SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2024

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 March 31, 2024, 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 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.

•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 LLC, 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 months ended March 31, 2024 and 2023:

	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)		—
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
Equity in earnings of transmission affiliates	—		—		—		—		44.8		—		—		—		44.8
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
Net income	266.7		187.5		38.6		492.8		30.1		94.3		5.4		—		622.6
Net income attributed to common shareholders	266.4		187.5		38.6		492.5		30.1		94.3		5.4		—		622.3

	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, 2023
External revenues	$	1,996.3	$	599.7	$	250.0	$	2,846.0	$	—	$	42.1	$	—	$	—	$	2,888.1
Intersegment revenues	—		—		—		—		—		124.1		—		(124.1)		—
Other operation and maintenance	380.8		113.7		24.7		519.2		—		17.8		(1.4)		(1.6)		534.0
Depreciation and amortization	207.3		58.5		10.4		276.2		—		42.7		5.1		(18.5)		305.5
Equity in earnings of transmission affiliates	—		—		—		—		43.8		—		—		—		43.8
Interest expense	150.6		21.6		4.2		176.4		4.8		19.9		55.6		(84.5)		172.2
Income tax expense (benefit)	65.9		42.0		11.2		119.1		9.7		(17.8)		(36.9)		—		74.1
Net income (loss)	257.5		113.1		33.2		403.8		29.3		88.3		(13.8)		—		507.6
Net income (loss) attributed to common shareholders	257.2		113.1		33.2		403.5		29.3		88.5		(13.8)		—		507.5