Other Income (Expense)

12 Months Ended

Dec. 31, 2014

Other Income and Expenses [Abstract]

Other Income (Expense)

Other Income (Expense)

Other income and expense primarily 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 2014, 2013 and 2012, the Company recorded a $212.9 million loss, $66.7 million loss and a $2.9 million loss, respectively.

For 2014, other expense was primarily attributable to $83.1 million related to the Venezuela currency devaluation resulting from the remeasurement of the financial results at the 6.30 BsF per U.S. dollar rate to the SICAD 1 rate, $90.2 million related to the Venezuela currency devaluation resulting from the remeasurement of the financial results at the SICAD 1 rate to the SICAD 2 rate, $30.3 million of foreign currency transaction losses, and losses of $4.0 million on derivative instruments which were not designated as cash flow hedges.

For 2013, other expense was primarily attributable to $40.9 million related to the Venezuela currency devaluation, $3.9 million of foreign currency transaction losses which includes $17.0 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 losses of $21.9 million on derivative instruments that were not designated as cash flow hedges and ineffectiveness on derivatives designated as cash flow hedges.

For 2012, other expense was primarily attributable to the $4.5 million of foreign currency transaction losses and gains of $1.6 million on derivative instruments which were not designated as cash flow hedges and ineffectiveness on derivatives designated as cash flow hedges.

Refer to Note 22 - Venezuelan Operations for more information related to developments regarding the Company's Venezuelan operations.