Other Income (Expense)

12 Months Ended

Dec. 31, 2015

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 and Venezuela devaluation charges. During 2015, 2014 and 2013, the Company recorded losses of $67.0 million, $210.8 million and $66.6 million, respectively.

For 2015, other expense was primarily attributable the adoption of the of the SIMADI currency exchange system in Venezuela and ongoing remeasurement of the local balance sheet, which resulted in an expense of $22.9 million, $32.4 million related to foreign currency transaction losses, and $11.7 million related to losses on derivative instruments that were not designated as cash flow hedges.

For 2014, other expense was primarily attributable to $83.1 million in charges 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, $28.4 million of foreign currency transaction losses, and losses of $3.8 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, $4.6 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 $21.1 million on derivative instruments that were not designated as cash flow hedges and ineffectiveness on derivatives designated as cash flow hedges.

Refer to Note 2 - Summary of Significant Accounting Policies for more information related regarding the Company's Venezuelan operations.