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REGULATORY ASSETS AND LIABILITIES (Tables)

3 Months Ended

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
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-URI https://asc.fasb.org/extlink&oid=6501251&loc=d3e52485-110419

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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

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