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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 20172022

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                    


alliantenergylogo0930201710q.jpglnt-20220930_g1.jpg

Commission
File Number
Name of Registrant, State of Incorporation,
Address of Principal Executive Offices and Telephone Number
IRS Employer
Identification Number
1-9894ALLIANT ENERGY CORPORATION39-1380265
(a Wisconsin corporation)
4902 N. Biltmore Lane
Madison, Wisconsin 53718
Telephone (608) 458-3311
1-4117INTERSTATE POWER AND LIGHT COMPANY42-0331370
(an Iowa corporation)
Alliant Energy Tower
Cedar Rapids, Iowa 52401
Telephone (319) 786-4411
0-337WISCONSIN POWER AND LIGHT COMPANYName of Registrant, State of Incorporation, Address of Principal Executive Offices, Telephone Number, Commission File Number, IRS Employer Identification Number

ALLIANT ENERGY CORPORATION
(a Wisconsin Corporation)
4902 N. Biltmore Lane
Madison, Wisconsin 53718
Telephone (608) 458-3311
Commission File Number - 1-9894
IRS Employer Identification Number - 39-1380265

INTERSTATE POWER & LIGHT COMPANY
(an Iowa corporation)
Alliant Energy Tower
Cedar Rapids, Iowa 52401
Telephone (319) 786-4411
Commission File Number - 1-4117
IRS Employer Identification Number - 42-0331370

WISCONSIN POWER & LIGHT COMPANY
(a Wisconsin corporation)
4902 N. Biltmore Lane
Madison, Wisconsin 53718
Telephone (608) 458-3311
Commission File Number - 0-337
IRS Employer Identification Number - 39-0714890
(a Wisconsin corporation)
4902 N. Biltmore Lane
Madison, Wisconsin 53718
Telephone (608) 458-3311
This combined Form 10-Q is separately filed by Alliant Energy Corporation, Interstate Power and Light Company and Wisconsin Power and Light Company. Information contained in the Form 10-Q relating to Interstate Power and Light Company and Wisconsin Power and Light Company is filed by each such registrant on its own behalf. Each of Interstate Power and Light Company and Wisconsin Power and Light Company makes no representation as to information relating to registrants other than itself.

Securities registered pursuant to Section 12(b) of the Act:
Alliant Energy Corporation, Common Stock, $0.01 Par Value, Trading Symbol LNT, Nasdaq Global Select Market

Indicate by check mark whether the registrantsregistrant (1) havehas filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants wereregistrant was required to file such reports), and (2) havehas been subject to such filing requirements for the past 90 days.
Alliant Energy Corporation - Yes ☒ No ☐
Interstate Power and Light Company - Yes ☒ No ☐
Wisconsin Power and Light Company - Yes ☒ No ☐

Indicate by check mark whether the registrants haveregistrant has submitted electronically and posted on their corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants wereregistrant was required to submit and post such files).
Alliant Energy Corporation - Yes ☒ No ☐
Interstate Power and Light Company - Yes ☒ No ☐
Wisconsin Power and Light Company - Yes ☒ No ☐
Indicate by check mark whether the registrants areregistrant is a large accelerated filers,filer, an accelerated filers,filer, a non-accelerated filers,filer, a smaller reporting companies,company, or an emerging growth companies.company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Alliant Energy Corporation - Large Accelerated Filer ☒ Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐
Large Accelerated FilerAccelerated FilerNon-accelerated FilerSmaller Reporting CompanyEmerging Growth Company
Alliant Energy Corporation☒
Interstate Power and Light Company☒
Wisconsin Power and Light Company☒
Interstate Power and Light Company - Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller Reporting Company ☐ Emerging Growth Company ☐
Wisconsin Power and Light Company - Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Alliant Energy Corporation ☐
Interstate Power and Light Company ☐
Wisconsin Power and Light Company ☐

Indicate by check mark whether the registrants areregistrant is a shell companiescompany (as defined in Rule 12b-2 of the Exchange Act).
Alliant Energy Corporation - Yes ☐ No ☒
Interstate Power and Light Company - Yes ☐ No ☒
Wisconsin Power and Light Company - Yes ☐ No ☒
Number of shares outstanding of each class of common stock as of September 30, 2017:2022:
Alliant Energy Corporation, Common Stock, $0.01 par value, 251,021,830 shares outstanding
Interstate Power and Light Company, Common Stock, $2.50 par value, 13,370,788 shares outstanding (all outstanding shares are owned beneficially and of record by Alliant Energy Corporation)
Wisconsin Power and Light Company, Common Stock, $5 par value, 13,236,601 shares outstanding (all outstanding shares are owned beneficially and of record by Alliant Energy Corporation)


Alliant Energy CorporationCommon stock, $0.01 par value, 231,204,360 shares outstanding
Interstate Power and Light CompanyCommon stock, $2.50 par value, 13,370,788 shares outstanding (all of which are owned beneficially and of record by Alliant Energy Corporation)
Wisconsin Power and Light CompanyCommon stock, $5 par value, 13,236,601 shares outstanding (all of which are owned beneficially and of record by Alliant Energy Corporation)



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TABLE OF CONTENTS
Page
1
1
3
Item 1. Condensed Consolidated Financial Statements (Unaudited)
3
Alliant Energy Corporation
3
Interstate Power and Light Company
6
Wisconsin Power and Light Company
9
Combined Notes to Condensed Consolidated Financial Statements
12
1. Summary of Significant Accounting Policies
12
2. Regulatory Matters
13
3. Property, Plant and Equipment
1513
4.4. Receivables
1613
5.5. Investments
1714
6.6. Common Equity
1714
7.7. Debt
1817
8. Income Taxes8. Revenues
1918
9. Benefit Plans9. Income Taxes
1918
10.10. Benefit Plans
19
11. Derivative Instruments
20
12. Fair Value Measurements
21
11. Derivative Instruments13. Commitments and Contingencies
24
12. Commitments and Contingencies14. Segments of Business
2426
13. Segments of Business15. Related Parties
27
14. Related Parties
28
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
2927
Item 3. Quantitative and Qualitative Disclosures About Market Risk
4236
Item 4. Controls and Procedures
4236
4236
Item 1. Legal Proceedings
36
Item 1A. Risk Factors
4236
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
4336
Item 5. Other Information
36
Item 6. Exhibits
4337
4437




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DEFINITIONS
The following abbreviations or acronyms used in this Form 10-Qreport are defined below:
Abbreviation or AcronymDefinitionAbbreviation or AcronymDefinition
20162021 Form 10-KCombined Annual Report on Form 10-K filed by Alliant Energy, IPL and WPL for the year ended Dec. 31, 20162021ITCIPLITC Midwest LLCInterstate Power and Light Company
AEFAlliant Energy Finance, LLCIUBIowa Utilities Board
AFUDCAllowance for funds used during constructionMarshalltownMDAMarshalltown Generating Station
Alliant EnergyAlliant Energy CorporationMDAManagement’s Discussion and Analysis of Financial Condition and Results of Operations
ATCAlliant EnergyAmerican Transmission CompanyAlliant Energy CorporationMISOMidcontinent Independent System Operator, Inc.
ATIATCAE Transco Investments,American Transmission Company LLCMWMegawatt
CDDATC HoldingsCooling degree daysInterest in American Transmission Company LLC and ATC Holdco LLCMWhMegawatt-hour
Corporate ServicesAlliant Energy Corporate Services, Inc.N/ANot applicable
DthDAECDekathermDuane Arnold Energy CenterNote(s)Combined Notes to Condensed Consolidated Financial Statements
EGUDthDekathermOPEBOther postretirement benefits
EGUElectric generating unitNOxPPANitrogen oxidePurchased power agreement
EPAU.S. Environmental Protection AgencyOPEBPSCWOther postretirement benefitsPublic Service Commission of Wisconsin
EPSEarnings per weighted average common sharePSCWSECPublic ServiceSecurities and Exchange Commission of Wisconsin
FERCFederal Energy Regulatory CommissionRiversideU.S.Riverside Energy CenterUnited States of America
Financial StatementsCondensed Consolidated Financial StatementsRMTWest RiversideRMT, Inc.West Riverside Energy Center
FTRFinancial transmission rightSCRWhiting PetroleumSelective catalytic reductionWhiting Petroleum Corporation
Fuel-relatedGAAPElectric production fuel and purchased powerSO2Sulfur dioxide
GAAPU.S. generally accepted accounting principlesU.S.WPLUnited States of America
HDDHeating degree daysWhiting PetroleumWhiting Petroleum Corporation
IPLInterstate Power and Light CompanyWPLWisconsin Power and Light Company


FORWARD-LOOKING STATEMENTS


Statements contained in this report that are not of historical fact are forward-looking statements intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified as such because the statements include words such as “may,” “believe,” “expect,” “anticipate,” “plan,” “project,” “will,” “projections,” “estimate,” or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Some, but not all, of the risks and uncertainties of Alliant Energy, IPL and WPL that could materially affect actual results include:


federal•the direct or indirect effects resulting from terrorist incidents, including physical attacks and state regulatorycyber attacks, or governmental actions, including responses to such incidents;
•the impact of energy, tax (including potential tax reform), financial and health care legislation, and regulatory agency orders;
IPL’s and WPL’s ability to obtain adequate and timely rate relief to allow for, among other things, earning a return on rate base additions and the recovery of costs, including fuel costs, operating costs, transmission costs, environmental compliance and remediation costs, deferred expenditures, deferred tax assets, capital expenditures, and remaining costspenalties or third-party claims related to, EGUs that may be permanently closed, earningor in connection with, a failure to maintain the security of personally identifiable information, including associated costs to notify affected persons and to mitigate their authorized rates of return, and the payments to their parent of expected levels of dividends;information security concerns;
the ability to continue cost controls and operational efficiencies;
the impact of IPL’s pending retail electric base rate review;
weather effects on results of utility operations;
the impact of the economy in IPL’s and WPL’s service territories and the resulting impacts on sales volumes, margins and the ability to collect unpaid bills;
•the impact of customer- and third party-owned generation, including alternative electric suppliers, in IPL’s and WPL’s service territories on system reliability, operating expenses and customers’ demand for electricity;
•the impact of energy efficiency, franchise retention and customer disconnects on sales volumes and margins;
•the impact that price changes may have on IPL’s and WPL’s customers’ demand for electric, gas and steam services and their ability to pay their bills;
developments•inflation and higher interest rates;
•changes in the price of delivered natural gas, transmission, purchased electricity and coal, particularly during elevated market prices, and any resulting changes to counterparty credit risk, due to shifts in supply and demand caused by market conditions, regulations and MISO’s seasonal resource adequacy process;
•IPL’s and WPL’s ability to obtain adequate and timely rate relief to allow for, among other things, the recovery of and/or the return on costs, including fuel costs, operating costs, transmission costs, deferred expenditures, deferred tax assets, tax expense, capital expenditures, and remaining costs related to EGUs that adversely impact may be permanently closed and certain other retired assets, decreases in sales volumes, earning their authorized rates of return, and the payments to their parent of expected levels of dividends;
•the ability to implementcomplete construction of renewable generation and storage projects by planned in-service dates and within the strategic plan;
cost targets set by regulators due to cost increases of and access to materials, equipment and commodities including due to tariffs, duties or other assessments, such as any additional tariffs resulting from U.S. Department of Commerce investigations into the sourcing of solar project materials and equipment from certain countries, labor issues or supply shortages, the ability to qualifysuccessfully resolve warranty issues or contract disputes, the ability to achieve the expected level of tax benefits based on tax guidelines and project costs, and the ability to efficiently utilize the renewable generation and storage project tax benefits for the full levelbenefit of production tax credits on planned new wind farmscustomers;
•federal and state regulatory or governmental actions, including the impact of changeslegislation, and regulatory agency orders;
•the ability to productionutilize tax credits for existing wind farms;and net operating losses generated to date, and those that may be generated in the future, before they expire, as well as the ability to transfer tax credits that may be generated in the future at adequate pricing;

•the impacts of changes in the tax code, including tax rates, minimum tax rates, and adjustments made to deferred tax assets and liabilities;
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•employee workforce factors, including the ability to hire and retain employees with specialized skills, impacts from employee retirements, changes in key executives, ability to create desired corporate culture, collective bargaining agreements and negotiations, work stoppages or restructurings;
issues related to the availability and operations of EGUs, including start-up risks, breakdown or failure of equipment, performance below expected or contracted levels of output or efficiency, operator error, employee safety, transmission constraints, compliance with mandatory reliability standards and risks related to recovery of resulting incremental costs through rates;
•disruptions in the supply and delivery of natural gas, purchased electricity and coal;
•changes to the creditworthiness of, or performance of obligations by, counterparties with which Alliant Energy, IPL and WPL have contractual arrangements, including participants in the priceenergy markets and fuel suppliers and transporters;
•any material post-closing payments related to any past asset divestitures, including the sale of delivered naturalWhiting Petroleum, which could result from, among other things, indemnification agreements, warranties, guarantees or litigation;
•weather effects on results of utility operations;
•disruptions to ongoing operations and the supply of materials, services, equipment and commodities needed to construct solar generation, battery storage and electric and gas purchased electricitydistribution projects, which may result from geopolitical issues, supplier manufacturing constraints, labor issues or transportation issues, as well as affect the ability to meet capacity requirements and coal dueresult in increased capacity expense;
•continued access to shifts in supplythe capital markets on competitive terms and demand caused by market conditionsrates, and regulations;the actions of credit rating agencies;
impacts on equity income��the direct or indirect effects resulting from unconsolidated investments due to further potential changes to ATC LLC’s authorized return on equity;the ongoing novel coronavirus (COVID-19) pandemic and the spread of variant strains;
•issues associated with environmental remediation and environmental compliance, including compliance with the Consent Decree between WPL, the EPAall environmental and the Sierra Club, the Consent Decree between IPL, the EPA, the Sierra Club, the State of Iowa and Linn County in Iowa,emissions permits, the Coal Combustion Residuals Rule, the Clean Power Plan, future changes in environmental laws and regulations, including the EPA’sfederal, state or local regulations for carbon dioxide emissions reductions from new and existing fossil-fueled EGUs, and litigation associated with environmental requirements;
•increased pressure from customers, investors and other stakeholders to more rapidly reduce carbon dioxide emissions;
•the ability to defend against environmental claims brought by state and federal agencies, such as the EPA, state natural resources agencies or third parties, such as the Sierra Club, and the impact on operating expenses of defending and resolving such claims;
impacts•changes to MISO’s methodology establishing capacity planning reserve margin and capacity accreditation requirements that storms or natural disasters inmay impact how and when new generating facilities such as IPL’s and WPL’s service territoriesadditional solar generation may have onbe accredited with energy capacity and may require IPL and WPL to adjust their operations and recovery ofcurrent resource plans, the need to add resources to comply with MISO’s methodology, or procure capacity in the market whereby such costs associated with restoration activities;might not be recovered in rates;
the direct or indirect effects resulting from terrorist incidents, including physical attacks and cyber attacks, or responses to such incidents;
the impact of penalties or third-party claims related to, or in connection with, a failure to maintain the security of personally identifiable information, including associated costs to notify affected persons and to mitigate their information security concerns;
•the direct or indirect effects resulting from breakdown or failure of equipment in the operation of electric and gas distribution systems, such as mechanical problems and explosions or fires, and compliance with electric and gas transmission and distribution safety regulations;regulations, including regulations promulgated by the Pipeline and Hazardous Materials Safety Administration;
•issues related to the availability and operations of EGUs, including start-up risks, breakdown or failure of equipment, availability of warranty coverage for equipment breakdowns or failures, performance below expected or contracted levels of output or efficiency, operator error, employee safety, transmission constraints, compliance with mandatory reliability standards and risks related to recovery of resulting incremental operating, fuel-related and capital costs through rates;
•impacts that excessive heat, excessive cold, storms or natural disasters may have on Alliant Energy’s, IPL’s and WPL’s operations and recovery of costs associated with restoration activities or on the operations of Alliant Energy’s investments;
•Alliant Energy’s ability to sustain its dividend payout ratio goal;
•changes to costs of providing benefits and related funding requirements of pension and OPEB plans due to the market value of the assets that fund the plans, economic conditions, financial market performance, interest rates, timing and form of benefits payments, life expectancies and demographics;
•material changes in employee-related benefit and compensation costs, including settlement losses related to pension plans;
•risks associated with operation and ownership of non-utility holdings;
•changes in technology that alter the channels through which customers buy or utilize Alliant Energy’s, IPL’s or WPL’s products and services;
•impacts on equity income from unconsolidated investments from changes in valuations of the assets held, as well as potential changes to ATC’s authorized return on equity;
•impacts of IPL’s future tax benefits from Iowa rate-making practices, including deductions for repairs expenditures, and allocation of mixed service costs and state depreciation, and recoverability of the associated regulatory assets from customers, when the differences reverse in future periods;
risks associated with non-regulated renewable investments;
any material post-closing adjustments related to any past asset divestitures, including the sales of IPL’s Minnesota electric and natural gas assets, and Whiting Petroleum, which could result from, among other things, warranties, parental guarantees or litigation;
continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies;
inflation and interest rates;
changes to the creditworthiness of counterparties with which Alliant Energy, IPL and WPL have contractual arrangements, including participants in the energy markets and fuel suppliers and transporters;
•current or future litigation, regulatory investigations, proceedings or inquiries;
•reputational damage from negative publicity, protests, fines, penalties and other negative consequences resulting in regulatory and/or legal actions;
Alliant Energy’s ability to sustain its dividend payout ratio goal;
employee workforce factors, including changes in key executives, collective bargaining agreements and negotiations, work stoppages or restructurings;
changes in technology that alter the channels through which electric customers buy or utilize electricity;
material changes in employee-related benefit and compensation costs;
•the effect of accounting standards issued periodically by standard-setting bodies;
the impact of adjustments made to deferred tax assets and liabilities from state apportionment assumptions;
the ability to utilize tax credits and net operating losses generated to date, and those that may be generated in the future, before they expire;
•the ability to successfully complete tax audits and changes in tax accounting methods with no material impact on earnings and cash flows; and
•
factors listed in MDA and Risk Factors in Item 1A in the 2016 Form 10-K.

•other factors listed in MDA and Risk Factors in Item 1A in the 2021 Form 10-K.
Alliant Energy, IPL and WPL each assume no obligation, and disclaim any duty, to update the forward-looking statements in this report, except as required by law.

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PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the Three MonthsFor the Nine Months
Ended September 30,Ended September 30,
2022202120222021
(in millions, except per share amounts)
Revenues:
Electric utility$1,039$939$2,624$2,357
Gas utility6250418289
Other utility11133536
Non-utility23227060
Total revenues1,1351,0243,1472,742
Operating expenses:
Electric production fuel and purchased power274207633478
Electric transmission service157148428403
Cost of gas sold2618242149
Other operation and maintenance172171492477
Depreciation and amortization169165501494
Taxes other than income taxes28268278
Total operating expenses8267352,3782,079
Operating income309289769663
Other (income) and deductions:
Interest expense8368235206
Equity income from unconsolidated investments, net(5)(13)(37)(47)
Allowance for funds used during construction(10)(7)(34)(16)
Other—3—7
Total other (income) and deductions6851164150
Income before income taxes241238605513
Income tax expense (benefit)14(21)26(66)
Net income227259579579
Preferred dividend requirements of Interstate Power and Light Company—3—8
Net income attributable to Alliant Energy common shareowners$227$256$579$571
Weighted average number of common shares outstanding:
Basic251.0250.3250.8250.2
Diluted251.3250.8251.1250.6
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted)
$0.90$1.02$2.31$2.28
 For the Three Months For the Nine Months
 Ended September 30, Ended September 30,
 2017 2016 2017 2016
 (in millions, except per share amounts)
Operating revenues:       
Electric utility
$840.6
 
$864.3
 
$2,199.1
 
$2,209.1
Gas utility45.8
 39.5
 262.7
 248.7
Other utility11.2
 9.4
 34.4
 35.0
Non-regulated9.3
 11.4
 29.9
 30.2
Total operating revenues906.9
 924.6
 2,526.1
 2,523.0
Operating expenses:       
Electric production fuel and purchased power222.6
 245.9
 614.7
 646.3
Electric transmission service121.0
 138.6
 363.3
 396.8
Cost of gas sold15.0
 12.5
 135.5
 132.3
Asset valuation charges for Franklin County wind farm—
 86.4
 —
 86.4
Other operation and maintenance169.1
 148.6
 467.1
 438.2
Depreciation and amortization120.7
 104.1
 342.7
 308.7
Taxes other than income taxes27.0
 25.9
 79.1
 77.2
Total operating expenses675.4
 762.0
 2,002.4
 2,085.9
Operating income231.5
 162.6
 523.7
 437.1
Interest expense and other:       
Interest expense53.9
 48.8
 159.0
 144.8
Equity income from unconsolidated investments, net(10.1) (9.2) (32.9) (28.8)
Allowance for funds used during construction(9.6) (15.8) (36.7) (44.3)
Interest income and other(0.2) (0.1) (0.4) (0.3)
Total interest expense and other34.0
 23.7
 89.0
 71.4
Income from continuing operations before income taxes197.5
 138.9
 434.7
 365.7
Income taxes26.1
 7.5
 64.9
 47.2
Income from continuing operations, net of tax171.4
 131.4
 369.8
 318.5
Income (loss) from discontinued operations, net of tax—
 (0.4) 1.4
 (2.0)
Net income171.4
 131.0
 371.2
 316.5
Preferred dividend requirements of Interstate Power and Light Company2.6
 2.6
 7.7
 7.7
Net income attributable to Alliant Energy common shareowners
$168.8
 
$128.4
 
$363.5
 
$308.8
Weighted average number of common shares outstanding (basic and diluted)231.0
 227.2
 229.2
 227.0
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted):
       
Income from continuing operations, net of tax
$0.73
 
$0.57
 
$1.58
 
$1.37
Income (loss) from discontinued operations, net of tax—
 —
 0.01
 (0.01)
Net income
$0.73
 
$0.57
 
$1.59
 
$1.36
Amounts attributable to Alliant Energy common shareowners:       
Income from continuing operations, net of tax
$168.8
 
$128.8
 
$362.1
 
$310.8
Income (loss) from discontinued operations, net of tax—
 (0.4) 1.4
 (2.0)
Net income
$168.8
 
$128.4
 
$363.5
 
$308.8
Dividends declared per common share
$0.315
 
$0.29375
 
$0.945
 
$0.88125


TheRefer to accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

Statements.
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ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30,
2022		December 31,
2021
(in millions, except per
share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents$344$39
Accounts receivable, less allowance for expected credit losses509440
Production fuel, at weighted average cost4951
Gas stored underground, at weighted average cost12482
Materials and supplies, at weighted average cost126113
Regulatory assets177104
Other364240
Total current assets1,6931,069
Property, plant and equipment, net15,85814,987
Investments:
ATC Holdings351338
Other200179
Total investments551517
Other assets:
Regulatory assets1,8641,836
Deferred charges and other239144
Total other assets2,1031,980
Total assets$20,205$18,553
 September 30,
2017		 December 31,
2016
 
(in millions, except per
share and share amounts)
ASSETS   
Current assets:   
Cash and cash equivalents
$9.2
 
$8.2
Accounts receivable, less allowance for doubtful accounts336.1
 493.3
Production fuel, at weighted average cost80.9
 98.1
Gas stored underground, at weighted average cost40.6
 37.6
Materials and supplies, at weighted average cost99.1
 86.6
Regulatory assets84.2
 57.8
Other101.4
 95.5
Total current assets751.5
 877.1
Property, plant and equipment, net10,931.1
 10,279.2
Investments:   
ATC Investment339.2
 317.6
Other119.4
 20.0
Total investments458.6
 337.6
Other assets:   
Regulatory assets1,952.3
 1,857.3
Deferred charges and other21.4
 22.6
Total other assets1,973.7
 1,879.9
Total assets
$14,114.9
 
$13,373.8
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt$658$633
Commercial paper383515
Accounts payable786436
Accrued taxes8658
Regulatory liabilities229186
Other280226
Total current liabilities2,4222,054
Long-term debt, net (excluding current portion)7,5706,735
Other liabilities:
Deferred tax liabilities1,9191,927
Regulatory liabilities1,1581,085
Pension and other benefit obligations349374
Other522388
Total other liabilities3,9483,774
Commitments and contingencies (Note 13)
Equity:
Alliant Energy Corporation common equity:
Common stock - $0.01 par value - 480,000,000 shares authorized; 251,021,830 and 250,474,529 shares outstanding33
Additional paid-in capital2,7672,749
Retained earnings3,5083,250
Shares in deferred compensation trust - 395,224 and 383,532 shares at a weighted average cost of $32.23 and $30.59 per share(13)(12)
Total Alliant Energy Corporation common equity6,2655,990
Total liabilities and equity$20,205$18,553

LIABILITIES AND EQUITY   
Current liabilities:   
Current maturities of long-term debt
$105.2
 
$4.6
Commercial paper390.3
 244.1
Other short-term borrowings95.0
 —
Accounts payable478.1
 445.3
Regulatory liabilities145.1
 186.2
Accrued taxes39.4
 59.5
Other217.0
 222.3
Total current liabilities1,470.1
 1,162.0
Long-term debt, net (excluding current portion)4,255.1
 4,315.6
Other liabilities:   
Deferred tax liabilities2,774.7
 2,570.2
Regulatory liabilities483.4
 494.8
Pension and other benefit obligations481.3
 489.9
Other296.1
 279.3
Total other liabilities4,035.5
 3,834.2
Commitments and contingencies (Note 12)


 

Equity:   
Alliant Energy Corporation common equity:   
Common stock - $0.01 par value - 480,000,000 shares authorized; 231,204,360 and 227,673,654 shares outstanding2.3
 2.3
Additional paid-in capital1,838.2
 1,693.1
Retained earnings2,324.8
 2,177.0
Accumulated other comprehensive loss(0.4) (0.4)
Shares in deferred compensation trust - 454,532 and 441,695 shares at a weighted average cost of $23.52 and $22.71 per share(10.7) (10.0)
Total Alliant Energy Corporation common equity4,154.2
 3,862.0
Cumulative preferred stock of Interstate Power and Light Company200.0
 200.0
Total equity4,354.2
 4,062.0
Total liabilities and equity
$14,114.9
 
$13,373.8

TheRefer to accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

Statements.
4
Table of Contents


ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Nine Months
Ended September 30,
20222021
(in millions)
Cash flows from operating activities:
Net income$579$579
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization501494
Deferred tax expense (benefit) and tax credits8(69)
Other(8)7
Other changes in assets and liabilities:
Accounts receivable(425)(397)
Derivative assets(184)(202)
Regulatory assets(102)(21)
Accounts payable90—
Derivative liabilities89(21)
Regulatory liabilities8925
Deferred income taxes(15)160
Pension and other benefit obligations(25)(59)
Other(112)(19)
Net cash flows from operating activities485477
Cash flows used for investing activities:
Construction and acquisition expenditures:
Utility business(873)(772)
Other(69)(60)
Cash receipts on sold receivables358423
Other(15)(43)
Net cash flows used for investing activities(599)(452)
Cash flows from (used for) financing activities:
Common stock dividends(322)(304)
Proceeds from issuance of long-term debt1,238300
Payments to retire long-term debt(379)(4)
Net change in commercial paper(132)(73)
Contributions from noncontrolling interest29—
Distributions to noncontrolling interest(29)—
Other1624
Net cash flows from (used for) financing activities421(57)
Net increase (decrease) in cash, cash equivalents and restricted cash307(32)
Cash, cash equivalents and restricted cash at beginning of period4056
Cash, cash equivalents and restricted cash at end of period$347$24
Supplemental cash flows information:
Cash paid during the period for:
Interest($220)($197)
Income taxes, net($7)($1)
Significant non-cash investing and financing activities:
Accrued capital expenditures$403$91
Beneficial interest obtained in exchange for securitized accounts receivable$248$164
 For the Nine Months
 Ended September 30,
 2017 2016
 (in millions)
Cash flows from operating activities:   
Net income
$371.2
 
