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INVESTMENT IN TRANSMISSION AFFILIATES
 6 Months Ended
Jun. 30, 2025
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, 2025
(in millions)ATCATC HoldcoTotal
Balance at beginning of period $2,121.6 $27.4 $2,149.0 
Add: Earnings from equity method investment50.3 1.6 51.9 
Add: Capital contributions45.5 — 45.5 
Less: Distributions 39.9 6.4 46.3 
Balance at end of period$2,177.5 $22.6 $2,200.1 
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: Distributions36.3 — 36.3 
Balance at end of period$2,029.7 $26.1 $2,055.8 
Six Months Ended June 30, 2025
(in millions)ATCATC HoldcoTotal
Balance at beginning of period$2,085.1 $23.8 $2,108.9 
Add: Earnings from equity method investment100.3 5.2 105.5 
Add: Capital contributions87.8 — 87.8 
Less: Distributions95.7 6.4 102.1 
Balance at end of period$2,177.5 $22.6 $2,200.1 
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 

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)2025202420252024
Charges to ATC for services and construction$5.0 $6.3 $9.5 $11.0 
Charges from ATC for network transmission services116.7 103.2 233.4 206.5 
Refund from ATC related to FERC ROE orders0.3 — 1.7 — 
Our balance sheets included the following receivables and payables for services provided to or received from ATC:
(in millions)June 30, 2025December 31, 2024
Accounts receivable for services provided to ATC$1.2 $1.4 
Accounts payable for services received from ATC39.0 34.4 
Amounts due from ATC for transmission infrastructure upgrades (1)
17.1 54.5 

(1)These transmission infrastructure upgrades were primarily related to the construction of WE's, WPS's, and UMERC'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)2025202420252024
Income statement data
Operating revenues$241.2 $218.3 $476.1 $430.2 
Operating expenses117.6 109.2 234.3 214.0 
Other expense, net42.7 35.8 81.8 71.0 
Net income$80.9 $73.3 $160.0 $145.2 

(in millions)June 30, 2025December 31, 2024
Balance sheet data
Current assets$151.6 $126.6 
Noncurrent assets7,143.3 6,792.6 
Total assets$7,294.9 $6,919.2 
Current liabilities$735.8 $482.4 
Long-term debt3,033.0 3,083.4 
Other noncurrent liabilities565.0 545.0 
Members' equity2,961.1 2,808.4 
Total liabilities and members' equity$7,294.9 $6,919.2