Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2015

Assets and Liabilities to be Reclassified - Discontinued Operations [Table Text Block]

As a result, we removed the following assets and liabilities in the second quarter of 2015.

(dollars in millions)	As of April 1, 2015
Property, plant and equipment, net	$	16.0
Current portion of long-term debt	0.5
Long-term debt, less current portion	24.8
Other non-current liabilities	6.6
Total liabilities	$	31.9

Condensed Income Statement [Table Text Block]

Wireless financial results for the three and nine months ended September 30, 2015 and 2014 reported as Income (loss) from discontinued operations, net of tax on the Condensed Consolidated Statements of Operations are as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(dollars in millions)	2015			2014			2015			2014
Revenue	$	—		$	30.1		$	4.4		$	116.0
Costs and expenses
Cost of products and services	—			13.7			12.0			53.2
Selling, general and administrative	—			4.9			2.2			16.3
Depreciation and amortization expense	—			29.1			28.6			74.2
Restructuring (reversals) charges	(2.1		)	10.3			4.3			15.5
Asset impairment	—			7.5			—			7.5
Transaction costs	—			2.8			—			2.8
Amortization of deferred gain	—			(6.4		)	(6.5		)	(16.5		)
Total operating costs and expenses	(2.1		)	61.9			40.6			153.0
Operating income (loss)	2.1			(31.8		)	(36.2		)	(37.0		)
Interest expense (income)	—			1.1			(1.7		)	3.8
Other (income) expense	(0.1		)	(0.2		)	(0.2		)	1.7
Gain on transfer of tower lease obligations and other assets	—			—			15.9			—
Gain on sale of wireless spectrum licenses	—			—			112.6			—
Income (loss) before income taxes	2.2			(32.7		)	94.2			(42.5		)
Income tax expense (benefit)	1.2			(12.9		)	33.4			(14.3		)
Income (loss) from discontinued operations	$	1.0		$	(19.8	)	$	60.8		$	(28.2	)

Summarized financial information for CyrusOne is as follows:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(dollars in millions)	2015			2014		2015			2014
Revenue	$	111.2		$	84.8	$	286.0		$	244.0
Operating income	7.5			9.6		11.7			28.8
Net income (loss)	(5.3		)	0.2		(19.0		)	(2.7		)

Condensed Balance Sheet [Table Text Block]

Wireless assets and liabilities presented as discontinued operations as of September 30, 2015 and December 31, 2014 are as follows:

(dollars in millions)	September 30, 2015		December 31, 2014
Current assets
Prepaid rent - spectrum license	$	—	$	3.2
Other current assets	—		1.5
Total current assets from discontinued operations	—		4.7
Property, plant and equipment	—		44.1
Other noncurrent assets	—		0.5
Total noncurrent assets from discontinued operations	—		44.6
Total assets from discontinued operations	$	—	$	49.3
Current liabilities
Current portion of long-term debt	$	—	$	1.6
Accounts payable	0.2		5.0
Restructuring liability	8.9		15.4
Deferred gain on sale of wireless spectrum licenses	—		112.6
Other current liabilities	2.8		7.4
Total current liabilities from discontinued operations	11.9		142.0
Long-term debt, less current portion	—		81.6
Deferred gain on sale of towers	—		13.1
Other noncurrent liabilities	—		8.0
Total noncurrent liabilities from discontinued operations	—		102.7
Total liabilities from discontinued operations	$	11.9	$	244.7

Capital Leases and Debt Retained - Discontinued Operations [Table Text Block]

The following capital lease and asset retirement obligations will be retained by the Company and have not been included in liabilities from discontinued operations at September 30, 2015:

	Continuing Operations		Discontinued Operations
	As of September 30, 2015		As of December 31, 2014
(dollars in millions)
Current portion of long-term debt	$	1.2	$	1.1
Long-term debt, less current portion	52.4		57.0
Other noncurrent liabilities	8.2		7.5
Total liabilities	$	61.8	$	65.6

Condensed Cash Flow Statement [Table Text Block]

Following is selected operating and investing cash flow activity from discontinued operations included in Condensed Consolidated Statements of Cash Flows:

	Nine Months Ended
	September 30,
(dollars in millions)	2015		2014
Depreciation and amortization	28.6		74.2
Impairment loss	—		7.5
Amortization of deferred gain on sale of towers	(6.5	)	(16.5	)
Non-cash spectrum lease	3.2		—
Deferred gain on sale of spectrum licenses	(112.6	)	—
Gain on transfer of tower lease obligations and other assets	(15.9	)	—
Restructuring payments	(11.2	)	(1.0	)
Capital expenditures	—		(6.5	)
Proceeds from sale of wireless spectrum licenses	—		194.4