$316.5
Adjustments to reconcile net income to net cash flows from operating activities:   
Depreciation and amortization342.7
 308.7
Deferred tax expense and tax credits102.7
 76.7
Asset valuation charges for Franklin County wind farm—
 86.4
Other(7.1) (44.0)
Other changes in assets and liabilities:   
Accounts receivable72.8
 (101.0)
Sales of accounts receivable91.0
 (4.0)
Regulatory assets(108.9) 36.6
Regulatory liabilities(64.8) (66.5)
Deferred income taxes101.0
 71.8
Other(17.2) (27.2)
Net cash flows from operating activities883.4
 654.0
Cash flows used for investing activities:   
Construction and acquisition expenditures:   
Utility business(909.7) (743.6)
Alliant Energy Corporate Services, Inc. and non-regulated businesses(139.7) (43.3)
Other(22.9) 15.1
Net cash flows used for investing activities(1,072.3) (771.8)
Cash flows from financing activities:   
Common stock dividends(215.7) (199.8)
Proceeds from issuance of common stock, net143.2
 20.4
Proceeds from issuance of long-term debt—
 300.0
Net change in commercial paper and other short-term borrowings281.2
 78.5
Other(18.8) (2.4)
Net cash flows from financing activities189.9
 196.7
Net increase in cash and cash equivalents1.0
 78.9
Cash and cash equivalents at beginning of period8.2
 5.8
Cash and cash equivalents at end of period
$9.2
 
$84.7
Supplemental cash flows information:   
Cash paid during the period for:   
Interest, net of capitalized interest
($158.5) 
($140.7)
Income taxes, net
($11.4) 
($8.3)
Significant non-cash investing and financing activities:   
Accrued capital expenditures
$197.2
 
$99.9


TheRefer to accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

Statements.
5
Table of Contents


INTERSTATE POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the Three MonthsFor the Nine Months
For the Three Months For the Nine MonthsEnded September 30,Ended September 30,
Ended September 30, Ended September 30,2022202120222021
2017 2016 2017 2016(in millions)
(in millions)
Operating revenues:       
Revenues:Revenues:
Electric utility
$489.0
 
$483.2
 
$1,217.6
 
$1,209.2
Electric utility$596$555$1,438$1,343
Gas utility27.4
 23.9
 147.2
 142.6
Gas utility3331224165
Steam and other11.0
 9.1
 33.3
 34.1
Steam and other11133435
Total operating revenues527.4
 516.2
 1,398.1
 1,385.9
Total revenuesTotal revenues6405991,6961,543
Operating expenses:       Operating expenses:
Electric production fuel and purchased power122.5
 125.0
 330.0
 324.8
Electric production fuel and purchased power140101290215
Electric transmission service78.2
 95.9
 235.0
 270.7
Electric transmission service115103303274
Cost of gas sold9.9
 8.0
 74.6
 76.3
Cost of gas sold141212684
Other operation and maintenance104.4
 94.8
 288.7
 279.8
Other operation and maintenance9095260253
Depreciation and amortization66.2
 52.7
 181.0
 157.8
Depreciation and amortization9594285281
Taxes other than income taxes14.4
 13.9
 41.1
 40.6
Taxes other than income taxes15144342
Total operating expenses395.6
 390.3
 1,150.4
 1,150.0
Total operating expenses4694191,3071,149
Operating income131.8
 125.9
 247.7
 235.9
Operating income171180389394
Interest expense and other:       
Other (income) and deductions:Other (income) and deductions:
Interest expense27.9
 25.5
 83.5
 75.4
Interest expense3734111103
Allowance for funds used during construction(4.7) (13.8) (25.1) (36.2)Allowance for funds used during construction(3)(2)(8)(7)
Interest income and other(0.1) —
 (0.2) (0.1)
Total interest expense and other23.1
 11.7
 58.2
 39.1
OtherOther(1)—(2)2
Total other (income) and deductionsTotal other (income) and deductions333210198
Income before income taxes108.7
 114.2
 189.5
 196.8
Income before income taxes138148288296
Income tax benefit(14.3) (2.5) (18.6) (2.5)Income tax benefit(16)(12)(39)(34)
Net income123.0
 116.7
 208.1
 199.3
Net income154160327330
Preferred dividend requirements2.6
 2.6
 7.7
 7.7
Preferred dividend requirements—3—8
Earnings available for common stock
$120.4
 
$114.1
 
$200.4
 
$191.6
Net income available for common stockNet income available for common stock$154$157$327$322
Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of IPL’s common stock outstanding during the periods presented.
TheRefer to accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

Statements.
6
Table of Contents


INTERSTATE POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30,
2022		December 31,
2021
(in millions, except per
share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents$45$34
Accounts receivable, less allowance for expected credit losses286241
Income tax refunds receivable18
Production fuel, at weighted average cost3129
Gas stored underground, at weighted average cost6640
Materials and supplies, at weighted average cost7770
Regulatory assets10873
Other13469
Total current assets748564
Property, plant and equipment, net8,0137,983
Other assets:
Regulatory assets1,3151,370
Deferred charges and other13279
Total other assets1,4471,449
Total assets$10,208$9,996
 September 30,
2017		 December 31,
2016
 
(in millions, except per
share and share amounts)
ASSETS 
Current assets:   
Cash and cash equivalents
$4.7
 
$3.3
Accounts receivable, less allowance for doubtful accounts143.5
 240.7
Production fuel, at weighted average cost56.7
 70.3
Gas stored underground, at weighted average cost21.6
 16.3
Materials and supplies, at weighted average cost52.6
 46.5
Regulatory assets38.9
 17.7
Other39.3
 27.7
Total current assets357.3
 422.5
Property, plant and equipment, net5,764.9
 5,435.6
Other assets:   
Regulatory assets1,552.0
 1,441.1
Deferred charges and other8.5
 5.5
Total other assets1,560.5
 1,446.6
Total assets
$7,682.7
 
$7,304.7
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$232$173
Accounts payable to associated companies3739
Regulatory liabilities10584
Accrued taxes6956
Accrued interest3536
Other11267
Total current liabilities590455
Long-term debt, net3,6453,643
Other liabilities:
Deferred tax liabilities1,0291,083
Regulatory liabilities656607
Pension and other benefit obligations118127
Other314312
Total other liabilities2,1172,129
Commitments and contingencies (Note 13)
Equity:
Interstate Power and Light Company common equity:
Common stock - $2.50 par value - 24,000,000 shares authorized; 13,370,788 shares outstanding3333
Additional paid-in capital2,8072,807
Retained earnings1,016929
Total Interstate Power and Light Company common equity3,8563,769
Total liabilities and equity$10,208$9,996

LIABILITIES AND EQUITY 
Current liabilities:   
Current maturities of long-term debt
$100.0
 
$—
Commercial paper4.0
 —
Accounts payable224.6
 186.3
Accounts payable to associated companies56.4
 43.3
Regulatory liabilities85.9
 149.6
Accrued taxes39.3
 53.8
Other92.8
 88.8
Total current liabilities603.0
 521.8
Long-term debt, net (excluding current portion)2,095.0
 2,153.5
Other liabilities:   
Deferred tax liabilities1,643.5
 1,511.8
Regulatory liabilities298.9
 281.2
Pension and other benefit obligations171.4
 173.2
Other238.5
 214.2
Total other liabilities2,352.3
 2,180.4
Commitments and contingencies (Note 12)


 

Equity:   
Interstate Power and Light Company common equity:   
Common stock - $2.50 par value - 24,000,000 shares authorized; 13,370,788 shares outstanding33.4
 33.4
Additional paid-in capital1,697.8
 1,597.8
Retained earnings701.2
 617.8
Total Interstate Power and Light Company common equity2,432.4
 2,249.0
Cumulative preferred stock200.0
 200.0
Total equity2,632.4
 2,449.0
Total liabilities and equity
$7,682.7
 
$7,304.7

TheRefer to accompanying Combined Notes to Condensed Consolidated Financial Statements are anintegral part of these statements.

Statements.
7
Table of Contents


INTERSTATE POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Nine Months
Ended September 30,
20222021
(in millions)
Cash flows from operating activities:
Net income$327$330
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization285281
Deferred tax benefit and tax credits(24)(13)
Other(8)(1)
Other changes in assets and liabilities:
Accounts receivable(397)(412)
Derivative assets(118)(86)
Regulatory assets18(33)
Accounts payable715
Derivative liabilities62(9)
Regulatory liabilities6130
Deferred income taxes(30)56
Pension and other benefit obligations(9)(25)
Other(72)(28)
Net cash flows from operating activities16695
Cash flows from investing activities:
Construction and acquisition expenditures(269)(285)
Cash receipts on sold receivables358423
Other(5)(16)
Net cash flows from investing activities84122
Cash flows used for financing activities:
Common stock dividends(240)(301)
Capital contributions from parent—50
Other1(3)
Net cash flows used for financing activities(239)(254)
Net increase (decrease) in cash, cash equivalents and restricted cash11(37)
Cash, cash equivalents and restricted cash at beginning of period3450
Cash, cash equivalents and restricted cash at end of period$45$13
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest($111)($106)
Income taxes, net$33$28
Significant non-cash investing and financing activities:
Accrued capital expenditures$43$30
Beneficial interest obtained in exchange for securitized accounts receivable$248$164
 For the Nine Months
 Ended September 30,
 2017 2016
 (in millions)
Cash flows from operating activities:   
Net income
$208.1
 
$199.3
Adjustments to reconcile net income to net cash flows from operating activities:   
Depreciation and amortization181.0
 157.8
Other26.2
 24.3
Other changes in assets and liabilities:   
Accounts receivable12.4
 (66.5)
Sales of accounts receivable91.0
 (4.0)
Regulatory assets(107.8) (14.1)
Regulatory liabilities(49.6) (64.5)
Deferred income taxes88.9
 67.7
Other20.4
 (43.5)
Net cash flows from operating activities470.6
 256.5
Cash flows used for investing activities:   
Utility construction and acquisition expenditures(470.1) (436.5)
Other(23.5) 1.1
Net cash flows used for investing activities(493.6) (435.4)
Cash flows from financing activities:   
Common stock dividends(117.0) (114.0)
Capital contributions from parent100.0
 65.0
Proceeds from issuance of long-term debt—
 300.0
Net change in commercial paper44.0
 —
Other(2.6) 1.1
Net cash flows from financing activities24.4
 252.1
Net increase in cash and cash equivalents1.4
 73.2
Cash and cash equivalents at beginning of period3.3
 4.5
Cash and cash equivalents at end of period
$4.7
 
$77.7
Supplemental cash flows information:   
Cash (paid) refunded during the period for:   
Interest
($84.1) 
($72.5)
Income taxes, net
$13.2
 
$0.7
Significant non-cash investing and financing activities:   
Accrued capital expenditures
$71.0
 
$44.5


TheRefer to accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.



Statements.
8
Table of Contents


WISCONSIN POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the Three MonthsFor the Nine Months
For the Three Months For the Nine MonthsEnded September 30,Ended September 30,
Ended September 30, Ended September 30,2022202120222021
2017 2016 2017 2016(in millions)
(in millions)
Operating revenues:       
Revenues:Revenues:
Electric utility
$351.6
 
$381.1
 
$981.5
 
$999.9
Electric utility$443$384$1,186$1,014
Gas utility18.4
 15.6
 115.5
 106.1
Gas utility2919194124
Other0.2
 0.3
 1.1
 0.9
Other——11
Total operating revenues370.2
 397.0
 1,098.1
 1,106.9
Total revenuesTotal revenues4724031,3811,139
Operating expenses:       Operating expenses:
Electric production fuel and purchased power100.1
 120.9
 284.7
 321.5
Electric production fuel and purchased power134105343263
Electric transmission service42.8
 42.7
 128.3
 126.1
Electric transmission service4244125128
Cost of gas sold5.1
 4.5
 60.9
 56.0
Cost of gas sold13611765
Other operation and maintenance66.1
 54.2
 179.7
 157.2
Other operation and maintenance7066193194
Depreciation and amortization53.6
 48.7
 158.8
 143.5
Depreciation and amortization7170211209
Taxes other than income taxes11.8
 11.0
 35.3
 33.8
Taxes other than income taxes11123535
Total operating expenses279.5
 282.0
 847.7
 838.1
Total operating expenses3413031,024894
Operating income90.7
 115.0
 250.4
 268.8
Operating income131100357245
Interest expense and other:       
Other (income) and deductions:Other (income) and deductions:
Interest expense23.1
 22.9
 69.1
 68.7
Interest expense31258677
Equity income from unconsolidated investments(0.2) (9.3) (0.4) (29.0)
Allowance for funds used during construction(4.9) (2.0) (11.6) (8.1)Allowance for funds used during construction(7)(5)(26)(9)
Interest income and other(0.1) 0.1
 (0.2) (0.2)
Total interest expense and other17.9
 11.7
 56.9
 31.4
OtherOther—2—3
Total other (income) and deductionsTotal other (income) and deductions24226071
Income before income taxes72.8
 103.3
 193.5
 237.4
Income before income taxes10778297174
Income taxes23.0
 33.7
 60.1
 77.1
Income tax expense (benefit)Income tax expense (benefit)16(15)50(41)
Net income49.8
 69.6
 133.4
 160.3
Net income$91$93$247$215
Net income attributable to noncontrolling interest—
 0.6
 —
 1.6
Earnings available for common stock
$49.8
 
$69.0
 
$133.4
 
$158.7
Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of WPL’s common stock outstanding during the periods presented.
TheRefer to accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

Statements.
9
Table of Contents


WISCONSIN POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
 September 30,
2017		 December 31,
2016
 
(in millions, except per
share and share amounts)
ASSETS 
Current assets:   
Cash and cash equivalents
$3.2
 
$4.2
Accounts receivable, less allowance for doubtful accounts185.8
 226.3
Production fuel, at weighted average cost24.2
 27.8
Gas stored underground, at weighted average cost19.0
 21.3
Materials and supplies, at weighted average cost43.6
 36.3
Regulatory assets45.3
 40.1
Other64.6
 60.5
Total current assets385.7
 416.5
Property, plant and equipment, net4,782.4
 4,426.7
Other assets:   
Regulatory assets400.3
 416.2
Deferred charges and other25.7
 30.9
Total other assets426.0
 447.1
Total assets
$5,594.1
 
$5,290.3
September 30,
2022		December 31,
2021
(in millions, except per
share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents$299$2
Accounts receivable, less allowance for expected credit losses211188
Production fuel, at weighted average cost1823
Gas stored underground, at weighted average cost5842
Materials and supplies, at weighted average cost4741
Regulatory assets6931
Prepaid gross receipts tax3140
Other13086
Total current assets863453
Property, plant and equipment, net7,3716,538
Other assets:
Regulatory assets549466
Deferred charges and other11561
Total other assets664527
Total assets$8,898$7,518
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt$250$250
Commercial paper—236
Accounts payable470190
Accounts payable to associated companies5139
Regulatory liabilities124102
Other9373
Total current liabilities988890
Long-term debt, net (excluding current portion)2,7692,179
Other liabilities:
Deferred tax liabilities783753
Regulatory liabilities502478
Pension and other benefit obligations148159
Other352236
Total other liabilities1,7851,626
Commitments and contingencies (Note 13)
Equity:
Wisconsin Power and Light Company common equity:
Common stock - $5 par value - 18,000,000 shares authorized; 13,236,601 shares outstanding6666
Additional paid-in capital2,1231,704
Retained earnings1,1671,053
Total Wisconsin Power and Light Company common equity3,3562,823
Total liabilities and equity$8,898$7,518
LIABILITIES AND EQUITY 
Current liabilities:   
Commercial paper
$224.6
 
$52.3
Accounts payable197.2
 192.9
Regulatory liabilities59.2
 36.6
Other108.7
 112.9
Total current liabilities589.7
 394.7
Long-term debt, net1,536.2
 1,535.2
Other liabilities:   
Deferred tax liabilities1,035.2
 971.6
Regulatory liabilities184.5
 213.6
Capital lease obligations - Sheboygan Falls Energy Facility72.0
 77.2
Pension and other benefit obligations204.2
 207.8
Other162.6
 159.4
Total other liabilities1,658.5
 1,629.6
Commitments and contingencies (Note 12)

 
Equity:   
Wisconsin Power and Light Company common equity:   
Common stock - $5 par value - 18,000,000 shares authorized; 13,236,601 shares outstanding66.2
 66.2
Additional paid-in capital1,059.0
 1,019.0
Retained earnings684.5
 645.6
Total Wisconsin Power and Light Company common equity1,809.7
 1,730.8
Total liabilities and equity
$5,594.1
 
$5,290.3


TheRefer to accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

Statements.
10
Table of Contents


WISCONSIN POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Nine Months
Ended September 30,
20222021
(in millions)
Cash flows from operating activities:
Net income$247$215
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization211209
Deferred tax expense (benefit) and tax credits11(63)
Other(7)12
Other changes in assets and liabilities:
Derivative assets(66)(116)
Regulatory assets(120)11
Deferred income taxes20108
Other(17)(27)
Net cash flows from operating activities279349
Cash flows used for investing activities:
Construction and acquisition expenditures(604)(487)
Other(8)(23)
Net cash flows used for investing activities(612)(510)
Cash flows from financing activities:
Common stock dividends(133)(126)
Capital contributions from parent420245
Proceeds from issuance of long-term debt588300
Net change in commercial paper(236)(254)
Contributions from noncontrolling interest29—
Distributions to noncontrolling interest(29)—
Other(9)(3)
Net cash flows from financing activities630162
Net increase in cash, cash equivalents and restricted cash2971
Cash, cash equivalents and restricted cash at beginning of period23
Cash, cash equivalents and restricted cash at end of period$299$4
Supplemental cash flows information:
Cash paid during the period for:
Interest($78)($72)
Income taxes, net($51)($24)
Significant non-cash investing and financing activities:
Accrued capital expenditures$355$59
 For the Nine Months
 Ended September 30,
 2017 2016
 (in millions)
Cash flows from operating activities:   
Net income
$133.4
 
$160.3
Adjustments to reconcile net income to net cash flows from operating activities:   
Depreciation and amortization158.8
 143.5
Deferred tax expense and tax credits60.1
 97.9
Other4.8
 (20.3)
Other changes in assets and liabilities:   
Accounts receivable41.8
 (12.8)
Regulatory assets(1.1) 50.7
Other(36.6) 20.0
Net cash flows from operating activities361.2
 439.3
Cash flows used for investing activities:   
Utility construction and acquisition expenditures(454.0) (307.1)
Other(16.2) (19.6)
Net cash flows used for investing activities(470.2) (326.7)
Cash flows from (used for) financing activities:   
Common stock dividends(94.5) (101.2)
Capital contribution from parent40.0
 —
Net change in commercial paper172.3
 (8.1)
Other(9.8) 1.9
Net cash flows from (used for) financing activities108.0
 (107.4)
Net increase (decrease) in cash and cash equivalents(1.0) 5.2
Cash and cash equivalents at beginning of period4.2
 0.4
Cash and cash equivalents at end of period
$3.2
 
$5.6
Supplemental cash flows information:   
Cash (paid) refunded during the period for:   
Interest
($68.1) 
($67.7)
Income taxes, net
($20.2) 
$19.6
Significant non-cash investing and financing activities:   
Accrued capital expenditures
$122.3
 
$50.8


TheRefer to accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

Statements.
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ALLIANT ENERGY CORPORATION
INTERSTATE POWER AND LIGHT COMPANY
WISCONSIN POWER AND LIGHT COMPANY


COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1(a) General - The interim unaudited Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission.SEC. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, although management believes that the disclosures are adequate to make the information presented not misleading. These Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the latest combined Annual Report on 2021 Form 10-K.10-K.


In the opinion of management, all adjustments, which unless otherwise noted are normal and recurring in nature, necessary for a fair presentation of the results of operations, financial position and cash flows have been made. Results for the nine months ended September 30, 20172022 are not necessarily indicative of results that may be expected for the year ending December 31, 2017. 2022.

A change in management’s estimates or assumptions could have a material impact on financial condition and results of operations during the period in which such change occurred. Certain prior period amounts in the Financial Statements and Notes have been reclassified to conform to the current period presentation for comparative purposes.


Discontinued operations reported in Alliant Energy’s income statements is related to various warranty claims associated with the sale of RMT in 2013, which have resulted in operating expenses and income subsequent to the sale.

NOTE 1(b) New Accounting StandardsCash and Cash Equivalents -
Revenue Recognition - In May 2014, the Financial Accounting Standards Board issued an accounting standard providing principles for recognizing revenue for the transfer of promised goods or services to customers with the consideration to which the entity expects to be entitled in exchange for those goods or services. This standard also requires disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Alliant Energy, IPL and WPL will adopt this standard on January 1, 2018 and currently expect to use the modified retrospective method of adoption. If applicable, this method requires a cumulative-effect adjustment to the opening retained earnings balance on January 1, 2018, as if the standard had always been in effect. Alliant Energy, IPL and WPL have continued to make progress in the evaluation of the revenue recognition standard and do not currently anticipate a significant change in revenue recognition for retail electric and gas sales. These sales represent the majority ofAt September 30, 2022, Alliant Energy’s, IPL’s and WPL’s revenuescash and are from tariff offeringscash equivalents included $334 million, $39 million and $295 million of money market fund investments, respectively, with weighted average interest rates of 3%.

NOTE 1(c) Variable Interest Entities (VIEs) - In 2022, WPL 2022 Solar Holdco, LLC was formed as a joint venture to own and operate project companies responsible for the construction, ownership and operation of various solar generation assets. Members of the joint venture were a WPL subsidiary (the managing member) and a tax equity partner. In the second quarter of 2022, the WPL subsidiary and the tax equity partner contributed $62 million and $29 million, respectively, to WPL 2022 Solar Holdco, LLC in exchange for membership interests, and $88 million of the contributed funds were paid to WPL in exchange for equity interests in the project companies. In the second quarter of 2022, Alliant Energy and WPL consolidated this joint venture as it was a VIE in which WPL held a variable interest, and WPL controlled decisions that provide electricity or natural gas without a defined contractual term. For such arrangements, revenues from contracts with customers will be equivalentwere significant to the electricity or natural gas suppliedjoint venture’s ongoing operations and billed, or estimated to be billed,economic results (i.e., WPL was the primary beneficiary).

In August 2022, the Inflation Reduction Act of 2022 was enacted. Following its enactment, WPL evaluated the provisions of the new legislation and there will be no significant shift indetermined that retaining full ownership of the timing or pattern of revenue recognition for such sales. The most significant impact to the financial statements for Alliant Energy, IPL and WPLsolar projects is expected to beresult in lower costs for its customers. As a result, in the formthird quarter of additional disclosures. The incremental disclosures could include disaggregation2022, WPL and the tax equity partner terminated the tax equity partnership, and WPL returned the $29 million of revenue by location and customer class.initial funding to the tax equity partner. Alliant Energy IPL and WPL no longer expect their solar generation project construction costs to completebe financed with capital from tax equity partners, which would result in higher rate base amounts compared to those previously approved by the evaluationPSCW for WPL’s planned approximately 1,100 MW of solar generation. Alliant Energy and WPL concluded that no disallowance of anticipated higher rate base amounts was required as of September 30, 2022 given full ownership of WPL's planned solar generation is expected to result in lower costs for WPL's customers.

Refer to Note 6 for discussion of a noncontrolling interest that was initially associated with the joint venture prior to the termination of the impact of the revenue recognition standard on their financial condition, results of operations and disclosures by January 1, 2018.tax equity partnership.

Leases - In February 2016, the Financial Accounting Standards Board issued an accounting standard requiring lease assets and lease liabilities, including operating leases, to be recognized on the balance sheet for all leases with terms longer than 12 months. The standard also requires disclosure of key information about leasing arrangements. Alliant Energy, IPL and WPL currently expect to adopt this standard on January 1, 2019 and are evaluating the impact of this standard on their financial condition and results of operations and expect an increase in assets and liabilities from recognizing operating leases on their balance sheets.

Presentation of Net Periodic Pension and Postretirement Benefit Costs - In March 2017, the Financial Accounting Standards Board issued an accounting standard amending the income statement presentation of the components of net periodic benefit costs for defined benefit pension and other postretirement plans. The standard requires entities to (1) disaggregate the current service cost component from the other components of net periodic benefit costs and present it with other employee compensation costs in the income statement; and (2) include the other components in the income statement outside of operating income. This new presentation will shift the majority of the net periodic benefit costs from “Other operation and maintenance” expenses to “Interest expense and other” expenses in the income statements. In addition, only the service cost component of net periodic benefit costs is eligible for capitalization into property, plant and equipment, when


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applicable. IPL and WPL, as rate-regulated entities, currently expect to capitalize the other components of net periodic benefit costs into regulatory assets or regulatory liabilities. Alliant Energy, IPL and WPL will adopt this standard on January 1, 2018. Upon adoption, the standard must be applied retrospectively for the presentation requirements and prospectively for the capitalization requirements. Alliant Energy, IPL and WPL continue to evaluate additional impacts of this standard on their financial condition and results of operations.

NOTE 2. REGULATORY MATTERS
Regulatory Assets and Regulatory Liabilities -
Regulatory assets were comprised of the following items (in millions):
Alliant EnergyIPLWPL
September 30,
2022		December 31,
2021		September 30,
2022		December 31,
2021		September 30,
2022		December 31,
2021
Tax-related$913$934$842$884$71$50
Pension and OPEB costs436462216228220234
Asset retirement obligations145128104894139
Commodity cost recovery129422212740
Derivatives1028674354
Assets retired early759256661926
IPL’s DAEC PPA amendment72907290——
WPL’s Western Wisconsin gas distribution expansion investments4952——4952
Other12013264805652
$2,041$1,940$1,423$1,443$618$497
 Alliant Energy IPL WPL
 September 30,
2017		 December 31,
2016		 September 30,
2017		 December 31,
2016		 September 30,
2017		 December 31,
2016
Tax-related
$1,147.9
 
$1,055.6
 
$1,107.9
 
$1,022.4
 
$40.0
 
$33.2
Pension and OPEB costs547.8
 578.7
 279.3
 294.0
 268.5
 284.7
Asset retirement obligations107.9
 105.9
 71.9
 64.3
 36.0
 41.6
EGUs retired early67.4
 41.4
 32.9
 —
 34.5
 41.4
Derivatives49.9
 30.7
 22.3
 10.0
 27.6
 20.7
Emission allowances25.6
 26.2
 25.6
 26.2
 —
 —
Other90.0
 76.6
 51.0
 41.9
 39.0
 34.7
 
$2,036.5
 
$1,915.1
 
$1,590.9
 
$1,458.8
 
$445.6
 
$456.3


Tax-related - Refer to Note 9 for discussion of Iowa Tax Reform, which resulted in a decrease in Alliant Energy’s and IPL’s tax-related regulatory assets in the third quarter of 2022.

Commodity cost recovery - The cost recovery mechanism for WPL’s retail electric customers is based on forecasts of certain fuel-related costs expected to be incurred during forward-looking test periods and fuel monitoring ranges determined by the PSCW during each retail electric rate proceeding or in a separate fuel cost plan approval proceeding. During the nine months ended September 30, 2022, WPL’s actual fuel-related costs fell outside these fuel monitoring ranges, resulting in a $83 million deferral of higher than expected fuel-related costs as of September 30, 2022.

Derivatives - Refer to Note 11 for discussion of changes in Alliant Energy’s, IPL’s and WPL’s derivative liabilities/assets during the nine months ended September 30, 2022, which result in comparable changes to regulatory assets/liabilities on the balance sheets.

