$WEC
WEC ENERGY GROUP, INC.

2012 Q1 Form 10-Q Financial Statement

#000010781512000071 Filed on May 03, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q1
Revenue $1.191B $1.329B
YoY Change -10.35% 6.42%
Cost Of Revenue $237.5M $342.4M
YoY Change -30.64% -3.77%
Gross Profit $953.7M $986.3M
YoY Change -3.31% 10.47%
Gross Profit Margin 80.06% 74.23%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $87.60M $81.30M
YoY Change 7.75% 13.07%
% of Gross Profit 9.19% 8.24%
Operating Expenses $658.0M $690.7M
YoY Change -4.73% -3.24%
Operating Profit $295.7M $295.6M
YoY Change 0.03% 29.42%
Interest Expense $58.90M $63.40M
YoY Change -7.1% 28.34%
% of Operating Profit 19.92% 21.45%
Other Income/Expense, Net $16.00M $12.50M
YoY Change 28.0% 101.61%
Pretax Income $268.4M $260.2M
YoY Change 3.15% 29.84%
Income Tax $96.30M $89.30M
% Of Pretax Income 35.88% 34.32%
Net Earnings $172.1M $170.9M
YoY Change 0.7% 31.77%
Net Earnings / Revenue 14.45% 12.86%
Basic Earnings Per Share $0.73
Diluted Earnings Per Share $0.74 $0.72
COMMON SHARES
Basic Shares Outstanding 230.5M shares 233.7M shares
Diluted Shares Outstanding 233.2M shares 236.6M shares

Balance Sheet

Concept 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.00M $236.0M
YoY Change -92.37% 1715.38%
Cash & Equivalents $18.10M $236.0M
Short-Term Investments
Other Short-Term Assets $373.0M $289.0M
YoY Change 29.07% -21.89%
Inventory $312.0M $284.0M
Prepaid Expenses $190.1M
Receivables $386.9M $425.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.280B $1.460B
YoY Change -12.33% 10.59%
LONG-TERM ASSETS
Property, Plant & Equipment $10.24B $9.639B
YoY Change 6.18% 4.34%
Goodwill $441.9M $441.9M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $393.0M $375.0M
YoY Change 4.8% 4.46%
Other Assets $184.9M $215.4M
YoY Change -14.16% -84.21%
Total Long-Term Assets $12.54B $11.73B
YoY Change 6.93% 2.87%
TOTAL ASSETS
Total Short-Term Assets $1.280B $1.460B
Total Long-Term Assets $12.54B $11.73B
Total Assets $13.82B $13.19B
YoY Change 4.8% 3.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $239.3M $269.1M
YoY Change -11.07% -3.55%
Accrued Expenses $79.00M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $557.0M $282.0M
YoY Change 97.52% -41.0%
Long-Term Debt Due $33.80M $479.8M
YoY Change -92.96% 1015.81%
Total Short-Term Liabilities $1.172B $1.340B
YoY Change -12.56% 6.8%
LONG-TERM LIABILITIES
Long-Term Debt $4.603B $4.339B
YoY Change 6.08% -1.29%
Other Long-Term Liabilities $300.0M $359.3M
YoY Change -16.5% -84.77%
Total Long-Term Liabilities $4.903B $4.698B
YoY Change 4.35% -30.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.172B $1.340B
Total Long-Term Liabilities $4.903B $4.698B
Total Liabilities $6.075B $6.039B
YoY Change 0.6% -33.27%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $4.052B $3.905B
YoY Change 3.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.082B $3.935B
YoY Change
Total Liabilities & Shareholders Equity $13.82B $13.19B
YoY Change 4.8% 3.67%

Cashflow Statement

Concept 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income $172.1M $170.9M
YoY Change 0.7% 31.77%
Depreciation, Depletion And Amortization $87.60M $81.30M
YoY Change 7.75% 13.07%
Cash From Operating Activities $340.5M $391.0M
YoY Change -12.92% 28.75%
INVESTING ACTIVITIES
Capital Expenditures $142.3M $135.5M
YoY Change 5.02% -30.37%
Acquisitions
YoY Change
Other Investing Activities $6.300M $7.400M
YoY Change -14.86% -54.6%
Cash From Investing Activities -$130.4M -$144.4M
YoY Change -9.7% -15.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $29.20M $24.90M
YoY Change 17.27% -21.7%
Debt Paid & Issued, Net $8.000M $5.000M
YoY Change 60.0% -98.09%
Cash From Financing Activities -$206.1M -$35.10M
YoY Change 487.18% -75.05%
NET CHANGE
Cash From Operating Activities $340.5M $391.0M
Cash From Investing Activities -$130.4M -$144.4M
Cash From Financing Activities -$206.1M -$35.10M
Net Change In Cash $4.000M $211.5M
YoY Change -98.11% -2711.11%
FREE CASH FLOW
Cash From Operating Activities $340.5M $391.0M
Capital Expenditures $142.3M $135.5M
Free Cash Flow $198.2M $255.5M
YoY Change -22.43% 134.19%

