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Assets held for sale
 3 Months Ended
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