Subsequent Event (Notes)

6 Months Ended

Jun. 30, 2013

Subsequent Event [Line Items]

Subsequent Events [Text Block]

17. Subsequent Event

On July 30, 2013, we entered into a Stock and Asset Purchase Agreement (Purchase Agreement) to sell PBMS NA to an affiliate of Apollo Global Management, LLC for $400 million in cash consideration, subject to post-closing purchase price adjustments, as defined in the Purchase Agreement. We estimate that we will incur approximately $8 million of transaction fees and expenses related to this transaction. Completion of the sales transaction is subject to customary closing conditions, and is expected to close in the fourth quarter.

The sale of this business is part of our current transformation strategy to improve the growth profile and profitability of our company. Together with the International Management Services operations that were sold, or are in the process of being sold (see Note 4), our worldwide Management Services operations contributed $921 million, or 19%, of our reported consolidated revenue and $37 million, or 8%, of our reported consolidated net income for the year ended December 31, 2012.

In the third quarter, the results of PBMS NA will be reported as a discontinued operation, and we expect to incur a charge in the range of $80 to $100 million, or $0.40 to $0.50 per share, primarily resulting from a tax gain attributable to the difference between the company's book and tax basis in this business. This estimated charge is subject to post-closing purchase price adjustments, as defined in the Purchase Agreement.