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Other (Income) Expense
 12 Months Ended
Dec. 31, 2014
Other (Income) Expense, net [Abstract]  
Other Income and Other Expense Disclosure [Text Block]
OTHER INCOME, NET

The components of other (income) expense, net, are as follows (in thousands):
 
 
For the Years Ended December 31,
 
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
Sale of assets
 
$
(764
)
 
$
(909
)
 
$
(201
)
Results of non-consolidated subsidiaries
 
(364
)
 
(177
)
 
(646
)
Foreign exchange
 
4,230

 
4,339

 
142

Interest income
 
(403
)
 
(776
)
 
(319
)
Non-income tax (benefit) expense
 
—

 
—

 
—

Rents and royalties
 
(817
)
 
(863
)
 
(1,033
)
Insurance and other settlements
 
(292
)
 
(1,611
)
 
(4,490
)
Legal entity realignment
 
—

 
—

 
1,860

Euronext Amsterdam listing
 
—

 
—

 
923

Other, net
 
(521
)
 
(341
)
 
(357
)
Total other (income) expense, net
 
$
1,069

 
$
(338
)
 
$
(4,121
)


We incurred property losses due to Hurricane Isaac in 2012. During 2013, our insurance claim for property losses and business interruption was fully settled for a gain of $1.6 million.

As a result of a supply disruption in 2011 from a key vendor that provided certain high performance specialty steel tubulars used with the Company's perforating systems, we filed a claim under our business interruption insurance policy which was fully settled during 2012 for $4.4 million.

During 2012, we incurred legal, accounting and other fees in connection with the realignment of certain of our legal entities into a more cost effective structure and the listing of our shares on the Euronext Amsterdam.


Foreign Currency Risk

We operate in a number of international areas which exposes us to foreign currency exchange rate risk. We do not currently hold or issue forward exchange contracts or other derivative instruments for hedging or speculative purposes (a foreign exchange contract is an agreement to exchange different currencies at a given date and at a specified rate). Foreign exchange gains and losses are the result of fluctuations in the USD against foreign currencies and are included in other (income) expense, net in the Consolidated Statements of Operations. We recognized foreign exchange losses in countries where the USD weakened against the local currency and we had net monetary liabilities denominated in the local currency; as well as countries where the USD strengthened against the local currency and we had net monetary assets denominated in the local currency. We recognized foreign exchange gains in countries where the USD strengthened against the local currency and we had net monetary liabilities denominated in the local currency and in countries where the USD weakened against the local currency and we had net monetary assets denominated in the local currency. Foreign exchange gains and losses are summarized in the following table (in thousands):
 
For the Years Ended December 31,
(Gains) losses by currency
2014
 
2013
 
2012
 
 
 
 
 
 
 
Australian Dollar
$
289


$
432


$
30

 
British Pound
1,132


(49
)

(41
)
 
Canadian Dollar
1,886


1,456


(415
)
 
Euro
(1,537
)

848


(62
)
 
Malaysian Ringgit
278


421


70

 
Mexican Peso
284


156


(87
)
 
Nigerian Naira
432


94


11

 
Other currencies, net
1,466


981


636

Total loss
$
4,230

 
$
4,339

 
142