Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Jun. 30, 2014 |
Entity Information [Line Items] | ||
Entity Registrant Name | WISCONSIN ELECTRIC POWER CO | |
Entity Central Index Key | 107815 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 33,289,327 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $25.80 |
Consolidated_Condensed_Income_
Consolidated Condensed Income Statements (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Revenues | $1,084.60 | $1,226.70 |
Operating Expenses | ||
Fuel and purchased power | 297.9 | 319.9 |
Cost of gas sold | 135.5 | 249.7 |
Other operation and maintenance | 342.4 | 337.6 |
Depreciation and amortization | 77.2 | 72.7 |
Property and revenue taxes | 29.4 | 28.5 |
Total Operating Expenses | 882.4 | 1,008.40 |
Treasury Grant | 2.5 | 3.5 |
Operating Income | 204.7 | 221.8 |
Equity in earnings of transmission affiliate | 14.2 | 15.2 |
Other Income, net | 2.5 | 0.8 |
Interest Expense, net | 28.7 | 30.9 |
Income Before Income Taxes | 192.7 | 206.9 |
Income Tax Expense | 71 | 79.6 |
Net Income | 121.7 | 127.3 |
Preferred Stock Dividend Requirement | 0.3 | 0.3 |
Earnings Available for Common Stockholder | $121.40 | $127 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment | ||
In service | $10,597.50 | $10,544.40 |
Accumulated depreciation | -3,456.80 | -3,406.10 |
Property, Plant and Equipment in Service, Net | 7,140.70 | 7,138.30 |
Construction work in progress | 173.1 | 140.9 |
Leased facilities, net | 2,190 | 2,215 |
Net Property, Plant and Equipment | 9,503.80 | 9,494.20 |
Investments | ||
Equity investment in transmission affiliate | 379 | 372.9 |
Other | 0.3 | 0.2 |
Total Investments | 379.3 | 373.1 |
Current Assets | ||
Cash and cash equivalents | 15.3 | 24 |
Accounts receivable, net | 308.3 | 265.3 |
Accounts receivable from related parties | 2.8 | 8.1 |
Accrued revenues | 182.6 | 223.1 |
Materials, supplies and inventories | 276.1 | 320.5 |
Deferred Tax Assets, Net, Current | 57 | 46.7 |
Prepayments and other | 125.8 | 158.5 |
Total Current Assets | 967.9 | 1,046.20 |
Deferred Charges and Other Assets | ||
Regulatory assets | 1,652.70 | 1,626.90 |
Other | 156.5 | 106.3 |
Total Deferred Charges and Other Assets | 1,809.20 | 1,733.20 |
Total Assets | 12,660.20 | 12,646.70 |
Capitalization | ||
Common equity | 3,478.40 | 3,412.80 |
Preferred stock | 30.4 | 30.4 |
Long-term debt | 2,166 | 2,165.50 |
Capital lease obligations | 2,701.60 | 2,712.50 |
Total Capitalization | 8,376.40 | 8,321.20 |
Current Liabilities | ||
Long-term debt and capital lease obligations due currently | 360.6 | 355.6 |
Short-term debt | 316.5 | 306.8 |
Subsidiary note payable to Wisconsin Energy | 20.1 | 22.4 |
Accounts payable | 237 | 287.2 |
Accounts payable to related parties | 89 | 87.8 |
Accrued payroll and benefits | 53.4 | 87.1 |
Other | 195.8 | 113.7 |
Total Current Liabilities | 1,272.40 | 1,260.60 |
Deferred Credits and Other Liabilities | ||
Regulatory liabilities | 611.2 | 615.9 |
Deferred income taxes - long term | 1,985.60 | 1,963.90 |
Pension and other benefit obligations | 190.9 | 254.5 |
Other | 223.7 | 230.6 |
Total Deferred Credits and Other Liabilities | 3,011.40 | 3,064.90 |
Total Capitalization and Liabilities | $12,660.20 | $12,646.70 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities | ||
Net Income | $121.70 | $127.30 |
Reconciliation to cash | ||
Depreciation and amortization | 79.7 | 75.1 |
Deferred income taxes and investment tax credits, net | 13.1 | 65.1 |
Contributions to qualified benefit plans | -100 | 0 |
Change In | ||
Accounts receivable and accrued revenues | -4.7 | -63.4 |
Inventories | 44.4 | 61.9 |
Other current assets | 27.6 | 27.1 |
Accounts payable | -48.8 | 35.7 |
Accrued income taxes, net | 47.6 | 0.4 |
Other current liabilities | 6.2 | -24.5 |
Other, net | -41.9 | -20.9 |
Cash Provided by Operating Activities | 144.9 | 283.8 |
Investing Activities | ||
Capital Expenditures | -98.9 | -96 |
Investment in transmission affiliate | -1.2 | -3.5 |
Other, net | -4.3 | -4.9 |
Cash Used in Investing Activities | -104.4 | -104.4 |
Financing Activities | ||
Dividends paid on common stock | -60 | -110 |
Dividends paid on preferred stock | -0.3 | -0.3 |
Change in total short-term debt | 7.4 | -72.2 |
Other, net | 3.7 | 4.7 |
Cash Used in Financing Activities | -49.2 | -177.8 |
Change in Cash and Cash Equivalents | -8.7 | 1.6 |
Cash and Cash Equivalents at Beginning of Period | 24 | 25.1 |
Cash and Cash Equivalents at End of Period | $15.30 | $26.70 |
General_Information
General Information | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Information [Text Block] | GENERAL INFORMATION |
Our accompanying unaudited consolidated condensed financial statements should be read in conjunction with Item 8. Financial Statements and Supplementary Data, in our 2014 Annual Report on Form 10-K. In the opinion of management, we have included all adjustments, normal and recurring in nature, necessary for a fair presentation of the results of operations, cash flows and financial position in the accompanying income statements, statements of cash flows and balance sheets. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results which may be expected for the entire fiscal year 2015 because of seasonal and other factors. | |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | NEW ACCOUNTING PRONOUNCEMENTS |
Revenue Recognition: In May 2014, the Financial Accounting Standards Board and the International Accounting Standards Board issued their joint revenue recognition standard Accounting Standards Update 2014-09, Revenue from Contracts with Customers. This guidance is effective for fiscal years and interim periods beginning after December 15, 2016, and can either be applied retrospectively or as a cumulative-effect adjustment as of the date of adoption. We are currently assessing the effects this guidance may have on our consolidated financial statements. |
Acquisition_Notes
Acquisition (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | PROPOSED ACQUISITION OF INTEGRYS BY WISCONSIN ENERGY |
On June 22, 2014, our parent company, Wisconsin Energy, and Integrys entered into an agreement and plan of merger (Merger Agreement) under which Wisconsin Energy will acquire Integrys. Integrys' shareholders will receive 1.128 shares of Wisconsin Energy common stock and $18.58 in cash per Integrys share of common stock. Wisconsin Energy expects to finance the acquisition through the issuance of approximately 91 million shares of Wisconsin Energy common stock to Integrys shareholders and through the issuance of approximately $1.5 billion of debt. Wisconsin Energy will also assume all of Integrys' outstanding debt. The combined company will be named WEC Energy Group, Inc. Wisconsin Energy anticipates the transaction will close by the end of this summer. | |
The acquisition is subject to several conditions, including, among others, approval of the shareholders of both Wisconsin Energy and Integrys, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), and the receipt of approvals from various government agencies, including the Federal Energy Regulatory Commission (FERC), Federal Communications Commission, Public Service Commission of Wisconsin (PSCW), Illinois Commerce Commission, Michigan Public Service Commission (MPSC) and Minnesota Public Utilities Commission. |
Common_Equity
Common Equity | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||
COMMON EQUITY | COMMON EQUITY | ||||||||||||||||||
