Other Income, Net

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Other Income, Net

9. Other Income, Net

The following table presents the components of Other income, net (in millions of dollars):

	Quarter Ended March 31,
	2024			2023
Interest income	$	0.9		$	0.4
Net periodic postretirement benefit cost		(0.3	)		(2.0	)
Unrealized gain on equity securities		0.2			0.1
(Loss) gain on disposition of property, plant and equipment		(0.2	)		15.0
Gain on business interruption insurance recoveries1		10.5			—
All other, net		(0.2	)		0.1
Other income, net	$	10.9		$	13.6

1.Represents advances against business interruption insurance claims. We recognize such advances in the period in which the insurance proceeds are received or become realizable. As of March 31, 2024, we received net cash proceeds of $9.7 million on the $10.5 million total gain recognized to date.

Supply Chain Financing. We are party to several supply chain financing arrangements, in which we may sell certain of our customers’ trade accounts receivable to such customers’ financial institutions without recourse. During the quarters ended March 31, 2024 and March 31, 2023, we sold trade accounts receivable totaling $267.1 million and $303.2 million, respectively, related to these supply chain financing arrangements, of which our customers’ financial institutions applied discount fees totaling $6.3 million and $7.2 million, respectively. To the extent discount fees related to the sale of trade accounts receivable under supply chain financing arrangements are not reimbursed by our customers, they are included in Other income, net. As of March 31, 2024, we had been and/or expected to be substantially reimbursed by our customers for these discount fees, in accordance with the underlying sales agreements.