Commission File Number | Registrant; State of Incorporation Address; and Telephone Number | IRS Employer Identification No. |
1-11337 | INTEGRYS ENERGY GROUP, INC. (A Wisconsin Corporation) 200 East Randolph Street Chicago, IL 60601-6207 (312) 228-5400 | 39-1775292 |
Item 2.02 | Results of Operations and Financial Condition | ||
On May 5, 2015, Integrys Energy Group, Inc. issued a news release reporting its financial results for the quarter ended March 31, 2015. A copy of the news release is filed with this Form 8‑K as Exhibit 99.1 and is incorporated herein by reference. | |||
Item 9.01 | Financial Statements and Exhibits. | ||
(a) | Not applicable. | ||
(b) | Not applicable. | ||
(c) | Not applicable. | ||
(d) | Exhibits. The following exhibit is being filed herewith: | ||
99.1 | News Release dated May 5, 2015, reporting Integrys Energy Group, Inc. financial results for the quarter ended March 31, 2015. | ||
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. | |
INTEGRYS ENERGY GROUP, INC. By: /s/ James F. Schott James F. Schott Executive Vice President and Chief Financial Officer | |
Date: May 5, 2015 |
Exhibit Number | |
99.1 | News Release dated May 5, 2015, reporting Integrys Energy Group, Inc. financial results for the quarter ended March 31, 2015. |
Pages | |
News Release | 1-3 |
Condensed Consolidated Statements of Income | 4 |
Condensed Consolidated Statements of Comprehensive Income | 5 |
Condensed Consolidated Balance Sheets | 6 |
Condensed Consolidated Statements of Cash Flows | 7 |
Diluted Earnings Per Share – Adjusted and Weather Impacts | 8 |
Non-GAAP Financial Information Reported by Segment | 9-10 |
Key Variances in Non-GAAP Adjusted Earnings – By Segment | 11 |
Supplemental Quarterly Financial Highlights | 12-13 |
For Immediate Release | ||
May 5, 2015 | ||
Contact: | Steven P. Eschbach, CFA | |
Vice President – Investor Relations | ||
Integrys Energy Group, Inc. | ||
(312) 228-5408 |
Three Months Ended March 31 | ||
2015 | 2014 | |
GAAP earnings (millions) | $129.5 | $152.4 |
GAAP diluted earnings per share | $1.60 | $1.89 |
Adjusted earnings (millions) * | $131.0 | $139.5 |
Diluted earnings per share – adjusted * | $1.61 | $1.73 |
Media Hotline: 800-977-2250 - NYSE: TEG | ||
200 East Randolph Street | ||
Chicago, IL 60601 | ||
www.integrysgroup.com |
• | The timing and resolution of rate cases and related negotiations, including recovery of deferred and current costs and the ability to earn a reasonable return on investment, and other regulatory decisions impacting the regulated businesses; |
• | Federal and state legislative and regulatory changes, including deregulation and restructuring of the electric and natural gas utility industries, financial reform, health care reform, energy efficiency mandates, reliability standards, pipeline integrity and safety standards, and changes in tax and other laws and regulations to which Integrys Energy Group and its subsidiaries are subject; |
• | The possibility that the proposed merger with Wisconsin Energy Corporation does not close (including, but not limited to, due to the failure to satisfy the closing conditions), disruption from the proposed merger making it more difficult to maintain Integrys Energy Group's business and operational relationships, and the risk that unexpected costs will be incurred during this process; |
