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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
     
FORM 10-Q
     
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019March 31, 2020

or

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

alliantenergylogo.jpgalliantenergylogo.jpg

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

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

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

WISCONSIN POWER & LIGHT COMPANY
(a Wisconsin corporation)
4902 N. Biltmore Lane
Madison, Wisconsin 53718
Telephone (608) 458-3311
Commission File Number - 0-337
IRS Employer Identification Number - 39-0714890
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 (1) have 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 required to file such reports), and (2) have 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 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 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 large accelerated filers, accelerated filers, non-accelerated filers, smaller reporting companies, or emerging growth companies. 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 shell companies (as defined in Rule 12b-2 of the Exchange Act).
Alliant Energy Corporation - Yes ☐ No ☒
Interstate Power and Light Company - Yes ☐ No ☒
Wisconsin Power and Light Company - Yes ☐ No ☒
Number of shares outstanding of each class of common stock as of June 30, 2019:March 31, 2020:
Alliant Energy Corporation, Common Stock, $0.01 par value, 237,521,074249,503,754 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
13
3. Receivables
1413
4. Investments and Acquisitions
1514
5. Common Equity
1514
6. Debt
1816
7. LeasesRevenues
17
8. Income Taxes
17
9. Benefit Plans
18
10. Asset Retirement Obligations
19
8. Revenues11. Derivative Instruments
19
12. Fair Value Measurements
20
9. Income Taxes13. Commitments and Contingencies
21
10. Benefit Plans
22
11. Asset Retirement Obligations
23
12. Derivative Instruments
23
13. Fair Value Measurements14. Segments of Business
24
14. Commitments and Contingencies
26
15. Segments of Business
28
16. Related Parties
2924
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
3025
Item 3. Quantitative and Qualitative Disclosures About Market Risk
3732
Item 4. Controls and Procedures
3732
Part II. Other Information
3732
Item 1A. Risk Factors
3732
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
3733
Item 6. Exhibits
3833
Signatures
3834

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DEFINITIONS
The following abbreviations or acronyms used in this report are defined below:
Abbreviation or AcronymDefinitionAbbreviation or AcronymDefinition
20182019 Form 10-KCombined Annual Report on Form 10-K filed by Alliant Energy, IPL and WPL for the year ended Dec. 31, 2018Fuel-relatedElectric production fuel and purchased power
AEFAlliant Energy Finance, LLC2019GAAPU.S. generally accepted accounting principles
Alliant EnergyAEFAlliant Energy CorporationFinance, LLCIPLInterstate Power and Light Company
ATCAlliant EnergyAmerican Transmission Company LLCAlliant Energy CorporationIUBIowa Utilities Board
ATC HoldingsInterest in American Transmission Company LLC and ATC Holdco LLCMDAManagement’s Discussion and Analysis of Financial Condition and Results of Operations
Corporate ServicesATC HoldingsAlliant Energy Corporate Services, Inc.Interest in American Transmission Company LLC and ATC Holdco LLCMISOMidcontinent Independent System Operator, Inc.
DAECCorporate ServicesDuane ArnoldAlliant Energy CenterCorporate Services, Inc.MWhMegawatt-hour
DthCOVID-19DekathermNovel coronavirusN/ANot applicable
EGUDAECElectric generating unitDuane Arnold Energy CenterNote(s)Combined Notes to Condensed Consolidated Financial Statements
DthDekathermOPEBOther postretirement benefits
EGUElectric generating unitPPAPurchased power agreement
EPAU.S. Environmental Protection AgencyOPEBPSCWOther postretirement benefitsPublic Service Commission of Wisconsin
EPSEarnings per weighted average common sharePPAU.S.Purchased power agreementUnited States of America
Federal Tax ReformTax Cuts and Jobs ActU.S.Whiting PetroleumUnited States of AmericaWhiting Petroleum Corporation
Financial StatementsCondensed Consolidated Financial StatementsWhiting PetroleumWPLWhiting Petroleum CorporationWisconsin Power and Light Company
FTRFinancial transmission rightWPLWisconsin 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:

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, environmental compliance and remediation 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 energy, tax, financial and health care 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, including physical attacks and cyber attacks, or responses to such incidents;

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the impact of penalties or third-party claims related to, or in connection with, a failure to maintain the security of personally identifiable information, including associated costs to notify affected persons and to mitigate their information security concerns;
any material post-closing payments related to any past asset divestitures, including the sale of Whiting Petroleum, which could result from, among other things, indemnification agreements, warranties, parental guarantees or litigation;
employee workforce factors, including changes in key executives, ability to hire and retain employees with specialized skills, ability to create desired corporate culture, collective bargaining agreements and negotiations, work stoppages or restructurings;

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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 the EPA’sfederal, state or local regulations for carbon dioxide emissions reductions from new and existing fossil-fueled EGUs, and litigation associated with environmental requirements;
increased pressure from customers, investors and other stakeholders to more rapidly reduce carbon dioxide emissions;
the ability to defend against environmental claims brought by state and federal agencies, such as the EPA, state natural resources agencies or third parties, such as the Sierra Club, and the impact on operating expenses of defending and resolving such claims;
continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies;
inflation and interest rates;
the impact of the economy in IPL’s and WPL’s service territories and the resulting impacts on sales volumes, margins and the ability to collect unpaid bills;
the ability to complete construction of wind and solar projects within the cost caps set by regulators and to meet all requirements to qualify for the full level of production tax credits;credits and investment tax credits, respectively;
changes in the price of delivered natural gas, 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;
changes in the price of transmission services and the ability to recover the cost of transmission services in a timely manner;
the direct or indirect effects resulting from breakdown or failure of equipment in the operation of electric and gas distribution systems, such as mechanical problems and explosions or fires, and compliance with electric and gas transmission and distribution safety regulations;regulations, including regulations promulgated by the Pipeline and Hazardous Materials Safety Administration;
issues related to the availability and operations of EGUs, including start-up risks, breakdown or failure of equipment, 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, storms or natural disasters may have on Alliant Energy’s, IPL’s and WPL’s operations and recovery of costs associated with restoration activities, or on the operations of Alliant Energy’s investments;
any material post-closing adjustments related to any past asset divestitures, including the sales of IPL’s Minnesota electric and natural gas assets, and Whiting Petroleum, which could result from, among other things, indemnification agreements, warranties, parental guarantees or litigation;
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, 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 due to furtherfrom valuations and potential changes to ATC’s authorized return on equity;
impacts of IPL’s future tax benefits from Iowa rate-making practices, including deductions for repairs expenditures, allocation of mixed service costs and state depreciation, and recoverability of the associated regulatory assets from customers, when the differences reverse in future periods;
the impacts of adjustments made to deferred tax assets and liabilities from changes in the tax laws;rates;
changes to the creditworthiness of counterparties with which Alliant Energy, IPL and WPL have contractual arrangements, including participants in the energy markets and fuel suppliers and transporters;
current or future litigation, regulatory investigations, proceedings or inquiries;
reputational damage from negative publicity, protests, fines, penalties and other negative consequences resulting in regulatory and/or legal actions;
the effect of accounting standards issued periodically by standard-setting bodies;
the ability to successfully complete tax audits and changes in tax accounting methods with no material impact on earnings and cash flows; and
•
other factors listed in MDA and Item 1A Risk Factors, as well as Risk Factors in Item 1A in the 20182019 Form 10-K.

Alliant Energy, IPL and WPL each assume no obligation, and disclaim any duty, to update the forward-looking statements in this report, except as required by law.

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PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the Three Months For the Six MonthsFor the Three Months
Ended June 30, Ended June 30,Ended March 31,
2019 2018 2019 20182020 2019
(in millions, except per share amounts)(in millions, except per share amounts)
Revenues:          
Electric utility
$691.2
 
$726.3
 
$1,434.6
 
$1,435.0

$730.3
 
$743.4
Gas utility65.2
 68.6
 281.0
 254.2
152.2
 215.8
Other utility10.9
 10.7
 22.0
 23.9
11.6
 11.1
Non-utility22.9
 10.5
 39.8
 19.3
21.6
 16.9
Total revenues790.2
 816.1
 1,777.4
 1,732.4
915.7
 987.2
Operating expenses:          
Electric production fuel and purchased power164.8
 208.5
 383.2
 411.7
184.1
 218.4
Electric transmission service112.4
 119.7
 235.4
 246.1
122.2
 123.0
Cost of gas sold20.4
 27.5
 142.0
 138.7
85.0
 121.6
Other operation and maintenance172.3
 158.0
 353.5
 320.4
162.2
 181.2
Depreciation and amortization142.9
 127.0
 279.8
 247.4
146.3
 136.9
Taxes other than income taxes27.6
 24.2
 56.9
 51.2
27.6
 29.3
Total operating expenses640.4
 664.9
 1,450.8
 1,415.5
727.4
 810.4
Operating income149.8
 151.2
 326.6
 316.9
188.3
 176.8
Other (income) and deductions:          
Interest expense69.2
 61.3
 135.5
 120.5
68.9
 66.3
Equity income from unconsolidated investments, net(12.7) (10.5) (23.6) (31.8)(13.4) (10.9)
Allowance for funds used during construction(18.3) (18.1) (43.7) (33.0)(23.0) (25.4)
Other3.3
 2.0
 7.3
 4.4
1.9
 4.0
Total other (income) and deductions41.5
 34.7
 75.5
 60.1
34.4
 34.0
Income before income taxes108.3
 116.5
 251.1
 256.8
153.9
 142.8
Income taxes11.2
 13.6
 26.3
 30.4
Income tax expense (benefit)(18.7) 15.1
Net income97.1
 102.9
 224.8
 226.4
172.6
 127.7
Preferred dividend requirements of Interstate Power and Light Company2.5
 2.5
 5.1
 5.1
2.6
 2.6
Net income attributable to Alliant Energy common shareowners
$94.6
 
$100.4
 
$219.7
 
$221.3

$170.0
 
$125.1
Weighted average number of common shares outstanding (basic)237.5
 232.0
 237.0
 231.7
Weighted average number of common shares outstanding (diluted)238.1
 232.0
 237.3
 231.7
Weighted average number of common shares outstanding:   
Basic244.4
 236.5
Diluted244.6
 236.6
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted)

$0.40
 
$0.43
 
$0.93
 
$0.96

$0.70
 
$0.53

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

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ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
June 30,
2019		 December 31,
2018		March 31,
2020		 December 31,
2019
(in millions, except per
share and share amounts)
(in millions, except per
share and share amounts)
ASSETS      
Current assets:      
Cash and cash equivalents
$170.2
 
$20.9

$55.2
 
$16.3
Accounts receivable, less allowance for doubtful accounts421.5
 350.4
Accounts receivable, less allowance for expected credit losses396.4
 402.1
Production fuel, at weighted average cost67.8
 61.4
80.2
 77.7
Gas stored underground, at weighted average cost32.9
 49.0
35.4
 49.1
Materials and supplies, at weighted average cost105.1
 101.4
105.0
 100.5
Regulatory assets78.7
 79.8
102.5
 86.4
Other151.1
 122.2
137.5
 143.4
Total current assets1,027.3
 785.1
912.2
 875.5
Property, plant and equipment, net12,854.0
 12,462.4
13,685.0
 13,527.1
Investments:      
ATC Holdings302.3
 293.6
319.1
 320.1
Other141.0
 137.7
150.4
 147.7
Total investments443.3
 431.3
469.5
 467.8
Other assets:      
Regulatory assets1,728.2
 1,657.5
1,752.4
 1,758.3
Deferred charges and other68.8
 89.7
59.9
 72.0
Total other assets1,797.0
 1,747.2
1,812.3
 1,830.3
Total assets
$16,121.6
 
$15,426.0

$16,879.0
 
$16,700.7
LIABILITIES AND EQUITY      
Current liabilities:      
Current maturities of long-term debt
$706.8
 
$256.5

$357.2
 
$657.2
Commercial paper390.5
 441.2
80.5
 337.4
Other short-term borrowings190.0
 —
Accounts payable422.5
 543.3
375.4
 422.3
Regulatory liabilities166.9
 142.7
239.8
 212.0
Other262.3
 260.4
407.3
 425.2
Total current liabilities1,949.0
 1,644.1
1,650.2
 2,054.1
Long-term debt, net (excluding current portion)5,438.1
 5,246.3
5,833.9
 5,533.0
Other liabilities:      
Deferred tax liabilities1,657.9
 1,603.1
1,736.1
 1,714.0
Regulatory liabilities1,276.0
 1,350.5
1,154.1
 1,211.6
Pension and other benefit obligations487.4
 509.1
452.6
 484.0
Other413.6
 287.2
349.7
 298.9
Total other liabilities3,834.9
 3,749.9
3,692.5
 3,708.5
Commitments and contingencies (Note 14)


 


Commitments and contingencies (Note 13)


 


Equity:      
Alliant Energy Corporation common equity:      
Common stock - $0.01 par value - 480,000,000 shares authorized; 237,521,074 and 236,063,279 shares outstanding2.4
 2.4
Common stock - $0.01 par value - 480,000,000 shares authorized; 249,503,754 and 245,022,800 shares outstanding2.5
 2.5
Additional paid-in capital2,108.4
 2,045.5
2,674.1
 2,445.9
Retained earnings2,597.8
 2,545.9
2,833.7
 2,765.4
Accumulated other comprehensive income1.0
 1.7
2.0
 1.3
Shares in deferred compensation trust - 380,863 and 384,580 shares at a weighted average cost of $26.22 and $25.60 per share(10.0) (9.8)
Shares in deferred compensation trust - 360,852 and 381,232 shares at a weighted average cost of $27.44 and $26.24 per share(9.9) (10.0)
Total Alliant Energy Corporation common equity4,699.6
 4,585.7
5,502.4
 5,205.1
Cumulative preferred stock of Interstate Power and Light Company200.0
 200.0
200.0
 200.0
Total equity4,899.6
 4,785.7
5,702.4
 5,405.1
Total liabilities and equity
$16,121.6
 
$15,426.0

$16,879.0
 
$16,700.7


Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

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ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Six MonthsFor the Three Months
Ended June 30,Ended March 31,
2019 20182020 2019
(in millions)(in millions)
Cash flows from operating activities:      
Net income
$224.8
 
$226.4

$172.6
 
$127.7
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation and amortization279.8
 247.4
146.3
 136.9
Deferred tax expense and tax credits19.9
 33.9
(22.5) 21.7
Equity component of allowance for funds used during construction(30.8) (22.6)
Equity income from unconsolidated investments, net(23.6) (31.8)
Other37.1
 31.6
5.3
 (10.1)
Other changes in assets and liabilities:      
Accounts receivable(199.7) (168.4)(119.0) (121.6)
Gas stored underground13.7
 33.1
Accounts payable(33.1) (34.1)(6.2) (42.7)
Regulatory liabilities(26.1) 21.5
(38.1) 14.1
Pension and other benefit obligations(31.4) (15.4)
Deferred income taxes34.3
 (6.3)49.6
 16.9
Other(5.7) (23.2)(10.1) 20.5
Net cash flows from operating activities276.9
 274.4
160.2
 181.1
Cash flows used for investing activities:      
Construction and acquisition expenditures:      
Utility business(652.5) (699.6)(277.9) (374.0)
Other(54.1) (33.7)(10.6) (32.1)
Cash receipts on sold receivables125.5
 232.5
122.5
 53.4
Other(25.9) (17.1)(13.6) (12.1)
Net cash flows used for investing activities(607.0) (517.9)(179.6) (364.8)
Cash flows from financing activities:      
Common stock dividends(167.8) (154.8)(93.0) (83.7)
Proceeds from issuance of common stock, net60.6
 100.1
228.4
 54.6
Proceeds from issuance of long-term debt650.0
 1,000.0
300.0
 —
Payments to retire long-term debt(3.4) (503.0)(300.3) (0.3)
Net change in commercial paper and other short-term borrowings(50.7) (207.7)(66.9) 188.5
Other(9.9) (13.0)(7.9) 16.9
Net cash flows from financing activities478.8
 221.6
60.3
 176.0
Net increase (decrease) in cash, cash equivalents and restricted cash148.7
 (21.9)40.9
 (7.7)
Cash, cash equivalents and restricted cash at beginning of period25.5
 33.9
17.7
 25.5
Cash, cash equivalents and restricted cash at end of period
$174.2
 
$12.0

$58.6
 
$17.8
Supplemental cash flows information:      
Cash (paid) refunded during the period for:      
Interest
($132.7) 
($119.8)
($64.9) 
($62.9)
Income taxes, net
$2.5
 
($5.0)
($0.1) 
$6.8
Significant non-cash investing and financing activities:      
Accrued capital expenditures
$187.4
 
$186.5

$156.3
 
$167.5
Beneficial interest obtained in exchange for securitized accounts receivable
$214.6
 
$208.3

$188.0
 
$178.3

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 Six MonthsFor the Three Months
Ended June 30, Ended June 30,Ended March 31,
2019 2018 2019 20182020 2019
(in millions)(in millions)
Revenues:          
Electric utility
$392.3
 
$422.1
 
$812.1
 
$827.8

$424.8
 
$419.8
Gas utility38.4
 42.2
 163.0
 150.3
83.0
 124.6
Steam and other10.5
 10.5
 21.2
 22.5
11.1
 10.7
Total revenues441.2
 474.8
 996.3
 1,000.6
518.9
 555.1
Operating expenses:          
Electric production fuel and purchased power83.3
 116.9
 212.2
 231.5
106.2
 128.9
Electric transmission service77.4
 84.4
 165.1
 175.2
84.5
 87.7
Cost of gas sold10.8
 16.8
 74.1
 77.4
44.2
 63.3
Other operation and maintenance97.4
 97.0
 205.4
 202.5
86.6
 108.0
Depreciation and amortization82.6
 70.5
 159.7
 135.3
85.9
 77.1
Taxes other than income taxes15.2
 11.5
 31.8
 25.4
14.8
 16.6
Total operating expenses366.7
 397.1
 848.3
 847.3
422.2
 481.6
Operating income74.5
 77.7
 148.0
 153.3
96.7
 73.5
Other (income) and deductions:          
Interest expense31.5
 30.4
 60.9
 60.2
34.5
 29.4
Allowance for funds used during construction(7.9) (9.9) (23.7) (17.3)(9.8) (15.8)
Other1.5
 0.7
 3.4
 1.5
0.9
 1.9
Total other (income) and deductions25.1
 21.2
 40.6
 44.4
25.6
 15.5
Income before income taxes49.4
 56.5
 107.4
 108.9
71.1
 58.0
Income taxes1.9
 2.3
 4.0
 5.4
Income tax expense (benefit)(14.1) 2.1
Net income47.5
 54.2
 103.4
 103.5
85.2
 55.9
Preferred dividend requirements2.5
 2.5
 5.1
 5.1
2.6
 2.6
Earnings available for common stock
$45.0
 
$51.7
 
$98.3
 
$98.4
Net income available for common stock
$82.6
 
$53.3
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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INTERSTATE POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
June 30,
2019		 December 31,
2018		March 31,
2020		 December 31,
2019
(in millions, except per
share and share amounts)
(in millions, except per
share and share amounts)
ASSETS  
Current assets:      
Cash and cash equivalents
$5.0
 
