Commission | Registrant; State of Incorporation | IRS Employer |
File Number | Address; and Telephone Number | Identification No. |
001-09057 | WISCONSIN ENERGY CORPORATION | 39-1391525 |
(A Wisconsin Corporation) | ||
231 West Michigan Street | ||
P.O. Box 1331 | ||
Milwaukee, WI 53201 | ||
(414) 221-2345 | ||
SIGNATURES | |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has | |
duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | |
WISCONSIN ENERGY CORPORATION | |
(Registrant) | |
/s/ STEPHEN P. DICKSON | |
Date: February 6, 2014 | Stephen P. Dickson -- Vice President and Controller |
WISCONSIN ENERGY CORPORATION | |||||||||||||||
CONSOLIDATED CONDENSED INCOME STATEMENTS | |||||||||||||||
Three Months Ended December 31 | Year Ended December 31 | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(Millions of Dollars, Except Per Share Amounts) | |||||||||||||||
Operating Revenues | $ | 1,178.3 | $ | 1,071.2 | $ | 4,519.0 | $ | 4,246.4 | |||||||
Operating Expenses | |||||||||||||||
Fuel and purchased power | 266.8 | 249.7 | 1,153.0 | 1,098.6 | |||||||||||
Cost of gas sold | 227.2 | 177.8 | 674.1 | 545.8 | |||||||||||
Other operation and maintenance | 333.4 | 317.3 | 1,155.0 | 1,116.1 | |||||||||||
Depreciation and amortization | 99.0 | 94.5 | 388.1 | 364.2 | |||||||||||
Property and revenue taxes | 28.3 | 30.5 | 116.7 | 121.4 | |||||||||||
Total Operating Expenses | 954.7 | 869.8 | 3,486.9 | 3,246.1 | |||||||||||
Treasury Grant | 48.0 | — | 48.0 | — | |||||||||||
Operating Income | 271.6 | 201.4 | 1,080.1 | 1,000.3 | |||||||||||
Equity in Earnings of Transmission Affiliate | 17.5 | 16.8 | 68.5 | 65.7 | |||||||||||
Other Income and Deductions, net | 3.5 | 1.2 | 18.8 | 34.8 | |||||||||||
Interest Expense, net | 61.8 | 66.9 | 252.1 | 248.2 | |||||||||||
Income Before Income Taxes | 230.8 | 152.5 | 915.3 | 852.6 | |||||||||||
Income Tax Expense | 86.5 | 53.7 | 337.9 | 306.3 | |||||||||||
Net Income | $ | 144.3 | $ | 98.8 | $ | 577.4 | $ | 546.3 | |||||||
Earnings Per Share | |||||||||||||||
Basic | $ | 0.64 | $ | 0.43 | $ | 2.54 | $ | 2.37 | |||||||
Diluted | $ | 0.63 | $ | 0.43 | $ | 2.51 | $ | 2.35 | |||||||
Weighted Average Common Shares Outstanding (Millions) | |||||||||||||||
Basic | 226.2 | 229.5 | 227.6 | 230.2 | |||||||||||
Diluted | 228.2 | 231.9 | 229.7 | 232.8 | |||||||||||
Dividends Per Share of Common Stock | $ | 0.3825 | $ | 0.30 | $ | 1.445 | $ | 1.20 |
WISCONSIN ENERGY CORPORATION | |||||||
CONSOLIDATED CONDENSED BALANCE SHEETS | |||||||
December 31 | |||||||
2013 | 2012 | ||||||
(Millions of Dollars) | |||||||
Assets | |||||||
Property, Plant and Equipment, Net | $ | 10,906.6 | $ | 10,572.2 | |||
Investments | |||||||
Equity investment in transmission affiliate | 402.7 | 378.3 | |||||
Other | 36.1 | 35.5 | |||||
Total Investments | 438.8 | 413.8 | |||||
Current Assets | |||||||
Cash and cash equivalents | 26.0 | 35.6 | |||||
Accounts receivable, net | 406.0 | 285.3 | |||||
Accrued revenues | 321.1 | 278.1 | |||||
Materials, supplies and inventories | 329.4 | 360.7 | |||||
Current deferred tax asset, net | 310.0 | 105.3 | |||||
Prepayments | 145.7 | 145.5 | |||||
Other | 12.9 | 62.1 | |||||
Total Current Assets | 1,551.1 | 1,272.6 | |||||
Deferred Charges and Other Assets | |||||||
Regulatory assets | 1,108.5 | 1,380.3 | |||||
Goodwill | 441.9 | 441.9 | |||||
Other | 322.5 | 204.2 | |||||
Total Deferred Charges and Other Assets | 1,872.9 | 2,026.4 | |||||
Total Assets | $ | 14,769.4 | $ | 14,285.0 | |||
