REGULATORY ASSETS AND LIABILITIES

9 Months Ended

Sep. 30, 2021

Regulatory Assets and Liabilities Disclosure [Abstract]

The following regulatory assets and liabilities were reflected on our balance sheets at September 30, 2021 and December 31, 2020. For more information on our regulatory assets and liabilities, see Note 6, Regulatory Assets and Liabilities, in our 2020 Annual Report on Form 10-K.


(in millions)	September 30, 2021		December 31, 2020
Regulatory assets
Pension and OPEB costs	$	1,019.1	$	1,101.6
Plant retirements	726.5		740.8
Environmental remediation costs	601.9		638.2
Income tax related items	459.3		454.6
Asset retirement obligations	208.9		181.3
SSR	131.6		135.6
Energy costs recoverable through rate adjustments (1)	125.9		1.1
Securitization (2)	102.9		105.2
MERC extraordinary natural gas costs (3)	64.7		—
Uncollectible expense	55.7		82.0
Derivatives	25.9		26.5
Other, net	105.7		77.2
Total regulatory assets	$	3,628.1	$	3,544.1

Balance sheet presentation
Amounts recoverable from customers (1)	$	139.4	$	20.0
Regulatory assets	3,488.7		3,524.1
Total regulatory assets	$	3,628.1	$	3,544.1

(1)The increase in these regulatory assets primarily relates to the high natural gas costs that were incurred as a result of the extreme winter weather conditions in February 2021. See Note 22, Regulatory Environment, for more information.

(2)See Note 19, Variable Interest Entities, for more information.

(3)This regulatory asset relates to the extraordinary natural gas costs MERC incurred during February 2021 that are being recovered over 27 months, beginning in September 2021. See Note 22, Regulatory Environment, for more information.


(in millions)	September 30, 2021		December 31, 2020
Regulatory liabilities
Income tax related items	$	2,030.1	$	2,137.7
Removal costs	1,244.5		1,221.1
Pension and OPEB benefits	366.3		378.1
Derivatives (1)	298.7		16.4
Electric transmission costs	83.5		78.5
Uncollectible expense	47.2		25.5
Earnings sharing mechanisms	25.2		36.9
Energy costs refundable through rate adjustments	5.5		59.9
Other, net	36.9		25.0
Total regulatory liabilities	$	4,137.9	$	3,979.1

Balance sheet presentation
Other current liabilities	$	6.7	$	51.0
Regulatory liabilities	4,131.2		3,928.1
Total regulatory liabilities	$	4,137.9	$	3,979.1

(1) For most energy-related physical and financial contracts that qualify as derivatives, our regulators allow the effects of fair value accounting to be offset to regulatory assets and liabilities. See Note 13, Derivative Instruments, for more information.