Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

v3.2.0.727
Discontinued Operations (Tables)
6 Months Ended
Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]  
Summary of Financial Information for Fiber Optic Licensing Operations

The following represents a reconciliation of the major classes of line items constituting income from discontinued operations before tax related to Quanta’s fiber optic licensing operations (in thousands):

 

     Three Months Ended
June 30,
     Six Months Ended
June 30,
 
     2015     2014      2015     2014  

Major classes of line items constituting pretax income from fiber optic licensing operations:

  

Revenues

   $ 25,692      $ 26,341       $ 51,262      $ 53,467   

Expenses:

  

Cost of services (including depreciation)

     10,896        9,102         21,711        20,211   

Selling, general and administrative expenses

     5,106        4,230         9,881        8,672   

Amortization of intangible assets

     413        413         825        825   

Other income (expense) items that are not major

     9        —           10        2   
  

 

 

   

 

 

    

 

 

   

 

 

 

Net income before taxes of discontinued operations related to fiber optic licensing operations related to major classes of income before taxes

     9,286        12,596         18,855        23,761   

Provision for (benefit from) income taxes

     (4,816     4,967         (1,042     9,166   
  

 

 

   

 

 

    

 

 

   

 

 

 

Net income from discontinued operations related to fiber optic licensing operations as presented in the statements of operations

   $ 14,102      $ 7,629       $ 19,897      $ 14,595   
  

 

 

   

 

 

    

 

 

   

 

 

 

 

The following represents a reconciliation of the carrying amounts of major classes of assets and liabilities of fiber optic licensing operations (in thousands):

 

     June 30,
2015
     December 31,
2014
 

Carrying amounts of major classes of assets included as part of fiber optic licensing operations:

  

Current assets:

  

Accounts receivable

   $ 6,771       $ 11,429   

Prepaid expenses and other current assets

     2,301         11,287   
  

 

 

    

 

 

 

Total current assets of fiber optic licensing operations

   $ 9,072       $ 22,716   
  

 

 

    

 

 

 

Non-current assets:

  

Property and equipment

   $ 392,229       $ 380,554   

Other intangible assets, net of accumulated amortization

     16,184         17,009   

Goodwill

     334,790         334,790   
  

 

 

    

 

 

 

Total major classes of non-current assets of fiber optic licensing operations

     743,203         732,353   

Other non-current assets included in fiber optic licensing operations

     9,396         6,709   
  

 

 

    

 

 

 

Total non-current assets of fiber optic licensing operations

   $ 752,599       $ 739,062   
  

 

 

    

 

 

 

Carrying amounts of major classes of liabilities of fiber optic licensing operations:

  

Current Liabilities:

  

Accounts payable and accrued expenses

   $ 17,975       $ 21,091   

Deferred income taxes

     49,668         —     
  

 

 

    

 

 

 

Total current liabilities of fiber optic licensing operations

   $ 67,643       $ 21,091   
  

 

 

    

 

 

 

Non-current Liabilities:

  

Deferred income taxes

   $ —         $ 66,137   

Long-term deferred revenue

     47,855         48,231   
  

 

 

    

 

 

 

Total major classes of non-current liabilities of fiber optic licensing operations

     47,855         114,368   

Other non-current liabilities of fiber optic licensing operations

     206         193   
  

 

 

    

 

 

 

Total non-current liabilities of fiber optic licensing operations

   $ 48,061       $ 114,561