SUBSEQUENT EVENT

12 Months Ended

Dec. 31, 2013

Subsequent Event

In January 2014, we reached a definitive agreement to sell all of the stock of UPPCO to Balfour Beatty Infrastructure Partners LP (BBIP) for approximately $298.8 million. This price is subject to adjustments for various items, including working capital, pension contributions, and the reimbursement of any capital expenditures made by UPPCO in 2014 prior to the sale. BBIP had approached us in early 2013 about the potential sale, and we came to an agreement in January 2014 that was approved by our Board of Directors. The transaction is subject to regulatory approvals and is expected to close later in 2014. Following the sale, we will provide various administrative and operational services to UPPCO during a transition period of 18 to 30 months.

The following table shows the balances of the assets and liabilities of UPPCO that are included in the disposal group:



(Millions)	December 31, 2013
Current assets	$	26.5
Property, plant, and equipment, net of accumulated depreciation of $88.9 million	193.8
Other long-term assets	51.5
Total assets	$	271.8

Current liabilities	$	21.2
Long-term liabilities	$	32.4
Total liabilities	$	53.6