Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 3 Months Ended | |
In Billions, except Share data, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2013 |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'WISCONSIN ENERGY CORP | ' |
Entity Central Index Key | '0000783325 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | 225,519,455 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Public Float | ' | $9.30 |
Consolidated_Condensed_Income_
Consolidated Condensed Income Statements (Unaudited) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Revenues | $1,695 | $1,275.20 |
Operating Expenses | ' | ' |
Fuel and purchased power | 318.6 | 271 |
Cost of gas sold | 591.5 | 270.1 |
Other operation and maintenance | 275.4 | 288.1 |
Depreciation and amortization | 100.6 | 95.5 |
Property and revenue taxes | 30.6 | 29.5 |
Total Operating Expenses | 1,316.70 | 954.2 |
Revenue from Grants | 3.5 | 0 |
Operating Income | 381.8 | 321 |
Income (Loss) from Equity Method Investments | 17.3 | 16.7 |
Other Income, net | 1.1 | 4.4 |
Interest Expense, net | 62.3 | 65 |
Income from Continuing Operations Before Income Taxes | 337.9 | 277 |
Income Tax Expense | 130.3 | 100.4 |
Net Income | 207.6 | 176.6 |
Earnings Per Share (Basic) | ' | ' |
Continuing operations | $0.92 | $0.77 |
Earnings Per Share (Diluted) | ' | ' |
Continuing operations | $0.91 | $0.76 |
Weighted Average Common Shares Outstanding (Millions) | ' | ' |
Basic | 225.8 | 228.9 |
Diluted | 227.7 | 231.2 |
Dividends Per Share of Common Stock | $0.39 | $0.34 |
Transmission Affiliate [Member] | ' | ' |
Operating Expenses | ' | ' |
Income (Loss) from Equity Method Investments | $17.30 | $16.60 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment | ' | ' |
In service | $15,043.70 | $14,966.30 |
Accumulated depreciation | -4,323.80 | -4,257.10 |
Property, Plant and Equipment in Service, Net | 10,719.90 | 10,709.20 |
Construction work in progress | 175.4 | 149.6 |
Leased facilities, net | 46.4 | 47.8 |
Net Property, Plant and Equipment | 10,941.70 | 10,906.60 |
Investments | ' | ' |
Equity investment in transmission affiliate | 409.6 | 402.7 |
Other | 35.8 | 36.1 |
Total Investments | 445.4 | 438.8 |
Current Assets | ' | ' |
Cash and cash equivalents | 27.6 | 26 |
Accounts receivable, net | 605.8 | 406 |
Accrued revenues | 289.2 | 321.1 |
Materials, supplies and inventories | 234.9 | 329.4 |
Current deferred tax asset, net | 261.4 | 310 |
Prepayments and other | 126.1 | 158.6 |
Total Current Assets | 1,545 | 1,551.10 |
Deferred Charges and Other Assets | ' | ' |
Regulatory assets | 1,098 | 1,108.50 |
Goodwill | 441.9 | 441.9 |
Other | 328.8 | 322.5 |
Total Deferred Charges and Other Assets | 1,868.70 | 1,872.90 |
Total Assets | 14,800.80 | 14,769.40 |
Capitalization | ' | ' |
Common equity | 4,322 | 4,233 |
Preferred stock of subsidiary | 30.4 | 30.4 |
Long-term debt | 4,348.80 | 4,363.20 |
Total Capitalization | 8,701.20 | 8,626.60 |
Current Liabilities | ' | ' |
Long-term debt due currently | 343.8 | 342.2 |
Short-term debt | 422.2 | 537.4 |
Accounts payable | 435 | 342.6 |
Accrued payroll and benefits | 73.3 | 96.9 |
Other | 150.3 | 177.3 |
Total Current Liabilities | 1,424.60 | 1,496.40 |
Deferred Credits and Other Liabilities | ' | ' |
Regulatory liabilities | 874.4 | 879.1 |
Deferred income taxes - long-term | 2,699 | 2,634 |
Deferred revenue, net | 651.9 | 664.2 |
Pension and other benefit obligations | 169.5 | 173.2 |
Other | 280.2 | 295.9 |
Total Deferred Credits and Other Liabilities | 4,675 | 4,646.40 |
Total Capitalization and Liabilities | $14,800.80 | $14,769.40 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Activities | ' | ' |
Net Income | $207.60 | $176.60 |
Reconciliation to cash | ' | ' |
Depreciation and amortization | 103.7 | 98.2 |
Deferred income taxes and investment tax credits, net | 111.6 | 101.8 |
Contributions to qualified benefit plans | 0 | 0 |
Change in - | ' | ' |
Accounts receivable and accrued revenues | -184.8 | -84.3 |
Inventories | 94.5 | 93.9 |
Other current assets | 28.9 | 28.2 |
Accounts payable | 94.7 | -104.5 |
Accrued income taxes, net | 1.4 | -12.8 |
Other current liabilities | -33.5 | 35.6 |
Other, net | -39 | -2.4 |
Cash Provided by Operating Activities | 385.1 | 330.3 |
Investing Activities | ' | ' |
Capital expenditures | -129.2 | -133.6 |
Investment in transmission affiliate | -3.9 | -1.3 |
Change in restricted cash | 0 | 0 |
Other, net | -6 | -10.4 |
Cash Used in Investing Activities | -139.1 | -145.3 |
Financing Activities | ' | ' |
Exercise of stock options | 15.2 | 27.3 |
Purchase of common stock | -52.6 | -66.5 |
Dividends paid on common stock | -88.1 | -77.8 |
Issuance of long-term debt | 0 | 0 |
Retirement of long-term debt | -8.9 | -8.5 |
Change in short-term debt | -115.2 | -77.9 |
Other, net | 5.2 | 7.5 |
Cash Used in Financing Activities | -244.4 | -195.9 |
Change in Cash and Cash Equivalents | 1.6 | -10.9 |
Cash and Cash Equivalents at Beginning of Period | 26 | 35.6 |
Cash and Cash Equivalents at End of Period | $27.60 | $24.70 |
General_Information
General Information | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
GENERAL INFORMATION | ' |
GENERAL INFORMATION | |
Our accompanying unaudited consolidated condensed financial statements should be read in conjunction with Item 8. Financial Statements and Supplementary Data, in our 2013 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, 2014 are not necessarily indicative of the results which may be expected for the entire fiscal year 2014 because of seasonal and other factors. | |
Reclassifications and Adjustments: For the three months ended March 31, 2014, we have presented the tax effect of net operating loss carryforwards within deferred income taxes and investment tax credits, net on the consolidated condensed cash flows. For the three months ended March 31, 2013, $59.0 million representing the tax effect of net operating loss carryforwards were included in accrued income taxes, net. This $59.0 million amount has been adjusted in the consolidated condensed cash flows as of March 31, 2013 to conform to the March 31, 2014 presentation. For additional information related to our deferred tax assets, see Note G -- Income Taxes in our 2013 Annual Report on Form 10-K. |
Common_Equity
Common Equity | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
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 (Compensation Committee): | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Non-qualified stock options granted year to date | 899,500 | 1,418,560 | |||||||||||||||||
Estimated fair value per non-qualified stock option | $ | 4.18 | $ | 3.45 | |||||||||||||||
Assumptions used to value the options using a binomial option pricing model: | |||||||||||||||||||
Risk-free interest rate | 0.1% - 3.0% | 0.1% - 1.9% | |||||||||||||||||
Dividend yield | 3.8 | % | 3.7 | % | |||||||||||||||
