Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2020shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2020 |
Document Transition Report | false |
Entity Registrant Name | ALLIANT ENERGY CORP |
Entity Central Index Key | 0000352541 |
Entity Incorporation, State or Country Code | WI |
Entity Address, Address Line One | 4902 N. Biltmore Lane |
Entity Address, City or Town | Madison |
Entity Address, State or Province | WI |
Entity Address, Postal Zip Code | 53718 |
City Area Code | 608 |
Local Phone Number | 458-3311 |
Entity File Number | 1-9894 |
Entity Tax Identification Number | 39-1380265 |
Title of 12(b) Security | Common Stock, $0.01 Par Value |
Trading Symbol | LNT |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 249,503,754 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
IPL [Member] | |
Entity Information [Line Items] | |
Entity Registrant Name | INTERSTATE POWER & LIGHT CO |
Entity Central Index Key | 0000052485 |
Entity Incorporation, State or Country Code | IA |
Entity Address, Address Line One | Alliant Energy Tower |
Entity Address, City or Town | Cedar Rapids |
Entity Address, State or Province | IA |
Entity Address, Postal Zip Code | 52401 |
City Area Code | 319 |
Local Phone Number | 786-4411 |
Entity File Number | 1-4117 |
Entity Tax Identification Number | 42-0331370 |
Title of 12(b) Security | 5.100% Series D Cumulative Perpetual Preferred Stock, $0.01 Par Value |
Trading Symbol | IPLDP |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 13,370,788 |
WPL [Member] | |
Entity Information [Line Items] | |
Entity Registrant Name | WISCONSIN POWER & LIGHT CO |
Entity Central Index Key | 0000107832 |
Entity Incorporation, State or Country Code | WI |
Entity Address, Address Line One | 4902 N. Biltmore Lane |
Entity Address, City or Town | Madison |
Entity Address, State or Province | WI |
Entity Address, Postal Zip Code | 53718 |
City Area Code | 608 |
Local Phone Number | 458-3311 |
Entity File Number | 0-337 |
Entity Tax Identification Number | 39-0714890 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 13,236,601 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Electric utility | $ 730.3 | $ 743.4 |
Gas utility | 152.2 | 215.8 |
Other utility | 11.6 | 11.1 |
Non-utility | 21.6 | 16.9 |
Total revenues | 915.7 | 987.2 |
Operating expenses: | ||
Electric production fuel and purchased power | 184.1 | 218.4 |
Electric transmission service | 122.2 | 123 |
Cost of gas sold | 85 | 121.6 |
Other operation and maintenance | 162.2 | 181.2 |
Depreciation and amortization | 146.3 | 136.9 |
Taxes other than income taxes | 27.6 | 29.3 |
Total operating expenses | 727.4 | 810.4 |
Operating income | 188.3 | 176.8 |
Other (income) and deductions: | ||
Interest expense | 68.9 | 66.3 |
Equity income from unconsolidated investments, net | (13.4) | (10.9) |
Allowance for funds used during construction | (23) | (25.4) |
Other | 1.9 | 4 |
Total other (income) and deductions | 34.4 | 34 |
Income before income taxes | 153.9 | 142.8 |
Income tax expense (benefit) | (18.7) | 15.1 |
Net income | 172.6 | 127.7 |
Preferred dividend requirements of Interstate Power and Light Company | 2.6 | 2.6 |
Net income attributable to common shareowners | $ 170 | $ 125.1 |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 244.4 | 236.5 |
Diluted (in shares) | 244.6 | 236.6 |
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted) (in dollars per share) | $ 0.70 | $ 0.53 |
IPL [Member] | ||
Revenues: | ||
Electric utility | $ 424.8 | $ 419.8 |
Gas utility | 83 | 124.6 |
Other utility | 11.1 | 10.7 |
Total revenues | 518.9 | 555.1 |
Operating expenses: | ||
Electric production fuel and purchased power | 106.2 | 128.9 |
Electric transmission service | 84.5 | 87.7 |
Cost of gas sold | 44.2 | 63.3 |
Other operation and maintenance | 86.6 | 108 |
Depreciation and amortization | 85.9 | 77.1 |
Taxes other than income taxes | 14.8 | 16.6 |
Total operating expenses | 422.2 | 481.6 |
Operating income | 96.7 | 73.5 |
Other (income) and deductions: | ||
Interest expense | 34.5 | 29.4 |
Allowance for funds used during construction | (9.8) | (15.8) |
Other | 0.9 | 1.9 |
Total other (income) and deductions | 25.6 | 15.5 |
Income before income taxes | 71.1 | 58 |
Income tax expense (benefit) | (14.1) | 2.1 |
Net income | 85.2 | 55.9 |
Preferred dividend requirements of Interstate Power and Light Company | 2.6 | 2.6 |
Net income attributable to common shareowners | 82.6 | 53.3 |
WPL [Member] | ||
Revenues: | ||
Electric utility | 305.5 | 323.6 |
Gas utility | 69.2 | 91.2 |
Other utility | 0.5 | 0.4 |
Total revenues | 375.2 | 415.2 |
Operating expenses: | ||
Electric production fuel and purchased power | 77.9 | 89.5 |
Electric transmission service | 37.7 | 35.3 |
Cost of gas sold | 40.8 | 58.3 |
Other operation and maintenance | 54.2 | 63.5 |
Depreciation and amortization | 59.1 | 58.6 |
Taxes other than income taxes | 11.7 | 11.9 |
Total operating expenses | 281.4 | 317.1 |
Operating income | 93.8 | 98.1 |
Other (income) and deductions: | ||
Interest expense | 25.1 | 25.8 |
Allowance for funds used during construction | (13.2) | (9.6) |
Other | 0.5 | 1.6 |
Total other (income) and deductions | 12.4 | 17.8 |
Income before income taxes | 81.4 | 80.3 |
Income tax expense (benefit) | (8.2) | 14.6 |
Net income | $ 89.6 | $ 65.7 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 55.2 | $ 16.3 |
Accounts receivable, less allowance for expected credit losses | 396.4 | 402.1 |
Production fuel, at weighted average cost | 80.2 | 77.7 |
Gas stored underground, at weighted average cost | 35.4 | 49.1 |
Materials and supplies, at weighted average cost | 105 | 100.5 |
Regulatory assets | 102.5 | 86.4 |
Other | 137.5 | 143.4 |
Total current assets | 912.2 | 875.5 |
Property, plant and equipment, net | 13,685 | 13,527.1 |
Investments: | ||
ATC Holdings | 319.1 | 320.1 |
Other | 150.4 | 147.7 |
Total investments | 469.5 | 467.8 |
Other assets: | ||
Regulatory assets | 1,752.4 | 1,758.3 |
Deferred charges and other | 59.9 | 72 |
Total other assets | 1,812.3 | 1,830.3 |
Total assets | 16,879 | 16,700.7 |
Current liabilities: | ||
Current maturities of long-term debt | 357.2 | 657.2 |
Commercial paper | 80.5 | 337.4 |
Other short-term borrowings | 190 | 0 |
Accounts payable | 375.4 | 422.3 |
Regulatory liabilities | 239.8 | 212 |
Other | 407.3 | 425.2 |
Total current liabilities | 1,650.2 | 2,054.1 |
Long-term debt, net (excluding current portion) | 5,833.9 | 5,533 |
Other liabilities: | ||
Deferred tax liabilities | 1,736.1 | 1,714 |
Regulatory liabilities | 1,154.1 | 1,211.6 |
Pension and other benefit obligations | 452.6 | 484 |
Other | 349.7 | 298.9 |
Total other liabilities | 3,692.5 | 3,708.5 |
Commitments and contingencies (Note 13) | ||
Common equity: | ||
Common stock | 2.5 | 2.5 |
Additional paid-in capital | 2,674.1 | 2,445.9 |
Retained earnings | 2,833.7 | 2,765.4 |
Accumulated other comprehensive income | 2 | 1.3 |
Shares in deferred compensation trust - 360,852 and 381,232 shares at a weighted average cost of $27.44 and $26.24 per share | (9.9) | (10) |
Total common equity | 5,502.4 | 5,205.1 |
Cumulative preferred stock of Interstate Power and Light Company | 200 | 200 |
Total equity | 5,702.4 | 5,405.1 |
Total liabilities and equity | 16,879 | 16,700.7 |
IPL [Member] | ||
Current assets: | ||
Cash and cash equivalents | 25 | 9.3 |
Accounts receivable, less allowance for expected credit losses | 204.8 | 202.8 |
Production fuel, at weighted average cost | 54.2 | 47.1 |
Gas stored underground, at weighted average cost | 8.3 | 21.7 |
Materials and supplies, at weighted average cost | 60.5 | 55 |
Regulatory assets | 54.3 | 43.5 |
Other | 28.5 | 30 |
Total current assets | 435.6 | 409.4 |
Property, plant and equipment, net | 7,589.4 | 7,480.7 |
Other assets: | ||
Regulatory assets | 1,350.6 | 1,355.8 |
Deferred charges and other | 28.5 | 31.6 |
Total other assets | 1,379.1 | 1,387.4 |
Total assets | 9,404.1 | 9,277.5 |
Current liabilities: | ||
Current maturities of long-term debt | 200 | 200 |
Accounts payable | 184.3 | 207 |
Accounts payable to associated companies | 49.3 | 39.3 |
Regulatory liabilities | 136.4 | 115.9 |
Other | 265.1 | 268.3 |
Total current liabilities | 835.1 | 830.5 |
Long-term debt, net (excluding current portion) | 2,947.9 | 2,947.3 |
Other liabilities: | ||
Deferred tax liabilities | 1,010.4 | 1,008 |
Regulatory liabilities | 584.4 | 598.8 |
Pension and other benefit obligations | 161.5 | 167.7 |
Other | 269.4 | 253.4 |
Total other liabilities | 2,025.7 | 2,027.9 |
Commitments and contingencies (Note 13) | ||
Common equity: | ||
Common stock | 33.4 | 33.4 |
Additional paid-in capital | 2,447.8 | 2,347.8 |
Retained earnings | 914.2 | 890.6 |
Total common equity | 3,395.4 | 3,271.8 |
Cumulative preferred stock of Interstate Power and Light Company | 200 | 200 |
Total equity | 3,595.4 | 3,471.8 |
Total liabilities and equity | 9,404.1 | 9,277.5 |
WPL [Member] | ||
Current assets: | ||
Cash and cash equivalents | 22.7 | 4.4 |
Accounts receivable, less allowance for expected credit losses | 181.1 | 190.9 |
Production fuel, at weighted average cost | 26 | 30.6 |
Gas stored underground, at weighted average cost | 27.1 | 27.4 |
Materials and supplies, at weighted average cost | 42.2 | 43.1 |
Regulatory assets | 48.2 | 42.9 |
Other | 88.4 | 103.4 |
Total current assets | 435.7 | 442.7 |
Property, plant and equipment, net | 5,691.2 | 5,638.3 |
Other assets: | ||
Regulatory assets | 401.8 | 402.5 |
Deferred charges and other | 23.2 | 23 |
Total other assets | 425 | 425.5 |
Total assets | 6,551.9 | 6,506.5 |
Current liabilities: | ||
Current maturities of long-term debt | 150 | 150 |
Commercial paper | 0 | 168.2 |
Other short-term borrowings | 182 | 0 |
Accounts payable | 136.4 | 159.9 |
Regulatory liabilities | 103.4 | 96.1 |
Other | 128.4 | 116.1 |
Total current liabilities | 700.2 | 690.3 |
Long-term debt, net (excluding current portion) | 1,783.1 | 1,782.7 |
Other liabilities: | ||
Deferred tax liabilities | 647.5 | 626.2 |
Regulatory liabilities | 569.7 | 612.8 |
Finance lease obligations - Sheboygan Falls Energy Facility | 49.1 | 51.4 |
Pension and other benefit obligations | 203.7 | 210.8 |
Other | 162.5 | 168.7 |
Total other liabilities | 1,632.5 | 1,669.9 |
Commitments and contingencies (Note 13) | ||
Common equity: | ||
Common stock | 66.2 | 66.2 |
Additional paid-in capital | 1,459 | 1,434 |
Retained earnings | 910.9 | 863.4 |
Total common equity | 2,436.1 | 2,363.6 |
Total equity | 2,436.1 | 2,363.6 |
Total liabilities and equity | $ 6,551.9 | $ 6,506.5 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 480,000,000 | 480,000,000 |
Common stock, shares outstanding (in shares) | 249,503,754 | 245,022,800 |
Shares in deferred compensation trust (in shares) | 360,852 | 381,232 |
Shares in deferred compensation trust, weighted average cost per share (in dollars per share) | $ 27.44 | $ 26.24 |
IPL [Member] | ||
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 24,000,000 | 24,000,000 |
Common stock, shares outstanding (in shares) | 13,370,788 | 13,370,788 |
WPL [Member] | ||
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 18,000,000 | 18,000,000 |
Common stock, shares outstanding (in shares) | 13,236,601 | 13,236,601 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 172.6 | $ 127.7 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation and amortization | 146.3 | 136.9 |
Deferred tax expense and tax credits | (22.5) | 21.7 |
Other | 5.3 | (10.1) |
Other changes in assets and liabilities: | ||
Accounts receivable | (119) | (121.6) |
Gas stored underground | 13.7 | 33.1 |
Accounts payable | (6.2) | (42.7) |
Regulatory liabilities | (38.1) | 14.1 |
Pension and other benefit obligations | (31.4) | (15.4) |
Deferred income taxes | 49.6 | 16.9 |
Other | (10.1) | 20.5 |
Net cash flows from operating activities | 160.2 | 181.1 |
Cash flows used for investing activities: | ||
Utility business construction and acquisition expenditures | (277.9) | (374) |
Other construction and acquisition expenditures | (10.6) | (32.1) |
Cash receipts on sold receivables | 122.5 | 53.4 |
Other | (13.6) | (12.1) |
Net cash flows used for investing activities | (179.6) | (364.8) |
Cash flows from (used for) financing activities: | ||
Common stock dividends | (93) | (83.7) |
Proceeds from issuance of common stock, net | 228.4 | 54.6 |
Proceeds from issuance of long-term debt | 300 | 0 |
Payments to retire long-term debt | (300.3) | (0.3) |
Net change in commercial paper and other short-term borrowings | (66.9) | 188.5 |
Other | (7.9) | 16.9 |
Net cash flows from (used for) financing activities | 60.3 | 176 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 40.9 | (7.7) |
Cash, cash equivalents and restricted cash at beginning of period | 17.7 | 25.5 |
Cash, cash equivalents and restricted cash at end of period | 58.6 | 17.8 |
Supplemental cash flows information: | ||
Interest | (64.9) | (62.9) |
Income taxes, net | (0.1) | 6.8 |
Significant non-cash investing and financing activities: | ||
Accrued capital expenditures | 156.3 | 167.5 |
Beneficial interest obtained in exchange for securitized accounts receivable | 188 | 178.3 |
IPL [Member] | ||
Cash flows from operating activities: | ||
Net income | 85.2 | 55.9 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation and amortization | 85.9 | 77.1 |
Other | (15.3) | (10.1) |
Other changes in assets and liabilities: | ||
Accounts receivable | (125.5) | (112.6) |
Gas stored underground | 13.4 | 20.7 |
Other | (18.6) | 45.7 |
Net cash flows from operating activities | 25.1 | 76.7 |
Cash flows used for investing activities: | ||
Utility business construction and acquisition expenditures | (165) | (261.3) |
Cash receipts on sold receivables | 122.5 | 53.4 |
Other | (10.4) | (13.9) |
Net cash flows used for investing activities | (52.9) | (221.8) |
Cash flows from (used for) financing activities: | ||
Common stock dividends | (59) | (42) |
Capital contributions from parent | 100 | 100 |
Net change in commercial paper and other short-term borrowings | 0 | 64.6 |
Other | 2.5 | 17 |
Net cash flows from (used for) financing activities | 43.5 | 139.6 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 15.7 | (5.5) |
Cash, cash equivalents and restricted cash at beginning of period | 9.3 | 12.4 |
Cash, cash equivalents and restricted cash at end of period | 25 | 6.9 |
Supplemental cash flows information: | ||
Interest | (40.9) | (36) |
Income taxes, net | (0.1) | 6.8 |
Significant non-cash investing and financing activities: | ||
Accrued capital expenditures | 92.4 | 106.6 |
Beneficial interest obtained in exchange for securitized accounts receivable | 188 | 178.3 |
WPL [Member] | ||
Cash flows from operating activities: | ||
Net income | 89.6 | 65.7 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation and amortization | 59.1 | 58.6 |
Other | (15.5) | 12.8 |
Other changes in assets and liabilities: | ||
Accounts payable | (2.9) | (28.7) |
Regulatory liabilities | (39.2) | (3.3) |
Deferred income taxes | 32.3 | 4 |
Other | 24.8 | 13.1 |
Net cash flows from operating activities | 148.2 | 122.2 |
Cash flows used for investing activities: | ||
Utility business construction and acquisition expenditures | (112.9) | (112.7) |
Other | (11.6) | (7.6) |
Net cash flows used for investing activities | (124.5) | (120.3) |
Cash flows from (used for) financing activities: | ||
Common stock dividends | (42.1) | (36) |
Capital contributions from parent | 25 | 0 |
Net change in commercial paper and other short-term borrowings | 13.8 | 32.9 |
Other | (2.1) | (3.3) |
Net cash flows from (used for) financing activities | (5.4) | (6.4) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 18.3 | (4.5) |
Cash, cash equivalents and restricted cash at beginning of period | 4.4 | 9.2 |
Cash, cash equivalents and restricted cash at end of period | 22.7 | 4.7 |
Supplemental cash flows information: | ||
Interest | (21.4) | (22.5) |
Significant non-cash investing and financing activities: | ||
