$WELPP
WISCONSIN ELECTRIC POWER CO

2016 Q1 Form 10-Q Financial Statement

#000010781516000308 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015 Q1
Revenue $975.5M $905.4M $1.085B
YoY Change -10.06% -8.47% -11.58%
Cost Of Revenue $336.4M $433.4M
YoY Change -22.38%
Gross Profit $639.1M $651.2M
YoY Change -1.86%
Gross Profit Margin 65.52% 60.04%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.40M $74.70M
YoY Change 7.63% 2.75%
% of Gross Profit 12.58% 11.47%
Operating Expenses
YoY Change
Operating Profit $181.5M $145.7M $204.7M
YoY Change -11.33% 13.65% -7.71%
Interest Expense $29.10M $28.70M
YoY Change 1.39% -7.12%
% of Operating Profit 16.03% 14.02%
Other Income/Expense, Net -$11.40M -$12.00M
YoY Change -5.0% -1600.0%
Pretax Income $170.1M $192.7M
YoY Change -11.73% -6.86%
Income Tax $62.50M $71.00M
% Of Pretax Income 36.74% 36.84%
Net Earnings $107.6M $121.7M
YoY Change -11.59% -4.4%
Net Earnings / Revenue 11.03% 11.22%
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 2016 Q1 2015 Q4 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $6.600M $27.10M $15.30M
Short-Term Investments
Other Short-Term Assets $14.00M $19.60M
YoY Change 3.16%
Inventory
Prepaid Expenses $153.5M $171.8M
Receivables $461.4M $308.3M
Other Receivables
Total Short-Term Assets $903.7M $1.023B $967.9M
YoY Change -6.63% 2.31% -6.28%
LONG-TERM ASSETS
Property, Plant & Equipment $9.759B $9.768B $9.504B
YoY Change 2.68% 2.88% 2.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $93.00M $111.4M $156.5M
YoY Change -40.58% 4.8% 19.65%
Total Long-Term Assets $12.14B $12.12B $11.69B
YoY Change 3.82% 4.48% 4.69%
TOTAL ASSETS
Total Short-Term Assets $903.7M $1.023B $967.9M
Total Long-Term Assets $12.14B $12.12B $11.69B
Total Assets $13.04B $13.14B $12.66B
YoY Change 3.02% 4.31% 3.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.8M $286.4M $237.0M
YoY Change -15.27% -0.28% -17.99%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $192.0M $144.0M
YoY Change -53.06%
Long-Term Debt Due $123.6M
YoY Change -65.24%
Total Short-Term Liabilities $745.4M $872.5M $1.272B
YoY Change -41.42% -30.79% 16.42%
LONG-TERM LIABILITIES
Long-Term Debt $2.659B $2.659B $2.166B
YoY Change 22.78% 22.94% -0.09%
Other Long-Term Liabilities $224.6M $259.3M $223.7M
YoY Change 0.4% 12.45% 8.22%
Total Long-Term Liabilities $2.884B $8.673B $2.390B
YoY Change 20.68% 262.37% 0.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $745.4M $872.5M $1.272B
Total Long-Term Liabilities $2.884B $8.673B $2.390B
Total Liabilities $3.629B $9.545B $3.662B
YoY Change -0.89% 161.23% 5.61%
SHAREHOLDERS EQUITY
Retained Earnings $2.179B $2.231B
YoY Change 6.49%
Common Stock $332.9M $1.333B $3.478B
YoY Change -90.43% 1.16% 1.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.594B
YoY Change
Total Liabilities & Shareholders Equity $13.04B $13.14B $12.66B
YoY Change 3.02% 4.31% 3.76%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015 Q1
OPERATING ACTIVITIES
Net Income $107.6M $121.7M
YoY Change -11.59% -4.4%
Depreciation, Depletion And Amortization $80.40M $74.70M
YoY Change 7.63% 2.75%
Cash From Operating Activities $170.7M $144.9M
YoY Change 17.81% -48.94%
INVESTING ACTIVITIES
Capital Expenditures $92.30M $102.1M
YoY Change -9.6% 6.35%
Acquisitions
YoY Change
Other Investing Activities $300.0K $1.100M
YoY Change -72.73% -77.55%
Cash From Investing Activities -$86.20M -$104.4M
YoY Change -17.43% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$105.0M -$49.20M
YoY Change 113.41% -72.33%
NET CHANGE
Cash From Operating Activities $170.7M $144.9M
Cash From Investing Activities -$86.20M -$104.4M
Cash From Financing Activities -$105.0M -$49.20M
Net Change In Cash -$20.50M -$8.700M
YoY Change 135.63% -643.75%
FREE CASH FLOW
Cash From Operating Activities $170.7M $144.9M
Capital Expenditures $92.30M $102.1M
Free Cash Flow $78.40M $42.80M
YoY Change 83.18% -77.21%

