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REGULATORY ASSETS AND LIABILITIES
 6 Months Ended
Jun. 30, 2025
Regulatory Assets and Liabilities Disclosure [Abstract]  
REGULATORY ASSETS AND LIABILITIES REGULATORY ASSETS AND LIABILITIES
The following regulatory assets and liabilities were reflected on our balance sheets at June 30, 2025 and December 31, 2024. For more information on our regulatory assets and liabilities, see Note 6, Regulatory Assets and Liabilities, in our 2024 Annual Report on Form 10-K.
(in millions)June 30, 2025December 31, 2024
Regulatory assets
Plant retirement related items$800.6 $810.5 
Pension and OPEB costs637.5 684.9 
Environmental remediation costs527.3 570.1 
Income tax related items465.5 438.5 
AROs177.0 166.7 
Uncollectible expense122.1 151.5 
Decoupling110.8 110.0 
System support resource97.7 102.9 
Securitization72.2 76.5 
Bluewater49.6 57.7 
Finance and operating leases27.8 22.0 
Derivatives20.7 38.2 
Energy efficiency programs19.1 26.5 
Energy costs recoverable through rate adjustments15.9 8.3 
Other, net112.2 114.4 
Total regulatory assets$3,256.0 $3,378.7 
Balance sheet presentation
Other current assets$24.2 $39.0 
Regulatory assets3,231.8 3,339.7 
Total regulatory assets$3,256.0 $3,378.7 

(in millions)June 30, 2025December 31, 2024
Regulatory liabilities
Income tax related items$1,809.5 $1,825.4 
Removal costs 1,520.0 1,458.2 
Pension and OPEB benefits297.3 308.5 
Energy costs refundable through rate adjustments233.4 160.8 
Uncollectible expense64.4 47.2 
Derivatives56.7 36.9 
Revenue requirements of renewable generation facilities32.0 44.2 
Property tax (1)
20.0 19.3 
Energy efficiency programs17.6 14.6 
Electric transmission costs3.9 19.7 
Other, net76.7 68.5 
Total regulatory liabilities$4,131.5 $4,003.3 
Balance sheet presentation
Other current liabilities$92.5 $45.3 
Regulatory liabilities4,039.0 3,958.0 
Total regulatory liabilities$4,131.5 $4,003.3 

(1)In accordance with MERC's property tax tracker, MERC defers as a regulatory asset or liability the difference between actual property tax expense and the amount included in rates until recovery or refund is authorized in a future rate proceeding.