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 June 30, ~~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 June 30, ~~2020:~~2021:

Alliant Energy Corporation, Common Stock, $0.01 par value, ~~249,644,352~~250,257,856 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		14
~~5. Common Equity~~6. Debt		1416

7 . Revenues		17
~~6. Debt~~8 . Income Taxes		17
~~7. Revenues~~9 . Benefit Plans		18
~~8. Income Taxes~~1 0 . Asset Retirement Obligations		1819
~~9. Benefit Plans~~1 1 . Derivative Instruments		19
~~10. Asset Retirement Obligations~~1 2 . Fair Value Measurements		20
~~11. Derivative Instruments~~1 3 . Commitments and Contingencies		2021
~~12. Fair Value Measurements~~1 4 . Segments of Business		2123
~~13. Commitments and Contingencies~~1 5 . Related Parties		2324
~~14. Segments of Business~~		25
~~15. Related Parties~~		26
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	2724
Item 3. Quantitative and Qualitative Disclosures About Market Risk		3531
Item 4. Controls and Procedures		3531
Part II. Other Information		3632
Item 1. Legal Proceedings		32
Item 1A. Risk Factors		3632
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		3632
Item 6. Exhibits		3732
Signatures		3733

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.	MW	Megawatt
COVID-19		Novel coronavirus	MWh	Megawatt-hour
DAEC		Duane Arnold Energy Center	N/A	Not applicable
Dth		Dekatherm	Note(s)	Combined Notes to Condensed Consolidated Financial Statements
EGU		Electric generating unit	OPEB	Other postretirement benefits
EPA		U.S. Environmental Protection Agency	PPA	Purchased power agreement
EPS		Earnings per weighted average common share	PSCW	Public Service Commission of Wisconsin
Federal Tax Reform		Tax Cuts and Jobs Act	U.S.	United States of America
FERC		Federal Energy Regulatory Commission	~~Whiting Petroleum~~West Riverside	~~Whiting Petroleum Corporation~~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;~~

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 personsdeferred tax assets 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, guarantees or litigation;

liabilities;



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•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, the ability to achieve the expected level of tax benefits based on tax guidelines and project costs, 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 changes in tax rates, including adjustments made to deferred tax assets and liabilities;~~

•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		For the Six Months
	Ended June 30,		Ended June 30,
	2021	2020	2021	2020
	(in millions, except per share amounts)
Revenues:
Electric utility	$717	$675	$1,418	$1,405
Gas utility	69	59	239	211
Other utility	10	10	23	22
Non-utility	21	19	38	41
Total revenues	817	763	1,718	1,679
Operating expenses:
Electric production fuel and purchased power	138	164	271	348
Electric transmission service	121	72	255	194
Cost of gas sold	31	21	131	106
Other operation and maintenance	160	159	306	322
Depreciation and amortization	165	152	329	298
Taxes other than income taxes	26	27	52	55
Total operating expenses	641	595	1,344	1,323
Operating income	176	168	374	356
Other (income) and deductions:
Interest expense	69	70	138	139
Equity income from unconsolidated investments, net	(19)	(18)	(34)	(31)
Allowance for funds used during construction	(5)	(15)	(9)	(38)
Other	2	3	4	4
Total other (income) and deductions	47	40	99	74
Income before income taxes	129	128	275	282
Income tax benefit	(17)	(8)	(45)	(27)


Net income	146	136	320	309
Preferred dividend requirements of Interstate Power and Light Company	2	2	5	5
Net income attributable to Alliant Energy common shareowners	$144	$134	$315	$304
Weighted average number of common shares outstanding:
Basic	250.2	249.6	250.1	247.0
Diluted	250.6	249.8	250.5	247.2
Earnings per weighted average common share attributable to Alliant Energy common shareowners:
Basic	$0.58	$0.54	$1.26	$1.23
Diluted	$0.57	$0.54	$1.26	$1.23

For the Three Months For the Six Months
Ended June 30, Ended June 30,
2020 2019 2020 2019
(in millions, except per share amounts)
Revenues:
Electric utility
$675.2

$691.2

$1,405.5

$1,434.6
Gas utility 58.9
65.2
211.1
281.0
Other utility 10.1
10.9
21.7
22.0
Non-utility 18.9
22.9
40.5
39.8
Total revenues 763.1
790.2
1,678.8
1,777.4
Operating expenses:
Electric production fuel and purchased power 163.5
164.8
347.6
383.2
Electric transmission service 71.6
112.4
193.8
235.4
Cost of gas sold 20.9
20.4
105.9
142.0
Other operation and maintenance 159.8
172.3
322.0
353.5
Depreciation and amortization 152.1
142.9
298.4
279.8
Taxes other than income taxes 27.1
27.6
54.7
56.9
Total operating expenses 595.0
640.4
1,322.4
1,450.8
Operating income 168.1
149.8
356.4
326.6
Other (income) and deductions:
Interest expense 69.6
69.2
138.5
135.5
Equity income from unconsolidated investments, net (17.4 ) (12.7 ) (30.8 ) (23.6 )
Allowance for funds used during construction (15.2 ) (18.3 ) (38.2 ) (43.7 )
Other 2.5
3.3
4.4
7.3
Total other (income) and deductions 39.5
41.5
73.9
75.5
Income before income taxes 128.6
108.3
282.5
251.1
Income tax expense (benefit) (8.3 ) 11.2
(27.0 ) 26.3
Net income 136.9
97.1
309.5
224.8
Preferred dividend requirements of Interstate Power and Light Company 2.5
2.5
5.1
5.1
Net income attributable to Alliant Energy common shareowners
$134.4

$94.6

$304.4

$219.7
Weighted average number of common shares outstanding:
Basic 249.6
237.5
247.0
237.0
Diluted 249.8
238.1
247.2
237.3
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted)

$0.54

$0.40

$1.23

$0.93

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



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ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	June 30, 2021	December 31, 2020
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$15	$54
Accounts receivable, less allowance for expected credit losses	377	412

Production fuel, at weighted average cost	57	66
Gas stored underground, at weighted average cost	32	46
Materials and supplies, at weighted average cost	119	105
Regulatory assets	95	81

Other	204	123
Total current assets	899	887
Property, plant and equipment, net	14,540	14,336
Investments:
ATC Holdings	336	331
Other	170	154
Total investments	506	485
Other assets:
Regulatory assets	1,900	1,929
Deferred charges and other	94	73
Total other assets	1,994	2,002
Total assets	$17,939	$17,710

June 30,
2020 December 31,
2019

(in millions, except per
share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents
$208.1

$16.3
Accounts receivable, less allowance for expected credit losses 386.5
402.1
Production fuel, at weighted average cost 78.0
77.7
Gas stored underground, at weighted average cost 36.8
49.1
Materials and supplies, at weighted average cost 107.0
100.5
Regulatory assets 94.5
86.4
Other 133.4
143.4
Total current assets 1,044.3
875.5
Property, plant and equipment, net 13,936.4
13,527.1
Investments:
ATC Holdings 326.1
320.1
Other 147.1
147.7
Total investments 473.2
467.8
Other assets:
Regulatory assets 1,748.5
1,758.3
Deferred charges and other 67.3
72.0
Total other assets 1,815.8
1,830.3
Total assets
$17,269.7

$16,700.7


LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$308	$8
Commercial paper	535	389

Accounts payable	392	377

Regulatory liabilities	174	249
Other	230	274
Total current liabilities	1,639	1,297
Long-term debt, net (excluding current portion)	6,468	6,769
Other liabilities:
Deferred tax liabilities	1,865	1,814
Regulatory liabilities	1,080	1,057
Pension and other benefit obligations	477	511
Other	391	374
Total other liabilities	3,813	3,756
Commitments and contingencies (Note 1 3)	0	0
Equity:
Alliant Energy Corporation common equity:
Common stock - $0.01 par value - 480,000,000 shares authorized; 250,257,856 and 249,868,415 shares	3	2
Additional paid-in capital	2,722	2,704
Retained earnings	3,106	2,994
Accumulated other comprehensive loss	(1)	(1)
Shares in deferred compensation trust - 372,337 and 380,542 shares at a weighted average cost of $29.65 and $28.73 per share	(11)	(11)
Total Alliant Energy Corporation common equity	5,819	5,688
Cumulative preferred stock of Interstate Power and Light Company	200	200
Total equity	6,019	5,888
Total liabilities and equity	$17,939	$17,710

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt
$7.4

$657.2
Commercial paper 185.4
337.4
Accounts payable 429.9
422.3
Regulatory liabilities 211.4
212.0
Other 386.8
425.2
Total current liabilities 1,220.9
2,054.1
Long-term debt, net (excluding current portion) 6,572.4
5,533.0
Other liabilities:
Deferred tax liabilities 1,761.3
1,714.0
Regulatory liabilities 1,159.6
1,211.6
Pension and other benefit obligations 450.2
484.0
Other 357.0
298.9
Total other liabilities 3,728.1
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; 249,644,352 and 245,022,800 shares 2.5
2.5
Additional paid-in capital 2,683.1
2,445.9
Retained earnings 2,873.5
2,765.4
Accumulated other comprehensive income (loss) (0.6 ) 1.3
Shares in deferred compensation trust - 367,493 and 381,232 shares at a weighted average cost of $27.86 and $26.24 per share (10.2 ) (10.0 )
Total Alliant Energy Corporation common equity 5,548.3
5,205.1
Cumulative preferred stock of Interstate Power and Light Company 200.0
200.0
Total equity 5,748.3
5,405.1
Total liabilities and equity
$17,269.7

$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 Six Months
	Ended June 30,
	2021	2020
	(in millions)
Cash flows from operating activities:
Net income	$320	$309
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	329	298
Deferred tax benefit and tax credits	(42)	(29)
Equity component of allowance for funds used during construction	(6)	(27)

Other	8	27
Other changes in assets and liabilities:
Accounts receivable	(265)	(198)
Derivative assets	(68)	(16)




Regulatory liabilities	(69)	(63)
Deferred income taxes	93	82
Pension and other benefit obligations	(34)	(34)

Other	(59)	(30)
Net cash flows from operating activities	207	319
Cash flows used for investing activities:
Construction and acquisition expenditures:
Utility business	(426)	(584)
Other	(32)	(24)
Cash receipts on sold receivables	295	210
Other	(27)	6
Net cash flows used for investing activities	(190)	(392)
Cash flows from (used for) financing activities:
Common stock dividends	(203)	(187)
Proceeds from issuance of common stock, net	15	235
Proceeds from issuance of long-term debt	0	1,050
Payments to retire long-term debt	(4)	(654)
Net change in commercial paper	146	(152)
Other	(11)	(28)
Net cash flows from (used for) financing activities	(57)	264
Net increase (decrease) in cash, cash equivalents and restricted cash	(40)	191
Cash, cash equivalents and restricted cash at beginning of period	56	18
Cash, cash equivalents and restricted cash at end of period	$16	$209
Supplemental cash flows information:
Cash paid during the period for:
Interest	($137)	($138)
Income taxes, net	($1)	($5)
Significant non-cash investing and financing activities:
Accrued capital expenditures	$139	$208
Beneficial interest obtained in exchange for securitized accounts receivable	$154	$194

