12.   Other Income (Expense), Net

For the three and nine months ended September 30, 2020, other income (expense), net consisted of an expense of $23.7 million and $32.3 million, respectively, primarily due to losses from foreign currency exchange and losses on fuel hedges released into earnings as a result of the forecasted transactions no longer being probable. For the three months ended September 30, 2019, other income (expense), net was income of $10.3 million primarily due to foreign currency exchange gains. For the nine months ended September 30, 2019, other income (expense), net was income of $13.4 million primarily due to gains from insurance proceeds and a litigation settlement and foreign currency exchange gains.

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