$WEC
WEC ENERGY GROUP, INC.

2014 Q2 Form 10-Q Financial Statement

#000010781514000080 Filed on August 01, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $1.044B $1.012B
YoY Change 3.1% 7.16%
Cost Of Revenue $125.9M $115.2M
YoY Change 9.29% 53.6%
Gross Profit $917.8M $897.1M
YoY Change 2.31% 3.15%
Gross Profit Margin 87.94% 88.62%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $101.4M $96.70M
YoY Change 4.86% 7.09%
% of Gross Profit 11.05% 10.78%
Operating Expenses $677.1M $667.6M
YoY Change 1.42% 3.17%
Operating Profit $240.7M $229.5M
YoY Change 4.88% 3.1%
Interest Expense $59.00M $63.30M
YoY Change -6.79% 2.93%
% of Operating Profit 24.51% 27.58%
Other Income/Expense, Net $8.100M $5.800M
YoY Change 39.66% -32.56%
Pretax Income $207.3M $189.3M
YoY Change 9.51% 1.83%
Income Tax $74.30M $70.30M
% Of Pretax Income 35.84% 37.14%
Net Earnings $133.0M $119.0M
YoY Change 11.76% -0.25%
Net Earnings / Revenue 12.74% 11.76%
Basic Earnings Per Share $0.59
Diluted Earnings Per Share $0.58 $0.52
COMMON SHARES
Basic Shares Outstanding 225.5M shares 228.4M shares
Diluted Shares Outstanding 227.6M shares 230.5M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.00M $21.00M
YoY Change 57.14% 61.54%
Cash & Equivalents $33.40M $21.00M
Short-Term Investments
Other Short-Term Assets $368.0M $431.0M
YoY Change -14.62% 10.51%
Inventory $304.0M $318.0M
Prepaid Expenses
Receivables $404.9M $327.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.286B $1.271B
YoY Change 1.13% 2.76%
LONG-TERM ASSETS
Property, Plant & Equipment $11.02B $10.70B
YoY Change 2.98% 3.52%
Goodwill $441.9M $441.9M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $452.0M $429.0M
YoY Change 5.36% 7.25%
Other Assets $321.4M $185.1M
YoY Change 73.64% 2.38%
Total Long-Term Assets $13.33B $13.05B
YoY Change 2.21% 3.12%
TOTAL ASSETS
Total Short-Term Assets $1.286B $1.271B
Total Long-Term Assets $13.33B $13.05B
Total Assets $14.62B $14.32B
YoY Change 2.11% 3.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $288.5M $276.4M
YoY Change 4.38% 3.33%
Accrued Expenses $70.00M $76.00M
YoY Change -7.89% -14.61%
Deferred Revenue
YoY Change
Short-Term Debt $410.0M $336.0M
YoY Change 22.02% -40.0%
Long-Term Debt Due $45.10M $414.6M
YoY Change -89.12% 23.84%
Total Short-Term Liabilities $980.8M $1.281B
YoY Change -23.42% -10.34%
LONG-TERM LIABILITIES
Long-Term Debt $4.588B $4.383B
YoY Change 4.66% 1.99%
Other Long-Term Liabilities $275.5M $288.7M
YoY Change -4.57% -4.53%
Total Long-Term Liabilities $4.863B $4.672B
YoY Change 4.09% 1.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $980.8M $1.281B
Total Long-Term Liabilities $4.863B $4.672B
Total Liabilities $5.844B $5.953B
YoY Change -1.83% -1.26%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $4.367B $4.195B
YoY Change 4.09% 2.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.398B $4.226B
YoY Change
Total Liabilities & Shareholders Equity $14.62B $14.32B
YoY Change 2.11% 3.09%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $133.0M $119.0M
YoY Change 11.76% -0.25%
Depreciation, Depletion And Amortization $101.4M $96.70M
YoY Change 4.86% 7.09%
Cash From Operating Activities $336.2M $351.2M
YoY Change -4.27% 30.95%
INVESTING ACTIVITIES
Capital Expenditures $176.3M $173.7M
YoY Change 1.5% 1.16%
Acquisitions
YoY Change
Other Investing Activities $2.500M -$17.60M
YoY Change -114.2% 67.62%
Cash From Investing Activities -$173.8M -$191.3M
YoY Change -9.15% 4.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -156.6M -163.6M
YoY Change -4.28% 79.78%
NET CHANGE
Cash From Operating Activities 336.2M 351.2M
Cash From Investing Activities -173.8M -191.3M
Cash From Financing Activities -156.6M -163.6M
Net Change In Cash 5.800M -3.700M
YoY Change -256.76% -26.0%
FREE CASH FLOW
Cash From Operating Activities $336.2M $351.2M
Capital Expenditures $176.3M $173.7M
Free Cash Flow $159.9M $177.5M
YoY Change -9.92% 83.94%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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;">Revenue Recognition:&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:10pt;">In May 2014, the Financial Accounting Standards Board and the International Accounting Standards Board issued their joint revenue recognition standard, Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. This guidance is effective for fiscal years and interim periods beginning after December 15, 2016, and can either be applied retrospectively or as a cumulative-effect adjustment as of the date of adoption. We are currently assessing the effects this guidance may have on our consolidated financial statements.</font></div></div>
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PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
173200000 USD
CY2014Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
169300000 USD
CY2014Q2 us-gaap Preferred Stock Value
PreferredStockValue
30400000 USD
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
30400000 USD
CY2014Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
168800000 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
158600000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
250000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
250000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
10300000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-127300000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-58700000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
40700000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
17600000 USD
us-gaap Profit Loss
ProfitLoss
340600000 USD
us-gaap Profit Loss
ProfitLoss
295600000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
133000000 USD
CY2013Q2 us-gaap Profit Loss
