Other-Net, (Income) Expense

9 Months Ended

Sep. 30, 2016

Nonoperating Income (Expense) [Abstract]

Other - Net, Expense (Income) [Text Block]

Note 12: Other–Net, (Income) Expense

Other–net, (income) expense consisted of the following:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Interest expense	$	47.2		$	39.3		$	133.8		$	117.0
Interest income	(29.1		)	(21.2		)	(76.8		)	(63.2		)
Venezuela charge	—			—			203.9			—
Debt extinguishment loss (Note 6)	—			—			—			166.7
Other income	(45.3		)	(104.6		)	(160.3		)	(276.4		)
Other–net, (income) expense	$	(27.2	)	$	(86.5	)	$	100.6		$	(55.9	)

Due to the financial crisis in Venezuela and the significant deterioration of the bolívar, we changed the exchange rate used to translate the assets and liabilities of our subsidiaries in Venezuela which resulted in a first quarter of 2016 charge of $203.9 million. Prior to this change, we used the Supplementary Foreign Currency Administration System (SICAD) rate; however, this official rate was discontinued in the first quarter of 2016. After considering several factors, including the future uncertainty of the Venezuelan economy, published exchange rates, and the limited amount of foreign currency exchanged, we changed to the Divisa Complementaria (DICOM) rate. Other income consisted primarily of net gains on investments.