NOTE 4 – OTHER INCOME AND EXPENSE

Other Operating (Income) Expense - Net


	2015			2014			2013
Gain on sale of AGI In-Store	$	(35,004	)	$	—		$	—
Clinton Cards secured debt (recovery) impairment		(3,390	)		(4,910	)		8,106
Net loss on disposal of fixed assets		15,983			560			631
Termination of certain agency agreements		—			—			2,125
Miscellaneous		(1,263	)		(3,368	)		(6,532	)

Other operating (income) expense – net	$	(23,674	)	$	(7,718	)	$	4,330

During 2015, the Corporation recognized a gain of $35,004 from the sale of AGI In-Store. The cash proceeds of $73,659 from the sale are included in “Proceeds from sale of AGI In-Store” on the Consolidated Statement of Cash Flows. See Note 3 for further information.

During 2013, based on the initial recovery estimates provided by the Administrators, the Corporation recorded an impairment loss of $8,106 related to the senior secured debt of Clinton Cards. In 2014, the Corporation recorded an impairment recovery of $4,910 based on updated information provided by the Administrators. During the first quarter of 2015, the Administrators further revised their recovery estimates to indicate that the outstanding senior secured debt would be fully recovered. Accordingly, a reversal of the remaining impairment loss of $3,390 was recognized. See Note 3 for further information.

In July 2014, the Corporation sold its current world headquarters location. Net of transaction costs, the Corporation received $13,535 cash from the sale, and recorded a non-cash loss on disposal of $15,544, which loss is included in “Net loss on disposal of fixed assets” in the table above. See Note 3 for further information.

In 2013, the Corporation recorded expenses totaling $2,125 related to the termination of certain agency agreements associated with its licensing business.

“Miscellaneous” in 2013 included, among other things, a gain recognized on the sale of an insignificant non-card product line within the International Social Expression Products segment of $1,432 and a gain recognized on the disposition of assets within the AG Interactive segment of $1,134.

Other Non-Operating Expense (Income) - Net


	2015			2014			2013
Impairment of investment in Schurman	$	—		$	1,935		$	—
Gain related to investment in third party		—			(3,262	)		(4,293	)
Foreign exchange loss (gain)		1,522			(280	)		(2,783	)
Rental income		(1,089	)		(1,714	)		(1,919	)
Miscellaneous		(114	)		25			(179	)

Other non-operating expense (income) – net	$	319		$	(3,296	)	$	(9,174	)

In 2014, the Corporation recognized an impairment loss of $1,935 associated with its investment in Schurman. See Note 1—Consolidation for further information.

The Corporation recognized gains from its investment in a third party of $3,262 and $4,293 in 2014 and 2013, respectively. See Note 1 – Consolidation for further information.