Discontinued Operations And Assets And Liabilities Held For Sale

6 Months Ended

Jun. 30, 2015

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Discontinued Operations and Assets and Liabilities Held For Sale

DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE

In 2013, Alliant Energy sold RMT to narrow its strategic focus and risk profile. The operating results of RMT have been separately classified and reported as discontinued operations in Alliant Energy’s income statements. A summary of the components of discontinued operations in Alliant Energy’s income statements for the three and six months ended June 30 was as follows (in millions):

	Three Months						Six Months
	2015			2014			2015			2014
Operating expenses		$2.0			$0.6			$2.0			$0.6
Loss before income taxes	(2.0		)	(0.6		)	(2.0		)	(0.6		)
Income tax benefit	(0.7		)	(0.3		)	(0.7		)	(0.3		)
Loss from discontinued operations, net of tax		($1.3	)		($0.3	)		($1.3	)		($0.3	)

Refer to Note 13(d) for further discussion of warranty claims associated with RMT that have resulted in operating expenses subsequent to the sale.

In April 2015, IPL completed the sale of its Minnesota natural gas distribution assets, which qualified as held for sale as of December 31, 2014. In July 2015, IPL completed the sale of its Minnesota electric distribution assets, which qualified as held for sale as of June 30, 2015. Alliant Energy and IPL evaluated the sales of IPL’s Minnesota electric and natural gas distribution assets and believe such sales did not represent a strategic shift that has, or will have, a major effect on their operational and financial results. As a result, the operating results of IPL’s Minnesota electric and natural gas distribution assets have not been separately classified and reported as discontinued operations in Alliant Energy’s and IPL’s income statements.

Alliant Energy’s and IPL’s balance sheets included assets held for sale recorded in “Other current assets” and liabilities held for sale recorded in “Other current liabilities” as follows (in millions):

	Electric			Natural Gas
	Distribution Assets			Distribution Assets
	June 30, 2015			December 31, 2014
Assets held for sale:
Current assets		$9.3			$1.1
Property, plant and equipment, net	125.0			11.0
Non-current regulatory assets	20.5			7.0
Carrying value adjustment of net assets sold (a)	(8.8		)	—
Total assets held for sale	146.0			19.1
Liabilities held for sale:
Current liabilities	2.4			1.0
Other liabilities	12.6			7.1
Total liabilities held for sale	15.0			8.1
Net assets held for sale		$131.0			$11.0

(a) The carrying value of IPL’s Minnesota electric distribution assets classified as held for sale exceeded the expected proceeds, less costs to sell. As a result, Alliant Energy and IPL recorded a pre-tax charge of $9 million in the second quarter of 2015 related to the Minnesota electric distribution assets.

Refer to Note 3 for further discussion of IPL’s sales of its Minnesota electric and natural gas distribution assets.

IPL [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Discontinued Operations and Assets and Liabilities Held For Sale

DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE

In 2013, Alliant Energy sold RMT to narrow its strategic focus and risk profile. The operating results of RMT have been separately classified and reported as discontinued operations in Alliant Energy’s income statements. A summary of the components of discontinued operations in Alliant Energy’s income statements for the three and six months ended June 30 was as follows (in millions):

	Three Months						Six Months
	2015			2014			2015			2014
Operating expenses		$2.0			$0.6			$2.0			$0.6
Loss before income taxes	(2.0		)	(0.6		)	(2.0		)	(0.6		)
Income tax benefit	(0.7		)	(0.3		)	(0.7		)	(0.3		)
Loss from discontinued operations, net of tax		($1.3	)		($0.3	)		($1.3	)		($0.3	)

Refer to Note 13(d) for further discussion of warranty claims associated with RMT that have resulted in operating expenses subsequent to the sale.

In April 2015, IPL completed the sale of its Minnesota natural gas distribution assets, which qualified as held for sale as of December 31, 2014. In July 2015, IPL completed the sale of its Minnesota electric distribution assets, which qualified as held for sale as of June 30, 2015. Alliant Energy and IPL evaluated the sales of IPL’s Minnesota electric and natural gas distribution assets and believe such sales did not represent a strategic shift that has, or will have, a major effect on their operational and financial results. As a result, the operating results of IPL’s Minnesota electric and natural gas distribution assets have not been separately classified and reported as discontinued operations in Alliant Energy’s and IPL’s income statements.

Alliant Energy’s and IPL’s balance sheets included assets held for sale recorded in “Other current assets” and liabilities held for sale recorded in “Other current liabilities” as follows (in millions):

	Electric			Natural Gas
	Distribution Assets			Distribution Assets
	June 30, 2015			December 31, 2014
Assets held for sale:
Current assets		$9.3			$1.1
Property, plant and equipment, net	125.0			11.0
Non-current regulatory assets	20.5			7.0
Carrying value adjustment of net assets sold (a)	(8.8		)	—
Total assets held for sale	146.0			19.1
Liabilities held for sale:
Current liabilities	2.4			1.0
Other liabilities	12.6			7.1
Total liabilities held for sale	15.0			8.1
Net assets held for sale		$131.0			$11.0

(a) The carrying value of IPL’s Minnesota electric distribution assets classified as held for sale exceeded the expected proceeds, less costs to sell. As a result, Alliant Energy and IPL recorded a pre-tax charge of $9 million in the second quarter of 2015 related to the Minnesota electric distribution assets.

Refer to Note 3 for further discussion of IPL’s sales of its Minnesota electric and natural gas distribution assets.