2011 Q2 Form 10-Q Financial Statement

#000010781511000081 Filed on August 02, 2011

View on sec.gov

Income Statement

Concept 2011 Q2 2010 Q2
Revenue $991.7M $890.9M
YoY Change 11.31% 6.61%
Cost Of Revenue $121.8M $95.80M
YoY Change 27.14% -6.08%
Gross Profit $869.9M $795.1M
YoY Change 9.41% 8.37%
Gross Profit Margin 87.72% 89.25%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $82.30M $76.80M
YoY Change 7.16% -14.86%
% of Gross Profit 9.46% 9.66%
Operating Expenses $695.5M $679.0M
YoY Change 2.43% 1.28%
Operating Profit $174.4M $163.3M
YoY Change 6.8% 157.98%
Interest Expense $57.40M $53.00M
YoY Change 8.3% -308.66%
% of Operating Profit 32.91% 32.46%
Other Income/Expense, Net $14.40M $9.700M
YoY Change 48.45% 31.08%
Pretax Income $146.6M $135.1M
YoY Change 8.51% 34.56%
Income Tax $48.60M $47.60M
% Of Pretax Income 33.15% 35.23%
Net Earnings $109.5M $88.70M
YoY Change 23.45% 39.25%
Net Earnings / Revenue 11.04% 9.96%
Basic Earnings Per Share $0.47 $0.38
Diluted Earnings Per Share $0.46 $0.37
COMMON SHARES
Basic Shares Outstanding 233.7M shares 233.8M shares
Diluted Shares Outstanding 236.6M shares 236.6M shares

Balance Sheet

Concept 2011 Q2 2010 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.00M $11.00M
YoY Change 0.0% -15.38%
Cash & Equivalents $10.60M $10.50M
Short-Term Investments
Other Short-Term Assets $305.0M $378.0M
YoY Change -19.31% -17.65%
Inventory $339.0M $390.0M
Prepaid Expenses $206.4M
Receivables $344.9M $495.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.172B $1.273B
YoY Change -7.94% -2.08%
LONG-TERM ASSETS
Property, Plant & Equipment $9.821B $9.290B
YoY Change 5.72% 6.15%
Goodwill $441.9M
YoY Change
Intangibles
YoY Change
Long-Term Investments $377.0M $363.0M
YoY Change 3.86% 9.34%
Other Assets $209.5M $1.326B
YoY Change -84.2% -9.92%
Total Long-Term Assets $11.90B $11.42B
YoY Change 4.24% 3.84%
TOTAL ASSETS
Total Short-Term Assets $1.172B $1.273B
Total Long-Term Assets $11.90B $11.42B
Total Assets $13.08B $12.69B
YoY Change 3.02% 3.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $309.8M $271.0M
YoY Change 14.32% -2.87%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $542.0M $520.0M
YoY Change 4.23% -33.33%
Long-Term Debt Due $30.60M $493.0M
YoY Change -93.79% 80.59%
Total Short-Term Liabilities $1.144B $1.653B
YoY Change -30.81% -9.23%
LONG-TERM LIABILITIES
Long-Term Debt $4.335B $3.943B
YoY Change 9.93% 3.22%
Other Long-Term Liabilities $333.9M $2.351B
YoY Change -85.8% 1.34%
Total Long-Term Liabilities $4.669B $6.294B
YoY Change -25.83% 2.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.144B $1.653B
Total Long-Term Liabilities $4.669B $6.294B
Total Liabilities $5.812B $8.986B
YoY Change -35.32% 2.1%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $3.948B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.978B $3.708B
YoY Change
Total Liabilities & Shareholders Equity $13.08B $12.69B
YoY Change 3.01% 3.22%

