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GOODWILL AND INTANGIBLES
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLES GOODWILL AND INTANGIBLES
Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the identifiable net assets acquired. The table below shows our goodwill balances by segment at September 30, 2023. We had no changes to the carrying amount of goodwill during the nine months ended September 30, 2023.
(in millions) WisconsinIllinoisOther StatesNon-Utility Energy InfrastructureTotal
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, 2023.

During the third quarter of 2023, annual impairment tests were completed at all of our reporting units that carried a goodwill balance as of July 1, 2023. No impairments resulted from these tests.
Intangible Assets

At September 30, 2023 and December 31, 2022, we had $29.3 million and $24.9 million, respectively, of indefinite-lived intangible assets, largely consisting of spectrum frequencies. During the nine months ended September 30, 2023, we purchased additional spectrum frequencies for $4.4 million. The spectrum frequencies enable the utilities to transmit data and voice communications over a wavelength dedicated to us throughout our service territories. We also have $5.2 million of other indefinite-lived intangible assets, consisting of a MGU trade name from a previous acquisition. These indefinite-lived intangible assets are included in other long-term assets on our balance sheets.

Intangible Liabilities

The intangible liabilities below were all obtained through acquisitions by WECI.
September 30, 2023December 31, 2022
(in millions)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
PPAs (1)
$653.9 $(53.4)$600.5 $343.9 $(16.9)$327.0 
Proxy revenue swap (2)
7.2 (3.3)3.9 7.2 (2.8)4.4 
Interconnection agreements (3)
4.7 (0.9)3.8 4.7 (0.7)4.0 
Total intangible liabilities$665.8 $(57.6)$608.2 $355.8 $(20.4)$335.4 

(1)    Represents PPAs related to the acquisition of Blooming Grove Wind Energy Center LLC , Tatanka Ridge, Jayhawk, Thunderhead, Samson I, and Sapphire Sky expiring between 2030 and 2037. The weighted-average remaining useful life of the PPAs is 12 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 five years.

(3)    Represents interconnection agreements related to the acquisitions of Tatanka Ridge and Bishop Hill Energy III LLC, 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 17 years.

Amortization related to these intangible liabilities for the three and nine months ended September 30, 2023, was $13.4 million and $37.2 million, respectively. Amortization for the three and nine months ended September 30, 2022, was $2.2 million and $6.5 million, respectively. Amortization for the next five years, including amounts recorded through September 30, 2023, is estimated to be:
For the Years Ending December 31
(in millions)20232024202520262027
Amortization to be recorded as an increase to operating revenues $50.4 $53.4 $53.4 $53.4 $53.4 
Amortization to be recorded as a decrease to other operation and maintenance0.2 0.2 0.2 0.2 0.2