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INVESTMENT IN TRANSMISSION AFFILIATES (Tables) - Transmission Affiliates | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period |  | $ | 1,980.8 |  |  | $ | 25.1 |  |  | $ | 2,005.9 |
Add: Earnings from equity method investment |  | 44.4 |  |  | 0.4 |  |  | 44.8 |
Add: Capital contributions |  | 12.1 |  |  | — |  |  | 12.1 |
Less: Distributions |  | 35.7 |  |  | — |  |  | 35.7 |
Balance at end of period |  | $ | 2,001.6 |  |  | $ | 25.5 |  |  | $ | 2,027.1 |
|  | Three Months Ended March 31, 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 |  | 42.9 |  |  | 0.9 |  |  | 43.8 |
Add: Capital contributions |  | 6.1 |  |  | — |  |  | 6.1 |
Less: Distributions |  | 37.4 |  |  | — |  |  | 37.4 |
Balance at end of period |  | $ | 1,896.2 |  |  | $ | 25.5 |  |  | $ | 1,921.7 |
Schedule of significant related party transactions with ATC | The following table summarizes our significant related party transactions with ATC:
|  |  |  | Three Months Ended March 31
(in millions) |  |  |  |  |  | 2024 |  | 2023
Charges to ATC for services and construction |  |  |  |  |  | $ | 4.7 |  |  | $ | 3.8 |
Charges from ATC for network transmission services |  |  |  |  |  | 103.3 |  |  | 94.5 |
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) |  | March 31, 2024 |  | December 31, 2023
Accounts receivable for services provided to ATC |  | $ | 1.8 |  |  | $ | 1.6 |
Accounts payable for services received from ATC |  | 49.7 |  |  | 49.9 |
Amounts due from ATC for transmission infrastructure upgrades (1) |  | 42.1 |  |  | 46.1 |
(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 March 31
(in millions) |  |  |  |  |  | 2024 |  | 2023
Income statement data |  |  |  |  |  |  |  |
Operating revenues |  |  |  |  |  | $ | 211.9 |  |  | $ | 200.4 |
Operating expenses |  |  |  |  |  | 104.8 |  |  | 99.1 |
Other expense, net |  |  |  |  |  | 35.2 |  |  | 32.5 |
Net income |  |  |  |  |  | $ | 71.9 |  |  | $ | 68.8 |
Schedule of summarized balance sheet data for ATC |
(in millions) |  | March 31, 2024 |  | December 31, 2023
Balance sheet data |  |  |  |
Current assets |  | $ | 133.2 |  |  | $ | 115.2 |
Noncurrent assets |  | 6,423.4 |  |  | 6,337.0 |
Total assets |  | $ | 6,556.6 |  |  | $ | 6,452.2 |
Current liabilities |  | $ | 587.9 |  |  | $ | 495.9 |
Long-term debt |  | 2,736.3 |  |  | 2,736.0 |
Other noncurrent liabilities |  | 562.2 |  |  | 585.2 |
Members' equity |  | 2,670.2 |  |  | 2,635.1 |
Total liabilities and members' equity |  | $ | 6,556.6 |  |  | $ | 6,452.2 |

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