Company Quick10K Filing
WEC Energy Group
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-08-01
10-Q 2013-03-31 Filed 2013-05-02
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-01
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-05-05
10-Q 2010-09-30 Filed 2010-10-27
10-Q 2010-06-30 Filed 2010-07-30
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-06-29 Officers, Exhibits
8-K 2020-06-09
8-K 2020-05-20
8-K 2020-05-15
8-K 2020-05-06
8-K 2020-05-04
8-K 2020-04-16
8-K 2020-04-01
8-K 2020-03-31
8-K 2020-03-30
8-K 2020-03-25
8-K 2020-03-03
8-K 2020-02-19
8-K 2020-01-31
8-K 2020-01-30
8-K 2020-01-08
8-K 2019-12-20
8-K 2019-12-11
8-K 2019-12-05
8-K 2019-11-08
8-K 2019-11-06
8-K 2019-09-03
8-K 2019-08-22
8-K 2019-08-12
8-K 2019-08-05
8-K 2019-07-23
8-K 2019-07-18
8-K 2019-05-20
8-K 2019-05-02
8-K 2019-04-25
8-K 2019-04-08
8-K 2019-03-06
8-K 2019-03-04
8-K 2019-02-12
8-K 2019-02-12
8-K 2019-01-17
8-K 2019-01-09
8-K 2018-12-06
8-K 2018-11-09
8-K 2018-11-08
8-K 2018-10-31
8-K 2018-10-08
8-K 2018-09-06
8-K 2018-09-04
8-K 2018-08-08
8-K 2018-07-31
8-K 2018-06-19
8-K 2018-06-04
8-K 2018-05-14
8-K 2018-05-03
8-K 2018-05-01
8-K 2018-04-02
8-K 2018-03-29
8-K 2018-03-14
8-K 2018-02-12
8-K 2018-01-31
8-K 2018-01-10
8-K 2018-01-09

WEC 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - General Information
Note 2 - Acquisitions
Note 3 - Operating Revenues
Note 4 - Credit Losses
Note 5 - Regulatory Assets and Liabilities
Note 6 - Common Equity
Note 7 - Short - Term Debt and Lines of Credit
Note 8 - Long - Term Debt
Note 9 - Materials, Supplies, and Inventories
Note 10 - Income Taxes
Note 11 - Fair Value Measurements
Note 12 - Derivative Instruments
Note 13 - Guarantees
Note 14 - Employee Benefits
Note 15 - Goodwill
Note 16 - Investment in Transmission Affiliates
Note 17 - Segment Information
Note 18 - Variable Interest Entities
Note 19 - Commitments and Contingencies
Note 20 - Supplemental Cash Flow Information
Note 21 - Regulatory Environment
Note 22 - New Accounting Pronouncements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 a2020q1wec10qexhibit311.htm
EX-31.2 a2020q1wec10qexhibit312.htm
EX-32.1 a2020q1wec10qexhibit321.htm
EX-32.2 a2020q1wec10qexhibit322.htm

WEC Energy Group Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
35282114702012201420172020
Assets, Equity
2.41.91.41.00.50.02012201420172020
Rev, G Profit, Net Income
1.30.70.1-0.4-1.0-1.62012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to ___________________

Commission
File Number
 
Registrant; State of Incorporation;
Address; and Telephone Number
 
IRS Employer
Identification No.
 
 
image0a19.jpg
 
 
001-09057
 
WEC ENERGY GROUP, INC.
 
39-1391525
(A Wisconsin Corporation)
231 West Michigan Street
P.O. Box 1331
Milwaukee, WI 53201
(414) 221-2345


Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
 
Trading Symbol(s)
 
Name of Each Exchange on Which Registered
Common Stock, $.01 Par Value
 
WEC
 
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 

Yes     No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes     No




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
Accelerated filer
 
 
Non-accelerated filer
 
Smaller reporting company
 
 
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes     No

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date (March 31, 2020):

Common Stock, $.01 Par Value, 315,434,531 shares outstanding
 



WEC ENERGY GROUP, INC.
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended March 31, 2020
TABLE OF CONTENTS
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


03/31/2020 Form 10-Q
i
WEC Energy Group, Inc.