Expected volatility | 18 | % | 18 | % | |||||||||||||||
Expected forfeiture rate | 2 | % | 2 | % | |||||||||||||||
Expected life (years) | 5.8 | 5.9 | |||||||||||||||||
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 our historical experience. | |||||||||||||||||||
The following is a summary of our stock option activity for the three months ended March 31, 2014: | |||||||||||||||||||
Weighted- | |||||||||||||||||||
Average | |||||||||||||||||||
Weighted- | Remaining | Aggregate | |||||||||||||||||
Number of | Average | Contractual Life | Intrinsic Value | ||||||||||||||||
Stock Options | Options | Exercise Price | (Years) | (Millions) | |||||||||||||||
Outstanding as of January 1, 2014 | 8,089,710 | $ | 26.84 | ||||||||||||||||
Granted | 899,500 | $ | 41.03 | ||||||||||||||||
Exercised | (705,831 | ) | $ | 30.47 | |||||||||||||||
Forfeited | (6,385 | ) | $ | 36.55 | |||||||||||||||
Outstanding as of March 31, 2014 | 8,276,994 | $ | 28.82 | 5.8 | $ | 146.7 | |||||||||||||
Exercisable as of March 31, 2014 | 5,337,979 | $ | 23.8 | 4.1 | $ | 121.5 | |||||||||||||
The intrinsic value of options exercised was $15.3 million and $24.4 million for the three months ended March 31, 2014, and 2013, respectively. Cash received from options exercised was $15.2 million and $27.3 million for the three months ended March 31, 2014 and 2013, respectively. The actual tax benefit realized for the tax deductions from option exercises for the same periods was $6.1 million and $9.7 million, respectively. | |||||||||||||||||||
All outstanding stock options to purchase shares of common stock were included in the computation of diluted earnings per share during the first quarter of 2014. | |||||||||||||||||||
The following table summarizes information about stock options outstanding as of March 31, 2014: | |||||||||||||||||||
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) | |||||||||||||
$17.10 to $21.11 | 1,724,864 | $ | 20.65 | 4 | 1,724,864 | $ | 20.65 | 4 | |||||||||||
$23.88 to $29.35 | 3,404,195 | $ | 24.68 | 4 | 3,404,195 | $ | 24.68 | 4 | |||||||||||
$34.87 to $41.03 | 3,147,935 | $ | 37.78 | 8.8 | 208,920 | $ | 35.39 | 7.9 | |||||||||||
8,276,994 | $ | 28.82 | 5.8 | 5,337,979 | $ | 23.8 | 4.1 | ||||||||||||
The following table summarizes information about our non-vested options during the three months ended March 31, 2014: | |||||||||||||||||||
Weighted-Average | |||||||||||||||||||
Non-Vested Stock Options | Number of Options | Fair Value | |||||||||||||||||
Non-vested as of January 1, 2014 | 2,380,790 | $ | 3.38 | ||||||||||||||||
Granted | 899,500 | $ | 4.18 | ||||||||||||||||
Vested | (334,890 | ) | $ | 3.2 | |||||||||||||||
Forfeited | (6,385 | ) | $ | 3.41 | |||||||||||||||
Non-vested as of March 31, 2014 | 2,939,015 | $ | 3.65 | ||||||||||||||||
As of March 31, 2014, total compensation costs related to non-vested stock options not yet recognized was approximately $4.8 million, which is expected to be recognized over the next 21 months on a weighted-average basis. | |||||||||||||||||||
Restricted Shares: The following restricted stock activity occurred during the three months ended March 31, 2014: | |||||||||||||||||||
Weighted-Average | |||||||||||||||||||
Restricted Shares | Number of Shares | Grant Date Fair Value | |||||||||||||||||
Outstanding as of January 1, 2014 | 150,698 | ||||||||||||||||||
Granted | 71,504 | $ | 40.96 | ||||||||||||||||
Released | (63,509 | ) | $ | 33.02 | |||||||||||||||
Forfeited | (1,098 | ) | $ | 38.04 | |||||||||||||||
Outstanding as of March 31, 2014 | 157,595 | ||||||||||||||||||
We record the market value of the restricted stock awards on the date of grant, and then we charge their value to expense over the vesting period of the awards. The intrinsic value of restricted stock vesting was $2.7 million and $3.2 million for the three months ended March 31, 2014, and 2013, respectively. The actual tax benefit realized for the tax deductions from released restricted shares was $1.0 million and $1.1 million for the three months ended March 31, 2014, and 2013, respectively. | |||||||||||||||||||
As of March 31, 2014, total compensation cost related to restricted stock not yet recognized was approximately $4.8 million, which is expected to be recognized over the next 26 months on a weighted-average basis. | |||||||||||||||||||
Performance Units: In January 2014 and 2013, the Compensation Committee granted 233,735 and 239,120 performance units, respectively, to officers and other key employees under the Wisconsin Energy Performance Unit Plan. Performance units earned as of December 31, 2013 and 2012 vested and were settled during the first quarter of 2014 and 2013, and had a total intrinsic value of $14.8 million and $19.3 million, respectively. The actual tax benefit realized for the tax deductions from the settlement of performance units was approximately $5.3 million and $7.0 million, respectively. As of March 31, 2014, total compensation cost related to performance units not yet recognized was approximately $21.8 million, which is expected to be recognized over the next 24 months on a weighted-average basis. | |||||||||||||||||||
Restrictions: Wisconsin Energy's ability as a holding company to pay common dividends primarily depends on the availability of funds received from its non-utility subsidiary, We Power, and its utility subsidiaries. Various financing arrangements and regulatory requirements impose certain restrictions on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans or advances. In addition, under Wisconsin law, Wisconsin Electric and Wisconsin Gas are prohibited from loaning funds, either directly or indirectly, to Wisconsin Energy. See Note H -- Common Equity in our 2013 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. | |||||||||||||||||||
Share Repurchase Program: In December 2013, our Board of Directors authorized a share repurchase program that allows us to purchase up to $300 million of our common stock through open market purchases or privately negotiated transactions from January 1, 2014 through the end of 2017. The previous share repurchase program authorized by our Board of Directors expired at the end of 2013. Through March 31, 2014, we have repurchased $18.6 million of our common stock pursuant to the new program at an average cost of $43.66 per share. The share repurchase program does not obligate Wisconsin Energy to acquire any specific number of shares and may be suspended or terminated by the Board of Directors at any time. In addition, through our independent agents, we purchase shares on the open market to fulfill exercised stock options and restricted stock awards. The following table identifies the shares purchased by the Company in the following periods: | |||||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Shares | Cost | Shares | Cost | ||||||||||||||||
