Other (Income) Expense - Net

9 Months Ended

Sep. 30, 2015

Other Income and Expenses [Abstract]

Other (Income) Expense - Net

Other (Income) Expense - Net

The following tables set forth the items in other (income) expense:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2015			2014			2015			2014
	(In millions)
Gain on sale/revaluation of assets	$	(35	)	$	(163	)	$	(139	)	$	(197	)
Loss on debt extinguishment	189			—			189			—
Loss on foreign exchange hedges	—			102			—			102
Other – net	(3		)	5			2			19
Other (Income) Expense - Net	$	151		$	(56	)	$	52		$	(76	)

Gain on sale of assets for the three months ended September 30, 2015 includes a $32 million gain on the sale of the global chocolate business, net of transaction expenses. Gain on sale/revaluation of assets for the nine months endedSeptember 30, 2015 includes the gain on the sale of the global chocolate business of $32 million, gain on the revaluation of the Company’s previously held investments in North Star Shipping and Minmetal in conjunction with the acquisition of the remaining interest of $27 million, gain on sale of a 50% interest in the Barcarena export terminal facility in Brazil to Glencore plc of $68 million, and gain on the sale of the lactic business of $6 million. Gain on sale of assets for the three and nine months endedSeptember 30, 2014 includes a gain of $156 million upon the Company’s effective dilution in the Pacificor joint venture, resulting from the contribution of additional assets by another member in exchange for new equity units.

Loss on debt extinguishment, including transaction expenses of $7 million, for the three and nine months ended September 30, 2015 was related to the cash tender offers and redemption of certain of the Company’s outstanding debentures.

The loss on foreign exchange hedges for the three and nine months endedSeptember 30, 2014 was due to losses on Euro foreign currency derivative contracts entered into to economically hedge the Wild Flavors acquisition.