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
Bishop Hill III
 
Bishop Hill Energy III LLC
Bluewater
 
Bluewater Natural Gas Holding, LLC
Coyote Ridge
 
Coyote Ridge Wind, LLC
Integrys
 
Integrys Holding, Inc.
MERC
 
Minnesota Energy Resources Corporation
MGU
 
Michigan Gas Utilities Corporation
NSG
 
North Shore Gas Company
PDL
 
WPS Power Development, LLC
PGL
 
The Peoples Gas Light and Coke Company
UMERC
 
Upper Michigan Energy Resources Corporation
Upstream
 
Upstream Wind Energy LLC
WE
 
Wisconsin Electric Power Company
We Power
 
W.E. Power, LLC
WEC Energy Group
 
WEC Energy Group, Inc.
WECI
 
WEC Infrastructure LLC
WG
 
Wisconsin Gas LLC
WPS
 
Wisconsin Public Service Corporation
 
 
 
Federal and State Regulatory Agencies
EPA
 
United States Environmental Protection Agency
FERC
 
Federal Energy Regulatory Commission
ICC
 
Illinois Commerce Commission
IEPA
 
Illinois Environmental Protection Agency
MPSC
 
Michigan Public Service Commission
PSCW
 
Public Service Commission of Wisconsin
SEC
 
United States Securities and Exchange Commission
 
 
 
Accounting Terms
AFUDC
 
Allowance for Funds Used During Construction
ASU
 
Accounting Standards Update
FASB
 
Financial Accounting Standards Board
GAAP
 
United States Generally Accepted Accounting Principles
LIFO
 
Last-In, First-Out
OPEB
 
Other Postretirement Employee Benefits
 
 
 
Environmental Terms
ACE
 
Affordable Clean Energy
BATW
 
Bottom Ash Transport Water
BSER
 
Best System of Emission Reduction
BTA
 
Best Technology Available
CAA
 
Clean Air Act
CO2
 
Carbon Dioxide
ELG
 
Steam Electric Effluent Limitation Guidelines
FGD
 
Flue Gas Desulfurization
GHG
 
Greenhouse Gas

03/31/2020 Form 10-Q
ii
WEC Energy Group, Inc.


GMZ
 
Groundwater Management Zone
MATS
 
Mercury and Air Toxics Standards
NOV
 
Notice of Violation
RTR
 
Risk and Technology Review
VN
 
Violation Notice
 
 
 
Measurements
Dth
 
Dekatherm
MW
 
Megawatt
MWh
 
Megawatt-hour
 
 
 
Other Terms and Abbreviations
2007 Junior Notes
 
WEC Energy Group, Inc.'s 2007 Junior Subordinated Notes Due 2067
AG
 
Attorney General
AMI
 
Advanced Metering Infrastructure
Badger Hollow I
 
Badger Hollow Solar Farm I
Badger Hollow II
 
Badger Hollow Solar Farm II
Blooming Grove
 
Blooming Grove Wind Energy Center LLC
CDC
 
Centers for Disease Control and Prevention
COVID-19
 
Coronavirus Disease – 2019
D.C. Circuit Court of Appeals
 
United States Court of Appeals for the District of Columbia Circuit
ERGS
 
Elm Road Generating Station
Exchange Act
 
Securities Exchange Act of 1934, as amended
FTR
 
Financial Transmission Rights
LIBOR
 
London Interbank Offered Rate
LNG
 
Liquefied Natural Gas
MISO
 
Midcontinent Independent System Operator, Inc.
OCPP
 
Oak Creek Power Plant
OC 5
 
Oak Creek Power Plant Unit 5
OC 6
 
Oak Creek Power Plant Unit 6
OC 7
 
Oak Creek Power Plant Unit 7
OC 8
 
Oak Creek Power Plant Unit 8
PIPP
 
Presque Isle Power Plant
QIP
 
Qualifying Infrastructure Plant
ROE
 
Return on Equity
SMP
 
Natural Gas System Modernization Program
SSR
 
System Support Resource
Tax Legislation
 
Tax Cuts and Jobs Act of 2017
Thunderhead
 
Thunderhead Wind Energy LLC
Tilden
 
Tilden Mining Company
Two Creeks
 
Two Creeks Solar Project
WHO
 
World Health Organization


03/31/2020 Form 10-Q
iii
WEC Energy Group, Inc.


