$WELPP
WISCONSIN ELECTRIC POWER CO

2015 Q2 Form 10-Q Financial Statement

#000010781515000105 Filed on August 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q4 2014 Q2
Revenue $883.0M $989.2M $905.7M
YoY Change -2.51% 2.86%
Cost Of Revenue $306.1M
YoY Change
Gross Profit $576.9M
YoY Change
Gross Profit Margin 65.33%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $75.60M $73.30M
YoY Change 3.14% 5.47%
% of Gross Profit 13.1%
Operating Expenses
YoY Change
Operating Profit $128.7M $128.2M $144.2M
YoY Change -10.75% 16.1%
Interest Expense $29.50M $27.70M
YoY Change 6.5% -8.58%
% of Operating Profit 22.92% 19.21%
Other Income/Expense, Net -$13.30M $5.800M
YoY Change -329.31% 7.41%
Pretax Income $115.4M $137.6M
YoY Change -16.13% 20.28%
Income Tax $40.50M $47.30M
% Of Pretax Income 35.1% 34.38%
Net Earnings $74.90M $90.30M
YoY Change -17.05% 23.53%
Net Earnings / Revenue 8.48% 9.97%
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 2015 Q2 2014 Q4 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $11.20M $24.00M $19.10M
Short-Term Investments
Other Short-Term Assets $19.00M
YoY Change 118.39%
Inventory
Prepaid Expenses $139.5M
Receivables $255.1M $265.3M $293.1M
Other Receivables
Total Short-Term Assets $951.8M $999.5M $887.3M
YoY Change 7.27% -10.26% -10.74%
LONG-TERM ASSETS
Property, Plant & Equipment $9.552B $9.494B $9.333B
YoY Change 2.35% 2.28% 1.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $372.9M
YoY Change
Other Assets $158.2M $106.3M $158.2M
YoY Change 0.0% -35.38% 9.78%
Total Long-Term Assets $11.77B $11.60B $11.27B
YoY Change 4.41% 3.81% 1.34%
TOTAL ASSETS
Total Short-Term Assets $951.8M $999.5M $887.3M
Total Long-Term Assets $11.77B $11.60B $11.27B
Total Assets $12.72B $12.60B $12.16B
YoY Change 4.62% 2.54% 0.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $276.9M $287.2M $236.8M
YoY Change 16.93% 4.89% 6.57%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $306.8M
YoY Change
Long-Term Debt Due $355.6M
YoY Change 18.53%
Total Short-Term Liabilities $1.037B $1.261B $795.1M
YoY Change 30.44% 8.85% -21.6%
LONG-TERM LIABILITIES
Long-Term Debt $2.415B $2.163B $2.415B
YoY Change 0.0% -0.21% 11.47%
Other Long-Term Liabilities $227.8M $230.6M $206.5M
YoY Change 10.31% 3.78% -4.22%
Total Long-Term Liabilities $2.642B $2.393B $2.621B
YoY Change 0.81% 0.16% 10.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.037B $1.261B $795.1M
Total Long-Term Liabilities $2.642B $2.393B $2.621B
Total Liabilities $3.680B $3.654B $3.416B
YoY Change 7.71% 3.0% 0.6%
SHAREHOLDERS EQUITY
Retained Earnings $2.096B
YoY Change -0.63%
Common Stock $3.496B $1.317B $3.411B
YoY Change 2.49% -69.87% 0.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.443B
YoY Change
Total Liabilities & Shareholders Equity $12.72B $12.60B $12.16B
YoY Change 4.62% 2.54% 0.35%

