American Home Shield 2011 Annual Report Download - page 97
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Table of Contents
Notes to the Consolidated Financial Statements (Continued)
Note 7. Discontinued Operations (Continued)
Financial Information for Discontinued Operations
(Loss) income from discontinued operations, net of income taxes, for all periods presented includes the operating results of TruGreen LandCare and the
other previously sold businesses. The operating results of discontinued operations are as follows:
Year Ended Dec. 31,
(In thousands) 2011 2010 2009
Operating Results:
Operating revenue $ 75,765 $ 238,508 $ 262,258
Operating (loss) income(1) (40,620) (49,971) 11,468
(Benefit) provision for income taxes(1) (15,461) (17,973) 4,115
Operating (loss) income, net of income taxes(1) (25,159) (31,998) 7,353
Loss on sale, net of income taxes (1,857) — —
(Loss) income from discontinued operations, net of income taxes(1) $ (27,016)$ (31,998)$ 7,353
During 2011, a pre-tax non-cash impairment charge of $34.2 million ($21.0 million, net of tax) was recorded 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. Also includes goodwill and trade name impairments of $46.9 million ($28.7 million, net of tax) and
$1.4 million ($0.9 million, net of tax) in 2010 and 2009, respectively.
(1)
The table below summarizes the activity during the year ended December 31, 2011 for the remaining liabilities from operations that were discontinued in
years prior to 2011. The remaining obligations primarily relate to long-term self-insurance claims. The Company believes that the remaining reserves continue
to be adequate and reasonable.
(In thousands)
Balance at
Dec. 31, 2010
Cash
Payments
or Other
Expense/
(Income)
Balance at
Dec. 31, 2011
Remaining liabilities of discontinued operations:
ARS/AMS $ 219 $ 35 $ (26) $ 228
LandCare Construction 656 (612) (44) —
LandCare utility line clearing business 771 (771) — —
Certified Systems, Inc. and other 1,905 (50) 245 2,100
InStar 149 31 99 279
Total liabilities of discontinued operations $ 3,700 $ (1,367) $ 274 $ 2,607
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