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REGULATORY ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2025

Regulatory Assets and Liabilities Disclosure [Abstract]

REGULATORY ASSETS AND LIABILITIES

REGULATORY ASSETS AND LIABILITIES

The following regulatory assets and liabilities were reflected on our balance sheets at March 31, 2025 and December 31, 2024. For more information on our regulatory assets and liabilities, see Note 6, Regulatory Assets and Liabilities, in our 2024 Annual Report on Form 10-K.

(in millions)						March 31, 2025						December 31, 2024
Regulatory assets
Plant retirement related items						$	820.8					$	810.5
Pension and OPEB costs						660.4						684.9
Environmental remediation costs						540.7						570.1
Income tax related items						446.3						438.5
AROs						170.3						166.7
Uncollectible expense						133.4						151.5
Decoupling						129.1						110.0
System support resource						100.4						102.9
Securitization						74.3						76.5
Energy costs recoverable through rate adjustments						72.2						8.3
Bluewater						55.1						57.7
Finance and operating leases						26.0						22.0
Energy efficiency programs						17.3						26.5
Derivatives						7.7						38.2
Other, net						113.8						114.4
Total regulatory assets						$	3,367.8					$	3,378.7
Balance sheet presentation
Other current assets						$	84.5					$	39.0
Regulatory assets						3,283.3						3,339.7
Total regulatory assets						$	3,367.8					$	3,378.7

(in millions)						March 31, 2025						December 31, 2024
Regulatory liabilities
Income tax related items						$	1,810.7					$	1,825.4
Removal costs						1,492.2						1,458.2
Pension and OPEB benefits						302.1						308.5
Energy costs refundable through rate adjustments						224.9						160.8
Derivatives						94.8						36.9
Uncollectible expense						45.7						47.2
Revenue requirements of renewable generation facilities						42.5						44.2
Property tax (1)						19.6						19.3
Electric transmission costs						16.2						19.7
Other, net						94.7						83.1
Total regulatory liabilities						$	4,143.4					$	4,003.3
Balance sheet presentation
Other current liabilities						$	99.5					$	45.3
Regulatory liabilities						4,043.9						3,958.0
Total regulatory liabilities						$	4,143.4					$	4,003.3

(1)In accordance with MERC's property tax tracker, MERC defers as a regulatory asset or liability the difference between actual property tax expense and the amount included in rates until recovery or refund is authorized in a future rate proceeding.

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The entire disclosure for detailed information about regulatory assets and liabilities, including current and noncurrent assets created when regulatory agencies permit the deferral of costs to the balance sheet that would otherwise be required to appear on the company's income statement and would be charged against current expenses or revenues, as well as current and noncurrent liabilities created when regulatory agencies permit.

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