Cashflow Statement

Concept 2015 Q2 2014 Q4 2014 Q2
OPERATING ACTIVITIES
Net Income $74.90M $90.30M
YoY Change -17.05% 23.53%
Depreciation, Depletion And Amortization $75.60M $73.30M
YoY Change 3.14% 5.47%
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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ProceedsFromStockOptionsExercised
16200000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
11700000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9494200000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9552000000 USD
CY2014Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
10544400000 USD
CY2015Q2 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
10684500000 USD
CY2014Q4 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
7138300000 USD
CY2015Q2 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
7183000000 USD
CY2014Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
1626900000 USD
CY2015Q2 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
1676600000 USD
CY2014Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
615900000 USD
CY2015Q2 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
618300000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
300000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2014Q2 us-gaap Revenue From Grants
RevenueFromGrants
3100000 USD
us-gaap Revenue From Grants
RevenueFromGrants
6600000 USD
CY2015Q2 us-gaap Revenue From Grants
RevenueFromGrants
2200000 USD
us-gaap Revenue From Grants
RevenueFromGrants
4700000 USD
CY2014Q2 us-gaap Revenues
Revenues
905700000 USD
us-gaap Revenues
Revenues
2132400000 USD
CY2015Q2 us-gaap Revenues
Revenues
883000000 USD
us-gaap Revenues
Revenues
1967600000 USD
CY2014Q2 us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
905700000 USD
us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
2132400000 USD
CY2015Q2 us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
883000000 USD
us-gaap Sales Revenue Energy Services
SalesRevenueEnergyServices
1967600000 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
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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3800683 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
26.10
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
15900000 USD
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
4700000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
14600000 USD
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6433313 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
32.41
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P4Y0M
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P5Y8M
CY2014Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
28400000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
56900000 USD
CY2015Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
29400000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
58800000 USD
CY2014Q2 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
764600000 USD
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
1773000000 USD
CY2015Q2 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
756500000 USD
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
1638900000 USD
CY2014Q2 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
318800000 USD
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
656400000 USD
CY2015Q2 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
343200000 USD
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
685600000 USD
CY2014Q4 wec Accrued Revenues
AccruedRevenues
223100000 USD
CY2015Q2 wec Accrued Revenues
AccruedRevenues
166600000 USD
wec Capital Lease Agreement With Vie Remaining Term In Years
CapitalLeaseAgreementWithVieRemainingTermInYears
P7Y
CY2015Q2 wec Cashpershareof Integryscommonstock
CashpershareofIntegryscommonstock
18.58
wec Costof Removal Netof Salvage
CostofRemovalNetofSalvage
-9400000 USD
wec Costof Removal Netof Salvage
CostofRemovalNetofSalvage
-9400000 USD
CY2015Q2 wec Durationofearningscapconditionimposedbythe Pscw
DurationofearningscapconditionimposedbythePSCW
P3Y
wec Numberof We Csharesper Integrysshare
NumberofWECsharesperIntegrysshare
1.128 shares
CY2015Q2 wec Percentageof Integryscommonsharesacquired
PercentageofIntegryscommonsharesacquired
1.00
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
CY2014Q4 wec Subsidiarynotepayableto Wec Energy Group
SubsidiarynotepayabletoWECEnergyGroup
22400000 USD
CY2015Q2 wec Subsidiarynotepayableto Wec Energy Group
SubsidiarynotepayabletoWECEnergyGroup
20100000 USD
CY2014Q4 wec Total Deferred Charges And Other Assets
TotalDeferredChargesAndOtherAssets
1733200000 USD
CY2015Q2 wec Total Deferred Charges And Other Assets
TotalDeferredChargesAndOtherAssets
1834800000 USD
CY2014Q4 wec Total Deferred Credits And Other Liabilities
TotalDeferredCreditsAndOtherLiabilities
3064900000 USD
CY2015Q2 wec Total Deferred Credits And Other Liabilities
TotalDeferredCreditsAndOtherLiabilities
3041900000 USD
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<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 (FASB) and the International Accounting Standards Board issued their joint revenue recognition standard, Accounting Standards Update 2014-09, Revenue from Contracts with Customers. The guidance is based on the principle that revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This guidance is effective for fiscal years and interim periods beginning after December 15, 2017, with early adoption for fiscal years and interim periods beginning after December 15, 2016 permitted. The standard 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 style="line-height:120%;text-align:left;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;">Debt Issuance Costs:</font><font style="font-family:Arial;font-size:10pt;"> In April 2015, the FASB issued Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs. The guidance requires debt issuance costs to be presented on the balance sheet as a reduction to the carrying value of the corresponding debt, rather than as an asset as it is currently presented. This guidance is effective for fiscal years and interim periods beginning after December 15, 2015. The standard requires retrospective application by restating each prior period presented in the financial statements. We are currently assessing the effects this guidance may have on our consolidated financial statements.</font></div></div>

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