ProfitLoss
119000000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10906600000 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11024000000 USD
CY2014Q2 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
15179500000 USD
CY2013Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
14966300000 USD
CY2014Q2 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
10795100000 USD
CY2013Q4 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
10709200000 USD
CY2014Q2 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
1094900000 USD
CY2013Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
1108500000 USD
CY2014Q2 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
854900000 USD
CY2013Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
879100000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
310500000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
311100000 USD
CY2013Q2 us-gaap Revenue From Grants
RevenueFromGrants
0 USD
CY2014Q2 us-gaap Revenue From Grants
RevenueFromGrants
3100000 USD
us-gaap Revenue From Grants
RevenueFromGrants
0 USD
us-gaap Revenue From Grants
RevenueFromGrants
6600000 USD
us-gaap Revenues
Revenues
2287500000 USD
us-gaap Revenues
Revenues
2738700000 USD
CY2013Q2 us-gaap Revenues
Revenues
1012300000 USD
CY2014Q2 us-gaap Revenues
Revenues
1043700000 USD
CY2013Q2 us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
1012300000 USD
CY2014Q2 us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
1043700000 USD
us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
2287500000 USD
us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
2738700000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
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
0.038
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.180
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.180
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5253148 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
23.82
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2200000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
17500000 USD
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
11600000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
36000000 USD
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8169393 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
28.87
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
P5Y10M
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P3Y11M
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P5Y7M
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1300000 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
3300000 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
57300000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
135700000 USD
CY2013Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
29400000 USD
CY2014Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
30300000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
58900000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
60900000 USD
CY2013Q2 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
782800000 USD
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
1737000000 USD
CY2014Q2 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
806100000 USD
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
2122800000 USD
CY2014Q2 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
256000000 USD
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
531400000 USD
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
553500000 USD
CY2013Q2 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
265400000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
227700000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
230800000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
230500000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
227600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
228600000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
228400000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
225500000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
225600000 shares
CY2013Q4 wec Accrued Revenues
AccruedRevenues
321100000 USD
CY2014Q2 wec Accrued Revenues
AccruedRevenues
174800000 USD
wec Capital Lease Agreement With Vie Remaining Term In Years
CapitalLeaseAgreementWithVieRemainingTermInYears
8
wec Cashpershareof Integryscommonstock
CashpershareofIntegryscommonstock
18.58
CY2014Q2 wec Estimateofacquisitionrelateddebt
Estimateofacquisitionrelateddebt
1500000000 USD
wec Numberof We Csharesper Integrysshare
NumberofWECsharesperIntegrysshare
1.128 shares
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
CY2013Q4 wec Total Deferred Charges And Other Assets
TotalDeferredChargesAndOtherAssets
1872900000 USD
CY2014Q2 wec Total Deferred Charges And Other Assets
TotalDeferredChargesAndOtherAssets
1858200000 USD
CY2013Q4 wec Total Deferred Credits And Other Liabilities
TotalDeferredCreditsAndOtherLiabilities
4646400000 USD
CY2014Q2 wec Total Deferred Credits And Other Liabilities
TotalDeferredCreditsAndOtherLiabilities
4654000000 USD
wec Total Valueofcashandcommonstockconsiderationofacquisition
TotalValueofcashandcommonstockconsiderationofacquisition
5800000000 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
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000783325
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
225519455 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q2 dei Entity Public Float
EntityPublicFloat
10600000000 USD
dei Entity Registrant Name
EntityRegistrantName
WISCONSIN ENERGY CORP
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

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