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OTHER OPERATING EXPENSE, NET
 6 Months Ended
Jun. 30, 2024
Other Income and Expenses [Abstract]  
OTHER OPERATING EXPENSE, NET OTHER OPERATING EXPENSE, NET
Items included in Other operating expense, net consist of:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)
2024202320242023
Commercial contract settlement$15 $— $15 $— 
Adjustments associated with Spin-Off related balances11 — 11 — 
Merger and acquisition expense— 8 5 16 
Gain on sale of businesses— (5)(3)(5)
Service and lease agreement termination— 9 — 9 
Gain on sale of assets— (6)— (6)
Other income, net(4)(2)(5)(9)
Other operating expense, net$22 $4 $23 $5 

Commercial contract settlement: During the three months ended June 30, 2024, the Company recorded a loss of approximately $15 million related to the settlement of a commercial contract assumed in its acquisition of the electric hybrid systems business segment of Eldor.

Adjustments associated with Spin-Off related balances: During the three months ended June 30, 2024, the Company recorded expense of approximately $11 million primarily for adjustments to net amounts owed to the Company related to the tax matters agreement between the Company and PHINIA.

Merger and acquisition expense: During the six months ended June 30, 2024, the Company recorded merger and acquisition expense of $5 million primarily related to professional fees associated with specific acquisition initiatives. During the three and six months ended June 30, 2023, the Company recorded merger and acquisition expense of $8 million and $16 million, respectively, primarily related to professional fees associated with specific acquisition initiatives.