GAAP Reconciliation


Debt to total capital
year ended Dec. 31
(in millions)		    
 
2012
Adjusted*
2012  
2009
Adjusted*
2009  
Common equity $4,135.1 $4,385.1 $3,566.9 $3,816.9
Preferred stock of subsidiary
30.4
30.4
30.4
30.4
Long-term debt
(including current maturities)		 4,865.9 4,615.9 4,171.5 3,921.5
Short-term debt 394.6 394.6 825.1 825.1
Total capitalization $9,426.0 $9,426.0 $8,593.9 $8,593.9
         
Total debt $5,260.5 $5,010.5 $4,996.6 $4,746.6
         
Ratio of debt
to total capital		 55.8% 53.2% 58.1% 55.2%

*Included in Long-Term Debt as of December 31, 2012 and 2009, is $500 million aggregate principal amount of the 2007 Series A Junior Subordinated Notes due 2067 as these debt securities are reflected as long-term debt on Wisconsin Energy's Consolidated Balance Sheets.  The adjusted presentation attributes $250 million of the Junior Notes to Common Equity and $250 million to Long-Term Debt.  We believe this presentation is consistent with the 50% or greater equity credit the majority of rating agencies currently attribute to the Junior Notes.