Discontinued Operations

3 Months Ended

Mar. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On January 1, 2016, DPL closed on the sale of DPLER, its competitive retail business. The sale agreement was signed on December 28, 2015 and DPL received $75.5 million of restricted cash on December 31, 2015 for the sale. DPL recorded a gain on this transaction of $49.2 million in the first quarter of 2016. The gain includes the impact of DPLER’s liability to DP&L that transferred with the sale on January 1, 2016 but was eliminated in consolidation as of December 31, 2015.

Operating activities related to DPLER have been reclassified to "Discontinued operations" in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2016.

The following table summarizes the revenues, cost of revenues, operating expenses and income tax of discontinued operations for the periods indicated:

	Three months ended March 31,
$ in millions	2016
Revenues	$	—
Cost of revenues	—
Operating expenses	(0.7		)
Loss from discontinued operations before income taxes	(0.7		)
Gain from disposal of discontinued operations	49.2
Income tax expense	18.9
Income on discontinued operations	$	29.6

Cash flows related to discontinued operations are included in our Condensed Consolidated Statements of Cash Flows. Cash flows from operating activities for discontinued operations were $(0.7) million for the three months ended March 31, 2016. Cash flows from investing activities for discontinued operations were $75.5 million for the three months ended March 31, 2016. All cash generated from discontinued operations was paid to DPL through dividends for all periods presented.