a waiver agreement with the requisite lenders pertaining to third quarter reporting deliverables and compliance. The net loss on extinguishment of debt of $16.2 million for the year ended December 31, 2015, was primarily due to the termination of the Term Loan and related interest rate swap, the exchange of the previous revolver to the Revolver, prepayment of premium paid in conjunction with the payoff of First Wind indebtedness at the acquisition date and termination of financing lease obligations upon acquisition of the Duke Operating portfolio.
Loss on Foreign Currency Exchange, net
We incurred a net loss on foreign currency exchange of $13.0 million for the year ended December 31, 2016, primarily due to a $14.4 million unrealized loss on the remeasurement of intercompany loans, which are primarily denominated in British pounds. These remeasurement losses were offset by $1.3 million of realized and unrealized net gains on foreign currency derivatives.
Loss on Investments and Receivables - Affiliate
We incurred a net loss on investments and receivables - affiliate of $3.3 million and $16.1 million during the years ended December 31, 2016 and 2015, respectively. We recognized $3.3 million and $4.8 million loss during 2016 and 2015, respectively, related to recording a bad debt reserve for outstanding receivables from debtors in the SunEdison Bankruptcy. The year ended December 31, 2015, also includes an $11.3 million loss on investment due to residential project cancellations driven by the SunEdison Bankruptcy.
Other expenses, net
Other expenses were $2.2 million for the year ended December 31, 2016. This was primarily due to $4.2 million loss on the investments offset by $2.0 million of other miscellaneous income. Other expenses were $7.4 million for the year ended December 31, 2015. This was primarily due to $4.2 million loss on investments and $3.2 million of other miscellaneous loss.
Income Tax Expense (Benefit)
Income tax expense from continuing operations was $0.5 million for the year ended December 31, 2016, compared to an income tax benefit of $13.2 million during the same period in 2015. For the year ended December 31, 2016, the overall effective tax rate was different than the statutory rate of 35% primarily due to loss allocated to the recording of a valuation allowance on certain tax benefits attributed to the Company, loss allocated to non-controlling interests, the impairment of goodwill at Capital Dynamics, and the effect of state taxes. The benefit in 2015 was primarily driven by the intraperiod allocation rules under ASC 740, as the Company recognized $14.6 million of offsetting income tax expense in other comprehensive loss. As of December 31, 2016, most jurisdictions are in a net deferred tax asset position. A valuation allowance is recorded against the deferred tax assets primarily because of the history of losses in those jurisdictions.
Net Loss Attributable to Non-Controlling Interests
Net loss attributable to non-controlling interests including redeemable non-controlling interests, was $111.7 million for the year ended December 31, 2016. This was primarily the result of a $65.7 million loss attributable to SunEdison's interest in Terra LLC's net income during the year ended December 31, 2016 and a $46.0 million loss attributable to project-level tax equity partnerships. Net loss attributable to non-controlling interests was $129.9 million for the year ended December 31, 2015. This was primarily the result of $51.5 million loss attributable to SunEdison's and R/C US Solar Investment Partnership, L.P's ("Riverstone") interest in Terra LLC's net income during the year ended December 31, 2015 and a $72.4 million loss attributable to project-level tax equity partnerships.