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REGULATORY ASSETS AND LIABILITIES
 6 Months Ended
Jun. 30, 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 June 30, 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)June 30, 2022December 31, 2021
Regulatory assets
Pension and OPEB costs$762.6 $802.3 
Plant retirement related items705.9 722.3 
Environmental remediation costs621.6 630.9 
Income tax related items457.0 458.8 
Asset retirement obligations180.6 194.2 
System support resource126.7 129.5 
Energy costs recoverable through rate adjustments120.0 85.4 
Securitization96.1 100.7 
MERC extraordinary natural gas costs47.1 59.7 
Derivatives (1)
38.5 33.1 
Uncollectible expense30.0 42.6 
Energy efficiency programs23.9 22.0 
Other, net68.9 85.6 
Total regulatory assets$3,278.9 $3,367.1 
Balance sheet presentation
Amounts recoverable from customers$134.2 $102.3 
Regulatory assets3,144.7 3,264.8 
Total regulatory assets$3,278.9 $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 14, Derivative Instruments, for more information on our derivative asset and liability balances.
(in millions)June 30, 2022December 31, 2021
Regulatory liabilities
Income tax related items$1,970.3 $1,998.5 
Removal costs 1,252.2 1,248.0 
Pension and OPEB benefits388.3 397.3 
Derivatives (1)
247.7 124.1 
Energy costs refundable through rate adjustments (2)
78.3 13.7 
Electric transmission costs (3)
42.9 84.2 
Uncollectible expense33.4 37.1 
Earnings sharing mechanisms (3)
17.1 28.4 
Other, net53.8 29.0 
Total regulatory liabilities$4,084.0 $3,960.3 
Balance sheet presentation
Other current liabilities$83.9 $14.3 
Regulatory liabilities4,000.1 3,946.0 
Total regulatory liabilities$4,084.0 $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 14, 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 during 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.