At December 31, year 4, Matson Inc. was holding long-lived assets that it intended to sell. The assets do not constitute a separate component of the company. The company appropriately recognized a loss in year 4 related to these assets. On Matson's income statement for the year ended December 31, year 4, this loss should be reported as a(n)
a. Extraordinary item.
b. Component of income from continuing operations before income taxes.
c. Separate component of selling or general and administrative expenses, disclosed net of tax benefit.
d. Component of the gain (loss) from sale of discontinued operations, disclosed net of income taxes.