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 ~~September 30, 2020~~March 31, 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 ~~September 30, 2020:~~March 31, 2021:

Alliant Energy Corporation, Common Stock, $0.01 par value, ~~249,760,663~~250,134,552 shares outstanding

Interstate Power and Light Company, Common Stock, $2.50 par value, 13,370,788 shares outstanding (all outstanding shares are owned beneficially and of record by Alliant Energy Corporation)

Wisconsin Power and Light Company, Common Stock, $5 par value, 13,236,601 shares outstanding (all outstanding shares are owned beneficially and of record by Alliant Energy Corporation)

Table of Contents

TABLE OF CONTENTS



	Page
Definitions		1
Forward-looking Statements		1
Part I. Financial Information		3
Item 1. Condensed Consolidated Financial Statements (Unaudited)		3
Alliant Energy Corporation		3
Interstate Power and Light Company		6
Wisconsin Power and Light Company		9
Combined Notes to Condensed Consolidated Financial Statements		12
1. Summary of Significant Accounting Policies		12
2. Regulatory Matters		12

3. Receivables		13
~~3. Receivables~~4. Investments		1413
~~4. Investments~~5. Common Equity		1413
~~5. Common Equity~~6. Debt		15

7. Revenues		15
~~6. Debt~~8. Income Taxes		1715
~~7. Revenues~~9. Benefit Plans		1816

1 0 . Derivative Instruments		17
~~8. Income Taxes~~1 1 . Fair Value Measurements		1918
~~9. Benefit Plans~~1 2 . Commitments and Contingencies		19
~~10. Asset Retirement Obligations~~1 3 . Segments of Business		20
~~11. Derivative Instruments~~1 4 . Related Parties		2021
~~12. Fair Value Measurements~~		21
~~13. Commitments and Contingencies~~		23
~~14. Segments of Business~~	25
~~15. Related Parties~~	26
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	2721
Item 3. Quantitative and Qualitative Disclosures About Market Risk		3627
Item 4. Controls and Procedures		3727
Part II. Other Information		3727
Item 1. Legal Proceedings		27
Item 1A. Risk Factors		3727
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		3827
Item 6. Exhibits		3828
Signatures		3928

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	West Riverside	West Riverside Energy Center
Financial Statements	Condensed Consolidated Financial Statements	Whiting Petroleum	Whiting Petroleum Corporation
FTR	Financial transmission right	WPL	Wisconsin Power and Light Company

FORWARD-LOOKING STATEMENTS

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

•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;



			1

Table of Contents

•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 solar generation projects within the cost ~~caps~~targets set by regulators and the ability to ~~meet all requirements to qualify~~efficiently utilize the solar generation project tax benefits for the ~~full level~~benefit of ~~renewable tax credits;~~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 ~~including those related to the August 2020 derecho windstorm,~~ 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
	Ended March 31,
	2021	2020
	(in millions, except per share amounts)
Revenues:
Electric utility	$701	$730
Gas utility	170	152
Other utility	13	12
Non-utility	17	22
Total revenues	901	916
Operating expenses:
Electric production fuel and purchased power	133	184
Electric transmission service	134	122
Cost of gas sold	100	85
Other operation and maintenance	146	163
Depreciation and amortization	164	146
Taxes other than income taxes	26	28
Total operating expenses	703	728
Operating income	198	188
Other (income) and deductions:
Interest expense	69	69
Equity income from unconsolidated investments, net	(15)	(13)
Allowance for funds used during construction	(4)	(23)
Other	2	1
Total other (income) and deductions	52	34
Income before income taxes	146	154
Income tax benefit	(28)	(19)


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

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

For the Three Months For the Nine Months
Ended September 30, Ended September 30,
2020 2019 2020 2019
(in millions, except per share amounts)
Revenues:
Electric utility
$852

$916

$2,257

$2,350
Gas utility 42
42
253
323
Other utility 10
11
32
33
Non-utility 16
21
57
62
Total revenues 920
990
2,599
2,768
Operating expenses:
Electric production fuel and purchased power 179
219
527
602
Electric transmission service 132
127
326
363
Cost of gas sold 11
9
117
151
Other operation and maintenance 143
174
465
527
Depreciation and amortization 156
144
454
424
Taxes other than income taxes 27
27
82
84
Total operating expenses 648
700
1,971
2,151
Operating income 272
290
628
617
Other (income) and deductions:
Interest expense 68
68
207
204
Equity income from unconsolidated investments, net (15 ) (12 ) (46 ) (35 )
Allowance for funds used during construction (13 ) (22 ) (51 ) (66 )
Other 3
4
7
11
Total other (income) and deductions 43
38
117
114
Income before income taxes 229
252
511
503
Income tax expense (benefit) (20 ) 23
(47 ) 49
Net income 249
229
558
454
Preferred dividend requirements of Interstate Power and Light Company 3
3
8
8
Net income attributable to Alliant Energy common shareowners
$246

$226

$550

$446
Weighted average number of common shares outstanding:
Basic 249.7
239.1
247.9
237.7
Diluted 250.0
239.9
248.1
238.2
Earnings per weighted average common share attributable to Alliant Energy common shareowners:

Basic
$0.99

$0.95

$2.22

$1.88
Diluted
$0.98

$0.94

$2.22

$1.87

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



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Table of Contents

ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


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

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

September 30,
2020 December 31,
2019

(in millions, except per
share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents
$189

$16
Accounts receivable, less allowance for expected credit losses 399
402
Production fuel, at weighted average cost 62
78
Gas stored underground, at weighted average cost 48
49
Materials and supplies, at weighted average cost 113
100
Regulatory assets 74
87
Prepaid gross receipts tax 30
42
Other 118
102
Total current assets 1,033
876
Property, plant and equipment, net 14,199
13,527
Investments:
ATC Holdings 328
320
Other 150
148
Total investments 478
468
Other assets:
Regulatory assets 1,762
1,758
Deferred charges and other 68
72
Total other assets 1,830
1,830
Total assets
$17,540

$16,701


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

Accounts payable	307	377

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

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt
$7

$657
Commercial paper 422
337
Accounts payable 417
422
Regulatory liabilities 163
212
Other 286
426
Total current liabilities 1,295
2,054
Long-term debt, net (excluding current portion) 6,574
5,533
Other liabilities:
Deferred tax liabilities 1,803
1,714
Regulatory liabilities 1,188
1,212
Pension and other benefit obligations 423
484
Other 348
299
Total other liabilities 3,762
3,709
Commitments and contingencies (Note 13)

Equity:
Alliant Energy Corporation common equity:
Common stock - $0.01 par value - 480,000,000 shares authorized; 249,760,663 and 245,022,800 shares 2
2
Additional paid-in capital 2,693
2,446
Retained earnings 3,026
2,766
Accumulated other comprehensive income (loss) (1 ) 1
Shares in deferred compensation trust - 374,246 and 381,232 shares at a weighted average cost of $28.28 and $26.24 per share (11 ) (10 )
Total Alliant Energy Corporation common equity 5,709
5,205
Cumulative preferred stock of Interstate Power and Light Company 200
200
Total equity 5,909
5,405
Total liabilities and equity
$17,540

$16,701

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



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ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


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


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




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

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

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

For the Nine Months
Ended September 30,
2020 2019
(in millions)
Cash flows from operating activities:
Net income
$558

