Discontinued Operations

9 Months Ended

Sep. 30, 2016

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

2. DISCONTINUED OPERATIONS

On March 3, 2015, we divested several of our agent-based businesses for $275.0 million in cash. The divestiture resulted in a 2015 gain of $48.2 million on an after-tax basis which was included within income from discontinued operations. The $48.2 million gain included a $21.6 million tax benefit in 2015 due to the deferred tax benefit associated with excess outside basis over financial reporting basis.

The following table summarizes the results of discontinued operations for the three and nine months ended September 30, 2015:

	Three Months Ended			Nine Months Ended
(Amounts in thousands)	September 30, 2015			September 30, 2015
Revenue	$	—		$	102,251
Operating income		—			3,851
(Loss) gain on disposal		(1,900	)		46,656
(Loss) income before income tax expense		(1,900	)		50,334
Income tax (benefit) expense		(665	)		19,345
(Loss) income from discontinued operations	$	(1,235	)	$	30,989

There has been no income or loss from discontinued operations during the first three quarters of 2016.

We have agreed to indemnify the buyer, up to the full purchase price, with respect to the equity interests of the companies we sold, title to the equity and assets sold and the authority of the Company to sell the equity and assets. The Company has also agreed to indemnify the buyer for breaches of other representations and warranties in the purchase agreement for up to $13.75 million in losses.