$WELPP
WISCONSIN ELECTRIC POWER CO

2014 Q2 Form 10-Q Financial Statement

#000010781514000081 Filed on August 01, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $905.7M $880.5M
YoY Change 2.86% 4.75%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $73.30M $69.50M
YoY Change 5.47% 8.93%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit $144.2M $124.2M
YoY Change 16.1% -6.12%
Interest Expense $27.70M $30.30M
YoY Change -8.58% 8.21%
% of Operating Profit 19.21% 24.4%
Other Income/Expense, Net $5.800M $5.400M
YoY Change 7.41% -32.5%
Pretax Income $137.6M $114.4M
YoY Change 20.28% -9.64%
Income Tax $47.30M $41.30M
% Of Pretax Income 34.38% 36.1%
Net Earnings $90.30M $73.10M
YoY Change 23.53% -12.24%
Net Earnings / Revenue 9.97% 8.3%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 33.29M shares 33.29M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $19.10M $19.80M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $293.1M $257.4M
Other Receivables
Total Short-Term Assets $887.3M $994.1M
YoY Change -10.74% -7.46%
LONG-TERM ASSETS
Property, Plant & Equipment $9.333B $9.175B
YoY Change 1.72% 2.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $158.2M $144.1M
YoY Change 9.78% -2.7%
Total Long-Term Assets $11.27B $11.12B
YoY Change 1.34% 3.56%
TOTAL ASSETS
Total Short-Term Assets $887.3M $994.1M
Total Long-Term Assets $11.27B $11.12B
Total Assets $12.16B $12.12B
YoY Change 0.35% 2.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $236.8M $222.2M
YoY Change 6.57% -3.18%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $795.1M $1.014B
YoY Change -21.6% -16.38%
LONG-TERM LIABILITIES
Long-Term Debt $2.415B $2.166B
YoY Change 11.47% 10.04%
Other Long-Term Liabilities $206.5M $215.6M
YoY Change -4.22% -0.65%
Total Long-Term Liabilities $2.621B $2.382B
YoY Change 10.05% 8.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $795.1M $1.014B
Total Long-Term Liabilities $2.621B $2.382B
Total Liabilities $3.416B $3.396B
YoY Change 0.6% -0.07%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $3.411B $3.387B
YoY Change 0.72% 3.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity
YoY Change
Total Liabilities & Shareholders Equity $12.16B $12.12B
YoY Change 0.35% 2.56%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $90.30M $73.10M
YoY Change 23.53% -12.24%
Depreciation, Depletion And Amortization $73.30M $69.50M
YoY Change 5.47% 8.93%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
wec Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.020
us-gaap Derivative Gain Loss On Derivative Net
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us-gaap Derivative Gain Loss On Derivative Net
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us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
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CY2014Q2 us-gaap Derivative Gain Loss On Derivative Net
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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: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%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Revenue Recognition: </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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us-gaap Equity Method Investment Dividends Or Distributions
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Equity Method Investments
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RegulatoryAssetsNoncurrent
1415400000 USD
CY2013Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
1370300000 USD
CY2014Q2 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
628700000 USD
CY2013Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
634200000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
300000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
300000000 USD
us-gaap Revenue From Grants
RevenueFromGrants
0 USD
CY2013Q2 us-gaap Revenue From Grants
RevenueFromGrants
0 USD
us-gaap Revenue From Grants
RevenueFromGrants
6600000 USD
CY2014Q2 us-gaap Revenue From Grants
RevenueFromGrants
3100000 USD
CY2014Q2 us-gaap Revenues
Revenues
905700000 USD
CY2013Q2 us-gaap Revenues
Revenues
880500000 USD
us-gaap Revenues
Revenues
2132400000 USD
us-gaap Revenues
Revenues
1885100000 USD
us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
2132400000 USD
CY2014Q2 us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
905700000 USD
us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
1885100000 USD
CY2013Q2 us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
880500000 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
0.038
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 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
4995425 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
23.85
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
15900000 USD
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
11200000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
33200000 USD
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2000000 USD
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7799650 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
28.92
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
CY2013Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
27700000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
56900000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
55400000 USD
CY2014Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
28400000 USD
CY2014Q2 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
764600000 USD
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
1773000000 USD
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
1587800000 USD
CY2013Q2 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
756300000 USD
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
656400000 USD
CY2014Q2 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
318800000 USD
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
685100000 USD
CY2013Q2 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
334800000 USD
CY2013Q4 wec Accrued Revenues
AccruedRevenues
240700000 USD
CY2014Q2 wec Accrued Revenues
AccruedRevenues
162700000 USD
wec Capital Lease Agreement With Vie Remaining Term In Years
CapitalLeaseAgreementWithVieRemainingTermInYears
8
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
CY2014Q2 wec Subsidiary Note Payable To Wisconsin Energy
SubsidiaryNotePayableToWisconsinEnergy
22700000 USD
CY2013Q4 wec Subsidiary Note Payable To Wisconsin Energy
SubsidiaryNotePayableToWisconsinEnergy
22800000 USD
CY2013Q4 wec Total Deferred Charges And Other Assets
TotalDeferredChargesAndOtherAssets
1534800000 USD
CY2014Q2 wec Total Deferred Charges And Other Assets
TotalDeferredChargesAndOtherAssets
1573600000 USD
CY2013Q4 wec Total Deferred Credits And Other Liabilities
TotalDeferredCreditsAndOtherLiabilities
2811000000 USD
CY2014Q2 wec Total Deferred Credits And Other Liabilities
TotalDeferredCreditsAndOtherLiabilities
2812000000 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
0000107815
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
33289327 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2014Q2 dei Entity Public Float
EntityPublicFloat
25800000 USD
dei Entity Registrant Name
EntityRegistrantName
WISCONSIN ELECTRIC POWER CO
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No

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wec-20140630.xml Edgar Link completed
wec-20140630.xsd Edgar Link pending
wec-20140630_cal.xml Edgar Link unprocessable
wec-20140630_def.xml Edgar Link unprocessable
wec-20140630_lab.xml Edgar Link unprocessable
wec-20140630_pre.xml Edgar Link unprocessable
wepco0630201410q.htm Edgar Link pending
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