For the Six Months
Ended June 30,
2020 2019
(in millions)
Cash flows from operating activities:
Net income
$309.5

$224.8
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 298.4
279.8
Deferred tax expense (benefit) and tax credits (28.8 ) 19.9
Equity component of allowance for funds used during construction (26.8 ) (30.8 )
Other 26.6
13.5
Other changes in assets and liabilities:
Accounts receivable (197.9 ) (199.7 )
Accounts payable 8.3
(33.1 )
Regulatory liabilities (63.4 ) (26.1 )
Pension and other benefit obligations (33.8 ) (21.7 )
Deferred income taxes 81.9
34.3
Other (54.3 ) 16.0
Net cash flows from operating activities 319.7
276.9
Cash flows used for investing activities:
Construction and acquisition expenditures:
Utility business (584.0 ) (652.5 )
Other (24.3 ) (54.1 )
Cash receipts on sold receivables 209.9
125.5
Other 6.1
(25.9 )
Net cash flows used for investing activities (392.3 ) (607.0 )
Cash flows from financing activities:
Common stock dividends (187.6 ) (167.8 )
Proceeds from issuance of common stock, net 234.8
60.6
Proceeds from issuance of long-term debt 1,050.0
650.0
Payments to retire long-term debt (653.7 ) (3.4 )
Net change in commercial paper (152.0 ) (50.7 )
Other (27.2 ) (9.9 )
Net cash flows from financing activities 264.3
478.8
Net increase in cash, cash equivalents and restricted cash 191.7
148.7
Cash, cash equivalents and restricted cash at beginning of period 17.7
25.5
Cash, cash equivalents and restricted cash at end of period
$209.4

$174.2
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest
($138.1 )
($132.7 )
Income taxes, net
($5.0 )
$2.5
Significant non-cash investing and financing activities:
Accrued capital expenditures
$208.3

$187.4
Beneficial interest obtained in exchange for securitized accounts receivable
$194.1

$214.6

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 Six Months							For the Three Months		For the Six Months
	Ended June 30,						Ended June 30,							Ended June 30,		Ended June 30,
	2020			2019			2020			2019				2021	2020	2021	2020
	(in millions)													(in millions)
Revenues:													Revenues:
Electric utility		$388.4			$392.3			$813.2			$812.1		Electric utility	$402	$388	$788	$813
Gas utility	33.9			38.4			116.9			163.0			Gas utility	43	34	134	117
Steam and other	9.6			10.5			20.7			21.2			Steam and other	10	10	22	21
Total revenues	431.9			441.2			950.8			996.3			Total revenues	455	432	944	951
Operating expenses:													Operating expenses:
Electric production fuel and purchased power	96.0			83.3			202.2			212.2			Electric production fuel and purchased power	55	96	114	202
Electric transmission service	34.0			77.4			118.5			165.1			Electric transmission service	79	35	171	119
Cost of gas sold	12.4			10.8			56.6			74.1			Cost of gas sold	22	13	72	57
Other operation and maintenance	97.5			97.4			184.1			205.4			Other operation and maintenance	81	97	158	184
Depreciation and amortization	88.7			82.6			174.6			159.7			Depreciation and amortization	93	89	187	175
Taxes other than income taxes	14.6			15.2			29.4			31.8			Taxes other than income taxes	14	14	28	29
Total operating expenses	343.2			366.7			765.4			848.3			Total operating expenses	344	344	730	766
Operating income	88.7			74.5			185.4			148.0			Operating income	111	88	214	185
Other (income) and deductions:													Other (income) and deductions:
Interest expense	34.8			31.5			69.3			60.9			Interest expense	34	35	69	69
Allowance for funds used during construction	(5.6		)	(7.9		)	(15.4		)	(23.7		)	Allowance for funds used during construction	(3)	(5)	(5)	(15)
Other	1.0			1.5			1.9			3.4			Other	2	0	2	2
Total other (income) and deductions	30.2			25.1			55.8			40.6			Total other (income) and deductions	33	30	66	56
Income before income taxes	58.5			49.4			129.6			107.4			Income before income taxes	78	58	148	129
Income tax expense (benefit)	(3.8		)	1.9			(17.9		)	4.0
Income tax benefit													Income tax benefit	(10)	(4)	(22)	(18)
Net income	62.3			47.5			147.5			103.4			Net income	88	62	170	147
Preferred dividend requirements	2.5			2.5			5.1			5.1			Preferred dividend requirements	2	2	5	5
Net income available for common stock		$59.8			$45.0			$142.4			$98.3		Net income available for common stock	$86	$60	$165	$142

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.



			6

Table of Contents

INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	June 30, 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	182	210
Income tax refunds receivable	15	26
Production fuel, at weighted average cost	38	48
Gas stored underground, at weighted average cost	12	20
Materials and supplies, at weighted average cost	72	63
Regulatory assets	72	52
Other	53	27
Total current assets	455	496
Property, plant and equipment, net	7,907	7,889
Other assets:
Regulatory assets	1,416	1,431
Deferred charges and other	47	33
Total other assets	1,463	1,464
Total assets	$9,825	$9,849

June 30,
2020 December 31,
2019

(in millions, except per
share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents
$203.5

$9.3
Accounts receivable, less allowance for expected credit losses 208.9
202.8
Production fuel, at weighted average cost 54.8
47.1
Gas stored underground, at weighted average cost 10.4
21.7
Materials and supplies, at weighted average cost 60.4
55.0
Regulatory assets 54.0
43.5
Other 32.5
30.0
Total current assets 624.5
409.4
Property, plant and equipment, net 7,666.3
7,480.7
Other assets:
Regulatory assets 1,350.9
1,355.8
Deferred charges and other 37.9
31.6
Total other assets 1,388.8
1,387.4
Total assets
$9,679.6

$9,277.5


LIABILITIES AND EQUITY
Current liabilities:


Accounts payable	$126	$162

Regulatory liabilities	64	103


Other	180	182
Total current liabilities	370	447
Long-term debt, net	3,346	3,345
Other liabilities:
Deferred tax liabilities	1,054	1,035
Regulatory liabilities	583	573
Pension and other benefit obligations	171	186
Other	322	299
Total other liabilities	2,130	2,093
Commitments and contingencies (Note 1 3)	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	2,802	2,752
Retained earnings	944	979
Total Interstate Power and Light Company common equity	3,779	3,764
Cumulative preferred stock	200	200
Total equity	3,979	3,964
Total liabilities and equity	$9,825	$9,849

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

$200.0
Accounts payable 207.3
207.0
Regulatory liabilities 131.1
115.9
Other 293.8
307.6
Total current liabilities 632.2
830.5
Long-term debt, net (excluding current portion) 3,343.5
2,947.3
Other liabilities:
Deferred tax liabilities 1,012.7
1,008.0
Regulatory liabilities 586.8
598.8
Pension and other benefit obligations 160.1
167.7
Other 273.2
253.4
Total other liabilities 2,032.8
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 2,522.8
2,347.8
Retained earnings 914.9
890.6
Total Interstate Power and Light Company common equity 3,471.1
3,271.8
Cumulative preferred stock 200.0
200.0
Total equity 3,671.1
3,471.8
Total liabilities and equity
$9,679.6

$9,277.5

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



			7

Table of Contents

INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the Six Months
	Ended June 30,
	2021	2020
	(in millions)
Cash flows from operating activities:
Net income	$170	$147
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	187	175

Deferred tax benefit and tax credits	(11)	(21)
Other	(2)	(6)
Other changes in assets and liabilities:
Accounts receivable	(270)	(219)
Derivative assets	(27)	(15)


Accounts payable	1	26
Regulatory liabilities	(36)	0

Deferred income taxes	30	26


Other	(24)	(36)
Net cash flows from operating activities	18	77
Cash flows from (used for) investing activities:
Construction and acquisition expenditures	(191)	(310)
Cash receipts on sold receivables	295	210
Other	(6)	(25)
Net cash flows from (used for) investing activities	98	(125)
Cash flows from (used for) financing activities:
Common stock dividends	(200)	(118)
Capital contributions from parent	50	175
Proceeds from issuance of long-term debt	0	400
Payments to retire long-term debt	0	(200)

Other	(5)	(15)
Net cash flows from (used for) financing activities	(155)	242
Net increase (decrease) in cash, cash equivalents and restricted cash	(39)	194
Cash, cash equivalents and restricted cash at beginning of period	50	9
Cash, cash equivalents and restricted cash at end of period	$11	$203
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest	($69)	($72)
Income taxes, net	$27	$7
Significant non-cash investing and financing activities:
Accrued capital expenditures	$32	$94
Beneficial interest obtained in exchange for securitized accounts receivable	$154	$194

For the Six Months
Ended June 30,
2020 2019
(in millions)
Cash flows from operating activities:
Net income
$147.5

$103.4
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 174.6
159.7
Deferred tax benefit and tax credits (20.9 ) (11.7 )
Other (5.8 ) (14.9 )
Other changes in assets and liabilities:
Accounts receivable (218.7 ) (209.3 )
Accounts payable 26.1
(17.0 )
Deferred income taxes 25.6
25.3
Other (51.2 ) 53.5
Net cash flows from operating activities 77.2
89.0
Cash flows used for investing activities:
Construction and acquisition expenditures (309.6 ) (449.5 )
Cash receipts on sold receivables 209.9
125.5
Other (25.5 ) (30.5 )
Net cash flows used for investing activities (125.2 ) (354.5 )
Cash flows from financing activities:
Common stock dividends (118.1 ) (83.9 )
Capital contributions from parent 175.0
100.0
Proceeds from issuance of long-term debt 400.0
300.0
Payments to retire long-term debt (200.0 ) —
Net change in commercial paper —
(50.4 )
Other (14.7 ) (6.2 )
Net cash flows from financing activities 242.2
259.5
Net increase (decrease) in cash, cash equivalents and restricted cash 194.2
(6.0 )
Cash, cash equivalents and restricted cash at beginning of period 9.3
12.4
Cash, cash equivalents and restricted cash at end of period
$203.5

$6.4
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest
($71.6 )
($58.3 )
Income taxes, net
$7.3

$12.1
Significant non-cash investing and financing activities:
Accrued capital expenditures
$93.8

$117.4
Beneficial interest obtained in exchange for securitized accounts receivable
$194.1