$454
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 454
424
Deferred tax expense (benefit) and tax credits (48 ) 53
Equity component of allowance for funds used during construction (36 ) (46 )
Other 19
17
Other changes in assets and liabilities:
Accounts receivable (316 ) (359 )
Regulatory liabilities (72 ) (12 )
Deferred income taxes 143
45
Pension and other benefit obligations (61 ) (33 )
DAEC PPA amendment buyout payment (110 ) 0
Other (95 ) (34 )
Net cash flows from operating activities 436
509
Cash flows used for investing activities:
Construction and acquisition expenditures:
Utility business (935 ) (1,004 )
Other (39 ) (71 )
Cash receipts on sold receivables 318
256
Other (23 ) (42 )
Net cash flows used for investing activities (679 ) (861 )
Cash flows from financing activities:
Common stock dividends (281 ) (253 )
Proceeds from issuance of common stock, net 241
185
Proceeds from issuance of long-term debt 1,050
950
Payments to retire long-term debt (654 ) (253 )
Net change in commercial paper 85
(92 )
Other (22 ) (11 )
Net cash flows from financing activities 419
526
Net increase in cash, cash equivalents and restricted cash 176
174
Cash, cash equivalents and restricted cash at beginning of period 18
26
Cash, cash equivalents and restricted cash at end of period
$194

$200
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest
($197 )
($195 )
Income taxes, net
$6

$1
Significant non-cash investing and financing activities:
Accrued capital expenditures
$202

$254
Beneficial interest obtained in exchange for securitized accounts receivable
$201

$237

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



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INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	For the Three Months						For the Nine Months							For the Three Months
	Ended September 30,						Ended September 30,							Ended March 31,
	2020			2019			2020			2019				2021	2020
	(in millions)													(in millions)
Revenues:													Revenues:
Electric utility		$519			$561			$1,332			$1,373		Electric utility	$386	$425
Gas utility	24			25			141			188			Gas utility	91	83
Steam and other	10			11			31			32			Steam and other	12	11
Total revenues	553			597			1,504			1,593			Total revenues	489	519
Operating expenses:													Operating expenses:
Electric production fuel and purchased power	102			127			304			339			Electric production fuel and purchased power	59	106
Electric transmission service	93			92			212			257			Electric transmission service	92	84
Cost of gas sold	6			6			63			80			Cost of gas sold	50	44
Other operation and maintenance	85			100			269			306			Other operation and maintenance	77	87
Depreciation and amortization	89			84			264			243			Depreciation and amortization	94	86
Taxes other than income taxes	16			14			45			46			Taxes other than income taxes	14	15
Total operating expenses	391			423			1,157			1,271			Total operating expenses	386	422
Operating income	162			174			347			322			Operating income	103	97
Other (income) and deductions:													Other (income) and deductions:
Interest expense	35			32			104			93			Interest expense	35	34
Allowance for funds used during construction	(6		)	(11		)	(21		)	(34		)	Allowance for funds used during construction	(2)	(10)
Other	1			2			3			5			Other	0	1
Total other (income) and deductions	30			23			86			64			Total other (income) and deductions	33	25
Income before income taxes	132			151			261			258			Income before income taxes	70	72
Income tax expense (benefit)	(19		)	7			(37		)	11
Income tax benefit													Income tax benefit	(12)	(14)
Net income	151			144			298			247			Net income	82	86
Preferred dividend requirements	3			3			8			8			Preferred dividend requirements	3	3
Net income available for common stock		$148			$141			$290			$239		Net income available for common stock	$79	$83

Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of IPL’s common stock outstanding during the periods presented.

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



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Table of Contents

INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


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

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

September 30,
2020 December 31,
2019

(in millions, except per
share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents
$185

$9
Accounts receivable, less allowance for expected credit losses 219
203
Production fuel, at weighted average cost 45
47
Gas stored underground, at weighted average cost 21
22
Materials and supplies, at weighted average cost 63
55
Regulatory assets 52
44
Other 53
29
Total current assets 638
409
Property, plant and equipment, net 7,818
7,481
Other assets:
Regulatory assets 1,366
1,356
Deferred charges and other 36
31
Total other assets 1,402
1,387
Total assets
$9,858

$9,277


LIABILITIES AND EQUITY
Current liabilities:


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


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

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt
$0

$200
Accounts payable 231
207
Regulatory liabilities 117
116
Other 198
307
Total current liabilities 546
830
Long-term debt, net (excluding current portion) 3,344
2,947
Other liabilities:
Deferred tax liabilities 1,028
1,008
Regulatory liabilities 574
599
Pension and other benefit obligations 149
168
Other 287
253
Total other liabilities 2,038
2,028
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
33
Additional paid-in capital 2,693
2,348
Retained earnings 1,004
891
Total Interstate Power and Light Company common equity 3,730
3,272
Cumulative preferred stock 200
200
Total equity 3,930
3,472
Total liabilities and equity
$9,858

$9,277

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



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Table of Contents

INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


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


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

Regulatory assets	(16)	(9)

Regulatory liabilities	(19)	1

Deferred income taxes	14	15


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



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

For the Nine Months
Ended September 30,
2020 2019
(in millions)
Cash flows from operating activities:
Net income
$298

$247
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 264
243
Equity component of allowance for funds used during construction (15 ) (25 )
Deferred tax benefit and tax credits (42 ) (14 )
Other 6
2
Other changes in assets and liabilities:
Accounts receivable (337 ) (365 )
Regulatory assets (32 ) (13 )
Deferred income taxes 62
32
Pension and other benefit obligations (19 ) (13 )
DAEC PPA amendment buyout payment (110 ) 0
Other (56 ) 45
Net cash flows from operating activities 19
139
Cash flows used for investing activities:
Construction and acquisition expenditures (465 ) (696 )
Cash receipts on sold receivables 318
256
Other (55 ) (44 )
Net cash flows used for investing activities (202 ) (484 )
Cash flows from financing activities:
Common stock dividends (177 ) (126 )
Capital contributions from parent 345
100
Proceeds from issuance of long-term debt 400
600
Payments to retire long-term debt (200 ) 0
Net change in commercial paper 0
(50 )
Other (9 ) (6 )
Net cash flows from financing activities 359
518
Net increase in cash, cash equivalents and restricted cash 176
173
Cash, cash equivalents and restricted cash at beginning of period 9
12
Cash, cash equivalents and restricted cash at end of period
$185

$185
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest
($109 )
($94 )
Income taxes, net
($12 )
$8
Significant non-cash investing and financing activities:
Accrued capital expenditures
$150

$180
Beneficial interest obtained in exchange for securitized accounts receivable
$201

$237

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



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Table of Contents

WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	For the Three Months						For the Nine Months							For the Three Months
	Ended September 30,						Ended September 30,							Ended March 31,
	2020			2019			2020			2019				2021	2020
	(in millions)													(in millions)
Revenues:													Revenues:
Electric utility		$333			$355			$925			$977		Electric utility	$315	$305
Gas utility	18			17			112			135			Gas utility	79	69
Other	0			0			1			1			Other	1	1
Total revenues	351			372			1,038			1,113			Total revenues	395	375
Operating expenses:													Operating expenses:
Electric production fuel and purchased power	78			92			223			263			Electric production fuel and purchased power	74	78
Electric transmission service	39			36			114			106			Electric transmission service	42	38
Cost of gas sold	4			3			53			71			Cost of gas sold	50	41
Other operation and maintenance	65			62			172			188			Other operation and maintenance	59	54
Depreciation and amortization	65			59			186			177			Depreciation and amortization	69	59
Taxes other than income taxes	11			12			35			35			Taxes other than income taxes	11	11
Total operating expenses	262			264			783			840			Total operating expenses	305	281
Operating income	89			108			255			273			Operating income	90	94
Other (income) and deductions:													Other (income) and deductions:
Interest expense	26			25			78			77			Interest expense	26	25

Allowance for funds used during construction	(6		)	(11		)	(29		)	(31		)	Allowance for funds used during construction	(2)	(13)
Other	1			1			3			4			Other	1	0
Total other (income) and deductions	21			15			52			50			Total other (income) and deductions	25	12
Income before income taxes	68			93			203			223			Income before income taxes	65	82
Income tax expense (benefit)	(5		)	17			(17		)	40
Income tax benefit													Income tax benefit	(19)	(8)
Net income		$73			$76			$220			$183		Net income	$84	$90

Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of WPL’s common stock outstanding during the periods presented.

