XML 38 R19.htm IDEA: XBRL DOCUMENT v3.3.1.900
OTHER (INCOME)/EXPENSES-NET
 12 Months Ended
Dec. 31, 2015
Other Income and Expenses [Abstract]  
OTHER (INCOME)/EXPENSES-NET
OTHER (INCOME)/EXPENSES—NET

The components of other (income)/expenses—net were:
  
Years Ended December 31,
(Dollars in millions) 
2015
 
2014
 
2013
Severance and other costs
$
18.0

 
$
1.3

 
$
2.2

SEC Settlement
12.0

 
—

 
—

Loss on asset disposals
9.0

 
—

 
—

Foreign exchange losses—net
6.3

 
0.5

 
9.3

Marketable securities gain
(5.6
)
 
—

 
—

Administrative penalty (China)
—

 
—

 
33.4

Gain on sale of investment
—

 
(4.0
)
 
—

Pension curtailment gain
—

 
(5.4
)
 
—

Other—net
(0.7
)
 
(4.7
)
 
3.6

Other (income)/expenses—net
$
39.0

 
$
(12.3
)
 
$
48.5



For the year ended December 31, 2015, the severance and other costs included $13.7 million of restructuring costs in association with Fuel for Growth. See Note 6 for additional information. Additionally the Company recognized in other (income)/expense payments made in connection with the SEC settlement disclosed by the Company in July 2015. The marketable securities gain is described further in Note 18.

Foreign exchange (gains)/losses losses-net for the year ended December 31, 2014 included a gain of $14.0 million, as a result of the Company’s exchange of Bolivares Fuertes for U.S. dollars through a Venezuelan government exchange at a rate more favorable than the rate used to remeasure net monetary assets of is Venezuelan subsidiary. In addition, foreign exchange (gains)/losses - net included a $6.1 million loss related to the Company’s February 2014 adoption of a new exchange rate for purposes of remeasuring the monetary assets and liabilities of its Venezuelan subsidiary. See Note 21 for additional information.