Accrued capital expenditures | $ 62 | $ 57.3 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NOTE 1(a) General - The interim unaudited Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, although management believes that the disclosures are adequate to make the information presented not misleading. These Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the latest combined Annual Report on Form 10-K . In the opinion of management, all adjustments, which unless otherwise noted are normal and recurring in nature, necessary for a fair presentation of the results of operations, financial position and cash flows have been made. Results for the three months ended March 31, 2020 are not necessarily indicative of results that may be expected for the year ending December 31, 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 . NOTE 1(b) Cash and Cash Equivalents - At March 31, 2020 , Alliant Energy’s, IPL’s and WPL’s cash and cash equivalents included $41.2 million , $21.2 million and $20.0 million of money market fund investments, with weighted average interest rates of 0.4% , 0.4% and 0.4% , respectively. NOTE 1(c) Current Expected Credit Losses Estimates - Current expected credit losses are estimated for trade and other receivables and credit exposures on guarantees of the performance by third parties. The current expected credit losses for short-term trade receivables are based on estimates of losses resulting from the inability of customers to make required payments. The methodology used to estimate losses is based on historical write-offs, regional economic conditions, significant events that could impact collectability, such as impacts related to COVID-19 and related regulatory actions, and forecasted changes to the accounts receivable aging portfolio and write-offs. The current expected credit losses related to guarantees of the performance by third parties are estimated using both quantitative and qualitative information, including a probability-weighted approach in a range of possible estimated forecasted cash flow expenditures and relevant market-based data, such as credit ratings, credit default metrics, economic conditions, bankruptcy considerations and other significant events. NOTE 1(d) New Accounting Standards - Credit Losses - In June 2016, the Financial Accounting Standards Board issued an accounting standard requiring use of a current expected credit loss model rather than an incurred loss method, which is intended to result in more timely recognition of credit losses on trade receivables, certain other assets and off-balance sheet credit exposures. Alliant Energy, IPL and WPL adopted this standard on January 1, 2020 using a modified retrospective method of adoption, which requires cumulative effect adjustments to retained earnings on January 1, 2020. IPL and WPL did not record a cumulative effect adjustment to retained earnings and Alliant Energy recorded a pre-tax $12 million (after-tax $8.7 million ) cumulative effect adjustment to decrease retained earnings related to Alliant Energy’s guarantees in the partnership obligations of an affiliate of Whiting Petroleum (refer to Note 13(c) for further discussion). This adjustment is included in “Adoption of new accounting standard” for 2020 in Alliant Energy’s summary of changes in shareowners’ equity in Note 5 . |
IPL [Member] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NOTE 1(a) General - The interim unaudited Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, although management believes that the disclosures are adequate to make the information presented not misleading. These Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the latest combined Annual Report on Form 10-K . In the opinion of management, all adjustments, which unless otherwise noted are normal and recurring in nature, necessary for a fair presentation of the results of operations, financial position and cash flows have been made. Results for the three months ended March 31, 2020 are not necessarily indicative of results that may be expected for the year ending December 31, 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 . NOTE 1(b) Cash and Cash Equivalents - At March 31, 2020 , Alliant Energy’s, IPL’s and WPL’s cash and cash equivalents included $41.2 million , $21.2 million and $20.0 million of money market fund investments, with weighted average interest rates of 0.4% , 0.4% and 0.4% , respectively. NOTE 1(c) Current Expected Credit Losses Estimates - Current expected credit losses are estimated for trade and other receivables and credit exposures on guarantees of the performance by third parties. The current expected credit losses for short-term trade receivables are based on estimates of losses resulting from the inability of customers to make required payments. The methodology used to estimate losses is based on historical write-offs, regional economic conditions, significant events that could impact collectability, such as impacts related to COVID-19 and related regulatory actions, and forecasted changes to the accounts receivable aging portfolio and write-offs. The current expected credit losses related to guarantees of the performance by third parties are estimated using both quantitative and qualitative information, including a probability-weighted approach in a range of possible estimated forecasted cash flow expenditures and relevant market-based data, such as credit ratings, credit default metrics, economic conditions, bankruptcy considerations and other significant events. NOTE 1(d) New Accounting Standards - Credit Losses - In June 2016, the Financial Accounting Standards Board issued an accounting standard requiring use of a current expected credit loss model rather than an incurred loss method, which is intended to result in more timely recognition of credit losses on trade receivables, certain other assets and off-balance sheet credit exposures. Alliant Energy, IPL and WPL adopted this standard on January 1, 2020 using a modified retrospective method of adoption, which requires cumulative effect adjustments to retained earnings on January 1, 2020. IPL and WPL did not record a cumulative effect adjustment to retained earnings and Alliant Energy recorded a pre-tax $12 million (after-tax $8.7 million ) cumulative effect adjustment to decrease retained earnings related to Alliant Energy’s guarantees in the partnership obligations of an affiliate of Whiting Petroleum (refer to Note 13(c) for further discussion). This adjustment is included in “Adoption of new accounting standard” for 2020 in Alliant Energy’s summary of changes in shareowners’ equity in Note 5 . |
WPL [Member] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NOTE 1(a) General - The interim unaudited Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, although management believes that the disclosures are adequate to make the information presented not misleading. These Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the latest combined Annual Report on Form 10-K . In the opinion of management, all adjustments, which unless otherwise noted are normal and recurring in nature, necessary for a fair presentation of the results of operations, financial position and cash flows have been made. Results for the three months ended March 31, 2020 are not necessarily indicative of results that may be expected for the year ending December 31, 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 . NOTE 1(b) Cash and Cash Equivalents - At March 31, 2020 , Alliant Energy’s, IPL’s and WPL’s cash and cash equivalents included $41.2 million , $21.2 million and $20.0 million of money market fund investments, with weighted average interest rates of 0.4% , 0.4% and 0.4% , respectively. NOTE 1(c) Current Expected Credit Losses Estimates - Current expected credit losses are estimated for trade and other receivables and credit exposures on guarantees of the performance by third parties. The current expected credit losses for short-term trade receivables are based on estimates of losses resulting from the inability of customers to make required payments. The methodology used to estimate losses is based on historical write-offs, regional economic conditions, significant events that could impact collectability, such as impacts related to COVID-19 and related regulatory actions, and forecasted changes to the accounts receivable aging portfolio and write-offs. The current expected credit losses related to guarantees of the performance by third parties are estimated using both quantitative and qualitative information, including a probability-weighted approach in a range of possible estimated forecasted cash flow expenditures and relevant market-based data, such as credit ratings, credit default metrics, economic conditions, bankruptcy considerations and other significant events. NOTE 1(d) New Accounting Standards - Credit Losses - In June 2016, the Financial Accounting Standards Board issued an accounting standard requiring use of a current expected credit loss model rather than an incurred loss method, which is intended to result in more timely recognition of credit losses on trade receivables, certain other assets and off-balance sheet credit exposures. Alliant Energy, IPL and WPL adopted this standard on January 1, 2020 using a modified retrospective method of adoption, which requires cumulative effect adjustments to retained earnings on January 1, 2020. IPL and WPL did not record a cumulative effect adjustment to retained earnings and Alliant Energy recorded a pre-tax $12 million (after-tax $8.7 million ) cumulative effect adjustment to decrease retained earnings related to Alliant Energy’s guarantees in the partnership obligations of an affiliate of Whiting Petroleum (refer to Note 13(c) for further discussion). This adjustment is included in “Adoption of new accounting standard” for 2020 in Alliant Energy’s summary of changes in shareowners’ equity in Note 5 . |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2020 | |
Public Utilities, General Disclosures [Line Items] | |
Regulatory Matters | REGULATORY MATTERS Regulatory Assets and Regulatory Liabilities - Regulatory assets were comprised of the following items (in millions): Alliant Energy IPL WPL March 31, December 31, March 31, December 31, March 31, December 31, Tax-related $831.2 $817.6 $788.3 $776.8 $42.9 $40.8 Pension and OPEB costs 510.5 524.0 255.7 262.5 254.8 261.5 Assets retired early 129.2 134.0 85.6 87.9 43.6 46.1 Asset retirement obligations 112.8 111.8 77.1 76.2 35.7 35.6 IPL’s DAEC PPA amendment 108.8 108.2 108.8 108.2 — — Derivatives 51.6 39.5 22.6 18.3 29.0 21.2 Emission allowances 20.5 21.1 20.5 21.1 — — Other 90.3 88.5 46.3 48.3 44.0 40.2 $1,854.9 $1,844.7 $1,404.9 $1,399.3 $450.0 $445.4 Regulatory liabilities were comprised of the following items (in millions): Alliant Energy IPL WPL March 31, December 31, March 31, December 31, March 31, December 31, Tax-related $799.4 $835.6 $345.0 $350.9 $454.4 $484.7 Cost of removal obligations 387.9 387.7 258.1 257.0 129.8 130.7 Electric transmission cost recovery 97.4 88.6 62.0 51.3 35.4 37.3 Commodity cost recovery 25.8 24.2 10.7 8.8 15.1 15.4 WPL’s earnings sharing mechanism 20.4 21.9 — — 20.4 21.9 Derivatives 16.4 19.9 14.8 17.4 1.6 2.5 Other 46.6 45.7 30.2 29.3 16.4 16.4 $1,393.9 $1,423.6 $720.8 $714.7 $673.1 $708.9 Tax-related - Alliant Energy’s, IPL’s and WPL’s tax-related regulatory liabilities are primarily related to excess deferred tax benefits resulting from the remeasurement of accumulated deferred income taxes caused by Federal Tax Reform. During the three months ended March 31, 2020, Alliant Energy’s, IPL’s and WPL’s tax-related regulatory liabilities decreased primarily from returning a portion of these excess deferred tax benefits back to customers. |
IPL [Member] | |
Public Utilities, General Disclosures [Line Items] | |
Regulatory Matters | REGULATORY MATTERS Regulatory Assets and Regulatory Liabilities - Regulatory assets were comprised of the following items (in millions): Alliant Energy IPL WPL March 31, December 31, March 31, December 31, March 31, December 31, Tax-related $831.2 $817.6 $788.3 $776.8 $42.9 $40.8 Pension and OPEB costs 510.5 524.0 255.7 262.5 254.8 261.5 Assets retired early 129.2 134.0 85.6 87.9 43.6 46.1 Asset retirement obligations 112.8 111.8 77.1 76.2 35.7 35.6 IPL’s DAEC PPA amendment 108.8 108.2 108.8 108.2 — — Derivatives 51.6 39.5 22.6 18.3 29.0 21.2 Emission allowances 20.5 21.1 20.5 21.1 — — Other 90.3 88.5 46.3 48.3 44.0 40.2 $1,854.9 $1,844.7 $1,404.9 $1,399.3 $450.0 $445.4 Regulatory liabilities were comprised of the following items (in millions): Alliant Energy IPL WPL March 31, December 31, March 31, December 31, March 31, December 31, Tax-related $799.4 $835.6 $345.0 $350.9 $454.4 $484.7 Cost of removal obligations 387.9 387.7 258.1 257.0 129.8 130.7 Electric transmission cost recovery 97.4 88.6 62.0 51.3 35.4 37.3 Commodity cost recovery 25.8 24.2 10.7 8.8 15.1 15.4 WPL’s earnings sharing mechanism 20.4 21.9 — — 20.4 21.9 Derivatives 16.4 19.9 14.8 17.4 1.6 2.5 Other 46.6 45.7 30.2 29.3 16.4 16.4 $1,393.9 $1,423.6 $720.8 $714.7 $673.1 $708.9 Tax-related - Alliant Energy’s, IPL’s and WPL’s tax-related regulatory liabilities are primarily related to excess deferred tax benefits resulting from the remeasurement of accumulated deferred income taxes caused by Federal Tax Reform. During the three months ended March 31, 2020, Alliant Energy’s, IPL’s and WPL’s tax-related regulatory liabilities decreased primarily from returning a portion of these excess deferred tax benefits back to customers. |
WPL [Member] | |
Public Utilities, General Disclosures [Line Items] | |
Regulatory Matters | REGULATORY MATTERS Regulatory Assets and Regulatory Liabilities - Regulatory assets were comprised of the following items (in millions): Alliant Energy IPL WPL March 31, December 31, March 31, December 31, March 31, December 31, Tax-related $831.2 $817.6 $788.3 $776.8 $42.9 $40.8 Pension and OPEB costs 510.5 524.0 255.7 262.5 254.8 261.5 Assets retired early 129.2 134.0 85.6 87.9 43.6 46.1 Asset retirement obligations 112.8 111.8 77.1 76.2 35.7 35.6 IPL’s DAEC PPA amendment 108.8 108.2 108.8 108.2 — — Derivatives 51.6 39.5 22.6 18.3 29.0 21.2 Emission allowances 20.5 21.1 20.5 21.1 — — Other 90.3 88.5 46.3 48.3 44.0 40.2 $1,854.9 $1,844.7 $1,404.9 $1,399.3 $450.0 $445.4 Regulatory liabilities were comprised of the following items (in millions): Alliant Energy IPL WPL March 31, December 31, March 31, December 31, March 31, December 31, Tax-related $799.4 $835.6 $345.0 $350.9 $454.4 $484.7 Cost of removal obligations 387.9 387.7 258.1 257.0 129.8 130.7 Electric transmission cost recovery 97.4 88.6 62.0 51.3 35.4 37.3 Commodity cost recovery 25.8 24.2 10.7 8.8 15.1 15.4 WPL’s earnings sharing mechanism 20.4 21.9 — — 20.4 21.9 Derivatives 16.4 19.9 14.8 17.4 1.6 2.5 Other 46.6 45.7 30.2 29.3 16.4 16.4 $1,393.9 $1,423.6 $720.8 $714.7 $673.1 $708.9 Tax-related - Alliant Energy’s, IPL’s and WPL’s tax-related regulatory liabilities are primarily related to excess deferred tax benefits resulting from the remeasurement of accumulated deferred income taxes caused by Federal Tax Reform. During the three months ended March 31, 2020, Alliant Energy’s, IPL’s and WPL’s tax-related regulatory liabilities decreased primarily from returning a portion of these excess deferred tax benefits back to customers. |
Receivables
Receivables | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Line Items] | |
Receivables | RECEIVABLES Note 3(a) Accounts Receivable - Details for accounts receivable included on the balance sheets were as follows (in millions): Alliant Energy IPL WPL March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Customer $100.8 $91.6 $— $— $90.6 $83.5 Unbilled utility revenues 68.9 82.1 — — 68.9 82.1 Deferred proceeds 188.0 187.7 188.0 187.7 — — Other 47.7 48.0 17.8 16.3 29.6 31.4 Allowance for expected credit losses (9.0 ) (7.3 ) (1.0 ) (1.2 ) (8.0 ) (6.1 ) $396.4 $402.1 $204.8 $202.8 $181.1 $190.9 Note 3(b) Sales of Accounts Receivable - IPL maintains a Receivables Purchase and Sale Agreement (Receivables Agreement) whereby it may sell its customer accounts receivables, unbilled revenues and certain other accounts receivables to a third party through wholly-owned and consolidated special purpose entities. The transfers of receivables meet the criteria for sale accounting established by the transfer of financial assets accounting rules. As of March 31, 2020 , IPL had $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 months ended March 31 were as follows (in millions): 2020 2019 Maximum outstanding aggregate cash proceeds $96.0 $108.0 Average outstanding aggregate cash proceeds 23.6 81.0 The attributes of IPL’s receivables sold under the Receivables Agreement were as follows (in millions): March 31, 2020 December 31, 2019 Customer accounts receivable $131.2 $124.7 Unbilled utility revenues 83.0 95.5 Other receivables 0.9 0.9 Receivables sold to third party 215.1 221.1 Less: cash proceeds 16.0 27.0 Deferred proceeds 199.1 194.1 Less: allowance for expected credit losses 11.1 6.4 Fair value of deferred proceeds $188.0 $187.7 As of March 31, 2020 , outstanding receivables past due under the Receivables Agreement were $26.2 million . Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three months ended March 31 were as follows (in millions): 2020 2019 Collections $541.4 $555.8 Write-offs, net of recoveries 2.1 5.5 |
