DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 18. DISCONTINUED OPERATIONS

VDC Transaction

On May 15, 2019, we completed the VDC Transaction for an aggregate purchase price of $30 million. The business we sold in the VDC Transaction formerly comprised our Travel and Entertainment segment. In discontinued operations, we recognized a gain on the VDC Transaction of $6.5 million.

By purchasing all of the issued and outstanding membership interests of Vegas.com, the purchaser in the VDC Transaction, an affiliate of MGG, effectively assumed an amount of negative working capital. The cash proceeds of the VDC Transaction were used to pay amounts due under the Financing Agreement (see Note 12).

The following table presents the carrying amounts of the major classes of assets and liabilities associated with the disposed Travel and Entertainment segment (in thousands):

	May 15, 2019		December 31, 2018
Cash and cash equivalents (including restricted cash)	$	18,011	$	24,138
Other current assets	4,753		4,828
Current assets	$	22,764	$	28,966
Property and equipment, net	7,331		8,495
Goodwill and other intangibles, net	28,977		35,434
Other assets	1,856		194
Total assets	$	60,928	$	73,089
Accounts payable, accrued expense and other current liabilities	$	22,749	$	33,053
Deferred merchant booking	7,358		4,664
Contract liability	5,381		3,931
Current liabilities	$	35,488	$	41,648
Other liabilities	1,938		34
Total liabilities	$	37,426	$	41,682

The following table presents the major classes of line items constituting the pretax profit or loss of the disposed Travel and Entertainment segment (in thousands):

	January 1, 2019 through May 15, 2019			Year Ended December 31, 2018
Revenue	$	27,432		$	69,057
Cost of revenue (excluding depreciation and amortization)	4,016			11,725
Selling, general and administrative	18,383			38,906
Technology and development	3,280			8,939
Depreciation, amortization and impairments	8,007			8,786
Other operating expense	384			954
Other expense (income) and loss (gain), net	(3,814		)	3,267
Loss from discontinued operations before income taxes	(2,824		)	(3,520		)
Benefit from income taxes	214			527
Loss from discontinued operations	$	(2,610	)	$	(2,993	)

Depreciation, amortization and impairments for the 2019 period includes $4.8 million of impairments of goodwill and intangible assets resulting from our decision to dispose of the previously-reported Travel and Entertainment segment.

For the year ended December 31, 2019, we allocated $2.7 million of interest expense to discontinued operations. We made such allocations based on the amount of debt specifically attributable to the discontinued operations.