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INVESTMENT IN TRANSMISSION AFFILIATES (Tables) - Transmission Affiliates | 6 Months Ended
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Jun. 30, 2023
Investment in transmission affiliates |
Schedule of changes to our investments in transmission affiliates | The following tables provide a reconciliation of the changes in our investments in ATC and ATC Holdco:
|  | Three Months Ended June 30, 2023
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period |  | $ | 1,896.2 |  |  | $ | 25.5 |  |  | $ | 1,921.7 |
Add: Earnings from equity method investment |  | 43.1 |  |  | 0.5 |  |  | 43.6 |
Add: Capital contributions |  | 27.2 |  |  | — |  |  | 27.2 |
Less: Distributions |  | 34.7 |  |  | 1.9 |  |  | 36.6 |
Balance at end of period |  | $ | 1,931.8 |  |  | $ | 24.1 |  |  | $ | 1,955.9 |
|  | Three Months Ended June 30, 2022
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period |  | $ | 1,795.0 |  |  | $ | 23.2 |  |  | $ | 1,818.2 |
Add: Earnings from equity method investment |  | 42.6 |  |  | 0.4 |  |  | 43.0 |
Add: Capital contributions |  | 9.2 |  |  | — |  |  | 9.2 |
Less: Distributions |  | 33.2 |  |  | — |  |  | 33.2 |
Balance at end of period |  | $ | 1,813.6 |  |  | $ | 23.6 |  |  | $ | 1,837.2 |
|  | Six Months Ended June 30, 2023
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period |  | $ | 1,884.6 |  |  | $ | 24.6 |  |  | $ | 1,909.2 |
Add: Earnings from equity method investment |  | 86.0 |  |  | 1.4 |  |  | 87.4 |
Add: Capital contributions |  | 33.3 |  |  | — |  |  | 33.3 |
Less: Distributions |  | 72.1 |  |  | 1.9 |  |  | 74.0 |
Balance at end of period |  | $ | 1,931.8 |  |  | $ | 24.1 |  |  | $ | 1,955.9 |
|  | Six Months Ended June 30, 2022
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period |  | $ | 1,766.9 |  |  | $ | 22.5 |  |  | $ | 1,789.4 |
Add: Earnings from equity method investment |  | 83.6 |  |  | 1.1 |  |  | 84.7 |
Add: Capital contributions |  | 30.3 |  |  | — |  |  | 30.3 |
Less: Distributions |  | 67.2 |  |  | — |  |  | 67.2 |
Balance at end of period |  | $ | 1,813.6 |  |  | $ | 23.6 |  |  | $ | 1,837.2 |
Schedule of significant related party transactions with ATC | The following table summarizes our significant related party transactions with ATC:
|  | Three Months Ended June 30 |  | Six Months Ended June 30
(in millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Charges to ATC for services and construction |  | $ | 4.0 |  |  | $ | 4.7 |  |  | $ | 7.8 |  |  | $ | 10.9 |
Charges from ATC for network transmission services |  | 94.3 |  |  | 90.8 |  |  | 188.8 |  |  | 181.9 |
Schedule of receivables and payables with ATC | Our balance sheets included the following receivables and payables for services provided to or received from ATC:
(in millions) |  | June 30, 2023 |  | December 31, 2022
Accounts receivable for services provided to ATC |  | $ | 1.5 |  |  | $ | 1.2 |
Accounts payable for services received from ATC |  | 31.7 |  |  | 30.4 |
Amounts due from ATC for transmission infrastructure upgrades (1) |  | 45.9 |  |  | 26.6 |
(1)These transmission infrastructure upgrades were primarily related to the construction of WE's and WPS's renewable energy projects.
Schedule of summarized income statement data for ATC | Summarized financial data for ATC is included in the tables below:
|  | Three Months Ended June 30 |  | Six Months Ended June 30
(in millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Income statement data |  |  |  |  |  |  |  |
Operating revenues |  | $ | 203.8 |  |  | $ | 191.6 |  |  | $ | 404.2 |  |  | $ | 382.6 |
Operating expenses |  | 101.5 |  |  | 95.2 |  |  | 200.6 |  |  | 190.7 |
Other expense, net |  | 32.9 |  |  | 28.8 |  |  | 65.4 |  |  | 56.8 |
Net income |  | $ | 69.4 |  |  | $ | 67.6 |  |  | $ | 138.2 |  |  | $ | 135.1 |
Schedule of summarized balance sheet data for ATC |
(in millions) |  | June 30, 2023 |  | December 31, 2022
Balance sheet data |  |  |  |
Current assets |  | $ | 100.7 |  |  | $ | 89.6 |
Noncurrent assets |  | 6,149.0 |  |  | 5,997.8 |
Total assets |  | $ | 6,249.7 |  |  | $ | 6,087.4 |
Current liabilities |  | $ | 438.8 |  |  | $ | 511.9 |
Long-term debt |  | 2,712.8 |  |  | 2,613.0 |
Other noncurrent liabilities |  | 542.7 |  |  | 485.8 |
Members' equity |  | 2,555.4 |  |  | 2,476.7 |
Total liabilities and members' equity |  | $ | 6,249.7 |  |  | $ | 6,087.4 |

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