3) DISCONTINUED OPERATIONS
On September 30, 2013 the Company completed the sale of Outdoor Europe for $225 million. Outdoor Europe has been presented as a discontinued operation in the Company's consolidated financial statements for all periods presented. Included in the loss from discontinued operations of $147 million for 2013 is an after-tax charge of $110 million associated with exiting an unprofitable contractual arrangement and the estimated fair value of guarantees, which historically have been intercompany but upon the closing of the transaction became third-party guarantees (See Note 14).
The following table sets forth details of the net earnings (loss) from discontinued operations for the years ended December 31, 2013, 2012 and 2011.
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||
Revenues from discontinued operations | $ | 401 | $ | 588 | $ | 608 | |||||
Loss from discontinued operations | $ | (247) | $ | (78) | $ | (73) | |||||
Income tax benefit (provision) | 100 | 18 | (13) | ||||||||
Loss from discontinued operations, net of tax | (147) | (60) | (86) | ||||||||
Gain on disposal | 159 | — | — | ||||||||
Income tax provision | (6) | — | — | ||||||||
Gain on disposal, net of tax | 153 | — | — | ||||||||
Net earnings (loss) from discontinued operations, net of tax | $ | 6 | $ | (60) | $ | (86) | |||||
Noncurrent assets of discontinued operations of $82 million for 2013 and $260 million for 2012 include deferred tax assets for previously disposed businesses. At December 31, 2012, noncurrent assets of discontinued operations also included net property and equipment of $103 million, goodwill of $49 million, as well as assets related to aircraft leases from previously disposed businesses that were liquidated in 2013. (See Note 1 for the accounting policy related to these discontinued operations). Noncurrent liabilities of discontinued operations of $148 million at December 31, 2013, primarily include tax reserves related to previously disposed businesses and the estimated fair value of guarantee liabilities of approximately $40 million (See Note 14). At December 31, 2012, noncurrent liabilities of discontinued operations of $172 million primarily relate to the above mentioned aircraft leases and tax reserves related to previously disposed businesses.