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Schedule I - Condensed Parent Company Financial Statements
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE I - CONDENSED PARENT COMPANY FINANCIAL STATEMENTS
SCHEDULE I – CONDENSED
PARENT COMPANY FINANCIAL STATEMENTS
WEC ENERGY GROUP, INC. (PARENT COMPANY ONLY)
A. INCOME STATEMENTS
Year Ended December 31
(in millions)202020192018
Operating expenses $5.3 $4.7 $5.0 
Equity in earnings of subsidiaries1,283.8 1,210.5 1,108.3 
Other income, net1.3 6.3 6.8 
Interest expense96.9 122.3 104.1 
Loss on debt extinguishment38.4 — — 
Income before income taxes1,144.5 1,089.8 1,006.0 
Income tax benefit55.4 44.2 53.3 
Net income attributed to common shareholders$1,199.9 $1,134.0 $1,059.3 

The accompanying Notes to Condensed Parent Company Financial Statements are an integral part of these financial statements.
B. STATEMENTS OF COMPREHENSIVE INCOME
Year Ended December 31
(in millions)202020192018
Net income attributed to common shareholders$1,199.9 $1,134.0 $1,059.3 
Other comprehensive income (loss), net of tax
Derivatives accounted for as cash flow hedges
Net derivative loss, net of tax benefit of $1.6, $1.3, and $0.8, respectively
(4.3)(3.5)(2.1)
Reclassification of net (gain) loss to net income, net of tax1.5 (0.8)(1.2)
Cumulative effect adjustment from adoption of ASU 2018-02— — 1.6 
Cash flow hedges, net(2.8)(4.3)(1.7)
Defined benefit plans
Pension and OPEB adjustments arising during the period, net of tax(0.4)0.4 (0.9)
Amortization of pension and OPEB costs included in net periodic benefit cost, net of tax0.3 0.2 0.2 
Cumulative effect adjustment from adoption of ASU 2018-02— — (0.3)
Defined benefit plans, net(0.1)0.6 (1.0)
Other comprehensive income (loss) from subsidiaries, net of tax0.2 2.2 (2.8)
Other comprehensive loss, net of tax(2.7)(1.5)(5.5)
Comprehensive income attributed to common shareholders$1,197.2 $1,132.5 $1,053.8 

The accompanying Notes to Condensed Parent Company Financial Statements are an integral part of these financial statements.
C. BALANCE SHEETS
At December 31
(in millions)20202019
Assets
Current assets
Cash and cash equivalents$4.0 $0.5 
Accounts receivable from related parties0.7 0.7 
Notes receivable from related parties110.8 22.5 
Prepaid taxes54.4 46.5 
Other0.1 — 
Current assets170.0 70.2 
Long-term assets
Investments in subsidiaries14,248.3 13,433.1 
Other15.7 23.0 
Long-term assets14,264.0 13,456.1 
Total assets$14,434.0 $13,526.3 
Liabilities and Equity
Current liabilities
Short-term debt$820.4 $334.7 
Current portion of long-term debt— 400.0 
Accounts payable to related parties31.7 2.5 
Notes payable to related parties303.0 489.3 
Other19.6 17.9 
Current liabilities1,174.7 1,244.4 
Long-term liabilities
Long-term debt2,754.8 2,141.6 
Other34.8 26.9 
Long-term liabilities2,789.6 2,168.5 
Common shareholders' equity10,469.7 10,113.4 
Total liabilities and equity$14,434.0 $13,526.3 

