American Home Shield 2011 Annual Report Download - page 96

Table of Contents
Notes to the Consolidated Financial Statements (Continued)
Note 7. Discontinued Operations (Continued)
from discontinued operations, net of income taxes, in the first quarter of 2011 to reduce the carrying value of TruGreen LandCare's assets to their estimated
fair value less cost to sell in accordance with applicable accounting standards. Upon completion of the sale, a $6.2 million loss on sale ($1.9 million, net of
tax) was recorded. The loss on the disposition of the TruGreen LandCare business continues to be subject to certain post-closing adjustments and disputes,
and such adjustments could be significant to the sale price.
The carrying amounts of the major classes of assets and liabilities for TruGreen LandCare are presented below.
As of December 31, 2011 2010
Assets:
Receivables, net $ — $ 27,732
Inventories and other current assets — 23,245
Total Current Assets — 50,977
Net property and equipment — 22,498
Goodwill and intangible assets, net — 9,899
Total Assets $ — $ 83,374
Liabilities:
Current liabilities $ 268 $ 15,496
Long-term liabilities — 1,952
Total Liabilities $ 268 $ 17,448
In 2010 and 2009 the Company recorded pre-tax non-cash impairment charges of $46.9 million ($28.7 million, net of tax) and $1.4 million ($0.9 million,
net of tax), respectively, associated with the goodwill and trade name at its TruGreen LandCare business in (loss) income from discontinued operations, net of
income taxes.
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