$9.7

$25.0
 
$9.3
Accounts receivable, less allowance for doubtful accounts231.7
 153.5
Accounts receivable, less allowance for expected credit losses204.8
 202.8
Production fuel, at weighted average cost37.8
 44.8
54.2
 47.1
Gas stored underground, at weighted average cost11.8
 26.1
8.3
 21.7
Materials and supplies, at weighted average cost58.0
 55.4
60.5
 55.0
Regulatory assets33.8
 39.2
54.3
 43.5
Other21.7
 43.1
28.5
 30.0
Total current assets399.8
 371.8
435.6
 409.4
Property, plant and equipment, net7,080.4
 6,781.5
7,589.4
 7,480.7
Other assets:      
Regulatory assets1,330.7
 1,239.8
1,350.6
 1,355.8
Deferred charges and other19.6
 18.3
28.5
 31.6
Total other assets1,350.3
 1,258.1
1,379.1
 1,387.4
Total assets
$8,830.5
 
$8,411.4

$9,404.1
 
$9,277.5
LIABILITIES AND EQUITY  
Current liabilities:      
Commercial paper
$—
 
$50.4
Current maturities of long-term debt
$200.0
 
$200.0
Accounts payable216.8
 304.9
184.3
 207.0
Accounts payable to associated companies43.0
 28.8
49.3
 39.3
Regulatory liabilities82.1
 90.0
136.4
 115.9
Accrued taxes64.7
 45.8
Other87.8
 87.2
265.1
 268.3
Total current liabilities494.4
 607.1
835.1
 830.5
Long-term debt, net2,850.5
 2,552.3
Long-term debt, net (excluding current portion)2,947.9
 2,947.3
Other liabilities:      
Deferred tax liabilities971.2
 957.3
1,010.4
 1,008.0
Regulatory liabilities637.8
 664.9
584.4
 598.8
Pension and other benefit obligations171.0
 178.4
161.5
 167.7
Other360.5
 220.7
269.4
 253.4
Total other liabilities2,140.5
 2,021.3
2,025.7
 2,027.9
Commitments and contingencies (Note 14)


 


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 outstanding33.4
 33.4
33.4
 33.4
Additional paid-in capital2,322.8
 2,222.8
2,447.8
 2,347.8
Retained earnings788.9
 774.5
914.2
 890.6
Total Interstate Power and Light Company common equity3,145.1
 3,030.7
3,395.4
 3,271.8
Cumulative preferred stock200.0
 200.0
200.0
 200.0
Total equity3,345.1
 3,230.7
3,595.4
 3,471.8
Total liabilities and equity
$8,830.5
 
$8,411.4

$9,404.1
 
$9,277.5

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

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INTERSTATE POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Six MonthsFor the Three Months
Ended June 30,Ended March 31,
2019 20182020 2019
(in millions)(in millions)
Cash flows from operating activities:      
Net income
$103.4
 
$103.5

$85.2
 
$55.9
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation and amortization159.7
 135.3
85.9
 77.1
Deferred tax expense (benefit) and tax credits(11.7) 9.6
Other(14.9) (10.3)(15.3) (10.1)
Other changes in assets and liabilities:      
Accounts receivable(209.3) (206.2)(125.5) (112.6)
Accounts payable(17.0) (29.3)
Accrued taxes18.9
 (2.1)
Deferred income taxes25.3
 (17.8)
Gas stored underground13.4
 20.7
Other34.6
 30.1
(18.6) 45.7
Net cash flows from operating activities89.0
 12.8
25.1
 76.7
Cash flows used for investing activities:      
Construction and acquisition expenditures(449.5) (391.1)(165.0) (261.3)
Cash receipts on sold receivables125.5
 232.5
122.5
 53.4
Other(30.5) (20.5)(10.4) (13.9)
Net cash flows used for investing activities(354.5) (179.1)(52.9) (221.8)
Cash flows from financing activities:      
Common stock dividends(83.9) (84.0)(59.0) (42.0)
Capital contributions from parent100.0
 130.0
100.0
 100.0
Proceeds from issuance of long-term debt300.0
 —
Net change in commercial paper(50.4) 125.0
—
 64.6
Other(6.2) (6.6)2.5
 17.0
Net cash flows from financing activities259.5
 164.4
43.5
 139.6
Net decrease in cash, cash equivalents and restricted cash(6.0) (1.9)
Net increase (decrease) in cash, cash equivalents and restricted cash15.7
 (5.5)
Cash, cash equivalents and restricted cash at beginning of period12.4
 7.2
9.3
 12.4
Cash, cash equivalents and restricted cash at end of period
$6.4
 
$5.3

$25.0
 
$6.9
Supplemental cash flows information:      
Cash (paid) refunded during the period for:      
Interest
($58.3) 
($60.2)
($40.9) 
($36.0)
Income taxes, net
$12.1
 
($0.5)
($0.1) 
$6.8
Significant non-cash investing and financing activities:      
Accrued capital expenditures
$117.4
 
$93.4

$92.4
 
$106.6
Beneficial interest obtained in exchange for securitized accounts receivable
$214.6
 
$208.3

$188.0
 
$178.3

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

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WISCONSIN POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the Three Months For the Six MonthsFor the Three Months
Ended June 30, Ended June 30,Ended March 31,
2019 2018 2019 20182020 2019
(in millions)(in millions)
Revenues:          
Electric utility
$298.9
 
$304.2
 
$622.5
 
$607.2

$305.5
 
$323.6
Gas utility26.8
 26.4
 118.0
 103.9
69.2
 91.2
Other0.4
 0.2
 0.8
 1.4
0.5
 0.4
Total revenues326.1
 330.8
 741.3
 712.5
375.2
 415.2
Operating expenses:          
Electric production fuel and purchased power81.5
 91.6
 171.0
 180.2
77.9
 89.5
Electric transmission service35.0
 35.3
 70.3
 70.9
37.7
 35.3
Cost of gas sold9.6
 10.7
 67.9
 61.3
40.8
 58.3
Other operation and maintenance62.4
 62.3
 125.9
 118.6
54.2
 63.5
Depreciation and amortization59.1
 55.5
 117.7
 110.1
59.1
 58.6
Taxes other than income taxes11.5
 12.0
 23.4
 24.0
11.7
 11.9
Total operating expenses259.1
 267.4
 576.2
 565.1
281.4
 317.1
Operating income67.0
 63.4
 165.1
 147.4
93.8
 98.1
Other (income) and deductions:          
Interest expense26.1
 24.6
 51.9
 49.3
25.1
 25.8
Allowance for funds used during construction(10.4) (8.2) (20.0) (15.7)(13.2) (9.6)
Other1.6
 1.0
 3.2
 2.1
0.5
 1.6
Total other (income) and deductions17.3
 17.4
 35.1
 35.7
12.4
 17.8
Income before income taxes49.7
 46.0
 130.0
 111.7
81.4
 80.3
Income taxes7.7
 6.2
 22.3
 17.9
Earnings available for common stock
$42.0
 
$39.8
 
$107.7
 
$93.8
Income tax expense (benefit)(8.2) 14.6
Net income
$89.6
 
$65.7
Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of WPL’s common stock outstanding during the periods presented.
Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

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WISCONSIN POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
June 30,
2019		 December 31,
2018		March 31,
2020		 December 31,
2019
(in millions, except per
share and share amounts)
(in millions, except per
share and share amounts)
ASSETS  
Current assets:      
Cash and cash equivalents
$163.2
 
$8.7

$22.7
 
$4.4
Accounts receivable, less allowance for doubtful accounts180.9
 190.1
Accounts receivable, less allowance for expected credit losses181.1
 190.9
Production fuel, at weighted average cost30.0
 16.6
26.0
 30.6
Gas stored underground, at weighted average cost21.1
 22.9
27.1
 27.4
Materials and supplies, at weighted average cost44.3
 42.9
42.2
 43.1
Regulatory assets44.9
 40.6
48.2
 42.9
Other108.8
 62.8
88.4
 103.4
Total current assets593.2
 384.6
435.7
 442.7
Property, plant and equipment, net5,377.5
 5,287.3
5,691.2
 5,638.3
Other assets:      
Regulatory assets397.5
 417.7
401.8
 402.5
Deferred charges and other21.8
 62.9
23.2
 23.0
Total other assets419.3
 480.6
425.0
 425.5
Total assets
$6,390.0
 
$6,152.5

$6,551.9
 
$6,506.5
LIABILITIES AND EQUITY  
Current liabilities:      
Current maturities of long-term debt
$400.0
 
$250.0

$150.0
 
$150.0
Commercial paper—
 105.5
—
 168.2
Other short-term borrowings182.0
 —
Accounts payable150.0
 180.9
136.4
 159.9
Regulatory liabilities84.8
 52.7
103.4
 96.1
Other109.1
 105.5
128.4
 116.1
Total current liabilities743.9
 694.6
700.2
 690.3
Long-term debt, net (excluding current portion)1,781.8
 1,584.9
1,783.1
 1,782.7
Other liabilities:      
Deferred tax liabilities615.1
 582.0
647.5
 626.2
Regulatory liabilities638.2
 685.6
569.7
 612.8
Finance lease obligations - Sheboygan Falls Energy Facility55.8
 60.0
49.1
 51.4
Pension and other benefit obligations210.5
 217.7
203.7
 210.8
Other159.5
 178.2
162.5
 168.7
Total other liabilities1,679.1
 1,723.5
1,632.5
 1,669.9
Commitments and contingencies (Note 14)

 

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 outstanding66.2
 66.2
66.2
 66.2
Additional paid-in capital1,309.0
 1,309.0
1,459.0
 1,434.0
Retained earnings810.0
 774.3
910.9
 863.4
Total Wisconsin Power and Light Company common equity2,185.2
 2,149.5
2,436.1
 2,363.6
Total liabilities and equity
$6,390.0
 
$6,152.5

$6,551.9
 
$6,506.5

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

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WISCONSIN POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Six MonthsFor the Three Months
Ended June 30,Ended March 31,
2019 20182020 2019
(in millions)(in millions)
Cash flows from operating activities:      
Net income
$107.7
 
$93.8

$89.6
 
$65.7
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation and amortization117.7
 110.1
59.1
 58.6
Deferred tax expense and tax credits21.7
 14.5
Other(4.7) (8.1)(15.5) 12.8
Other changes in assets and liabilities:      
Accounts receivable7.6
 39.0
Accounts payable(19.6) (10.4)(2.9) (28.7)
Regulatory liabilities(18.4) 2.5
(39.2) (3.3)
Deferred income taxes32.3
 4.0
Other(3.8) (15.5)24.8
 13.1
Net cash flows from operating activities208.2
 225.9
148.2
 122.2
Cash flows used for investing activities:      
Construction and acquisition expenditures(203.0) (308.5)(112.9) (112.7)
Other(15.0) (17.0)(11.6) (7.6)
Net cash flows used for investing activities(218.0) (325.5)(124.5) (120.3)
Cash flows from financing activities:   
Cash flows used for financing activities:   
Common stock dividends(72.0) (70.1)(42.1) (36.0)
Capital contributions from parent—
 150.0
25.0
 —
Proceeds from issuance of long-term debt350.0
 —
Net change in commercial paper(105.5) 1.4
Net change in commercial paper and other short-term borrowings13.8
 32.9
Other(7.4) (1.3)(2.1) (3.3)
Net cash flows from financing activities165.1
 80.0
Net cash flows used for financing activities(5.4) (6.4)
Net increase (decrease) in cash, cash equivalents and restricted cash155.3
 (19.6)18.3
 (4.5)
Cash, cash equivalents and restricted cash at beginning of period9.2
 24.2
4.4
 9.2
Cash, cash equivalents and restricted cash at end of period
$164.5
 
$4.6

$22.7
 
$4.7
Supplemental cash flows information:      
Cash paid during the period for:      
Interest
($51.7) 
($49.4)
($21.4) 
($22.5)
Income taxes, net
($6.5) 
($7.9)
Significant non-cash investing and financing activities:      
Accrued capital expenditures
$66.4
 
$89.6

$62.0
 
$57.3

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

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

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1(a) General - The interim unaudited Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. 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 sixthree months ended June 30, 2019March 31, 2020 are not necessarily indicative of results that may be expected for the year ending December 31, 2019. 2020.

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

A change in management’s estimates or assumptions could have a material impact on financial condition and results of operations during the period in which such change occurred. Certain prior period amounts in the Financial Statements and Notes have been reclassified to conform to the current period presentation for comparative purposes, including modifications to the presentation of cash receipts on sold receivables in the cash flows statements as discussed in Note 1(d).purposes.

NOTE 1(b) Cash and Cash Equivalents - At June 30, 2019,March 31, 2020, Alliant Energy’s, IPL’s and WPL’s cash and cash equivalents included $161.8$41.2 million, $21.2 million and $160.4$20.0 million of money market fund investments, with weighted average interest rates of 2.4%0.4%, 0.4% and 2.4%0.4%, respectively.

NOTE 1(c) LeasesCurrent Expected Credit Losses Estimates -The determination of whether an arrangement qualifies as a lease occurs at the inception Current expected credit losses are estimated for trade and other receivables and credit exposures on guarantees of the arrangement. Arrangements that qualify as leasesperformance by third parties. The current expected credit losses for short-term trade receivables are classified as either operating or finance. Operating and finance lease liabilities represent obligationsbased on estimates of losses resulting from the inability of customers to make payments arising from the lease. Operating and finance lease assets represent the rightrequired payments. The methodology used to use an underlying asset for the lease term and are recognized at the lease commencement dateestimate losses is based on historical write-offs, regional economic conditions, significant events that could impact collectability, such as impacts related to COVID-19 and related regulatory actions, and forecasted changes to the present valueaccounts receivable aging portfolio and write-offs. The current expected credit losses related to guarantees of the lease payments over the lease term. Leases with initial terms less than 12 monthsperformance by third parties are not recognizedestimated using both quantitative and qualitative information, including a probability-weighted approach in a range of possible estimated forecasted cash flow expenditures and relevant market-based data, such as leases. For operating leases, an incremental borrowing rate, as determined at the lease commencement date, is used to determine the present value of the lease payments. For finance leases, the rate implicit in the lease is used to determine the present value of the lease payments. Lease terms include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Operating lease expense is recognized on a straight-line basis over the expected lease term. Finance lease expense is comprised of depreciationcredit ratings, credit default metrics, economic conditions, bankruptcy considerations and interest expenses. Finance lease assets are depreciated on a straight-line basis over the shorter of the useful life of the underlying asset or the lease term.other significant events.

NOTE 1(d) New Accounting Standards -
Credit Losses - In June 2016, the Financial Accounting Standards Board issued an accounting standard requiring use of a current expected credit loss model rather than an incurred loss method, which is intended to result in more timely recognition of credit losses on trade receivables, and certain other assets.assets and off-balance sheet credit exposures. Alliant Energy, IPL and WPL will adoptadopted this standard on January 1, 2020 using thea modified retrospective method of adoption, which requires cumulative effect adjustments to retained earnings on January 1, 2020 upon adoption. Alliant Energy,2020. IPL and WPL are currently evaluating the impact of this standard on their financial statements.

Cloud Computing Arrangements - In August 2018, the Financial Accounting Standards Board issued an accounting standard that clarifies capitalization and presentation requirements of implementation costs incurred in cloud computing arrangements. Alliant Energy, IPL and WPL will adopt this standard on January 1, 2020 and are currently evaluating the impact of this standard on their financial statements.

Leases - In February 2016, the Financial Accounting Standards Board issued an accounting standard requiring lease assets and lease liabilities, including operating leases, to be recognized on the balance sheet. The accounting for capital leases, now referred to as finance leases, remains unchanged with the adoption of this standard. Alliant Energy, IPL and WPL adopted this standard on January 1, 2019 using an optional transition approach and there was nodid not record a cumulative effect adjustment to the balance sheets as of January 1, 2019. Prior period amounts have not been restated to reflect the adoption of this standardretained earnings and continue to be reported under the accounting standards in effect for those periods. Upon transition to the new standard, Alliant Energy IPL and WPL electedrecorded a pre-tax $12 million (after-tax $8.7 million) cumulative effect adjustment to decrease retained earnings related to Alliant Energy’s guarantees in the land easement transition practical expedient,partnership obligations of an affiliate of Whiting Petroleum (refer to Note 13(c) for which existing land easements that were not previously accountedfurther discussion). This adjustment is included in “Adoption of new accounting standard” for as leases under the original accounting standards did not need to be evaluated under the2020 in Alliant Energy’s summary of changes in shareowners’ equity in Note 5.


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new accounting standard. In addition, Alliant Energy, IPL and WPL evaluated land easements that were previously accounted for as leases and determined that the majority of these land easements relate to joint-use land sites, and do not meet the criteria for leases under the new accounting standard. Therefore, these land easement arrangements are no longer reflected as operating leases effective January 1, 2019. Refer to Note 7 for further discussion of leases.

Cash Flows Statements - On January 1, 2018, Alliant Energy and IPL adopted an accounting standard that requires classification of the consideration received for the beneficial interest obtained for transferring accounts receivable from IPL’s sales of accounts receivable program as an investing activity, instead of an operating activity. Alliant Energy and IPL currently use a method of presentation that allocates cash flows between operating and investing activities based on daily transactional activity. For the six months ended June 30, 2018, Alliant Energy and IPL initially utilized a method of presentation that allocated cash flows between operating and investing activities based on monthly transactional activity. For the six months ended June 30, 2018, the change in method of presentation to daily transactional activity increased Alliant Energy’s and IPL’s operating cash flows by $339.4 million, and Alliant Energy’s and IPL’s operating cash flows increased to $274.4 million and $12.8 million, respectively.

