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REGULATORY ASSETS AND LIABILITIES | 3 Months Ended
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Mar. 31, 2022
Regulatory Assets and Liabilities Disclosure [Abstract] |
REGULATORY ASSETS AND LIABILITIES | REGULATORY ASSETS AND LIABILITIES The following regulatory assets and liabilities were reflected on our balance sheets at March 31, 2022 and December 31, 2021. For more information on our regulatory assets and liabilities, see Note 6, Regulatory Assets and Liabilities, in our 2021 Annual Report on Form 10-K.
(in millions) |  | March 31, 2022 |  | December 31, 2021
Regulatory assets |  |  |  |
Pension and OPEB costs |  | $ | 783.1 |  |  | $ | 802.3 |
Plant retirement related items |  | 714.8 |  |  | 722.3 |
Environmental remediation costs |  | 618.8 |  |  | 630.9 |
Income tax related items |  | 456.6 |  |  | 458.8 |
Asset retirement obligations |  | 179.6 |  |  | 194.2 |
System support resource |  | 128.4 |  |  | 129.5 |
Securitization |  | 98.2 |  |  | 100.7 |
Energy costs recoverable through rate adjustments |  | 70.1 |  |  | 85.4 |
MERC extraordinary natural gas costs |  | 51.6 |  |  | 59.7 |
Uncollectible expense |  | 47.6 |  |  | 42.6 |
Energy efficiency programs |  | 20.4 |  |  | 22.0 |
Derivatives (1) |  | 3.6 |  |  | 33.1 |
Other, net |  | 82.8 |  |  | 85.6 |
Total regulatory assets |  | $ | 3,255.6 |  |  | $ | 3,367.1 |
Balance sheet presentation |  |  |  |
Other current assets |  | $ | 92.0 |  |  | $ | 102.3 |
Regulatory assets |  | 3,163.6 |  |  | 3,264.8 |
Total regulatory assets |  | $ | 3,255.6 |  |  | $ | 3,367.1 |
(1)For most energy-related physical and financial contracts that qualify as derivatives, our regulators allow the effects of fair value accounting to be offset to regulatory assets and liabilities. See Note 12, Derivative Instruments, for more information on our derivative asset and liability balances.
(in millions) |  | March 31, 2022 |  | December 31, 2021
Regulatory liabilities |  |  |  |
Income tax related items |  | $ | 1,981.6 |  |  | $ | 1,998.5 |
Removal costs |  | 1,247.2 |  |  | 1,248.0 |
Pension and OPEB benefits |  | 392.8 |  |  | 397.3 |
Derivatives (1) |  | 245.3 |  |  | 124.1 |
Energy costs refundable through rate adjustments (2) |  | 97.6 |  |  | 13.7 |
Electric transmission costs (3) |  | 65.5 |  |  | 84.2 |
Uncollectible expense |  | 29.7 |  |  | 37.1 |
Earnings sharing mechanisms (3) |  | 22.5 |  |  | 28.4 |
Other, net |  | 47.2 |  |  | 29.0 |
Total regulatory liabilities |  | $ | 4,129.4 |  |  | $ | 3,960.3 |
Balance sheet presentation |  |  |  |
Other current liabilities |  | $ | 96.8 |  |  | $ | 14.3 |
Regulatory liabilities |  | 4,032.6 |  |  | 3,946.0 |
Total regulatory liabilities |  | $ | 4,129.4 |  |  | $ | 3,960.3 |
(1) For most energy-related physical and financial contracts that qualify as derivatives, our regulators allow the effects of fair value accounting to be offset to regulatory assets and liabilities. See Note 12, Derivative Instruments, for more information on our derivative asset and liability balances. (2) The increase in these regulatory liabilities was primarily related to lower natural gas costs incurred in the first quarter of 2022, compared to what was anticipated in rates. (3) The decrease in these regulatory liability balances was primarily related to the PSCW's approval of certain accounting treatments that allowed our Wisconsin utilities to forego applying for a 2022 base rate increase, and instead maintain base rates consistent with 2021 levels. Among the accounting treatments approved was the amortization of certain regulatory liability balances in 2022, to offset a portion of the forecasted revenue deficiency. See Note 26, Regulatory Environment, in our 2021 Annual Report on Form 10-K for additional information on 2022 Wisconsin base rates.

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- Definition The entire disclosure for detailed information about regulatory assets and liabilities, including current and noncurrent assets created when regulatory agencies permit the deferral of costs to the balance sheet that would otherwise be required to appear on the company's income statement and would be charged against current expenses or revenues, as well as current and noncurrent liabilities created when regulatory agencies permit. + References No definition available. + Details
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