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INVESTMENT IN TRANSMISSION AFFILIATES (Tables) - Transmission Affiliates | 9 Months Ended
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Sep. 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 September 30, 2024
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period |  | $ | 2,029.7 |  |  | $ | 26.1 |  |  | $ | 2,055.8 |
Add: Earnings from equity method investment |  | 46.1 |  |  | 0.6 |  |  | 46.7 |
Add: Capital contributions |  | 15.2 |  |  | — |  |  | 15.2 |
Less: Distributions |  | 37.0 |  |  | — |  |  | 37.0 |
Add: Other |  | 0.1 |  |  | — |  |  | 0.1 |
Balance at end of period |  | $ | 2,054.1 |  |  | $ | 26.7 |  |  | $ | 2,080.8 |
|  | 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 |
|  | Nine Months Ended September 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 |  | 136.7 |  |  | 1.6 |  |  | 138.3 |
Add: Capital contributions |  | 45.5 |  |  | — |  |  | 45.5 |
Less: Distributions |  | 109.0 |  |  | — |  |  | 109.0 |
Add: Other |  | 0.1 |  |  | — |  |  | 0.1 |
Balance at end of period |  | $ | 2,054.1 |  |  | $ | 26.7 |  |  | $ | 2,080.8 |
|  | 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 |
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) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Charges to ATC for services and construction |  | $ | 4.5 |  |  | $ | 4.5 |  |  | $ | 15.5 |  |  | $ | 12.3 |
Charges from ATC for network transmission services |  | 103.4 |  |  | 94.3 |  |  | 309.9 |  |  | 283.1 |
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, 2024 |  | December 31, 2023
Accounts receivable for services provided to ATC |  | $ | 2.1 |  |  | $ | 1.6 |
Accounts payable for services received from ATC |  | 50.0 |  |  | 49.9 |
Amounts due from ATC for transmission infrastructure upgrades (1) |  | 45.8 |  |  | 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 September 30 |  | Nine Months Ended September 30
(in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Income statement data |  |  |  |  |  |  |  |
Operating revenues |  | $ | 221.4 |  |  | $ | 206.2 |  |  | $ | 651.6 |  |  | $ | 610.4 |
Operating expenses |  | 110.1 |  |  | 102.8 |  |  | 324.1 |  |  | 303.4 |
Other expense, net |  | 36.4 |  |  | 32.9 |  |  | 107.4 |  |  | 98.3 |
Net income |  | $ | 74.9 |  |  | $ | 70.5 |  |  | $ | 220.1 |  |  | $ | 208.7 |
Schedule of summarized balance sheet data for ATC |
(in millions) |  | September 30, 2024 |  | December 31, 2023
Balance sheet data |  |  |  |
Current assets |  | $ | 130.0 |  |  | $ | 115.2 |
Noncurrent assets |  | 6,660.4 |  |  | 6,337.0 |
Total assets |  | $ | 6,790.4 |  |  | $ | 6,452.2 |
Current liabilities |  | $ | 525.7 |  |  | $ | 495.9 |
Long-term debt |  | 2,933.9 |  |  | 2,736.0 |
Other noncurrent liabilities |  | 573.5 |  |  | 585.2 |
Members' equity |  | 2,757.3 |  |  | 2,635.1 |
Total liabilities and members' equity |  | $ | 6,790.4 |  |  | $ | 6,452.2 |

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