$WEC
WEC ENERGY GROUP, INC.

2017 Q3 Form 10-Q Financial Statement

#000010781517000262 Filed on November 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $1.658B $1.713B
YoY Change -3.21% 0.81%
Cost Of Revenue $542.7M $554.7M
YoY Change -2.16% -6.08%
Gross Profit $1.115B $1.158B
YoY Change -3.71% 4.49%
Gross Profit Margin 67.26% 67.61%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $201.2M $191.6M
YoY Change 5.01% 8.56%
% of Gross Profit 18.05% 16.55%
Operating Expenses $722.6M $758.8M
YoY Change -4.77% -0.47%
Operating Profit $392.2M $399.0M
YoY Change -1.7% 15.42%
Interest Expense $103.8M $99.10M
YoY Change 4.74% -3.97%
% of Operating Profit 26.47% 24.84%
Other Income/Expense, Net -$46.80M -$53.30M
YoY Change -12.2% 2.3%
Pretax Income $345.4M $345.7M
YoY Change -0.09% 17.75%
Income Tax $129.7M $128.4M
% Of Pretax Income 37.55% 37.14%
Net Earnings $215.4M $217.0M
YoY Change -0.74% 18.9%
Net Earnings / Revenue 13.0% 12.67%
Basic Earnings Per Share $0.68 $0.69
Diluted Earnings Per Share $0.68 $0.68
COMMON SHARES
Basic Shares Outstanding 315.6M shares 315.6M shares
Diluted Shares Outstanding 317.5M shares 316.9M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.00M $25.00M
YoY Change -28.0% 13.64%
Cash & Equivalents $18.10M $25.00M
Short-Term Investments
Other Short-Term Assets $43.00M $49.50M
YoY Change -13.13% -91.68%
Inventory $672.0M $654.0M
Prepaid Expenses $142.0M $217.4M
Receivables $948.0M $872.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.823B $1.818B
YoY Change 0.31% -16.69%
LONG-TERM ASSETS
Property, Plant & Equipment $20.88B $19.61B
YoY Change 6.48% 4.4%
Goodwill $3.054B $3.046B
YoY Change 0.24% -10.12%
Intangibles
YoY Change
Long-Term Investments $1.561B $1.453B
YoY Change 7.41% 45.4%
Other Assets $584.8M $418.3M
YoY Change 39.8% -18.22%
Total Long-Term Assets $29.19B $27.63B
YoY Change 5.66% 3.9%
TOTAL ASSETS
Total Short-Term Assets $1.823B $1.818B
Total Long-Term Assets $29.19B $27.63B
Total Assets $31.01B $29.44B
YoY Change 5.33% 2.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $743.9M $663.5M
YoY Change 12.12% -14.67%
Accrued Expenses $137.0M $243.0M
YoY Change -43.62% 56.77%
Deferred Revenue
YoY Change
Short-Term Debt $994.0M $789.0M
YoY Change 25.98% 19.18%
Long-Term Debt Due $709.0M $89.40M
YoY Change 693.06% -85.25%
Total Short-Term Liabilities $3.026B $2.026B
YoY Change 49.4% -24.05%
LONG-TERM LIABILITIES
Long-Term Debt $8.786B $9.088B
YoY Change -3.33% 4.14%
Other Long-Term Liabilities $1.194B $1.167B
YoY Change 2.35% 12.82%
Total Long-Term Liabilities $18.76B $10.26B
YoY Change 82.95% 5.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.026B $2.026B
Total Long-Term Liabilities $18.76B $10.26B
Total Liabilities $21.79B $12.28B
YoY Change 77.41% -1.19%
SHAREHOLDERS EQUITY
Retained Earnings $4.908B $4.576B
YoY Change 7.27% 7.29%
Common Stock $3.200M $3.200M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.226B $8.922B
YoY Change
Total Liabilities & Shareholders Equity $31.01B $29.44B
YoY Change 5.33% 2.34%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $215.4M $217.0M
YoY Change -0.74% 18.9%
Depreciation, Depletion And Amortization $201.2M $191.6M
YoY Change 5.01% 8.56%
Cash From Operating Activities $478.8M $497.8M
YoY Change -3.82% 38.86%
INVESTING ACTIVITIES
Capital Expenditures $519.2M $381.4M
YoY Change 36.13% -12.38%
Acquisitions
YoY Change
Other Investing Activities -$10.40M -$11.10M
YoY Change -6.31% -159.68%
Cash From Investing Activities -$529.6M -$392.5M
YoY Change 34.93% -5.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 31.00M -112.4M
YoY Change -127.58% -16.12%
NET CHANGE
Cash From Operating Activities 478.8M 497.8M
Cash From Investing Activities -529.6M -392.5M
Cash From Financing Activities 31.00M -112.4M
Net Change In Cash -19.80M -7.100M
YoY Change 178.87% -96.31%
FREE CASH FLOW
Cash From Operating Activities $478.8M $497.8M
Capital Expenditures $519.2M $381.4M
Free Cash Flow -$40.40M $116.4M
YoY Change -134.71% -251.56%