NOTE 2. REGULATORY MATTERS
Regulatory Assets and Regulatory Liabilities -
Regulatory assets were comprised of the following items (in millions):
Alliant Energy IPL WPLAlliant Energy IPL WPL
June 30,
2019		 December 31,
2018		 June 30,
2019		 December 31,
2018		 June 30,
2019		 December 31,
2018		March 31,
2020		 December 31,
2019		 March 31,
2020		 December 31,
2019		 March 31,
2020		 December 31,
2019
Tax-related
$815.5
 
$820.6
 
$780.2
 
$783.1
 
$35.3
 
$37.5

$831.2
 
$817.6
 
$788.3
 
$776.8
 
$42.9
 
$40.8
Pension and OPEB costs522.9
 542.3
 264.7
 274.0
 258.2
 268.3
510.5
 524.0
 255.7
 262.5
 254.8
 261.5
Assets retired early129.2
 134.0
 85.6
 87.9
 43.6
 46.1
Asset retirement obligations111.0
 110.8
 76.2
 76.3
 34.8
 34.5
112.8
 111.8
 77.1
 76.2
 35.7
 35.6
IPL’s DAEC PPA amendment107.1
 —
 107.1
 —
 —
 —
108.8
 108.2
 108.8
 108.2
 —
 —
EGUs retired early102.8
 111.6
 51.7
 55.4
 51.1
 56.2
Derivatives30.6
 28.0
 13.4
 15.1
 17.2
 12.9
51.6
 39.5
 22.6
 18.3
 29.0
 21.2
Emission allowances22.4
 23.6
 22.4
 23.6
 —
 —
20.5
 21.1
 20.5
 21.1
 —
 —
Other94.6
 100.4
 48.8
 51.5
 45.8
 48.9
90.3
 88.5
 46.3
 48.3
 44.0
 40.2

$1,806.9
 
$1,737.3
 
$1,364.5
 
$1,279.0
 
$442.4
 
$458.3

$1,854.9
 
$1,844.7
 
$1,404.9
 
$1,399.3
 
$450.0
 
$445.4


Regulatory liabilities were comprised of the following items (in millions):
Alliant Energy IPL WPLAlliant Energy IPL WPL
June 30,
2019		 December 31,
2018		 June 30,
2019		 December 31,
2018		 June 30,
2019		 December 31,
2018		March 31,
2020		 December 31,
2019		 March 31,
2020		 December 31,
2019		 March 31,
2020		 December 31,
2019
Tax-related
$853.8
 
$890.6
 
$365.6
 
$390.1
 
$488.2
 
$500.5

$799.4
 
$835.6
 
$345.0
 
$350.9
 
$454.4
 
$484.7
Cost of removal obligations399.2
 401.2
 269.5
 273.3
 129.7
 127.9
387.9
 387.7
 258.1
 257.0
 129.8
 130.7
Electric transmission cost recovery101.5
 104.0
 52.7
 47.7
 48.8
 56.3
97.4
 88.6
 62.0
 51.3
 35.4
 37.3
Commodity cost recovery25.8
 24.2
 10.7
 8.8
 15.1
 15.4
WPL’s earnings sharing mechanism25.2
 25.4
 —
 —
 25.2
 25.4
20.4
 21.9
 —
 —
 20.4
 21.9
Commodity cost recovery22.7
 16.8
 11.9
 11.9
 10.8
 4.9
Derivatives16.4
 19.9
 14.8
 17.4
 1.6
 2.5
Other40.5
 55.2
 20.2
 31.9
 20.3
 23.3
46.6
 45.7
 30.2
 29.3
 16.4
 16.4

$1,442.9
 
$1,493.2
 
$719.9
 
$754.9
 
$723.0
 
$738.3

$1,393.9
 
$1,423.6
 
$720.8
 
$714.7
 
$673.1
 
$708.9


IPL’s DAEC PPA AmendmentTax-related - In January 2019, IPL incurred an obligation to make a September 2020 buyout payment of $110 million in exchange for shortening the term of IPL’s DAEC nuclear generation PPA by 5 years. The IUB approved placing the buyout payment in a regulatory asset account, which will be recovered from IPL’s retail customers over a 5-year period following the payment. The offsetting obligation has been discounted and is recorded in “Other liabilities” on Alliant Energy’s, IPL’s and IPL’s balance sheets.

Utility Rate Reviews
IPL’s Retail Electric Rate Review (2020 Forward-looking Test Period) - In March 2019, IPL filed a request with the IUBWPL’s tax-related regulatory liabilities are primarily related to increase annual electric base rates for its Iowa retail electric customers by $204 million, based on a 2020 forward-looking Test Period. The requested increase would take place in two phases, $90 million through interim rates and the remaining $114 million through final rates. The key drivers for IPL’s request included recovery of capital projects, including new wind generation. IPL currently expects the proposed retail electric base rate increase to be partially offset by cost reductions in non-base rate factors, including fuel-related and energy efficiency costs. IPL concurrently filed for interim retail electric rates based on 2018 historical data as adjusted for certain known and measurable changes occurring in the first quarter of 2019. An interim retail electric base rate increase of $90 million, on an annual basis, was implemented effective April 1, 2019.

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Implementing interim rates does not require regulatory approval; however, interim rates are subject to refund pending the IUB’s final rate review decision.

Intervenor testimony was filed in August 2019 addressing, among other things, the return on common equity percentage used to calculate the interim rate increase implemented in April 2019. Intervenors have also filed testimony addressing various positions on rate design and revenue requirement, including authorized returns on productionexcess deferred tax credits carryforwards, for final rates.

The IUB generally must decide on requests for retail rate changes within 10 months of the date of the application for which changes are filed. IPL currently expects a final decisionbenefits resulting from the IUB inremeasurement of accumulated deferred income taxes caused by Federal Tax Reform. During the fourth quarterthree months ended March 31, 2020, Alliant Energy’s, IPL’s and WPL’s tax-related regulatory liabilities decreased primarily from returning a portion of 2019 on the interim rate increase, as well as the remaining $114 million of final rates, which would be effective in the first quarter of 2020.

IPL’s Retail Gas Rate Review (2020 Forward-looking Test Period) - In March 2019, IPL filed a request with the IUBthese excess deferred tax benefits back to increase annual gas base rates for its Iowa retail gas customers by $21 million, based on a 2020 forward-looking Test Period. The key drivers for IPL’s request included recovery of capital projects. IPL currently expects the proposed retail gas base rate increase to be partially offset by cost reductions in non-base rate factors, including lower cost of gas sold and energy efficiency costs. IPL currently expects a decision from the IUB in the fourth quarter of 2019 with final rates effective in the first quarter of 2020.customers.

NOTE 3. RECEIVABLES
Note 3(a) Accounts Receivable - Details for accounts receivable included on the balance sheets were as follows (in millions):
 Alliant Energy IPL WPL
 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019
Customer
$100.8
 
$91.6
 
$—
 
$—
 
$90.6
 
$83.5
Unbilled utility revenues68.9
 82.1
 —
 —
 68.9
 82.1
Deferred proceeds188.0
 187.7
 188.0
 187.7
 —
 —
Other47.7
 48.0
 17.8
 16.3
 29.6
 31.4
Allowance for expected credit losses(9.0) (7.3) (1.0) (1.2) (8.0) (6.1)
 
$396.4
 
$402.1
 
$204.8
 
$202.8
 
$181.1
 
$190.9


Note 3(b) Sales of Accounts Receivable - IPL maintains a Receivables Purchase and Sale Agreement (Receivables Agreement) whereby it may sell its customer accounts receivables, unbilled revenues and certain other accounts receivables to a third party through wholly-owned and consolidated special purpose entities. The transfers of receivables meet the criteria for sale accounting established by the transfer of financial assets accounting rules. As of June 30, 2019March 31, 2020, IPL had $83$74 million of available capacity under its sales of accounts receivable program. IPL’s maximum and average outstanding cash proceeds (based on daily outstanding balances) related to the sales of accounts receivable program for the three and six months ended June 30March 31 were as follows (in millions):
Three Months Six Months
2019 2018 2019 20182020 2019
Maximum outstanding aggregate cash proceeds
$25.0
 
$116.0
 
$108.0
 
$116.0

$96.0
 
$108.0
Average outstanding aggregate cash proceeds2.6
 52.3
 41.6
 56.7
23.6
 81.0



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The attributes of IPL’s receivables sold under the Receivables Agreement were as follows (in millions):
June 30, 2019 December 31, 2018March 31, 2020 December 31, 2019
Customer accounts receivable
$138.3
 
$140.1

$131.2
 
$124.7
Unbilled utility revenues90.5
 97.1
83.0
 95.5
Other receivables0.4
 0.1
0.9
 0.9
Receivables sold to third party229.2
 237.3
215.1
 221.1
Less: cash proceeds5.0
 108.0
16.0
 27.0
Deferred proceeds224.2
 129.3
199.1
 194.1
Less: allowance for doubtful accounts9.6
 9.9
Less: allowance for expected credit losses11.1
 6.4
Fair value of deferred proceeds
$214.6
 
$119.4

$188.0
 
$187.7

As of June 30, 2019,March 31, 2020, outstanding receivables past due under the Receivables Agreement were $27.1$26.2 million. Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three and six months ended June 30March 31 were as follows (in millions):
Three Months Six Months
2019 2018 2019 20182020 2019
Collections
$487.7
 
$483.7
 
$1,043.5
 
$1,000.7

$541.4
 
$555.8
Write-offs, net of recoveries2.6
 1.9
 8.1
 8.0
2.1
 5.5



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NOTE 4. INVESTMENTS AND ACQUISITIONS
Unconsolidated Equity Investments - Alliant Energy’s equity (income) loss from unconsolidated investments accounted for under the equity method of accounting for the three and six months ended June 30March 31 was as follows (in millions):
Three Months Six Months
2019 2018 2019 20182020 2019
ATC Holdings
($10.0) 
($7.8) 
($19.5) 
($16.5)
($11.0) 
($9.5)
Non-utility wind farm in Oklahoma(1.3) (2.5) (2.4) (14.6)(2.2) (1.1)
Other(1.4) (0.2) (1.7) (0.7)(0.2) (0.3)

($12.7) 
($10.5) 
($23.6) 
($31.8)
($13.4) 
($10.9)


Non-utility Transportation Acquisitions - In the first quarter of 2019, Alliant Energy, through its wholly-owned non-utility subsidiaries, completed acquisitions of freight management companies located in Cedar Rapids, Iowa and Stoughton, Wisconsin. These acquisitions were purchased for $21 million, including contingent consideration of $8 million, which is expected to be paid within two years. The purchase price was largely allocated to intangibles and the remainder was allocated to working capital and property.

NOTE 5. COMMON EQUITY
Common Share Activity - A summary of Alliant Energy’s common stock activity was as follows:
Shares outstanding, January 1, 20192020236,063,279245,022,800
Equity forward agreements1,090,3004,275,127
Shareowner Direct Plan268,755107,622
Equity-based compensation plans101,47898,205
Other(2,738)
Shares outstanding, June 30, 2019March 31, 2020237,521,074249,503,754


Equity Forward Agreements - In December 2018,November 2019, Alliant Energy entered into forward sale agreements with various counterpartiesa counterparty in connection with a public offering of 8,358,9734,275,127 shares of Alliant Energy common stock. The initial forward sale price of $44.33$52.235 per share iswas subject to daily adjustment based on a floating interest rate factor, and will decreasedecreased by other fixed amounts specified in the forward sale agreements. During the six months ended June 30, 2019,In 2020, Alliant Energy settled $48$222 million under the forward sale agreements by delivering 1,090,3004,275,127 shares of newly issued Alliant Energy common stock at a weighted average forward sale price of $44.13$51.98 per share. Alliant Energy used the net proceeds from the settlement for general corporate purposes. As of June 30, 2019, 559,597 shares were included in the calculation of diluted EPS related to the remaining securities under the forward sale agreements. In July 2019, Alliant Energy settled $66 million under the forward sale agreements by delivering 1,500,000 shares of newly issued Alliant Energy common stock at a forward sale price of $44.06 per share, and used the net proceedssettlements for general corporate purposes.


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Changes in Shareowners’ Equity - A summary of changes in shareowners’ equity was as follows (in millions):
Alliant EnergyTotal 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, 2020             
Beginning balance, December 31, 2019
$2.5
 
$2,445.9
 
$2,765.4
 
$1.3
 
($10.0) 
$200.0
 
$5,405.1
Net income attributable to Alliant Energy common shareowners    170.0
       170.0
Common stock dividends ($0.38 per share)    (93.0)       (93.0)
Equity forward settlements and Shareowner Direct Plan issuances

 228.4
         228.4
Equity-based compensation plans and other  (0.2)     0.1
   (0.1)
Adoption of new accounting standard, net of tax (refer to Note 1(d))
    (8.7)       (8.7)
Other comprehensive income, net of tax      0.7
     0.7
Ending balance, March 31, 2020
$2.5
 
$2,674.1
 
$2,833.7
 
$2.0
 
($9.9) 
$200.0
 
$5,702.4
Three Months Ended March 31, 2019             
Beginning balance, December 31, 2018
$2.4
 
$2,045.5
 
$2,545.9
 
$1.7
 
($9.8) 
$200.0
 
$4,785.7
Net income attributable to Alliant Energy common shareowners    125.1
       125.1
Common stock dividends ($0.355 per share)    (83.7)       (83.7)
Equity forward settlements and Shareowner Direct Plan issuances

 54.6
         54.6
Equity-based compensation plans and other  (0.1)     0.1
   —
Other comprehensive income, net of tax      0.7
     0.7
Ending balance, March 31, 2019
$2.4
 
$2,100.0
 
$2,587.3
 
$2.4
 
($9.7) 
$200.0
 
$4,882.4
Alliant EnergyTotal Alliant Energy Common Equity    
       Accumulated Shares in Cumulative  
   Additional   Other Deferred Preferred  
 Common Paid-In Retained Comprehensive Compensation Stock Total
 Stock Capital Earnings Income (Loss) Trust of IPL Equity
Three Months Ended June 30, 2019             
Beginning balance, April 1
$2.4
 
$2,100.0
 
$2,587.3
 
$2.4
 
($9.7) 
$200.0
 
$4,882.4
Net income attributable to Alliant Energy common shareowners    94.6
       94.6
Common stock dividends ($0.355 per share)    (84.1)       (84.1)
Shareowner Direct Plan issuances

 6.0
         6.0
Equity-based compensation plans and other  2.4
     (0.3)   2.1
Other comprehensive loss, net of tax      (1.4)     (1.4)
Ending balance, June 30
$2.4
 
$2,108.4
 
$2,597.8
 
$1.0
 
($10.0) 
$200.0
 
$4,899.6
Three Months Ended June 30, 2018             
Beginning balance, April 1
$2.3
 
$1,851.4
 
$2,389.4
 
($0.5) 
($11.1) 
$200.0
 
$4,431.5
Net income attributable to Alliant Energy common shareowners    100.4
       100.4
Common stock dividends ($0.335 per share)    (77.3)       (77.3)
At-the-market offering program and Shareowner Direct Plan issuances  93.8
         93.8
Equity-based compensation plans and other  2.0
     (0.3)   1.7
Other comprehensive income, net of tax      0.6
     0.6
Ending balance, June 30
$2.3
 
$1,947.2
 
$2,412.5
 
$0.1
 
($11.4) 
$200.0
 
$4,550.7
IPLTotal IPL Common Equity    
   Additional   Cumulative  
 Common Paid-In Retained Preferred Total
 Stock Capital Earnings Stock Equity
Three Months Ended March 31, 2020         
Beginning balance, December 31, 2019
$33.4
 
$2,347.8
 
$890.6
 
$200.0
 
$3,471.8
Net income available for common stock    82.6
   82.6
Common stock dividends    (59.0)   (59.0)
Capital contributions from parent  100.0
     100.0
Ending balance, March 31, 2020
$33.4
 
$2,447.8
 
$914.2
 
$200.0
 
$3,595.4
Three Months Ended March 31, 2019         
Beginning balance, December 31, 2018
$33.4
 
$2,222.8
 
$774.5
 
$200.0
 
$3,230.7
Net income available for common stock    53.3
   53.3
Common stock dividends    (42.0)   (42.0)
Capital contributions from parent  100.0
     100.0
Ending balance, March 31, 2019
$33.4
 
$2,322.8
 
$785.8
 
$200.0
 
$3,342.0


Alliant EnergyTotal Alliant Energy Common Equity    
       Accumulated Shares in Cumulative  
   Additional   Other Deferred Preferred  
 Common Paid-In Retained Comprehensive Compensation Stock Total
 Stock Capital Earnings Income (Loss) Trust of IPL Equity
Six Months Ended June 30, 2019             
Beginning balance, January 1
$2.4
 
$2,045.5
 
$2,545.9
 
$1.7
 
($9.8) 
$200.0
 
$4,785.7
Net income attributable to Alliant Energy common shareowners    219.7
       219.7
Common stock dividends ($0.71 per share)    (167.8)       (167.8)
Equity forward settlements and Shareowner Direct Plan issuances

 60.6
         60.6
Equity-based compensation plans and other  2.3
     (0.2)   2.1
Other comprehensive loss, net of tax      (0.7)     (0.7)
Ending balance, June 30
$2.4
 
$2,108.4
 
$2,597.8
 
$1.0
 
($10.0) 
$200.0
 
$4,899.6
Six Months Ended June 30, 2018             
Beginning balance, January 1
$2.3
 
$1,845.5
 
$2,346.0
 
($0.5) 
($11.1) 
$200.0
 
$4,382.2
Net income attributable to Alliant Energy common shareowners    221.3
       221.3
Common stock dividends ($0.67 per share)    (154.8)       (154.8)
At-the-market offering program and Shareowner Direct Plan issuances  100.1
         100.1
Equity-based compensation plans and other  1.6
     (0.3)   1.3
Other comprehensive income, net of tax      0.6
     0.6
Ending balance, June 30
$2.3
 
$1,947.2
 
$2,412.5
 
$0.1
 
($11.4) 
$200.0
 
$4,550.7
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WPL  Additional   Total
 Common Paid-In Retained Common
 Stock Capital Earnings Equity
Three Months Ended March 31, 2020       
Beginning balance, December 31, 2019
$66.2
 
$1,434.0
 
$863.4
 
$2,363.6
Net income    89.6
 89.6
Common stock dividends    (42.1) (42.1)
Capital contributions from parent  25.0
   25.0
Ending balance, March 31, 2020
$66.2
 
$1,459.0
 
$910.9
 
$2,436.1
Three Months Ended March 31, 2019       
Beginning balance, December 31, 2018
$66.2
 
$1,309.0
 
$774.3
 
$2,149.5
Net income    65.7
 65.7
Common stock dividends    (36.0) (36.0)
Ending balance, March 31, 2019
$66.2
 
$1,309.0
 
$804.0
 
$2,179.2

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, 2020Alliant Energy IPL WPL
Amount outstanding$270.5 $— $182.0
Weighted average interest rates1.6% N/A 1.7%
Available credit facility capacity$729.5 $250.0 $118.0

 Alliant Energy IPL WPL
Three Months Ended March 312020 2019 2020 2019 2020 2019
Maximum amount outstanding (based on daily outstanding balances)$462.5 $600.6 $0.8 $50.4 $212.0 $195.1
Average amount outstanding (based on daily outstanding balances)$382.3 $498.8 $— $0.6 $167.0 $138.1
Weighted average interest rates1.8% 2.7% 1.8% 2.8% 1.8% 2.5%


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

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


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IPLTotal IPL Common Equity    
   Additional   Cumulative  
 Common Paid-In Retained Preferred Total
 Stock Capital Earnings Stock Equity
Three Months Ended June 30, 2019         
Beginning balance, April 1
$33.4
 
$2,322.8
 
$785.8
 
$200.0
 
$3,342.0
Earnings available for common stock    45.0
   45.0
Common stock dividends    (41.9)   (41.9)
Ending balance, June 30
$33.4
 
$2,322.8
 
$788.9
 
$200.0
 
$3,345.1
Three Months Ended June 30, 2018         
Beginning balance, April 1
$33.4
 
$1,797.8
 
$683.3
 
$200.0
 
$2,714.5
Earnings available for common stock    51.7
   51.7
Common stock dividends    (42.1)   (42.1)
Capital contributions from parent  130.0
     130.0
Ending balance, June 30
$33.4
 
$1,927.8
 
$692.9
 
$200.0
 
$2,854.1
IPLTotal IPL Common Equity    
   Additional   Cumulative  
 Common Paid-In Retained Preferred Total
 Stock Capital Earnings Stock Equity
Six Months Ended June 30, 2019         
Beginning balance, January 1
$33.4
 
$2,222.8
 
$774.5
 
$200.0
 
$3,230.7
Earnings available for common stock    98.3
   98.3
Common stock dividends    (83.9)   (83.9)
Capital contributions from parent  100.0
     100.0
Ending balance, June 30
$33.4
 
$2,322.8
 
$788.9
 
$200.0
 
$3,345.1
Six Months Ended June 30, 2018         
Beginning balance, January 1
$33.4
 
$1,797.8
 
$678.5
 
$200.0
 
$2,709.7
Earnings available for common stock    98.4
   98.4
Common stock dividends    (84.0)   (84.0)
Capital contributions from parent  130.0
     130.0
Ending balance, June 30
$33.4
 
$1,927.8
 
$692.9
 
$200.0
 
$2,854.1
WPL  Additional   Total
 Common Paid-In Retained Common
 Stock Capital Earnings Equity
Three Months Ended June 30, 2019       
Beginning balance, April 1
$66.2
 
$1,309.0
 
$804.0
 
$2,179.2
Earnings available for common stock    42.0
 42.0
Common stock dividends    (36.0) (36.0)
Ending balance, June 30
$66.2
 
$1,309.0
 
$810.0
 
$2,185.2
Three Months Ended June 30, 2018       
Beginning balance, April 1
$66.2
 
$1,109.0
 
$725.3
 
$1,900.5
Earnings available for common stock    39.8
 39.8
Common stock dividends    (35.1) (35.1)
Capital contributions from parent  150.0
   150.0
Ending balance, June 30
$66.2
 
$1,259.0
 
$730.0
 
$2,055.2


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WPL  Additional   Total
 Common Paid-In Retained Common
 Stock Capital Earnings Equity
Six Months Ended June 30, 2019       
Beginning balance, January 1
$66.2
 
$1,309.0
 
$774.3
 
$2,149.5
Earnings available for common stock    107.7
 107.7
Common stock dividends    (72.0) (72.0)
Ending balance, June 30
$66.2
 
$1,309.0
 
$810.0
 
$2,185.2
Six Months Ended June 30, 2018       
Beginning balance, January 1
$66.2
 
$1,109.0
 
$706.3
 
$1,881.5
Earnings available for common stock    93.8
 93.8
Common stock dividends    (70.1) (70.1)
Capital contributions from parent  150.0
   150.0
Ending balance, June 30
$66.2
 
$1,259.0
 
$730.0
 
$2,055.2


Comprehensive Income - For the three and six months ended June 30, 2019 and 2018, Alliant Energy’s other comprehensive income was not material; therefore, its comprehensive income was substantially equal to its net income and its comprehensive income attributable to Alliant Energy common shareowners was substantially equal to its net income attributable to Alliant Energy common shareowners for such periods. For the three and six months ended June 30, 2019 and 2018, IPL and WPL had no other comprehensive income; therefore, their comprehensive income was equal to their net income and their comprehensive income available for common stock was equal to their earnings available for common stock for such periods.

