Discontinued Operations

12 Months Ended

Dec. 31, 2011

Discontinued Operations

Discontinued Operations

24. Discontinued Operations

During the fourth quarter of 2011, the Company sold Securities America to Ladenburg Thalmann Financial Services, Inc. for $150 million in cash and potential future payments if Securities America reaches certain financial criteria. The components of income (loss) from discontinued operations, net of tax, were as follows for the years ended December 31:

	2011			2010			2009
	(in millions)
Total net revenues	$	382		$	467		$	412
Loss from discontinued operations	$	(124	)	$	(40	)	$	—
Gain on sale		26			—			—
Income tax benefit		(38	)		(16	)		(1	)
Income (loss) from discontinued operations, net of tax	$	(60	)	$	(24	)	$	1

Assets and liabilities classified as held for sale as of December 31, 2010 were as follows:

	(in millions)
Assets:
Cash and cash equivalents	$	23
Receivables		40
Other assets		110
Total assets held for sale	$	173
Liabilities:
Long-term debt	$	5
Accounts payable and accrued expenses		26
Other liabilities		48
Total liabilities held for sale	$	79

Included in other assets at December 31, 2010, were $48 million of goodwill and $8 million of intangible assets related to Securities America.