XML 48 R36.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

CREDIT LOSSES (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Credit Loss [Abstract] |
Schedule of gross receivables and related allowances for credit losses | We have included tables below that show our gross third-party receivable balances and the related allowance for credit losses at March 31, 2024 and December 31, 2023, by reportable segment.
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Utility Operations |  | Non-Utility Energy Infrastructure |  | Corporate and Other |  | WEC Energy Group Consolidated
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable and unbilled revenues |  | $ | 1,100.6 |  |  | $ | 516.7 |  |  | $ | 90.9 |  |  | $ | 1,708.2 |  |  | $ | 33.0 |  |  | $ | 6.5 |  |  | $ | 1,747.7 |
Allowance for credit losses |  | 83.0 |  |  | 104.6 |  |  | 3.1 |  |  | 190.7 |  |  | — |  |  | — |  |  | 190.7 |
Accounts receivable and unbilled revenues, net (1) |  | $ | 1,017.6 |  |  | $ | 412.1 |  |  | $ | 87.8 |  |  | $ | 1,517.5 |  |  | $ | 33.0 |  |  | $ | 6.5 |  |  | $ | 1,557.0 |
Total accounts receivable, net – past due greater than 90 days (1) |  | $ | 68.2 |  |  | $ | 45.7 |  |  | $ | 1.3 |  |  | $ | 115.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 115.2 |
Past due greater than 90 days – collection risk mitigated by regulatory mechanisms (1) |  | 95.0 | % |  | 100.0 | % |  | — | % |  | 95.9 | % |  | — | % |  | — | % |  | 95.9 | %
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Utility Operations |  | Non-Utility Energy Infrastructure |  | Corporate and Other |  | WEC Energy Group Consolidated
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable and unbilled revenues |  | $ | 1,078.0 |  |  | $ | 481.5 |  |  | $ | 94.9 |  |  | $ | 1,654.4 |  |  | $ | 33.9 |  |  | $ | 8.4 |  |  | $ | 1,696.7 |
Allowance for credit losses |  | 77.4 |  |  | 109.7 |  |  | 6.4 |  |  | 193.5 |  |  | — |  |  | — |  |  | 193.5 |
Accounts receivable and unbilled revenues, net (1) |  | $ | 1,000.6 |  |  | $ | 371.8 |  |  | $ | 88.5 |  |  | $ | 1,460.9 |  |  | $ | 33.9 |  |  | $ | 8.4 |  |  | $ | 1,503.2 |
Total accounts receivable, net – past due greater than 90 days (1) |  | $ | 51.7 |  |  | $ | 45.0 |  |  | $ | 2.1 |  |  | $ | 98.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 98.8 |
Past due greater than 90 days – collection risk mitigated by regulatory mechanisms (1) |  | 93.6 | % |  | 100.0 | % |  | — | % |  | 94.5 | % |  | — | % |  | — | % |  | 94.5 | %
(1)Our exposure to credit losses for certain regulated utility customers is mitigated by regulatory mechanisms we have in place. Specifically, rates related to all of the customers in our Illinois segment, as well as the residential rates of WE, WPS, and WG in our Wisconsin segment, include riders or other mechanisms for cost recovery or refund of uncollectible expense based on the difference between the actual provision for credit losses and the amounts recovered in rates. As a result, at March 31, 2024, $1,000.4 million, or 64.3%, of our net accounts receivable and unbilled revenues balance had regulatory protections in place to mitigate the exposure to credit losses.
Rollforward of the allowances for credit losses by reportable segment | A roll-forward of the allowance for credit losses by reportable segment is included below:
Three Months Ended March 31, 2024 (in millions) |  | Wisconsin |  | Illinois |  | Other States |  | WEC Energy Group Consolidated
Balance at January 1, 2024 |  | $ | 77.4 |  |  | $ | 109.7 |  |  | $ | 6.4 |  |  | $ | 193.5 |
Provision for credit losses |  | 13.8 |  |  | 15.1 |  |  | (3.0) |  |  | 25.9 |
Provision for credit losses deferred for future recovery or refund |  | 15.7 |  |  | 1.3 |  |  | — |  |  | 17.0 |
Write-offs charged against the allowance |  | (35.6) |  |  | (28.0) |  |  | (1.3) |  |  | (64.9) |
Recoveries of amounts previously written off |  | 11.7 |  |  | 6.5 |  |  | 1.0 |  |  | 19.2 |
Balance at March 31, 2024 |  | $ | 83.0 |  |  | $ | 104.6 |  |  | $ | 3.1 |  |  | $ | 190.7 |
On a consolidated basis, there was a $2.8 million decrease in the allowance for credit losses at March 31, 2024, compared to January 1, 2024, driven by lower required reserve percentages at our Illinois and Other States segments as a result of an improvement in loss rates. Reserve percentages at our Wisconsin segment did not change significantly from those calculated in 2023. Largely offsetting the decrease in the allowance for credit losses, we saw an increase in past due accounts receivable balances at our Wisconsin and Illinois segments. An increase in past due balances is a trend we generally see over the winter moratorium months, when we are not allowed to disconnect service as a result of non-payment. In Wisconsin, the winter moratorium begins on November 1 and ends on April 15, and in Illinois the winter moratorium begins on December 1 and ends on March 31.
Three Months Ended March 31, 2023 (in millions) |  | Wisconsin |  | Illinois |  | Other States |  | WEC Energy Group Consolidated
Balance at January 1, 2023 |  | $ | 82.0 |  |  | $ | 111.0 |  |  | $ | 6.3 |  |  | $ | 199.3 |
Provision for credit losses |  | 11.2 |  |  | 8.5 |  |  | 1.3 |  |  | 21.0 |
Provision for credit losses deferred for future recovery or refund |  | 20.4 |  |  | 15.2 |  |  | — |  |  | 35.6 |
Write-offs charged against the allowance |  | (28.9) |  |  | (23.0) |  |  | (1.6) |  |  | (53.5) |
Recoveries of amounts previously written off |  | 6.2 |  |  | 4.8 |  |  | 0.4 |  |  | 11.4 |
Balance at March 31, 2023 |  | $ | 90.9 |  |  | $ | 116.5 |  |  | $ | 6.4 |  |  | $ | 213.8 |
On a consolidated basis, there was a $14.5 million increase in the allowance for credit losses at March 31, 2023, compared to January 1, 2023, driven by an increase in past due accounts receivable balances at our Wisconsin and Illinois reportable segments. As discussed above, an increase in past due balances is a trend we generally see over the winter moratorium months.

X
- Definition Tabular disclosure of allowance for credit loss on accounts receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13 + Details
Name: | us-gaap_AccountsReceivableAllowanceForCreditLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration