Discontinued Operations Discontinued Operations

3 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

On May 14, 2020, we completed the sale of our ASC business for estimated proceeds of $258.3 million in cash, of which $1.1 million was held in escrow as of March 31, 2021 to satisfy potential indemnification claims for one year after the sale date.

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 period ended March 31, 2021. As a result of the completion of the sale in May 2020, there were no operating results for the period ended March 31, 2021. There were no related assets and liabilities classified as assets and liabilities of discontinued operations as of March 31, 2021 and December 31, 2020 in the accompanying balance sheets.

Results of discontinued operations reflect directly attributable revenues, operating and ownership expenses, and income taxes. Results also reflect intercompany allocations for interest. Interest expense was $1.3 million for the three months ended March 31, 2020. Interest was allocated consistent with GATX's risk-adjusted approach for continuing operations.

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


	Three Months Ended March 31
	2021		2020
Revenues	$	—	$	9.5
Expenses
Operating expense	—		7.1
Selling, general and administrative expense	—		2.0
Total Expenses	—		9.1
Other income (expense)	—		(1.5)
Loss from Discontinued Operations Before Taxes	$	—	$	(1.1)
Income tax benefit	—		0.2
Income (Loss) from Discontinued Operations, Net of Taxes	$	—	$	(0.9)
Loss from Discontinued Operations, Net of Taxes	$	—	$	(0.9)

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


	Three Months Ended March 31
	2021		2020
Net Cash Used In Operating Activities	$	—	$	(1.4)
Net Cash Used In Investing Activities	—		(13.7)
Net Cash Provided By Financing Activities	—		15.2
Cash provided by discontinued operations, net	$	—	$	0.1