Cashflow Statement

Concept 2011 Q2 2010 Q2
OPERATING ACTIVITIES
Net Income $109.5M $88.70M
YoY Change 23.45% 39.25%
Depreciation, Depletion And Amortization $82.30M $76.80M
YoY Change 7.16% -14.86%
Cash From Operating Activities $257.6M $120.0M
YoY Change 114.67% -43.05%
INVESTING ACTIVITIES
Capital Expenditures $211.6M $184.5M
YoY Change 14.69% -3.91%
Acquisitions
YoY Change
Other Investing Activities -$11.50M $80.30M
YoY Change -114.32% 165.89%
Cash From Investing Activities -$223.1M -$104.2M
YoY Change 114.11% -35.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -259.9M -17.40M
YoY Change 1393.68% -67.42%
NET CHANGE
Cash From Operating Activities 257.6M 120.0M
Cash From Investing Activities -223.1M -104.2M
Cash From Financing Activities -259.9M -17.40M
Net Change In Cash -225.4M -1.600M
YoY Change 13987.5% -64.44%
FREE CASH FLOW
Cash From Operating Activities $257.6M $120.0M
Capital Expenditures $211.6M $184.5M
Free Cash Flow $46.00M -$64.50M
YoY Change -171.32% -444.92%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">NEW ACCOUNTING PRONOUNCEMENTS</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"></br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">No new accounting pronouncements were issued or adopted during the first six months of 2011 which would have a material impact on our financial condition, results of operations or cash flows.</font></div></div>
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0 USD
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45800000 USD
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26900000 USD
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PaymentsForProceedsFromOtherInvestingActivities
17100000 USD
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PaymentsForProceedsFromOtherInvestingActivities
37600000 USD
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PaymentsForRepurchaseOfCommonStock
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PensionAndOtherPostretirementBenefitContributions
0 USD
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PensionAndOtherPostretirementBenefitContributions
122400000 USD
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420000000 USD
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ProceedsFromRepaymentsOfShortTermDebt
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us-gaap Proceeds From Sale Of Productive Assets
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63500000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
38500000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
43200000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
29600000 USD
us-gaap Profit Loss
ProfitLoss
280400000 USD
us-gaap Profit Loss
ProfitLoss
218400000 USD
CY2011Q2 us-gaap Profit Loss
ProfitLoss
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ProfitLoss
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CY2010Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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PropertyPlantAndEquipmentNet
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11590800000 USD
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PropertyPlantAndEquipmentOther
12413400000 USD
CY2010Q4 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
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8726400000 USD
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
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us-gaap Recognition Of Deferred Revenue
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CY2010Q4 us-gaap Regulatory Assets
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RegulatoryAssetsCurrent
53000000 USD
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RegulatoryAssetsNoncurrent
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CY2010Q4 us-gaap Regulatory Liabilities
RegulatoryLiabilities
15300000 USD
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RegulatoryLiabilities
27300000 USD
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15300000 USD
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RegulatoryLiabilityCurrent
15300000 USD
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RegulatoryLiabilityNoncurrent
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RegulatoryLiabilityNoncurrent
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us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
263500000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
456900000 USD
CY2010Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
8300000 USD
CY2011Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
45500000 USD
CY2010Q2 us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
76200000 USD
us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
188900000 USD
CY2011Q2 us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
97700000 USD
us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
136200000 USD
us-gaap Sale Of Stock Percentage Of Ownership Before Transaction
SaleOfStockPercentageOfOwnershipBeforeTransaction
0.25
us-gaap Sales Revenue Energy Services
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2320400000 USD
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SalesRevenueEnergyServices
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us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
2139500000 USD
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SalesRevenueEnergyServices
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SegmentReportingInformationRevenue
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us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
2139500000 USD
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SegmentReportingInformationRevenue
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CY2010Q2 us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
890900000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod
3 years
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.037
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.039
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTerm
5.5
us-gaap Tax Benefit From Stock Options Exercised
TaxBenefitFromStockOptionsExercised
9700000 USD
CY2010Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
13600000 USD
CY2011Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
9900000 USD
CY2011Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
11925226 shares
CY2011Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
21.40
us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
300000000 USD
