022, the Company made repayments of $25.6 to the UK’s Department for Business Energy and Industrial Strategy for units sold, including interest, in respect to the agreement. In April 2022, the deed of release settled the remaining outstanding repayment obligation, including current year interest accrual and foreign currency measurement impacts, in exchange for a payment of $292.8. The portion of the payments related to interest expense and the portion of the payments related to principal repayment are included in net cash used in operating activities and net cash used in financing activities, respectively, on the Company's Consolidated Statement of Cash Flows for the period ended December 31, 2022.

(5) The twelve-month period ended December 31, 2022 includes a gain of $10.0 related to the termination of a previously existing joint venture agreement within the period.