$214.6

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 Six Months							For the Three Months		For the Six Months
	Ended June 30,						Ended June 30,							Ended June 30,		Ended June 30,
	2020			2019			2020			2019				2021	2020	2021	2020
	(in millions)													(in millions)
Revenues:													Revenues:
Electric utility		$286.8			$298.9			$592.3			$622.5		Electric utility	$315	$287	$630	$592
Gas utility	25.0			26.8			94.2			118.0			Gas utility	26	25	105	94
Other	0.5			0.4			1.0			0.8			Other	0	0	1	1
Total revenues	312.3			326.1			687.5			741.3			Total revenues	341	312	736	687
Operating expenses:													Operating expenses:
Electric production fuel and purchased power	67.5			81.5			145.4			171.0			Electric production fuel and purchased power	84	67	158	145
Electric transmission service	37.6			35.0			75.3			70.3			Electric transmission service	42	37	84	75
Cost of gas sold	8.5			9.6			49.3			67.9			Cost of gas sold	9	8	59	49
Other operation and maintenance	53.2			62.4			107.4			125.9			Other operation and maintenance	69	53	128	107
Depreciation and amortization	62.0			59.1			121.1			117.7			Depreciation and amortization	70	62	139	121
Taxes other than income taxes	11.8			11.5			23.5			23.4			Taxes other than income taxes	12	13	23	24
Total operating expenses	240.6			259.1			522.0			576.2			Total operating expenses	286	240	591	521
Operating income	71.7			67.0			165.5			165.1			Operating income	55	72	145	166
Other (income) and deductions:													Other (income) and deductions:
Interest expense	27.3			26.1			52.4			51.9			Interest expense	26	27	52	52

Allowance for funds used during construction	(9.5		)	(10.4		)	(22.7		)	(20.0		)	Allowance for funds used during construction	(2)	(10)	(4)	(23)
Other	0.8			1.6			1.3			3.2			Other	0	2	1	2
Total other (income) and deductions	18.6			17.3			31.0			35.1			Total other (income) and deductions	24	19	49	31
Income before income taxes	53.1			49.7			134.5			130.0			Income before income taxes	31	53	96	135
Income tax expense (benefit)	(4.5		)	7.7			(12.7		)	22.3
Income tax benefit													Income tax benefit	(7)	(5)	(26)	(12)
Net income		$57.6			$42.0			$147.2			$107.7		Net income	$38	$58	$122	$147

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)

June 30,
2020 December 31,
2019

(in millions, except per
share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents
$3.2

$4.4
Accounts receivable, less allowance for expected credit losses 166.9
190.9
Production fuel, at weighted average cost 23.1
30.6
Gas stored underground, at weighted average cost 26.4
27.4
Materials and supplies, at weighted average cost 44.3
43.1
Regulatory assets 40.5
42.9
Other 52.1
103.4
Total current assets 356.5
442.7
Property, plant and equipment, net 5,867.2
5,638.3
Other assets:
Regulatory assets 397.6
402.5
Deferred charges and other 27.1
23.0
Total other assets 424.7
425.5
Total assets
$6,648.4

$6,506.5


	June 30, 2021	December 31, 2020
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$3	$3
Accounts receivable, less allowance for expected credit losses	182	192

Production fuel, at weighted average cost	19	18
Gas stored underground, at weighted average cost	20	26
Materials and supplies, at weighted average cost	44	40
Regulatory assets	23	29

Other	92	54
Total current assets	383	362
Property, plant and equipment, net	6,203	6,022
Other assets:
Regulatory assets	484	498
Deferred charges and other	47	30
Total other assets	531	528
Total assets	$7,117	$6,912


LIABILITIES AND EQUITY
Current liabilities:

Commercial paper	$192	$257

Accounts payable	203	154

Regulatory liabilities	110	146
Other	94	117
Total current liabilities	599	674
Long-term debt, net	2,131	2,130
Other liabilities:
Deferred tax liabilities	730	702
Regulatory liabilities	497	484
Finance lease obligations - Sheboygan Falls Energy Facility	37	42
Pension and other benefit obligations	205	222
Other	193	180
Total other liabilities	1,662	1,630
Commitments and contingencies (Note 1 3)	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	1,669	1,459
Retained earnings	990	953
Total Wisconsin Power and Light Company common equity	2,725	2,478


Total liabilities and equity	$7,117	$6,912

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

$150.0
Commercial paper 37.9
168.2
Accounts payable 183.0
159.9
Accounts payable to associated companies 28.9
41.8
Regulatory liabilities 80.3
96.1
Other 79.5
74.3
Total current liabilities 409.6
690.3
Long-term debt, net (excluding current portion) 2,129.4
1,782.7
Other liabilities:
Deferred tax liabilities 667.4
626.2
Regulatory liabilities 572.8
612.8
Finance lease obligations - Sheboygan Falls Energy Facility 46.7
51.4
Pension and other benefit obligations 201.8
210.8
Other 168.9
168.7
Total other liabilities 1,657.6
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 926.6
863.4
Total Wisconsin Power and Light Company common equity 2,451.8
2,363.6
Total liabilities and equity
$6,648.4

$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 Six Months
	Ended June 30,
	2021	2020
	(in millions)
Cash flows from operating activities:
Net income	$122	$147
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	139	121
Deferred tax benefit and tax credits	(35)	(12)
Other	10	(7)
Other changes in assets and liabilities:
Accounts receivable	9	23

Derivative assets	(41)	(1)


Regulatory liabilities	(33)	(63)

Deferred income taxes	63	53
Other	(34)	(5)
Net cash flows from operating activities	200	256
Cash flows used for investing activities:
Construction and acquisition expenditures	(235)	(274)
Other	(18)	14
Net cash flows used for investing activities	(253)	(260)
Cash flows from financing activities:
Common stock dividends	(85)	(84)
Capital contributions from parent	210	25
Proceeds from issuance of long-term debt	0	350
Payments to retire long-term debt	0	(150)
Net change in commercial paper	(65)	(130)
Other	(7)	(8)
Net cash flows from financing activities	53	3
Net decrease in cash, cash equivalents and restricted cash	0	(1)
Cash, cash equivalents and restricted cash at beginning of period	3	4
Cash, cash equivalents and restricted cash at end of period	$3	$3
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest	($52)	($50)
Income taxes, net	($27)	$1
Significant non-cash investing and financing activities:
Accrued capital expenditures	$104	$114

For the Six Months
Ended June 30,
2020 2019
(in millions)
Cash flows from operating activities:
Net income
$147.2

$107.7
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 121.1
117.7
Other (18.9 ) 17.0
Other changes in assets and liabilities:
Accounts receivable 23.1
7.6
Regulatory liabilities (63.3 ) (18.4 )
Deferred income taxes 53.2
11.2
Other (6.1 ) (34.6 )
Net cash flows from operating activities 256.3
208.2
Cash flows used for investing activities:
Construction and acquisition expenditures (274.4 ) (203.0 )
Other 14.6
(15.0 )
Net cash flows used for investing activities (259.8 ) (218.0 )
Cash flows from financing activities:
Common stock dividends (84.0 ) (72.0 )
Capital contributions from parent 25.0
—
Proceeds from issuance of long-term debt 350.0
350.0
Payments to retire long-term debt (150.0 ) —
Net change in commercial paper (130.3 ) (105.5 )
Other (8.4 ) (7.4 )
Net cash flows from financing activities 2.3
165.1
Net increase (decrease) in cash, cash equivalents and restricted cash (1.2 ) 155.3
Cash, cash equivalents and restricted cash at beginning of period 4.4
9.2
Cash, cash equivalents and restricted cash at end of period
$3.2

$164.5
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest
($49.7 )
($51.7 )
Income taxes, net
$1.1

($6.5 )
Significant non-cash investing and financing activities:
Accrued capital expenditures
$113.7

$66.4

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~~2020 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 six months ended June 30, ~~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. For the three and six months ended June 30, 2020, 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. While the total expected impact of COVID-19 on future sales is currently unknown, Alliant Energy, IPL and WPL have experienced higher electric residential sales and lower electric commercial and industrial sales since the outset of the pandemic. The degree to which the COVID-19 pandemic may impact Alliant Energy, IPL and WPL 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~~Asset Impairments -

Property, Plant and ~~Cash Equivalents~~Equipment of Regulated Operations - AtIn the second quarter of 2021, WPL received approval from MISO to retire Columbia Units 1 and 2, which had a net book value of approximately $475 million in aggregate as of June 30, ~~2020, Alliant Energy’s~~2021, and ~~IPL’s cash~~currently anticipates retiring Columbia Unit 1 by the end of 2023 and ~~cash equivalents included $198.3 million and $198.3 million~~Columbia Unit 2 by the end of ~~money market fund investments, with weighted average interest rates of 0.1% and 0.1%, 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, which utilizes potential outcomes in a range of possible estimated amounts.

~~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.2024. Alliant Energy ~~IPL~~ and WPL ~~adopted this standard~~concluded that Columbia Units 1 and 2 met the criteria to be considered probable of abandonment as of June 30, 2021. WPL is currently allowed a full recovery of and a full return on ~~January 1, 2020 using~~these EGUs from both its retail and wholesale customers, and as a ~~modified retrospective method of adoption, which required cumulative effect adjustments to retained earnings on January 1, 2020. IPL~~result, Alliant Energy 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 obligationsconcluded that no disallowance was required as of ~~an affiliate of Whiting Petroleum (refer to~~ ~~Note 13(c)~~ ~~for further discussion). This adjustment is included in “Adoption of new accounting standard” in Alliant Energy’s summary of changes in shareowners’ equity in~~ ~~Note 5~~ ~~for the six months ended~~ June 30, ~~2020.~~2021.



	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
	June 30, 2021	December 31, 2020	June 30, 2021	December 31, 2020	June 30, 2021	December 31, 2020
Tax-related	$914	$890	$865	$843	$49	$47
Pension and OPEB costs	559	580	281	291	278	289
Asset retirement obligations	123	119	85	81	38	38
Assets retired early	103	113	72	77	31	36
IPL’s DAEC PPA amendment	102	110	102	110	—	—
WPL’s Western Wisconsin gas distribution expansion investments	54	55	—	—	54	55
Derivatives	3	26	2	13	1	13

Other	137	117	81	68	56	49
	$1,995	$2,010	$1,488	$1,483	$507	$527

Alliant Energy IPL WPL
June 30,
2020 December 31,
2019 June 30,
2020 December 31,
2019 June 30,
2020 December 31,
2019
Tax-related
$842.5

$817.6

$797.4

$776.8

$45.1

$40.8
Pension and OPEB costs 501.2
524.0
251.3
262.5
249.9
261.5
Assets retired early 122.9
134.0
81.8
87.9
41.1
46.1
Asset retirement obligations 114.0
111.8
78.2
76.2
35.8
35.6
IPL’s DAEC PPA amendment 109.4
108.2
109.4
108.2
—
—
Derivatives 47.0
39.5
20.5
18.3
26.5
21.2
Emission allowances 19.8
21.1
19.8
21.1
—
—
Other 86.2
88.5
46.5
48.3
39.7
40.2

$1,843.0

$1,844.7

$1,404.9

$1,399.3

$438.1

$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 June 30, 2021, IPL’s cumulative under-collection of these natural gas costs was $14 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.


