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v3.23.1

REGULATORY ASSETS AND LIABILITIES (Tables) | 3 Months Ended
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Mar. 31, 2023
Regulatory Assets and Liabilities Disclosure [Abstract] |
Schedule of regulatory assets |
(in millions) |  | March 31, 2023 |  | December 31, 2022
Regulatory assets |  |  |  |
Pension and OPEB costs |  | $ | 701.9 |  |  | $ | 714.3 |
Plant retirement related items |  | 677.9 |  |  | 688.6 |
Environmental remediation costs |  | 590.6 |  |  | 610.7 |
Income tax related items |  | 457.5 |  |  | 461.9 |
Derivatives |  | 196.5 |  |  | 133.8 |
Asset retirement obligations |  | 171.1 |  |  | 169.7 |
System support resource |  | 120.9 |  |  | 123.5 |
Uncollectible expense |  | 95.9 |  |  | 69.3 |
Securitization |  | 90.9 |  |  | 92.4 |
Bluewater (1) |  | 31.4 |  |  | 20.9 |
Energy efficiency programs |  | 30.0 |  |  | 33.9 |
MERC extraordinary natural gas costs |  | 21.2 |  |  | 35.1 |
Other, net |  | 139.5 |  |  | 152.8 |
Total regulatory assets |  | $ | 3,325.3 |  |  | $ | 3,306.9 |
Balance sheet presentation |  |  |  |
Other current assets |  | $ | 12.2 |  |  | $ | 42.3 |
Regulatory assets |  | 3,313.1 |  |  | 3,264.6 |
Total regulatory assets |  | $ | 3,325.3 |  |  | $ | 3,306.9 |
(1)Primarily related to costs associated with the long-term service agreement our Wisconsin utilities have with Bluewater for natural gas storage services. The PSCW has approved escrow accounting for these costs. As a result, our Wisconsin utilities defer as a regulatory asset or liability the difference between actual storage costs and those included in rates until recovery or refund is authorized in a future rate proceeding.
Schedule of regulatory liabilities |
(in millions) |  | March 31, 2023 |  | December 31, 2022
Regulatory liabilities |  |  |  |
Income tax related items |  | $ | 1,945.4 |  |  | $ | 1,956.6 |
Removal costs |  | 1,279.3 |  |  | 1,260.9 |
Pension and OPEB benefits |  | 335.3 |  |  | 340.5 |
Energy costs refundable through rate adjustments (1) |  | 138.5 |  |  | 53.4 |
Derivatives |  | 21.6 |  |  | 76.7 |
Decoupling |  | 21.1 |  |  | 20.2 |
Uncollectible expense |  | 20.1 |  |  | 24.0 |
Energy efficiency programs |  | 18.5 |  |  | 10.4 |
Other, net |  | 55.0 |  |  | 49.2 |
Total regulatory liabilities |  | $ | 3,834.8 |  |  | $ | 3,791.9 |
Balance sheet presentation |  |  |  |
Other current liabilities |  | $ | 145.0 |  |  | $ | 56.4 |
Regulatory liabilities |  | 3,689.8 |  |  | 3,735.5 |
Total regulatory liabilities |  | $ | 3,834.8 |  |  | $ | 3,791.9 |
(1)The increase in these regulatory liabilities was primarily due to lower natural gas costs incurred during the first quarter of 2023, compared to what was anticipated in rates.

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- Definition Tabular disclosure of assets that are created when regulatory agencies permit public utilities to defer certain costs included in rate-setting to the balance sheet. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 980 -SubTopic 340 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6499975&loc=d3e44250-110382 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 980 -SubTopic 715 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6501251&loc=d3e52485-110419 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 980 -SubTopic 340 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=6499975&loc=d3e44264-110382 + Details
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- Definition Tabular disclosure of regulatory liabilities. Detailed information about liabilities that result from rate actions of a regulator. Rate actions of a regulator can impose a liability on a regulated enterprise resulting in a regulatory liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 980 -SubTopic 405 -Section 25 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6500807&loc=d3e48068-110394 + Details
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