• | The risk of terrorism or cyber security attacks, including the associated costs to protect assets and respond to such events; |
• | The risk of failure to maintain the security of personally identifiable information, including the associated costs to notify affected persons and to mitigate their information security concerns; |
• | The timely completion of capital projects within estimates, as well as the recovery of those costs through established mechanisms; |
• | Unusual weather and other natural phenomena, including related economic, operational, and/or other ancillary effects of any such events; |
• | The impact of unplanned facility outages; |
• | The risks associated with changing commodity prices, particularly natural gas and electricity, and the available sources of fuel, natural gas, and purchased power, including their impact on margins, working capital, and liquidity requirements; |
• | The effects of political developments, as well as changes in economic conditions and the related impact on customer energy use, customer growth, and the ability to adequately forecast energy use for Integrys Energy Group's customers; |
• | Federal and state legislative and regulatory changes relating to the environment, including climate change and other environmental regulations impacting generation facilities and renewable energy standards; |
• | Costs and effects of litigation and administrative proceedings, settlements, investigations, and claims; |
• | Changes in credit ratings and interest rates caused by volatility in the financial markets and actions of rating agencies and their impact on Integrys Energy Group's and its subsidiaries' liquidity and financing efforts; |
• | The ability to retain market-based rate authority; |
• | The effects, extent, and timing of competition or additional regulation in the markets in which Integrys Energy Group's subsidiaries operate; |
• | The risk of financial loss, including increases in bad debt expense, associated with the inability of Integrys Energy Group's and its subsidiaries' counterparties, affiliates, and customers to meet their obligations; |
• | The ability to use tax credit, net operating loss, and/or charitable contribution carryforwards; |
• | The investment performance of employee benefit plan assets and related actuarial assumptions, which impact future funding requirements; |
• | The risk associated with the value of goodwill or other intangible assets and their possible impairment; |
• | Potential business strategies, including acquisitions or dispositions of assets or businesses, which cannot be assured to be completed timely or within budgets; |
• | Changes in technology, particularly with respect to new, developing, or alternative sources of generation; |
• | The financial performance of American Transmission Company and its corresponding contribution to Integrys Energy Group's earnings; |
• | The timing and outcome of any audits, disputes, and other proceedings related to taxes; |
• | The effectiveness of risk management strategies, the use of financial and derivative instruments, and the related recovery of these costs from customers in rates; |
• | The effect of accounting pronouncements issued periodically by standard-setting bodies; and |
• | Other factors discussed in reports Integrys Energy Group files with the United States Securities and Exchange Commission. |