			12

Table of Contents

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


	Alliant Energy		IPL		WPL
	June 30, 2021	December 31, 2020	June 30, 2021	December 31, 2020	June 30, 2021	December 31, 2020
Tax-related	$661	$732	$322	$331	$339	$401
Cost of removal obligations	373	367	245	238	128	129
Derivatives	81	28	40	25	41	3
Electric transmission cost recovery	48	68	23	39	25	29
WPL’s West Riverside liquidated damages	40	38	—	—	40	38



Other	51	73	17	43	34	30
	$1,254	$1,306	$647	$676	$607	$630

Alliant Energy IPL WPL
June 30,
2020 December 31,
2019 June 30,
2020 December 31,
2019 June 30,
2020 December 31,
2019
Tax-related
$779.0

$835.6

$343.6

$350.9

$435.4

$484.7
Cost of removal obligations 385.8
387.7
256.4
257.0
129.4
130.7
Electric transmission cost recovery 66.3
88.6
30.7
51.3
35.6
37.3
Commodity cost recovery 30.1
24.2
14.0
8.8
16.1
15.4
Derivatives 28.8
19.9
26.3
17.4
2.5
2.5
WPL’s earnings sharing mechanism 20.4
21.9
—
—
20.4
21.9
Other 60.6
45.7
46.9
29.3
13.7
16.4

$1,371.0

$1,423.6

$717.9

$714.7

$653.1

$708.9

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 six months ended June 30, ~~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.

~~Electric transmission cost recovery -~~ In the second quarter of 2020, pursuant to a June 2020 IUB order, IPL issued $42 million of credits to its retail electric customers through its transmission cost rider for amounts previously collected in rates, which resulted in a corresponding reduction to “Electric transmission service” expense in Alliant Energy’s and IPL’s income statements for the three and six months ended June 30, 2020.

~~Refer to~~ ~~Note 13(f)~~ ~~for discussion of refunds received by IPL and WPL in the second quarter of 2020 related to MISO transmission owner return on equity complaints.~~

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
June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019
Customer
$92.7

$91.6

$—

$—

$82.4

$83.5
Unbilled utility revenues 68.2
82.1
—
—
68.2
82.1
Deferred proceeds 194.1
187.7
194.1
187.7
—
—
Other 41.5
48.0
16.5
16.3
24.5
31.4
Allowance for expected credit losses (10.0 ) (7.3 ) (1.7 ) (1.2 ) (8.2 ) (6.1 )

$386.5

$402.1

$208.9

$202.8

$166.9

$190.9



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~~Table of Contents~~

~~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. 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. As of June 30, ~~2020,~~2021, IPL had ~~$89~~$65 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 and six months ended June 30 were as follows (in millions):


	Three Months		Six Months
	2021	2020	2021	2020
Maximum outstanding aggregate cash proceeds	$110	$65	$110	$96
Average outstanding aggregate cash proceeds	61	11	46	17

Three Months Six Months
2020 2019 2020 2019
Maximum outstanding aggregate cash proceeds
$65.0

$25.0

$96.0

$108.0
Average outstanding aggregate cash proceeds 11.1
2.6
17.3
41.6

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


	June 30, 2021	December 31, 2020
Customer accounts receivable	$125	$114
Unbilled utility revenues	88	92

Receivables sold to third party	213	206
Less: cash proceeds	45	1
Deferred proceeds	168	205
Less: allowance for expected credit losses	14	17
Fair value of deferred proceeds	$154	$188

June 30, 2020 December 31, 2019
Customer accounts receivable
$113.5

$124.7
Unbilled utility revenues 92.3
95.5
Other receivables 0.4
0.9
Receivables sold to third party 206.2
221.1
Less: cash proceeds 1.0
27.0
Deferred proceeds 205.2
194.1
Less: allowance for expected credit losses 11.1
6.4
Fair value of deferred proceeds
$194.1

$187.7

As of June 30, ~~2020,~~2021, outstanding receivables past due under the Receivables Agreement were ~~$25.1~~$15 million. Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three and six months ended June 30 were as follows (in millions):


	Three Months		Six Months
	2021	2020	2021	2020
Collections	$453	$453	$982	$994
Write-offs, net of recoveries	1	1	3	3

Three Months Six Months
2020 2019 2020 2019
Collections
$453.0

$487.7

$994.4

$1,043.5
Write-offs, net of recoveries 1.2
2.6
3.3
8.1

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 and six months ended June 30 was as follows (in millions):


	Three Months		Six Months
	2021	2020	2021	2020
ATC Holdings	($11)	($14)	($22)	($25)

Other	(8)	(4)	(12)	(6)
	($19)	($18)	($34)	($31)

Three Months Six Months
2020 2019 2020 2019
ATC Holdings
($13.5 )
($10.0 )
($24.5 )
($19.5 )
Non-utility wind farm in Oklahoma (1.9 ) (1.3 ) (4.1 ) (2.4 )
Other (2.0 ) (1.4 ) (2.2 ) (1.7 )

($17.4 )
($12.7 )
($30.8 )
($23.6 )


			13

Table of Contents

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			~~248,220~~275,892
Equity-based compensation plans			~~98,205~~113,549

Shares outstanding, June 30, ~~2020~~2021			~~249,644,352~~250,257,856

~~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 the first quarter of 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.



	14

~~Table of Contents~~

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


Alliant Energy	Total Alliant Energy Common Equity
				Accumulated	Shares in	Cumulative
		Additional		Other	Deferred	Preferred
	Common	Paid-In	Retained	Comprehensive	Compensation	Stock	Total
	Stock	Capital	Earnings	Income (Loss)	Trust	of IPL	Equity
Three Months Ended June 30, 2021
Beginning balance, March 31, 2021	$3	$2,712	$3,063	($1)	($11)	$200	$5,966
Net income attributable to Alliant Energy common shareowners			144				144
Common stock dividends ($0.4025 per share)			(101)				(101)
Shareowner Direct Plan issuances		7					7
Equity-based compensation plans and other		3					3

Ending balance, June 30, 2021	$3	$2,722	$3,106	($1)	($11)	$200	$6,019
Three Months Ended June 30, 2020
Beginning balance, March 31, 2020	$2	$2,674	$2,834	$2	($10)	$200	$5,702
Net income attributable to Alliant Energy common shareowners			134				134
Common stock dividends ($0.38 per share)			(94)				(94)
Shareowner Direct Plan issuances		7					7
Equity-based compensation plans and other		2					2

Other comprehensive loss, net of tax				(3)			(3)
Ending balance, June 30, 2020	$2	$2,683	$2,874	($1)	($10)	$200	$5,748

Alliant Energy Total Alliant Energy Common Equity ��
Accumulated Shares in Cumulative
Additional Other Deferred Preferred
Common Paid-In Retained Comprehensive Compensation Stock Total
Stock Capital Earnings Income (Loss) Trust of IPL Equity
Three Months Ended June 30, 2020
Beginning balance, March 31, 2020
$2.5

$2,674.1

$2,833.7

$2.0

($9.9 )
$200.0

$5,702.4
Net income attributable to Alliant Energy common shareowners 134.4
134.4
Common stock dividends ($0.38 per share) (94.6 ) (94.6 )
Shareowner Direct Plan issuances

6.4
6.4
Equity-based compensation plans and other 2.6
(0.3 ) 2.3
Other comprehensive loss, net of tax (2.6 ) (2.6 )
Ending balance, June 30, 2020
$2.5

$2,683.1

$2,873.5

($0.6 )
($10.2 )
$200.0

$5,748.3
Three Months Ended June 30, 2019
Beginning balance, March 31, 2019
$2.4

$2,100.0

$2,587.3

$2.4

($9.7 )
$200.0

$4,882.4
Net income attributable to Alliant Energy common shareowners 94.6
94.6
Common stock dividends ($0.355 per share) (84.1 ) (84.1 )
Shareowner Direct Plan issuances

6.0
6.0
Equity-based compensation plans and other 2.4
(0.3 ) 2.1
Other comprehensive loss, net of tax (1.4 ) (1.4 )
Ending balance, June 30, 2019
$2.4

$2,108.4

$2,597.8

$1.0

($10.0 )
$200.0

$4,899.6

Alliant Energy Total Alliant Energy Common Equity
Accumulated Shares in Cumulative
Additional Other Deferred Preferred
Common Paid-In Retained Comprehensive Compensation Stock Total
Stock Capital Earnings Income (Loss) Trust of IPL Equity
Six Months Ended June 30, 2020
Beginning balance, December 31, 2019
$2.5

$2,445.9

$2,765.4

$1.3

($10.0 )
$200.0

$5,405.1
Net income attributable to Alliant Energy common shareowners 304.4
304.4
Common stock dividends ($0.76 per share) (187.6 ) (187.6 )
Equity forward settlements and Shareowner Direct Plan issuances

234.8
234.8
Equity-based compensation plans and other 2.4
(0.2 ) 2.2
Adoption of new accounting standard, net of tax (refer to Note 1(d))
(8.7 ) (8.7 )
Other comprehensive loss, net of tax (1.9 ) (1.9 )
Ending balance, June 30, 2020
$2.5

$2,683.1

$2,873.5

($0.6 )
($10.2 )
$200.0

$5,748.3
Six Months Ended June 30, 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 219.7
219.7
Common stock dividends ($0.71 per share) (167.8 ) (167.8 )
Equity forward settlements and Shareowner Direct Plan issuances 60.6
60.6
Equity-based compensation plans and other 2.3
(0.2 ) 2.1
Other comprehensive loss, net of tax (0.7 ) (0.7 )
Ending balance, June 30, 2019
$2.4

$2,108.4

$2,597.8

$1.0

($10.0 )
$200.0

$4,899.6



Alliant Energy	Total Alliant Energy Common Equity
				Accumulated	Shares in	Cumulative
		Additional		Other	Deferred	Preferred
	Common	Paid-In	Retained	Comprehensive	Compensation	Stock	Total
	Stock	Capital	Earnings	Income (Loss)	Trust	of IPL	Equity
Six Months Ended June 30, 2021
Beginning balance, December 31, 2020	$2	$2,704	$2,994	($1)	($11)	$200	$5,888
Net income attributable to Alliant Energy common shareowners			315				315
Common stock dividends ($0.805 per share)			(203)				(203)
Shareowner Direct Plan issuances	1	14					15
Equity-based compensation plans and other		4					4