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"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Presentation of Comprehensive Income:&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:10pt;">In June 2011, the Financial Accounting Standards Board (FASB) issued guidance on the presentation of comprehensive income. This guidance eliminates the option of presenting components of other comprehensive income as part of the statement of changes in stockholders' equity. The guidance gives entities the option to present the total of comprehensive income, the components of net income and the components of other comprehensive income in either a single continuous statement of comprehensive income or in two separate but consecutive statements. In December 2011, the FASB issued an amendment to indefinitely defer one of the requirements contained in its June 2011 final standard. That requirement called for reclassification adjustments from accumulated other comprehensive income to be measured and presented by income statement line item in net income and also in other comprehensive income. This guidance, including the related deferral, is effective for fiscal years and interim periods beginning after December 15, 2011 and must be applied retrospectively. We adopted this guidance on January 1, 2012, and it did not have any material impact on us.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Fair Value Measurement:&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:10pt;">In May 2011, the FASB issued guidance amending existing guidance for measuring fair value and for disclosing information about fair value measurements. Under the new guidance, required disclosures are expanded, particularly for fair value measurements that are categorized within Level 3 of the fair value hierarchy, for which quantitative information about the unobservable inputs, the valuation processes used by the entity, and the sensitivity of the measurement to the unobservable inputs will be required. Entities are also required to disclose the categorization, by level of the fair value hierarchy, of items that are not measured at fair value in the balance sheets but for which the fair value is required to be disclosed. This guidance is effective for fiscal years and interim periods beginning after December&#160;15, 2011 and must be applied prospectively. We adopted this guidance on January 1, 2012, and it did not have any material impact on us.</font></div></div>
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PensionAndOtherPostretirementBenefitContributions
0 USD
CY2011 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
122400000 USD
CY2011Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
222700000 USD
CY2012Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
221000000 USD
CY2011Q4 us-gaap Preferred Stock Value
PreferredStockValue
30400000 USD
CY2012Q1 us-gaap Preferred Stock Value
PreferredStockValue
30400000 USD
CY2011Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
382500000 USD
CY2012Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
348200000 USD
CY2011Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
24800000 USD
CY2011Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
420000000 USD
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTerm
5.9
CY2011Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTerm
5.5
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.190
CY2011Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.190
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
9118361 shares
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
21.52
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
12000000 USD
CY2011Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
13000000 USD
CY2012Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
12900000 USD
CY2011Q1 us-gaap Profit Loss
ProfitLoss
170900000 USD
CY2012Q1 us-gaap Profit Loss
ProfitLoss
172100000 USD
CY2011Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10160400000 USD
CY2012Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10235000000 USD
CY2011Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
12977700000 USD
CY2012Q1 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
13485500000 USD
CY2011Q4 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
9179900000 USD
CY2012Q1 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
9630000000 USD
CY2011Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
1238700000 USD
CY2012Q1 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
1286300000 USD
CY2012Q1 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
911600000 USD
CY2011Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
902000000 USD
CY2011Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5000000 USD
CY2012Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
8000000 USD
CY2012Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
24700000 USD
CY2011Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
45500000 USD
CY2011Q1 us-gaap Sale Of Stock Percentage Of Ownership Before Transaction
SaleOfStockPercentageOfOwnershipBeforeTransaction
0.25
CY2012Q1 us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
1191200000 USD
CY2011Q1 us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
1328700000 USD
CY2012Q1 us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
1191200000 USD
CY2011Q1 us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
