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REGULATORY ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 2023

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, 2023 and December 31, 2022. For more information on our regulatory assets and liabilities, see Note 6, Regulatory Assets and Liabilities, in our 2022 Annual Report on Form 10-K.

(in millions)						June 30, 2023						December 31, 2022
Regulatory assets
Pension and OPEB costs						$	698.8					$	714.3
Plant retirement related items						667.2						688.6
Environmental remediation costs						582.7						610.7
Income tax related items						454.9						461.9
Asset retirement obligations						170.9						169.7
Derivatives						161.1						133.8
System support resource						118.3						123.5
Securitization						89.5						92.4
Uncollectible expense						84.0						69.3
Bluewater (1)						34.9						20.9
Energy efficiency programs						26.6						33.9
MERC extraordinary natural gas costs						13.4						35.1
Other, net						145.2						152.8
Total regulatory assets						$	3,247.5					$	3,306.9
Balance sheet presentation
Other current assets						$	8.6					$	42.3
Regulatory assets						3,238.9						3,264.6
Total regulatory assets						$	3,247.5					$	3,306.9

(1)Primarily related to costs associated with the long-term service agreements 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.

(in millions)						June 30, 2023						December 31, 2022
Regulatory liabilities
Income tax related items						$	1,934.0					$	1,956.6
Removal costs						1,292.7						1,260.9
Pension and OPEB benefits						331.6						340.5
Energy costs refundable through rate adjustments (1)						106.1						53.4
Derivatives						40.6						76.7
Uncollectible expense						24.4						24.0
Decoupling						16.7						20.2
Energy efficiency programs						13.5						10.4
Other, net						60.8						49.2
Total regulatory liabilities						$	3,820.4					$	3,791.9
Balance sheet presentation
Other current liabilities						$	107.5					$	56.4
Regulatory liabilities						3,712.9						3,735.5
Total regulatory liabilities						$	3,820.4					$	3,791.9

(1)The increase in these regulatory liabilities was primarily due to lower natural gas costs incurred during 2023, compared to what was anticipated in rates.

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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.

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