Ending balance, June 30, 2021	$3	$2,722	$3,106	($1)	($11)	$200	$6,019
Six Months Ended June 30, 2020
Beginning balance, December 31, 2019	$2	$2,446	$2,766	$1	($10)	$200	$5,405
Net income attributable to Alliant Energy common shareowners			304				304
Common stock dividends ($0.76 per share)			(187)				(187)
Equity forward settlements and Shareowner Direct Plan issuances		235					235
Equity-based compensation plans and other		2					2
Adoption of new accounting standard, net of tax			(9)				(9)
Other comprehensive loss, net of tax				(2)			(2)
Ending balance, June 30, 2020	$2	$2,683	$2,874	($1)	($10)	$200	$5,748



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IPL	Total IPL Common Equity
		Additional		Cumulative
	Common	Paid-In	Retained	Preferred	Total
	Stock	Capital	Earnings	Stock	Equity
Three Months Ended June 30, 2021
Beginning balance, March 31, 2021	$33	$2,752	$957	$200	$3,942
Net income available for common stock			86		86
Common stock dividends			(99)		(99)
Capital contributions from parent		50			50
Ending balance, June 30, 2021	$33	$2,802	$944	$200	$3,979
Three Months Ended June 30, 2020
Beginning balance, March 31, 2020	$33	$2,448	$914	$200	$3,595
Net income available for common stock			60		60
Common stock dividends			(59)		(59)
Capital contributions from parent		75			75
Ending balance, June 30, 2020	$33	$2,523	$915	$200	$3,671



IPL	Total IPL Common Equity
		Additional		Cumulative
	Common	Paid-In	Retained	Preferred	Total
	Stock	Capital	Earnings	Stock	Equity
Six Months Ended June 30, 2021
Beginning balance, December 31, 2020	$33	$2,752	$979	$200	$3,964
Net income available for common stock			165		165
Common stock dividends			(200)		(200)
Capital contributions from parent		50			50
Ending balance, June 30, 2021	$33	$2,802	$944	$200	$3,979
Six Months Ended June 30, 2020
Beginning balance, December 31, 2019	$33	$2,348	$891	$200	$3,472
Net income available for common stock			142		142
Common stock dividends			(118)		(118)
Capital contributions from parent		175			175
Ending balance, June 30, 2020	$33	$2,523	$915	$200	$3,671

IPL Total IPL Common Equity
Additional Cumulative
Common Paid-In Retained Preferred Total
Stock Capital Earnings Stock Equity
Three Months Ended June 30, 2020
Beginning balance, March 31, 2020
$33.4

$2,447.8

$914.2

$200.0

$3,595.4
Net income available for common stock 59.8
59.8
Common stock dividends (59.1 ) (59.1 )
Capital contributions from parent 75.0
75.0
Ending balance, June 30, 2020
$33.4

$2,522.8

$914.9

$200.0

$3,671.1
Three Months Ended June 30, 2019
Beginning balance, March 31, 2019
$33.4

$2,322.8

$785.8

$200.0

$3,342.0
Net income available for common stock 45.0
45.0
Common stock dividends (41.9 ) (41.9 )
Ending balance, June 30, 2019
$33.4

$2,322.8

$788.9

$200.0

$3,345.1

IPL Total IPL Common Equity
Additional Cumulative
Common Paid-In Retained Preferred Total
Stock Capital Earnings Stock Equity
Six Months Ended June 30, 2020
Beginning balance, December 31, 2019
$33.4

$2,347.8

$890.6

$200.0

$3,471.8
Net income available for common stock 142.4
142.4
Common stock dividends (118.1 ) (118.1 )
Capital contributions from parent 175.0
175.0
Ending balance, June 30, 2020
$33.4

$2,522.8

$914.9

$200.0

$3,671.1
Six Months Ended June 30, 2019
Beginning balance, December 31, 2018
$33.4

$2,222.8

$774.5

$200.0

$3,230.7
Net income available for common stock 98.3
98.3
Common stock dividends (83.9 ) (83.9 )
Capital contributions from parent 100.0
100.0
Ending balance, June 30, 2019
$33.4

$2,322.8

$788.9

$200.0

$3,345.1

WPL Additional Total
Common Paid-In Retained Common
Stock Capital Earnings Equity
Three Months Ended June 30, 2020
Beginning balance, March 31, 2020
$66.2

$1,459.0

$910.9

$2,436.1
Net income 57.6
57.6
Common stock dividends (41.9 ) (41.9 )
Ending balance, June 30, 2020
$66.2

$1,459.0

$926.6

$2,451.8
Three Months Ended June 30, 2019
Beginning balance, March 31, 2019
$66.2

$1,309.0

$804.0

$2,179.2
Net income 42.0
42.0
Common stock dividends (36.0 ) (36.0 )
Ending balance, June 30, 2019
$66.2

$1,309.0

$810.0

$2,185.2


WPL		Additional		Total
	Common	Paid-In	Retained	Common
	Stock	Capital	Earnings	Equity
Three Months Ended June 30, 2021
Beginning balance, March 31, 2021	$66	$1,584	$995	$2,645
Net income			38	38
Common stock dividends			(43)	(43)
Capital contributions from parent		85		85
Ending balance, June 30, 2021	$66	$1,669	$990	$2,725
Three Months Ended June 30, 2020
Beginning balance, March 31, 2020	$66	$1,459	$911	$2,436
Net income			58	58
Common stock dividends			(42)	(42)

Ending balance, June 30, 2020	$66	$1,459	$927	$2,452



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WPL		Additional		Total
	Common	Paid-In	Retained	Common
	Stock	Capital	Earnings	Equity
Six Months Ended June 30, 2021
Beginning balance, December 31, 2020	$66	$1,459	$953	$2,478
Net income			122	122
Common stock dividends			(85)	(85)
Capital contributions from parent		210		210
Ending balance, June 30, 2021	$66	$1,669	$990	$2,725
Six Months Ended June 30, 2020
Beginning balance, December 31, 2019	$66	$1,434	$864	$2,364
Net income			147	147
Common stock dividends			(84)	(84)
Capital contributions from parent		25		25
Ending balance, June 30, 2020	$66	$1,459	$927	$2,452

WPL Additional Total
Common Paid-In Retained Common
Stock Capital Earnings Equity
Six Months Ended June 30, 2020
Beginning balance, December 31, 2019
$66.2

$1,434.0

$863.4

$2,363.6
Net income 147.2
147.2
Common stock dividends (84.0 ) (84.0 )
Capital contributions from parent 25.0
25.0
Ending balance, June 30, 2020
$66.2

$1,459.0

$926.6

$2,451.8
Six Months Ended June 30, 2019
Beginning balance, December 31, 2018
$66.2

$1,309.0

$774.3

$2,149.5
Net income 107.7
107.7
Common stock dividends (72.0 ) (72.0 )
Ending balance, June 30, 2019
$66.2

$1,309.0

$810.0

$2,185.2

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):


June 30, 2021	Alliant Energy	IPL	WPL
Amount outstanding	$535	$0	$192
Weighted average interest rates	0.2%	N/A	0.1%
Available credit facility capacity	$465	$250	$108

June 30, 2020 Alliant Energy IPL WPL
Amount outstanding $185.4 $— $37.9
Weighted average interest rates 0.3% N/A 0.2%
Available credit facility capacity $814.6 $250.0 $262.1


	Alliant Energy		IPL		WPL
Three Months Ended June 30	2021	2020	2021	2020	2021	2020
Maximum amount outstanding (based on daily outstanding balances)	$571	$271	$19	$8	$232	$182
Average amount outstanding (based on daily outstanding balances)	$452	$121	$1	$0	$177	$9
Weighted average interest rates	0.2%	0.5%	0.2%	0.5%	0.1%	0.5%
Six Months Ended June 30
Maximum amount outstanding (based on daily outstanding balances)	$578	$463	$19	$8	$275	$212
Average amount outstanding (based on daily outstanding balances)	$438	$252	$0	$0	$183	$88
Weighted average interest rates	0.2%	1.5%	0.2%	0.5%	0.1%	1.7%

Alliant Energy IPL WPL
Three Months Ended June 30 2020 2019 2020 2019 2020 2019
Maximum amount outstanding (based on daily outstanding balances) $270.5 $590.2 $8.4 $— $182.0 $193.3
Average amount outstanding (based on daily outstanding balances) $121.2 $531.7 $0.4 $— $8.7 $141.6
Weighted average interest rates 0.5% 2.7% 0.5% N/A 0.5% 2.5%
Six Months Ended June 30
Maximum amount outstanding (based on daily outstanding balances) $462.5 $600.6 $8.4 $50.4 $212.0 $195.1
Average amount outstanding (based on daily outstanding balances) $251.8 $515.4 $0.2 $0.3 $87.9 $139.8
Weighted average interest rates 1.5% 2.7% 0.5% 2.8% 1.7% 2.5%

~~NOTE 6(b) Long-term Debt -~~ In March 2020, AEF entered into a $300 million variable rate (1% as of June 30, 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. In June 2020, WPL retired its $150 million 4.6% debentures.

In June 2020, IPL issued $400 million of 2.3% senior debentures due 2030. The net proceeds from the issuance were used by IPL to retire its $200 million 3.65% senior debentures that would have matured in September 2020 and for general corporate purposes.



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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
Three Months Ended June 30	2021	2020	2021	2020	2021	2020
Electric Utility:
Retail - residential	$258	$251	$142	$136	$116	$115
Retail - commercial	175	163	115	109	60	54
Retail - industrial	210	197	116	114	94	83
Wholesale	47	40	15	13	32	27
Bulk power and other	27	24	14	16	13	8
Total Electric Utility	717	675	402	388	315	287
Gas Utility:
Retail - residential	39	33	24	18	15	15
Retail - commercial	19	15	12	8	7	7
Retail - industrial	3	2	2	2	1	0
Transportation/other	8	9	5	6	3	3
Total Gas Utility	69	59	43	34	26	25
Other Utility:
Steam	9	9	9	9	—	—
Other utility	1	1	1	1	0	0
Total Other Utility	10	10	10	10	0	0
Non-Utility and Other:
Transportation and other	21	19	—	—	—	—

Total Non-Utility and Other	21	19	—	—	—	—
Total revenues	$817	$763	$455	$432	$341	$312


