Management’s Discussion and Analysis of Financial Condition and Results of Operations - (continued)
(Amounts in Millions, Except Per Share Amounts)
Net Interest Expense
For 2015, net interest expense increased by $5.5 as compared to 2014, primarily due to lower interest income in the current year. Cash interest expense decreased primarily due to the retirement of our 6.25% Senior Unsecured Notes due 2014 (the "6.25% Notes") in the second quarter of 2014, partially offset by the issuance of our 4.20% Senior Notes due 2024 (the "4.20% Notes") in the second quarter of 2014. Non-cash interest expense increased primarily due to revaluations of mandatorily redeemable noncontrolling interests within our IAN segment.
For 2014, net interest expense decreased by $40.5 as compared to 2013, primarily due to lower borrowing costs in the current year. Cash interest expense decreased primarily due to the redemption of our 6.25% Notes in the second quarter of 2014 and redemption of our 10.00% Senior Unsecured Notes due 2017 (the "10.00% Notes") in the third quarter of 2013, partially offset by the issuance of our 4.20% Notes in the second quarter of 2014. Non-cash interest expense decreased as compared to 2013 primarily due to the write-off of unamortized debt issuance costs during 2013 as part of the amendment of our credit agreement as well as the redemption of the 6.25% Notes and 10.00% Notes.
Other Expense, net
Results of operations include certain items that are not directly associated with our revenue-producing operations.
Years ended December 31,
(Losses) gains on sales of businesses and investments, net
Loss on early extinguishment of debt
Vendor discounts and credit adjustments
Other income (expense), net
Total other expense, net
(Losses) Gains on Sales of Businesses and Investments, net – During 2015, we recognized losses on the sales of businesses on completed dispositions within both our IAN and Constituency Management Group ("CMG") segments and the classification of certain assets as held for sale within our IAN segment. During 2014, we recognized gains from the sale of a business located in Continental Europe within our IAN segment and the sale of investments in our Rabbi Trusts, which were partially offset by a loss from the sale of a business in the domestic market within our IAN segment. During 2013, we recognized gains from the sale of marketable securities in the Asia Pacific region within our IAN segment and the sale of investments in our Rabbi Trusts, which were partially offset by a loss from the sale of a business in the United Kingdom within our IAN segment.
Assets held for sale of $12.1 and liabilities held for sale of $11.9 are included in Other current assets and Accrued liabilities, respectively, on our Consolidated Balance Sheet as of December 31, 2015. These assets and liabilities held for sale, which primarily consist of accounts receivable and accounts payable, respectively, are related to sales of businesses expected to be completed within the next twelve months.
Loss on Early Extinguishment of Debt – During 2014, we recorded a charge of $10.4 related to the redemption of our 6.25% Notes. During 2013, we recorded a charge of $45.2 related to the redemption of our 10.00% Notes. See Note 2 to the Consolidated Financial Statements for further information.
Vendor Discounts and Credit Adjustments – In connection with the liabilities related to vendor discounts and credits established as part of the restatement we presented in our 2004 Annual Report on Form 10-K, these adjustments reflect the reversal of certain of these liabilities primarily where the statute of limitations has lapsed, or as a result of differences resulting from settlements with clients or vendors.
Other Income (Expense), net – During 2015, we recorded a gain related to foreign currency forward exchange contracts within our Corporate and other group. During 2014, we recorded an other-than-temporary impairment on an investment in an unconsolidated affiliate in the Asia Pacific region within our IAN segment. During 2013, other income (expense), net primarily included a non-cash gain on re-measurement to fair value of an equity interest in an affiliate, located in the Asia Pacific region within our CMG segment, upon acquiring a controlling interest.