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Other Income (Expense)
 12 Months Ended
Dec. 31, 2022
Other Income and Expenses [Abstract]  
Other Income (Expense) Other Income (Expense)
Other income (expense) for the twelve months ended December 31, 2022, 2021 and 2020 consisted of the following:

In millions202220212020
Gain (loss) on sale of operations and affiliates$191 $— $— 
Other net periodic benefit income41 23 13 
Interest income22 12 17 
Income (loss) from investments9 29 8 
Equity income in Wilsonart— — — 
Gain (loss) on foreign currency transactions, net(7)(9)(5)
Other, net(1)(4)(5)
Total other income (expense)$255 $51 $28 
Gain (loss) on sale of operations and affiliates for the twelve months ended December 31, 2022 primarily related to two businesses divested in the fourth quarter of 2022. Refer to Note 4. Divestitures for further information regarding the Company's divestitures.

In the fourth quarter of 2012, the Company divested a 51% majority interest in its former Decorative Surfaces segment to certain funds managed by Clayton, Dubilier & Rice, LLC ("CD&R"). As a result of the transaction, the Company owns common units (the "Common Units") of Wilsonart International Holdings LLC ("Wilsonart") initially representing approximately 49% (on an as-converted basis) of the total outstanding equity. CD&R owns cumulative convertible participating preferred units (the "Preferred Units") of Wilsonart representing approximately 51% (on an as-converted basis) of the total outstanding equity. The Preferred Units rank senior to the Common Units as to dividends and liquidation preference, and accrue dividends at a rate of 10% per annum. The ownership interest in Wilsonart is reported using the equity method of accounting. The Company's proportionate share in the income (loss) of Wilsonart is reported in Other income (expense) in the Statement of Income. As the Company's investment in Wilsonart is structured as a partnership for U.S. tax purposes, U.S. taxes are recorded separately from the equity investment. In 2016, the Company received a $167 million dividend distribution from Wilsonart which exceeded the Company's equity investment balance and resulted in a $54 million pre-tax gain in 2016. As a result of the dividend distribution, the equity investment balance in Wilsonart was reduced to zero and any subsequent equity investment income will not be recognized until the gain is recaptured.