19.    Discontinued Operations

On May 5, 2011, the Company completed the sale of the GTA business to Kuoni and realized a gain of $312 million, net of tax in 2011. The results of operations of the GTA business are presented as discontinued operations in the Company’s consolidated statements of operations and consolidated statements of cash flows.

Summarized statements of operations data for the discontinued operations of the GTA business, excluding intercompany transactions, are as follows:

 

(in $ millions)		Year Ended December 31, 2013				Year Ended December 31, 2012				From January 1, 2011 to May 5, 2011
Net revenue			—				—				76
Operating expenses			—				—				86
Operating loss before income taxes			—				—				(10	)
Benefit for income taxes			—				—				4
Loss from discontinued operations, net of tax			—				—				(6	)
Gain from disposal of discontinued operations, net of tax of $0			4				7				312
Total income from discontinued operations, net of tax			4				7				306

In connection with the sale of the GTA business to Kuoni, the Company agreed to indemnify Kuoni up to May 2017 for certain potential tax liabilities relating to pre-sale events. An estimate of the Company’s obligations under those indemnities is included within other non-current liabilities on the Company’s consolidated balance sheet as of December 31, 2013 and 2012.

During 2013 and 2012, the Company settled certain of its obligations under those indemnities and realized a gain of $4 million and $7 million respectively.