(In Millions) | |||||||||||||||||||
Under share repurchase programs | 0.4 | $ | 18.6 | 0.3 | $ | 11.1 | |||||||||||||
To fulfill exercised stock options and restricted stock awards | 0.8 | 34 | 1.4 | 55.4 | |||||||||||||||
Total | 1.2 | $ | 52.6 | 1.7 | $ | 66.5 | |||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivatives | $ | 3.6 | $ | 3.9 | $ | 1.7 | $ | 9.2 | |||||||||
Total | $ | 3.6 | $ | 3.9 | $ | 1.7 | $ | 9.2 | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Total | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Recurring Fair Value Measures | As of December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivatives | $ | 5.7 | $ | 2.6 | $ | 3.5 | $ | 11.8 | |||||||||
Total | $ | 5.7 | $ | 2.6 | $ | 3.5 | $ | 11.8 | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | — | $ | 0.3 | $ | — | $ | 0.3 | |||||||||
Total | $ | — | $ | 0.3 | $ | — | $ | 0.3 | |||||||||
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: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Balance as of January 1 | $ | 3.5 | $ | 4.7 | |||||||||||||
Realized and unrealized gains (losses) | — | — | |||||||||||||||
Purchases | — | — | |||||||||||||||
Issuances | — | — | |||||||||||||||
Settlements | (1.8 | ) | (3.1 | ) | |||||||||||||
Transfers in and/or out of Level 3 | — | — | |||||||||||||||
Balance as of March 31 | $ | 1.7 | $ | 1.6 | |||||||||||||
Change in unrealized gains (losses) relating to instruments still held as of March 31 | $ | — | $ | — | |||||||||||||
Derivative instruments reflected in Level 3 of the hierarchy include 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 4 -- 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, 2014 | December 31, 2013 | ||||||||||||||||
Financial Instruments | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
(Millions of Dollars) | |||||||||||||||||
Preferred stock, no redemption required | $ | 30.4 | $ | 25.4 | $ | 30.4 | $ | 26 | |||||||||
Long-term debt, including current portion | $ | 4,617.80 | $ | 4,954.20 | $ | 4,626.70 | $ | 4,911.80 | |||||||||
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, 2014 | |||||||||||||||||
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 and shareholders. Our approach is non-speculative and designed to mitigate risk and protect against price volatility. Regulated hedging programs require prior approval by the Public Service Commission of Wisconsin (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, 2014, we recognized $0.1 million in regulatory assets and $8.5 million in regulatory liabilities related to derivatives in comparison to $0.3 million in regulatory assets and $9.6 million in regulatory liabilities as of December 31, 2013. | |||||||||||||||||
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. As of March 31, 2014, none of our derivative assets or derivative liabilities were considered long-term. Our Consolidated Condensed Balance Sheets as of March 31, 2014 and December 31, 2013 include: | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Derivative Asset | Derivative Liability | Derivative Asset | Derivative Liability | ||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Natural Gas | $ | 6.1 | $ | — | $ | 5.6 | $ | 0.1 | |||||||||
Fuel Oil | 0.1 | — | 0.6 | — | |||||||||||||
FTRs | 1.7 | — | 3.5 | — | |||||||||||||
Coal | 1.3 | 0.1 | 2.1 | 0.2 | |||||||||||||
Total | $ | 9.2 | $ | 0.1 | $ | 11.8 | $ | 0.3 | |||||||||
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, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||
Volume | Gains (Losses) | Volume | Gains (Losses) | ||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | ||||||||||||||||
Natural Gas | 14.9 million Dth | $ | 7.6 | 18.8 million Dth | $ | (6.5 | ) | ||||||||||
Fuel Oil | 2.0 million gallons | 0.2 | 1.6 million gallons | 0.1 | |||||||||||||
FTRs | 5.7 million MWh | 7 | 5.8 million MWh | 0.9 | |||||||||||||
Total | $ | 14.8 | $ | (5.5 | ) | ||||||||||||
As of March 31, 2014 and December 31, 2013, we posted no collateral in our margin accounts. | |||||||||||||||||
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, 2014 and December 31, 2013. | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Derivative | Derivative | Derivative | Derivative | ||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Gross Amount Recognized on the Balance Sheet | $ | 9.2 | $ | 0.1 | $ | 11.8 | $ | 0.3 | |||||||||
Gross Amount Not Offset on Balance Sheet (a) | — | — | — | — | |||||||||||||
Net Amount | $ | 9.2 | $ | 0.1 | $ | 11.8 | $ | 0.3 | |||||||||
(a) | Gross Amount Not Offset on Balance Sheet includes no cash collateral posted as of March 31, 2014 and December 31, 2013. |
Benefits
Benefits | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 | 2014 | 2013 | 2014 | 2013 | |||||||||||||
(Millions of Dollars) | |||||||||||||||||
Net Periodic Benefit Cost | |||||||||||||||||
Service cost | $ | 2.7 | $ | 4.2 | $ | 2.2 | $ | 2.7 | |||||||||
Interest cost | 17.1 | 15.1 | 4.5 | 3.9 | |||||||||||||
Expected return on plan assets | (24.7 | ) | (24.0 | ) | (5.9 | ) | (5.3 | ) | |||||||||
Amortization of: | |||||||||||||||||
Prior service cost (credit) | 0.5 | 0.6 | (0.5 | ) | (0.5 | ) | |||||||||||
Actuarial loss | 9.1 | 13.6 | 0.2 | 0.9 | |||||||||||||
Net Periodic Benefit Cost | $ | 4.7 | $ | 9.5 | $ | 0.5 | $ | 1.7 | |||||||||
We made no contributions to our qualified benefit plans during the first three months of 2014 and 2013. Future contributions to the plans will be dependent upon many factors, including the performance of existing plan assets and long-term discount rates. | |||||||||||||||||
Postemployment Benefits: Postemployment benefits provided to former or inactive employees are recognized when an event occurs. The estimated liability for such benefits was $4.2 million as of March 31, 2014 and December 31, 2013. |
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Segment Information [Abstract] | ' | |||||||||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||||||
Summarized financial information concerning our reportable segments for the three months ended March 31, 2014 and 2013 is shown in the following table: | ||||||||||||||||||||
Reportable Segments | Eliminations | |||||||||||||||||||
Energy | Corporate & | & Reconciling | Total | |||||||||||||||||
Three Months Ended | Utility | Non-Utility | Other (a) | Items | Consolidated | |||||||||||||||
(Millions of Dollars) | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Operating Revenues (b) | $ | 1,682.10 | $ | 108.3 | $ | 0.3 | $ | (95.7 | ) | $ | 1,695.00 | |||||||||
Other Operation and Maintenance | $ | 367.6 | $ | 1.2 | $ | 1.2 | $ | (94.6 | ) | $ | 275.4 | |||||||||
Depreciation and Amortization | $ | 83.6 | $ | 16.9 | $ | 0.1 | $ | — | $ | 100.6 | ||||||||||
Operating Income (Loss) | $ | 292.7 | $ | 90.2 | $ | (1.1 | ) | $ | — | $ | 381.8 | |||||||||
