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INVESTMENT IN TRANSMISSION AFFILIATES
 6 Months Ended
Jun. 30, 2024
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, 2024
(in millions)ATCATC HoldcoTotal
Balance at beginning of period $2,001.6 $25.5 $2,027.1 
Add: Earnings from equity method investment46.2 0.6 46.8 
Add: Capital contributions18.2 — 18.2 
Less: Distributions 36.3 — 36.3 
Balance at end of period$2,029.7 $26.1 $2,055.8 
Three Months Ended June 30, 2023
(in millions)ATCATC HoldcoTotal
Balance at beginning of period$1,896.2 $25.5 $1,921.7 
Add: Earnings from equity method investment43.1 0.5 43.6 
Add: Capital contributions27.2 — 27.2 
Less: Distributions34.7 1.9 36.6 
Balance at end of period$1,931.8 $24.1 $1,955.9 
Six Months Ended June 30, 2024
(in millions)ATCATC HoldcoTotal
Balance at beginning of period$1,980.8 $25.1 $2,005.9 
Add: Earnings from equity method investment90.6 1.0 91.6 
Add: Capital contributions30.3 — 30.3 
Less: Distributions72.0 — 72.0 
Balance at end of period$2,029.7 $26.1 $2,055.8 
Six Months Ended June 30, 2023
(in millions)ATCATC HoldcoTotal
Balance at beginning of period$1,884.6 $24.6 $1,909.2 
Add: Earnings from equity method investment86.0 1.4 87.4 
Add: Capital contributions33.3 — 33.3 
Less: Distributions72.1 1.9 74.0 
Balance at end of period$1,931.8 $24.1 $1,955.9 

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 30Six Months Ended June 30
(in millions)2024202320242023
Charges to ATC for services and construction$6.3 $4.0 $11.0 $7.8 
Charges from ATC for network transmission services103.2 94.3 206.5 188.8 
Our balance sheets included the following receivables and payables for services provided to or received from ATC:
(in millions)June 30, 2024December 31, 2023
Accounts receivable for services provided to ATC$1.6 $1.6 
Accounts payable for services received from ATC50.0 49.9 
Amounts due from ATC for transmission infrastructure upgrades (1)
42.3 46.1 

(1)These transmission infrastructure upgrades were primarily related to the construction of WE's and WPS's renewable energy projects.

Summarized financial data for ATC is included in the tables below:
Three Months Ended June 30Six Months Ended June 30
(in millions)2024202320242023
Income statement data
Operating revenues$218.3 $203.8 $430.2 $404.2 
Operating expenses109.2 101.5 214.0 200.6 
Other expense, net35.8 32.9 71.0 65.4 
Net income$73.3 $69.4 $145.2 $138.2 

(in millions)June 30, 2024December 31, 2023
Balance sheet data
Current assets$146.5 $115.2 
Noncurrent assets6,539.3 6,337.0 
Total assets$6,685.8 $6,452.2 
Current liabilities$586.0 $495.9 
Long-term debt2,810.5 2,736.0 
Other noncurrent liabilities573.3 585.2 
Members' equity2,716.0 2,635.1 
Total liabilities and members' equity$6,685.8 $6,452.2