Note 17 - Other Income (Expense), Net

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Other Income and Other Expense Disclosure [Text Block]

Note 17.  Other Income (Expense), Net

	2024			2023			2022
Non-service cost components of pension and OPEB costs	$	(18	)	$	(13	)	$	(7	)
Government assistance		11			16			8
Foreign exchange gain (loss)		(11	)		(13	)		4
Strategic transaction expenses		(9	)		(5	)		(8	)
Loss on sale of property, plant and equipment		(6	)		(1	)		(2	)
Other, net		22			19			27
Other income (expense), net	$	(11	)	$	3		$	22

Foreign exchange gains and losses on cross-currency intercompany loan balances that are not of a long-term investment nature are included above. Foreign exchange gains and losses on intercompany loans that are permanently invested are reported in OCI. We continue to account for Argentina as a highly inflationary economy and remeasure the financial statements of our Argentine subsidiaries as if their functional currency was the U.S. dollar. The foreign exchange loss in 2023 was primarily due to the Argentine government significantly devaluing the Argentine peso during the fourth quarter of 2023. Continued devaluation of the Argentine peso was the primary driver of the foreign exchange loss in 2024.

Strategic transaction expenses relate primarily to costs incurred in connection with acquisition and divestiture related activities, including costs to complete the transaction and post-closing integration costs. Strategic transaction expenses in 2024, 2023 and 2022 were primarily attributable to investigating potential acquisitions and business ventures, divestitures and other strategic initiatives.