OTHER INCOME

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

OTHER INCOME, NET

OTHER INCOME

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

	Three months ended				Six months ended
	June 30,				June 30,
	2023		2022		2023		2022
Income on indirect taxes (1)	$	475	$	22,450	$	475	$	22,450
Loss on sale of Australian wheel business (2)	—		—		—		(10,890)
Proceeds from government grant (3)	—		—		—		1,324
Equity investment income	277		322		732		570
Gain on sale of assets	61		72		71		182
Other income	373		850		670		1,199
	$	1,186	$	23,694	$	1,948	$	14,835

(1) In May 2022, the Brazilian tax authorities approved indirect tax credits to be applied against future tax obligations. Refer to Footnote 13 for additional information.

(2) 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.

(3) 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 six months ended June 30, 2022, of which $1.3 million was recorded as other income to match to the historical depreciation recorded on the underlying asset.