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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of inventory | Our inventories as of December 31 consisted of:
(in millions) |  | 2023 |  | 2022
Natural gas in storage |  | $ | 327.8 |  |  | $ | 446.3 |
Materials and supplies |  | 320.0 |  |  | 257.0 |
Fossil fuel |  | 127.4 |  |  | 103.8 |
Total |  | $ | 775.2 |  |  | $ | 807.1 |
Schedule of annual utility composite depreciation rates | Annual utility composite depreciation rates are shown below:
Annual Utility Composite Depreciation Rates |  | 2023 |  | 2022 |  | 2021
WE |  | 3.03% |  | 3.06% |  | 3.09%
WPS |  | 2.93% |  | 2.67% |  | 2.66%
WG |  | 2.61% |  | 2.47% |  | 2.44%
PGL |  | 3.13% |  | 3.13% |  | 3.12%
NSG |  | 2.46% |  | 2.43% |  | 2.52%
MERC |  | 2.60% |  | 2.56% |  | 2.58%
MGU |  | 2.73% |  | 2.75% |  | 2.70%
UMERC |  | 2.97% |  | 3.01% |  | 2.94%
Schedule of AFUDC rates and amounts | Average AFUDC rates are shown below:
|  | 2023
|  | Average AFUDC Retail Rate |  | Average AFUDC Wholesale Rate
WE |  | 8.45% |  | 6.70%
WPS |  | 7.46% |  | 4.60%
WG |  | 7.94% |  | N/A
UMERC |  | 6.28% |  | N/A
WBS |  | 7.46% |  | N/A
Our regulated utilities and WBS recorded the following AFUDC for the years ended December 31:
(in millions) |  | 2023 |  | 2022 |  | 2021
AFUDC-Debt |  |  |  |  |  |
WE |  | $ | 13.0 |  |  | $ | 6.9 |  |  | $ | 2.9 |
WPS |  | 2.9 |  |  | 2.3 |  |  | 3.5 |
WG |  | 3.4 |  |  | 1.4 |  |  | 0.2 |
UMERC |  | — |  |  | 0.1 |  |  | 0.1 |
WBS |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Other |  | 0.1 |  |  | 0.2 |  |  | — |
Total AFUDC-Debt |  | $ | 19.5 |  |  | $ | 11.0 |  |  | $ | 6.8 |
AFUDC-Equity |  |  |  |  |  |
WE |  | $ | 41.0 |  |  | $ | 18.8 |  |  | $ | 7.9 |
WPS |  | 7.6 |  |  | 5.8 |  |  | 9.0 |
WG |  | 9.8 |  |  | 3.9 |  |  | 0.6 |
UMERC |  | — |  |  | 0.1 |  |  | 0.1 |
WBS |  | 0.4 |  |  | 0.3 |  |  | 0.2 |
Other |  | 0.3 |  |  | 0.5 |  |  | 0.2 |
Total AFUDC-Equity |  | $ | 59.1 |  |  | $ | 29.4 |  |  | $ | 18.0 |
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:
|  | 2023 |  | 2022 |  | 2021
Stock options granted |  | 257,780 |  |  | 437,269 |  |  | 530,612 |
Estimated weighted-average fair value per stock option |  | $ | 19.58 |  |  | $ | 14.71 |  |  | $ | 13.20 |
Assumptions used to value the options: |  |  |  |  |  |
Risk-free interest rate |  | 3.8% – 4.8% |  | 0.2% – 1.6% |  | 0.1% – 0.9%
Dividend yield |  | 3.2 | % |  | 3.2 | % |  | 2.9 | %
Expected volatility |  | 22.0 | % |  | 21.0 | % |  | 21.0 | %
Expected life (years) |  | 8.3 |  | 8.7 |  | 8.7

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