The accompanying notes to Condensed Parent Company Financial Statements are an integral part of these financial statements.
D. STATEMENTS OF CASH FLOWS
Year Ended December 31
(in millions)202020192018
Operating activities
Net income attributed to common shareholders$1,199.9 $1,134.0 $1,059.3 
Reconciliation to cash provided by operating activities
Equity income in subsidiaries, net of distributions(385.7)(475.2)(419.4)
Deferred income taxes12.7 9.1 14.4 
Loss on debt extinguishment38.4 — — 
Change in –
Accounts receivable from related parties— 3.3 (2.1)
Prepaid taxes(7.9)(46.5)17.5 
Accounts payable to related parties29.2 (5.2)4.6 
Other current liabilities(2.4)1.5 4.7 
Other, net9.6 7.0 5.6 
Net cash provided by operating activities893.8 628.0 684.6 
Investing activities
Capital contributions to subsidiaries(1,026.1)(602.3)(448.7)
Return of capital from subsidiaries602.8 337.3 290.2 
Short-term notes receivable from related parties, net(88.3)48.5 (6.9)
Issuance of long-term notes receivable from UMERC— — (100.0)
Redemption of long-term notes receivable from UMERC— 150.0 — 
Other, net3.7 (0.6)6.4 
Net cash used in investing activities(507.9)(67.1)(259.0)
Financing activities
Exercise of stock options43.8 67.0 29.1 
Purchase of common stock(99.2)(140.1)(72.4)
Dividends paid on common stock(798.0)(744.5)(697.3)
Issuance of long-term debt1,650.0 350.0 600.0 
Retirement of long-term debt(1,430.0)— (300.0)
Issuance of short-term loan340.0 — — 
Change in other short-term debt145.7 (213.7)53.6 
Short-term notes payable to related parties, net(186.3)90.4 (6.2)
Payments for debt extinguishment and issuance costs(47.3)(0.8)(1.2)
Other, net(1.1)(1.5)(2.4)
Net cash used in financing activities(382.4)(593.2)(396.8)
Net change in cash and cash equivalents3.5 (32.3)28.8 
Cash and cash equivalents at beginning of year0.5 32.8 4.0 
Cash and cash equivalents at end of year$4.0 $0.5 $32.8 

The accompanying Notes to Condensed Parent Company Financial Statements are an integral part of these financial statements.
SCHEDULE I – CONDENSED
PARENT COMPANY FINANCIAL STATEMENTS
WEC ENERGY GROUP, INC. (PARENT COMPANY ONLY)

E. NOTES TO PARENT COMPANY FINANCIAL STATEMENTS

NOTE 1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

For Parent Company only presentation, investments in subsidiaries are accounted for using the equity method. We use the cumulative earnings approach for classifying distributions received in the statements of cash flows.

The condensed Parent Company financial statements and notes should be read in conjunction with the consolidated financial statements and notes of WEC Energy Group, Inc. appearing in this Annual Report on Form 10-K.

NOTE 2—CASH DIVIDENDS RECEIVED FROM SUBSIDIARIES

Dividends received from our subsidiaries during the years ended December 31 were as follows:
(in millions)202020192018
WE$395.0 $360.0 $310.0 
We Power240.9 192.5 223.0 
ATC Holding (1)
112.6 87.4 105.8 
WG70.0 60.0 50.0 
UMERC46.0 10.0 — 
WECI (2)
33.6 25.4 — 
Wisvest— — 0.1 
Total$898.1 $735.3 $688.9 

(1)    We also received amounts classified as return of capital of $19.6 million, $220.6 million, and $290.2 million from ATC Holding during the years ended December 31, 2020, 2019, and 2018, respectively.

(2)    We also received amounts classified as return of capital of $583.2 million and $116.7 million from WECI during the years ended December 31, 2020 and 2019, respectively.

NOTE 3—LONG-TERM DEBT

The following table shows the future maturities of our long-term debt outstanding as of December 31, 2020:
(in millions)
2021$— 
2022— 
2023700.0 
2024— 
2025420.0 
Thereafter1,650.0 
Total$2,770.0 

WECC is our subsidiary and has $50.0 million of long-term notes outstanding. In a Support Agreement between WECC and us, we agreed to make sufficient liquid asset contributions to WECC to permit WECC to service its debt obligations as they become due.
NOTE 4—FAIR VALUE MEASUREMENTS

The following table shows the financial instruments included on our balance sheets that are not recorded at fair value as of December 31:
20202019
(in millions)Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt, including current portion$2,754.8 $2,836.9 $2,541.6 $2,619.4 

The fair value of our long-term debt is categorized within Level 2 of the fair value hierarchy.

NOTE 5—SUPPLEMENTAL CASH FLOW INFORMATION
(in millions)202020192018
Cash paid for interest$98.5 $117.7 $102.9 
Cash received for income taxes, net(61.5)(4.9)(85.9)
Significant non-cash investing and financing transactions:
Settlement of short-term note payable with Wisvest— — 0.9 

NOTE 6—SHORT-TERM NOTES RECEIVABLE FROM RELATED PARTIES

The following table shows our outstanding short-term notes receivable from related parties as of December 31:
(in millions)20202019
Integrys$68.1 $— 
UMERC30.7 9.0 
Wispark12.0 13.5 
Total$110.8 $22.5 

NOTE 7—SHORT-TERM NOTES PAYABLE TO RELATED PARTIES

The following table shows our outstanding short-term notes payable to related parties as of December 31:
(in millions)20202019
WBS$149.0 $168.9 
WECC110.0 111.7 
Bluewater Gas Storage44.0 41.8 
Integrys— 166.9 
Total$303.0 $489.3