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: October 29, 2014 | Stephen P. Dickson -- Vice President and Controller |
WISCONSIN ENERGY CORPORATION | |||||||||||||||
CONSOLIDATED CONDENSED INCOME STATEMENTS | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(Millions of Dollars, Except Per Share Amounts) | |||||||||||||||
Operating Revenues | $ | 1,033.3 | $ | 1,053.2 | $ | 3,772.0 | $ | 3,340.7 | |||||||
Operating Expenses | |||||||||||||||
Fuel and purchased power | 336.8 | 339.1 | 947.9 | 886.2 | |||||||||||
Cost of gas sold | 70.6 | 61.6 | 788.0 | 446.9 | |||||||||||
Other operation and maintenance | 249.4 | 268.1 | 780.8 | 821.6 | |||||||||||
Depreciation and amortization | 103.3 | 96.9 | 305.3 | 289.1 | |||||||||||
Property and revenue taxes | 30.6 | 29.5 | 91.5 | 88.4 | |||||||||||
Total Operating Expenses | 790.7 | 795.2 | 2,913.5 | 2,532.2 | |||||||||||
Treasury Grant | 3.5 | — | 10.1 | — | |||||||||||
Operating Income | 246.1 | 258.0 | 868.6 | 808.5 | |||||||||||
Equity in Earnings of Transmission Affiliate | 18.0 | 17.1 | 52.8 | 51.0 | |||||||||||
Other Income, net | 2.9 | 5.1 | 12.1 | 15.3 | |||||||||||
Interest Expense, net | 60.4 | 62.0 | 181.7 | 190.3 | |||||||||||
Income Before Income Taxes | 206.6 | 218.2 | 751.8 | 684.5 | |||||||||||
Income Tax Expense | 80.3 | 80.7 | 284.9 | 251.4 | |||||||||||
Net Income | $ | 126.3 | $ | 137.5 | $ | 466.9 | $ | 433.1 | |||||||
Earnings Per Share | |||||||||||||||
Basic | $ | 0.56 | $ | 0.61 | $ | 2.07 | $ | 1.90 | |||||||
Diluted | $ | 0.56 | $ | 0.60 | $ | 2.05 | $ | 1.88 | |||||||
Weighted Average Common Shares Outstanding (Millions) | |||||||||||||||
Basic | 225.5 | 226.8 | 225.6 | 228.0 | |||||||||||
Diluted | 227.4 | 228.8 | 227.6 | 230.2 | |||||||||||
Dividends Per Share of Common Stock | $ | 0.39 | $ | 0.3825 | $ | 1.17 | $ | 1.0625 |
WISCONSIN ENERGY CORPORATION | |||||||
CONSOLIDATED CONDENSED BALANCE SHEETS | |||||||
(Unaudited) | |||||||
September 30, 2014 | December 31, 2013 | ||||||
(Millions of Dollars) | |||||||
Assets | |||||||
Property, Plant and Equipment, Net | $ | 11,134.9 | $ | 10,906.6 | |||
Investments | |||||||
Equity investment in transmission affiliate | 423.3 | 402.7 | |||||
Other | 32.6 | 36.1 | |||||
Total Investments | 455.9 | 438.8 | |||||
Current Assets | |||||||
Cash and cash equivalents | 88.7 | 26.0 | |||||
Accounts receivable, net | 339.0 | 406.0 | |||||
Accrued revenues | 159.1 | 321.1 | |||||
Materials, supplies and inventories | 379.3 | 329.4 | |||||
Current deferred tax asset, net | 165.5 | 310.0 | |||||
Prepayments and other | 142.9 | 158.6 | |||||
Total Current Assets | 1,274.5 | 1,551.1 | |||||
Deferred Charges and Other Assets | |||||||
Regulatory assets | 1,096.7 | 1,108.5 | |||||
Goodwill | 441.9 | 441.9 | |||||
Other | 321.0 | 322.5 | |||||
Total Deferred Charges and Other Assets | 1,859.6 | 1,872.9 | |||||
Total Assets | $ | 14,724.9 | $ | 14,769.4 | |||
Capitalization and Liabilities | |||||||
Capitalization | |||||||
Common equity | $ | 4,398.3 | $ | 4,233.0 | |||
Preferred stock of subsidiary | 30.4 | 30.4 | |||||
Long-term debt | 4,569.6 | 4,363.2 | |||||
Total Capitalization | 8,998.3 | 8,626.6 | |||||
Current Liabilities | |||||||
Long-term debt due currently | 47.7 | 342.2 | |||||
Short-term debt | 475.8 | 537.4 | |||||
Accounts payable | 315.0 | 342.6 | |||||
Accrued payroll and benefits | 71.4 | 96.9 | |||||
Other | 155.7 | 177.3 | |||||
Total Current Liabilities | 1,065.6 | 1,496.4 | |||||
Deferred Credits and Other Liabilities | |||||||
Regulatory liabilities | 839.0 | 879.1 | |||||
Deferred income taxes - long-term | 2,752.7 | 2,634.0 | |||||
Deferred revenue, net | 627.2 | 664.2 | |||||
Pension and other benefit obligations | 168.9 | 173.2 | |||||
Other | 273.2 | 295.9 | |||||
Total Deferred Credits and Other Liabilities | 4,661.0 | 4,646.4 | |||||
Total Capitalization and Liabilities | $ | 14,724.9 | $ | 14,769.4 | |||
WISCONSIN ENERGY CORPORATION | |||||||
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited) | |||||||
Nine Months Ended September 30 | |||||||
2014 | 2013 | ||||||
(Millions of Dollars) | |||||||
Operating Activities | |||||||
Net income | $ | 466.9 | $ | 433.1 | |||
Reconciliation to cash | |||||||
Depreciation and amortization | 312.9 | 297.6 | |||||
Deferred income taxes and investment tax credits, net | 258.5 | 219.8 | |||||
Working capital and other | (3.7 | ) | 99.8 | ||||
Cash Provided by Operating Activities | 1,034.6 | 1,050.3 | |||||
Investing Activities | |||||||
Capital expenditures | (513.0 | ) | (497.7 | ) | |||
Cost of removal, net of salvage | (18.2 | ) | (27.8 | ) | |||
Investment in transmission affiliate | (10.5 | ) | (7.9 | ) | |||
Other, net | 12.8 | (11.4 | ) | ||||
Cash Used in Investing Activities | (528.9 | ) | (544.8 | ) | |||
Financing Activities | |||||||
Common stock repurchased under benefit plans, net | (33.9 | ) | (42.2 | ) | |||
Common stock repurchased under repurchase plan | (18.6 | ) | (103.0 | ) | |||
Dividends paid on common stock | (264.0 | ) | (242.3 | ) | |||
Change in debt, net | (133.6 | ) | (146.0 | ) | |||
Other, net | 7.1 | 10.9 | |||||
Cash Used in Financing Activities | (443.0 | ) | (522.6 | ) | |||
Change in Cash | 62.7 | (17.1 | ) | ||||
Cash at Beginning of Period | 26.0 | 35.6 | |||||
Cash at End of Period | $ | 88.7 | $ | 18.5 | |||