Stock Option Activity: The following table identifies non-qualified stock options granted by the Compensation Committee of the Board of Directors of Wisconsin Energy (Compensation Committee) to our employees: | |||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
Non-qualified stock options granted year to date | 495,550 | 864,860 | |||||||||||||||||
Estimated fair value per non-qualified stock option | $ | 5.29 | $ | 4.18 | |||||||||||||||
Assumptions used to value the options using a binomial option pricing model: | |||||||||||||||||||
Risk-free interest rate | 0.1% - 2.1% | 0.1% - 3.0% | |||||||||||||||||
Dividend yield | 3.7 | % | 3.8 | % | |||||||||||||||
Expected volatility | 18 | % | 18 | % | |||||||||||||||
Expected forfeiture rate | 2 | % | 2 | % | |||||||||||||||
Expected life (years) | 5.8 | 5.8 | |||||||||||||||||
The risk-free interest rate is based on the U.S. Treasury interest rate whose term is consistent with the expected life of the stock options. Dividend yield, expected volatility, expected forfeiture rate and expected life assumptions are based on Wisconsin Energy's historical experience. | |||||||||||||||||||
The following is a summary of Wisconsin Energy stock option activity by our employees during the three months ended March 31, 2015: | |||||||||||||||||||
Weighted- | |||||||||||||||||||
Average | |||||||||||||||||||
Weighted- | Remaining | Aggregate | |||||||||||||||||
Number of | Average | Contractual Life | Intrinsic Value | ||||||||||||||||
Stock Options | Options | Exercise Price | (Years) | (Millions) | |||||||||||||||
Outstanding as of January 1, 2015 | 6,450,277 | $ | 30.07 | ||||||||||||||||
Granted | 495,550 | $ | 52.9 | ||||||||||||||||
Exercised | (338,145 | ) | $ | 23.73 | |||||||||||||||
Outstanding as of March 31, 2015 | 6,607,682 | $ | 32.11 | 5.9 | $ | 114.9 | |||||||||||||
Exercisable as of March 31, 2015 | 3,975,052 | $ | 25.88 | 4.2 | $ | 93.9 | |||||||||||||
The intrinsic value of Wisconsin Energy options exercised by our employees was $9.9 million and $13.9 million for the three months ended March 31, 2015 and 2014, respectively. Cash received by Wisconsin Energy from exercises of its options by our employees was $8.0 million and $14.1 million for the three months ended March 31, 2015 and 2014, respectively. The actual tax benefit realized for the tax deductions from option exercises for the same periods was $4.0 million and $5.6 million, respectively. | |||||||||||||||||||
The following table summarizes information about Wisconsin Energy stock options held by our employees and outstanding as of March 31, 2015: | |||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||
Weighted-Average | Weighted-Average | ||||||||||||||||||
Remaining | Remaining | ||||||||||||||||||
Number of | Exercise | Contractual | Number of | Exercise | Contractual | ||||||||||||||
Range of Exercise Prices | Options | Price | Life (Years) | Options | Price | Life (Years) | |||||||||||||
$19.74 to $21.11 | 1,338,179 | $ | 20.99 | 3.5 | 1,338,179 | $ | 20.99 | 3.5 | |||||||||||
$23.88 to $29.35 | 1,792,133 | $ | 25.17 | 3.5 | 1,792,133 | $ | 25.17 | 3.5 | |||||||||||
$34.88 to $52.90 | 3,477,370 | $ | 39.96 | 8.1 | 844,740 | $ | 35.15 | 6.9 | |||||||||||
6,607,682 | $ | 32.11 | 5.9 | 3,975,052 | $ | 25.88 | 4.2 | ||||||||||||
The following table summarizes information about our employees' non-vested Wisconsin Energy stock options during the three months ended March 31, 2015: | |||||||||||||||||||
Weighted-Average | |||||||||||||||||||
Non-Vested Stock Options | Number of Options | Fair Value | |||||||||||||||||
Non-vested as of January 1, 2015 | 2,767,835 | $ | 3.65 | ||||||||||||||||
Granted | 495,550 | $ | 5.29 | ||||||||||||||||
Vested | (630,755 | ) | $ | 3.34 | |||||||||||||||
Non-vested as of March 31, 2015 | 2,632,630 | $ | 4.03 | ||||||||||||||||
As of March 31, 2015, our total compensation costs related to non-vested Wisconsin Energy stock options held by our employees and not yet recognized was approximately $3.9 million, which is expected to be recognized over the next 20 months on a weighted-average basis. | |||||||||||||||||||
Restricted Shares: The following restricted stock activity related to our employees occurred during the three months ended March 31, 2015: | |||||||||||||||||||
Weighted-Average | |||||||||||||||||||
Restricted Shares | Number of Shares | Grant Date Fair Value | |||||||||||||||||
Outstanding as of January 1, 2015 | 100,657 | ||||||||||||||||||
Granted | 43,212 | $ | 53.78 | ||||||||||||||||
Released | (50,230 | ) | $ | 37.73 | |||||||||||||||
Outstanding as of March 31, 2015 | 93,639 | ||||||||||||||||||
Wisconsin Energy records the market value of the restricted stock awards on the date of grant and then we amortize our share of allocated expense over the vesting period of the awards. The intrinsic value of Wisconsin Energy restricted stock vesting and held by our employees was $2.7 million and $2.3 million for the three months ended March 31, 2015 and 2014, respectively. The actual tax benefit realized for the tax deductions from released restricted shares was $1.1 million and $0.9 million for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||
As of March 31, 2015, total compensation cost related to our share of Wisconsin Energy restricted stock not yet recognized was approximately $3.8 million, which is expected to be recognized over the next 26 months on a weighted-average basis. | |||||||||||||||||||
Performance Units: In January 2015 and 2014, the Compensation Committee awarded 187,450 and 224,735 Wisconsin Energy performance units, respectively, to our officers and other key employees under the Wisconsin Energy Performance Unit Plan. Performance units earned as of December 31, 2014 and 2013 vested and were settled during the first quarter of 2015 and 2014, and had a total intrinsic value of $11.6 million and $13.1 million, respectively. The actual tax benefit realized for the tax deductions from the settlement of performance units was approximately $4.2 million and $4.7 million, respectively. As of March 31, 2015, total compensation cost related to our share of Wisconsin Energy performance units not yet recognized was approximately $16.0 million, which is expected to be recognized over the next 25 months on a weighted-average basis. | |||||||||||||||||||
Restrictions: Various financing arrangements and regulatory requirements impose certain restrictions on our ability to transfer funds to Wisconsin Energy in the form of cash dividends, loans or advances. In addition, under Wisconsin law, we are prohibited from loaning funds, either directly or indirectly, to Wisconsin Energy. See Note H -- Common Equity in our 2014 Annual Report on Form 10-K for additional information on these and other restrictions. | |||||||||||||||||||
We do not believe that these restrictions will materially affect our operations or limit any dividend payments in the foreseeable future. | |||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | ||||||||||||||||
Fair value measurements require enhanced disclosures about assets and liabilities that are measured and reported at fair value and establish a hierarchal disclosure framework which prioritizes and ranks the level of observable inputs used in measuring fair value. | |||||||||||||||||
Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We primarily apply the market approach for recurring fair value measurements and attempt to utilize the best available information. Accordingly, we also utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. We are able to classify fair value balances based on the observability of those inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). | |||||||||||||||||
Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: | |||||||||||||||||
Level 1 -- Pricing inputs are unadjusted quoted prices available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Instruments in this category consist of financial instruments such as exchange-traded derivatives, cash equivalents and restricted cash investments. | |||||||||||||||||
Level 2 -- Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Instruments in this category include non-exchange-traded derivatives such as Over-the-Counter (OTC) forwards and options. | |||||||||||||||||
Level 3 -- Pricing inputs include significant inputs that are generally less observable from objective sources. The inputs in the determination of fair value require significant management judgment or estimation. At each balance sheet date, we perform an analysis of all instruments subject to fair value reporting and include in Level 3 all instruments whose fair value is based on significant unobservable inputs. | |||||||||||||||||
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the instrument. | |||||||||||||||||
The following tables summarize our financial assets and liabilities by level within the fair value hierarchy: | |||||||||||||||||
Recurring Fair Value Measures | As of March 31, 2015 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivatives | $ | 0.5 | $ | 3.1 | $ | 3.3 | $ | 6.9 | |||||||||
Total | $ | 0.5 | $ | 3.1 | $ | 3.3 | $ | 6.9 | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 5 | $ | 4.2 | $ | — | $ | 9.2 | |||||||||
Total | $ | 5 | $ | 4.2 | $ | — | $ | 9.2 | |||||||||
Recurring Fair Value Measures | As of December 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivatives | $ | 0.4 | $ | 5.2 | $ | 7 | $ | 12.6 | |||||||||
Total | $ | 0.4 | $ | 5.2 | $ | 7 | $ | 12.6 | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 6.8 | $ | 0.5 | $ | — | $ | 7.3 | |||||||||
Total | $ | 6.8 | $ | 0.5 | $ | — | $ | 7.3 | |||||||||
Derivatives reflect positions we hold in exchange-traded derivative contracts and OTC derivative contracts. Exchange-traded derivative contracts, which include futures and exchange-traded options, are generally based on unadjusted quoted prices in active markets and are classified within Level 1. Some OTC derivative contracts are valued using broker or dealer quotations, or market transactions in either the listed or OTC markets utilizing a mid-market pricing convention (the mid-point between bid and ask prices), as appropriate. In such cases, these derivatives are classified within Level 2. Certain OTC derivatives may utilize models to measure fair value. Generally, we use a similar model to value similar instruments. Valuation models utilize various inputs which include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, other observable inputs for the asset or liability, and market-corroborated inputs (i.e., inputs derived principally from or corroborated by observable market data by correlation or other means). Where observable inputs are available for substantially the full term of the asset or liability, the instrument is categorized in Level 2. Certain OTC derivatives are in less active markets with a lower availability of pricing information which might not be observable in or corroborated by the market. When such inputs have a significant impact on the measurement of fair value, the instrument is categorized in Level 3. | |||||||||||||||||
The following table summarizes the changes to derivatives classified as Level 3 in the fair value hierarchy: | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Balance as of January 1 | $ | 7 | $ | 3.5 | |||||||||||||
Realized and unrealized gains (losses) | — | — | |||||||||||||||
Purchases | — | — | |||||||||||||||
Issuances | — | — | |||||||||||||||
Settlements | (3.7 | ) | (1.8 | ) | |||||||||||||
Transfers in and/or out of Level 3 | — | — | |||||||||||||||
Balance as of March 31 | $ | 3.3 | $ | 1.7 | |||||||||||||
Derivative instruments reflected in Level 3 of the hierarchy include Midcontinent Independent System Operator, Inc. (MISO) Financial Transmission Rights (FTRs) that are measured at fair value each reporting period using monthly or annual auction shadow prices from relevant auctions. Changes in fair value for Level 3 recurring items are recorded on our balance sheet. See Note 6 -- Derivative Instruments for further information on the offset to regulatory assets and liabilities. | |||||||||||||||||
The carrying amount and estimated fair value of certain of our recorded financial instruments are as follows: | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Financial Instruments | Carrying Amount | Fair | Carrying Amount | Fair | |||||||||||||
Value | Value | ||||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Preferred stock, no redemption required | $ | 30.4 | $ | 28 | $ | 30.4 | $ | 27.1 | |||||||||
Long-term debt, including current portion | $ | 2,437.00 | $ | 2,786.70 | $ | 2,437.00 | $ | 2,759.60 | |||||||||
The carrying value of net accounts receivable, accounts payable and short-term borrowings approximates fair value due to the short-term nature of these instruments. The fair value of our preferred stock is estimated based upon the quoted market value for the same or similar issues. The fair value of our long-term debt, including the current portion of long-term debt, but excluding capitalized leases and unamortized discount on debt, is estimated based upon quoted market value for the same or similar issues or upon the quoted market prices of U.S. Treasury issues having a similar term to maturity, adjusted for the issuing company's bond rating and the present value of future cash flows. | |||||||||||||||||
Derivative_Instruments
Derivative Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | |||||||||||||||||
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS | ||||||||||||||||
We utilize derivatives as part of our risk management program to manage the volatility and costs of purchased power, generation and natural gas purchases for the benefit of our customers. Our approach is non-speculative and designed to mitigate risk and protect against price volatility. Regulated hedging programs require prior approval by the PSCW. | |||||||||||||||||
We record derivative instruments on the balance sheet as an asset or liability measured at its fair value, and changes in the derivative's fair value are recognized currently in earnings unless specific hedge accounting criteria are met or we receive regulatory treatment for the derivative. For most energy related physical and financial contracts in our regulated operations that qualify as derivatives, the PSCW allows the effects of the fair market value accounting to be offset to regulatory assets and liabilities. As of March 31, 2015, we recognized $10.4 million in regulatory assets and $6.4 million in regulatory liabilities related to derivatives in comparison to $8.4 million in regulatory assets and $12.2 million in regulatory liabilities as of December 31, 2014. | |||||||||||||||||
