WEC ENERGY GROUP, INC. Fair Value Disclosure
| December 31, 2025 | ||||||||||||||||||||||||||
| (in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
| Derivative assets | ||||||||||||||||||||||||||
| Natural gas contracts | $ | 1.5 | $ | 18.3 | $ | — | $ | 19.8 | ||||||||||||||||||
| FTRs and TCRs | — | — | 6.5 | 6.5 | ||||||||||||||||||||||
| Total derivative assets | $ | 1.5 | $ | 18.3 | $ | 6.5 | $ | 26.3 | ||||||||||||||||||
| Investments held in rabbi trust | $ | 42.0 | $ | — | $ | — | $ | 42.0 | ||||||||||||||||||
| Derivative liabilities | ||||||||||||||||||||||||||
| Natural gas contracts | $ | 23.3 | $ | 8.4 | $ | — | $ | 31.7 | ||||||||||||||||||
| FTRs and TCRs | — | — | 0.8 | 0.8 | ||||||||||||||||||||||
| Total derivative liabilities | $ | 23.3 | $ | 8.4 | $ | 0.8 | $ | 32.5 | ||||||||||||||||||
| December 31, 2024 | ||||||||||||||||||||||||||
| (in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
| Derivative assets | ||||||||||||||||||||||||||
| Natural gas contracts | $ | 19.6 | $ | 13.7 | $ | — | $ | 33.3 | ||||||||||||||||||
| FTRs and TCRs | — | — | 7.8 | 7.8 | ||||||||||||||||||||||
| Total derivative assets | $ | 19.6 | $ | 13.7 | $ | 7.8 | $ | 41.1 | ||||||||||||||||||
| Investments held in rabbi trust | $ | 52.1 | $ | — | $ | — | $ | 52.1 | ||||||||||||||||||
| Derivative liabilities | ||||||||||||||||||||||||||
| Natural gas contracts | $ | 7.1 | $ | 6.8 | $ | — | $ | 13.9 | ||||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Balance at the beginning of the period | $ | 7.8 | $ | 7.2 | $ | 7.8 | ||||||||||||||
| Purchases | 23.7 | 28.7 | 21.0 | |||||||||||||||||
Net realized and unrealized losses included in earnings (1) | — | (0.7) | (0.5) | |||||||||||||||||
| Sales | (1.0) | — | — | |||||||||||||||||
| Settlements | (24.8) | (27.4) | (21.1) | |||||||||||||||||
| Balance at the end of the period | $ | 5.7 | $ | 7.8 | $ | 7.2 | ||||||||||||||
Net unrealized gains included in earnings attributable to Level 3 derivatives held at the end of the reporting period (1) | $ | 0.1 | $ | — | $ | 0.5 | ||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||||
| (in millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
| Preferred stock of subsidiary | $ | 30.4 | $ | 21.2 | $ | 30.4 | $ | 21.2 | ||||||||||||||||||
| Long-term debt, including current portion | 20,017.5 | 19,609.1 | 18,907.1 | 17,840.8 | ||||||||||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.