$WEC
WEC ENERGY GROUP, INC.

2013 Q2 Form 10-Q Financial Statement

#000010781513000112 Filed on August 01, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $1.012B $944.7M
YoY Change 7.16% -4.74%
Cost Of Revenue $115.2M $75.00M
YoY Change 53.6% -38.42%
Gross Profit $897.1M $869.7M
YoY Change 3.15% -0.02%
Gross Profit Margin 88.62% 92.06%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $96.70M $90.30M
YoY Change 7.09% 9.72%
% of Gross Profit 10.78% 10.38%
Operating Expenses $667.6M $647.1M
YoY Change 3.17% -6.96%
Operating Profit $229.5M $222.6M
YoY Change 3.1% 27.64%
Interest Expense $63.30M $61.50M
YoY Change 2.93% 7.14%
% of Operating Profit 27.58% 27.63%
Other Income/Expense, Net $5.800M $8.600M
YoY Change -32.56% -40.28%
Pretax Income $189.3M $185.9M
YoY Change 1.83% 26.81%
Income Tax $70.30M $66.60M
% Of Pretax Income 37.14% 35.83%
Net Earnings $119.0M $119.3M
YoY Change -0.25% 8.95%
Net Earnings / Revenue 11.76% 12.63%
Basic Earnings Per Share $0.52
Diluted Earnings Per Share $0.52 $0.51
COMMON SHARES
Basic Shares Outstanding 228.4M shares 230.4M shares
Diluted Shares Outstanding 230.5M shares 233.1M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.00M $13.00M
YoY Change 61.54% 18.18%
Cash & Equivalents $21.00M $13.10M
Short-Term Investments
Other Short-Term Assets $431.0M $390.0M
YoY Change 10.51% 27.87%
Inventory $318.0M $335.0M
Prepaid Expenses
Receivables $327.3M $297.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.271B $1.237B
YoY Change 2.76% 5.55%
LONG-TERM ASSETS
Property, Plant & Equipment $10.70B $10.34B
YoY Change 3.52% 5.29%
Goodwill $441.9M $441.9M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $429.0M $400.0M
YoY Change 7.25% 6.1%
Other Assets $185.1M $180.8M
YoY Change 2.38% -13.7%
Total Long-Term Assets $13.05B $12.65B
YoY Change 3.12% 6.27%
TOTAL ASSETS
Total Short-Term Assets $1.271B $1.237B
Total Long-Term Assets $13.05B $12.65B
Total Assets $14.32B $13.89B
YoY Change 3.09% 6.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $276.4M $267.5M
YoY Change 3.33% -13.65%
Accrued Expenses $76.00M $89.00M
YoY Change -14.61%
Deferred Revenue
YoY Change
Short-Term Debt $336.0M $560.0M
YoY Change -40.0% 3.32%
Long-Term Debt Due $414.6M $334.8M
YoY Change 23.84% 994.12%
Total Short-Term Liabilities $1.281B $1.428B
YoY Change -10.34% 24.89%
LONG-TERM LIABILITIES
Long-Term Debt $4.383B $4.298B
YoY Change 1.99% -0.86%
Other Long-Term Liabilities $288.7M $302.4M
YoY Change -4.53% -9.43%
Total Long-Term Liabilities $4.672B $4.600B
YoY Change 1.57% -1.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.281B $1.428B
Total Long-Term Liabilities $4.672B $4.600B
Total Liabilities $5.953B $6.028B
YoY Change -1.26% 3.72%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $4.195B $4.081B
YoY Change 2.8% 3.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.226B $4.112B
YoY Change
Total Liabilities & Shareholders Equity $14.32B $13.89B
YoY Change 3.09% 6.2%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $119.0M $119.3M
YoY Change -0.25% 8.95%
Depreciation, Depletion And Amortization $96.70M $90.30M
YoY Change 7.09% 9.72%
Cash From Operating Activities $351.2M $268.2M
YoY Change 30.95% 4.11%
INVESTING ACTIVITIES
Capital Expenditures $173.7M $171.7M
YoY Change 1.16% -18.86%
Acquisitions
YoY Change
Other Investing Activities -$17.60M -$10.50M
YoY Change 67.62% -8.7%
Cash From Investing Activities -$191.3M -$182.2M
YoY Change 4.99% -18.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -163.6M -91.00M
YoY Change 79.78% -64.99%
NET CHANGE
Cash From Operating Activities 351.2M 268.2M
Cash From Investing Activities -191.3M -182.2M
Cash From Financing Activities -163.6M -91.00M
Net Change In Cash -3.700M -5.000M
YoY Change -26.0% -97.78%
FREE CASH FLOW
Cash From Operating Activities $351.2M $268.2M
Capital Expenditures $173.7M $171.7M
Free Cash Flow $177.5M $96.50M
YoY Change 83.94% 109.78%

