Other Operating Credits and Charges, Net

12 Months Ended

Dec. 31, 2021

Other Operating Credits And Charges, Net [Abstract]

Other Operating Credits And Charges Net [Text Block}

OTHER OPERATING AND NON-OPERATING INCOME (EXPENSE)

Other operating credits and charges, net

The major components of Other operating credits and charges, net in the Consolidated Statements of Income for the years ended December 31, 2022, 2021, and 2020 are reflected in the table below and described in the paragraphs following the table (dollars in millions):

	Year Ended December 31,
	2022		2021		2020
Insurance recoveries	$	15	$	4	$	—
Reorganization and facility curtailment charges	(7)		(1)		(5)
Canadian wage subsidies	—		—		6
Product-line discontinuance charges	—		—		(8)
Environment costs	(2)		(4)		(3)
Product liability settlement	8		—		—
Other	2		1		2
	$	16	$	1	$	(7)

During 2022, we received $15 million in insurance recoveries related to business interruption claims for weather-related downtime sustained in the prior year. We incurred severance and other charges of $7 million related to certain reorganizations and we recognized a charge of $2 million related to additional estimated environmental costs associated with a non-operating site.

During 2021, we recognized a charge of $4 million related to additional estimated environmental costs associated with a non-operating site. We incurred severance and other charges of $1 million related to certain reorganizations. Additionally, we received $4 million in insurance recoveries related to business interruption claims for weather-related downtime sustained in the prior year.

During 2020, we recognized a charge of $3 million related to additional estimated environmental costs to be paid by a third party associated with a non-operating site. We also incurred severance and other charges of $5 million related to certain reorganizations, and we recorded a charge of $8 million related to the discontinuance of our fiber product (primarily related to fiber inventory adjustments to net realizable values). Additionally, we received $6 million of Canadian wage subsidies during 2020.

Non-operating income (expense)

Non-operating income (expense) is comprised of the following components (dollars in millions):

	Year Ended December 31,
	2022		2021		2020
Interest expense	$	(14)	$	(15)	$	(17)
Amortization of debt charges	(1)		(2)		(2)
Capitalized interest	5		3		—
Interest expense, net of capitalized interest	$	(11)	$	(14)	$	(19)
Interest income	$	14	$	1	$	2
Gain on sale of auction rate securities	—		—		3
SERP market adjustments	—		—		(1)
Investment income	$	14	$	1	$	4
Net periodic pension cost, excluding service cost	$	(6)	$	(1)	$	(1)
Foreign currency gains (losses)	(11)		(8)		5
Loss on early debt extinguishment	—		(11)		—
Pension settlement charges	(82)		(2)		—
Gain on acquisition of controlling interest	2		—		—
Other non-operating items	$	(97)	$	(22)	$	4

During 2022, we recognized $82 million of pension settlement expense related to a portion of the unrecognized actuarial loss that was included in Accumulated comprehensive loss.

During 2021, we recorded an early debt extinguishment charge of $11 million, which included $9 million of redemption premium and $2 million of unamortized debt costs associated with the early redemption of the 2024 Senior Notes. Additionally, we recognized $2 million of pension settlement expense related to a portion of the unrecognized actuarial loss.

During 2020, we sold our auction rate securities (ARS) and recognized a $3 million gain on available-for-sale-securities.