Company: WELPM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0000107815-25-000204
Chunk: 52

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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 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 0.9 %1.1 1.0 %Other, net0.7 0.5 %1.0 0.8 %Total income tax expense$21.0 15.0 %$23.6 21.6 %Six Months Ended June 30, 2025Six Months Ended June 30, 2024(in millions)AmountEffective Tax RateAmountEffective Tax RateStatutory federal income tax$77.9 21.0 %$58.5 21.0 %State income taxes net of federal tax benefit21.4 5.8 %16.5 5.9 %PTCs, net(20.3)(5.5)%(8.2)(3.0)%Federal excess deferred tax