XML 39 R28.htm IDEA: XBRL DOCUMENT
v3.23.2

GOODWILL AND INTANGIBLES | 6 Months Ended
--- | ---
Jun. 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 June 30, 2023. We had no changes to the carrying amount of goodwill during the six months ended June 30, 2023.
(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 June 30, 2023. Intangible Assets At June 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 six months ended June 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.
|  | June 30, 2023 |  | December 31, 2022
(in millions) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
PPAs (1) |  | $ | 653.9 |  |  | $ | (40.3) |  |  | $ | 613.6 |  |  | $ | 343.9 |  |  | $ | (16.9) |  |  | $ | 327.0 |
Proxy revenue swap (2) |  | 7.2 |  |  | (3.1) |  |  | 4.1 |  |  | 7.2 |  |  | (2.8) |  |  | 4.4 |
Interconnection agreements (3) |  | 4.7 |  |  | (0.8) |  |  | 3.9 |  |  | 4.7 |  |  | (0.7) |  |  | 4.0 |
Total intangible liabilities |  | $ | 665.8 |  |  | $ | (44.2) |  |  | $ | 621.6 |  |  | $ | 355.8 |  |  | $ | (20.4) |  |  | $ | 335.4 |
(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 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 six 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 six months ended June 30, 2023, was $13.4 million and $23.8 million, respectively. Amortization for the three and six months ended June 30, 2022, was $2.1 million and $4.3 million, respectively. Amortization for the next five years, including amounts recorded through June 30, 2023, is estimated to be:
|  | For the Years Ending December 31
(in millions) |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027
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 maintenance |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration