Dispositions

Discontinued Operations

Corporate and Other Segment – Sale of IES Retail Energy Business

In November 2014, we sold IES's retail energy business to Exelon Generation Company, LLC (Exelon) for $331.8 million, which includes a working capital adjustment recorded during the first quarter of 2015. As part of the stock purchase agreement, we provided guarantees supporting the IES retail energy business. During the second quarter of 2015, the majority of these guarantees expired. See Note 12, Guarantees, for more information. We are providing certain administrative and operational services to Exelon during a transition period of up to 15 months after the sale date.

The following table shows the components of discontinued operations related to the sale of IES's retail energy business recorded on the income statements. No activity was recorded for IES's retail energy business during the three months ended June 30, 2015.



	Three Months Ended			Six Months Ended June 30
(Millions)	June 30, 2014			2015			2014
Revenues	$	596.3		$	—		$	1,885.9
Cost of sales	(556.7		)	—			(1,791.5		)
Operating and maintenance expense	(27.7		)	(1.2		)	(60.5		)
Depreciation and amortization expense	(0.8		)	—			(1.5		)
Property and revenue taxes	(0.7		)	(0.2		)	(1.1		)
Goodwill impairment loss *	(6.7		)	—			(6.7		)
Transaction costs	(0.8		)	—			(0.8		)
Miscellaneous income	0.3			0.1			0.5
Interest expense	(0.2		)	—			(0.4		)
Income (loss) before taxes	3.0			(1.3		)	23.9
(Provision) benefit for income taxes	(3.7		)	0.5			(11.6		)
Discontinued operations, net of tax	$	(0.7	)	$	(0.8	)	$	12.3


*	The June 2014 announcement of the potential sale triggered an interim goodwill impairment test. Based on the results of the interim goodwill impairment analysis, IES recorded a non-cash goodwill impairment loss in the second quarter of 2014. This goodwill impairment loss reflected the offers received for IES's retail energy business.

Dispositions

Corporate and Other Segment – Sale of Certain PDL Solar Power Generation Plants

In June 2015, we sold 48 solar power generation plants owned by PDL to TerraForm Power, Inc. (TerraForm) for $47.8 million. The purchase price is subject to adjustments for working capital. These solar plants were located throughout Arizona, California, Connecticut, Massachusetts, New Jersey, and Pennsylvania. During the second quarter of 2015, we recorded a pre-tax gain on the sale of $5.2 million, which included transaction costs of $0.9 million. The results of operations of these solar assets through the sale date remain in continuing operations. In connection with the sale, we entered into an asset management agreement with TerraForm related to the majority of the remaining solar assets owned by PDL. Under this agreement, TerraForm will perform the day-to-day management of these remaining solar assets.

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



	As of the Closing Date		Held for Sale at
(Millions)	in June 2015		December 31, 2014
Cash and cash equivalents	$	0.3	$	—
Accounts receivable	0.7		—
Property, plant, and equipment, net of accumulated depreciation of $22.1 and $21.1, respectively	31.1		32.1
Other long-term assets	17.9		19.4
Total assets	$	50.0	$	51.5

Current liabilities	$	0.3	$	0.3
Deferred investment tax credits	4.6		5.0
Asset retirement obligations	1.1		1.1
Other long-term liabilities	6.8		7.4
Total liabilities	$	12.8	$	13.8

Other States Segment – Sale of UPPCO

In August 2014, we sold all of the common stock of UPPCO to Balfour Beatty Infrastructure Partners LP for $336.7 million. Following the sale, we are providing certain administrative and operational services to UPPCO during a transition period of 18 to 30 months.