eTrade 2010 Annual Report Download - page 114
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The following table summarizes the results of discontinued operations for the Canadian brokerage business
(dollars in thousands):
Year Ended
December 31,
2008
Net revenue $ 59,404
Income from discontinued operations before income tax benefit $ 15,558
Income tax benefit (19,473)
Income from discontinued operations, net of tax $ 35,031
Exit of the Direct Retail Lending Business
In 2008, the Company exited its direct retail lending business, which was the Company’s last remaining
loan origination channel (the Company exited the wholesale mortgage lending business in 2007). The entire
direct retail lending business, including the wholesale mortgage lending business, met the requirements under the
discontinued operations accounting guidance to be recorded and reported as a discontinued operation. The
operations and cash flows of the direct retail lending business were eliminated from the ongoing operations of the
Company, and the Company does not have any significant continuing involvement in the direct retail lending
business after its closure. Therefore, the Company’s results of operations, net of income tax, include the direct
retail lending business as a discontinued operation on the Company’s consolidated statement of loss for all
periods presented. Prior to the direct retail lending business being recorded as a discontinued operation, it was
included in the results of operations of the Company’s former retail segment.
The following table summarizes the results of discontinued operations for the direct retail lending business
(dollars in thousands):
Year Ended
December 31,
2008
Net revenue $ 1,300
Loss from discontinued operations before income tax benefit $(9,932)
Income tax benefit (3,697)
Loss from discontinued operations, net of tax $(6,235)
NOTE 3—FACILITY RESTRUCTURING AND OTHER EXIT ACTIVITIES
Restructuring and other exit activities liabilities are included in other liabilities in the consolidated balance
sheet. The following table summarizes the changes in the facility restructuring and other exit activities liabilities
for the years ended December 31, 2010 and 2009 (dollars in thousands):
Year Ended
December 31,
2010 2009
Beginning balance $ 18,529 $ 21,883
Facility restructuring and other exit activities 14,346 20,652
Cash payments (18,591) (16,618)
Non-cash charges(1) (3,913) (7,388)
Total facility restructuring and other exit activities liabilities $ 10,371 $ 18,529
(1) Non-cash charges primarily relate to fixed assets that were written off related to the restructuring or exit activity.
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