The following table provides the components of Discontinued operations—net of tax: | ||||||||||||
Year Ended December 31,(a) | ||||||||||||
(MILLIONS OF DOLLARS) | 2013 | 2012 | 2011 | |||||||||
Revenues | $ | 2,201 | $ | 6,587 | $ | 6,897 | ||||||
Pre-tax income from discontinued operations(a) | 408 | 1,253 | 1,310 | |||||||||
Provision for taxes on income(b) | 100 | 459 | 425 | |||||||||
Income from discontinued operations––net of tax | 308 | 794 | 885 | |||||||||
Pre-tax gain on sale of discontinued operations | 10,446 | 7,123 | 1,688 | |||||||||
Provision for taxes on income(c) | 92 | 2,340 | 384 | |||||||||
Gain on disposal of discontinued operations––net of tax | 10,354 | 4,783 | 1,304 | |||||||||
Discontinued operations––net of tax | $ | 10,662 | $ | 5,577 | $ | 2,189 | ||||||
(a) | Includes (i) the Animal Health (Zoetis) business through June 24, 2013, the date of disposal, (ii) the Nutrition business through November 30, 2012, the date of disposal and (iii) the Capsugel business through August 1, 2011, the date of disposal. |
(b) | Includes a deferred tax benefit of $23 million for 2013 and $23 million for 2012, and a deferred tax expense of $28 million for 2011, which is net of a deferred tax expense of $42 million in 2012, and includes a deferred tax expense of $6 million in 2011 related to investments in certain foreign subsidiaries, resulting from our intention not to hold these subsidiaries indefinitely. |
(c) | For 2013, primarily reflects income tax expense of $122 million resulting from certain legal entity reorganizations. For 2012 and 2011, includes a deferred tax expense of $1.4 billion for 2012 and $190 million for 2011, which includes a deferred tax expense of $2.2 billion for 2012 and $190 million for 2011 on certain current-year funds earned outside the U.S. that will not be indefinitely reinvested overseas. For 2012, also includes a deferred tax benefit reflecting the reversal of net deferred tax liabilities associated with the divested Nutrition assets. |