We record our current derivative assets on the balance sheet in prepayments and other current assets and the current portion of the liabilities in other current liabilities. We had no long-term portion of derivative assets as of March 31, 2015, and the long-term portion of our derivative liabilities of $0.6 million is recorded in other deferred credit and other liabilities as of March 31, 2015. Our Consolidated Condensed Balance Sheets as of March 31, 2015 and December 31, 2014 include: | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Derivative Asset | Derivative Liability | Derivative Asset | Derivative Liability | ||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Natural Gas | $ | 0.5 | $ | 5.2 | $ | 2.3 | $ | 7.1 | |||||||||
FTRs | 3.3 | — | 7 | — | |||||||||||||
Coal | 3.1 | 4 | 3.3 | 0.2 | |||||||||||||
Total | $ | 6.9 | $ | 9.2 | $ | 12.6 | $ | 7.3 | |||||||||
Our Consolidated Condensed Income Statements include gains (losses) on derivative instruments used in our risk management strategies under fuel and purchased power for those commodities supporting our electric operations and under cost of gas sold for the natural gas sold to our customers. Our estimated notional volumes and gains (losses) were as follows: | |||||||||||||||||
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | ||||||||||||||||
Volume | Gains (Losses) | Volume | Gains (Losses) | ||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | ||||||||||||||||
Natural Gas | 6.4 million Dth | $ | (3.8 | ) | 7.2 million Dth | $ | 3.9 | ||||||||||
Fuel Oil | 0.9 million gallons | (0.1 | ) | 2.0 million gallons | 0.2 | ||||||||||||
FTRs | 6.2 million MWh | 2.1 | 5.7 million MWh | 7 | |||||||||||||
Total | $ | (1.8 | ) | $ | 11.1 | ||||||||||||
As of March 31, 2015 and December 31, 2014, we posted collateral of $6.7 million and $6.9 million, respectively, in our margin accounts. These amounts are recorded on the balance sheets in other current assets. | |||||||||||||||||
The fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral are not offset against the fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. | |||||||||||||||||
The table below shows derivative assets and derivative liabilities if derivative instruments by counterparty were presented net on the balance sheet as of March 31, 2015 and December 31, 2014. | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Derivative | Derivative | Derivative | Derivative | ||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Gross Amount Recognized on the Balance Sheet | $ | 6.9 | $ | 9.2 | $ | 12.6 | $ | 7.3 | |||||||||
Gross Amount Not Offset on Balance Sheet (a) | (0.5 | ) | (5.0 | ) | (0.4 | ) | (6.8 | ) | |||||||||
Net Amount | $ | 6.4 | $ | 4.2 | $ | 12.2 | $ | 0.5 | |||||||||
(a) | Gross Amount Not Offset on Balance Sheet includes cash collateral posted of $4.5 million and $6.4 million as of March 31, 2015 and December 31, 2014 |
Benefits
Benefits | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||||||||||||||||
BENEFITS | BENEFITS | |||||||||||||||
The components of our net periodic pension and Other Post-Retirement Employee Benefits (OPEB) costs for the three months ended March 31 were as follows: | ||||||||||||||||
Pension Costs | OPEB Costs | |||||||||||||||
Benefit Plan Cost Components | 2015 | 2014 | 2015 | 2014 | ||||||||||||
(Millions of Dollars) | ||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||
Service cost | $ | 3.7 | $ | 2.5 | $ | 2.4 | $ | 2.1 | ||||||||
Interest cost | 13.3 | 14.8 | 3.4 | 3.6 | ||||||||||||
Expected return on plan assets | (21.0 | ) | (19.8 | ) | (4.0 | ) | (4.0 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (credit) | 0.5 | 0.5 | (0.3 | ) | (0.4 | ) | ||||||||||
Actuarial loss | 9 | 6.6 | 0.3 | — | ||||||||||||
Net Periodic Benefit Cost | $ | 5.5 | $ | 4.6 | $ | 1.8 | $ | 1.3 | ||||||||
We contributed $100.0 million to our qualified pension plan during the first three months of 2015. No such contribution was made during the first three months of 2014. | ||||||||||||||||
Postemployment Benefits: Postemployment benefits provided to former or inactive employees are recognized when an event occurs. The estimated liability for such benefits was $1.8 million as of both March 31, 2015 and December 31, 2014. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Information [Abstract] | |||||||||||||||||
Segment Information [Text Block] | SEGMENT INFORMATION | ||||||||||||||||
Summarized financial information concerning our reportable segments for the three months ended March 31, 2015 and 2014 is shown in the following table: | |||||||||||||||||
Reportable Segments | |||||||||||||||||
Electric | Gas | Steam | Total | ||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Operating Revenues (a) | $ | 868.9 | $ | 197.9 | $ | 17.8 | $ | 1,084.60 | |||||||||
Operating Income | $ | 158.8 | $ | 38.7 | $ | 7.2 | $ | 204.7 | |||||||||
March 31, 2014 | |||||||||||||||||
Operating Revenues (a) | $ | 885.8 | $ | 322.5 | $ | 18.4 | $ | 1,226.70 | |||||||||
Operating Income | $ | 168.9 | $ | 45.4 | $ | 7.5 | $ | 221.8 | |||||||||
(a) | We account for all intersegment revenues at rates established by the PSCW. Intersegment revenues were not material. |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2015 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities Disclosure [Text Block] | VARIABLE INTEREST ENTITIES |
The primary beneficiary of a variable interest entity must consolidate the related assets and liabilities. Certain disclosures are required by sponsors, significant interest holders in variable interest entities and potential variable interest entities. | |
We assess our relationships with potential variable interest entities such as our coal suppliers, natural gas suppliers, coal and gas transporters, and other counterparties in power purchase agreements and joint ventures. In making this assessment, we consider the potential that our contracts or other arrangements provide subordinated financial support, the potential for us to absorb losses or rights to residual returns of the entity, the ability to directly or indirectly make decisions about the entities' activities and other factors. | |
We have identified a purchased power agreement which represents a variable interest. This agreement is for 236 MW of firm capacity from a gas-fired cogeneration facility and we account for it as a capital lease. The agreement includes no minimum energy requirements over the remaining term of approximately 7 years. We have examined the risks of the entity including operations and maintenance, dispatch, financing, fuel costs and other factors, and have determined that we are not the primary beneficiary of the entity. We do not hold an equity or debt interest in the entity and there is no residual guarantee associated with the purchased power agreement. | |
We have approximately $163.1 million of required payments over the remaining term of this agreement. We believe that the required lease payments under this contract will continue to be recoverable in rates. Total capacity and lease payments under contracts considered variable interests for the three months ended March 31, 2015 and 2014 were $13.5 million and $13.4 million, respectively. Our maximum exposure to loss is limited to the capacity payments under the contract. | |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | COMMITMENTS AND CONTINGENCIES |
Environmental Matters: We periodically review our exposure for environmental remediation costs as evidence becomes available indicating that our liability has changed. Given current information, including the following, we believe that future costs in excess of the amounts accrued and/or disclosed on all presently known and quantifiable environmental contingencies will not be material to our financial position or results of operations. | |
