In the fourth quarter of 2019, the Company launched an asset sale program designed to divest assets at attractive multiples, reduce debt levels and improve cash flow and liquidity. The following divestitures have resulted from this program.

On January 3, 2020, the Company sold substantially all of the assets of Oakmont Memorial Park, Oakmont Funeral Home, Redwood Chapel, Inspiration Chapel and Oakmont Crematory located in California pursuant to the terms of an asset sale agreement (the “Oakmont Agreement”) with Carriage Funeral Holdings, Inc. for an aggregate cash purchase price of $33.0 million (the “Oakmont Sale”). The divested assets consisted of one cemetery, one funeral home and certain related assets. The Oakmont Sale resulted in a gain of $24.4 million for the Company, which is included in the accompanying consolidated statement of operations for the year ended December 31, 2020. Net proceeds from the sale were used to redeem an aggregate $30.3 million principal amount of the Senior Secured Notes as required by the Indenture.

On April 7, 2020, the Company completed the sale of substantially all of the assets of the cemetery, funeral establishment and crematory commonly known as Olivet Memorial Park, Olivet Funeral and Cremation Services and Olivet Memorial Park & Crematory pursuant to the terms of an asset sale agreement (the “Olivet Agreement”) with Cypress Lawn Cemetery Association for an aggregate cash purchase price of $25.0 million, subject to certain adjustments (the “Olivet Sale”), and the assumption of certain liabilities, including $17.1 million in land purchase obligations. The Olivet Sale resulted in a gain of $7.2 million for the Company, which is included in the accompanying statements of operations for the year ended December 31, 2020. The Company used net proceeds of $20.5 million to redeem additional Senior Secured Notes as required by the Indenture.

On November 3, 2020, the Company completed the sale of substantially all of the Company’s remaining California properties, consisting of five cemeteries, six funeral establishments and four crematories (the “Remaining California Assets”) pursuant to the terms of an asset sale agreement (the “California Agreement”) with certain entities owned by John Yeatman and Guy Saxton for a cash purchase price of $7.1 million, subject to certain closing adjustments (the “Remaining California Sale” and together with the Olivet Sale, the “Total California Sale”). The Company used net proceeds of $5.7 million to redeem $5.6 million in principal amount of additional Senior Secured Notes as required by the Indenture. During the year ended December 31, 2020, the Company recorded an impairment charge of $2.2 million to reduce the carrying value of the Remaining California Assets to their fair value, which is presented in Net gain on sale of businesses in the accompanying consolidated statement of operations.

On November 6, 2020, the Company entered into an asset sale agreement (the “Clearstone Agreement”) with Clearstone Memorial Partners, LLC to sell substantially all of the Company’s assets in Oregon and Washington, consisting of nine cemeteries, ten funeral establishments and four crematories for a net cash purchase price of $6.2 million, subject to certain adjustments (the “Clearstone Sale”).

The Clearstone Agreement to sell the Clearstone Assets, together with the other divestitures completed in 2020 described above, represents a strategic exit from the West Coast. Therefore, the results of operations of the Clearstone Assets, and of the businesses sold in 2020 for the period before their respective sales, have been presented as discontinued operations on the accompanying consolidated statements of operations for the year ended December 31, 2020, and the prior period has been reclassified. Additionally, all of the assets and liabilities associated with the Clearstone Assets have been classified as held for sale on the accompanying consolidated balance sheet at December 31, 2020, and the prior period has been reclassified. The assets and liabilities of the businesses sold in 2020 have been presented as held for sale on the accompanying balance sheet at December 31, 2019.

The following table summarizes the results of discontinued operations for the years ended December 31, 2020 and 2019 (in thousands):

The following table summarizes the major classes of assets and liabilities that have been classified as held for sale in the consolidated balance sheets as of December 31, 2020 and 2019 (in thousands):

	December 31, 2020						December 31, 2019
	Clearstone		Other		Total		Clearstone		Total California		Oakmont		Other		Total
Assets
Current assets:
Accounts receivable, net of allowance	$	230	$	—	$	230	$	123	$	1,657	$	580	$	—	$	2,360
Prepaid expenses		—		—		—		41		118		34		—		193
Other current assets		104		—		104		98		162		35		—		295
Total current assets held for sale		334		—		334		262		1,937		649		—		2,848

Long-term accounts receivable, net of allowance		193		—		193		211		2,530		3,194		—		5,935
Cemetery property		3,492		350		3,842		4,601		15,518		5,811		350		26,280
Property and equipment, net of accumulated depreciation		2,529		—		2,529		9,215		2,574		2,762		150		14,701
Merchandise trusts, restricted, at fair value		14,831		—		14,831		15,587		24,440		6,673		—		46,700
Perpetual care trusts, restricted, at fair value		4,518		—		4,518		5,238		23,981		2,470		—		31,689
Deferred selling and obtaining costs		1,865		—		1,865		1,926		2,334		1,388		—		5,648
Other assets		463		—		463		505		1,978		411		—		2,894
Total assets held for sale	$	28,225	$	350	$	28,575	$	37,545	$	75,292	$	23,358	$	500	$	136,695

Liabilities
Current liabilities:
Accounts payable and accrued liabilities	$	51	$	—	$	51	$	42	$	238	$	102	$	—	$	382
Current portion, long-term debt		—		—		—		—		—		36		—		36
Other current liabilities		—		—		—		—		—		5,000		—		5,000
Total current liabilities held for sale		51		—		51		42		238		5,138		—		5,418

Deferred revenues		18,456		—		18,456		18,961		30,425		12,856		—		62,242
Perpetual care trust corpus		4,518		—		4,518		5,238		23,981		2,470		—		31,689
Other long-term liabilities		381		—		381		383		1,768		204		—		2,355
Total liabilities held for sale	$	23,406	$	—	$	23,406	$	24,624	$	56,412	$	20,668	$	—	$	101,704

The following table presents the depreciation and amortization, capital expenditures, sale proceeds and significant operating noncash items of the discontinued operations as of December 31, 2020 and 2019 (in thousands):

	Year Ended December 31,
	2020		2019
Cash flows from discontinued operating activities:
Depreciation and amortization	$	243	$	628
Gains on sales of discontinued operations businesses		29,429		—

Cash flows from discontinued investing activities:
Capital expenditures	$	51	$	3,860
Proceeds from sales of discontinued businesses		57,342		—