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INVESTMENT IN TRANSMISSION AFFILIATES (Tables) - Transmission Affiliates | 9 Months Ended
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Sep. 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 September 30, 2023
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period |  | $ | 1,931.8 |  |  | $ | 24.1 |  |  | $ | 1,955.9 |
Add: Earnings from equity method investment |  | 44.2 |  |  | 0.5 |  |  | 44.7 |
Add: Capital contributions |  | 18.2 |  |  | — |  |  | 18.2 |
Less: Distributions |  | 35.0 |  |  | — |  |  | 35.0 |
Balance at end of period |  | $ | 1,959.2 |  |  | $ | 24.6 |  |  | $ | 1,983.8 |
|  | Three Months Ended September 30, 2022
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period |  | $ | 1,813.6 |  |  | $ | 23.6 |  |  | $ | 1,837.2 |
Add: Earnings from equity method investment |  | 63.2 |  |  | 0.5 |  |  | 63.7 |
Add: Capital contributions |  | 9.1 |  |  | — |  |  | 9.1 |
Less: Distributions |  | 34.1 |  |  | — |  |  | 34.1 |
Balance at end of period |  | $ | 1,851.8 |  |  | $ | 24.1 |  |  | $ | 1,875.9 |
|  | Nine Months Ended September 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 |  | 130.2 |  |  | 1.9 |  |  | 132.1 |
Add: Capital contributions |  | 51.5 |  |  | — |  |  | 51.5 |
Less: Distributions |  | 107.1 |  |  | 1.9 |  |  | 109.0 |
Balance at end of period |  | $ | 1,959.2 |  |  | $ | 24.6 |  |  | $ | 1,983.8 |
|  | Nine Months Ended September 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 |  | 146.8 |  |  | 1.6 |  |  | 148.4 |
Add: Capital contributions |  | 39.4 |  |  | — |  |  | 39.4 |
Less: Distributions |  | 101.3 |  |  | — |  |  | 101.3 |
Balance at end of period |  | $ | 1,851.8 |  |  | $ | 24.1 |  |  | $ | 1,875.9 |
Schedule of significant related party transactions with ATC | The following table summarizes our significant related party transactions with ATC:
|  | Three Months Ended September 30 |  | Nine Months Ended September 30
(in millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Charges to ATC for services and construction |  | $ | 4.5 |  |  | $ | 3.9 |  |  | $ | 12.3 |  |  | $ | 14.8 |
Charges from ATC for network transmission services |  | 94.3 |  |  | 90.9 |  |  | 283.1 |  |  | 272.8 |
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) |  | September 30, 2023 |  | December 31, 2022
Accounts receivable for services provided to ATC |  | $ | 1.8 |  |  | $ | 1.2 |
Accounts payable for services received from ATC |  | 31.6 |  |  | 30.4 |
Amounts due from ATC for transmission infrastructure upgrades (1) |  | 46.1 |  |  | 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 September 30 |  | Nine Months Ended September 30
(in millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Income statement data |  |  |  |  |  |  |  |
Operating revenues |  | $ | 206.2 |  |  | $ | 169.8 |  |  | $ | 610.4 |  |  | $ | 552.4 |
Operating expenses |  | 102.8 |  |  | 97.7 |  |  | 303.4 |  |  | 288.4 |
Other expense, net |  | 32.9 |  |  | 34.5 |  |  | 98.3 |  |  | 91.3 |
Net income |  | $ | 70.5 |  |  | $ | 37.6 |  |  | $ | 208.7 |  |  | $ | 172.7 |
Schedule of summarized balance sheet data for ATC |
(in millions) |  | September 30, 2023 |  | December 31, 2022
Balance sheet data |  |  |  |
Current assets |  | $ | 98.7 |  |  | $ | 89.6 |
Noncurrent assets |  | 6,234.6 |  |  | 5,997.8 |
Total assets |  | $ | 6,333.3 |  |  | $ | 6,087.4 |
Current liabilities |  | $ | 333.0 |  |  | $ | 511.9 |
Long-term debt |  | 2,810.7 |  |  | 2,613.0 |
Other noncurrent liabilities |  | 589.1 |  |  | 485.8 |
Members' equity |  | 2,600.5 |  |  | 2,476.7 |
Total liabilities and members' equity |  | $ | 6,333.3 |  |  | $ | 6,087.4 |

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