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Discontinued Operations
 12 Months Ended
Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued Operations
During the year ended December 31, 2014, Actua received escrow proceeds associated with the sale of three of its consolidated subsidiaries that were sold during 2013. Actua recognized a gain of $2.1 million related to the release of escrowed proceeds from the sale of InvestorForce Holdings Inc. ("InvestorForce"), a gain of $5.8 million related to the release of escrow proceeds from the sale of Channel Intelligence Inc. ("Channel Intelligence"), and a gain of $16.2 million related to the release of escrow proceeds from the sale of Procurian Inc. ("Procurian"). These gains are included in the line item "Income (loss) from discontinued operations, including gain on sale, net of tax" in Actua’s Consolidated Statement of Operations and Comprehensive Income (Loss) for the year ended December 31, 2014. Also included in the line item "Income (loss) from discontinued operations, including gain on sale, net of tax" on Actua’s Consolidated Statement of Operations and Comprehensive Income (Loss) for the year ended December 31, 2014, is income tax expense of $10.1 million, which includes an expense of $1.2 million related to the payment of Procurian’s taxes per their 2013 federal consolidated tax return.  Actua did not sell any subsidiaries during 2014 or 2015.
On October 18, 2016, the sale of GovDelivery to Vista was consummated for $153.0 million in cash, subject to certain adjustments for working capital, cash, debt and other items. Actua realized approximately $133.0 million in cash, of which approximately $10.0 million is being held in escrow and is subject to potential indemnification claims.
The results of Actua's discontinued GovDelivery operations, which are presented on the line item "Income (loss) from discontinued operations, including gain on sale, net of tax" on Actua’s Consolidated Statements of Operations and Comprehensive Income (Loss) are summarized below:
(in thousands)
 
Year ended December 31,
Major classes of line items constituting pretax loss of discontinued operations, related to GovDelivery
 
2016(1)
 
2015
 
2014(2)
Revenue
 
$
32,718

 
$
34,989

 
$
27,708

Cost of revenue
 
(12,069
)
 
(11,809
)
 
(8,121
)
Selling, general, administrative and other operating expenses
 
(31,898
)
 
(32,366
)
 
(24,894
)
Other non-major income and expense items
 
(328
)
 
(50
)
 
(60
)
Gain on sale of discontinued operations
 
124,840

 
—

 
—

Total discontinued operations before income taxes, related to GovDelivery
 
113,263

 
(9,236
)
 
(5,367
)
Income tax (expense) benefit
 
(19,246
)
 
64

 
2,403

Income (loss) from discontinued operations, including gain on sale, net of tax, related to GovDelivery
 
94,017

 
(9,172
)
 
(2,964
)
Less: discontinued operations attributable to noncontrolling interests
 
(1,278
)
 
(652
)
 
(254
)
Net income (loss) from discontinued operations, related to GovDelivery
 
$
95,295

 
$
(8,520
)
 
$
(2,710
)
                                                
(1)
Amounts in this column are from January 1, 2016 through the date of sale of GovDelivery, October 18, 2016.
(2)
2014 amounts are for GovDelivery only and do not include previously reported results of discontinued operations, which totaled a gain of $14.0 million related to escrow releases and tax expense described above. The previously reported gain of $14.0 million is now reduced by the effects of GovDelivery resulting in a net gain of $11.1 million as presented on the line item "Income (loss) from discontinued operations, including gain on sale, net of tax" on Actua's Consolidated Statements of Operations and Comprehensive Income (Loss).

Assets and liabilities of discontinued operations, which are presented on the line items "Assets of discontinued operations" and "Liabilities of discontinued operations" on Actua's Consolidated Balance Sheets consist of the following:
(in thousands)
 
 
Carrying amounts of major classes of assets included as part of discontinued operations
 
December 31, 2015
Cash and cash equivalents
 
$
3,856

Accounts receivables, net of allowance
 
3,735

Fixed assets, net of accumulated depreciation and amortization
 
4,502

Goodwill
 
5,575

Intangible assets, net
 
8,952

Other assets included in the disposal group
 
2,509

Total assets of discontinued operations
 
$
29,129

 
 
 
Carrying amounts of major classes of liabilities included as part of discontinued operations
 
December 31, 2015
Accounts payable
 
$
3,309

Accrued expenses
 
2,764

Accrued compensation and benefits
 
2,386

Deferred revenue
 
14,180

Other liabilities included in the disposal group
 
1,752

Total liabilities of discontinued operations
 
$
24,391