	Alliant Energy				IPL				WPL					Alliant Energy		IPL		WPL
Three Months Ended June 30	2020		2019		2020		2019		2020		2019
Six Months Ended June 30													Six Months Ended June 30	2021	2020	2021	2020	2021	2020
Electric Utility:													Electric Utility:
Retail - residential		$249.7		$233.3		$135.3		$125.9		$114.4		$107.4	Retail - residential	$520	$517	$281	$283	$239	$234
Retail - commercial	164.0		171.3		109.0		111.4		55.0		59.9		Retail - commercial	347	346	225	229	122	117
Retail - industrial	197.3		214.2		114.3		118.4		83.0		95.8		Retail - industrial	412	407	228	235	184	172
Wholesale	39.1		41.0		13.0		14.6		26.1		26.4		Wholesale	87	80	26	27	61	53
Bulk power and other	25.1		31.4		16.8		22.0		8.3		9.4		Bulk power and other	52	55	28	39	24	16
Total Electric Utility	675.2		691.2		388.4		392.3		286.8		298.9		Total Electric Utility	1,418	1,405	788	813	630	592
Gas Utility:													Gas Utility:
Retail - residential	33.6		35.2		18.5		20.0		15.1		15.2		Retail - residential	138	124	76	67	62	57
Retail - commercial	14.7		16.1		8.3		8.8		6.4		7.3		Retail - commercial	72	60	39	32	33	28
Retail - industrial	1.7		2.0		1.3		1.6		0.4		0.4		Retail - industrial	8	6	5	4	3	2
Transportation/other	8.9		11.9		5.8		8.0		3.1		3.9		Transportation/other	21	21	14	14	7	7
Total Gas Utility	58.9		65.2		33.9		38.4		25.0		26.8		Total Gas Utility	239	211	134	117	105	94
Other Utility:													Other Utility:
Steam	8.6		9.2		8.6		9.2		—		—		Steam	18	19	18	19	—	—
Other utility	1.5		1.7		1.0		1.3		0.5		0.4		Other utility	5	3	4	2	1	1
Total Other Utility	10.1		10.9		9.6		10.5		0.5		0.4		Total Other Utility	23	22	22	21	1	1
Non-Utility and Other:													Non-Utility and Other:
Transportation and other	18.9		22.9		—		—		—		—		Transportation and other	38	41	—	—	—	—

Total Non-Utility and Other	18.9		22.9		—		—		—		—		Total Non-Utility and Other	38	41	—	—	—	—
Total revenues		$763.1		$790.2		$431.9		$441.2		$312.3		$326.1	Total revenues	$1,718	$1,679	$944	$951	$736	$687

Alliant Energy IPL WPL
Six Months Ended June 30 2020 2019 2020 2019 2020 2019
Electric Utility:
Retail - residential
$516.5

$508.0

$282.7

$273.4

$233.8

$234.6
Retail - commercial 346.3
352.4
228.7
228.0
117.6
124.4
Retail - industrial 407.2
422.9
235.5
234.5
171.7
188.4
Wholesale 80.0
87.5
27.4
31.5
52.6
56.0
Bulk power and other 55.5
63.8
38.9
44.7
16.6
19.1
Total Electric Utility 1,405.5
1,434.6
813.2
812.1
592.3
622.5
Gas Utility:
Retail - residential 124.1
167.0
67.3
97.9
56.8
69.1
Retail - commercial 60.4
79.7
32.4
43.6
28.0
36.1
Retail - industrial 5.9
7.4
3.6
4.8
2.3
2.6
Transportation/other 20.7
26.9
13.6
16.7
7.1
10.2
Total Gas Utility 211.1
281.0
116.9
163.0
94.2
118.0
Other Utility:
Steam 18.6
17.6
18.6
17.6
—
—
Other utility 3.1
4.4
2.1
3.6
1.0
0.8
Total Other Utility 21.7
22.0
20.7
21.2
1.0
0.8
Non-Utility and Other:
Transportation and other 40.5
39.8
—
—
—
—
Total Non-Utility and Other 40.5
39.8
—
—
—
—
Total revenues
$1,678.8

$1,777.4

$950.8

$996.3

$687.5

$741.3

NOTE 8. INCOME TAXES

Income Tax Rates - Overall effective income tax rates, which were computed by dividing income 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, IPL’s and WPL’s overall effective income tax rates for the three and six months ended June 30, ~~2020~~2021 compared to the same periods 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.~~requirements, and increased production tax credits at IPL.



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	Alliant Energy				IPL				WPL
	Three Months		Six Months		Three Months		Six Months		Three Months		Six Months
	2021	2020	2021	2020	2021	2020	2021	2020	2021	2020	2021	2020
Overall income tax rate	(13%)	(6%)	(16%)	(10%)	(13%)	(7%)	(15%)	(14%)	(23%)	(9%)	(27%)	(9%)

Alliant Energy IPL WPL
Three Months Six Months Three Months Six Months Three Months Six Months
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Overall income tax rate (6.5%) 10.3% (9.6%) 10.5% (6.5%) 3.8% (13.8%) 3.7% (8.5%) 15.5% (9.4%) 17.2%

Deferred Tax Assets and Liabilities -

Carryforwards - At June 30, ~~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	$322	$297	$3
State net operating losses	2021-2041	652	29	2
Federal tax credits	2022-2041	506	302	182

Range of Expiration Dates Alliant Energy IPL WPL
Federal net operating losses 2037
$299

$276

$3
State net operating losses 2020-2040 595
9
2
Federal tax credits 2022-2040 403
212
170

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 and six months ended June 30 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
	Three Months		Six Months		Three Months		Six Months
Alliant Energy	2021	2020	2021	2020	2021	2020	2021	2020
Service cost	$3	$2	$6	$5	$1	$1	$2	$2
Interest cost	9	11	17	22	1	1	2	3
Expected return on plan assets	(17)	(17)	(34)	(35)	(1)	(1)	(2)	(3)

Amortization of actuarial loss	9	8	19	17	1	1	2	2

Settlement losses (a)	0	0	0	4	0	0	0	0
	$4	$4	$8	$13	$2	$2	$4	$4


																										Defined Benefit Pension Plans				OPEB Plans
	Defined Benefit Pension Plans												OPEB Plans													Three Months		Six Months		Three Months		Six Months
	Three Months						Six Months						Three Months						Six Months
Alliant Energy	2020			2019			2020			2019			2020			2019			2020			2019
IPL																									IPL	2021	2020	2021	2020	2021	2020	2021	2020
Service cost		$2.7			$2.4			$5.4			$4.8			$0.9			$0.9			$1.7			$1.7		Service cost	$2	$2	$4	$3	$1	$1	$1	$1
Interest cost	10.8			12.4			21.6			24.9			1.7			2.1			3.5			4.2			Interest cost	4	5	8	10	0	0	1	1
Expected return on plan assets	(17.5		)	(15.0		)	(34.9		)	(30.0		)	(1.4		)	(1.3		)	(2.7		)	(2.5		)	Expected return on plan assets	(8)	(8)	(16)	(16)	(1)	(1)	(2)	(2)
Amortization of prior service credit	(0.1		)	(0.1		)	(0.3		)	(0.3		)	—			(0.1		)	—			(0.1		)

Amortization of actuarial loss	8.6			9.1			17.2			18.2			0.9			0.8			1.7			1.6			Amortization of actuarial loss	4	3	8	7	1	1	1	1
Settlement losses (a)	—			—			4.2			—			—			—			—			—
		$4.5			$8.8			$13.2			$17.6			$2.1			$2.4			$4.2			$4.9			$2	$2	$4	$4	$1	$1	$1	$1


	Defined Benefit Pension Plans				OPEB Plans
	Three Months		Six Months		Three Months		Six Months
WPL	2021	2020	2021	2020	2021	2020	2021	2020
Service cost	$1	$1	$2	$2	$0	$1	$0	$1
Interest cost	4	4	8	9	1	0	1	1
Expected return on plan assets	(7)	(7)	(15)	(15)	0	0	0	0

Amortization of actuarial loss	4	4	9	8	0	1	1	1

	$2	$2	$4	$4	$1	$2	$2	$3

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

$1.5

$3.4

$3.0

$0.4

$0.4

$0.7

$0.7
Interest cost 5.0
5.7
10.0
11.4
0.7
0.9
1.4
1.7
Expected return on plan assets (8.2 ) (7.1 ) (16.3 ) (14.1 ) (0.9 ) (0.9 ) (1.9 ) (1.8 )
Amortization of prior service credit —
—
(0.1 ) (0.1 ) —
—
—
—
Amortization of actuarial loss 3.7
4.0
7.4
7.9
0.2
0.3
0.5
0.7

$2.2

$4.1

$4.4

$8.1

$0.4

$0.7

$0.7

$1.3

Defined Benefit Pension Plans OPEB Plans
Three Months Six Months Three Months Six Months
WPL 2020 2019 2020 2019 2020 2019 2020 2019
Service cost
$0.9

$0.8

$1.9

$1.7

$0.3

$0.3

$0.6

$0.6
Interest cost 4.7
5.4
9.4
10.8
0.7
0.9
1.4
1.7
Expected return on plan assets (7.6 ) (6.6 ) (15.2 ) (13.1 ) (0.1 ) (0.2 ) (0.3 ) (0.3 )
Amortization of prior service credit —
—
(0.1 ) (0.1 ) —
(0.1 ) —
(0.1 )
Amortization of actuarial loss 4.1
4.4
8.2
8.8
0.5
0.4
1.0
0.8

$2.1

$4.0

$4.2

$8.1

$1.4

$1.3

$2.7

$2.7

(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 and six months ended June 30 was as follows (in millions):


	Alliant Energy				IPL				WPL
	Three Months		Six Months		Three Months		Six Months		Three Months		Six Months
	2021	2020	2021	2020	2021	2020	2021	2020	2021	2020	2021	2020
Compensation expense	$2	$2	$5	$5	$2	$2	$3	$3	$1	$1	$2	$2
Income tax benefits	1	1	2	2	1	1	1	1	1	1	1	1



	19

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Alliant Energy IPL WPL
Three Months Six Months Three Months Six Months Three Months Six Months
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Compensation expense
$2.7

$3.4

$5.4

$8.1

$1.5

$1.9

$2.9

$4.5

$1.2

$1.4

$2.3

$3.2
Income tax benefits 0.8
1.0
1.5
2.3
0.4
0.5
0.8
1.3
0.3
0.4
0.6
0.9

As of June 30, ~~2020,~~2021, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was ~~$9.9~~$10 million, ~~$5.5~~$5 million and ~~$4.1~~$4 million, respectively, which is expected to be recognized over a weighted average period of between 1 year and 2 years.


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Table of Contents

For the six months ended June 30, ~~2020,~~2021, performance shares, performance restricted stock units and restricted stock units were granted to key employees as follows. These shares and units will be paid out in shares of common stock, and are therefore accounted for as equity awards.


		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

As of June 30, ~~2020, 228,207~~2021, 453,489 shares were included in the calculation of diluted EPS related to the nonvested equity awards.

Weighted Average
Grants Grant Date Fair Value
Performance shares 55,303

$64.04
Performance restricted stock units 55,303
59.47
Restricted stock units 60,284
59.49

NOTE 10. ASSET RETIREMENT OBLIGATIONS

A reconciliation of the changes in asset retirement obligations associated with long-lived assets for the six months ended June 30, ~~2020~~2021 is as follows (in millions):


	Alliant Energy	IPL
Balance, January 1	$251	$177
Revisions in estimated cash flows	32	26
Liabilities settled	(4)	(3)

Accretion expense	4	3
Balance, June 30	$283	$203

Alliant Energy IPL
Balance, January 1
$196.3

$133.9
Revisions in estimated cash flows 0.9
—
Liabilities settled (3.5 ) (2.8 )
Liabilities incurred (a) 27.6
27.6
Accretion expense 3.5
2.5
Balance, June 30
$224.8

$161.2


~~(a)~~	During the six months ended June 30, 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.

