On July 1, 2015, the Company divested the following assets and liabilities which net to $406.5 million, or $312.3 million net of cash retained by Cable ONE on the Distribution Date:
July 1, 2015
Cash and cash equivalents
Accounts receivable, net
Other current assets
Total current assets
Property, plant and equipment, net
Indefinite-lived intangible assets, net
Amortized intangible assets, net
Deferred charges and other assets
Accounts payable and accrued liabilities
Income taxes payable
Total current liabilities
Accrued compensation and related benefits
Deferred income taxes
Net assets divested in the Spin-Off
Cash flows from Cable ONE for the year ended December 31, 2015 are combined with the cash flows from operations within each of the categories presented. Net Cash Provided by Operating Activities was $109.8 million and Net Cash Used in Investing Activities was $74.4 million.
Spin-Off Costs: One-time spin-off transaction, financing and related costs of $7.4 million in 2015 are included in discontinued operations, net of tax.
Other Discontinued Operations. In the third quarter of 2014, Kaplan completed the sale of three of its schools in China that were previously included as part of Kaplan International. An additional school in China was sold by Kaplan in January 2015 that resulted in a pre-tax loss of $0.7 million.
The results of operations of Cable ONE and the school in China for 2015, where applicable, are included in the Company’s Consolidated Statements of Operations as income from discontinued operations, net of tax. The Company did not reclassify its Consolidated Statements of Cash Flows to reflect the discontinued operations.
The summarized income from discontinued operations, net of tax, is presented below:
December 31, 2015
Operating costs and expenses
Income from discontinued operations
Provision for income taxes
Net Income from Discontinued Operations
Loss on disposition of discontinued operations
Provision for income taxes on disposition of discontinued operations
Income from Discontinued Operations, Net of Tax
Commercial Paper and Money Market Investments. As of December 31, 2017 and 2016, the Company had commercial paper and money market investments of $217.6 million and $485.1 million, respectively, that are classified as cash, cash equivalents and restricted cash in the Company’s Consolidated Balance Sheets.