American Home Shield 2009 Annual Report Download - page 105

Table of Contents
Notes to the Consolidated Financial Statements (Continued)
Note 8. Discontinued Operations (Continued)
During the third quarter of 2008, the Company completed the sale of InStar for $22.0 million, with the payment of $3.0 million of that amount deferred
until November 2011. During the second quarter of 2008, the Company recorded a pre-tax impairment charge of $6.3 million as a result of a change in our
fair value estimate of InStar's net assets based on changing market conditions and the ongoing sales process. Upon the sale of InStar the Company recorded a
loss on sale, net of tax, of $0.5 million.
Financial Information for Discontinued Operations
Reported "loss from discontinued operations, net of income taxes" for all periods presented includes the operating results of the sold businesses noted
above. The operating results and financial position of discontinued operations are as follows:
Successor Predecessor
Year Ended Dec. 31,
Jul. 25, 2007 to
Dec. 31, 2007
Jan. 1, 2007 to
Jul. 24, 2007
(In thousands) 2009 2008
Operating Results:
Operating revenue $ 64 $ 50,909 $ 30,994 $ 43,413
Operating loss (1,811) (215) (8,833) (7,617)
Interest expense — (73) (34) (38)
Impairment charge — (6,317) (31,006) —
Pre-tax loss (1,811) (6,605) (39,873) (7,655)
Benefit for income taxes (699) (2,618) (12,665) (3,067)
Loss on sale, net of tax — (539) — —
Loss from discontinued operations, net of income taxes $ (1,112) $ (4,526) $ (27,208) $ (4,588)
Successor
(In thousands) Dec. 31, 2009 Dec. 31, 2008
Financial Position:
Current assets $ 42 $ 412
Total assets $ 42 $ 412
Current liabilities $ 2,806 $ 4,870
Long-term liabilities 4,145 4,077
Total liabilities $ 6,951 $ 8,947
The table below summarizes the activity during the year ended December 31, 2009 for the remaining liabilities from operations that were discontinued in
years prior to 2009. The remaining
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