OTHER INCOME

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

OTHER INCOME, NET

OTHER INCOME (EXPENSE)

Other income (expense) consisted of the following (amounts in thousands):

	Three months ended
	March 31,
	2023		2022
Loss on sale of Australian wheel business (1)	$	—	$	(10,890)
Proceeds from government grant (2)	—		1,324
Equity investment income	455		248
Gain on sale of assets	10		110
Other income	297		349
	$	762	$	(8,859)

(1) The loss on sale of the Australian wheel business is comprised primarily of the release of the cumulative translation adjustment of approximately $10.0 million and closing costs associated with the completion of the transaction of approximately $0.9 million. Refer to Note 1 for additional information.

(2) In August 2014, the Company received approximately $17.0 million capital grant from the Italian government for asset damages related to the earthquake that occurred in May 2012 at one of our Italian subsidiaries. The grant was recorded as deferred income in non-current liabilities which is being amortized over the life of the reconstructed building. There are no specific stipulations associated with the government grant. The Company received proceeds of an additional $1.9 million from the grant during the three months ended March 31, 2022, of which $1.3 million was recorded as other income to match to the historical depreciation recorded on the underlying assets.