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

For the quarterly period ended March 31, ~~2020~~2021

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Name of Registrant, State of Incorporation, Address of Principal Executive Offices, Telephone Number, Commission File Number, IRS Employer Identification Number

ALLIANT ENERGY ~~CORPORATION~~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 CO~~MPANY~~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 CO~~MPANY~~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

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

Interstate Power and Light Company, 5.100% Series D Cumulative Perpetual Preferred Stock, $0.01 Par Value, Trading Symbol IPLDP, Nasdaq Global Select Market

Indicate by check mark whether the ~~registrants~~registrant (1) ~~have~~has 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 were~~registrant was required to file such reports), and (2) ~~have~~has 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 have~~registrant has submitted electronically every Interactive Data File required to be submitted 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 were~~registrant was required to submit 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 are~~registrant 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 ☐

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 are~~registrant is a shell ~~companies~~company (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 March 31, ~~2020:~~2021:

Alliant Energy Corporation, Common Stock, $0.01 par value, ~~249,503,754~~250,134,552 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)

Table of Contents

TABLE OF CONTENTS



	Page
Definitions		1
Forward-looking Statements		1
Part I. Financial Information		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		12

3. Receivables		13
~~3. Receivables~~4. Investments		13
~~4. Investments~~5. Common Equity		1413
~~5. Common Equity~~6. Debt		1415

7. Revenues		15
~~6. Debt~~8. Income Taxes		1615
~~7. Revenues~~9. Benefit Plans		16

1 0 . Derivative Instruments		17
~~8. Income Taxes~~1 1 . Fair Value Measurements		1718
~~9. Benefit Plans~~1 2 . Commitments and Contingencies		1819
~~10. Asset Retirement Obligations~~1 3 . Segments of Business		1920
~~11. Derivative Instruments~~1 4 . Related Parties		1921
~~12. Fair Value Measurements~~		20
~~13. Commitments and Contingencies~~		21
~~14. Segments of Business~~	24
~~15. Related Parties~~	24
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	2521
Item 3. Quantitative and Qualitative Disclosures About Market Risk		3227
Item 4. Controls and Procedures		3227
Part II. Other Information		3227
Item 1. Legal Proceedings		27
Item 1A. Risk Factors		3227
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		3327
Item 6. Exhibits		3328
Signatures		3428

Table of Contents

DEFINITIONS

The following abbreviations or acronyms used in this report are defined below:



Abbreviation or Acronym			Definition		Abbreviation or Acronym		Definition
~~2019~~2020 Form 10-K			Combined Annual Report on Form 10-K filed by Alliant Energy, IPL and WPL for the year ended Dec. 31, ~~2019~~2020		GAAP		U.S. generally accepted accounting principles
AEF			Alliant Energy Finance, LLC		IPL		Interstate Power and Light Company
Alliant Energy			Alliant Energy Corporation		IUB		Iowa Utilities Board
ATC			American Transmission Company LLC		MDA		Management’s Discussion and Analysis of Financial Condition and Results of Operations
ATC Holdings			Interest in American Transmission Company LLC and ATC Holdco LLC		MISO		Midcontinent Independent System Operator, Inc.
Corporate Services			Alliant Energy Corporate Services, Inc.		~~MWh~~MW		~~Megawatt-hour~~Megawatt
COVID-19			Novel coronavirus		~~N/A~~MWh		~~Not applicable~~Megawatt-hour
DAEC			Duane Arnold Energy Center		~~Note(s)~~N/A		Not applicable
Dth			Dekatherm		Note(s)		Combined Notes to Condensed Consolidated Financial Statements
~~Dth~~EGU			~~Dekatherm~~Electric generating unit		OPEB		Other postretirement benefits
~~EGU~~EPA			~~Electric generating unit~~		~~PPA~~	~~Purchased power agreement~~
~~EPA~~	U.S. Environmental Protection Agency	~~PSCW~~PPA		~~Public Service Commission of Wisconsin~~Purchased power agreement
EPS			Earnings per weighted average common share		~~U.S.~~PSCW		~~United States~~Public Service Commission of ~~America~~Wisconsin
Federal Tax Reform			Tax Cuts and Jobs Act		~~Whiting Petroleum~~U.S.		~~Whiting Petroleum Corporation~~United States of America
FERC			Federal Energy Regulatory Commission		West Riverside		West Riverside Energy Center
Financial Statements			Condensed Consolidated Financial Statements		~~WPL~~Whiting Petroleum		Whiting Petroleum Corporation
FTR			Financial transmission right		WPL		Wisconsin Power and Light Company
~~FTR~~	~~Financial transmission right~~

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:

•the direct or indirect effects resulting from the COVID-19 pandemic on sales volumes, margins, operations, employees, contractors, vendors, the ability to complete construction projects, supply chains, customers’ inability to pay bills, suspension of disconnects, the market value of the assets that fund pension plans and the potential for additional funding requirements, the ability of counterparties to meet their obligations, compliance with regulatory requirements, the ability to implement regulatory plans, economic conditions and access to capital markets;

•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 terrorist incidents, including physical attacks and cyber attacks, or responses to such incidents;

•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;

•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 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;

•federal and state regulatory or governmental actions, including the impact of legislation, and regulatory agency orders;

the direct or indirect effects resulting from the COVID-19 pandemic on sales volumes, margins, operations, employees, contractors, vendors, the ability to complete construction projects, supply chains, customers’ inability to pay bills, suspension of disconnects and waiving of late fees applied to past due accounts, the market value of the assets that fund pension plans and the potential for additional funding requirements, the ability of counterparties to meet their obligations, compliance with regulatory requirements, the ability to implement regulatory plans, economic conditions and access to capital markets;

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;~~

•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 ~~direct or indirect effects resulting from terrorist incidents,~~impacts of changes in tax rates, including ~~physical attacks~~minimum tax rates, and ~~cyber attacks, or responses~~adjustments made to ~~such incidents;~~

deferred tax assets and liabilities;



			1

Table of Contents

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;

any material post-closing payments related to any past asset divestitures, including the sale of Whiting Petroleum, which could result from, among other things, indemnification agreements, warranties, parental guarantees or litigation;

•employee workforce factors, including changes in key executives, ability to hire and retain employees with specialized skills, ability to create desired corporate culture, collective bargaining agreements and negotiations, work stoppages or restructurings;

•any material post-closing payments related to any past asset divestitures, including the sale of Whiting Petroleum, which could result from, among other things, indemnification agreements, warranties, guarantees or litigation;

•weather effects on results of utility operations;

•issues associated with environmental remediation and environmental compliance, including compliance with all environmental and emissions permits, the Coal Combustion Residuals Rule, future changes in environmental laws and regulations, including federal, 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;

•continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies;

•inflation and interest rates;

•the ability to complete construction of ~~wind and~~ solar generation projects within the cost ~~caps~~targets set by regulators and the ability to ~~meet all requirements to qualify~~efficiently utilize the solar generation project tax benefits for the ~~full level~~benefit of ~~production tax credits and investment tax credits, respectively;~~customers;

•changes in the price of delivered natural gas, transmission, purchased electricity and coal due to shifts in supply and demand caused by market conditions and regulations;

•disruptions in the supply and delivery of natural gas, purchased electricity and coal;

•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, 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, 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;

•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;

•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 valuations and 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, allocation of mixed service costs and state depreciation, and recoverability of the associated regulatory assets from customers, when the differences reverse in future periods;

~~the impacts of adjustments made to deferred tax assets and liabilities from changes in the tax 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;

•the effect of accounting standards issued periodically by standard-setting bodies;

•the ability to successfully complete tax audits and changes in tax accounting methods with no material impact on earnings and cash flows; and


•	•other factors listed in MDA and Risk Factors in Item 1A in the 2020 Form 10-K. ~~MDA~~ ~~and~~ ~~Item 1A Risk Factors, as well as Risk Factors in Item 1A in the 2019~~ ~~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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Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	For the Three Months
	Ended March 31,
	2021	2020
	(in millions, except per share amounts)
Revenues:
Electric utility	$701	$730
Gas utility	170	152
Other utility	13	12
Non-utility	17	22
Total revenues	901	916
Operating expenses:
Electric production fuel and purchased power	133	184
Electric transmission service	134	122
Cost of gas sold	100	85
Other operation and maintenance	146	163
Depreciation and amortization	164	146
Taxes other than income taxes	26	28
Total operating expenses	703	728
Operating income	198	188
Other (income) and deductions:
Interest expense	69	69
Equity income from unconsolidated investments, net	(15)	(13)
Allowance for funds used during construction	(4)	(23)
Other	2	1
Total other (income) and deductions	52	34
Income before income taxes	146	154
Income tax benefit	(28)	(19)


Net income	174	173
Preferred dividend requirements of Interstate Power and Light Company	3	3
Net income attributable to Alliant Energy common shareowners	$171	$170
Weighted average number of common shares outstanding:
Basic	250.0	244.4
Diluted	250.4	244.6

Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted)	$0.68	$0.70

For the Three Months
Ended March 31,
2020 2019
(in millions, except per share amounts)
Revenues:
Electric utility
$730.3

$743.4
Gas utility 152.2
215.8
Other utility 11.6
11.1
Non-utility 21.6
16.9
Total revenues 915.7
987.2
Operating expenses:
Electric production fuel and purchased power 184.1
218.4
Electric transmission service 122.2
123.0
Cost of gas sold 85.0
121.6
Other operation and maintenance 162.2
181.2
Depreciation and amortization 146.3
136.9
Taxes other than income taxes 27.6
29.3
Total operating expenses 727.4
810.4
Operating income 188.3
176.8
Other (income) and deductions:
Interest expense 68.9
66.3
Equity income from unconsolidated investments, net (13.4 ) (10.9 )
Allowance for funds used during construction (23.0 ) (25.4 )
Other 1.9
4.0
Total other (income) and deductions 34.4
34.0
Income before income taxes 153.9
142.8
Income tax expense (benefit) (18.7 ) 15.1
Net income 172.6
127.7
Preferred dividend requirements of Interstate Power and Light Company 2.6
2.6
Net income attributable to Alliant Energy common shareowners
$170.0

$125.1
Weighted average number of common shares outstanding:
Basic 244.4
236.5
Diluted 244.6
236.6
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted)

$0.70

$0.53

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



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Table of Contents

ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	March 31, 2021	December 31, 2020
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$14	$54
Accounts receivable, less allowance for expected credit losses	325	412
Production fuel, at weighted average cost	57	66
Gas stored underground, at weighted average cost	25	46
Materials and supplies, at weighted average cost	122	105
Regulatory assets	95	81

Other	117	123
Total current assets	755	887
Property, plant and equipment, net	14,353	14,336
Investments:
ATC Holdings	334	331
Other	160	154
Total investments	494	485
Other assets:
Regulatory assets	1,912	1,929
Deferred charges and other	80	73
Total other assets	1,992	2,002
Total assets	$17,594	$17,710

March 31,
2020 December 31,
2019

(in millions, except per
share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents
$55.2

$16.3
Accounts receivable, less allowance for expected credit losses 396.4
402.1
Production fuel, at weighted average cost 80.2
77.7
Gas stored underground, at weighted average cost 35.4
49.1
Materials and supplies, at weighted average cost 105.0
100.5
Regulatory assets 102.5
86.4
Other 137.5
143.4
Total current assets 912.2
875.5
Property, plant and equipment, net 13,685.0
13,527.1
Investments:
ATC Holdings 319.1
320.1
Other 150.4
147.7
Total investments 469.5
467.8
Other assets:
Regulatory assets 1,752.4
1,758.3
Deferred charges and other 59.9
72.0
Total other assets 1,812.3
1,830.3
Total assets
$16,879.0

$16,700.7


LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$308	$8
Commercial paper	336	389

Accounts payable	307	377

Regulatory liabilities	208	249
Other	249	274
Total current liabilities	1,408	1,297
Long-term debt, net (excluding current portion)	6,471	6,769
Other liabilities:
Deferred tax liabilities	1,843	1,814
Regulatory liabilities	1,047	1,057
Pension and other benefit obligations	495	511
Other	364	374
Total other liabilities	3,749	3,756
Commitments and contingencies (Note 1 2)	0	0
Equity:
Alliant Energy Corporation common equity:
Common stock - $0.01 par value - 480,000,000 shares authorized; 250,134,552 and 249,868,415 shares	3	2
Additional paid-in capital	2,712	2,704
Retained earnings	3,063	2,994
Accumulated other comprehensive loss	(1)	(1)
Shares in deferred compensation trust - 365,523 and 380,542 shares at a weighted average cost of $29.17 and $28.73 per share	(11)	(11)
Total Alliant Energy Corporation common equity	5,766	5,688
Cumulative preferred stock of Interstate Power and Light Company	200	200
Total equity	5,966	5,888
Total liabilities and equity	$17,594	$17,710

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt
$357.2

$657.2
Commercial paper 80.5
337.4
Other short-term borrowings 190.0
—
Accounts payable 375.4
422.3
Regulatory liabilities 239.8
212.0
Other 407.3
425.2
Total current liabilities 1,650.2
2,054.1
Long-term debt, net (excluding current portion) 5,833.9
5,533.0
Other liabilities:
Deferred tax liabilities 1,736.1
1,714.0
Regulatory liabilities 1,154.1
1,211.6
Pension and other benefit obligations 452.6
484.0
Other 349.7
298.9
Total other liabilities 3,692.5
3,708.5
Commitments and contingencies (Note 13)

Equity:
Alliant Energy Corporation common equity:
Common stock - $0.01 par value - 480,000,000 shares authorized; 249,503,754 and 245,022,800 shares outstanding 2.5
2.5
Additional paid-in capital 2,674.1
2,445.9
Retained earnings 2,833.7
2,765.4
Accumulated other comprehensive income 2.0
1.3
Shares in deferred compensation trust - 360,852 and 381,232 shares at a weighted average cost of $27.44 and $26.24 per share (9.9 ) (10.0 )
Total Alliant Energy Corporation common equity 5,502.4
5,205.1
Cumulative preferred stock of Interstate Power and Light Company 200.0
200.0
Total equity 5,702.4
5,405.1
Total liabilities and equity
$16,879.0

$16,700.7

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



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ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the Three Months
	Ended March 31,
	2021	2020
	(in millions)
Cash flows from operating activities:
Net income	$174	$173
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	164	146
Deferred tax benefit and tax credits	(29)	(23)


Other	4	5
Other changes in assets and liabilities:
Accounts receivable	(126)	(119)




