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Discontinued Operations
 6 Months Ended
Jun. 30, 2012
Discontinued Operations  
Discontinued Operations

20.       Discontinued Operations.

 

See Note 1 for a discussion of the Company's discontinued operations.

 

The table below provides information regarding amounts included in discontinued operations:

 

   Three Months Ended Six Months Ended
   June 30, June 30,
   2012 2011 2012 2011
          
   (dollars in millions)
Net revenues(1):        
 Saxon$ 1$ 30$ 77$ 54
 Quilter  132  36  163  69
 Other(2)   (6)  14  (8)  24
  $ 127$ 80$ 232$ 147
          
Pre-tax gain (loss) on discontinued operations(1):        
 Revel$ —$ —$ —$ (10)
 Saxon(3)  (40)  (29)  (15)  (63)
 Quilter(4)  95  6  97  9
 Other(2)   (6)  1  (6)  13
  $ 49$ (22)$ 76$ (51)

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(1)       Amounts included eliminations of intersegment activity.

(2)       Amounts included in Other for the quarter and six months ended June 30, 2011 are related to the Company's retail asset management business, CityMortgage Bank and other.

(3)       Amount for the six months ended June 30, 2012 included a pre-tax gain of approximately $51 million, primarily resulting from the subsequent increase in fair value of Saxon, which had incurred impairment losses of $98 million in the quarter ended December 31, 2011, as well as approximately $20 million and $25 million of severance costs incurred in the quarter and six months ended June 30, 2012, respectively, in connection with the disposition of Saxon.

(4)       Amount for the quarter and six months ended June 30, 2012 included a pre-tax gain of approximately $108 million in connection with the sale of Quilter.