Discontinued Operations and Divestitures (Tables)

12 Months Ended

Dec. 31, 2013

The following is a summary of directly attributable transaction expenses which are included in discontinued operations for the years ended December 31, 2013, 2012 and 2011:


	Year Ended December 31, (in thousands)
	2013		2012		2011
WhiteWave	$	12,464	$	18,835	$	—
Morningstar		437		22,875		—

Total	$	12,901	$	41,710	$	—

White Wave And Morningstar

Discontinued Operations

The following is a summary of assets and liabilities attributable to discontinued operations as of December 31, 2012:


	WhiteWave		Morningstar		Total
	(In thousands)
Assets
Current assets	$	353,155	$	154,211	$	507,366
Property, plant and equipment, net		624,642		176,582		801,224
Goodwill		765,586		306,095		1,071,681
Identifiable intangibles and other assets, net		377,236		36,101		413,337

Assets of discontinued operations	$	2,120,619	$	672,989	$	2,793,608

Liabilities
Accounts payable and accrued expenses	$	290,987	$	94,188	$	385,175
Debt		780,550		97		780,647
Other long-term liabilities		293,352		7,047		300,399

Liabilities of discontinued operations	$	1,364,889	$	101,332	$	1,466,221

White Wave And Morningstar | Operating Expense

Discontinued Operations

The following is a summary of operating results and certain other directly attributable expenses, including interest expense, which are included in discontinued operations for the years ended December 31, 2013, 2012 and 2011


	Year Ended December 31,
	2013									2012									2011
	WhiteWave			Morningstar			Total			WhiteWave			Morningstar			Total			WhiteWave			Morningstar			Total
	(In thousands)
Operations:
Net sales	$	940,431		$	5,919		$	946,350		$	2,187,615		$	1,438,371		$	3,625,986		$	1,925,443		$	1,414,302		$	3,339,745
Income / (Loss) before income taxes		57,126			(28	)		57,098			152,164			69,513			221,677			111,796			87,443			199,239
Income tax		(54,306	)⁽¹⁾		11			(54,295	)		(58,566	)		(23,832	)		(82,398	)		(33,967	)		(32,777	)		(66,744	)

Net income / (loss)	$	2,820		$	(17	)	$	2,803		$	93,598		$	45,681		$	139,279		$	77,829		$	54,666		$	132,495

(1)

The income tax expense attributable to WhiteWave during the year ended December 31, 2013 includes approximately $31.1 million related to certain deferred intercompany transactions which were recognized upon the completion of the WhiteWave spin-off. Because these liabilities arose as a direct result of the spin-off of WhiteWave, we have reflected the income statement impact of such liabilities as a component of discontinued operations.

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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