Discontinued Operations

6 Months Ended

Jun. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

3. Discontinued Operations

As a result of the agreement to sell SS/L (see Note 1), we have reclassified SS/L’s operations as discontinued operations in our condensed consolidated financial statements for the three and six months ended June 30, 2012 and 2011.

The following is a summary of SS/L’s assets and liabilities held for sale as of June 30, 2012 (in thousands):

	June 30,
	2012
Assets
Current assets	$	340,010
Property, plant and equipment, net		211,008
Long-term receivables		352,235
Other assets		102,056
Total assets held for sale	$	1,005,309

	June 30,
	2012
Liabilities
Current liabilities	$	435,716
Pension and other postretirement liabilities		268,020
Long-term liabilities		26,229
Total liabilities held for sale	$	729,965

The following is a summary of SS/L’s operating results which are included in income from discontinued operations (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Revenues	$	294,377		$	252,422		$	581,090		$	532,321
Operating income		8,765			22,040			11,123			54,585
Income before income taxes		13,170			25,750			25,038			63,221
Income tax provision		(8,233	)		(10,965	)		(11,593	)		(23,831	)
Net income		4,937			14,785			13,445			39,390