Capitalization and Liabilities | |||||||
Capitalization | |||||||
Common equity | $ | 4,233.0 | $ | 4,135.1 | |||
Preferred stock of subsidiary | 30.4 | 30.4 | |||||
Long-term debt | 4,363.2 | 4,453.8 | |||||
Total Capitalization | 8,626.6 | 8,619.3 | |||||
Current Liabilities | |||||||
Long-term debt due currently | 342.2 | 412.1 | |||||
Short-term debt | 537.4 | 394.6 | |||||
Accounts payable | 342.6 | 368.4 | |||||
Accrued payroll and benefits | 96.9 | 100.9 | |||||
Other | 177.3 | 165.4 | |||||
Total Current Liabilities | 1,496.4 | 1,441.4 | |||||
Deferred Credits and Other Liabilities | |||||||
Regulatory liabilities | 879.1 | 868.4 | |||||
Deferred income taxes - long-term | 2,634.0 | 2,117.0 | |||||
Deferred revenue, net | 664.2 | 709.7 | |||||
Pension and other benefit obligations | 173.2 | 244.0 | |||||
Other | 295.9 | 285.2 | |||||
Total Deferred Credits and Other Liabilities | 4,646.4 | 4,224.3 | |||||
Total Capitalization and Liabilities | $ | 14,769.4 | $ | 14,285.0 | |||
WISCONSIN ENERGY CORPORATION | |||||||
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS | |||||||
Year Ended December 31 | |||||||
2013 | 2012 | ||||||
(Millions of Dollars) | |||||||
Operating Activities | |||||||
Net income | $ | 577.4 | $ | 546.3 | |||
Reconciliation to cash | |||||||
Depreciation and amortization | 400.2 | 371.7 | |||||
Contributions to qualified benefit plans | — | (100.0 | ) | ||||
Deferred income taxes and investment tax credits, net | 312.7 | 293.2 | |||||
Working capital and other | (59.3 | ) | 62.7 | ||||
Cash Provided by Operating Activities | 1,231.0 | 1,173.9 | |||||
Investing Activities | |||||||
Capital expenditures | (687.4 | ) | (707.0 | ) | |||
Investment in transmission affiliate | (10.5 | ) | (15.7 | ) | |||
Proceeds from asset sales | 2.5 | 8.7 | |||||
Change in restricted cash | 2.7 | 42.8 | |||||
Cost of removal, net of salvage | (37.8 | ) | (38.3 | ) | |||
Other, net | (15.3 | ) | (20.1 | ) | |||
Cash Used in Investing Activities | (745.8 | ) | (729.6 | ) | |||
Financing Activities | |||||||
Common stock repurchased under benefit plans, net | (48.9 | ) | (51.6 | ) | |||
Common stock repurchased under repurchase plan | (126.0 | ) | (51.8 | ) | |||
Dividends paid on common stock | (328.9 | ) | (276.3 | ) | |||
Change in debt, net | (3.4 | ) | (43.8 | ) | |||
Other, net | 12.4 | 0.7 | |||||
Cash Used in Financing Activities | (494.8 | ) | (422.8 | ) | |||
Change in Cash | (9.6 | ) | 21.5 | ||||
Cash at Beginning of Year | 35.6 | 14.1 | |||||
Cash at End of Year | $ | 26.0 | $ | 35.6 | |||
Wisconsin Energy Corporation | ||||||||
Normalized Retail Electric Sales (a) | ||||||||
Annual | Annual (b) | |||||||
2013 Actual vs. 2012 Actual | 2013 Normalized vs. 2012 Normalized | 2014 Budget vs. 2013 Normalized | ||||||
Residential | (2.1 | )% | (0.3 | )% | 0.4 | % | ||
Small Commercial/Industrial | 0.0 | % | (0.3 | )% | 0.1 | % | ||
Large Commercial/Industrial (ex. Mines) | (3.0 | )% | (1.6 | )% | (0.8 | )% | ||
Total Large Commercial/Industrial | (10.7 | )% | (9.6 | )% | (14.4 | )% | ||
Total Retail Sales | (4.5 | )% | (3.7 | )% | (4.7 | )% | ||
Retail (Excluding Mines) | (1.6 | )% | (0.7 | )% | (0.1 | )% | ||
(a) Normalized - 20 year average weather adjusted. The twelve months has also been adjusted for leap year in 2012 which caused a decline in normalized sales of approximately 0.3% relative to 2012. | ||||||||
(b) Actual results may differ materially from these forecasts because of seasonal, economic and other factors. | ||||||||