Notes to Consolidated Financial Statements
For the years ended December 31, 2014 and 2013
- Cameco Corporation
- Significant accounting policies
- Accounting standards
- Determination of fair values
- Use of estimates and judgments
- Discontinued operation
- Accounts receivable
- Inventories
- Property, plant and equipment
- Goodwill and intangible assets
- Long-term receivables, investments and other
- Equity-accounted investees
- Accounts payable and accrued liabilities
- Short-term debt
- Long-term debt
- Other liabilities
- Provisions
- Share capital
- Employee benefit expense
- Finance costs
- Other income (expense)
- Income taxes
- Per share amounts
- Statements of cash flows
- Share-based compensation plans
- Pension and other post-retirement benefits
- Financial instruments and related risk management
- Capital management
- Segmented information
- Group entities
- Joint operations
- Related parties
6. Discontinued operation
On March 27, 2014, Cameco completed the sale of its 31.6% limited partnership interest in Bruce Power L.P. (BPLP) which operates the four Bruce B nuclear reactors in Ontario. The aggregate sale price for Cameco’s interest in BPLP and certain related entities was $450,000,000. The sale has been accounted for effective January 1, 2014. Cameco received net proceeds of approximately $447,096,000 and realized an after tax gain of $127,243,000 on this divestiture.
As a result of the transaction, Cameco presented the results of BPLP as a discontinued operation and revised its statement of earnings, statement of comprehensive income and statement of cash flows to reflect this change in presentation. Net earnings from this discontinued operation are as follows:
| 2015 | 2014 | |
|---|---|---|
| Share of earnings from BPLP and related entities | $ — | $ — |
| Tax expense | — | — |
| — | — | |
| Gain on disposal of BPLP and related entities | — | 144,912 |
| Tax expense on disposal | — | 17,669 |
| — | 127,243 | |
| Net earnings from discontinued operation | $ — | $127,243 |