GOODWILL AND INTANGIBLES (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill balance by segment

The table below shows our goodwill balances by segment at March 31, 2024. We had no changes to the carrying amount of goodwill during the three months ended March 31, 2024.

(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 March 31, 2024.

Schedule of intangible liabilities obtained through acquisitions by WECI

The intangible liabilities below were all obtained through acquisitions by WECI.

	March 31, 2024						December 31, 2023
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
PPAs (1)	$	653.9	$	(79.8)	$	574.1	$	653.9	$	(66.6)	$	587.3
Proxy revenue swap (2)	7.2		(3.6)		3.6		7.2		(3.5)		3.7
Interconnection agreements (3)	4.7		(1.0)		3.7		4.7		(0.9)		3.8
Total intangible liabilities	$	665.8	$	(84.4)	$	581.4	$	665.8	$	(71.0)	$	594.8

(1)    Represents PPAs related to the acquisition of Blooming Grove Wind Energy Center LLC , Tatanka Ridge, Jayhawk, Thunderhead Wind Energy LLC, Samson I, and Sapphire Sky expiring between 2030 and 2037. The weighted-average remaining useful life of the PPAs is 11 years.

(2)    Represents an agreement with a counterparty to swap the market revenue of Upstream Wind Energy LLC'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.

Schedule of amortization over the next five years

Amortization for the next five years, including amounts recorded through March 31, 2024, is estimated to be:

	For the Years Ending December 31
(in millions)	2024		2025		2026		2027		2028
Amortization to be recorded as an increase to operating revenues	$	53.4	$	53.4	$	53.4	$	53.4	$	53.4
Amortization to be recorded as a decrease to other operation and maintenance	0.2		0.2		0.2		0.2		0.2