Equity in Earnings of Unconsolidated Affiliates | $ | 17.3 | $ | — | $ | — | $ | — | $ | 17.3 | ||||||||||
Interest Expense, Net | $ | 34 | $ | 16.3 | $ | 12.2 | $ | (0.2 | ) | $ | 62.3 | |||||||||
Income Tax Expense (Benefit) | $ | 107.4 | $ | 30 | $ | (7.1 | ) | $ | — | $ | 130.3 | |||||||||
Net Income (Loss) | $ | 169.4 | $ | 44.1 | $ | 207.5 | $ | (213.4 | ) | $ | 207.6 | |||||||||
Capital Expenditures | $ | 120.7 | $ | 5.1 | $ | 3.4 | $ | — | $ | 129.2 | ||||||||||
March 31, 2013 | ||||||||||||||||||||
Operating Revenues (b) | $ | 1,261.50 | $ | 109.8 | $ | 0.3 | $ | (96.4 | ) | $ | 1,275.20 | |||||||||
Other Operation and Maintenance | $ | 380.6 | $ | 1.5 | $ | 1 | $ | (95.0 | ) | $ | 288.1 | |||||||||
Depreciation and Amortization | $ | 78.6 | $ | 16.7 | $ | 0.2 | $ | — | $ | 95.5 | ||||||||||
Operating Income (Loss) | $ | 230.6 | $ | 91.6 | $ | (1.2 | ) | $ | — | $ | 321 | |||||||||
Equity in Earnings of Unconsolidated Affiliates | $ | 16.6 | $ | — | $ | 0.1 | $ | — | $ | 16.7 | ||||||||||
Interest Expense, Net | $ | 35.9 | $ | 16.5 | $ | 12.8 | $ | (0.2 | ) | $ | 65 | |||||||||
Income Tax Expense (Benefit) | $ | 77.4 | $ | 30.5 | $ | (7.5 | ) | $ | — | $ | 100.4 | |||||||||
Net Income (Loss) | $ | 138 | $ | 44.6 | $ | 176.6 | $ | (182.6 | ) | $ | 176.6 | |||||||||
Capital Expenditures | $ | 130.9 | $ | 2.1 | $ | 0.6 | $ | — | $ | 133.6 | ||||||||||
(a) | Corporate & Other includes all other non-utility activities, primarily non-utility real estate investment and development by Wispark LLC, as well as interest on corporate debt. | |||||||||||||||||||
(b) | An elimination for intersegment revenues is included in Operating Revenues. This elimination is primarily between We Power and Wisconsin Electric. |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2014 | |
Variable Interest Entities [Abstract] | ' |
VARIABLE INTEREST ENTITIES | ' |
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 eight 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 $205.4 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, 2014 and 2013 were $13.4 million and $12.5 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, 2014 | |
Commitments and Contingencies [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
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 manufactured gas plant sites and related disposal sites used by Wisconsin Electric and Wisconsin Gas, and coal combustion product disposal/landfill sites used by Wisconsin Electric. 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 Wisconsin Electric, Wisconsin Gas, 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 $19 million to $56 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, 2014, we have established reserves of $36.9 million related to future remediation costs. | |
Historically, the PSCW has allowed Wisconsin utilities, including Wisconsin Electric and Wisconsin Gas, 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: Pursuant to the sale of the Point Beach Nuclear Power Plant, we agreed to indemnification provisions customary to transactions involving the sale of nuclear assets. We also provided customary indemnifications to Wisconsin Power and Light Company, a subsidiary of Alliant Energy Corp., 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, 2014 | |
Supplemental Cash Flow Information [Abstract] | ' |
SUPPLEMENTAL CASH FLOW INFORMATION | ' |
SUPPLEMENTAL CASH FLOW INFORMATION | |
During the three months ended March 31, 2014, we paid $21.2 million in interest, net of amounts capitalized, and paid $10.0 million in income taxes, net of refunds. During the three months ended March 31, 2013, we paid $21.7 million in interest, net of amounts capitalized, and paid $2.0 million in income taxes, net of refunds. | |
As of March 31, 2014 and 2013, the amount of accounts payable related to capital expenditures was $2.4 million and $8.9 million, respectively. | |
During the three months ended March 31, 2014 and 2013, total amortization of deferred revenue was $13.9 million and $14.9 million, respectively. | |
During the three months ended March 31, 2014 and 2013, our equity in earnings from ATC was $17.3 million and $16.6 million, respectively. During the three months ended March 31, 2014 and 2013, distributions received from ATC were $14.3 million and $13.3 million, respectively. |
Common_Equity_Tables
Common Equity (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Common Equity (Tables) [Abstract] | ' | ||||||||||||||||||
Shares Repurchased [Table Text Block] | ' | ||||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Shares | Cost | Shares | Cost | ||||||||||||||||
(In Millions) | |||||||||||||||||||
Under share repurchase programs | 0.4 | $ | 18.6 | 0.3 | $ | 11.1 | |||||||||||||
To fulfill exercised stock options and restricted stock awards | 0.8 | 34 | 1.4 | 55.4 | |||||||||||||||
Total | 1.2 | $ | 52.6 | 1.7 | $ | 66.5 | |||||||||||||
Assumptions for valuing options using binomial option pricing model | ' | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Non-qualified stock options granted year to date | 899,500 | 1,418,560 | |||||||||||||||||
Estimated fair value per non-qualified stock option | $ | 4.18 | $ | 3.45 | |||||||||||||||
Assumptions used to value the options using a binomial option pricing model: | |||||||||||||||||||
Risk-free interest rate | 0.1% - 3.0% | 0.1% - 1.9% | |||||||||||||||||
Dividend yield | 3.8 | % | 3.7 | % | |||||||||||||||
Expected volatility | 18 | % | 18 | % | |||||||||||||||
Expected forfeiture rate | 2 | % | 2 | % | |||||||||||||||
Expected life (years) | 5.8 | 5.9 | |||||||||||||||||
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, 2014 | 8,089,710 | $ | 26.84 | ||||||||||||||||
Granted | 899,500 | $ | 41.03 | ||||||||||||||||
Exercised | (705,831 | ) | $ | 30.47 | |||||||||||||||
Forfeited | (6,385 | ) | $ | 36.55 | |||||||||||||||
Outstanding as of March 31, 2014 | 8,276,994 | $ | 28.82 | 5.8 | $ | 146.7 | |||||||||||||
Exercisable as of March 31, 2014 | 5,337,979 | $ | 23.8 | 4.1 | $ | 121.5 | |||||||||||||
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) | |||||||||||||
$17.10 to $21.11 | 1,724,864 | $ | 20.65 | 4 | 1,724,864 | $ | 20.65 | 4 | |||||||||||
$23.88 to $29.35 | 3,404,195 | $ | 24.68 | 4 | 3,404,195 | $ | 24.68 | 4 | |||||||||||
$34.87 to $41.03 | 3,147,935 | $ | 37.78 | 8.8 | 208,920 | $ | 35.39 | 7.9 | |||||||||||
8,276,994 | $ | 28.82 | 5.8 | 5,337,979 | $ | 23.8 | 4.1 | ||||||||||||
Non-vested options | ' | ||||||||||||||||||
Weighted-Average | |||||||||||||||||||
Non-Vested Stock Options | Number of Options | Fair Value | |||||||||||||||||
Non-vested as of January 1, 2014 | 2,380,790 | $ | 3.38 | ||||||||||||||||
Granted | 899,500 | $ | 4.18 | ||||||||||||||||
Vested | (334,890 | ) | $ | 3.2 | |||||||||||||||
Forfeited | (6,385 | ) | $ | 3.41 | |||||||||||||||
