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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2021
Accounting Policies [Abstract] |
Schedule of inventory | Our inventory as of December 31 consisted of:
(in millions) |  | 2021 |  | 2020
Natural gas in storage |  | $ | 326.0 |  |  | $ | 224.9 |
Materials and supplies |  | 225.3 |  |  | 218.1 |
Fossil fuel |  | 84.5 |  |  | 85.6 |
Total |  | $ | 635.8 |  |  | $ | 528.6 |
Schedule of annual utility composite depreciation rates | Annual utility composite depreciation rates are shown below:
Annual Utility Composite Depreciation Rates |  | 2021 |  | 2020 |  | 2019
WE |  | 3.09% |  | 3.19% |  | 3.11%
WPS |  | 2.66% |  | 2.63% |  | 2.44%
WG |  | 2.44% |  | 2.33% |  | 2.29%
PGL |  | 3.12% |  | 3.16% |  | 3.20%
NSG |  | 2.52% |  | 2.48% |  | 2.48%
MERC |  | 2.58% |  | 2.47% |  | 2.33%
MGU |  | 2.70% |  | 2.67% |  | 2.54%
UMERC |  | 2.94% |  | 2.97% |  | 2.87%
Schedule of AFUDC rates and amounts | Average AFUDC rates are shown below:
|  | 2021
|  | Average AFUDC Retail Rate |  | Average AFUDC Wholesale Rate
WE |  | 8.68% |  | 1.79%
WPS |  | 7.55% |  | 1.04%
WG |  | 8.32% |  | N/A
UMERC |  | 6.28% |  | N/A
WBS |  | 7.55% |  | N/A
Our regulated utilities and WBS recorded the following AFUDC for the years ended December 31:
(in millions) |  | 2021 |  | 2020 |  | 2019
AFUDC – Debt |  |  |  |  |  |
WE |  | $ | 2.9 |  |  | $ | 2.6 |  |  | $ | 1.5 |
WPS |  | 3.5 |  |  | 4.6 |  |  | 2.4 |
WG |  | 0.2 |  |  | 0.6 |  |  | 0.5 |
UMERC |  | 0.1 |  |  | — |  |  | 1.3 |
WBS |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Other |  | — |  |  | 0.1 |  |  | 0.1 |
Total AFUDC – Debt |  | $ | 6.8 |  |  | $ | 8.0 |  |  | $ | 5.9 |
AFUDC – Equity |  |  |  |  |  |
WE |  | $ | 7.9 |  |  | $ | 7.0 |  |  | $ | 3.7 |
WPS |  | 9.0 |  |  | 11.8 |  |  | 5.7 |
WG |  | 0.6 |  |  | 1.6 |  |  | 1.3 |
UMERC |  | 0.1 |  |  | 0.1 |  |  | 3.3 |
WBS |  | 0.2 |  |  | 0.2 |  |  | 0.2 |
Other |  | 0.2 |  |  | 0.2 |  |  | 0.2 |
Total AFUDC – Equity |  | $ | 18.0 |  |  | $ | 20.9 |  |  | $ | 14.4 |
Schedule of assumptions used to estimate the fair value of stock options granted | The following table shows the estimated weighted-average fair value per stock option granted along with the weighted-average assumptions used in the valuation models:
|  | 2021 |  | 2020 |  | 2019
Stock options granted |  | 530,612 |  |  | 554,594 |  |  | 476,418 |
Estimated weighted-average fair value per stock option |  | $ | 13.20 |  |  | $ | 10.94 |  |  | $ | 8.60 |
Assumptions used to value the options: |  |  |  |  |  |
Risk-free interest rate |  | 0.1% – 0.9% |  | 0.2% – 1.9% |  | 2.5% – 2.7%
Dividend yield |  | 2.9 | % |  | 3.0 | % |  | 3.6 | %
Expected volatility |  | 21.0 | % |  | 16.3 | % |  | 17.0 | %
Expected life (years) |  | 8.7 |  | 8.6 |  | 8.5

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