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INVESTMENT IN TRANSMISSION AFFILIATES
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN TRANSMISSION AFFILIATES INVESTMENT IN TRANSMISSION AFFILIATES
We own approximately 60% of ATC, a for-profit, transmission-only company regulated by the FERC for cost of service and certain state regulatory commissions for routing and siting of transmission projects. We also own approximately 75% of ATC Holdco, a separate entity formed in December 2016 to invest in transmission-related projects outside of ATC's traditional footprint. 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)ATCATC HoldcoTotal
Balance at beginning of period$2,085.1 $23.8 $2,108.9 
Add: Earnings from equity method investment50.0 3.6 53.6 
Add: Capital contributions42.3 — 42.3 
Less: Distributions55.8 — 55.8 
Balance at end of period$2,121.6 $27.4 $2,149.0 
Three Months Ended March 31, 2024
(in millions)ATCATC HoldcoTotal
Balance at beginning of period$1,980.8 $25.1 $2,005.9 
Add: Earnings from equity method investment44.4 0.4 44.8 
Add: Capital contributions12.1 — 12.1 
Less: Distributions35.7 — 35.7 
Balance at end of period$2,001.6 $25.5 $2,027.1 

We pay ATC for network transmission and other related services it provides. In addition, we provide a variety of operational, maintenance, and project management work for ATC, which is reimbursed by ATC. We are also required to initially fund the construction of transmission infrastructure upgrades needed for new generation projects. ATC owns these transmission assets and reimburses us for these costs when the new generation is placed in service.

The following table summarizes our significant related party transactions with ATC:
Three Months Ended March 31
(in millions)20252024
Charges to ATC for services and construction$4.5 $4.7 
Charges from ATC for network transmission services116.7 103.3 
Refund from ATC related to FERC ROE orders1.4 — 

Our balance sheets included the following receivables and payables for services provided to or received from ATC:
(in millions)March 31, 2025December 31, 2024
Accounts receivable for services provided to ATC$2.0 $1.4 
Accounts payable for services received from ATC38.9 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.

Summarized financial data for ATC is included in the tables below:
Three Months Ended March 31
(in millions)20252024
Income statement data
Operating revenues$234.9 $211.9 
Operating expenses116.7 104.8 
Other expense, net39.1 35.2 
Net income$79.1 $71.9 
(in millions)March 31, 2025December 31, 2024
Balance sheet data
Current assets$145.8 $126.6 
Noncurrent assets6,946.6 6,792.6 
Total assets$7,092.4 $6,919.2 
Current liabilities$639.1 $482.4 
Long-term debt3,025.9 3,083.4 
Other noncurrent liabilities559.0 545.0 
Members' equity2,868.4 2,808.4 
Total liabilities and members' equity$7,092.4 $6,919.2