Facts In Submission

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us-gaap Income Loss From Equity Method Investments
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wec Depreciation Depletionand Amortization Including Discontinued Operations
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">NEW ACCOUNTING PRONOUNCEMENTS</font><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;"> </font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Revenue Recognition </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">In May 2014, the FASB and the International Accounting Standards Board issued their joint revenue recognition standard, ASU&#160;2014-09, Revenue from Contracts with Customers. Several amendments were issued subsequent to the standard to clarify the guidance. The core principle of the guidance is to recognize revenue in an amount that an entity is entitled to receive in exchange for goods and services. The guidance also requires additional disclosures about the nature, amount, timing, and uncertainty of revenues and the related cash flows arising from contracts with customers. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">We intend to adopt this standard for interim and annual periods beginning January 1, 2018, as required, and plan to use the modified retrospective method of adoption. If applicable, this method requires a cumulative-effect adjustment to be recorded on the balance sheet as of the beginning of 2018, as if the standard had always been in effect. If applicable, disclosures in 2018 will include a reconciliation of results under the new revenue recognition guidance compared with what would have been reported in 2018 under the old revenue recognition guidance in order to help facilitate comparability with the prior periods. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">We are finalizing our review of our contracts with customers and the related financial disclosures to evaluate the impact of the amended guidance on our existing&#160;revenue recognition policies and procedures. We consider tariff sales at our regulated utilities, excluding the revenue component related to alternative revenue programs, to be in the scope of the new standard. We have evaluated the nature of our operating revenues and do not expect that there will be a significant shift in the timing or pattern of revenue recognition. However, in our evaluation, we are also monitoring unresolved implementation issues for our industry. The final resolution of these issues could impact our current accounting policies and revenue recognition.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Recognition and Measurement of Financial Instruments</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities. This guidance is effective for fiscal years and interim periods beginning after December 15, 2017, and will be recorded, if applicable, with a cumulative-effect adjustment to beginning retained earnings as of the beginning of the fiscal year in which the guidance is effective. This guidance requires equity investments, including other ownership interests such as partnerships, unincorporated joint ventures, and limited liability companies, to be measured at fair value with changes in fair value recognized in net income. It also simplifies the impairment assessment of equity investments without readily determinable fair values and amends certain disclosure requirements associated with the fair value of financial instruments. This ASU does not apply to investments accounted for under the equity method of accounting. We do not believe the adoption of this guidance will have a significant impact on our financial statements. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Leases</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, Leases. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and will be applied using a modified retrospective approach. The main provision of this ASU is that lessees will be required to recognize lease assets and lease liabilities for most leases, including those classified as operating leases under GAAP.&#160; We are currently assessing the effects this guidance may have on our financial statements.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Financial Instruments Credit Losses</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. This ASU introduces a new impairment model known as the current expected credit loss model. The ASU requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. Previously, recognition of the full amount of credit losses was generally delayed until the loss was probable of occurring. We are currently assessing the effects this guidance may have on our financial statements.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Classification of Certain Cash Receipts and Cash Payments</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and will be applied using a retrospective transition method. There are eight main provisions of this ASU for which current GAAP either is unclear or does not include specific guidance. We do not believe the adoption of this guidance will have a significant impact on our financial statements. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Restricted Cash</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">In November 2016, the FASB issued ASU 2016-18, Restricted Cash. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Under this ASU, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-the period and end-of-the period total amounts shown on the statements of cash flows. We do not believe the adoption of this guidance will have a significant impact on our financial statements.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Under this ASU, an employer is required to disaggregate the service cost component from the other components of the net benefit cost. The amendments provide explicit guidance on how to present the service cost component and the other components of the net benefit cost in the income statement and allow only the service cost component of the net benefit cost to be eligible for capitalization. The amendments should be applied retrospectively for the presentation of the service cost component and the other components of the net benefit cost in the income statement, and prospectively for the capitalization of the service cost component in assets. While we have not fully determined the impacts of the adoption of this standard, we expect that as a result of the application of accounting principles for rate regulated entities, a similar amount of net benefit cost (including non-service components), will be recognized in our financial statements consistent with the current ratemaking treatment. As a result, we believe the impacts of adoption will be limited to changes in classification of non-service costs in the income statements.</font></div></div>

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