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Assets held for sale | 3 Months Ended
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Mar. 31, 2013
Assets held for sale |
Assets held for sale | 10. Assets held for sale Path 15 and the Florida Projects have been classified as assets held for sale based on our intention to sell the projects within the next twelve months. We approved a plan to sell these assets prior to December 31, 2012. Accordingly, the assets and liabilities of Path 15 and the Florida Projects have been classified separately as held for sale in the consolidated balance sheets at March 31, 2013 and December 31, 2012 and the projects' net income is recorded as income from discontinued operations, net of tax in the statements of operations for the three months ended March 31, 2013 and 2012. The Florida Projects and Path 15 sales closed on April 12, 2013 and April 30, 2013, respectively. We recorded a $27.5 million reserve related to the sale of the Florida Projects that is included in liabilities associated with assets held for sale on the consolidated balance sheets at March 31, 2013 and in income from discontinued operations on the consolidated statements of operation for the three months ended March 31, 2013. The reserve was recorded as a prepayment of the closing price of the sale transaction resulting from the cash distributions we received from the Florida Projects during the three months ended March 31, 2013. The following tables summarize the revenue, income from operations, and income tax expense of Path 15, Auburndale, Lake, and Pasco for the three months ended March 31, 2013 and 2012 as well as the assets and liabilities held for sale at March 31, 2013 and December 31, 2012:
|  | Three months ended March 31, |
--- | --- | --- | ---
(in millions) |  | 2013 |  | 2012 |
Revenue |  | $ | 63.2 |  | $ | 49.0 |
Income from operations of discontinued businesses |  |  | 1.3 |  |  | 12.2 |
Income tax expense |  |  | 0.4 |  |  | 0.6 |
Income from operations of discontinued businesses, net of tax |  | $ | 0.9 |  | $ | 11.6 |
Basic and diluted earnings per share related to income from discontinued operations for the Path 15, Auburndale, Lake and Pasco projects was $0.01 and $0.10 for the three months ended March 31, 2013 and 2012, respectively.
(in millions) |  | March 31, 2013 |  | December 31, 2012 |
--- | --- | --- | --- | --- | ---
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 5.0 |  | $ | 6.5 |
Restricted cash |  |  | 16.5 |  |  | 12.6 |
Accounts receivable |  |  | 22.6 |  |  | 21.9 |
Other current assets |  |  | 5.6 |  |  | 6.3 |
|  |  | 49.7 |  |  | 47.3 |
Non-current assets assets: |  |  |  |  |  |  |
Property, plant & equipment |  |  | 110.1 |  |  | 111.9 |
Transmission system rights |  |  | 170.5 |  |  | 172.4 |
Goodwill |  |  | 8.9 |  |  | 8.9 |
Other assets |  |  | 7.6 |  |  | 10.9 |
Assets held for sale |  |  | 346.8 |  |  | 351.4 |
Current liabilities: |  |  |  |  |  |  |
Accounts payable and other accrued liabilities |  | $ | 15.5 |  | $ | 16.5 |
Current portion of long-term debt |  |  | 13.0 |  |  | 14.3 |
Current portion of derivative instruments liability |  |  | 11.5 |  |  | 20.0 |
Other liabilities |  |  | 27.8 |  |  | 0.5 |
|  |  | 67.8 |  |  | 51.3 |
Long term liabilities |  |  |  |  |  |  |
Long-term debt |  |  | 137.5 |  |  | 137.7 |
Liabilities held for sale |  |  | 205.3 |  |  | 189.0 |

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 + Details
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