Company: WELPM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0000107815-25-000204
Chunk: 112

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 112
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 fully collateralized incremental borrowing rate based upon information available for similarly rated companies in determining the present value of lease payments.Future minimum lease payments and the corresponding present value of our net minimum lease payments under the finance leases for High Noon as of June 30, 2025, were as follows:(in millions)Six Months Ended December 31, 2025$2.2 20261.2 20271.5 20283.0 20293.1 20303.2 Thereafter242.3 Total minimum lease payments256.5 Less:  Interest(201.0)Present value of minimum lease payments55.5 Less:  Short-term lease liabilities— Long-term lease liabilities$55.5 

06/30/2025 Form 10-Q13Wisconsin Electric Power Company

NOTE 11—MATERIALS, SUPPLIES, AND INVENTORIES

Our inventories consisted of:(in millions)June 30, 2025December 31, 2024Materials and supplies$232.7 $252.1 Fossil fuel54.3 60.0 Natural gas in storage32.1 42.7 Total$319.1 $354.8 Substantially all materials and supplies, fossil fuel, and natural gas in storage inventories are recorded using the weighted-average cost method of accounting.

NOTE 12—INCOME TAXES

The provision for income taxes differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to income before income taxes as a result of the following:Three Months Ended June 30, 2025Three Months Ended June 30, 2024(in millions)AmountEffective Tax RateAmountEffective Tax RateStatutory federal income tax$29.3 21.0 %$22.8 21.0 %State income taxes net of federal tax benefit7.3 5.2 %6.5 6.0 %PTCs, net(7.3)(5.2)%(3.1)(2.9)%Federal excess deferred tax amortization(4.2)(3.0)%(3.5)(3.2)%Tax repairs(3.2)(2.3)%0.7 0.6 %AFUDC-Equity(2.9)(2.1)%(1.9)(1.7)%Domestic production activities deferral1.3