XML 69 R56.htm IDEA: XBRL DOCUMENT
v3.22.4

Leases (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Leases [Abstract] |
Schedule of lease expense and supplemental cash flow information for leases | The components of lease expense and supplemental cash flow information related to our leases for the years ended December 31 are as follows:
(in millions) |  | 2022 |  | 2021 |  | 2020
Finance lease expense |  |  |  |  |  |
Amortization of right of use assets (1) |  | $ | 6.0 |  |  | $ | 8.1 |  |  | $ | 6.3 |
Interest on lease liabilities (2) |  | 0.9 |  |  | 1.6 |  |  | 2.5 |
Operating lease expense (3) |  | 6.1 |  |  | 3.4 |  |  | 5.4 |
Short-term lease expense (3) |  | 0.9 |  |  | 0.2 |  |  | 0.3 |
Total lease expense |  | $ | 13.9 |  |  | $ | 13.3 |  |  | $ | 14.5 |
Other information |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | 0.9 |  |  | $ | 1.6 |  |  | $ | 2.5 |
Operating cash flows from operating leases |  | $ | 5.7 |  |  | $ | 5.3 |  |  | $ | 6.7 |
Financing cash flows from finance leases |  | $ | 6.0 |  |  | $ | 8.1 |  |  | $ | 6.3 |
Non-cash activities: |  |  |  |  |  |
Right of use assets obtained in exchange for finance lease liabilities |  | $ | 57.6 |  |  | $ | 73.6 |  |  | $ | 22.8 |
Right of use assets obtained in exchange for operating lease liabilities |  | $ | — |  |  | $ | 0.5 |  |  | $ | — |
Weighted-average remaining lease term – finance leases |  | 30.0 years |  | 20.5 years |  | 41.5 years
Weighted-average remaining lease term – operating leases |  | 12.0 years |  | 12.5 years |  | 13.0 years
Weighted-average discount rate – finance lease (4) |  | 3.9 | % |  | 2.4 | % |  | 4.9 | %
Weighted average discount rate – operating leases (4) |  | 3.4 | % |  | 3.4 | % |  | 3.4 | %
(1) Amortization of right of use assets was included as a component of depreciation and amortization expense. (2) Interest on lease liabilities was included as a component of interest expense. (3) Operating and short-term lease expense were included as a component of operation and maintenance expense. (4) Because our leases do not provide an implicit rate of return, we used the fully collateralized incremental borrowing rates based upon information available for similarly rated companies in determining the present value of lease payments.
Schedule of finance and operating lease right of use assets and obligations | The following table summarizes our finance and operating lease right of use assets and obligations at December 31:
(in millions) |  | 2022 |  | 2021 |  | Balance Sheet Location
Right of use assets |  |  |  |  |  |
Operating lease right of use assets, net |  | $ | 15.7 |  |  | $ | 19.5 |  |  | Other long-term assets
Finance lease right of use assets, net |  |  |  |  |  |
Power purchase commitment |  | $ | 71.8 |  |  | $ | 76.7 |  |  |
Land leases – utility solar generation |  | $ | 102.4 |  |  | $ | 47.0 |  |  |
Other |  | $ | 1.1 |  |  | $ | 0.3 |  |  |
Total finance lease right of use assets, net (1) |  | $ | 175.3 |  |  | $ | 124.0 |  |  | Property, plant, and equipment, net
Lease obligations |  |  |  |  |  |
Current operating lease liabilities |  | $ | 4.0 |  |  | $ | 3.7 |  |  | Other current liabilities
Long-term operating lease liabilities |  | $ | 25.4 |  |  | $ | 29.1 |  |  | Other long-term liabilities
Current finance lease liabilities |  |  |  |  |  |
Power purchase commitment |  | $ | 72.7 |  |  | $ | 78.4 |  |  | Current portion of long-term debt
Long-term finance lease liabilities |  |  |  |  |  |
Land leases – utility solar generation |  | $ | 109.3 |  |  | $ | 51.0 |  |  |
Other |  | $ | 1.2 |  |  | $ | 0.3 |  |  |
Total long-term finance lease liabilities |  | $ | 110.5 |  |  | $ | 51.3 |  |  | Long-term debt
(1) Amounts are net of accumulated amortization of $146.3 million and $139.7 million at December 31, 2022 and 2021, respectively.
Schedule of future minimum lease payments for operating and finance leases | Future minimum lease payments under our operating and finance leases and the present value of our net minimum lease payments as of December 31, 2022, were as follows:
(in millions) |  | Total Operating Leases |  | Power Purchase Commitment |  | Land Leases - Utility Solar Generation |  | Other |  | Total Finance Leases
2023 |  | $ | 4.9 |  |  | $ | 72.7 |  |  | $ | 3.6 |  |  | $ | — |  |  | $ | 76.3 |
2024 |  | 4.3 |  |  | — |  |  | 3.9 |  |  | 0.1 |  |  | 4.0 |
2025 |  | 3.8 |  |  | — |  |  | 4.0 |  |  | 0.1 |  |  | 4.1 |
2026 |  | 3.9 |  |  | — |  |  | 4.0 |  |  | 0.1 |  |  | 4.1 |
2027 |  | 4.0 |  |  | — |  |  | 4.1 |  |  | 0.1 |  |  | 4.2 |
Thereafter |  | 16.6 |  |  | — |  |  | 304.1 |  |  | 2.7 |  |  | 306.8 |
Total minimum lease payments |  | 37.5 |  |  | 72.7 |  |  | 323.7 |  |  | 3.1 |  |  | 399.5 |
Less: Interest |  | (8.1) |  |  | — |  |  | (214.4) |  |  | (1.9) |  |  | (216.3) |
Present value of minimum lease payments |  | 29.4 |  |  | 72.7 |  |  | 109.3 |  |  | 1.2 |  |  | 183.2 |
Less: Short-term lease liabilities |  | (4.0) |  |  | (72.7) |  |  | — |  |  | — |  |  | (72.7) |
Long-term lease liabilities |  | $ | 25.4 |  |  | $ | — |  |  | $ | 109.3 |  |  | $ | 1.2 |  |  | $ | 110.5 |

X
- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of undiscounted cash flows for finance and operating lease liabilities. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance and operating lease liabilities recognized in the statement of financial position. + References No definition available. + Details
Name: | wec_FinanceAndOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | wec_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of right of use assets for finance and operating leases. Includes, but is not limited to, the gross carrying amount of the assets and the associated accumulated amortization. + References No definition available. + Details
Name: | wec_FinanceLeaseRightOfUseAssetsTableTextBlock
Namespace Prefix: | wec_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration