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OTHER (INCOME)/EXPENSES-NET
 12 Months Ended
Dec. 31, 2016
Other Income and Expenses [Abstract]  
Other Expense/(Income)-Net
OTHER (INCOME)/EXPENSES—NET
The components of other (income)/expenses—net were:
  
Years Ended December 31,
(Dollars in millions) 
2016
 
2015
 
2014
Venezuela long-lived asset impairments
45.9

 
—

 
—

Foreign exchange (gains)/losses—net
18.8

 
6.3

 
0.5

Restructuring, severance and other related costs—net
29.1

 
18.0

 
1.3

(Gain)/loss on asset disposals
—

 
9.0

 
—

Marketable securities (gain)/loss
—

 
(5.6
)
 
—

Gain on sale of investment
—

 
—

 
(4.0
)
Pension curtailment (gain)/loss
—

 
—

 
(5.4
)
Legal, settlements and other—net
(1.7
)
 
11.3

 
(4.7
)
Other (income)/expenses—net
$
92.1

 
$
39.0

 
$
(12.3
)


During the first quarter of 2016, the Company recognized impairment charges of $45.9 million on long-lived assets of its Venezuelan subsidiary. See “—Note 20. Venezuela Currency Matters” for additional information.

Foreign exchange (gains)/losses—net includes the re-measurement of U.S. dollar denominated intercompany loans, payables, and royalties as well as foreign currency devaluation and transactional foreign exchange gains recognized in the Company’s Venezuelan subsidiary. The re-measurement of the intercompany payable from the Venezuelan subsidiary to subsidiaries in Mexico and the U.S. resulted in a $7.7 million gain during the year ended December 31, 2016. Currency devaluation within Venezuela resulted in losses of $32.9 million, $2.3 million and $6.1 million for the years ended December 31, 2016, 2015 and 2014, respectively. Transactional foreign exchange gains were $3.4 million, $2.4 million and $14.0 million for the years ended December 31, 2016, 2015 and 2014. See “—Note 20. Venezuela Currency Matters” for additional information.

For the years ended December 31, 2016 and 2015, restructuring, severance and other costs—net included $29.2 million and $13.7 million, respectively, of restructuring costs associated with the Fuel for Growth program. See “—Note 6. Restructuring” for additional information.

For the year ended December 31, 2015, (gain)/loss on asset disposals related to fixed asset write-offs as the Company optimized its supply chain network in Asia. The marketable securities (gain)/loss for the year ended December 31, 2015 is described further in “—Note 17. Marketable Securities.” Legal, settlements, and other—net included payments made in connection with the SEC settlement disclosed by the Company in July 2015.