$WEC
WEC ENERGY GROUP, INC.

2014 Q3 Form 10-Q Financial Statement

#000010781514000103 Filed on October 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q4 2013 Q3
Revenue $1.033B $1.178B $1.053B
YoY Change -1.89% 10.0% 1.34%
Cost Of Revenue $407.4M $227.2M $61.60M
YoY Change 561.36% 27.78% 10.99%
Gross Profit $625.9M $951.1M $991.6M
YoY Change -36.88% 6.46% 0.79%
Gross Profit Margin 60.57% 80.72% 94.15%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $99.80M $102.6M $96.90M
YoY Change 2.99% 9.73% 5.56%
% of Gross Profit 15.95% 10.79% 9.77%
Operating Expenses $716.6M $679.5M $733.6M
YoY Change -2.32% -1.81% 4.32%
Operating Profit $246.1M $271.6M $258.0M
YoY Change -4.61% 34.86% -8.05%
Interest Expense $60.40M -$44.30M $62.00M
YoY Change -2.58% -11.58% 1.81%
% of Operating Profit 24.54% -16.31% 24.03%
Other Income/Expense, Net -$39.50M $3.500M $5.100M
YoY Change -874.51% 191.67% -43.33%
Pretax Income $206.6M $230.8M $218.2M
YoY Change -5.32% 51.34% -11.23%
Income Tax $80.30M $86.50M $80.70M
% Of Pretax Income 38.87% 37.48% 36.98%
Net Earnings $126.3M $144.3M $137.5M
YoY Change -8.15% 46.05% -11.92%
Net Earnings / Revenue 12.22% 12.25% 13.06%
Basic Earnings Per Share $0.56
Diluted Earnings Per Share $0.56 $0.63 $0.60
COMMON SHARES
Basic Shares Outstanding 225.5M shares 226.8M shares
Diluted Shares Outstanding 227.4M shares 228.8M shares

Balance Sheet

Concept 2014 Q3 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $89.00M $26.00M $19.00M
YoY Change 368.42% -27.78% 46.15%
Cash & Equivalents $88.70M $26.00M $18.50M
Short-Term Investments
Other Short-Term Assets $309.0M $12.90M $392.0M
YoY Change -21.17% -79.23% 91.22%
Inventory $379.0M $329.0M $368.0M
Prepaid Expenses $145.7M
Receivables $339.0M $406.0M $299.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.275B $1.551B $1.238B
YoY Change 2.93% 21.88% 14.14%
LONG-TERM ASSETS
Property, Plant & Equipment $11.13B $10.91B $10.81B
YoY Change 3.05% 3.16% 3.51%
Goodwill $441.9M $441.9M $441.9M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $456.0M $439.0M $433.0M
YoY Change 5.31% 6.04% 5.87%
Other Assets $321.0M $322.5M $186.9M
YoY Change 71.75% 57.93% 3.89%
Total Long-Term Assets $13.45B $12.89B $13.13B
YoY Change 2.4% -0.92% 3.02%
TOTAL ASSETS
Total Short-Term Assets $1.275B $1.551B $1.238B
Total Long-Term Assets $13.45B $12.89B $13.13B
Total Assets $14.72B $14.44B $14.37B
YoY Change 2.45% 1.11% 3.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $315.0M $342.6M $296.9M
YoY Change 6.1% -7.0% 6.91%
Accrued Expenses $71.00M $97.00M $91.00M
YoY Change -21.98% -3.96% -10.78%
Deferred Revenue
YoY Change
Short-Term Debt $476.0M $537.0M $362.0M
YoY Change 31.49% 35.95% -20.09%
Long-Term Debt Due $47.70M $342.2M $371.0M
YoY Change -87.14% -16.96% -2.65%
Total Short-Term Liabilities $1.066B $1.496B $1.291B
YoY Change -17.47% 3.82% -6.91%
LONG-TERM LIABILITIES
Long-Term Debt $4.570B $4.363B $4.371B
YoY Change 4.55% -2.03% 3.07%
Other Long-Term Liabilities $273.2M $295.9M $289.9M
YoY Change -5.76% 3.75% -2.95%
Total Long-Term Liabilities $4.843B $4.659B $4.661B
YoY Change 3.9% -1.69% 2.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.066B $1.496B $1.291B
Total Long-Term Liabilities $4.843B $4.659B $4.661B
Total Liabilities $5.908B $6.156B $5.952B
YoY Change -0.73% -0.4% 0.43%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $4.398B $4.233B $4.198B
YoY Change 4.77% 2.37% 1.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.429B $4.263B $4.229B
YoY Change
Total Liabilities & Shareholders Equity $14.72B $14.77B $14.37B
YoY Change 2.45% 3.39% 3.89%

