Other Income (Expense)

12 Months Ended

Dec. 31, 2016

Other Income and Expenses [Abstract]

Other Income (Expense)

Other Income (Expense)

Other income (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 2016, 2015 and 2014, the Company recorded other income of $7.2 million and other expense of $71.3 million and $212.9 million, respectively.

For 2016, other income was primarily attributable to $8.9 million related to gains on derivative instruments that were not designated as cash flow hedges, partially offset by $1.7 million related to foreign currency transaction losses.

For 2015, other expense was primarily attributable to the adoption 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, $41.2 million related to foreign currency transaction losses, and $7.2 million related to losses on derivative instruments which were not designated as cash flow hedges.

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 that were not designated as cash flow hedges.

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