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Discontinued Operations | 6 Months Ended
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Jun. 30, 2015
Discontinued Operations. |
Discontinued Operations | 3. Discontinued Operations In August 2012, our Venezuelan subsidiary sold its previously nationalized assets to PDVSA Gas, S.A. (“PDVSA Gas”) for a purchase price of approximately $441.7 million. We received installment payments, including an annual charge, totaling $18.1 million during the three months ended June 30, 2014, and $18.7 million and $35.9 million during the six months ended June 30, 2015 and 2014, respectively. The remaining principal amount due to us of approximately $99 million as of June 30, 2015, is payable in quarterly cash installments through the third quarter of 2016. We have not recognized amounts payable to us by PDVSA Gas as a receivable and will therefore recognize quarterly payments received in the future as income from discontinued operations in the periods such payments are received. In July 2015, we received an additional installment payment, including an annual charge, of $18.9 million. The proceeds from the sale of the assets are not subject to Venezuelan national taxes due to an exemption allowed under the Venezuelan Reserve Law applicable to expropriation settlements. In addition, and in connection with the sale, we and the Venezuelan government agreed to waive rights to assert certain claims against each other. In connection with the sale of these assets, we have agreed to suspend the arbitration proceeding previously filed by our Spanish subsidiary against Venezuela pending payment in full by PDVSA Gas of the purchase price for these nationalized assets. In December 2013, we abandoned our contract water treatment business as part of our continued emphasis on simplification and focus on our core businesses. The abandonment of this business meets the criteria established for recognition as discontinued operations under GAAP. Therefore, our contract water treatment business is reflected as discontinued operations in our condensed consolidated financial statements. This business was previously included in our North American contract operations business segment. During the three months ended June 30, 2015, we restored the remaining tax deductible temporary differences relating to our contract water treatment business that were reversed in the first quarter of 2015 resulting in deferred tax assets associated with discontinued operations. There was no impact on income from discontinued operations, net of tax, as the restoration resulted in a reduction to deferred tax assets for net operating losses previously reflected as current deferred income taxes in our condensed consolidated balance sheet as of March 31, 2015. The following tables summarize the operating results of discontinued operations (in thousands):
|  | Three Months Ended June 30, 2015 |  | Three Months Ended June 30, 2014 |
|  | Venezuela |  | Contract Water Treatment Business |  | Total |  | Venezuela |  | Contract Water Treatment Business |  | Total |
Revenue |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Expenses and selling, general and administrative |  | 150 |  | 187 |  | 337 |  | 121 |  | 104 |  | 225 |
Recovery attributable to expropriation |  | (476 | ) | — |  | (476 | ) | (16,563 | ) | — |  | (16,563 | )
Other (income) loss, net |  | (53 | ) | — |  | (53 | ) | (1,472 | ) | 120 |  | (1,352 | )
Benefit from income taxes |  | — |  | (62 | ) | (62 | ) | — |  | (79 | ) | (79 | )
Income (loss) from discontinued operations, net of tax |  | $ | 379 |  | $ | (125 | ) | $ | 254 |  | $ | 17,914 |  | $ | (145 | ) | $ | 17,769 |
|  | Six Months Ended June 30, 2015 |  | Six Months Ended June 30, 2014 |
|  | Venezuela |  | Contract Water Treatment Business |  | Total |  | Venezuela |  | Contract Water Treatment Business |  | Total |
Revenue |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Expenses and selling, general and administrative |  | 234 |  | 259 |  | 493 |  | 245 |  | 177 |  | 422 |
Recovery attributable to expropriation |  | (16,982 | ) | — |  | (16,982 | ) | (32,984 | ) | — |  | (32,984 | )
Other (income) loss, net |  | (2,374 | ) | — |  | (2,374 | ) | (3,858 | ) | (27 | ) | (3,885 | )
Benefit from income taxes |  | — |  | (104 | ) | (104 | ) | — |  | (49 | ) | (49 | )
Income (loss) from discontinued operations, net of tax |  | $ | 19,122 |  | $ | (155 | ) | $ | 18,967 |  | $ | 36,597 |  | $ | (101 | ) | $ | 36,496 |
The following table summarizes the balance sheet data for discontinued operations (in thousands):
|  | June 30, 2015 |  | December 31, 2014 |
|  | Venezuela |  | Contract Water Treatment Business |  | Total |  | Venezuela |  | Contract Water Treatment Business |  | Total |
Cash |  | $ | 358 |  | $ | — |  | $ | 358 |  | $ | 431 |  | $ | — |  | $ | 431 |
Accounts receivable |  | — |  | — |  | — |  | 2 |  | 69 |  | 71 |
Other current assets |  | 39 |  | — |  | 39 |  | 35 |  | — |  | 35 |
Total current assets associated with discontinued operations |  | 397 |  | — |  | 397 |  | 468 |  | 69 |  | 537 |
Deferred tax assets |  | — |  | 16,506 |  | 16,506 |  | — |  | 17,469 |  | 17,469 |
Total assets associated with discontinued operations |  | $ | 397 |  | $ | 16,506 |  | $ | 16,903 |  | $ | 468 |  | $ | 17,538 |  | $ | 18,006 |
Accounts payable |  | $ | — |  | $ | — |  | $ | — |  | $ | 214 |  | $ | 1 |  | $ | 215 |
Accrued liabilities |  | 769 |  | 160 |  | 929 |  | 1,124 |  | 727 |  | 1,851 |
Total current liabilities associated with discontinued operations |  | 769 |  | 160 |  | 929 |  | 1,338 |  | 728 |  | 2,066 |
Other long-term liabilities |  | 154 |  | — |  | 154 |  | 317 |  | — |  | 317 |
Total liabilities associated with discontinued operations |  | $ | 923 |  | $ | 160 |  | $ | 1,083 |  | $ | 1,655 |  | $ | 728 |  | $ | 2,383 |

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 + Details
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