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



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Table of Contents

WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 30,
2020 December 31,
2019

(in millions, except per
share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents
$2

$4
Accounts receivable, less allowance for expected credit losses 170
191
Production fuel, at weighted average cost 17
31
Gas stored underground, at weighted average cost 27
27
Materials and supplies, at weighted average cost 48
43
Regulatory assets 22
43
Prepaid gross receipts tax 30
42
Other 22
62
Total current assets 338
443
Property, plant and equipment, net 5,977
5,638
Other assets:
Regulatory assets 396
402
Deferred charges and other 33
24
Total other assets 429
426
Total assets
$6,744

$6,507


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

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


LIABILITIES AND EQUITY
Current liabilities:

Commercial paper	$148	$257

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


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

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt
$0

$150
Commercial paper 139
168
Accounts payable 126
160
Regulatory liabilities 46
96
Other 117
116
Total current liabilities 428
690
Long-term debt, net (excluding current portion) 2,130
1,783
Other liabilities:
Deferred tax liabilities 696
626
Regulatory liabilities 614
613
Finance lease obligations - Sheboygan Falls Energy Facility 44
51
Pension and other benefit obligations 189
211
Other 161
169
Total other liabilities 1,704
1,670
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
66
Additional paid-in capital 1,459
1,434
Retained earnings 957
864
Total Wisconsin Power and Light Company common equity 2,482
2,364
Total liabilities and equity
$6,744

$6,507

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



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Table of Contents

WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


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





Regulatory liabilities	(41)	(39)

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


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

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

For the Nine Months
Ended September 30,
2020 2019
(in millions)
Cash flows from operating activities:
Net income
$220

$183
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 186
177
Deferred tax expense (benefit) and tax credits (9 ) 55
Other (8 ) (8 )
Other changes in assets and liabilities:
Regulatory liabilities (61 ) (29 )
Deferred income taxes 79
16
Other (5 ) (34 )
Net cash flows from operating activities 402
360
Cash flows used for investing activities:
Construction and acquisition expenditures (470 ) (308 )
Other 5
(27 )
Net cash flows used for investing activities (465 ) (335 )
Cash flows from (used for) financing activities:
Common stock dividends (127 ) (108 )
Capital contributions from parent 25
100
Proceeds from issuance of long-term debt 350
350
Payments to retire long-term debt (150 ) (250 )
Net change in commercial paper (29 ) (105 )
Other (8 ) (11 )
Net cash flows from (used for) financing activities 61
(24 )
Net increase (decrease) in cash, cash equivalents and restricted cash (2 ) 1
Cash, cash equivalents and restricted cash at beginning of period 4
9
Cash, cash equivalents and restricted cash at end of period
$2

$10
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest
($71 )
($74 )
Income taxes, net
$5

($7 )
Significant non-cash investing and financing activities:
Accrued capital expenditures
$50

$70

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.



			11

Table of Contents

ALLIANT ENERGY CORPORATION

INTERSTATE POWER AND LIGHT COMPANY

WISCONSIN POWER AND LIGHT COMPANY

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

In the opinion of management, all adjustments, which unless otherwise noted are normal and recurring in nature, necessary for a fair presentation of the results of operations, financial position and cash flows have been made. Results for the ~~nine~~three months ended ~~September 30, 2020~~March 31, 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, closures of commercial spaces and industrial facilities, and more people working from home in Alliant Energy’s service territories. For the three and nine months ended September 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 and Cash Equivalents -~~ At September 30, 2020, Alliant Energy’s and IPL’s cash and cash equivalents included $183 million and $183 million 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, the derecho windstorm 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. Alliant Energy, IPL and WPL adopted this standard on January 1, 2020 using a modified retrospective method of adoption, which required cumulative effect adjustments to retained earnings on January 1, 2020. IPL and WPL did not record a cumulative effect adjustment to retained earnings and Alliant Energy recorded a pre-tax $12 million (after-tax $9 million) cumulative effect adjustment to decrease retained earnings related to Alliant Energy’s guarantees in the partnership obligations of an affiliate of Whiting Petroleum (refer to ~~Note 13(c)~~ ~~for further discussion). This adjustment is included in “Adoption of new accounting standard” in Alliant Energy’s summary of changes in shareowners’ equity in~~ ~~Note 5~~ ~~for the nine months ended September 30, 2020.~~



	12

~~Table of Contents~~

NOTE 2. REGULATORY MATTERS

Regulatory Assets and Regulatory Liabilities -

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


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

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

Alliant Energy IPL WPL
September 30,
2020 December 31,
2019 September 30,
2020 December 31,
2019 September 30,
2020 December 31,
2019
Tax-related
$877

$818

$829

$777

$48

$41
Pension and OPEB costs 492
524
247
263
245
261
Assets retired early 118
134
79
88
39
46
Asset retirement obligations 115
112
79
76
36
36
IPL’s DAEC PPA amendment 110
108
110
108
—
—
Derivatives 20
39
8
18
12
21
Emission allowances 19
21
19
21
—
—
Other 85
89
47
49
38
40

$1,836

$1,845

$1,418

$1,400

$418

$445

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

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


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



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

Alliant Energy IPL WPL
September 30,
2020 December 31,
2019 September 30,
2020 December 31,
2019 September 30,
2020 December 31,
2019
Tax-related
$746

$836

$334

$351

$412

$485
Cost of removal obligations 371
388
241
257
130
131
Electric transmission cost recovery 62
88
30
51
32
37
Derivatives 40
20
27
17
13
3
WPL’s West Riverside liquidated damages 36
0
—
—
36
—
Commodity cost recovery 22
24
19
9
3
15
WPL’s earnings sharing mechanism 22
22
—
—
22
22
Other 52
46
40
30
12
16

$1,351

$1,424

$691

$715

$660

$709


			12

Table of Contents

Tax-related - Alliant Energy’s, IPL’s and WPL’s tax-related regulatory liabilities are primarily related to excess deferred tax benefits resulting from the remeasurement of accumulated deferred income taxes caused by Federal Tax Reform. During the ~~nine~~three months ended ~~September 30, 2020,~~March 31, 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.

~~IPL’s DAEC PPA amendment -~~ In September 2020, IPL made a buyout payment of $110 million in exchange for shortening the term of its DAEC PPA by 5 years. The payment was recorded as a reduction to “Other current liabilities” on Alliant Energy’s and IPL’s balance sheets and was included in “DAEC PPA amendment buyout payment” in Alliant Energy’s and IPL’s cash flows used for operating activities for the nine months ended September 30, 2020. The buyout payment will be recovered from IPL’s retail and wholesale customers beginning in the fourth quarter of 2020 through the end of 2025.

~~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 nine months ended September 30, 2020.

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

~~WPL’s West Riverside liquidated damages -~~ Pursuant to terms included in the related West Riverside construction procurement contracts, WPL reached agreement with the contractor on liquidated damages in the third quarter of 2020. A significant portion of the liquidated damages was settled by WPL offsetting amounts owed to the contractor that were previously withheld for payment, which were non-cash investing activities. The liquidated damages are expected to be returned to WPL’s customers as determined in future regulatory proceedings.

