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INVESTMENT IN TRANSMISSION AFFILIATES (Tables) - Transmission Affiliates | 3 Months Ended
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Mar. 31, 2025
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, 2025
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period |  | $ | 2,085.1 |  |  | $ | 23.8 |  |  | $ | 2,108.9 |
Add: Earnings from equity method investment |  | 50.0 |  |  | 3.6 |  |  | 53.6 |
Add: Capital contributions |  | 42.3 |  |  | — |  |  | 42.3 |
Less: Distributions |  | 55.8 |  |  | — |  |  | 55.8 |
Balance at end of period |  | $ | 2,121.6 |  |  | $ | 27.4 |  |  | $ | 2,149.0 |
|  | 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 |
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) |  |  |  |  |  | 2025 |  | 2024
Charges to ATC for services and construction |  |  |  |  |  | $ | 4.5 |  |  | $ | 4.7 |
Charges from ATC for network transmission services |  |  |  |  |  | 116.7 |  |  | 103.3 |
Refund from ATC related to FERC ROE orders |  |  |  |  |  | 1.4 |  |  | — |
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, 2025 |  | December 31, 2024
Accounts receivable for services provided to ATC |  | $ | 2.0 |  |  | $ | 1.4 |
Accounts payable for services received from ATC |  | 38.9 |  |  | 34.4 |
Amounts due from ATC for transmission infrastructure upgrades (1) |  | 11.3 |  |  | 54.5 |
(1)These 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:
|  |  |  | Three Months Ended March 31
(in millions) |  |  |  |  |  | 2025 |  | 2024
Income statement data |  |  |  |  |  |  |  |
Operating revenues |  |  |  |  |  | $ | 234.9 |  |  | $ | 211.9 |
Operating expenses |  |  |  |  |  | 116.7 |  |  | 104.8 |
Other expense, net |  |  |  |  |  | 39.1 |  |  | 35.2 |
Net income |  |  |  |  |  | $ | 79.1 |  |  | $ | 71.9 |
Schedule of summarized balance sheet data for ATC |
(in millions) |  | March 31, 2025 |  | December 31, 2024
Balance sheet data |  |  |  |
Current assets |  | $ | 145.8 |  |  | $ | 126.6 |
Noncurrent assets |  | 6,946.6 |  |  | 6,792.6 |
Total assets |  | $ | 7,092.4 |  |  | $ | 6,919.2 |
Current liabilities |  | $ | 639.1 |  |  | $ | 482.4 |
Long-term debt |  | 3,025.9 |  |  | 3,083.4 |
Other noncurrent liabilities |  | 559.0 |  |  | 545.0 |
Members' equity |  | 2,868.4 |  |  | 2,808.4 |
Total liabilities and members' equity |  | $ | 7,092.4 |  |  | $ | 6,919.2 |

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