XML 53 R29.htm IDEA: XBRL DOCUMENT v3.25.0.1
Other (Income) Expense
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
OTHER (INCOME) EXPENSE OTHER (INCOME) EXPENSE
Other General (Income) Expense - Net
Included in Other general (income) expense - net were the following:
202420232022
Provisions for environmental matters - net$(1.3)$80.7 $(7.1)
Gain on divestiture of business (see Note 3)— (20.1)— 
(Gain) loss on sale or disposition of assets(49.9)0.9 (17.8)
Other12.4 5.6 — 
Total$(38.8)$67.1 $(24.9)
Provisions for environmental matters – net represent initial provisions for site-specific estimated costs of environmental investigation or remediation and increases or decreases to environmental-related accruals as information becomes available upon which more accurate costs can be reasonably estimated and as additional accounting guidelines are issued. Provisions for environmental matters - net for the year ended December 31, 2024 included an immaterial amount of insurance proceeds related to environmental cleanup at a current manufacturing site. See Note 10 for further details on the Company’s environmental-related activities.
The (gain) loss on sale or disposition of assets represents the net realized (gain) loss associated with the sale or disposal of property, plant and equipment and intangible assets previously used in the conduct of the primary business of the Company. (Gain) loss on sale or disposition of assets for the year ended December 31, 2024 included an immaterial amount of insurance proceeds related to a current manufacturing site.
Other (Income) Expense - Net
Included in Other (income) expense - net were the following:
202420232022
Investment (gains) losses$(16.9)$(22.9)$9.7 
Loss on extinguishment of debt (see Note 7)— 12.8 — 
Net expense from banking activities15.7 15.0 12.2 
Foreign currency transaction related losses - net3.9 80.5 33.6 
Miscellaneous pension and benefit (income) expense(13.1)(21.1)4.0 
Other income(69.8)(48.5)(39.6)
Other expense35.5 49.7 27.1 
Total$(44.7)$65.5 $47.0 
Investment (gains) losses primarily relate to the change in market value of the investments held in the deferred compensation plan. See Note 17 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. See Note 16 for further details regarding these foreign currency contracts.
Miscellaneous pension and benefit (income) expense consists of the non-service components of net periodic pension and benefit cost (credit). See Note 8.
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, 2024, 2023 and 2022.