us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
two-for-one stock split of our common stock
wec Cost Of Gas Sold
CostOfGasSold
464200000 USD
CY2010Q2 wec Cost Of Gas Sold
CostOfGasSold
95800000 USD
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CurrentRatesAmountsAsPercentOfCapitalExpenditures
0.14
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTerm
5.9
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.190
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.203
CY2011Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
8771716 shares
CY2011Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
20.87
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
19000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
25100000 USD
us-gaap Tax Benefit From Stock Options Exercised
TaxBenefitFromStockOptionsExercised
7500000 USD
CY2011Q2 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-15900000 USD
CY2011Q2 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
817300000 USD
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
1850400000 USD
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
1844400000 USD
CY2010Q2 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
774800000 USD
CY2010Q2 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
317500000 USD
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
652900000 USD
CY2011Q2 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
298900000 USD
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
612400000 USD
CY2011Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236600000 shares
CY2010Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
233700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
233800000 shares
CY2010Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
233800000 shares
CY2011Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
233700000 shares
CY2010Q4 wec Accrued Revenues
AccruedRevenues
280300000 USD
CY2011Q2 wec Accrued Revenues
AccruedRevenues
172400000 USD
CY2011Q2 wec Capital Lease Agreement With Vie Remaining Term In Years
CapitalLeaseAgreementWithVieRemainingTermInYears
11
wec Cost Of Gas Sold
CostOfGasSold
451600000 USD
CY2011Q2 wec Cost Of Gas Sold
CostOfGasSold
121800000 USD
CY2011Q2 wec Elimination Included In Total Assets
EliminationIncludedInTotalAssets
2414900000 USD
CY2010Q2 wec Fuel And Purchased Power
FuelAndPurchasedPower
258400000 USD
CY2011Q2 dei Entity Public Float
EntityPublicFloat
7300000000 USD
dei Entity Registrant Name
EntityRegistrantName
WISCONSIN ENERGY CORP
wec Fuel And Purchased Power
FuelAndPurchasedPower
553600000 USD
CY2011Q2 wec Fuel And Purchased Power
FuelAndPurchasedPower
286000000 USD
wec Fuel And Purchased Power
FuelAndPurchasedPower
535800000 USD
CY2011Q2 wec Guarantee Obligations Current Outstanding
GuaranteeObligationsCurrentOutstanding
100000 USD
wec Maximum Percentage Award Based On Performance Unit
MaximumPercentageAwardBasedOnPerformanceUnit
1.75
wec Distributions From Transmission Affiliate
DistributionsFromTransmissionAffiliate
24800000 USD
wec Distributions From Transmission Affiliate
DistributionsFromTransmissionAffiliate
24600000 USD
CY2010Q2 wec Elimination Included In Total Assets
EliminationIncludedInTotalAssets
1820800000 USD
wec Minimum Percentage Award Based On Performance Unit
MinimumPercentageAwardBasedOnPerformanceUnit
0.00
wec New Generating Units Built
NewGeneratingUnitsBuilt
4
CY2011Q2 wec Number Of Agreements With Vies
NumberOfAgreementsWithVies
2
CY2011Q2 wec Number Of Operating Leases With Vies
NumberOfOperatingLeasesWithVies
1
CY2011Q2 wec Operating Lease Agreement With Vie Remaining Term In Years
OperatingLeaseAgreementWithVieRemainingTermInYears
2
wec Power Capacity Under Capital Lease
PowerCapacityUnderCapitalLease
236
wec Proceeds From Sale Of Interest In Unit
ProceedsFromSaleOfInterestInUnit
38000000 USD
CY2011Q2 wec Property And Revenue Taxes
PropertyAndRevenueTaxes
28300000 USD
CY2010Q2 wec Property And Revenue Taxes
PropertyAndRevenueTaxes
26300000 USD
wec Property And Revenue Taxes
PropertyAndRevenueTaxes
52900000 USD
wec Property And Revenue Taxes
PropertyAndRevenueTaxes
56600000 USD
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
wec Return On Equity After Tax
ReturnOnEquityAfterTax
0.127
wec Share Based Compensation Arrangement By Share Based Payment Award Award Percentage To Vest Each Year After Grant Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardPercentageToVestEachYearAfterGrantDate
0.33
wec Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.020
wec Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.020
CY2011Q2 wec Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Period
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualPeriod
4.9 Years
CY2011Q2 wec Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Period
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualPeriod
5.7 Years
CY2011Q2 wec Significant Change In Unrecognized Tax Benefit Is Reasonably Possible Amount Of Decrease Attributable To Discontinued Operations
SignificantChangeInUnrecognizedTaxBenefitIsReasonablyPossibleAmountOfDecreaseAttributableToDiscontinuedOperations
1600000 USD
CY2011Q2 wec Total Capitalization
TotalCapitalization
8312600000 USD
CY2010Q4 wec Total Capitalization
TotalCapitalization
7764500000 USD
CY2010Q4 wec Total Deferred Charges And Other Assets
TotalDeferredChargesAndOtherAssets
1750900000 USD
CY2011Q2 wec Total Deferred Charges And Other Assets
TotalDeferredChargesAndOtherAssets
1706400000 USD
CY2011Q2 wec Total Deferred Credits And Other Liabilities
TotalDeferredCreditsAndOtherLiabilities
3620000000 USD
CY2010Q4 wec Total Deferred Credits And Other Liabilities
TotalDeferredCreditsAndOtherLiabilities
3574200000 USD
CY2011Q2 wec Unrecognized Tax Benefits Period Increase Decrease Related To Discontinued Operations
UnrecognizedTaxBenefitsPeriodIncreaseDecreaseRelatedToDiscontinuedOperations
-10200000 USD
wec Weighted Average Pre Tax Cost Of Interest
WeightedAveragePreTaxCostOfInterest
0.05
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2011
dei Document Period End Date
DocumentPeriodEndDate
2011-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000783325
CY2011Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
233739777 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer

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wec-20110630.xml Edgar Link completed
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wec-20110630_cal.xml Edgar Link unprocessable
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