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Discontinued Operations Discontinued Operations | 9 Months Ended
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Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations On May 14, 2020, we completed the sale of our ASC business for estimated proceeds of $258.3 million in cash, of which $1.1 million was held in escrow as of September 30, 2020 to satisfy potential indemnification claims for one year after the sale date. Accordingly, the results of operations from our ASC business and gain on sale of ASC are reported in the accompanying consolidated statements of operations as “discontinued operations, net of taxes” for the periods ended September 30, 2020 and 2019. The related assets and liabilities are classified as assets and liabilities of discontinued operations as of September 30, 2020 and December 31, 2019 in the accompanying balance sheets. We recognized a net gain of $3.6 million, net of taxes, during the second quarter of 2020 in connection with this sale. In the third quarter of 2020, we recognized a net loss of $0.3 million, net of taxes. The net loss on sale recognized in the current quarter was attributable to final post-closing adjustments and expenses related to the sale. Results of discontinued operations reflect directly attributable revenues, operating and ownership expenses, and income taxes. Results also reflect intercompany allocations for interest. Interest expense was zero and $2.0 million for the three and nine months ended September 30, 2020, compared to $1.6 million and $4.6 million for the same periods in 2019. Interest was allocated consistent with GATX's risk-adjusted approach for continuing operations. The following table shows the financial results of our discontinued operations (in millions):
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2020 |  | 2019 |  | 2020 |  | 2019
Revenues | $ | — |  |  | $ | 61.9 |  |  | $ | 27.2 |  |  | $ | 135.5 |
Expenses |  |  |  |  |  |  |
Operating expense | — |  |  | 44.5 |  |  | 22.5 |  |  | 96.8 |
Depreciation expense | — |  |  | 3.6 |  |  | 1.7 |  |  | 7.1 |
Selling, general and administrative expense | — |  |  | 1.8 |  |  | 2.8 |  |  | 6.0 |
Total Expenses | — |  |  | 49.9 |  |  | 27.0 |  |  | 109.9 |
Other expense | — |  |  | (1.7) |  |  | (3.0) |  |  | (4.9) |
Income (Loss) from Discontinued Operations Before Taxes | $ | — |  |  | $ | 10.3 |  |  | $ | (2.8) |  |  | $ | 20.7 |
Income tax (expense) benefit | — |  |  | (2.4) |  |  | 0.6 |  |  | (4.8) |
Income (Loss) from Discontinued Operations, Net of Taxes | $ | — |  |  | $ | 7.9 |  |  | $ | (2.2) |  |  | $ | 15.9 |
(Loss) Gain on Sale of Discontinued Operations, Net of Taxes | (0.3) |  |  | — |  |  | 3.3 |  |  | — |
Discontinued Operations, Net of Taxes | $ | (0.3) |  |  | $ | 7.9 |  |  | $ | 1.1 |  |  | $ | 15.9 |
The following table shows the assets and liabilities of the discontinued ASC business (in millions):
| September 30 |  | December 31
| 2020 |  | 2019
Assets of Discontinued Operations: |  |  |
Rent and other receivables | $ | — |  |  | $ | 21.2 |
Operating assets and facilities, net | — |  |  | 249.9 |
Other | — |  |  | 20.0 |
Total Assets of Discontinued Operations | $ | — |  |  | $ | 291.1 |
Liabilities of Discontinued Operations: |  |  |
Accounts payable and accrued expenses | $ | — |  |  | $ | 29.7 |
Deferred income taxes | — |  |  | 35.8 |
Other | — |  |  | 4.0 |
Total Liabilities of Discontinued Operations | $ | — |  |  | $ | 69.5 |
The following table shows cash flow information for our discontinued operations (in millions):
| Nine Months Ended September 30
| 2020 |  | 2019
Net Cash (Used In) Provided By Operating Activities | $ | (8.5) |  |  | $ | 18.9 |
Net Cash Provided By (Used In) Investing Activities (1) | 240.9 |  |  | (18.7) |
Net Cash Provided By (Used In) Financing Activities | 21.8 |  |  | (0.2) |
Cash provided by discontinued operations, net | $ | 254.2 |  |  | $ | — |
________ (1) Net cash provided by investing activities for the nine months ended September 30, 2020 includes proceeds from the sale of ASC of $257.2 million.

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- References No definition available. + Details
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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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