Cashflow Statement

Concept 2014 Q3 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income $126.3M $144.3M $137.5M
YoY Change -8.15% 46.05% -11.92%
Depreciation, Depletion And Amortization $99.80M $102.6M $96.90M
YoY Change 2.99% 9.73% 5.56%
Cash From Operating Activities $313.3M $180.7M $368.8M
YoY Change -15.05% -0.44% -3.88%
INVESTING ACTIVITIES
Capital Expenditures $207.5M $189.7M $190.4M
YoY Change 8.98% -17.34% 16.45%
Acquisitions
YoY Change
Other Investing Activities -$8.500M -$11.30M -$17.80M
YoY Change -52.25% 29.89% 16.34%
Cash From Investing Activities -$216.0M -$201.0M -$208.2M
YoY Change 3.75% -15.62% 16.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -42.00M 27.80M -163.1M
YoY Change -74.25% -64.94% -20.44%
NET CHANGE
Cash From Operating Activities 313.3M 180.7M 368.8M
Cash From Investing Activities -216.0M -201.0M -208.2M
Cash From Financing Activities -42.00M 27.80M -163.1M
Net Change In Cash 55.30M 7.500M -2.500M
YoY Change -2312.0% -66.81% 2400.0%
FREE CASH FLOW
Cash From Operating Activities $313.3M $180.7M $368.8M
Capital Expenditures $207.5M $189.7M $190.4M
Free Cash Flow $105.8M -$9.000M $178.4M
YoY Change -40.7% -81.25% -18.98%

Facts In Submission

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us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
242300000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
264000000 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
7900000 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
10500000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
513000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
497700000 USD
CY2013Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
190400000 USD
CY2014Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
207500000 USD
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
0 USD
CY2013Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
173200000 USD
CY2014Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
168900000 USD
CY2014Q3 us-gaap Preferred Stock Value
PreferredStockValue
30400000 USD
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
30400000 USD
CY2014Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
142900000 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
158600000 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
38300000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
251000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
250000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
10900000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
7100000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-32800000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-61600000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
42700000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
31700000 USD
us-gaap Profit Loss
ProfitLoss
466900000 USD
us-gaap Profit Loss
ProfitLoss
433100000 USD
CY2014Q3 us-gaap Profit Loss
ProfitLoss
126300000 USD
CY2013Q3 us-gaap Profit Loss
ProfitLoss
137500000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10906600000 USD
CY2014Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11134900000 USD
CY2014Q3 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
15330900000 USD
CY2013Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
14966300000 USD
CY2014Q3 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
10881700000 USD
CY2013Q4 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
10709200000 USD
CY2014Q3 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
1096700000 USD
CY2013Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
1108500000 USD
CY2014Q3 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
839000000 USD
CY2013Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
879100000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
322000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
364200000 USD
CY2014Q3 us-gaap Revenue From Grants
RevenueFromGrants
3500000 USD
us-gaap Revenue From Grants
RevenueFromGrants
10100000 USD
CY2013Q3 us-gaap Revenue From Grants
RevenueFromGrants
0 USD
us-gaap Revenue From Grants
RevenueFromGrants
0 USD
us-gaap Revenues
Revenues
3340700000 USD
us-gaap Revenues
Revenues
3772000000 USD
CY2013Q3 us-gaap Revenues
Revenues
1053200000 USD
CY2014Q3 us-gaap Revenues
Revenues
1033300000 USD
us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
3340700000 USD
us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
3772000000 USD
CY2014Q3 us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
1033300000 USD
CY2013Q3 us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
1053200000 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
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4691897 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
23.95
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
30200000 USD
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1900000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
37900000 USD
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
12700000 USD
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7571752 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
29.27
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
1900000 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
4600000 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
84200000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
187900000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
88400000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
91500000 USD
CY2013Q3 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
29500000 USD
CY2014Q3 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
30600000 USD
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
2913500000 USD
CY2013Q3 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
795200000 USD
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
2532200000 USD
CY2014Q3 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
790700000 USD
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
821600000 USD
CY2013Q3 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
268100000 USD
CY2014Q3 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
249400000 USD
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
780800000 USD
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
228800000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
227400000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
230200000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
227600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
225600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
228000000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
226800000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
225500000 shares
CY2013Q4 wec Accrued Revenues
AccruedRevenues
321100000 USD
CY2014Q3 wec Accrued Revenues
AccruedRevenues
159100000 USD
wec Capital Lease Agreement With Vie Remaining Term In Years
CapitalLeaseAgreementWithVieRemainingTermInYears
P8Y
wec Cashpershareof Integryscommonstock
CashpershareofIntegryscommonstock
18.58
wec Costof Removal Netof Salvage
CostofRemovalNetofSalvage
-27800000 USD
wec Costof Removal Netof Salvage
CostofRemovalNetofSalvage
-18200000 USD
CY2014Q3 wec Estimateofacquisitionrelateddebt
Estimateofacquisitionrelateddebt
1500000000 USD
wec Numberof We Csharesper Integrysshare
NumberofWECsharesperIntegrysshare
1.128 shares
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
CY2013Q4 wec Total Deferred Charges And Other Assets
TotalDeferredChargesAndOtherAssets
1872900000 USD
CY2014Q3 wec Total Deferred Charges And Other Assets
TotalDeferredChargesAndOtherAssets
1859600000 USD
CY2013Q4 wec Total Deferred Credits And Other Liabilities
TotalDeferredCreditsAndOtherLiabilities
4646400000 USD
CY2014Q3 wec Total Deferred Credits And Other Liabilities
TotalDeferredCreditsAndOtherLiabilities
4661000000 USD
wec Total Valueofcashandcommonstockconsiderationofacquisition
TotalValueofcashandcommonstockconsiderationofacquisition
5400000000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000783325
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
225517341 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

Files In Submission

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wec-20140930.xml Edgar Link completed
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wec-20140930_cal.xml Edgar Link unprocessable
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