OTHER (INCOME) EXPENSE

12 Months Ended

Dec. 31, 2012

Other Income Expense [Abstract]

Other (income) expense Text Block

Note 4. Other (income) expense

		Years Ended
		December 31,
		2012		2011		2010
Equity (income)/loss of affiliated companies	$	(45)	$	(51)	$	(28)
Gain on sale of non-strategic businesses and assets		(5)		(61)		0
Interest income		(58)		(58)		(39)
Foreign exchange		36		50		12
Other, net		2		36		(42)
	$	(70)	$	(84)	$	(97)

Gain on sale of non-strategic businesses and assets for 2011includes a $50 million pre-tax gain, $31 million net of tax, related to the divestiture of the automotive on-board sensor products business within our Automation and Control Solutions segment.

Other, net in2011 includes a loss of $29 million resulting from early redemption of debt in the first quarter of 2011. See Note 14 Long-term Debt and Credit Agreements for further details.

Other, netfor 2010 includes a $62 million pre-tax gain, $39 million net of tax, related to the consolidation of a joint venture within our Performance Materials and Technologies segment. The Company obtained control and the ability to direct those activities most significant to the joint venture's economic performance in the third quarter, resulting in consolidation.Accordingly, we have i) recognized the assets and liabilities at fair value, ii) included the results of operations in the consolidated financial statements from the date of consolidation and iii) recognized the above noted gain representing the difference between the carrying amount and fair value of our previously held equity method investment.The Company has assigned $24 million to intangibles, predominantly the joint venture's customer contracts. These intangible assets are being amortized over their estimated lives using the straight line method. The excess of the book value over the estimated fair values of the net assets consolidated approximating $132 million, was recorded as goodwill. This goodwill is non-deductible for tax purposes. The results from the consolidation date through December 31, 2010 are included in the Performance Materials and Technologies segment and were not material to the consolidated financial statements.