Dispositions and Other Income/(Expense)

Other income/(expense)

Other income/(expense) is as follows:



	2014			2013			2012
Venezuelan foreign currency translation loss	$	(143	)	$	—		$	—
Gain on sale of property	77			—			—
Celador litigation charge	—			(321		)	—
Gain on sale of equity interest in ESS	—			219			—
Gain related to the acquisition of UTV	—			—			184
Lehman recovery	—			—			79
Disneyland Paris debt charge	—			—			(24		)
Other	35			33			—
Other income/(expense), net	$	(31	)	$	(69	)	$	239

Venezuela foreign currency loss

The Company has operations in Venezuela, including film and television distribution and merchandise licensing and has net monetary assets denominated in Venezuelan bolivares (BsF), which primarily consist of cash. The Venezuelan government (Government) has foreign currency exchange controls, which centralize the purchase and sale of all foreign currency at an official rate determined by the Government, currently 6.3 BsF per U.S. dollar. Although the Company has historically been unable to repatriate its cash at the official rate, we translated our net monetary assets at the official rate through December 28, 2013. In January 2014, the Government announced that currency arising from certain transactions could be exchanged at an alternative rate (SICAD 1), which fluctuates based on Government-run auctions. The ability to convert currency in the SICAD 1 market is dependent on market factors and Government discretion, and the Company does not believe it can successfully convert material amounts of currency at this rate. In March 2014, the Government launched a new currency exchange market (SICAD 2), which allowed entities to submit a daily application to exchange foreign currency with financial institutions that are registered with the Venezuelan central bank. Foreign currency exchange rates under SICAD 2 fluctuate daily. The ability to convert in the SICAD 2 market is also dependent on market factors including the availability of U.S. dollars. Although a small portion of the Company’s cash may be eligible to be exchanged at SICAD 1, the majority is only eligible for exchange at SICAD 2. Accordingly, as of March 29, 2014, the Company began translating its BsF denominated net monetary assets at the SICAD 2 rate resulting in a loss of $143 million in the second quarter of the current year based on the SICAD 2 rate at March 29, 2014, which was 50.9 BsF per U.S. dollar. The SICAD 2 rate on September 27, 2014 was 50.0 BsF per U.S. dollar and the Company had net monetary assets of approximately 1.4 billion BsF on September 27, 2014.

Celador litigation charge

In connection with the Company’s litigation with Celador International Ltd., the Company recorded a $321 million charge in the first quarter of fiscal 2013.

ESPN STAR Sports

On November 7, 2012, the Company sold its 50% equity interest in ESPN STAR Sports (ESS) to the joint venture partner of ESS for $335 million resulting in a gain of $219 million ($125 million after tax and allocation to noncontrolling interest) in fiscal 2013.

UTV

In connection with the Company’s acquisition of UTV, the Company recorded a $184 million gain in fiscal 2012. See Note 3 for further discussion of the transaction.

Lehman

The Company recovered $79 million of previously written-off receivables in connection with the Lehman Brothers bankruptcy in fiscal 2012.

Disneyland Paris

In fiscal 2012, the Company recorded a net charge of $24 million on the repayment of the third-party bank debt held at Disneyland Paris.

Other

During fiscal years 2014, 2013 and 2012, the Company sold its interest in various equity method investments and businesses for total proceeds of $4 million, $61 million and $15 million, respectively and recognized pre-tax gains of $6 million, $33 million and $0 million, respectively. During fiscal 2014, the Company also recognized $29 million representing a portion of a settlement of an affiliate contract dispute.