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INVESTMENT IN TRANSMISSION AFFILIATES (Tables) - Transmission Affiliates | 6 Months Ended
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Jun. 30, 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 June 30, 2024
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period |  | $ | 2,001.6 |  |  | $ | 25.5 |  |  | $ | 2,027.1 |
Add: Earnings from equity method investment |  | 46.2 |  |  | 0.6 |  |  | 46.8 |
Add: Capital contributions |  | 18.2 |  |  | — |  |  | 18.2 |
Less: Distributions |  | 36.3 |  |  | — |  |  | 36.3 |
Balance at end of period |  | $ | 2,029.7 |  |  | $ | 26.1 |  |  | $ | 2,055.8 |
|  | 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 |
|  | Six Months Ended June 30, 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 |  | 90.6 |  |  | 1.0 |  |  | 91.6 |
Add: Capital contributions |  | 30.3 |  |  | — |  |  | 30.3 |
Less: Distributions |  | 72.0 |  |  | — |  |  | 72.0 |
Balance at end of period |  | $ | 2,029.7 |  |  | $ | 26.1 |  |  | $ | 2,055.8 |
|  | 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 |
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) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Charges to ATC for services and construction |  | $ | 6.3 |  |  | $ | 4.0 |  |  | $ | 11.0 |  |  | $ | 7.8 |
Charges from ATC for network transmission services |  | 103.2 |  |  | 94.3 |  |  | 206.5 |  |  | 188.8 |
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) |  | June 30, 2024 |  | December 31, 2023
Accounts receivable for services provided to ATC |  | $ | 1.6 |  |  | $ | 1.6 |
Accounts payable for services received from ATC |  | 50.0 |  |  | 49.9 |
Amounts due from ATC for transmission infrastructure upgrades (1) |  | 42.3 |  |  | 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 June 30 |  | Six Months Ended June 30
(in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Income statement data |  |  |  |  |  |  |  |
Operating revenues |  | $ | 218.3 |  |  | $ | 203.8 |  |  | $ | 430.2 |  |  | $ | 404.2 |
Operating expenses |  | 109.2 |  |  | 101.5 |  |  | 214.0 |  |  | 200.6 |
Other expense, net |  | 35.8 |  |  | 32.9 |  |  | 71.0 |  |  | 65.4 |
Net income |  | $ | 73.3 |  |  | $ | 69.4 |  |  | $ | 145.2 |  |  | $ | 138.2 |
Schedule of summarized balance sheet data for ATC |
(in millions) |  | June 30, 2024 |  | December 31, 2023
Balance sheet data |  |  |  |
Current assets |  | $ | 146.5 |  |  | $ | 115.2 |
Noncurrent assets |  | 6,539.3 |  |  | 6,337.0 |
Total assets |  | $ | 6,685.8 |  |  | $ | 6,452.2 |
Current liabilities |  | $ | 586.0 |  |  | $ | 495.9 |
Long-term debt |  | 2,810.5 |  |  | 2,736.0 |
Other noncurrent liabilities |  | 573.3 |  |  | 585.2 |
Members' equity |  | 2,716.0 |  |  | 2,635.1 |
Total liabilities and members' equity |  | $ | 6,685.8 |  |  | $ | 6,452.2 |

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