Non-vested as of March 31, 2014 | 2,939,015 | $ | 3.65 | ||||||||||||||||
Restricted stock activity | ' | ||||||||||||||||||
Weighted-Average | |||||||||||||||||||
Restricted Shares | Number of Shares | Grant Date Fair Value | |||||||||||||||||
Outstanding as of January 1, 2014 | 150,698 | ||||||||||||||||||
Granted | 71,504 | $ | 40.96 | ||||||||||||||||
Released | (63,509 | ) | $ | 33.02 | |||||||||||||||
Forfeited | (1,098 | ) | $ | 38.04 | |||||||||||||||
Outstanding as of March 31, 2014 | 157,595 | ||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Measurements (Tables) [Abstract] | ' | ||||||||||||||||
Financial assets and liabilities by level within the fair value hierarchy | ' | ||||||||||||||||
Recurring Fair Value Measures | As of March 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivatives | $ | 3.6 | $ | 3.9 | $ | 1.7 | $ | 9.2 | |||||||||
Total | $ | 3.6 | $ | 3.9 | $ | 1.7 | $ | 9.2 | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Total | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Recurring Fair Value Measures | As of December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivatives | $ | 5.7 | $ | 2.6 | $ | 3.5 | $ | 11.8 | |||||||||
Total | $ | 5.7 | $ | 2.6 | $ | 3.5 | $ | 11.8 | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | — | $ | 0.3 | $ | — | $ | 0.3 | |||||||||
Total | $ | — | $ | 0.3 | $ | — | $ | 0.3 | |||||||||
Fair value of derivatives classified as Level 3 in the fair value hierarchy | ' | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Balance as of January 1 | $ | 3.5 | $ | 4.7 | |||||||||||||
Realized and unrealized gains (losses) | — | — | |||||||||||||||
Purchases | — | — | |||||||||||||||
Issuances | — | — | |||||||||||||||
Settlements | (1.8 | ) | (3.1 | ) | |||||||||||||
Transfers in and/or out of Level 3 | — | — | |||||||||||||||
Balance as of March 31 | $ | 1.7 | $ | 1.6 | |||||||||||||
Change in unrealized gains (losses) relating to instruments still held as of March 31 | $ | — | $ | — | |||||||||||||
Carrying amount and estimated fair value of certain financial instruments | ' | ||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Financial Instruments | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
(Millions of Dollars) | |||||||||||||||||
Preferred stock, no redemption required | $ | 30.4 | $ | 25.4 | $ | 30.4 | $ | 26 | |||||||||
Long-term debt, including current portion | $ | 4,617.80 | $ | 4,954.20 | $ | 4,626.70 | $ | 4,911.80 | |||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Derivative Instruments (Tables) [Abstract] | ' | ||||||||||||||||
Derivative instruments in balance sheet | ' | ||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Derivative Asset | Derivative Liability | Derivative Asset | Derivative Liability | ||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Natural Gas | $ | 6.1 | $ | — | $ | 5.6 | $ | 0.1 | |||||||||
Fuel Oil | 0.1 | — | 0.6 | — | |||||||||||||
FTRs | 1.7 | — | 3.5 | — | |||||||||||||
Coal | 1.3 | 0.1 | 2.1 | 0.2 | |||||||||||||
Total | $ | 9.2 | $ | 0.1 | $ | 11.8 | $ | 0.3 | |||||||||
Derivative instruments' estimated notional volumes and gain (losses) | ' | ||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||
Volume | Gains (Losses) | Volume | Gains (Losses) | ||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | ||||||||||||||||
Natural Gas | 14.9 million Dth | $ | 7.6 | 18.8 million Dth | $ | (6.5 | ) | ||||||||||
Fuel Oil | 2.0 million gallons | 0.2 | 1.6 million gallons | 0.1 | |||||||||||||
FTRs | 5.7 million MWh | 7 | 5.8 million MWh | 0.9 | |||||||||||||
Total | $ | 14.8 | $ | (5.5 | ) | ||||||||||||
Offsetting Assets and Liabilities [Table Text Block] | ' | ||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Derivative | Derivative | Derivative | Derivative | ||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||
(Millions of Dollars) | |||||||||||||||||
Gross Amount Recognized on the Balance Sheet | $ | 9.2 | $ | 0.1 | $ | 11.8 | $ | 0.3 | |||||||||
Gross Amount Not Offset on Balance Sheet (a) | — | — | — | — | |||||||||||||
Net Amount | $ | 9.2 | $ | 0.1 | $ | 11.8 | $ | 0.3 | |||||||||
(a) | Gross Amount Not Offset on Balance Sheet includes no cash collateral posted as of March 31, 2014 and December 31, 2013. |
Benefits_Tables
Benefits (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Benefits (Tables) [Abstract] | ' | ||||||||||||||||
Components of net periodic pension and OPEB costs | ' | ||||||||||||||||
Pension Costs | OPEB Costs | ||||||||||||||||
Benefit Plan Cost Components | 2014 | 2013 | 2014 | 2013 | |||||||||||||
(Millions of Dollars) | |||||||||||||||||
Net Periodic Benefit Cost | |||||||||||||||||
Service cost | $ | 2.7 | $ | 4.2 | $ | 2.2 | $ | 2.7 | |||||||||
Interest cost | 17.1 | 15.1 | 4.5 | 3.9 | |||||||||||||
Expected return on plan assets | (24.7 | ) | (24.0 | ) | (5.9 | ) | (5.3 | ) | |||||||||
Amortization of: | |||||||||||||||||
Prior service cost (credit) | 0.5 | 0.6 | (0.5 | ) | (0.5 | ) | |||||||||||
Actuarial loss | 9.1 | 13.6 | 0.2 | 0.9 | |||||||||||||
Net Periodic Benefit Cost | $ | 4.7 | $ | 9.5 | $ | 0.5 | $ | 1.7 | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Segment Information (Tables) [Abstract] | ' | |||||||||||||||||||
Financial information of reportable operating segments | ' | |||||||||||||||||||
Reportable Segments | Eliminations | |||||||||||||||||||
Energy | Corporate & | & Reconciling | Total | |||||||||||||||||
Three Months Ended | Utility | Non-Utility | Other (a) | Items | Consolidated | |||||||||||||||
(Millions of Dollars) | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Operating Revenues (b) | $ | 1,682.10 | $ | 108.3 | $ | 0.3 | $ | (95.7 | ) | $ | 1,695.00 | |||||||||
Other Operation and Maintenance | $ | 367.6 | $ | 1.2 | $ | 1.2 | $ | (94.6 | ) | $ | 275.4 | |||||||||
Depreciation and Amortization | $ | 83.6 | $ | 16.9 | $ | 0.1 | $ | — | $ | 100.6 | ||||||||||
Operating Income (Loss) | $ | 292.7 | $ | 90.2 | $ | (1.1 | ) | $ | — | $ | 381.8 | |||||||||
Equity in Earnings of Unconsolidated Affiliates | $ | 17.3 | $ | — | $ | — | $ | — | $ | 17.3 | ||||||||||
Interest Expense, Net | $ | 34 | $ | 16.3 | $ | 12.2 | $ | (0.2 | ) | $ | 62.3 | |||||||||
Income Tax Expense (Benefit) | $ | 107.4 | $ | 30 | $ | (7.1 | ) | $ | — | $ | 130.3 | |||||||||
Net Income (Loss) | $ | 169.4 | $ | 44.1 | $ | 207.5 | $ | (213.4 | ) | $ | 207.6 | |||||||||
Capital Expenditures | $ | 120.7 | $ | 5.1 | $ | 3.4 | $ | — | $ | 129.2 | ||||||||||
March 31, 2013 | ||||||||||||||||||||
Operating Revenues (b) | $ | 1,261.50 | $ | 109.8 | $ | 0.3 | $ | (96.4 | ) | $ | 1,275.20 | |||||||||
Other Operation and Maintenance | $ | 380.6 | $ | 1.5 | $ | 1 | $ | (95.0 | ) | $ | 288.1 | |||||||||
Depreciation and Amortization | $ | 78.6 | $ | 16.7 | $ | 0.2 | $ | — | $ | 95.5 | ||||||||||
Operating Income (Loss) | $ | 230.6 | $ | 91.6 | $ | (1.2 | ) | $ | — | $ | 321 | |||||||||