Regulatory liabilities were comprised of the following items (in millions):
Alliant EnergyIPLWPL
September 30,
2022		December 31,
2021		September 30,
2022		December 31,
2021		September 30,
2022		December 31,
2021
Tax-related$582$585$304$312$278$273
Cost of removal obligations398384258252140132
Derivatives3121661647714889
WPL’s West Riverside liquidated damages3336——3336
Electric transmission cost recovery16514271224
Other464931231526
$1,387$1,271$761$691$626$580

 Alliant Energy IPL WPL
 September 30,
2017		 December 31,
2016		 September 30,
2017		 December 31,
2016		 September 30,
2017		 December 31,
2016
Cost of removal obligations
$412.1
 
$411.6
 
$272.9
 
$269.4
 
$139.2
 
$142.2
Electric transmission cost recovery94.8
 72.0
 35.9
 35.7
 58.9
 36.3
IPL’s tax benefit riders45.0
 83.5
 45.0
 83.5
 —
 —
Commodity cost recovery21.2
 30.8
 15.0
 17.8
 6.2
 13.0
Energy efficiency cost recovery20.0
 20.5
 —
 —
 20.0
 20.5
Derivatives10.9
 31.5
 5.8
 12.1
 5.1
 19.4
Other24.5
 31.1
 10.2
 12.3
 14.3
 18.8
 
$628.5
 
$681.0
 
$384.8
 
$430.8
 
$243.7
 
$250.2

Tax-related- Alliant Energy’s and IPL’s tax-related regulatory assets are generally impacted by certain property-related differences at IPL for which deferred tax is not recorded in the income statement pursuant to Iowa rate-making principles. Deferred tax amounts for such property-related differences at IPL are recorded to regulatory assets, along with the necessary revenue requirement tax gross-ups. During the nine months ended September 30, 2017, Alliant Energy’s and IPL’s tax-related regulatory assets increased primarily due to property-related differences for qualifying repair expenditures.

Asset retirement obligations - In September 2017, IPL reached a partial settlement agreement related to its retail electric rate review (2016 Test Year), subject to IUB approval. The proposed settlement does not include the recovery of certain asset retirement obligation costs previously recorded as regulatory assets, and as a result, Alliant Energy and IPL recorded a write-down of regulatory assets in the third quarter of 2017 as discussed in “IPL’s Retail Electric Rate Review (2016 Test Year)” below.

Electric generating units retired early - In June 2017, IPL retired Sutherland Units 1 and 3 and reclassified the remaining net book value of these EGUs from property, plant and equipment to a regulatory asset on Alliant Energy’s and IPL’s balance sheets. IPL is currently earning a return on the remaining net book value of these EGUs, as well as recovering the remaining net book value of these EGUs from both its retail and wholesale customers. IPL’s proposed settlement reached in September 2017 includes recovery of the remaining net book value of these EGUs from IPL’s retail customers over a 10-year period. However, the proposed settlement does not allow IPL to earn a return on the remaining net book value of these EGUs from its retail customers when final rates are implemented, and as a result, Alliant Energy and IPL recorded a write-down of regulatory assets in the third quarter of 2017 as discussed in “IPL’s Retail Electric Rate Review (2016 Test Year)” below. IPL has requested continued recovery of the remaining net book value of these EGUs from its retail customers over a 10-year period from the IUB, with a decision currently expected in the first quarter of 2018. In September 2017, FERC approved continued recovery of the remaining net book value of these EGUs from IPL’s wholesale customers over a 10-year period.


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Derivatives - Refer to Note 11 for discussion of derivative assets and derivative liabilities.

Electric transmission cost recovery - A group of MISO cooperative and municipal utilities previously filed two complaints with FERC requesting a reduction to the base return on equity used by MISO transmission owners, including ITC and ATC LLC, to determine electric transmission costs billed to utilities, including IPL and WPL. In September 2016, FERC issued an order on the first complaint and established a base return on equity of 10.32%, excluding any incentive adders granted by FERC, effective September 28, 2016, and for the refund period from November 12, 2013 through February 11, 2015 (first complaint period). During the nine months ended September 30, 2017, Alliant Energy, IPL and WPL received the refunds for the first complaint period of $50 million, $39 million and $11 million, respectively, after final true-ups. IPL and WPL each initially recorded the retail portion of the refunds to a regulatory liability. Pursuant to IUB approval, IPL’s retail portion of the refund from ITC is currently being refunded to its retail customers in 2017. WPL’s retail portion of the refund from ATC LLC will remain in a regulatory liability until such refunds are approved to be returned to retail customers in a future rate proceeding. IPL’s and WPL’s wholesale customers received their share of the refunds through normal monthly billing practices in 2017.

IPL’s tax benefit riders - IPL’s tax benefit riders utilize regulatory liabilities to credit bills of IPL’s Iowa retail electric and gas customers to help offset the impact of rate increases on such customers. These regulatory liabilities are related to tax benefits from tax accounting method changes for repairs expenditures and cost of removal expenditures, and a rate-making accounting change for capitalized interest. For the nine months ended September 30, 2017, Alliant Energy’s and IPL’s “IPL’s tax benefit riders” regulatory liabilities decreased by ($39) million as follows (in millions):
Electric tax benefit rider credits
($51)
Gas tax benefit rider credits(5)
Rate-making accounting change17

($39)

In the third quarter of 2017, Alliant Energy and IPL implemented a rate-making accounting change for capitalized interest. IPL currently anticipates crediting its related tax benefits from this rate-making accounting change to its Iowa retail electric and gas customers in the future, and as a result, Alliant Energy and IPL recorded an increase of $17 million to IPL’s tax benefit riders regulatory liabilities during the nine months ended September 30, 2017.

Utility Rate Reviews -
IPL’s Retail Electric Rate Review (2016 Test Year) - In April 2017, IPL filed a request with the IUB to increase annual electric base rates for its Iowa retail electric customers by $176 million, or approximately 12%. The request was based on a 2016 historical Test Year as adjusted for certain known and measurable changes occurring up to 12 months after the commencement of the proceeding. The key drivers for the filing included recovery of capital projects, primarily power grid modernization and investments that advance cleaner energy, including Marshalltown. An interim retail electric base rate increase of $102 million, or approximately 7%, on an annual basis, was implemented effective April 13, 2017, without regulatory review, and will be subject to refund pending determination of final rates. Tax benefit rider credits and MISO transmission owner return on equity refunds are expected to reduce the effect of the rate increase on customer bills in 2017 and 2018. For the three and nine months ended September 30, 2017, Alliant Energy and IPL recorded increases in electric base rates of $34 million and $54 million, respectively, in conjunction with the interim retail electric base rate increase.

In September 2017, IPL reached a partial, non-unanimous settlement agreement with the Iowa Office of Consumer Advocate, the Iowa Business Energy Coalition and the Large Energy Group for an annual electric base rate increase of $130 million, or approximately 9%. The final proposed rate increase (based on proposed settlement) includes increased depreciation expense resulting from an updated depreciation study; recovery over a four-year period of asset retirement obligation expenditures since the last retail electric rate filing in 2010; recovery over a 10-year period of the remaining net book value of Sutherland Units 1 and 3, unamortized forward contract costs for SO2 emission allowances through the energy adjustment clause and cancelled project costs approved in a prior emissions plan and budget; and no double leverage applied to the weighted-average cost of capital. The proposed settlement did not address rate design or IPL’s proposal to continue the electric transmission cost rider. As a result of the proposed settlement, in the third quarter of 2017, IPL recorded a write-down of regulatory assets of $9 million, including $4 million to “Other operation and maintenance” expenses primarily related to IPL being no longer probable of earning a return on the remaining net book value of Sutherland Units 1 and 3 from its retail customers when final rates are implemented, and $5 million to “Depreciation and amortization” expenses for asset retirement obligations deemed no longer probable of recovery in future rates. IPL currently expects to implement final rates in the first quarter of 2018. The IUB must issue a decision on requests for retail rate changes within 10 months of the date of the application for which changes are filed.


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WPL’s Retail Electric and Gas Rate Review (2017/2018 Test Period) - In December 2016, WPL received an order from the PSCW authorizing WPL to implement an increase in annual retail electric rates of $9 million, or approximately 1%, and an increase in annual retail gas base rates of $9 million, or approximately 13%. The $9 million net annual retail electric rate increase reflects a $60 million increase in base rates, partially offset by a $51 million reduction in fuel-related costs, using an estimate for 2017 fuel-related costs. These increases were effective January 1, 2017 and extend through the end of 2018. For the three and nine months ended September 30, 2017, Alliant Energy and WPL recorded increases in electric base rates of $4 million and $42 million, and increases in gas base rates of $2 million and $6 million, respectively, in conjunction with the base rate increases authorized in the PSCW’s December 2016 order.

WPL’s Retail Fuel-related Rate Filing (2016 Test Year) - Pursuant to a 2015 PSCW order, WPL’s 2016 fuel-related costs were subject to deferral if they were outside an annual bandwidth of plus or minus 2% of the approved annual forecasted fuel-related costs. Retail fuel-related costs incurred by WPL in 2016 were lower than fuel-related costs used to determine rates for such period resulting in an over-collection of fuel-related costs. In August 2017, the PSCW authorized WPL to utilize $6 million of the over-collections as an offset to projected 2017 fuel-related cost under-collections. As of September 30, 2017, $3 million of remaining fuel-related costs for 2016 outside of the approved bandwidth are included in “Commodity cost recovery” in Alliant Energy’s and WPL’s regulatory liabilities table above, and these costs are expected to offset any rate changes for WPL’s 2018 fuel-related costs.

WPL’s Retail Fuel-related Rate Filing (2017 Test Year) - In March 2017, WPL filed an application with the PSCW for a mid-year fuel-related cost adjustment for 2017. Fuel-related costs for 2017 are currently expected to exceed the approved 2017 fuel-related cost plan by more than the 2% annual bandwidth. In August 2017, the PSCW authorized WPL to utilize $6 million of the 2016 fuel-related cost over-collections to offset a portion of the projected fuel-related cost under-collections for 2017. As of September 30, 2017, after applying the 2016 over-recovery amounts, the remaining fuel-related costs for 2017 outside of the approved bandwidth were $3 million and are included in “Other” in Alliant Energy’s and WPL’s regulatory assets table above.

WPL’s Retail Fuel-related Rate Filing (2018 Test Year) - In July 2017, WPL filed a request with the PSCW to increase annual rates for WPL’s retail electric customers by $6 million, or approximately 1%, in 2018. The increase primarily reflects a change in expected fuel-related costs in 2018, which are expected to be offset by $3 million of over-collections from WPL’s 2016 fuel-related costs as discussed above. Any rate changes granted from this request are expected to be effective January 1, 2018.

NOTE 3. PROPERTY, PLANT AND EQUIPMENT
Utility -
Natural Gas-Fired Generation Projects -
IPL’s Marshalltown Generating Station - IPL’s construction of Marshalltown, an approximate 660 MW natural gas-fired combined-cycle EGU, was completed and the EGU was placed into service in April 2017. As of September 30, 2017, Alliant Energy and IPL recorded total project costs of $643 million and AFUDC of $81 million for Marshalltown in “Property, plant and equipment, net” on their balance sheets.

WPL’s West Riverside Energy Center -In June 2022, WPL is currently constructing West Riverside, an approximate 730 MW natural gas-fired combined-cycle EGU. Construction began in 2016 and is currentlyannounced revised expected to be completed by early 2020. As of September 30, 2017, Alliant Energy and WPL recorded capitalized expenditures for construction work in progress of $278 million and AFUDC of $9 million for West Riverside in “Property, plant and equipment, net” on their balance sheets. These capital expenditures do not yet reflect any potential impacts from the exercise of purchase options by certain WPL electric cooperatives for a partial ownership interest in West Riverside.

Wind Generation -
IPL’s Expansion of Wind Generation - IPL currently plans to add up to 1,000 MW of new wind projects to its existing generation portfolio. These wind projects are expected to be placed into service in 2019 and 2020. As of September 30, 2017, Alliant Energy and IPL recorded capitalized expenditures for construction work in progress of $184 million and AFUDC of $7 million for this expansion of wind generation in “Property, plant and equipment, net” on their balance sheets.


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Franklin County Wind Farm - Based on an evaluation of the strategic optionstiming for the Franklin County wind farm performedretirements of its remaining coal-fired EGUs in order to help manage regional capacity and changing generation requirements across the third quarter of 2016, Alliant Energy concluded, as of September 30, 2016, it was probable the Franklin County wind farm would be transferred to IPL. As a result, Alliant Energy performed an impairment analysis of such assets and recorded non-cash, pre-tax asset valuation charges of $86 million (after-tax charges of $51 million, or $0.23 per share) in the third quarter of 2016. Alliant Energy recorded such charges as a reduction to property, plant and equipment on its balance sheet in 2016 and charges to “Asset valuation charges for Franklin County wind farm” in its income statements for the three and nine months ended September 30, 2016. The proposed settlement for IPL’s retail electric rate review (2016 Test Year) included recovery of the transfer price for the Franklin County wind farm.

In April 2017, the Franklin County wind farm was transferred from AEF to IPL as approved by a February 2017 FERC order. IPL’s purchase price, including certain transaction-related costs, was $32 million. As of the closing date, the estimated fair values of the assets purchased and liabilities assumed by IPL were as follows (in millions):
Electric plant in service
$40
Current assets2
Total assets acquired42
Other liabilities10
Net assets acquired
$32

WPL’s Proposed Acquisition of Forward Wind Energy Center - In October 2017, WPL entered into definitive agreements to acquire the assets of the Forward Wind Energy Center (FWEC), which is a 129 MW wind farm located in Wisconsin.MISO region. WPL currently expects to acquire 55retire the Edgewater Generating Station (414 MW) by June 1, 2025, and Columbia Units 1 and 2 by June 1, 2026 (595 MW of FWEC for approximately $74 million. WPLin aggregate). In addition, IPL currently expects to file for approval fromretire the PSCW and FERCcoal-fired Lansing Generating Station (275 MW) in the fourth quarterfirst half of 2017,2023. Alliant Energy, IPL and WPL are working with decisions expected byMISO, state regulatory commissions and other regulatory agencies, as required, to determine the second quarter of 2018.

Retirement of IPL’s Sutherland Units 1 and 3 - In June 2017, IPL retired Sutherland Units 1 and 3 and reclassified the remaining net book valuetiming of these EGUs from property, plantactions, which are subject to change depending on operational, regulatory, market and equipment to a regulatory asset on Alliant Energy’s and IPL’s balance sheets. Refer to Note 2 for further discussion.other factors.


NOTE 4. RECEIVABLES
Sales of Accounts Receivable - IPL maintains a Receivables Purchase and Sale Agreement (Receivables Agreement) whereby it may sell its customer accounts receivables, unbilled revenues and certain other accounts receivables to a third party through wholly-owned and consolidated special purpose entities. The transfers of receivables meet the criteria for sale accounting established by the transfer of financial assets accounting rules. As of September 30, 2017,2022, IPL had $1.5$109 million of available capacity under its sales of accounts receivable program. For the three and nine months ended September 30, 2017 and 2016, IPL’s costs incurred related to the sales of accounts receivable program were not material.

IPL’s maximum and average outstanding cash proceeds (based on daily outstanding balances) related to the sales of accounts receivable program for the three and nine months ended September 30 were as follows (in millions):
 Three Months Nine Months
 2017 2016 2017 2016
Maximum outstanding aggregate cash proceeds
$112.0
 
$172.0
 
$112.0
 
$172.0
Average outstanding aggregate cash proceeds66.2
 112.3
 58.7
 91.5

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Three MonthsNine Months
2022202120222021
Maximum outstanding aggregate cash proceeds$36$110$66$110
Average outstanding aggregate cash proceeds365852

The attributes of IPL’s receivables sold under the Receivables Agreement were as follows (in millions):
September 30, 2022December 31, 2021
Customer accounts receivable$169$125
Unbilled utility revenues92104
Receivables sold to third party261229
Less: cash proceeds11
Deferred proceeds260228
Less: allowance for expected credit losses1214
Fair value of deferred proceeds$248$214
 September 30, 2017 December 31, 2016
Customer accounts receivable
$153.6
 
$157.6
Unbilled utility revenues89.1
 90.4
Other receivables1.1
 0.1
Receivables sold to third party243.8
 248.1
Less: cash proceeds (a)112.0
 21.0
Deferred proceeds131.8
 227.1
Less: allowance for doubtful accounts16.5
 16.0
Fair value of deferred proceeds
$115.3
 
$211.1

(a)Changes in cash proceeds are presented in “Sales of accounts receivable” in operating activities in Alliant Energy’s and IPL’s cash flows statements.


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As of September 30, 2017,2022, outstanding receivables past due under the Receivables Agreement were $54.1$20 million. Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three and nine months ended September 30 were as follows (in millions):
Three MonthsNine Months
2022202120222021
Collections$670$607$1,731$1,589
Write-offs, net of recoveries3467
 Three Months Nine Months
 2017 2016 2017 2016
Collections reinvested in receivables
$347.9
 
$499.7
 
$1,283.2
 
$1,362.1
Write-off losses (recoveries), net3.5
 (0.3) 10.4
 (0.6)


In connection with the implementation of IPL’s new customer billing and information system in 2016, IPL postponed the write-off of customer bills for a portion of 2016, resulting in lower write-offs for the three and nine months ended September 30, 2016.

NOTE 5. INVESTMENTS
NOTE 5(a) Unconsolidated Equity Investments -Equity Alliant Energy’s equity (income) loss from unconsolidated investments accounted for under the equity method of accounting for the three and nine months ended September 30 was as follows (in millions):
Three MonthsNine Months
2022202120222021
ATC Holdings($7)($12)($29)($34)
Other2(1)(8)(13)
($5)($13)($37)($47)
 Alliant Energy WPL
 Three Months Nine Months Three Months Nine Months
 2017 2016 2017 2016 2017 2016 2017 2016
ATC Investment
($10.1) 
($9.1) 
($32.7) 
($28.6) 
$—
 
($9.1) 
$—
 
($28.6)
Other—
 (0.1) (0.2) (0.2) (0.2) (0.2) (0.4) (0.4)
 
($10.1) 
($9.2) 
($32.9) 
($28.8) 
($0.2) 
($9.3) 
($0.4) 
($29.0)


ATC Investment - On December 31, 2016, pursuantRefer to Note 13(e) for discussion of a June 2016 PSCW order, WPL Transco, LLC was liquidated and WPL transferred its investmentreduction in ATC LLC to ATI. As a result, WPL no longer records equity income from its prior investmentearnings recorded in ATC LLC. There were no impacts of this transfer to Alliant Energy’s consolidated financial statements. As of December 31, 2016, ATI owns Alliant Energy’s entire investment in ATC.

Non-regulated Wind Investment in Oklahoma - In July 2017, a wholly-owned subsidiary of AEF acquired a 50% cash equity ownership interest in a 225 MW non-regulated wind farm located in Oklahoma, which started commercial operations in December 2016. The wind farm provides electricity to a third-party under a long-term purchased power agreement. In the third quarter of 2017, Alliant Energy’s “Other investments” assets increased $98 million from this acquisition. Alliant Energy will not maintain or operate2022 related to a court decision, which is currently expected to reduce the wind farm, and provided a parent guarantee of its subsidiary’s indemnification obligations under the operating agreement and purchased power agreement. Refer to Note 12(d)base return on equity authorized for discussion of the guarantee. Alliant Energy accounts for this non-regulated investment under the equity method of accounting, with the related equity (income) loss from unconsolidated investments included in the “Other” line in the above table. In conjunction with the acquisition, in July 2017, AEF entered into a $95 million, 364-day variable-rate term loan credit agreement (with Alliant Energy as guarantor).MISO transmission owners, including ATC.


NOTE 5(b) Cash Surrender Value of Life Insurance Policies - During the nine months ended September 30, 2016, certain of Alliant Energy’s and IPL’s company-owned life insurance policies were liquidated. The related proceeds of $31 million and $19 million were recorded in investing activities in Alliant Energy’s and IPL’s cash flows statements, respectively.

NOTE 6. COMMON EQUITY
Common Share Activity - A summary of Alliant Energy’s common stock activity was as follows:
Shares outstanding, January 1, 20172022227,673,654250,474,529 
At-the-market offering program3,074,931
Shareowner Direct Plan issuances496,437324,533 
Equity-based compensation plans (Note 9(b))
5,185222,768 
Other(45,847)
Shares outstanding, September 30, 20172022231,204,360251,021,830 


At-the-Market Offering ProgramNoncontrolling Interest - In May 2017,the second quarter of 2022, WPL and the tax equity partner contributed to a joint venture associated with certain WPL solar generation projects. The tax equity partner's contributions were represented as a noncontrolling interest within total equity on Alliant Energy filed a prospectus supplement under which it could sell up to $125 millionEnergy’s and WPL’s balance sheets as of its common stock through an at-the-market offering program. AsJune 30, 2022. In the third quarter of 2022, WPL and the tax equity partner terminated the tax equity partnership and WPL returned the tax equity partner’s initial contributions, resulting in the reversal of the noncontrolling interest within total equity on Alliant Energy’s and WPL’s balance sheets as of September 30, 2017, Alliant Energy issued 3,074,931 shares of common stock through this program and received cash proceeds of $124 million, net of $1 million in commissions and fees. The proceeds from the issuances of common stock were used2022. Refer to Note 1(c) for general corporate purposes. Alliant Energy currently has no plans to issue any additional common stock through this at-the-market offering program.information.



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Changes in Shareowners’ Equity - A summary of changes in shareowners’ equity was as follows (in millions):
Dividend Restrictions - As of September 30, 2017, IPL’s amount of retained earnings that were free of dividend restrictions was $701 million. As of September 30, 2017, WPL’s amount of retained earnings that were free of dividend restrictions was $32 million for the remainder of 2017.
Alliant EnergyTotal Alliant Energy Common Equity
AccumulatedShares in
AdditionalOtherDeferred
CommonPaid-InRetainedComprehensiveCompensationNoncontrollingTotal
StockCapitalEarningsLossTrustInterestEquity
Three Months Ended September 30, 2022
Beginning balance, June 30, 2022$3$2,759$3,387$—($12)$29$6,166
Net income attributable to Alliant Energy common shareowners227227
Common stock dividends ($0.4275 per share)(106)(106)
Shareowner Direct Plan issuances66
Equity-based compensation plans and other2(1)1
Distributions to noncontrolling interest(29)(29)
Ending balance, September 30, 2022$3$2,767$3,508$—($13)$—$6,265

Alliant EnergyTotal Alliant Energy Common Equity
AccumulatedShares inCumulative
AdditionalOtherDeferredPreferred
CommonPaid-InRetainedComprehensiveCompensationStockTotal
StockCapitalEarningsLossTrustof IPLEquity
Three Months Ended September 30, 2021
Beginning balance, June 30, 2021$3$2,722$3,106($1)($11)$200$6,019
Net income attributable to Alliant Energy common shareowners256256
Common stock dividends ($0.4025 per share)(101)(101)
Shareowner Direct Plan issuances66
Equity-based compensation plans and other55
Ending balance, September 30, 2021$3$2,733$3,261($1)($11)$200$6,185
Restricted Net Assets of Subsidiaries - As of September 30, 2017, the amount of IPL’s and WPL’s net assets that were not available to be transferred to their parent company, Alliant Energy, in the form of loans, advances or cash dividends without the consent of IPL’s and WPL’s regulatory authorities was $1.7 billion and $1.8 billion, respectively.
Alliant EnergyTotal Alliant Energy Common Equity
AccumulatedShares in
AdditionalOtherDeferred
CommonPaid-InRetainedComprehensiveCompensationNoncontrollingTotal
StockCapitalEarningsLossTrustInterestEquity
Nine Months Ended September 30, 2022
Beginning balance, December 31, 2021$3$2,749$3,250$—($12)$—$5,990
Net income attributable to Alliant Energy common shareowners579579
Common stock dividends ($1.2825 per share)(322)(322)
Shareowner Direct Plan issuances1919
Equity-based compensation plans and other(1)1(1)(1)
Contributions from noncontrolling interest2929
Distributions to noncontrolling interest(29)(29)
Ending balance, September 30, 2022$3$2,767$3,508$—($13)$—$6,265

Alliant EnergyTotal Alliant Energy Common Equity
AccumulatedShares inCumulative
AdditionalOtherDeferredPreferred
CommonPaid-InRetainedComprehensiveCompensationStockTotal
StockCapitalEarningsLossTrustof IPLEquity
Nine Months Ended September 30, 2021
Beginning balance, December 31, 2020$2$2,704$2,994($1)($11)$200$5,888
Net income attributable to Alliant Energy common shareowners571571
Common stock dividends ($1.2075 per share)(304)(304)
Shareowner Direct Plan issuances12122
Equity-based compensation plans and other88
Ending balance, September 30, 2021$3$2,733$3,261($1)($11)$200$6,185
Comprehensive Income - For the three and nine months ended September 30, 2017 and 2016, Alliant Energy had no other comprehensive income; therefore, its comprehensive income was equal to its net income and its comprehensive income attributable to Alliant Energy common shareowners was equal to its net income attributable to Alliant Energy common shareowners for such periods. For the three and nine months ended September 30, 2017 and 2016, IPL and WPL had no other comprehensive income; therefore, their comprehensive income was equal to their net income and their comprehensive income available for common stock was equal to their earnings available for common stock for such periods.

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IPLTotal IPL Common Equity
AdditionalCumulative
CommonPaid-InRetainedPreferredTotal
StockCapitalEarningsStockEquity
Three Months Ended September 30, 2022
Beginning balance, June 30, 2022$33$2,807$942$—$3,782
Net income available for common stock154154
Common stock dividends(80)(80)
Ending balance, September 30, 2022$33$2,807$1,016$—$3,856
Three Months Ended September 30, 2021
Beginning balance, June 30, 2021$33$2,802$944$200$3,979
Net income available for common stock157157
Common stock dividends(101)(101)
Ending balance, September 30, 2021$33$2,802$1,000$200$4,035
IPLTotal IPL Common Equity
AdditionalCumulative
CommonPaid-InRetainedPreferredTotal
StockCapitalEarningsStockEquity
Nine Months Ended September 30, 2022
Beginning balance, December 31, 2021$33$2,807$929$—$3,769
Net income available for common stock327327
Common stock dividends(240)(240)
Ending balance, September 30, 2022$33$2,807$1,016$—$3,856
Nine Months Ended September 30, 2021
Beginning balance, December 31, 2020$33$2,752$979$200$3,964
Net income available for common stock322322
Common stock dividends(301)(301)
Capital contributions from parent5050
Ending balance, September 30, 2021$33$2,802$1,000$200$4,035
WPLTotal WPL Common Equity
Additional
CommonPaid-InRetainedNoncontrollingTotal
StockCapitalEarningsInterestEquity
Three Months Ended September 30, 2022
Beginning balance, June 30, 2022$66$1,968$1,120$29$3,183
Net income9191
Common stock dividends(44)(44)
Capital contributions from parent155155
Distributions to noncontrolling interest(29)(29)
Ending balance, September 30, 2022$66$2,123$1,167$—$3,356
Three Months Ended September 30, 2021
Beginning balance, June 30, 2021$66$1,669$990$—$2,725
Net income9393
Common stock dividends(41)(41)
Capital contributions from parent3535
Ending balance, September 30, 2021$66$1,704$1,042$—$2,812
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WPLTotal WPL Common Equity
Additional
CommonPaid-InRetainedNoncontrollingTotal
StockCapitalEarningsInterestEquity
Nine Months Ended September 30, 2022
Beginning balance, December 31, 2021$66$1,704$1,053$—$2,823
Net income247247
Common stock dividends(133)(133)
Capital contributions from parent420420
Contributions from noncontrolling interest2929
Distributions to noncontrolling interest(29)(29)
Other(1)(1)
Ending balance, September 30, 2022$66$2,123$1,167$—$3,356
Nine Months Ended September 30, 2021
Beginning balance, December 31, 2020$66$1,459$953$—$2,478
Net income215215
Common stock dividends(126)(126)
Capital contributions from parent245245
Ending balance, September 30, 2021$66$1,704$1,042$—$2,812

NOTE 7. DEBT
NoteNOTE 7(a) Short-term Debt - In August 2017,Information regarding Alliant Energy, IPLEnergy’s, IPL’s and WPL entered into a single new credit facility agreement, which expires in August 2022. The new credit facility agreement includes financial covenants similar to those that were included in the previous credit facility agreements. As of September 30, 2017, the short-term borrowing capacity under the new credit facility agreement totaled $1 billion ($300 million for Alliant Energy at the parent company level, $300 million for IPL and $400 million for WPL). Subject to certain conditions, Alliant Energy (at the parent company level), IPL and WPL may each reallocate and change its initial sublimit up to $500 million, $400 million and $500 million, respectively, within the $1 billion total commitment. Information regardingWPL’s commercial paper classified as short-term debt was as follows (dollars in millions):
September 30, 2022Alliant EnergyIPLWPL
Amount outstanding$383$—$—
Weighted average interest rates3.4%N/AN/A
Available credit facility capacity$617$250$300
September 30, 2017Alliant Energy IPL WPL
Commercial paper outstanding$390.3 $4.0 $224.6
Commercial paper weighted average interest rates1.2% 1.4% 1.1%
Available credit facility capacity (a)$569.7 $256.0 $175.4
Alliant EnergyIPLWPL
Three Months Ended September 30202220212022202120222021
Maximum amount outstanding (based on daily outstanding balances)$449$648$—$8$251$320
Average amount outstanding (based on daily outstanding balances)$353$560$—$—$110$221
Weighted average interest rates2.4%0.2%—%0.2%2.0%0.1%
Nine Months Ended September 30
Maximum amount outstanding (based on daily outstanding balances)$577$648$—$19$252$320
Average amount outstanding (based on daily outstanding balances)$377$479$—$—$160$196
Weighted average interest rates1.2%0.2%—%0.2%0.9%0.1%

 Alliant Energy IPL WPL
Three Months Ended September 302017 2016 2017 2016 2017 2016
Maximum amount outstanding (based on daily outstanding balances)$424.4 $248.0 $20.0 $3.1 $271.2 $55.4
Average amount outstanding (based on daily outstanding balances)$386.2 $220.1 $0.4 $0.1 $217.0 $36.4
Weighted average interest rates1.3% 0.6% 1.4% 0.6% 1.1% 0.4%
Nine Months Ended September 30           
Maximum amount outstanding (based on daily outstanding balances)$424.4 $248.0 $20.0 $3.1 $271.2 $62.9
Average amount outstanding (based on daily outstanding balances)$323.9 $210.7 $0.5 $— $144.2 $33.2
Weighted average interest rates1.1% 0.6% 1.2% 0.6% 1.0% 0.4%
In October 2022, Alliant Energy, IPL and WPL reallocated credit facility capacity amounts to $500 million for Alliant Energy at the parent company level, $200 million for IPL and $300 million for WPL, within the $1 billion total commitment.