~~August 2020 Derecho Windstorm -~~ In August 2020, a derecho windstorm caused considerable damage to IPL’s electric distribution system in its service territory, and over 250,000 of its customers lost power. IPL completed its initial restoration and rebuilding efforts in August 2020 and expects permanent repairs to the system to continue throughout 2020. IPL’s current estimate of the total cost of the windstorm is approximately $140 million, and as of September 30, 2020, approximately $130 million was recorded substantially to “Property, plant and equipment, net” on Alliant Energy’s and IPL’s balance sheets. Tax benefits and the incremental operation and maintenance expenses resulting from the windstorm were deferred and recorded



	13

~~Table of Contents~~

as a net regulatory liability of $7 million as of September 30, 2020, which is included in “Other” regulatory liabilities in the above table. In November 2020, IPL filed a request with the IUB for utilization of a regulatory account to track certain incremental costs and benefits incurred resulting from the windstorm until IPL’s next rate proceeding.

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
September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019
Customer
$95

$92

$0

$0

$86

$84
Unbilled utility revenues 62
82
0
0
62
82
Deferred proceeds 201
188
201
188
—
—
Other 54
47
20
16
33
31
Allowance for expected credit losses (13 ) (7 ) (2 ) (1 ) (11 ) (6 )

$399

$402

$219

$203

$170

$191

~~Note 3(b)~~ Sales of Accounts Receivable - IPL maintains a Receivables Purchase and Sale Agreement (Receivables Agreement) whereby it may sell its customer accounts receivables, unbilled revenues and certain other accounts receivables to a third party through wholly-owned and consolidated special purpose entities. The transfers of receivables meet the criteria for sale accounting established by the transfer of financial assets accounting rules. As of ~~September 30, 2020,~~March 31, 2021, IPL had ~~$109~~$15 million of available capacity under its sales of accounts receivable program. IPL’s maximum and average outstanding cash proceeds (based on daily outstanding balances) related to the sales of accounts receivable program for the three ~~and nine~~ months ended ~~September 30~~March 31 were as follows (in millions):



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

Three Months Nine Months
2020 2019 2020 2019
Maximum outstanding aggregate cash proceeds
$1

$103

$96

$108
Average outstanding aggregate cash proceeds 1
45
12
43

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


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

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

September 30, 2020 December 31, 2019
Customer accounts receivable
$148

$125
Unbilled utility revenues 67
95
Other receivables 0
1
Receivables sold to third party 215
221
Less: cash proceeds 1
27
Deferred proceeds 214
194
Less: allowance for expected credit losses 13
6
Fair value of deferred proceeds
$201

$188

As of ~~September 30, 2020,~~March 31, 2021, outstanding receivables past due under the Receivables Agreement were ~~$27~~$22 million. Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three ~~and nine~~ months ended ~~September 30~~March 31 were as follows (in millions):



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

Three Months Nine Months
2020 2019 2020 2019
Collections
$561

$592

$1,555

$1,636
Write-offs, net of recoveries 1
3
4
11

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

NOTE 4. INVESTMENTS

Unconsolidated Equity Investments - Alliant Energy’s equity (income) loss from unconsolidated investments accounted for under the equity method of accounting for the three ~~and nine~~ months ended ~~September 30~~March 31 was as follows (in millions):



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

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

Three Months Nine Months
2020 2019 2020 2019
ATC Holdings
($11 )
($11 )
($36 )
($30 )
Non-utility wind farm in Oklahoma (2 ) 0
(6 ) (3 )
Other (2 ) (1 ) (4 ) (2 )

($15 )
($12 )
($46 )
($35 )



	14

~~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			~~364,531~~152,588
Equity-based compensation plans			~~98,205~~113,549

Shares outstanding, ~~September 30, 2020~~March 31, 2021			~~249,760,663~~250,134,552


			13

~~Equity Forward Agreements -~~ ~~In November 2019, Alliant Energy entered into forward sale agreements with a counterparty in connection with a public offering~~Table 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.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 March 31, 2021
Beginning balance, December 31, 2020	$2	$2,704	$2,994	($1)	($11)	$200	$5,888
Net income attributable to Alliant Energy common shareowners			171				171
Common stock dividends ($0.4025 per share)			(102)				(102)
Shareowner Direct Plan issuances	1	7					8
Equity-based compensation plans and other		1			0		1

Ending balance, March 31, 2021	$3	$2,712	$3,063	($1)	($11)	$200	$5,966
Three Months Ended March 31, 2020
Beginning balance, December 31, 2019	$2	$2,446	$2,766	$1	($10)	$200	$5,405
Net income attributable to Alliant Energy common shareowners			170				170
Common stock dividends ($0.38 per share)			(93)				(93)
Equity forward settlements and Shareowner Direct Plan issuances	0	228					228

Adoption of new accounting standard, net of tax			(9)				(9)
Other comprehensive income, net of tax				1			1
Ending balance, March 31, 2020	$2	$2,674	$2,834	$2	($10)	$200	$5,702

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 September 30, 2020
Beginning balance, June 30, 2020
$2

$2,683

$2,874

($1 )
($10 )
$200

$5,748
Net income attributable to Alliant Energy common shareowners 246
246
Common stock dividends ($0.38 per share) (94 ) (94 )
Shareowner Direct Plan issuances

6
6
Equity-based compensation plans and other 4
(1 ) 3
Ending balance, September 30, 2020
$2

$2,693

$3,026

($1 )
($11 )
$200

$5,909
Three Months Ended September 30, 2019
Beginning balance, June 30, 2019
$2

$2,109

$2,598

$1

($10 )
$200

$4,900
Net income attributable to Alliant Energy common shareowners 226
226
Common stock dividends ($0.355 per share) (85 ) (85 )
Equity forward settlements and Shareowner Direct Plan issuances

125
125
Equity-based compensation plans and other 3

3
Ending balance, September 30, 2019
$2

$2,237

$2,739

$1

($10 )
$200

$5,169


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

Ending balance, March 31, 2021	$33	$2,752	$957	$200	$3,942
Three Months Ended March 31, 2020
Beginning balance, December 31, 2019	$33	$2,348	$891	$200	$3,472
Net income available for common stock			83		83
Common stock dividends			(60)		(60)
Capital contributions from parent		100			100
Ending balance, March 31, 2020	$33	$2,448	$914	$200	$3,595


WPL		Additional		Total
	Common	Paid-In	Retained	Common
	Stock	Capital	Earnings	Equity
Three Months Ended March 31, 2021
Beginning balance, December 31, 2020	$66	$1,459	$953	$2,478
Net income			84	84
Common stock dividends			(42)	(42)
Capital contributions from parent		125		125
Ending balance, March 31, 2021	$66	$1,584	$995	$2,645
Three Months Ended March 31, 2020
Beginning balance, December 31, 2019	$66	$1,434	$864	$2,364
Net income			90	90
Common stock dividends			(43)	(43)
Capital contributions from parent		25		25
Ending balance, March 31, 2020	$66	$1,459	$911	$2,436



			1514

Table of Contents

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
Nine Months Ended September 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 550
550
Common stock dividends ($1.14 per share) (281 ) (281 )
Equity forward settlements and Shareowner Direct Plan issuances

241
241
Equity-based compensation plans and other 6
(1 ) 5
Adoption of new accounting standard, net of tax (refer to Note 1(d))
(9 ) (9 )
Other comprehensive loss, net of tax (2 ) (2 )
Ending balance, September 30, 2020
$2