IPL [Member] | |
Receivables [Line Items] | |
Receivables | RECEIVABLES Note 3(a) Accounts Receivable - Details for accounts receivable included on the balance sheets were as follows (in millions): Alliant Energy IPL WPL March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Customer $100.8 $91.6 $— $— $90.6 $83.5 Unbilled utility revenues 68.9 82.1 — — 68.9 82.1 Deferred proceeds 188.0 187.7 188.0 187.7 — — Other 47.7 48.0 17.8 16.3 29.6 31.4 Allowance for expected credit losses (9.0 ) (7.3 ) (1.0 ) (1.2 ) (8.0 ) (6.1 ) $396.4 $402.1 $204.8 $202.8 $181.1 $190.9 Note 3(b) Sales of Accounts Receivable - IPL maintains a Receivables Purchase and Sale Agreement (Receivables Agreement) whereby it may sell its customer accounts receivables, unbilled revenues and certain other accounts receivables to a third party through wholly-owned and consolidated special purpose entities. The transfers of receivables meet the criteria for sale accounting established by the transfer of financial assets accounting rules. As of March 31, 2020 , IPL had $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 months ended March 31 were as follows (in millions): 2020 2019 Maximum outstanding aggregate cash proceeds $96.0 $108.0 Average outstanding aggregate cash proceeds 23.6 81.0 The attributes of IPL’s receivables sold under the Receivables Agreement were as follows (in millions): March 31, 2020 December 31, 2019 Customer accounts receivable $131.2 $124.7 Unbilled utility revenues 83.0 95.5 Other receivables 0.9 0.9 Receivables sold to third party 215.1 221.1 Less: cash proceeds 16.0 27.0 Deferred proceeds 199.1 194.1 Less: allowance for expected credit losses 11.1 6.4 Fair value of deferred proceeds $188.0 $187.7 As of March 31, 2020 , outstanding receivables past due under the Receivables Agreement were $26.2 million . Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three months ended March 31 were as follows (in millions): 2020 2019 Collections $541.4 $555.8 Write-offs, net of recoveries 2.1 5.5 |
WPL [Member] | |
Receivables [Line Items] | |
Receivables | RECEIVABLES Note 3(a) Accounts Receivable - Details for accounts receivable included on the balance sheets were as follows (in millions): Alliant Energy IPL WPL March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Customer $100.8 $91.6 $— $— $90.6 $83.5 Unbilled utility revenues 68.9 82.1 — — 68.9 82.1 Deferred proceeds 188.0 187.7 188.0 187.7 — — Other 47.7 48.0 17.8 16.3 29.6 31.4 Allowance for expected credit losses (9.0 ) (7.3 ) (1.0 ) (1.2 ) (8.0 ) (6.1 ) $396.4 $402.1 $204.8 $202.8 $181.1 $190.9 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |
Investments | INVESTMENTS Unconsolidated Equity Investments - Alliant Energy’s equity (income) loss from unconsolidated investments accounted for under the equity method of accounting for the three months ended March 31 was as follows (in millions): 2020 2019 ATC Holdings ($11.0 ) ($9.5 ) Non-utility wind farm in Oklahoma (2.2 ) (1.1 ) Other (0.2 ) (0.3 ) ($13.4 ) ($10.9 ) |
Common Equity
Common Equity | 3 Months Ended |
Mar. 31, 2020 | |
Common Equity [Line Items] | |
Common Equity | COMMON EQUITY Common Share Activity - A summary of Alliant Energy’s common stock activity was as follows: Shares outstanding, January 1, 2020 245,022,800 Equity forward agreements 4,275,127 Shareowner Direct Plan 107,622 Equity-based compensation plans 98,205 Shares outstanding, March 31, 2020 249,503,754 Equity Forward Agreements - In November 2019, Alliant Energy entered into forward sale agreements with a counterparty in connection with a public offering of 4,275,127 shares of Alliant Energy common stock. The initial forward sale price of $52.235 per share was subject to daily adjustment based on a floating interest rate factor, and decreased by other fixed amounts specified in the forward sale agreements. In 2020, Alliant Energy settled $222 million under the forward sale agreements by delivering 4,275,127 shares of newly issued Alliant Energy common stock at a weighted average forward sale price of $51.98 per share. Alliant Energy used the net proceeds from the settlements for general corporate purposes. Changes in Shareowners’ Equity - A summary of changes in shareowners’ equity was as follows (in millions): Alliant Energy Total Alliant Energy Common Equity Accumulated Shares in Cumulative Additional Other Deferred Preferred Common Paid-In Retained Comprehensive Compensation Stock Total Stock Capital Earnings Income (Loss) Trust of IPL Equity Three Months Ended March 31, 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 IPL Total 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 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 |
IPL [Member] | |
Common Equity [Line Items] | |
Common Equity | COMMON EQUITY Common Share Activity - A summary of Alliant Energy’s common stock activity was as follows: Shares outstanding, January 1, 2020 245,022,800 Equity forward agreements 4,275,127 Shareowner Direct Plan 107,622 Equity-based compensation plans 98,205 Shares outstanding, March 31, 2020 249,503,754 Equity Forward Agreements - In November 2019, Alliant Energy entered into forward sale agreements with a counterparty in connection with a public offering of 4,275,127 shares of Alliant Energy common stock. The initial forward sale price of $52.235 per share was subject to daily adjustment based on a floating interest rate factor, and decreased by other fixed amounts specified in the forward sale agreements. In 2020, Alliant Energy settled $222 million under the forward sale agreements by delivering 4,275,127 shares of newly issued Alliant Energy common stock at a weighted average forward sale price of $51.98 per share. Alliant Energy used the net proceeds from the settlements for general corporate purposes. Changes in Shareowners’ Equity - A summary of changes in shareowners’ equity was as follows (in millions): Alliant Energy Total Alliant Energy Common Equity Accumulated Shares in Cumulative Additional Other Deferred Preferred Common Paid-In Retained Comprehensive Compensation Stock Total Stock Capital Earnings Income (Loss) Trust of IPL Equity Three Months Ended March 31, 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 IPL Total 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 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 |
WPL [Member] | |
Common Equity [Line Items] | |
Common Equity | COMMON EQUITY Common Share Activity - A summary of Alliant Energy’s common stock activity was as follows: Shares outstanding, January 1, 2020 245,022,800 Equity forward agreements 4,275,127 Shareowner Direct Plan 107,622 Equity-based compensation plans 98,205 Shares outstanding, March 31, 2020 249,503,754 Equity Forward Agreements - In November 2019, Alliant Energy entered into forward sale agreements with a counterparty in connection with a public offering of 4,275,127 shares of Alliant Energy common stock. The initial forward sale price of $52.235 per share was subject to daily adjustment based on a floating interest rate factor, and decreased by other fixed amounts specified in the forward sale agreements. In 2020, Alliant Energy settled $222 million under the forward sale agreements by delivering 4,275,127 shares of newly issued Alliant Energy common stock at a weighted average forward sale price of $51.98 per share. Alliant Energy used the net proceeds from the settlements for general corporate purposes. Changes in Shareowners’ Equity - A summary of changes in shareowners’ equity was as follows (in millions): Alliant Energy Total Alliant Energy Common Equity Accumulated Shares in Cumulative Additional Other Deferred Preferred Common Paid-In Retained Comprehensive Compensation Stock Total Stock Capital Earnings Income (Loss) Trust of IPL Equity Three Months Ended March 31, 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 IPL Total 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 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 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt [Line Items] | |
Debt | 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, 2020 Alliant Energy IPL WPL Amount outstanding $270.5 $— $182.0 Weighted average interest rates 1.6% N/A 1.7% Available credit facility capacity $729.5 $250.0 $118.0 Alliant Energy IPL WPL Three Months Ended March 31 2020 2019 2020 2019 2020 2019 Maximum amount outstanding (based on daily outstanding balances) $462.5 $600.6 $0.8 $50.4 $212.0 $195.1 Average amount outstanding (based on daily outstanding balances) $382.3 $498.8 $— $0.6 $167.0 $138.1 Weighted average interest rates 1.8% 2.7% 1.8% 2.8% 1.8% 2.5% NOTE 6(b) Long-term Debt - In March 2020, AEF entered into a $300 million variable rate ( 1% as of March 31, 2020 ) term loan credit agreement (with Alliant Energy as guarantor) and used the borrowings under this agreement to retire its $300 million variable rate term loan credit agreement that would have expired in April 2020. AEF’s current term loan credit agreement expires in March 2022 and includes substantially the same financial covenants that are included in Alliant Energy’s credit facility agreement. In April 2020, WPL issued $350 million of 3.65% debentures due 2050. The net proceeds from the issuance were used by WPL to reduce borrowings under the single credit facility and for general corporate purposes. |
IPL [Member] | |
Debt [Line Items] | |
Debt | 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, 2020 Alliant Energy IPL WPL Amount outstanding $270.5 $— $182.0 Weighted average interest rates 1.6% N/A 1.7% Available credit facility capacity $729.5 $250.0 $118.0 Alliant Energy IPL WPL Three Months Ended March 31 2020 2019 2020 2019 2020 2019 Maximum amount outstanding (based on daily outstanding balances) $462.5 $600.6 $0.8 $50.4 $212.0 $195.1 Average amount outstanding (based on daily outstanding balances) $382.3 $498.8 $— $0.6 $167.0 $138.1 Weighted average interest rates 1.8% 2.7% 1.8% 2.8% 1.8% 2.5% |
WPL [Member] | |
Debt [Line Items] | |
Debt | 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, 2020 Alliant Energy IPL WPL Amount outstanding $270.5 $— $182.0 Weighted average interest rates 1.6% N/A 1.7% Available credit facility capacity $729.5 $250.0 $118.0 Alliant Energy IPL WPL Three Months Ended March 31 2020 2019 2020 2019 2020 2019 Maximum amount outstanding (based on daily outstanding balances) $462.5 $600.6 $0.8 $50.4 $212.0 $195.1 Average amount outstanding (based on daily outstanding balances) $382.3 $498.8 $— $0.6 $167.0 $138.1 Weighted average interest rates 1.8% 2.7% 1.8% 2.8% 1.8% 2.5% NOTE 6(b) Long-term Debt - In March 2020, AEF entered into a $300 million variable rate ( 1% as of March 31, 2020 ) term loan credit agreement (with Alliant Energy as guarantor) and used the borrowings under this agreement to retire its $300 million variable rate term loan credit agreement that would have expired in April 2020. AEF’s current term loan credit agreement expires in March 2022 and includes substantially the same financial covenants that are included in Alliant Energy’s credit facility agreement. In April 2020, WPL issued $350 million of 3.65% debentures due 2050. The net proceeds from the issuance were used by WPL to reduce borrowings under the single credit facility and for general corporate purposes. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |
Revenues from Contracts with Customers | 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 March 31 2020 2019 2020 2019 2020 2019 Electric Utility: Retail - residential $266.8 $274.7 $147.4 $147.5 $119.4 $127.2 Retail - commercial 182.3 181.1 119.7 116.6 62.6 64.5 Retail - industrial 209.9 208.7 121.2 116.1 88.7 92.6 Wholesale 40.9 46.5 14.4 16.9 26.5 29.6 Bulk power and other 30.4 32.4 22.1 22.7 8.3 9.7 Total Electric Utility 730.3 743.4 424.8 419.8 305.5 323.6 Gas Utility: Retail - residential 90.5 131.8 48.8 77.9 41.7 53.9 Retail - commercial 45.7 63.6 24.1 34.8 21.6 28.8 Retail - industrial 4.2 5.4 2.3 3.2 1.9 2.2 Transportation/other 11.8 15.0 7.8 8.7 4.0 6.3 Total Gas Utility 152.2 215.8 83.0 124.6 69.2 91.2 Other Utility: Steam 10.0 8.4 10.0 8.4 — — Other utility 1.6 2.7 1.1 2.3 0.5 0.4 Total Other Utility 11.6 11.1 11.1 10.7 0.5 0.4 Non-Utility and Other: Transportation and other 21.6 16.9 — — — — Total Non-Utility and Other 21.6 16.9 — — — — Total revenues $915.7 $987.2 $518.9 $555.1 $375.2 $415.2 |
IPL [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenues from Contracts with Customers | 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 March 31 2020 2019 2020 2019 2020 2019 Electric Utility: Retail - residential $266.8 $274.7 $147.4 $147.5 $119.4 $127.2 Retail - commercial 182.3 181.1 119.7 116.6 62.6 64.5 Retail - industrial 209.9 208.7 121.2 116.1 88.7 92.6 Wholesale 40.9 46.5 14.4 16.9 26.5 29.6 Bulk power and other 30.4 32.4 22.1 22.7 8.3 9.7 Total Electric Utility 730.3 743.4 424.8 419.8 305.5 323.6 Gas Utility: Retail - residential 90.5 131.8 48.8 77.9 41.7 53.9 Retail - commercial 45.7 63.6 24.1 34.8 21.6 28.8 Retail - industrial 4.2 5.4 2.3 3.2 1.9 2.2 Transportation/other 11.8 15.0 7.8 8.7 4.0 6.3 Total Gas Utility 152.2 215.8 83.0 124.6 69.2 91.2 Other Utility: Steam 10.0 8.4 10.0 8.4 — — Other utility 1.6 2.7 1.1 2.3 0.5 0.4 Total Other Utility 11.6 11.1 11.1 10.7 0.5 0.4 Non-Utility and Other: Transportation and other 21.6 16.9 — — — — Total Non-Utility and Other 21.6 16.9 — — — — Total revenues $915.7 $987.2 $518.9 $555.1 $375.2 $415.2 |
WPL [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenues from Contracts with Customers | 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 March 31 2020 2019 2020 2019 2020 2019 Electric Utility: Retail - residential $266.8 $274.7 $147.4 $147.5 $119.4 $127.2 Retail - commercial 182.3 181.1 119.7 116.6 62.6 64.5 Retail - industrial 209.9 208.7 121.2 116.1 88.7 92.6 Wholesale 40.9 46.5 14.4 16.9 26.5 29.6 Bulk power and other 30.4 32.4 22.1 22.7 8.3 9.7 Total Electric Utility 730.3 743.4 424.8 419.8 305.5 323.6 Gas Utility: Retail - residential 90.5 131.8 48.8 77.9 41.7 53.9 Retail - commercial 45.7 63.6 24.1 34.8 21.6 28.8 Retail - industrial 4.2 5.4 2.3 3.2 1.9 2.2 Transportation/other 11.8 15.0 7.8 8.7 4.0 6.3 Total Gas Utility 152.2 215.8 83.0 124.6 69.2 91.2 Other Utility: Steam 10.0 8.4 10.0 8.4 — — Other utility 1.6 2.7 1.1 2.3 0.5 0.4 Total Other Utility 11.6 11.1 11.1 10.7 0.5 0.4 Non-Utility and Other: Transportation and other 21.6 16.9 — — — — Total Non-Utility and Other 21.6 16.9 — — — — Total revenues $915.7 $987.2 $518.9 $555.1 $375.2 $415.2 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Taxes [Line Items] | |
Income Taxes | INCOME TAXES Income Tax Rates - Overall effective income tax rates, which were computed by dividing income taxes by income before income taxes, were as follows. The effective income tax rates were different than the federal statutory rate primarily due to state income taxes, production tax credits, amortization of excess deferred taxes and the effect of rate-making on property-related differences. The decreases in 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 March 31 2020 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 March 31, 2020 , carryforwards and expiration dates were estimated as follows (in millions): Range of Expiration Dates Alliant Energy IPL WPL Federal net operating losses 2037 $280 $260 $2 State net operating losses 2020-2040 606 12 2 Federal tax credits 2022-2040 386 199 167 |
