Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2024

Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

SUPPLEMENTAL CASH FLOW INFORMATION

Non-Cash Transactions

	Year Ended December 31
(in millions)	2024		2023		2022
Cash paid for interest, net of amount capitalized	$	785.7	$	653.4	$	485.2
Cash paid (received) for income taxes, net (1)	(264.2)		(58.9)		52.4
Significant non-cash investing and financing transactions:
Accounts payable related to construction costs	285.7		171.3		197.4
Common stock issued for stock-based compensation plans	6.4		—		—
Increase in receivables related to property damage insurance proceeds	2.3		3.5		—
Increase in receivables for corporate-owned life insurance proceeds	5.8		1.4		—
Liabilities accrued for software licensing agreements	0.2		—		7.4

(1)    Cash received for income taxes in 2024 and 2023 includes $269.1 million and $75.0 million, respectively, related to 2023 and 2024 PTCs that were sold to third parties.

Restricted Cash

The statements of cash flows include our activity related to cash, cash equivalents, and restricted cash. The following table reconciles the cash, cash equivalents, and restricted cash amounts reported within the balance sheets at December 31 to the total of these amounts shown on the statements of cash flows:

(in millions)	2024		2023		2022
Cash and cash equivalents	$	9.8	$	42.9	$	28.9
Restricted cash included in other current assets	5.3		70.1		25.6
Restricted cash included in other long-term assets	27.1		52.2		127.7
Cash, cash equivalents, and restricted cash	$	42.2	$	165.2	$	182.2

Our restricted cash primarily consisted of the following:

•Cash held in the Integrys rabbi trust, which is used to fund participants' benefits under the Integrys deferred compensation plan and certain Integrys non-qualified pension plans.

•Cash on deposit in financial institutions that is restricted to satisfy the requirements of certain debt agreements at WECI Wind Holding I, WECI Wind Holding II, and WEPCo Environmental Trust.

•Cash related to WECI's ownership interests in certain renewable generation projects. These projects are required to deposit into an escrow account annually in order to fund future decommissioning.

•Cash used by WE and WPS during January 2023 to purchase a natural gas-fired cogeneration facility located in Whitewater, Wisconsin. This cash was included in other long-term assets at December 31, 2022. See Note 2, Acquisitions, for more information on the purchase of this facility.