Equity in Earnings of Unconsolidated Affiliates | $ | 16.6 | $ | — | $ | 0.1 | $ | — | $ | 16.7 | ||||||||||
Interest Expense, Net | $ | 35.9 | $ | 16.5 | $ | 12.8 | $ | (0.2 | ) | $ | 65 | |||||||||
Income Tax Expense (Benefit) | $ | 77.4 | $ | 30.5 | $ | (7.5 | ) | $ | — | $ | 100.4 | |||||||||
Net Income (Loss) | $ | 138 | $ | 44.6 | $ | 176.6 | $ | (182.6 | ) | $ | 176.6 | |||||||||
Capital Expenditures | $ | 130.9 | $ | 2.1 | $ | 0.6 | $ | — | $ | 133.6 | ||||||||||
(a) | Corporate & Other includes all other non-utility activities, primarily non-utility real estate investment and development by Wispark LLC, as well as interest on corporate debt. | |||||||||||||||||||
(b) | An elimination for intersegment revenues is included in Operating Revenues. This elimination is primarily between We Power and Wisconsin Electric. |
General_Information_General_In
General Information General Information (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Reclassification of deferred tax assets | $59 |
Common_Equity_Details
Common Equity (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Performance units [Member] | ' | ' |
Common Equity (Textuals) [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 233,735 | 239,120 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $14,800,000 | $19,300,000 |
Tax Benefit from Stock Options Exercised | 5,300,000 | 7,000,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 21,800,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '24 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 | 71,504 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 2,700,000 | 3,200,000 |
Tax Benefit from Stock Options Exercised | 1,000,000 | 1,100,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $4,800,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '26 months | ' |
Common_Equity_Common_Equity_1_
Common Equity Common Equity 1 (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
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 | 3.80% | 3.70% |
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 11 months |
Employee Stock Option [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 | 899,500 | 1,418,560 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 4.18 | 3.45 |
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 | 3.00% | 1.90% |
Common_Equity_Common_Equity_2_
Common Equity Common Equity 2 (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
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 | 8,276,994 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $28.82 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 5,337,979 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $23.80 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $15.30 | $24.40 |
Exercise of stock options | 15.2 | 27.3 |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 6.1 | 9.7 |
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 | 8,089,710 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period | 899,500 | 1,418,560 |
Share Based Compensation Arrangement By Share Based Payment Award Options Grant In Period Weighted Average Exercise Price | $41.03 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -705,831 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | -6,385 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 8,276,994 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $26.84 | ' |
Share Based Compensation Arrangement By Share Based Payment Awards Options Exercises In Period Weighted Average Exercise Price | $30.47 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $36.55 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $28.82 | ' |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Period | '5 years 10 months | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 146.7 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 5,337,979 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $23.80 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '4 years 1 month | ' |
Share Based Compensation Arrangement by Share Based Payments Award, Options Exercisable, Intrinsic Value | $121.50 | ' |
Common_Equity_Common_Equity_3_
Common Equity Common Equity 3 (Details) (USD $) | 3 Months Ended |
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 | 8,276,994 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $28.82 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '5 years 9 months |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 5,337,979 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $23.80 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '4 years 1 month |
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 | 1,724,864 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $20.65 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '4 years 0 months |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 1,724,864 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $20.65 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '4 years 0 months |
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 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 | $17.10 |
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 | 3,404,195 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $24.68 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '4 years 0 months |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 3,404,195 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $24.68 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '4 years 0 months |
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 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 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 | 3,147,935 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $37.78 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '8 years 10 months |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 208,920 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $35.39 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '7 years 11 months |
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 | $41.03 |
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 | $34.87 |
Common_Equity_Common_Equity_4_
Common Equity Common Equity 4 (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | 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 | 8,276,994 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $28.82 |
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 | '24 months |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $21.80 |
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 | 2,380,790 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period | 899,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period | -334,890 |
