XML 69 R55.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Long-Term Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of long-term debt instruments | The following table is a summary of our long-term debt outstanding (excluding finance leases) as of December 31:
|  | 2021 |  | 2020
(in millions) |  | Maturity Date |  | Weighted Average Interest Rate |  | Balance |  | Weighted Average Interest Rate |  | Balance
WEC Energy Group Senior Notes (unsecured) (1) |  | 2023-2033 |  | 1.67 | % |  | $ | 3,070.0 |  |  | 2.03 | % |  | $ | 2,270.0 |
WEC Energy Group Junior Notes (unsecured) (1) (2) |  | 2067 |  | 2.27 | % |  | 500.0 |  |  | 3.65 | % |  | 500.0 |
WE Debentures (unsecured) |  | 2024-2095 |  | 4.13 | % |  | 2,785.0 |  |  | 4.26 | % |  | 2,785.0 |
WEPCo Environmental Trust (secured, nonrecourse) (6) (9) |  | 2022-2035 |  | 1.58 | % |  | 114.7 |  |  | N/A |  | — |
WPS Senior Notes (unsecured) |  | 2028-2051 |  | 3.89 | % |  | 1,675.0 |  |  | 4.04 | % |  | 1,625.0 |
WG Debentures (unsecured) |  | 2024-2046 |  | 3.35 | % |  | 790.0 |  |  | 3.65 | % |  | 640.0 |
Integrys Junior Notes (unsecured) (3) |  | 2073 |  | 6.00 | % |  | 221.4 |  |  | 6.00 | % |  | 400.0 |
PGL First and Refunding Mortgage Bonds (secured) (4) |  | 2024-2047 |  | 3.31 | % |  | 1,870.0 |  |  | 3.45 | % |  | 1,670.0 |
NSG First Mortgage Bonds (secured) (5) |  | 2027-2043 |  | 3.56 | % |  | 157.0 |  |  | 3.81 | % |  | 132.0 |
MERC Senior Notes (unsecured) |  | 2025-2047 |  | 3.04 | % |  | 210.0 |  |  | 3.27 | % |  | 170.0 |
MGU Senior Notes (unsecured) |  | 2025-2047 |  | 3.18 | % |  | 150.0 |  |  | 3.18 | % |  | 150.0 |
UMERC Senior Notes (unsecured) |  | 2029 |  | 3.26 | % |  | 160.0 |  |  | 3.26 | % |  | 160.0 |
Bluewater Gas Storage Senior Notes (unsecured) (6) |  | 2022-2047 |  | 3.76 | % |  | 115.2 |  |  | 3.76 | % |  | 117.8 |
ATC Holding Senior Notes (unsecured) |  | 2025-2030 |  | 4.05 | % |  | 475.0 |  |  | 4.05 | % |  | 475.0 |
We Power Subsidiaries Notes (secured, nonrecourse) (6) (7) |  | 2022-2041 |  | 5.60 | % |  | 934.7 |  |  | 5.59 | % |  | 970.8 |
WECC Notes (unsecured) |  | 2028 |  | 6.94 | % |  | 50.0 |  |  | 6.94 | % |  | 50.0 |
WECI Wind Holding I Senior Notes (secured, nonrecourse) (6) (8) |  | 2022-2032 |  | 2.75 | % |  | 374.6 |  |  | 2.75 | % |  | 413.6 |
Total |  |  |  |  |  | 13,652.6 |  |  |  |  | 12,529.2 |
Integrys acquisition fair value adjustment |  |  |  |  |  | 2.9 |  |  |  |  | 8.4 |
Jayhawk acquisition |  |  |  |  |  | 7.3 |  |  |  |  | — |
Unamortized debt issuance costs |  |  |  |  |  | (77.7) |  |  |  |  | (65.2) |
Unamortized discount, net and other |  |  |  |  |  | (21.7) |  |  |  |  | (21.9) |
Total long-term debt, including current portion (10) |  |  |  |  |  | 13,563.4 |  |  |  |  | 12,450.5 |
Current portion of long-term debt |  |  |  |  |  | (91.0) |  |  |  |  | (777.7) |
Total long-term debt |  |  |  |  |  | $ | 13,472.4 |  |  |  |  | $ | 11,672.8 |
(1) In connection with our outstanding 2007 Junior Notes, we executed an RCC, which we amended on June 29, 2015, for the benefit of persons that buy, hold, or sell a specified series of our long-term indebtedness (covered debt). Our 6.20% Senior Notes due April 1, 2033 have been designated as the covered debt under the RCC. The RCC provides that we may not redeem, defease, or purchase, and that our subsidiaries may not purchase, any 2007 Junior Notes on or before May 15, 2037, unless, subject to certain limitations described in the RCC, we have received a specified amount of proceeds from the sale of qualifying securities. (2) Variable interest rate reset quarterly. The rates were 2.27% and 2.33% as of December 31, 2021 and 2020, respectively. On July 12, 2018, we executed two interest rate swaps that provided a fixed rate of 4.9765% on $250.0 million of the outstanding notes. On November 15, 2021, the interest rate swaps expired. At December 31, 2020, the effective rate of 3.65% was blended rates of the variable and fixed portions. See Note 18, Derivative Instruments, for more information on the two interest rate swaps. (3) The terms of Integrys's 2013 