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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Our President, who is our CODM, reviews financial information presented on a segment basis for purposes of making operating decisions and assessing performance. The CODM regularly reviews net income to measure segment profitability and to allocate resources, including assets, to our business. Net income best measures our segment profitability as it reflects all revenues and costs, including the impact on our tax provision from tax credits generated through investments in renewable generation facilities.

Our CODM allocates resources such as employees as well as financial and capital resources to our segments during the annual review of budgets and the capital plan. Our CODM also reviews and revises the resources throughout the year during the monthly forecasting process in order to make timely decisions that align with our overall corporate strategy. The CODM uses each segment’s net income to evaluate performance by comparing actual results to budgeted and forecasted amounts, as well as the return on
equity earned.

Segments were determined based on a combination of factors, including the regulatory environment of each geographical jurisdiction in which the segment operates, equity investment interests, as well as the revenue streams for the products or services provided to customers through electric and natural gas operations. See Note 2, Operating Revenues, for more information on disaggregation of operating revenues. The accounting policies of the segments are the same as those described in Note 1, Summary of Significant Accounting Policies, in our 2024 Annual Report on Form 10-K.

At June 30, 2025, we reported two segments, which are described below. All of our operations are located within the United States.

Our utility segment includes our electric and natural gas utility operations, which serve customers in northeastern and central Wisconsin. Our electric utility operations are engaged in the generation, distribution, and sale of electricity. Our natural gas utility operations are engaged in the purchase, distribution, and sale of natural gas to retail customers as well as the transportation of customer-owned natural gas.

Our other segment primarily consists of equity earnings from our investment in Wisconsin River Power Company.

The following tables show summarized financial information related to our reportable segments for the three and six months ended June 30, 2025 and 2024.
(in millions)UtilityOtherWisconsin Public Service Corporation
Three Months Ended June 30, 2025
External revenues$410.5 $— $410.5 
Fuel and purchased power
90.8 — 90.8 
Cost of natural gas sold
32.7 — 32.7 
Other operation and maintenance121.8 — 121.8 
Depreciation and amortization66.7 — 66.7 
Property and revenue taxes
11.0 — 11.0 
Other income, net (1)
3.7 0.5 4.2 
Interest expense24.2 — 24.2 
Income tax expense12.2 0.1 12.3 
Net income$54.8 $0.4 $55.2 
Other Segment Disclosures
Three Months Ended June 30, 2025
Capital expenditures$129.0 $— $129.0 
Balance at June 30, 2025
Equity method investments
0.9 15.9 16.8 
Total assets7,599.7 15.9 7,615.6 

(1)Includes equity earnings from equity method investments of $0.5 million included in the other segment, as well as amounts that are not material for interest income in the utility segment.
(in millions)UtilityOtherWisconsin Public Service Corporation
Three Months Ended June 30, 2024
External revenues$337.0 $— $337.0 
Fuel and purchased power
68.8 — 68.8 
Cost of natural gas sold
20.9 — 20.9 
Other operation and maintenance111.3 — 111.3 
Depreciation and amortization59.2 — 59.2 
Property and revenue taxes
11.5 — 11.5 
Other income, net (1)
11.9 0.6 12.5 
Interest expense23.9 — 23.9 
Income tax expense10.0 0.2 10.2 
Net income$43.3 $0.4 $43.7 
Other Segment Disclosures
Three Months Ended June 30, 2024
Capital expenditures$108.8 $— $108.8 
Balance at June 30, 2024
Equity method investments
0.9 14.1 15.0 
Total assets7,221.9 14.1 7,236.0 

(1)Includes equity earnings from equity method investments of $0.6 million included in the other segment, as well as amounts that are not material for interest income in the utility segment.
(in millions)UtilityOtherWisconsin Public Service Corporation
Six Months Ended June 30, 2025
External revenues$909.2 $— $909.2 
Fuel and purchased power
188.3 — 188.3 
Cost of natural gas sold
125.4 — 125.4 
Other operation and maintenance241.1 — 241.1 
Depreciation and amortization132.5 — 132.5 
Property and revenue taxes
22.4 — 22.4 
Other income, net (1)
7.5 1.0 8.5 
Interest expense48.2 — 48.2 
Income tax expense28.6 0.2 28.8 
Net income$130.2 $0.8 $131.0 
Other Segment Disclosures
Capital expenditures$253.6 $— $253.6 

(1)Includes equity earnings from equity method investments of $1.0 million included in the other segment, as well as amounts that are not material for interest income in the utility segment.
(in millions)UtilityOtherWisconsin Public Service Corporation
Six Months Ended June 30, 2024
External revenues$764.2 $— $764.2 
Fuel and purchased power
149.9 — 149.9 
Cost of natural gas sold
94.7 — 94.7 
Other operation and maintenance215.9 — 215.9 
Depreciation and amortization118.3 — 118.3 
Property and revenue taxes
23.5 — 23.5 
Other income, net (1)
22.8 1.2 24.0 
Interest expense47.9 — 47.9 
Income tax expense26.6 0.3 26.9 
Net income$110.2 $0.9 $111.1 
Other Segment Disclosures
Capital expenditures$195.9 $— $195.9 

(1)Includes equity earnings from equity method investments of $1.2 million included in the other segment, as well as amounts that are not material for interest income in the utility segment.