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Other Income (Expense)
6 Months Ended
Jun. 27, 2014
Other Income and Expenses [Abstract]  
Other Income (Expense)
Other Income (Expense)
Other income (expense) includes foreign currency transaction gains or losses, which result from changes in exchange rates between the designated functional currency and the currency in which a transaction is denominated as well as gains and losses on derivative instruments that are not designated as cash flow hedges. During the three months ended June 27, 2014 and June 28, 2013, the Company recorded other income of $3.6 million and other expense of $15.6 million, respectively. During the six months ended June 27, 2014 and June 28, 2013, the Company recorded other expense of $94.1 million and $68.3 million, respectively. For the three months ended June 27, 2014, other income was attributable to $3.9 million related to gains on derivative instruments that were not designated as cash flow hedges and other expense of $0.3 million related to foreign currency transactions. For the three months ended June 28, 2013, other expense was primarily attributable to $10.3 million related to losses on derivative instruments that were not designated as cash flow hedges and other expense of $3.6 million related to foreign currency transactions which included $11.7 million in foreign exchange gains related to copper imports in Venezuela that were approved at the 4.30 BsF per U.S. dollar rate prior to currency devaluation on February 13, 2013 and settled in the second quarter of 2013. For the six months ended June 27, 2014, other expense was attributable to $83.1 million related to a Venezuela currency devaluation, $10.7 million related to losses on derivative instruments that were not designated as cash flow hedges and other expense of $0.3 million related to foreign currency transaction losses. For the six months ended June 28, 2013, other expense was primarily attributable to $40.9 million related to a Venezuela currency devaluation, $20.4 million related to losses on derivative instruments that were not designated as cash flow hedges and other expense of $5.3 million related to foreign currency transaction losses which included $11.7 million in foreign exchange gains related to copper imports in Venezuela that were approved at the 4.30 BsF per U.S. dollar rate prior to currency devaluation on February 13, 2013 and settled in the first half of 2013.
Refer to Note 21 - Venezuelan Operations for more information related to recent developments regarding the Company's Venezuelan operations.