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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION We use net income attributed to common shareholders to measure segment profitability and to allocate resources to our businesses. At June 30, 2023, we reported six segments, which are described below. •The Wisconsin segment includes the electric and natural gas utility operations of WE, WPS, WG, and UMERC. •The Illinois segment includes the natural gas utility operations of PGL and NSG. •The other states segment includes the natural gas utility and non-utility operations of MERC and MGU. •The electric transmission segment includes our approximate 60% ownership interest in ATC, a for-profit, transmission-only company regulated by the FERC for cost of service and certain state regulatory commissions for routing and siting of transmission projects, and our approximate 75% ownership interest in ATC Holdco, which was formed to invest in transmission-related projects outside of ATC's traditional footprint. •The non-utility energy infrastructure segment includes: ◦We Power, which owns and leases generating facilities to WE, ◦Bluewater, which owns underground natural gas storage facilities in Michigan that provide approximately one-third of the current storage needs for our Wisconsin natural gas utilities, and ◦WECI, which holds majority interests in multiple renewable generating facilities. See Note 2, Acquisitions, for more information on recent WECI acquisitions. •The corporate and other segment includes the operations of the WEC Energy Group holding company, the Integrys holding company, the Peoples Energy, LLC holding company, Wispark, Wisvest LLC, Wisconsin Energy Capital Corporation, and WEC Business Services LLC. All of our operations are located within the United States. The following tables show summarized financial information related to our reportable segments for the three and six months ended June 30, 2023 and 2022:
|  | Utility Operations |  |  |  |  |  |  |  |  |  |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Utility Operations |  | Electric Transmission |  | Non-Utility Energy Infrastructure |  | Corporate and Other |  | Reconciling Eliminations |  | WEC Energy Group Consolidated
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External revenues |  | $ | 1,424.5 |  |  | $ | 273.5 |  |  | $ | 81.9 |  |  | $ | 1,779.9 |  |  | $ | — |  |  | $ | 50.0 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 1,830.0 |
Intersegment revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 119.0 |  |  | — |  |  | (119.0) |  |  | — |
Other operation and maintenance |  | 351.8 |  |  | 105.3 |  |  | 21.8 |  |  | 478.9 |  |  | — |  |  | 20.3 |  |  | 0.7 |  |  | (3.9) |  |  | 496.0 |
Depreciation and amortization |  | 210.3 |  |  | 58.5 |  |  | 10.6 |  |  | 279.4 |  |  | — |  |  | 48.4 |  |  | 5.2 |  |  | (19.1) |  |  | 313.9 |
Equity in earnings of transmission affiliates |  | — |  |  | — |  |  | — |  |  | — |  |  | 43.6 |  |  | — |  |  | — |  |  | — |  |  | 43.6 |
Interest expense |  | 150.1 |  |  | 21.4 |  |  | 4.1 |  |  | 175.6 |  |  | 4.8 |  |  | 25.1 |  |  | 62.0 |  |  | (88.8) |  |  | 178.7 |
Income tax expense (benefit) |  | 53.6 |  |  | 10.9 |  |  | 1.3 |  |  | 65.8 |  |  | 9.7 |  |  | (19.7) |  |  | (7.3) |  |  | — |  |  | 48.5 |
Net income (loss) |  | 185.9 |  |  | 30.1 |  |  | 3.7 |  |  | 219.7 |  |  | 29.1 |  |  | 85.9 |  |  | (44.7) |  |  | — |  |  | 290.0 |
Net income (loss) attributed to common shareholders |  | 185.6 |  |  | 30.1 |  |  | 3.7 |  |  | 219.4 |  |  | 29.1 |  |  | 85.9 |  |  | (44.7) |  |  | — |  |  | 289.7 |
|  | Utility Operations |  |  |  |  |  |  |  |  |  |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Utility Operations |  | Electric Transmission |  | Non-Utility Energy Infrastructure |  | Corporate and Other |  | Reconciling Eliminations |  | WEC Energy Group Consolidated
Three Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External revenues |  | $ | 1,557.4 |  |  | $ | 442.4 |  |  | $ | 99.9 |  |  | $ | 2,099.7 |  |  | $ | — |  |  | $ | 28.1 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 2,127.9 |
Intersegment revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 115.5 |  |  | — |  |  | (115.5) |  |  | — |
Other operation and maintenance |  | 337.9 |  |  | 79.1 |  |  | 22.9 |  |  | 439.9 |  |  | — |  |  | 13.9 |  |  | (0.9) |  |  | (3.9) |  |  | 449.0 |