INTEGRYS ENERGY GROUP, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | Three Months Ended | |||||||
March 31 | ||||||||
(Millions, except per share data) | 2015 | 2014 | ||||||
Operating revenues | $ | 1,163.2 | $ | 1,638.0 | ||||
Cost of sales | 577.7 | 975.6 | ||||||
Operating and maintenance expense | 261.0 | 332.6 | ||||||
Depreciation and amortization expense | 74.7 | 70.6 | ||||||
Taxes other than income taxes | 25.6 | 26.9 | ||||||
Operating income | 224.2 | 232.3 | ||||||
Earnings from equity method investments | 17.5 | 22.9 | ||||||
Miscellaneous income | 6.6 | 5.8 | ||||||
Interest expense | 38.2 | 38.9 | ||||||
Other expense | (14.1 | ) | (10.2 | ) | ||||
Income before taxes | 210.1 | 222.1 | ||||||
Provision for income taxes | 78.9 | 81.9 | ||||||
Net income from continuing operations | 131.2 | 140.2 | ||||||
Discontinued operations, net of tax | (0.9 | ) | 12.9 | |||||
Net income | 130.3 | 153.1 | ||||||
Preferred stock dividends of subsidiary | (0.8 | ) | (0.8 | ) | ||||
Noncontrolling interest in subsidiaries | — | 0.1 | ||||||
Net income attributed to common shareholders | $ | 129.5 | $ | 152.4 | ||||
Average shares of common stock | ||||||||
Basic | 80.2 | 80.2 | ||||||
Diluted | 80.8 | 80.5 | ||||||
Earnings per common share (basic) | ||||||||
Net income from continuing operations | $ | 1.62 | $ | 1.74 | ||||
Discontinued operations, net of tax | (0.01 | ) | 0.16 | |||||
Earnings per common share (basic) | $ | 1.61 | $ | 1.90 | ||||
Earnings per common share (diluted) | ||||||||
Net income from continuing operations | $ | 1.61 | $ | 1.73 | ||||
Discontinued operations, net of tax | (0.01 | ) | 0.16 | |||||
Earnings per common share (diluted) | $ | 1.60 | $ | 1.89 | ||||
Dividends per common share declared | $ | 0.68 | $ | 0.68 |
INTEGRYS ENERGY GROUP, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) | Three Months Ended | |||||||
March 31 | ||||||||
(Millions) | 2015 | 2014 | ||||||
Net income | $ | 130.3 | $ | 153.1 | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Cash flow hedges | ||||||||
Reclassification of net losses (gains) to net income, net of tax of $0.1 million and $0.9 million, respectively | 0.1 | (0.6 | ) | |||||
Defined benefit plans | ||||||||
Pension and other postretirement benefit costs arising during period, net of tax of an insignificant amount for all periods presented | — | (0.1 | ) | |||||
Amortization of pension and other postretirement benefit costs included in net periodic benefit cost, net of tax of $0.5 million and $0.3 million, respectively | 0.7 | 0.3 | ||||||
Defined benefit plans, net | 0.7 | 0.2 | ||||||
Other comprehensive income (loss), net of tax | 0.8 | (0.4 | ) | |||||
Comprehensive income | 131.1 | 152.7 | ||||||
Preferred stock dividends of subsidiary | (0.8 | ) | (0.8 | ) | ||||
Noncontrolling interest in subsidiaries | — | 0.1 | ||||||
Comprehensive income attributed to common shareholders | $ | 130.3 | $ | 152.0 |
INTEGRYS ENERGY GROUP, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | March 31 | December 31 | ||||||
(Millions, except share and per share data) | 2015 | 2014 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 86.4 | $ | 18.0 | ||||
Accounts receivable and accrued unbilled revenues, net of reserves of $58.3 and $63.3, respectively | 720.8 | 699.8 | ||||||
