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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2016
Business Combinations [Abstract] |
Consideration transferred | The total consideration transferred was based on the closing price of Wisconsin Energy Corporation common stock on June 29, 2015, and was calculated as follows:
|  | Consideration Paid
(in millions, except per share amounts) |  | Stock |  | Cash |  | Total
Integrys common shares outstanding at June 29, 2015 |  | 79,963,091 |  |  | 79,963,091 |  |  |
Exchange ratio |  | 1.128 |  |  |  |  |
Wisconsin Energy Corporation shares issued for Integrys shares * |  | 90,187,884 |  |  |  |  |
Closing price of Wisconsin Energy Corporation common shares on June 29, 2015 |  | $45.16 |  |  |  |
Fair value of common stock issued |  | $ | 4,072.9 |  |  |  |  | $ | 4,072.9 |
Cash paid per share of Integrys shares outstanding |  |  |  | $18.58 |  |
Fair value of cash paid for Integrys shares * |  |  |  | $ | 1,486.2 |  |  | $ | 1,486.2 |
Consideration attributable to settlement of equity awards, net of tax |  |  |  | $ | 24.0 |  |  | $ | 24.0 |
Total purchase price |  | $ | 4,072.9 |  |  | $ | 1,510.2 |  |  | $ | 5,583.1 |
* | Fractional shares of 10,483 totaling $0.5 million were paid in cash.
Allocation of purchase price | The table below shows the final allocation of the purchase price to the assets acquired and liabilities assumed at the date of the acquisition:
(in millions) |  |
Current assets |  | $ | 1,060.1 |
Property, plant, and equipment, net |  | 7,107.4 |
Goodwill |  | 2,604.3 |
Other long-term assets * |  | 2,830.5 |
Current liabilities |  | (1,320.7 | )
Long-term debt |  | (2,943.6 | )
Other long-term liabilities |  | (3,703.8 | )
Preferred stock of subsidiary |  | (51.1 | )
Total purchase price |  | $ | 5,583.1 |
* | Includes equity method goodwill related to Integrys's investment in ATC. See Note 4, Investment in American Transmission Company, for more information.
Pro Forma Information | The following unaudited pro forma financial information reflects the consolidated results and amortization of purchase price adjustments as if the acquisition had taken place on January 1, 2014. The unaudited pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or our future consolidated results. The pro forma financial information does not reflect any potential cost savings from operating efficiencies resulting from the acquisition and does not include certain acquisition-related costs.
|  | Year Ended December 31
(in millions, except per share amounts) |  | 2015 |  | 2014
Unaudited pro forma financial information |  |  |  |
Operating revenues |  | $ | 7,727.1 |  |  | $ | 9,135.4 |
Net income attributed to common shareholders |  | $ | 873.5 |  |  | $ | 869.9 |
Earnings per share (Basic) |  | $ | 2.77 |  |  | $ | 2.76 |
Earnings per share (Diluted) |  | $ | 2.75 |  |  | $ | 2.74 |
Severance expense by segment | The 2015 severance expense was recorded in the following segments:
(in millions) |  | Year ended December 31, 2015
Wisconsin |  | $ | 11.1 |
Illinois |  | 0.9 |
Other states |  | 0.1 |
Corporate and other |  | 12.8 |
Total severance expense |  | $ | 24.9 |

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