Share Based Compensation Arrangements By Share Based Payment Awards Options Vested In Period Weighted Average Fair Value Per Share | $3.20 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | -6,385 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,939,015 |
Non-vested options outstanding beginning balance, weighted average fair value | $3.38 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $4.18 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Intrinsic Value | ($3.41) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $3.65 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '21 months |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $4.80 |
Common_Equity_Common_Equity_5_
Common Equity Common Equity 5 (Details) (USD $) | 3 Months Ended | 36 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock Repurchased During Period, Shares | 1,200,000 | 1,700,000 | ' |
Stock Repurchased During Period, Value | $52,600,000 | $66,500,000 | ' |
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% | ' | ' |
Share Repurchase Plan, 2013 [Member] [Domain] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | 300,000,000 | ' | ' |
Stock Repurchased During Period, Value | ' | ' | 18,600,000 |
Share Repurchase Plan, 2011 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Treasury Stock Acquired, Average Cost Per Share | ' | ' | $43.66 |
Stock Repurchased During Period, Shares | 400,000 | 300,000 | ' |
Stock Repurchased During Period, Value | 18,600,000 | 11,100,000 | ' |
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 | 2,700,000 | 3,200,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 150,698 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 71,504 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -63,509 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -1,098 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 157,595 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $40.96 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $33.02 | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Awards Equity Instruments Other Than Options Forfeited In Period Weighted Average Grant Date Fair Value | $38.04 | ' | ' |
Tax Benefit from Stock Options Exercised | 1,000,000 | 1,100,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 4,800,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '26 months | ' | ' |
Share Repurchases to Fulfill Exercised Stock Options and Restricted Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock Repurchased During Period, Shares | 800,000 | 1,400,000 | ' |
Stock Repurchased During Period, Value | $34,000,000 | $55,400,000 | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements Assets and Liabilities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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] | ' | ' |
Restricted Cash | $0 | $0 |
Fair Value, Assets Measured on Recurring Basis, Derivative Financial Instruments, Assets | 3.6 | 5.7 |
Fair Value Assets Measured on Recurring Basis Total Assets | 3.6 | 5.7 |
Fair Value, Liabilities Measured on Recurring Basis, Derivative Financial Instruments, Liabilities | 0 | 0 |
Fair Value Liabilities Measured on Recurring Basis Total Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ' | ' |
Restricted Cash | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Derivative Financial Instruments, Assets | 3.9 | 2.6 |
Fair Value Assets Measured on Recurring Basis Total Assets | 3.9 | 2.6 |
Fair Value, Liabilities Measured on Recurring Basis, Derivative Financial Instruments, Liabilities | 0.1 | 0.3 |
Fair Value Liabilities Measured on Recurring Basis Total Liabilities | 0.1 | 0.3 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ' | ' |
Restricted Cash | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Derivative Financial Instruments, Assets | 1.7 | 3.5 |
Fair Value Assets Measured on Recurring Basis Total Assets | 1.7 | 3.5 |
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] | ' | ' |
Restricted Cash | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Derivative Financial Instruments, Assets | 9.2 | 11.8 |
Fair Value Assets Measured on Recurring Basis Total Assets | 9.2 | 11.8 |
Fair Value, Liabilities Measured on Recurring Basis, Derivative Financial Instruments, Liabilities | 0.1 | 0.3 |
Fair Value Liabilities Measured on Recurring Basis Total Liabilities | $0.10 | $0.30 |
Fair_Value_Measurements_Deriva
Fair Value Measurements, Derivatives (Details) (Derivative [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative [Member] | ' | ' |
Fair value of derivatives classified as Level 3 in the fair value hierarchy | ' | ' |
Beginning Balance | $3.50 | $4.70 |
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 | -1.8 | -3.1 |
Transfers in and/or out of Level 3 | 0 | 0 |
Ending Balance | 1.7 | 1.6 |
Change in unrealized gains (losses) relating to instruments still held as of period end | $0 | $0 |
Fair_Value_Measurements_Financ
Fair Value Measurements, Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Financial Instruments | ' | ' |
Preferred stock of subsidiary | $30.40 | $30.40 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Financial Instruments | ' | ' |
Preferred stock of subsidiary | 30.4 | 30.4 |
Long-term debt including current portion | 4,617.80 | 4,626.70 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Financial Instruments | ' | ' |
Preferred stock of subsidiary | 25.4 | 26 |
Long-term debt including current portion | $4,954.20 | $4,911.80 |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative asset | $9,200,000 | ' | $11,800,000 |
Derivative liability | 100,000 | ' | 300,000 |
Gains (losses) | 14,800,000 | -5,500,000 | ' |
Derivative Instruments (Textuals) | ' | ' | ' |
Collateral in margin accounts | 0 | ' | 0 |
Other Deferred Charges and Other Assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Long-term portion of derivative assets | 0 | ' | ' |
Other Deferred Credits and Other Liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Long-term portion of derivative liabilities | 0 | ' | ' |
Natural Gas [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative asset | 6,100,000 | ' | 5,600,000 |
Derivative liability | 0 | ' | 100,000 |
Volume of derivative instruments | '14.9 million Dth | '18.8 million Dth | ' |
Gains (losses) | 7,600,000 | -6,500,000 | ' |
Fuel Oil [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative asset | 100,000 | ' | 600,000 |
Derivative liability | 0 | ' | 0 |
Volume of derivative instruments | '2.0 million gallons | '1.6 million gallons | ' |
Gains (losses) | 200,000 | 100,000 | ' |
Ftrs [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative asset | 1,700,000 | ' | 3,500,000 |
Derivative liability | 0 | ' | 0 |
Volume of derivative instruments | '5.7 million MWh | '5.8 million MWh | ' |
Gains (losses) | 7,000,000 | 900,000 | ' |
Coal [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative asset | 1,300,000 | ' | 2,100,000 |
Derivative liability | $100,000 | ' | $200,000 |
