Other income, net was $394 million, $198 million, and $12 million in 2021, 2020, and 2019, respectively. Other income, net includes non-operating items, such as:

One of our minority investments, GOAT, which is measured using the fair value alternative, received funding at higher valuations in both 2021 and 2020 resulting in non-cash gains of $290 million and $190 million, respectively. During 2021, we invested $68 million to take a common stock minority stake in a public entity, Retailors, Ltd., which is traded on the Tel Aviv stock exchange. This investment was at a discount of $9 million to the initial public offering price, resulting in a non-cash gain of $9 million. Changes in fair value represented on our Retailors, Ltd. investment also generated non-cash gains of $68 million during the year.

For 2021 other income, net also included $10 million in royalty income, $7 million of net benefit income related to our pension and postretirement programs, $7 million of insurance recoveries in excess of the losses sustained in the prior year related to the social unrest, and $3 million of income related to our equity method investments.

Other income, net in 2020 also included $6 million of royalty income, $5 million of net benefit income relating to our pension and postretirement programs. This income was partially offset by $2 million in premiums paid in connection with the repurchase and retirement of bonds and a $1 million loss related to our equity method investments.

During 2019, we recorded $8 million of royalty income, a $4 million gain associated with the acquisition of a Canadian distribution center lease and related assets from the partial exchange of a note that had previously been written down to zero, a $2 million gain related to the sale of a building, a $1 million gain on our available-for-sale security, partially offset by $2 million of net benefit expense relating to our pension and postretirement programs, and $1 million loss related to our equity method investments.