Discontinued Operations

12 Months Ended

Dec. 31, 2012

Discontinued Operations [Abstract]

Discontinued Operations

3.    Discontinued Operations

On May 5, 2011, the Company completed the sale of the GTA business to Kuoni and realized a gain of $312 million, net of tax in 2011. The results of operations of the GTA business are presented as discontinued operations in the Company’s consolidated statements of operations and consolidated statements of cash flows.

Summarized statements of operations data for the discontinued operations of the GTA business, excluding intercompany transactions, are as follows:

(in $ millions)	Year Ended December 31, 2012		From January 1, 2011 to May 5, 2011			Year Ended December 31, 2010
Net revenue		—		76			294
Operating expenses		—		86			254
Operating (loss) income before income taxes		—		(10	)		40
Benefit (provision) for income taxes		—		4			(13	)
(Loss) income from discontinued operations, net of tax		—		(6	)		27
Gain from disposal of discontinued operations, net of tax of $0		7		312			—
Total income from discontinued operations, net of tax		7		306			27

In connection with the sale of the GTA business to Kuoni, the Company agreed to indemnify Kuoni up to May 2017 for certain potential tax liabilities relating to pre-sale events. An estimate of the Company’s obligations under those indemnities is included within other non-current liabilities on the Company’s consolidated balance sheet as of December 31, 2012 and 2011.

During 2012, the Company settled certain of its obligations under those indemnities and realized a gain of $7 million.