Derivative_Instruments_Derivat
Derivative Instruments Derivative Instruments (Details 1) (Derivative [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets related to derivatives | $0.10 | $0.30 |
Derivative_Instruments_Derivat1
Derivative Instruments Derivative Instruments (Details 2) (Derivative [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Member] | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory liabilities related to derivatives | $8.50 | $9.60 |
Derivative_Instruments_Derivat2
Derivative Instruments Derivative Instruments (Details 3) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ' | ' |
Collateral Already Posted, Aggregate Fair Value | $0 | $0 |
Derviative Instrument by Counterparty, Gross Amount Recognized on Balance Sheet [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 9,200,000 | 11,800,000 |
Derivative Liabilities | 100,000 | 300,000 |
Derviative Instrument by Counterparty, Gross Amount Not Offset on Balance Sheet [Member] [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Collateral Already Posted, Aggregate Fair Value | 0 | 0 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Derviative Instrument by Counterparty, Net Amount [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 9,200,000 | 11,800,000 |
Derivative Liabilities | $100,000 | $300,000 |
Benefits_Details
Benefits (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Benefits (Textuals) [Abstract] | ' | ' | ' |
Pension and Other Postretirement Benefit Contributions | $0 | $0 | ' |
Estimated liability of Postemployment benefits | 4.2 | ' | 4.2 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Net Periodic Benefit Cost | ' | ' | ' |
Service cost | 2.7 | 4.2 | ' |
Interest cost | 17.1 | 15.1 | ' |
Expected return on plan assets | -24.7 | -24 | ' |
Amortization of: | ' | ' | ' |
Prior service cost (credit) | 0.5 | 0.6 | ' |
Actuarial loss | 9.1 | 13.6 | ' |
Net Periodic Benefit Cost | 4.7 | 9.5 | ' |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' |
Net Periodic Benefit Cost | ' | ' | ' |
Service cost | 2.2 | 2.7 | ' |
Interest cost | 4.5 | 3.9 | ' |
Expected return on plan assets | -5.9 | -5.3 | ' |
Amortization of: | ' | ' | ' |
Transition obligation | 0 | 0 | ' |
Prior service cost (credit) | -0.5 | -0.5 | ' |
Actuarial loss | 0.2 | 0.9 | ' |
Net Periodic Benefit Cost | $0.50 | $1.70 | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Financial information of reportable operating segments | ' | ' | ||
Operating Revenues | $1,695 | [1] | $1,275.20 | [1] |
Other operation and maintenance | 275.4 | 288.1 | ||
Depreciation and Amortization | 100.6 | 95.5 | ||
Operating Income (Loss) | 381.8 | 321 | ||
Equity in Earnings of Unconsolidated Affiliates | 17.3 | 16.7 | ||
Interest Expense, net | 62.3 | 65 | ||
Income Tax Expense (Benefit) | 130.3 | 100.4 | ||
Net Income (Loss) | 207.6 | 176.6 | ||
Capital Expenditures | 129.2 | 133.6 | ||
Reportable Operating Segments Energy Utility [Member] | ' | ' | ||
Financial information of reportable operating segments | ' | ' | ||
Operating Revenues | 1,682.10 | [1] | 1,261.50 | [1] |
Other operation and maintenance | 367.6 | 380.6 | ||
Depreciation and Amortization | 83.6 | 78.6 | ||
Operating Income (Loss) | 292.7 | 230.6 | ||
Equity in Earnings of Unconsolidated Affiliates | 17.3 | 16.6 | ||
Interest Expense, net | 34 | 35.9 | ||
Income Tax Expense (Benefit) | 107.4 | 77.4 | ||
Net Income (Loss) | 169.4 | 138 | ||
Capital Expenditures | 120.7 | 130.9 | ||
Reportable Operating Segments Energy Non Utility [Member] | ' | ' | ||
Financial information of reportable operating segments | ' | ' | ||
Operating Revenues | 108.3 | [1] | 109.8 | [1] |
Other operation and maintenance | 1.2 | 1.5 | ||
Depreciation and Amortization | 16.9 | 16.7 | ||
Operating Income (Loss) | 90.2 | 91.6 | ||
Equity in Earnings of Unconsolidated Affiliates | 0 | 0 | ||
Interest Expense, net | 16.3 | 16.5 | ||
Income Tax Expense (Benefit) | 30 | 30.5 | ||
Net Income (Loss) | 44.1 | 44.6 | ||
Capital Expenditures | 5.1 | 2.1 | ||
Corporate and Other [Member] | ' | ' | ||
Financial information of reportable operating segments | ' | ' | ||
Operating Revenues | 0.3 | [1],[2] | 0.3 | [1],[2] |
Other operation and maintenance | 1.2 | [2] | 1 | [2] |
Depreciation and Amortization | 0.1 | [2] | 0.2 | [2] |
Operating Income (Loss) | -1.1 | [2] | -1.2 | [2] |
Equity in Earnings of Unconsolidated Affiliates | 0 | [2] | 0.1 | [2] |
Interest Expense, net | 12.2 | [2] | 12.8 | [2] |
Income Tax Expense (Benefit) | -7.1 | [2] | -7.5 | [2] |
Net Income (Loss) | 207.5 | [2] | 176.6 | [2] |
Capital Expenditures | 3.4 | [2] | 0.6 | [2] |
Eliminations and Reconciling Items [Member] | ' | ' | ||
Financial information of reportable operating segments | ' | ' | ||
Operating Revenues | -95.7 | [1] | -96.4 | [1] |
Other operation and maintenance | -94.6 | -95 | ||
Depreciation and Amortization | 0 | 0 | ||
Operating Income (Loss) | 0 | 0 | ||
Equity in Earnings of Unconsolidated Affiliates | 0 | 0 | ||
Interest Expense, net | -0.2 | -0.2 | ||
Income Tax Expense (Benefit) | 0 | 0 | ||
Net Income (Loss) | -213.4 | -182.6 | ||
Capital Expenditures | $0 | $0 | ||
[1] | An elimination for intersegment revenues is included in Operating Revenues. This elimination is primarily between WeB Power and Wisconsin Electric. | |||
[2] | Corporate & Other includes all other non-utility activities, primarily non-utility real estate investment and development by Wispark LLC, as well as interest on corporate debt. |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Variable Interest Entities (Textuals) | ' | ' |
Power capacity under capital lease (MW) | 236 | ' |
Capital Lease Agreement With Vie Remaining Term In Years | 8 | ' |
Total payments over remaining terms of the agreement | $205.40 | ' |
Total capacity and lease payments | $13.40 | $12.50 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
Manufactured Gas Plant Sites [Member] | Minimum [Member] | Maximum [Member] | |
Commitments and Contingencies [Line Items] | ' | ' | ' |
Loss Contingency, Range of Possible Loss, Minimum | $19 | ' | ' |
Loss Contingency, Range of Possible Loss, Maximum | 56 | ' | ' |
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 | 36.9 | ' | ' |
VAPP Conversion Cost | ' | $65 | $70 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Supplemental Cash Flow Information (Textuals) | ' | ' |
Interest paid, net of amounts capitalized | $21.20 | $21.70 |
Income Taxes Paid, Net | 10 | 2 |
Accounts payable related to capital expenditures | 2.4 | 8.9 |
Amortization of deferred revenue | 13.9 | 14.9 |
Income (Loss) from Equity Method Investments | 17.3 | 16.7 |
Distributions from transmission affiliate | 14.3 | 13.3 |
Transmission Affiliate [Member] | ' | ' |
Supplemental Cash Flow Information (Textuals) | ' | ' |
Income (Loss) from Equity Method Investments | $17.30 | $16.60 |