$WELPP
WISCONSIN ELECTRIC POWER CO

2014 Q3 Form 10-Q Financial Statement

#000010781514000104 Filed on October 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $937.8M $964.6M
YoY Change -2.78% 1.33%
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 $71.40M $69.50M
YoY Change 2.73% 6.92%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit $156.2M $164.6M
YoY Change -5.1% -14.85%
Interest Expense $29.00M $29.30M
YoY Change -1.02% 6.55%
% of Operating Profit 18.57% 17.8%
Other Income/Expense, Net -$11.70M $4.600M
YoY Change -354.35% -47.73%
Pretax Income $144.5M $155.0M
YoY Change -6.77% -18.25%
Income Tax $54.40M $55.80M
% Of Pretax Income 37.65% 36.0%
Net Earnings $90.10M $99.20M
YoY Change -9.17% -19.02%
Net Earnings / Revenue 9.61% 10.28%
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 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $15.40M $17.10M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $277.5M $261.1M
Other Receivables
Total Short-Term Assets $862.1M $963.0M
YoY Change -10.48% -0.63%
LONG-TERM ASSETS
Property, Plant & Equipment $9.411B $9.224B
YoY Change 2.03% 2.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $155.7M $147.0M
YoY Change 5.92% -0.07%
Total Long-Term Assets $11.39B $11.19B
YoY Change 1.73% 3.26%
TOTAL ASSETS
Total Short-Term Assets $862.1M $963.0M
Total Long-Term Assets $11.39B $11.19B
Total Assets $12.25B $12.15B
YoY Change 0.76% 2.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $249.7M $254.4M
YoY Change -1.85% 5.82%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $866.6M $975.2M
YoY Change -11.14% -14.8%
LONG-TERM LIABILITIES
Long-Term Debt $2.415B $2.167B
YoY Change 11.45% 10.04%
Other Long-Term Liabilities $204.8M $216.6M
YoY Change -5.45% 0.37%
Total Long-Term Liabilities $2.620B $2.383B
YoY Change 9.92% 9.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $866.6M $975.2M
Total Long-Term Liabilities $2.620B $2.383B
Total Liabilities $3.486B $3.359B
YoY Change 3.81% 0.87%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $3.396B $3.427B
YoY Change -0.91% 1.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity
YoY Change
Total Liabilities & Shareholders Equity $12.25B $12.15B
YoY Change 0.76% 2.94%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $90.10M $99.20M
YoY Change -9.17% -19.02%
Depreciation, Depletion And Amortization $71.40M $69.50M
YoY Change 2.73% 6.92%
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

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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 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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RegulatoryAssetsNoncurrent
1370300000 USD
CY2014Q3 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
621100000 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
CY2013Q3 us-gaap Revenue From Grants
RevenueFromGrants
0 USD
us-gaap Revenue From Grants
RevenueFromGrants
10100000 USD
CY2014Q3 us-gaap Revenue From Grants
RevenueFromGrants
3500000 USD
CY2014Q3 us-gaap Revenues
Revenues
937800000 USD
CY2013Q3 us-gaap Revenues
Revenues
964600000 USD
us-gaap Revenues
Revenues
3070200000 USD
us-gaap Revenues
Revenues
2849700000 USD
us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
3070200000 USD
CY2014Q3 us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
937800000 USD
us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
2849700000 USD
CY2013Q3 us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
964600000 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
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4434474 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
23.99
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
28600000 USD
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1700000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
34900000 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
7202309 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
29.36
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
CY2013Q3 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
27700000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
85400000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
83100000 USD
CY2014Q3 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
28500000 USD
CY2014Q3 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
785100000 USD
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
2558100000 USD
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
2387800000 USD
CY2013Q3 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
800000000 USD
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
972200000 USD
CY2014Q3 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
315800000 USD
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
1023100000 USD
CY2013Q3 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
338000000 USD
CY2013Q4 wec Accrued Revenues
AccruedRevenues
240700000 USD
CY2014Q3 wec Accrued Revenues
AccruedRevenues
144900000 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
-15600000 USD
wec Costof Removal Netof Salvage
CostofRemovalNetofSalvage
-24200000 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
CY2014Q3 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
CY2014Q3 wec Total Deferred Charges And Other Assets
TotalDeferredChargesAndOtherAssets
1602400000 USD
CY2013Q4 wec Total Deferred Credits And Other Liabilities
TotalDeferredCreditsAndOtherLiabilities
2811000000 USD
CY2014Q3 wec Total Deferred Credits And Other Liabilities
TotalDeferredCreditsAndOtherLiabilities
2833000000 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
0000107815
CY2014Q3 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

Files In Submission

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0000107815-14-000104-index-headers.html Edgar Link pending
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0000107815-14-000104.txt Edgar Link pending
0000107815-14-000104-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
wec-20140930.xml Edgar Link completed
wec-20140930.xsd Edgar Link pending
wec-20140930_cal.xml Edgar Link unprocessable
wec-20140930_def.xml Edgar Link unprocessable
wec-20140930_lab.xml Edgar Link unprocessable
wec-20140930_pre.xml Edgar Link unprocessable
wepco0930201410q.htm Edgar Link pending
wepco09302014ex311.htm Edgar Link pending
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