Regulatory liabilities	(60)	(38)
Deferred income taxes	58	50
Pension and other benefit obligations	(16)	(31)

Other	(24)	(3)
Net cash flows from operating activities	145	160
Cash flows used for investing activities:
Construction and acquisition expenditures:
Utility business	(214)	(278)
Other	(17)	(11)
Cash receipts on sold receivables	209	123
Other	(16)	(13)
Net cash flows used for investing activities	(38)	(179)
Cash flows from (used for) financing activities:
Common stock dividends	(102)	(93)
Proceeds from issuance of common stock, net	8	228
Proceeds from issuance of long-term debt	0	300
Payments to retire long-term debt	0	(300)
Net change in commercial paper and other short-term borrowings	(53)	(67)
Other	2	(8)
Net cash flows from (used for) financing activities	(145)	60
Net increase (decrease) in cash, cash equivalents and restricted cash	(38)	41
Cash, cash equivalents and restricted cash at beginning of period	56	18
Cash, cash equivalents and restricted cash at end of period	$18	$59
Supplemental cash flows information:
Cash paid during the period for:
Interest	($59)	($65)

Significant non-cash investing and financing activities:
Accrued capital expenditures	$64	$156
Beneficial interest obtained in exchange for securitized accounts receivable	$107	$188

For the Three Months
Ended March 31,
2020 2019
(in millions)
Cash flows from operating activities:
Net income
$172.6

$127.7
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 146.3
136.9
Deferred tax expense and tax credits (22.5 ) 21.7
Other 5.3
(10.1 )
Other changes in assets and liabilities:
Accounts receivable (119.0 ) (121.6 )
Gas stored underground 13.7
33.1
Accounts payable (6.2 ) (42.7 )
Regulatory liabilities (38.1 ) 14.1
Pension and other benefit obligations (31.4 ) (15.4 )
Deferred income taxes 49.6
16.9
Other (10.1 ) 20.5
Net cash flows from operating activities 160.2
181.1
Cash flows used for investing activities:
Construction and acquisition expenditures:
Utility business (277.9 ) (374.0 )
Other (10.6 ) (32.1 )
Cash receipts on sold receivables 122.5
53.4
Other (13.6 ) (12.1 )
Net cash flows used for investing activities (179.6 ) (364.8 )
Cash flows from financing activities:
Common stock dividends (93.0 ) (83.7 )
Proceeds from issuance of common stock, net 228.4
54.6
Proceeds from issuance of long-term debt 300.0
—
Payments to retire long-term debt (300.3 ) (0.3 )
Net change in commercial paper and other short-term borrowings (66.9 ) 188.5
Other (7.9 ) 16.9
Net cash flows from financing activities 60.3
176.0
Net increase (decrease) in cash, cash equivalents and restricted cash 40.9
(7.7 )
Cash, cash equivalents and restricted cash at beginning of period 17.7
25.5
Cash, cash equivalents and restricted cash at end of period
$58.6

$17.8
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest
($64.9 )
($62.9 )
Income taxes, net
($0.1 )
$6.8
Significant non-cash investing and financing activities:
Accrued capital expenditures
$156.3

$167.5
Beneficial interest obtained in exchange for securitized accounts receivable
$188.0

$178.3

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



			5

Table of Contents

INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	For the Three Months							For the Three Months
	Ended March 31,							Ended March 31,
	2020			2019				2021	2020
	(in millions)							(in millions)
Revenues:							Revenues:
Electric utility		$424.8			$419.8		Electric utility	$386	$425
Gas utility	83.0			124.6			Gas utility	91	83
Steam and other	11.1			10.7			Steam and other	12	11
Total revenues	518.9			555.1			Total revenues	489	519
Operating expenses:							Operating expenses:
Electric production fuel and purchased power	106.2			128.9			Electric production fuel and purchased power	59	106
Electric transmission service	84.5			87.7			Electric transmission service	92	84
Cost of gas sold	44.2			63.3			Cost of gas sold	50	44
Other operation and maintenance	86.6			108.0			Other operation and maintenance	77	87
Depreciation and amortization	85.9			77.1			Depreciation and amortization	94	86
Taxes other than income taxes	14.8			16.6			Taxes other than income taxes	14	15
Total operating expenses	422.2			481.6			Total operating expenses	386	422
Operating income	96.7			73.5			Operating income	103	97
Other (income) and deductions:							Other (income) and deductions:
Interest expense	34.5			29.4			Interest expense	35	34
Allowance for funds used during construction	(9.8		)	(15.8		)	Allowance for funds used during construction	(2)	(10)
Other	0.9			1.9			Other	0	1
Total other (income) and deductions	25.6			15.5			Total other (income) and deductions	33	25
Income before income taxes	71.1			58.0			Income before income taxes	70	72
Income tax expense (benefit)	(14.1		)	2.1
Income tax benefit							Income tax benefit	(12)	(14)
Net income	85.2			55.9			Net income	82	86
Preferred dividend requirements	2.6			2.6			Preferred dividend requirements	3	3
Net income available for common stock		$82.6			$53.3		Net income available for common stock	$79	$83

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.

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



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Table of Contents

INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	March 31, 2021	December 31, 2020
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$11	$50
Accounts receivable, less allowance for expected credit losses	130	210

Production fuel, at weighted average cost	45	48
Gas stored underground, at weighted average cost	8	20
Materials and supplies, at weighted average cost	73	63
Regulatory assets	73	52
Other	53	53
Total current assets	393	496
Property, plant and equipment, net	7,872	7,889
Other assets:
Regulatory assets	1,421	1,431
Deferred charges and other	40	33
Total other assets	1,461	1,464
Total assets	$9,726	$9,849

March 31,
2020 December 31,
2019

(in millions, except per
share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents
$25.0

$9.3
Accounts receivable, less allowance for expected credit losses 204.8
202.8
Production fuel, at weighted average cost 54.2
47.1
Gas stored underground, at weighted average cost 8.3
21.7
Materials and supplies, at weighted average cost 60.5
55.0
Regulatory assets 54.3
43.5
Other 28.5
30.0
Total current assets 435.6
409.4
Property, plant and equipment, net 7,589.4
7,480.7
Other assets:
Regulatory assets 1,350.6
1,355.8
Deferred charges and other 28.5
31.6
Total other assets 1,379.1
1,387.4
Total assets
$9,404.1

$9,277.5


LIABILITIES AND EQUITY
Current liabilities:


Accounts payable	$119	$162
Accounts payable to associated companies	0	45
Regulatory liabilities	87	103


Other	131	137
Total current liabilities	337	447
Long-term debt, net	3,346	3,345
Other liabilities:
Deferred tax liabilities	1,047	1,035
Regulatory liabilities	574	573
Pension and other benefit obligations	180	186
Other	300	299
Total other liabilities	2,101	2,093
Commitments and contingencies (Note 12)	0	0
Equity:
Interstate Power and Light Company common equity:
Common stock - $2.50 par value - 24,000,000 shares authorized; 13,370,788 shares outstanding	33	33
Additional paid-in capital	2,752	2,752
Retained earnings	957	979
Total Interstate Power and Light Company common equity	3,742	3,764
Cumulative preferred stock	200	200
Total equity	3,942	3,964
Total liabilities and equity	$9,726	$9,849

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt
$200.0

$200.0
Accounts payable 184.3
207.0
Accounts payable to associated companies 49.3
39.3
Regulatory liabilities 136.4
115.9
Other 265.1
268.3
Total current liabilities 835.1
830.5
Long-term debt, net (excluding current portion) 2,947.9
2,947.3
Other liabilities:
Deferred tax liabilities 1,010.4
1,008.0
Regulatory liabilities 584.4
598.8
Pension and other benefit obligations 161.5
167.7
Other 269.4
253.4
Total other liabilities 2,025.7
2,027.9
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 outstanding 33.4
33.4
Additional paid-in capital 2,447.8
2,347.8
Retained earnings 914.2
890.6
Total Interstate Power and Light Company common equity 3,395.4
3,271.8
Cumulative preferred stock 200.0
200.0
Total equity 3,595.4
3,471.8
Total liabilities and equity
$9,404.1

$9,277.5

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



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Table of Contents

INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the Three Months
	Ended March 31,
	2021	2020
	(in millions)
Cash flows from (used for) operating activities:
Net income	$82	$86
Adjustments to reconcile net income to net cash flows from (used for) operating activities:
Depreciation and amortization	94	86


Other	(3)	(15)
Other changes in assets and liabilities:
Accounts receivable	(133)	(126)

Regulatory assets	(16)	(9)

Regulatory liabilities	(19)	1

Deferred income taxes	14	15


Other	(64)	(13)
Net cash flows from (used for) operating activities	(45)	25
Cash flows from (used for) investing activities:
Construction and acquisition expenditures	(106)	(165)
Cash receipts on sold receivables	209	123
Other	(5)	(11)
Net cash flows from (used for) investing activities	98	(53)
Cash flows from (used for) financing activities:
Common stock dividends	(101)	(60)
Capital contributions from parent	0	100



Other	9	4
Net cash flows from (used for) financing activities	(92)	44
Net increase (decrease) in cash, cash equivalents and restricted cash	(39)	16
Cash, cash equivalents and restricted cash at beginning of period	50	9
Cash, cash equivalents and restricted cash at end of period	$11	$25
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest	($37)	($41)
Income taxes, net	$7	$0
Significant non-cash investing and financing activities:
Accrued capital expenditures	$31	$92
Beneficial interest obtained in exchange for securitized accounts receivable	$107	$188

For the Three Months
Ended March 31,
2020 2019
(in millions)
Cash flows from operating activities:
Net income
$85.2

$55.9
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 85.9
77.1
Other (15.3 ) (10.1 )
Other changes in assets and liabilities:
Accounts receivable (125.5 ) (112.6 )
Gas stored underground 13.4
20.7
Other (18.6 ) 45.7
Net cash flows from operating activities 25.1
76.7
Cash flows used for investing activities:
Construction and acquisition expenditures (165.0 ) (261.3 )
Cash receipts on sold receivables 122.5
53.4
Other (10.4 ) (13.9 )
Net cash flows used for investing activities (52.9 ) (221.8 )
Cash flows from financing activities:
Common stock dividends (59.0 ) (42.0 )
Capital contributions from parent 100.0
100.0
Net change in commercial paper —
64.6
Other 2.5
17.0
Net cash flows from financing activities 43.5
139.6
Net increase (decrease) in cash, cash equivalents and restricted cash 15.7
(5.5 )
Cash, cash equivalents and restricted cash at beginning of period 9.3
12.4
Cash, cash equivalents and restricted cash at end of period
$25.0

$6.9
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest
($40.9 )
($36.0 )
Income taxes, net
($0.1 )
$6.8
Significant non-cash investing and financing activities:
Accrued capital expenditures
$92.4

$106.6
Beneficial interest obtained in exchange for securitized accounts receivable
$188.0

$178.3

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



			8

Table of Contents

WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	For the Three Months							For the Three Months
	Ended March 31,							Ended March 31,
	2020			2019				2021	2020
	(in millions)							(in millions)
Revenues:							Revenues:
Electric utility		$305.5			$323.6		Electric utility	$315	$305
Gas utility	69.2			91.2			Gas utility	79	69
Other	0.5			0.4			Other	1	1
Total revenues	375.2			415.2			Total revenues	395	375
Operating expenses:							Operating expenses:
Electric production fuel and purchased power	77.9			89.5			Electric production fuel and purchased power	74	78
Electric transmission service	37.7			35.3			Electric transmission service	42	38
Cost of gas sold	40.8			58.3			Cost of gas sold	50	41
Other operation and maintenance	54.2			63.5			Other operation and maintenance	59	54
Depreciation and amortization	59.1			58.6			Depreciation and amortization	69	59
Taxes other than income taxes	11.7			11.9			Taxes other than income taxes	11	11
Total operating expenses	281.4			317.1			Total operating expenses	305	281
Operating income	93.8			98.1			Operating income	90	94
Other (income) and deductions:							Other (income) and deductions:
Interest expense	25.1			25.8			Interest expense	26	25

Allowance for funds used during construction	(13.2		)	(9.6		)	Allowance for funds used during construction	(2)	(13)
Other	0.5			1.6			Other	1	0
Total other (income) and deductions	12.4			17.8			Total other (income) and deductions	25	12
Income before income taxes	81.4			80.3			Income before income taxes	65	82
Income tax expense (benefit)	(8.2		)	14.6
Income tax benefit							Income tax benefit	(19)	(8)
Net income		$89.6			$65.7		Net income	$84	$90

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.

