Discontinued Operations and Dispositions (Tables)

9 Months Ended

Sep. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Contracted Power segment

The following is a summary of the assets and liabilities held for sale included in the Company’s consolidated condensed balance sheets related to its former Contracted Power segment as of December 31, 2018 ($ in millions):

	December 31, 2018
Assets
Cash and cash equivalents	$	3
Restricted cash	14
Accounts receivable, net	9
Other current assets	5
Total current assets	31
Property, equipment, land and leasehold improvements, net	606
Intangible assets, net	9
Other noncurrent assets	2
Total assets	$	648
Liabilities
Accounts payable and accrued expenses	$	7
Current portion of long-term debt	20
Other current liabilities	1
Total current liabilities	28
Long term debt, net of current portion	283
Other noncurrent liabilities	6
Total liabilities	$	317
Noncontrolling interests	$	141

Summarized financial information for discontinued operations included in the Company’s consolidated condensed statement of operations for the quarters and nine months ended September 30, 2019 and 2018 are as follows ($ in millions):

	Quarter Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Product revenue	$	10		$	52		$	44		$	129
Cost of product sales	(1		)	(8		)	(7		)	(20		)
Selling, general & administrative expenses	(11		)	(8		)	(18		)	(22		)
Depreciation and amortization	—			(8		)	—			(38		)
Interest expense, net	(1		)	(5		)	(13		)	(11		)
Other income, net (1)	81			3			80			3
Net income from discontinued operations before income taxes	$	78		$	26		$	86		$	41
Provision for income taxes	(32		)	(6		)	(32		)	(5		)
Net income from discontinued operations	$	46		$	20		$	54		$	36
Less: net loss attributable to noncontrolling interests	—			—			(3		)	(32		)
Net income from discontinued operations attributable to MIC	$	46		$	20		$	57		$	68

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(1) Includes approximately $80 million of gain on sale from the renewable businesses described above.