NOTE 11. DERIVATIVE INSTRUMENTS

Commodity Derivatives -

Notional Amounts - As of June 30, ~~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		16,242	2021-2022	179,960	2021-2028	5,148	2021-2023	4,284	2021-2022
IPL		4,936	2021-2022	94,049	2021-2028	1,946	2021-2023	0	—
WPL		11,306	2021-2022	85,911	2021-2027	3,202	2021-2023	4,284	2021-2022

FTRs Natural Gas Coal Diesel Fuel
MWhs Years Dths Years Tons Years Gallons Years
Alliant Energy 21,455
2020-2021 234,304
2020-2028 4,482
2020-2021 6,804
2020-2022
IPL 8,978
2020-2021 123,308
2020-2028 1,834
2020-2021 —
—
WPL 12,477
2020-2021 110,996
2020-2027 2,648
2020-2021 6,804
2020-2022

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
	June 30, 2021	December 31, 2020	June 30, 2021	December 31, 2020	June 30, 2021	December 31, 2020
Current derivative assets	$77	$24	$41	$20	$36	$4
Non-current derivative assets	25	10	15	9	10	1
Current derivative liabilities	1	9	1	3	0	6
Non-current derivative liabilities	3	16	1	9	2	7

Alliant Energy IPL WPL
June 30,
2020 December 31,
2019 June 30,
2020 December 31,
2019 June 30,
2020 December 31,
2019
Current derivative assets
$27.9

$15.8

$22.5

$12.1

$5.4

$3.7
Non-current derivative assets 14.5
11.0
14.5
10.2
—
0.8
Current derivative liabilities 20.0
19.0
8.5
8.9
11.5
10.1
Non-current derivative liabilities 26.2
18.6
11.8
8.5
14.4
10.1

During the three and six months ended June 30, 2021, Alliant Energy’s, IPL’s and WPL’s derivative assets increased and derivative liabilities decreased primarily as a result of higher natural gas prices. Based on IPL’s and WPL’s natural gas cost recovery mechanisms, this resulted in corresponding decreases in derivative regulatory assets and increases in derivative regulatory liabilities on the balance sheets.



	20

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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 June 30, ~~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


			19

Table of Contents

were netted, amounts would not be materially different from gross amounts of derivative assets and derivative liabilities at June 30, ~~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.

NOTE 12. FAIR VALUE MEASUREMENTS

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	June 30, 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	$6	$6	$0	$0	$6	$44	$44	$0	$0	$44
Derivatives	102	0	62	40	102	34	0	5	29	34
Deferred proceeds	154	0	0	154	154	188	0	0	188	188
Liabilities:
Derivatives	4	0	3	1	4	25	0	25	0	25
Long-term debt (incl. current maturities)	6,776	0	7,846	1	7,847	6,777	0	8,107	2	8,109


Alliant Energy	June 30, 2020										December 31, 2019
IPL																					IPL	June 30, 2021					December 31, 2020
			Fair Value										Fair Value										Fair Value					Fair Value
	Carrying		Level		Level		Level				Carrying		Level		Level		Level					Carrying	Level	Level	Level		Carrying	Level	Level	Level
	Amount		1		2		3		Total		Amount		1		2		3		Total			Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:																					Assets:
Money market fund investments		$198.3		$198.3		$—		$—		$198.3		$5.4		$5.4		$—		$—		$5.4	Money market fund investments	$6	$6	$0	$0	$6	$44	$44	$0	$0	$44
Derivatives	42.4		—		4.6		37.8		42.4		26.8		—		4.8		22.0		26.8		Derivatives	56	0	25	31	56	29	0	3	26	29
Deferred proceeds	194.1		—		—		194.1		194.1		187.7		—		—		187.7		187.7		Deferred proceeds	154	0	0	154	154	188	0	0	188	188
Liabilities:																					Liabilities:
Derivatives	46.2		—		44.8		1.4		46.2		37.6		—		36.8		0.8		37.6		Derivatives	2	0	1	1	2	12	0	12	0	12
Long-term debt (incl. current maturities)	6,579.8		—		7,768.1		1.7		7,769.8		6,190.2		—		6,917.9		2.0		6,919.9
Long-term debt																					Long-term debt	3,346	0	3,880	0	3,880	3,345	0	4,021	0	4,021


WPL	June 30, 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	$46	$0	$37	$9	$46	$5	$0	$2	$3	$5
Liabilities:
Derivatives	2	0	2	0	2	13	0	13	0	13
Long-term debt	2,131	0	2,593	0	2,593	2,130	0	2,690	0	2,690

IPL June 30, 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
$198.3

$198.3

$—

$—

$198.3

$5.4

$5.4

$—

$—

$5.4
Derivatives 37.0
—
3.3
33.7
37.0
22.3
—
2.8
19.5
22.3
Deferred proceeds 194.1
—
—
194.1
194.1
187.7
—
—
187.7
187.7
Liabilities:
Derivatives 20.3
—
19.0
1.3
20.3
17.4
—
16.6
0.8
17.4
Long-term debt (incl. current maturities) 3,343.5
—
3,924.7
—
3,924.7
3,147.3
—
3,489.1
—
3,489.1

WPL June 30, 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:
Derivatives
$5.4

$—

$1.3

$4.1

$5.4

$4.5

$—

$2.0

$2.5

$4.5
Liabilities:
Derivatives 25.9
—
25.8
0.1
25.9
20.2
—
20.2
—
20.2
Long-term debt (incl. current maturities) 2,129.4
—
2,657.2
—
2,657.2
1,932.7
—
2,268.2
—
2,268.2



	21

~~Table of Contents~~

Information for Alliant Energy’s and IPL’s fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions). Such amounts for WPL were not material.

Alliant Energy Commodity Contract Derivative
Assets and (Liabilities), net Deferred Proceeds
Three Months Ended June 30 2020 2019 2020 2019
Beginning balance, April 1
$14.2

$0.4

$188.0

$178.3
Total net gains (losses) included in changes in net assets (realized/unrealized) 12.0
(0.1 ) —
—
Transfers out of Level 3 —
3.9
—
—
Purchases 14.0
13.8
—
—
Sales (0.1 ) —
—
—
Settlements (a) (3.7 ) (4.8 ) 6.1
36.3
Ending balance, June 30
$36.4

$13.2

$194.1

$214.6
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at June 30
$11.9

$—

$—

$—

Alliant Energy Commodity Contract Derivative
Assets and (Liabilities), net Deferred Proceeds
Six Months Ended June 30 2020 2019 2020 2019
Beginning balance, January 1
$21.2

$12.2

$187.7

$119.4
Total net gains (losses) included in changes in net assets (realized/unrealized) 9.0
(5.7 ) —
—
Transfers out of Level 3 —
3.9
—
—
Purchases 14.0
13.8
—
—
Sales (0.2 ) (0.2 ) —
—
Settlements (a) (7.6 ) (10.8 ) 6.4
95.2
Ending balance, June 30
$36.4

$13.2

$194.1

$214.6
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at June 30
$9.0

($2.6 )
$—

$—

IPL Commodity Contract Derivative
Assets and (Liabilities), net Deferred Proceeds
Three Months Ended June 30 2020 2019 2020 2019
Beginning balance, April 1
$13.5

$0.6

$188.0

$178.3
Total net gains included in changes in net assets (realized/unrealized) 11.0
0.4
—
—
Transfers out of Level 3 —
2.5
—
—
Purchases 10.7
9.5
—
—
Sales (0.1 ) —
—
—
Settlements (a) (2.7 ) (3.7 ) 6.1
36.3
Ending balance, June 30
$32.4

$9.3

$194.1

$214.6
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at June 30
$11.0

$0.5

$—

$—

IPL Commodity Contract Derivative
Assets and (Liabilities), net Deferred Proceeds
Six Months Ended June 30 2020 2019 2020 2019
Beginning balance, January 1
$18.7

$9.0

$187.7

$119.4
Total net gains (losses) included in changes in net assets (realized/unrealized) 8.8
(2.8 ) —
—
Transfers out of Level 3 —
2.5
—
—
Purchases 10.7
9.5
—
—
Sales (0.2 ) (0.1 ) —
—
Settlements (a) (5.6 ) (8.8 ) 6.4
95.2
Ending balance, June 30
$32.4

$9.3

$194.1

$214.6
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at June 30
$8.8

($0.9 )
$—

$—


Alliant Energy	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Three Months Ended June 30	2021	2020	2021	2020
Beginning balance, April 1	$15	$14	$107	$188
Total net gains included in changes in net assets (realized/unrealized)	8	12	0	0


Purchases	21	14	0	0

Settlements (a)	(5)	(4)	47	6
Ending balance, June 30	$39	$36	$154	$194
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at June 30	$8	$12	$0	$0



			2220

Table of Contents



Alliant Energy	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Six Months Ended June 30	2021	2020	2021	2020
Beginning balance, January 1	$29	$21	$188	$188
Total net gains included in changes in net assets (realized/unrealized)	1	9	0	0


Purchases	21	14	0	0

Settlements (a)	(12)	(8)	(34)	6
Ending balance, June 30	$39	$36	$154	$194
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at June 30	$1	$9	$0	$0


IPL	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Three Months Ended June 30	2021	2020	2021	2020
Beginning balance, April 1	$14	$13	$107	$188
Total net gains included in changes in net assets (realized/unrealized)	4	11	0	0


Purchases	16	11	0	0

Settlements (a)	(4)	(3)	47	6
Ending balance, June 30	$30	$32	$154	$194
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at June 30	$4	$11	$0	$0



IPL	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Six Months Ended June 30	2021	2020	2021	2020
Beginning balance, January 1	$26	$18	$188	$188
Total net gains (losses) included in changes in net assets (realized/unrealized)	(2)	9	0	0


Purchases	16	11	0	0

Settlements (a)	(10)	(6)	(34)	6
Ending balance, June 30	$30	$32	$154	$194
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at June 30	($2)	$9	$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.


