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INVESTMENT IN TRANSMISSION AFFILIATES | 6 Months Ended
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Jun. 30, 2026
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 June 30, 2026
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period |  | $ | 2,346.7 |  |  | $ | 22.8 |  |  | $ | 2,369.5 |
Add: Earnings from equity method investment |  | 62.2 |  |  | 0.4 |  |  | 62.6 |
Add: Capital contributions |  | 36.6 |  |  | — |  |  | 36.6 |
Less: Distributions |  | 47.5 |  |  | 0.6 |  |  | 48.1 |
Add: Other |  | 0.1 |  |  | — |  |  | 0.1 |
Balance at end of period |  | $ | 2,398.1 |  |  | $ | 22.6 |  |  | $ | 2,420.7 |
|  | Three Months Ended June 30, 2025
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period |  | $ | 2,121.6 |  |  | $ | 27.4 |  |  | $ | 2,149.0 |
Add: Earnings from equity method investment |  | 50.3 |  |  | 1.6 |  |  | 51.9 |
Add: Capital contributions |  | 45.5 |  |  | — |  |  | 45.5 |
Less: Distributions |  | 39.9 |  |  | 6.4 |  |  | 46.3 |
Balance at end of period |  | $ | 2,177.5 |  |  | $ | 22.6 |  |  | $ | 2,200.1 |
|  | Six Months Ended June 30, 2026
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period |  | $ | 2,256.9 |  |  | $ | 23.5 |  |  | $ | 2,280.4 |
Add: Earnings from equity method investment |  | 121.4 |  |  | 0.7 |  |  | 122.1 |
Add: Capital contributions |  | 112.4 |  |  | — |  |  | 112.4 |
Less: Distributions |  | 92.7 |  |  | 1.6 |  |  | 94.3 |
Add: Other |  | 0.1 |  |  | — |  |  | 0.1 |
Balance at end of period |  | $ | 2,398.1 |  |  | $ | 22.6 |  |  | $ | 2,420.7 |
|  | Six Months Ended June 30, 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 |  | 100.3 |  |  | 5.2 |  |  | 105.5 |
Add: Capital contributions |  | 87.8 |  |  | — |  |  | 87.8 |
Less: Distributions |  | 95.7 |  |  | 6.4 |  |  | 102.1 |
Balance at end of period |  | $ | 2,177.5 |  |  | $ | 22.6 |  |  | $ | 2,200.1 |
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 June 30 |  | Six Months Ended June 30
(in millions) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Charges to ATC for services and construction |  | $ | 6.1 |  |  | $ | 5.0 |  |  | $ | 13.4 |  |  | $ | 9.5 |
Charges from ATC for network transmission services |  | 129.0 |  |  | 116.7 |  |  | 258.2 |  |  | 233.4 |
Net refund (payment) from (to) ATC related to FERC ROE orders |  | (0.7) |  |  | 0.3 |  |  | 1.3 |  |  | 1.7 |
Our balance sheets included the following receivables and payables for services provided to or received from ATC:
(in millions) |  | June 30, 2026 |  | December 31, 2025
Accounts receivable for services provided to ATC |  | $ | 1.9 |  |  | $ | 1.6 |
Accounts payable for services received from ATC |  | 43.5 |  |  | 38.4 |
Amounts due from ATC for transmission infrastructure upgrades (1) |  | 35.4 |  |  | 32.2 |
(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 June 30 |  | Six Months Ended June 30
(in millions) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Income statement data |  |  |  |  |  |  |  |
Operating revenues |  | $ | 274.0 |  |  | $ | 241.2 |  |  | $ | 539.3 |  |  | $ | 476.1 |
Operating expenses |  | 129.6 |  |  | 117.6 |  |  | 257.0 |  |  | 234.3 |
Other expense, net |  | 44.7 |  |  | 42.7 |  |  | 88.5 |  |  | 81.8 |
Net income |  | $ | 99.7 |  |  | $ | 80.9 |  |  | $ | 193.8 |  |  | $ | 160.0 |
(in millions) |  | June 30, 2026 |  | December 31, 2025
Balance sheet data |  |  |  |
Current assets |  | $ | 163.9 |  |  | $ | 137.5 |
Noncurrent assets |  | 8,139.8 |  |  | 7,590.8 |
Total assets |  | $ | 8,303.7 |  |  | $ | 7,728.3 |
Current liabilities |  | $ | 620.5 |  |  | $ | 839.8 |
Long-term debt |  | 3,576.0 |  |  | 3,156.3 |
Other noncurrent liabilities |  | 782.0 |  |  | 638.9 |
Members' equity |  | 3,325.2 |  |  | 3,093.3 |
Total liabilities and members' equity |  | $ | 8,303.7 |  |  | $ | 7,728.3 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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