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Discontinued Operations
 9 Months Ended
Sep. 30, 2013
Discontinued Operations

4. Discontinued Operations

In June 2013, the Company completed the sale of its Expositions business, which operates one of the largest portfolios of business-to-business trade shows and conference events in the United States, for total cash consideration of $950 million and recorded a gain of $303 million.  The condensed consolidated statements of operations reflect the operating results of this business as a discontinued operation.

In March 2013, Nielsen completed the exit and shut down of one of its legacy online businesses and recorded a net loss of $3 million associated with this divestiture. The condensed consolidated statements of operations reflect the operating results of this business as a discontinued operation.

Summarized results of operations for discontinued operations are as follows:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

(IN MILLIONS)

 

2013

 

 

2012

 

 

2013

 

 

2012

 

Revenue             

 

$

—

 

 

$

  72

 

 

$

  103

 

 

$

  182

 

Operating income             

 

 

—

 

 

 

  37

 

 

 

  35

 

 

 

  74

 

Interest expense             

 

 

—

 

 

 

(6

)

 

 

(8

)

 

 

(18

)

Income from operations before income taxes             

 

 

—

 

 

 

  31

 

 

 

  27

 

 

 

  56

 

Provision for income taxes             

 

 

—

 

 

 

(11

)

 

 

(11

)

 

 

(21

)

Income from operations             

 

 

—

 

 

 

  20

 

 

 

  16

 

 

 

  35

 

Net income attributable to noncontrolling interests             

 

 

—

 

 

 

—

 

 

 

—

 

 

 

  2

 

Gain on sale, net of tax             

 

 

—

 

 

 

—

 

 

 

  303

 

 

 

—

 

Income from discontinued operations             

 

$

—

 

 

$

  20

 

 

$

  319

 

 

$

  37

 

 

Nielsen allocated a portion of its consolidated interest expense to discontinued operations based upon the ratio of net assets sold as a proportion of consolidated net assets. For the three and nine months ended September 30, 2013 and 2012, interest expense of zero and $8 million, respectively and $6 million and $18 million, respectively, was allocated to discontinued operations.

Following are the major categories of cash flows from discontinued operations, as included in Nielsen’s condensed consolidated statements of cash flows:

 

 

 

Nine Months Ended September 30,

 

(IN MILLIONS)

 

2013

 

 

2012

 

Net cash provided by operating activities             

 

$

  36

 

 

$

  52

 

Net cash provided by investing activities             

 

 

—

 

 

 

—

 

Net cash provided by financing activities             

 

 

—

 

 

 

—

 

 

 

$

  36

 

 

$

  52