IPL [Member] | |
Income Taxes [Line Items] | |
Income Taxes | INCOME TAXES Income Tax Rates - Overall effective income tax rates, which were computed by dividing income taxes by income before income taxes, were as follows. The effective income tax rates were different than the federal statutory rate primarily due to state income taxes, production tax credits, amortization of excess deferred taxes and the effect of rate-making on property-related differences. The decreases in 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 March 31 2020 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 March 31, 2020 , carryforwards and expiration dates were estimated as follows (in millions): Range of Expiration Dates Alliant Energy IPL WPL Federal net operating losses 2037 $280 $260 $2 State net operating losses 2020-2040 606 12 2 Federal tax credits 2022-2040 386 199 167 |
WPL [Member] | |
Income Taxes [Line Items] | |
Income Taxes | INCOME TAXES Income Tax Rates - Overall effective income tax rates, which were computed by dividing income taxes by income before income taxes, were as follows. The effective income tax rates were different than the federal statutory rate primarily due to state income taxes, production tax credits, amortization of excess deferred taxes and the effect of rate-making on property-related differences. The decreases in 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 March 31 2020 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 March 31, 2020 , carryforwards and expiration dates were estimated as follows (in millions): Range of Expiration Dates Alliant Energy IPL WPL Federal net operating losses 2037 $280 $260 $2 State net operating losses 2020-2040 606 12 2 Federal tax credits 2022-2040 386 199 167 |
Benefit Plans
Benefit Plans | 3 Months Ended |
Mar. 31, 2020 | |
Benefit Plans | BENEFIT PLANS NOTE 9(a) Pension and OPEB Plans - Net Periodic Benefit Costs - The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans for the three months ended March 31 are included below (in millions). For IPL and WPL, amounts represent those for their plan participants covered under plans they sponsor, as well as amounts directly assigned to them related to certain participants in the Alliant Energy and Corporate Services sponsored plans. Defined Benefit Pension Plans OPEB Plans Alliant Energy 2020 2019 2020 2019 Service cost $2.7 $2.4 $0.8 $0.8 Interest cost 10.8 12.5 1.8 2.1 Expected return on plan assets (17.4 ) (15.0 ) (1.3 ) (1.2 ) Amortization of prior service credit (0.2 ) (0.2 ) — — Amortization of actuarial loss 8.6 9.1 0.8 0.8 Settlement losses (a) 4.2 — — — $8.7 $8.8 $2.1 $2.5 Defined Benefit Pension Plans OPEB Plans IPL 2020 2019 2020 2019 Service cost $1.7 $1.5 $0.3 $0.3 Interest cost 5.0 5.7 0.7 0.8 Expected return on plan assets (8.1 ) (7.0 ) (1.0 ) (0.9 ) Amortization of prior service credit (0.1 ) (0.1 ) — — Amortization of actuarial loss 3.7 3.9 0.3 0.4 $2.2 $4.0 $0.3 $0.6 Defined Benefit Pension Plans OPEB Plans WPL 2020 2019 2020 2019 Service cost $1.0 $0.9 $0.3 $0.3 Interest cost 4.7 5.4 0.7 0.8 Expected return on plan assets (7.6 ) (6.5 ) (0.2 ) (0.1 ) Amortization of prior service credit (0.1 ) (0.1 ) — — Amortization of actuarial loss 4.1 4.4 0.5 0.4 $2.1 $4.1 $1.3 $1.4 (a) Settlement losses related to payments made to retired executives of Alliant Energy. NOTE 9(b) Equity-based Compensation Plans - A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards for the three months ended March 31 was as follows (in millions): Alliant Energy IPL WPL 2020 2019 2020 2019 2020 2019 Compensation expense $2.7 $4.7 $1.4 $2.6 $1.1 $1.8 Income tax benefits 0.7 1.3 0.4 0.8 0.3 0.5 As of March 31, 2020 , Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $12.5 million , $7.0 million and $5.1 million , respectively, which is expected to be recognized over a weighted average period of between 1 year and 2 years . For the 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. As of March 31, 2020 , 215,780 shares were included in the calculation of diluted EPS related to the nonvested equity awards. Weighted Average Grants Grant Date Fair Value Performance shares 54,897 $64.04 Performance restricted stock units 54,897 59.57 Restricted stock units 59,936 59.57 |
IPL [Member] | |
Benefit Plans | BENEFIT PLANS NOTE 9(a) Pension and OPEB Plans - Net Periodic Benefit Costs - The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans for the three months ended March 31 are included below (in millions). For IPL and WPL, amounts represent those for their plan participants covered under plans they sponsor, as well as amounts directly assigned to them related to certain participants in the Alliant Energy and Corporate Services sponsored plans. Defined Benefit Pension Plans OPEB Plans Alliant Energy 2020 2019 2020 2019 Service cost $2.7 $2.4 $0.8 $0.8 Interest cost 10.8 12.5 1.8 2.1 Expected return on plan assets (17.4 ) (15.0 ) (1.3 ) (1.2 ) Amortization of prior service credit (0.2 ) (0.2 ) — — Amortization of actuarial loss 8.6 9.1 0.8 0.8 Settlement losses (a) 4.2 — — — $8.7 $8.8 $2.1 $2.5 Defined Benefit Pension Plans OPEB Plans IPL 2020 2019 2020 2019 Service cost $1.7 $1.5 $0.3 $0.3 Interest cost 5.0 5.7 0.7 0.8 Expected return on plan assets (8.1 ) (7.0 ) (1.0 ) (0.9 ) Amortization of prior service credit (0.1 ) (0.1 ) — — Amortization of actuarial loss 3.7 3.9 0.3 0.4 $2.2 $4.0 $0.3 $0.6 Defined Benefit Pension Plans OPEB Plans WPL 2020 2019 2020 2019 Service cost $1.0 $0.9 $0.3 $0.3 Interest cost 4.7 5.4 0.7 0.8 Expected return on plan assets (7.6 ) (6.5 ) (0.2 ) (0.1 ) Amortization of prior service credit (0.1 ) (0.1 ) — — Amortization of actuarial loss 4.1 4.4 0.5 0.4 $2.1 $4.1 $1.3 $1.4 (a) Settlement losses related to payments made to retired executives of Alliant Energy. NOTE 9(b) Equity-based Compensation Plans - A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards for the three months ended March 31 was as follows (in millions): Alliant Energy IPL WPL 2020 2019 2020 2019 2020 2019 Compensation expense $2.7 $4.7 $1.4 $2.6 $1.1 $1.8 Income tax benefits 0.7 1.3 0.4 0.8 0.3 0.5 As of March 31, 2020 , Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $12.5 million , $7.0 million and $5.1 million , respectively, which is expected to be recognized over a weighted average period of between 1 year and 2 years . For the 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. As of March 31, 2020 , 215,780 shares were included in the calculation of diluted EPS related to the nonvested equity awards. Weighted Average Grants Grant Date Fair Value Performance shares 54,897 $64.04 Performance restricted stock units 54,897 59.57 Restricted stock units 59,936 59.57 |
WPL [Member] | |
Benefit Plans | BENEFIT PLANS NOTE 9(a) Pension and OPEB Plans - Net Periodic Benefit Costs - The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans for the three months ended March 31 are included below (in millions). For IPL and WPL, amounts represent those for their plan participants covered under plans they sponsor, as well as amounts directly assigned to them related to certain participants in the Alliant Energy and Corporate Services sponsored plans. Defined Benefit Pension Plans OPEB Plans Alliant Energy 2020 2019 2020 2019 Service cost $2.7 $2.4 $0.8 $0.8 Interest cost 10.8 12.5 1.8 2.1 Expected return on plan assets (17.4 ) (15.0 ) (1.3 ) (1.2 ) Amortization of prior service credit (0.2 ) (0.2 ) — — Amortization of actuarial loss 8.6 9.1 0.8 0.8 Settlement losses (a) 4.2 — — — $8.7 $8.8 $2.1 $2.5 Defined Benefit Pension Plans OPEB Plans IPL 2020 2019 2020 2019 Service cost $1.7 $1.5 $0.3 $0.3 Interest cost 5.0 5.7 0.7 0.8 Expected return on plan assets (8.1 ) (7.0 ) (1.0 ) (0.9 ) Amortization of prior service credit (0.1 ) (0.1 ) — — Amortization of actuarial loss 3.7 3.9 0.3 0.4 $2.2 $4.0 $0.3 $0.6 Defined Benefit Pension Plans OPEB Plans WPL 2020 2019 2020 2019 Service cost $1.0 $0.9 $0.3 $0.3 Interest cost 4.7 5.4 0.7 0.8 Expected return on plan assets (7.6 ) (6.5 ) (0.2 ) (0.1 ) Amortization of prior service credit (0.1 ) (0.1 ) — — Amortization of actuarial loss 4.1 4.4 0.5 0.4 $2.1 $4.1 $1.3 $1.4 (a) Settlement losses related to payments made to retired executives of Alliant Energy. NOTE 9(b) Equity-based Compensation Plans - A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards for the three months ended March 31 was as follows (in millions): Alliant Energy IPL WPL 2020 2019 2020 2019 2020 2019 Compensation expense $2.7 $4.7 $1.4 $2.6 $1.1 $1.8 Income tax benefits 0.7 1.3 0.4 0.8 0.3 0.5 As of March 31, 2020 , Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $12.5 million , $7.0 million and $5.1 million , respectively, which is expected to be recognized over a weighted average period of between 1 year and 2 years . For the 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. As of March 31, 2020 , 215,780 shares were included in the calculation of diluted EPS related to the nonvested equity awards. Weighted Average Grants Grant Date Fair Value Performance shares 54,897 $64.04 Performance restricted stock units 54,897 59.57 Restricted stock units 59,936 59.57 |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2020 | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS A reconciliation of the changes in asset retirement obligations associated with long-lived assets for the three months ended March 31, 2020 is as follows (in millions): Alliant Energy IPL Balance, January 1 $196.3 $133.9 Liabilities settled (1.5 ) (1.4 ) Liabilities incurred (a) 27.6 27.6 Accretion expense 1.7 1.2 Balance, March 31 $224.1 $161.3 (a) During the three months ended March 31 , 2020, Alliant Energy and IPL recognized additional asset retirement obligations related to IPL’s newly constructed Whispering Willow North and Golden Plains wind sites. The increases in asset retirement obligations resulted in corresponding increases in property, plant and equipment, net on the respective balance sheets. |
IPL [Member] | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS A reconciliation of the changes in asset retirement obligations associated with long-lived assets for the three months ended March 31, 2020 is as follows (in millions): Alliant Energy IPL Balance, January 1 $196.3 $133.9 Liabilities settled (1.5 ) (1.4 ) Liabilities incurred (a) 27.6 27.6 Accretion expense 1.7 1.2 Balance, March 31 $224.1 $161.3 (a) During the three months ended March 31 , 2020, Alliant Energy and IPL recognized additional asset retirement obligations related to IPL’s newly constructed Whispering Willow North and Golden Plains wind sites. The increases in asset retirement obligations resulted in corresponding increases in property, plant and equipment, net on the respective balance sheets. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments [Line Items] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS Commodity Derivatives - Notional Amounts - As of 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 Fuel MWhs Years Dths Years Tons Years Gallons Years Alliant Energy 4,420 2020 185,883 2020-2027 5,187 2020-2021 4,410 2020-2021 IPL 2,108 2020 106,525 2020-2027 2,223 2020-2021 — — WPL 2,312 2020 79,358 2020-2027 2,964 2020-2021 4,410 2020-2021 Financial Statement Presentation - Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities as follows (in millions): Alliant Energy IPL WPL March 31, December 31, March 31, December 31, March 31, December 31, Current derivative assets $10.1 $15.8 $8.3 $12.1 $1.8 $3.7 Non-current derivative assets 8.6 11.0 8.2 10.2 0.4 0.8 Current derivative liabilities 29.9 19.0 12.7 8.9 17.2 10.1 Non-current derivative liabilities 21.2 18.6 9.7 8.5 11.5 10.1 Credit Risk-related Contingent Features - Various agreements contain credit risk-related contingent features, including requirements to maintain certain credit ratings and/or limitations on liability positions under the agreements based on credit ratings. Certain of these agreements with credit risk-related contingency features are accounted for as derivative instruments. In the event of a material change in creditworthiness or if liability positions exceed certain contractual limits, credit support may need to be provided in the form of letters of credit or cash collateral up to the amount of exposure under the contracts, or the contracts may need to be unwound and underlying liability positions paid. At March 31, 2020 and December 31, 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. Balance Sheet Offsetting - The fair value amounts of derivative instruments subject to a master netting arrangement are not netted by counterparty on the balance sheets. However, if the fair value amounts of derivative instruments by counterparty were netted, amounts would not be materially different from gross amounts of derivative assets and derivative liabilities at March 31, 2020 and December 31, 2019 . Fair value amounts recognized for the right to reclaim cash collateral (receivable) or the obligation to return cash collateral (payable) are not offset against fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. |
IPL [Member] | |
Derivative Instruments [Line Items] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS Commodity Derivatives - Notional Amounts - As of 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 Fuel MWhs Years Dths Years Tons Years Gallons Years Alliant Energy 4,420 2020 185,883 2020-2027 5,187 2020-2021 4,410 2020-2021 IPL 2,108 2020 106,525 2020-2027 2,223 2020-2021 — — WPL 2,312 2020 79,358 2020-2027 2,964 2020-2021 4,410 2020-2021 Financial Statement Presentation - Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities as follows (in millions): Alliant Energy IPL WPL March 31, December 31, March 31, December 31, March 31, December 31, Current derivative assets $10.1 $15.8 $8.3 $12.1 $1.8 $3.7 Non-current derivative assets 8.6 11.0 8.2 10.2 0.4 0.8 Current derivative liabilities 29.9 19.0 12.7 8.9 17.2 10.1 Non-current derivative liabilities 21.2 18.6 9.7 8.5 11.5 10.1 Credit Risk-related Contingent Features - Various agreements contain credit risk-related contingent features, including requirements to maintain certain credit ratings and/or limitations on liability positions under the agreements based on credit ratings. Certain of these agreements with credit risk-related contingency features are accounted for as derivative instruments. In the event of a material change in creditworthiness or if liability positions exceed certain contractual limits, credit support may need to be provided in the form of letters of credit or cash collateral up to the amount of exposure under the contracts, or the contracts may need to be unwound and underlying liability positions paid. At March 31, 2020 and December 31, 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. Balance Sheet Offsetting - The fair value amounts of derivative instruments subject to a master netting arrangement are not netted by counterparty on the balance sheets. However, if the fair value amounts of derivative instruments by counterparty were netted, amounts would not be materially different from gross amounts of derivative assets and derivative liabilities at March 31, 2020 and December 31, 2019 . Fair value amounts recognized for the right to reclaim cash collateral (receivable) or the obligation to return cash collateral (payable) are not offset against fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. |
WPL [Member] | |
