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SEGMENT INFORMATION | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION Our President and Chief Executive Officer, who is our CODM, reviews financial information presented on a segment basis for purposes of making operating decisions and assessing performance. The CODM regularly reviews net income attributed to common shareholders to measure segment profitability and to allocate resources, including assets, to our businesses. Net income attributed to common shareholders best measures our segment profitability as it reflects all revenues and costs, including the impact on our tax provision from tax credits generated through investments in renewable generation facilities. Our CODM allocates resources such as employees as well as financial and capital resources to our segments during the annual review of budgets and the capital plan. Our CODM also reviews and revises the resources throughout the year during the monthly forecasting process in order to make timely decisions that align with our overall corporate strategy. The CODM uses each segment's net income to evaluate performance by comparing actual results to budgeted and forecasted amounts, as well as the ROE earned for each utility within the various utility segments. Segments were determined based on a combination of factors, including the regulatory environment of each geographical jurisdiction in which the segment operates, equity investment interests, as well as the revenue streams for the products or services provided to customers through electric, natural gas, and renewable operations. See Note 3, Operating Revenues, for more information on disaggregation of operating revenues, including intercompany eliminations. The accounting policies of the segments are the same as those described in Note 1, Summary of Significant Accounting Policies, in our 2024 Annual Report on Form 10-K. At March 31, 2025, we reported six segments, which are described below. All of our operations are located within the United States. •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 operations of MERC and MGU and the non-utility operations of MERC. •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. See Note 18, Investment in Transmission Affiliates, for more information on ATC and ATC Holdco. •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 WECI's recent acquisition of Hardin III. •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 LLC, Wisvest LLC, Wisconsin Energy Capital Corporation, and WEC Business Services LLC. The following tables show summarized financial information related to our reportable segments for the three months ended March 31, 2025 and 2024:
|  | 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 March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External revenues |  | $ | 2,059.9 |  |  | $ | 788.3 |  |  | $ | 227.1 |  |  | $ | 3,075.3 |  |  | $ | — |  |  | $ | 74.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,149.5 |
Intersegment revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 120.1 |  |  | — |  |  | (120.1) |  |  | — |
Fuel and purchased power |  | 390.3 |  |  | — |  |  | — |  |  | 390.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 390.3 |
Cost of natural gas sold |  | 378.5 |  |  | 288.2 |  |  | 117.6 |  |  | 784.3 |  |  | — |  |  | 4.5 |  |  | — |  |  | (13.4) |  |  | 775.4 |
Other operation and maintenance |  | 415.1 |  |  | 146.9 |  |  | 28.7 |  |  | 590.7 |  |  | — |  |  | 22.1 |  |  | (3.2) |  |  | (1.6) |  |  | 608.0 |
Depreciation and amortization |  | 243.6 |  |  | 64.4 |  |  | 12.2 |  |  | 320.2 |  |  | — |  |  | 58.2 |  |  | 5.4 |  |  | (23.9) |  |  | 359.9 |
Property and revenue taxes |  | 46.0 |  |  | 20.4 |  |  | 6.5 |  |  | 72.9 |  |  | — |  |  | 5.4 |  |  | 0.1 |  |  | — |  |  | 78.4 |
Equity in earnings of transmission affiliates |  | — |  |  | — |  |  | — |  |  | — |  |  | 53.6 |  |  | — |  |  | — |  |  | — |  |  | 53.6 |
Other income, net (1) |  | 17.6 |  |  | 2.1 |  |  | 0.1 |  |  | 19.8 |  |  | — |  |  | 0.7 |  |  | 5.0 |  |  | (7.4) |  |  | 18.1 |
Interest expense |  | 161.8 |  |  | 23.2 |  |  | 4.3 |  |  | 189.3 |  |  | 4.8 |  |  | 30.6 |  |  | 86.9 |  |  | (88.6) |  |  | 223.0 |
Income tax expense (benefit) |  | 82.0 |  |  | 69.2 |  |  | 14.8 |  |  | 166.0 |  |  | 11.9 |  |  | (35.6) |  |  | (81.6) |  |  | — |  |  | 60.7 |
Preferred stock dividends of subsidiary |  | 0.3 |  |  | — |  |  | — |  |  | 0.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.3 |
Net income attributed to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1.0) |  |  | — |  |  | — |  |  | (1.0) |
Net income (loss) attributed to common shareholders |  | $ | 359.9 |  |  | $ | 178.1 |  |  | $ | 43.1 |  |  | $ | 581.1 |  |  | $ | 36.9 |  |  | $ | 108.8 |  |  | $ | (2.6) |  |  | $ | — |  |  | $ | 724.2 |
Other Segment Disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures and asset acquisitions |  | $ | 616.9 |  |  | $ | 53.8 |  |  | $ | 17.8 |  |  | $ | 688.5 |  |  | $ | — |  |  | $ | 414.6 |  |  | $ | 4.1 |  |  | $ | — |  |  | $ | 1,107.2 |
Equity method investments |  | 16.3 |  |  | — |  |  | — |  |  | 16.3 |  |  | 2,149.0 |  |  | — |  |  | 68.6 |  |  | — |  |  | 2,233.9 |
Total assets (2) |  | 30,836.9 |  |  | 8,344.2 |  |  | 1,638.1 |  |  | 40,819.2 |  |  | 2,159.4 |  |  | 7,886.4 |  |  | 1,243.2 |  |  | (3,876.1) |  |  | 48,232.1 |
(1)Includes amounts that are not material for interest income and other equity earnings from investments other than from transmission affiliates. (2) Total assets at March 31, 2025 reflect an elimination of $2,648.6 million for all lease activity between We Power and WE.
