FINANCIAL INFORMATION

6 Months Ended

Jun. 30, 2011

FINANCIAL INFORMATION

FINANCIAL INFORMATION

NOTE 1—FINANCIAL INFORMATION

As used in these notes, the term “financial statements” refers to the condensed consolidated financial statements.  This includes the condensed consolidated balance sheets, condensed consolidated statements of income, condensed consolidated statements of capitalization, and condensed consolidated statements of cash flows, unless otherwise noted.  In this report, when we refer to “us,” “we,” “our,” or “ours,” we are referring to WPS.

Our financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q and in accordance with GAAP.  Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for annual financial statements.  These financial statements should be read in conjunction with the consolidated financial statements and notes in our Annual Report on Form 10-K for the year ended December 31, 2010.

In management’s opinion, these unaudited financial statements include all adjustments considered necessary for a fair presentation of financial results.  All adjustments are normal and recurring, unless otherwise noted.  Financial results for an interim period may not give a true indication of results for the year.

Reclassifications

We reclassified $9.1 million reported in other current assets at December 31, 2010, to prepaid taxes to match the current period presentation on the balance sheet.