(a)Alliant Energy’s and IPL’s available credit facility capacities reflect outstanding commercial paper classified as both short- and long-term debt at September 30, 2017.


NOTE 7(b) Long-term Debt -In July 2017,February 2022, AEF issued $350 million of 3.6% senior notes due 2032. The net proceeds from the issuance were used to reduce Alliant Energy’s outstanding commercial paper and for general corporate purposes. In March 2022, AEF entered into a $95$300 million 364-day variable-rate (1.8% atvariable rate (3% as of September 30, 2017)2022) term loan credit agreement (with Alliant Energy as guarantor) related, which expires in March 2024, and used the borrowings under this agreement to retire its $300 million variable rate term loan credit agreement that expired in March 2022.

In August 2022, WPL issued $600 million of 3.95% debentures due 2032. The debentures were issued as green bonds, and an amount equal to or in excess of the net proceeds will be disbursed for the development and acquisition of a non-regulated wind farm located in Oklahoma, which includes substantially the same financial covenants that are included in Alliant Energy’s current credit facility agreement. Refer to Note 5(a) for further discussion of the non-regulated wind farm acquisition.WPL’s solar EGUs.

NOTE 7(b) Long-term Debt - As of September 30, 2017, $40.0 million of commercial paper was recorded in “Long-term debt, net” on Alliant Energy’s and IPL’s balance sheets due to the existence of a long-term credit facility that back-stops this commercial paper balance, along with Alliant Energy’s and IPL’s intent and ability to refinance these balances on a long-term basis. As of September 30, 2017, this commercial paper balance had a 1.4% interest rate.


In October 2017, WPL issued $300September 2022, Corporate Services retired its $75 million, of 3.05% debentures3.45% senior notes due 2027. The proceeds from the issuance were used by WPL to reduce commercial paper and for general corporate purposes.2022.



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NOTE 8. REVENUES
Disaggregation of revenues from contracts with customers, which correlates to revenues for each reportable segment, was as follows (in millions):
Alliant EnergyIPLWPL
Three Months Ended September 30202220212022202120222021
Electric Utility:
Retail - residential$376$348$222$207$154$141
Retail - commercial2432321651607872
Retail - industrial289265172158117107
Wholesale685519184937
Bulk power and other633918124527
Total Electric Utility1,039939596555443384
Gas Utility:
Retail - residential282414141410
Retail - commercial181388105
Retail - industrial43331—
Transportation/other12108644
Total Gas Utility625033312919
Other Utility:
Steam9999——
Other utility2424——
Total Other Utility11131113——
Non-Utility and Other:
Travero and other2322————
Total Non-Utility and Other2322————
Total revenues$1,135$1,024$640$599$472$403
Alliant EnergyIPLWPL
Nine Months Ended September 30202220212022202120222021
Electric Utility:
Retail - residential$956$868$529$488$427$380
Retail - commercial628579411385217194
Retail - industrial743677418386325291
Wholesale168142494411998
Bulk power and other1299131409851
Total Electric Utility2,6242,3571,4381,3431,1861,014
Gas Utility:
Retail - residential2371621279011072
Retail - commercial1278562476538
Retail - industrial151110853
Transportation/other393125201411
Total Gas Utility418289224165194124
Other Utility:
Steam29272927——
Other utility695811
Total Other Utility3536343511
Non-Utility and Other:
Travero and other7060————
Total Non-Utility and Other7060————
Total revenues$3,147$2,742$1,696$1,543$1,381$1,139

NOTE 9. INCOME TAXES
Income Tax Rates - The overallOverall effective income tax rates, shown in the following tablewhich were computed by dividing income tax expense (benefit) by income from continuing operations before income taxes.taxes, were as follows. The effective income tax rates were different than the federal statutory rate primarily due to state income taxes, production tax credits, amortization of excess deferred taxes and the effect of rate-making on property-related differences. The increases in Alliant Energy’s and WPL’s overall effective income tax rates for the three
 Alliant Energy IPL WPL
Three Months Ended September 302017 2016 2017 2016 2017 2016
Statutory federal income tax rate35.0 % 35.0 % 35.0% 35.0% 35.0 % 35.0 %
Effect of rate-making on property-related differences(10.1) (11.9) (22.6) (16.5) (1.9) (0.7)
IPL’s tax benefit riders(8.3) (13.1) (20.9) (20.1) —
 —
Production tax credits(6.2) (9.0) (7.0) (6.0) (7.0) (5.7)
Other items, net2.8
 4.4
 2.3
 5.4
 5.5
 4.0
Overall income tax rate13.2% 5.4% (13.2%) (2.2%) 31.6% 32.6%
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 Alliant Energy IPL WPL
Nine Months Ended September 302017 2016 2017 2016 2017 2016
Statutory federal income tax rate35.0 % 35.0 % 35.0% 35.0% 35.0 % 35.0 %
Effect of rate-making on property-related differences(9.1) (8.2) (20.6) (14.8) (1.8) (0.8)
IPL’s tax benefit riders(8.1) (10.2) (20.1) (19.6) —
 —
Production tax credits(6.0) (7.2) (6.8) (6.1) (7.0) (6.1)
Other items, net3.1
 3.5
 2.7
 4.2
 4.9
 4.4
Overall income tax rate14.9% 12.9% (9.8%) (1.3%) 31.1% 32.5%

Deferred Tax Assets and Liabilities - For the nine months ended September 30, 2017, Alliant Energy’s, IPL’s and WPL’s deferred tax liabilities increased $204.5 million, $131.7 million and $63.6 million, respectively. These increases2022 compared to the same periods in 2021 were primarily due to property-related differences recorded duringdecreased amortization of excess deferred taxes primarily at WPL.
Alliant EnergyIPLWPL
Three MonthsNine MonthsThree MonthsNine MonthsThree MonthsNine Months
202220212022202120222021202220212022202120222021
Overall income tax rate6%(9%)4%(13%)(12%)(8%)(14%)(11%)15%(19%)17%(24%)

Deferred Tax Assets and Liabilities -
Carryforwards - In the nine months ended September 30, 2017.third quarter of 2022, Alliant Energy’sEnergy, IPL and IPL’s increases were partially offset by the generation ofWPL fully utilized their respective federal net operating losses recorded during the nine months ended September 30, 2017, which are primarily due to accelerated tax depreciation associated with Marshalltown.

Carryforwards - carryforwards. At September 30, 2017,2022, the remaining carryforwards and expiration dates were estimated as follows (in millions):
Range of Expiration DatesAlliant EnergyIPLWPL
State net operating losses2022-2042$500$9$2
Federal tax credits2022-2042655437208
 Range of Expiration Dates Alliant Energy IPL WPL
Federal net operating losses2030-2037 
$815
 
$500
 
$208
State net operating losses2018-2037 701
 14
 2
Federal tax credits2022-2037 297
 110
 125


Iowa Tax Reform - In March 2022, Iowa tax reform was enacted. Annually, and by each November 1, the Iowa Department of Revenue will establish corporate income tax rates for the next tax year based on net corporate income tax receipts for the prior tax year, and reduce such rates if certain state income tax revenue triggers are satisfied. These corporate income tax rate reductions are currently expected to occur over a period of several years, with a target corporate income tax rate of 5.5%, compared to the current 9.8% Iowa corporate income tax rate. In September 2022, the Iowa Department of Revenue announced an Iowa corporate income tax rate of 8.4%, effective January 1, 2023. Deferred tax assets and liabilities are measured at the enacted tax rate expected to be applied when temporary differences are to be realized or settled. Given the announcement of the new Iowa corporate income tax rate, Alliant Energy’s and IPL’s deferred tax liabilities were remeasured based upon the new rate effective January 1, 2023, which resulted in a $76 million reduction of Alliant Energy’s and IPL’s tax-related regulatory assets and a decrease in their deferred tax liabilities in the third quarter of 2022. The reduction in tax-related regulatory assets is expected to provide cost benefits to IPL’s customers in the future. Alliant Energy parent company’s deferred tax assets were remeasured based upon the new rate effective January 1, 2023, which resulted in a charge of $8 million recorded to income tax expense in Alliant Energy’s income statement and a decrease in deferred income tax assets on Alliant Energy’s balance sheet in the third quarter of 2022. Alliant Energy is currently unable to predict with certainty the timing or amount of any future rate reductions.

NOTE 9.10. BENEFIT PLANS
NOTE 9(a)10(a) Pension and Other Postretirement BenefitsOPEB Plans -
Net Periodic Benefit Costs - The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans for the three and nine months ended September 30 are included in the tables below (in millions). In IPL’sFor IPL and WPL’s tables below, the defined benefit pension planWPL, amounts represent those respective amountsare for their bargaining unit employeesplan participants covered under the qualified plans that they sponsor, as well as amounts directly assigned to them related to their current and former non-bargaining employees who arecertain participants in the Alliant Energy and Corporate Services sponsored qualified and non-qualified defined benefit pension plans. In IPL’s and WPL’s tables below, the OPEB plans amounts represent respective amounts for their employees, as well as amounts directly assigned to them related to their current and former non-bargaining employees who are participants in the Corporate Services sponsored OPEB plan.
Defined Benefit Pension PlansOPEB Plans
Three MonthsNine MonthsThree MonthsNine Months
Alliant Energy20222021202220212022202120222021
Service cost$3$2$7$8$—$1$2$3
Interest cost9927261143
Expected return on plan assets(18)(17)(52)(51)—(1)(3)(3)
Amortization of prior service credit—(1)—(1)————
Amortization of actuarial loss81024291123
$2$3$6$11$2$2$5$6
Defined Benefit Pension PlansOPEB Plans
Defined Benefit Pension Plans OPEB PlansThree MonthsNine MonthsThree MonthsNine Months
Three Months Nine Months Three Months Nine Months
Alliant Energy2017 2016 2017 2016 2017 2016 2017 2016
IPLIPL20222021202220212022202120222021
Service cost
$3.1
 
$3.2
 
$9.3
 
$9.5
 
$1.2
 
$1.4
 
$3.7
 
$4.0
Service cost$1$1$4$5$—$—$1$1
Interest cost12.7
 13.2
 38.3
 39.7
 2.2
 2.3
 6.5
 7.0
Interest cost4412121122
Expected return on plan assets(16.3) (16.3) (49.1) (49.1) (1.5) (1.6) (4.6) (4.6)Expected return on plan assets(7)(8)(23)(24)(1)(1)(3)(3)
Amortization of prior service credit(0.1) (0.1) (0.3) (0.2) (0.1) (1.0) (0.2) (3.1)
Amortization of actuarial loss9.4
 9.3
 28.2
 28.0
 1.0
 1.2
 2.9
 3.6
Amortization of actuarial loss351013———1
Settlement losses (a)0.9
 —
 0.9
 —
 —
 —
 —
 —

$9.7
 
$9.3
 
$27.3
 
$27.9
 
$2.8
 
$2.3
 
$8.3
 
$6.9
$1$2$3$6$—$—$—$1
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Defined Benefit Pension PlansOPEB Plans
Three MonthsNine MonthsThree MonthsNine Months
WPL20222021202220212022202120222021
Service cost$—$1$2$3$—$1$—$1
Interest cost4312111—21
Expected return on plan assets(7)(8)(23)(23)————
Amortization of actuarial loss451214—112
$1$1$3$5$1$2$3$4

 Defined Benefit Pension Plans OPEB Plans
 Three Months Nine Months Three Months Nine Months
IPL2017 2016 2017 2016 2017 2016 2017 2016
Service cost
$1.8
 
$1.8
 
$5.5
 
$5.6
 
$0.5
 
$0.5
 
$1.6
 
$1.7
Interest cost5.9
 6.1
 17.6
 18.4
 0.8
 1.0
 2.6
 2.9
Expected return on plan assets(7.7) (7.7) (23.1) (23.2) (1.0) (1.0) (3.2) (3.2)
Amortization of prior service credit—
 —
 (0.1) (0.1) —
 (0.7) —
 (2.0)
Amortization of actuarial loss4.0
 4.2
 12.1
 12.4
 0.5
 0.7
 1.5
 2.0
 
$4.0
 
$4.4
 
$12.0
 
$13.1
 
$0.8
 
$0.5
 
$2.5
 
$1.4
 Defined Benefit Pension Plans OPEB Plans
 Three Months Nine Months Three Months Nine Months
WPL2017 2016 2017 2016 2017 2016 2017 2016
Service cost
$1.2
 
$1.3
 
$3.6
 
$3.7
 
$0.5
 
$0.5
 
$1.4
 
$1.5
Interest cost5.5
 5.5
 16.4
 16.7
 0.9
 0.9
 2.6
 2.8
Expected return on plan assets(7.2) (7.0) (21.4) (21.2) (0.2) (0.2) (0.6) (0.6)
Amortization of prior service cost (credit)0.1
 —
 0.1
 0.1
 (0.1) (0.3) (0.2) (0.7)
Amortization of actuarial loss4.6
 4.4
 13.9
 13.2
 0.4
 0.5
 1.2
 1.4
 
$4.2
 
$4.2
 
$12.6
 
$12.5
 
$1.5
 
$1.4
 
$4.4
 
$4.4

(a)Settlement losses related to payments made to retired executives of Alliant Energy.

NOTE 9(b)10(b) Equity-based Compensation Plans - A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards for the three and nine months ended September 30 was as follows (in millions):
Alliant EnergyIPLWPL
Three MonthsNine MonthsThree MonthsNine MonthsThree MonthsNine Months
202220212022202120222021202220212022202120222021
Compensation expense$3$4$9$9$2$2$5$5$1$2$4$4
Income tax benefits1133——11——11
 Alliant Energy IPL WPL
 Three Months Nine Months Three Months Nine Months Three Months Nine Months
 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016
Compensation expense
$5.1
 
$4.4
 
$9.9
 
$16.8
 
$2.8
 
$2.4
 
$5.4
 
$8.9
 
$2.1
 
$1.9
 
$4.1
 
$7.3
Income tax benefits2.1
 1.7
 4.0
 6.8
 1.1
 1.0
 2.2
 3.7
 0.9
 0.7
 1.7
 2.9


As of September 30, 2017,2022, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $8.5$8 million, $4.7$5 million and $3.5$3 million, respectively, which is expected to be recognized over a weighted average period of between one1 year and two2 years.


Performance Shares and Performance Units - A summary of the performance shares and performance units activity forFor the nine months ended September 30, 2017, with amounts representing the target number of awards, was as follows:
 Performance Shares Performance Units
Nonvested awards, January 1257,599
 93,320
Granted65,350
 21,558
Vested(99,438) (37,395)
Forfeited—
 (4,243)
Nonvested awards, September 30223,511
 73,240

Vested Awards - During the nine months ended September 30, 2017, certain2022, performance shares, and performance units that were granted in 2014 vested, resulting in payouts (a combination of cash and common stock for the performance shares and cash only for the performance units) as follows:
 Performance Shares Performance Units
Performance awards vested99,438
 37,395
Percentage of target number of performance awards147.5% 147.5%
Aggregate payout value (in millions)
$5.6
 
$1.5
Payout - cash (in millions)
$5.1
 
$1.5
Payout - common stock shares issued5,185
 N/A


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Fair Value of Awards - Information related to fair values of nonvested performance shares and performance units at September 30, 2017, by year of grant, was as follows:
 Performance Shares Performance Units
 2017 Grant 2016 Grant 2015 Grant 2017 Grant 2016 Grant 2015 Grant
Nonvested awards at target65,350
 67,355
 90,806
 19,531
 21,751
 31,958
Alliant Energy common stock closing price on September 29, 2017
$41.57
 
$41.57
 
$41.57
 
$41.57
 
$41.57
 N/A
Alliant Energy common stock closing price on grant dateN/A N/A N/A N/A N/A 
$32.55
Estimated payout percentage based on performance criteria100% 138% 113% 100% 138% 113%
Fair values of each nonvested award
$41.57
 
$57.37
 
$46.97
 
$41.57
 
$57.37
 
$36.78

Performance Restricted Stock Units - A summary of the performance restricted stock units activity for the nine months ended September 30, 2017, with amounts representing the target number of units, was as follows:
 Units 
Weighted Average
Grant Date Fair Value
Nonvested units, January 167,355
 
$33.96
Granted65,350
 39.12
Nonvested units, September 30132,705
 36.50

Restricted Stock Units - A summary of theand restricted stock units activitywere granted to key employees under existing plans as follows. These shares and units will be paid out in shares of common stock, and are therefore accounted for the nine months endedas equity awards.
Weighted Average
GrantsGrant Date Fair Value
Performance shares74,106$54.45
Performance restricted stock units84,67057.01
Restricted stock units77,12256.88

As of September 30, 2017, was as follows:2022, 285,909 shares were included in the calculation of diluted EPS related to the nonvested equity awards.

Nonvested units, January 157,736
Granted56,013
Nonvested units, September 30113,749

NOTE 10. FAIR VALUE MEASUREMENTS
Valuation Hierarchy - At each reporting date, Level 1 items included IPL’s 5.1% cumulative preferred stock, Level 2 items included certain non-exchange traded commodity contracts and substantially all of the long-term debt instruments, and Level 3 items included FTRs, certain non-exchange traded commodity contracts and IPL’s deferred proceeds.

Fair Value of Financial Instruments - The carrying amounts of current assets and current liabilities approximate fair value because of the short maturity of such financial instruments. Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions):
Alliant EnergySeptember 30, 2017 December 31, 2016
   Fair Value   Fair Value
 Carrying Level Level Level   Carrying Level Level Level  
 Amount 1 2 3 Total Amount 1 2 3 Total
Assets:                   
Derivatives
$29.4
 
$—
 
$2.9
 
$26.5
 
$29.4
 
$41.4
 
$—
 
$4.6
 
$36.8
 
$41.4
Deferred proceeds115.3
 —
 —
 115.3
 115.3
 211.1
 —
 —
 211.1
 211.1
Liabilities and equity:                   
Derivatives45.1
 —
 14.9
 30.2
 45.1
 28.6
 —
 0.5
 28.1
 28.6
Long-term debt (incl. current maturities)4,360.3
 —
 4,893.3
 2.9
 4,896.2
 4,320.2
 —
 4,795.7
 3.3
 4,799.0
Cumulative preferred stock of IPL200.0
 202.3
 —
 —
 202.3
 200.0
 194.8
 —
 —
 194.8

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IPLSeptember 30, 2017 December 31, 2016
   Fair Value   Fair Value
 Carrying Level Level Level   Carrying Level Level Level  
 Amount 1 2 3 Total Amount 1 2 3 Total
Assets:                   
Derivatives
$21.1
 
$—
 
$1.6
 
$19.5
 
$21.1
 
$20.8
 
$—
 
$2.8
 
$18.0
 
$20.8
Deferred proceeds115.3
 —
 —
 115.3
 115.3
 211.1
 —
 —
 211.1
 211.1
Liabilities and equity:                   
Derivatives18.7
 —
 4.5
 14.2
 18.7
 8.3
 —
 0.4
 7.9
 8.3
Long-term debt (incl. current maturities)2,195.0
 —
 2,430.1
 —
 2,430.1
 2,153.5
 —
 2,352.3
 —
 2,352.3
Cumulative preferred stock200.0
 202.3
 —
 —
 202.3
 200.0
 194.8
 —
 —
 194.8
WPLSeptember 30, 2017 December 31, 2016
   Fair Value   Fair Value
 Carrying Level Level Level   Carrying Level Level Level  
 Amount 1 2 3 Total Amount 1 2 3 Total
Assets:                   
Derivatives
$8.3
 
$—
 
$1.3
 
$7.0
 
$8.3
 
$20.6
 
$—
 
$1.8
 
$18.8
 
$20.6
Liabilities:                   
Derivatives26.4
 —
 10.4
 16.0
 26.4
 20.3
 —
 0.1
 20.2
 20.3
Long-term debt1,536.2
 —
 1,829.3
 —
 1,829.3
 1,535.2
 —
 1,807.4
 —
 1,807.4

Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions):
Alliant EnergyCommodity Contract Derivative  
 Assets and (Liabilities), net Deferred Proceeds
Three Months Ended September 302017 2016 2017 2016
Beginning balance, July 1
$9.2
 
$0.6
 
$170.0
 
$74.4
Total net losses included in changes in net assets (realized/unrealized)(4.3) (5.1) —
 —
Transfers out of Level 3—
 0.8
 —
 —
Sales(0.1) (0.2) —
 —
Settlements (a)(8.5) (4.0) (54.7) 165.3
Ending balance, September 30
($3.7) 
($7.9) 
$115.3
 
$239.7
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at September 30
($4.2) 
($5.0) 
$—
 
$—
Alliant EnergyCommodity Contract Derivative  
 Assets and (Liabilities), net Deferred Proceeds
Nine Months Ended September 302017 2016 2017 2016
Beginning balance, January 1
$8.7
 
($32.7) 
$211.1
 
$172.0
Total net gains (losses) included in changes in net assets (realized/unrealized)(31.3) 8.0
 —
 —
Transfers into Level 3—
 0.9
 —
 —
Transfers out of Level 312.2
 1.2
 —
 —
Purchases28.3
 22.0
 —
 —
Sales(0.3) (0.9) —
 —
Settlements (a)(21.3) (6.4) (95.8) 67.7
Ending balance, September 30
($3.7) 
($7.9) 
$115.3
 
$239.7
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30
($29.4) 
$9.7
 
$—
 
$—

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IPLCommodity Contract Derivative  
 Assets and (Liabilities), net Deferred Proceeds
Three Months Ended September 302017 2016 2017 2016
Beginning balance, July 1
$17.1
 
$18.3
 
$170.0
 
$74.4
Total net losses included in changes in net assets (realized/unrealized)(4.4) (0.4) —
 —
Transfers out of Level 3—
 0.3
 —
 —
Sales(0.1) (0.2) —
 —
Settlements (a)(7.3) (4.6) (54.7) 165.3
Ending balance, September 30
$5.3
 
$13.4
 
$115.3
 
$239.7
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at September 30
($4.5) 
($0.4) 
$—
 
$—
IPLCommodity Contract Derivative  
 Assets and (Liabilities), net Deferred Proceeds
Nine Months Ended September 302017 2016 2017 2016
Beginning balance, January 1
$10.1
 
($1.9) 
$211.1
 
$172.0
Total net gains (losses) included in changes in net assets (realized/unrealized)(13.9) 4.8
 —
 —
Transfers into Level 3—
 0.5
 —
 —
Transfers out of Level 33.1
 0.2
 —
 —
Purchases24.6
 20.6
 —
 —
Sales(0.2) (0.9) —
 —
Settlements (a)(18.4) (9.9) (95.8) 67.7
Ending balance, September 30
$5.3
 
$13.4
 
$115.3
 
$239.7
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30
($12.6) 
$5.7
 
$—
 
$—
WPLCommodity Contract Derivative
 Assets and (Liabilities), net
Three Months Ended September 302017 2016
Beginning balance, July 1
($7.9) 
($17.7)
Total net gains (losses) included in changes in net assets (realized/unrealized)0.1
 (4.7)
Transfers out of Level 3—
 0.5
Settlements(1.2) 0.6
Ending balance, September 30
($9.0) 
($21.3)
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30
$0.3
 
($4.6)
WPLCommodity Contract Derivative
 Assets and (Liabilities), net
Nine Months Ended September 302017 2016
Beginning balance, January 1
($1.4) 
($30.8)
Total net gains (losses) included in changes in net assets (realized/unrealized)(17.4) 3.2
Transfers into Level 3—
 0.4
Transfers out of Level 39.1
 1.0
Purchases3.7
 1.4
Sales(0.1) —
Settlements(2.9) 3.5
Ending balance, September 30
($9.0) 
($21.3)
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30
($16.8) 
$4.0

(a)Settlements related to deferred proceeds are due to the change in the carrying amount of receivables sold less the allowance for doubtful accounts associated with the receivables sold and cash amounts received from the receivables sold.


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Commodity Contracts - The fair value of electric, natural gas, coal and diesel fuel commodity contracts categorized as Level 3 was recognized as net derivative assets (liabilities) as follows (in millions):
 Alliant Energy IPL WPL
 Excluding FTRs FTRs Excluding FTRs FTRs Excluding FTRs FTRs
September 30, 2017
($22.2) 
$18.5
 
($10.4) 
$15.7
 
($11.8) 
$2.8
December 31, 2016(2.3) 11.0
 0.1
 10.0
 (2.4) 1.0

NOTE 11. DERIVATIVE INSTRUMENTS
Commodity Derivatives -
Notional Amounts - As of September 30, 2017,2022, gross notional amounts and settlement/delivery years related to outstanding swap contracts, option contracts, physical forward contracts FTRs, coal contracts and diesel fuel contractsFTRs that were accounted for as commodity derivative instruments were as follows (units in thousands):
ElectricityFTRsNatural GasCoalDiesel Fuel
MWhsYearsMWhsYearsDthsYearsTonsYearsGallonsYears
Alliant Energy1,3792022-202414,454 2022-2023249,508 2022-20321,566 2022-2023756 2022
IPL7682022-20246,165 2022-2023135,193 2022-2030669 2022-2023— —
WPL6112022-20238,289 2022-2023114,315 2022-2032897 2022-2023756 2022
 Electricity FTRs Natural Gas Coal Diesel Fuel
 MWhs Years MWhs Years Dths Years Tons Years Gallons Years
Alliant Energy1,645
 2017-2018 14,745
 2017-2018 173,234
 2017-2026 4,963
 2017-2019 7,308
 2017-2019
IPL—
 — 9,219
 2017-2018 79,561
 2017-2026 1,820
 2017-2019 —
 —
WPL1,645
 2017-2018 5,526
 2017-2018 93,673
 2017-2026 3,143
 2017-2018 7,308
 2017-2019


Financial Statement Presentation - Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities. The fair values of current derivative assets are included in “Other current assets,” non-current derivative assets are included in “Deferred charges and other,” current derivative liabilities are included in “Other current liabilities” and non-current derivative liabilities are included in “Other liabilities” on the balance sheets as follows (in millions):
Alliant EnergyIPLWPL
September 30,
2022		December 31,
2021		September 30,
2022		December 31,
2021		September 30,
2022		December 31,
2021
Current derivative assets$200$113$117$48$83$65
Non-current derivative assets1606385367527
Current derivative liabilities718544174
Non-current derivative liabilities27112—151

 Alliant Energy IPL WPL
 September 30,
2017		 December 31,
2016		 September 30,
2017		 December 31,
2016		 September 30,
2017		 December 31,
2016
Current derivative assets
$26.7
 
$29.4
 
$20.3
 
$19.1
 
$6.4
 
$10.3
Non-current derivative assets2.7
 12.0
 0.8
 1.7
 1.9
 10.3
Current derivative liabilities18.5
 13.3
 4.6
 2.7
 13.9
 10.6
Non-current derivative liabilities26.6
 15.3
 14.1
 5.6
 12.5
 9.7

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During the nine months ended September 30, 2022, Alliant Energy’s, IPL’s and WPL’s derivative assets increased primarily due to the annual FTR auction operated by MISO and as a result of higher natural gas prices. Alliant Energy’s, IPL’s and WPL’s derivative liabilities increased primarily due to new natural gas contracts entered into in the second quarter of 2022. Based on IPL’s and WPL’s cost recovery mechanisms, the changes in the fair value of derivative liabilities/assets resulted in comparable changes to regulatory assets/liabilities on the balance sheets.