We have a program of comprehensive environmental remediation planning for former manufactured gas plant sites and coal combustion product disposal sites. We perform ongoing assessments of our manufactured gas plant sites and related disposal sites, as well as our coal combustion product disposal/landfill sites. We are working with the Wisconsin Department of Natural Resources (WDNR) in our investigation and remediation planning. At this time, we cannot estimate future remediation costs associated with these sites beyond those described below. | |
Manufactured Gas Plant Sites: We have identified several sites at which we or a predecessor company historically owned or operated a manufactured gas plant. These sites have been substantially remediated or are at various stages of investigation, monitoring and remediation. We have also identified other sites that may have been impacted by historical manufactured gas plant activities. Based upon on-going analysis, we estimate that the future costs for detailed site investigation and future remediation costs may range from $6 million to $12 million over the next ten years. This estimate is dependent upon several variables including, among other things, the extent of remediation, changes in technology and changes in regulation. As of March 31, 2015, we have established reserves of $6.5 million related to future remediation costs. | |
Historically, the PSCW has allowed Wisconsin utilities, including us, to defer the costs spent on the remediation of manufactured gas plant sites, and has allowed for these costs to be recovered in rates over five years. Accordingly, we have recorded a regulatory asset for remediation costs. | |
Divested Assets: We provided customary indemnifications to Wisconsin Power and Light Company, a subsidiary of Alliant Energy Corporation, in connection with the sale of our interest in Edgewater Generating Unit 5. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION |
During the three months ended March 31, 2015, we paid $4.7 million in interest, net of amounts capitalized, and paid $6.0 million in income taxes, net of refunds. During the three months ended March 31, 2014, we paid $5.0 million in interest, net of amounts capitalized, and paid $8.0 million in income taxes, net of refunds. | |
As of March 31, 2015 and 2014, the amount of accounts payable related to capital expenditures was $1.5 million and $2.3 million, respectively. | |
During the three months ended March 31, 2015 and 2014, our equity in earnings from ATC was $14.2 million and $15.2 million, respectively. During the three months ended March 31, 2015 and 2014, distributions received from ATC were $9.2 million and $12.6 million, respectively. |
Michigan_Settlement_Notes
Michigan Settlement (Notes) | 3 Months Ended | |
Mar. 31, 2015 | ||
Michigan Settlement [Abstract] | ||
Michigan Settlement Disclosure [Text Block] | MICHIGAN SETTLEMENT | |
On March 12, 2015, we, along with Wisconsin Energy, entered into an Amended and Restated Settlement Agreement (Amended Agreement) with the Attorney General of the State of Michigan, the Staff of the MPSC, and Tilden Mining Company and Empire Iron Mining Partnership to resolve all objections to Wisconsin Energy's acquisition of Integrys these parties raised at the MPSC. The Amended Agreement supersedes and replaces the January 30, 2015 agreement between these parties and includes the following provisions: | ||
• | The parties to the Amended Agreement agree that the proposed acquisition satisfies the applicable requirements under Michigan law and should be approved by the MPSC. | |
• | We will not enter into a System Support Resource (SSR) agreement for the operation of Presque Isle Power Plant (PIPP) so long as both mines, if operational, remain full requirements customers of ours until the earlier of (i) the date a new, clean generation plant located in the Upper Peninsula of Michigan commences commercial operation or (ii) December 31, 2019. (The prior SSR agreement was terminated effective February 1, 2015 with the return of the mines as full requirements customers.) | |
• | Wisconsin Energy commits to invest, or to have, if formed, its future Michigan jurisdictional utility invest, in this plant subject to the issuance of a Certificate of Necessity from the MPSC. | |
In addition, on March 12, 2015, we entered into a special contract with each of the mines to provide full requirements electric service through December 31, 2019. | ||
On April 23, 2015, the MPSC approved Wisconsin Energy's acquisition of Integrys, the Amended Agreement and the special contracts with the two mines. | ||
In January 2015, we announced that, as part of a long-term electric reliability solution for the Upper Peninsula of Michigan, we had entered into a non-binding term sheet to sell our Michigan electric distribution assets and PIPP to a third party; however, the third party was unsuccessful in its effort to complete key elements of the proposed transaction. As a result, we will not be selling our Michigan assets to the third party. |
Common_Equity_Tables
Common Equity (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||
Assumptions for valuing options using binomial option pricing model | |||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
Non-qualified stock options granted year to date | 495,550 | 864,860 | |||||||||||||||||
Estimated fair value per non-qualified stock option | $ | 5.29 | $ | 4.18 | |||||||||||||||
Assumptions used to value the options using a binomial option pricing model: | |||||||||||||||||||
Risk-free interest rate | 0.1% - 2.1% | 0.1% - 3.0% | |||||||||||||||||
Dividend yield | 3.7 | % | 3.8 | % | |||||||||||||||
Expected volatility | 18 | % | 18 | % | |||||||||||||||
Expected forfeiture rate | 2 | % | 2 | % | |||||||||||||||
Expected life (years) | 5.8 | 5.8 | |||||||||||||||||
Stock option activity | |||||||||||||||||||
Weighted- | |||||||||||||||||||
Average | |||||||||||||||||||
Weighted- | Remaining | Aggregate | |||||||||||||||||
Number of | Average | Contractual Life | Intrinsic Value | ||||||||||||||||
Stock Options | Options | Exercise Price | (Years) | (Millions) | |||||||||||||||
Outstanding as of January 1, 2015 | 6,450,277 | $ | 30.07 | ||||||||||||||||
Granted | 495,550 | $ | 52.9 | ||||||||||||||||
Exercised | (338,145 | ) | $ | 23.73 | |||||||||||||||
Outstanding as of March 31, 2015 | 6,607,682 | $ | 32.11 | 5.9 | $ | 114.9 | |||||||||||||
Exercisable as of March 31, 2015 | 3,975,052 | $ | 25.88 | 4.2 | $ | 93.9 | |||||||||||||
Stock options outstanding | |||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||
Weighted-Average | Weighted-Average | ||||||||||||||||||
Remaining | Remaining | ||||||||||||||||||
Number of | Exercise | Contractual | Number of | Exercise | Contractual | ||||||||||||||
Range of Exercise Prices | Options | Price | Life (Years) | Options | Price | Life (Years) | |||||||||||||
$19.74 to $21.11 | 1,338,179 | $ | 20.99 | 3.5 | 1,338,179 | $ | 20.99 | 3.5 | |||||||||||
$23.88 to $29.35 | 1,792,133 | $ | 25.17 | 3.5 | 1,792,133 | $ | 25.17 | 3.5 | |||||||||||
$34.88 to $52.90 | 3,477,370 | $ | 39.96 | 8.1 | 844,740 | $ | 35.15 | 6.9 | |||||||||||
6,607,682 | $ | 32.11 | 5.9 | 3,975,052 | $ | 25.88 | 4.2 | ||||||||||||
Non-vested options | |||||||||||||||||||
Weighted-Average | |||||||||||||||||||
Non-Vested Stock Options | Number of Options | Fair Value | |||||||||||||||||
Non-vested as of January 1, 2015 | 2,767,835 | $ | 3.65 | ||||||||||||||||
