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REGULATORY ASSETS AND LIABILITIES

9 Months Ended

Sep. 30, 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 September 30, 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)						September 30, 2025						December 31, 2024
Regulatory assets
Plant retirement related items						$	783.8					$	810.5
Pension and OPEB costs						616.5						684.9
Environmental remediation costs						522.7						570.1
Income tax related items						482.5						438.5
AROs						188.7						166.7
Uncollectible expense						117.4						151.5
Decoupling						101.8						110.0
System support resource						95.3						102.9
Securitization						69.6						76.5
Bluewater						43.0						57.7
Derivatives						38.7						38.2
Finance and operating leases						31.2						22.0
Energy efficiency programs						21.7						26.5
Electric transmission costs						20.5						0.4
Other, net						107.6						122.3
Total regulatory assets						$	3,241.0					$	3,378.7
Balance sheet presentation
Other current assets						$	23.6					$	39.0
Regulatory assets						3,217.4						3,339.7
Total regulatory assets						$	3,241.0					$	3,378.7

(in millions)						September 30, 2025						December 31, 2024
Regulatory liabilities
Income tax related items						$	1,808.0					$	1,825.4
Removal costs						1,552.3						1,458.2
Pension and OPEB benefits						292.0						308.5
Uncollectible expense						89.2						47.2
Energy costs refundable through rate adjustments						71.4						160.8
Derivatives						35.5						36.9
Revenue requirements of renewable generation facilities						21.5						44.2
MERC property tax tracker (1)						21.0						19.3
Other, net						110.4						102.8
Total regulatory liabilities						$	4,001.3					$	4,003.3
Balance sheet presentation
Other current liabilities						$	61.0					$	45.3
Regulatory liabilities						3,940.3						3,958.0
Total regulatory liabilities						$	4,001.3					$	4,003.3

(1)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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