Derivative Instruments [Line Items] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS Commodity Derivatives - Notional Amounts - As of 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 Fuel MWhs Years Dths Years Tons Years Gallons Years Alliant Energy 4,420 2020 185,883 2020-2027 5,187 2020-2021 4,410 2020-2021 IPL 2,108 2020 106,525 2020-2027 2,223 2020-2021 — — WPL 2,312 2020 79,358 2020-2027 2,964 2020-2021 4,410 2020-2021 Financial Statement Presentation - Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities as follows (in millions): Alliant Energy IPL WPL March 31, December 31, March 31, December 31, March 31, December 31, Current derivative assets $10.1 $15.8 $8.3 $12.1 $1.8 $3.7 Non-current derivative assets 8.6 11.0 8.2 10.2 0.4 0.8 Current derivative liabilities 29.9 19.0 12.7 8.9 17.2 10.1 Non-current derivative liabilities 21.2 18.6 9.7 8.5 11.5 10.1 Credit Risk-related Contingent Features - Various agreements contain credit risk-related contingent features, including requirements to maintain certain credit ratings and/or limitations on liability positions under the agreements based on credit ratings. Certain of these agreements with credit risk-related contingency features are accounted for as derivative instruments. In the event of a material change in creditworthiness or if liability positions exceed certain contractual limits, credit support may need to be provided in the form of letters of credit or cash collateral up to the amount of exposure under the contracts, or the contracts may need to be unwound and underlying liability positions paid. At March 31, 2020 and December 31, 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. Balance Sheet Offsetting - The fair value amounts of derivative instruments subject to a master netting arrangement are not netted by counterparty on the balance sheets. However, if the fair value amounts of derivative instruments by counterparty were netted, amounts would not be materially different from gross amounts of derivative assets and derivative liabilities at March 31, 2020 and December 31, 2019 . Fair value amounts recognized for the right to reclaim cash collateral (receivable) or the obligation to return cash collateral (payable) are not offset against fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair Value of Financial Instruments - The carrying amounts of current assets and current liabilities approximate fair value because of the short maturity of such financial instruments. Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions): Alliant Energy March 31, 2020 December 31, 2019 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $41.2 $41.2 $— $— $41.2 $5.4 $5.4 $— $— $5.4 Derivatives 18.7 — 4.0 14.7 18.7 26.8 — 4.8 22.0 26.8 Deferred proceeds 188.0 — — 188.0 188.0 187.7 — — 187.7 187.7 Liabilities: Derivatives 51.1 — 50.6 0.5 51.1 37.6 — 36.8 0.8 37.6 Long-term debt (incl. current maturities) 6,191.1 — 6,916.4 1.7 6,918.1 6,190.2 — 6,917.9 2.0 6,919.9 IPL March 31, 2020 December 31, 2019 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $21.2 $21.2 $— $— $21.2 $5.4 $5.4 $— $— $5.4 Derivatives 16.5 — 2.5 14.0 16.5 22.3 — 2.8 19.5 22.3 Deferred proceeds 188.0 — — 188.0 188.0 187.7 — — 187.7 187.7 Liabilities: Derivatives 22.4 — 21.9 0.5 22.4 17.4 — 16.6 0.8 17.4 Long-term debt (incl. current maturities) 3,147.9 — 3,452.1 — 3,452.1 3,147.3 — 3,489.1 — 3,489.1 WPL March 31, 2020 December 31, 2019 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $20.0 $20.0 $— $— $20.0 $— $— $— $— $— Derivatives 2.2 — 1.5 0.7 2.2 4.5 — 2.0 2.5 4.5 Liabilities: Derivatives 28.7 — 28.7 — 28.7 20.2 — 20.2 — 20.2 Long-term debt (incl. current maturities) 1,933.1 — 2,309.8 — 2,309.8 1,932.7 — 2,268.2 — 2,268.2 Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions): Alliant Energy Commodity Contract Derivative Assets and (Liabilities), net Deferred Proceeds Three Months Ended March 31 2020 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 ) $— $— IPL Commodity Contract Derivative Assets and (Liabilities), net Deferred Proceeds Three Months Ended March 31 2020 2019 2020 2019 Beginning balance, January 1 $18.7 $9.0 $187.7 $119.4 Total net losses included in changes in net assets (realized/unrealized) (2.3 ) (3.2 ) — — Sales — (0.1 ) — — Settlements (a) (2.9 ) (5.1 ) 0.3 58.9 Ending balance, March 31 $13.5 $0.6 $188.0 $178.3 The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at March 31 ($2.3 ) ($1.4 ) $— $— WPL Commodity Contract Derivative Assets and (Liabilities), net Three Months Ended March 31 2020 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 ) (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 March 31, 2020 $11.8 $2.4 $11.7 $1.8 $0.1 $0.6 December 31, 2019 14.6 6.6 13.6 5.1 1.0 1.5 |
IPL [Member] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair Value of Financial Instruments - The carrying amounts of current assets and current liabilities approximate fair value because of the short maturity of such financial instruments. Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions): Alliant Energy March 31, 2020 December 31, 2019 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $41.2 $41.2 $— $— $41.2 $5.4 $5.4 $— $— $5.4 Derivatives 18.7 — 4.0 14.7 18.7 26.8 — 4.8 22.0 26.8 Deferred proceeds 188.0 — — 188.0 188.0 187.7 — — 187.7 187.7 Liabilities: Derivatives 51.1 — 50.6 0.5 51.1 37.6 — 36.8 0.8 37.6 Long-term debt (incl. current maturities) 6,191.1 — 6,916.4 1.7 6,918.1 6,190.2 — 6,917.9 2.0 6,919.9 IPL March 31, 2020 December 31, 2019 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $21.2 $21.2 $— $— $21.2 $5.4 $5.4 $— $— $5.4 Derivatives 16.5 — 2.5 14.0 16.5 22.3 — 2.8 19.5 22.3 Deferred proceeds 188.0 — — 188.0 188.0 187.7 — — 187.7 187.7 Liabilities: Derivatives 22.4 — 21.9 0.5 22.4 17.4 — 16.6 0.8 17.4 Long-term debt (incl. current maturities) 3,147.9 — 3,452.1 — 3,452.1 3,147.3 — 3,489.1 — 3,489.1 WPL March 31, 2020 December 31, 2019 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $20.0 $20.0 $— $— $20.0 $— $— $— $— $— Derivatives 2.2 — 1.5 0.7 2.2 4.5 — 2.0 2.5 4.5 Liabilities: Derivatives 28.7 — 28.7 — 28.7 20.2 — 20.2 — 20.2 Long-term debt (incl. current maturities) 1,933.1 — 2,309.8 — 2,309.8 1,932.7 — 2,268.2 — 2,268.2 Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions): Alliant Energy Commodity Contract Derivative Assets and (Liabilities), net Deferred Proceeds Three Months Ended March 31 2020 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 ) $— $— IPL Commodity Contract Derivative Assets and (Liabilities), net Deferred Proceeds Three Months Ended March 31 2020 2019 2020 2019 Beginning balance, January 1 $18.7 $9.0 $187.7 $119.4 Total net losses included in changes in net assets (realized/unrealized) (2.3 ) (3.2 ) — — Sales — (0.1 ) — — Settlements (a) (2.9 ) (5.1 ) 0.3 58.9 Ending balance, March 31 $13.5 $0.6 $188.0 $178.3 The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at March 31 ($2.3 ) ($1.4 ) $— $— WPL Commodity Contract Derivative Assets and (Liabilities), net Three Months Ended March 31 2020 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 ) (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 March 31, 2020 $11.8 $2.4 $11.7 $1.8 $0.1 $0.6 December 31, 2019 14.6 6.6 13.6 5.1 1.0 1.5 |
WPL [Member] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair Value of Financial Instruments - The carrying amounts of current assets and current liabilities approximate fair value because of the short maturity of such financial instruments. Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions): Alliant Energy March 31, 2020 December 31, 2019 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $41.2 $41.2 $— $— $41.2 $5.4 $5.4 $— $— $5.4 Derivatives 18.7 — 4.0 14.7 18.7 26.8 — 4.8 22.0 26.8 Deferred proceeds 188.0 — — 188.0 188.0 187.7 — — 187.7 187.7 Liabilities: Derivatives 51.1 — 50.6 0.5 51.1 37.6 — 36.8 0.8 37.6 Long-term debt (incl. current maturities) 6,191.1 — 6,916.4 1.7 6,918.1 6,190.2 — 6,917.9 2.0 6,919.9 IPL March 31, 2020 December 31, 2019 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $21.2 $21.2 $— $— $21.2 $5.4 $5.4 $— $— $5.4 Derivatives 16.5 — 2.5 14.0 16.5 22.3 — 2.8 19.5 22.3 Deferred proceeds 188.0 — — 188.0 188.0 187.7 — — 187.7 187.7 Liabilities: Derivatives 22.4 — 21.9 0.5 22.4 17.4 — 16.6 0.8 17.4 Long-term debt (incl. current maturities) 3,147.9 — 3,452.1 — 3,452.1 3,147.3 — 3,489.1 — 3,489.1 WPL March 31, 2020 December 31, 2019 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $20.0 $20.0 $— $— $20.0 $— $— $— $— $— Derivatives 2.2 — 1.5 0.7 2.2 4.5 — 2.0 2.5 4.5 Liabilities: Derivatives 28.7 — 28.7 — 28.7 20.2 — 20.2 — 20.2 Long-term debt (incl. current maturities) 1,933.1 — 2,309.8 — 2,309.8 1,932.7 — 2,268.2 — 2,268.2 Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions): Alliant Energy Commodity Contract Derivative Assets and (Liabilities), net Deferred Proceeds Three Months Ended March 31 2020 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 ) $— $— IPL Commodity Contract Derivative Assets and (Liabilities), net Deferred Proceeds Three Months Ended March 31 2020 2019 2020 2019 Beginning balance, January 1 $18.7 $9.0 $187.7 $119.4 Total net losses included in changes in net assets (realized/unrealized) (2.3 ) (3.2 ) — — Sales — (0.1 ) — — Settlements (a) (2.9 ) (5.1 ) 0.3 58.9 Ending balance, March 31 $13.5 $0.6 $188.0 $178.3 The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at March 31 ($2.3 ) ($1.4 ) $— $— WPL Commodity Contract Derivative Assets and (Liabilities), net Three Months Ended March 31 2020 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 ) (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 March 31, 2020 $11.8 $2.4 $11.7 $1.8 $0.1 $0.6 December 31, 2019 14.6 6.6 13.6 5.1 1.0 1.5 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure | COMMITMENTS AND CONTINGENCIES NOTE 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. At March 31, 2020 , Alliant Energy’s, IPL’s and WPL’s minimum future commitments for these projects were $95 million , $32 million and $63 million , respectively. NOTE 13(b) Other Purchase Commitments - Various commodity supply, transportation and storage contracts help meet obligations to provide electricity and natural gas to utility customers. In addition, there are various purchase commitments associated with other goods and services. At March 31, 2020 , the related minimum future commitments were as follows (in millions): Alliant Energy IPL WPL Purchased power (a) $76 $75 $1 Natural gas 915 508 407 Coal (b) 110 68 42 Other (c) 117 58 28 $1,218 $709 $478 (a) Includes 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. Such commitments were assigned to IPL and WPL based on information available as of March 31, 2020 regarding expected future usage, which is subject to change. (c) Includes individual commitments incurred during the normal course of business that exceeded $1 million at March 31, 2020 . NOTE 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. 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. Based on information made available to Alliant Energy by Whiting Petroleum, the Whiting Petroleum affiliate holds an approximate 6% share in the partnerships and currently known obligations include costs associated with the future abandonment of certain platforms off the coast of California and related onshore plant and equipment owned by the partnerships. The general partnerships were formed under California law, and Alliant Energy Resources, LLC’s guarantees, which do not include a maximum limit, apply to the Whiting Petroleum affiliate’s obligations and to the other partners. Alliant Energy Resources, LLC may be required to perform under the guarantees if the affiliate of Whiting Petroleum is unable to meet its partnership obligations. As of March 31, 2020 , the currently known partnership obligations are the abandonment obligations. The Whiting Petroleum affiliate’s share of these abandonment obligations is estimated at $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 that it is probable that it will be obligated to pay; 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 guarantees. 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 January 1, 2020. As a result of Whiting Petroleum’s deterioration in credit worthiness since January 1, 2020 likely from significantly depressed oil and gas prices and general market conditions, Alliant Energy currently expects credit exposure related to the guarantees and has recognized a $20 million credit loss liability as of March 31, 2020 related to the contingent obligations, which is recorded in “Other liabilities” on Alliant Energy’s balance sheet. The incremental pre-tax change in the liability, $8 million , was recorded as a credit loss expense within Alliant Energy’s “Other operation and maintenance” expenses for the three months ended March 31, 2020 . Non-utility Wind Farm in Oklahoma - In 2017, a wholly-owned subsidiary of AEF acquired a cash equity ownership interest in a non-utility wind farm located in Oklahoma. The wind farm provides electricity to a third-party under a long-term PPA. Alliant Energy provided a parent guarantee of its subsidiary’s indemnification obligations under the related operating agreement and PPA. Alliant Energy’s obligations under the operating agreement were $82 million as of March 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 March 31, 2020 and December 31, 2019 . This guarantee is not in the scope of the new credit loss accounting standard as it is a guarantee of Alliant Energy’s subsidiary’s performance. IPL’s Minnesota Electric Distribution Assets - IPL provided indemnifications associated with the 2015 sale of its Minnesota electric distribution assets for losses resulting from potential breach of IPL’s representations, warranties and obligations under the sale agreement. Alliant Energy and IPL believe the likelihood of having to make any material cash payments under these indemnifications is remote. IPL has not recorded any material liabilities related to these indemnifications as of March 31, 2020 and December 31, 2019 . The general terms of the indemnifications provided by IPL included a maximum limit of $17 million and expire in October 2020 . NOTE 13(d) Environmental Matters - Manufactured Gas Plant (MGP) Sites - IPL and WPL have current or previous ownership interests in various sites that are previously associated with the production of gas for which IPL and WPL have, or may have in the future, liability for investigation, remediation and monitoring costs. IPL and WPL are working pursuant to the requirements of various federal and state agencies to investigate, mitigate, prevent and remediate, where necessary, the environmental impacts to property, including natural resources, at and around these former MGP sites in order to protect public health and the environment. At March 31, 2020 , estimated future costs expected to be incurred for the investigation, remediation and monitoring of the MGP sites, as well as environmental liabilities recorded on the balance sheets for these sites, which are not discounted, were as follows (in millions). At March 31, 2020 , such amounts for WPL were not material. Alliant Energy IPL Range of estimated future costs $12 - $29 $10 - $24 Current and non-current environmental liabilities 16 13 IPL Consent Decree - In 2015, the U.S. District Court for the Northern District of Iowa approved a Consent Decree that IPL entered into with the EPA, the Sierra Club, the State of Iowa and Linn County in Iowa, thereby resolving potential Clean Air Act issues associated with emissions from IPL’s coal-fired generating facilities in Iowa. IPL has completed various requirements under the Consent Decree. IPL’s remaining requirements include fuel switching or retiring Burlington by December 31, 2021 and Prairie Creek Units 1 and 3 by December 31, 2025. Alliant Energy and IPL currently expect to recover material costs incurred by IPL related to compliance with the terms of the Consent Decree from IPL’s electric customers. Other Environmental Contingencies - In addition to the environmental liabilities discussed above, various environmental rules are monitored that may have a significant impact on future operations. Several of these environmental rules are subject to legal challenges, reconsideration and/or other uncertainties. Given uncertainties regarding the outcome, timing and compliance plans for these environmental matters, the complete financial impact of each of these rules is not able to be determined; however, future capital investments and/or modifications to EGUs to comply with certain of these rules could be significant. Specific current, proposed or potential environmental matters include, among others: Effluent Limitation Guidelines, Coal Combustion Residuals Rule, and various legislation and EPA regulations to monitor and regulate the emission of greenhouse gases, including the Clean Air Act. NOTE 13(e) Collective Bargaining Agreements - At March 31, 2020 , employees covered by collective bargaining agreements represented 53% , 61% and 82% of total employees of Alliant Energy, IPL and WPL, respectively. On August 31, 2020, IPL’s collective bargaining agreement with International Brotherhood of Electrical Workers Local 204 (Cedar Rapids) expires, representing 18% and 45% of total employees of Alliant Energy and IPL, respectively. While the process to renew the agreement is underway, Alliant Energy and IPL are unable to predict the outcome. NOTE 13(f) MISO Transmission Owner Return on Equity Complaints - A group of MISO cooperative and municipal utilities previously filed complaints with FERC requesting a reduction to the base return on equity used by MISO transmission owners, including ITC Midwest LLC and ATC. The first complaint covered the period from November 12, 2013 through February 11, 2015. In 2017, IPL and WPL received refunds related to the first complaint period, which were subsequently refunded to their retail and wholesale customers. The second complaint covered the period from February 12, 2015 through May 11, 2016. In November 2019, FERC issued an order on the previously filed two complaints, and reduced the base return on equity used by the MISO transmission owners effective for the first complaint period and subsequent to September 28, 2016. Additional refunds for the first complaint period and the period subsequent to September 28, 2016 are currently expected to be issued in 2020. The November 2019 FERC order also dismissed the second complaint, therefore FERC did not direct refunds to be made for that complaint. Subsequent to the November 2019 FERC order, various rehearing requests were filed, and in January 2020, FERC issued an order providing an open-ended amount of time for FERC to consider these requests. Any changes in FERC’s decision may have an impact on Alliant Energy’s share of ATC’s future earnings and customer costs. |
