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Discontinued Operations | 6 Months Ended
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Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations |
4. | DISCONTINUED OPERATIONS:
On August 4, 2015, Quanta completed the sale of its fiber optic licensing operations to Crown Castle, pursuant to a stock purchase agreement entered into on April 29, 2015. The aggregate purchase price was approximately $1 billion in cash, resulting in estimated after-tax net proceeds of approximately $830 million. In the third quarter of 2015, Quanta expects to recognize an estimated net of tax gain of approximately $175 million. As of June 30, 2015, Quanta determined that its fiber optic licensing operations met the requirements to be classified as held for sale and presented as discontinued operations. Accordingly, Quanta has presented the results of operations, financial position, cash flows and disclosures related to the fiber optic licensing operations as discontinued operations in the accompanying unaudited condensed consolidated financial statements. The results were previously included in the Fiber Optic Licensing and Other segment. Also in connection with the sale, Quanta will remain liable for all income related taxes and insured claims associated with the fiber optic licensing operations arising on or before or outstanding as of August 4, 2015. The following represents a reconciliation of the major classes of line items constituting income from discontinued operations before tax related to Quanta’s fiber optic licensing operations (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Major classes of line items constituting pretax income from fiber optic licensing operations: |  |  |  |
Revenues |  | $ | 25,692 |  |  | $ | 26,341 |  |  | $ | 51,262 |  |  | $ | 53,467 |
Expenses: |  |  |  |
Cost of services (including depreciation) |  |  | 10,896 |  |  |  | 9,102 |  |  |  | 21,711 |  |  |  | 20,211 |
Selling, general and administrative expenses |  |  | 5,106 |  |  |  | 4,230 |  |  |  | 9,881 |  |  |  | 8,672 |
Amortization of intangible assets |  |  | 413 |  |  |  | 413 |  |  |  | 825 |  |  |  | 825 |
Other income (expense) items that are not major |  |  | 9 |  |  |  | — |  |  |  | 10 |  |  |  | 2 |
Net income before taxes of discontinued operations related to fiber optic licensing operations related to major classes of income before taxes |  |  | 9,286 |  |  |  | 12,596 |  |  |  | 18,855 |  |  |  | 23,761 |
Provision for (benefit from) income taxes |  |  | (4,816 | ) |  |  | 4,967 |  |  |  | (1,042 | ) |  |  | 9,166 |
Net income from discontinued operations related to fiber optic licensing operations as presented in the statements of operations |  | $ | 14,102 |  |  | $ | 7,629 |  |  | $ | 19,897 |  |  | $ | 14,595 |
The following represents a reconciliation of the carrying amounts of major classes of assets and liabilities of fiber optic licensing operations (in thousands):
|  | June 30, 2015 |  |  | December 31, 2014 |
Carrying amounts of major classes of assets included as part of fiber optic licensing operations: |  |  |  |
Current assets: |  |  |  |
Accounts receivable |  | $ | 6,771 |  |  | $ | 11,429 |
Prepaid expenses and other current assets |  |  | 2,301 |  |  |  | 11,287 |
Total current assets of fiber optic licensing operations |  | $ | 9,072 |  |  | $ | 22,716 |
Non-current assets: |  |  |  |
Property and equipment |  | $ | 392,229 |  |  | $ | 380,554 |
Other intangible assets, net of accumulated amortization |  |  | 16,184 |  |  |  | 17,009 |
Goodwill |  |  | 334,790 |  |  |  | 334,790 |
Total major classes of non-current assets of fiber optic licensing operations |  |  | 743,203 |  |  |  | 732,353 |
Other non-current assets included in fiber optic licensing operations |  |  | 9,396 |  |  |  | 6,709 |
Total non-current assets of fiber optic licensing operations |  | $ | 752,599 |  |  | $ | 739,062 |
Carrying amounts of major classes of liabilities of fiber optic licensing operations: |  |  |  |
Current Liabilities: |  |  |  |
Accounts payable and accrued expenses |  | $ | 17,975 |  |  | $ | 21,091 |
Deferred income taxes |  |  | 49,668 |  |  |  | — |
Total current liabilities of fiber optic licensing operations |  | $ | 67,643 |  |  | $ | 21,091 |
Non-current Liabilities: |  |  |  |
Deferred income taxes |  | $ | — |  |  | $ | 66,137 |
Long-term deferred revenue |  |  | 47,855 |  |  |  | 48,231 |
Total major classes of non-current liabilities of fiber optic licensing operations |  |  | 47,855 |  |  |  | 114,368 |
Other non-current liabilities of fiber optic licensing operations |  |  | 206 |  |  |  | 193 |
Total non-current liabilities of fiber optic licensing operations |  | $ | 48,061 |  |  | $ | 114,561 |

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