REGULATORY ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2025

Regulatory Assets and Liabilities Disclosure [Abstract]


(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

Schedule of regulatory liabilities


(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.