Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 170

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 170
---
0.7 | % |
| Domestic production activities deferral       |     |        |   6.3 |     |                    |  1.0 | % |     |        |   6.3 |     |                    |  1.0 | % |     |        |   6.3 |     |                    |  1.1 | % |
| Other, net                                    |     |        |   4.2 |     |                    |  0.6 | % |     |        |   9.1 |     |                    |  1.5 | % |     |        |  11.9 |     |                    |  2.2 | % |
| Total income tax expense                      |     | $      | 136.4 |     |                    | 21.0 | % |     | $      | 142.7 |     |                    | 22.9 | % |     | $      | 133.1 |     |                    | 25.1 | % |

(1) The Tax Legislation required us to remeasure our deferred income taxes and we began to amortize the resulting excess protected deferred income taxes beginning in 2018 in accordance with normalization requirements. The decrease in income tax expense related to the amortization of the deferred tax benefits is offset by a decrease in revenue as the benefits are returned to customers, resulting in no impact on net income.

#### Deferred Income Tax Assets and Liabilities
The components of deferred income taxes as of December 31 were as follows:

| (in millions)                      
 Deferred tax assets                |     | 2024 |         |     | 2023 |         |
|:-----------------------------------|:----|:-----|--------:|:----|:-----|--------:|
| Tax gross up – regulatory items    |     | $    |    94.6 |     | $    |   103.4 |
| Deferred revenues                  |     |      |   101.2 |     |      |   103.9 |
| Future tax benefits                |     |      |    11.7 |     |      |     7.1 |
| Other                              |     |      |    51.0 |     |      |    53.6 |
| Total deferred tax assets          |     | $    |   258.5 |     | $    |   268.0 |
| Deferred