Discontinued Operations Discontinued Operations

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On May 14, 2020, we completed the sale of our ASC business for approximately $260 million in cash, subject to customary post-closing adjustments. The ASC business is reported as discontinued operations as of June 30, 2020 and for the three and six months ended June 30, 2020. Applicable amounts in the prior year have been recast to conform to this discontinued operations presentation.

Accordingly, the results of operations from our ASC business and gain on sale of ASC are reported in the accompanying consolidated statements of operations as “discontinued operations, net of taxes” for the periods ended June 30, 2020 and 2019, and the related assets and liabilities are classified as assets and liabilities of discontinued operations as of June 30, 2020 and December 31, 2019 in the accompanying balance sheets. We recognized a net gain of $3.6 million, net of taxes, during the second quarter of 2020 in connection with this sale.

The following table shows the financial results of our discontinued operations (in millions):

	Three Months Ended June 30						Six Months Ended June 30
	2020			2019			2020			2019
Revenues	$	17.7		$	61.9		$	27.2		$	73.6
Expenses
Operating expense	15.4			44.5			22.5			52.3
Depreciation expense	1.7			3.5			1.7			3.5
Selling, general and administrative expense	0.8			2.1			2.8			4.2
Total Expenses	17.9			50.1			27.0			60.0
Other expense	(1.5		)	(1.8		)	(3.0		)	(3.2		)
(Loss) Income from Discontinued Operations Before Taxes	$	(1.7	)	$	10.0		$	(2.8	)	$	10.4
Income tax benefit (expense)	0.4			(2.3		)	0.6			(2.4		)
(Loss) Income from Discontinued Operations, Net of Taxes	$	(1.3	)	$	7.7		$	(2.2	)	$	8.0
Gain on Sale of Discontinued Operations, Net of Taxes	3.6			—			3.6			—
Discontinued Operations, Net of Taxes	$	2.3		$	7.7		$	1.4		$	8.0

The following table shows the assets and liabilities of the discontinued ASC business (in millions):

	June 30		December 31
	2020		2019
Assets of Discontinued Operations:
Rent and other receivables	$	—	$	21.2
Operating assets and facilities, net	—		249.9
Other	—		20.0
Total Assets of Discontinued Operations	$	—	$	291.1
Liabilities of Discontinued Operations:
Accounts payable and accrued expenses	$	—	$	29.7
Deferred income taxes	—		35.8
Other	—		4.0
Total Liabilities of Discontinued Operations	$	—	$	69.5

The following table shows cash flow information for our discontinued operations (in millions):

	Six Months Ended June 30
	2020			2019
Net Cash Used In Operating Activities	$	(8.5	)	$	(4.8	)
Net Cash Provided By (Used In) Investing Activities (1)	238.3			(18.4		)
Net Cash Provided By Financing Activities	21.8			23.2
Cash provided by discontinued operations, net	$	251.6		$	—

________

(1)

Net cash provided by investing activities for the six months ended June 30, 2020 includes proceeds from the sale of ASC of $256.5 million.