IPL [Member] | |
Commitments and Contingencies Disclosure | COMMITMENTS AND CONTINGENCIES NOTE 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. At March 31, 2020 , Alliant Energy’s, IPL’s and WPL’s minimum future commitments for these projects were $95 million , $32 million and $63 million , respectively. NOTE 13(b) Other Purchase Commitments - Various commodity supply, transportation and storage contracts help meet obligations to provide electricity and natural gas to utility customers. In addition, there are various purchase commitments associated with other goods and services. At March 31, 2020 , the related minimum future commitments were as follows (in millions): Alliant Energy IPL WPL Purchased power (a) $76 $75 $1 Natural gas 915 508 407 Coal (b) 110 68 42 Other (c) 117 58 28 $1,218 $709 $478 (a) Includes 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. Such commitments were assigned to IPL and WPL based on information available as of March 31, 2020 regarding expected future usage, which is subject to change. (c) Includes individual commitments incurred during the normal course of business that exceeded $1 million at March 31, 2020 . NOTE 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. 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. Based on information made available to Alliant Energy by Whiting Petroleum, the Whiting Petroleum affiliate holds an approximate 6% share in the partnerships and currently known obligations include costs associated with the future abandonment of certain platforms off the coast of California and related onshore plant and equipment owned by the partnerships. The general partnerships were formed under California law, and Alliant Energy Resources, LLC’s guarantees, which do not include a maximum limit, apply to the Whiting Petroleum affiliate’s obligations and to the other partners. Alliant Energy Resources, LLC may be required to perform under the guarantees if the affiliate of Whiting Petroleum is unable to meet its partnership obligations. As of March 31, 2020 , the currently known partnership obligations are the abandonment obligations. The Whiting Petroleum affiliate’s share of these abandonment obligations is estimated at $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 that it is probable that it will be obligated to pay; 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 guarantees. 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 January 1, 2020. As a result of Whiting Petroleum’s deterioration in credit worthiness since January 1, 2020 likely from significantly depressed oil and gas prices and general market conditions, Alliant Energy currently expects credit exposure related to the guarantees and has recognized a $20 million credit loss liability as of March 31, 2020 related to the contingent obligations, which is recorded in “Other liabilities” on Alliant Energy’s balance sheet. The incremental pre-tax change in the liability, $8 million , was recorded as a credit loss expense within Alliant Energy’s “Other operation and maintenance” expenses for the three months ended March 31, 2020 . Non-utility Wind Farm in Oklahoma - In 2017, a wholly-owned subsidiary of AEF acquired a cash equity ownership interest in a non-utility wind farm located in Oklahoma. The wind farm provides electricity to a third-party under a long-term PPA. Alliant Energy provided a parent guarantee of its subsidiary’s indemnification obligations under the related operating agreement and PPA. Alliant Energy’s obligations under the operating agreement were $82 million as of March 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 March 31, 2020 and December 31, 2019 . This guarantee is not in the scope of the new credit loss accounting standard as it is a guarantee of Alliant Energy’s subsidiary’s performance. IPL’s Minnesota Electric Distribution Assets - IPL provided indemnifications associated with the 2015 sale of its Minnesota electric distribution assets for losses resulting from potential breach of IPL’s representations, warranties and obligations under the sale agreement. Alliant Energy and IPL believe the likelihood of having to make any material cash payments under these indemnifications is remote. IPL has not recorded any material liabilities related to these indemnifications as of March 31, 2020 and December 31, 2019 . The general terms of the indemnifications provided by IPL included a maximum limit of $17 million and expire in October 2020 . NOTE 13(d) Environmental Matters - Manufactured Gas Plant (MGP) Sites - IPL and WPL have current or previous ownership interests in various sites that are previously associated with the production of gas for which IPL and WPL have, or may have in the future, liability for investigation, remediation and monitoring costs. IPL and WPL are working pursuant to the requirements of various federal and state agencies to investigate, mitigate, prevent and remediate, where necessary, the environmental impacts to property, including natural resources, at and around these former MGP sites in order to protect public health and the environment. At March 31, 2020 , estimated future costs expected to be incurred for the investigation, remediation and monitoring of the MGP sites, as well as environmental liabilities recorded on the balance sheets for these sites, which are not discounted, were as follows (in millions). At March 31, 2020 , such amounts for WPL were not material. Alliant Energy IPL Range of estimated future costs $12 - $29 $10 - $24 Current and non-current environmental liabilities 16 13 IPL Consent Decree - In 2015, the U.S. District Court for the Northern District of Iowa approved a Consent Decree that IPL entered into with the EPA, the Sierra Club, the State of Iowa and Linn County in Iowa, thereby resolving potential Clean Air Act issues associated with emissions from IPL’s coal-fired generating facilities in Iowa. IPL has completed various requirements under the Consent Decree. IPL’s remaining requirements include fuel switching or retiring Burlington by December 31, 2021 and Prairie Creek Units 1 and 3 by December 31, 2025. Alliant Energy and IPL currently expect to recover material costs incurred by IPL related to compliance with the terms of the Consent Decree from IPL’s electric customers. Other Environmental Contingencies - In addition to the environmental liabilities discussed above, various environmental rules are monitored that may have a significant impact on future operations. Several of these environmental rules are subject to legal challenges, reconsideration and/or other uncertainties. Given uncertainties regarding the outcome, timing and compliance plans for these environmental matters, the complete financial impact of each of these rules is not able to be determined; however, future capital investments and/or modifications to EGUs to comply with certain of these rules could be significant. Specific current, proposed or potential environmental matters include, among others: Effluent Limitation Guidelines, Coal Combustion Residuals Rule, and various legislation and EPA regulations to monitor and regulate the emission of greenhouse gases, including the Clean Air Act. NOTE 13(e) Collective Bargaining Agreements - At March 31, 2020 , employees covered by collective bargaining agreements represented 53% , 61% and 82% of total employees of Alliant Energy, IPL and WPL, respectively. On August 31, 2020, IPL’s collective bargaining agreement with International Brotherhood of Electrical Workers Local 204 (Cedar Rapids) expires, representing 18% and 45% of total employees of Alliant Energy and IPL, respectively. While the process to renew the agreement is underway, Alliant Energy and IPL are unable to predict the outcome. NOTE 13(f) MISO Transmission Owner Return on Equity Complaints - A group of MISO cooperative and municipal utilities previously filed complaints with FERC requesting a reduction to the base return on equity used by MISO transmission owners, including ITC Midwest LLC and ATC. The first complaint covered the period from November 12, 2013 through February 11, 2015. In 2017, IPL and WPL received refunds related to the first complaint period, which were subsequently refunded to their retail and wholesale customers. The second complaint covered the period from February 12, 2015 through May 11, 2016. In November 2019, FERC issued an order on the previously filed two complaints, and reduced the base return on equity used by the MISO transmission owners effective for the first complaint period and subsequent to September 28, 2016. Additional refunds for the first complaint period and the period subsequent to September 28, 2016 are currently expected to be issued in 2020. The November 2019 FERC order also dismissed the second complaint, therefore FERC did not direct refunds to be made for that complaint. Subsequent to the November 2019 FERC order, various rehearing requests were filed, and in January 2020, FERC issued an order providing an open-ended amount of time for FERC to consider these requests. Any changes in FERC’s decision may have an impact on Alliant Energy’s share of ATC’s future earnings and customer costs. |
WPL [Member] | |
Commitments and Contingencies Disclosure | COMMITMENTS AND CONTINGENCIES NOTE 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. At March 31, 2020 , Alliant Energy’s, IPL’s and WPL’s minimum future commitments for these projects were $95 million , $32 million and $63 million , respectively. NOTE 13(b) Other Purchase Commitments - Various commodity supply, transportation and storage contracts help meet obligations to provide electricity and natural gas to utility customers. In addition, there are various purchase commitments associated with other goods and services. At March 31, 2020 , the related minimum future commitments were as follows (in millions): Alliant Energy IPL WPL Purchased power (a) $76 $75 $1 Natural gas 915 508 407 Coal (b) 110 68 42 Other (c) 117 58 28 $1,218 $709 $478 (a) Includes 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. Such commitments were assigned to IPL and WPL based on information available as of March 31, 2020 regarding expected future usage, which is subject to change. (c) Includes individual commitments incurred during the normal course of business that exceeded $1 million at March 31, 2020 . NOTE 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. 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. Based on information made available to Alliant Energy by Whiting Petroleum, the Whiting Petroleum affiliate holds an approximate 6% share in the partnerships and currently known obligations include costs associated with the future abandonment of certain platforms off the coast of California and related onshore plant and equipment owned by the partnerships. The general partnerships were formed under California law, and Alliant Energy Resources, LLC’s guarantees, which do not include a maximum limit, apply to the Whiting Petroleum affiliate’s obligations and to the other partners. Alliant Energy Resources, LLC may be required to perform under the guarantees if the affiliate of Whiting Petroleum is unable to meet its partnership obligations. As of March 31, 2020 , the currently known partnership obligations are the abandonment obligations. The Whiting Petroleum affiliate’s share of these abandonment obligations is estimated at $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 that it is probable that it will be obligated to pay; 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 guarantees. 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 January 1, 2020. As a result of Whiting Petroleum’s deterioration in credit worthiness since January 1, 2020 likely from significantly depressed oil and gas prices and general market conditions, Alliant Energy currently expects credit exposure related to the guarantees and has recognized a $20 million credit loss liability as of March 31, 2020 related to the contingent obligations, which is recorded in “Other liabilities” on Alliant Energy’s balance sheet. The incremental pre-tax change in the liability, $8 million , was recorded as a credit loss expense within Alliant Energy’s “Other operation and maintenance” expenses for the three months ended March 31, 2020 . Non-utility Wind Farm in Oklahoma - In 2017, a wholly-owned subsidiary of AEF acquired a cash equity ownership interest in a non-utility wind farm located in Oklahoma. The wind farm provides electricity to a third-party under a long-term PPA. Alliant Energy provided a parent guarantee of its subsidiary’s indemnification obligations under the related operating agreement and PPA. Alliant Energy’s obligations under the operating agreement were $82 million as of March 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 March 31, 2020 and December 31, 2019 . This guarantee is not in the scope of the new credit loss accounting standard as it is a guarantee of Alliant Energy’s subsidiary’s performance. IPL’s Minnesota Electric Distribution Assets - IPL provided indemnifications associated with the 2015 sale of its Minnesota electric distribution assets for losses resulting from potential breach of IPL’s representations, warranties and obligations under the sale agreement. Alliant Energy and IPL believe the likelihood of having to make any material cash payments under these indemnifications is remote. IPL has not recorded any material liabilities related to these indemnifications as of March 31, 2020 and December 31, 2019 . The general terms of the indemnifications provided by IPL included a maximum limit of $17 million and expire in October 2020 . NOTE 13(d) Environmental Matters - Manufactured Gas Plant (MGP) Sites - IPL and WPL have current or previous ownership interests in various sites that are previously associated with the production of gas for which IPL and WPL have, or may have in the future, liability for investigation, remediation and monitoring costs. IPL and WPL are working pursuant to the requirements of various federal and state agencies to investigate, mitigate, prevent and remediate, where necessary, the environmental impacts to property, including natural resources, at and around these former MGP sites in order to protect public health and the environment. At March 31, 2020 , estimated future costs expected to be incurred for the investigation, remediation