Other (Income) Expense – Net

The following table sets forth the items in other (income) expense:



(In millions)	Year Ended December 31
	2015			2014			2013

Gain on sale and revaluation of assets	$	(572	)	$	(351	)	$	(41	)
Loss on debt extinguishment	189			—			—
Loss on derivatives	—			102			40
Gain on marketable securities transactions	—			—			(8		)
Other – net	62			2			(44		)
	$	(321	)	$	(247	)	$	(53	)

Individually significant items included in the table above are:

Gain on sale and revaluation of assets for the year ended December 31, 2015 includes a gain of $256 million related primarily to the sale of the cocoa, chocolate, and lactic businesses, a gain of $212 million on the revaluation of the Company’s previously held equity investments in North Star Shipping, Minmetal, and Eaststarch C.V. in conjunction with the acquisition of the remaining interests, and a gain of $62 million on the sale of a 50% interest in the Barcarena export terminal facility in Brazil to Glencore plc. Gain on sale and revaluation 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) 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.

Loss on debt extinguishment, including transaction expenses of $7 million, for the year ended December 31, 2015 was related to the cash tender offers and redemption of certain of the Company’s outstanding debentures.

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.

Realized gains on sales of available-for-sale marketable securities totaled $8 million for the year ended December 31, 2013. Realized gains on sales of available-for-sale marketable securities were immaterial for the years ended December 31, 2015 and 2014. Realized losses on sales of available-for-sale marketable securities were immaterial for all periods presented. Impairment losses on securities of $6 million and $166 million for the years ended December 31, 2014 and 2013, respectively, were classified as asset impairment, exit, and restructuring charges in the consolidated statements of earnings (see Note 19 for more information). There were no impairment losses on securities for the year ended December 31, 2015.

Other - net for the year ended December 31, 2015 includes $45 million of loss provisions related to the Company’s Brazilian sugar ethanol facilities.