$WELPP
WISCONSIN ELECTRIC POWER CO

2018 Q2 Form 10-Q Financial Statement

#000010781518000245 Filed on August 03, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $856.2M $855.4M
YoY Change 0.09% -2.49%
Cost Of Revenue $270.9M $273.9M
YoY Change -1.1% -3.66%
Gross Profit $585.3M $581.5M
YoY Change 0.65% -1.92%
Gross Profit Margin 68.36% 67.98%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $86.90M $82.70M
YoY Change 5.08% 2.35%
% of Gross Profit 14.85% 14.22%
Operating Expenses
YoY Change
Operating Profit $104.5M $146.1M
YoY Change -28.47% -0.54%
Interest Expense $29.20M $29.10M
YoY Change 0.34% -1.02%
% of Operating Profit 27.94% 19.92%
Other Income/Expense, Net -$13.90M -$28.00M
YoY Change -50.36% 89.19%
Pretax Income $90.60M $118.1M
YoY Change -23.29% -10.6%
Income Tax -$2.500M $42.50M
% Of Pretax Income -2.76% 35.99%
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 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.100M $1.600M
Short-Term Investments
Other Short-Term Assets $12.10M $9.700M
YoY Change 24.74% -34.46%
Inventory
Prepaid Expenses $120.8M $125.5M
Receivables
Other Receivables
Total Short-Term Assets $941.3M $949.5M
YoY Change -0.86% -2.75%
LONG-TERM ASSETS
Property, Plant & Equipment $9.379B $9.859B
YoY Change -4.87% 1.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $111.1M $83.60M
YoY Change 32.89% -11.44%
Total Long-Term Assets $12.37B $12.06B
YoY Change 2.59% -0.96%
TOTAL ASSETS
Total Short-Term Assets $941.3M $949.5M
Total Long-Term Assets $12.37B $12.06B
Total Assets $13.31B $13.01B
YoY Change 2.34% -1.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $237.1M $282.0M
YoY Change -15.92% 12.08%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $0.00 $250.0M
YoY Change -100.0%
Total Short-Term Liabilities $1.028B $914.6M
YoY Change 12.44% 23.41%
LONG-TERM LIABILITIES
Long-Term Debt $2.413B $2.411B
YoY Change 0.09% -9.35%
Other Long-Term Liabilities $286.3M $263.3M
YoY Change 8.74% 22.29%
Total Long-Term Liabilities $8.761B $8.704B
YoY Change 0.66% 202.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.028B $914.6M
Total Long-Term Liabilities $8.761B $8.704B
Total Liabilities $9.789B $9.618B
YoY Change 1.78% 165.96%
SHAREHOLDERS EQUITY
Retained Earnings $2.327B $2.210B
YoY Change 5.3% 0.38%
Common Stock $332.9M $332.9M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.521B $3.358B
YoY Change
Total Liabilities & Shareholders Equity $13.31B $13.01B
YoY Change 2.34% -1.09%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income
YoY Change
Depreciation, Depletion And Amortization $86.90M $82.70M
YoY Change 5.08% 2.35%
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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CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
146100000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
332400000 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
104500000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
240900000 USD
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
9400000 USD
CY2018Q2 us-gaap Other Assets Current
OtherAssetsCurrent
12100000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
89400000 USD
CY2018Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
111100000 USD
CY2017Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
111800000 USD
CY2018Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
98000000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
276900000 USD
CY2018Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
286300000 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1100000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4300000 USD
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
15300000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
11100000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-14000000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
138500000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-2300000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-5400000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
120000000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
120000000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
600000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
600000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
246900000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
287000000 USD
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
5600000 USD
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
3800000 USD
CY2017Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
143200000 USD
CY2018Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
157700000 USD
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
30400000 USD
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
30400000 USD
CY2017Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
144300000 USD
CY2018Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
120800000 USD
us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
75000000 USD
us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
28000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
100000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-84000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
130900000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
22000000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
600000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10007700000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9378700000 USD
CY2018Q2 us-gaap Purchase Obligation
PurchaseObligation
9760200000 USD
CY2017Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
1984900000 USD
CY2018Q2 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
2879400000 USD
CY2017Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
1708000000 USD
CY2018Q2 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
1893600000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
250000000 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
18500000 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2248300000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2326900000 USD
CY2017Q2 us-gaap Revenues
Revenues
855400000 USD
us-gaap Revenues
Revenues
1827400000 USD
CY2018Q2 us-gaap Revenues
Revenues
856200000 USD
us-gaap Revenues
Revenues
1797700000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
3383900000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
3491000000 USD
CY2017Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
28300000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
56700000 USD
CY2018Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
27300000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
54500000 USD
CY2017Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
58200000 USD
CY2018Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
73800000 USD
CY2017Q2 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
709300000 USD
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
1495000000 USD
CY2018Q2 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
751700000 USD
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
1556800000 USD
CY2017Q2 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
324400000 USD
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
651000000 USD
CY2018Q2 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
366600000 USD
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
702200000 USD
CY2017Q4 wep Derivative Instruments And Hedges Liabilities Gross Current
DerivativeInstrumentsAndHedgesLiabilitiesGrossCurrent
2000000 USD
CY2018Q2 wep Derivative Instruments And Hedges Liabilities Gross Current
DerivativeInstrumentsAndHedgesLiabilitiesGrossCurrent
0 USD
CY2017Q4 wep Measurementperiodtocompleteaccountingrelatedto Tax Cutsand Jobs Act
MeasurementperiodtocompleteaccountingrelatedtoTaxCutsandJobsAct
P1Y
wep Proceeds From Payments For Transfer Of Assets To Related Party
ProceedsFromPaymentsForTransferOfAssetsToRelatedParty
0 USD
wep Proceeds From Payments For Transfer Of Assets To Related Party
ProceedsFromPaymentsForTransferOfAssetsToRelatedParty
-50100000 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: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%;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 ASU was subsequently amended by ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842, ASU 2018-10, Codification Improvements to Topic 842, Leases, and ASU 2018-11, Targeted Improvements. The main provision of ASU 2016-02 is that lessees will be required to recognize lease assets and lease liabilities for most leases, including those classified as operating leases under GAAP. In addition, this ASU expands the required quantitative and qualitative disclosures related to lease agreements. This guidance is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. This guidance must be adopted using a modified retrospective approach and provides for a number of optional transition practical expedients. We expect to apply the package of practical expedients allowed by this ASU which, among other things, allows the carryforward of prior conclusions related to lease identification and classification. We have not yet determined whether we will elect any other practical expedients upon transition. 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>

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