WEC Energy Group Files Q3 2024 10-Q
Ticker: WEC · Form: 10-Q · Filed: Nov 1, 2024 · CIK: 783325
Sentiment: neutral
Topics: 10-Q, utilities, financials
TL;DR
WEC Energy Group's Q3 2024 10-Q is in. Financials look steady.
AI Summary
WEC Energy Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operational updates. Key financial figures and business segments are presented, reflecting the company's ongoing operations in the energy sector.
Why It Matters
This filing provides investors and analysts with the latest financial data for WEC Energy Group, crucial for understanding the company's performance and future outlook in the utility sector.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a publicly traded company.
Key Players & Entities
- WEC Energy Group, Inc. (company) — Filer of the 10-Q
- 20240930 (date) — Period of report
- 20241101 (date) — Filing date
- MILWAUKEE (location) — Company headquarters city
- WI (location) — Company headquarters state
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 1, 2024.
What is the company's Central Index Key (CIK)?
The company's Central Index Key (CIK) is 0000783325.
What is the Standard Industrial Classification (SIC) code for WEC Energy Group?
The SIC code for WEC Energy Group is 4931, for Electric & Other Services Combined.
What was the former name of WEC Energy Group?
The former name of WEC Energy Group was Wisconsin Energy Corp, with a date of name change on July 3, 1992.
Filing Stats: 4,418 words · 18 min read · ~15 pages · Grade level 10.2 · Accepted 2024-11-01 10:48:52
Filing Documents
- wec-20240930.htm (10-Q) — 4050KB
- a2024q3wec10qexhibit311.htm (EX-31.1) — 11KB
- a2024q3wec10qexhibit312.htm (EX-31.2) — 11KB
- a2024q3wec10qexhibit321.htm (EX-32.1) — 4KB
- a2024q3wec10qexhibit322.htm (EX-32.2) — 4KB
- wec-20240930_g1.jpg (GRAPHIC) — 40KB
- 0000107815-24-000248.txt ( ) — 18402KB
- wec-20240930.xsd (EX-101.SCH) — 102KB
- wec-20240930_cal.xml (EX-101.CAL) — 92KB
- wec-20240930_def.xml (EX-101.DEF) — 599KB
- wec-20240930_lab.xml (EX-101.LAB) — 1056KB
- wec-20240930_pre.xml (EX-101.PRE) — 884KB
- wec-20240930_htm.xml (XML) — 3896KB
FINANCIAL STATEMENTS (UNAUDITED)
FINANCIAL STATEMENTS (UNAUDITED) 4 Condensed Consolidated Income Statements 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Cash Flows 7 Condensed Consolidated Statements of Equity 8 Notes to Condensed Consolidated Financial Statements 10 Page Note 1 General Information 10 Note 2 Acquisitions 10 Note 3 Disposition 11 Note 4 Operating Revenues 12 Note 5 Credit Losses 15 Note 6 Regulatory Assets and Liabilities 18 Note 7 Property, Plant, and Equipment 19 Note 8 Asset Retirement Obligations 19 Note 9 Common Equity 20 Note 10 Short-Term Debt and Lines of Credit 21 Note 11 Long-Term Debt 22 Note 12 Leases 24 Note 13 Materials, Supplies, and Inventories 24 Note 14 Income Taxes 25 Note 15 Fair Value Measurements 26 Note 16 Derivative Instruments 28 Note 17 Guarantees 29 Note 18 Employee Benefits 30 Note 19 Goodwill and Intangibles 30 Note 20 Investment in Transmission Affiliates 32 Note 21 Segment Information 33 Note 22 Variable Interest Entities 35 Note 23 Commitments and Contingencies 37 Note 24 Supplemental Cash Flow Information 41 Note 25 Regulatory Environment 42 Note 26 New Accounting Pronouncements 45 ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 46 ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 90 ITEM 4.
CONTROLS AND PROCEDURES
CONTROLS AND PROCEDURES 90 PART II. OTHER INFORMATION 91 ITEM 1.
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS 91 ITEM 1A.