Granted | 495,550 | $ | 5.29 | ||||||||||||||||
Vested | (630,755 | ) | $ | 3.34 | |||||||||||||||
Non-vested as of March 31, 2015 | 2,632,630 | $ | 4.03 | ||||||||||||||||
Restricted stock activity | |||||||||||||||||||
Weighted-Average | |||||||||||||||||||
Restricted Shares | Number of Shares | Grant Date Fair Value | |||||||||||||||||
Outstanding as of January 1, 2015 | 100,657 | ||||||||||||||||||
Granted | 43,212 | $ | 53.78 | ||||||||||||||||
Released | (50,230 | ) | $ | 37.73 | |||||||||||||||
Outstanding as of March 31, 2015 | 93,639 | ||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Measurements (Tables) [Abstract] | |||||||||||||||||
Financial assets and liabilities by level within the fair value hierarchy | |||||||||||||||||
Recurring Fair Value Measures | As of March 31, 2015 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivatives | $ | 0.5 | $ | 3.1 | $ | 3.3 | $ | 6.9 | |||||||||
Total | $ | 0.5 | $ | 3.1 | $ | 3.3 | $ | 6.9 | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 5 | $ | 4.2 | $ | — | $ | 9.2 | |||||||||
Total | $ | 5 | $ | 4.2 | $ | — | $ | 9.2 | |||||||||
Recurring Fair Value Measures | As of December 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivatives | $ | 0.4 | $ | 5.2 | $ | 7 | $ | 12.6 | |||||||||
Total | $ | 0.4 | $ | 5.2 | $ | 7 | $ | 12.6 | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 6.8 | $ | 0.5 | $ | — | $ | 7.3 | |||||||||
Total | $ | 6.8 | $ | 0.5 | $ | — | $ | 7.3 | |||||||||
Fair value of derivatives classified as Level 3 in the fair value hierarchy | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Balance as of January 1 | $ | 7 | $ | 3.5 | |||||||||||||
Realized and unrealized gains (losses) | — | — | |||||||||||||||
Purchases | — | — | |||||||||||||||
Issuances | — | — | |||||||||||||||
Settlements | (3.7 | ) | (1.8 | ) | |||||||||||||
Transfers in and/or out of Level 3 | — | — | |||||||||||||||
Balance as of March 31 | $ | 3.3 | $ | 1.7 | |||||||||||||
Carrying amount and estimated fair value of certain financial instruments | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Financial Instruments | Carrying Amount | Fair | Carrying Amount | Fair | |||||||||||||
Value | Value | ||||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Preferred stock, no redemption required | $ | 30.4 | $ | 28 | $ | 30.4 | $ | 27.1 | |||||||||
Long-term debt, including current portion | $ | 2,437.00 | $ | 2,786.70 | $ | 2,437.00 | $ | 2,759.60 | |||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Derivative Instruments (Tables) [Abstract] | |||||||||||||||||
Derivative instruments in balance sheet | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Derivative Asset | Derivative Liability | Derivative Asset | Derivative Liability | ||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Natural Gas | $ | 0.5 | $ | 5.2 | $ | 2.3 | $ | 7.1 | |||||||||
FTRs | 3.3 | — | 7 | — | |||||||||||||
Coal | 3.1 | 4 | 3.3 | 0.2 | |||||||||||||
Total | $ | 6.9 | $ | 9.2 | $ | 12.6 | $ | 7.3 | |||||||||
Derivative instruments' estimated notional volumes and gain (losses) | |||||||||||||||||
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | ||||||||||||||||
Volume | Gains (Losses) | Volume | Gains (Losses) | ||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | ||||||||||||||||
Natural Gas | 6.4 million Dth | $ | (3.8 | ) | 7.2 million Dth | $ | 3.9 | ||||||||||
Fuel Oil | 0.9 million gallons | (0.1 | ) | 2.0 million gallons | 0.2 | ||||||||||||
FTRs | 6.2 million MWh | 2.1 | 5.7 million MWh | 7 | |||||||||||||
Total | $ | (1.8 | ) | $ | 11.1 | ||||||||||||
Offsetting Assets and Liabilities [Table Text Block] | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Derivative | Derivative | Derivative | Derivative | ||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Gross Amount Recognized on the Balance Sheet | $ | 6.9 | $ | 9.2 | $ | 12.6 | $ | 7.3 | |||||||||
Gross Amount Not Offset on Balance Sheet (a) | (0.5 | ) | (5.0 | ) | (0.4 | ) | (6.8 | ) | |||||||||
Net Amount | $ | 6.4 | $ | 4.2 | $ | 12.2 | $ | 0.5 | |||||||||
(a) | Gross Amount Not Offset on Balance Sheet includes cash collateral posted of $4.5 million and $6.4 million as of March 31, 2015 and December 31, 2014 |
Benefits_Tables
Benefits (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Benefits (Tables) [Abstract] | ||||||||||||||||
Components of net periodic pension and OPEB costs | ||||||||||||||||
Pension Costs | OPEB Costs | |||||||||||||||
Benefit Plan Cost Components | 2015 | 2014 | 2015 | 2014 | ||||||||||||
(Millions of Dollars) | ||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||
Service cost | $ | 3.7 | $ | 2.5 | $ | 2.4 | $ | 2.1 | ||||||||
Interest cost | 13.3 | 14.8 | 3.4 | 3.6 | ||||||||||||
Expected return on plan assets | (21.0 | ) | (19.8 | ) | (4.0 | ) | (4.0 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (credit) | 0.5 | 0.5 | (0.3 | ) | (0.4 | ) | ||||||||||
Actuarial loss | 9 | 6.6 | 0.3 | — | ||||||||||||
Net Periodic Benefit Cost | $ | 5.5 | $ | 4.6 | $ | 1.8 | $ | 1.3 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | |||||||||||||||||
Reportable Segments | |||||||||||||||||
Electric | Gas | Steam | Total | ||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Operating Revenues (a) | $ | 868.9 | $ | 197.9 | $ | 17.8 | $ | 1,084.60 | |||||||||
Operating Income | $ | 158.8 | $ | 38.7 | $ | 7.2 | $ | 204.7 | |||||||||
March 31, 2014 | |||||||||||||||||
Operating Revenues (a) | $ | 885.8 | $ | 322.5 | $ | 18.4 | $ | 1,226.70 | |||||||||
Operating Income | $ | 168.9 | $ | 45.4 | $ | 7.5 | $ | 221.8 | |||||||||
(a) | We account for all intersegment revenues at rates established by the PSCW. Intersegment revenues were not material. |
Acquisition_Details
Acquisition (Details) (USD $) | 3 Months Ended |
In Billions, except Share data, unless otherwise specified | Mar. 31, 2015 |
Business Combinations [Abstract] | |
Business Acquisition, Date of Acquisition Agreement | 22-Jun-14 |
Estimate of acquisition-related debt | $1.50 |
Number of WEC shares per Integrys share | 1.128 |
Cash per share of Integrys common stock | $18.58 |
Estimate of number of WEC shares to be issued for acquisition | 91,000,000 |
Common_Equity_Details
Common Equity (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Performance units [Member] | ||
Common Equity (Textuals) [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 187,450 | 224,735 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $11.60 | $13.10 |
Tax Benefit from Stock Options Exercised | 4.2 | 4.7 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 16 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 25 months | |
Restricted stock [Member] | ||
Common Equity (Textuals) [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 43,212 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 2.7 | 2.3 |
Tax Benefit from Stock Options Exercised | 0.9 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $3.80 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 26 months |
Common_Equity_1_Details
Common Equity 1 (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.70% | 3.80% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 18.00% | 18.00% |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate | 2.00% | 2.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 10 months | 5 years 10 months |
Stock options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 495,550 | 864,860 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 5.29 | 4.18 |
