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Other income (expense)
9 Months Ended
Sep. 30, 2022
Other Income and Expenses [Abstract]  
Other Income And Other Expense

(9) Other income (expense)

 

Other income (expense) primarily relate to re-measurement gains and losses associated with our foreign currencies and realized and unrealized gains and losses on our investment in equity securities.

 

As of September 30, 2022, we held 2.4 million shares of Select common stock. During the three and nine months ended September 30, 2022, we recognized unrealized gains of $0.4 million and $0.9 million, respectively from our investment in equity securities. During the nine months ended September 30, 2022, we disposed of 1.7 million shares of Select for $13.4 million, and we recognized gains totaling $3.6 million, respectively, in connection with these transactions. No shares were disposed of during the three months ended September 30, 2022.

 

Losses on foreign currencies during the three and nine months ended September 30, 2022 were $7.0 million and $11.9 million, respectively. Losses on foreign currencies for the three months ended September 30, 2021, the Successor Period and the Predecessor Period were $4.5 million, $4.3 million, and $2.1 million respectively. Losses on foreign currencies during the nine months ended September 30, 2022 include an expense of $2.7 million which represents a correction of an immaterial error relating to a period prior to our emergence from bankruptcy. Gains and losses on foreign currencies are primarily related to our operations in Brazil and Argentina.