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PROPERTY, PLANT, AND EQUIPMENT | 9 Months Ended
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Sep. 30, 2019
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT, AND EQUIPMENT | PROPERTY, PLANT, AND EQUIPMENT Presque Isle Power Plant Pursuant to MISO's April 2018 approval of the retirement of the PIPP, these units were retired on March 31, 2019. The carrying value of the PIPP was $164.6 million at September 30, 2019. This amount included the net book value of $176.3 million, which was classified as a regulatory asset on our balance sheets as a result of the retirement of the plant. In addition, an $11.7 million cost of removal reserve related to the PIPP remained classified as a regulatory liability at September 30, 2019. After the retirement of the PIPP, a portion of the regulatory asset and related cost of removal reserve was transferred to UMERC for recovery from its retail customers. WE and UMERC continue to amortize the regulatory assets on a straight-line basis using the composite depreciation rates approved by the PSCW before the units were retired. Amortization is included in depreciation and amortization in the income statement. WE has FERC approval to continue to collect the carrying value of the PIPP using the approved composite depreciation rates, in addition to a return on the remaining carrying value. However, this approval is subject to refund pending the outcome of settlement proceedings. Pleasant Prairie Power Plant WE has FERC approval to continue to collect the carrying value of the Pleasant Prairie power plant using the approved composite depreciation rates, in addition to a return on the remaining carrying value. Collection of the return on and of the carrying value is no longer subject to refund as the FERC completed its prudency review and concluded that the retirement of this plant was prudent. 2019 Rate Application WE will address the accounting and regulatory treatment related to the retirement of the Pleasant Prairie power plant and the PIPP with the PSCW in conjunction with its 2019 rate case. WPS will address the accounting and regulatory treatment related to the retirement of Pulliam units 7 and 8 and the Edgewater 4 generating unit with the PSCW in conjunction with its 2019 rate case. See Note 23, Regulatory Environment, for more information. Severance Liability for Plant Retirements We have evaluated future plans for our older and less efficient fossil fuel generating units and have retired several plants within the Wisconsin segment. A severance liability was recorded in other current liabilities on our balance sheets related to these plant retirements.
(in millions) |  |
Severance liability at December 31, 2018 |  | $ | 15.7 |
Severance payments |  | (7.2 | )
Other |  | (3.1 | )
Total severance liability at September 30, 2019 |  | $ | 5.4 |

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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