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



			9

Table of Contents

WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 31,
2020 December 31,
2019

(in millions, except per
share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents
$22.7

$4.4
Accounts receivable, less allowance for expected credit losses 181.1
190.9
Production fuel, at weighted average cost 26.0
30.6
Gas stored underground, at weighted average cost 27.1
27.4
Materials and supplies, at weighted average cost 42.2
43.1
Regulatory assets 48.2
42.9
Other 88.4
103.4
Total current assets 435.7
442.7
Property, plant and equipment, net 5,691.2
5,638.3
Other assets:
Regulatory assets 401.8
402.5
Deferred charges and other 23.2
23.0
Total other assets 425.0
425.5
Total assets
$6,551.9

$6,506.5


	March 31, 2021	December 31, 2020
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$2	$3
Accounts receivable, less allowance for expected credit losses	183	192
Production fuel, at weighted average cost	12	18
Gas stored underground, at weighted average cost	17	26
Materials and supplies, at weighted average cost	47	40
Regulatory assets	22	29

Other	47	54
Total current assets	330	362
Property, plant and equipment, net	6,053	6,022
Other assets:
Regulatory assets	491	498
Deferred charges and other	36	30
Total other assets	527	528
Total assets	$6,910	$6,912


LIABILITIES AND EQUITY
Current liabilities:

Commercial paper	$148	$257

Accounts payable	125	154
Accounts payable to associated companies	17	35
Regulatory liabilities	121	146
Other	94	82
Total current liabilities	505	674
Long-term debt, net	2,131	2,130
Other liabilities:
Deferred tax liabilities	719	702
Regulatory liabilities	473	484
Finance lease obligations - Sheboygan Falls Energy Facility	39	42
Pension and other benefit obligations	215	222
Other	183	180
Total other liabilities	1,629	1,630
Commitments and contingencies (Note 12)	0	0
Equity:
Wisconsin Power and Light Company common equity:
Common stock - $5 par value - 18,000,000 shares authorized; 13,236,601 shares outstanding	66	66
Additional paid-in capital	1,584	1,459
Retained earnings	995	953
Total Wisconsin Power and Light Company common equity	2,645	2,478


Total liabilities and equity	$6,910	$6,912

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt
$150.0

$150.0
Commercial paper —
168.2
Other short-term borrowings 182.0
—
Accounts payable 136.4
159.9
Regulatory liabilities 103.4
96.1
Other 128.4
116.1
Total current liabilities 700.2
690.3
Long-term debt, net (excluding current portion) 1,783.1
1,782.7
Other liabilities:
Deferred tax liabilities 647.5
626.2
Regulatory liabilities 569.7
612.8
Finance lease obligations - Sheboygan Falls Energy Facility 49.1
51.4
Pension and other benefit obligations 203.7
210.8
Other 162.5
168.7
Total other liabilities 1,632.5
1,669.9
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 outstanding 66.2
66.2
Additional paid-in capital 1,459.0
1,434.0
Retained earnings 910.9
863.4
Total Wisconsin Power and Light Company common equity 2,436.1
2,363.6
Total liabilities and equity
$6,551.9

$6,506.5

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



			10

Table of Contents

WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the Three Months
	Ended March 31,
	2021	2020
	(in millions)
Cash flows from operating activities:
Net income	$84	$90
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	69	59
Deferred tax benefit and tax credits	(28)	(11)
Other	4	(5)
Other changes in assets and liabilities:





Regulatory liabilities	(41)	(39)

Deferred income taxes	44	32
Other	16	22
Net cash flows from operating activities	148	148
Cash flows used for investing activities:
Construction and acquisition expenditures	(108)	(113)
Other	(11)	(11)
Net cash flows used for investing activities	(119)	(124)
Cash flows used for financing activities:
Common stock dividends	(42)	(43)
Capital contributions from parent	125	25


Net change in commercial paper and other short-term borrowings	(109)	14
Other	(4)	(1)
Net cash flows used for financing activities	(30)	(5)
Net increase (decrease) in cash, cash equivalents and restricted cash	(1)	19
Cash, cash equivalents and restricted cash at beginning of period	3	4
Cash, cash equivalents and restricted cash at end of period	$2	$23
Supplemental cash flows information:
Cash paid during the period for:
Interest	($21)	($21)

Significant non-cash investing and financing activities:
Accrued capital expenditures	$32	$62

For the Three Months
Ended March 31,
2020 2019
(in millions)
Cash flows from operating activities:
Net income
$89.6

$65.7
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 59.1
58.6
Other (15.5 ) 12.8
Other changes in assets and liabilities:
Accounts payable (2.9 ) (28.7 )
Regulatory liabilities (39.2 ) (3.3 )
Deferred income taxes 32.3
4.0
Other 24.8
13.1
Net cash flows from operating activities 148.2
122.2
Cash flows used for investing activities:
Construction and acquisition expenditures (112.9 ) (112.7 )
Other (11.6 ) (7.6 )
Net cash flows used for investing activities (124.5 ) (120.3 )
Cash flows used for financing activities:
Common stock dividends (42.1 ) (36.0 )
Capital contributions from parent 25.0
—
Net change in commercial paper and other short-term borrowings 13.8
32.9
Other (2.1 ) (3.3 )
Net cash flows used for financing activities (5.4 ) (6.4 )
Net increase (decrease) in cash, cash equivalents and restricted cash 18.3
(4.5 )
Cash, cash equivalents and restricted cash at beginning of period 4.4
9.2
Cash, cash equivalents and restricted cash at end of period
$22.7

$4.7
Supplemental cash flows information:
Cash paid during the period for:
Interest
($21.4 )
($22.5 )
Significant non-cash investing and financing activities:
Accrued capital expenditures
$62.0

$57.3

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



			11

Table of Contents

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. 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 Form 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 three months ended March 31, ~~2020~~2021 are not necessarily indicative of results that may be expected for the year ending December 31, ~~2020.~~2021.

In March 2020, COVID-19 was declared a global pandemic, which has resulted in widespread travel restrictions and closures of commercial spaces and industrial facilities in Alliant Energy’s service territories. Alliant Energy, IPL and WPL considered the impact of COVID-19 on their overall business operations, financial condition, results of operations and cash flows, along with assumptions and estimates used, and determined there were no material adverse impacts for the three months ended March 31, 2020. The degree to which the COVID-19 pandemic may impact such items in the future is currently unknown and will depend on future developments of the pandemic as well as possible additional actions by government and regulatory authorities.

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.

~~NOTE 1(b) Cash and Cash Equivalents -~~ At March 31, 2020, Alliant Energy’s, IPL’s and WPL’s cash and cash equivalents included $41.2 million, $21.2 million and $20.0 million of money market fund investments, with weighted average interest rates of 0.4%, 0.4% and 0.4%, respectively.

~~NOTE 1(c) Current Expected Credit Losses Estimates -~~ Current expected credit losses are estimated for trade and other receivables and credit exposures on guarantees of the performance by third parties. The current expected credit losses for short-term trade receivables are based on estimates of losses resulting from the inability of customers to make required payments. The methodology used to estimate losses is based on historical write-offs, regional economic conditions, significant events that could impact collectability, such as impacts related to COVID-19 and related regulatory actions, and forecasted changes to the accounts receivable aging portfolio and write-offs. The current expected credit losses related to guarantees of the performance by third parties are estimated using both quantitative and qualitative information, including a probability-weighted approach in a range of possible estimated forecasted cash flow expenditures and relevant market-based data, such as credit ratings, credit default metrics, economic conditions, bankruptcy considerations and other significant events.

~~NOTE 1(d) New Accounting Standards -~~

~~Credit Losses~~- In June 2016, the Financial Accounting Standards Board issued an accounting standard requiring use of a current expected credit loss model rather than an incurred loss method, which is intended to result in more timely recognition of credit losses on trade receivables, certain other assets and off-balance sheet credit exposures. Alliant Energy, IPL and WPL adopted this standard on January 1, 2020 using a modified retrospective method of adoption, which requires cumulative effect adjustments to retained earnings on January 1, 2020. IPL and WPL did not record a cumulative effect adjustment to retained earnings and Alliant Energy recorded a pre-tax $12 million (after-tax $8.7 million) cumulative effect adjustment to decrease retained earnings related to Alliant Energy’s guarantees in the partnership obligations of an affiliate of Whiting Petroleum (refer to ~~Note 13(c)~~ ~~for further discussion). This adjustment is included in “Adoption of new accounting standard” for 2020 in Alliant Energy’s summary of changes in shareowners’ equity in~~ ~~Note 5~~.



	12

~~Table of Contents~~

NOTE 2. REGULATORY MATTERS

Regulatory Assets and Regulatory Liabilities -

Regulatory assets were comprised of the following items (in millions):


	Alliant Energy		IPL		WPL
	March 31, 2021	December 31, 2020	March 31, 2021	December 31, 2020	March 31, 2021	December 31, 2020
Tax-related	$901	$890	$853	$843	$48	$47
Pension and OPEB costs	570	580	286	291	284	289
Asset retirement obligations	120	119	82	81	38	38
Assets retired early	108	113	74	77	34	36
IPL’s DAEC PPA amendment	108	110	108	110	—	—
WPL’s Western Wisconsin gas distribution expansion investments	55	55	—	—	55	55
Derivatives	13	26	6	13	7	13

Other	132	117	85	68	47	49
	$2,007	$2,010	$1,494	$1,483	$513	$527

Alliant Energy IPL WPL
March 31,
2020 December 31,
2019 March 31,
2020 December 31,
2019 March 31,
2020 December 31,
2019
Tax-related
$831.2

$817.6

$788.3

$776.8

$42.9

$40.8
Pension and OPEB costs 510.5
524.0
255.7
262.5
254.8
261.5
Assets retired early 129.2
134.0
85.6
87.9
43.6
46.1
Asset retirement obligations 112.8
111.8
77.1
76.2
35.7
35.6
IPL’s DAEC PPA amendment 108.8
108.2
108.8
108.2
—
—
Derivatives 51.6
39.5
22.6
18.3
29.0
21.2
Emission allowances 20.5
21.1
20.5
21.1
—
—
Other 90.3
88.5
46.3
48.3
44.0
40.2

$1,854.9

$1,844.7

$1,404.9

$1,399.3

$450.0

$445.4

Other - In February 2021, portions of the central and southern U.S., including Alliant Energy’s service territories, experienced a prolonged period of very cold temperatures and a series of winter storms. These events created significant volatility and increases in commodity prices caused by higher demand for electricity and natural gas and disruptions in commodity supply, resulting in IPL under-recovering its natural gas costs. In March 2021, IPL received approval from the IUB to spread recovery of these higher natural gas costs from its retail customers through December 2021. As of March 31, 2021, IPL’s cumulative under-collection of these natural gas costs was $20 million, which is included in “Other” regulatory assets in the above table. The extreme temperatures in February 2021 did not impact WPL’s natural gas costs and IPL’s and WPL’s fuel-related costs to the extent of IPL’s natural gas costs.

Regulatory liabilities were comprised of the following items (in millions):


	Alliant Energy		IPL		WPL
	March 31, 2021	December 31, 2020	March 31, 2021	December 31, 2020	March 31, 2021	December 31, 2020
Tax-related	$685	$732	$327	$331	$358	$401
Cost of removal obligations	371	367	242	238	129	129
Electric transmission cost recovery	67	68	40	39	27	29
WPL’s West Riverside liquidated damages	38	38	—	—	38	38
Derivatives	26	28	18	25	8	3



Other	68	73	34	43	34	30
	$1,255	$1,306	$661	$676	$594	$630

Alliant Energy IPL WPL
March 31,
2020 December 31,
2019 March 31,
2020 December 31,
2019 March 31,
2020 December 31,
2019
Tax-related
$799.4

$835.6

$345.0

$350.9

$454.4

$484.7
Cost of removal obligations 387.9
387.7
258.1
257.0
129.8
130.7
Electric transmission cost recovery 97.4
88.6
62.0
51.3
35.4
37.3
Commodity cost recovery 25.8
24.2
10.7
8.8
15.1
15.4
WPL’s earnings sharing mechanism 20.4
21.9
—
—
20.4
21.9
Derivatives 16.4
19.9
14.8
17.4
1.6
2.5
Other 46.6
45.7
30.2
29.3
16.4
16.4

$1,393.9

$1,423.6

$720.8

$714.7

$673.1

$708.9


			12

Table of Contents

Tax-related - Alliant Energy’s, IPL’s and WPL’s tax-related regulatory liabilities are primarily related to excess deferred tax benefits resulting from the remeasurement of accumulated deferred income taxes caused by Federal Tax Reform. During the three months ended March 31, ~~2020,~~2021, Alliant Energy’s, IPL’s and WPL’s tax-related regulatory liabilities decreased primarily ~~from~~due to returning a portion of these excess deferred tax benefits back to customers.

NOTE 3. RECEIVABLES

~~Note 3(a) Accounts Receivable -~~ ~~Details for accounts receivable included on the balance sheets were as follows (in millions):~~

Alliant Energy IPL WPL
March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019
Customer
$100.8

$91.6

$—

$—

$90.6

$83.5
Unbilled utility revenues 68.9
82.1
—
—
68.9
82.1
Deferred proceeds 188.0
187.7
188.0
187.7
—
—
Other 47.7
48.0
17.8
16.3
29.6
31.4
Allowance for expected credit losses (9.0 ) (7.3 ) (1.0 ) (1.2 ) (8.0 ) (6.1 )

$396.4

$402.1

$204.8

$202.8

$181.1

$190.9

~~Note 3(b)~~ 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 March 31, ~~2020~~,2021, IPL had ~~$74~~$15 million of available capacity under its sales of accounts receivable program. IPL’s maximum and average outstanding cash proceeds (based on daily outstanding balances) related to the sales of accounts receivable program for the three months ended March 31 were as follows (in millions):



	2021	2020
Maximum outstanding aggregate cash proceeds	$100	$96
Average outstanding aggregate cash proceeds	30	24

2020 2019
Maximum outstanding aggregate cash proceeds
$96.0

$108.0
Average outstanding aggregate cash proceeds 23.6
81.0



	13

~~Table of Contents~~

The attributes of IPL’s receivables sold under the Receivables Agreement were as follows (in millions):


	March 31, 2021	December 31, 2020
Customer accounts receivable	$124	$114
Unbilled utility revenues	74	92

Receivables sold to third party	198	206
Less: cash proceeds	75	1
Deferred proceeds	123	205
Less: allowance for expected credit losses	16	17
Fair value of deferred proceeds	$107	$188

March 31, 2020 December 31, 2019
Customer accounts receivable
$131.2

$124.7
Unbilled utility revenues 83.0
95.5
Other receivables 0.9
0.9
Receivables sold to third party 215.1
221.1
Less: cash proceeds 16.0
27.0
Deferred proceeds 199.1
194.1
Less: allowance for expected credit losses 11.1
6.4
Fair value of deferred proceeds
$188.0

$187.7

As of March 31, ~~2020,~~2021, outstanding receivables past due under the Receivables Agreement were ~~$26.2~~$22 million. Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three months ended March 31 were as follows (in millions):



	2021	2020
Collections	$529	$541
Write-offs, net of recoveries	2	2

2020 2019
Collections
$541.4

$555.8
Write-offs, net of recoveries 2.1
5.5

In April 2021, IPL amended and extended through March 2023 the purchase commitment from the third party to which it sells its receivables. Effective April 2021, the limit on cash proceeds is $110 million.

NOTE 4. INVESTMENTS

Unconsolidated Equity Investments - Alliant Energy’s equity (income) loss from unconsolidated investments accounted for under the equity method of accounting for the three months ended March 31 was as follows (in millions):



	2021	2020
ATC Holdings	($11)	($11)

Other	(4)	(2)
	($15)	($13)

2020 2019
ATC Holdings
($11.0 )
($9.5 )
Non-utility wind farm in Oklahoma (2.2 ) (1.1 )
Other (0.2 ) (0.3 )

($13.4 )
($10.9 )

NOTE 5. COMMON EQUITY

Common Share Activity - A summary of Alliant Energy’s common stock activity was as follows:



Shares outstanding, January 1, ~~2020~~2021			~~245,022,800~~249,868,415
~~Equity forward agreements~~			~~4,275,127~~

Shareowner Direct Plan			~~107,622~~152,588
Equity-based compensation plans			~~98,205~~113,549

Shares outstanding, March 31, ~~2020~~2021			~~249,503,754~~250,134,552

~~Equity Forward Agreements -~~ In November 2019, Alliant Energy entered into forward sale agreements with a counterparty in connection with a public offering of 4,275,127 shares of Alliant Energy common stock. The initial forward sale price of $52.235 per share was subject to daily adjustment based on a floating interest rate factor, and decreased by other fixed amounts specified in the forward sale agreements. In 2020, Alliant Energy settled $222 million under the forward sale agreements by delivering 4,275,127 shares of newly issued Alliant Energy common stock at a weighted average forward sale price of $51.98 per share. Alliant Energy used the net proceeds from the settlements for general corporate purposes.