Credit Risk-related Contingent Features - Various agreements contain credit risk-related contingent features, including requirements to maintain certain credit ratings and/or limitations on liability positions under the agreements based on credit ratings. Certain of these agreements with credit risk-related contingency features are accounted for as derivative instruments. In the event of a material change in creditworthiness or if liability positions exceed certain contractual limits, credit support may need to be provided in the form of letters of credit or cash collateral up to the amount of exposure under the contracts, or the contracts may need to be unwound and underlying liability positions paid. At September 30, 20172022 and December 31, 2016,2021, the aggregate fair value of all derivative instruments with credit risk-related contingent features in a net liability position was not materially different than amounts that would be required to be posted as credit support to counterparties by Alliant Energy, IPL or WPL if the most restrictive credit risk-related contingent features for derivative agreements in a net liability position were triggered.


Balance Sheet Offsetting - The fair value amounts of derivative instruments subject to a master netting arrangement are not netted by counterparty on the balance sheets. However, if the fair value amounts of derivative instruments by counterparty were netted, amounts would not be materially different from gross amounts of derivative assets and derivative liabilities at September 30, 2017 and December 31, 2016. related to commodity contracts would have been presented on the balance sheets as follows (in millions):
Alliant EnergyIPLWPL
GrossGrossGross
(as reported)Net(as reported)Net(as reported)Net
September 30, 2022
Derivative assets$360$308$202$165$158$143
Derivative liabilities984666293217
December 31, 2021
Derivative assets17617184839288
Derivative liabilities944351

Fair value amounts recognized for the right to reclaim cash collateral (receivable) or the obligation to return cash collateral (payable) are not offset against fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement.


NOTE 12. COMMITMENTS AND CONTINGENCIESFAIR VALUE MEASUREMENTS
NOTE 12(a) Capital Purchase ObligationsFair Value of Financial Instruments - Various contractual obligations contain minimum future commitmentsThe carrying amounts of current assets and current liabilities approximate fair value because of the short maturity of such financial instruments. Carrying amounts and related to capital expenditures for certain construction projects. IPL’s projects include the installationestimated fair values of an SCR system at Ottumwa Unit 1 to reduce NOx emissions at the EGU. WPL’s projects include West Riverside. At September 30, 2017, Alliant Energy’s, IPL’s and WPL’s minimum future commitments related to certain contractual obligations for these projectsother financial instruments were $105 million, $8 million and $97 million, respectively.as follows (in millions):


Alliant EnergySeptember 30, 2022December 31, 2021
Fair ValueFair Value
CarryingLevelLevelLevelCarryingLevelLevelLevel
Amount123TotalAmount123Total
Assets:
Money market fund investments$334 $334 $— $— $334 $32 $32 $— $— $32 
Derivatives360 — 295 65 360 176 — 146 30 176 
Deferred proceeds248 — — 248 248 214 — — 214 214 
Liabilities:
Derivatives98 — 78 20 98 9 — 8 1 9 
Long-term debt (incl. current maturities)8,228 — 7,473 1 7,474 7,368 — 8,329 1 8,330 
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IPLSeptember 30, 2022December 31, 2021
Fair ValueFair Value
CarryingLevelLevelLevelCarryingLevelLevelLevel
Amount123TotalAmount123Total
Assets:
Money market fund investments$39 $39 $— $— $39 $32 $32 $— $— $32 
Derivatives202 — 150 52 202 84 — 65 19 84 
Deferred proceeds248 — — 248 248 214 — — 214 214 
Liabilities:
Derivatives66 — 47 19 66 4 — 3 1 4 
Long-term debt3,645 — 3,228 — 3,228 3,643 — 4,124 — 4,124 
NOTE 12(b) Other Purchase Obligations - Various commodity supply, transportation and storage contracts help meet obligations to provide electricity and natural gas to utility customers. In addition, there are various purchase obligations associated with other goods and services. At September 30, 2017, minimum future commitments related to these purchase obligations were
WPLSeptember 30, 2022December 31, 2021
Fair ValueFair Value
CarryingLevelLevelLevelCarryingLevelLevelLevel
Amount123TotalAmount123Total
Assets:
Money market fund investments$295 $295 $— $— $295 $— $— $— $— $— 
Derivatives158 — 145 13 158 92 — 81 11 92 
Liabilities:
Derivatives32 — 31 1 32 5 — 5 — 5 
Long-term debt (incl. current maturities)3,019 — 2,778 — 2,778 2,429 — 2,862 — 2,862 

Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions):
 Alliant Energy IPL WPL
Purchased power (a)
$1,278
 
$1,194
 
$84
Natural gas847
 422
 425
Coal (b)144
 66
 78
Other (c)34
 25
 1
 
$2,303
 
$1,707
 
$588

(a)Includes payments required by purchased power agreements for capacity rights and minimum quantities of MWhs required to be purchased.
(b)
Corporate Services entered into system-wide coal contracts on behalf of IPL and WPL that include minimum future commitments. These commitments were assigned to IPL and WPL based on information available as of September 30, 2017 regarding expected future usage, which is subject to change.
(c)
Includes individual commitments incurred during the normal course of business that exceeded $1 million at September 30, 2017.

NOTE 12(c) Legal Proceedings -
Flood Damage Claims - In 2013, several plaintiffs purporting to represent a class of residential and commercial property owners filed a complaint against Cedar Rapids and Iowa City Railway Company (CRANDIC), Alliant Energy and various other defendants in the Iowa District Court for Linn County. Plaintiffs assert claims of negligence and strict liability based on their allegations that CRANDIC (along with other defendants) caused or exacerbated flooding of the Cedar River in June 2008. In February 2016, the Iowa District Court for Linn County ruled in favor of Alliant Energy and CRANDIC and dismissed all claims against them, resulting in no loss. In August 2016, the Iowa District Court for Linn County dismissed all claims against the remaining defendants. In September 2016, plaintiffs filed a notice of appeal with the Supreme Court of Iowa. Alliant Energy does not currently believe any material losses for this complaint are both probable and reasonably estimated, and therefore has not recognized any material loss contingency amounts as of September 30, 2017.

NOTE 12(d) Guarantees and Indemnifications -
RMT - In 2013, Alliant Energy sold RMT. RMT provided renewable energy services, including construction and high voltage connection services for wind and solar projects. As part of the sale, Alliant Energy indemnified the buyer for any claims, including claims of warranty under the project obligations that were commenced or are based on actions that occurred prior to the sale, except for liabilities already accounted for through adjustments to the purchase price. Alliant Energy also guaranteed RMT’s performance obligations related to certain of RMT’s projects that were commenced prior to Alliant Energy’s sale of RMT. In the first quarter of 2017, all warranty periods and performance guarantees expired and all outstanding warranty claims were resolved.

Whiting Petroleum - In 2004, Alliant Energy sold its remaining interest in Whiting Petroleum. Whiting Petroleum is an independent oil and gas company. Alliant Energy Resources, LLC, as the successor to a predecessor entity that owned Whiting Petroleum, and a wholly-owned subsidiary of AEF, continues to guarantee the partnership obligations of an affiliate of Whiting Petroleum under general partnership agreements in the oil and gas industry, including with respect to the future abandonment of certain platforms off the coast of California and related onshore plant and equipment owned by the partnerships. The guarantees do not include a maximum limit. As of September 30, 2017, the present value of the abandonment obligations is estimated at $33 million. Alliant Energy is not aware of any material liabilities related to these guarantees of which it is probable that Alliant Energy Resources, LLC will be obligated to pay and therefore has not recognized any material liabilities related to this guarantee as of September 30, 2017.

Non-regulated Wind Investment in Oklahoma - In July 2017, a wholly-owned subsidiary of AEF acquired a cash equity ownership interest in a non-regulated wind farm located in Oklahoma. The wind farm provides electricity to a third-party under a long-term purchased power agreement. Alliant Energy provided a parent guarantee of its subsidiary’s indemnification obligations under the related operating agreement and purchased power agreement. Alliant Energy’s obligations under the operating agreement were $98 million as of September 30, 2017 and will reduce annually until expiring in July 2047. Alliant Energy’s obligations under the purchased power agreement are subject to a maximum limit of $17 million and expire in December 2031, subject to potential extension. Alliant Energy is not aware of any material liabilities related to this guarantee that it is probable that it will be obligated to pay and therefore has not recognized any material

Alliant EnergyCommodity Contract Derivative
Assets and (Liabilities), netDeferred Proceeds
Three Months Ended September 302022202120222021
Beginning balance, July 1$72$39$244$154
Total net gains (losses) included in changes in net assets (realized/unrealized)(1)5——
Transfers out of Level 3—(8)——
Settlements (a)(26)(7)410
Ending balance, September 30$45$29$248$164
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30($1)$5$—$—
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Alliant EnergyCommodity Contract Derivative
Assets and (Liabilities), netDeferred Proceeds
Nine Months Ended September 302022202120222021
Beginning balance, January 1$29$29$214$188
Total net gains (losses) included in changes in net assets (realized/unrealized)(17)6——
Transfers out of Level 3—(8)——
Purchases7921——
Settlements (a)(46)(19)34(24)
Ending balance, September 30$45$29$248$164
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30($17)$6$—$—
IPLCommodity Contract Derivative
Assets and (Liabilities), netDeferred Proceeds
Three Months Ended September 302022202120222021
Beginning balance, July 1$58$30$244$154
Total net gains (losses) included in changes in net assets (realized/unrealized)(6)2——
Transfers out of Level 3—(8)——
Settlements (a)(19)(5)410
Ending balance, September 30$33$19$248$164
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30($6)$2$—$—
liabilities related to this guarantee as of September 30, 2017. Refer to Note 5(a) for further discussion of the non-regulated wind investment.
IPLCommodity Contract Derivative
Assets and (Liabilities), netDeferred Proceeds
Nine Months Ended September 302022202120222021
Beginning balance, January 1$18$26$214$188
Total net losses included in changes in net assets (realized/unrealized)(13)———
Transfers out of Level 3—(8)——
Purchases5816——
Settlements (a)(30)(15)34(24)
Ending balance, September 30$33$19$248$164
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at September 30($14)$—$—$—

IPL’s Minnesota Electric Distribution Assets - IPL provided indemnifications associated with the July 2015 sale of its Minnesota electric distribution assets for losses resulting from potential breach of IPL’s representations, warranties and obligations under the sale agreement. Alliant Energy and IPL believe the likelihood of having to make any material cash payments under these indemnifications is remote. IPL has not recorded any material liabilities related to these indemnifications as of September 30, 2017. The general terms of the indemnifications provided by IPL included a maximum limit of $17 million and expire in October 2020.

NOTE 12(e) Environmental Matters -
Manufactured Gas Plant (MGP) Sites - IPL and WPL have current or previous ownership interests in various sites that are previously associated with the production of gas for which IPL and WPL have, or may have in the future, liability for investigation, remediation and monitoring costs. IPL and WPL are working pursuant to the requirements of various federal and state agencies to investigate, mitigate, prevent and remediate, where necessary, the environmental impacts to property, including natural resources, at and around these former MGP sites in order to protect public health and the environment.

Environmental liabilities related to the MGP sites are recorded based upon periodic studies. Such amounts are based on the best current estimate of the remaining amount to be incurred for investigation, remediation and monitoring costs for those sites where the investigation process has been or is substantially completed, and the minimum of the estimated cost range for those sites where the investigation is in its earlier stages. There are inherent uncertainties associated with the estimated remaining costs for MGP projects primarily due to unknown site conditions and potential changes in regulatory agency requirements. It is possible that future cost estimates will be greater than current estimates as the investigation process proceeds and as additional facts become known. Costs of future expenditures for environmental remediation obligations are not discounted. At September 30, 2017, estimated future costs expected to be incurred for the investigation, remediation and monitoring of the MGP sites, as well as environmental liabilities recorded on the balance sheets for these sites, were as follows (in millions). At September 30, 2017, such amounts for WPL were not material.
 Alliant Energy IPL
Range of estimated future costs
$12
-$31 
$10
-$27
Current and non-current environmental liabilities16 14

WPL Consent Decree - In 2013, the U.S. District Court for the Western District of Wisconsin approved a Consent Decree that WPL, along with the other owners of Edgewater and Columbia, entered into with the EPA and the Sierra Club, thereby resolving claims against WPL. Such claims included allegations that the owners of Edgewater, Nelson Dewey and Columbia violated the Prevention of Significant Deterioration program requirements, Title V Operating Permit requirements of the Clean Air Act (CAA) and the Wisconsin State Implementation Plan designed to implement the CAA.

WPL has completed various requirements under the Consent Decree. WPL’s remaining requirements include installing an SCR system at Columbia Unit 2 and fuel switching or retiring Edgewater Unit 4 by December 31, 2018. The Consent Decree also establishes SO2, NOx and particulate matter emission rate limits for Columbia Units 1 and 2, and Edgewater Units 4 and 5. In addition, the Consent Decree includes annual plant-wide SO2 and NOx emission caps for Columbia and Edgewater. WPL is also in the process of completing approximately $7 million in environmental mitigation projects. Alliant Energy and WPL currently expect to recover material costs incurred by WPL related to compliance with the terms of the Consent Decree from WPL’s electric customers.

IPL Consent Decree - In 2015, the U.S. District Court for the Northern District of Iowa approved a Consent Decree that IPL entered into with the EPA, the Sierra Club, the State of Iowa and Linn County in Iowa, thereby resolving potential CAA issues associated with emissions from IPL’s coal-fired generating facilities in Iowa. IPL has completed various requirements under the Consent Decree. IPL’s remaining requirements include installing an SCR system or equivalent NOx reduction system at Ottumwa by December 31, 2019; fuel switching or retiring Prairie Creek Unit 4 by June 1, 2018, Burlington by December 31, 2021 and Prairie Creek Units 1 and 3 by December 31, 2025.

The Consent Decree also establishes SO2, NOx and particulate matter emission rate limits with varying averaging times for Burlington, Lansing, M.L. Kapp, Ottumwa and Prairie Creek. In addition, the Consent Decree includes calendar-year SO2 and NOx emission caps for Prairie Creek, and calendar-year SO2 and NOx emission caps in aggregate for Burlington, Dubuque, Lansing, M.L. Kapp, Ottumwa, Prairie Creek and Sutherland. IPL is also in the process of completing approximately $6 million in environmental mitigation projects. Alliant Energy and IPL currently expect to recover material

WPLCommodity Contract Derivative
Assets and (Liabilities), net
Three Months Ended September 3020222021
Beginning balance, July 1$14$9
Total net gains included in changes in net assets (realized/unrealized)53
Settlements(7)(2)
Ending balance, September 30$12$10
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30$5$3
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WPLCommodity Contract Derivative
Assets and (Liabilities), net
Nine Months Ended September 3020222021
Beginning balance, January 1$11$3
Total net gains (losses) included in changes in net assets (realized/unrealized)(4)6
Purchases215
Settlements(16)(4)
Ending balance, September 30$12$10
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30($3)$6
costs incurred by IPL
(a)Settlements related to the environmental control systems and environmental mitigation projects from IPL’s electric customers.

Other Environmental Contingencies - In additiondeferred proceeds are due to the environmental liabilities discussed above, various environmental rules are monitored that may have a significant impact on future operations. Severalchange in the carrying amount of these environmental rules are subject to legal challenges, reconsideration and/or other uncertainties. Given uncertainties regardingreceivables sold less the outcome, timingallowance for expected credit losses associated with the receivables sold and compliance plans for these environmental matters,cash amounts received from the complete financial impactreceivables sold.

Commodity Contracts - The fair value of each of these rules is not able to be determined; however future capital investments and/or modifications to EGUs to comply with certain of these rules could be significant. Specific current, proposed or potential environmental matters include, among others: Cross-State Air Pollution Rule, Effluent Limitation Guidelines, Coal Combustion Residuals Rule,FTR and various legislation and EPA regulations to monitor and regulate the emission of greenhouse gases, including carbon emissions from new (CAA Section 111(b)) and existing (CAA Section 111(d)) fossil-fueled EGUs.natural gas commodity contracts categorized as Level 3 was recognized as net derivative assets (liabilities) as follows (in millions):

Alliant EnergyIPLWPL
Excluding FTRsFTRsExcluding FTRsFTRsExcluding FTRsFTRs
September 30, 2022($14)$59($15)$48$1$11
December 31, 2021920810110

NOTE 13. SEGMENTS OF BUSINESSCOMMITMENTS AND CONTINGENCIES
NOTE 13(a) Capital Purchase Commitments - Various contractual obligations contain minimum future commitments related to capital expenditures for certain construction projects, including WPL’s expansion of solar generation. At September 30, 2022, Alliant Energy’s and WPL’s minimum future commitments for these projects were $208 million and $206 million, respectively.

NOTE 13(b) Other Purchase Commitments - Various commodity supply, transportation and storage contracts help meet obligations to provide electricity and natural gas to utility customers. In addition, there are various purchase commitments associated with other goods and services. At September 30, 2022, related minimum future commitments were as follows (in millions):
Alliant EnergyIPLWPL
Natural gas$1,608$742$866
Coal19795102
Other (a)1265728
$1,931$894$996

(a)Includes individual commitments incurred during the normal course of business that exceeded $1 million at September 30, 2022.

NOTE 13(c) Guarantees and Indemnifications -
Whiting Petroleum - Whiting Petroleum is an independent oil and gas company. In 2004, Alliant Energy - Certain financial sold its remaining interest in Whiting Petroleum. Alliant Energy Resources, LLC, as the successor to a predecessor entity that owned Whiting Petroleum, and a wholly-owned subsidiary of AEF, continues to guarantee the partnership obligations of an affiliate of Whiting Petroleum under multiple general partnership agreements in the oil and gas industry. The guarantees do not include a maximum limit. Based on information relatingmade available to Alliant Energy’s business segmentsEnergy by Whiting Petroleum, the Whiting Petroleum affiliate holds an approximate 6% share in the partnerships, and currently known obligations include costs associated with the future abandonment of certain facilities owned by the partnerships. The general partnerships were formed under California law, and Alliant Energy Resources, LLC may need to perform under the guarantees if the affiliate of Whiting Petroleum is as follows. Intersegment revenues were not materialunable to meet its partnership obligations.

As of September 30, 2022, the currently known partnership obligations for the abandonment obligations are estimated at $58 million, which represents Alliant Energy’s operations. Refercurrently estimated maximum exposure under the guarantees. Alliant Energy estimates its expected loss to Note 5(a) for discussionbe a portion of the $58 million of known partnership abandonment obligations of the Whiting Petroleum affiliate and the other partners. Alliant Energy is not aware of any material liabilities related to these guarantees that it is probable that it will be obligated to pay; however, as of both September 30, 2022 and December 31, 2021, a liability of $5 million is recorded in “Other liabilities” on Alliant Energy’s acquisition of an interest in a non-regulated wind farm in Oklahoma in July 2017, which increased the assetsbalance sheets for “Non-Regulated, Parent and Other.” Refer to Note 3 for discussion of asset valuation charges recorded in the third quarter of 2016expected credit losses related to the Franklin County wind farm.contingent obligations that are in the scope of these guarantees.
 Utility (a) Non-Regulated, Alliant Energy
 Electric Gas Other Total Parent and Other Consolidated
 (in millions)
Three Months Ended September 30, 2017           
Operating revenues
$840.6
 
$45.8
 
$11.2
 
$897.6
 
$9.3
 
$906.9
Operating income (loss)232.6
 (2.4) (7.7) 222.5
 9.0
 231.5
Net income (loss) attributable to Alliant Energy common shareowners      176.3
 (7.5) 168.8
Three Months Ended September 30, 2016           
Operating revenues
$864.3
 
$39.5
 
$9.4
 
$913.2
 
$11.4
 
$924.6
Operating income (loss)244.2
 (3.7) 0.4
 240.9
 (78.3) 162.6
Amounts attributable to Alliant Energy common shareowners:           
Income (loss) from continuing operations, net of tax      183.1
 (54.3) 128.8
Loss from discontinued operations, net of tax      —
 (0.4) (0.4)
Net income (loss)      183.1
 (54.7) 128.4
 Utility (a) Non-Regulated, Alliant Energy
 Electric Gas Other Total Parent and Other Consolidated
 (in millions)
Nine Months Ended September 30, 2017           
Operating revenues
$2,199.1
 
$262.7
 
$34.4
 
$2,496.2
 
$29.9
 
$2,526.1
Operating income (loss)475.4
 29.5
 (6.8) 498.1
 25.6
 523.7
Amounts attributable to Alliant Energy common shareowners:           
Income from continuing operations, net of tax      353.5
 8.6
 362.1
Income from discontinued operations, net of tax      —
 1.4
 1.4
Net income      353.5
 10.0
 363.5
Nine Months Ended September 30, 2016           
Operating revenues
$2,209.1
 
$248.7
 
$35.0
 
$2,492.8
 
$30.2
 
$2,523.0
Operating income (loss)473.3
 27.0
 4.4
 504.7
 (67.6) 437.1
Amounts attributable to Alliant Energy common shareowners:           
Income (loss) from continuing operations, net of tax      350.3
 (39.5) 310.8
Loss from discontinued operations, net of tax      —
 (2.0) (2.0)
Net income (loss)      350.3
 (41.5) 308.8



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(a)Alliant Energy’s utility business segments include: a) utility electric operations, which include Alliant Energy’s entire investment in ATC; b) utility gas operations; and c) utility other, which includes steam operations and the unallocated portions of the utility business.

Whiting Petroleum completed a business combination with Oasis Petroleum Inc. in July 2022. The combined operations are now known as Chord Energy Corporation. The business combination is not expected to affect the scope of the Whiting Petroleum affiliate’s obligations to Alliant Energy or Alliant Energy’s related guarantees.
IPL
Non-utility Wind Farm in Oklahoma - Certain financial information relatingIn 2017, a wholly-owned subsidiary of AEF acquired a cash equity ownership interest in a non-utility wind farm located in Oklahoma. The wind farm provides electricity to IPL’s business segmentsa third party under a long-term PPA. Alliant Energy provided a parent guarantee of its subsidiary’s indemnification obligations under the related operating agreement and PPA. Alliant Energy’s obligations under the operating agreement were $59 million as of September 30, 2022 and will reduce annually until expiring in July 2047. Alliant Energy’s obligations under the PPA are subject to a maximum limit of $17 million and expire in December 2031, subject to potential extension. Alliant Energy is not aware of any material liabilities related to this guarantee that it is probable that it will be obligated to pay and therefore has not recognized any material liabilities related to this guarantee as follows. Intersegment revenues were not material to IPL’s operations.of September 30, 2022 and December 31, 2021.

 Electric Gas Other Total
 (in millions)
Three Months Ended September 30, 2017       
Operating revenues
$489.0
 
$27.4
 
$11.0
 
$527.4
Operating income (loss)138.3
 (2.1) (4.4) 131.8
Earnings available for common stock      120.4
Three Months Ended September 30, 2016       
Operating revenues
$483.2
 
$23.9
 
$9.1
 
$516.2
Operating income (loss)125.9
 (1.4) 1.4
 125.9
Earnings available for common stock      114.1
Nine Months Ended September 30, 2017       
Operating revenues
$1,217.6
 
$147.2
 
$33.3
 
$1,398.1
Operating income (loss)234.5
 14.7
 (1.5) 247.7
Earnings available for common stock      200.4
Nine Months Ended September 30, 2016       
Operating revenues
$1,209.2
 
$142.6
 
$34.1
 
$1,385.9
Operating income213.8
 15.3
 6.8
 235.9
Earnings available for common stock      191.6
NOTE 13(d) Environmental Matters -

WPLManufactured Gas Plant (MGP) Sites - Certain financial information relating to WPL’s business segments is as follows. Intersegment revenues were not material to WPL’s operations.
 Electric Gas Other Total
 (in millions)
Three Months Ended September 30, 2017       
Operating revenues
$351.6
 
$18.4
 
$0.2
 
$370.2
Operating income (loss)94.3
 (0.3) (3.3) 90.7
Earnings available for common stock      49.8
Three Months Ended September 30, 2016       
Operating revenues
$381.1
 
$15.6
 
$0.3
 
$397.0
Operating income (loss)118.3
 (2.3) (1.0) 115.0
Earnings available for common stock      69.0
Nine Months Ended September 30, 2017       
Operating revenues
$981.5
 
$115.5
 
$1.1
 
$1,098.1
Operating income (loss)240.9
 14.8
 (5.3) 250.4
Earnings available for common stock      133.4
Nine Months Ended September 30, 2016       
Operating revenues
$999.9
 
$106.1
 
$0.9
 
$1,106.9
Operating income (loss)259.5
 11.7
 (2.4) 268.8
Earnings available for common stock      158.7

NOTE 14. RELATED PARTIES
Service Agreements - Pursuant to service agreements, IPL and WPL receivehave current or previous ownership interests in various administrative and general services from an affiliate, Corporate Services. These servicessites that are billed topreviously associated with the production of gas for which IPL and WPL at cost based on expenses incurred by Corporate Serviceshave, or may have in the future, liability for the benefit ofinvestigation, remediation and monitoring costs. IPL and WPL respectively. These costs consisted primarily of employee compensation and benefits, fees associated with various professional services, depreciation and amortization of property, plant and equipment, and a return on net assets. Corporate Services also acts as agent on behalf of IPL and WPLare working pursuant to the service agreements.requirements of various federal and state agencies to investigate, mitigate, prevent and remediate, where necessary, the environmental impacts to property, including natural resources, at and around these former MGP sites in order to protect public health and the environment. At September 30, 2022, estimated future costs expected to be incurred for the investigation, remediation and monitoring of the MGP sites, as well as environmental liabilities recorded on the balance sheets for these sites, which are not discounted, were as follows (in millions). At September 30, 2022, such amounts for WPL were not material.
Alliant EnergyIPL
Range of estimated future costs$9 -$25$6 -$19
Current and non-current environmental liabilities$12$8

IPL Consent Decree - In 2015, the U.S. District Court for the Northern District of Iowa approved a Consent Decree that IPL entered into with the EPA, the Sierra Club, the State of Iowa and Linn County in Iowa, thereby resolving potential Clean Air Act issues associated with emissions from IPL’s coal-fired generating facilities in Iowa. IPL has completed various requirements under the Consent Decree. IPL’s remaining requirements include fuel switching or retiring Prairie Creek Units 1 and 3 by December 31, 2025. Alliant Energy and IPL currently expect to recover material costs incurred by IPL related to compliance with the terms of the Consent Decree from IPL’s electric customers.