and monitoring of the MGP sites, as well as environmental liabilities recorded on the balance sheets for these sites, which are not discounted, were as follows (in millions). At March 31, 2020 , such amounts for WPL were not material. Alliant Energy IPL Range of estimated future costs $12 - $29 $10 - $24 Current and non-current environmental liabilities 16 13 IPL Consent Decree - In 2015, the U.S. District Court for the Northern District of Iowa approved a Consent Decree that IPL entered into with the EPA, the Sierra Club, the State of Iowa and Linn County in Iowa, thereby resolving potential Clean Air Act issues associated with emissions from IPL’s coal-fired generating facilities in Iowa. IPL has completed various requirements under the Consent Decree. IPL’s remaining requirements include fuel switching or retiring Burlington by December 31, 2021 and Prairie Creek Units 1 and 3 by December 31, 2025. Alliant Energy and IPL currently expect to recover material costs incurred by IPL related to compliance with the terms of the Consent Decree from IPL’s electric customers. Other Environmental Contingencies - In addition to the environmental liabilities discussed above, various environmental rules are monitored that may have a significant impact on future operations. Several of these environmental rules are subject to legal challenges, reconsideration and/or other uncertainties. Given uncertainties regarding the outcome, timing and compliance plans for these environmental matters, the complete financial impact of each of these rules is not able to be determined; however, future capital investments and/or modifications to EGUs to comply with certain of these rules could be significant. Specific current, proposed or potential environmental matters include, among others: Effluent Limitation Guidelines, Coal Combustion Residuals Rule, and various legislation and EPA regulations to monitor and regulate the emission of greenhouse gases, including the Clean Air Act. NOTE 13(e) Collective Bargaining Agreements - At March 31, 2020 , employees covered by collective bargaining agreements represented 53% , 61% and 82% of total employees of Alliant Energy, IPL and WPL, respectively. On August 31, 2020, IPL’s collective bargaining agreement with International Brotherhood of Electrical Workers Local 204 (Cedar Rapids) expires, representing 18% and 45% of total employees of Alliant Energy and IPL, respectively. While the process to renew the agreement is underway, Alliant Energy and IPL are unable to predict the outcome. NOTE 13(f) MISO Transmission Owner Return on Equity Complaints - A group of MISO cooperative and municipal utilities previously filed complaints with FERC requesting a reduction to the base return on equity used by MISO transmission owners, including ITC Midwest LLC and ATC. The first complaint covered the period from November 12, 2013 through February 11, 2015. In 2017, IPL and WPL received refunds related to the first complaint period, which were subsequently refunded to their retail and wholesale customers. The second complaint covered the period from February 12, 2015 through May 11, 2016. In November 2019, FERC issued an order on the previously filed two complaints, and reduced the base return on equity used by the MISO transmission owners effective for the first complaint period and subsequent to September 28, 2016. Additional refunds for the first complaint period and the period subsequent to September 28, 2016 are currently expected to be issued in 2020. The November 2019 FERC order also dismissed the second complaint, therefore FERC did not direct refunds to be made for that complaint. Subsequent to the November 2019 FERC order, various rehearing requests were filed, and in January 2020, FERC issued an order providing an open-ended amount of time for FERC to consider these requests. Any changes in FERC’s decision may have an impact on Alliant Energy’s share of ATC’s future earnings and customer costs. |
Segments Of Business
Segments Of Business | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | |
Segments Of Business | SEGMENTS OF BUSINESS Certain financial information relating to Alliant Energy’s, IPL’s and WPL’s business segments is as follows. Intersegment revenues were not material to their respective operations. Alliant Energy ATC Holdings, Alliant Utility Non-Utility, Energy Electric Gas Other Total Parent and Other Consolidated (in millions) 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 $743.4 $215.8 $11.1 $970.3 $16.9 $987.2 Operating income 126.4 45.2 — 171.6 5.2 176.8 Net income attributable to Alliant Energy common shareowners 119.0 6.1 125.1 IPL Electric Gas Other Total (in millions) Three Months Ended March 31, 2020 Revenues $424.8 $83.0 $11.1 $518.9 Operating income 67.0 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 income 46.8 26.3 0.4 73.5 Net income available for common stock 53.3 WPL Electric Gas Other Total (in millions) Three Months Ended March 31, 2020 Revenues $305.5 $69.2 $0.5 $375.2 Operating income 79.2 14.3 0.3 93.8 Net income 89.6 Three Months Ended March 31, 2019 Revenues $323.6 $91.2 $0.4 $415.2 Operating income (loss) 79.6 18.9 (0.4 ) 98.1 Net income 65.7 |
IPL [Member] | |
Segment Reporting Information [Line Items] | |
Segments Of Business | Certain financial information relating to Alliant Energy’s, IPL’s and WPL’s business segments is as follows. Intersegment revenues were not material to their respective operations. Alliant Energy ATC Holdings, Alliant Utility Non-Utility, Energy Electric Gas Other Total Parent and Other Consolidated (in millions) 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 $743.4 $215.8 $11.1 $970.3 $16.9 $987.2 Operating income 126.4 45.2 — 171.6 5.2 176.8 Net income attributable to Alliant Energy common shareowners 119.0 6.1 125.1 IPL Electric Gas Other Total (in millions) Three Months Ended March 31, 2020 Revenues $424.8 $83.0 $11.1 $518.9 Operating income 67.0 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 income 46.8 26.3 0.4 73.5 Net income available for common stock 53.3 WPL Electric Gas Other Total (in millions) Three Months Ended March 31, 2020 Revenues $305.5 $69.2 $0.5 $375.2 Operating income 79.2 14.3 0.3 93.8 Net income 89.6 Three Months Ended March 31, 2019 Revenues $323.6 $91.2 $0.4 $415.2 Operating income (loss) 79.6 18.9 (0.4 ) 98.1 Net income 65.7 |
WPL [Member] | |
Segment Reporting Information [Line Items] | |
Segments Of Business | Certain financial information relating to Alliant Energy’s, IPL’s and WPL’s business segments is as follows. Intersegment revenues were not material to their respective operations. Alliant Energy ATC Holdings, Alliant Utility Non-Utility, Energy Electric Gas Other Total Parent and Other Consolidated (in millions) 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 $743.4 $215.8 $11.1 $970.3 $16.9 $987.2 Operating income 126.4 45.2 — 171.6 5.2 176.8 Net income attributable to Alliant Energy common shareowners 119.0 6.1 125.1 IPL Electric Gas Other Total (in millions) Three Months Ended March 31, 2020 Revenues $424.8 $83.0 $11.1 $518.9 Operating income 67.0 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 income 46.8 26.3 0.4 73.5 Net income available for common stock 53.3 WPL Electric Gas Other Total (in millions) Three Months Ended March 31, 2020 Revenues $305.5 $69.2 $0.5 $375.2 Operating income 79.2 14.3 0.3 93.8 Net income 89.6 Three Months Ended March 31, 2019 Revenues $323.6 $91.2 $0.4 $415.2 Operating income (loss) 79.6 18.9 (0.4 ) 98.1 Net income 65.7 |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Line Items] | |
Related Parties | 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 months ended March 31 were as follows (in millions): IPL WPL 2020 2019 2020 2019 Corporate Services billings $37 $43 $32 $33 Sales credited 15 15 2 1 Purchases billed 81 84 20 30 Net intercompany payables to Corporate Services were as follows (in millions): IPL WPL March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Net payables to Corporate Services $110 $112 $72 $85 ATC - Pursuant to various agreements, WPL receives a range of transmission services from ATC. WPL provides operation, maintenance, and construction services to ATC. WPL and ATC also bill each other for use of shared facilities owned by each party. The related amounts billed between the parties for the three months ended March 31 were as follows (in millions): 2020 2019 ATC billings to WPL $28 $27 WPL billings to ATC 3 4 WPL owed ATC net amounts of $8 million as of March 31, 2020 and $9 million as of December 31, 2019 . |
IPL [Member] | |
Related Party Transactions [Line Items] | |
Related Parties | 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 months ended March 31 were as follows (in millions): IPL WPL 2020 2019 2020 2019 Corporate Services billings $37 $43 $32 $33 Sales credited 15 15 2 1 Purchases billed 81 84 20 30 Net intercompany payables to Corporate Services were as follows (in millions): IPL WPL March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Net payables to Corporate Services $110 $112 $72 $85 |
WPL [Member] | |
Related Party Transactions [Line Items] | |
Related Parties | 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 months ended March 31 were as follows (in millions): IPL WPL 2020 2019 2020 2019 Corporate Services billings $37 $43 $32 $33 Sales credited 15 15 2 1 Purchases billed 81 84 20 30 Net intercompany payables to Corporate Services were as follows (in millions): IPL WPL March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Net payables to Corporate Services $110 $112 $72 $85 ATC - Pursuant to various agreements, WPL receives a range of transmission services from ATC. WPL provides operation, maintenance, and construction services to ATC. WPL and ATC also bill each other for use of shared facilities owned by each party. The related amounts billed between the parties for the three months ended March 31 were as follows (in millions): 2020 2019 ATC billings to WPL $28 $27 WPL billings to ATC 3 4 WPL owed ATC net amounts of $8 million as of March 31, 2020 and $9 million as of December 31, 2019 . |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2020 | |
General, Basis of Accounting | 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 . |
General, Use of Estimates | In the opinion of management, all adjustments, which unless otherwise noted are normal and recurring in nature, necessary for a fair presentation of the results of operations, financial position and cash flows have been made. Results for the three months ended March 31, 2020 are not necessarily indicative of results that may be expected for the year ending December 31, 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. |
General, Reclassification | Certain prior period amounts in the Financial Statements and Notes have been reclassified to conform to the current period presentation for comparative purposes . |
Cash and Cash Equivalents | At March 31, 2020 , Alliant Energy’s, IPL’s and WPL’s cash and cash equivalents included $41.2 million , $21.2 million and $20.0 million of money market fund investments, with weighted average interest rates of 0.4% , 0.4% and 0.4% , respectively. |
Current Expected Credit Losses Estimates | Current expected credit losses are estimated for trade and other receivables and credit exposures on guarantees of the performance by third parties. The current expected credit losses for short-term trade receivables are based on estimates of losses resulting from the inability of customers to make required payments. The methodology used to estimate losses is based on historical write-offs, regional economic conditions, significant events that could impact collectability, such as impacts related to COVID-19 and related regulatory actions, and forecasted changes to the accounts receivable aging portfolio and write-offs. The current expected credit losses related to guarantees of the performance by third parties are estimated using both quantitative and qualitative information, including a probability-weighted approach in a range of possible estimated forecasted cash flow expenditures and relevant market-based data, such as credit ratings, credit default metrics, economic conditions, bankruptcy considerations and other significant events. |
New Accounting Standards | Credit Losses - In June 2016, the Financial Accounting Standards Board issued an accounting standard requiring use of a current expected credit loss model rather than an incurred loss method, which is intended to result in more timely recognition of credit losses on trade receivables, certain other assets and off-balance sheet credit exposures. Alliant Energy, IPL and WPL adopted this standard on January 1, 2020 using a modified retrospective method of adoption, which requires cumulative effect adjustments to retained earnings on January 1, 2020. IPL and WPL did not record a cumulative effect adjustment to retained earnings and Alliant Energy recorded a pre-tax $12 million (after-tax $8.7 million ) cumulative effect adjustment to decrease retained earnings related to Alliant Energy’s guarantees in the partnership obligations of an affiliate of Whiting Petroleum (refer to Note 13(c) for further discussion). This adjustment is included in “Adoption of new accounting standard” for 2020 in Alliant Energy’s summary of changes in shareowners’ equity in Note 5 . |
IPL [Member] | |
General, Basis of Accounting | 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 . |
General, Use of Estimates | In the opinion of management, all adjustments, which unless otherwise noted are normal and recurring in nature, necessary for a fair presentation of the results of operations, financial position and cash flows have been made. Results for the three months ended March 31, 2020 are not necessarily indicative of results that may be expected for the year ending December 31, 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. |
General, Reclassification | Certain prior period amounts in the Financial Statements and Notes have been reclassified to conform to the current period presentation for comparative purposes . |
Cash and Cash Equivalents | At March 31, 2020 , Alliant Energy’s, IPL’s and WPL’s cash and cash equivalents included $41.2 million , $21.2 million and $20.0 million of money market fund investments, with weighted average interest rates of 0.4% , 0.4% and 0.4% , respectively. |
Current Expected Credit Losses Estimates | Current expected credit losses are estimated for trade and other receivables and credit exposures on guarantees of the performance by third parties. The current expected credit losses for short-term trade receivables are based on estimates of losses resulting from the inability of customers to make required payments. The methodology used to estimate losses is based on historical write-offs, regional economic conditions, significant events that could impact collectability, such as impacts related to COVID-19 and related regulatory actions, and forecasted changes to the accounts receivable aging portfolio and write-offs. The current expected credit losses related to guarantees of the performance by third parties are estimated using both quantitative and qualitative information, including a probability-weighted approach in a range of possible estimated forecasted cash flow expenditures and relevant market-based data, such as credit ratings, credit default metrics, economic conditions, bankruptcy considerations and other significant events. |
New Accounting Standards | Credit Losses - In June 2016, the Financial Accounting Standards Board issued an accounting standard requiring use of a current expected credit loss model rather than an incurred loss method, which is intended to result in more timely recognition of credit losses on trade receivables, certain other assets and off-balance sheet credit exposures. Alliant Energy, IPL and WPL adopted this standard on January 1, 2020 using a modified retrospective method of adoption, which requires cumulative effect adjustments to retained earnings on January 1, 2020. IPL and WPL did not record a cumulative effect adjustment to retained earnings and Alliant Energy recorded a pre-tax $12 million (after-tax $8.7 million ) cumulative effect adjustment to decrease retained earnings related to Alliant Energy’s guarantees in the partnership obligations of an affiliate of Whiting Petroleum (refer to Note 13(c) for further discussion). This adjustment is included in “Adoption of new accounting standard” for 2020 in Alliant Energy’s summary of changes in shareowners’ equity in Note 5 . |