Inventories | 179.9 | 327.2 | ||||||
Regulatory assets | 86.2 | 118.9 | ||||||
Assets held for sale | 51.5 | 52.2 | ||||||
Deferred income taxes | 39.8 | 52.4 | ||||||
Prepaid taxes | 51.7 | 136.2 | ||||||
Other current assets | 43.0 | 57.4 | ||||||
Current assets | 1,259.3 | 1,462.1 | ||||||
Property, plant, and equipment, net of accumulated depreciation of $3,330.2 and $3,322.0, respectively | 6,928.8 | 6,827.7 | ||||||
Regulatory assets | 1,507.3 | 1,513.6 | ||||||
Equity method investments | 556.0 | 550.6 | ||||||
Goodwill | 655.4 | 655.4 | ||||||
Other long-term assets | 262.2 | 272.6 | ||||||
Total assets | $ | 11,169.0 | $ | 11,282.0 | ||||
Liabilities and Equity | ||||||||
Short-term debt | $ | 133.3 | $ | 317.6 | ||||
Current portion of long-term debt | 125.0 | 125.0 | ||||||
Accounts payable | 414.6 | 490.7 | ||||||
Accrued taxes | 108.6 | 87.7 | ||||||
Regulatory liabilities | 171.6 | 153.7 | ||||||
Liabilities held for sale | 13.6 | 13.8 | ||||||
Other current liabilities | 282.1 | 261.0 | ||||||
Current liabilities | 1,248.8 | 1,449.5 | ||||||
Long-term debt | 2,956.3 | 2,956.3 | ||||||
Deferred income taxes | 1,599.5 | 1,570.0 | ||||||
Deferred investment tax credits | 63.6 | 60.6 | ||||||
Regulatory liabilities | 402.4 | 399.9 | ||||||
Environmental remediation liabilities | 573.2 | 579.9 | ||||||
Pension and other postretirement benefit obligations | 271.2 | 274.6 | ||||||
Asset retirement obligations | 485.0 | 479.1 | ||||||
Other long-term liabilities | 155.3 | 161.3 | ||||||
Long-term liabilities | 6,506.5 | 6,481.7 | ||||||
Commitments and contingencies | ||||||||
Common stock – $1 par value; 200,000,000 shares authorized; 79,963,091 shares issued; 79,534,171 shares outstanding | 80.0 | 80.0 | ||||||
Additional paid-in capital | 2,629.2 | 2,642.2 | ||||||
Retained earnings | 701.1 | 626.0 | ||||||
Accumulated other comprehensive loss | (26.8 | ) | (27.6 | ) | ||||
Shares in deferred compensation trust | (20.9 | ) | (20.9 | ) | ||||
Total common shareholders’ equity | 3,362.6 | 3,299.7 | ||||||
Preferred stock of subsidiary – $100 par value; 1,000,000 shares authorized; 511,882 shares issued; 510,495 shares outstanding | 51.1 | 51.1 | ||||||
Total liabilities and equity | $ | 11,169.0 | $ | 11,282.0 |
INTEGRYS ENERGY GROUP, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | Three Months Ended | |||||||
March 31 | ||||||||
(Millions) | 2015 | 2014 | ||||||
Operating Activities | ||||||||
Net income | $ | 130.3 | $ | 153.1 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation and amortization expense | 74.7 | 71.3 | ||||||
Recoveries and refunds of regulatory assets and liabilities | 18.1 | 54.1 | ||||||
Net unrealized gains on energy contracts | (0.5 | ) | (19.7 | ) | ||||
Bad debt expense | 9.2 | 19.3 | ||||||
Pension and other postretirement expense | 7.7 | 7.2 | ||||||
Pension and other postretirement contributions | (2.9 | ) | (68.6 | ) | ||||
Deferred income taxes and investment tax credits | 45.2 | 90.3 | ||||||
Equity income, net of dividends | (4.0 | ) | (3.9 | ) | ||||
Other | (10.9 | ) | 1.1 | |||||
Changes in working capital | ||||||||
Collateral on deposit | 0.6 | (37.0 | ) | |||||
Accounts receivable and accrued unbilled revenues | (38.9 | ) | (531.5 | ) | ||||
Inventories | 146.9 | 121.6 | ||||||
Other current assets | 104.9 | (65.3 | ) | |||||
