v3.3.1.900
Discontinued operations
 12 Months Ended
Dec. 31, 2015
Divestments  
Discontinued operations

21. Discontinued operations

 

On March 31, 2015, APT, our wholly-owned, direct subsidiary, entered into the Purchase Agreement with TerraForm, an affiliate of SunEdison, Inc., to sell our Wind Projects. On June 26, 2015, the sale was completed for aggregate cash proceeds of approximately $335 million after transaction fees, exclusive of transaction-related taxes. We recorded a $46.8 million gain on sale, which is included as a component of income from discontinued operations in the consolidated statements of operations for the year ended December 31, 2015.

 

On March 6, 2014, we sold our outstanding membership interests in Greeley for approximately $1.0 million and recorded a $2.1 million non cash gain on the sale related to the write off of asset retirement obligations. Greeley is accounted for as a component of discontinued operations in the consolidated statements of operations for the years ended December 31, 2015, 2014, and 2013, respectively.

 

On November 5, 2013, we completed the sale of our 60% interest in Rollcast to its remaining shareholders. As consideration for the sale, we were assigned asset management contracts valued at $0.5 million for the Cadillac and Piedmont projects as well as the remaining 2% ownership interest in Piedmont bringing our total ownership to 100%. In return, we paid $0.5 million in cash to the minority owner and forgave an outstanding $1.0 million loan that was provided by us to Rollcast to fund working capital during 2013. Rollcast’s net loss is recorded as loss from discontinued operations in the consolidated statements of operations for the year ended December 31, 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 years ended December 31, 2013.

 

The following table summarizes the December 31, 2014 financial position of the Wind Projects that were classified as assets held for sale:  

 

 

 

 

 

 

 

December 31, 

 

 

 

2014

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$
3.9

 

Accounts receivable

 

 
11.2

 

Other current assets

 

 
2.4

 

 

 

 
17.5

 

Non-current assets:

 

 

 

 

Property, Plant & Equipment

 

 
710.5

 

Equity investments in unconsolidated affiliates

 

 
37.0

 

Other intangible assets, net

 

 
4.3

 

Restricted cash

 

 
19.1

 

Other assets

 

 
2.0

 

Assets held for sale

 

$
790.4

 

 

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable and other accrued liabilities

 

$
5.9

 

Current portion of long-term debt

 

 
6.4

 

Current portion of derivative instruments liability

 

 
3.1

 

 

 

 
15.4

 

Long term liabilities

 

 

 

 

Long-term debt

 

 
242.4

 

Derivative instruments liability

 

 
10.0

 

Other long-term liabilities

 

 
4.0

 

Liabilities held for sale

 

$
271.8

 

 

 

 

 

 

Noncontrolling interests held for sale

 

 
239.0

 

 

 

 

 

 

 

The following tables summarize the revenue, loss from operations, and income tax expense of the Wind Projects, Greeley, Rollcast, Path 15 and the Florida Projects for the years ended December 31, 2015, 2014, and 2013:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2015

 

2014

 

2013

 

Revenue

 

$
34.8

 

$
79.3

 

$
149.9

 

Project expenses:

 

 

 

 

 

 

 

 

 

 

Fuel

 

 

 —

 

 

 —

 

 
30.6

 

Operations and maintenance

 

 
10.8

 

 
21.1

 

 
33.2

 

Depreciation and amortization

 

 
10.3

 

 
40.3

 

 
52.1

 

 

 

 
21.1

 

 
61.4

 

 
115.9

 

Project other income (expense):

 

 

 

 

 

 

 

 

 

 

Change in fair value of derivatives

 

 
(0.7)

 

 
(15.5)

 

 
34.7

 

Equity in earnings of unconsolidated affiliates

 

 
(0.5)

 

 
0.3

 

 
1.1

 

Interest expense, net

 

 
(6.7)

 

 
(14.2)

 

 
(18.1)

 

Gain (loss) on sale of asset

 

 
46.8

 

 
2.0

 

 
(37.8)

 

 

 

 
38.9

 

 
(27.4)

 

 
(20.1)

 

(Loss) income from operations of discontinued businesses

 

 
52.6

 

 
(9.5)

 

 
13.9

 

Income tax expense

 

 
33.1

 

 
19.5

 

 
14.1

 

(Loss) income from operations of discontinued businesses, net of tax

 

 
19.5

 

 
(29.0)

 

 
(0.2)

 

Net loss attributable to noncontrolling interests of discontinued businesses

 

 
(11.0)

 

 
(16.4)

 

 
(3.4)

 

(Loss) income from operations of discontinued businesses, net of noncontrolling interests

 

$
30.5

 

$
(12.6)

 

$
3.2

 

 

The following table summarizes the operating and investing cash flows of the Wind Projects for the years ended December 31, 2015 and 2014:

 

 

 

 

 

 

 

 

 

 

December 31, 

 

 

 

2015

 

2014

 

Cash provided by operating activities

    

$
21.9

    

$
48.3

 

Cash (used in) provided by investing activities

 

 
(12.8)

 

 
4.8

 

 

Basic and diluted earnings (loss) per share related to income (loss) from discontinued operations for the Wind Projects, Florida Projects, Path 15, Greeley and Rollcast was $0.25,  ($0.10), and $0.02 for the years ended December 31, 2015, 2014, and 2013 respectively.