WEC Energy Group, Inc. (WEC) Financial Statements (2024 and earlier)

Company Profile

Business Address 231 W MICHIGAN ST
MILWAUKEE, WI 53201
State of Incorp. WI
Fiscal Year End December 31
Industry (SIC) 4931 - Electric and Other Services Combined (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in millions)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments291625388539
Cash and cash equivalents291625388539
Restricted cash and investments26     
Receivables1,8181,5061,2031,1771,2811,351
Inventory, net of allowances, customer advances and progress billings807636529550548539
Inventory807636529550548539
Prepaid expense272246263262257210
Derivative instruments and hedges, assets      
Regulatory asset      
Other current assets26225363687775
Other undisclosed current assets(26)     
Total current assets:3,1882,6572,0832,0942,2482,214
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization 175   
Operating lease, right-of-use asset 16   
Property, plant and equipment29,11426,98225,70723,62022,00121,347
Long-term investments and receivables1,9091,7891,7641,7211,6651,553
Long-term investments1,9091,7891,7641,7211,6651,553
Intangible assets, net (including goodwill)3,0783,0533,0533,0533,0533,054
Goodwill3,0533,0533,0533,0533,0533,054
Intangible assets, net (excluding goodwill)25     
Derivative instruments and hedges1613    
Regulated entity, other noncurrent assets3,3463,3433,5243,5073,8052,803
Restricted cash and investments12852    
Other noncurrent assets427361897958704620
Other undisclosed noncurrent assets476739    
Total noncurrent assets:38,68436,33234,94532,85831,22829,377
TOTAL ASSETS:41,87238,98937,02834,95233,47631,591
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities1,1981,0061,0551,1081,0621,029
Employee-related liabilities 174200185169
Accounts payable1,1981,006881908876860
Debt2,5282,0662,5631,5241,8052,287
Other liabilities885681531551465554
Total current liabilities:4,6113,7534,1483,1833,3323,869
Noncurrent Liabilities
Long-term debt and lease obligation, including:14,76613,52411,72811,2119,9948,770
Long-term debt, excluding current maturities 14,65613,47211,67311,171 8,747
Capital lease obligations1823
Finance lease, liability 111515540
Other undisclosed long-term debt and lease obligation   (37)9,976 
Liabilities, other than long-term debt10,87810,59910,4896,5389,7899,483
Deferred revenue and credits543
Deferred revenue371389412497
Deferred tax liabilities, net3,3883,000
Deferred income tax liabilities4,6264,3094,060 
Liability, pension and other postretirement and postemployment benefits 172219327326423397
Accrued environmental loss contingencies500533533589616617
Regulatory liability3,7363,9463,9283,9934,2523,719
Other liabilities1,4751,2031,2291,1291,1081,206
Operating lease, liability    37
Derivative instruments and hedges, liabilities   42 
Other undisclosed noncurrent liabilities   3,765518(23)
Total noncurrent liabilities:25,64524,12222,21821,51520,30118,229
Total liabilities:30,25627,87526,36624,69723,63322,099
Equity
Equity, attributable to parent11,40710,94410,50010,1449,8199,492
Preferred stock303030303030
Common stock333333
Additional paid in capital4,1154,1384,1444,1874,2504,279
Accumulated other comprehensive income (loss)(7)(3)(7)(4)(3)3
Retained earnings7,2656,7756,3305,9285,5385,177
Equity, attributable to noncontrolling interest20917016211123 
Total equity:11,61711,11310,66310,2559,8439,492
TOTAL LIABILITIES AND EQUITY:41,87238,98937,02834,95233,47631,591

Income Statement (P&L) ($ in millions)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues9,5978,3167,2427,5237,6807,649
Cost of revenue(5,393)(4,260)(3,130)(3,528)(3,668)(5,571)
Cost of goods and services sold(4,359)(3,311)(2,320)(2,679)(2,898)(2,823)
Gross profit:4,2044,0564,1123,9954,0122,077
Operating expenses(2,280)(2,341)(2,406)(2,464)(2,543)(292)
Operating income:1,9241,7151,7061,5311,4681,785
Nonoperating expense(192)(216)(277)(272)(238)(197)
Other nonoperating income129133801027065
Interest and debt expense(515)(36)(38)(502)(445)(416)
Income from continuing operations before equity method investments, income taxes:1,2181,4631,3917587851,173
Other undisclosed income from continuing operations before income taxes5153638502445416
Income from continuing operations before income taxes:1,7331,4991,4291,2601,2301,588
Income tax expense(323)(200)(228)(125)(170)(384)
Income from continuing operations:1,4101,2991,2011,1351,0611,205
Income before gain (loss) on sale of properties:1,2991,2011,1351,0611,205
Net income:1,4101,2991,2011,1351,0611,205
Net income (loss) attributable to noncontrolling interest(0)3(0)1  
Net income attributable to parent:1,4091,3021,2011,1351,0611,205
Preferred stock dividends and other adjustments(1)(1)(1)   
Other undisclosed net loss available to common stockholders, basic    (1)(1)(1)
Net income available to common stockholders, diluted:1,4081,3001,2001,1341,0591,204

Comprehensive Income ($ in millions)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:1,4101,2991,2011,1351,0611,205
Other comprehensive income (loss)(4)4(3)(2)(6)(1)
Other undisclosed comprehensive income (loss)     1
Comprehensive income:1,4061,3021,1991,1331,0551,205
Comprehensive income (loss), net of tax, attributable to noncontrolling interest(0)3(0)1  
Other undisclosed comprehensive loss, net of tax, attributable to parent(1)(1)(1)(1)(1)(1)
Comprehensive income, net of tax, attributable to parent:1,4051,3041,1971,1331,0541,204

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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