Discontinued Operations

3 Months Ended

Feb. 28, 2021

Discontinued Operations And Disposal Groups [Abstract]

NOTE 3—DISCONTINUED OPERATIONS:

The following table summarizes the financial results from discontinued operations of Concentrix included in the Consolidated Statement of Operations:


	February 29, 2020
Revenue	$	1,188,619
Costs and expenses		(1,100,409	)
Interest expense and finance charges and others, net		(14,349	)
Income from discontinued operations before taxes	$	73,861
Provision for income taxes		(19,791	)
Income from discontinued operations, net of taxes	$	54,070

There were no revenues earned or cost and expenses incurred of discontinued operations during the three months ended February 28, 2021. There were no non-cash items or capital expenditures of discontinued operations during the three months ended February 28,2021. For the three months ended February 29, 2020, significant non-cash items and capital expenditures of discontinued operations included in the consolidated statement of cash flows are outlined below:

	Three Months Ended February 29, 2020
Operating activities:
Depreciation and amortization	$	68,794
Share-based compensation		4,191
Provision for doubtful accounts		1,501
Deferred income taxes		(7,036	)
Unrealized foreign exchange (gains) losses		(3,180	)
Investing activities:
Purchases of property and equipment	$	43,888

The following table presents assets and liabilities that were transferred to Concentrix as of December 1, 2020 and presented as discontinued operations in the Consolidated Balance Sheet as of November 30, 2020:

	November 30, 2020
Cash and cash equivalents	$	152,656
Accounts receivable, net		1,079,086
Other current assets		189,323
Current assets of discontinued operations		1,421,065
Property and equipment, net		451,649
Goodwill		1,836,050
Intangible assets, net		798,959
Deferred tax assets		47,423
Other assets		620,099
Noncurrent assets of discontinued operations		3,754,180
Borrowings, current		33,756
Accounts payable		140,575
Accrued compensation and benefits		419,715
Other accrued liabilities		371,069
Income taxes payable		20,725
Current liabilities of discontinued operations		985,840
Long-term borrowings		1,111,362
Other long-term liabilities		601,885
Deferred tax liabilities		153,560
Noncurrent liabilities of discontinued operations	$	1,866,807

In connection with the Separation, $3,813 of accumulated other comprehensive income, net of income taxes, related to foreign currency translation adjustments, cash flow hedges and the pension plan obligation was transferred to Concentrix on the Separation date. Refer to Note 5 - Balance Sheet Components for more information.