The following regulatory assets and liabilities were reflected on our balance sheets at June 30, 2026 and December 31, 2025. For more information on our regulatory assets and liabilities, see Note 6, Regulatory Assets and Liabilities, in our 2025 Annual Report on Form 10-K.


(in millions)	June 30, 2026		December 31, 2025
Regulatory assets
Plant retirement related items	$	736.6	$	768.6
Environmental remediation costs	545.6		566.0
Income tax related items	531.4		493.4
Pension and OPEB costs	524.9		564.5
AROs	205.5		185.1
System support resource	87.5		92.6
Decoupling	81.0		43.8
Electric transmission costs	73.8		30.7
Uncollectible expense	71.1		123.9
Securitization	63.6		67.5
Derivatives	48.7		57.7
Finance and operating leases	44.5		36.0
Bluewater	28.6		37.7
Energy costs recoverable through rate adjustments	24.3		6.7
Other, net	102.0		99.4
Total regulatory assets	$	3,169.1	$	3,173.6

Balance sheet presentation
Other current assets	$	38.7	$	17.3
Regulatory assets	3,130.4		3,156.3
Total regulatory assets	$	3,169.1	$	3,173.6


(in millions)	June 30, 2026		December 31, 2025
Regulatory liabilities
Income tax related items	$	1,776.9	$	1,802.4
Removal costs	1,660.8		1,584.7
Pension and OPEB benefits	298.0		301.5
Energy costs refundable through rate adjustments	152.6		119.2
Settlement related to QIP and UEA riders	125.0		125.0
Uncollectible expense	79.9		73.1
Derivatives	49.3		27.4
Earnings sharing mechanisms	34.0		35.8
MERC property tax tracker	24.9		23.1
Energy efficiency programs	16.8		12.2
Other, net	107.3		105.8
Total regulatory liabilities	$	4,325.5	$	4,210.2

Balance sheet presentation
Other current liabilities	$	95.9	$	88.9
Regulatory liabilities	4,229.6		4,121.3
Total regulatory liabilities	$	4,325.5	$	4,210.2