Lower Range [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.10% | 0.10% |
Upper Range [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.10% | 3.00% |
Common_Equity_2_Details
Common Equity 2 (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 6,607,682 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $32.11 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,975,052 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $25.88 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 4 years 2 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $9.90 | $13.90 |
Proceeds from Stock Options Exercised | 8 | 14.1 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 4 | 5.6 |
Stock options [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 6,450,277 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period | 495,550 | 864,860 |
Share Based Compensation Arrangement By Share Based Payment Award Options Grant In Period Weighted Average Exercise Price | $52.90 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -338,145 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 6,607,682 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $30.07 | |
Share Based Compensation Arrangement By Share Based Payment Awards Options Exercises In Period Weighted Average Exercise Price | $23.73 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $32.11 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Period | 5 years 11 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 114.9 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,975,052 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $25.88 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 4 years 2 months | |
Share Based Compensation Arrangement by Share Based Payments Award, Options Exercisable, Intrinsic Value | $93.90 |
Common_Equity_3_Details
Common Equity 3 (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 6,607,682 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $32.11 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 5 years 11 months |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,975,052 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $25.88 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 4 years 2 months |
Exercise Price, Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 1,338,179 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $20.99 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 3 years 6 months |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 1,338,179 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $20.99 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 3 years 6 months |
Exercise Price, Range One [Member] | Minimum [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $19.74 |
Exercise Price, Range One [Member] | Maximum [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $21.11 |
Exercise Price, Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 1,792,133 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $25.17 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 3 years 6 months |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 1,792,133 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $25.17 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 3 years 6 months |
Exercise Price, Range Two [Member] | Minimum [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $23.88 |
Exercise Price, Range Two [Member] | Maximum [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $29.35 |
Exercise Price, Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 3,477,370 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $39.96 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 8 years 1 month |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 844,740 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $35.15 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 6 years 11 months |
Exercise Price, Range Three [Member] | Minimum [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $34.88 |
Exercise Price, Range Three [Member] | Maximum [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $52.90 |
Common_Equity_4_Details
Common Equity 4 (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 6,607,682 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $32.11 |
Performance units [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 25 months |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $16 |
Non Vested Options [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,767,835 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period | 495,550 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period | -630,755 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,632,630 |
Non-vested options outstanding beginning balance, weighted average fair value | $3.65 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $5.29 |
Share Based Compensation Arrangements By Share Based Payment Awards Options Vested In Period Weighted Average Fair Value | $3.34 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $4.03 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 20 months |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $3.90 |
Common_Equity_5_Details
Common Equity 5 (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $4 | $5.60 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Share Based Compensation Arrangement By Share Based Payment Award Award Percentage To Vest Each Year After Grant Date | 33.00% | |
Performance units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 11.6 | 13.1 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 187,450 | 224,735 |
Tax Benefit from Stock Options Exercised | 4.2 | 4.7 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 16 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 25 months | |
Restricted stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 2.7 | 2.3 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 1.1 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 100,657 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 43,212 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -50,230 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 93,639 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $53.78 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $37.73 | |
Tax Benefit from Stock Options Exercised | 0.9 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $3.80 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 26 months |
Long_Term_Debt_Details
Long Term Debt (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Debt Instrument [Line Items] | |
Number of WEC shares per Integrys share | 1.128 |
Cash per share of Integrys common stock | $18.58 |
Fair_Value_Measurements_Assets
Fair Value Measurements Assets and Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Fair Value, Assets Measured on Recurring Basis, Derivative Financial Instruments, Assets | $0.50 | $0.40 |
Fair Value Assets Measured on Recurring Basis Total Assets | 0.5 | 0.4 |
Fair Value, Liabilities Measured on Recurring Basis, Derivative Financial Instruments, Liabilities | 5 | 6.8 |
Fair Value Liabilities Measured on Recurring Basis Total Liabilities | 5 | 6.8 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Fair Value, Assets Measured on Recurring Basis, Derivative Financial Instruments, Assets | 3.1 | 5.2 |
Fair Value Assets Measured on Recurring Basis Total Assets | 3.1 | 5.2 |
Fair Value, Liabilities Measured on Recurring Basis, Derivative Financial Instruments, Liabilities | 4.2 | 0.5 |