RISK FACTORS
RISK FACTORS 91 ITEM 5. OTHER INFORMATION 91 ITEM 6. EXHIBITS 92 SIGNATURE 93 09/30/2024 Form 10-Q i WEC Energy Group, Inc. Table of Contents GLOSSARY OF TERMS AND ABBREVIATIONS The abbreviations and terms set forth below are used throughout this report and have the meanings assigned to them below: Subsidiaries and Affiliates ATC American Transmission Company LLC ATC Holdco ATC Holdco LLC Blooming Grove Blooming Grove Wind Energy Center LLC Bluewater Bluewater Natural Gas Holding, LLC Integrys Integrys Holding, Inc. Jayhawk Jayhawk Wind, LLC MERC Minnesota Energy Resources Corporation MGU Michigan Gas Utilities Corporation NSG North Shore Gas Company PGL The Peoples Gas Light and Coke Company Samson I Samson I Solar Energy Center LLC Sapphire Sky Sapphire Sky Wind Energy LLC Tatanka Ridge Tatanka Ridge Wind LLC UMERC Upper Michigan Energy Resources Corporation WBS WEC Business Services LLC WE Wisconsin Electric Power Company We Power W.E. Power, LLC WEC Energy Group WEC Energy Group, Inc. WECI WEC Infrastructure LLC WEPCo Environmental Trust WEPCo Environmental Trust Finance I, LLC WG Wisconsin Gas LLC Wispark Wispark LLC WPS Wisconsin Public Service Corporation Federal and State Regulatory Agencies CBP United States Customs and Border Protection Agency DOC United States Department of Commerce EPA United States Environmental Protection Agency FERC Federal Energy Regulatory Commission ICC Illinois Commerce Commission IRS United States Internal Revenue Service MPSC Michigan Public Service Commission MPUC Minnesota Public Utilities Commission PSCW Public Service Commission of Wisconsin SEC United States Securities and Exchange Commission USITC United States International Trade Commission WDNR Wisconsin Department of Natural Resources Accounting Terms AFUDC Allowance for Funds Used During Construction ARO Asset Retirement Obligation ASC Accounting Standards Codification ASU Accounting Standards Upda
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS WEC ENERGY GROUP, INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) Three Months Ended Nine Months Ended September 30 September 30 (in millions, except per share amounts) 2024 2023 2024 2023 Operating revenues $ 1,863.5 $ 1,957.4 $ 6,315.7 $ 6,675.5 Operating expenses Cost of sales 520.8 587.4 1,917.6 2,430.1 Other operation and maintenance 566.8 516.6 1,631.0 1,546.6 Depreciation and amortization 340.5 320.3 1,010.5 939.7 Property and revenue taxes 51.7 61.1 194.7 192.5 Total operating expenses 1,479.8 1,485.4 4,753.8 5,108.9 Operating income 383.7 472.0 1,561.9 1,566.6 Equity in earnings of transmission affiliates 46.7 44.7 138.3 132.1 Other income, net 44.0 41.8 128.7 130.9 Interest expense 204.2 182.5 596.8 533.4 Other expense ( 113.5 ) ( 96.0 ) ( 329.8 ) ( 270.4 ) Income before income taxes 270.2 376.0 1,232.1 1,296.2 Income tax expense 31.6 60.4 160.9 183.0 Net income 238.6 315.6 1,071.2 1,113.2 Preferred stock dividends of subsidiary 0.3 0.3 0.9 0.9 Net loss attributed to noncontrolling interests 1.8 0.7 3.4 0.9 Net income attributed to common shareholders $ 240.1 $ 316.0 $ 1,073.7 $ 1,113.2 Earnings per share Basic $ 0.76 $ 1.00 $ 3.40 $ 3.53 Diluted $ 0.76 $ 1.00 $ 3.40 $ 3.52 Weighted average common shares outstanding Basic 316.2 315.4 315.9 315.4 Diluted 316.5 315.8 316.2 315.9 The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements. 09/30/2024 Form 10-Q 4 WEC Energy Group, Inc. Table of Contents WEC ENERGY GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended Nine Months Ended September 30 September 30 (in millions) 2024 2023 2024 2023 Net income $ 238.6 $ 315.6 $ 1,071.2 $ 1,113.2 Other comprehensive loss, net of tax Derivatives accounted for as cash flow hedges Reclassification of realized derivative gains to net income, net of tax ( 0.1 ) ( 0.1 ) ( 0