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Discontinued Operations
 12 Months Ended
Aug. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued Operations
During the fourth quarter of fiscal year 2014, we sold the assets of our subsidiary Institute for Professional Development (“IPD”) for $4 million. IPD had insignificant assets and liabilities as of the date of sale and as a result, we realized an immaterial gain on sale during the fourth quarter of fiscal year 2014. We sold IPD because its business was no longer consistent with our long-term strategic objectives due to recent operating losses and limitations on our ability to further develop and expand the domestic business.
During fiscal year 2012, BPP completed the sale of its subsidiary Mander Portman Woodward (“MPW”), a U.K.-based secondary education institution for £54.8 million (equivalent to $85.3 million as of the date of sale). We realized a $26.7 million gain on the sale, net of transaction costs, in fiscal year 2012, with no tax expense associated with the gain because it was not taxable under U.K. tax law. The sale of MPW reflects our strategy to focus on the postsecondary education market.
We do not have significant continuing involvement with IPD or MPW after the respective sales. The operating results of the sold businesses and associated gains on sale are presented as discontinued operations on our Consolidated Statements of Income. We determined cash flows from our discontinued operations individually and in the aggregate are not material and are included with cash flows from continuing operations on our Consolidated Statements of Cash Flows. IPD was included in Other in our segment reporting and MPW was included in our Apollo Global reportable segment.
The following summarizes the operating results for our discontinued operations for the respective periods, which are presented in (loss) income from discontinued operations, net of tax on our Consolidated Statements of Income:
 
Year Ended August 31,
($ in thousands)
2014
 
2013
 
2012
Net revenue
$
22,901

 
$
45,386

 
$
84,356

Gain on sale
809

 
—

 
26,678

Costs and other
(35,163
)
 
(52,364
)
 
(74,772
)
(Loss) income from discontinued operations before income taxes
(11,453
)
 
(6,978
)
 
36,262

Benefit from (provision for) income taxes(1)
4,835

 
2,433

 
(2,763
)
(Loss) income from discontinued operations, net of tax
(6,618
)
 
(4,545
)
 
33,499

Income from discontinued operations, net of tax, attributable to noncontrolling interests(2)
—

 
—

 
(4,871
)
(Loss) income from discontinued operations, net of tax, attributable to Apollo
$
(6,618
)
 
$
(4,545
)
 
$
28,628


(1) There was no tax expense associated with the gain on sale of MPW as discussed above.
(2) The noncontrolling interest represents the portion of MPW’s operating results attributable to Apollo Global’s former noncontrolling shareholder.
The operating results of our discontinued operations only include revenues and costs directly attributable to the discontinued operations. Accordingly, no interest expense or general corporate overhead have been allocated to our discontinued operations. IPD and MPW did not meet the held for sale criteria until the respective periods they were sold.