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2316301 - Disclosure - DISCONTINUED OPERATIONS (Tables)
(http://www.tree.com/role/DiscontinuedOperationsTables)
TableIncome Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Table]
Slicers (applies to each fact value in each table cell)
DISCONTINUED OPERATIONSDisposal Group Name [Axis]
Real Estate Com [Member]Lending Tree Loans [Member]
Schedule of revenue and net income (loss) of the discontinued operations
The revenue and net loss for the real estate businesses that are reported as discontinued operations in the accompanying consolidated statements of operations are as follows (in thousands):
 
Year Ended December 31,
 
2013
 
2012
Revenue
$
1

 
$
93

 
 
 
 
Loss before income taxes (a)
$
(20
)
 
$
(410
)
Income tax expense

 

Net loss
$
(20
)
 
$
(410
)
(a)
The loss before income taxes for the year ended December 31, 2012 includes restructuring expense of $0.2 million.
 
 
The revenue and net income (loss) for LendingTree Loans that are reported as discontinued operations in the accompanying consolidated statements of operations are as follows (in thousands):
 
Year Ended December 31,
 
2013
 
2012
Revenue
$
(1,521
)
 
$
86,740

 
 
 
 
Income (loss) before income taxes (a)
$
(4,867
)
 
$
26,160

Income tax expense
(54
)
 
(1,249
)
Gain from sale of discontinued operations, net of tax
9,561

 
24,373

Net income
$
4,640

 
$
49,284

(a)
Income before income taxes for the year ended December 31, 2012 includes goodwill and intangible asset impairment charges of $1.4 million and restructuring expense totaling $0.1 million.
 
 
Schedule of assets and liabilities of the discontinued operations
The liabilities of real estate businesses that are reported as discontinued operations in the accompanying consolidated balance sheets are as follows (in thousands):
 
December 31, 2013
 
December 31, 2012
Current liabilities
$
(45
)
 
$
(206
)
Net liabilities
$
(45
)
 
$
(206
)
 
 
The assets and liabilities of LendingTree Loans that are reported as discontinued operations in the accompanying consolidated balance sheets are as follows (in thousands):
 
December 31, 2013
 
December 31, 2012
Current assets
521

 
407

Non-current assets
129

 
129

Current liabilities
(31,959
)
 
(30,811
)
Non-current liabilities
(254
)
 
(253
)
Net liabilities
$
(31,563
)
 
$
(30,528
)
 
 
Schedule of changes in assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3)
 
The changes in assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year ended December 31, 2012 are as follows (in thousands):
 
December 31, 2012
 
Interest Rate Lock
Commitments
 
Forward Delivery
Contracts
 
Loans Held
for Sale
Balance at January 1, 2012
$
9,122

 
$
19

 
$
295

Transfers into Level 3

 

 
564

Transfers out of Level 3

 
(845
)
 

Total net gains (losses) included in earnings (realized and unrealized)
73,378

 
846

 
(147
)
Purchases, sales, and settlements:
 
 
 
 
 
Purchases

 

 

Sales
(5,640
)
 
(20
)
 
(491
)
Settlements
(3,401
)
 

 
(221
)
Transfers of IRLCs to closed loans
(73,459
)
 

 

Balance at December 31, 2012
$

 
$

 
$

 
 
Schedule of gains (losses) included in earnings relating to assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3)
 
The following presents the gains (losses) included in earnings for the year ended December 31, 2012 relating to assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):
 
Year Ended December 31, 2012
 
Interest Rate
Lock
Commitments
 
Forward
Delivery
Contracts
 
Loans
Held
for Sale
Total net gains (losses) included in earnings, which are included in discontinued operations
$
73,378

 
$
846

 
$
(147
)
Change in unrealized losses relating to assets and liabilities still held at December 31, 2012, which are included in discontinued operations
$

 
$

 
$
(412
)
 
 
Schedule of gain/(loss) recognized in the consolidated statements of operations for derivatives
 
The gain recognized in the consolidated statements of operations for derivatives for the year ended December 31, 2012 was as follows (in thousands):
 
Location of Gain Recognized in Income on Derivative
 
Year Ended
December 31,
2012
Interest Rate Lock Commitments
Discontinued operations
 
$
73,378

Forward Delivery Contracts
Discontinued operations
 
4,244

Total gain on derivatives
 
 
$
77,622

 
 
Schedule of loans sold for the period and the aggregate loan losses
 
The following table represents the loans sold for the period shown and the aggregate loan losses through December 31, 2013:
 
December 31, 2013
Period of Loan Sales
Number of
Loans Sold
 
Original
Principal
Balance
 
Number of
Loans with
Losses
 
Original
Principal
Balance of
Loans with
Losses
 
Amount of
Aggregate
Losses
 
 
 
(in billions)
 
 
 
(in millions)
 
(in millions)
2013

 
$

 

 
$

 
$

2012
9,200

 
1.9

 

 

 

2011
12,500

 
2.7

 
1

 
0.3

 
0.1

2010
12,400

 
2.8

 
4

 
1.1

 
0.1

2009
12,800

 
2.8

 
5

 
1.2

 
0.2

2008
11,000

 
2.2

 
33

 
6.9

 
2.2

2007
36,300

 
6.1

 
160

 
22.1

 
8.2

2006
55,000

 
7.9

 
207

 
24.5

 
13.4

2005 and prior years
86,700

 
13.0

 
89

 
12.3

 
5.0

Total
235,900

 
$
39.4

 
499

 
$
68.4

 
$
29.2

 
 
Schedule of activity related to loss reserves on previously sold loans
 
The activity related to loss reserves on previously sold loans is as follows (in thousands):
 
Year Ended December 31,
 
2013
 
2012
Loan loss reserve, beginning of period
$
27,182

 
$
31,512

Provisions
1,531

 
6,977

Change in estimate

 
(6,493
)
Charge-offs to reserves
(170
)
 
(4,814
)
Loan loss reserve, end of period
$
28,543

 
$
27,182