Other Income/(Expense), Net

The components of Other income/(expense), net for the three and nine months ended September 30 were as follows:



	Three months ended						Nine months ended
In millions	2015			2014			2015			2014
Interest income	$	2.5		$	3.0		$	7.8		$	9.4
Exchange gain (loss)	4.1			(1.0		)	(28.3		)	(2.4		)
Income from equity investment	6.5			3.3			10.7			3.7
Other activity, net	(0.9		)	4.3			17.6			9.5
Other income/(expense), net	$	12.2		$	9.6		$	7.8		$	20.2

Included in Other income/(expense) for the nine months ended September 30, 2015 is a loss on foreign currency exchange of $42.6 million related to the remeasurement of net monetary assets denominated in Venezuelan bolivar in March 2015, as discussed further below. This charge was partially offset by $14.3 million of foreign currency transaction gains resulting from the remeasurement of non-functional balance sheet positions into their functional currency.

The Company recognizes income from our equity investment in Hussmann, a refrigeration display case business. Our ownership interest was 36.7% and 37.2% at September 30, 2015 and 2014, respectively. The investment is accounted for using the equity method, and is reflected within Other noncurrent assets on the Condensed Consolidated Balance Sheets.

Other activity for the nine months ended September 30, 2015 primarily consists of income realized from insurance settlements on asbestos-related matters. Other activity for the nine months ended September 30, 2014 is primarily composed of a $6.0 million gain on the sale of an investment.

Venezuela Currency Devaluation

The Company has one subsidiary with operations in Venezuela. Due to the historical designation of Venezuela as a highly inflationary economy, the U.S. dollar is the functional currency for this subsidiary. From February 2013 to March 2015, the Company utilized the official exchange rate obtained through the National Center of Foreign Trade (CENCOEX) of 6.3 bolivars to the U.S. dollar to translate the Venezuela subsidiary financial statements.

In January 2014, the Venezuelan government significantly expanded the use of the Supplementary Foreign Currency Administration System (SICAD) I exchange market and created a third exchange market called SICAD II. In January 2015, the Venezuelan government clarified the priority imports for the CENCOEX exchange and the Company’s products were not listed as a priority. In February 2015, the Venezuelan government announced a new exchange market called the Marginal Currency System (SIMADI), which replaced the SICAD II exchange and allows for trading based on supply and demand. These markets have exchange rates significantly less favorable than the CENCOEX rate.

In light of the developments described above and the continued deterioration in the economic conditions of Venezuela in connection with the Company’s preparation of the first quarter 2015 financial statements, the Company utilized the SIMADI rate of 192.95 bolivars to U.S. dollar to translate the financial position of our Venezuelan subsidiary as of March 31, 2015. As a result the Company recorded a pre-tax charge of $42.6 million (within Other income/(expense), net) related to the remeasurement of net monetary assets at March 31, 2015 resulting in net monetary assets remaining of approximately 278 million bolivars, equal to $1.4 million U.S dollars. The Company has continued using the SIMADI rate through September 30, 2015.