1328700000 USD
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod
3 years
CY2011Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.039
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.039
CY2011Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
9100000 USD
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10851131 shares
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.03
CY2012Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm1
5.0 Years
CY2012Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm1
5.7 Years
CY2012Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
800000 shares
CY2011Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
800000 shares
CY2012Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
28300000 USD
CY2011Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
24200000 USD
CY2011Q1 us-gaap Tax Benefit From Stock Options Exercised
TaxBenefitFromStockOptionsExercised
3600000 USD
CY2012Q1 us-gaap Tax Benefit From Stock Options Exercised
TaxBenefitFromStockOptionsExercised
0 USD
CY2012Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-7400000 USD
CY2012Q1 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
895500000 USD
CY2011Q1 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
1033100000 USD
CY2012Q1 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
286300000 USD
CY2011Q1 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
313500000 USD
CY2011Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236600000 shares
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
233200000 shares
CY2011Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
233700000 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
230500000 shares
CY2012Q1 wec Accrued Revenues
AccruedRevenues
190300000 USD
CY2011Q4 wec Accrued Revenues
AccruedRevenues
252700000 USD
CY2012Q1 wec Capital Lease Agreement With Vie Remaining Term In Years
CapitalLeaseAgreementWithVieRemainingTermInYears
10
CY2011Q1 wec Cost Of Gas Sold
CostOfGasSold
342400000 USD
CY2012Q1 wec Cost Of Gas Sold
CostOfGasSold
237500000 USD
CY2011Q1 wec Elimination Included In Total Assets
EliminationIncludedInTotalAssets
2437800000 USD
CY2012Q1 wec Elimination Included In Total Assets
EliminationIncludedInTotalAssets
2355900000 USD
CY2012Q1 wec Fuel And Purchased Power
FuelAndPurchasedPower
253800000 USD
CY2011Q1 wec Fuel And Purchased Power
FuelAndPurchasedPower
267600000 USD
CY2012Q1 wec Maximum Percentage Award Based On Performance Unit
MaximumPercentageAwardBasedOnPerformanceUnit
1.75
CY2012Q1 wec Minimum Percentage Award Based On Performance Unit
MinimumPercentageAwardBasedOnPerformanceUnit
0.00
CY2012Q1 wec Number Of Agreements With Vies
NumberOfAgreementsWithVies
2
CY2012Q1 wec Number Of Operating Leases With Vies
NumberOfOperatingLeasesWithVies
1
CY2012Q1 wec Operating Lease Agreements With Vie Remaining Term In Years
OperatingLeaseAgreementsWithVieRemainingTermInYears
1 Years
CY2012Q1 wec Power Capacity Under Capital Lease
PowerCapacityUnderCapitalLease
236
CY2011Q1 wec Proceeds From Sale Of Interest In Unit
ProceedsFromSaleOfInterestInUnit
38000000 USD
CY2012Q1 wec Property And Revenue Taxes
PropertyAndRevenueTaxes
30300000 USD
CY2011Q1 wec Property And Revenue Taxes
PropertyAndRevenueTaxes
28300000 USD
CY2012Q1 wec Share Based Compensation Arrangement By Share Based Payment Award Award Percentage To Vest Each Year After Grant Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardPercentageToVestEachYearAfterGrantDate
0.33
CY2011Q1 wec Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.020
CY2012Q1 wec Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.020
CY2012Q1 wec Total Capitalization
TotalCapitalization
8684700000 USD
CY2011Q4 wec Total Capitalization
TotalCapitalization
8608000000 USD
CY2012Q1 wec Total Deferred Charges And Other Assets
TotalDeferredChargesAndOtherAssets
1913100000 USD
CY2011Q4 wec Total Deferred Charges And Other Assets
TotalDeferredChargesAndOtherAssets
1882200000 USD
CY2012Q1 wec Total Deferred Credits And Other Liabilities
TotalDeferredCreditsAndOtherLiabilities
3964700000 USD
CY2011Q4 wec Total Deferred Credits And Other Liabilities
TotalDeferredCreditsAndOtherLiabilities
3889600000 USD
CY2012Q1 dei Amendment Flag
AmendmentFlag
false
CY2012Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2012Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012Q1 dei Document Period End Date
DocumentPeriodEndDate
2012-03-31
CY2012Q1 dei Document Type
DocumentType
10-Q
CY2012Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000783325
CY2012Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
230455017 shares
CY2012Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2011Q2 dei Entity Public Float
EntityPublicFloat
7300000000 USD
CY2012Q1 dei Entity Registrant Name
EntityRegistrantName
WISCONSIN ENERGY CORP
CY2012Q1 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012Q1 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

Files In Submission

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0000107815-12-000071.txt Edgar Link pending
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Financial_Report.xls Edgar Link pending
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wec-20120331.xml Edgar Link completed
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wec-20120331_cal.xml Edgar Link unprocessable
wec-20120331_def.xml Edgar Link unprocessable
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