NOTE 2. OTHER INCOME, NET
Other income, net consists of the following:
|
| | | | | | | | | | | | |
Years ended June 30, | | 2013 | | 2012 | | 2011 |
Interest income on corporate funds | | $ | (64.5 | ) | | $ | (85.2 | ) | | $ | (88.8 | ) |
Realized gains on available-for-sale securities | | (32.1 | ) | | (32.1 | ) | | (38.0 | ) |
Realized losses on available-for-sale securities | | 3.5 |
| | 7.7 |
| | 3.6 |
|
Impairment losses on available-for-sale securities | | — |
| | 5.8 |
| | — |
|
Impairment losses on assets held for sale | | — |
| | 2.2 |
| | 11.7 |
|
Gains on sales of buildings | | (2.2 | ) | | — |
| | (1.8 | ) |
Gain on sale of assets | | — |
| | (66.0 | ) | | — |
|
Other, net | | (0.9 | ) | | (3.2 | ) | | (3.3 | ) |
Other income, net | | $ | (96.2 | ) | | $ | (170.8 | ) | | $ | (116.6 | ) |
During fiscal 2013, the Company completed the sale of two buildings that were previously classified as assets held for sale on the Consolidated Balance Sheets and, as a result, recorded gains of $2.2 million in other income, net, on the Statements of Consolidated Earnings.
During fiscal 2012, the Company sold assets related to rights and obligations to resell a third-party expense management platform, and, as a result, recorded a gain of $66.0 million in other income, net, on the Statements of Consolidated Earnings.
During fiscal 2012, the Company completed the sale of two buildings for their combined carrying value of $6.9 million, net of selling costs. The Company had previously classified these assets as assets held for sale on the Consolidated Balance Sheets and recognized impairment losses within other income, net on the Statements of Consolidated Earnings of $2.2 million and $11.7 million in fiscal 2012 and 2011, respectively. During fiscal year 2011, the Company sold buildings that were previously classified as assets held for sale on the Consolidated Balance Sheets and, as a result, recorded net gains of $1.8 million, in other income, net on the Statements of Consolidated Earnings.
During fiscal 2012, the Company concluded that it had the intent to sell certain available-for-sale securities with unrealized losses of $5.8 million. As such, the Company recorded an impairment charge of $5.8 million in other income, net, on the Statements of Consolidated Earnings. As of June 30, 2012, all such securities had been sold.
