DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2014

WPS Beaver Falls Generation, LLC and WPS Syracuse Generation, LLC

Dispositions

Schedule of assets and liabilities included in a disposal group as well as the components of discontinued operations

The following table shows the components of discontinued operations related to Beaver Falls and Syracuse recorded on the income statements:

(Millions)	2014			2013				2012
Revenues	$	—		$	1.2			$	0.6
Cost of sales	—			(0.9		)		(2.0		)
Operating and maintenance expense	2.0			0.4			*	(3.5		)
Depreciation and amortization expense	—			—				(0.6		)
Taxes other than income taxes	—			(0.3		)		(1.4		)
Miscellaneous income	—			—				0.3
Income (loss) before taxes	2.0			0.4				(6.6		)
(Provision) benefit for income taxes	(0.8		)	(0.2		)		2.6
Discontinued operations, net of tax	$	1.2		$	0.2			$	(4.0	)

* Includes a $1.0 million gain on sale at closing

WPS Westwood Generation, LLC

Dispositions

Schedule of assets and liabilities included in a disposal group as well as the components of discontinued operations

The following table shows the components of discontinued operations related to Westwood recorded on the income statements:

(Millions)	2012
Revenues	$	9.2
Cost of sales	(4.4		)
Operating and maintenance expense	(14.3		)	*
Depreciation and amortization expense	(1.0		)
Taxes other than income taxes	(0.2		)
Interest expense	(0.7		)
Loss before taxes	(11.4		)
Benefit for income taxes	4.5
Discontinued operations, net of tax	$	(6.9	)

* Includes a $0.6 million loss on sale at closing.

Electric Utility | UPPCO

Dispositions

Schedule of assets and liabilities included in a disposal group as well as the components of discontinued operations

The following table shows the carrying values of the major classes of assets and liabilities related to UPPCO:

	As of the Closing Date		Held for Sale at
(Millions)	in August 2014		December 31, 2013
Current assets	$	24.3	$	26.5
Property, plant, and equipment, net of accumulated depreciation of $91.3 and $88.9, respectively	194.4		193.8
Other long-term assets	72.8		51.6
Total assets	$	291.5	$	271.9
Current liabilities	$	12.7	$	16.7
Long-term liabilities	28.6		32.4
Total liabilities	$	41.3	$	49.1

In addition to the amounts in the table above, intercompany payables of $1.6 million at December 31, 2013 related to certain power purchase transactions with WPS that continued after the sale were eliminated during consolidation. As of the closing date, these payables were included in the sale and disclosed in the table above as current liabilities.

IES | IES's retail energy business

Dispositions

Schedule of assets and liabilities included in a disposal group as well as the components of discontinued operations

The following table shows the carrying values of the major classes of assets and liabilities included in the sale:

	As of the Closing Date in
(Millions)	November 2014		December 31, 2013
Cash and cash equivalents	$	7.6	$	5.5
Accounts receivable and accrued unbilled revenues, net of reserves of $1.8 and $1.7, respectively	293.8		390.9
Inventories	52.4		34.2
Current assets from risk management activities	234.8		229.5
Prepaid taxes	—		2.5
Other current assets	75.1		41.5
Property, plant, and equipment, net of accumulated depreciation of $16.6 and $15.6, respectively	4.5		5.2
Long-term assets from risk management activities	106.9		73.4
Goodwill	—		6.7
Other long-term assets	25.5		26.0
Total assets	$	800.6	$	815.4
Accounts payable	$	186.9	$	202.9
Current liabilities from risk management activities	169.7		160.6
Accrued taxes	0.2		2.0
Other current liabilities	6.7		13.1
Long-term liabilities from risk management activities	79.5		61.9
Other long-term liabilities	0.3		7.0
Total liabilities	$	443.3	$	447.5

Included in the sale were commodity contracts that did not meet the GAAP definition of derivative instruments and, therefore, were not reflected on the balance sheets. In accordance with GAAP, expected gains or losses related to nonderivative commodity contracts are not recognized until the contracts are settled.

The following table shows the components of discontinued operations related to the sale of the IES retail energy business recorded on the income statements:

(Millions)	2014			2013			2012
Revenues	$	2,587.1		$	2,150.9		$	1,201.0
Cost of sales	(2,444.7		)	(1,910.7		)	(1,018.9		)
Operating and maintenance expense	(91.5		)	(105.6		)	(88.3		)
Depreciation and amortization expense	(2.7		)	(3.2		)	(3.4		)
Taxes other than income taxes	(4.9		)	(3.2		)	(2.4		)
Goodwill impairment loss	(6.7		)	—			—
Loss on sale of IES retail energy business	(28.8		)	—			—
Miscellaneous income	0.6			7.9			0.3
Interest expense	(0.7		)	(0.8		)	(1.3		)
Income before taxes	7.7			135.3			87.0
Provision for income taxes *	(7.3		)	(52.8		)	(31.9		)
Discontinued operations, net of tax	$	0.4		$	82.5		$	55.1

* See Note 16, Income Taxes, for more information.