Discontinued Operations

9 Months Ended

Sep. 30, 2012

Discontinued Operations

3. Discontinued Operations

As a result of the sale of 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 nine months ended September 30, 2012 and 2011.

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

	September 30,
	2012
Assets
Current assets	$	330,342
Property, plant and equipment, net		213,140
Long-term receivables		348,276
Other assets		67,778
Total assets held for sale	$	959,536
	September 30,
	2012
Liabilities
Current liabilities	$	368,274
Pension and other postretirement liabilities		254,854
Long-term liabilities		28,832
Total liabilities held for sale	$	651,960

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Revenues	$	280,305		$	268,845		$	861,395		$	801,166
Operating income		4,665			18,447			15,788			73,032
Income before income taxes		9,127			22,054			34,165			85,275
Income tax provision		(4,856	)		(1,797	)		(16,449	)		(25,628	)
Net income		4,271			20,257			17,716			59,647