Other Non-Operating Income

6 Months Ended

Jun. 30, 2017

Other Nonoperating Income (Expense) [Abstract]

Other Non-Operating Income

OTHER NON-OPERATING INCOME

A summary of non-operating income is as follows:

	Three Months Ended   June 30					Six Months Ended   June 30
(in thousands)	2017		2016			2017			2016
Foreign currency gain (loss), net	$	3,466	$	(24,084	)	$	5,194		$	(29,527	)
(Loss) gain on sales of businesses	—		—			(342		)	18,931
Gain on sale of land	—		34,072			—			34,072
Gain on sales of marketable equity securities (see Note 2)	—		4,502			—			6,256
Gain on the formation of a joint venture	—		3,232			—			3,232
Other, net	603		1,278			66			1,132
Total Other Non-Operating Income	$	4,069	$	19,000		$	4,918		$	34,096

In the second quarter of 2016, the Company sold the remaining portion of the Robinson Terminal real estate retained from the sale of the Publishing Subsidiaries, for a gain of $34.1 million.

In June 2016, Residential contributed assets to a joint venture entered into with a Michigan hospital in exchange for a 40% equity interest and other assets, resulting in a $3.2 million gain (see Note 3). The Company used an income and market approach to value the equity interest. The measurement of the equity interest in the joint venture is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed in the determination of the fair value.

In the first quarter of 2016, Kaplan sold Colloquy, which was a part of Kaplan corporate and other, for a gain of $18.9 million.