$2,693

$3,026

($1 )
($11 )
$200

$5,909
Nine Months Ended September 30, 2019
Beginning balance, December 31, 2018
$2

$2,046

$2,546

$2

($10 )
$200

$4,786
Net income attributable to Alliant Energy common shareowners 446
446
Common stock dividends ($1.065 per share) (253 ) (253 )
Equity forward settlements and Shareowner Direct Plan issuances 185
185
Equity-based compensation plans and other 6

6
Other comprehensive loss, net of tax (1 ) (1 )
Ending balance, September 30, 2019
$2

$2,237

$2,739

$1

($10 )
$200

$5,169

IPL Total IPL Common Equity
Additional Cumulative
Common Paid-In Retained Preferred Total
Stock Capital Earnings Stock Equity
Three Months Ended September 30, 2020
Beginning balance, June 30, 2020
$33

$2,523

$915

$200

$3,671
Net income available for common stock 148
148
Common stock dividends (59 ) (59 )
Capital contributions from parent 170
170
Ending balance, September 30, 2020
$33

$2,693

$1,004

$200

$3,930
Three Months Ended September 30, 2019
Beginning balance, June 30, 2019
$33

$2,323

$789

$200

$3,345
Net income available for common stock 141
141
Common stock dividends (42 ) (42 )
Ending balance, September 30, 2019
$33

$2,323

$888

$200

$3,444

IPL Total IPL Common Equity
Additional Cumulative
Common Paid-In Retained Preferred Total
Stock Capital Earnings Stock Equity
Nine Months Ended September 30, 2020
Beginning balance, December 31, 2019
$33

$2,348

$891

$200

$3,472
Net income available for common stock 290
290
Common stock dividends (177 ) (177 )
Capital contributions from parent 345
345
Ending balance, September 30, 2020
$33

$2,693

$1,004

$200

$3,930
Nine Months Ended September 30, 2019
Beginning balance, December 31, 2018
$33

$2,223

$775

$200

$3,231
Net income available for common stock 239
239
Common stock dividends (126 ) (126 )
Capital contributions from parent 100
100
Ending balance, September 30, 2019
$33

$2,323

$888

$200

$3,444



	16

~~Table of Contents~~

WPL Additional Total
Common Paid-In Retained Common
Stock Capital Earnings Equity
Three Months Ended September 30, 2020
Beginning balance, June 30, 2020
$66

$1,459

$927

$2,452
Net income 73
73
Common stock dividends (43 ) (43 )
Ending balance, September 30, 2020
$66

$1,459

$957

$2,482
Three Months Ended September 30, 2019
Beginning balance, June 30, 2019
$66

$1,309

$810

$2,185
Net income 76
76
Common stock dividends (36 ) (36 )
Capital contributions from parent 100
100
Ending balance, September 30, 2019
$66

$1,409

$850

$2,325

WPL Additional Total
Common Paid-In Retained Common
Stock Capital Earnings Equity
Nine Months Ended September 30, 2020
Beginning balance, December 31, 2019
$66

$1,434

$864

$2,364
Net income 220
220
Common stock dividends (127 ) (127 )
Capital contributions from parent 25
25
Ending balance, September 30, 2020
$66

$1,459

$957

$2,482
Nine Months Ended September 30, 2019
Beginning balance, December 31, 2018
$66

$1,309

$775

$2,150
Net income 183
183
Common stock dividends (108 ) (108 )
Capital contributions from parent 100
100
Ending balance, September 30, 2019
$66

$1,409

$850

$2,325

NOTE 6. DEBT

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


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

September 30, 2020 Alliant Energy IPL WPL
Amount outstanding $422 $0 $139
Weighted average interest rates 0.2% N/A 0.1%
Available credit facility capacity $578 $250 $161


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

Alliant Energy IPL WPL
Three Months Ended September 30 2020 2019 2020 2019 2020 2019
Maximum amount outstanding (based on daily outstanding balances)
$422

$472

$0

$0

$139

$90
Average amount outstanding (based on daily outstanding balances)
$252

$400

$0

$0

$83

$27
Weighted average interest rates 0.2% 2.5% N/A N/A 0.2% 2.3%
Nine Months Ended September 30
Maximum amount outstanding (based on daily outstanding balances)
$463

$601

$8

$50

$212

$195
Average amount outstanding (based on daily outstanding balances)
$252

$476

$0

$0

$86

$102
Weighted average interest rates 1.1% 2.6% 0.5% 2.8% 1.2% 2.5%

~~NOTE 6(b) Long-term Debt -~~ In March 2020, AEF entered into a $300 million variable rate (1% as of September 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.



	17

~~Table of Contents~~

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.

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 September 30 2020 2019 2020 2019 2020 2019
Electric Utility:
Retail - residential
$328

$332

$189

$196

$139

$136
Retail - commercial 210
231
142
158
68
73
Retail - industrial 241
264
149
158
92
106
Wholesale 47
50
17
18
30
32
Bulk power and other 26
39
22
31
4
8
Total Electric Utility 852
916
519
561
333
355
Gas Utility:
Retail - residential 22
20
12
12
10
8
Retail - commercial 10
10
6
6
4
4
Retail - industrial 2
3
1
2
1
1
Transportation/other 8
9
5
5
3
4
Total Gas Utility 42
42
24
25
18
17
Other Utility:
Steam 8
9
8
9
—
—
Other utility 2
2
2
2
0
0
Total Other Utility 10
11
10
11
0
0
Non-Utility and Other:
Transportation and other 16
21
—
—
—
—
Total Non-Utility and Other 16
21
—
—
—
—
Total revenues
$920

$990

$553

$597

$351

$372

Alliant Energy IPL WPL
Nine Months Ended September 30 2020 2019 2020 2019 2020 2019
Electric Utility:
Retail - residential
$845

$840

$472

$470

$373

$370
Retail - commercial 556
583
371
386
185
197
Retail - industrial 648
686
384
392
264
294
Wholesale 127
137
44
49
83
88
Bulk power and other 81
104
61
76
20
28
Total Electric Utility 2,257
2,350
1,332
1,373
925
977
Gas Utility:
Retail - residential 146
187
79
109
67
78
Retail - commercial 70
90
38
50
32
40
Retail - industrial 8
10
5
7
3
3
Transportation/other 29
36
19
22
10
14
Total Gas Utility 253
323
141
188
112
135
Other Utility:
Steam 27
27
27
27
—
—
Other utility 5
6
4
5
1
1
Total Other Utility 32
33
31
32
1
1
Non-Utility and Other:
Transportation and other 57
62
—
—
—
—
Total Non-Utility and Other 57
62
—
—
—
—
Total revenues
$2,599

$2,768

$1,504

$1,593

$1,038

$1,113


	Alliant Energy		IPL		WPL
Three Months Ended March 31	2021	2020	2021	2020	2021	2020
Electric Utility:
Retail - residential	$262	$266	$139	$147	$123	$119
Retail - commercial	172	183	110	120	62	63
Retail - industrial	202	210	112	121	90	89
Wholesale	40	40	11	14	29	26
Bulk power and other	25	31	14	23	11	8
Total Electric Utility	701	730	386	425	315	305
Gas Utility:
Retail - residential	99	91	52	49	47	42
Retail - commercial	53	45	27	24	26	21
Retail - industrial	5	4	3	2	2	2
Transportation/other	13	12	9	8	4	4
Total Gas Utility	170	152	91	83	79	69
Other Utility:
Steam	9	10	9	10	—	—
Other utility	4	2	3	1	1	1
Total Other Utility	13	12	12	11	1	1
Non-Utility and Other:
Transportation and other	17	22	—	—	—	—

Total Non-Utility and Other	17	22	—	—	—	—
Total revenues	$901	$916	$489	$519	$395	$375

~~Table of Contents~~

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 and WPL’s overall effective income tax rates for the three ~~and nine~~ months ended ~~September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019~~2020 were primarily due to ~~increases in production tax credits as a result of increased wind production in 2020 and~~ increased amortization of excess deferred taxes primarily at WPL, which were used to offset increases in WPL’s ~~2020~~2021 increased revenue requirements.


