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Other Income (Expense)
3 Months Ended
Mar. 31, 2023
Other Income and Expenses [Abstract]  
Other Income (Expense)

(9) Other Income (Expense)

 

Other income (expense) primarily relates to re-measurement gains and losses associated with our foreign currencies and realized and unrealized gains and losses on our investment in equity securities.

 

Losses on foreign currencies were $1.8 million for the three months ended March 31, 2023. Gains on foreign currencies were $5.6 million for the three months ended March 31, 2022. Gains and losses on foreign currencies are primarily related to our operations in Brazil and Argentina.

During the three months ended March 31, 2022, proceeds from the disposal of equity securities totaled $7.4 million and we recognized gains of $1.8 million in connection with these transactions. Unrealized gains related to our investment in equity securities during the three months ended March 31, 2022 were $6.5 million. All investments in equity securities were disposed of prior to December 31, 2022.