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DISCONTINUED OPERATIONS (Tables) (Lending Tree Loans) | 12 Months Ended
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Dec. 31, 2014
Lending Tree Loans |
DISCONTINUED OPERATIONS |
Schedule of revenue and net income (loss) of the discontinued operations | The revenue and net income that are reported as discontinued operations in the accompanying consolidated statements of operations and comprehensive income are as follows (in thousands):
| Year Ended December 31,
| 2014 |  | 2013 |  | 2012
Revenue | $ | 14,256 |  |  | $ | (1,520 | ) |  | $ | 86,833 |
Income (loss) before income taxes (a) | $ | 10,392 |  |  | $ | (4,887 | ) |  | $ | 25,750 |
Income tax benefit (expense) | (543 | ) |  | (54 | ) |  | (1,249 | )
Gain from sale of discontinued operations, net of tax | — |  |  | 9,561 |  |  | 24,373 |
Net income | $ | 9,849 |  |  | $ | 4,620 |  |  | $ | 48,874 |
(a) | Income before income taxes for the year ended December 31, 2012 includes goodwill and intangible asset impairment charges of $1.4 million and restructuring expense totaling $0.3 million. Income before income taxes for the year ended December 31, 2014 includes income from a reduction in the loan loss reserve of $14.1 million. See additional information in "Loan Loss Obligations" below.
Schedule of activity related to loss reserves on previously sold loans | The activity related to loss reserves on previously sold loans is as follows (in thousands):
| Year Ended December 31,
| 2014 |  | 2013 |  | 2012
Loan loss reserve, beginning of period | $ | 28,543 |  |  | $ | 27,182 |  |  | $ | 31,512 |
Provision adjustments (a) | (14,144 | ) |  | 1,531 |  |  | 6,977 |
Change in estimate (b) | — |  |  | — |  |  | (6,493 | )
Charge-offs to reserves | (5,649 | ) |  | (170 | ) |  | (4,814 | )
Loan loss reserve, end of period | $ | 8,750 |  |  | $ | 28,543 |  |  | $ | 27,182 |
(a) | As discussed above, during 2014, LendingTree Loans completed a settlement agreement with the largest investor to which it had sold loans, resulting in an adjustment to the provision.
(b) | During 2012, in order to reflect the Company's exit from the mortgage loan origination business and its commercial objective to pursue bulk settlements with investors, management revised the estimation process for evaluating the adequacy of the reserve for loan losses resulting in a change in estimate.
Schedule of changes in assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | The changes in assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year ended December 31, 2012 are as follows (in thousands):
| December 31, 2012
| Interest Rate Lock Commitments |  | Forward Delivery Contracts |  | Loans Held for Sale
Balance at January 1, 2012 | $ | 9,122 |  |  | $ | 19 |  |  | $ | 295 |
Transfers into Level 3 | — |  |  | — |  |  | 564 |
Transfers out of Level 3 | — |  |  | (845 | ) |  | — |
Total net gains (losses) included in earnings (realized and unrealized) | 73,378 |  |  | 846 |  |  | (147 | )
Purchases, sales, and settlements: |  |  |  |  |
Purchases | — |  |  | — |  |  | — |
Sales | (5,640 | ) |  | (20 | ) |  | (491 | )
Settlements | (3,401 | ) |  | — |  |  | (221 | )
Transfers of IRLCs to closed loans | (73,459 | ) |  | — |  |  | — |
Balance at December 31, 2012 | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of gains (losses) included in earnings relating to assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | The following presents the gains (losses) included in earnings for the year ended December 31, 2012 relating to assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):
| Year Ended December 31, 2012
| Interest Rate Lock Commitments |  | Forward Delivery Contracts |  | Loans Held for Sale
Total net gains (losses) included in earnings, which are included in discontinued operations | $ | 73,378 |  |  | $ | 846 |  |  | $ | (147 | )
Change in unrealized losses relating to assets and liabilities still held at December 31, 2012, which are included in discontinued operations | $ | — |  |  | $ | — |  |  | $ | (412 | )
Schedule of gain/(loss) recognized in the consolidated statements of operations and comprehensive income for derivatives | The gain recognized in the consolidated statements of operations and comprehensive income for derivatives for the year ended December 31, 2012 was as follows (in thousands):
| Location of Gain Recognized in Income on Derivative |  | Year Ended December 31, 2012
Interest Rate Lock Commitments | Discontinued operations |  | $ | 73,378 |
Forward Delivery Contracts | Discontinued operations |  | 4,244 |
Total gain on derivatives |  |  | $ | 77,622 |

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