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

In this report, we make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. These statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements may be identified by reference to a future period or periods or by the use of terms such as "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goals," "guidance," "intends," "may," "objectives," "plans," "possible," "potential," "projects," "seeks," "should," "targets," "will," or variations of these terms.

Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding earnings, completion of capital projects, sales and customer growth, rate actions and related filings with regulatory authorities, environmental and other regulations and associated compliance costs, legal proceedings, dividend payout ratios, effective tax rates, pension and OPEB plans, fuel costs, sources of electric energy supply, coal and natural gas deliveries, remediation costs, environmental matters, liquidity and capital resources, and other matters.

Forward-looking statements are subject to a number of risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in the statements. These risks and uncertainties include those described in risk factors as set forth in this report and our 2019 Annual Report on Form 10-K, and those identified below:

Factors affecting utility operations such as catastrophic weather-related damage, environmental incidents, unplanned facility outages and repairs and maintenance, and electric transmission or natural gas pipeline system constraints;

Factors affecting the demand for electricity and natural gas, including political developments, unusual weather, changes in economic conditions, customer growth and declines, commodity prices, energy conservation efforts, and continued adoption of distributed generation by customers;

The timing, resolution, and impact of rate cases and negotiations, including recovery of deferred and current costs and the ability to earn a reasonable return on investment, and other regulatory decisions impacting our regulated operations;

The impact of the COVID-19 outbreak on our business functions, financial condition, liquidity, and results of operations;

The impact of recent and future federal, state, and local legislative and/or regulatory changes, including changes in rate-setting policies or procedures, deregulation and restructuring of the electric and/or natural gas utility industries, transmission or distribution system operation, the approval process for new construction, reliability standards, pipeline integrity and safety standards, allocation of energy assistance, energy efficiency mandates, and tax laws, including the Tax Legislation as well as those that affect our ability to use production tax credits and investment tax credits;

Federal and state legislative and regulatory changes relating to the environment, including climate change and other environmental regulations impacting generation facilities and renewable energy standards, the enforcement of these laws and regulations, changes in the interpretation of regulations or permit conditions by regulatory agencies, and the recovery of associated remediation and compliance costs;

The ability to obtain and retain customers, including wholesale customers, due to increased competition in our electric and natural gas markets from retail choice and alternative electric suppliers, and continued industry consolidation;

The timely completion of capital projects within budgets and the ability to recover the related costs through rates;

Factors affecting the implementation of our generation reshaping plan, including related regulatory decisions, the cost of materials, supplies, and labor, and the feasibility of competing projects;

The financial and operational feasibility of taking more aggressive action to further reduce GHG emissions in order to limit future global temperature increases;

The risks associated with changing commodity prices, particularly natural gas and electricity, and the availability of sources of natural gas and other fossil fuels, purchased power, materials needed to operate environmental controls at our electric generating facilities, or water supply due to high demand, shortages, transportation problems, nonperformance by electric energy or natural gas suppliers under existing power purchase or natural gas supply contracts, or other developments;

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WEC Energy Group, Inc.



Changes in credit ratings, interest rates, and our ability to access the capital markets, caused by volatility in the global credit markets, our capitalization structure, and market perceptions of the utility industry, us, or any of our subsidiaries;

Changes in the method of determining LIBOR or the replacement of LIBOR with an alternative reference rate;

Costs and effects of litigation, administrative proceedings, investigations, settlements, claims, and inquiries;

The direct or indirect effect on our business resulting from terrorist attacks and cyber security intrusions, as well as the threat of such incidents, including the failure to maintain the security of personally identifiable information, the associated costs to protect our utility assets, technology systems, and personal information, and the costs to notify affected persons to mitigate their information security concerns and to comply with state notification laws;

Restrictions imposed by various financing arrangements and regulatory requirements on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans or advances, that could prevent us from paying our common stock dividends, taxes, and other expenses, and meeting our debt obligations;

The risk of financial loss, including increases in bad debt expense, associated with the inability of our customers, counterparties, and affiliates to meet their obligations;