			1413

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Changes in Shareowners’ Equity - A summary of changes in shareowners’ equity was as follows (in millions):


Alliant Energy	Total Alliant Energy Common Equity																		Alliant Energy	Total Alliant Energy Common Equity
									Accumulated		Shares in			Cumulative									Accumulated	Shares in	Cumulative
			Additional						Other		Deferred			Preferred							Additional		Other	Deferred	Preferred
	Common		Paid-In			Retained			Comprehensive		Compensation			Stock		Total				Common	Paid-In	Retained	Comprehensive	Compensation	Stock	Total
	Stock		Capital			Earnings			Income (Loss)		Trust			of IPL		Equity				Stock	Capital	Earnings	Income (Loss)	Trust	of IPL	Equity
Three Months Ended March 31, 2021																			Three Months Ended March 31, 2021
Beginning balance, December 31, 2020																			Beginning balance, December 31, 2020	$2	$2,704	$2,994	($1)	($11)	$200	$5,888
Net income attributable to Alliant Energy common shareowners																			Net income attributable to Alliant Energy common shareowners			171				171
Common stock dividends ($0.4025 per share)																			Common stock dividends ($0.4025 per share)			(102)				(102)
Shareowner Direct Plan issuances																			Shareowner Direct Plan issuances	1	7					8
Equity-based compensation plans and other																			Equity-based compensation plans and other		1			0		1

Ending balance, March 31, 2021																			Ending balance, March 31, 2021	$3	$2,712	$3,063	($1)	($11)	$200	$5,966
Three Months Ended March 31, 2020																			Three Months Ended March 31, 2020
Beginning balance, December 31, 2019		$2.5		$2,445.9			$2,765.4			$1.3		($10.0	)		$200.0		$5,405.1		Beginning balance, December 31, 2019	$2	$2,446	$2,766	$1	($10)	$200	$5,405
Net income attributable to Alliant Energy common shareowners						170.0										170.0			Net income attributable to Alliant Energy common shareowners			170				170
Common stock dividends ($0.38 per share)						(93.0		)								(93.0		)	Common stock dividends ($0.38 per share)			(93)				(93)
Equity forward settlements and Shareowner Direct Plan issuances			228.4													228.4			Equity forward settlements and Shareowner Direct Plan issuances	0	228					228
Equity-based compensation plans and other			(0.2		)						0.1					(0.1		)
Adoption of new accounting standard, net of tax (refer to Note 1(d))						(8.7		)								(8.7		)

Adoption of new accounting standard, net of tax																			Adoption of new accounting standard, net of tax			(9)				(9)
Other comprehensive income, net of tax									0.7							0.7			Other comprehensive income, net of tax				1			1
Ending balance, March 31, 2020		$2.5		$2,674.1			$2,833.7			$2.0		($9.9	)		$200.0		$5,702.4		Ending balance, March 31, 2020	$2	$2,674	$2,834	$2	($10)	$200	$5,702
Three Months Ended March 31, 2019
Beginning balance, December 31, 2018		$2.4		$2,045.5			$2,545.9			$1.7		($9.8	)		$200.0		$4,785.7
Net income attributable to Alliant Energy common shareowners						125.1										125.1
Common stock dividends ($0.355 per share)						(83.7		)								(83.7		)
Equity forward settlements and Shareowner Direct Plan issuances			54.6													54.6
Equity-based compensation plans and other			(0.1		)						0.1					—
Other comprehensive income, net of tax									0.7							0.7
Ending balance, March 31, 2019		$2.4		$2,100.0			$2,587.3			$2.4		($9.7	)		$200.0		$4,882.4


IPL	Total IPL Common Equity												IPL	Total IPL Common Equity
			Additional					Cumulative							Additional		Cumulative
	Common		Paid-In		Retained			Preferred		Total				Common	Paid-In	Retained	Preferred	Total
	Stock		Capital		Earnings			Stock		Equity				Stock	Capital	Earnings	Stock	Equity
Three Months Ended March 31, 2021													Three Months Ended March 31, 2021
Beginning balance, December 31, 2020													Beginning balance, December 31, 2020	$33	$2,752	$979	$200	$3,964
Net income available for common stock													Net income available for common stock			79		79
Common stock dividends													Common stock dividends			(101)		(101)

Ending balance, March 31, 2021													Ending balance, March 31, 2021	$33	$2,752	$957	$200	$3,942
Three Months Ended March 31, 2020													Three Months Ended March 31, 2020
Beginning balance, December 31, 2019		$33.4		$2,347.8		$890.6			$200.0		$3,471.8		Beginning balance, December 31, 2019	$33	$2,348	$891	$200	$3,472
Net income available for common stock					82.6					82.6			Net income available for common stock			83		83
Common stock dividends					(59.0		)			(59.0		)	Common stock dividends			(60)		(60)
Capital contributions from parent			100.0							100.0			Capital contributions from parent		100			100
Ending balance, March 31, 2020		$33.4		$2,447.8		$914.2			$200.0		$3,595.4		Ending balance, March 31, 2020	$33	$2,448	$914	$200	$3,595
Three Months Ended March 31, 2019
Beginning balance, December 31, 2018		$33.4		$2,222.8		$774.5			$200.0		$3,230.7
Net income available for common stock					53.3					53.3
Common stock dividends					(42.0		)			(42.0		)
Capital contributions from parent			100.0							100.0
Ending balance, March 31, 2019		$33.4		$2,322.8		$785.8			$200.0		$3,342.0

~~Table of Contents~~


WPL			Additional					Total			WPL		Additional		Total
	Common		Paid-In		Retained			Common				Common	Paid-In	Retained	Common
	Stock		Capital		Earnings			Equity				Stock	Capital	Earnings	Equity
Three Months Ended March 31, 2021											Three Months Ended March 31, 2021
Beginning balance, December 31, 2020											Beginning balance, December 31, 2020	$66	$1,459	$953	$2,478
Net income											Net income			84	84
Common stock dividends											Common stock dividends			(42)	(42)
Capital contributions from parent											Capital contributions from parent		125		125
Ending balance, March 31, 2021											Ending balance, March 31, 2021	$66	$1,584	$995	$2,645
Three Months Ended March 31, 2020											Three Months Ended March 31, 2020
Beginning balance, December 31, 2019		$66.2		$1,434.0		$863.4			$2,363.6		Beginning balance, December 31, 2019	$66	$1,434	$864	$2,364
Net income					89.6			89.6			Net income			90	90
Common stock dividends					(42.1		)	(42.1		)	Common stock dividends			(43)	(43)
Capital contributions from parent			25.0					25.0			Capital contributions from parent		25		25
Ending balance, March 31, 2020		$66.2		$1,459.0		$910.9			$2,436.1		Ending balance, March 31, 2020	$66	$1,459	$911	$2,436
Three Months Ended March 31, 2019
Beginning balance, December 31, 2018		$66.2		$1,309.0		$774.3			$2,149.5
Net income					65.7			65.7
Common stock dividends					(36.0		)	(36.0		)
Ending balance, March 31, 2019		$66.2		$1,309.0		$804.0			$2,179.2


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NOTE 6. DEBT

~~NOTE 6(a)~~ Short-term Debt - Information regarding Alliant Energy’s, IPL’s and WPL’s commercial paper, and Alliant Energy’s and WPL’s borrowings under the single credit facility, which currently expires in August 2023, classified as short-term debt was as follows (dollars in millions):


March 31, 2021	Alliant Energy	IPL	WPL
Amount outstanding	$336	$0	$148
Weighted average interest rates	0.2%	N/A	0.1%
Available credit facility capacity	$664	$250	$152

March 31, 2020 Alliant Energy IPL WPL
Amount outstanding $270.5 $— $182.0
Weighted average interest rates 1.6% N/A 1.7%
Available credit facility capacity $729.5 $250.0 $118.0


	Alliant Energy		IPL		WPL
Three Months Ended March 31	2021	2020	2021	2020	2021	2020
Maximum amount outstanding (based on daily outstanding balances)	$578	$463	$0	$1	$275	$212
Average amount outstanding (based on daily outstanding balances)	$424	$382	$0	$0	$189	$167
Weighted average interest rates	0.2%	1.8%	0%	1.8%	0.2%	1.8%

Alliant Energy IPL WPL
Three Months Ended March 31 2020 2019 2020 2019 2020 2019
Maximum amount outstanding (based on daily outstanding balances) $462.5 $600.6 $0.8 $50.4 $212.0 $195.1
Average amount outstanding (based on daily outstanding balances) $382.3 $498.8 $— $0.6 $167.0 $138.1
Weighted average interest rates 1.8% 2.7% 1.8% 2.8% 1.8% 2.5%

~~NOTE 6(b) Long-term Debt -~~ In March 2020, AEF entered into a $300 million variable rate (1% as of March 31, 2020) term loan credit agreement (with Alliant Energy as guarantor) and used the borrowings under this agreement to retire its $300 million variable rate term loan credit agreement that would have expired in April 2020. AEF’s current term loan credit agreement expires in March 2022 and includes substantially the same financial covenants that are included in Alliant Energy’s credit facility agreement.

In April 2020, WPL issued $350 million of 3.65% debentures due 2050. The net proceeds from the issuance were used by WPL to reduce borrowings under the single credit facility and for general corporate purposes.



	16

~~Table of Contents~~

NOTE 7. REVENUES

Disaggregation of revenues from contracts with customers, which correlates to revenues for each reportable segment, was as follows (in millions):


	Alliant Energy				IPL				WPL					Alliant Energy		IPL		WPL
Three Months Ended March 31	2020		2019		2020		2019		2020		2019		Three Months Ended March 31	2021	2020	2021	2020	2021	2020
Electric Utility:													Electric Utility:
Retail - residential		$266.8		$274.7		$147.4		$147.5		$119.4		$127.2	Retail - residential	$262	$266	$139	$147	$123	$119
Retail - commercial	182.3		181.1		119.7		116.6		62.6		64.5		Retail - commercial	172	183	110	120	62	63
Retail - industrial	209.9		208.7		121.2		116.1		88.7		92.6		Retail - industrial	202	210	112	121	90	89
Wholesale	40.9		46.5		14.4		16.9		26.5		29.6		Wholesale	40	40	11	14	29	26
Bulk power and other	30.4		32.4		22.1		22.7		8.3		9.7		Bulk power and other	25	31	14	23	11	8
Total Electric Utility	730.3		743.4		424.8		419.8		305.5		323.6		Total Electric Utility	701	730	386	425	315	305
Gas Utility:													Gas Utility:
Retail - residential	90.5		131.8		48.8		77.9		41.7		53.9		Retail - residential	99	91	52	49	47	42
Retail - commercial	45.7		63.6		24.1		34.8		21.6		28.8		Retail - commercial	53	45	27	24	26	21
Retail - industrial	4.2		5.4		2.3		3.2		1.9		2.2		Retail - industrial	5	4	3	2	2	2
Transportation/other	11.8		15.0		7.8		8.7		4.0		6.3		Transportation/other	13	12	9	8	4	4
Total Gas Utility	152.2		215.8		83.0		124.6		69.2		91.2		Total Gas Utility	170	152	91	83	79	69
Other Utility:													Other Utility:
Steam	10.0		8.4		10.0		8.4		—		—		Steam	9	10	9	10	—	—
Other utility	1.6		2.7		1.1		2.3		0.5		0.4		Other utility	4	2	3	1	1	1
Total Other Utility	11.6		11.1		11.1		10.7		0.5		0.4		Total Other Utility	13	12	12	11	1	1
Non-Utility and Other:													Non-Utility and Other:
Transportation and other	21.6		16.9		—		—		—		—		Transportation and other	17	22	—	—	—	—

Total Non-Utility and Other	21.6		16.9		—		—		—		—		Total Non-Utility and Other	17	22	—	—	—	—
Total revenues		$915.7		$987.2		$518.9		$555.1		$375.2		$415.2	Total revenues	$901	$916	$489	$519	$395	$375

NOTE 8. INCOME TAXES

Income Tax Rates - Overall effective income tax rates, which were computed by dividing income ~~taxes~~tax expense (benefit) by income before income 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 decreases in Alliant Energy’s and WPL’s overall effective income tax rates for the three months ended March 31, ~~2020~~2021 compared to the same period in ~~2019~~2020 were primarily due to ~~increases in production tax credits as a result of increased wind production in 2020 and~~ increased amortization of excess deferred taxes primarily at WPL, which were used to offset increases in WPL’s ~~2020~~2021 increased revenue requirements.


	Alliant Energy		IPL	WPL

Three Months Ended March 31	2021	2020		2021	2020	2021	2020
Overall income tax rate	(19%)	(12%)		(17%)	(19%)	(29%)	(10%)

Alliant Energy IPL WPL
Three Months Ended March 31 2020 2019 2020 2019 2020 2019
Overall income tax rate (12.2 %) 10.6 % (19.8 %) 3.6 % (10.1 %) 18.2 %


			15

Table of Contents

Deferred Tax Assets and Liabilities -

Carryforwards - At March 31, ~~2020,~~2021, carryforwards and expiration dates were estimated as follows (in millions):


	Range of Expiration Dates	Alliant Energy	IPL	WPL
Federal net operating losses	2037	$331	$306	$3
State net operating losses	2021-2041	627	16	2
Federal tax credits	2022-2041	481	280	180

Range of Expiration Dates Alliant Energy IPL WPL
Federal net operating losses 2037
$280

$260

$2
State net operating losses 2020-2040 606
12
2
Federal tax credits 2022-2040 386
199
167



	17

~~Table of Contents~~

NOTE 9. BENEFIT PLANS

NOTE 9(a) Pension and OPEB Plans -

Net Periodic Benefit Costs - The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans for the three months ended March 31 are included below (in millions). For IPL and WPL, amounts ~~represent those~~are for their plan participants covered under plans they sponsor, as well as amounts directly assigned to them related to certain participants in the Alliant Energy and Corporate Services sponsored plans.