	Alliant Energy		IPL	WPL

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

Alliant Energy IPL WPL
Three Months Nine Months Three Months Nine Months Three Months Nine Months
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Overall income tax rate (9%) 9% (9%) 10% (14%) 5% (14%) 4% (7%) 18% (8%) 18%


			15

Table of Contents

Deferred Tax Assets and Liabilities -

Carryforwards - At ~~September 30, 2020,~~March 31, 2021, carryforwards and expiration dates were estimated as follows (in millions):


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

Range of Expiration Dates Alliant Energy IPL WPL
Federal net operating losses 2037
$371

$343

$3
State net operating losses 2020-2040 623
10
2
Federal tax credits 2022-2040 446
252
173

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 nine~~ months ended ~~September 30~~March 31 are included below (in millions). For IPL and WPL, amounts ~~represent those~~are for their plan participants covered under plans they sponsor, as well as amounts directly assigned to them related to certain participants in the Alliant Energy and Corporate Services sponsored plans.


	Defined Benefit Pension Plans		OPEB Plans

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

Amortization of actuarial loss	10	9		1	1

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


																										Defined Benefit Pension Plans		OPEB Plans
	Defined Benefit Pension Plans												OPEB Plans
	Three Months						Nine Months						Three Months						Nine Months
Alliant Energy	2020			2019			2020			2019			2020			2019			2020			2019
IPL																									IPL	2021	2020		2021	2020
Service cost		$3			$2			$8			$7			$1			$1			$3			$3		Service cost	$2	$1		$0	$0
Interest cost	10			13			32			37			2			2			5			6			Interest cost	4	5		1	1
Expected return on plan assets	(17		)	(15		)	(52		)	(45		)	(1		)	(1		)	(4		)	(4		)	Expected return on plan assets	(8)	(8)		(1)	(1)

Amortization of actuarial loss	9			9			26			27			0			1			2			2			Amortization of actuarial loss	4	4		0	0
Settlement losses (a)	0			0			4			0			0			0			0			0
		$5			$9			$18			$26			$2			$3			$6			$7			$2	$2		$0	$0


	Defined Benefit Pension Plans		OPEB Plans

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

Amortization of actuarial loss	5	4		1	0

	$2	$2		$1	$1

Defined Benefit Pension Plans OPEB Plans
Three Months Nine Months Three Months Nine Months
IPL 2020 2019 2020 2019 2020 2019 2020 2019
Service cost
$2

$1

$5

$4

$0

$0

$1

$1
Interest cost 5
6
15
17
1
1
2
3
Expected return on plan assets (8 ) (7 ) (24 ) (21 ) (1 ) (1 ) (3 ) (3 )
Amortization of actuarial loss 4
4
11
12
0
1
1
1

$3

$4

$7

$12

$0

$1

$1

$2

Defined Benefit Pension Plans OPEB Plans
Three Months Nine Months Three Months Nine Months
WPL 2020 2019 2020 2019 2020 2019 2020 2019
Service cost
$1

$1

$3

$3

$0

$0

$1

$1
Interest cost 5
5
14
16
1
1
2
3
Expected return on plan assets (8 ) (6 ) (23 ) (20 ) (1 ) 0
(1 ) (1 )
Amortization of actuarial loss 4
4
12
13
1
0
2
1

$2

$4

$6

$12

$1

$1

$4

$4

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


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

NOTE 9(b) Equity-based Compensation Plans - A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards for the three ~~and nine~~ months ended ~~September 30~~March 31 was as follows (in millions):


	Alliant Energy		IPL	WPL

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



	19

~~Table of Contents~~

Alliant Energy IPL WPL
Three Months Nine Months Three Months Nine Months Three Months Nine Months
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Compensation expense
$5

$8

$10

$16

$3

$4

$6

$9

$2

$3

$4

$6
Income tax benefits 1
2
3
4
1
1
2
2
0
1
1
2

As of ~~September 30, 2020,~~March 31, 2021, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $13 million, $7 million ~~$4 million~~ and $3$5 million, respectively, which is expected to be recognized over a weighted average period of between 1 year and 2 years.


			16

Table of Contents

For the ~~nine~~three months ended ~~September 30, 2020,~~March 31, 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 ~~September 30, 2020, 276,070~~March 31, 2021, 425,849 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 nine months ended September 30, 2020 is as follows (in millions):~~

Alliant Energy IPL
Balance, January 1
$196

$134
Revisions in estimated cash flows 1
0
Liabilities settled (7 ) (5 )
Liabilities incurred (a) 38
38
Accretion expense 5
4
Balance, September 30
$233

$171


~~(a)~~	During the nine months ended September 30, 2020, Alliant Energy and IPL recognized additional asset retirement obligations related to IPL’s newly constructed Whispering Willow North, Golden Plains and Richland 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.~~10. DERIVATIVE INSTRUMENTS

Commodity Derivatives -

Notional Amounts - As of ~~September 30, 2020,~~March 31, 2021, gross notional amounts and settlement/delivery years related to outstanding swap contracts, option contracts, physical forward contracts and FTRs that were accounted for as commodity derivative instruments were as follows (units in thousands):


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

FTRs Natural Gas Coal Diesel Fuel
MWhs Years Dths Years Tons Years Gallons Years
Alliant Energy 14,365
2020-2021 218,581
2020-2028 8,151
2020-2023 6,174
2020-2022
IPL 5,401
2020-2021 114,747
2020-2028 3,373
2020-2023 0
—
WPL 8,964
2020-2021 103,834
2020-2027 4,778
2020-2023 6,174
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
	March 31, 2021	December 31, 2020	March 31, 2021	December 31, 2020	March 31, 2021	December 31, 2020
Current derivative assets	$18	$24	$12	$20	$6	$4
Non-current derivative assets	10	10	7	9	3	1
Current derivative liabilities	2	9	0	3	2	6
Non-current derivative liabilities	11	16	6	9	5	7

Alliant Energy IPL WPL
September 30,
2020 December 31,
2019 September 30,
2020 December 31,
2019 September 30,
2020 December 31,
2019
Current derivative assets
$33

$16

$23

$12

$10

$4
Non-current derivative assets 15
11
11
10
4
1
Current derivative liabilities 6
19
2
9
4
10
Non-current derivative liabilities 13
19
6
9
7
10



	20

~~Table of Contents~~

Credit Risk-related Contingent Features - Various agreements contain credit risk-related contingent features, including requirements to maintain certain credit ratings and/or limitations on liability positions under the agreements based on credit ratings. Certain of these agreements with credit risk-related contingency features are accounted for as derivative instruments. In the event of a material change in creditworthiness or if liability positions exceed certain contractual limits, credit support may need to be provided in the form of letters of credit or cash collateral up to the amount of exposure under the contracts, or the contracts may need to be unwound and underlying liability positions paid. At ~~September 30, 2020~~March 31, 2021 and December 31, ~~2019,~~2020, the aggregate fair value of all derivative instruments with credit risk-related contingent features in a net liability position was not materially different than amounts that would be required to be posted as credit support to counterparties by Alliant Energy, IPL or WPL if the most restrictive credit risk-related contingent features for derivative agreements in a net liability position were triggered.