Facts In Submission

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us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-110400000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
38600000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
40700000 USD
us-gaap Profit Loss
ProfitLoss
291400000 USD
us-gaap Profit Loss
ProfitLoss
295600000 USD
CY2013Q2 us-gaap Profit Loss
ProfitLoss
119000000 USD
CY2012Q2 us-gaap Profit Loss
ProfitLoss
119300000 USD
CY2013Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10704500000 USD
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10572200000 USD
CY2013Q2 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
14424900000 USD
CY2012Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
14238800000 USD
CY2013Q2 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
10284600000 USD
CY2012Q4 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
10202800000 USD
CY2013Q2 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
1285600000 USD
CY2012Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
1339000000 USD
CY2012Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
866500000 USD
CY2013Q2 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
854100000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
310500000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
10000000 USD
us-gaap Revenues
Revenues
2287500000 USD
us-gaap Revenues
Revenues
2135900000 USD
CY2012Q2 us-gaap Revenues
Revenues
944700000 USD
CY2013Q2 us-gaap Revenues
Revenues
1012300000 USD
us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
2287500000 USD
CY2013Q2 us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
1012300000 USD
us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
2135900000 USD
CY2012Q2 us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
944700000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.039
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
29400000 USD
CY2012Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
30200000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
60500000 USD
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
1737000000 USD
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
1617600000 USD
CY2012Q2 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
722100000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2013Q2 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
782800000 USD
CY2012Q2 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
267900000 USD
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
553500000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.180
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
6090173 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
22.94
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
11600000 USD
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
21600000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
33600000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
36000000 USD
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8484258 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
26.53
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P4Y6M
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P5Y8M
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
3300000 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2100000 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
75700000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
135700000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
58900000 USD
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
554200000 USD
CY2013Q2 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
265400000 USD
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
230500000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
233100000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
230800000 shares
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
233100000 shares
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
230400000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
228400000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
228600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
230500000 shares
CY2012Q4 wec Accrued Revenues
AccruedRevenues
278100000 USD
CY2013Q2 wec Accrued Revenues
AccruedRevenues
174400000 USD
wec Capital Lease Agreement With Vie Remaining Term In Years
CapitalLeaseAgreementWithVieRemainingTermInYears
9
wec Maximum Percentage Award Based On Performance Unit
MaximumPercentageAwardBasedOnPerformanceUnit
1.75
wec Minimum Percentage Award Based On Performance Unit
MinimumPercentageAwardBasedOnPerformanceUnit
0.00
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013Q2 dei Entity Public Float
EntityPublicFloat
9300000000 USD
dei Entity Registrant Name
EntityRegistrantName
WISCONSIN ENERGY CORP
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
wec Power Capacity Under Capital Lease
PowerCapacityUnderCapitalLease
236
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
CY2012Q4 wec Total Deferred Charges And Other Assets
TotalDeferredChargesAndOtherAssets
1985100000 USD
CY2013Q2 wec Total Deferred Charges And Other Assets
TotalDeferredChargesAndOtherAssets
1912600000 USD
CY2012Q4 wec Total Deferred Credits And Other Liabilities
TotalDeferredCreditsAndOtherLiabilities
4222400000 USD
CY2013Q2 wec Total Deferred Credits And Other Liabilities
TotalDeferredCreditsAndOtherLiabilities
4427300000 USD
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
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000783325
CY2013Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
227666738 shares
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

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