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

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
June 30, 2021	$13	$26	$13	$17	$0	$9
December 31, 2020	18	11	17	9	1	2

Alliant Energy IPL WPL
Excluding FTRs FTRs Excluding FTRs FTRs Excluding FTRs FTRs
June 30, 2020
$19.3

$17.1

$18.6

$13.8

$0.7

$3.3
December 31, 2019 14.6
6.6
13.6
5.1
1.0
1.5



	June 30, 2020		December 31, 2019
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents		$208.1		$16.3
Accounts receivable, less allowance for expected credit losses	386.5		402.1
Production fuel, at weighted average cost	78.0		77.7
Gas stored underground, at weighted average cost	36.8		49.1
Materials and supplies, at weighted average cost	107.0		100.5
Regulatory assets	94.5		86.4
Other	133.4		143.4
Total current assets	1,044.3		875.5
Property, plant and equipment, net	13,936.4		13,527.1
Investments:
ATC Holdings	326.1		320.1
Other	147.1		147.7
Total investments	473.2		467.8
Other assets:
Regulatory assets	1,748.5		1,758.3
Deferred charges and other	67.3		72.0
Total other assets	1,815.8		1,830.3
Total assets		$17,269.7		$16,700.7



Alliant Energy	Total Alliant Energy Common Equity													��
								Accumulated			Shares in			Cumulative
			Additional					Other			Deferred			Preferred
	Common		Paid-In		Retained			Comprehensive			Compensation			Stock		Total
	Stock		Capital		Earnings			Income (Loss)			Trust			of IPL		Equity
Three Months Ended June 30, 2020
Beginning balance, March 31, 2020		$2.5		$2,674.1		$2,833.7			$2.0			($9.9	)		$200.0		$5,702.4
Net income attributable to Alliant Energy common shareowners					134.4											134.4
Common stock dividends ($0.38 per share)					(94.6		)									(94.6		)
Shareowner Direct Plan issuances			6.4													6.4
Equity-based compensation plans and other			2.6								(0.3		)			2.3
Other comprehensive loss, net of tax								(2.6		)						(2.6		)
Ending balance, June 30, 2020		$2.5		$2,683.1		$2,873.5			($0.6	)		($10.2	)		$200.0		$5,748.3
Three Months Ended June 30, 2019
Beginning balance, March 31, 2019		$2.4		$2,100.0		$2,587.3			$2.4			($9.7	)		$200.0		$4,882.4
Net income attributable to Alliant Energy common shareowners					94.6											94.6
Common stock dividends ($0.355 per share)					(84.1		)									(84.1		)
Shareowner Direct Plan issuances			6.0													6.0
Equity-based compensation plans and other			2.4								(0.3		)			2.1
Other comprehensive loss, net of tax								(1.4		)						(1.4		)
Ending balance, June 30, 2019		$2.4		$2,108.4		$2,597.8			$1.0			($10.0	)		$200.0		$4,899.6



	Alliant Energy			IPL
Balance, January 1		$196.3			$133.9
Revisions in estimated cash flows	0.9			—
Liabilities settled	(3.5		)	(2.8		)
Liabilities incurred (a)	27.6			27.6
Accretion expense	3.5			2.5
Balance, June 30		$224.8			$161.2


	Alliant Energy	IPL	WPL

Natural gas	$909	$456	$453
Coal	89	48	41
Other (a)	124	65	29
	$1,122	$569	$523



	Alliant Energy		IPL		WPL
Purchased power (a)		$39		$38		$1
Natural gas	1,017		536		481
Coal (b)	101		62		39
Other (c)	113		54		28
		$1,270		$690		$549


~~(a)~~			Includes payments required by PPAs for capacity rights and minimum quantities of MWhs required to be purchased. As a result of an amendment to shorten the term of the DAEC PPA, Alliant Energy’s and IPL’s amounts include minimum future commitments related to IPL’s purchase of capacity and the resulting energy from DAEC through September 2020, and do not include the September 2020 buyout payment of $110 million.

21
~~(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 June 30, 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 June 30, 2020.~~


	Alliant Energy			IPL
Range of estimated future costs	$9	-	$24	$6	-	$19
Current and non-current environmental liabilities	$12			$9



Alliant Energy									ATC Holdings,		Alliant
	Utility								Non-Utility,		Energy
	Electric		Gas		Other		Total		Parent and Other		Consolidated
	(in millions)
Three Months Ended June 30, 2020
Revenues		$675.2		$58.9		$10.1		$744.2		$18.9		$763.1
Operating income	152.1		7.1		1.2		160.4		7.7		168.1
Net income attributable to Alliant Energy common shareowners							117.4		17.0		134.4
Three Months Ended June 30, 2019
Revenues		$691.2		$65.2		$10.9		$767.3		$22.9		$790.2
Operating income	132.9		7.2		1.4		141.5		8.3		149.8
Net income attributable to Alliant Energy common shareowners							87.0		7.6		94.6


	2021		2020
	Income	EPS	Income	EPS

Utilities and Corporate Services	$128	$0.51	$121	$0.48
ATC Holdings	8	0.03	10	0.04
Non-utility and Parent	8	0.03	3	0.02


Alliant Energy Consolidated	$144	$0.57	$134	$0.54


WPL	Electric				Gas
	Revenues		MWhs Sold		Revenues		Dths Sold
	2021	2020	2021	2020	2021	2020	2021	2020
Three Months
Retail	$270	$252	2,645	2,420	$23	$22	3,176	3,567
Sales for resale	41	29	1,101	556	N/A	N/A	N/A	N/A
Transportation/Other	4	6	9	10	3	3	13,815	17,075
	$315	$287	3,755	2,986	$26	$25	16,991	20,642
Six Months
Retail	$545	$523	5,335	5,063	$98	$87	14,469	13,968
Sales for resale	75	58	1,885	1,184	N/A	N/A	N/A	N/A
Transportation/Other	10	11	18	18	7	7	27,327	34,597
	$630	$592	7,238	6,265	$105	$94	41,796	48,565


	Electric Margins						Gas Margins
	Three Months			Six Months			Three Months			Six Months
	2021	2020	Change	2021	2020	Change	2021	2020	Change	2021	2020	Change
IPL	$9	$2	$7	$11	($1)	$12	$—	$2	($2)	$2	$—	$2
WPL	8	3	5	9	—	9	—	—	—	—	(1)	1
Total Alliant Energy	$17	$5	$12	$20	($1)	$21	$—	$2	($2)	$2	($1)	$3


~~(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.28


	Alliant Energy	IPL	WPL
Changes in the sales of accounts receivable at IPL	($45)	($45)	$—

Higher natural gas cost payments from extreme temperatures in February 2021 resulting in under-recovered natural gas costs at IPL (Refer to Note 2)	(14)	(14)	—
Refunds received in 2020 related to the MISO transmission owner return on equity complaint November 2019 FERC order	(13)	(10)	(3)
Changes in credits issued to IPL’s retail electric customers through its tax benefit rider related to excess deferred income taxes amortization	(12)	(12)	—
Credits issued to IPL’s retail electric customers in 2021 through its transmission cost rider for refunds received in 2020 for the MISO transmission owner return on equity complaints	(12)	(12)	—
Credits issued to IPL’s retail electric customers in 2020 through its transmission cost rider for amounts previously collected in rates	42	42	—
Increased collections from IPL’s and WPL’s retail customers caused by temperature impacts on electric and gas sales	24	14	10






Changes in income taxes paid/refunded	4	20	(28)


Other (primarily due to other changes in working capital)	(86)	(42)	(35)
	($112)	($59)	($56)



	Alliant Energy			IPL			WPL
Higher collections from IPL’s retail electric and gas base rate increases		$54			$54			$—
Lower purchased power capacity payments at WPL	15			—			15
Refunds received in 2020 related to the MISO transmission owner return on equity complaint November 2019 FERC order (Refer to Note 13(f))	13			10			3
Changes in levels of production fuel	6			(15		)	21
Amounts issued to IPL’s retail electric customers in 2020 through its transmission cost rider for amounts previously collected in rates (Refer to Note 2)	(42		)	(42		)	—
Decreased collections from IPL’s and WPL’s retail customers caused by temperature impacts on electric and gas sales	(11		)	(8		)	(3		)
Changes in income taxes paid/refunded	(8		)	(5		)	8
Changes in interest payments	(5		)	(13		)	2
Other (primarily due to other changes in working capital)	21			7			2
		$43			($12	)		$48


	Alliant Energy	IPL	WPL

Lower utility construction and acquisition expenditures (a)	$158	$119	$39
Changes in the amount of cash receipts on sold receivables	85	85	—
Refund from ATC in 2020 for construction deposits WPL previously provided to ATC for transmission network upgrades for West Riverside	(42)	—	(42)
Other	1	19	10
	$202	$223	$7



	Alliant Energy		IPL		WPL
Lower (higher) utility construction and acquisition expenditures (a)		$69		$140		($71	)
Changes in the amount of cash receipts on sold receivables	84		84		—
Refund from ATC in 2020 for construction deposits WPL previously provided to ATC for transmission network upgrades for the West Riverside Energy Center	46		—		46
Expenditures for new acquisitions at AEF in 2019	13		—		—
Other	3		5		(17		)
		$215		$229		($42	)


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


	Alliant Energy	IPL	WPL
Lower net proceeds from issuance of long-term debt	($1,050)	($400)	($350)
Lower net proceeds from common stock issuances	(220)	—	—
Higher common stock dividends	(16)	(82)	(1)
Lower payments to retire long-term debt	650	200	150
Net changes in the amount of commercial paper outstanding	298	—	65
Higher (lower) capital contributions from IPL’s and WPL’s parent company, Alliant Energy	—	(125)	185
Other	17	10	1
	($321)	($397)	$50



	Alliant Energy			IPL			WPL
Higher payments to retire long-term debt		($650	)		($200	)		($150	)
Net changes in the amount of commercial paper outstanding	(101		)	50			(25		)
Higher net proceeds from issuance of long-term debt	400			100			—
Higher net proceeds from common stock issuances	174			—			—
Higher capital contributions from IPL’s and WPL’s parent company, Alliant Energy	—			75			25
Other (includes higher dividend payments in 2020)	(38		)	(42		)	(13		)
		($215	)		($17	)		($163	)



	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)
April 1 through April 30	3,690		$53.06	—	N/A
May 1 through May 31	3,120	46.00		—	N/A
June 1 through June 30	69	47.79		—	N/A
	6,879	49.80		—


~~(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.



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))
~~4.2~~	Officer’s Certificate, dated as of June 2, 2020, creating IPL’s 2.3% Senior Debentures due June 1, 2030 (incorporated by reference to Exhibit 4.1 to IPL’s Form 8-K, filed June 2, 2020 (File No. 1-4117))
~~10.1#~~	~~Alliant Energy 2020 Omnibus Incentive Plan (incorporated by reference to Appendix A to Alliant Energy’s definitive proxy statement filed on Schedule 14A on April 9, 2020 (File No. 1-9894))~~
~~10.1a#~~	~~Form of Performance Share Agreement pursuant to the Alliant Energy 2020 Omnibus Incentive Plan~~
~~10.1b#~~	~~Form of Restricted Stock Unit Agreement pursuant to the Alliant Energy 2020 Omnibus Incentive Plan~~
~~10.1c#~~	~~Form of Performance Restricted Stock Unit Agreement pursuant to the Alliant Energy 2020 Omnibus Incentive Plan~~
~~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
101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


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)