a subsidiary of Coca-Cola Amatil. This proposed investment is expected to close in mid to late 2015. 

Foreign Exchange 

Our international operations are subject to certain opportunities and risks, including currency fluctuations and governmental actions. We closely monitor our operations in each country and seek to adopt appropriate strategies that are responsive to changing economic and political environments, and to fluctuations in foreign currencies. 

In 2014, we used 71 functional currencies. Due to our global operations, weakness in some of these currencies might be offset by strength in others. In2014, 2013 and 2012, the weighted-average exchange rates for foreign currencies in which the Company conducted operations (all operating currencies), and for certain individual currencies, strengthened (weakened) against the U.S. dollar 

These percentages do not include the effects of our hedging activities and, therefore, do not reflect the actual impact of fluctuations in foreign currency exchange rates on our operating results. Our foreign currency management program is designed to mitigate, over time, a portion of the impact of exchange rate changes on our net income and earnings per share. 

The total currency impact on net operating revenues, including the effect of our hedging activities, was a decrease of 2 percent in both2014 and 2013. The total currency impacts on income before income taxes, including the effect of our hedging activities, were decreases of 9 percent in 2014 and 5 percent in 2013. Based on current spot rates and our existing hedge positions, we estimate that currency will have an unfavorable impact of 5 percent on net operating revenues and an unfavorable impact of 7 to 8 percent on income before income taxes for the full year of 2015. For the first quarter of 2015, we estimate that currency will have an unfavorable impact of 6 percent on net operating revenues and an unfavorable impact of 8 percent on income before income taxes. 

Foreign currency exchange gains and losses are primarily the result of the remeasurement of monetary assets and liabilities from certain currencies into functional currencies. The effects of the remeasurement of these assets and liabilities are partially offset by the impact of our economic hedging program for certain exposures on our consolidated balance sheets. Refer to Note 5 of Notes to Consolidated Financial Statements. Foreign currency exchange gains and losses are included as a component of other income (loss) — net in our consolidated financial statements. Refer to the heading "Operations Review — Other Income (Loss) — Net" above. The Company recorded foreign currency exchange losses of $569 million, $162 million and $2 million in 2014, 2013 and 2012, respectively. 

Hyperinflationary Economies 

A hyperinflationary economy is one that has cumulative inflation of100 percent or more over a three-year period. In accordance with accounting principles generally accepted in the United States, local subsidiaries in hyperinflationary economies are required to use the U.S. dollar as their functional currency and remeasure the monetary assets and liabilities not denominated in U.S.