NOTE 6. DEBT
NOTE 6(a) Short-term Debt - In March 2019, Alliant Energy, IPL and WPL extended their single credit facility agreement by one year, which currently expires in August 2023. As of June 30, 2019, the short-term borrowing capacity under the agreement totaled $1 billion ($450 million for Alliant Energy at the parent company, $250 million for IPL and $300 million for WPL). Information regarding commercial paper classified as short-term debt was as follows (dollars in millions):
June 30, 2019Alliant Energy IPL WPL
Commercial paper outstanding$390.5 $— $—
Commercial paper weighted average interest rates2.6% N/A N/A
Available credit facility capacity$609.5 $250.0 $300.0

 Alliant Energy IPL WPL
Three Months Ended June 302019 2018 2019 2018 2019 2018
Maximum amount outstanding (based on daily outstanding balances)$590.2 $446.5 $— $31.4 $193.3 $109.4
Average amount outstanding (based on daily outstanding balances)$531.7 $234.5 $— $5.1 $141.6 $45.2
Weighted average interest rates2.7% 2.2% N/A 2.3% 2.5% 1.8%
Six Months Ended June 30           
Maximum amount outstanding (based on daily outstanding balances)$600.6 $446.5 $50.4 $31.4 $195.1 $109.4
Average amount outstanding (based on daily outstanding balances)$515.4 $272.1 $0.3 $2.6 $139.8 $28.4
Weighted average interest rates2.7% 2.0% 2.8% 2.3% 2.5% 1.8%


NOTE 6(b) Long-term Debt - In April 2019, IPL issued $300 million of 3.60% senior debentures due 2029. The senior debentures were issued as green bonds, and all of the net proceeds were allocated for the construction and development of IPL’s wind projects.

In June 2019, WPL issued $350 million of 3.00% debentures due 2029. The net proceeds from the issuance were used by WPL to reduce its outstanding commercial paper and retire its $250 million 5% debentures that matured in July 2019.


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NOTE 7. LEASES
Operating Leases - Alliant Energy’s, IPL’s and WPL’s operating leases primarily include leases of space on telecommunication towers and leases of property. Operating lease details are as follows (dollars in millions):
 June 30, 2019      
 Alliant Energy IPL WPL      
Property, plant and equipment, net
$17
 
$10
 
$7
      
Other current liabilities
$2
 
$1
 
$1
      
Other liabilities15
 9
 6
      
Total operating lease liabilities
$17
 
$10
 
$7
      
Weighted average remaining lease term11 years
 13 years
 10 years
      
Weighted average discount rate4% 4% 4%      
            
 Three Months Ended Six Months Ended
 June 30, 2019 June 30, 2019
 Alliant Energy IPL WPL Alliant Energy IPL WPL
Operating lease cost
$—
 
$—
 
$—
 
$1
 
$—
 
$—


Finance Lease - WPL’s finance lease is an agreement for WPL to lease the Sheboygan Falls Energy Facility from AEF’s Non-utility Generation business through 2025, the initial lease term. WPL is responsible for the operation of the EGU and has exclusive rights to its output. This finance lease contains two lease renewal periods, which are not included in the finance lease obligation, as well as an option to purchase the facility at the end of the initial lease term. WPL’s retail and wholesale rates include recovery of the Sheboygan Falls Energy Facility lease payments. WPL’s finance lease details are as follows (dollars in millions):
 June 30, 2019  
Property, plant and equipment, net
$35
  
Other current liabilities
$8
  
Finance lease obligations - Sheboygan Falls Energy Facility56
  
Total finance lease liabilities
$64
  
Remaining lease term6 years
  
Discount rate11%  
    
 Three Months Ended Six Months Ended
 June 30, 2019 June 30, 2019
Depreciation expense
$2
 
$3
Interest expense2
 4
Total finance lease expense
$4
 
$7


Expected Maturities - As of June 30, 2019, expected maturities of lease liabilities were as follows (in millions):
 Remainder of 2019 2020 2021 2022 2023 Thereafter Total Less: amount representing interest Present value of minimum lease payments
Operating Leases:                 
Alliant Energy
$2
 
$2
 
$2
 
$2
 
$2
 
$13
 
$23
 
$6
 
$17
IPL1
 1
 1
 1
 1
 9
 14
 4
 10
WPL1
 1
 1
 1
 1
 4
 9
 2
 7
WPL’s Finance Lease:                 
Sheboygan Falls Energy Facility7
 15
 15
 15
 15
 20
 87
 23
 64



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Prior period amounts have not been restated to reflect the adoption of the new lease accounting standard and continue to be reported under the accounting standards in effect for those periods. As of December 31, 2018, future minimum operating (excluding contingent rentals) and capital lease payments were as follows (in millions):
 2019 2020 2021 2022 2023 Thereafter Total Less: amount representing interest Present value of minimum capital lease payments
Operating Leases:                 
Alliant Energy
$5
 
$5
 
$3
 
$3
 
$2
 
$12
 
$30
    
IPL3
 2
 2
 2
 2
 12
 23
    
WPL2
 3
 1
 —
 —
 —
 6
    
WPL’s Capital Lease:                 
Sheboygan Falls Energy Facility
$15
 
$15
 
$15
 
$15
 
$15
 
$19
 
$94
 
$26
 
$68


NOTE 8. REVENUES
Disaggregation of revenues from contracts with customers, which correlates to revenues for each reportable segment, was as follows (in millions):
 Alliant Energy IPL WPL
Three Months Ended June 302019 2018 2019 2018 2019 2018
Electric Utility:           
Retail - residential
$233.3
 
$248.3
 
$125.9
 
$139.3
 
$107.4
 
$109.0
Retail - commercial171.3
 172.3
 111.4
 114.2
 59.9
 58.1
Retail - industrial214.2
 225.4
 118.4
 128.8
 95.8
 96.6
Wholesale41.0
 43.1
 14.6
 13.9
 26.4
 29.2
Bulk power and other31.4
 37.2
 22.0
 25.9
 9.4
 11.3
Total Electric Utility691.2
 726.3
 392.3
 422.1
 298.9
 304.2
Gas Utility:           
Retail - residential35.2
 37.7
 20.0
 22.8
 15.2
 14.9
Retail - commercial16.1
 19.3
 8.8
 11.8
 7.3
 7.5
Retail - industrial2.0
 2.6
 1.6
 1.4
 0.4
 1.2
Transportation/other11.9
 9.0
 8.0
 6.2
 3.9
 2.8
Total Gas Utility65.2
 68.6
 38.4
 42.2
 26.8
 26.4
Other Utility:           
Steam9.2
 8.4
 9.2
 8.4
 —
 —
Other utility1.7
 2.3
 1.3
 2.1
 0.4
 0.2
Total Other Utility10.9
 10.7
 10.5
 10.5
 0.4
 0.2
Non-Utility and Other:           
Transportation and other22.9
 10.5
 —
 —
 —
 —
Total Non-Utility and Other22.9
 10.5
 —
 —
 —
 —
Total revenues
$790.2
 
$816.1
 
$441.2
 
$474.8
 
$326.1
 
$330.8

 Alliant Energy IPL WPL
Three Months Ended March 312020 2019 2020 2019 2020 2019
Electric Utility:           
Retail - residential
$266.8
 
$274.7
 
$147.4
 
$147.5
 
$119.4
 
$127.2
Retail - commercial182.3
 181.1
 119.7
 116.6
 62.6
 64.5
Retail - industrial209.9
 208.7
 121.2
 116.1
 88.7
 92.6
Wholesale40.9
 46.5
 14.4
 16.9
 26.5
 29.6
Bulk power and other30.4
 32.4
 22.1
 22.7
 8.3
 9.7
Total Electric Utility730.3
 743.4
 424.8
 419.8
 305.5
 323.6
Gas Utility:           
Retail - residential90.5
 131.8
 48.8
 77.9
 41.7
 53.9
Retail - commercial45.7
 63.6
 24.1
 34.8
 21.6
 28.8
Retail - industrial4.2
 5.4
 2.3
 3.2
 1.9
 2.2
Transportation/other11.8
 15.0
 7.8
 8.7
 4.0
 6.3
Total Gas Utility152.2
 215.8
 83.0
 124.6
 69.2
 91.2
Other Utility:           
Steam10.0
 8.4
 10.0
 8.4
 —
 —
Other utility1.6
 2.7
 1.1
 2.3
 0.5
 0.4
Total Other Utility11.6
 11.1
 11.1
 10.7
 0.5
 0.4
Non-Utility and Other:           
Transportation and other21.6
 16.9
 —
 —
 —
 —
Total Non-Utility and Other21.6
 16.9
 —
 —
 —
 —
Total revenues
$915.7
 
$987.2
 
$518.9
 
$555.1
 
$375.2
 
$415.2
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 Alliant Energy IPL WPL
Six Months Ended June 302019 2018 2019 2018 2019 2018
Electric Utility:           
Retail - residential
$508.0
 
$507.7
 
$273.4
 
$281.5
 
$234.6
 
$226.2
Retail - commercial352.4
 346.3
 228.0
 225.8
 124.4
 120.5
Retail - industrial422.9
 427.3
 234.5
 243.6
 188.4
 183.7
Wholesale87.5
 96.9
 31.5
 38.2
 56.0
 58.7
Bulk power and other63.8
 56.8
 44.7
 38.7
 19.1
 18.1
Total Electric Utility1,434.6
 1,435.0
 812.1
 827.8
 622.5
 607.2
Gas Utility:           
Retail - residential167.0
 148.3
 97.9
 88.3
 69.1
 60.0
Retail - commercial79.7
 76.3
 43.6
 43.4
 36.1
 32.9
Retail - industrial7.4
 8.4
 4.8
 4.1
 2.6
 4.3
Transportation/other26.9
 21.2
 16.7
 14.5
 10.2
 6.7
Total Gas Utility281.0
 254.2
 163.0
 150.3
 118.0
 103.9
Other Utility:           
Steam17.6
 17.8
 17.6
 17.8
 —
 —
Other utility4.4
 6.1
 3.6
 4.7
 0.8
 1.4
Total Other Utility22.0
 23.9
 21.2
 22.5
 0.8
 1.4
Non-Utility and Other:           
Transportation and other39.8
 19.3
 —
 —
 —
 —
Total Non-Utility and Other39.8
 19.3
 —
 —
 —
 —
Total revenues
$1,777.4
 
$1,732.4
 
$996.3
 
$1,000.6
 
$741.3
 
$712.5


NOTE 9.8. INCOME TAXES
Income Tax Rates - The overallOverall effective income tax rates, shown in the following tablewhich were computed by dividing income taxes by income before income taxes.taxes, were as follows. The effective income tax rates were different than the federal statutory rate primarily due to state income taxes, production tax credits, amortization of excess deferred taxes and the effect of rate-making on property-related differences. The decreases in overall effective income tax rates for the three months ended March 31, 2020 compared to the same period in 2019 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 increased revenue requirements.
 Alliant Energy IPL WPL
Three Months Ended June 302019 2018 2019 2018 2019 2018
Statutory federal income tax rate21.0 % 21.0 % 21.0% 21.0% 21.0 % 21.0 %
State income taxes, net of federal benefits7.5
 6.5
 8.3
 7.0
 6.2
 6.2
Production tax credits(8.5) (5.4) (13.2) (5.3) (4.2) (6.8)
Effect of rate-making on property-related differences(6.2) (6.7) (10.1) (11.5) (2.7) (2.7)
Amortization of excess deferred taxes(1.3) (0.4) (0.4) —
 (2.3) (0.1)
IPL’s tax benefit riders(0.7) (2.1) (1.4) (4.3) —
 —
Other items, net(1.5) (1.2) (0.4) (2.8) (2.5) (4.1)
Overall income tax rate10.3% 11.7% 3.8% 4.1% 15.5% 13.5%

 Alliant Energy IPL WPL
Six Months Ended June 302019 2018 2019 2018 2019 2018
Statutory federal income tax rate21.0 % 21.0 % 21.0% 21.0% 21.0 % 21.0 %
State income taxes, net of federal benefits7.2
 7.1
 8.1
 7.7
 6.2
 6.2
Production tax credits(8.9) (5.5) (13.6) (5.3) (4.6) (6.7)
Effect of rate-making on property-related differences(6.0) (7.2) (9.6) (12.4) (2.4) (2.5)
Amortization of excess deferred taxes(1.1) (0.4) (0.3) —
 (1.8) (0.1)
IPL’s tax benefit riders(0.7) (2.2) (1.4) (4.5) —
 —
Other items, net(1.0) (1.0) (0.5) (1.5) (1.2) (1.9)
Overall income tax rate10.5% 11.8% 3.7% 5.0% 17.2% 16.0%
 Alliant Energy IPL WPL
Three Months Ended March 312020 2019 2020 2019 2020 2019
Overall income tax rate(12.2%) 10.6% (19.8%) 3.6% (10.1%) 18.2%


Deferred Tax Assets and Liabilities -
Carryforwards - At June 30, 2019,March 31, 2020, carryforwards and expiration dates were estimated as follows (in millions):
Range of Expiration Dates Alliant Energy IPL WPLRange of Expiration Dates Alliant Energy IPL WPL
Federal net operating losses2031-2037 
$760
 
$550
 
$122
2037 
$280
 
$260
 
$2
State net operating losses2019-2039 764
 13
 2
2020-2040 606
 12
 2
Federal tax credits2022-2039 325
 152
 154
2022-2040 386
 199
 167



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NOTE 10.9. BENEFIT PLANS
NOTE 10(a)9(a) Pension and OPEB Plans -
Net Periodic Benefit Costs - The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans for the three and six months ended June 30March 31 are included below (in millions). For IPL and WPL, amounts represent those for their current and former employeesplan participants covered under plans they sponsor, as well as amounts directly assigned to them related to their current and former employees who arecertain participants in the Alliant Energy and Corporate Services sponsored plans.
 Defined Benefit Pension Plans OPEB Plans
 Three Months Six Months Three Months Six Months
Alliant Energy2019 2018 2019 2018 2019 2018 2019 2018
Service cost
$2.4
 
$3.0
 
$4.8
 
$6.0
 
$0.9
 
$1.0
 
$1.7
 
$2.1
Interest cost12.4
 11.7
 24.9
 23.4
 2.1
 1.9
 4.2
 3.8
Expected return on plan assets(15.0) (17.5) (30.0) (34.9) (1.3) (1.5) (2.5) (3.0)
Amortization of prior service credit(0.1) (0.1) (0.3) (0.3) (0.1) (0.1) (0.1) (0.1)
Amortization of actuarial loss9.1
 8.8
 18.2
 17.6
 0.8
 0.9
 1.6
 1.7
 
$8.8
 
$5.9
 
$17.6
 
$11.8
 
$2.4
 
$2.2
 
$4.9
 
$4.5

Defined Benefit Pension Plans OPEB PlansDefined Benefit Pension Plans OPEB Plans
Three Months Six Months Three Months Six Months
IPL2019 2018 2019 2018 2019 2018 2019 2018
Alliant Energy2020 2019 2020 2019
Service cost
$1.5
 
$1.9
 
$3.0
 
$3.7
 
$0.4
 
$0.5
 
$0.7
 
$0.9

$2.7
 
$2.4
 
$0.8
 
$0.8
Interest cost5.7
 5.4
 11.4
 10.7
 0.9
 0.8
 1.7
 1.6
10.8
 12.5
 1.8
 2.1
Expected return on plan assets(7.1) (8.2) (14.1) (16.3) (0.9) (1.1) (1.8) (2.2)(17.4) (15.0) (1.3) (1.2)
Amortization of prior service credit—
 (0.1) (0.1) (0.1) —
 —
 —
 —
(0.2) (0.2) —
 —
Amortization of actuarial loss4.0
 3.8
 7.9
 7.5
 0.3
 0.3
 0.7
 0.6
8.6
 9.1
 0.8
 0.8
Settlement losses (a)4.2
 —
 —
 —

$4.1
 
$2.8
 
$8.1
 
$5.5
 
$0.7
 
$0.5
 
$1.3
 
$0.9

$8.7
 
$8.8
 
$2.1
 
$2.5
 Defined Benefit Pension Plans OPEB Plans
 Three Months Six Months Three Months Six Months
WPL2019 2018 2019 2018 2019 2018 2019 2018
Service cost
$0.8
 
$1.1
 
$1.7
 
$2.2
 
$0.3
 
$0.4
 
$0.6
 
$0.8
Interest cost5.4
 5.1
 10.8
 10.1
 0.9
 0.7
 1.7
 1.5
Expected return on plan assets(6.6) (7.6) (13.1) (15.2) (0.2) (0.1) (0.3) (0.3)
Amortization of prior service credit—
 (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1)
Amortization of actuarial loss4.4
 4.3
 8.8
 8.6
 0.4
 0.5
 0.8
 1.0
 
$4.0
 
$2.8
 
$8.1
 
$5.6
 
$1.3
 
$1.4
 
$2.7
 
$2.9
 Defined Benefit Pension Plans OPEB Plans
IPL2020 2019 2020 2019
Service cost
$1.7
 
$1.5
 
$0.3
 
$0.3
Interest cost5.0
 5.7
 0.7
 0.8
Expected return on plan assets(8.1) (7.0) (1.0) (0.9)
Amortization of prior service credit(0.1) (0.1) —
 —
Amortization of actuarial loss3.7
 3.9
 0.3
 0.4
 
$2.2
 
$4.0
 
$0.3
 
$0.6
 Defined Benefit Pension Plans OPEB Plans
WPL2020 2019 2020 2019
Service cost
$1.0
 
$0.9
 
$0.3
 
$0.3
Interest cost4.7
 5.4
 0.7
 0.8
Expected return on plan assets(7.6) (6.5) (0.2) (0.1)
Amortization of prior service credit(0.1) (0.1) —
 —
Amortization of actuarial loss4.1
 4.4
 0.5
 0.4
 
$2.1
 
$4.1
 
$1.3
 
$1.4


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

NOTE 10(b)9(b) Equity-based Compensation Plans - A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards for the three and six months ended June 30March 31 was as follows (in millions):
Alliant Energy IPL WPL
Three Months Six Months Three Months Six Months Three Months Six MonthsAlliant Energy IPL WPL
2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 20182020 2019 2020 2019 2020 2019
Compensation expense
$3.4
 
$5.1
 
$8.1
 
$8.4
 
$1.9
 
$2.8
 
$4.5
 
$4.6
 
$1.4
 
$2.1
 
$3.2
 
$3.4

$2.7
 
$4.7
 
$1.4
 
$2.6
 
$1.1
 
$1.8
Income tax benefits1.0
 1.5
 2.3
 2.4
 0.5
 0.9
 1.3
 1.4
 0.4
 0.5
 0.9
 0.9
0.7
 1.3
 0.4
 0.8
 0.3
 0.5


As of June 30, 2019,March 31, 2020, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $10.3$12.5 million, $5.7$7.0 million and $4.2$5.1 million, respectively, which is expected to be recognized over a weighted average period of between 1 year and 2 years.

