Other Income (Expense)

3 Months Ended

Mar. 31, 2017

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 March 31, 2017 and April 1, 2016, the Company recorded other income of $15.0 million and other expense $1.2 million, respectively. For the three months ended March 31, 2017, other income was primarily attributable to $0.7 million related to foreign currency transaction gains and $14.3 million related to gains on derivative instruments that were not designated as cash flow hedges. For the three months ended April 1, 2016, other expense was primarily attributable to $1.0 million related to foreign currency transaction losses and $0.2 million related to losses on derivative instruments that were not designated as cash flow hedges.