Changes in the creditworthiness of the counterparties with whom we have contractual arrangements, including participants in the energy trading markets and fuel suppliers and transporters;

The financial performance of ATC and its corresponding contribution to our earnings;

The investment performance of our employee benefit plan assets, as well as unanticipated changes in related actuarial assumptions, which could impact future funding requirements;

Factors affecting the employee workforce, including loss of key personnel, internal restructuring, work stoppages, and collective bargaining agreements and negotiations with union employees;

Advances in technology, and related legislation or regulation supporting the use of that technology, that result in competitive disadvantages and create the potential for impairment of existing assets;

The risk associated with the values of goodwill and other intangible assets and their possible impairment;

Potential business strategies to acquire and dispose of assets or businesses, which cannot be assured to be completed timely or within budgets, and legislative or regulatory restrictions or caps on non-utility acquisitions, investments or projects, including the State of Wisconsin's public utility holding company law;

The timing and outcome of any audits, disputes, and other proceedings related to taxes;

The ability to maintain effective internal controls in accordance with Section 404 of the Sarbanes-Oxley Act, while both integrating and continuing to consolidate our enterprise systems;

The effect of accounting pronouncements issued periodically by standard-setting bodies; and

Other considerations disclosed elsewhere herein and in other reports we file with the SEC or in other publicly disseminated written documents.

We expressly disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.


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WEC Energy Group, Inc.


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

WEC ENERGY GROUP, INC.

CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited)
 
Three Months Ended
 
 
March 31
(in millions, except per share amounts)
 
2020

2019
Operating revenues
 
$
2,108.6

 
$
2,377.4

 
 
 
 
 
Operating expenses
 
 
 
 
Cost of sales
 
734.7

 
1,009.6

Other operation and maintenance
 
455.7

 
550.6

Depreciation and amortization
 
239.1

 
226.4

Property and revenue taxes
 
52.5

 
48.0

Total operating expenses
 
1,482.0

 
1,834.6

 
 
 
 
 
Operating income
 
626.6

 
542.8

 
 
 
 
 
Equity in earnings of transmission affiliates
 
39.8

 
36.1

Other income, net
 
5.6

 
30.9

Interest expense
 
129.4

 
124.4

Other expense
 
(84.0
)
 
(57.4
)
 
 
 
 
 
Income before income taxes
 
542.6

 
485.4

Income tax expense
 
90.0


65.0

Net income
 
452.6


420.4

 
 
 
 
 
Preferred stock dividends of subsidiary
 
0.3


0.3

Net loss attributed to noncontrolling interests
 
0.2

 

Net income attributed to common shareholders
 
$
452.5

 
$
420.1

 
 
 
 
 
Earnings per share
 
 
 
 
Basic
 
$
1.43

 
$
1.33

Diluted
 
$
1.43

 
$
1.33

 
 
 
 
 
Weighted average common shares outstanding
 
 
 
 
Basic
 
315.4

 
315.5

Diluted
 
316.7

 
316.7


The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.


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WEC Energy Group, Inc.


WEC ENERGY GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
 
Three Months Ended
 
 
March 31
(in millions)
 
2020
 
2019
Net income
 
$
452.6

 
$
420.4

 
 
 
 
 
Other comprehensive income (loss), net of tax
 
 
 
 
Derivatives accounted for as cash flow hedges
 
 
 
 
Net derivative losses, net of tax benefits of $(1.3) and $(0.4), respectively
 
(3.4
)
 
(1.2
)
Reclassification of net loss (gains) to net income, net of tax
 
0.1

 
(0.3
)
Cash flow hedges, net
 
(3.3
)
 
(1.5
)
 
 
 
 
 
Defined benefit plans
 
 
 
 
Amortization of pension and OPEB costs included in net periodic benefit cost, net of tax
 
0.3

 
0.1

 
 
 
 
 
Other comprehensive loss, net of tax
 
(3.0
)
 
(1.4
)
 
 
 
 
 
Comprehensive income
 
449.6

 
419.0

 
 
 
 
 
Preferred stock dividends of subsidiary
 
0.3

 
0.3

Comprehensive loss attributed to noncontrolling interests
 
0.2

 

Comprehensive income attributed to common shareholders
 
$
449.5

 
$
418.7


The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.