In
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Table of Contents

For the first quarter of 2019,three months ended March 31, 2020, 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. The 2019 performance shares contain a market condition based on total shareowner return relative to an investor-owned utility peer group. The fair value of each performance share is based on the fair value of the underlying common stock on the grant date and the probability of satisfying the market condition contained in the agreement during a 3-year performance period. In the first quarter of 2019, 80,837 performance shares were granted with a grant date fair value of $46.35. The 2019 performance restricted stock units will vest based on the achievement of certain targets (specified growth of consolidated net income from continuing operations) during a 3-year performance period. The actual number of performance shares and performance restricted units that will be paid out upon vesting is dependent upon actual performance and may range from zero to 200% of the target number of shares or units, as applicable. The 2019 restricted stock units will vest based on the expiration of a 3-

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year time-vesting period. In the first quarter of 2019, 80,837 performance restricted stock units and 95,938 restricted stock units were granted with a grant date fair value of $45.63, which is based on the closing market price of one share of Alliant Energy’s common stock on the grant date of the award. As of June 30, 2019, an immaterial amount ofMarch 31, 2020, 215,780 shares waswere included in the calculation of diluted EPS related to the nonvested equity awards.
   Weighted Average
 Grants Grant Date Fair Value
Performance shares54,897
 
$64.04
Performance restricted stock units54,897
 59.57
Restricted stock units59,936
 59.57


NOTE 11.10. ASSET RETIREMENT OBLIGATIONS
A reconciliation of the changes in asset retirement obligations associated with long-lived assets for the sixthree months ended June 30, 2019March 31, 2020 is as follows (in millions):
Alliant Energy IPLAlliant Energy IPL
Balance, January 1
$177.5
 
$118.3

$196.3
 
$133.9
Revisions in estimated cash flows(2.2) (2.2)
Liabilities settled(1.4) (1.2)(1.5) (1.4)
Liabilities incurred (a)25.9
 25.9
27.6
 27.6
Accretion expense3.4
 2.2
1.7
 1.2
Balance, June 30
$203.2
 
$143.0
Balance, March 31
$224.1
 
$161.3

(a)During the sixthree months ended June 30, 2019,March 31, 2020, Alliant Energy and IPL recognized additional asset retirement obligations related to IPL’s newly constructed Upland PrairieWhispering Willow North and English FarmsGolden Plains wind sites. The increases in asset retirement obligations resulted in corresponding increases in property, plant and equipment, net on the respective balance sheets.

NOTE 12.11. DERIVATIVE INSTRUMENTS
Commodity Derivatives -
Notional Amounts - As of June 30, 2019,March 31, 2020, 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 FuelFTRs Natural Gas Coal Diesel Fuel
MWhs Years Dths Years Tons Years Gallons YearsMWhs Years Dths Years Tons Years Gallons Years
Alliant Energy24,229
 2019-2020 163,808
 2019-2026 8,027
 2019-2021 6,552
 2019-20214,420
 2020 185,883
 2020-2027 5,187
 2020-2021 4,410
 2020-2021
IPL11,721
 2019-2020 75,276
 2019-2026 3,587
 2019-2021 —
 —2,108
 2020 106,525
 2020-2027 2,223
 2020-2021 —
 —
WPL12,508
 2019-2020 88,532
 2019-2026 4,440
 2019-2021 6,552
 2019-20212,312
 2020 79,358
 2020-2027 2,964
 2020-2021 4,410
 2020-2021


Financial Statement Presentation - Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities as follows (in millions):
Alliant Energy IPL WPLAlliant Energy IPL WPL
June 30,
2019		 December 31,
2018		 June 30,
2019		 December 31,
2018		 June 30,
2019		 December 31,
2018		March 31,
2020		 December 31,
2019		 March 31,
2020		 December 31,
2019		 March 31,
2020		 December 31,
2019
Current derivative assets
$18.4
 
$24.6
 
$12.0
 
$16.1
 
$6.4
 
$8.5

$10.1
 
$15.8
 
$8.3
 
$12.1
 
$1.8
 
$3.7
Non-current derivative assets3.5
 3.7
 1.9
 1.6
 1.6
 2.1
8.6
 11.0
 8.2
 10.2
 0.4
 0.8
Current derivative liabilities12.9
 5.6
 5.8
 3.1
 7.1
 2.5
29.9
 19.0
 12.7
 8.9
 17.2
 10.1
Non-current derivative liabilities15.1
 17.7
 6.4
 8.1
 8.7
 9.6
21.2
 18.6
 9.7
 8.5
 11.5
 10.1


Credit Risk-related Contingent Features - Various agreements contain credit risk-related contingent features, including requirements to maintain certain credit ratings and/or limitations on liability positions under the agreements based on credit ratings. Certain of these agreements with credit risk-related contingency features are accounted for as derivative instruments. In the event of a material change in creditworthiness or if liability positions exceed certain contractual limits, credit support may need to be provided in the form of letters of credit or cash collateral up to the amount of exposure under the contracts, or the contracts may need to be unwound and underlying liability positions paid. At June 30, 2019March 31, 2020 and December 31, 2018,2019, 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.


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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 June 30, 2019March 31, 2020 and December 31, 2018.2019. Fair value amounts recognized for the right to reclaim cash collateral (receivable) or

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

NOTE 13.12. FAIR VALUE MEASUREMENTS
Fair Value of Financial Instruments - The carrying amounts of current assets and current liabilities approximate fair value because of the short maturity of such financial instruments. Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions):
Alliant EnergyJune 30, 2019 December 31, 2018March 31, 2020 December 31, 2019
  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 TotalAmount 1 2 3 Total Amount 1 2 3 Total
Assets:                                      
Money market fund investments
$161.8
 
$161.8
 
$—
 
$—
 
$161.8
 
$—
 
$—
 
$—
 
$—
 
$—

$41.2
 
$41.2
 
$—
 
$—
 
$41.2
 
$5.4
 
$5.4
 
$—
 
$—
 
$5.4
Derivatives21.9
 —
 8.2
 13.7
 21.9
 28.3
 —
 8.9
 19.4
 28.3
18.7
 —
 4.0
 14.7
 18.7
 26.8
 —
 4.8
 22.0
 26.8
Deferred proceeds214.6
 —
 —
 214.6
 214.6
 119.4
 —
 —
 119.4
 119.4
188.0
 —
 —
 188.0
 188.0
 187.7
 —
 —
 187.7
 187.7
Liabilities:                                      
Derivatives28.0
 —
 27.5
 0.5
 28.0
 23.3
 —
 16.1
 7.2
 23.3
51.1
 —
 50.6
 0.5
 51.1
 37.6
 —
 36.8
 0.8
 37.6
Long-term debt (incl. current maturities)6,144.9
 —
 6,788.8
 2.1
 6,790.9
 5,502.8
 —
 5,858.4
 2.4
 5,860.8
6,191.1
 —
 6,916.4
 1.7
 6,918.1
 6,190.2
 —
 6,917.9
 2.0
 6,919.9
IPLJune 30, 2019 December 31, 2018March 31, 2020 December 31, 2019
  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 TotalAmount 1 2 3 Total Amount 1 2 3 Total
Assets:                                      
Money market fund investments
$21.2
 
$21.2
 
$—
 
$—
 
$21.2
 
$5.4
 
$5.4
 
$—
 
$—
 
$5.4
Derivatives
$13.9
 
$—
 
$4.1
 
$9.8
 
$13.9
 
$17.7
 
$—
 
$4.0
 
$13.7
 
$17.7
16.5
 —
 2.5
 14.0
 16.5
 22.3
 —
 2.8
 19.5
 22.3
Deferred proceeds214.6
 —
 —
 214.6
 214.6
 119.4
 —
 —
 119.4
 119.4
188.0
 —
 —
 188.0
 188.0
 187.7
 —
 —
 187.7
 187.7
Liabilities:                                      
Derivatives12.2
 —
 11.7
 0.5
 12.2
 11.2
 —
 6.5
 4.7
 11.2
22.4
 —
 21.9
 0.5
 22.4
 17.4
 —
 16.6
 0.8
 17.4
Long-term debt2,850.5
 —
 3,135.3
 —
 3,135.3
 2,552.3
 —
 2,691.2
 —
 2,691.2
Long-term debt (incl. current maturities)3,147.9
 —
 3,452.1
 —
 3,452.1
 3,147.3
 —
 3,489.1
 —
 3,489.1
WPLJune 30, 2019 December 31, 2018March 31, 2020 December 31, 2019
  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 TotalAmount 1 2 3 Total Amount 1 2 3 Total
Assets:                                      
Money market fund investments
$160.4
 
$160.4
 
$—
 
$—
 
$160.4
 
$—
 
$—
 
$—
 
$—
 
$—

$20.0
 
$20.0
 
$—
 
$—
 
$20.0
 
$—
 
$—
 
$—
 
$—
 
$—
Derivatives8.0
 —
 4.1
 3.9
 8.0
 10.6
 —
 4.9
 5.7
 10.6
2.2
 —
 1.5
 0.7
 2.2
 4.5
 —
 2.0
 2.5
 4.5
Liabilities:                                      
Derivatives15.8
 —
 15.8
 —
 15.8
 12.1
 —
 9.6
 2.5
 12.1
28.7
 —
 28.7
 —
 28.7
 20.2
 —
 20.2
 —
 20.2
Long-term debt (incl. current maturities)2,181.8
 —
 2,498.2
 —
 2,498.2
 1,834.9
 —
 2,043.7
 —
 2,043.7
1,933.1
 —
 2,309.8
 —
 2,309.8
 1,932.7
 —
 2,268.2
 —
 2,268.2



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Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions):
Alliant EnergyCommodity Contract Derivative  
 Assets and (Liabilities), net Deferred Proceeds
Three Months Ended June 302019 2018 2019 2018
Beginning balance, April 1
$0.4
 
($29.4) 
$178.3
 
$120.9
Total net losses included in changes in net assets (realized/unrealized)(0.1) (0.2) —
 —
Transfers out of Level 33.9
 —
 —
 —
Purchases13.8
 26.7
 —
 —
Settlements (a)(4.8) (7.8) 36.3
 87.4
Ending balance, June 30
$13.2
 
($10.7) 
$214.6
 
$208.3
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at June 30
$—
 
($0.1) 
$—
 
$—

Alliant EnergyCommodity Contract Derivative  
 Assets and (Liabilities), net Deferred Proceeds
Three Months Ended March 312020 2019 2020 2019
Beginning balance, January 1
$21.2
 
$12.2
 
$187.7
 
$119.4
Total net losses included in changes in net assets (realized/unrealized)(3.1) (5.6) —
 —
Sales—
 (0.2) —
 —
Settlements (a)(3.9) (6.0) 0.3
 58.9
Ending balance, March 31
$14.2
 
$0.4
 
$188.0
 
$178.3
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at March 31
($3.1) 
($2.6) 
$—
 
$—
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Alliant EnergyCommodity Contract Derivative  
 Assets and (Liabilities), net Deferred Proceeds
Six Months Ended June 302019 2018 2019 2018
Beginning balance, January 1
$12.2
 
($12.2) 
$119.4
 
$222.1
Total net losses included in changes in net assets (realized/unrealized)(5.7) (10.0) —
 —
Transfers out of Level 33.9
 —
 —
 —
Purchases13.8
 26.7
 —
 —
Sales(0.2) —
 —
 —
Settlements (a)(10.8) (15.2) 95.2
 (13.8)
Ending balance, June 30
$13.2
 
($10.7) 
$214.6
 
$208.3
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at June 30
($2.6) 
($9.7) 
$—
 
$—
IPLCommodity Contract Derivative  
 Assets and (Liabilities), net Deferred Proceeds
Three Months Ended June 302019 2018 2019 2018
Beginning balance, April 1
$0.6
 
($15.4) 
$178.3
 
$120.9
Total net gains (losses) included in changes in net assets (realized/unrealized)0.4
 (1.6) —
 —
Transfers out of Level 32.5
 —
 —
 —
Purchases9.5
 19.3
 —
 —
Settlements (a)(3.7) (6.4) 36.3
 87.4
Ending balance, June 30
$9.3
 
($4.1) 
$214.6
 
$208.3
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at June 30
$0.5
 
($1.6) 
$—
 
$—
IPLCommodity Contract Derivative  
 Assets and (Liabilities), net Deferred Proceeds
Six Months Ended June 302019 2018 2019 2018
Beginning balance, January 1
$9.0
 
($1.4) 
$119.4
 
$222.1
Total net losses included in changes in net assets (realized/unrealized)(2.8) (9.2) —
 —
Transfers out of Level 32.5
 —
 —
 —
Purchases9.5
 19.3
 —
 —
Sales(0.1) —
 —
 —
Settlements (a)(8.8) (12.8) 95.2
 (13.8)
Ending balance, June 30
$9.3
 
($4.1) 
$214.6
 
$208.3
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at June 30
($0.9) 
($9.0) 
$—
 
$—
WPLCommodity Contract Derivative
 Assets and (Liabilities), net
Three Months Ended June 302019 2018
Beginning balance, April 1
($0.2) 
($14.0)
Total net gains (losses) included in changes in net assets (realized/unrealized)(0.5) 1.4
Transfers out of Level 31.4
 —
Purchases4.3
 7.4
Settlements(1.1) (1.4)
Ending balance, June 30
$3.9
 
($6.6)
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at June 30
($0.5) 
$1.5


IPLCommodity Contract Derivative  
 Assets and (Liabilities), net Deferred Proceeds
Three Months Ended March 312020 2019 2020 2019
Beginning balance, January 1
$18.7
 
$9.0
 
$187.7
 
$119.4
Total net losses included in changes in net assets (realized/unrealized)(2.3) (3.2) —
 —
Sales—
 (0.1) —
 —
Settlements (a)(2.9) (5.1) 0.3
 58.9
Ending balance, March 31
$13.5
 
$0.6
 
$188.0
 
$178.3
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at March 31
($2.3) 
($1.4) 
$—
 
$—
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WPLCommodity Contract Derivative
 Assets and (Liabilities), net
Three Months Ended March 312020 2019
Beginning balance, January 1
$2.5
 
$3.2
Total net losses included in changes in net assets (realized/unrealized)(0.8) (2.4)
Sales—
 (0.1)
Settlements(1.0) (0.9)
Ending balance, March 31
$0.7
 
($0.2)
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
($0.8) 
($1.2)

WPLCommodity Contract Derivative
 Assets and (Liabilities), net
Six Months Ended June 302019 2018
Beginning balance, January 1
$3.2
 
($10.8)
Total net losses included in changes in net assets (realized/unrealized)(2.9) (0.8)
Transfers out of Level 31.4
 —
Purchases4.3
 7.4
Sales(0.1) —
Settlements(2.0) (2.4)
Ending balance, June 30
$3.9
 
($6.6)
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at June 30
($1.7) 
($0.7)

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

Commodity Contracts - The fair value of FTR and natural gas commodity contracts categorized as Level 3 was recognized as net derivative assets as follows (in millions):
 Alliant Energy IPL WPL
 Excluding FTRs FTRs Excluding FTRs FTRs Excluding FTRs FTRs
June 30, 2019
$2.4
 
$10.8
 
$1.4
 
$7.9
 
$1.0
 
$2.9
December 31, 20183.2
 9.0
 1.8
 7.2
 1.4
 1.8
 Alliant Energy IPL WPL
 Excluding FTRs FTRs Excluding FTRs FTRs Excluding FTRs FTRs
March 31, 2020
$11.8
 
$2.4
 
$11.7
 
$1.8
 
$0.1
 
$0.6
December 31, 201914.6
 6.6
 13.6
 5.1
 1.0
 1.5


NOTE 14.13. COMMITMENTS AND CONTINGENCIES
NOTE 14(a)13(a) Capital Purchase Commitments - Various contractual obligations contain minimum future commitments related to capital expenditures for certain construction projects. IPL’s and WPL’s projects include the expansion of wind generation. WPL’s projects include the West Riverside Energy Center. At June 30, 2019,March 31, 2020, Alliant Energy’s, IPL’s and WPL’s minimum future commitments for these projects were $268$95 million, $237$32 million and $31$63 million, respectively.


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NOTE 14(b)13(b) Other Purchase Commitments - Various commodity supply, transportation and storage contracts help meet obligations to provide electricity and natural gas to utility customers. In addition, there are various purchase commitments associated with other goods and services. At June 30, 2019,March 31, 2020, the related minimum future commitments were as follows (in millions):
Alliant Energy IPL WPLAlliant Energy IPL WPL
Purchased power (a)
$184
 
$183
 
$1

$76
 
$75
 
$1
Natural gas925
 460
 465
915
 508
 407
Coal (b)130
 81
 49
110
 68
 42
Other (c)88
 49
 28
117
 58
 28

$1,327
 
$773
 
$543

$1,218
 
$709
 
$478

(a)Includes payments required by PPAs for capacity rights and minimum quantities of MWhs required to be purchased. As a result of an amendment to shorten the term of the DAEC PPA, Alliant Energy’s and IPL’s amounts include minimum future commitments related to IPL’s purchase of capacity and the resulting energy from DAEC through September 2020, and do not include the September 2020 buyout payment of $110 million.
(b)Corporate Services has historically entered into system-wide coal contracts on behalf of IPL and WPL that include minimum future commitments. TheseSuch commitments were assigned to IPL and WPL based on information available as of June 30, 2019March 31, 2020 regarding expected future usage, which is subject to change.
(c)
Includes individual commitments incurred during the normal course of business that exceeded $1$1 million at June 30, 2019.
March 31, 2020.