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17000000 USD
CY2016Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
204700000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
181500000 USD
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
19600000 USD
CY2016Q1 us-gaap Other Assets Current
OtherAssetsCurrent
14000000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
111100000 USD
CY2016Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
93000000 USD
CY2015Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
115700000 USD
CY2016Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
144400000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
259300000 USD
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
224600000 USD
CY2015Q4 us-gaap Other Long Term Investments
OtherLongTermInvestments
300000 USD
CY2016Q1 us-gaap Other Long Term Investments
OtherLongTermInvestments
300000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2500000 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3000000 USD
CY2015Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1100000 USD
CY2016Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
300000 USD
CY2015Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
60000000 USD
CY2016Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
160000000 USD
CY2015Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
300000 USD
CY2016Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
300000 USD
CY2015Q1 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
1200000 USD
CY2016Q1 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
3500000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
102100000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
92300000 USD
CY2015Q1 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
102900000 USD
CY2016Q1 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
2900000 USD
CY2015Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
210900000 USD
CY2016Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
163200000 USD
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
30400000 USD
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
30400000 USD
CY2015Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
171800000 USD
CY2016Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
153500000 USD
CY2015Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
3700000 USD
CY2016Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
9900000 USD
CY2015Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
9700000 USD
CY2016Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
48000000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9767500000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9758800000 USD
CY2015Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
10917100000 USD
CY2016Q1 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
10984600000 USD
CY2015Q4 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
7455200000 USD
CY2016Q1 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
7483800000 USD
CY2016Q1 us-gaap Purchase Obligation
PurchaseObligation
10630900000 USD
CY2015Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
1855900000 USD
CY2016Q1 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
1892500000 USD
CY2015Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
741200000 USD
CY2016Q1 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
758000000 USD
CY2015Q1 us-gaap Repayments Of Other Short Term Debt
RepaymentsOfOtherShortTermDebt
2300000 USD
CY2016Q1 us-gaap Repayments Of Other Short Term Debt
RepaymentsOfOtherShortTermDebt
2600000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2231400000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2178800000 USD
CY2015Q1 us-gaap Revenues
Revenues
1084600000 USD
CY2016Q1 us-gaap Revenues
Revenues
975500000 USD
CY2015Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
144000000 USD
CY2016Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
192000000 USD
CY2015Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
29400000 USD
CY2016Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
29000000 USD
CY2015Q1 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
879900000 USD
CY2016Q1 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
794000000 USD
CY2015Q1 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
342400000 USD
CY2016Q1 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
348200000 USD
CY2015Q4 wec Derivative Instruments And Hedges Liabilities Gross Current
DerivativeInstrumentsAndHedgesLiabilitiesGrossCurrent
14800000 USD
CY2016Q1 wec Derivative Instruments And Hedges Liabilities Gross Current
DerivativeInstrumentsAndHedgesLiabilitiesGrossCurrent
15500000 USD
CY2015Q1 wec Payments Made To Transfer Liabilities To Related Party
PaymentsMadeToTransferLiabilitiesToRelatedParty
0 USD
CY2016Q1 wec Payments Made To Transfer Liabilities To Related Party
PaymentsMadeToTransferLiabilitiesToRelatedParty
107000000 USD
CY2015Q1 wec Proceeds From Assets Transferred To Related Party
ProceedsFromAssetsTransferredToRelatedParty
0 USD
CY2016Q1 wec Proceeds From Assets Transferred To Related Party
ProceedsFromAssetsTransferredToRelatedParty
9900000 USD
CY2015Q4 wec Total Deferred Charges And Other Assets
TotalDeferredChargesAndOtherAssets
1967000000 USD
CY2016Q1 wec Total Deferred Charges And Other Assets
TotalDeferredChargesAndOtherAssets
1985500000 USD
CY2015Q4 wec Total Deferred Credits And Other Liabilities
TotalDeferredCreditsAndOtherLiabilities
3321400000 USD
CY2016Q1 wec Total Deferred Credits And Other Liabilities
TotalDeferredCreditsAndOtherLiabilities
3324300000 USD
CY2016Q1 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: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. This guidance is effective for fiscal years and interim periods beginning after December 15, 2017, 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 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%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Classification 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, Classification 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 with a cumulative-effect adjustment to beginning retained earnings as of the beginning of the fiscal year in which the guidance is effective. 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: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. 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%;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Stock-Based Compensation</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:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. We are currently assessing the effects this guidance may have on our financial statements.</font></div></div>
CY2016Q1 us-gaap Reclassifications
Reclassifications
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Reclassifications</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;">On the income statement for the </font><font style="font-family:Calibri,sans-serif;font-size:10pt;">three months ended March 31, 2015</font><font style="font-family:Calibri,sans-serif;font-size:10pt;">, we reclassified </font><font style="font-family:Calibri,sans-serif;font-size:10pt;">$2.5 million</font><font style="font-family:Calibri,sans-serif;font-size:10pt;">, from treasury grant to depreciation and amortization. This reclassification was made to be consistent with the current year presentation on the income statement. </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;">On the statement of cash flows for the quarter ended March 31, 2015, we reclassified </font><font style="font-family:Calibri,sans-serif;font-size:10pt;">$0.6 million</font><font style="font-family:Calibri,sans-serif;font-size:10pt;"> from depreciation and amortization to other operating activities. In addition, we reclassified </font><font style="font-family:Calibri,sans-serif;font-size:10pt;">$2.9 million</font><font style="font-family:Calibri,sans-serif;font-size:10pt;"> of non-qualified pension and OPEB contributions from other operating activities to contributions and payments related to pension and OPEB plans on the statement of cash flows for the quarter ended March 31, 2015. We also reclassified </font><font style="font-family:Calibri,sans-serif;font-size:10pt;">$3.2 million</font><font style="font-family:Calibri,sans-serif;font-size:10pt;"> from other investing activities to capital expenditures on the statement of cash flows for the quarter ended March 31, 2015. These reclassifications were made to be consistent with the current period presentation on the statement of cash flows.</font></div></div>

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