Other Income/(Expense), Net

The components of Other income/(expense), net for the three and six months ended June 30 are as follows:



	Three months ended						Six months ended
In millions	2016			2015			2016			2015
Interest income	$	2.6		$	2.4		$	4.6		$	5.3
Exchange gain (loss)	3.8			(0.1		)	9.3			(32.4		)
Income (loss) from equity investment	—			3.6			(0.8		)	4.2
Gain on sale of Hussmann equity investment	397.8			—			397.8			—
Other activity, net	(1.2		)	16.1			2.1			18.5
Other income/(expense), net	$	403.0		$	22.0		$	413.0		$	(4.4	)

During the three months ended March 31, 2015, the Company recognized a loss on foreign currency exchange of $42.6 million related to the remeasurement of net monetary assets denominated in Venezuelan bolivar. This loss was partially offset by $10.1 million of foreign currency transaction gains resulting from the remeasurement of non-functional balance sheet positions into their functional currency. Other activity, net primarily consists of insurance settlements on asbestos related matters and the revaluation of asbestos recoveries.

Sale of Hussmann Equity Investment

During 2011, the Company completed the sale of a controlling interest of its Hussmann refrigerated display case business (“Hussmann”) to a newly-formed affiliate (“Hussmann Parent”) of private equity firm Clayton Dubilier & Rice, LLC (“CD&R”). Per the terms of the agreement, CD&R’s ownership interest in Hussmann at the acquisition date was 60% with the remaining 40% being retained by the Company. As a result, the Company accounted for its interest in Hussmann using the equity method of accounting.

On December 21, 2015, the Company announced it would sell its remaining equity interest in Hussmann as part of a transaction in which Panasonic Corporation would acquire 100 percent of Hussmann's outstanding shares. The transaction was completed on April 1, 2016. The Company received net proceeds of $422.5 million, including closing settlement amounts, for its interest and recognized a gain of $397.8 million on the sale.