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Discontinued Operations | 9 Months Ended
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Sep. 30, 2013
Discontinued Operations |
5. | DISCONTINUED OPERATIONS
In November 2011, CCA announced its joint decision with the state of Mississippi to cease operations at the state-owned 1,172-bed Delta Correctional Facility in Greenwood, Mississippi. In December 2011, CCA began the process of transferring the population of approximately 900 inmates from the facility, which was completed in January 2012. During the second quarter of 2013, CCA announced that the TDCJ elected not to renew its contract for the 2,216-bed managed-only Dawson State Jail due to a legislative budget reduction. As a result, upon expiration of the contract in August 2013, CCA ceased operations of the Dawson State Jail. During the second quarter of 2013, CCA also received notification that it was not selected for the continued management of the 1,000-bed Wilkinson County Correctional Facility at the end of the contract on June 30, 2013. Accordingly, the results of operations, net of taxes, and the assets and liabilities of these three facilities have been reported as discontinued operations for all periods presented. The following table summarizes the results of operations for the facilities classified as discontinued operations for the three and nine months ended September 30, 2013 and 2012 (in thousands):
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
REVENUE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Managed-only |  | $ | 2,007 |  |  | $ | 9,126 |  |  | $ | 19,984 |  |  | $ | 27,237 |
|  |  | 2,007 |  |  |  | 9,126 |  |  |  | 19,984 |  |  |  | 27,237 |
EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Managed-only |  |  | 2,945 |  |  |  | 8,747 |  |  |  | 22,529 |  |  |  | 27,252 |
Depreciation and amortization |  |  | 124 |  |  |  | 224 |  |  |  | 799 |  |  |  | 645 |
Asset impairments |  |  | — |  |  |  | — |  |  |  | 2,637 |  |  |  | — |
|  |  | 3,069 |  |  |  | 8,971 |  |  |  | 25,965 |  |  |  | 27,897 |
OPERATING (LOSS) INCOME |  |  | (1,062 | ) |  |  | 155 |  |  |  | (5,981 | ) |  |  | (660 | )
Other (expense) income |  |  | (16 | ) |  |  | — |  |  |  | (17 | ) |  |  | 90 |
(LOSS) INCOME FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES |  |  | (1,078 | ) |  |  | 155 |  |  |  | (5,998 | ) |  |  | (570 | )
Income tax benefit (expense) |  |  | 415 |  |  |  | (56 | ) |  |  | 2,241 |  |  |  | 215 |
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, NET OF TAXES |  | $ | (663 | ) |  | $ | 99 |  |  | $ | (3,757 | ) |  | $ | (355 | )
The assets and liabilities of the discontinued operations presented in the accompanying consolidated balance sheets are as follows (in thousands):
|  | September 30, 2013 |  |  | December 31, 2012 |
ASSETS |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 129 |  |  | $ | 93 |
Accounts receivable |  |  | 67 |  |  |  | 5,680 |
Prepaid expenses and other current assets |  |  | 345 |  |  |  | 676 |
Total current assets |  |  | 541 |  |  |  | 6,449 |
Property and equipment, net |  |  | — |  |  |  | 2,309 |
Goodwill |  |  | — |  |  |  | 831 |
Other assets |  |  | 25 |  |  |  | 30 |
Total assets |  | $ | 566 |  |  | $ | 9,619 |
LIABILITIES |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 1,066 |  |  | $ | 1,827 |
Total current liabilities |  | $ | 1,066 |  |  | $ | 1,827 |

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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 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 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 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: 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 5: 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 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 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: 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 9: 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 + Details
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