Depreciation and amortization |  | 187.7 |  |  | 57.4 |  |  | 10.2 |  |  | 255.3 |  |  | — |  |  | 34.3 |  |  | 6.8 |  |  | (16.8) |  |  | 279.6 |
Equity in earnings of transmission affiliates |  | — |  |  | — |  |  | — |  |  | — |  |  | 43.0 |  |  | — |  |  | — |  |  | — |  |  | 43.0 |
Interest expense |  | 135.6 |  |  | 18.0 |  |  | 3.2 |  |  | 156.8 |  |  | 4.8 |  |  | 17.4 |  |  | 24.6 |  |  | (83.8) |  |  | 119.8 |
Income tax expense (benefit) |  | 49.3 |  |  | 21.2 |  |  | 0.9 |  |  | 71.4 |  |  | 9.3 |  |  | (7.3) |  |  | (10.0) |  |  | — |  |  | 63.4 |
Net income (loss) |  | 148.7 |  |  | 56.4 |  |  | 2.7 |  |  | 207.8 |  |  | 29.0 |  |  | 80.3 |  |  | (29.3) |  |  | — |  |  | 287.8 |
Net income (loss) attributed to common shareholders |  | 148.4 |  |  | 56.4 |  |  | 2.7 |  |  | 207.5 |  |  | 29.0 |  |  | 80.3 |  |  | (29.3) |  |  | — |  |  | 287.5 |
|  | Utility Operations |  |  |  |  |  |  |  |  |  |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Utility Operations |  | Electric Transmission |  | Non-Utility Energy Infrastructure |  | Corporate and Other |  | Reconciling Eliminations |  | WEC Energy Group Consolidated
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External revenues |  | $ | 3,420.8 |  |  | $ | 873.2 |  |  | $ | 331.9 |  |  | $ | 4,625.9 |  |  | $ | — |  |  | $ | 92.1 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 4,718.1 |
Intersegment revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 243.1 |  |  | — |  |  | (243.1) |  |  | — |
Other operation and maintenance |  | 732.6 |  |  | 219.0 |  |  | 46.5 |  |  | 998.1 |  |  | — |  |  | 38.1 |  |  | (0.7) |  |  | (5.5) |  |  | 1,030.0 |
Depreciation and amortization |  | 417.6 |  |  | 117.0 |  |  | 21.0 |  |  | 555.6 |  |  | — |  |  | 91.1 |  |  | 10.3 |  |  | (37.6) |  |  | 619.4 |
Equity in earnings of transmission affiliates |  | — |  |  | — |  |  | — |  |  | — |  |  | 87.4 |  |  | — |  |  | — |  |  | — |  |  | 87.4 |
Interest expense |  | 300.7 |  |  | 43.0 |  |  | 8.3 |  |  | 352.0 |  |  | 9.6 |  |  | 45.0 |  |  | 117.6 |  |  | (173.3) |  |  | 350.9 |
Income tax expense (benefit) |  | 119.5 |  |  | 52.9 |  |  | 12.5 |  |  | 184.9 |  |  | 19.4 |  |  | (37.5) |  |  | (44.2) |  |  | — |  |  | 122.6 |
Net income (loss) |  | 443.4 |  |  | 143.2 |  |  | 36.9 |  |  | 623.5 |  |  | 58.4 |  |  | 174.2 |  |  | (58.5) |  |  | — |  |  | 797.6 |
Net income (loss) attributed to common shareholders |  | 442.8 |  |  | 143.2 |  |  | 36.9 |  |  | 622.9 |  |  | 58.4 |  |  | 174.4 |  |  | (58.5) |  |  | — |  |  | 797.2 |
|  | Utility Operations |  |  |  |  |  |  |  |  |  |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Utility Operations |  | Electric Transmission |  | Non-Utility Energy Infrastructure |  | Corporate and Other |  | Reconciling Eliminations |  | WEC Energy Group Consolidated
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External revenues |  | $ | 3,499.7 |  |  | $ | 1,124.5 |  |  | $ | 340.8 |  |  | $ | 4,965.0 |  |  | $ | — |  |  | $ | 70.7 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 5,036.0 |
Intersegment revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 232.4 |  |  | — |  |  | (232.4) |  |  | — |
Other operation and maintenance |  | 650.5 |  |  | 192.7 |  |  | 47.5 |  |  | 890.7 |  |  | — |  |  | 24.8 |  |  | (6.6) |  |  | (5.5) |  |  | 903.4 |
Depreciation and amortization |  | 374.8 |  |  | 114.2 |  |  | 20.2 |  |  | 509.2 |  |  | — |  |  | 68.3 |  |  | 13.3 |  |  | (33.1) |  |  | 557.7 |
Equity in earnings of transmission affiliates |  | — |  |  | — |  |  | — |  |  | — |  |  | 84.7 |  |  | — |  |  | — |  |  | — |  |  | 84.7 |
Interest expense |  | 271.9 |  |  | 35.7 |  |  | 6.5 |  |  | 314.1 |  |  | 9.7 |  |  | 34.6 |  |  | 47.2 |  |  | (168.2) |  |  | 237.4 |
Income tax expense (benefit) |  | 144.7 |  |  | 63.3 |  |  | 11.3 |  |  | 219.3 |  |  | 18.2 |  |  | (12.2) |  |  | (34.8) |  |  | — |  |  | 190.5 |
Net income (loss) |  | 437.1 |  |  | 169.8 |  |  | 34.2 |  |  | 641.1 |  |  | 56.8 |  |  | 173.6 |  |  | (15.7) |  |  | — |  |  | 855.8 |
Net income (loss) attributed to common shareholders |  | 436.5 |  |  | 169.8 |  |  | 34.2 |  |  | 640.5 |  |  | 56.8 |  |  | 171.8 |  |  | (15.7) |  |  | — |  |  | 853.4 |

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