AUTOMATIC DATA PROCESSING INC | 2013 | FY | 3

NOTE 4. DIVESTITURES

On December 17, 2012, the Company completed the sale of its Taxware Enterprise Service business ("Taxware") for a pre-tax gain of $58.8 million, less costs to sell, and recorded such gain within earnings from discontinued operations on the Statements of Consolidated Earnings. In connection with the disposal of Taxware, the Company has classified the results of this business as discontinued operations for all periods presented. Taxware was previously reported in the Employer Services segment.

Operating results for discontinued operations were as follows:

Years ended June 30,
 
2013
 
2012
 
2011
Revenues
 
$
23.7

 
$
49.2

 
$
46.5

 
 
 
 
 
 
 
Earnings from discontinued operations before income taxes
 
8.0

 
14.2

 
14.7

Provision for income taxes
 
3.0

 
5.4

 
5.5

Net earnings from discontinued operations before gain on disposal of
discontinued operations
 
5.0

 
8.8

 
9.2

 
 
 
 
 
 
 
Gain on disposal of discontinued operations, less costs to sell
 
58.8

 
—

 
—

Provision for income taxes
 
22.1

 
—

 
—

Net gain on disposal of discontinued operations
 
36.7

 
—

 
—

 
 
 
 
 
 
 
Net earnings from discontinued operations
 
$
41.7

 
$
8.8

 
$
9.2



There were no assets or liabilities of discontinued operations as of June 30, 2013. The following are the major classes of assets and liabilities related to the discontinued operations as of June 30, 2012:
 
June 30, 2012
Assets:
 
Accounts receivable, net
$
7.6

Goodwill
93.3

Intangible assets, net
22.9

Other assets
1.2

 
 
Total assets
$
125.0

 
 
Liabilities:
 
Accounts payable
$
0.4

Accrued expenses and other current liabilities
0.1

Accrued payroll and payroll related expenses
2.3

Deferred revenues
22.7

Deferred income taxes
3.5

 
 
Total liabilities
$
29.0

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