DISCONTINUED OPERATIONS
 12 Months Ended
Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS
NOTE 18. DISCONTINUED OPERATIONS

VDC Transaction

On May 15, 2019, we completed the VDC Transaction for an aggregate purchase price of $30 million. The business we sold in the VDC Transaction formerly comprised our Travel and Entertainment segment. In discontinued operations, we recognized a gain on the VDC Transaction of $6.5 million.

By purchasing all of the issued and outstanding membership interests of Vegas.com, the purchaser in the VDC Transaction, an affiliate of MGG, effectively assumed an amount of negative working capital. The cash proceeds of the VDC Transaction were used to pay amounts due under the Financing Agreement (see Note 12).

The following table presents the carrying amounts of the major classes of assets and liabilities associated with the disposed Travel and Entertainment segment (in thousands):
 
May 15, 2019
 
December 31, 2018
Cash and cash equivalents (including restricted cash)
$
18,011

 
$
24,138

Other current assets
4,753

 
4,828

Current assets
$
22,764

 
$
28,966

Property and equipment, net
7,331

 
8,495

Goodwill and other intangibles, net
28,977

 
35,434

Other assets
1,856

 
194

Total assets
$
60,928

 
$
73,089

 
 
 
 
Accounts payable, accrued expense and other current liabilities
$
22,749

 
$
33,053

Deferred merchant booking
7,358

 
4,664

Contract liability
5,381

 
3,931

Current liabilities
$
35,488

 
$
41,648

Other liabilities
1,938

 
34

Total liabilities
$
37,426

 
$
41,682



The following table presents the major classes of line items constituting the pretax profit or loss of the disposed Travel and Entertainment segment (in thousands):
 
 
January 1, 2019 through
May 15, 2019
 
Year Ended December 31, 2018
 
 
 
Revenue
 
$
27,432

 
$
69,057

 
 
 
 
 
Cost of revenue (excluding depreciation and amortization)
 
4,016

 
11,725

Selling, general and administrative
 
18,383

 
38,906

Technology and development
 
3,280

 
8,939

Depreciation, amortization and impairments
 
8,007

 
8,786

Other operating expense
 
384

 
954

Other expense (income) and loss (gain), net
 
(3,814
)
 
3,267

Loss from discontinued operations before income taxes
 
(2,824
)
 
(3,520
)
Benefit from income taxes
 
214

 
527

Loss from discontinued operations
 
$
(2,610
)
 
$
(2,993
)
 
 
 
 
 



Depreciation, amortization and impairments for the 2019 period includes $4.8 million of impairments of goodwill and intangible assets resulting from our decision to dispose of the previously-reported Travel and Entertainment segment.

For the year ended December 31, 2019, we allocated $2.7 million of interest expense to discontinued operations. We made such allocations based on the amount of debt specifically attributable to the discontinued operations.