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OTHER OPERATING EXPENSE (INCOME), NET
 9 Months Ended
Sep. 30, 2024
Other Income and Expenses [Abstract]  
OTHER OPERATING EXPENSE (INCOME), NET OTHER OPERATING EXPENSE (INCOME), NET
Items included in Other operating expense (income), net consist of:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)
2024202320242023
Commercial contract settlement$— $— $15 $— 
Adjustments associated with Spin-Off related balances3 — 14 — 
Collective bargaining agreement ratification bonus4 — 4 — 
Loss (gain) on sale of businesses6 — 3 (5)
Merger and acquisition expense, net(5)2 — 18 
Asset impairments and lease modifications— 2 — 11 
Gain on sale of assets— (7)— (13)
Other income, net(3)(3)(8)(12)
Other operating expense (income), net$5 $(6)$28 $(1)

Commercial contract settlement: During the nine months ended September 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 and nine months ended September 30, 2024, the Company recorded expense of $3 million and $14 million, respectively, primarily for adjustments to net amounts owed to the Company related to the tax matters agreement between the Company and PHINIA.

Collective bargaining agreement ratification bonus: During the three and nine months ended September 30, 2024, the Company recorded $4 million of expense for bonuses related to the ratification of a collective bargaining agreement at a facility in New York.

Loss (gain) on sale of businesses: During the three and nine months ended September 30, 2024, the Company recorded a net loss on sales of businesses of $6 million and $3 million, respectively. During the three months ended September 30, 2024, the Company recorded a charge of $6 million related to the estimated loss on an immaterial business that met held for sale accounting criteria.

Merger and acquisition expense, net: During the three months ended September 30, 2024, the Company recorded a gain related to merger and acquisition activity of $5 million, primarily due to a $6 million revision of its expected earn-out related to the Drivetek acquisition, offset by expense primarily related to professional fees associated with specific acquisition initiatives. During the three and nine months ended September 30, 2023, the Company recorded merger and acquisition expense of $2 million
and $18 million, respectively, primarily related to professional fees associated with specific acquisition initiatives.

Asset impairments and lease modifications: During the three and nine months ended September 30, 2023, the Company recorded charges of $2 million and $11 million, primarily related to a service and lease agreement termination and impairment of certain property, plant and equipment at a facility in North America.

Gain on sale of assets: During the three months ended September 30, 2023, the Company recorded a $7 million gain related to the sale of a European manufacturing facility. During the nine months ended September 30, 2023, the Company recorded a $13 million gain, primarily related to the sale of the European manufacturing facility and other fixed assets.