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: July 30, 2014 | Stephen P. Dickson -- Vice President and Controller |
WISCONSIN ENERGY CORPORATION | |||||||||||||||
CONSOLIDATED CONDENSED INCOME STATEMENTS | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(Millions of Dollars, Except Per Share Amounts) | |||||||||||||||
Operating Revenues | $ | 1,043.7 | $ | 1,012.3 | $ | 2,738.7 | $ | 2,287.5 | |||||||
Operating Expenses | |||||||||||||||
Fuel and purchased power | 292.5 | 276.1 | 611.1 | 547.1 | |||||||||||
Cost of gas sold | 125.9 | 115.2 | 717.4 | 385.3 | |||||||||||
Other operation and maintenance | 256.0 | 265.4 | 531.4 | 553.5 | |||||||||||
Depreciation and amortization | 101.4 | 96.7 | 202.0 | 192.2 | |||||||||||
Property and revenue taxes | 30.3 | 29.4 | 60.9 | 58.9 | |||||||||||
Total Operating Expenses | 806.1 | 782.8 | 2,122.8 | 1,737.0 | |||||||||||
Treasury Grant | 3.1 | — | 6.6 | — | |||||||||||
Operating Income | 240.7 | 229.5 | 622.5 | 550.5 | |||||||||||
Equity in Earnings of Transmission Affiliate | 17.5 | 17.3 | 34.8 | 33.9 | |||||||||||
Other Income, net | 8.1 | 5.8 | 9.2 | 10.2 | |||||||||||
Interest Expense, net | 59.0 | 63.3 | 121.3 | 128.3 | |||||||||||
Income Before Income Taxes | 207.3 | 189.3 | 545.2 | 466.3 | |||||||||||
Income Tax Expense | 74.3 | 70.3 | 204.6 | 170.7 | |||||||||||
Net Income | $ | 133.0 | $ | 119.0 | $ | 340.6 | $ | 295.6 | |||||||
Earnings Per Share | |||||||||||||||
Basic | $ | 0.59 | $ | 0.52 | $ | 1.51 | $ | 1.29 | |||||||
Diluted | $ | 0.58 | $ | 0.52 | $ | 1.50 | $ | 1.28 | |||||||
Weighted Average Common Shares Outstanding (Millions) | |||||||||||||||
Basic | 225.5 | 228.4 | 225.6 | 228.6 | |||||||||||
Diluted | 227.6 | 230.5 | 227.7 | 230.8 | |||||||||||
Dividends Per Share of Common Stock | $ | 0.39 | $ | 0.34 | $ | 0.78 | $ | 0.68 |
WISCONSIN ENERGY CORPORATION | |||||||
CONSOLIDATED CONDENSED BALANCE SHEETS | |||||||
(Unaudited) | |||||||
June 30, 2014 | December 31, 2013 | ||||||
(Millions of Dollars) | |||||||
Assets | |||||||
Property, Plant and Equipment, Net | $ | 11,024.0 | $ | 10,906.6 | |||
Investments | |||||||
Equity investment in transmission affiliate | 416.8 | 402.7 | |||||
Other | 35.3 | 36.1 | |||||
Total Investments | 452.1 | 438.8 | |||||
Current Assets | |||||||
Cash and cash equivalents | 33.4 | 26.0 | |||||
Accounts receivable, net | 404.9 | 406.0 | |||||
Accrued revenues | 174.8 | 321.1 | |||||
Materials, supplies and inventories | 304.3 | 329.4 | |||||
Current deferred tax asset, net | 199.3 | 310.0 | |||||
Prepayments and other | 168.8 | 158.6 | |||||
Total Current Assets | 1,285.5 | 1,551.1 | |||||
Deferred Charges and Other Assets | |||||||
Regulatory assets | 1,094.9 | 1,108.5 | |||||
Goodwill | 441.9 | 441.9 | |||||
Other | 321.4 | 322.5 | |||||
Total Deferred Charges and Other Assets | 1,858.2 | 1,872.9 | |||||
Total Assets | $ | 14,619.8 | $ | 14,769.4 | |||
Capitalization and Liabilities | |||||||
Capitalization | |||||||
Common equity | $ | 4,367.1 | $ | 4,233.0 | |||
Preferred stock of subsidiary | 30.4 | 30.4 | |||||
Long-term debt | 4,587.5 | 4,363.2 | |||||
Total Capitalization | 8,985.0 | 8,626.6 | |||||
Current Liabilities | |||||||
Long-term debt due currently | 45.1 | 342.2 | |||||
Short-term debt | 410.1 | 537.4 | |||||
Accounts payable | 288.5 | 342.6 | |||||
Accrued payroll and benefits | 70.4 | 96.9 | |||||
Other | 166.7 | 177.3 | |||||
Total Current Liabilities | 980.8 | 1,496.4 | |||||
Deferred Credits and Other Liabilities | |||||||
Regulatory liabilities | 854.9 | 879.1 | |||||
Deferred income taxes - long-term | 2,714.6 | 2,634.0 | |||||
Deferred revenue, net | 639.7 | 664.2 | |||||
Pension and other benefit obligations | 169.3 | 173.2 | |||||
Other | 275.5 | 295.9 | |||||
Total Deferred Credits and Other Liabilities | 4,654.0 | 4,646.4 | |||||
Total Capitalization and Liabilities | $ | 14,619.8 | $ | 14,769.4 | |||
WISCONSIN ENERGY CORPORATION | |||||||
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited) | |||||||
Six Months Ended June 30 | |||||||
2014 | 2013 | ||||||
(Millions of Dollars) | |||||||
Operating Activities | |||||||
Net income | $ | 340.6 | $ | 295.6 | |||
Reconciliation to cash | |||||||
Depreciation and amortization | 206.5 | 197.7 | |||||
Deferred income taxes and investment tax credits, net | 188.0 | 143.1 | |||||
Working capital and other | (13.8 | ) | 45.1 | ||||
Cash Provided by Operating Activities | 721.3 | 681.5 | |||||
Investing Activities | |||||||
Capital expenditures | (305.5 | ) | (307.3 | ) | |||
Investment in transmission affiliate | (7.9 | ) | (5.2 | ) | |||
Other, net | 0.5 | (24.1 | ) | ||||
Cash Used in Investing Activities | (312.9 | ) | (336.6 | ) | |||
Financing Activities | |||||||
Common stock repurchased under benefit plans, net | (21.1 | ) | (40.3 | ) | |||
Common stock repurchased under repurchase plan | (18.6 | ) | (54.7 | ) | |||
Dividends paid on common stock | (176.0 | ) | (155.6 | ) | |||
Change in debt, net | (188.4 | ) | (119.2 | ) | |||
Other, net | 3.1 | 10.3 | |||||
Cash Used in Financing Activities | (401.0 | ) | (359.5 | ) | |||
Change in Cash | 7.4 | (14.6 | ) | ||||
Cash at Beginning of Period | 26.0 | 35.6 | |||||
Cash at End of Period | $ | 33.4 | $ | 21.0 | |||