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DISCONTINUED OPERATIONS | 9 Months Ended
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Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | NOTE 3—DISCONTINUED OPERATIONS On June 30, 2020, as part of the Separation described in “Note 1—The Company and Summary of Significant Accounting Policies,” the operations of Former IAC businesses other than Match Group are presented as discontinued operations. The components of assets and liabilities of discontinued operations in the accompanying consolidated balance sheet at December 31, 2019 consisted of the following:
| December 31, 2019
| (In thousands)
Cash and cash equivalents | $ | 2,673,619 |
Marketable securities | 19,993 |
Accounts receivable, net | 181,875 |
Other current assets | 152,592 |
Total current assets in discontinued operations | $ | 3,028,079 |
Property and equipment, net | $ | 270,288 |
Goodwill | 1,614,623 |
Intangible assets, net | 350,150 |
Long-term investments | 347,976 |
Other non-current assets | 247,746 |
Total non-current assets in discontinued operations | $ | 2,830,783 |
Current portion of long-term debt | $ | 13,750 |
Accounts payable, trade | 74,166 |
Deferred revenue | 178,647 |
Accrued expenses and other current liabilities | 322,333 |
Total current liabilities in discontinued operations | $ | 588,896 |
Long-term debt, net | $ | 231,946 |
Income taxes payable | 6,410 |
Deferred income taxes | 28,751 |
Other long-term liabilities | 180,307 |
Total long-term liabilities in discontinued operations | $ | 447,414 |
The key components of earnings (loss) from discontinued operations for the three and nine months ended September 30, 2020 and 2019 consist of the following:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
| (In thousands)
Revenue | $ | — |  |  | $ | 705,381 |  |  | $ | 1,410,485 |  |  | $ | 2,035,284 |
Operating costs and expenses | — |  |  | (694,765) |  |  | (1,840,178) |  |  | (2,079,354) |
Operating income (loss) | — |  |  | 10,616 |  |  | (429,693) |  |  | (44,070) |
Interest expense | — |  |  | (3,139) |  |  | (3,772) |  |  | (10,491) |
Other (expense) income | — |  |  | (1,559) |  |  | (2,503) |  |  | 44,014 |
Income tax benefit | 508 |  |  | 16,063 |  |  | 69,898 |  |  | 55,396 |
Earnings (loss) from discontinued operations | 508 |  |  | 21,981 |  |  | (366,070) |  |  | 44,849 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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