Definition (1):
Other expenses and losses refer to a non-operating activities section of the income statement that shows expenses from auxiliary operations and losses unrelated to the company’s operations. This include
Interest expenses on notes and loans payable.
Loss from the abandonment or sale of property, plant, and equipment.
Casualty losses from repetitive causes like accidents and vandalism.
Loss from strikes by employees and suppliers.
Definition (2):
Other expenses and losses are also known as non-operating expenses and losses. Non-operating expenses refer to the expenses that a business incurs from the operations outside of its central or main operations. These expenses are also called peripheral or incidental. The interest expense of a retailer is a familiar example of these expenses. The main operations of a retailer are buying and selling products. Borrowing money is not included in its central or main operations.
Losses sometimes include the disposal of property, plant, and equipment for an amount of cash that is less than the book value or carrying amount of the sold asset. A loss’s example is the delivery truck’s disposal of a retailer for an amount of cash that is less than the carrying amount of the truck. A loss from a lawsuit’s settlement can be another example.
Other expenses and losses are also known as other income and expenses.