	Defined Benefit Pension Plans		OPEB Plans

Alliant Energy	2021	2020		2021	2020
Service cost	$3	$3		$1	$1
Interest cost	8	11		1	2
Expected return on plan assets	(17)	(18)		(1)	(2)

Amortization of actuarial loss	10	9		1	1

Settlement losses (a)	0	4		0	0
	$4	$9		$2	$2


	Defined Benefit Pension Plans		OPEB Plans

IPL	2021	2020		2021	2020
Service cost	$2	$1		$0	$0
Interest cost	4	5		1	1
Expected return on plan assets	(8)	(8)		(1)	(1)

Amortization of actuarial loss	4	4		0	0
	$2	$2		$0	$0


														Defined Benefit Pension Plans		OPEB Plans
	Defined Benefit Pension Plans						OPEB Plans
Alliant Energy	2020			2019			2020			2019
WPL													WPL	2021	2020		2021	2020
Service cost		$2.7			$2.4			$0.8			$0.8		Service cost	$1	$1		$0	$0
Interest cost	10.8			12.5			1.8			2.1			Interest cost	4	5		0	1
Expected return on plan assets	(17.4		)	(15.0		)	(1.3		)	(1.2		)	Expected return on plan assets	(8)	(8)		0	0
Amortization of prior service credit	(0.2		)	(0.2		)	—			—

Amortization of actuarial loss	8.6			9.1			0.8			0.8			Amortization of actuarial loss	5	4		1	0
Settlement losses (a)	4.2			—			—			—
		$8.7			$8.8			$2.1			$2.5
														$2	$2		$1	$1

Defined Benefit Pension Plans OPEB Plans
IPL 2020 2019 2020 2019
Service cost
$1.7

$1.5

$0.3

$0.3
Interest cost 5.0
5.7
0.7
0.8
Expected return on plan assets (8.1 ) (7.0 ) (1.0 ) (0.9 )
Amortization of prior service credit (0.1 ) (0.1 ) —
—
Amortization of actuarial loss 3.7
3.9
0.3
0.4

$2.2

$4.0

$0.3

$0.6

Defined Benefit Pension Plans OPEB Plans
WPL 2020 2019 2020 2019
Service cost
$1.0

$0.9

$0.3

$0.3
Interest cost 4.7
5.4
0.7
0.8
Expected return on plan assets (7.6 ) (6.5 ) (0.2 ) (0.1 )
Amortization of prior service credit (0.1 ) (0.1 ) —
—
Amortization of actuarial loss 4.1
4.4
0.5
0.4

$2.1

$4.1

$1.3

$1.4

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


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

NOTE 9(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 months ended March 31 was as follows (in millions):


	Alliant Energy		IPL	WPL

	2021	2020		2021	2020	2021	2020
Compensation expense	$3	$3		$1	$1	$1	$1
Income tax benefits	1	1		0	0	0	0

Alliant Energy IPL WPL
2020 2019 2020 2019 2020 2019
Compensation expense
$2.7

$4.7

$1.4

$2.6

$1.1

$1.8
Income tax benefits 0.7
1.3
0.4
0.8
0.3
0.5


		Weighted Average
	Grants	Grant Date Fair Value
Performance shares	72,774	$46.19
Performance restricted stock units	72,774	48.61
Restricted stock units	79,862	48.61

Weighted Average
Grants Grant Date Fair Value
Performance shares 54,897

$64.04
Performance restricted stock units 54,897
59.57
Restricted stock units 59,936
59.57

~~NOTE 10. ASSET RETIREMENT OBLIGATIONS~~

Alliant Energy IPL
Balance, January 1
$196.3

$133.9
Liabilities settled (1.5 ) (1.4 )
Liabilities incurred (a) 27.6
27.6
Accretion expense 1.7
1.2
Balance, March 31
$224.1

$161.3

Commodity Derivatives -

Notional Amounts - As of March 31, ~~2020,~~2021, gross notional amounts and settlement/delivery years related to outstanding swap contracts, option contracts, physical forward contracts and FTRs that were accounted for as commodity derivative instruments were as follows (units in thousands):


	FTRs		Natural Gas		Coal		Diesel Fuel
		MWhs	Years	Dths	Years	Tons	Years	Gallons	Years
Alliant Energy		3,531	2021	198,347	2021-2028	5,601	2021-2023	4,914	2021-2022
IPL		1,203	2021	97,747	2021-2028	2,100	2021-2023	0	—
WPL		2,328	2021	100,600	2021-2027	3,501	2021-2023	4,914	2021-2022

FTRs Natural Gas Coal Diesel Fuel
MWhs Years Dths Years Tons Years Gallons Years
Alliant Energy 4,420
2020 185,883
2020-2027 5,187
2020-2021 4,410
2020-2021
IPL 2,108
2020 106,525
2020-2027 2,223
2020-2021 —
—
WPL 2,312
2020 79,358
2020-2027 2,964
2020-2021 4,410
2020-2021

Financial Statement Presentation - Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities as follows (in millions):


	Alliant Energy		IPL		WPL
	March 31, 2021	December 31, 2020	March 31, 2021	December 31, 2020	March 31, 2021	December 31, 2020
Current derivative assets	$18	$24	$12	$20	$6	$4
Non-current derivative assets	10	10	7	9	3	1
Current derivative liabilities	2	9	0	3	2	6
Non-current derivative liabilities	11	16	6	9	5	7

Alliant Energy IPL WPL
March 31,
2020 December 31,
2019 March 31,
2020 December 31,
2019 March 31,
2020 December 31,
2019
Current derivative assets
$10.1

$15.8

$8.3

$12.1

$1.8

$3.7
Non-current derivative assets 8.6
11.0
8.2
10.2
0.4
0.8
Current derivative liabilities 29.9
19.0
12.7
8.9
17.2
10.1
Non-current derivative liabilities 21.2
18.6
9.7
8.5
11.5
10.1

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 March 31, ~~2020~~2021 and December 31, ~~2019,~~2020, 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 March 31, ~~2020~~2021 and December 31, ~~2019.~~2020. 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.

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 Energy	March 31, 2021					December 31, 2020
		Fair Value					Fair Value
	Carrying	Level	Level	Level		Carrying	Level	Level	Level
	Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:
Money market fund investments	$8	$8	$0	$0	$8	$44	$44	$0	$0	$44
Derivatives	28	0	12	16	28	34	0	5	29	34
Deferred proceeds	107	0	0	107	107	188	0	0	188	188
Liabilities:
Derivatives	13	0	13	0	13	25	0	25	0	25
Long-term debt (incl. current maturities)	6,779	0	7,613	1	7,614	6,777	0	8,107	2	8,109


WPL	March 31, 2021					December 31, 2020
		Fair Value					Fair Value
	Carrying	Level	Level	Level		Carrying	Level	Level	Level
	Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:

Derivatives	$9	$0	$8	$1	$9	$5	$0	$2	$3	$5
Liabilities:
Derivatives	7	0	7	0	7	13	0	13	0	13
Long-term debt	2,131	0	2,495	0	2,495	2,130	0	2,690	0	2,690

IPL March 31, 2020 December 31, 2019
Fair Value Fair Value
Carrying Level Level Level Carrying Level Level Level
Amount 1 2 3 Total Amount 1 2 3 Total
Assets:
Money market fund investments
$21.2

$21.2

$—

$—

$21.2

$5.4

$5.4

$—

$—

$5.4
Derivatives 16.5
—
2.5
14.0
16.5
22.3
—
2.8
19.5
22.3
Deferred proceeds 188.0
—
—
188.0
188.0
187.7
—
—
187.7
187.7
Liabilities:
Derivatives 22.4
—
21.9
0.5
22.4
17.4
—
16.6
0.8
17.4
Long-term debt (incl. current maturities) 3,147.9
—
3,452.1
—
3,452.1
3,147.3
—
3,489.1
—
3,489.1

WPL March 31, 2020 December 31, 2019
Fair Value Fair Value
Carrying Level Level Level Carrying Level Level Level
Amount 1 2 3 Total Amount 1 2 3 Total
Assets:
Money market fund investments
$20.0

$20.0

$—

$—

$20.0

$—

$—

$—

$—

$—
Derivatives 2.2
—
1.5
0.7
2.2
4.5
—
2.0
2.5
4.5
Liabilities:
Derivatives 28.7
—
28.7
—
28.7
20.2
—
20.2
—
20.2
Long-term debt (incl. current maturities) 1,933.1
—
2,309.8
—
2,309.8
1,932.7
—
2,268.2
—
2,268.2


Alliant Energy	Commodity Contract Derivative										Alliant Energy	Commodity Contract Derivative
	Assets and (Liabilities), net						Deferred Proceeds					Assets and (Liabilities), net		Deferred Proceeds
Three Months Ended March 31	2020			2019			2020		2019		Three Months Ended March 31	2021	2020	2021	2020
Beginning balance, January 1		$21.2			$12.2			$187.7		$119.4	Beginning balance, January 1	$29	$21	$188	$188
Total net losses included in changes in net assets (realized/unrealized)	(3.1		)	(5.6		)	—		—		Total net losses included in changes in net assets (realized/unrealized)	(6)	(3)	0	0
Sales	—			(0.2		)	—		—

Settlements (a)	(3.9		)	(6.0		)	0.3		58.9		Settlements (a)	(7)	(4)	(81)	0
Ending balance, March 31		$14.2			$0.4			$188.0		$178.3	Ending balance, March 31	$16	$14	$107	$188
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 March 31		($3.1	)		($2.6	)		$—		$—	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 March 31	($6)	($3)	$0	$0

IPL Commodity Contract Derivative
Assets and (Liabilities), net Deferred Proceeds
Three Months Ended March 31 2020 2019 2020 2019
Beginning balance, January 1
$18.7

$9.0

$187.7

$119.4
Total net losses included in changes in net assets (realized/unrealized) (2.3 ) (3.2 ) —
—
Sales —
(0.1 ) —
—
Settlements (a) (2.9 ) (5.1 ) 0.3
58.9
Ending balance, March 31
$13.5

$0.6

$188.0

$178.3
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 March 31
($2.3 )
($1.4 )
$—

$—


IPL	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Three Months Ended March 31	2021	2020	2021	2020
Beginning balance, January 1	$26	$18	$188	$188
Total net losses included in changes in net assets (realized/unrealized)	(5)	(2)	0	0




Settlements (a)	(6)	(3)	(81)	0
Ending balance, March 31	$15	$13	$107	$188
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 March 31	($6)	($2)	$0	$0

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

Commodity Contracts - The fair value of FTR and natural gas commodity contracts categorized as Level 3 was recognized as net derivative assets as follows (in millions):


	Alliant Energy		IPL		WPL
	Excluding FTRs	FTRs	Excluding FTRs	FTRs	Excluding FTRs	FTRs
March 31, 2021	$11	$5	$11	$4	$0	$1
December 31, 2020	18	11	17	9	1	2

Alliant Energy IPL WPL
Excluding FTRs FTRs Excluding FTRs FTRs Excluding FTRs FTRs
March 31, 2020
$11.8

$2.4

$11.7

$1.8

$0.1

$0.6
December 31, 2019 14.6
6.6
13.6
5.1
1.0
1.5

NOTE ~~13(a)~~12(a) Capital Purchase Commitments - Various contractual obligations contain minimum future commitments related to capital expenditures for certain construction ~~projects. IPL’s and~~projects, including WPL’s ~~projects include the~~ expansion of ~~wind~~solar generation. At March 31, ~~2020,~~2021, Alliant Energy’s ~~IPL’s~~ and WPL’s minimum future commitments for these projects were ~~$95 million, $32~~$10 million and ~~$63~~$10 million, respectively.

NOTE ~~13(b)~~12(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 March 31, ~~2020, the~~2021, related minimum future commitments were as follows (in millions):


	Alliant Energy	IPL	WPL

Natural gas	$958	$466	$492
Coal	94	55	39
Other (a)	122	60	30
	$1,174	$581	$561

Alliant Energy IPL WPL
Purchased power (a)
$76

$75

$1
Natural gas 915
508
407
Coal (b) 110
68
42
Other (c) 117
58
28

$1,218

$709

$478

(a)Includes individual commitments incurred during the normal course of business that exceeded $1 million at March 31, 2021.

Whiting Petroleum - Whiting Petroleum is an independent oil and gas company. In 2004, Alliant Energy 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 made available to Alliant Energy 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 ~~platforms off the coast of California and related onshore plant and equipment~~facilities owned by the partnerships. The general partnerships were formed under California law, and Alliant Energy Resources, ~~LLC’s guarantees, which do not include a maximum limit, apply to the Whiting Petroleum affiliate’s obligations and to the other partners. Alliant Energy Resources,~~ LLC may ~~be required~~need to perform under the guarantees if the affiliate of Whiting Petroleum is unable to meet its partnership obligations.

Table of this standard, Alliant Energy recorded a pre-tax $12 million cumulative effect adjustment to decrease the opening balance of retained earnings as of January 1, 2020. As a result of Whiting Petroleum’s deterioration in credit worthiness since January 1, 2020 likely from significantly depressed oil and gas prices and general market conditions, Alliant Energy currently expects credit exposure related to the guarantees and has recognized a $20 million credit loss liability as of March 31, 2020 related to the contingent obligations, which is recorded in “Other liabilities” on Alliant Energy’s balance sheet. The incremental pre-tax change in the liability, $8 million, was recorded as a credit loss expense within Alliant Energy’s “Other operation and maintenance” expenses for the three months ended March 31, 2020.Contents

Non-utility Wind Farm in Oklahoma - In 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 a ~~third-party~~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 ~~$82~~$74 million as of March 31, ~~2020~~2021 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 of March 31, ~~2020~~2021 and December 31, ~~2019. This guarantee is not in the scope of the new credit loss accounting standard as it is a guarantee of Alliant Energy’s subsidiary’s performance.~~



	22

~~Table of Contents~~

~~IPL’s Minnesota Electric Distribution Assets~~ - IPL provided indemnifications associated with the 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 March 31, 2020 and December 31, 2019. The general terms of the indemnifications provided by IPL included a maximum limit of $17 million and expire in October 2020.

NOTE ~~13(d)~~12(d) 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. At March 31, ~~2020~~,2021, 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 March 31, ~~2020,~~2021, such amounts for WPL were not material.