Balance Sheet Offsetting - The fair value amounts of derivative instruments subject to a master netting arrangement are not netted by counterparty on the balance sheets. However, if the fair value amounts of derivative instruments by counterparty were netted, amounts would not be materially different from gross amounts of derivative assets and derivative liabilities at ~~September 30, 2020~~March 31, 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.


			17

Table of Contents

NOTE ~~12.~~11. 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	March 31, 2021					December 31, 2020
		Fair Value					Fair Value
	Carrying	Level	Level	Level		Carrying	Level	Level	Level
	Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:
Money market fund investments	$8	$8	$0	$0	$8	$44	$44	$0	$0	$44
Derivatives	28	0	12	16	28	34	0	5	29	34
Deferred proceeds	107	0	0	107	107	188	0	0	188	188
Liabilities:
Derivatives	13	0	13	0	13	25	0	25	0	25
Long-term debt (incl. current maturities)	6,779	0	7,613	1	7,614	6,777	0	8,107	2	8,109


Alliant Energy	September 30, 2020										December 31, 2019
IPL																					IPL	March 31, 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		$183		$183		$0		$0		$183		$5		$5		$0		$0		$5	Money market fund investments	$8	$8	$0	$0	$8	$44	$44	$0	$0	$44
Derivatives	48		0		17		31		48		27		0		5		22		27		Derivatives	19	0	4	15	19	29	0	3	26	29
Deferred proceeds	201		0		0		201		201		188		0		0		188		188		Deferred proceeds	107	0	0	107	107	188	0	0	188	188
Liabilities:																					Liabilities:
Derivatives	19		0		18		1		19		38		0		37		1		38		Derivatives	6	0	6	0	6	12	0	12	0	12
Long-term debt (incl. current maturities)	6,581		0		7,849		2		7,851		6,190		0		6,918		2		6,920
Long-term debt																					Long-term debt	3,346	0	3,745	0	3,745	3,345	0	4,021	0	4,021


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

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

IPL September 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
$183

$183

$0

$0

$183

$5

$5

$0

$0

$5
Derivatives 34
0
7
27
34
22
0
3
19
22
Deferred proceeds 201
0
0
201
201
188
0
0
188
188
Liabilities:
Derivatives 8
0
7
1
8
18
0
17
1
18
Long-term debt (incl. current maturities) 3,344
0
3,987
0
3,987
3,147
0
3,489
0
3,489

WPL September 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
$14

$0

$10

$4

$14

$5

$0

$2

$3

$5
Liabilities:
Derivatives 11
0
11
0
11
20
0
20
0
20
Long-term debt (incl. current maturities) 2,130
0
2,667
0
2,667
1,933
0
2,268
0
2,268



	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 March 31	2021	2020	2021	2020
Beginning balance, January 1	$29	$21	$188	$188
Total net losses included in changes in net assets (realized/unrealized)	(6)	(3)	0	0




Settlements (a)	(7)	(4)	(81)	0
Ending balance, March 31	$16	$14	$107	$188
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at March 31	($6)	($3)	$0	$0

Alliant Energy Commodity Contract Derivative
Assets and (Liabilities), net Deferred Proceeds
Three Months Ended September 30 2020 2019 2020 2019
Beginning balance, July 1
$36

$13

$194

$215
Total net gains included in changes in net assets (realized/unrealized) 0
13
0
0
Transfers out of Level 3 0
(1 ) 0
0
Sales (1 ) 0
0
0
Settlements (a) (5 ) (3 ) 7
22
Ending balance, September 30
$30

$22

$201

$237
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30
($1 )
$13

$0

$0

Alliant Energy Commodity Contract Derivative
Assets and (Liabilities), net Deferred Proceeds
Nine Months Ended September 30 2020 2019 2020 2019
Beginning balance, January 1
$21

$12

$188

$119
Total net gains included in changes in net assets (realized/unrealized) 8
7
0
0
Transfers out of Level 3 0
3
0
0
Purchases 14
14
0
0
Sales (1 ) 0
0
0
Settlements (a) (12 ) (14 ) 13
118
Ending balance, September 30
$30

$22

$201

$237
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30
$8

$10

$0

$0

IPL Commodity Contract Derivative
Assets and (Liabilities), net Deferred Proceeds
Three Months Ended September 30 2020 2019 2020 2019
Beginning balance, July 1
$32

$9

$194

$215
Total net gains (losses) included in changes in net assets (realized/unrealized) (1 ) 12
0
0
Transfers out of Level 3 0
(1 ) 0
0
Sales (1 ) 0
0
0
Settlements (a) (4 ) (2 ) 7
22
Ending balance, September 30
$26

$18

$201

$237
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30
($1 )
$12

$0

$0

IPL Commodity Contract Derivative
Assets and (Liabilities), net Deferred Proceeds
Nine Months Ended September 30 2020 2019 2020 2019
Beginning balance, January 1
$18

$9

$188

$119
Total net gains included in changes in net assets (realized/unrealized) 7
9
0
0
Transfers out of Level 3 0
2
0
0
Purchases 11
9
0
0
Sales (1 ) 0
0
0
Settlements (a) (9 ) (11 ) 13
118
Ending balance, September 30
$26

$18

$201

$237
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30
$7

$10

$0

$0

~~(a)~~

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



			2218

Table of Contents


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




Settlements (a)	(6)	(3)	(81)	0
Ending balance, March 31	$15	$13	$107	$188
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at March 31	($6)	($2)	$0	$0

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

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


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

Alliant Energy IPL WPL
Excluding FTRs FTRs Excluding FTRs FTRs Excluding FTRs FTRs
September 30, 2020
$18

$12

$17

$9

$1

$3
December 31, 2019 15
7
14
5
1
2

NOTE ~~13.~~12. COMMITMENTS AND CONTINGENCIES

NOTE ~~13(a)~~12(a) Capital Purchase Commitments - Various contractual obligations contain minimum future commitments related to capital expenditures for certain construction ~~projects.~~projects, including WPL’s ~~projects include the~~ expansion of solar ~~and wind generation and its gas distribution system in Western Wisconsin.~~generation. At ~~September 30, 2020,~~March 31, 2021, Alliant Energy’s and WPL’s minimum future commitments for these projects were ~~$21~~$10 million and ~~$18~~$10 million, respectively.

NOTE ~~13(b)~~12(b) Other Purchase Commitments - Various commodity supply, transportation and storage contracts help meet obligations to provide electricity and natural gas to utility customers. In addition, there are various purchase commitments associated with other goods and services. At ~~September 30, 2020,~~March 31, 2021, related minimum future commitments were as follows (in millions):


	Alliant Energy	IPL	WPL

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

Alliant Energy IPL WPL
Natural gas
$983

$508

$475
Coal (a) 125
70
55
Other (b) 111
49
31

$1,219

$627

$561



	September 30, 2020		December 31, 2019
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents		$189		$16
Accounts receivable, less allowance for expected credit losses	399		402
Production fuel, at weighted average cost	62		78
Gas stored underground, at weighted average cost	48		49
Materials and supplies, at weighted average cost	113		100
Regulatory assets	74		87
Prepaid gross receipts tax	30		42
Other	118		102
Total current assets	1,033		876
Property, plant and equipment, net	14,199		13,527
Investments:
ATC Holdings	328		320
Other	150		148
Total investments	478		468
Other assets:
Regulatory assets	1,762		1,758
Deferred charges and other	68		72
Total other assets	1,830		1,830
Total assets		$17,540		$16,701



