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Investment in Transmission Affiliates (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of changes to our investments in ATC and ATC Holdco | The following tables provide a reconciliation of the changes in our investments in ATC and ATC Holdco:
|  | 2024
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at January 1 |  | $ | 1,980.8 |  |  | $ | 25.1 |  |  | $ | 2,005.9 |
Add: Earnings from equity method investment |  | 205.4 |  |  | 2.1 |  |  | 207.5 |
Add: Capital contributions |  | 45.5 |  |  | — |  |  | 45.5 |
Less: Distributions |  | 146.7 |  |  | 3.4 |  |  | 150.1 |
Add: Other |  | 0.1 |  |  | — |  |  | 0.1 |
Balance at December 31 |  | $ | 2,085.1 |  |  | $ | 23.8 |  |  | $ | 2,108.9 |
|  | 2023
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at January 1 |  | $ | 1,884.6 |  |  | $ | 24.6 |  |  | $ | 1,909.2 |
Add: Earnings from equity method investment |  | 175.1 |  |  | 2.4 |  |  | 177.5 |
Add: Capital contributions |  | 63.7 |  |  | — |  |  | 63.7 |
Less: Distributions |  | 142.6 |  |  | 1.9 |  |  | 144.5 |
Balance at December 31 |  | $ | 1,980.8 |  |  | $ | 25.1 |  |  | $ | 2,005.9 |
|  | 2022
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at January 1 |  | $ | 1,766.9 |  |  | $ | 22.5 |  |  | $ | 1,789.4 |
Add: Earnings from equity method investment |  | 192.6 |  |  | 2.1 |  |  | 194.7 |
Add: Capital contributions |  | 45.5 |  |  | — |  |  | 45.5 |
Less: Distributions |  | 120.4 |  |  | — |  |  | 120.4 |
Balance at December 31 |  | $ | 1,884.6 |  |  | $ | 24.6 |  |  | $ | 1,909.2 |
Schedule of significant related party transactions with ATC | The following table summarizes our significant related party transactions with ATC during the years ended December 31:
(in millions) |  | 2024 |  | 2023 |  | 2022
Charges to ATC for services and construction |  | $ | 21.6 |  |  | $ | 17.4 |  |  | $ | 18.9 |
Charges from ATC for network transmission services |  | 413.3 |  |  | 377.5 |  |  | 363.7 |
Net payment to ATC related to FERC ROE orders |  | — |  |  | — |  |  | (0.1) |
Schedule of receivables and payables with ATC | As of December 31, 2024 and 2023, our balance sheets included the following receivables and payables for services provided to or received from ATC:
(in millions) |  | 2024 |  | 2023
Accounts receivable for services provided to ATC |  | $ | 1.4 |  |  | $ | 1.6 |
Accounts payable for services received from ATC |  | 34.4 |  |  | 49.9 |
Amounts due from ATC for transmission infrastructure upgrades (1) |  | 54.5 |  |  | 46.1 |
(1) The transmission infrastructure upgrades were primarily related to the construction of WE's, WPS's, and UMERC's renewable energy projects.
Schedule of summarized income statement data for ATC | Summarized financial data for ATC is included in the tables below:
|  | Year Ended December 31
(in millions) |  | 2024 |  | 2023 |  | 2022
Income statement data |  |  |  |  |  |
Operating revenues |  | $ | 911.3 |  |  | $ | 818.9 |  |  | $ | 751.2 |
Operating expenses |  | 442.4 |  |  | 407.6 |  |  | 381.5 |
Other expense, net |  | 137.7 |  |  | 131.7 |  |  | 123.0 |
Net income |  | $ | 331.2 |  |  | $ | 279.6 |  |  | $ | 246.7 |
Schedule of summarized balance sheet data for ATC |
(in millions) |  | December 31, 2024 |  | December 31, 2023 |  |
Balance sheet data |  |  |  |  |  |
Current assets |  | $ | 126.6 |  |  | $ | 115.2 |  |  |
Noncurrent assets |  | 6,792.6 |  |  | 6,337.0 |  |  |
Total assets |  | $ | 6,919.2 |  |  | $ | 6,452.2 |  |  |
Current liabilities |  | $ | 482.4 |  |  | $ | 495.9 |  |  |
Long-term debt |  | 3,083.4 |  |  | 2,736.0 |  |  |
Other noncurrent liabilities |  | 545.0 |  |  | 585.2 |  |  |
Members' equity |  | 2,808.4 |  |  | 2,635.1 |  |  |
Total liabilities and members' equity |  | $ | 6,919.2 |  |  | $ | 6,452.2 |  |  |

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