Non-operating Income, Net
The following table presents the components of Non-operating income, net:
|
| | | | | | | | | | | |
| Year Ended December 31, |
| 2013 | | 2012 | | 2011 |
| (In thousands) |
Realized net gain on investments | $ | 18,861 |
| | $ | 102 |
| | $ | 4,246 |
|
Unrealized (loss) gain on contingent interest derivative on Subordinated Convertible Debentures | (17,801 | ) | | 422 |
| | (1,125 | ) |
Interest and dividend income | 1,897 |
| | 2,957 |
| | 5,017 |
|
Income from transition services agreements | — |
| | 2,541 |
| | 8,083 |
|
Other, net | 343 |
| | (458 | ) | | (4,691 | ) |
Total non-operating income, net | $ | 3,300 |
| | $ | 5,564 |
| | $ | 11,530 |
|
The realized net gain on investments in 2013 included gains of $15.8 million from the sale of certain cost method investments, and $3.0 million from the sale of the Company’s investment in the equity securities of a public company. The unrealized losses and gains on the contingent interest derivative on the Subordinated Convertible Debentures reflects the change in value of the derivative that results primarily from the changes in the Company’s stock price. Interest and dividend income is earned principally from the Company’s surplus cash balances and marketable securities. Income from transition services agreements includes fees generated from services provided to the purchasers of divested businesses for a certain period of time to facilitate the transfer of business operations. All transition services were completed in 2012. Other, net, in 2011, includes a $3.9 million out-of-period adjustment recorded for certain non-income taxes related to investments.
