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Goodwill and Intangibles
 12 Months Ended
Dec. 31, 2022
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 December 31, 2022. We had no changes to the carrying amount of goodwill during the years ended December 31, 2022 and 2021.
(in millions) Wisconsin IllinoisOther 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 December 31, 2022.

During the third quarter of 2022, annual impairment tests were completed at all of our reporting units that carried a goodwill balance as of July 1, 2022. No impairments resulted from these tests.

Intangible Assets

At December 31, 2022 and 2021, we had $24.9 million and $5.7 million, respectively, of indefinite-lived intangible assets. During 2022, we purchased additional spectrum frequencies for $19.2 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 $5.7 million of other indefinite-lived intangible assets, primarily related to 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 and are classified as other long-term liabilities on our balance sheets.
December 31, 2022December 31, 2021
(in millions)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
PPAs (1)
$343.9 $(16.9)$327.0 $87.9 $(6.5)$81.4 
Proxy revenue swap (2)
7.2 (2.8)4.4 7.2 (2.1)5.1 
Interconnection agreements (3)
4.7 (0.7)4.0 4.7 (0.5)4.2 
Total intangible liabilities$355.8 $(20.4)$335.4 $99.8 $(9.1)$90.7 

(1)    Represents PPAs related to the acquisition of Blooming Grove, Tatanka Ridge, Jayhawk, and Thunderhead expiring between 2030 and 2034. 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'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 III, 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 18 years.

Amortization related to these intangible liabilities for the years ended December 31, 2022, 2021, and 2020 was $11.3 million, $7.5 million, and $0.8 million, respectively. Amortization for the next five years is estimated to be:
For the Years Ending December 31
(in millions)20232024202520262027
Amortization to be recorded as an increase to operating revenues$29.8 $29.8 $29.8 $29.8 $29.8 
Amortization to be recorded as a decrease to other operation and maintenance0.2 0.2 0.2 0.2 0.2