NOTE 14(c)13(c) Guarantees and Indemnifications -
Whiting Petroleum - Whiting Petroleum is an independent oil and gas company. In 2004, Alliant Energy sold its remaining interest in Whiting Petroleum. Whiting Petroleum is an independent oil and gas company. Alliant Energy Resources, LLC, as the successor to a predecessor entity that owned Whiting Petroleum, and a wholly-owned subsidiary of AEF, continues to guarantee the partnership obligations of an affiliate of Whiting Petroleum under multiple general partnership agreements in the oil and gas industry, includingindustry. Based on information made available to Alliant Energy by Whiting Petroleum, the Whiting Petroleum affiliate holds an approximate 6% share in the partnerships and currently known obligations include costs associated with respect to the future abandonment of certain platforms off the coast of California and related onshore plant and equipment owned by the

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partnerships. The general partnerships were formed under California law, and Alliant Energy Resources, LLC’s guarantees, which do not include a maximum limit. limit, apply to the Whiting Petroleum affiliate’s obligations and to the other partners. Alliant Energy Resources, LLC may be required to perform under the guarantees if the affiliate of Whiting Petroleum is unable to meet its partnership obligations.

As of June 30, 2019,March 31, 2020, the present valuecurrently known partnership obligations are the abandonment obligations. The Whiting Petroleum affiliate’s share of thethese abandonment obligations is estimated at $37 million.$63 million ($40 million on a discounted basis) as of March 31, 2020 based on information made available to Alliant Energy by Whiting Petroleum, and this represents Alliant Energy’s best estimate of the contingent obligations for potential future payments. Alliant Energy is not aware of any material liabilities related to these guarantees of whichthat it is probable that Alliant Energy Resources, LLCit will be obligated to pay and therefore has not recognized any material liabilitiespay; however, the new credit loss accounting standard adopted on January 1, 2020 requires recognition of a liability for expected credit losses related to the contingent obligations that are in the scope of these guaranteesguarantees. With the adoption of this standard, Alliant Energy recorded a pre-tax $12 million cumulative effect adjustment to decrease the opening balance of retained earnings as of June 30, 2019January 1, 2020. As a result of Whiting Petroleum’s deterioration in credit worthiness since January 1, 2020 likely from significantly depressed oil and Decembergas prices and general market conditions, Alliant Energy currently expects credit exposure related to the guarantees and has recognized a $20 million credit loss liability as of March 31, 2018.2020 related to the contingent obligations, which is recorded in “Other liabilities” on Alliant Energy’s balance sheet. The incremental pre-tax change in the liability, $8 million, was recorded as a credit loss expense within Alliant Energy’s “Other operation and maintenance” expenses for the three months ended March 31, 2020.

Non-utility Wind Farm in Oklahoma - In July 2017, a wholly-owned subsidiary of AEF acquired a cash equity ownership interest in a non-utility wind farm located in Oklahoma. The wind farm provides electricity to a third-party under a long-term PPA. Alliant Energy provided a parent guarantee of its subsidiary’s indemnification obligations under the related operating agreement and PPA. Alliant Energy’s obligations under the operating agreement were $90$82 million as of June 30, 2019March 31, 2020 and will reduce annually until expiring in July 2047. Alliant Energy’s obligations under the PPA are subject to a maximum limit of $17 million and expire in December 2031, subject to potential extension. Alliant Energy is not aware of any material liabilities related to this guarantee that it is probable that it will be obligated to pay and therefore has not recognized any material liabilities related to this guarantee as of June 30, 2019March 31, 2020 and December 31, 2018.2019. This guarantee is not in the scope of the new credit loss accounting standard as it is a guarantee of Alliant Energy’s subsidiary’s performance.


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IPL’s Minnesota Electric Distribution Assets - IPL provided indemnifications associated with the 2015 sale of its Minnesota electric distribution assets for losses resulting from potential breach of IPL’s representations, warranties and obligations under the sale agreement. Alliant Energy and IPL believe the likelihood of having to make any material cash payments under these indemnifications is remote. IPL has not recorded any material liabilities related to these indemnifications as of June 30, 2019March 31, 2020 and December 31, 2018.2019. The general terms of the indemnifications provided by IPL included a maximum limit of $17 million and expire in October 2020.

NOTE 14(d)13(d) Environmental Matters -
Manufactured Gas Plant (MGP) Sites - IPL and WPL have current or previous ownership interests in various sites that are previously associated with the production of gas for which IPL and WPL have, or may have in the future, liability for investigation, remediation and monitoring costs. IPL and WPL are working pursuant to the requirements of various federal and state agencies to investigate, mitigate, prevent and remediate, where necessary, the environmental impacts to property, including natural resources, at and around these former MGP sites in order to protect public health and the environment. At June 30, 2019March 31, 2020, estimated future costs expected to be incurred for the investigation, remediation and monitoring of the MGP sites, as well as environmental liabilities recorded on the balance sheets for these sites, which are not discounted, were as follows (in millions). At June 30, 2019,March 31, 2020, such amounts for WPL were not material.
Alliant Energy IPLAlliant Energy IPL
Range of estimated future costs
$15
-$31 
$12
-$26
$12
-$29 
$10
-$24
Current and non-current environmental liabilities19 1616 13


IPL Consent Decree - In 2015, the U.S. District Court for the Northern District of Iowa approved a Consent Decree that IPL entered into with the EPA, the Sierra Club, the State of Iowa and Linn County in Iowa, thereby resolving potential Clean Air Act issues associated with emissions from IPL’s coal-fired generating facilities in Iowa. IPL has completed various requirements under the Consent Decree. IPL’s remaining requirements include fuel switching or retiring Burlington by December 31, 2021 and Prairie Creek Units 1 and 3 by December 31, 2025. Alliant Energy and IPL currently expect to recover material costs incurred by IPL related to compliance with the terms of the Consent Decree from IPL’s electric customers.

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

Clean Air Act Section 111(d)NOTE 13(e) Collective Bargaining Agreements - In July 2019, the EPA published the final Affordable Clean Energy rule, which repeals the Clean Power Plan effective September 6, 2019. The final rule establishes emission guidelines for states to develop plansAt March 31, 2020, employees covered by July 2022 to reduce carbon dioxide emissions from existing coal-fired EGUs,collective bargaining agreements represented 53%, 61% and is subject to legal challenges.82% of total employees of Alliant Energy, IPL and WPL, respectively. On August 31, 2020, IPL’s collective bargaining agreement with International Brotherhood of Electrical Workers Local 204 (Cedar Rapids) expires, representing 18% and 45% of total employees of Alliant Energy and IPL, respectively. While the process to renew the agreement is underway, Alliant Energy and IPL are currently unable to predict the outcome.

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


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NOTE 14(e) Collective Bargaining Agreements - At June 30, 2019, employees covered by collective bargaining agreements represented 54%, 60% and 82% of total employees of Alliant Energy, IPL and WPL, respectively. On May 31, 2019, WPL’s collective bargaining agreement with International Brotherhood of Electrical Workers Local 965 expired, representing 27% and 82% of total employees of Alliant Energy and WPL, respectively. The parties continue to negotiate, and signed an extension that continues until a tentative agreement is ratified or either party gives 30 days’ notice to cancel the extension. Alliant Energy and WPL are currently unable to predict the outcome of this matter.

NOTE 15.14. SEGMENTS OF BUSINESS
Alliant Energy - Certain financial information relating to Alliant Energy’s, business segments is as follows. Intersegment revenues were not material to Alliant Energy’s operations.
         ATC Holdings, Alliant
 Utility Non-Utility, Energy
 Electric Gas Other Total Parent and Other Consolidated
 (in millions)
Three Months Ended June 30, 2019           
Revenues
$691.2
 
$65.2
 
$10.9
 
$767.3
 
$22.9
 
$790.2
Operating income132.9
 7.2
 1.4
 141.5
 8.3
 149.8
Net income attributable to Alliant Energy common shareowners      87.0
 7.6
 94.6
Three Months Ended June 30, 2018           
Revenues
$726.3
 
$68.6
 
$10.7
 
$805.6
 
$10.5
 
$816.1
Operating income134.8
 5.4
 0.9
 141.1
 10.1
 151.2
Net income attributable to Alliant Energy common shareowners      91.5
 8.9
 100.4
         ATC Holdings, Alliant
 Utility Non-Utility, Energy
 Electric Gas Other Total Parent and Other Consolidated
 (in millions)
Six Months Ended June 30, 2019           
Revenues
$1,434.6
 
$281.0
 
$22.0
 
$1,737.6
 
$39.8
 
$1,777.4
Operating income259.3
 52.4
 1.4
 313.1
 13.5
 326.6
Net income attributable to Alliant Energy common shareowners      206.0
 13.7
 219.7
Six Months Ended June 30, 2018           
Revenues
$1,435.0
 
$254.2
 
$23.9
 
$1,713.1
 
$19.3
 
$1,732.4
Operating income261.5
 36.9
 2.3
 300.7
 16.2
 316.9
Net income attributable to Alliant Energy common shareowners

      192.2
 29.1
 221.3



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IPL - Certain financial information relating to IPL’s business segments is as follows. Intersegment revenues were not material to IPL’s operations.
 Electric Gas Other Total
 (in millions)
Three Months Ended June 30, 2019       
Revenues
$392.3
 
$38.4
 
$10.5
 
$441.2
Operating income68.9
 4.2
 1.4
 74.5
Earnings available for common stock      45.0
Three Months Ended June 30, 2018       
Revenues
$422.1
 
$42.2
 
$10.5
 
$474.8
Operating income73.5
 2.5
 1.7
 77.7
Earnings available for common stock      51.7
Six Months Ended June 30, 2019       
Revenues
$812.1
 
$163.0
 
$21.2
 
$996.3
Operating income115.7
 30.5
 1.8
 148.0
Earnings available for common stock      98.3
Six Months Ended June 30, 2018       
Revenues
$827.8
 
$150.3
 
$22.5
 
$1,000.6
Operating income131.0
 19.4
 2.9
 153.3
Earnings available for common stock      98.4


WPL - Certain financial information relating toand WPL’s business segments is as follows. Intersegment revenues were not material to WPL’stheir respective operations.
Alliant Energy        ATC Holdings, Alliant
Utility Non-Utility, Energy
Electric Gas Other Total Parent and Other Consolidated
Electric Gas Other Total(in millions)
(in millions)
Three Months Ended June 30, 2019       
Three Months Ended March 31, 2020           
Revenues
$730.3
 
$152.2
 
$11.6
 
$894.1
 
$21.6
 
$915.7
Operating income (loss)146.2
 41.6
 2.7
 190.5
 (2.2) 188.3
Net income (loss) attributable to Alliant Energy common shareowners      172.2
 (2.2) 170.0
Three Months Ended March 31, 2019           
Revenues
$298.9
 
$26.8
 
$0.4
 
$326.1

$743.4
 
$215.8
 
$11.1
 
$970.3
 
$16.9
 
$987.2
Operating income64.0
 3.0
 —
 67.0
126.4
 45.2
 —
 171.6
 5.2
 176.8
Earnings available for common stock      42.0
Three Months Ended June 30, 2018       
Revenues
$304.2
 
$26.4
 
$0.2
 
$330.8
Operating income (loss)61.3
 2.9
 (0.8) 63.4
Earnings available for common stock      39.8
Six Months Ended June 30, 2019       
Revenues
$622.5
 
$118.0
 
$0.8
 
$741.3
Operating income (loss)143.6
 21.9
 (0.4) 165.1
Earnings available for common stock      107.7
Six Months Ended June 30, 2018       
Revenues
$607.2
 
$103.9
 
$1.4
 
$712.5
Operating income (loss)130.5
 17.5
 (0.6) 147.4
Earnings available for common stock      93.8
Net income attributable to Alliant Energy common shareowners      119.0
 6.1
 125.1
IPLElectric Gas Other Total
 (in millions)
Three Months Ended March 31, 2020       
Revenues
$424.8
 
$83.0
 
$11.1
 
$518.9
Operating income67.0
 27.3
 2.4
 96.7
Net income available for common stock      82.6
Three Months Ended March 31, 2019       
Revenues
$419.8
 
$124.6
 
$10.7
 
$555.1
Operating income46.8
 26.3
 0.4
 73.5
Net income available for common stock      53.3
WPLElectric Gas Other Total
 (in millions)
Three Months Ended March 31, 2020       
Revenues
$305.5
 
$69.2
 
$0.5
 
$375.2
Operating income79.2
 14.3
 0.3
 93.8
Net income      89.6
Three Months Ended March 31, 2019       
Revenues
$323.6
 
$91.2
 
$0.4
 
$415.2
Operating income (loss)79.6
 18.9
 (0.4) 98.1
Net income      65.7


NOTE 16.15. RELATED PARTIES
Service Agreements - Pursuant to service agreements, IPL and WPL receive various administrative and general services from an affiliate, Corporate Services. These services are billed to IPL and WPL at cost based on expenses incurred by Corporate Services for the benefit of IPL and WPL, respectively. These costs consisted primarily of employee compensation and benefits, fees associated with various professional services, depreciation and amortization of property, plant and equipment, and a return on net assets. Corporate Services also acts as agent on behalf of IPL and WPL pursuant to the service agreements. As agent, Corporate Services enters into energy, capacity, ancillary services, and transmission sale and purchase transactions within MISO. Corporate Services assigns such sales and purchases among IPL and WPL based on statements received from MISO. The amounts billed for services provided, sales credited and purchases for the three and six months ended June 30March 31 were as follows (in millions):
 IPL WPL
 2020 2019 2020 2019
Corporate Services billings
$37
 
$43
 
$32
 
$33
Sales credited15
 15
 2
 1
Purchases billed81
 84
 20
 30



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 IPL WPL
 Three Months Six Months Three Months Six Months
 2019 2018 2019 2018 2019 2018 2019 2018
Corporate Services billings
$47
 
$44
 
$90
 
$85
 
$35
 
$34
 
$68
 
$67
Sales credited12
 18
 27
 23
 3
 8
 4
 9
Purchases billed74
 80
 158
 173
 29
 20
 59
 37


Net intercompany payables to Corporate Services were as follows (in millions):
 IPL WPL
 June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018
Net payables to Corporate Services$108 $95 $72 $71
 IPL WPL
 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019
Net payables to Corporate Services$110 $112 $72 $85


ATC - Pursuant to various agreements, WPL receives a range of transmission services from ATC. WPL provides operation, maintenance, and construction services to ATC. WPL and ATC also bill each other for use of shared facilities owned by each party. The related amounts billed between the parties for the three and six months ended June 30March 31 were as follows (in millions):
Three Months Six Months
2019 2018 2019 20182020 2019
ATC billings to WPL
$27
 
$26
 
$54
 
$53

$28
 
$27
WPL billings to ATC3
 3
 7
 5
3
 4


WPL owed ATC net amounts of $8 million as of June 30, 2019March 31, 2020 and $89 million as of December 31, 20182019.

WPL’s Sheboygan Falls Energy Facility Lease - Refer to Note 7 for discussion of WPL’s Sheboygan Falls Energy Facility lease.

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

This MDA includes information relating to Alliant Energy, and IPL and WPL (collectively, the Utilities), as well as ATC Holdings, AEF and Corporate Services. Where appropriate, information relating to a specific entity has been segregated and labeled as such. The following discussion and analysis should be read in conjunction with the Financial Statements and the Notes included in this report, as well as the financial statements, notes and MDA included in the 20182019 Form 10-K. Unless otherwise noted, all “per share” references in MDA refer to earnings per diluted share.

20192020 HIGHLIGHTS

Key highlights since the filing of the 20182019 Form 10-K include the following:

•
In March 2019, IPL filed requests with the IUB to increase annual base rates for its Iowa retail electric and gas customers, which were based on a forward-looking test period that includes 2020. IPL concurrently filed for interim retail electric rates based on a 2018 historical Test Year, which were implemented effective April 1, 2019. Intervenor testimony was filed in August 2019 addressing, among other things, the return on common equity percentage used to calculate the interim rate increase, as well as various positions on rate design and revenue requirement, including authorized returns on production tax credits carryforwards, for final rates.Refer to Note 2 for details.
COVID-19:
The outbreak of COVID-19 has become a global pandemic and Alliant Energy’s service territories are not immune to the challenges presented by COVID-19. Despite these challenges, Alliant Energy, IPL and WPL continue to focus on providing the critical, reliable service their customers depend on, while emphasizing the health and welfare of their employees, customers and communities. Alliant Energy, IPL and WPL have not experienced significant impacts on their overall business operations, financial condition, results of operations or cash flows for the three months ended March 31, 2020; however, the degree to which the COVID-19 pandemic may impact such items in the future is currently unknown and will depend on future developments of the pandemic as well as possible additional actions by government and regulatory authorities. Actual and potential impacts from COVID-19 include, but are not limited to, the following:

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

While Alliant Energy has not experienced any significant issues to-date, it continues to monitor potential disruptions or constraints in materials and supplies from key suppliers. In March 2019, IPLaddition, Alliant Energy’s construction projects are currently progressing as planned with added safety protocols, and while it continues to monitor its supply chain, there have been no immediate disruptions. Currently, Alliant Energy expects its large renewable construction projects to be placed approximately 470 megawatts of new wind generation in service atas previously planned to meet the Upland Prairietiming requirements to qualify for the maximum renewable tax credits. In addition, Alliant Energy does not currently expect any material changes to its construction and English Farms wind sites. IPL’sacquisition expenditures plans disclosed in the 2019 Form 10-K.

Alliant Energy has not experienced, and currently does not expect, an interruption in its ability to provide electric and natural gas services to its customers. In addition, Alliant Energy currently expects to incur incremental direct expenses related to certain of these operational changes and does expect them to have a material impact on its results of operations.

Customer Impacts - COVID-19 has resulted in widespread travel restrictions and closures of commercial spaces and industrial facilities in Alliant Energy’s service territories. While the total expected impact of COVID-19 on future sales is currently unknown, Alliant Energy has experienced higher electric residential sales and lower electric commercial and industrial sales since the outset of the pandemic. In April 2020, as compared to April 2019, Alliant Energy’s retail electric customers began to see the rateresidential temperature-normalized sales increased 5%, and its retail electric commercial and industrial temperature-normalized sales decreased 13% in aggregate. From a sensitivity perspective, Alliant Energy currently estimates that an annual 1% increase/decrease in sales for each customer type would result in corresponding annual impacts of this renewable generation with the interim$0.02 EPS for its retail electric rates effective April 1, 2019.
In March 2019, the IUB approved IPL’s energy efficiency plan for 2019 through 2023, which provides direct financial savings to customers and provides cost-effective options to help electric and gas customers reduce their energy usage. The energy efficiency costs, which are lower than previous energy efficiency plans, are reflected on electric customer bills beginning June 2019.
•
In January and March 2019, AEF, a subsidiary of Alliant Energy, purchased two freight management companies. These non-utility acquisitions enhance Alliant Energy’s Transportation value to customers by adding customized supply chain solution capabilities to their portfolio of service offerings. Refer to Note 4 for details.
The installation of a selective catalytic reduction system at IPL’s Ottumwa Unit 1 was completed in the first quarter of 2019, which supports compliance obligations under the Cross-State Air Pollution Rule and IPL’s Consent Decree.

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residential customers, $0.01 EPS for its retail electric commercial customers and $0.01 EPS for its retail electric industrial customers. As both Iowa and Wisconsin have currently extended travel restrictions and social distancing guidelines into May, Alliant Energy currently expects that these sales changes experienced in April 2020 will continue.