Other Environmental Contingencies - In addition to the environmental liabilities discussed above, various environmental rules are monitored that may have a significant impact on future operations. Several of these environmental rules are subject to legal challenges, reconsideration and/or other uncertainties. Given uncertainties regarding the outcome, timing and compliance plans for these environmental matters, the complete financial impact of each of these rules is not able to be determined; however, future capital investments and/or modifications to EGUs and electric and gas distribution systems to comply with certain of these rules could be significant. Specific current, proposed or potential environmental matters include, among others: Effluent Limitation Guidelines, Coal Combustion Residuals Rule, and various legislation and EPA regulations to monitor and regulate the emission of greenhouse gases, including the Clean Air Act.

NOTE 13(e) MISO Transmission Owner Return on Equity Complaints - A group of stakeholders, including MISO cooperative and municipal utilities, previously filed complaints with FERC requesting a reduction to the base return on equity authorized for MISO transmission owners, including ITC Midwest LLC and ATC. In 2019, FERC issued an order on the previously filed complaints and reduced the base return on equity authorized for the MISO transmission owners to 9.88% for November 12, 2013 through February 11, 2015, and subsequent to September 28, 2016. In 2020, FERC issued orders in response to various rehearing requests and increased the base return on equity authorized for the MISO transmission owners from 9.88% to 10.02% for November 12, 2013 through February 11, 2015, and subsequent to September 28, 2016. In August 2022, the U.S. Court of Appeals for the District of Columbia Circuit vacated FERC’s prior orders that established the base return on equity authorized for the MISO transmission owners and remanded the cases to FERC for further proceedings, which may result in additional changes to the base return on equity authorized for the MISO transmission owners. As agent, Corporate Services enters into energy, capacity, ancillary services, and transmission sale and purchase transactions within MISO. Corporate Services assigns such sales and purchases among IPL and WPL based on statements receiveda result of the August 2022 court decision, Alliant Energy recorded a $5 million reduction in “Equity income from MISO. The amounts billed for services provided, sales credited and purchasesunconsolidated investments” in its income statement for the three and nine months ended September 30, were as follows (in millions):2022 to reflect the anticipated reduction in the base return on equity authorized for the MISO transmission owners. Any further changes in FERC’s decisions may have an impact on Alliant Energy’s share of ATC’s future earnings and customer costs.


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 IPL WPL
 Three Months Nine Months Three Months Nine Months
 2017 2016 2017 2016 2017 2016 2017 2016
Corporate Services billings
$48
 
$41
 
$130
 
$124
 
$37
 
$33
 
$100
 
$103
Sales credited8
 4
 15
 7
 6
 3
 8
 6
Purchases billed109
 126
 271
 324
 32
 23
 99
 65

Net intercompany payables to Corporate Services were as follows (in millions):
 IPL WPL
 September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016
Net payables to Corporate Services$118 $104 $64 $72

ATC LLC - Pursuant to various agreements, WPL receives a range of transmission services from ATC LLC. WPL provides operation, maintenance, and construction services to ATC LLC. WPL and ATC LLC also bill each other for use of shared facilities owned by each party. The related amounts billed between the parties for the three and nine months ended September 30 were as follows (in millions):
 Three Months Nine Months
 2017 2016 2017 2016
ATC LLC billings to WPL
$26
 
$28
 
$79
 
$82
WPL billings to ATC LLC2
 4
 8
 10

WPL owed ATC LLC net amounts of $8 million as of September 30, 2017 and $8 million as of December 31, 2016.

Refer to Note 5(a) for discussion of WPL’s transfer of its investment in ATC LLC to ATI on December 31, 2016.

Franklin County Wind Farm - Refer to Note 3 for discussion of the transfer of the Franklin County wind farm from AEF to IPL in April 2017.

NOTE 14. SEGMENTS OF BUSINESS
Certain financial information relating to Alliant Energy’s, IPL’s and WPL’s business segments is as follows. Intersegment revenues were not material to their respective operations.
Alliant EnergyATC Holdings,Alliant
UtilityNon-Utility,Energy
ElectricGasOtherTotalParent and OtherConsolidated
(in millions)
Three Months Ended September 30, 2022
Revenues$1,039$62$11$1,112$23$1,135
Operating income (loss)304(3)13027309
Net income (loss) attributable to Alliant Energy common shareowners245(18)227
Three Months Ended September 30, 2021
Revenues$939$50$13$1,002$22$1,024
Operating income (loss)290(5)(5)2809289
Net income attributable to Alliant Energy common shareowners2506256
Alliant EnergyATC Holdings,Alliant
UtilityNon-Utility,Energy
ElectricGasOtherTotalParent and OtherConsolidated
(in millions)
Nine Months Ended September 30, 2022
Revenues$2,624$418$35$3,077$70$3,147
Operating income68062474623769
Net income attributable to Alliant Energy common shareowners5745579
Nine Months Ended September 30, 2021
Revenues$2,357$289$36$2,682$60$2,742
Operating income (loss)60142(4)63924663
Net income attributable to Alliant Energy common shareowners53734571
IPLElectricGasOtherTotal
(in millions)
Three Months Ended September 30, 2022
Revenues$596$33$11$640
Operating income (loss)174(3)—171
Net income available for common stock154
Three Months Ended September 30, 2021
Revenues$555$31$13$599
Operating income (loss)186(3)(3)180
Net income available for common stock157
Nine Months Ended September 30, 2022
Revenues$1,438$224$34$1,696
Operating income353333389
Net income available for common stock327
Nine Months Ended September 30, 2021
Revenues$1,343$165$35$1,543
Operating income (loss)36530(1)394
Net income available for common stock322
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WPLElectricGasOtherTotal
(in millions)
Three Months Ended September 30, 2022
Revenues$443$29$—$472
Operating income130—1131
Net income91
Three Months Ended September 30, 2021
Revenues$384$19$—$403
Operating income (loss)104(2)(2)100
Net income93
Nine Months Ended September 30, 2022
Revenues$1,186$194$1$1,381
Operating income327291357
Net income247
Nine Months Ended September 30, 2021
Revenues$1,014$124$1$1,139
Operating income (loss)23612(3)245
Net income215

NOTE 15. RELATED PARTIES
Service Agreements - Pursuant to service agreements, IPL and WPL receive various administrative and general services from an affiliate, Corporate Services. These services are billed to IPL and WPL at cost based on expenses incurred by Corporate Services for the benefit of IPL and WPL, respectively. These costs consisted primarily of employee compensation and benefits, fees associated with various professional services, depreciation and amortization of property, plant and equipment, and a return on net assets. Corporate Services also acts as agent on behalf of IPL and WPL pursuant to the service agreements. As agent, Corporate Services enters into energy, capacity, ancillary services, and transmission sale and purchase transactions within MISO. Corporate Services assigns such sales and purchases among IPL and WPL based on statements received from MISO. The amounts billed for services provided, sales credited and purchases for the three and nine months ended September 30 were as follows (in millions):
IPLWPL
Three MonthsNine MonthsThree MonthsNine Months
20222021202220212022202120222021
Corporate Services billings$45$50$136$138$39$37$117$113
Sales credited11411931166223
Purchases billed119105342347422410371

Net intercompany payables to Corporate Services were as follows (in millions):
IPLWPL
September 30, 2022December 31, 2021September 30, 2022December 31, 2021
Net payables to Corporate Services$113$110$88$83

ATC - Pursuant to various agreements, WPL receives a range of transmission services from ATC. WPL provides operation, maintenance, and construction services to ATC. WPL and ATC also bill each other for use of shared facilities owned by each party. The related amounts billed between the parties for the three and nine months ended September 30 were as follows (in millions):
Three MonthsNine Months
2022202120222021
ATC billings to WPL$38$29$107$91
WPL billings to ATC641413

WPL owed ATC net amounts of $9 million as of September 30, 2022 and $10 million as of December 31, 2021.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


This MDA includes information relating to Alliant Energy, and IPL and WPL (collectively, the Utilities), as well as ATC Holdings, AEF and Corporate Services. Where appropriate, information relating to a specific entity has been segregated and labeled as such. The following discussion and analysis should be read in conjunction with the Financial Statements and the Notes included in this report, as well as the financial statements, notes and MDA included in the 20162021 Form 10-K.10-K. Unless otherwise noted, all “per share” references in MDA refer to earnings per diluted share.

EXECUTIVE OVERVIEW

Description of Business
General - Alliant Energy is a Midwest U.S. energy holding company whose primary subsidiaries are IPL, WPL, AEF and Corporate Services. IPL and WPL are public utilities, and AEF is the parent company for Alliant Energy’s non-regulated businesses and holds all of Alliant Energy’s investment in ATC. Corporate Services provides administrative services to Alliant Energy and its subsidiaries. An illustration of Alliant Energy’s primary businesses is shown below.
27Alliant Energy
Utilities, ATC Investment and Corporate ServicesNon-regulated and Parent
 - Retail electric and gas services in IA (IPL) - Transportation (AEF)
 - Retail electric and gas services in WI (WPL) - Non-regulated wind investment (AEF)
 - ATC Investment (ATI) - Sheboygan Falls Energy Facility (AEF)
 - Wholesale electric service in MN, IL & IA (IPL) - Parent Company
 - Wholesale electric service in WI (WPL)
 - Corporate Services


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Financial Results - Alliant Energy’s net income
2022 HIGHLIGHTS

Key highlights since the filing of the 2021 Form 10-K include the following:

Customer Investments:
•In response to a petition from a U.S.-based solar panel assembler, in March 2022, the U.S. Department of Commerce initiated an investigation into whether the sourcing of solar project materials and EPS attributable toequipment from certain Southeast Asian countries circumvent tariffs and duties imposed on such materials and equipment imported from China. In June 2022, a presidential executive order postponed through 2024 any additional tariffs on solar project materials and equipment while the U.S. Department of Commerce completes its investigation. Alliant Energy, common shareownersIPL and WPL are currently unable to predict with certainty the future outcome or impact of these matters, including from any related legal challenges; however, this could result in delays and/or higher costs for the third quarter were as follows (dollars in millions, except per share amounts):
 2017 2016
 Income (Loss) EPS Income (Loss) EPS
Continuing operations:       
Utilities, ATC Investment and Corporate Services
$179.7
 
$0.78
 
$186.7
 
$0.82
Non-regulated and Parent(10.9) (0.05) (57.9) (0.25)
Income from continuing operations168.8
 0.73
 128.8
 0.57
Loss from discontinued operations—
 —
 (0.4) —
Net income
$168.8
 
$0.73
 
$128.4
 
$0.57

The table above includes EPS from continuing operations for utilities, ATC InvestmentIPL’s and Corporate Services,WPL’s planned development and non-regulatedacquisition of additional renewable energy, and parent, which are non-GAAP financial measures. Alliant Energy believes these non-GAAP financial measures are useful to investors because they facilitate an understanding of segment performance and trends and provide additional information about Alliant Energy’s operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance.

impact Alliant Energy’s, IPL’s and WPL’s incomeanticipated future construction and acquisition expenditures.
•In June 2022, the PSCW issued an order approving WPL’s second certificate of authority to acquire, construct, own, and operate up to 414 MW of new solar generation in the following Wisconsin counties: Dodge (150 MW), Waushara (99 MW), Rock (65 MW), Grant (50 MW) and Green (50 MW).
•In June 2022, IPL filed for a revised fixed cost cap of $1,934/kilowatt with the IUB related to IPL’s November 2021 advance rate-making principles filing for up to 400 MW of solar generation with in-service dates in 2023 and 2024 and approximately 75 MW of battery storage in 2024, which reflects higher materials, labor and shipping costs. The revised fixed cost cap includes allowance for funds used during construction and transmission upgrade costs among other costs. In September 2022, IPL provided the IUB with a summary of the Inflation Reduction Act of 2022, as well as an economic analysis indicating full ownership for its planned solar and battery storage projects is currently expected to result in lower costs for its customers compared to previous plans to utilize tax equity financing. IPL currently expects a decision from continuing operations increased (decreased)the IUB on its filing by $40 million, $6 million and ($19) million, respectively,the end of 2022.
•In August 2022, FERC approved MISO’s proposal to change its methodology for procuring capacity in the three-month period. Alliant Energy’s increase was primarilyenergy market effective with the 2023/2024 MISO Planning Year, as a result of changes in the overall generation resource mix due to asset valuation charges at AEF relatedthe shift to renewable generation and the Franklin Countyretirement of certain fossil-fueled generation. The capacity construct will change from the current Summer-based annual construct to four distinct seasons to help ensure the continued reliability of the electric transmission grid. FERC’s approval also includes establishing planning reserve margin requirements for all market participants on a seasonal basis and determining a seasonal accredited capacity value for certain classes of generating resources, including higher accredited capacity for wind farm ingeneration during the third quarter of 2016, higher revenues resulting from IPL’s interim retail electric base rate increase implemented in April 2017Spring, Fall and WPL’s retail electric and gas base rate increases implemented in January 2017, partially offset by estimated temperature impacts on IPL’s and WPL’s retail electric and gas sales, higher depreciation expense, higher energy efficiency cost recovery amortization at WPL,Winter seasons and lower AFUDC at IPL. WPL’s decrease was also impacted by reduced equity income resulting from the transfer of WPL’s investment in ATC LLC to ATI on December 31, 2016.

Refer to “Results of Operations”accredited capacity for additional details regarding the various factors impacting earningssolar generation during the third quarters of 2017 and 2016.

2017 Overview -Winter season. Alliant Energy, IPL and WPL continueare currently unable to focus on achieving their financial objectives and executing their strategic plan. Key developments sincepredict with certainty the filingfuture outcome or impact of these matters, but anticipate additional generating resources will be needed to comply with the requirements of the 2016 Form 10-K include the following:new capacity construct. Refer to “Liquidity and Capital Resources” for discussion of proposed changes to IPL’s and WPL’s current resource plans resulting from these matters.
Marshalltown Generating Station - IPL’s construction of Marshalltown, an approximate 660 MW natural gas-fired combined-cycle EGU, was completed in April 2017. Final capital expenditures are currently estimated to be approximately $645 million to construct the EGU and a pipeline to supply natural gas to the EGU, excluding transmission network upgrades and AFUDC.
Franklin County Wind Farm - In April 2017, the 99 MW Franklin County wind farm was transferred from AEF to IPL.
•
IPL’s and WPL’s Potential Expansion of Wind Generation - In addition to IPL’s 500 MW expansion of wind generation approved by the IUB in October 2016 and transfer of the 99 MW Franklin County wind farm to IPL in 2017, IPL and WPL are currently exploring options to own and operate up to 500 MW and 200 MW, respectively, of additional new wind generation. In August 2017, IPL filed an application with the IUB for advance rate-making principles for the up to 500 MW of the additional wind generation. In the fourth quarter of 2017, WPL expects to file for approval from the PSCW and FERC for the acquisition of 55 MW of the Forward Wind Energy Center, and plans to file for authority for the remaining up to 200 MW of new wind generation. Refer to “Strategic Overview” for further discussion. The amount and timing of these wind projects will largely depend on regulatory approvals and the acquisition of wind sites.
WPL’s Construction of West Riverside - In October 2017, WPL received an order from the PSCW authorizing various electric cooperatives, which currently have wholesale power supply agreements with WPL, to acquire approximately 65 MW of West Riverside while the EGU is being constructed. As part of the electric cooperatives’ acquisitions, which are currently expected to be completed in the fourth quarter of 2017, the current wholesale power supply agreements with the various electric cooperatives will be extended by at least four years until 2026 with automatic continuation of such agreements unless terminated by either party, with a five-year notice requirement.
•
Non-regulated Wind Investment in Oklahoma - In July 2017, a wholly-owned subsidiary of AEF acquired a 50% cash equity ownership interest in a 225 MW non-regulated wind farm located in Oklahoma. Refer to Note 5(a) for further discussion.
IPL’s Retail Electric Rate Review (2016 Test Year) - In April 2017, IPL filed a request with the IUB to increase annual electric base rates for its Iowa retail electric customers. The request was based on a 2016 historical Test Year as adjusted for certain known and measurable changes occurring up to 12 months after the commencement of the proceeding. The key drivers for the filing included recovery of capital projects, primarily power grid modernization and investments that

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advance cleaner energy, including Marshalltown. An interim retail electric base rate increase of $102 million, or approximately 7%, on an annual basis, was implemented effective April 13, 2017. •In September 2017, IPL reached a partial, non-unanimous settlement agreement with the Iowa Office of Consumer Advocate, the Iowa Business Energy Coalition and the Large Energy Group to increase annual retail electric base rates by $130 million, or approximately 9%, subject to IUB approval. As a result of the proposed settlement, in the third quarter of 2017, IPL recorded a write-down of regulatory assets of $9 million. IPL currently expects to implement final rates in the first quarter of 2018.
WPL’s Retail Fuel-related Rate Filing (2018 Test Year) - In July 2017,2022, WPL filed a request with the PSCW for approval to construct, own and operate 175 MW of battery storage, with 100 MW and 75 MW at the Grant County and Wood County solar projects, respectively. Estimated capital expenditures for these planned projects for 2023 through 2025 are included in the “Renewables and battery storage” line in the construction and acquisition table in “Liquidity and Capital Resources.”
•In September 2022, after the enactment of the Inflation Reduction Act of 2022, WPL informed the PSCW of its decision to retain full ownership of its planned solar projects instead of financing a portion of the projects with tax equity partners, which is currently expected to result in lower costs for its customers compared to previous plans to utilize tax equity financing.
•In September 2022, WPL completed the construction of the Bear Creek Solar Garden in Richland County, Wisconsin (50 MW).
•In October 2022, WPL completed the construction of the North Rock Solar Garden in Rock County, Wisconsin (50 MW).
•Refer to Note 3 for discussion of revised expected timing for the retirements of various IPL and WPL coal-fired EGUs.

Rate Matters:
•In June 2022, WPL filed a limited reopener request with the PSCW to increase annual retail gas rates for WPL’sthe 2023 forward-looking Test Period by approximately $10 million, which reflects changes in weighted average cost of capital, updated depreciation rates and modifications to certain regulatory asset and regulatory liability amortizations. WPL currently expects a decision from the PSCW on its request by the end of 2022.
•In August 2022, the PSCW authorized WPL to collect $37 million in 2023 from its retail electric customers, by $6 million, or approximately 1%, in 2018. The increase primarily reflects a change in expectedplus interest, for an under-collection of fuel-related costs incurred by WPL in 2018,2021 that were higher than fuel-related costs used to determine rates for such period. In addition, in November 2022, WPL filed updated fuel-related cost information for 2023 with the PSCW, which are expectedreflects an increase in annual retail electric rates of approximately $63 million in 2023 compared to be offset by $3 million of over-collections from WPL’s 2016approved 2022 fuel-related costs. WPL currently expects a decision from the PSCW on its request by the end of 2022.
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•WPL currently expects to file a retail electric and gas rate review with the PSCW in the second quarter of 2023 for the 2024/2025 forward-looking Test Period. The key drivers for the anticipated filing include revenue requirement impacts of increasing electric and gas rate base, including investments in solar generation and battery storage. Any rate changes granted from this pending request are expected to be effective on January 1, 2018.
2024, with a decision from the PSCW expected by the end of 2023.
MISO Transmission Owner Return on Equity Complaints - A group of MISO cooperative•IPL currently expects to file a retail electric and municipal utilities previously filed two complaintsgas rate review with FERC requesting a reduction to the base return on equity usedIUB by MISO transmission owners, including ITC and ATC LLC, to determine electric transmission costs billed to utilities, including IPL and WPL. In September 2016, FERC issued an order on the first complaint and established a base return on equityhalf of 10.32%, excluding any incentive adders granted by FERC, effective September 28, 2016, and2024. The key drivers for the refund period from November 12, 2013 through February 11, 2015 (first complaint period). Duringanticipated filing include revenue requirement impacts of increasing electric and gas rate base, including investments in solar generation and battery storage.

Legislative Matters:
•Refer to Note 9 for discussion of Iowa tax reform enacted in March 2022.
•In August 2022, the nine months ended September 30, 2017,Inflation Reduction Act of 2022 was enacted. The most significant provisions of the new legislation for Alliant Energy, IPL and WPL receivedrelate to a 10-year extension of tax credits for clean energy projects, a new production tax credit eligible for solar projects, a new stand-alone investment tax credit for battery storage projects and the refundsright to transfer future renewable credits to other corporate taxpayers. The new legislation also includes a requirement for the first complaint period of $50 million, $39 million and $11 million, respectively, after final true-ups. Pursuantcorporations with income over $1 billion to IUB approval, IPL’s retail portion of the refund from ITCpay a 15% minimum tax; however, Alliant Energy is currently being refunded to its retail customers in 2017. WPL’s retail portion of the refund from ATC LLC will remain in a regulatory liability until such refunds are approved to be returned to retail customers in a future rate proceeding.
Credit Facility Agreement - In August 2017,below this income level. Alliant Energy, IPL and WPL entered intocurrently expect to utilize various provisions of the new legislation to enhance the tax benefits expected from their announced approximately 1,500 MW of solar and 250 MW of battery storage projects, including transferring the future tax credits from such projects to other corporate taxpayers and opting to retain full ownership of such projects instead of financing a single new credit facility agreement, which expiresportion of the projects with tax equity partners. Compared to previous plans to utilize tax equity financing, the impact of these changes is expected to result in August 2022. The new credit facility agreement includes financial covenants similarlower costs for IPL's and WPL's customers, higher rate base amounts, additional financing needs expected to those that were included in the previous credit facility agreements. As of September 30, 2017, the short-term borrowing capacity totaled $1 billion ($300 million for Alliant Energy at the parent company level, $300 million for IPLbe satisfied with additional long-term debt and $400 million for WPL).
At-the-Market Offering Program - In the second quarter of 2017, Alliant Energy issued 3.1 million shares of common stock through an at-the-market offering programissuances, and receivedimprovements in long-term cash proceedsflows over the life of $124 million, netthe solar and battery storage projects.

Financings and Common Stock Dividends:
•Refer to “Results of $1 million in commissions and fees. The proceeds from theOperations” for discussion of expected future issuances of common stock were used for general corporate purposes.

Future Developments - The following includes key items expected to impact Alliant Energy, IPL and WPL in the future that have been identified since the filing of the 2016 Form 10-K:

2018 Forecast - In 2018, the following financing activities, and impacts to results of operations, are currently anticipated to occur:
Financing Plans - Alliant Energy currently expects to issue up to $200 million of common stock in 2018 through one or more offeringsdividends, and its Shareowner Direct Plan. IPL currently expects to issue up to $700 millionexpected future issuances and retirements of long-term debt, securities in 2018,by the end of which $350 million would be used to retire maturing long-term debt in 2018. AEF currently expects to issue up to $1.0 billion of long-term debt in 2018, of which $595 million would be used to refinance term loans.
2023.
Common Stock Dividends - Alliant Energy announced a 6% increase in its targeted 2018 annual common stock dividend to $1.34 per share, which is equivalent to a quarterly rate of $0.335 per share, beginning with the February 2018 dividend payment. The timing and amount of future dividends is subject to an approved dividend declaration from Alliant Energy’s Board of Directors, and is dependent upon earnings expectations, capital requirements, and general financial business conditions, among other factors.
•
Utility Electric and Gas Margins - Alliant Energy and IPL currently expect an increase in electric and gas margins in 2018 compared to 2017 as a result of base rate increases in effect from IPL’s retail electric rate review (2016 Test Year) and IPL’s planned retail gas rate review (2017 Test Year). Refer to “Rate Matters” for further discussion of these rate reviews, as well as “Other Future Considerations” for discussion of expected changes in Alliant Energy’s, IPL’s and WPL’s electric transmission service expense in 2018 compared to 2017.
Depreciation and Amortization Expenses - Alliant Energy and IPL currently expect an increase in depreciation and amortization expenses in 2018 compared to 2017 due to property additions, and the implementation of updated depreciation rates for IPL as a result of a recently completed depreciation study, which is expected to be effective with the implementation of final rates from IPL’s retail electric rate review (2016 Test Year).

Interest Expense - Alliant Energy currently expects interest expense to increase in 2018 compared to 2017 due to financings completed in 2017 and planned in 2018 as discussed above.
AFUDC - Alliant Energy currently expects AFUDC to increase in 2018 compared to 2017 primarily due to increased construction work in progress balances related to IPL’s expansion of wind generation and WPL’s West Riverside facility.

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RESULTS OF OPERATIONS

Overview - “Executive Overview” provides an overview of Alliant Energy’s, IPL’s and WPL’s earnings for the three months ended September 30, 2017 and 2016. Additional earnings details for the three and nine months ended September 30, 2017 and 2016 are discussed below.


Results of operations include financial information prepared in accordance with GAAP as well as utility electric margins and utility gas margins, which are not measures of financial performance under GAAP. Utility electric margins are defined as electric operating revenues less electric production fuel, purchased power and electric transmission service expenses. Utility gas margins are defined as gas operating revenues less cost of gas sold. Utility electric margins and utility gas margins are non-GAAP financial measures because they exclude other utility and non-regulated operatingnon-utility revenues, other operation and maintenance expenses, depreciation and amortization expenses, and taxes other than income tax expense.


Management believes that utility electric and gas margins provide a meaningful basis for evaluating and managing utility operations since electric production fuel, purchased power and electric transmission service expenses and cost of gas sold are generally passed through to customers, and therefore, result in changes to electric and gas operating revenues that are comparable to changes in such expenses. The presentation of utility electric and gas margins herein is intended to provide supplemental information for investors regarding operating performance. These utility electric and gas margins may not be comparable to how other entities define utility electric and gas margin. Furthermore, these measures are not intended to replace operating income as determined in accordance with GAAP as an indicator of operating performance.


Additionally, the table below includes EPS for Utilities and Corporate Services, ATC Holdings, and Non-utility and Parent, which are non-GAAP financial measures. Alliant Energy believes these non-GAAP financial measures are useful to investors because they facilitate an understanding of segment performance and trends, and provide additional information about Alliant Energy’s operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance.

Financial Results Overview - Alliant Energy’s net income and EPS attributable to Alliant Energy common shareowners for the three months ended September 30 were as follows (dollars in millions, except per share amounts):
20222021
Income (Loss)EPSIncome (Loss)EPS
Utilities and Corporate Services$249$0.99$254$1.01
ATC Holdings50.0280.03
Non-utility and Parent(27)(0.11)(6)(0.02)
Alliant Energy Consolidated$227$0.90$256$1.02

Alliant Energy’s Utilities and Corporate Services net income decreased by $5 million for the three-month period, primarily due to higher interest expense and the timing of income taxes.
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Alliant Energy’s Non-utility and Parent net income decreased by $21 million for the three-month period, primarily due to higher interest expense, the timing of income taxes and the impact of the Iowa corporate income tax rate change.

