Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS

v2.4.0.6
DISCONTINUED OPERATIONS
 12 Months Ended
Dec. 31, 2012
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS
NOTE 7 - DISCONTINUED OPERATIONS
The tables below set forth selected financial information related to assets and liabilities held for sale and operating results of our business classified as discontinued operations. Assets and liabilities held for sale represent the assets that are expected to be sold and liabilities expected to be assumed. While the reclassification of revenues and expenses related to discontinued operations for prior periods have no impact upon previously reported net income, the Statements of Consolidated Operations present the revenues and expenses that were reclassified from the specified line items to discontinued operations. The Sonoma operations were previously included in Other within our reportable segments.
The following table presents Statements of Consolidated Financial Position data of the Sonoma operations:
 
(In Millions)
 
December 31,
 
2012
 
2011
ASSETS HELD FOR SALE
 
 
 
Cash and cash equivalents
$
—

 
$
2.3

Accounts receivable
—

 
16.3

Inventories
—

 
18.8

Other current assets
—

 
2.0

Property, plant and equipment, net
—

 
120.5

Assets held for sale
$
—

 
$
159.9

 
 
 
 
LIABILITIES HELD FOR SALE
 
 
 
Accounts payable
$
—

 
$
15.6

Accrued expenses
—

 
1.5

Environmental and mine closure obligations
—

 
8.8

Liabilities held for sale
$
—

 
$
25.9


The following table presents detail of our operations related to our Sonoma operations in the Statements of Consolidated Operations:
 
(In Millions)
 
Year Ended December 31,
 
2012
 
2011
 
2010
REVENUES FROM PRODUCT SALES AND SERVICES
 
 
 
 
 
Product
$
151.6

 
$
230.4

 
$
198.3

 
 
 
 
 
 
GAIN ON SALE FROM DISCONTINUED OPERATIONS, net of tax
38.0

 
—

 
—

INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax
(2.1
)
 
38.6

 
25.6

INCOME (LOSS) and GAIN ON SALE FROM DISCONTINUED OPERATIONS, net of tax
$
35.9

 
$
38.6

 
$
25.6


We recorded a gain of $38.0 million, net of $8.1 million in tax expense in Income (Loss) and Gain on Sale from Discontinued Operations, net of tax in the Statements of Consolidated Operations for the year ended December 31, 2012 related to our sale of the Sonoma operations, which was completed as of November 12, 2012. We recorded a loss from discontinued operations in 2012 of $2.1 million, net of $2.4 million in tax expense. This compares to income from discontinued operations of $38.6 million, net of $12.4 million in tax expense and $25.6 million, net of $11.0 million of tax expense, respectively, for the years ended December 31, 2011 and 2010.