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Dispositions
 9 Months Ended
Sep. 30, 2013
Dispositions [Abstract]  
Dispositions

3.  Dispositions

 

Discontinued Investment Management Operations

 

On January 4, 2010, we closed on the stock sale of our subsidiary, Delaware Management Holdings, Inc. (“Delaware”), which provided investment products and services to individuals and institutions, to Macquarie Bank Limited. 

 

Amounts (in millions) reflected in income (loss) from discontinued operations on our Consolidated Statements of Comprehensive Income (Loss) were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three

 

For the Nine

 

 

Months Ended

 

Months Ended

 

 

September 30,

 

September 30,

 

 

2013

 

2012

 

2013

 

2012

 

Disposal

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) on disposal, before federal income taxes

$

 -

 

$

 -

 

$

 -

 

$
(1)

 

Federal income tax expense (benefit)

 

 -

 

 
(28)

 

 

 -

 

 
(28)

 

Gain (loss) on disposal

 

 -

 

 
28 

 

 

 -

 

 
27 

 

Income (loss) from discontinued operations

$

 -

 

$
28 

 

$

 -

 

$
27 

 

 

The income from discontinued operations for the three and nine months ended September 30, 2012, related to the release of reserves associated with prior tax years that were closed out during the third quarter.  In addition, the nine months ended September 30, 2012, included a purchase price adjustment associated with the termination of a portion of the investment advisory agreement with Delaware.