Discontinued Operations:
On December 5, 2013, we completed the sale of Pinnacle, a software business acquired as part of the PAETEC acquisition, for $30.0 million in cash. Pinnacle provided comprehensive solutions for supporting the full lifecycle of information technology and telecommunications services. On June 15, 2012, we completed for $6.1 million in cash the sale of the energy business also acquired as part of the PAETEC acquisition, which sold electricity to business and residential customers, primarily in certain geographic regions in New York state, as a competitive electricity supplier. There was no gain or loss realized on the sale of the energy business.
The following table summarizes the results of the software and energy businesses which have been separately presented as discontinued operations in the accompanying consolidated statements of income for the years ended December 31:
|
| | | | | | | | | | | | |
(Millions) | | 2013 |
| | 2012 |
| | 2011 |
|
Revenues and sales | | $ | 16.9 |
| | $ | 29.7 |
| | $ | 4.2 |
|
Operating income from discontinued operations | | 1.4 |
| | 3.1 |
| | 0.5 |
|
Gain on sale of discontinued operations | | 14.4 |
| | — |
| | — |
|
Income before tax from discontinued operations | | 15.8 |
| | 3.1 |
| | 0.5 |
|
Income tax expense | | 9.8 |
| | 2.2 |
| | — |
|
Net income from discontinued operations | | $ | 6.0 |
| | $ | 0.9 |
| | $ | 0.5 |
|
The following table summarizes the assets and liabilities of the software business that are classified as held for sale in the accompanying consolidated balance sheet as of December 31, 2012:
|
| | | | |
(Millions) | | |
Current assets | | $ | 5.3 |
|
Goodwill | | 9.5 |
|
Other assets | | 0.9 |
|
Total assets held for sale | | $ | 15.7 |
|
Current liabilities | | $ | 4.5 |
|
Total liabilities related to assets held for sale | | $ | 4.5 |
|