Accounts payable | (40.8 | ) | 272.1 | |||||
Temporary LIFO liquidation credit | 33.5 | 150.9 | ||||||
Other current liabilities | 51.1 | 54.7 | ||||||
Net cash provided by operating activities | 524.2 | 269.7 | ||||||
Investing Activities | ||||||||
Capital expenditures | (208.8 | ) | (159.6 | ) | ||||
Capital contributions to equity method investments | (1.7 | ) | (5.1 | ) | ||||
Withdrawal of restricted cash from Rabbi trust for qualifying payments | 10.9 | — | ||||||
Other | 2.1 | 1.4 | ||||||
Net cash used for investing activities | (197.5 | ) | (163.3 | ) | ||||
Financing Activities | ||||||||
Short-term debt, net | (184.3 | ) | (4.1 | ) | ||||
Shares purchased for stock-based compensation | (17.5 | ) | (9.8 | ) | ||||
Payment of dividends | ||||||||
Preferred stock of subsidiary | (0.8 | ) | (0.8 | ) | ||||
Common stock | (54.1 | ) | (54.1 | ) | ||||
Other | (1.6 | ) | (3.3 | ) | ||||
Net cash used for financing activities | (258.3 | ) | (72.1 | ) | ||||
Net change in cash and cash equivalents | 68.4 | 34.3 | ||||||
Cash and cash equivalents at beginning of period | 18.0 | 22.3 | ||||||
Cash and cash equivalents at end of period | $ | 86.4 | $ | 56.6 |
Three Months Ended March 31 | ||||||||
2015 | 2014 | |||||||
Diluted EPS | $ | 1.60 | $ | 1.89 | ||||
Special Items (net of taxes): | ||||||||
Discontinued operations | 0.01 | (0.16 | ) | |||||
Diluted EPS – adjusted | $ | 1.61 | $ | 1.73 | ||||
Average Shares of Common Stock – Diluted (in millions) | 80.8 | 80.5 |
Dollar Impacts, Net of Taxes | Three Months Ended March 31 | |||||||
(Millions) | 2015 | 2014 | ||||||
Natural gas utility segment | $ | 1.9 | $ | 7.4 | ||||
Electric utility segment | 1.5 | 5.7 | ||||||
Total | $ | 3.4 | $ | 13.1 |
Three Months Ended March 31 | ||||||||
Diluted EPS Impacts, Net of Taxes | 2015 | 2014 | ||||||
Natural gas utility segment | $ | 0.02 | $ | 0.09 | ||||
Electric utility segment | 0.02 | 0.07 | ||||||
Total | $ | 0.04 | $ | 0.16 |
March 31, 2015 | Natural Gas Utility | Electric Utility | Electric Transmission Investment | Integrys Energy Services | Holding Company and Other | Integrys Energy Group Consolidated | ||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Net income (loss) attributed to common shareholders | $ | 97.7 | $ | 27.9 | $ | 10.3 | $ | (0.8 | ) | $ | (5.6 | ) | $ | 129.5 | ||||||||||
Special Items (net of taxes) | ||||||||||||||||||||||||
Discontinued operations | — | — | — | 0.8 | 0.1 | 0.9 | ||||||||||||||||||
Merger transaction costs | — | — | — | — | 0.6 | 0.6 | ||||||||||||||||||
Adjusted earnings (loss) | $ | 97.7 | $ | 27.9 | $ | 10.3 | $ | — | $ | (4.9 | ) | $ | 131.0 |
March 31, 2014 | Natural Gas Utility | Electric Utility | Electric Transmission Investment | Integrys Energy Services | Holding Company and Other | Integrys Energy Group Consolidated | ||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Net income (loss) attributed to common shareholders | $ | 99.1 | $ | 31.1 | $ | 13.7 | $ | 13.0 | $ | (4.5 | ) | $ | 152.4 | |||||||||||
Special Item (net of taxes) | ||||||||||||||||||||||||
Discontinued operations | — | — | — | (13.0 | ) | 0.1 | (12.9 | ) | ||||||||||||||||
Adjusted earnings (loss) | $ | 99.1 | $ | 31.1 | $ | 13.7 | $ | — | $ | (4.4 | ) | $ | 139.5 |
March 31, 2015 | Natural Gas Utility | Electric Utility | Electric Transmission Investment | Integrys Energy Services | Holding Company and Other | Integrys Energy Group Consolidated | |||||||||||||||||||
