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Other Income (Expense), Net
 9 Months Ended
Sep. 30, 2024
Other Income and Expenses [Abstract]  
Other Income (Expense), Net

9. Other Income (Expense), Net

The following table presents the components of Other income (expense), net (in millions of dollars):

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Interest income

 

$

0.9

 

 

$

0.6

 

 

$

3.0

 

 

$

1.2

 

Net periodic postretirement benefit cost

 

 

(1.5

)

 

 

(2.2

)

 

 

(3.3

)

 

 

(6.1

)

Unrealized gain (loss) on equity securities

 

 

0.2

 

 

 

(0.1

)

 

 

0.5

 

 

 

0.2

 

Gain (loss) on disposition of property, plant and equipment

 

 

4.4

 

 

 

(0.2

)

 

 

3.9

 

 

 

14.0

 

Gain on business interruption insurance recoveries1

 

 

4.6

 

 

 

—

 

 

 

15.1

 

 

 

—

 

All other, net

 

 

0.1

 

 

 

(0.3

)

 

 

(0.1

)

 

 

(0.4

)

Other income (expense), net

 

$

8.7

 

 

$

(2.2

)

 

$

19.1

 

 

$

8.9

 

 

1.
Represents advances against business interruption insurance claims. We recognize such advances in the period in which the insurance proceeds are received or become realizable. As of September 30, 2024, we received net cash proceeds of $13.4 million.

Supply Chain Financing. We are party to several supply chain financing arrangements, in which we may sell certain of our customers’ trade accounts receivable to such customers’ financial institutions without recourse. During the quarter and nine months ended September 30, 2024, we sold trade accounts receivable totaling $260.5 million and $792.9 million, respectively, related to these supply chain financing arrangements, of which our customers’ financial institutions applied discount fees totaling $6.1 million and $18.9 million, respectively. During the quarter and nine months ended September 30, 2023, we sold trade accounts receivable totaling $315.9 million and $942.5 million, respectively, related to these supply chain financing arrangements, of which our customers’ financial institutions applied discount fees totaling $7.6 million and $22.8 million, respectively. To the extent discount fees related to the sale of trade accounts receivable under supply chain financing arrangements are not reimbursed by our customers, they are included in Other income (expense), net. As of September 30, 2024, we had been and/or expected to be substantially reimbursed by our customers for these discount fees, in accordance with the underlying sales agreements.