Liquidity and Capital Resources Impacts - In April 2019, IPL issuedresponse to the uncertainty of the impacts of COVID-19, Alliant Energy enhanced its liquidity position in the first quarter of 2020 by settling $222 million under the equity forward sale agreements, AEF accelerating the refinancing of its $300 million of 3.60% senior debenturesterm-loan credit agreement that would have been due 2029. The senior debentures were issued as green bonds,in April 2020, and all of the net proceeds were allocated for the construction and development of IPL’s wind projects.
In June 2019,in April 2020, WPL issued $350 million of 3.00% debentures due 2029.2050. In March 2020, Alliant Energy and WPL borrowed under the single credit facility for a portion of their cash needs to obtain more favorable interest rates than available in the commercial paper market. This single credit facility also allows borrowing capacity to shift among Alliant Energy (at the parent company level), IPL and WPL as needed. IPL and WPL have $200 million and $150 million of long-term debt maturities in 2020, respectively, and there are no other material long-term debt maturities in 2020 and 2021. In addition, IPL maintains a sales of accounts receivable program as an alternative financing source; however, if customer arrears were to exceed certain levels, IPL’s access to the program may be restricted.

Alliant Energy, IPL and WPL currently expect to maintain compliance with the financial covenants of the credit facility agreement, and Alliant Energy currently expects to maintain compliance with the financial covenants in AEF’s term loan credit agreement. In addition, Alliant Energy currently expects to have adequate liquidity to fulfill its contractual obligations, access to capital markets and continue with its planned quarterly dividend payments.

Credit Risk Impacts - Alliant Energy’s temporary suspension of service disconnects and waivers of late payment fees for its customers, as well as broad economic factors, may negatively impact our customers’ abilities to pay, which could increase customer arrears and bad debts, and negatively impact Alliant Energy’s cash flows from operations. Currently, Alliant Energy does not anticipate any material credit risk related to its commodity transactions. In addition, Alliant Energy recorded an $8 million credit loss charge in the first quarter of 2020 related to legacy guarantees associated with an affiliate of Whiting Petroleum, partly as a result of the increasing concerns and impacts from the pandemic on the depressed oil industry.

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

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

Rate Matters:
Final retail electric rates for IPL’s 2020 Forward-looking Test Period rate review were effective February 26, 2020. Effective with the implementation of final rates, IPL started to recover a return of and return on its new wind generation placed in service in 2019 and 2020 through the renewable energy rider.
In May 2020, WPL filed an application with the PSCW to maintain its current retail electric and gas base rates, authorized return on common equity, regulatory capital structure and earnings sharing mechanism through the end of 2021. WPL’s proposal utilizes anticipated fuel-related cost savings in 2021 to offset the revenue requirement impacts of the Kossuth wind farm expected to be placed in service in late 2020. In addition, WPL’s proposal utilizes excess deferred tax benefits to partially offset the revenue requirement of the expansion of its gas distribution system in Western Wisconsin also expected to be placed in service in late 2020. WPL’s proposal also seeks additional flexibility to mitigate certain cost impacts outside the control of the Company due to the COVID-19 pandemic if circumstances warrant.

Customer Investments:
In March 2020, IPL completed the construction of the Golden Plains wind farm in Iowa (200 megawatts).
In April 2020, WPL received authorization from the PSCW to expand its gas distribution system in Western Wisconsin, which is currently expected to be completed in 2020.


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Financings:
In March 2020, Alliant Energy settled $222 million under the equity 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.
In March 2020, AEF entered into a $300 million variable rate (1% as of March 31, 2020) term loan credit agreement (with Alliant Energy as guarantor), which expires in March 2022, 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.
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 its outstanding commercial paperborrowings under the single credit facility, which currently expires in August 2023, and retire its $250 million 5% debentures that matured in July 2019.for general corporate purposes.

RESULTS OF OPERATIONS

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

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

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

Financial Results Overview - Alliant Energy’s net income and EPS attributable to Alliant Energy common shareowners for the second quarterthree months ended March 31 were as follows (dollars in millions, except per share amounts):
2019 20182020 2019
Income (Loss) EPS Income (Loss) EPSIncome (Loss) EPS Income (Loss) EPS
Utilities and Corporate Services
$90.1
 
$0.38
 
$94.8
 
$0.41

$175.4
 
$0.72
 
$122.0
 
$0.52
ATC Holdings7.5
 0.03
 6.7
 0.03
7.7
 0.03
 7.1
 0.03
Non-utility and Parent(3.0) (0.01) (1.1) (0.01)(13.1) (0.05) (4.0) (0.02)
Alliant Energy Consolidated
$94.6
 
$0.40
 
$100.4
 
$0.43

$170.0
 
$0.70
 
$125.1
 
$0.53

Alliant Energy’s Utilities and Corporate Services net income decreasedincreased by $5$53 million for the three-month period, primarily due to lower retail electric sales due to cooler temperatures in the second quarter of 2019 compared to the same period last year, higher depreciation expense and timing of income tax expense. These items were partially offset by higher marginsearnings resulting from IPL’s and WPL’s increasing rate base. These items were partially offset by lower electric and gas sales volumes largely caused by warmer than normal temperatures in early 2020 and higher depreciation expense. For the three months ended March 31, 2020, Alliant Energy did not experience a significant impact as a result of COVID-19.

Alliant Energy’s Non-utility and Parent net loss increased by $9 million for the three-month period primarily due to the credit loss charge related to legacy guarantees associated with an affiliate of Whiting Petroleum.


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For the three and six months ended June 30,March 31, operating income and a reconciliation of utility electric and gas margins to the most directly comparable GAAP measure, operating income, was as follows (in millions):
 Alliant Energy IPL WPL
Three Months2020 2019 2020 2019 2020 2019
Operating income
$188.3
 
$176.8
 
$96.7
 
$73.5
 
$93.8
 
$98.1
Electric utility revenues
$730.3
 
$743.4
 
$424.8
 
$419.8
 
$305.5
 
$323.6
Electric production fuel and purchased power expenses(184.1) (218.4) (106.2) (128.9) (77.9) (89.5)
Electric transmission service expense(122.2) (123.0) (84.5) (87.7) (37.7) (35.3)
Utility Electric Margin (non-GAAP)424.0
 402.0
 234.1
 203.2
 189.9
 198.8
Gas utility revenues152.2
 215.8
 83.0
 124.6
 69.2
 91.2
Cost of gas sold(85.0) (121.6) (44.2) (63.3) (40.8) (58.3)
Utility Gas Margin (non-GAAP)67.2
 94.2
 38.8
 61.3
 28.4
 32.9
Other utility revenues11.6
 11.1
 11.1
 10.7
 0.5
 0.4
Non-utility revenues21.6
 16.9
 —
 —
 —
 —
Other operation and maintenance expenses(162.2) (181.2) (86.6) (108.0) (54.2) (63.5)
Depreciation and amortization expenses(146.3) (136.9) (85.9) (77.1) (59.1) (58.6)
Taxes other than income tax expense(27.6) (29.3) (14.8) (16.6) (11.7) (11.9)
Operating income
$188.3
 
$176.8
 
$96.7
 
$73.5
 
$93.8
 
$98.1
 Alliant Energy IPL WPL
Three Months2019 2018 2019 2018 2019 2018
Operating income
$149.8
 
$151.2
 
$74.5
 
$77.7
 
$67.0
 
$63.4
            
Electric utility revenues
$691.2
 
$726.3
 
$392.3
 
$422.1
 
$298.9
 
$304.2
Electric production fuel and purchased power expenses(164.8) (208.5) (83.3) (116.9) (81.5) (91.6)
Electric transmission service expense(112.4) (119.7) (77.4) (84.4) (35.0) (35.3)
Utility Electric Margin (non-GAAP)414.0
 398.1
 231.6
 220.8
 182.4
 177.3
            
Gas utility revenues65.2
 68.6
 38.4
 42.2
 26.8
 26.4
Cost of gas sold(20.4) (27.5) (10.8) (16.8) (9.6) (10.7)
Utility Gas Margin (non-GAAP)44.8
 41.1
 27.6
 25.4
 17.2
 15.7
            
Other utility revenues10.9
 10.7
 10.5
 10.5
 0.4
 0.2
Non-utility revenues22.9
 10.5
 —
 —
 —
 —
Other operation and maintenance expenses(172.3) (158.0) (97.4) (97.0) (62.4) (62.3)
Depreciation and amortization expenses(142.9) (127.0) (82.6) (70.5) (59.1) (55.5)
Taxes other than income tax expense(27.6) (24.2) (15.2) (11.5) (11.5) (12.0)
Operating income
$149.8
 
$151.2
 
$74.5
 
$77.7
 
$67.0
 
$63.4
 Alliant Energy IPL WPL
Six Months2019 2018 2019 2018 2019 2018
Operating income
$326.6
 
$316.9
 
$148.0
 
$153.3
 
$165.1
 
$147.4
            
Electric utility revenues
$1,434.6
 
$1,435.0
 
$812.1
 
$827.8
 
$622.5
 
$607.2
Electric production fuel and purchased power expenses(383.2) (411.7) (212.2) (231.5) (171.0) (180.2)
Electric transmission service expense(235.4) (246.1) (165.1) (175.2) (70.3) (70.9)
Utility Electric Margin (non-GAAP)816.0
 777.2
 434.8
 421.1
 381.2
 356.1
            
Gas utility revenues281.0
 254.2
 163.0
 150.3
 118.0
 103.9
Cost of gas sold(142.0) (138.7) (74.1) (77.4) (67.9) (61.3)
Utility Gas Margin (non-GAAP)139.0
 115.5
 88.9
 72.9
 50.1
 42.6
            
Other utility revenues22.0
 23.9
 21.2
 22.5
 0.8
 1.4
Non-utility revenues39.8
 19.3
 —
 —
 —
 —
Other operation and maintenance expenses(353.5) (320.4) (205.4) (202.5) (125.9) (118.6)
Depreciation and amortization expenses(279.8) (247.4) (159.7) (135.3) (117.7) (110.1)
Taxes other than income tax expense(56.9) (51.2) (31.8) (25.4) (23.4) (24.0)
Operating income
$326.6
 
$316.9
 
$148.0
 
$153.3
 
$165.1
 
$147.4

Operating Income Variances - Variances between periods in operating income for the three and six months ended June 30, 2019March 31, 2020 compared to the same periodsperiod in 20182019 were as follows (in millions):
 Three Months Six Months
 Alliant Energy IPL WPL Alliant Energy IPL WPL
Total higher utility electric margin variance (Refer to details below)
$16
 
$11
 
$5
 
$39
 
$14
 
$25
Total higher utility gas margin variance (Refer to details below)4
 2
 2
 24
 16
 8
Higher non-utility revenues due to AEF’s new acquisitions12
 —
 —
 21
 —
 —
Total higher other operation and maintenance expenses variance (Refer to details below)(14) —
 —
 (33) (3) (7)
Higher depreciation and amortization expense, primarily due to additional plant in service in 2018 and 2019 and new IPL depreciation rates effective May 2018(16) (12) (4) (32) (24) (8)
Other(3) (4) 1
 (9) (8) —
 
($1) 
($3) 
$4
 
$10
 
($5) 
$18


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 Alliant Energy IPL WPL
Total higher (lower) utility electric margin variance (Refer to details below)
$22
 
$31
 
($9)
Total lower utility gas margin variance (Refer to details below)(27) (23) (5)
Total lower other operation and maintenance expenses variance (Refer to details below)19
 21
 9
Higher depreciation and amortization expense primarily due to additional plant in service in 2019 and 2020, including IPL’s new wind generation(9) (9) (1)
Other7
 3
 2
 
$12
 
$23
 
($4)

Electric and Gas Revenues and Sales Summary - Electric and gas revenues (in millions), and MWh and Dth sales (in thousands), for the three and six months ended June 30March 31 were as follows:
Alliant EnergyElectric GasElectric Gas
Revenues MWhs Sold Revenues Dths SoldRevenues MWhs Sold Revenues Dths Sold
2019 2018 2019 2018 2019 2018 2019 20182020 2019 2020 2019 2020 2019 2020 2019
Three Months               
Retail
$618.8
 
$646.0
 5,815
 6,171
 
$53.3
 
$59.6
 7,037
 7,963

$659.0
 
$664.5
 6,125
 6,352
 
$140.4
 
$200.8
 22,022
 26,379
Sales for resale55.6
 68.0
 1,408
 1,761
 N/A
 N/A
 N/A
 N/A
57.7
 63.5
 1,879
 1,424
 N/A
 N/A
 N/A
 N/A
Transportation/Other16.8
 12.3
 22
 22
 11.9
 9.0
 21,423
 20,612
13.6
 15.4
 18
 26
 11.8
 15.0
 28,816
 25,370

$691.2
 
$726.3
 7,245
 7,954
 
$65.2
 
$68.6
 28,460
 28,575

$730.3
 
$743.4
 8,022
 7,802
 
$152.2
 
$215.8
 50,838
 51,749
Six Months               
Retail
$1,283.3
 
$1,281.3
 12,167
 12,507
 
$254.1
 
$233.0
 33,416
 31,811
Sales for resale119.1
 128.6
 2,832
 2,882
 N/A
 N/A
 N/A
 N/A
Transportation/Other32.2
 25.1
 48
 48
 26.9
 21.2
 46,793
 44,673

$1,434.6
 
$1,435.0
 15,047
 15,437
 
$281.0
 
$254.2
 80,209
 76,484
IPLElectric GasElectric Gas
Revenues MWhs Sold Revenues Dths SoldRevenues MWhs Sold Revenues Dths Sold
2019 2018 2019 2018 2019 2018 2019 20182020 2019 2020 2019 2020 2019 2020 2019
Three Months               
Retail
$355.7
 
$382.3
 3,250
 3,553
 
$30.4
 
$36.0
 3,373
 4,086

$388.3
 
$380.2
 3,482
 3,629
 
$75.2
 
$115.9
 11,621
 13,993
Sales for resale25.9
 30.9
 900
 1,000
 N/A
 N/A
 N/A
 N/A
27.9
 32.0
 1,251
 927
 N/A
 N/A
 N/A
 N/A
Transportation/Other10.7
 8.9
 9
 9
 8.0
 6.2
 8,820
 8,676
8.6
 7.6
 10
 9
 7.8
 8.7
 11,294
 11,007

$392.3
 
$422.1
 4,159
 4,562
 
$38.4
 
$42.2
 12,193
 12,762

$424.8
 
$419.8
 4,743
 4,565
 
$83.0
 
$124.6
 22,915
 25,000
Six Months               
Retail
$735.9
 
$750.9
 6,879
 7,222
 
$146.3
 
$135.8
 17,366
 16,778
Sales for resale57.9
 60.6
 1,827
 1,527
 N/A
 N/A
 N/A
 N/A
Transportation/Other18.3
 16.3
 18
 18
 16.7
 14.5
 19,827
 19,899

$812.1
 
$827.8
 8,724
 8,767
 
$163.0
 
$150.3
 37,193
 36,677
WPLElectric Gas
 Revenues MWhs Sold Revenues Dths Sold
 2019 2018 2019 2018 2019 2018 2019 2018
Three Months               
Retail
$263.1
 
$263.7
 2,565
 2,618
 
$22.9
 
$23.6
 3,664
 3,877
Sales for resale29.7
 37.1
 508
 761
 N/A
 N/A
 N/A
 N/A
Transportation/Other6.1
 3.4
 13
 13
 3.9
 2.8
 12,603
 11,936
 
$298.9
 
$304.2
 3,086
 3,392
 
$26.8
 
$26.4
 16,267
 15,813
Six Months               
Retail
$547.4
 
$530.4
 5,288
 5,285
 
$107.8
 
$97.2
 16,050
 15,033
Sales for resale61.2
 68.0
 1,005
 1,355
 N/A
 N/A
 N/A
 N/A
Transportation/Other13.9
 8.8
 30
 30
 10.2
 
$6.7
 26,966
 24,774
 
$622.5
 
$607.2
 6,323
 6,670
 
$118.0
 
$103.9
 43,016
 39,807

Sales Trends and Temperatures - Alliant Energy’s retail electric sales volumes decreased 6% and 3% for the three and six months ended June 30, 2019 compared to the same periods in 2018, respectively. The decrease was primarily due to the impact of lower residential and commercial sales due to cooler temperatures during the three months ended June 30, 2019.

Estimated increases to electric and gas margins from the impacts of temperatures for the three and six months ended June 30 were as follows (in millions):
 Electric Margins Gas Margins
 Three Months Six Months Three Months Six Months
 2019 2018 Change 2019 2018 Change 2019 2018 Change 2019 2018 Change
IPL
($3) 
$14
 
($17) 
$3
 
$14
 
($11) 
$1
 
$1
 
$—
 
$4
 
$1
 
$3
WPL(4) 6
 (10) —
 7
 (7) —
 —
 —
 2
 1
 1
Total Alliant Energy
($7) 
$20
 
($27) 
$3
 
$21
 
($18) 
$1
 
$1
 
$—
 
$6
 
$2
 
$4
WPLElectric Gas
 Revenues MWhs Sold Revenues Dths Sold
 2020 2019 2020 2019 2020 2019 2020 2019
Retail
$270.7
 
$284.3
 2,643
 2,723
 
$65.2
 
$84.9
 10,401
 12,386
Sales for resale29.8
 31.5
 628
 497
 N/A
 N/A
 N/A
 N/A
Transportation/Other5.0
 7.8
 8
 17
 4.0
 6.3
 17,522
 14,363
 
$305.5
 
$323.6
 3,279
 3,237
 
$69.2
 
$91.2
 27,923
 26,749


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

Estimated increases (decreases) to electric and gas margins from the impacts of temperatures for the three months ended March 31 were as follows (in millions):
 Electric Margins Gas Margins
 2020 2019 Change 2020 2019 Change
IPL
($3) 
$6
 
($9) 
($2) 
$3
 
($5)
WPL(3) 4
 (7) (1) 2
 (3)
Total Alliant Energy
($6) 
$10
 
($16) 
($3) 
$5
 
($8)

Utility Electric Margin Variances - The following items contributed to increased (decreased) utility electric margins for the three and six months ended June 30, 2019March 31, 2020 compared to the same periodsperiod in 20182019 as follows (in millions):
 Three Months Six Months
 Alliant Energy IPL WPL Alliant Energy IPL WPL
Impact of IPL’s retail electric interim and final base rate increases effective April 2019 and May 2018, respectively (a)
$30
 
$30
 
$—
 
$36
 
$36
 
$—
Higher margins at WPL from earning on increasing rate base for rates effective January 201913
 —
 13
 26
 —
 26
Estimated changes in sales volumes caused by temperatures(27) (17) (10) (18) (11) (7)
Higher (lower) revenues at IPL due to changes in electric tax benefit rider credits on customers’ bills (offset by changes in income tax expense)3
 3
 —
 (2) (2) —
Other(3) (5) 2
 (3) (9) 6
 
$16
 
$11
 
$5
 
$39
 
$14
 
$25
 Alliant Energy IPL WPL
Impact of IPL’s retail electric final and interim rate increases effective February 2020 and April 2019, respectively (a)
$30
 