Diluted EPS | $ | 1.21 | $ | 0.34 | $ | 0.13 | $ | (0.01 | ) | $ | (0.07 | ) | $ | 1.60 | |||||||||||
Special Items (net of taxes) | |||||||||||||||||||||||||
Discontinued operations | — | — | — | 0.01 | — | 0.01 | |||||||||||||||||||
Merger transaction costs | — | — | — | — | — | — | |||||||||||||||||||
Diluted EPS – adjusted | $ | 1.21 | $ | 0.34 | $ | 0.13 | $ | — | $ | (0.07 | ) | $ | 1.61 |
March 31, 2014 | Natural Gas Utility | Electric Utility | Electric Transmission Investment | Integrys Energy Services | Holding Company and Other | Integrys Energy Group Consolidated | |||||||||||||||||||
Diluted EPS | $ | 1.23 | $ | 0.39 | $ | 0.17 | $ | 0.16 | $ | (0.06 | ) | $ | 1.89 | ||||||||||||
Special Item (net of taxes) | |||||||||||||||||||||||||
Discontinued operations | — | — | — | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||
Diluted EPS – adjusted | $ | 1.23 | $ | 0.39 | $ | 0.17 | $ | — | $ | (0.06 | ) | $ | 1.73 |
Integrys Energy Group, Inc. | ||||||||||||||||||||||||
Key Variances in Non-GAAP Adjusted Earnings – By Segment (in Millions) | ||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Reporting Segment | First Quarter 2014 Adjusted Earnings / Loss | Weather, Net of Decoupling | Utility Rate Impacts / Other Nonregulated Margins | Operating Expense Impacts | Tax Impacts / Other (1) | First Quarter 2015 Adjusted Earnings / Loss | ||||||||||||||||||
Natural Gas Utility | $ | 99.1 | $ | (4.5 | ) | $ | 3.4 | $ | 3.5 | (2) | $ | (3.8 | ) | $ | 97.7 | |||||||||
Electric Utility | 31.1 | (4.0 | ) | (2.3 | ) | 7.5 | (3) | (4.4 | ) | (4) | 27.9 | |||||||||||||
Electric Transmission Investment | 13.7 | — | — | — | (3.4 | ) | (5) | 10.3 | ||||||||||||||||
Holding Company and Other | (4.4 | ) | — | 0.8 | (1.2 | ) | (0.1 | ) | (4.9 | ) | ||||||||||||||
Total | $ | 139.5 | $ | (8.5 | ) | $ | 1.9 | $ | 9.8 | $ | (11.7 | ) | $ | 131.0 | ||||||||||
Integrys Energy Group, Inc. | ||||||||||||||||||||
Supplemental Quarterly Financial Highlights | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year Ended | 1st Qtr | |||||||||||||||
Regulated Natural Gas Utility Segment | ||||||||||||||||||||
Revenues | $ | 1,272.0 | $ | 496.3 | $ | 286.4 | $ | 705.7 | $ | 2,760.4 | $ | 842.1 | ||||||||
year-over-year change | 60.2 | % | 34.2 | % | 11.4 | % | 3.2 | % | 31.1 | % | (33.8 | )% | ||||||||
Purchased natural gas costs | 830.4 | 273.2 | 115.0 | 385.8 | 1,604.4 | 447.1 | ||||||||||||||
Margins | $ | 441.6 | $ | 223.1 | $ | 171.4 | $ | 319.9 | $ | 1,156.0 | $ | 395.0 | ||||||||
year-over-year change | 19.4 | % | 10.2 | % | 4.9 | % | (1.0 | )% | 9.2 | % | (10.6 | )% | ||||||||
margins/revenues | 34.7 | % | 45.0 | % | 59.8 | % | 45.3 | % | 41.9 | % | 46.9 | % | ||||||||
Operating and maintenance expense | 215.4 | 181.4 | 160.6 | 189.9 | 747.3 | 165.6 | ||||||||||||||
Depreciation and amortization expense | 36.4 | 36.9 | 37.3 | 38.4 | 149.0 | 40.6 | ||||||||||||||
Taxes other than income taxes | 10.8 | 9.0 | 11.0 | 10.1 | 40.9 | 11.5 | ||||||||||||||
Operating income (loss) | 179.0 | (4.2 | ) | (37.5 | ) | 81.5 | 218.8 | 177.3 | ||||||||||||
year-over-year change | 8.1 | % | N/M* | 40.4 | % | (18.7 | )% | (13.1 | )% | (0.9 | )% | |||||||||
