$WELPP
WISCONSIN ELECTRIC POWER CO

2017 Q3 Form 10-Q Financial Statement

#000010781517000264 Filed on November 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q4 2016 Q3
Revenue $943.8M $916.3M $1.024B
YoY Change -7.81% 1.2% 4.35%
Cost Of Revenue $336.5M $357.1M
YoY Change -5.77% 1.85%
Gross Profit $607.3M $666.7M
YoY Change -8.91% 5.74%
Gross Profit Margin 64.35% 65.12%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $83.00M $81.90M
YoY Change 1.34% 7.48%
% of Gross Profit 13.67% 12.28%
Operating Expenses
YoY Change
Operating Profit $164.8M $104.7M $196.4M
YoY Change -16.09% -28.14% 15.67%
Interest Expense $29.30M $29.50M
YoY Change -0.68% -2.96%
% of Operating Profit 17.78% 15.02%
Other Income/Expense, Net -$25.20M -$14.40M
YoY Change 75.0% 15.2%
Pretax Income $139.6M $182.0M
YoY Change -23.3% 15.7%
Income Tax $49.90M $66.50M
% Of Pretax Income 35.74% 36.54%
Net Earnings
YoY Change
Net Earnings / Revenue
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 2017 Q3 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $3.300M $15.40M $12.20M
Short-Term Investments
Other Short-Term Assets $7.200M $24.60M $12.00M
YoY Change -40.0% 25.51%
Inventory
Prepaid Expenses $100.1M $138.0M $244.0M
Receivables $503.2M
Other Receivables
Total Short-Term Assets $917.4M $1.010B $1.022B
YoY Change -10.2% -1.19% 4.26%
LONG-TERM ASSETS
Property, Plant & Equipment $9.907B $9.832B $9.778B
YoY Change 1.32% 0.66% 1.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $402.0M
YoY Change
Other Assets $84.50M $90.20M $93.00M
YoY Change -9.14% -19.03% -42.13%
Total Long-Term Assets $12.12B $12.36B $12.23B
YoY Change -0.9% 2.01% 3.18%
TOTAL ASSETS
Total Short-Term Assets $917.4M $1.010B $1.022B
Total Long-Term Assets $12.12B $12.36B $12.23B
Total Assets $13.04B $13.37B $13.25B
YoY Change -1.62% 1.76% 3.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $276.5M $297.9M $254.2M
YoY Change 8.77% 4.02% -1.32%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $250.0M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $905.6M $814.7M $672.6M
YoY Change 34.64% -6.62% -37.66%
LONG-TERM LIABILITIES
Long-Term Debt $2.412B $2.661B $2.661B
YoY Change -9.35% 0.09% 10.16%
Other Long-Term Liabilities $271.5M $260.2M $235.3M
YoY Change 15.38% 0.35% -1.88%
Total Long-Term Liabilities $8.712B $9.033B $2.896B
YoY Change 200.84% 4.15% 9.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $905.6M $814.7M $672.6M
Total Long-Term Liabilities $8.712B $9.033B $2.896B
Total Liabilities $9.617B $9.847B $3.568B
YoY Change 169.51% 3.16% -4.43%
SHAREHOLDERS EQUITY
Retained Earnings $2.239B $2.141B $2.217B
YoY Change 1.02% -4.06% 0.22%
Common Stock $332.9M $1.353B $332.9M
YoY Change 0.0% 1.53% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.388B $3.524B
YoY Change
Total Liabilities & Shareholders Equity $13.04B $13.37B $13.25B
YoY Change -1.62% 1.76% 3.27%

Cashflow Statement

Concept 2017 Q3 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income
YoY Change
Depreciation, Depletion And Amortization $83.00M $81.90M
YoY Change 1.34% 7.48%
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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<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 our tariff sales, 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%;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. 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. 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: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 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: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 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%;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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