Fair Value Liabilities Measured on Recurring Basis Total Liabilities | 4.2 | 0.5 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Fair Value, Assets Measured on Recurring Basis, Derivative Financial Instruments, Assets | 3.3 | 7 |
Fair Value Assets Measured on Recurring Basis Total Assets | 3.3 | 7 |
Fair Value, Liabilities Measured on Recurring Basis, Derivative Financial Instruments, Liabilities | 0 | 0 |
Fair Value Liabilities Measured on Recurring Basis Total Liabilities | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Fair Value, Assets Measured on Recurring Basis, Derivative Financial Instruments, Assets | 6.9 | 12.6 |
Fair Value Assets Measured on Recurring Basis Total Assets | 6.9 | 12.6 |
Fair Value, Liabilities Measured on Recurring Basis, Derivative Financial Instruments, Liabilities | 9.2 | 7.3 |
Fair Value Liabilities Measured on Recurring Basis Total Liabilities | $9.20 | $7.30 |
Fair_Value_Measurements_Deriva
Fair Value Measurements, Derivatives (Details) (Derivative [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative [Member] | ||
Fair value of derivatives classified as Level 3 in the fair value hierarchy | ||
Beginning Balance | $7 | $3.50 |
Realized and unrealized gains (losses) | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -3.7 | -1.8 |
Transfers in and/or out of Level 3 | 0 | 0 |
Ending Balance | $3.30 | $1.70 |
Fair_Value_Measurements_Financ
Fair Value Measurements, Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Financial Instruments | ||
Preferred stock | $30.40 | $30.40 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial Instruments | ||
Preferred stock | 30.4 | 30.4 |
Long-term debt including current portion | 2,437 | 2,437 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Financial Instruments | ||
Preferred stock | 28 | 27.1 |
Long-term debt including current portion | $2,786.70 | $2,759.60 |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Derivative asset | $6,900,000 | $12,600,000 | |
Derivative liability | 9,200,000 | 7,300,000 | |
Gains (losses) | -1,800,000 | 11,100,000 | |
Derivative Instruments (Textuals) | |||
Collateral in margin accounts | 6,700,000 | 6,900,000 | |
Other Long-Term Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Long-term portion of derivative liabilities | 600,000 | ||
Other Deferred Charges and Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Long-term portion of derivative assets | 0 | ||
Natural Gas [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset | 500,000 | 2,300,000 | |
Derivative liability | 5,200,000 | 7,100,000 | |
Volume of derivative instruments | 6.4 million Dth | 7.2 million Dth | |
Gains (losses) | -3,800,000 | 3,900,000 | |
Fuel Oil [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Volume of derivative instruments | 0.9 million gallons | 2.0 million gallons | |
Gains (losses) | -100,000 | 200,000 | |
Ftrs [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset | 3,300,000 | 7,000,000 | |
Derivative liability | 0 | 0 | |
Volume of derivative instruments | 6.2 million MWh | 5.7 million MWh | |
Gains (losses) | 2,100,000 | 7,000,000 | |
Coal [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset | 3,100,000 | 3,300,000 | |
Derivative liability | $4,000,000 | $200,000 |
Derivative_Instruments_Details1
Derivative Instruments (Details 1) (Derivative [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Derivative [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets related to derivatives | $10.40 | $8.40 |
Derivative_Instruments_Details2
Derivative Instruments (Details 2) (Derivative [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Derivative [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities related to derivatives | $6.40 | $12.20 |
Derivative_Instruments_Derivat
Derivative Instruments Derivative Instruments (Details 3) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Collateral Already Posted, Aggregate Fair Value | $6,700,000 | $6,900,000 |
Derviative Instrument by Counterparty, Gross Amount Recognized on Balance Sheet [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | -6,900,000 | -12,600,000 |
Derivative Liabilities | -9,200,000 | -7,300,000 |
Derviative Instrument by Counterparty, Gross Amount Not Offset on Balance Sheet [Member] [Member] | ||
Derivative [Line Items] | ||
Collateral Already Posted, Aggregate Fair Value | 4,500,000 | 6,400,000 |
Derivative Assets | -500,000 | -400,000 |
Derivative Liabilities | -5,000,000 | -6,800,000 |
Derviative Instrument by Counterparty, Net Amount [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | -6,400,000 | -12,200,000 |
Derivative Liabilities | ($4,200,000) | ($500,000) |
Benefits_Details
Benefits (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Benefits (Textuals) [Abstract] | |||
Pension and Other Postretirement Benefit Contributions | $100 | $0 | |
Estimated liability of Postemployment benefits | 1.8 | ||
Pension Plans, Defined Benefit [Member] | |||
Net Periodic Benefit Cost | |||
Service cost | 3.7 | 2.5 | |
Interest cost | 13.3 | 14.8 | |
Expected return on plan assets | -21 | -19.8 | |
Amortization of: | |||
Prior service cost (credit) | 0.5 | 0.5 | |
Actuarial loss | 9 | 6.6 | |
Net Periodic Benefit Cost | 5.5 | 4.6 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Net Periodic Benefit Cost | |||
Service cost | 2.4 | 2.1 | |
Interest cost | 3.4 | 3.6 | |
Expected return on plan assets | -4 | -4 | |
Amortization of: | |||
Prior service cost (credit) | -0.3 | -0.4 | |
Actuarial loss | 0.3 | 0 | |
Net Periodic Benefit Cost | $1.80 | $1.30 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | $1,084.60 | [1] | $1,226.70 | [1] |
Operating Income (Loss) | 204.7 | 221.8 | ||
Reportable Operating Segment Electric [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 868.9 | [1] | 885.8 | [1] |
Operating Income (Loss) | 158.8 | 168.9 | ||
Reportable Operating Segment Gas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 197.9 | [1] | 322.5 | [1] |
Operating Income (Loss) | 38.7 | 45.4 | ||
Reportable Operating Segment Steam [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 17.8 | [1] | 18.4 | [1] |
Operating Income (Loss) | $7.20 | $7.50 | ||
[1] | We account for all intersegment revenues at rates established by the PSCW. Intersegment revenues were not material. |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Variable Interest Entity [Line Items] | ||
Power capacity under capital lease (MW) | 236 | |
Capital Lease Agreement With Vie Remaining Term In Years | 7 | |
Total payments over remaining terms of the agreement | $163.10 | |
Total capacity and lease payments | $13.50 | $13.40 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (Manufactured Gas Plant Sites [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Manufactured Gas Plant Sites [Member] | |
Commitments and Contingencies [Line Items] | |
Loss Contingency, Range of Possible Loss, Minimum | $6 |
Loss Contingency, Range of Possible Loss, Maximum | 12 |
Period for future costs of detailed site investigation and remediation costs | over the next ten years |
Accrual for Environmental Loss Contingencies, Provision for New Losses | $6.50 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Cash Flow Information (Textuals) | ||
Interest paid, net of amounts capitalized | $4.70 | $5 |
Income taxes paid, net of refunds | 6 | 8 |
Accounts payable related to capital expenditures | 1.5 | 2.3 |
Income (Loss) from Equity Method Investments | 14.2 | 15.2 |
Distributions from transmission affiliate | $9.20 | $12.60 |