Net income (loss) attributed to common shareholders | $ | 99.1 | $ | (10.6 | ) | $ | (29.6 | ) | $ | 41.3 | $ | 100.2 | $ | 97.7 | ||||||
Total throughput in therms | 2,006.8 | 698.0 | 465.9 | 1,286.0 | 4,456.7 | 1,811.1 | ||||||||||||||
year-over-year change | 18.4 | % | (2.0 | )% | 2.5 | % | (2.1 | )% | 6.7 | % | (9.8 | )% | ||||||||
Retail throughput in therms | ||||||||||||||||||||
Residential | 927.2 | 222.4 | 89.3 | 519.0 | 1,757.9 | 793.2 | ||||||||||||||
Commercial and industrial | 301.4 | 76.9 | 39.7 | 168.1 | 586.1 | 255.7 | ||||||||||||||
Other | 23.9 | 9.7 | 9.3 | 22.3 | 65.2 | 18.7 | ||||||||||||||
Total retail throughput in therms | 1,252.5 | 309.0 | 138.3 | 709.4 | 2,409.2 | 1,067.6 | ||||||||||||||
Transport throughput in therms | ||||||||||||||||||||
Residential | 135.4 | 37.4 | 18.2 | 93.1 | 284.1 | 143.2 | ||||||||||||||
Commercial and industrial | 618.9 | 351.6 | 309.4 | 483.5 | 1,763.4 | 600.3 | ||||||||||||||
Total transport throughput in therms | 754.3 | 389.0 | 327.6 | 576.6 | 2,047.5 | 743.5 | ||||||||||||||
Regulated Electric Utility Segment | ||||||||||||||||||||
Revenues | $ | 349.2 | $ | 312.6 | $ | 342.5 | $ | 282.1 | $ | 1,286.4 | $ | 295.8 | ||||||||
year-over-year change | 5.2 | % | (4.4 | )% | (3.2 | )% | (11.7 | )% | (3.4 | )% | (15.3 | )% | ||||||||
Fuel and purchased power costs | 136.7 | 112.8 | 117.4 | 104.7 | 471.6 | 115.1 | ||||||||||||||
Margins | $ | 212.5 | $ | 199.8 | $ | 225.1 | $ | 177.4 | $ | 814.8 | $ | 180.7 | ||||||||
year-over-year change | 12.7 | % | 2.1 | % | 2.1 | % | (6.9 | )% | 2.5 | % | (15.0 | )% | ||||||||
margins/revenues | 60.9 | % | 63.9 | % | 65.7 | % | 62.9 | % | 63.3 | % | 61.1 | % | ||||||||
Operating and maintenance expense | 116.0 | 122.6 | 104.5 | 102.4 | 445.5 | 91.7 | ||||||||||||||
Depreciation and amortization expense | 25.6 | 26.3 | 26.0 | 25.1 | 103.0 | 25.0 | ||||||||||||||
Taxes other than income taxes | 12.8 | 12.8 | 10.9 | 9.3 | 45.8 | 10.9 | ||||||||||||||
Gain on sale of UPPCO, net of transaction costs | — | 0.9 | (86.3 | ) | — | (85.4 | ) | — | ||||||||||||
Operating income | 58.1 | 37.2 | 170.0 | 40.6 | 305.9 | 53.1 | ||||||||||||||
year-over-year change | 9.8 | % | (19.7 | )% | 136.1 | % | 12.5 | % | 47.6 | % | (8.6 | )% | ||||||||
Net income attributed to common shareholders | $ | 31.1 | $ | 16.6 | $ | 96.5 | $ | 19.5 | $ | 163.7 | $ | 27.9 | ||||||||
Sales in kilowatt-hours | 3,671.6 | 3,506.2 | 3,743.3 | 3,468.8 | 14,389.9 | 3,677.9 | ||||||||||||||
year-over-year change | (7.1 | )% | (11.1 | )% | (10.5 | )% | (11.6 | )% | (10.1 | )% | 0.2 | % | ||||||||
Residential | 898.3 | 687.2 | 750.9 | 705.5 | 3,041.9 | 762.1 | ||||||||||||||
Commercial and industrial | 2,077.9 | 2,089.7 | 2,145.2 | 1,946.0 | 8,258.8 | 1,969.1 | ||||||||||||||
Wholesale and opportunity sales | 684.8 | 721.7 | 839.5 | 807.9 | 3,053.9 | 937.5 | ||||||||||||||
Other | 10.6 | 7.6 | 7.7 | 9.4 | 35.3 | 9.2 | ||||||||||||||
Electric Transmission Investment Segment | ||||||||||||||||||||
American Transmission Company (ATC) | ||||||||||||||||||||
Equity contributions to ATC | $ | 5.1 | $ | 5.1 | $ | 3.4 | $ | 3.4 | $ | 17.0 | $ | 1.7 | ||||||||
After-tax equity earnings recognized from ATC investment | 13.7 | 13.8 | 14.2 | 9.6 | 51.3 | 10.3 | ||||||||||||||
Notes: | ||||||||||||||||||||
* Not meaningful | ||||||||||||||||||||
Integrys Energy Group, Inc. | ||||||||||||||||||||