	Alliant Energy			IPL
Range of estimated future costs	$9	-	$25	$7	-	$19
Current and non-current environmental liabilities	$13			$9

Alliant Energy IPL
Range of estimated future costs
$12
- $29
$10
- $24
Current and non-current environmental liabilities 16 13

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 Burlington by December 31, 2021 and 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) Collective Bargaining Agreements -~~ At March 31, 2020, employees covered by collective bargaining agreements represented 53%, 61% and 82% of total employees of Alliant Energy, IPL and WPL, respectively. On August 31, 2020, IPL’s collective bargaining agreement with International Brotherhood of Electrical Workers Local 204 (Cedar Rapids) expires, representing 18% and 45% of total employees of Alliant Energy and IPL, respectively. While the process to renew the agreement is underway, Alliant Energy and IPL are unable to predict the outcome.

~~NOTE 13(f) MISO Transmission Owner Return on Equity Complaints -~~ A group of MISO cooperative and municipal utilities previously filed complaints with FERC requesting a reduction to the base return on equity used by MISO transmission owners, including ITC Midwest LLC and ATC. The first complaint covered the period from November 12, 2013 through February 11, 2015. In 2017, IPL and WPL received refunds related to the first complaint period, which were subsequently refunded to their retail and wholesale customers. The second complaint covered the period from February 12, 2015 through May 11, 2016. In November 2019, FERC issued an order on the previously filed two complaints, and reduced the base return on equity used by the MISO transmission owners effective for the first complaint period and subsequent to September 28, 2016. Additional refunds for the first complaint period and the period subsequent to September 28, 2016 are currently expected to be issued in 2020. The November 2019 FERC order also dismissed the second complaint, therefore FERC did not direct refunds to be made for that complaint. Subsequent to the November 2019 FERC order, various rehearing requests were filed, and in January 2020, FERC issued an order providing an open-ended amount of time for FERC to consider these requests. Any changes in FERC’s decision may have an impact on Alliant Energy’s share of ATC’s future earnings and customer costs.


Alliant Energy					ATC Holdings,	Alliant
	Utility				Non-Utility,	Energy
	Electric	Gas	Other	Total	Parent and Other	Consolidated
	(in millions)
Three Months Ended March 31, 2021
Revenues	$701	$170	$13	$884	$17	$901
Operating income	147	44	2	193	5	198



Net income attributable to Alliant Energy common shareowners				163	8	171
Three Months Ended March 31, 2020
Revenues	$730	$152	$12	$894	$22	$916
Operating income (loss)	146	41	4	191	(3)	188



Net income (loss) attributable to Alliant Energy common shareowners				173	(3)	170


IPL	Electric	Gas	Other	Total
	(in millions)
Three Months Ended March 31, 2021
Revenues	$386	$91	$12	$489
Operating income	72	30	1	103
Net income available for common stock				79
Three Months Ended March 31, 2020
Revenues	$425	$83	$11	$519
Operating income	67	27	3	97
Net income available for common stock				83

WPL Electric Gas Other Total
(in millions)
Three Months Ended March 31, 2020
Revenues
$305.5

$69.2

$0.5

$375.2
Operating income 79.2
14.3
0.3
93.8
Net income 89.6
Three Months Ended March 31, 2019
Revenues
$323.6

$91.2

$0.4

$415.2
Operating income (loss) 79.6
18.9
(0.4 ) 98.1
Net income 65.7

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 months ended March 31 were as follows (in millions):


	IPL		WPL

	2021	2020		2021	2020
Corporate Services billings	$40	$37		$35	$32
Sales credited	1	15		1	2
Purchases billed	143	81		26	20

IPL WPL
2020 2019 2020 2019
Corporate Services billings
$37

$43

$32

$33
Sales credited 15
15
2
1
Purchases billed 81
84
20
30

IPL

WPL

March 31, 2021

December 31, 2020

March 31, 2021

December 31, 2020

Net payables to Corporate Services

$73

$110

$60

$73

IPL WPL
March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019
Net payables to Corporate Services $110 $112 $72 $85

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 months ended March 31 were as follows (in millions):



	2021	2020
ATC billings to WPL	$32	$28
WPL billings to ATC	3	3

2020 2019
ATC billings to WPL
$28

$27
WPL billings to ATC 3
4

WPL owed ATC net amounts of $8$9 million as of March 31, ~~2020~~2021 and $9$9 million as of December 31, ~~2019~~2020.

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 2020 ~~2019~~Form 10-K. Unless otherwise noted, all “per share” references in MDA refer to earnings per diluted share.

Key highlights since the filing of the ~~2019~~2020 Form 10-K include the following:

~~The outbreak~~•In March 2021, WPL filed a Certificate of ~~COVID-19 has become a global pandemic~~Authority with the PSCW for approval to acquire, construct, own, and ~~Alliant Energy’s service territories are not immune~~operate up to 414 MW of new solar generation by the challenges presented by COVID-19. Despite these challenges, Alliant Energy, IPL and WPL continue to focus on providing the critical, reliable service their customers depend on, while emphasizing the health and welfareend of their employees, customers and communities. Alliant Energy, IPL and WPL have not experienced significant impacts on their overall business operations, financial condition, results of operations or cash flows for the three months ended March 31, 2020; however, the degree to which the COVID-19 pandemic may impact such items2023 in the ~~future~~following Wisconsin counties: Dodge (150 MW), Waushara (99 MW), Rock (65 MW), Grant (50 MW) and Green (50 MW). In April 2021, WPL received an oral decision from the PSCW authorizing WPL to acquire, own and operate 675 MW of new solar generation in various Wisconsin counties, and a written order from the PSCW is currently ~~unknown and will depend on future developments~~expected in May 2021. A significant majority of the ~~pandemic as well as possible additional actions by government and regulatory authorities. Actual and potential impacts from COVID-19 include, but are not limited to,~~capital expenditures for these 1,089 MWs of solar generation projects were included in the ~~following:~~

~~Operational and Supply Chain Impacts~~ - Alliant Energy has modified certain business practices to help ensure the health and safety of its employees, contractors, customers and vendors consistent with orders and best practices issued by government and regulatory authorities. For example, Alliant Energy implemented its business continuity and pandemic plans for critical items and services, including travel restrictions, social distancing, working-from-home protocols, and rescheduling of planned EGU outages. Alliant Energy has also temporarily suspended service disconnects, has waived late payment fees for its customers, and has modified reconnect service procedures to ensure continuity of service for customers unable to pay their bills and consistency with regulatory orders.

While Alliant Energy has not experienced any significant issues to-date, it continues to monitor potential disruptions or constraints in materials and supplies from key suppliers. In addition, Alliant Energy’s construction projects are currently progressing as planned with added safety protocols, and while it continues to monitor its supply chain, there have been no immediate disruptions. Currently, Alliant Energy expects its large renewable construction projects to be placed in service as previously planned to meet the timing requirements to qualify for the maximum renewable tax credits. In addition, Alliant Energy does not currently expect any material changes to itsanticipated construction and acquisition expenditures ~~plans disclosed~~included in “Liquidity and Capital Resources” in the ~~2019~~2020 Form 10-K. WPL proposes to own and operate the solar generation projects, which are currently expected to qualify for 30% investment tax credits, through a tax equity partnership, with approximately 35% to 45% of the construction costs financed with capital from the tax equity partner. WPL requested to include $355 million and $585 million in rate base for the 414 MW and 675 MW of new solar generation, respectively, which reflects its portion of capital expenditures, less the amounts financed by the tax equity partner. The 1,089 MW of new solar generation would replace energy and capacity being eliminated with the planned retirement of the coal-fired Edgewater Generating Station (414 MW) by the end of 2022, and Columbia Unit 1 by the end of 2023 and Columbia Unit 2 by the end of 2024 (595 MW in aggregate).

•In May 2021, WPL filed a notice with the PSCW of its intent to enter into a settlement agreement with certain intervenor groups for annual base rate increases of $70 million and ~~currently does not expect, an interruption in its ability to provide~~$15 million for WPL’s retail electric and ~~natural~~ gas ~~services to its customers.~~customers, respectively, covering the 2022/2023 forward looking Test Period. The key drivers for the proposed annual base rate increases include lower excess deferred income tax benefits in 2022 and 2023 and revenue requirement impacts of increasing electric and gas rate base, including investments in solar generation. In addition, ~~Alliant Energy currently expects to incur incremental direct expenses related to certain~~tentative agreement has been reached proposing WPL maintain its current authorized return on common equity of ~~these operational changes and does expect them to have~~10%, implement a ~~material impact on its results~~54% common equity component of ~~operations.~~

~~Customer Impacts~~ - COVID-19 has resulted in widespread travel restrictions and closures of commercial spaces and industrial facilities in Alliant Energy’s service territories. While the total expected impact of COVID-19 on future sales is currently unknown, Alliant Energy has experienced higher electric residential sales and lower electric commercial and industrial sales since the outset of the pandemic. In April 2020, as compared to April 2019, Alliant Energy’s retail electric residential temperature-normalized sales increased 5%, and its retail electric commercial and industrial temperature-normalized sales decreased 13% in aggregate. From a sensitivity perspective, Alliant Energy currently estimates that an annual 1% increase/decrease in sales for each customer type would result in corresponding annual impacts of $0.02 EPS for its retail electric

~~Liquidity and Capital Resources Impacts~~ - In response to the uncertainty of the impacts of COVID-19, Alliant Energy enhanced its liquidity position in the first quarter of 2020 by settling $222 million under the equity forward sale agreements, AEF accelerating the refinancing of its $300 million term-loan credit agreement that would have been due in April 2020, and in April 2020, WPL issued $350 million of debentures due 2050. In March 2020, Alliant Energy and WPL borrowed under the single credit facility for a portion of their cash needs to obtain more favorable interest rates than available in the commercial paper market. This single credit facility also allows borrowing capacity to shift among Alliant Energy (at the parent company level), IPL and WPL as needed. IPL and WPL have $200 million and $150 million of long-term debt maturities in 2020, respectively, and there are no other material long-term debt maturities in 2020 and 2021. In addition, IPL maintains a sales of accounts receivable program as an alternative financing source; however, if customer arrears were to exceed certain levels, IPL’s access to the program may be restricted.

~~Credit Risk Impacts~~ ~~- Alliant Energy’s temporary suspension of service disconnects and waivers of late payment fees for its customers,~~structure, as well as ~~broad economic factors, may negatively impact our customers’ abilities~~receive a recovery of and a return on the remaining net book value of Edgewater Unit 5, which is currently expected to ~~pay, which could increase customer arrears and bad debts, and negatively impact Alliant Energy’s cash flows from operations. Currently, Alliant Energy does not anticipate any material credit risk~~be retired by the end of 2022. WPL currently plans to file its related ~~to its commodity transactions. In addition, Alliant Energy recorded an $8 million credit loss charge~~rate review request with the PSCW in the ~~first~~second quarter of ~~2020~~2021 and expects any rate changes granted from this request to be effective on January 1, 2022 and extend through the end of 2023.

•In April 2021, the IUB issued an order that new rules are to be adopted, which would establish minimum filing requirements for rate reviews using a forward-looking test period, and the related ~~to legacy guarantees associated with an affiliate of Whiting Petroleum, partly as a result~~subsequent proceeding review after the close of the ~~increasing concerns~~forward-looking test period. The rules provide that in the subsequent proceeding review, a utility’s actual costs and ~~impacts from~~revenues shall be presumed to be reasonably consistent with the ~~pandemic~~forward-looking test period if the utility’s actual return on common equity falls with a standard of reasonableness of 50 basis points above or 50 basis points below the ~~depressed oil industry.~~authorized return on common equity. The new rules are currently expected to be effective later in 2021.

~~Regulatory Impacts~~• - In March ~~2020, WPL received authorization from~~2021, the PSCW to defer certain incremental costs incurred resulting from COVID-19, including bad debt expenses and foregone revenues from late payment fees and deposits. In May 2020, IPL received notification from the IUB that it may file a proposal for utilizationAmerican Rescue Plan Act of a regulatory asset account to track increased expenses and other financial impacts incurred after March 1, 2020 resulting from COVID-19. The recovery of any authorized deferrals will be addressed in future regulatory proceedings. For the three months ended March 31, 2020, such amounts were not material.

~~Legislative Impacts~~ ~~- In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)~~2021 (Act) was enacted. The most significant provision of the ~~CARES~~ Act for Alliant Energy ~~relates to an acceleration of refunds of existing alternative~~is reduced minimum tax credits to improve liquidity. Alliant Energy has requested $11 million of credits to be received in 2020 that otherwise would have been received in 2021 and 2022. Other provisions of the CARES Act thatpension plan funding requirements, which Alliant Energy is currently ~~evaluating include deferral of 2020 remaining pension contributions and payroll taxes to 2021 and 2022. In addition, the CARES~~evaluating. The Act also provides additional funding to the Low Income Home Energy Assistance Program, which assists certain of Alliant Energy’s customers with managing their energy ~~costs. The CARES Act also~~costs, as well as provides financial support for certain of Alliant Energy’s residential, small business and non-profit customers.