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WEC Energy Group, Inc.


WEC ENERGY GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions, except share and per share amounts)
 
March 31, 2020
 
December 31, 2019
Assets
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
15.4

 
$
37.5

Accounts receivable and unbilled revenues, net of reserves of $164.8 and $140.0, respectively
 
1,176.9

 
1,176.5

Materials, supplies, and inventories
 
391.1

 
549.8

Prepayments
 
200.0

 
261.8

Other
 
61.9

 
68.0

Current assets
 
1,845.3

 
2,093.6

 
 
 
 
 
Long-term assets
 
 
 
 
Property, plant, and equipment, net of accumulated depreciation and amortization of $9,042.3 and $8,878.7, respectively
 
23,797.1

 
23,620.1

Regulatory assets
 
3,566.1

 
3,506.7

Equity investment in transmission affiliates
 
1,717.7

 
1,720.8

Goodwill
 
3,052.8

 
3,052.8

Other
 
853.2

 
957.8

Long-term assets
 
32,986.9

 
32,858.2

Total assets
 
$
34,832.2

 
$
34,951.8

 
 
 
 
 
Liabilities and Equity
 
 
 
 
Current liabilities
 
 
 
 
Short-term debt
 
$
827.2

 
$
830.8

Current portion of long-term debt
 
694.3

 
693.2

Accounts payable
 
597.9

 
908.1

Accrued payroll and benefits
 
128.6

 
199.8

Amounts refundable to customers
 
155.8

 
87.6

Other
 
443.9

 
463.2

Current liabilities
 
2,847.7

 
3,182.7

 
 
 
 
 
Long-term liabilities
 
 
 
 
Long-term debt
 
11,194.7

 
11,211.0

Deferred income taxes
 
3,870.0

 
3,769.3

Deferred revenue, net
 
428.5

 
497.1

Regulatory liabilities
 
3,987.1

 
3,992.8

Environmental remediation liabilities
 
589.4

 
589.2

Pension and OPEB obligations
 
324.2

 
326.2

Other
 
1,106.0

 
1,128.9

Long-term liabilities
 
21,499.9

 
21,514.5

 
 
 
 
 
Commitments and contingencies (Note 19)
 

 

 
 
 
 
 
Common shareholders' equity
 
 
 
 
Common stock – $0.01 par value; 325,000,000 shares authorized; 315,434,531 shares outstanding
 
3.2

 
3.2

Additional paid in capital
 
4,167.3

 
4,186.6

Retained earnings
 
6,180.7

 
5,927.7

Accumulated other comprehensive loss
 
(7.1
)
 
(4.1
)
Common shareholders' equity
 
10,344.1

 
10,113.4

 
 
 
 
 
Preferred stock of subsidiary
 
30.4

 
30.4

Noncontrolling interests
 
110.1

 
110.8

Total liabilities and equity
 
$
34,832.2

 
$
34,951.8


The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.

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WEC Energy Group, Inc.


WEC ENERGY GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
Three Months Ended
 
 
March 31
(in millions)
 
2020

2019
Operating activities
 
 
 
 
Net income
 
$
452.6


$
420.4

Reconciliation to cash provided by operating activities
 
 
 
 
Depreciation and amortization
 
239.1


226.4

Deferred income taxes and investment tax credits, net
 
92.1


17.2

Contributions and payments related to pension and OPEB plans
 
(3.7
)
 
(4.2
)
Change in –
 
 
 
 
Accounts receivable and unbilled revenues
 
(3.5
)
 
(124.3
)
Materials, supplies, and inventories
 
158.7

 
218.3

Other current assets
 
65.4

 
125.1

Accounts payable
 
(250.1
)
 
(204.3
)
Other current liabilities
 
(27.7
)
 
54.6

Other, net
 
(32.4
)
 
6.5

Net cash provided by operating activities
 
690.5

 
735.7

 
 
 
 
 
Investing activities
 
 
 
 
Capital expenditures
 
(496.1
)

(358.8
)
Acquisition of Upstream, net of cash and restricted cash acquired of $9.2
 

 
(268.2