|  | 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 March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External revenues |  | $ | 1,778.8 |  |  | $ | 666.0 |  |  | $ | 184.6 |  |  | $ | 2,629.4 |  |  | $ | — |  |  | $ | 50.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,680.2 |
Intersegment revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 120.1 |  |  | — |  |  | (120.1) |  |  | — |
Fuel and purchased power |  | 349.2 |  |  | — |  |  | — |  |  | 349.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 349.2 |
Cost of natural gas sold |  | 301.8 |  |  | 194.7 |  |  | 90.8 |  |  | 587.3 |  |  | — |  |  | 4.8 |  |  | — |  |  | (14.2) |  |  | 577.9 |
Other operation and maintenance |  | 389.9 |  |  | 107.0 |  |  | 20.6 |  |  | 517.5 |  |  | — |  |  | 18.2 |  |  | (3.4) |  |  | (1.5) |  |  | 530.8 |
Depreciation and amortization |  | 224.6 |  |  | 63.5 |  |  | 11.4 |  |  | 299.5 |  |  | — |  |  | 49.1 |  |  | 5.6 |  |  | (20.8) |  |  | 333.4 |
Property and revenue taxes |  | 47.3 |  |  | 18.1 |  |  | 6.2 |  |  | 71.6 |  |  | — |  |  | 3.8 |  |  | 0.1 |  |  | — |  |  | 75.5 |
Equity in earnings of transmission affiliates |  | — |  |  | — |  |  | — |  |  | — |  |  | 44.8 |  |  | — |  |  | — |  |  | — |  |  | 44.8 |
Other income, net (1) |  | 33.4 |  |  | 1.9 |  |  | — |  |  | 35.3 |  |  | — |  |  | — |  |  | 15.5 |  |  | (6.7) |  |  | 44.1 |
Interest expense |  | 157.8 |  |  | 25.0 |  |  | 4.0 |  |  | 186.8 |  |  | 4.8 |  |  | 24.1 |  |  | 66.6 |  |  | (90.3) |  |  | 192.0 |
Income tax expense (benefit) |  | 74.9 |  |  | 72.1 |  |  | 13.0 |  |  | 160.0 |  |  | 9.9 |  |  | (23.4) |  |  | (58.8) |  |  | — |  |  | 87.7 |
Preferred stock dividends of subsidiary |  | 0.3 |  |  | — |  |  | — |  |  | 0.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.3 |
Net income attributed to common shareholders |  | $ | 266.4 |  |  | $ | 187.5 |  |  | $ | 38.6 |  |  | $ | 492.5 |  |  | $ | 30.1 |  |  | $ | 94.3 |  |  | $ | 5.4 |  |  | $ | — |  |  | $ | 622.3 |
Other Segment Disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures and asset acquisitions |  | $ | 330.8 |  |  | $ | 75.7 |  |  | $ | 18.1 |  |  | $ | 424.6 |  |  | $ | — |  |  | $ | 17.3 |  |  | $ | 2.6 |  |  | $ | — |  |  | $ | 444.5 |
Equity method investments |  | 14.5 |  |  | — |  |  | — |  |  | 14.5 |  |  | 2,027.1 |  |  | — |  |  | 65.2 |  |  | — |  |  | 2,106.8 |
Total assets (2) |  | 28,546.7 |  |  | 7,956.4 |  |  | 1,557.4 |  |  | 38,060.5 |  |  | 2,027.2 |  |  | 6,320.8 |  |  | 1,114.2 |  |  | (3,595.5) |  |  | 43,927.2 |
(1)Includes amounts that are not material for interest income and other equity earnings from investments other than from transmission affiliates. (2) Total assets at March 31, 2024 reflect an elimination of $2,719.3 million for all lease activity between We Power and WE.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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