~~Customer Investments:~~

~~In April 2020, WPL received authorization from the PSCW to expand its gas distribution system in Western Wisconsin, which is currently expected to be completed in 2020.~~

RESULTS OF OPERATIONS

Financial Results Overview - Alliant Energy’s net income and EPS attributable to Alliant Energy common shareowners for the three months ended March 31 were as follows (dollars in millions, except per share amounts):


	2021		2020
	Income	EPS	Income (Loss)	EPS

Utilities and Corporate Services	$166	$0.66	$175	$0.72
ATC Holdings	8	0.03	8	0.03
Non-utility and Parent	(3)	(0.01)	(13)	(0.05)


Alliant Energy Consolidated	$171	$0.68	$170	$0.70

2020 2019
Income (Loss) EPS Income (Loss) EPS
Utilities and Corporate Services
$175.4

$0.72

$122.0

$0.52
ATC Holdings 7.7
0.03
7.1
0.03
Non-utility and Parent (13.1 ) (0.05 ) (4.0 ) (0.02 )
Alliant Energy Consolidated
$170.0

$0.70

$125.1

$0.53


	Alliant Energy						IPL						WPL							Alliant Energy		IPL		WPL
Three Months	2020			2019			2020			2019			2020			2019			Three Months	2021	2020	2021	2020	2021	2020
Operating income		$188.3			$176.8			$96.7			$73.5			$93.8			$98.1		Operating income	$198	$188	$103	$97	$90	$94
Electric utility revenues		$730.3			$743.4			$424.8			$419.8			$305.5			$323.6		Electric utility revenues	$701	$730	$386	$425	$315	$305
Electric production fuel and purchased power expenses	(184.1		)	(218.4		)	(106.2		)	(128.9		)	(77.9		)	(89.5		)	Electric production fuel and purchased power expenses	(133)	(184)	(59)	(106)	(74)	(78)
Electric transmission service expense	(122.2		)	(123.0		)	(84.5		)	(87.7		)	(37.7		)	(35.3		)	Electric transmission service expense	(134)	(122)	(92)	(84)	(42)	(38)
Utility Electric Margin (non-GAAP)	424.0			402.0			234.1			203.2			189.9			198.8			Utility Electric Margin (non-GAAP)	434	424	235	235	199	189
Gas utility revenues	152.2			215.8			83.0			124.6			69.2			91.2			Gas utility revenues	170	152	91	83	79	69
Cost of gas sold	(85.0		)	(121.6		)	(44.2		)	(63.3		)	(40.8		)	(58.3		)	Cost of gas sold	(100)	(85)	(50)	(44)	(50)	(41)
Utility Gas Margin (non-GAAP)	67.2			94.2			38.8			61.3			28.4			32.9			Utility Gas Margin (non-GAAP)	70	67	41	39	29	28
Other utility revenues	11.6			11.1			11.1			10.7			0.5			0.4			Other utility revenues	13	12	12	11	1	1
Non-utility revenues	21.6			16.9			—			—			—			—			Non-utility revenues	17	22	—	—	—	—
Other operation and maintenance expenses	(162.2		)	(181.2		)	(86.6		)	(108.0		)	(54.2		)	(63.5		)	Other operation and maintenance expenses	(146)	(163)	(77)	(87)	(59)	(54)
Depreciation and amortization expenses	(146.3		)	(136.9		)	(85.9		)	(77.1		)	(59.1		)	(58.6		)	Depreciation and amortization expenses	(164)	(146)	(94)	(86)	(69)	(59)
Taxes other than income tax expense	(27.6		)	(29.3		)	(14.8		)	(16.6		)	(11.7		)	(11.9		)	Taxes other than income tax expense	(26)	(28)	(14)	(15)	(11)	(11)
Operating income		$188.3			$176.8			$96.7			$73.5			$93.8			$98.1		Operating income	$198	$188	$103	$97	$90	$94

Operating Income Variances - Variances between periods in operating income for the three months ended March 31, ~~2020~~2021 compared to the same period in ~~2019~~2020 were as follows (in millions):



	Alliant Energy	IPL	WPL
Total higher utility electric margin variance (Refer to details below)	$10	$—	$10
Total higher utility gas margin variance (Refer to details below)	3	2	1
Total lower (higher) other operation and maintenance expenses variance (Refer to details below)	17	10	(5)
Higher depreciation and amortization expense primarily due to additional plant in service in 2020 and 2021, including IPL’s new wind generation, and WPL’s West Riverside Energy Center and Kossuth wind farm	(18)	(8)	(10)
Other	(2)	2	—
	$10	$6	($4)

Alliant Energy IPL WPL
Total higher (lower) utility electric margin variance (Refer to details below)
$22

$31

($9 )
Total lower utility gas margin variance (Refer to details below) (27 ) (23 ) (5 )
Total lower other operation and maintenance expenses variance (Refer to details below) 19
21
9
Higher depreciation and amortization expense primarily due to additional plant in service in 2019 and 2020, including IPL’s new wind generation (9 ) (9 ) (1 )
Other 7
3
2

$12

$23

($4 )

Electric and Gas Revenues and Sales Summary - Electric and gas revenues (in millions), and MWh and Dth sales (in thousands), for the three months ended March 31 were as follows:


Alliant Energy	Electric				Gas
	Revenues		MWhs Sold		Revenues		Dths Sold
	2021	2020	2021	2020	2021	2020	2021	2020

Retail	$636	$659	6,272	6,125	$157	$140	23,431	22,022
Sales for resale	45	57	1,071	1,879	N/A	N/A	N/A	N/A
Transportation/Other	20	14	19	18	13	12	24,690	28,816
	$701	$730	7,362	8,022	$170	$152	48,121	50,838


WPL	Electric				Gas
	Revenues		MWhs Sold		Revenues		Dths Sold
	2021	2020	2021	2020	2021	2020	2021	2020

Retail	$275	$271	2,690	2,643	$75	$65	11,293	10,401
Sales for resale	34	29	784	628	N/A	N/A	N/A	N/A
Transportation/Other	6	5	9	8	4	4	13,512	17,522
	$315	$305	3,483	3,279	$79	$69	24,805	27,923

IPL Electric Gas
Revenues MWhs Sold Revenues Dths Sold
2020 2019 2020 2019 2020 2019 2020 2019
Retail
$388.3

$380.2
3,482
3,629

$75.2

$115.9
11,621
13,993
Sales for resale 27.9
32.0
1,251
927
N/A
N/A
N/A
N/A
Transportation/Other 8.6
7.6
10
9
7.8
8.7
11,294
11,007

$424.8

$419.8
4,743
4,565

$83.0

$124.6
22,915
25,000

WPL Electric Gas
Revenues MWhs Sold Revenues Dths Sold
2020 2019 2020 2019 2020 2019 2020 2019
Retail
$270.7

$284.3
2,643
2,723

$65.2

$84.9
10,401
12,386
Sales for resale 29.8
31.5
628
497
N/A
N/A
N/A
N/A
Transportation/Other 5.0
7.8
8
17
4.0
6.3
17,522
14,363

$305.5

$323.6
3,279
3,237

$69.2

$91.2
27,923
26,749

Sales Trends and Temperatures - Alliant Energy’s retail electric and gas sales volumes ~~decreased 4%~~increased 2% and ~~17%~~6%, respectively, for the three months ended March 31, ~~2020~~2021 compared to the same period in ~~2019,~~2020, primarily due to ~~warmer than normal~~changes in temperatures ~~in early 2020~~ in Alliant Energy’s service territories. For the three months ended March 31, 2020, COVID-19 impacts on sales volumes resulted in increases for residential electric and gas sales volumes and decreases for commercial and industrial sales. The net decrease in sales from COVID-19 impacts wereterritories, partially offset by the ~~increases from~~impact on sales of the additional day due to leap ~~year.~~year in 2020.


	Electric Margins			Gas Margins

	2021	2020	Change		2021	2020	Change
IPL	$2	($3)	$5		$2	($2)	$4
WPL	1	(3)	4		—	(1)	1
Total Alliant Energy	$3	($6)	$9		$2	($3)	$5

Electric Margins Gas Margins
2020 2019 Change 2020 2019 Change
IPL
($3 )
$6

($9 )
($2 )
$3

($5 )
WPL (3 ) 4
(7 ) (1 ) 2
(3 )
Total Alliant Energy
($6 )
$10

($16 )
($3 )
$5

($8 )

Electric Sales for Resale - Alliant Energy’s and IPL’s 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 - Alliant Energy's and WPL's gas transportation/other sales volume changes were largely due to changes in the gas volumes supplied to WPL'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.

Utility Electric Margin Variances - The following items contributed to increased (decreased) utility electric margins for the three months ended March 31, ~~2020~~2021 compared to the same period in ~~2019~~2020 as follows (in millions):



	Alliant Energy	IPL	WPL
Higher revenue requirements due to increasing rate base (a) (b)	$13	$10	$3



Estimated changes in sales volumes caused by temperatures	9	5	4

Lower 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)	(7)	(7)	—
Lower 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)	(5)	(5)	—
Other	—	(3)	3
	$10	$—	$10

(a)IPL’s final retail electric base rate increase was effective February 26, 2020. Effective with final rates, the recovery of, and return on, IPL’s new wind generation placed in service in 2019 and 2020 is provided through the renewable energy rider. The final rate increase includes a reduction for anticipated production tax credits for IPL’s new wind generation. This reduction is expected to be offset by a reduction in income tax expense resulting from production tax credits recognized from this new wind generation. In September 2020, IPL made a buyout payment of $110 million in exchange for shortening the terms of its DAEC PPA by 5 years. The higher revenue requirements from the buyout payment, including a return on such costs, is being recovered from IPL’s retail customers from 2021 through the end of 2025.

(b)In December 2020, the PSCW issued an order authorizing WPL to maintain its current retail electric base rates through the end of 2021. WPL will utilize anticipated fuel-related cost savings and excess deferred income tax benefits in 2021 to offset the revenue requirement impacts of increasing electric rate base, including the Kossuth wind farm, which was placed in service in October 2020. The additional amount of excess deferred income tax benefits is recognized as a reduction in income tax expense.

Utility Gas Margin Variances - The following items contributed to increased (decreased) utility gas margins for the three months ended March 31, ~~2020~~2021 compared to the same period in ~~2019~~2020 as follows (in millions):



	Alliant Energy	IPL	WPL

Estimated changes in sales volumes caused by temperatures	$5	$4	$1
Other	(2)	(2)	—
	$3	$2	$1

Alliant Energy IPL WPL
Lower 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)
($22 )
($22 )
$—
Estimated changes in sales volumes caused by temperatures (8 ) (5 ) (3 )
Impact of IPL’s retail gas rate increase effective January 2020 6
6
—
Other (3 ) (2 ) (2 )

($27 )
($23 )
($5 )

Other Operation and Maintenance Expenses Variances - The following items contributed to (increased) decreased other operation and maintenance expenses for the three months ended March 31, ~~2020~~2021 compared to the same period in ~~2019~~2020 as follows (in millions):



	Alliant Energy	IPL	WPL
Credit loss charge in 2020 related to guarantees for an affiliate of Whiting Petroleum	$8	$—	$—
Lower bad debt expense at IPL	7	7	—
Lower energy efficiency expense at IPL (primarily offset by lower revenues)	5	5	—

Other	(3)	(2)	(5)
	$17	$10	($5)

Alliant Energy IPL WPL
Lower energy efficiency expense at IPL (primarily offset by lower gas revenues)
$20

$20

$—
Lower performance compensation expense 3
1
2
Lower (higher) generation operation and maintenance expenses 1
(2 ) 3
Credit loss charge related to guarantees for an affiliate of Whiting Petroleum (Refer to Note 13(c))
(8 ) —
—
Other 3
2
4

$19

$21

$9

Other Income and Deductions Variances - The following items contributed to (increased) decreased other income and deductions for the three months ended March 31, ~~2020~~2021 compared to the same period in ~~2019~~2020 as follows (in millions):



	Alliant Energy	IPL	WPL

Lower allowance for funds used during construction primarily due to changes in construction work in progress balances related to IPL’s new wind generation, and WPL’s West Riverside Energy Center and Kossuth wind farm placed in service in 2020	($19)	($8)	($11)
Other	1	—	(2)
	($18)	($8)	($13)

Alliant Energy IPL WPL
Higher interest expense primarily due to higher average outstanding long-term debt balances
($3 )
($5 )
$—
Higher (lower) allowance for funds used during construction primarily due to changes in construction work in progress balances related to IPL’s new wind generation and WPL’s West Riverside Energy Center and new wind generation (2 ) (6 ) 4
Other 5
1
1

$—

($10 )
$5

Income Taxes - ~~Alliant Energy’s overall~~Refer to Note 8 for details of effective income tax rates were (12.2%) and 10.6% for the three months ended March 31, 2020 and 2019, respectively. The decrease in effective income tax rate is primarily due to increases in production tax credits as a result of increased wind production in 2020 and increases of amortization of excess deferred taxes primarily at WPL. WPL’s 2020 increased revenue requirements are offset by returning to customers a portion of the excess deferred income tax credits from Federal Tax Reform. Excess deferred income taxes and production tax credits are recognized based on an estimated annual effective tax rate, which contributed to a positive variance in the first quarter. This positive variance is expected to continue through the first half of the year and reverse in the second half of 2020.rates.

LIQUIDITY AND CAPITAL RESOURCES

The liquidity and capital resources summary included in the ~~2019~~2020 Form 10-K has not changed materially, except as described below.

~~COVID-19 Considerations~~ - ~~Refer to “2020 Highlights” for discussion of COVID-19 and the current and expected impacts on Alliant Energy’s, IPL’s and WPL’s liquidity and capital resources.~~

Liquidity Position - At March 31, ~~2020,~~2021, Alliant Energy had ~~$55~~$14 million of cash and cash equivalents, ~~$730~~$664 million ($~~362~~262 million at the parent company, $250 million at IPL and ~~$118~~$152 million at WPL) of available capacity under the single revolving credit facility and ~~$74~~$15 million of available capacity at IPL under its sales of accounts receivable program.

Capital Structure - Capital structures at March 31, ~~2020~~2021 were as follows (Long-term Debt (including current maturities) (LD); Short-term Debt (SD); Common Equity (CE); IPL’s Preferred Stock (PS)):

Cash Flows - Selected information from the cash flows statements was as follows (in millions):


	Alliant Energy		IPL		WPL
	2021	2020	2021	2020	2021	2020
Cash, cash equivalents and restricted cash, January 1	$56	$18	$50	$9	$3	$4
Cash flows from (used for):
Operating activities	145	160	(45)	25	148	148
Investing activities	(38)	(179)	98	(53)	(119)	(124)
Financing activities	(145)	60	(92)	44	(30)	(5)
Net increase (decrease)	(38)	41	(39)	16	(1)	19
Cash, cash equivalents and restricted cash, March 31	$18	$59	$11	$25	$2	$23

Alliant Energy IPL WPL
2020 2019 2020 2019 2020 2019
Cash, cash equivalents and restricted cash, January 1
$17.7

$25.5

$9.3

$12.4

$4.4

$9.2
Cash flows from (used for):
Operating activities 160.2
181.1
25.1
76.7
148.2
122.2
Investing activities (179.6 ) (364.8 ) (52.9 ) (221.8 ) (124.5 ) (120.3 )
Financing activities 60.3
176.0
43.5
139.6
(5.4 ) (6.4 )
Net increase (decrease) 40.9
(7.7 ) 15.7
(5.5 ) 18.3
(4.5 )
Cash, cash equivalents and restricted cash, March 31
$58.6

$17.8

$25.0

$6.9

$22.7

$4.7

Operating Activities - The following items contributed to increased (decreased) operating activity cash flows for the three months ended March 31, ~~2020~~2021 compared to the same period in ~~2019~~2020 (in millions):


	Alliant Energy	IPL	WPL



Higher natural gas cost payments from extreme temperatures in February 2021 resulting in under-recovered natural gas costs at IPL (Refer to Note 2)	($20)	($20)	$—
Changes in credits issued to IPL’s retail electric customers through its tax benefit rider related to excess deferred income taxes amortization	(7)	(7)	—
Increased collections from IPL’s and WPL’s retail customers caused by temperature impacts on electric and gas sales	14	9	5

Higher collections from IPL’s increasing base rate	10	10	—






Timing of intercompany payments and receipts	—	(56)	(15)

Other (primarily due to other changes in working capital)	(12)	(6)	10
	($15)	($70)	$—

Alliant Energy IPL WPL
Decreased collections from IPL’s and WPL’s retail customers caused by temperature impacts on electric and gas sales
($24 )
($14 )
($10 )
Changes in levels of gas stored underground (19 ) (7 ) (12 )
Changes in levels of production fuel (17 ) (21 ) 4
Changes in income taxes paid/refunded (7 ) (7 ) —
Higher collections from IPL’s retail electric and gas base rate increases 36
36
—
Lower purchased power capacity payments at WPL 15
—
15
Other (primarily due to other changes in working capital) (5 ) (39 ) 29

($21 )
($52 )
$26

Investing Activities - The following items contributed to increased (decreased) investing activity cash flows for the three months ended March 31, ~~2020~~2021 compared to the same period in ~~2019~~2020 (in millions):


	Alliant Energy	IPL	WPL
Changes in the amount of cash receipts on sold receivables	$86	$86	$—

Lower utility construction and acquisition expenditures (a)	64	59	5
Other	(9)	6	—
	$141	$151	$5

(a)Largely due to lower expenditures for IPL’s and WPL’s expansion of wind generation and WPL’s West Riverside Energy Center, partially offset by higher expenditures for WPL’s solar generation.

Alliant Energy IPL WPL
Lower utility construction and acquisition expenditures (a)
$96

$96

$—
Changes in the amount of cash receipts on sold receivables 69
69
—
Expenditures for new acquisitions at AEF in 2019 13
—
—
Other 7
4
(4 )

$185

$169

($4 )

Financing Activities - The following items contributed to increased (decreased) financing activity cash flows for the three months ended March 31, ~~2020~~2021 compared to the same period in ~~2019~~2020 (in millions):


	Alliant Energy	IPL	WPL
Lower net proceeds from issuance of long-term debt	($300)	$—	$—
Lower net proceeds from common stock issuances	(220)	—	—
Lower (higher) common stock dividends	(9)	(41)	1
Lower payments to retire long-term debt	300	—	—
Net changes in the amount of commercial paper and other short-term borrowings outstanding	14	—	(123)
Higher (lower) capital contributions from IPL’s and WPL’s parent company, Alliant Energy	—	(100)	100
Other	10	5	(3)
	($205)	($136)	($25)

Alliant Energy IPL WPL
Higher payments to retire long-term debt
($300 )
$—

$—
Net changes in the amount of commercial paper and other short-term borrowings outstanding (255 ) (65 ) (19 )
Higher net proceeds from issuance of long-term debt 300
—
—
Higher net proceeds from common stock issuances 174
—
—
Higher capital contributions from WPL’s parent company, Alliant Energy —
—
25
Other (includes higher dividend payments in 2020) (35 ) (31 ) (5 )

($116 )
($96 )
$1

Common Stock Issuances - Refer to Note 5 for discussion of common stock issuances by Alliant Energy in ~~2020.~~2021.

~~Long-term Debt~~ ~~- Refer to~~ ~~Note 6(b)~~ ~~for discussion of WPL’s issuance of long-term debt and AEF’s issuance and retirement of long-term debt in 2020.~~

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 ~~2019~~2020 Form 10-K and has not changed materially from the items reported in the ~~2019~~2020 Form 10-K, except for the items described in Notes 3, 6 and 1312.

~~Critical Accounting Policies and Estimates~~ - ~~The summary of critical accounting policies and estimates included in the 2019~~ ~~Form 10-K~~ ~~has not changed materially, except as described below.~~

~~Contingencies~~ - Effective January 1, 2020 upon the adoption of the new accounting standard for credit losses, certain contingencies, such as Alliant Energy Resources, LLC’s guarantees of the partnership obligations of an affiliate of Whiting Petroleum, require estimation each reporting period of the expected credit losses on those contingencies. These estimates require significant judgment and would result in recognition of a credit loss liability sooner than the previous accounting standards, which required recognition when the contingency became probable and could be reasonably estimated based on then current available information. With respect to Alliant Energy’s guarantees of the partnership obligations of an affiliate of Whiting Petroleum, the most significant judgments in determining the credit loss liability were the estimate of the exposure under the guarantees and the methodology used for calculating the credit loss liability. As of March 31, 2020, Alliant Energy currently estimates the exposure to be the affiliate’s share of the known partnership abandonment obligations. The

methodology used to determine the credit loss liability considers both quantitative and qualitative information and is primarily a probability-weighted approach, which utilizes probability-weighted amounts in a range of possible estimated amounts. Factors considered in the methodology include Whiting Petroleum’s specific credit ratings and credit default metrics, as well as the affiliate’s share of forecasted cash flow expenditures associated with the abandonment obligations based on information made available to Alliant Energy by Whiting Petroleum. ~~Note 1(c)~~ ~~provides discussion of the adoption of the new accounting standard for credit losses.~~ ~~Note 13(c)~~ provides further discussion of contingencies assessed at January 1, 2020 and March 31, 2020, including impacts to Alliant Energy Resources, LLC’s guarantees in the partnership obligations of an affiliate of Whiting Petroleum and to the other partners.

Quantitative and Qualitative Disclosures About Market Risk are reported in the ~~2019~~2020 Form 10-K and have not changed materially.

PART II. OTHER INFORMATION

~~PART II. OTHER INFORMATION~~

The risk factors described in Item 1A in the ~~2019~~2020 Form 10-K have not changed ~~materially, except as described below.~~materially.

~~The recent outbreak of the novel coronavirus (COVID-19) pandemic could adversely affect our business functions, financial condition, results of operations and cash flows~~ - The continued spread of the novel coronavirus (COVID-19) has resulted in widespread impacts on the economy and could lead to a prolonged reduction in economic activity, disruptions to supply chains and capital markets, and reduced labor availability and productivity. The COVID-19 pandemic has impacted and may continue to impact the economic conditions in our service territories, which may adversely impact our sales and our customers’ abilities to pay their bills. Travel and transportation restrictions and closures of commercial spaces and industrial facilities have been imposed in and across the U.S., including in the service territories in which we operate. Governmental and regulatory responses to COVID-19 include suspending service disconnects and waiving late fees, which may increase customer account arrears, possibly increasing our allowance for doubtful accounts and decreasing our cash flows.

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)

Publicly Announced Plan

Yet Be Purchased Under the Plan (a)

January 1 through January 31

4,432

$49.35

—

N/A

February 1 through February 28

3,161

47.85

—

N/A

March 1 through March 31

484

48.77

—

N/A

8,077

48.73

—

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)
January 1 through January 31 3,552

$55.10
— N/A
February 1 through February 29 2,314
60.13
— N/A
March 1 through March 31 1,175
56.91
— N/A
7,041
57.05
—

(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.


ALLIANT ENERGY CORPORATION
Registrant

~~ALLIANT ENERGY CORPORATION~~
~~Registrant~~

By: /s/ Benjamin M. Bilitz	Chief 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. Bilitz	Chief 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. Bilitz	Chief Accounting Officer and Controller
Benjamin M. Bilitz		(Principal Accounting Officer and Authorized Signatory)



	March 31, 2020		December 31, 2019
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents		$55.2		$16.3
Accounts receivable, less allowance for expected credit losses	396.4		402.1
Production fuel, at weighted average cost	80.2		77.7
Gas stored underground, at weighted average cost	35.4		49.1
Materials and supplies, at weighted average cost	105.0		100.5
Regulatory assets	102.5		86.4
Other	137.5		143.4
Total current assets	912.2		875.5
Property, plant and equipment, net	13,685.0		13,527.1
Investments:
ATC Holdings	319.1		320.1
Other	150.4		147.7
Total investments	469.5		467.8
Other assets:
Regulatory assets	1,752.4		1,758.3
Deferred charges and other	59.9		72.0
Total other assets	1,812.3		1,830.3
Total assets		$16,879.0		$16,700.7



	Alliant Energy						IPL						WPL
	March 31, 2020			December 31, 2019			March 31, 2020			December 31, 2019			March 31, 2020			December 31, 2019
Customer		$100.8			$91.6			$—			$—			$90.6			$83.5
Unbilled utility revenues	68.9			82.1			—			—			68.9			82.1
Deferred proceeds	188.0			187.7			188.0			187.7			—			—
Other	47.7			48.0			17.8			16.3			29.6			31.4
Allowance for expected credit losses	(9.0		)	(7.3		)	(1.0		)	(1.2		)	(8.0		)	(6.1		)
		$396.4			$402.1			$204.8			$202.8			$181.1			$190.9



	Alliant Energy			IPL
Balance, January 1		$196.3			$133.9
Liabilities settled	(1.5		)	(1.4		)
Liabilities incurred (a)	27.6			27.6
Accretion expense	1.7			1.2
Balance, March 31		$224.1			$161.3


~~(a)~~	During the three months ended March 31, 2020, Alliant Energy and IPL recognized additional asset retirement obligations related to IPL’s newly constructed Whispering Willow North and Golden Plains wind sites. The increases in asset retirement obligations resulted in corresponding increases in property, plant and equipment, net on the respective balance sheets.



	Alliant Energy		IPL		WPL
Purchased power (a)		$76		$75		$1
Natural gas	915		508		407
Coal (b)	110		68		42
Other (c)	117		58		28
		$1,218		$709		$478


~~(b)~~	Corporate Services has historically entered into system-wide coal contracts on behalf of IPL and WPL that include minimum future commitments. Such commitments were assigned to IPL and WPL based on information available as of March 31, 2020 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 March 31, 2020.~~



	Alliant Energy			IPL			WPL
Total higher (lower) utility electric margin variance (Refer to details below)		$22			$31			($9	)
Total lower utility gas margin variance (Refer to details below)	(27		)	(23		)	(5		)
Total lower other operation and maintenance expenses variance (Refer to details below)	19			21			9
Higher depreciation and amortization expense primarily due to additional plant in service in 2019 and 2020, including IPL’s new wind generation	(9		)	(9		)	(1		)
Other	7			3			2
		$12			$23			($4	)



	Alliant Energy			IPL			WPL
Impact of IPL’s retail electric final and interim rate increases effective February 2020 and April 2019, respectively (a)		$30			$30			$—
Estimated changes in sales volumes caused by temperatures	(16		)	(9		)	(7		)
Higher revenues at IPL due to changes in electric tax benefit rider credits on customers’ bills (offset by changes in income tax expense)	5			5			—
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)	2			2			—
Other	1			3			(2		)
		$22			$31			($9	)


~~(a)~~			IPL’s interim retail electric base rate increase was effective April 1, 2019 and final retail electric base rate increase was effective February 26, 2020. Effective with final rates, the recovery of, and return on, IPL’s new wind generation placed in service in 2019 and 2020 is provided through the renewable energy rider. Both interim and final rate increases include a reduction for anticipated production tax credits for IPL’s new wind generation. This reduction is expected to be offset by a reduction in income tax expense resulting from production tax credits recognized from this new wind generation.24



	Alliant Energy			IPL			WPL
Lower 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)		($22	)		($22	)		$—
Estimated changes in sales volumes caused by temperatures	(8		)	(5		)	(3		)
Impact of IPL’s retail gas rate increase effective January 2020	6			6			—
Other	(3		)	(2		)	(2		)
		($27	)		($23	)		($5	)



	Alliant Energy			IPL			WPL
Higher interest expense primarily due to higher average outstanding long-term debt balances		($3	)		($5	)		$—
Higher (lower) allowance for funds used during construction primarily due to changes in construction work in progress balances related to IPL’s new wind generation and WPL’s West Riverside Energy Center and new wind generation	(2		)	(6		)	4
Other	5			1			1
		$—			($10	)		$5



	Alliant Energy			IPL			WPL
Decreased collections from IPL’s and WPL’s retail customers caused by temperature impacts on electric and gas sales		($24	)		($14	)		($10	)
Changes in levels of gas stored underground	(19		)	(7		)	(12		)
Changes in levels of production fuel	(17		)	(21		)	4
Changes in income taxes paid/refunded	(7		)	(7		)	—
Higher collections from IPL’s retail electric and gas base rate increases	36			36			—
Lower purchased power capacity payments at WPL	15			—			15
Other (primarily due to other changes in working capital)	(5		)	(39		)	29
		($21	)		($52	)		$26


~~(a)~~			~~Largely due to lower expenditures for IPL’s expansion of wind generation.~~26



	Alliant Energy			IPL			WPL
Higher payments to retire long-term debt		($300	)		$—			$—
Net changes in the amount of commercial paper and other short-term borrowings outstanding	(255		)	(65		)	(19		)
Higher net proceeds from issuance of long-term debt	300			—			—
Higher net proceeds from common stock issuances	174			—			—
Higher capital contributions from WPL’s parent company, Alliant Energy	—			—			25
Other (includes higher dividend payments in 2020)	(35		)	(31		)	(5		)
		($116	)		($96	)		$1


~~(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.27



Exhibit Number				Description
~~4.1~~		31.1	Officers’ Certificate, dated as of April 2, 2020, creating WPL’s 3.65% Debentures due April 1, 2050 (incorporated by reference to Exhibit 4.1 to WPL’s Form 8-K, filed April 2, 2020 (File No. 0-337))
~~10.1~~	Term Loan Credit Agreement, dated as of March 3, 2020, among AEF, Alliant Energy, KeyBank National Association and the lender parties set forth therein (incorporated by reference to Exhibit 10.1 to Alliant Energy’s Form 8-K, filed March 5, 2020 (File No. 1-9894))
~~31.1~~	Certification of the Chief Executive Officer for Alliant Energy
31.2			Certification of the Chief Financial Officer for Alliant Energy
31.3			Certification of the Chief Executive Officer for IPL
31.4			Certification of the Chief Financial Officer for IPL
31.5			Certification of the Chief Executive Officer for WPL
31.6			Certification of the Chief Financial Officer for WPL
32.1			Written Statement of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C.§1350 for Alliant Energy
32.2			Written Statement of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C.§1350 for IPL
32.3			Written Statement of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C.§1350 for WPL
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