Junior Notes provide that, effective August 2023, they will bear interest at the three-month LIBOR plus 322 basis points and will reset quarterly. (4) PGL's First Mortgage Bonds are subject to the terms and conditions of PGL's First Mortgage Indenture dated January 2, 1926, as supplemented. Under the terms of the Indenture, substantially all property owned by PGL is pledged as collateral for these outstanding debt securities. PGL has used certain First Mortgage Bonds to secure tax exempt interest rates. The Illinois Finance Authority has issued Tax Exempt Bonds, and the proceeds from the sale of these bonds were loaned to PGL. In return, PGL issued $100 million of collateralized First Mortgage Bonds. (5) NSG's First Mortgage Bonds are subject to the terms and conditions of NSG's First Mortgage Indenture dated April 1, 1955, as supplemented. Under the terms of the Indenture, substantially all property owned by NSG is pledged as collateral for these outstanding debt securities. (6) The long-term debt of Bluewater, WECI Wind Holding I, WEPCo Environmental Trust, and We Power's subsidiaries requires periodic principal payments. (7) We Power's subsidiaries' senior notes are secured by a collateral assignment of the leases between We Power's subsidiaries and WE related to PWGS and ERGS, as applicable. (8) WECI Wind Holding I's Senior Notes are secured by a first priority security interest in the ownership interest of its subsidiaries as well as a pledge of equity in WECI Wind Holding I. (9) WEPCo Environmental Trust’s ETBs are secured by a pledge of and lien on environmental control property, which includes the right to impose, collect and receive a non-bypassable environmental control charge paid by all of WE's retail electric distribution customers, the right to obtain true-up adjustments of the environmental control charges, and all revenues or other proceeds arising from those rights and interests. See Note 23, Variable Interest Entities, for more information. (10) The amount of long-term debt on our balance sheets includes finance lease obligations of $129.7 million and $63.4 million at December 31, 2021 and 2020, respectively.
Schedule of current maturities of long-term debt | The following table shows the long-term debt securities (excluding finance leases) maturing within one year of December 31, 2021:
(in millions) |  | Interest Rate |  | Maturity Date (1) |  | Principal Amount
WEPCo Environmental Trust (secured, nonrecourse) |  | 1.58% |  | Semi-annually |  | $ | 8.8 |
Bluewater Gas Storage Senior Notes (unsecured) |  | 3.76% |  | Semi-annually |  | 2.7 |
We Power Subsidiaries Notes – PWGS (secured, nonrecourse) |  | 4.91% |  | Monthly |  | 7.2 |
We Power Subsidiaries Notes – ERGS (secured, nonrecourse) |  | 5.209% |  | Semi-annually |  | 13.9 |
We Power Subsidiaries Notes – ERGS (secured, nonrecourse) |  | 4.673% |  | Semi-annually |  | 10.7 |
We Power Subsidiaries Notes – PWGS (secured, nonrecourse) |  | 6.00% |  | Monthly |  | 6.2 |
WECI Wind Holding I Senior Notes (secured, nonrecourse) |  | 2.75% |  | Semi-annually |  | 41.5 |
Total |  |  |  |  |  | $ | 91.0 |
(1) Maturity dates listed as semi-annually and monthly are associated with debt that requires periodic principal payments.
Schedule of future maturities of long-term debt | The following table shows the future maturities of our long-term debt outstanding (excluding obligations under finance leases) as of December 31, 2021:
(in millions) |  | Payments
2022 |  | $ | 91.0 |
2023 |  | 793.8 |
2024 |  | 1,222.7 |
2025 |  | 865.9 |
2026 |  | 104.2 |
Thereafter |  | 10,575.0 |
Total |  | $ | 13,652.6 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69B -URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69E -URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-term debt securities (excluding finance leases) maturing within one year of balance sheet date. + References No definition available. + Details
Name: | wec_ScheduleOfCurrentMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | wec_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration