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Assets held for sale and discontinued operations | 9 Months Ended
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Sep. 30, 2013
Assets held for sale and discontinued operations |
Assets held for sale and discontinued operations | 11. Assets held for sale and discontinued operations During the three months ended September 30, 2013, we initiated and approved a plan to sell our 60% interest in Rollcast. Rollcast is classified as held for sale and its net income (loss) is recorded as income (loss) from discontinued operations, net of tax in the statements of operations for the three and nine months ended September 30, 2013 and 2012. Rollcast's loss from discontinued operations includes a $3.5 million impairment of goodwill charge and a $1.4 million impairment of intangible asset charge recorded in the three months ended June 30, 2013. The Florida Projects and Path 15 were sold on April 12, 2013 and April 30, 2013, respectively. Accordingly, the projects' net income (loss) is recorded as income (loss) from discontinued operations, net of tax in the statements of operations for the nine months ended September 30, 2013 and the three and nine months ended September 30, 2012. The following tables summarize the revenue, income (loss) from operations, and income tax expense of Rollcast, Path 15 and the Florida Projects for the three and nine months ended September 30, 2013 and 2012:
|  | Three months ended September 30, |  | Nine months ended September 30, |
--- | --- | --- | --- | --- | ---
(in millions) |  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Revenue |  | $ | — |  | $ | 55.2 |  | $ | 71.6 |  | $ | 158.2 |
Income (loss) from operations of discontinued businesses |  |  | (0.4 | ) |  | 19.5 |  |  | (5.3 | ) |  | 49.7 |
Income tax expense |  |  | — |  |  | 0.5 |  |  | 0.8 |  |  | 0.9 |
Income (loss) from operations of discontinued businesses, net of tax |  | $ | (0.4 | ) | $ | 19.0 |  | $ | (6.1 | ) | $ | 48.8 |
Basic and diluted earnings (loss) per share related to income (loss) from discontinued operations for Rollcast, the Florida Projects and Path 15 were $0.0 and $0.16 for the three month periods ended September 30, 2013 and 2012, respectively, and $(0.05) and $0.42 for the nine month periods ended September 30, 2013 and 2012, respectively. The assets and liabilities of these projects classified as assets held for sale in the accompanying consolidated balance sheets as of September 30, 2013 and December 31, 2012 consisted of the following:
(in millions) |  | September 30, 2013 |  | December 31, 2012 |
--- | --- | --- | --- | --- | ---
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 0.3 |  | $ | 6.5 |
Restricted cash |  |  | — |  |  | 12.6 |
Accounts receivable |  |  | 0.1 |  |  | 21.9 |
Other current assets |  |  | — |  |  | 6.3 |
|  |  | 0.4 |  |  | 47.3 |
Non-current assets: |  |  |  |  |  |  |
Plant, Property & Equipment |  |  | 0.1 |  |  | 111.9 |
Transmission system rights |  |  | — |  |  | 172.4 |
Goodwill |  |  | — |  |  | 8.9 |
Other assets |  |  | — |  |  | 10.9 |
Assets from discontinued operations |  |  | 0.5 |  |  | 351.4 |
Current liabilities: |  |  |  |  |  |  |
Accounts payable and other accrued liabilities |  | $ | 0.1 |  | $ | 16.5 |
Current portion of long-term debt |  |  | — |  |  | 14.3 |
Current portion of derivative instruments liability |  |  | — |  |  | 20.0 |
Other liabilities |  |  | — |  |  | 0.5 |
|  |  | 0.1 |  |  | 51.3 |
Long-term liabilities |  |  |  |  |  |  |
Long-term debt |  |  | — |  |  | 137.7 |
Other long-term liabilities |  |  | — |  |  | — |
Liabilities from discontinued operations |  |  | 0.1 |  |  | 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 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 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 Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: 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 5: 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 6: 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 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 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: 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 + Details
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