NOTE 7 - DISCONTINUED OPERATIONS
The table below sets forth selected financial information related to operating results of our business classified as discontinued operations. While the reclassification of revenues and expenses related to discontinued operations for prior periods has 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. During the fourth quarter of 2012, we sold our 45 percent economic interest in Sonoma. The Sonoma operations previously were included in Other within our reportable segments.
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, |
| 2013 | | 2012 | | 2011 |
REVENUES FROM PRODUCT SALES AND SERVICES | | | | | |
Product | $ | — |
| | $ | 151.6 |
| | $ | 230.4 |
|
| | | | | |
GAIN ON SALE FROM DISCONTINUED OPERATIONS, net of tax | — |
| | 38.0 |
| | — |
|
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax | 2.0 |
| | (2.1 | ) | | 38.6 |
|
INCOME and GAIN ON SALE FROM DISCONTINUED OPERATIONS, net of tax | $ | 2.0 |
| | $ | 35.9 |
| | $ | 38.6 |
|
Income and Gain on Sale from Discontinued Operations, net of tax during the year ended December 31, 2013 relates to additional income tax benefit resulting from the actual tax gain from the sale of Sonoma as included on the 2012 tax return, which was filed during the year ended December 31, 2013.
We recorded a gain of $38.0 million, net of $8.1 million in tax expense in Income 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 for the year ended December 31, 2011.
