01—Abstract
Summary
Summary of the 10-K/A filed June 23, 2000. Cited figures are marked; the original filing is the authoritative source.
This Amendment No. 2 to Wisconsin Energy Corporation's Form 10-K for the fiscal year ended December 31, 1999, filed June 23, 2000, is a limited filing.
Its sole purpose is to add Exhibit 99.1, which furnishes the annual financial statements of the Wisconsin Electric Power Company Employee Retirement Savings Plan in lieu of Form 11-K. The filing does not contain the company's full operating, financial or segment results for 1999. The exhibit shows the plan's net assets available for benefits of $553,314,669a at December 31, 1999, up from $462,098,147 at December 31, 1998.
Net increase for 1999 was $91,216,522,b which included $9,319,288 transferred in from the merged Edison Sault Electric Company plans. Investments were $552,629,548, and the largest holding was WEC Common Stock, with 4,702,518 shares valued at $90,523,472. Net appreciation in investment value was $20,383,798 in 1999, compared with $36,488,660 in 1998, and common stock showed a $44,870,717 depreciation.
The amendment also lists exhibits and recent Form 8-K filings. Those 8-Ks concerned the West Allis lawsuit, a contamination case in which a Wisconsin trial court entered judgment against Wisconsin Electric.
Wisconsin Electric tendered $110.2 millionc, including interest, to stop further 12% per annum interest accrual on the judgment. The exhibit index also lists the merger agreement with WICOR, Inc. dated June 27, 1999.
02—Key points
Key Highlights
- Filed as Amendment No. 2 to the 1999 Form 10-K, solely to add Exhibit 99.1 (Form 11-K-equivalent employee plan financials)
- Wisconsin Electric Power Company Employee Retirement Savings Plan net assets rose to $553,314,669 at December 31, 1999, from $462,098,147 in 1998
- Plan net increase of $91,216,522 in 1999, including a $9,319,288 transfer from the merged Edison Sault Electric Company plans
- Plan investments of $552,629,548; WEC Common Stock holding of $90,523,472 (4,702,518 shares) was the largest reported position
- Investment appreciation of $20,383,798 in 1999 versus $36,488,660 in 1998, with common stock showing a $44,870,717 depreciation
- West Allis lawsuit: Wisconsin Electric tendered $110.2 million including interest to stop 12% annual interest accrual on the judgment
- Exhibit index includes the June 27, 1999 merger agreement among Wisconsin Energy, WICOR, Inc. and CEW Acquisition, Inc.
03—Questions
Frequently Asked Questions
Does this amendment contain Wisconsin Energy's full 1999 financial statements?
No. The filing states that it amends Item 14 to add Exhibit 99.1. The remainder of Item 14 and the Exhibit Index are unchanged, and the exhibit covers only the Wisconsin Electric Power Company Employee Retirement Savings Plan.
How large was the employee savings plan at year-end 1999?
Net assets available for benefits were $553,314,669 at December 31, 1999, compared with $462,098,147 at December 31, 1998. Investments totaled $552,629,548.
What drove the plan's 1999 growth?
The net increase of $91,216,522 included $56,178,795 of investment income, $40,617,742 of participant and employer contributions, and a $9,319,288 transfer from the Edison Sault plans. Benefits paid were $14,858,902.
What was the West Allis lawsuit?
The filing says it involved contaminated wastes on two properties in the City of West Allis, Wisconsin. The Wisconsin trial court denied Wisconsin Electric's post-trial motions and directed judgment on the verdict against it. Wisconsin Electric tendered $110.2 million, including interest to the tender date, to stop further 12% per annum interest accrual.
04—Continue