Supplemental Quarterly Financial Highlights | ||||||||||||||||||||
(Millions, except Weather Information) | ||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year Ended | 1st Qtr | |||||||||||||||
Nonregulated Segment - Integrys Energy Services | ||||||||||||||||||||
Discontinued operations, net of tax | $ | 13.0 | $ | (0.7 | ) | $ | 7.6 | $ | (19.5 | ) | $ | 0.4 | $ | (0.8 | ) | |||||
Nonregulated Segment - Holding Company and Other | ||||||||||||||||||||
Operating income (loss) | $ | (4.8 | ) | $ | (9.8 | ) | $ | 2.1 | $ | (5.2 | ) | $ | (17.7 | ) | $ | (6.2 | ) | |||
Discontinued operations, net of tax | (0.1 | ) | (0.1 | ) | 1.1 | 0.5 | 1.4 | (0.1 | ) | |||||||||||
Net income (loss) attributed to common shareholders | $ | (4.5 | ) | $ | (11.9 | ) | $ | (5.4 | ) | $ | (16.9 | ) | $ | (38.7 | ) | $ | (5.6 | ) | ||
Other Information: | ||||||||||||||||||||
Capital Expenditures | ||||||||||||||||||||
Regulated utility expenditures | $ | 123.9 | $ | 151.8 | $ | 220.7 | $ | 246.7 | $ | 743.1 | $ | 176.4 | ||||||||
Integrys Energy Services | 0.7 | 0.2 | — | — | 0.9 | — | ||||||||||||||
Other | 35.0 | 37.1 | 22.2 | 26.7 | 121.0 | $ | 32.4 | |||||||||||||
Total Capital Expenditures | $ | 159.6 | $ | 189.1 | $ | 242.9 | $ | 273.4 | $ | 865.0 | $ | 208.8 |
Weather information: | ||||||||||||||
Heating and Cooling Degree Days - WPS | ||||||||||||||
Heating Degree Days - Actual | 4,515 | 1,020 | 243 | 2,786 | 8,564 | 3,946 | ||||||||
period-over-period change | 18.7 | % | (7.9 | )% | 12.5 | % | (4.8 | )% | 6.4 | % | (12.6 | )% | ||
compared with normal | 23.8 | % | 4.6 | % | 15.7 | % | 6.2 | % | 14.9 | % | 7.8 | % | ||
Heating Degree Days - Normal | 3,646 | 975 | 210 | 2,623 | 7,454 | 3,662 | ||||||||
Cooling Degree Days - Actual | — | 109 | 224 | — | 333 | — | ||||||||
period-over-period change | N/M * | (16.8 | )% | (43.4 | )% | (100.0 | )% | (37.1 | )% | N/M * | ||||
compared with normal | (100.0 | )% | (22.1 | )% | (38.5 | )% | (100.0 | )% | (34.7 | )% | (100.0 | )% | ||
Cooling Degree Days - Normal | 1 | 140 | 364 | 5 | 510 | 1 | ||||||||
Heating Degree Days - MGU | ||||||||||||||
Heating Degree Days - Actual | 3,915 | 804 | 204 | 2,302 | 7,225 | 3,735 | ||||||||
period-over-period change | 24.3 | % | 2.0 | % | 32.5 | % | (3.0 | )% | 11.8 | % | (4.6 | )% | ||
compared with normal | 26.3 | % | 5.5 | % | 60.6 | % | 6.3 | % | 17.4 | % | 17.6 | % | ||
Heating Degree Days - Normal | 3,099 | 762 | 127 | 2,165 | 6,153 | 3,176 | ||||||||
Heating Degree Days - MERC | ||||||||||||||
Heating Degree Days - Actual | 4,701 | 1,070 | 240 | 3,076 | 9,087 | 4,036 | ||||||||
period-over-period change | 15.2 | % | (12.3 | )% | 37.9 | % | (6.5 | )% | 3.7 | % | (14.1 | )% | ||
compared with normal | 19.7 | % | 10.9 | % | 2.1 | % | 5.8 | % | 13.1 | % | 2.5 | % | ||
Heating Degree Days - Normal | 3,926 | 965 | 235 | 2,908 | 8,034 | 3,939 | ||||||||
Heating Degree Days - PGL and NSG | ||||||||||||||
Heating Degree Days - Actual | 3,870 | 696 | 119 | 2,336 | 7,021 | 3,590 | ||||||||
period-over-period change | 19.2 | % | (13.2 | )% | 52.6 | % | (4.5 | )% | 6.8 | % | (7.2 | )% | ||
compared with normal | 25.1 | % | (3.1 | )% | 43.4 | % | 6.4 | % | 15.3 | % | 13.1 | % | ||
Heating Degree Days - Normal | 3,093 | 718 | 83 | 2,195 | 6,089 | 3,175 | ||||||||
Notes: | ||||||||||||||
* Not meaningful |
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