GOODWILL AND INTANGIBLES (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill balance by segment

The table below shows our goodwill balances by segment at September 30, 2022. We had no changes to the carrying amount of goodwill during the nine months ended September 30, 2022.

(in millions)	Wisconsin		Illinois		Other States		Non-Utility Energy Infrastructure		Total
Goodwill balance (1)	$	2,104.3	$	758.7	$	183.2	$	6.6	$	3,052.8

(1)We had no accumulated impairment losses related to our goodwill as of September 30, 2022.

Schedule of intangible liabilities obtained through acquisitions by WECI

The intangible liabilities below were all obtained through acquisitions by WECI and are classified as other long-term liabilities on our balance sheets.

	September 30, 2022						December 31, 2021
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
PPAs (1)	$	212.9	$	(12.3)	$	200.6	$	87.9	$	(6.5)	$	81.4
Proxy revenue swap (2)	7.2		(2.6)		4.6		7.2		(2.1)		5.1
Interconnection agreements (3)	4.7		(0.7)		4.0		4.7		(0.5)		4.2
Total intangible liabilities	$	224.8	$	(15.6)	$	209.2	$	99.8	$	(9.1)	$	90.7

(1)    Represents PPAs related to the acquisition of Blooming Grove, Tatanka Ridge, Jayhawk, and Thunderhead expiring between 2030 and 2032. The weighted-average remaining useful life of the PPAs is 10 years.

(2)    Represents an agreement with a counterparty to swap the market revenue of Upstream's wind generation for fixed quarterly payments over 10 years, which expires in 2029. The remaining useful life of the proxy revenue swap is six years.

(3)    Represents interconnection agreements related to the acquisitions of Tatanka Ridge and Bishop Hill III, expiring in 2040 and 2041, respectively. These agreements relate to payments for connecting our facilities to the infrastructure of another utility to facilitate the movement of power onto the electric grid. The weighted-average remaining useful life of the interconnection agreements is 18 years.

Schedule of amortization over the next five years

Amortization for the next five years, including amounts recorded through September 30, 2022, is estimated to be:

	For the Years Ending December 31
(in millions)	2022		2023		2024		2025		2026
Amortization to be recorded as an increase to operating revenues	$	10.6	$	20.9	$	20.9	$	20.9	$	20.9
Amortization to be recorded as a decrease to other operation and maintenance	0.2		0.2		0.2		0.2		0.2