For the three and nine months ended September 30, operating income and a reconciliation of utility electric and gas margins to the most directly comparable GAAP measure, operating income, was as follows (in millions):
Alliant EnergyIPLWPL
Three Months202220212022202120222021
Operating income$309$289$171$180$131$100
Electric utility revenues$1,039$939$596$555$443$384
Electric production fuel and purchased power expenses(274)(207)(140)(101)(134)(105)
Electric transmission service expense(157)(148)(115)(103)(42)(44)
Utility Electric Margin (non-GAAP)608584341351267235
Gas utility revenues625033312919
Cost of gas sold(26)(18)(14)(12)(13)(6)
Utility Gas Margin (non-GAAP)363219191613
Other utility revenues11131113——
Non-utility revenues2322————
Other operation and maintenance expenses(172)(171)(90)(95)(70)(66)
Depreciation and amortization expenses(169)(165)(95)(94)(71)(70)
Taxes other than income tax expense(28)(26)(15)(14)(11)(12)
Operating income$309$289$171$180$131$100
 Alliant Energy IPL WPL
 Three Months Nine Months Three Months Nine Months Three Months Nine Months
 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016
Operating income
$231.5
 
$162.6
 
$523.7
 
$437.1
 
$131.8
 
$125.9
 
$247.7
 
$235.9
 
$90.7
 
$115.0
 
$250.4
 
$268.8
Alliant EnergyIPLWPL
Nine Months202220212022202120222021
Operating income$769$663$389$394$357$245
Electric utility revenues$2,624$2,357$1,438$1,343$1,186$1,014
Electric production fuel and purchased power expenses(633)(478)(290)(215)(343)(263)
Electric transmission service expense(428)(403)(303)(274)(125)(128)
Utility Electric Margin (non-GAAP)1,5631,476845854718623
Gas utility revenues418289224165194124
Cost of gas sold(242)(149)(126)(84)(117)(65)
Utility Gas Margin (non-GAAP)17614098817759
Other utility revenues3536343511
Non-utility revenues7060————
Other operation and maintenance expenses(492)(477)(260)(253)(193)(194)
Depreciation and amortization expenses(501)(494)(285)(281)(211)(209)
Taxes other than income tax expense(82)(78)(43)(42)(35)(35)
Operating income$769$663$389$394$357$245

 Alliant Energy IPL WPL
Three Months2017 2016 2017 2016 2017 2016
Electric utility operating revenues
$840.6
 
$864.3
 
$489.0
 
$483.2
 
$351.6
 
$381.1
Electric production fuel and purchased power expenses(222.6) (245.9) (122.5) (125.0) (100.1) (120.9)
Electric transmission service expense(121.0) (138.6) (78.2) (95.9) (42.8) (42.7)
Utility Electric Margin (non-GAAP)497.0
 479.8
 288.3
 262.3
 208.7
 217.5
            
Gas utility operating revenues45.8
 39.5
 27.4
 23.9
 18.4
 15.6
Cost of gas sold(15.0) (12.5) (9.9) (8.0) (5.1) (4.5)
Utility Gas Margin (non-GAAP)30.8
 27.0
 17.5
 15.9
 13.3
 11.1
            
Other utility operating revenues11.2
 9.4
 11.0
 9.1
 0.2
 0.3
Non-regulated operating revenues9.3
 11.4
 —
 —
 —
 —
Asset valuation charges for Franklin County wind farm—
 (86.4) —
 —
 —
 —
Other operation and maintenance expenses(169.1) (148.6) (104.4) (94.8) (66.1) (54.2)
Depreciation and amortization expenses(120.7) (104.1) (66.2) (52.7) (53.6) (48.7)
Taxes other than income tax expense(27.0) (25.9) (14.4) (13.9) (11.8) (11.0)
Operating income
$231.5
 
$162.6
 
$131.8
 
$125.9
 
$90.7
 
$115.0

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 Alliant Energy IPL WPL
Nine Months2017 2016 2017 2016 2017 2016
Electric utility operating revenues
$2,199.1
 
$2,209.1
 
$1,217.6
 
$1,209.2
 
$981.5
 
$999.9
Electric production fuel and purchased power expenses(614.7) (646.3) (330.0) (324.8) (284.7) (321.5)
Electric transmission service expense(363.3) (396.8) (235.0) (270.7) (128.3) (126.1)
Utility Electric Margin (non-GAAP)1,221.1
 1,166.0
 652.6
 613.7
 568.5
 552.3
            
Gas utility operating revenues262.7
 248.7
 147.2
 142.6
 115.5
 106.1
Cost of gas sold(135.5) (132.3) (74.6) (76.3) (60.9) (56.0)
Utility Gas Margin (non-GAAP)127.2
 116.4
 72.6
 66.3
 54.6
 50.1
            
Other utility operating revenues34.4
 35.0
 33.3
 34.1
 1.1
 0.9
Non-regulated operating revenues29.9
 30.2
 —
 —
 —
 —
Asset valuation charges for Franklin County wind farm—
 (86.4) —
 —
 —
 —
Other operation and maintenance expenses(467.1) (438.2) (288.7) (279.8) (179.7) (157.2)
Depreciation and amortization expenses(342.7) (308.7) (181.0) (157.8) (158.8) (143.5)
Taxes other than income tax expense(79.1) (77.2) (41.1) (40.6) (35.3) (33.8)
Operating income
$523.7
 
$437.1
 
$247.7
 
$235.9
 
$250.4
 
$268.8

Operating Income Variances - Variances between periods in operating income for the three and nine months ended September 30, 20172022 compared to the same periods in 20162021 were as follows (in millions):
Three MonthsNine Months
Alliant EnergyIPLWPLAlliant EnergyIPLWPL
Total higher (lower) utility electric margin variance (Refer to details below)$24($10)$32$87($9)$95
Total higher utility gas margin variance (Refer to details below)4—3361718
Total (higher) lower other operation and maintenance expenses variance (Refer to details below)(1)5(4)(15)(7)1
Total higher depreciation and amortization expense(4)(1)(1)(7)(4)(2)
Other(3)(3)15(2)—
$20($9)$31$106($5)$112

 Three Months Nine Months
 Alliant Energy IPL WPL Alliant Energy IPL WPL
Asset valuation charges for Franklin County wind farm in 2016 (refer to Note 3 for details)

$86
 
$—
 
$—
 
$86
 
$—
 
$—
Total utility electric margin variance (refer to details below)17
 26
 (9) 55
 39
 16
Total utility gas margin variance (refer to details below)4
 2
 2
 11
 6
 5
Total other operation and maintenance expenses variance (refer to details below)(21) (10) (12) (29) (9) (23)
Higher depreciation expense primarily due to additional plant in service in 2017, including impacts from Marshalltown(9) (9) (2) (20) (18) (6)
Higher depreciation expense at WPL due to updated depreciation rates effective January 2017 approved by the PSCW and FERC(3) —
 (3) (9) —
 (9)
Higher depreciation expense at IPL due to write-down of regulatory assets resulting from the proposed IPL electric rate review settlement in 2017(5) (5) —
 (5) (5) —
Other—
 2
 —
 (2) (1) (1)
 
$69
 
$6
 
($24) 
$87
 
$12
 
($18)

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Electric and Gas Revenues and Sales Summary - Electric and gas revenues (in millions), and MWh and Dth sales (in thousands), for the three and nine months ended September 30 were as follows:
Alliant EnergyElectricGas
RevenuesMWhs SoldRevenuesDths Sold
20222021202220212022202120222021
Three Months
Retail$908$8456,7887,031$50$403,5843,264
Sales for resale115781,7591,853N/AN/AN/AN/A
Transportation/Other16161618121030,98226,365
$1,039$9398,5638,902$62$5034,56629,629
Nine Months
Retail$2,327$2,12419,30419,262$379$25837,28433,299
Sales for resale2511815,1614,411N/AN/AN/AN/A
Transportation/Other46524653393183,24174,111
$2,624$2,35724,51123,726$418$289120,525107,410
Alliant EnergyElectric Gas
IPLIPLElectricGas
Revenues MWhs Sold Revenues Dths SoldRevenuesMWhs SoldRevenuesDths Sold
2017 2016 2017 2016 2017 2016 2017 201620222021202220212022202120222021
Three Months               Three Months
Retail
$745.7
 
$772.5
 6,722
 6,935
 
$37.4
 
$30.9
 3,744
 3,926
Retail$559$5253,7363,914$25$251,7391,702
Sales for resale75.6
 77.5
 1,390
 1,271
 —
 —
 —
 —
Sales for resale2821581487N/AN/AN/AN/A
Transportation/Other19.3
 14.3
 22
 24
 8.4
 8.6
 19,787
 20,302
Transportation/Other9999869,7439,308

$840.6
 
$864.3
 8,134
 8,230
 
$45.8
 
$39.5
 23,531
 24,228
$596$5554,3264,410$33$3111,48211,010
Nine Months               Nine Months
Retail
$1,950.4
 
$1,970.4
 18,851
 19,139
 
$236.9
 
$222.9
 30,971
 32,720
Retail$1,358$1,25910,82110,810$199$14519,11817,268
Sales for resale204.8
 204.9
 3,564
 3,372
 —
 —
 —
 —
Sales for resale53491,6001,160N/AN/AN/AN/A
Transportation/Other43.9
 33.8
 72
 75
 25.8
 25.8
 54,849
 61,615
Transportation/Other27352526252031,91729,727

$2,199.1
 
$2,209.1
 22,487
 22,586
 
$262.7
 
$248.7
 85,820
 94,335
$1,438$1,34312,44611,996$224$16551,03546,995

WPLElectricGas
RevenuesMWhs SoldRevenuesDths Sold
20222021202220212022202120222021
Three Months
Retail$349$3203,0523,117$25$151,8451,562
Sales for resale87571,1781,366N/AN/AN/AN/A
Transportation/Other77794421,23917,057
$443$3844,2374,492$29$1923,08418,619
Nine Months
Retail$969$8658,4838,452$180$11318,16616,031
Sales for resale1981323,5613,251N/AN/AN/AN/A
Transportation/Other19172127141151,32444,384
$1,186$1,01412,06511,730$194$12469,49060,415

Sales Trends and Temperatures - Alliant Energy’s retail electric sales volumes decreased 3% and were unchanged for the three and nine months ended September 30, 2022 compared to the same periods in 2021, respectively, primarily due to changes in sales volumes of commercial and industrial customers due to standby service customers that can use other generation, as well as maintenance outages at certain large customers. Alliant Energy’s retail gas sales volumes increased 10% and 12% for the three and nine months ended September 30, 2022 compared to the same periods in 2021, respectively, primarily due to changes in temperatures and increases in the number of retail customers.

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IPLElectric Gas
 Revenues MWhs Sold Revenues Dths Sold
 2017 2016 2017 2016 2017 2016 2017 2016
Three Months               
Retail
$443.3
 
$443.7
 3,784
 3,898
 
$22.0
 
$18.9
 2,189
 2,486
Sales for resale33.6
 29.5
 692
 389
 —
 —
 —
 —
Transportation/Other12.1
 10.0
 9
 11
 5.4
 5.0
 9,374
 8,783
 
$489.0
 
$483.2
 4,485
 4,298
 
$27.4
 
$23.9
 11,563
 11,269
Nine Months               
Retail
$1,105.5
 
$1,110.8
 10,761
 10,944
 
$129.9
 
$127.2
 16,548
 18,097
Sales for resale83.5
 75.5
 1,527
 1,056
 —
 —
 —
 —
Transportation/Other28.6
 22.9
 30
 31
 17.3
 15.4
 29,092
 27,066
 
$1,217.6
 
$1,209.2
 12,318
 12,031
 
$147.2
 
$142.6
 45,640
 45,163
WPLElectric Gas
 Revenues MWhs Sold Revenues Dths Sold
 2017 2016 2017 2016 2017 2016 2017 2016
Three Months               
Retail
$302.4
 
$328.8
 2,938
 3,037
 
$15.4
 
$12.0
 1,555
 1,440
Sales for resale42.0
 48.0
 698
 882
 —
 —
 —
 —
Transportation/Other7.2
 4.3
 13
 13
 3.0
 3.6
 10,413
 11,519
 
$351.6
 
$381.1
 3,649
 3,932
 
$18.4
 
$15.6
 11,968
 12,959
Nine Months               
Retail
$844.9
 
$859.6
 8,090
 8,195
 
$107.0
 
$95.7
 14,423
 14,623
Sales for resale121.3
 129.4
 2,037
 2,316
 —
 —
 —
 —
Transportation/Other15.3
 10.9
 42
 44
 8.5
 
$10.4
 25,757
 34,549
 
$981.5
 
$999.9
 10,169
 10,555
 
$115.5
 
$106.1
 40,180
 49,172

Temperatures - HDD and CDD are calculated using a simple average of the high and low temperatures each day compared to a 65 degree base. Normal degree days are calculated using a rolling 20-year average of historical HDD and CDD. The following table summarizes the approximate quarterly temperature statistics and resulting impacts on IPL’s and WPL’s electric and gas sales.
 2017 2016 Resulting Impact in 2017 Compared to 2016
First quarter (HDD)13% warmer than normal 10% warmer than normal Decrease in IPL’s and WPL’s electric and gas sales due to lower demand by customers for heating
Second quarter (CDD)2% cooler - 13% warmer than normal 10% - 35% warmer than normal Decrease in IPL’s and WPL’s electric sales due to lower demand by customers for air cooling
Third quarter (CDD)7% - 14% cooler than normal 20% warmer than normal Decrease in IPL’s and WPL’s electric sales due to lower demand by customers for air cooling

Estimated increases (decreases) to electric and gas margins from the impacts of temperatures for the three and nine months ended September 30 were as follows (in millions):
Electric MarginsGas Margins
Three MonthsNine MonthsThree MonthsNine Months
20222021Change20222021Change20222021Change20222021Change
IPL$4$5($1)$15$16($1)$—($1)$1$4$1$3
WPL———1091———2—2
Total Alliant Energy$4$5($1)$25$25$—$—($1)$1$6$1$5
 Electric Margins Gas Margins
 Three Months Nine Months Three Months Nine Months
 2017 2016 Change 2017 2016 Change 2017 2016 Change 2017 2016 Change
IPL
($4) 
$7
 
($11) 
($8) 
$7
 
($15) 
$—
 
$—
 
$—
 
($3) 
($2) 
($1)
WPL(4) 4
 (8) (9) 3
 (12) (1) (1) —
 (3) (2) (1)
Total Alliant Energy
($8) 
$11
 
($19) 
($17) 
$10
 
($27) 
($1) 
($1) 
$—
 
($6) 
($4) 
($2)


Electric Sales for Resale - Electric sales for resale volume changes were largely due to changes in sales in the wholesale energy markets operated by MISO. These changes are impacted by several factors, including the availability and dispatch of Alliant Energy’s EGUs and electricity demand within these wholesale energy markets. Changes in sales for resale revenues were largely offset by changes in fuel-related costs, and therefore, did not have a significant impact on electric margins.


Gas Transportation/Other - Gas transportation/other sales volume changes were largely due to changes in the gas volumes supplied to Alliant Energy’s natural gas-fired EGUs caused by the availability and dispatch of such EGUs. Changes in these transportation/other revenues did not have a significant impact on gas margins.
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Utility Electric Margin Variances - The following items contributed to increased (decreased) utility electric margins for the three and nine months ended September 30, 20172022 compared to the same periods in 2016 were2021 as follows (in millions):
Three MonthsNine Months
Alliant EnergyIPLWPLAlliant EnergyIPLWPL
Higher revenue requirements at WPL due to increasing rate base (a)$32$—$32$85$—$85
Higher revenues at IPL due to changes in credits on customers’ bills related to excess deferred income tax benefits amortization through the tax benefit rider (offset by changes in income tax)———1111—
Lower revenues at IPL due to changes in the renewable energy rider (mostly offset by changes in income tax)(4)(4)—(23)(23)—
Other(4)(6)—14310
$24($10)$32$87($9)$95
 Three Months Nine Months
 Alliant Energy IPL WPL Alliant Energy IPL WPL
Higher margins at IPL from the impact of its 2016 Test Year interim retail electric base rate increase (a)
$34
 
$34
 
$—
 
$54
 
$54
 
$—
Higher margins at WPL from the impact of its 2017/2018 Test Period retail electric base rate increase (b)4
 —
 4
 42
 —
 42
Retail electric customer billing credits at IPL in 20163
 3
 —
 7
 7
 —
Estimated changes in sales caused by temperatures (Refer to “Temperatures” above for details)(19) (11) (8) (27) (15) (12)
Changes in electric fuel-related costs, net of recoveries at WPL (c)(2) —
 (2) (11) —
 (11)
Revenue requirement adjustment in 2016 related to certain tax benefits from tax accounting method changes at IPL(4) (4) —
 (11) (11) —
Lower wholesale margins at WPL primarily due to the expiration of a wholesale power supply agreement on May 31, 2017(6) —
 (6) (8) —
 (8)
Other7
 4
 3
 9
 4
 5
 
$17
 
$26
 
($9) 
$55
 
$39
 
$16


(a)
In April 2017, IPL filed a request with the IUB to increase annual electric base rates for its Iowa retail electric customers by $176 million, or approximately 12%. An interim retail electric base rate increase of $102 million, or approximately 7%, on an annual basis, was implemented effective April 13, 2017. Refer to “Rate Matters” for discussion of IPL’s proposed IPL electric rate review settlement.
(b)
In December 2016,WPL received an order from the PSCW authorizing WPL to implement an increase in annual retail electric rates of $9 million, or approximately 1%. The $9 million net annual retail electric rate increase reflects a $60 million increase in base rates, partially offset by a $51 million reduction in fuel-related costs, using an estimate for 2017 fuel-related costs. The increase was effective January 1, 2017 and extends through the end of 2018. WPL no longer has winter rates that are lower than summer rates. Thus, the quarter-over-quarter variances resulting from the retail electric base rate increase will be smaller during the summer quarters, compared to the winter quarters.
(c)
WPL estimates the decrease to electric margins from amounts within the approved bandwidth of plus or minus 2% of forecasted fuel-related expenses determined by the PSCW each year was approximately $6 million for the nine months ended September 30, 2017. WPL estimates the increases to electric margins from amounts within the bandwidth were approximately $2 million and $5 million for the three and nine months ended September 30, 2016, respectively.

Electric Sales Trends - Alliant Energy’s(a)In December 2021, the PSCW issued an order authorizing annual base rate increases of $114 million and $15 million for WPL’s retail sales volumes decreased 3%electric and 2%gas customers, respectively, covering the 2022/2023 forward-looking Test Period, which was based on a stipulated agreement between WPL and certain stakeholders. The key drivers for the threeannual base rate increases include higher retail fuel-related costs in 2022, lower excess deferred income tax benefits in 2022 and nine months ended September 30, 20172023 compared to 2021, and revenue requirement impacts of increasing electric and gas rate base, including investments in solar generation. Retail electric rate changes were effective on January 1, 2022 and extend through the same periodsend of 2023. Retail gas rate changes were effective on January 1, 2022 and extend through the end of 2022. The higher fuel expense costs are recognized in 2016, respectively. The decreases were primarily due toelectric margin and the impactlower amount of lower residential and commercial sales due to cooler summer temperatures during the three and nine months ended September 30, 2017 compared to the same periodsexcess deferred income tax benefits is recognized as a reduction in 2016, partially offset by increases in WPL’s industrial sales from higher customer production and customer expansions. The nine-month decrease was also impacted by an extra day of retail sales during 2016 due to the leap year.income tax.


Utility Gas Margin Variances - The following items contributed to increased (decreased) utility gas margins for the three and nine months ended September 30, 20172022 compared to the same periods in 2016 were2021 as follows (in millions):
Three MonthsNine Months
Alliant EnergyIPLWPLAlliant EnergyIPLWPL
Higher revenues at IPL related to changes in recovery amounts for energy efficiency costs through the energy efficiency rider (mostly offset by changes in energy efficiency expense)$1$1$—$12$12$—
Higher revenue requirements at WPL due to increasing rate base (refer to (a) above)1—110—10
Other (includes higher sales in 2022)2(1)21458
$4$—$3$36$17$18
 Three Months Nine Months
 Alliant Energy IPL WPL Alliant Energy IPL WPL
Higher margins at WPL from the impact of its 2017/2018 Test Period retail gas base rate increase (a)
$2
 
$—
 
$2
 
$6
 
$—
 
$6
Higher revenues at IPL due to lower gas tax benefit rider credits on customer’s bills (Refer to Note 2 for details)
1
 1
 —
 4
 4
 —
Estimated changes in sales caused by temperatures (Refer to “Temperatures” above for details)—
 —
 —
 (2) (1) (1)
Other1
 1
 —
 3
 3
 —
 
$4
 
$2
 
$2
 
$11
 
$6
 
$5

(a)
In December 2016,WPL received an order from the PSCW authorizing WPL to implement an increase in annual retail gas base rates of $9 million, or approximately 13%. The increase is effective January 1, 2017 and extends through the end of 2018.


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Other Operation and Maintenance Expenses Variances - The following items contributed to (increased) decreased other operation and maintenance expenses for the three and nine months ended September 30, 20172022 compared to the same periods in 2016 were2021 as follows (in millions):
Three MonthsNine Months
Alliant EnergyIPLWPLAlliant EnergyIPLWPL
Higher energy efficiency expense at IPL (mostly offset by higher revenues)$—$—$—($8)($8)$—
Non-utility Travero (mostly offset by higher revenues)(2)——(9)——
Other15(4)211
($1)$5($4)($15)($7)$1
 Three Months Nine Months
 Alliant Energy IPL WPL Alliant Energy IPL WPL
Higher energy efficiency cost recovery amortizations at WPL (a)
($7) 
$—
 
($7) 
($20) 
$—
 
($20)
(Higher) lower bad debt expense(1) 1
 (2) (9) (3) (6)
Charges related to cancelled software projects in 2017(6) (3) (3) (6) (3) (3)
Write-down of regulatory assets due to the proposed IPL electric rate review settlement in 2017(4) (4) —
 (4) (4) —
(Higher) lower equity-based performance compensation expense(1) —
 —
 7
 4
 3
Other(2) (4) —
 3
 (3) 3
 
($21) 
($10) 
($12) 
($29) 
($9) 
($23)


(a)The December 2016 PSCW order for WPL’s 2017/2018 Test Period electric and gas base rate review authorized changes in energy efficiency cost recovery amortizations for 2017 and 2018.

Interest ExpenseOther Income and OtherDeductions Variances - The following items contributed to (increased) decreased interest expenseother income and otherdeductions for the three and nine months ended September 30, 20172022 compared to the same periods in 2016 were2021 as follows (in millions):
Three MonthsNine Months
Alliant EnergyIPLWPLAlliant EnergyIPLWPL
Higher interest expense primarily due to financings completed in 2022 and 2021 and higher interest rates($15)($3)($6)($29)($8)($9)
(Lower) higher equity income from unconsolidated investments, net (refer to Note 5 for details)
(8)——(10)—1
Higher AFUDC primarily due to changes in construction work in progress balances related to WPL’s solar generation31218117
Other312742
($17)($1)($2)($14)($3)$11
 Three Months Nine Months
 Alliant Energy IPL WPL Alliant Energy IPL WPL
Higher interest expense primarily due to higher average outstanding long-term debt balances
($5) 
($2) 
$—
 
($14) 
($8) 
$—
Lower equity income from unconsolidated investments at WPL from the transfer of its investment in ATC LLC to ATI on December 31, 2016—
 —
 (9) —
 —
 (29)
Higher (lower) AFUDC primarily due to increased (decreased) construction work in progress balances(6) (9) 3
 (8) (11) 4
Other1
 —
 —
 4
 —
 (1)
 
($10) 
($11) 
($6) 
($18) 
($19) 
($26)


Income Taxes - Refer to Note 8 9 for details of effective income tax ratesrates.

Preferred Dividend Requirements of IPL - Alliant Energy’s and IPL’s preferred dividend requirements decreased for the three and nine months ended September 30, 2022 compared to the same periods in 2021 due to the redemption of IPL’s 5.1% cumulative preferred stock in December 2021.

Other Future Considerations - In addition to items discussed in this report, the following key items could impact Alliant Energy’s, IPL’s and WPL’s future financial condition or results of operations:
•Financing Plans - Alliant Energy currently expects to issue up to $250 million of common stock in 2023 through one or more offerings and its Shareowner Direct Plan. IPL, WPL (subject to regulatory approval) and AEF currently expect to issue up to $300 million, $300 million, and $450 million of long-term debt, respectively, by the end of 2023. WPL and AEF have $250 million and $400 million of long-term debt maturing in 2022 and 2023, respectively.
•Common Stock Dividends - Alliant Energy announced a 6% increase in its targeted 2023 annual common stock dividend to $1.81 per share, which is equivalent to a quarterly rate of $0.4525 per share, beginning with the February 2023 dividend payment. The timing and amount of future dividends is subject to an approved dividend declaration from continuing operations.Alliant Energy’s Board of Directors, and is dependent upon earnings expectations, capital requirements, and general financial business conditions, among other factors.

•Higher Earnings on Increasing Rate Base - Alliant Energy and WPL currently expect an increase in earnings in 2023 compared to 2022 due to impacts from increasing revenue requirements related to investments in the utility business, including WPL’s solar investments.
•Other Operation and Maintenance Expenses - Alliant Energy, IPL and WPL currently expect a decrease in other operation and maintenance expenses in 2023 compared to 2022 largely due to cost reductions resulting from operating efficiencies.
STRATEGIC OVERVIEW•Interest Expense - Alliant Energy, IPL and WPL currently expect an increase in interest expense in 2023 compared to 2022 due to financings completed in 2022 and planned by the end of 2023 as discussed above, as well as expected higher interest rates.


LIQUIDITY AND CAPITAL RESOURCES

The strategic overviewliquidity and capital resources summary included in the 2016 2021 Form 10-K has not changed materially, except as described below.


Generation Plans -
Natural Gas-Fired Generation -
IPL’s Construction of Marshalltown - Refer to Note 3 for discussion of IPL’s construction of Marshalltown, which was completed in April 2017. Final capital expenditures are currently estimated to be approximately $645 million to construct the EGU and a pipeline to supply natural gas to the EGU, excluding transmission network upgrades and AFUDC.

WPL’s Construction of West Riverside - In October 2017, WPL received an order from the PSCW authorizing various electric cooperatives, which currently have wholesale power supply agreements with WPL, to acquire approximately 65 MW of West Riverside while the EGU is being constructed. As part of the electric cooperatives’ acquisitions, which are currently expected to be completed in the fourth quarter of 2017, the current wholesale power supply agreements with the various electric cooperatives will be extended by at least four years until 2026 with automatic continuation of such agreements unless terminated by either party, with a five-year notice requirement.


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Table of Contents


Wind Generation - The strategic plan includes the planned expansion of wind generation as follows. Estimated capital expenditures for the planned wind generation projects for 2017 through 2020 are included in the “Renewable projects” line in the construction and acquisition expenditures table in “Liquidity and Capital Resources.”
Wind Generation (a)Regulatory Application Filing Status
IPL - up to 500 MWApproved by the IUB in October 2016
IPL - up to 500 MW (b)Filed with the IUB in August 2017
WPL - up to 200 MW (b)Plan to file with the PSCW in the fourth quarter of 2017

(a)IPL and WPL believe their respective planned expansion of wind generation will qualify for the full level of production tax credits as a result of progress payments in 2016 for wind turbines, and plan to place these wind projects into service by the fourth quarter of 2020.
(b)The amount and timing of these wind projects will largely depend on regulatory approvals and the acquisition of wind sites.

IPL’s Expansion of Wind Generation - In October 2016, IPL received approval from the IUB for up to 500 MW of new wind generation. In August 2017, IPL filed an application with the IUB for advance rate-making principles for up to 500 MW of additional wind generation. The advance rate-making principles requested by IPL in the August 2017 application were as follows:

Up to 500 MW of additional wind generation that qualifies for the full level of production tax credits, as long as the project is located in Iowa, with a cost cap of $1,780/kilowatt, including AFUDC and transmission costs. Any costs incurred in excess of this $1,780/kilowatt cost cap are expected to be incorporated into rates if determined to be reasonable and prudent.
A depreciable life of the wind generation facilities of 40 years, unless changed as a result of a contested case before the IUB.
An 11.0% return on common equity, with the exception of certain transmission facilities classified as intangible assets, which would earn the rate of return on common equity the IUB finds reasonable during a future rate review.
A return on common equity for the calculation of AFUDC during the construction period that is the greater of 10.0% or the percentage the IUB finds reasonable during IPL’s retail electric rate review for the 2016 Test Year.
The application of double leverage is deferred until IPL’s next retail electric base rate review or other future proceeding.
Amortization over a 10-year period of IPL’s prudently incurred and unreimbursed costs, effective with IPL’s next retail electric base rate review, if IPL cancels the construction of the wind generation.

Franklin County Wind Farm - Refer to Note 3 for discussion of the transfer of the Franklin County wind farm assets from AEF to IPL in April 2017.

WPL’s Proposed Acquisition of Forward Wind Energy Center - In October 2017, WPL, along with Wisconsin Public Service Corporation and Madison Gas and Electric Company, entered into definitive agreements to acquire the assets of the Forward Wind Energy Center (FWEC), which is a 129 MW wind farm located in Wisconsin. WPL currently expects to acquire 55 MW of FWEC for approximately $74 million. WPL currently expects to file for approval from the PSCW and FERC in the fourth quarter of 2017, with decisions expected by the second quarter of 2018. WPL, Wisconsin Public Service Corporation and Madison Gas and Electric Company have been receiving electricity from FWEC under purchased power agreements since FWEC began commercial operations in 2008. Upon completion of the acquisitions, such purchased power agreements will terminate. This proposed acquisition is included in WPL’s plans for up to 200 MW of additional wind generation discussed above.

