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 |
| 2013 | | 2012 | | 2012 | | 2011 | | 2012 | | 2011 |
| | | (Unaudited) | | | | (Unaudited) | | | | |
Gain on Golden Peanut revaluation | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | (71 | ) |
(Gain) loss on GrainCorp | 40 |
| | (62 | ) | | (62 | ) | | — |
| | — |
| | — |
|
Gain on sale of assets | (41 | ) | | (64 | ) | | (51 | ) | | (17 | ) | | (30 | ) | | (31 | ) |
Charges from early extinguishment of debt | — |
| | 5 |
| | 5 |
| | 12 |
| | 12 |
| | 15 |
|
(Gains) losses on interest rate swaps | — |
| | — |
| | — |
| | — |
| | — |
| | (30 | ) |
Net (gain) loss on marketable securities transactions | (8 | ) | | (27 | ) | | (6 | ) | | (16 | ) | | (37 | ) | | (12 | ) |
Other – net | (44 | ) | | 22 |
| | 5 |
| | 9 |
| | 26 |
| | (1 | ) |
| $ | (53 | ) | | $ | (126 | ) | | $ | (109 | ) | | $ | (12 | ) | | $ | (29 | ) | | $ | (130 | ) |
Individually significant items included in the table above are:
A gain on Golden Peanut revaluation was recognized in the year ended June 30, 2011 as a result of revaluing the Company’s previously held investment in Golden Peanut in conjunction with the acquisition of the remaining 50 percent interest (“Golden Peanut Gain”).
The loss on GrainCorp for the year ended December 31, 2013 relates to losses on foreign exchange hedges pertaining to foreign currency derivative contracts entered into to economically hedge substantially all of the remaining U.S. dollar cost of the proposed GrainCorp acquisition. In November 2013, the Australian Federal Treasurer issued an order prohibiting the acquisition. As of December 31, 2013, all GrainCorp-related foreign currency derivative contracts have been settled. The gain on GrainCorp 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 and 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, $29 million, $8 million, $17 million, $38 million, and $13 million for the years ended December 31, 2013 and 2012, the six months ended December 31, 2012 and 2011, and the years ended June 30, 2012 and 2011, respectively. Realized losses on sales of available-for-sale marketable securities were immaterial for all periods presented. Impairment losses on securities of $166 million, $12 million, $13 million, and $25 million for the year ended December 31, 2013 and 2012, the six months ended December 31, 2011, and year ended June 30, 2012, were classified as asset impairment, exit, and restructuring charges in the consolidated statements of earnings (see Note 19 for more information).