	Alliant Energy				IPL				WPL
Three Months Ended September 30	2020		2019		2020		2019		2020		2019
Maximum amount outstanding (based on daily outstanding balances)		$422		$472		$0		$0		$139		$90
Average amount outstanding (based on daily outstanding balances)		$252		$400		$0		$0		$83		$27
Weighted average interest rates	0.2%		2.5%		N/A		N/A		0.2%		2.3%
Nine Months Ended September 30
Maximum amount outstanding (based on daily outstanding balances)		$463		$601		$8		$50		$212		$195
Average amount outstanding (based on daily outstanding balances)		$252		$476		$0		$0		$86		$102
Weighted average interest rates	1.1%		2.6%		0.5%		2.8%		1.2%		2.5%



	Alliant Energy			IPL
Balance, January 1		$196			$134
Revisions in estimated cash flows	1			0
Liabilities settled	(7		)	(5		)
Liabilities incurred (a)	38			38
Accretion expense	5			4
Balance, September 30		$233			$171



	Alliant Energy		IPL		WPL
Natural gas		$983		$508		$475
Coal (a)	125		70		55
Other (b)	111		49		31
		$1,219		$627		$561


~~(a)~~	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 September 30, 2020 regarding expected future usage, which is subject to change.


~~(b)~~	~~Includes individual commitments incurred during the normal course of business that exceeded $1 million at September 30, 2020.~~


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



Alliant Energy										ATC Holdings,		Alliant
	Utility									Non-Utility,		Energy
	Electric		Gas			Other		Total		Parent and Other		Consolidated
	(in millions)
Three Months Ended September 30, 2020
Revenues		$852		$42			$10		$904		$16		$920
Operating income (loss)	251		(1		)	1		251		21		272
Net income attributable to Alliant Energy common shareowners								221		25		246
Three Months Ended September 30, 2019
Revenues		$916		$42			$11		$969		$21		$990
Operating income (loss)	284		(5		)	3		282		8		290
Net income attributable to Alliant Energy common shareowners								217		9		226


•	~~Refer to “Results of Operations” for discussion of expected issuances of common stock dividends and long-term debt in 2021.~~


	2021		2020
	Income	EPS	Income (Loss)	EPS

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


Alliant Energy Consolidated	$171	$0.68	$170	$0.70



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


IPL													IPL	Electric				Gas
														Revenues		MWhs Sold		Revenues		Dths Sold
														2021	2020	2021	2020	2021	2020	2021	2020
Alliant Energy	Electric						Gas
	Revenues				MWhs Sold		Revenues				Dths Sold
	2020		2019		2020	2019	2020		2019		2020	2019
Three Months
Retail		$779		$827	6,762	6,868		$34		$33	3,500	3,144	Retail	$361	$388	3,582	3,482	$82	$75	12,138	11,621
Sales for resale	54		72		1,453	2,003	N/A		N/A		N/A	N/A	Sales for resale	11	28	287	1,251	N/A	N/A	N/A	N/A
Transportation/Other	19		17		17	23	8		9		24,842	25,021	Transportation/Other	14	9	10	10	9	8	11,178	11,294
		$852		$916	8,232	8,894		$42		$42	28,342	28,165		$386	$425	3,879	4,743	$91	$83	23,316	22,915
Nine Months
Retail		$2,049		$2,109	18,496	19,035		$224		$287	32,545	36,560
Sales for resale	162		190		4,962	4,835	N/A		N/A		N/A	N/A
Transportation/Other	46		51		53	71	29		36		79,546	71,814
		$2,257		$2,350	23,511	23,941		$253		$323	112,091	108,374


	Electric Margins			Gas Margins

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



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



Estimated changes in sales volumes caused by temperatures	9	5	4

Lower revenues at IPL due to changes in credits on customers’ bills related to excess deferred income tax benefits amortization through the tax benefit rider (offset by changes in income tax)	(7)	(7)	—
Lower revenues at IPL related to changes in recovery amounts for energy efficiency costs through the energy efficiency rider (mostly offset by changes in energy efficiency expense)	(5)	(5)	—
Other	—	(3)	3
	$10	$—	$10



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

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



	Alliant Energy	IPL	WPL

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


•	~~Financing Plans -~~ ~~WPL and AEF each currently expect to issue up to $300 million of long-term debt by the end of 2021.~~


•	~~Depreciation and Amortization Expenses -~~ Alliant Energy, IPL and WPL currently expect an increase in depreciation and amortization expenses in 2021 compared to 2020 due to property additions, including IPL’s and WPL’s expansion of wind generation and WPL’s natural gas-fired West Riverside Energy Center.


•	~~Allowance for Funds Used During Construction -~~ Alliant Energy currently expects allowance for funds used during construction to decrease in 2021 compared to 2020 primarily due to decreased construction work in progress balances related to IPL’s and WPL’s wind generation and WPL’s West Riverside Energy Center, which were placed in service in 2020.


	Alliant Energy	IPL	WPL



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

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






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

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



	Alliant Energy			IPL			WPL
DAEC PPA amendment buyout payment in 2020 (Refer to Note 2)		($110	)		($110	)		$—
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		)	(9		)	(2		)
Changes in interest payments	(2		)	(15		)	3
Higher collections from IPL’s retail electric and gas base rate increases	62			62			—
Changes in levels of production fuel	24			(3		)	27
Refunds received in 2020 related to the MISO transmission owner return on equity complaint FERC orders (Refer to Note 13(f))	20			15			5
Changes in income taxes paid/refunded	5			(20		)	12
Other (primarily due to other changes in working capital)	(19		)	2			(3		)
		($73	)		($120	)		$42


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

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


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



	Alliant Energy			IPL			WPL
Lower (higher) payments to retire long-term debt		($401	)		($200	)		$100
Net changes in the amount of commercial paper outstanding	177			50			76
Higher (lower) net proceeds from issuance of long-term debt	100			(200		)	—
Higher net proceeds from common stock issuances	56			—			—
Higher (lower) capital contributions from IPL’s and WPL’s parent company, Alliant Energy	—			245			(75		)
Other (includes higher dividend payments in 2020)	(39		)	(54		)	(16		)
		($107	)		($159	)		$85


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



	Total Number	Average Price		Total Number of Shares	Maximum Number (or Approximate
	of Shares	Paid Per		Purchased as Part of	Dollar Value) of Shares That May
Period	Purchased (a)	Share		Publicly Announced Plan	Yet Be Purchased Under the Plan (a)
July 1 through July 31	4,009		$49.07	—	N/A
August 1 through August 31	2,680	53.91		—	N/A
September 1 through September 30	64	52.11		—	N/A
	6,753	51.02		—


~~(a)~~			All shares were purchased on the open market and held in a rabbi trust under the Alliant Energy Deferred Compensation Plan. There is no limit on the number of shares of Alliant Energy common stock that may be held under the Deferred Compensation Plan, which currently does not have an expiration date.27



Exhibit Number		Description
~~3.1~~31.1		~~Amended and Restated Bylaws of Alliant Energy, effective October 27, 2020 (incorporated by reference to Exhibit 3.1 to Alliant Energy’s Form 8-K, filed October 29, 2020 (File No. 1-9894))~~
~~3.2~~	~~Amended and Restated Bylaws of IPL, effective October 27, 2020 (incorporated by reference to Exhibit 3.2 to IPL’s Form 8-K, filed October 29, 2020 (File No. 1-4117))~~
~~3.3~~	~~Amended and Restated Bylaws of WPL, effective October 27, 2020 (incorporated by reference to Exhibit 3.3 to WPL’s Form 8-K, filed October 29, 2020 (File No. 0-337))~~
~~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)