Coal-Fired Generation -
IPL’s Environmental Controls Projects - In May 2017, the IUB approved IPL’s most recent emissions plan and budget, which includes the SCR currently under construction at Ottumwa Unit 1.

Plant Retirements and Fuel Switching - In June 2017, IPL retired Sutherland Units 1 and 3 and Dubuque Units 3 and 4, and fuel switched Marshalltown Combustion Turbine Units 1-3 from oil to natural gas. Refer to Note 2 for further discussion of the Sutherland Units 1 and 3 retirement.

Non-regulated Operations - The strategic plan for Alliant Energy’s non-regulated operations involves maintaining a modest portfolio of businesses that are accretive to earnings and cash flows. The non-regulated strategic plan continues to evolve through exploration of renewable investment opportunities within and outside of Alliant Energy’s service territories.

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Table of Contents



Non-regulated Wind Investment in Oklahoma - In July 2017, a wholly-owned subsidiary of AEF acquired a 50% cash equity ownership interest in a 225 MW non-regulated wind farm located in Oklahoma. Refer to Note 5(a) for further discussion.

RATE MATTERS

The rate matters summary included in the 2016 Form 10-K has not changed materially, except as described below.

IPL’s Retail Electric Rate Review (2016 Test Year) - In April 2017, IPL filed a request with the IUB to increase annual electric base rates for its Iowa retail electric customers and interim rates were implemented effective April 13, 2017. In September 2017, IPL reached a partial, non-unanimous settlement agreement with the Iowa Office of Consumer Advocate, the Iowa Business Energy Coalition and the Large Energy Group. The requested interim and final (based on proposed settlement) rate increases were calculated based on the following (Return on Common Equity (ROE)):
 Interim Rates Final Rates (Proposed Settlement)
Regulatory capital structure:   
Common equity49.1% 49.0%
Long-term debt46.3% 46.8%
Preferred equity4.6% 4.2%
After-tax weighted-average cost of capital:   
Marshalltown (ROE - 11.0%)8.1% 8.0%
Emery (ROE - 12.23%)8.7% 8.6%
Whispering Willow - East (ROE - 11.7%)8.4% 8.3%
Other (ROE - 9.6%) (a)7.4% 7.3%
Retail electric rate base (b)$3.8 billion $4.0 billion

(a)Other ROE of 9.6% for interim rates reflects the application of double leverage. Prior to application of double leverage, Other ROE for interim rates was 10.0%. Other ROE of 9.6% for final rates (based on proposed settlement) does not reflect the application of double leverage.
(b)The retail electric rate base for interim rates includes post-test year capital additions placed in service prior to the rate filing in April 2017, including Marshalltown and the Franklin County wind farm. The retail electric rate base for final rates (based on proposed settlement) also includes deferred tax assets for production tax credits generated by Whispering Willow - East and post-test year capital additions placed in service by September 30, 2017.

Refer to Note 2 for discussion of IPL’s initial request, interim rates and proposed settlement, as well as details for a write-down of regulatory assets recorded by IPL in the third quarter of 2017 related to the proposed settlement.

WPL’s Retail Fuel-related Rate Filings - Refer to Note 2 for discussion of WPL’s retail fuel-related rate filings for the 2016, 2017 and 2018 Test Years.

Planned Utility Rate Reviews -
IPL’s Retail Gas Rate Review (2017 Test Year) - IPL currently expects to make a retail gas rate filing in the second quarter of 2018 based on a 2017 historical Test Year. The key drivers for the anticipated filing include recovery of capital projects. Any rate changes are expected to be implemented in two phases with interim rates effective approximately 10 days after the filing and final rates effective approximately 10 months after the filing date.

WPL’s Retail Electric and Gas Rate Review (2019/2020 Test Period) - WPL currently expects to make a retail electric and gas rate filing in the second quarter of 2018 for the 2019/2020 Test Period. Any rate changes granted from this request are expected to be effective on January 1, 2019. WPL currently expects a decision from the PSCW regarding this rate filing by the end of 2018.

ENVIRONMENTAL MATTERS

The environmental matters summary included in the 2016 Form 10-K has not changed materially.

LEGISLATIVE MATTERS

The legislative matters summary included in the 2016 Form 10-K has not changed materially.

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LIQUIDITY AND CAPITAL RESOURCES

The liquidity and capital resources matters summary included in the 2016 Form 10-K has not changed materially, except as described below.

Liquidity Position - At September 30, 2017,2022, Alliant Energy had $9$344 million of cash and cash equivalents, $570$617 million ($13967 million at the parent company, $256$250 million at IPL and $175$300 million at WPL) of available capacity under the single revolving credit facility and $2$109 million of available capacity at IPL under its sales of accounts receivable program.


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Table of Contents
Capital Structure - Capital structures at September 30, 20172022 were as follows (Long-term Debt (including current maturities) (LD); Short-term Debt (SD); Common Equity (CE); IPL’s Preferred Stock (PS)):
lnt9302017_chart-00639.jpglnt9302017_chart-01779.jpglnt9302017_chart-03185.jpglnt-20220930_g2.jpglnt-20220930_g3.jpglnt-20220930_g4.jpg
Cash Flows - Selected information from the cash flows statements was as follows (in millions):
Alliant EnergyIPLWPL
202220212022202120222021
Cash, cash equivalents and restricted cash, January 1$40$56$34$50$2$3
Cash flows from (used for):
Operating activities48547716695279349
Investing activities(599)(452)84122(612)(510)
Financing activities421(57)(239)(254)630162
Net increase (decrease)307(32)11(37)2971
Cash, cash equivalents and restricted cash, September 30$347$24$45$13$299$4
 Alliant Energy IPL WPL
 2017 2016 2017 2016 2017 2016
Cash and cash equivalents, January 1
$8.2
 
$5.8
 
$3.3
 
$4.5
 
$4.2
 
$0.4
Cash flows from (used for):    ��      
Operating activities883.4
 654.0
 470.6
 256.5
 361.2
 439.3
Investing activities(1,072.3) (771.8) (493.6) (435.4) (470.2) (326.7)
Financing activities189.9
 196.7
 24.4
 252.1
 108.0
 (107.4)
Net increase (decrease)1.0
 78.9
 1.4
 73.2
 (1.0) 5.2
Cash and cash equivalents, September 30
$9.2
 
$84.7
 
$4.7
 
$77.7
 
$3.2
 
$5.6


Operating Activities -
Nine Months Ended September 30, 2017 vs. Nine Months Ended September 30, 2016 - The following items contributed to increased (decreased) operating activity cash flows for the nine months ended September 30, 20172022 compared to the same period in 20162021 (in millions):
Alliant EnergyIPLWPL
Higher collections from WPL’s retail electric and gas base rate increases$95$—$95
Lower contributions to qualified defined benefit pension plans371718
Natural gas cost payments from extreme temperatures in February 2021 resulting in under-recovered natural gas costs at IPL in 20211515—
Credits issued to IPL’s retail electric customers in 2021 through its transmission cost rider for refunds received in 2020 for MISO transmission owner return on equity complaints1414—
Timing of WPL’s fuel-related cost recoveries from customers(71)—(71)
Changes in levels of gas stored underground and prepaid gas costs(35)(13)(22)
Changes in interest payments(23)(5)(6)
Changes in income taxes paid/refunded(6)5(27)
Other (primarily due to other changes in working capital)(18)38(57)
$8$71($70)
 Alliant Energy IPL WPL
Changes in the level of cash proceeds from IPL’s sales of accounts receivable
$95
 
$95
 
$—
Higher collections at IPL due to interim retail electric base rate increase effective April 13, 201754
 54
 —
Higher collections at WPL due to new retail electric and gas base rates in 201748
 —
 48
Changes in cash collateral balances38
 —
 —
Changes in levels of production fuel11
 23
 (12)
Timing of WPL’s fuel-related cost recoveries from customers(49) —
 (49)
Changes in income taxes paid/refunded(3) 13
 (40)
Other (primarily due to other changes in working capital)35
 29
 (25)
 
$229
 
$214
 
($78)


As discussed in “2022 Highlights,” the Inflation Reduction Act of 2022 provides the right to transfer future renewable tax credits to other corporate taxpayers, which is expected to result in future cash flows from operating activities for Alliant Energy, IPL and WPL.


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Investing Activities -
Nine Months Ended September 30, 2017 vs. Nine Months Ended September 30, 2016 - The following items contributed to increased (decreased) investing activity cash flows for the nine months ended September 30, 20172022 compared to the same period in 20162021 (in millions):
Alliant EnergyIPLWPL
(Higher) lower utility construction and acquisition expenditures (a)($101)$16($117)
Changes in the amount of cash receipts on sold receivables(65)(65)—
Other191115
($147)($38)($102)

(a)Largely due to higher expenditures for WPL’s solar generation, partially offset by lower expenditures for IPL’s and WPL’s electric and gas distribution systems.

 Alliant Energy IPL WPL
Higher utility construction expenditures (a)
($166) 
($34) 
($147)
Non-regulated wind investment in Oklahoma (Refer to Note 5(a) for details)
(98) —
 —
Proceeds from the liquidation of company-owned life insurance policies in 2016(31) (19) —
Other(6) (5) 3
 
($301) 
($58) 
($144)

(a)Largely due to higher expenditures for WPL’s West Riverside facility, IPL’s and WPL’s electric and gas distribution systems and IPL’s expansion of wind generation, partially offset by lower expenditures for IPL’s Marshalltown facility and WPL’s scrubber and baghouse at Edgewater Unit 5.34

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Construction and Acquisition Expenditures - Construction and acquisition expenditures and financing plans are reviewed, approved and updated as part of the strategic planning process. Changes may result from a number of reasons, including regulatory requirements, changing legislation, not obtaining favorable and acceptable regulatory approval on certain projects, improvements in technology, and improvements to ensure reliability of the electric and gas distribution systems. Construction and acquisition expenditures for 20172022 through 20212026 are currently anticipated as follows (in millions)., which are focused on the transition to cleaner energy and strengthening the resiliency and reliability of IPL’s and WPL’s electric grid. Cost estimates represent Alliant Energy’s, IPL’s and WPL’s portion of total escalated construction expenditures and exclude AFUDC and capitalized interest, if applicable. Such estimates reflect
Alliant EnergyIPLWPL
202220232024202520262022202320242025202620222023202420252026
Generation:
Renewables and battery storage$775 $900 $1,205 $725 $1,060 $40 $325 $625 $260 $670 $735 $575 $580 $465 $390 
Other80 100 315 490 335 40 55 55 70 100 40 45 260 420 235 
Distribution:
Electric systems465 550 595 545 535 250 320 360 300 280 215 230 235 245 255 
Gas systems75 80 85 85 85 35 35 40 40 40 40 45 45 45 45 
Other145 220 210 175 180 25 45 40 45 45 20 35 30 30 30 
$1,540 $1,850 $2,410 $2,020 $2,195 $390 $780 $1,120 $715 $1,135 $1,050 $930 $1,150 $1,205 $955 

New MISO Seasonal Capacity Construct - As discussed in “2022 Highlights,” in August 2022, FERC approved MISO’s proposal to change its methodology for procuring capacity in the energy market effective with the 2023/2024 MISO Planning Year. IPL and WPL currently plan to construct and/or acquire additional renewable, battery and natural gas resources to comply with the requirements of this new methodology and have reflected the estimated capital expenditures for these projects in the "Renewables and battery storage" and "Other” Generation lines in the construction and acquisition table above.

Renewables and Battery Storage - Alliant Energy, IPL and WPL continue to evaluate potential impacts to Alliant Energy’sfrom cost pressures prevalent in the solar generation and battery storage markets and the pending U.S. Department of Commerce investigation on the timing and estimated costs for IPL’s and WPL’s capital expenditures resulting from purchase options by certain electric cooperatives for a partial ownership interest in West Riverside, as well asplanned development and acquisition of additional capital expenditures related to Columbia that WPL is expected to incur related to agreements entered into with Wisconsin Public Service Corporationrenewable energy, which could impact their anticipated future construction and Madison Gas and Electric Company.acquisition expenditures. Refer to “Strategic Overview2022 Highlights” for further discussion of certain key projects impacting constructionthe U.S. Department of Commerce investigation and acquisition plansregulatory filings with the IUB and PSCW related to future renewable and battery storage projects, including recent filings by IPL and WPL announcing plans to shift away from tax equity partnerships to traditional ownership for future renewable and battery storage projects following the utility business.enactment of the Inflation Reduction Act of 2022.

 Alliant Energy IPL WPL
 20172018201920202021 20172018201920202021 20172018201920202021
Generation:                 
Renewable projects
$180

$655

$850

$140

$85
 
$210

$565

$725

$50

$85
 
$—

$90

$125

$90

$—
West Riverside235
225
90
10
—
 —
—
—
—
—
 235
225
90
10
—
Marshalltown30
—
—
—
—
 30
—
—
—
—
 —
—
—
—
—
Other220
140
95
150
140
 85
60
50
80
75
 135
80
45
70
65
Distribution:                 
Electric systems480
440
435
485
560
 290
260
250
290
345
 190
180
185
195
215
Gas systems130
130
95
90
115
 90
75
50
55
65
 40
55
45
35
50
Other210
130
110
125
100
 30
25
20
25
20
 10
10
10
10
10
 
$1,485

$1,720

$1,675

$1,000

$1,000
 
$735

$985

$1,095

$500

$590
 
$610

$640

$500

$410

$340

Financing Activities -
Nine Months Ended September 30, 2017 vs. Nine Months Ended September 30, 2016 - The following items contributed to increased (decreased) financing activity cash flows for the nine months ended September 30, 20172022 compared to the same period in 20162021 (in millions):
Alliant EnergyIPLWPL
Higher net proceeds from issuance of long-term debt$938$—$288
Capital contributions from noncontrolling interest29—29
Higher payments to retire long-term debt(375)——
Net changes in the amount of commercial paper outstanding(59)—18
Distributions to noncontrolling interest(29)—(29)
(Higher) lower common stock dividends(18)61(7)
Higher (lower) capital contributions from IPL’s and WPL’s parent company, Alliant Energy—(50)175
Other(8)4(6)
$478$15$468
 Alliant Energy IPL WPL
Lower net proceeds from issuance of long-term debt
($300) 
($300) 
$—
Net changes in the amount of commercial paper and other short-term borrowings outstanding203
 44
 180
Higher net proceeds from common stock issuances123
 —
 —
Higher capital contributions from IPL’s and WPL’s parent company, Alliant Energy—
 35
 40
Other (includes higher dividend payments in 2017)(33) (7) (5)
 
($7) 
($228) 
$215


FERCIPL and WPL Solar Project Tax Equity Financing Authorization - Pursuant to a 2015 FERC authorization, IPL’s current remaining authority for short-term debt securities outstanding at any one time (including borrowings from its parent) is $256 million as of September 30, 2017.

State Regulatory Financing Authorization - InAs discussed in Note 1(c) and “2022 Highlights,” with the August 2017, WPL received authorization from the PSCW to have up to $400 million of short-term borrowings and/or letters of credit outstanding at any time through the earlier2022 enactment of the expiration dateInflation Reduction Act of WPL’s credit facility agreement (including extensions) or December 2024.2022, IPL and WPL currently expect to retain full ownership of their planned solar generation projects instead of financing a portion of the construction costs with capital from tax equity partners.


Common Stock Issuances and Common Stock Dividends - Refer to “Executive Overview” for discussion of expected common stock dividends in 2018.

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Common Stock Issuances - Refer to Note 6 for discussion of common stock issuances by Alliant Energy during the nine months ended September 30, 2017.in 2022. Refer to “Executive OverviewResults of Operations” for discussion of expected issuances of common stock and common stock dividends in 2018.2023.


Short-termLong-term Debt - In July 2017, AEF entered into a $95 million, 364-day variable-rateRefer to Note 7(b) for discussion of AEF’s and WPL’s issuance of long-term debt and Corporate Services’ retirement of long-term debt in 2022. AEF’s current term loan credit agreement (withthat expires in March 2024 includes an option to increase the amount outstanding up to $400 million in aggregate with the same maturity, subject to bank approval, and includes substantially the same financial covenants that are included in Alliant Energy as guarantor) related to the acquisition of a non-regulated wind farm located in Oklahoma.Energy’s credit facility agreement. Refer to “Note 7(a) for further discussion.

In August 2017, Alliant Energy, IPL and WPL entered into a single new credit facility agreement, which expires in August 2022. The new credit facility agreement includes financial covenants similar to those that were included in the previous credit facility agreements. AsResults of September 30, 2017, the short-term borrowing capacity totaled $1 billion ($300 million for Alliant Energy at the parent company level, $300 million for IPL and $400 million for WPL). There are currently 13 lenders that participate in the credit facility, with aggregate respective commitments ranging from $20 million to $130 million. The credit facility includes a $100 million letter of credit commitment and $50 million swingline commitment, which are available to each of Alliant Energy, IPL and WPL. Subject to certain conditions, Alliant Energy, IPL and WPL may each reallocate and change its initial sublimit up to $500 million, $400 million and $500 million, respectively, within the $1 billion total commitment. Subject to certain conditions, Alliant Energy, IPL and WPL may exercise two extension options, each extending the maturity date by one year. The credit facility has a provision to expand the facility size up to an additional $300 million, for a potential total commitment of $1.3 billion, subject to lender approval for Alliant Energy and subject to lender and regulatory approvals for IPL and WPL.

Long-term Debt - Refer to Note 7(b)Operations for discussion of WPL’s issuance of $300 million of debentures in October 2017 and $40 million of commercial paper outstanding at September 30, 2017 classified as long-term debt at Alliant Energy and IPL. Refer to “Executive Overview” for discussion of expected future issuances and retirements of long-term debt in 2018.by the end of 2023.

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Impact of Credit Ratings on Liquidity and Collateral Obligations -
Ratings Triggers - In June 2022, Standard & Poor’s Ratings Services changed WPL’s outlook from stable to negative. This outlook change is not expected to have a material impact on Alliant Energy and WPL’s liquidity or collateral obligations.

Off-Balance Sheet Arrangements and Certain Financial Commitments - A summary of Alliant Energy’s and IPL’s off-balance sheet arrangements and Alliant Energy’s, IPL’s and WPL’s contractual obligations is included in the 20162021 Form 10-K and has not changed materially from the items reported in the 20162021 Form 10-K except as described below. Refer to Note 4 for information regarding IPL’s sales of accounts receivable program. Refer to Note 12(d) for information regarding various guarantees and indemnifications related to Alliant Energy’s cash equity ownership interest in a non-regulated wind farm and Alliant Energy’s and IPL’s prior divestiture activities.

Certain Financial Commitments -
Contractual Obligations - A summary of Alliant Energy’s, IPL’s and WPL’s contractual obligations is included in the 2016 Form 10-K and has not changed materially from the items reported in the 2016 Form 10-K,, except for the items described in Notes 7(b)4, 12(a)7 and 12(b)13.


OTHER MATTERS

Market Risk Sensitive Instruments and Positions - The market risks summary included in the 2016 Form 10-K has not changed materially.

Commodity Price - Refer to Note 2 for discussion of WPL’s retail fuel-related rate filings for the 2016, 2017 and 2018 Test Years.

New Accounting Standards - Refer to Note 1(b) for discussion of new accounting standards impacting Alliant Energy, IPL and WPL.

Critical Accounting Policies and Estimates - The summary of critical accounting policies and estimates included in the 2016 Form 10-K has not changed materially, except as described below.

Contingencies - In the first quarter of 2017, all warranty periods and performance guarantees expired, and all outstanding warranty claims were resolved, related to Alliant Energy’s past divestiture of RMT. Refer to Note 12(d) for further discussion.

Regulatory Assets and Regulatory Liabilities - Refer to Note 2 for discussion of a write-down of regulatory assets in the third quarter of 2017 related to the recovery of Sutherland Units 1 and 3, and asset retirement obligations deemed no longer probable of recovery in future rates, due to the proposed IPL electric rate review settlement.

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Long-Lived Assets -
Regulated Operations -
Generating Units Subject to Early Retirement - Refer to Note 2 for discussion of IPL’s June 2017 retirement of Sutherland Units 1 and 3, and a write-down of regulatory assets in the third quarter of 2017 related to the recovery of these EGUs due to the proposed IPL electric rate review settlement.

Alliant Energy and WPL concluded that Edgewater Unit 4 met the criteria to be considered probable of abandonment as of September 30, 2017. WPL is currently allowed a full recovery of and a full return on this EGU from both its retail and wholesale customers, and as a result, Alliant Energy and WPL concluded that no impairment was required as of September 30, 2017.

Non-regulated Operations -
Franklin County Wind Farm - Refer to Note 3 for discussion of the transfer of the Franklin County wind farm assets from AEF to IPL in April 2017.

Other Future Considerations - The summary of other future considerations included in the 2016 Form 10-K has not changed materially, except as described below, and as discussed earlier in MDA and the Notes in Item 1.

2018 Electric Transmission Service Expense - Alliant Energy and IPL currently estimate their total electric transmission service expense in 2018 will be higher than the comparable expense in 2017 by approximately $10 million and $40 million, respectively, as a result of the timing of the MISO transmission owner return on equity complaint refunds received in 2017 and anticipated to be received in 2018, and the related impacts on IPL’s transmission cost rider. WPL currently estimates its total electric transmission service expense in 2018 will be lower than the comparable expense in 2017 by approximately $30 million due to the return of a regulatory liability balance in the escrow account for its electric transmission service expense. WPL’s 2017 and 2018 retail cost estimates were approved in WPL’s retail electric rate review for the 2017/2018 Test Period, and exclude the impacts of an expected lower return on equity and associated refunds resulting from the MISO transmission owner return on equity complaints received in 2017 and anticipated to be received in 2018.

MISO Transmission Owner Return on Equity Complaints - Refer to Note 2 for discussion of refunds that Alliant Energy, IPL and WPL received during the nine months ended September 30, 2017 related to a complaint previously filed by a group of MISO cooperative and municipal utilities requesting a reduction to the base return on equity used by MISO transmission owners, including ITC and ATC LLC.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


Quantitative and Qualitative Disclosures About Market Risk are reported in “the 2021 Other Matters - Market Risk Sensitive InstrumentsForm 10-K and Positions” in MDA.have not changed materially.


ITEM 4. CONTROLS AND PROCEDURES


Alliant Energy’s, IPL’s and WPL’s management evaluated, with the participation of each of Alliant Energy’s, IPL’s and WPL’s Chief Executive Officer, Chief Financial Officer and Disclosure Committee, the effectiveness of the design and operation of Alliant Energy’s, IPL’s and WPL’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934)1934, as amended) as of September 30, 20172022 pursuant to the requirements of the Securities Exchange Act of 1934, as amended. Based on their evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that Alliant Energy’s, IPL’s and WPL’s disclosure controls and procedures were effective as of the quarter ended September 30, 2017.2022.


There was no change in Alliant Energy’s, IPL’s and WPL’s internal control over financial reporting that occurred during the quarter ended September 30, 20172022 that has materially affected, or is reasonably likely to materially affect, Alliant Energy’s, IPL’s or WPL’s internal control over financial reporting.


PART II. OTHER INFORMATION


ITEM 1. LEGAL PROCEEDINGS

None. SEC regulations require Alliant Energy, IPL and WPL to disclose information about certain proceedings arising under federal, state or local environmental provisions when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that Alliant Energy, IPL and WPL reasonably believe will exceed a specified threshold. Pursuant to the SEC regulations, Alliant Energy, IPL and WPL use a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required. Applying this threshold, there are no environmental matters to disclose for this period.

ITEM 1A. RISK FACTORS


The risk factors described in Item 1A in the 2016 2021 Form 10-K have not changed materially.



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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS


A summary of Alliant Energy common stock repurchases for the quarter ended September 30, 20172022 was as follows:

Total NumberAverage PriceTotal Number of SharesMaximum Number (or Approximate
of SharesPaid PerPurchased as Part ofDollar Value) of Shares That May
PeriodPurchased (a)SharePublicly Announced PlanYet Be Purchased Under the Plan (a)
July 1 through July 314,429$57.92—N/A
August 1 through August 312,66863.83—N/A
September 1 through September 306158.18—N/A
7,15860.12—

(a)All shares were purchased on the open market and held in a rabbi trust under the Alliant Energy Deferred Compensation Plan. There is no limit on the number of shares of Alliant Energy common stock that may be held under the Deferred Compensation Plan, which currently does not have an expiration date.

ITEM 5. OTHER INFORMATION

On November 4, 2022, the Board of Directors of Alliant Energy Corporation (the “Company”) approved an amendment and restatement of the Amended and Restated Bylaws of the Company, effective November 8, 2022. The amendments update Section 3.14 related to notice of shareowner business and nomination of directors by conforming the bylaw provision to
  Total Number Average Price Total Number of Shares Maximum Number (or Approximate
  of Shares Paid Per Purchased as Part of Dollar Value) of Shares That May
Period Purchased (a) Share Publicly Announced Plan Yet Be Purchased Under the Plan (a)
July 1 through July 31 2,299
 
$39.81
 — N/A
August 1 through August 31 3,727
 41.93
 — N/A
September 1 through September 30 337
 42.45
 — N/A
  6,363
 41.19
 —  

(a)All shares were purchased on the open market and held in a rabbi trust under the Alliant Energy Deferred Compensation Plan. There is no limit on the number of shares of Alliant Energy common stock that may be held under the Deferred Compensation Plan, which currently does not have an expiration date.36

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Referuniversal proxy rules promulgated by the SEC, requiring additional information be provided by shareowners utilizing the bylaw provision, and amending the deadline to Note 6 for discussionsubmit proposals or nominees under the bylaws to not later than the close of IPL’sbusiness on the 90th day nor earlier than the close of business on the 120th day prior to the first anniversary of the preceding year’s annual meeting except in certain circumstances. The amendments also include certain technical and WPL’s dividend restrictionsclarifying changes to the bylaws.

The foregoing summary is qualified in its entirety by reference to the copy of the Amended and limitationsRestated Bylaws of Alliant Energy filed as Exhibit 3.1 to this Quarterly Report on distributions to their parent company, Alliant Energy.Form 10-Q and is incorporated by reference herein. A blackline of the Amended and Restated Bylaws against the prior version of the bylaws is filed herewith as Exhibit 3.2.


ITEM 6. EXHIBITS


The following Exhibits are filed herewith or incorporated herein by reference.
Exhibit NumberDescription
4.1
3.1
4.2
3.2
4.1
12.1
31.1
12.2
Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Dividend Requirements for IPL
12.3
Ratio of Earnings to Fixed Charges for WPL
31.1
Certification of the Chairman, President and Chief Executive Officer for Alliant Energy
31.2
31.3
31.4
31.5
31.6
32.1
32.2
32.3
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



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SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, Alliant Energy Corporation, Interstate Power and Light Company and Wisconsin Power and Light Company have each duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on the 3rd8th day of November 2017.2022.

ALLIANT ENERGY CORPORATION
Registrant
ALLIANT ENERGY CORPORATION
Registrant
By: /s/ Benjamin M. BilitzChief Accounting Officer and Controller
Benjamin M. Bilitz(Principal Accounting Officer and Authorized Signatory)
INTERSTATE POWER AND LIGHT COMPANY
Registrant
INTERSTATE POWER AND LIGHT COMPANY
Registrant
By: /s/ Benjamin M. BilitzChief Accounting Officer and Controller
Benjamin M. Bilitz(Principal Accounting Officer and Authorized Signatory)
WISCONSIN POWER AND LIGHT COMPANY
Registrant
WISCONSIN POWER AND LIGHT COMPANY
Registrant
By: /s/ Benjamin M. BilitzChief Accounting Officer and Controller
Benjamin M. Bilitz(Principal Accounting Officer and Authorized Signatory)


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