$30
 
$—
Estimated changes in sales volumes caused by temperatures(16) (9) (7)
Higher revenues at IPL due to changes in electric tax benefit rider credits on customers’ bills (offset by changes in income tax expense)5
 5
 —
Higher revenues at IPL related to changes in recovery amounts for energy efficiency costs through the energy efficiency rider (mostly offset by changes in energy efficiency expense)2
 2
 —
Other1
 3
 (2)
 
$22
 
$31
 
($9)

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

Utility Gas Margin Variances - The following items contributed to increased (decreased) utility gas margins for the three and six months ended June 30, 2019March 31, 2020 compared to the same periodsperiod in 20182019 as follows (in millions):
 Three Months Six Months
 Alliant Energy IPL WPL Alliant Energy IPL WPL
Impact of IPL’s retail gas final base rate increase effective January 2019
$1
 
$1
 
$—
 
$8
 
$8
 
$—
Higher margins at WPL from earning on increasing rate base for rates effective January 20193
 —
 3
 5
 —
 5
Estimated changes in sales volumes caused by temperatures—
 —
 —
 4
 3
 1
Higher revenues at IPL related to changes in recovery amounts for energy efficiency costs through the energy efficiency rider (mostly offset by changes in energy efficiency expense)—
 —
 —
 3
 3
 —
Other—
 1
 (1) 4
 2
 2
 
$4
 
$2
 
$2
 
$24
 
$16
 
$8
 Alliant Energy IPL WPL
Lower revenues at IPL related to changes in recovery amounts for energy efficiency costs through the energy efficiency rider (mostly offset by changes in energy efficiency expense)
($22) 
($22) 
$—
Estimated changes in sales volumes caused by temperatures(8) (5) (3)
Impact of IPL’s retail gas rate increase effective January 20206
 6
 —
Other(3) (2) (2)
 
($27) 
($23) 
($5)

Other Operation and Maintenance Expenses Variances - The following items contributed to (increased) decreased other operation and maintenance expenses for the three and six months ended June 30, 2019March 31, 2020 compared to the same periodsperiod in 20182019 as follows (in millions):
 Three Months Six Months
 Alliant Energy IPL WPL Alliant Energy IPL WPL
Higher operation expense at AEF due to new acquisitions
($12) 
$—
 
$—
 
($19) 
$—
 
$—
Higher energy efficiency cost recovery amortizations at WPL pursuant to authorization from Public Service Commission of Wisconsin rate order effective January 2019(3) —
 (3) (7) —
 (7)
Higher energy efficiency expense at IPL (primarily offset by higher gas revenues)—
 —
 —
 (4) (4) —
Other1
 —
 3
 (3) 1
 —
 
($14) 
$—
 
$—
 
($33) 
($3) 
($7)

 Alliant Energy IPL WPL
Lower energy efficiency expense at IPL (primarily offset by lower gas revenues)
$20
 
$20
 
$—
Lower performance compensation expense3
 1
 2
Lower (higher) generation operation and maintenance expenses1
 (2) 3
Credit loss charge related to guarantees for an affiliate of Whiting Petroleum (Refer to Note 13(c))
(8) —
 —
Other3
 2
 4
 
$19
 
$21
 
$9

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Other Income and Deductions Variances - The following items contributed to (increased) decreased other income and deductions for the three and six months ended June 30, 2019March 31, 2020 compared to the same periodsperiod in 20182019 as follows (in millions):
Three Months Six Months
Alliant Energy IPL WPL Alliant Energy IPL WPLAlliant Energy IPL WPL
Higher interest expense primarily due to higher average outstanding long-term debt balances
($8) 
($1) 
($2) 
($15) 
($1) 
($3)
($3) 
($5) 
$—
Lower equity income due to decreased earnings from non-utility wind farm resulting from an acceleration of earnings in the first quarter of 2018 due to Federal Tax Reform(2) —
 —
 (12) —
 —
Higher (lower) allowance for funds used during construction primarily due to changes in construction work in progress balances related to IPL’s new wind generation and WPL’s West Riverside Energy Center—
 (2) 2
 11
 6
 4
Higher (lower) allowance for funds used during construction primarily due to changes in construction work in progress balances related to IPL’s new wind generation and WPL’s West Riverside Energy Center and new wind generation(2) (6) 4
Other3
 (1) —
 1
 (1) —
5
 1
 1

($7) 
($4) 
$—
 
($15) 
$4
 
$1

$—
 
($10) 
$5

Income Taxes - Refer to Note 9 for details ofAlliant Energy’s overall effective income tax rates.rates were (12.2%) and 10.6% for the three months ended March 31, 2020 and 2019, respectively. The decrease in effective income tax rate is primarily due to increases in production tax credits as a result of increased wind production in 2020 and increases of amortization of excess deferred taxes primarily at WPL. WPL’s 2020 increased revenue requirements are offset by returning to customers a portion of the excess deferred income tax credits from Federal Tax Reform. Excess deferred income taxes and production tax credits are recognized based on an estimated annual effective tax rate, which contributed to a positive variance in the first quarter. This positive variance is expected to continue through the first half of the year and reverse in the second half of 2020.

LIQUIDITY AND CAPITAL RESOURCES

The liquidity and capital resources summary included in the 20182019 Form 10-K has not changed materially, except as described below.

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

Liquidity Position - At June 30, 2019,March 31, 2020, Alliant Energy had $170$55 million of cash and cash equivalents, $610$730 million ($60362 million at the parent company, $250 million at IPL and $300$118 million at WPL) of available capacity under the single revolving credit facility and $83$74 million of available capacity at IPL under its sales of accounts receivable program.

Capital Structure - Capital structures at June 30, 2019March 31, 2020 were as follows (Long-term Debt (including current maturities) (LD); Short-term Debt (SD); Common Equity (CE); IPL’s Preferred Stock (PS)):
chart-bc371a1f56495cb88aba02.jpgchart-4223ec2ea9ae5335bcaa02.jpgchart-0566dc363d59539d895a02.jpgchart-fa81d21c7e6658bba7b.jpgchart-614fdcd616f75f52a24.jpgchart-5653c120f401595ab82.jpg
Cash Flows - Selected information from the cash flows statements was as follows (in millions):
Alliant Energy IPL WPLAlliant Energy IPL WPL
2019 2018 2019 2018 2019 20182020 2019 2020 2019 2020 2019
Cash, cash equivalents and restricted cash, January 1
$25.5
 
$33.9
 
$12.4
 
$7.2
 
$9.2
 
$24.2

$17.7
 
$25.5
 
$9.3
 
$12.4
 
$4.4
 
$9.2
Cash flows from (used for):                      
Operating activities276.9
 274.4
 89.0
 12.8
 208.2
 225.9
160.2
 181.1
 25.1
 76.7
 148.2
 122.2
Investing activities(607.0) (517.9) (354.5) (179.1) (218.0) (325.5)(179.6) (364.8) (52.9) (221.8) (124.5) (120.3)
Financing activities478.8
 221.6
 259.5
 164.4
 165.1
 80.0
60.3
 176.0
 43.5
 139.6
 (5.4) (6.4)
Net increase (decrease)148.7
 (21.9) (6.0) (1.9) 155.3
 (19.6)40.9
 (7.7) 15.7
 (5.5) 18.3
 (4.5)
Cash, cash equivalents and restricted cash, June 30
$174.2
 
$12.0
 
$6.4
 
$5.3
 
$164.5
 
$4.6
Cash, cash equivalents and restricted cash, March 31
$58.6
 
$17.8
 
$25.0
 
$6.9
 
$22.7
 
$4.7


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Operating Activities - The following items contributed to increased (decreased) operating activity cash flows for the sixthree months ended June 30, 2019March 31, 2020 compared to the same period in 20182019 (in millions):
Alliant Energy IPL WPLAlliant Energy IPL WPL
Decreased collections from IPL’s and WPL’s retail customers caused by temperature impacts on electric and gas sales
($24) 
($14) 
($10)
Changes in levels of gas stored underground(19) (7) (12)
Changes in levels of production fuel(17) (21) 4
Changes in income taxes paid/refunded(7) (7) —
Higher collections from IPL’s retail electric and gas base rate increases
$44
 
$44
 
$—
36
 36
 —
Changes in income taxes paid/refunded8
 13
 1
Decreased collections from IPL’s and WPL’s retail customers caused by temperature impacts on electric and gas sales(14) (8) (6)
Changes in interest payments(13) 2
 (2)
Contributions to qualified defined benefit pension plans in 2019(12) (6) (6)
Changes in levels of production fuel(10) 6
 (16)
Timing of intercompany payments and receipts—
 26
 (1)
Other—
 (1) 12
Lower purchased power capacity payments at WPL15
 —
 15
Other (primarily due to other changes in working capital)(5) (39) 29

$3
 
$76
 
($18)
($21) 
($52) 
$26

Investing Activities - The following items contributed to increased (decreased) investing activity cash flows for the sixthree months ended June 30, 2019March 31, 2020 compared to the same period in 20182019 (in millions):
Alliant Energy IPL WPLAlliant Energy IPL WPL
Lower utility construction and acquisition expenditures (a)
$96
 
$96
 
$—
Changes in the amount of cash receipts on sold receivables
($107) 
($107) 
$—
69
 69
 —
Lower (higher) utility construction and acquisition expenditures (a)47
 (58) 106
Expenditures for new acquisitions at AEF in 201913
 —
 —
Other(29) (10) 2
7
 4
 (4)

($89) 
($175) 
$108

$185
 
$169
 
($4)

(a)Largely due to lower WPL expenditures related to the acquisition of a partial interest in the Forward Wind Energy Center in 2018 and lower expenditures for the West Riverside Energy Center, partially offset by higher IPL expenditures related to itsIPL’s expansion of wind generation.

Financing Activities - The following items contributed to increased (decreased) financing activity cash flows for the sixthree months ended June 30, 2019March 31, 2020 compared to the same period in 20182019 (in millions):
 Alliant Energy IPL WPL
Lower payments to retire long-term debt
$500
 
$—
 
$—
Net changes in the amount of commercial paper and other short-term borrowings outstanding157
 (175) (107)
Higher (lower) net proceeds from issuance of long-term debt(350) 300
 350
Lower net proceeds from common stock issuances(40) —
 —
Lower capital contributions from IPL’s and WPL’s parent company, Alliant Energy—
 (30) (150)
Other(10) —
 (8)
 
$257
 
$95
 
$85
 Alliant Energy IPL WPL
Higher payments to retire long-term debt
($300) 
$—
 
$—
Net changes in the amount of commercial paper and other short-term borrowings outstanding(255) (65) (19)
Higher net proceeds from issuance of long-term debt300
 —
 —
Higher net proceeds from common stock issuances174
 —
 —
Higher capital contributions from WPL’s parent company, Alliant Energy—
 —
 25
Other (includes higher dividend payments in 2020)(35) (31) (5)
 
($116) 
($96) 
$1

Common Stock Issuances - Refer to Note 5 for discussion of common stock issuances by Alliant Energy in 2019.2020.

Short- and Long-term Debt - Refer to Note 66(b) for discussion of amendments to the single credit facility agreement in March 2019,WPL’s issuance of long-term debt and IPL’sAEF’s issuance and WPL’s issuancesretirement of long-term debt in 2019.2020.

Off-Balance Sheet Arrangements and Certain Financial Commitments - A summary of Alliant Energy’s and IPL’s off-balance sheet arrangements and Alliant Energy’s, IPL’s and WPL’s contractual obligations is included in the 20182019 Form 10-K and has not changed materially from the items reported in the 2018Form 10-K, except for the items described in Note 3.

Certain Financial Commitments -
Contractual Obligations - A summary of Alliant Energy’s, IPL’s and WPL’s contractual obligations is included in the 2018Form 10-K and has not changed materially from the items reported in the 20182019 Form 10-K, except for the items described in Notes 63, 76 and 1413.


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OTHER MATTERS

Critical Accounting Policies and Estimates - The summary of critical accounting policies and estimates included in the 2018 2019 Form 10-K has not changed materially, except as described below.

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

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methodology used to determine the credit loss liability considers both quantitative and qualitative information and is primarily a probability-weighted approach, which utilizes probability-weighted amounts in a range of possible estimated amounts. Factors considered in the second halfmethodology include Whiting Petroleum’s specific credit ratings and credit default metrics, as well as the affiliate’s share of 2019. Upon completion, IPL will retire certain analog electric metersforecasted cash flow expenditures associated with an approximate net book value of $46 million. IPL is currently allowed recovery of and a returnthe abandonment obligations based on these assets from its retail customers, and as a result,information made available to Alliant Energy by Whiting Petroleum. Note 1(c) provides discussion of the adoption of the new accounting standard for credit losses. Note 13(c) provides further discussion of contingencies assessed at January 1, 2020 and IPL concluded no impairment was required as of June 30, 2019. IPL has requested the continued recovery of these assetsMarch 31, 2020, including impacts to Alliant Energy Resources, LLC’s guarantees in the current retail electric rate review pending withpartnership obligations of an affiliate of Whiting Petroleum and to the IUB.other partners.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Quantitative and Qualitative Disclosures About Market Risk are reported in the 20182019 Form 10-K and have not changed materially.

ITEM 4. CONTROLS AND PROCEDURES

Alliant Energy’s, IPL’s and WPL’s management evaluated, with the participation of each of Alliant Energy’s, IPL’s and WPL’s Chief Executive Officer, Chief Financial Officer and Disclosure Committee, the effectiveness of the design and operation of Alliant Energy’s, IPL’s and WPL’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934) as of June 30, 2019March 31, 2020 pursuant to the requirements of the Securities Exchange Act of 1934, as amended. Based on their evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that Alliant Energy’s, IPL’s and WPL’s disclosure controls and procedures were effective as of the quarter ended June 30, 2019.March 31, 2020.

There was no change in Alliant Energy’s, IPL’s and WPL’s internal control over financial reporting that occurred during the quarter ended June 30, 2019March 31, 2020 that has materially affected, or is reasonably likely to materially affect, Alliant Energy’s, IPL’s or WPL’s internal control over financial reporting. Alliant Energy, IPL and WPL have not experienced any material impact to their internal control over financial reporting due to the COVID-19 pandemic, and continue to monitor and assess the impact COVID-19 has on their internal controls.

PART II. OTHER INFORMATION

ITEM 1A. RISK FACTORS

The risk factors described in Item 1A in the 20182019 Form 10-K have not changed materially.materially, except as described below.

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

Although we expect an increase in residential sales due to these closures, our commercial and industrial sales may be significantly reduced. The negative impacts on the economy could adversely impact the market value of the assets that fund our pension plans, which could necessitate accelerated funding of the plans to meet minimum federal government requirements. The negative impacts on the economy could also adversely impact the ability of counterparties to meet contractual payment obligations, including guarantees, or deliver contracted commodities and other goods or services at the contracted price, which could increase company expenses. Our access to the capital markets could be adversely affected by COVID-19, which could cause us to need alternative sources of funding for our operations and for working capital, any of which could increase our cost of capital.

Travel bans and restrictions, quarantines, shelter in place orders and shutdowns may cause disruptions in supply chains or access to labor that may adversely impact our planned construction projects, our ability to satisfy compliance requirements, or our operations, including our ability to maintain reliable electric and gas service. This may cause us to miss milestones on construction projects and experience operational delays, which, in the case of renewable energy projects, could delay our completion of such projects past the in-service dates required to qualify for the maximum general production tax credits or investment tax credits for investments in such renewable energy projects. We have already modified certain business practices consistent with government restrictions and best practices encouraged by government and regulatory authorities and are developing and implementing risk mitigation plans for critical items and services required to continue our operations. The effects of these government restrictions could adversely impact implementation of our regulatory plans and our operations. If our workforce contracts COVID-19, it could negatively impact our operations, including our ability to maintain reliable electric and gas service.

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The degree to which COVID-19 may impact our business operations, financial condition and results of operations is unknown at this time and will depend on future developments, including the ultimate geographic spread of COVID-19, the severity of the disease, the duration of the outbreak, possible resurgence of the disease at a later date, and further actions that may be taken by governmental and regulatory authorities.

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

A summary of Alliant Energy common stock repurchases for the quarter ended June 30, 2019March 31, 2020 was as follows:
  Total Number Average Price Total Number of Shares Maximum Number (or Approximate
  of Shares Paid Per Purchased as Part of Dollar Value) of Shares That May
Period Purchased (a) Share Publicly Announced Plan Yet Be Purchased Under the Plan (a)
April 1 through April 30 1,989
 
$46.60
 — N/A
May 1 through May 31 3,107
 47.33
 — N/A
June 1 through June 30 225
 49.64
 — N/A
  5,321
 47.16
 —  
  Total Number Average Price Total Number of Shares Maximum Number (or Approximate
  of Shares Paid Per Purchased as Part of Dollar Value) of Shares That May
Period Purchased (a) Share Publicly Announced Plan Yet Be Purchased Under the Plan (a)
January 1 through January 31 3,552
 
$55.10
 — N/A
February 1 through February 29 2,314
 60.13
 — N/A
March 1 through March 31 1,175
 56.91
 — N/A
  7,041
 57.05
 —  

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


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ITEM 6. EXHIBITS

The following Exhibits are filed herewith or incorporated herein by reference.
Exhibit Number Description
4.1 
Officer’sOfficers’ Certificate, dated as of April 1, 2019,2, 2020, creating IPL’s 3.60% SeniorWPL’s 3.65% Debentures due April 1, 2029 (incorporated by reference to Exhibit 4.1 to IPL’s Form 8-K, filed April 1, 2019 (File No. 1-4117))
4.2
Officers’ Certificate, dated as of June 24, 2019, creating WPL’s 3.00% Debentures due July 1, 20292050 (incorporated by reference to Exhibit 4.1 to WPL’s Form 8-K, filed June 24, 2019April 2, 2020 (File No. 0-337))
10.1
Term Loan Credit Agreement, dated as of March 3, 2020, among AEF, Alliant Energy, KeyBank National Association and the lender parties set forth therein (incorporated by reference to Exhibit 10.1 to Alliant Energy’s Form 8-K, filed March 5, 2020 (File No. 1-9894))
31.1 
Certification of the Chief Executive Officer for Alliant Energy
31.2 
Certification of the Chief Financial Officer for Alliant Energy
31.3 
Certification of the Chief Executive Officer for IPL
31.4 
Certification of the Chief Financial Officer for IPL
31.5 
Certification of the Chief Executive Officer for WPL
31.6 
Certification of the Chief Financial Officer for WPL
32.1 
Written Statement of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C.§1350 for Alliant Energy
32.2 
Written Statement of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C.§1350 for IPL
32.3 
Written Statement of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C.§1350 for WPL
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
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Alliant Energy Corporation, Interstate Power and Light Company and Wisconsin Power and Light Company have each duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on the 2nd8th day of August 2019.May 2020.
ALLIANT ENERGY CORPORATION 
Registrant 
  
By: /s/ Benjamin M. BilitzChief Accounting Officer and Controller
Benjamin M. Bilitz(Principal Accounting Officer and Authorized Signatory)
INTERSTATE POWER AND LIGHT COMPANY 
Registrant 
  
By: /s/ Benjamin M. BilitzChief Accounting Officer and Controller
Benjamin M. Bilitz(Principal Accounting Officer and Authorized Signatory)
WISCONSIN POWER AND LIGHT COMPANY 
Registrant 
  
By: /s/ Benjamin M. BilitzChief Accounting Officer and Controller
Benjamin M. Bilitz(Principal Accounting Officer and Authorized Signatory)

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