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Other (Income) Expense - Net
 12 Months Ended
Dec. 31, 2014
Other Income and Expenses [Abstract]  
Other (Income) Expense - Net
Other (Income) Expense – Net

The following table sets forth the items in other (income) expense:
 
 
Year Ended
 
Six Months Ended
 
Year Ended
(In millions)
December 31
 
December 31
 
June 30
 
2014
 
2013
 
2012
 
2011
 
2012
 
 
 
 
 
 
 
(Unaudited)
 
 
(Gain) loss on derivatives
102

 
40

 
(62
)
 
—

 
—

Gain on sale of assets and equity dilution
(351
)
 
(41
)
 
(51
)
 
(17
)
 
(30
)
Charges from early extinguishment of debt
—

 
—

 
5

 
12

 
12

Gain on marketable securities transactions
—

 
(8
)
 
(6
)
 
(16
)
 
(37
)
Other – net
2

 
(44
)
 
5

 
9

 
26

 
$
(247
)
 
$
(53
)
 
$
(109
)
 
$
(12
)
 
$
(29
)








Individually significant items included in the table above are:

The loss on derivatives for the year ended December 31, 2014 was due to losses on Euro foreign currency derivative contracts entered into to economically hedge the Wild Flavors acquisition. The loss on derivatives for the year ended December 31, 2013 was due to losses on Australian dollar foreign currency derivative contracts entered into to economically hedge the proposed GrainCorp Limited (GrainCorp) acquisition. The gain on derivatives for the six months and year ended December 31, 2012 relates to the settlement of the Total Return Swap instruments related to the Company's investment in GrainCorp (see Note 4 for more information).

Gain on sale of assets for the year ended December 31, 2014 includes a gain of $156 million upon the Company's effective dilution in the Pacificor (formerly Kalama Export Company) joint venture resulting from the contribution of additional assets by another member in exchange for new equity units and a gain of $126 million on the sale of the fertilizer business. Gain on sale of assets for six months ended December 31, 2012 includes a $39 million gain related to the sale of certain of the Company’s exchange membership interests.

Realized gains on sales of available-for-sale marketable securities totaled $8 million, $8 million, $17 million, and $38 million for the year ended December 31, 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively. Realized gains on sales of available-for-sale marketable securities were immaterial for the year ended December 31, 2014. Realized losses on sales of available-for-sale marketable securities were immaterial for all periods presented. Impairment losses on securities of $6 million, $166 million, $13 million, and $25 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2011, and year ended June 30, 2012, respectively, were classified as asset impairment, exit, and restructuring charges in the consolidated statements of earnings (see Note 19 for more information).