XML 59 R30.htm IDEA: XBRL DOCUMENT v3.24.0.1
Other Expense (Income)
 12 Months Ended
Dec. 31, 2023
Other Income and Expenses [Abstract]  
OTHER EXPENSE (INCOME) OTHER EXPENSE (INCOME)
Other General Expense (Income) - Net
Included in Other general expense (income) - net were the following:
202320222021
Provisions for environmental matters - net$80.7 $(7.1)$(4.0)
(Gain) loss on divestiture of businesses (see Note 3)(20.1)— 111.9 
Loss (gain) on sale or disposition of assets0.9 (17.8)(6.1)
Other5.6 — — 
Total$67.1 $(24.9)$101.8 
Provisions for environmental matters – net represent initial provisions for site-specific estimated costs of environmental investigation or remediation and increases or decreases to environmental-related accruals. These provisions are recorded or adjusted as information becomes available upon which more accurate costs can be reasonably estimated and as additional accounting guidelines are issued. During 2023, provisions for environmental matters - net increased primarily due to new information which impacted the estimate of required remediation at certain Major Sites and other Company locations. See Note 11 for further details on the Company’s environmental-related activities.
The loss (gain) on sale or disposition of assets represents the net realized loss (gain) associated with the sale or disposal of property, plant and equipment and intangible assets previously used in the conduct of the primary business of the Company.
Other Expense (Income) - Net
Included in Other expense (income) - net were the following:
202320222021
Investment (gains) losses$(22.9)$9.7 $(30.4)
Loss (gain) on extinguishment of debt (see Note 8)12.8 — (1.4)
Net expense from banking activities15.0 12.2 10.3 
Foreign currency transaction related losses - net80.5 33.6 12.0 
Miscellaneous pension and benefit (income) expense(21.1)4.0 4.4 
Other income(48.5)(39.6)(29.0)
Other expense49.7 27.1 14.6 
Total$65.5 $47.0 $(19.5)
Investment (gains) losses primarily relate to the change in market value of the investments held in the deferred compensation plan and qualified replacement plan. See Note 18 for additional information on the fair value of these investments.
Foreign currency transaction related losses - net include the impact from foreign currency transactions, including from highly inflationary economies such as Argentina, and net realized losses from foreign currency option and forward contracts. During 2023, foreign currency transaction related losses - net increased primarily as a result of the significant devaluation of the Argentine Peso in December 2023 as part of economic reforms implemented by the government of Argentina. As a result of these actions in Argentina, the Company incurred a loss of $41.8 million. There were no material foreign currency option and forward contracts outstanding at December 31, 2023, 2022 and 2021.
Miscellaneous pension and benefit (income) expense consists of the non-service components of net periodic pension and benefit cost. See Note 9.
Other income and other expense included items of revenue, gains, expenses and losses that were unrelated to the primary business purpose of the Company. There were no items within other income or other expense that were individually significant at December 31, 2023, 2022 and 2021.