WPL [Member] | |
General, Basis of Accounting | 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 . |
General, Use of Estimates | In the opinion of management, all adjustments, which unless otherwise noted are normal and recurring in nature, necessary for a fair presentation of the results of operations, financial position and cash flows have been made. Results for the three months ended March 31, 2020 are not necessarily indicative of results that may be expected for the year ending December 31, 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. |
General, Reclassification | Certain prior period amounts in the Financial Statements and Notes have been reclassified to conform to the current period presentation for comparative purposes . |
Cash and Cash Equivalents | At March 31, 2020 , Alliant Energy’s, IPL’s and WPL’s cash and cash equivalents included $41.2 million , $21.2 million and $20.0 million of money market fund investments, with weighted average interest rates of 0.4% , 0.4% and 0.4% , respectively. |
Current Expected Credit Losses Estimates | Current expected credit losses are estimated for trade and other receivables and credit exposures on guarantees of the performance by third parties. The current expected credit losses for short-term trade receivables are based on estimates of losses resulting from the inability of customers to make required payments. The methodology used to estimate losses is based on historical write-offs, regional economic conditions, significant events that could impact collectability, such as impacts related to COVID-19 and related regulatory actions, and forecasted changes to the accounts receivable aging portfolio and write-offs. The current expected credit losses related to guarantees of the performance by third parties are estimated using both quantitative and qualitative information, including a probability-weighted approach in a range of possible estimated forecasted cash flow expenditures and relevant market-based data, such as credit ratings, credit default metrics, economic conditions, bankruptcy considerations and other significant events. |
New Accounting Standards | Credit Losses - In June 2016, the Financial Accounting Standards Board issued an accounting standard requiring use of a current expected credit loss model rather than an incurred loss method, which is intended to result in more timely recognition of credit losses on trade receivables, certain other assets and off-balance sheet credit exposures. Alliant Energy, IPL and WPL adopted this standard on January 1, 2020 using a modified retrospective method of adoption, which requires cumulative effect adjustments to retained earnings on January 1, 2020. IPL and WPL did not record a cumulative effect adjustment to retained earnings and Alliant Energy recorded a pre-tax $12 million (after-tax $8.7 million ) cumulative effect adjustment to decrease retained earnings related to Alliant Energy’s guarantees in the partnership obligations of an affiliate of Whiting Petroleum (refer to Note 13(c) for further discussion). This adjustment is included in “Adoption of new accounting standard” for 2020 in Alliant Energy’s summary of changes in shareowners’ equity in Note 5 . |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Regulatory Assets [Line Items] | |
Regulatory Assets | Regulatory assets were comprised of the following items (in millions): Alliant Energy IPL WPL March 31, December 31, March 31, December 31, March 31, December 31, Tax-related $831.2 $817.6 $788.3 $776.8 $42.9 $40.8 Pension and OPEB costs 510.5 524.0 255.7 262.5 254.8 261.5 Assets retired early 129.2 134.0 85.6 87.9 43.6 46.1 Asset retirement obligations 112.8 111.8 77.1 76.2 35.7 35.6 IPL’s DAEC PPA amendment 108.8 108.2 108.8 108.2 — — Derivatives 51.6 39.5 22.6 18.3 29.0 21.2 Emission allowances 20.5 21.1 20.5 21.1 — — Other 90.3 88.5 46.3 48.3 44.0 40.2 $1,854.9 $1,844.7 $1,404.9 $1,399.3 $450.0 $445.4 |
Regulatory Liabilities | Regulatory liabilities were comprised of the following items (in millions): Alliant Energy IPL WPL March 31, December 31, March 31, December 31, March 31, December 31, Tax-related $799.4 $835.6 $345.0 $350.9 $454.4 $484.7 Cost of removal obligations 387.9 387.7 258.1 257.0 129.8 130.7 Electric transmission cost recovery 97.4 88.6 62.0 51.3 35.4 37.3 Commodity cost recovery 25.8 24.2 10.7 8.8 15.1 15.4 WPL’s earnings sharing mechanism 20.4 21.9 — — 20.4 21.9 Derivatives 16.4 19.9 14.8 17.4 1.6 2.5 Other 46.6 45.7 30.2 29.3 16.4 16.4 $1,393.9 $1,423.6 $720.8 $714.7 $673.1 $708.9 |
IPL [Member] | |
Regulatory Assets [Line Items] | |
Regulatory Assets | Regulatory assets were comprised of the following items (in millions): Alliant Energy IPL WPL March 31, December 31, March 31, December 31, March 31, December 31, Tax-related $831.2 $817.6 $788.3 $776.8 $42.9 $40.8 Pension and OPEB costs 510.5 524.0 255.7 262.5 254.8 261.5 Assets retired early 129.2 134.0 85.6 87.9 43.6 46.1 Asset retirement obligations 112.8 111.8 77.1 76.2 35.7 35.6 IPL’s DAEC PPA amendment 108.8 108.2 108.8 108.2 — — Derivatives 51.6 39.5 22.6 18.3 29.0 21.2 Emission allowances 20.5 21.1 20.5 21.1 — — Other 90.3 88.5 46.3 48.3 44.0 40.2 $1,854.9 $1,844.7 $1,404.9 $1,399.3 $450.0 $445.4 |
Regulatory Liabilities | Regulatory liabilities were comprised of the following items (in millions): Alliant Energy IPL WPL March 31, December 31, March 31, December 31, March 31, December 31, Tax-related $799.4 $835.6 $345.0 $350.9 $454.4 $484.7 Cost of removal obligations 387.9 387.7 258.1 257.0 129.8 130.7 Electric transmission cost recovery 97.4 88.6 62.0 51.3 35.4 37.3 Commodity cost recovery 25.8 24.2 10.7 8.8 15.1 15.4 WPL’s earnings sharing mechanism 20.4 21.9 — — 20.4 21.9 Derivatives 16.4 19.9 14.8 17.4 1.6 2.5 Other 46.6 45.7 30.2 29.3 16.4 16.4 $1,393.9 $1,423.6 $720.8 $714.7 $673.1 $708.9 |
WPL [Member] | |
Regulatory Assets [Line Items] | |
Regulatory Assets | Regulatory assets were comprised of the following items (in millions): Alliant Energy IPL WPL March 31, December 31, March 31, December 31, March 31, December 31, Tax-related $831.2 $817.6 $788.3 $776.8 $42.9 $40.8 Pension and OPEB costs 510.5 524.0 255.7 262.5 254.8 261.5 Assets retired early 129.2 134.0 85.6 87.9 43.6 46.1 Asset retirement obligations 112.8 111.8 77.1 76.2 35.7 35.6 IPL’s DAEC PPA amendment 108.8 108.2 108.8 108.2 — — Derivatives 51.6 39.5 22.6 18.3 29.0 21.2 Emission allowances 20.5 21.1 20.5 21.1 — — Other 90.3 88.5 46.3 48.3 44.0 40.2 $1,854.9 $1,844.7 $1,404.9 $1,399.3 $450.0 $445.4 |
Regulatory Liabilities | Regulatory liabilities were comprised of the following items (in millions): Alliant Energy IPL WPL March 31, December 31, March 31, December 31, March 31, December 31, Tax-related $799.4 $835.6 $345.0 $350.9 $454.4 $484.7 Cost of removal obligations 387.9 387.7 258.1 257.0 129.8 130.7 Electric transmission cost recovery 97.4 88.6 62.0 51.3 35.4 37.3 Commodity cost recovery 25.8 24.2 10.7 8.8 15.1 15.4 WPL’s earnings sharing mechanism 20.4 21.9 — — 20.4 21.9 Derivatives 16.4 19.9 14.8 17.4 1.6 2.5 Other 46.6 45.7 30.2 29.3 16.4 16.4 $1,393.9 $1,423.6 $720.8 $714.7 $673.1 $708.9 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Line Items] | |
Accounts Receivable Details | Details for accounts receivable included on the balance sheets were as follows (in millions): Alliant Energy IPL WPL March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Customer $100.8 $91.6 $— $— $90.6 $83.5 Unbilled utility revenues 68.9 82.1 — — 68.9 82.1 Deferred proceeds 188.0 187.7 188.0 187.7 — — Other 47.7 48.0 17.8 16.3 29.6 31.4 Allowance for expected credit losses (9.0 ) (7.3 ) (1.0 ) (1.2 ) (8.0 ) (6.1 ) $396.4 $402.1 $204.8 $202.8 $181.1 $190.9 |
Maximum And Average Outstanding Cash Proceeds | IPL’s maximum and average outstanding cash proceeds (based on daily outstanding balances) related to the sales of accounts receivable program for the three months ended March 31 were as follows (in millions): 2020 2019 Maximum outstanding aggregate cash proceeds $96.0 $108.0 Average outstanding aggregate cash proceeds 23.6 81.0 |
Schedule of Sales Of Accounts Receivable Sold Under Agreement Table Text Block | The attributes of IPL’s receivables sold under the Receivables Agreement were as follows (in millions): March 31, 2020 December 31, 2019 Customer accounts receivable $131.2 $124.7 Unbilled utility revenues 83.0 95.5 Other receivables 0.9 0.9 Receivables sold to third party 215.1 221.1 Less: cash proceeds 16.0 27.0 Deferred proceeds 199.1 194.1 Less: allowance for expected credit losses 11.1 6.4 Fair value of deferred proceeds $188.0 $187.7 |
Additional Attributes Of Receivables Sold Under The Receivables Agreement | Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three months ended March 31 were as follows (in millions): 2020 2019 Collections $541.4 $555.8 Write-offs, net of recoveries 2.1 5.5 |
IPL [Member] | |
Receivables [Line Items] | |
Accounts Receivable Details | Details for accounts receivable included on the balance sheets were as follows (in millions): Alliant Energy IPL WPL March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Customer $100.8 $91.6 $— $— $90.6 $83.5 Unbilled utility revenues 68.9 82.1 — — 68.9 82.1 Deferred proceeds 188.0 187.7 188.0 187.7 — — Other 47.7 48.0 17.8 16.3 29.6 31.4 Allowance for expected credit losses (9.0 ) (7.3 ) (1.0 ) (1.2 ) (8.0 ) (6.1 ) $396.4 $402.1 $204.8 $202.8 $181.1 $190.9 |
Maximum And Average Outstanding Cash Proceeds | IPL’s maximum and average outstanding cash proceeds (based on daily outstanding balances) related to the sales of accounts receivable program for the three months ended March 31 were as follows (in millions): 2020 2019 Maximum outstanding aggregate cash proceeds $96.0 $108.0 Average outstanding aggregate cash proceeds 23.6 81.0 |
Schedule of Sales Of Accounts Receivable Sold Under Agreement Table Text Block | The attributes of IPL’s receivables sold under the Receivables Agreement were as follows (in millions): March 31, 2020 December 31, 2019 Customer accounts receivable $131.2 $124.7 Unbilled utility revenues 83.0 95.5 Other receivables 0.9 0.9 Receivables sold to third party 215.1 221.1 Less: cash proceeds 16.0 27.0 Deferred proceeds 199.1 194.1 Less: allowance for expected credit losses 11.1 6.4 Fair value of deferred proceeds $188.0 $187.7 |
Additional Attributes Of Receivables Sold Under The Receivables Agreement | Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three months ended March 31 were as follows (in millions): 2020 2019 Collections $541.4 $555.8 Write-offs, net of recoveries 2.1 5.5 |
WPL [Member] | |
Receivables [Line Items] | |
Accounts Receivable Details | Details for accounts receivable included on the balance sheets were as follows (in millions): Alliant Energy IPL WPL March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Customer $100.8 $91.6 $— $— $90.6 $83.5 Unbilled utility revenues 68.9 82.1 — — 68.9 82.1 Deferred proceeds 188.0 187.7 188.0 187.7 — — Other 47.7 48.0 17.8 16.3 29.6 31.4 Allowance for expected credit losses (9.0 ) (7.3 ) (1.0 ) (1.2 ) (8.0 ) (6.1 ) $396.4 $402.1 $204.8 $202.8 $181.1 $190.9 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |
Unconsolidated Equity Investments | Alliant Energy’s equity (income) loss from unconsolidated investments accounted for under the equity method of accounting for the three months ended March 31 was as follows (in millions): 2020 2019 ATC Holdings ($11.0 ) ($9.5 ) Non-utility wind farm in Oklahoma (2.2 ) (1.1 ) Other (0.2 ) (0.3 ) ($13.4 ) ($10.9 ) |
Common Equity (Tables)
Common Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Schedule of Capitalization, Equity [Line Items] | |
Common Share Activity | A summary of Alliant Energy’s common stock activity was as follows: Shares outstanding, January 1, 2020 245,022,800 Equity forward agreements 4,275,127 Shareowner Direct Plan 107,622 Equity-based compensation plans 98,205 Shares outstanding, March 31, 2020 249,503,754 |
Changes in Shareowners' Equity | A summary of changes in shareowners’ equity was as follows (in millions): Alliant Energy Total Alliant Energy Common Equity Accumulated Shares in Cumulative Additional Other Deferred Preferred Common Paid-In Retained Comprehensive Compensation Stock Total Stock Capital Earnings Income (Loss) Trust of IPL Equity Three Months Ended March 31, 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 IPL Total 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 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 |
IPL [Member] | |
Schedule of Capitalization, Equity [Line Items] | |
Changes in Shareowners' Equity | A summary of changes in shareowners’ equity was as follows (in millions): Alliant Energy Total Alliant Energy Common Equity Accumulated Shares in Cumulative Additional Other Deferred Preferred Common Paid-In Retained Comprehensive Compensation Stock Total Stock Capital Earnings Income (Loss) Trust of IPL Equity Three Months Ended March 31, 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 IPL Total 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 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 |
WPL [Member] | |
Schedule of Capitalization, Equity [Line Items] | |
Changes in Shareowners' Equity | A summary of changes in shareowners’ equity was as follows (in millions): Alliant Energy Total Alliant Energy Common Equity Accumulated Shares in Cumulative Additional Other Deferred Preferred Common Paid-In Retained Comprehensive Compensation Stock Total Stock Capital Earnings Income (Loss) Trust of IPL Equity Three Months Ended March 31, 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 IPL Total 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 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 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Short-term Debt [Line Items] | |
Other Short-Term Borrowings | 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, 2020 Alliant Energy IPL WPL Amount outstanding $270.5 $— $182.0 Weighted average interest rates 1.6% N/A 1.7% Available credit facility capacity $729.5 $250.0 $118.0 Alliant Energy IPL WPL Three Months Ended March 31 2020 2019 2020 2019 2020 2019 Maximum amount outstanding (based on daily outstanding balances) $462.5 $600.6 $0.8 $50.4 $212.0 $195.1 Average amount outstanding (based on daily outstanding balances) $382.3 $498.8 $— $0.6 $167.0 $138.1 Weighted average interest rates 1.8% 2.7% 1.8% 2.8% 1.8% 2.5% |
IPL [Member] | |
Short-term Debt [Line Items] | |
Other Short-Term Borrowings | 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, 2020 Alliant Energy IPL WPL Amount outstanding $270.5 $— $182.0 Weighted average interest rates 1.6% N/A 1.7% Available credit facility capacity $729.5 $250.0 $118.0 Alliant Energy IPL WPL Three Months Ended March 31 2020 2019 2020 2019 2020 2019 Maximum amount outstanding (based on daily outstanding balances) $462.5 $600.6 $0.8 $50.4 $212.0 $195.1 Average amount outstanding (based on daily outstanding balances) $382.3 $498.8 $— $0.6 $167.0 $138.1 Weighted average interest rates 1.8% 2.7% 1.8% 2.8% 1.8% 2.5% |
WPL [Member] | |
Short-term Debt [Line Items] | |
Other Short-Term Borrowings | 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, 2020 Alliant Energy IPL WPL Amount outstanding $270.5 $— $182.0 Weighted average interest rates 1.6% N/A 1.7% Available credit facility capacity $729.5 $250.0 $118.0 Alliant Energy IPL WPL Three Months Ended March 31 2020 2019 2020 2019 2020 2019 Maximum amount outstanding (based on daily outstanding balances) $462.5 $600.6 $0.8 $50.4 $212.0 $195.1 Average amount outstanding (based on daily outstanding balances) $382.3 $498.8 $— $0.6 $167.0 $138.1 Weighted average interest rates 1.8% 2.7% 1.8% 2.8% 1.8% 2.5% |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | 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 March 31 2020 2019 2020 2019 2020 2019 Electric Utility: Retail - residential $266.8 $274.7 $147.4 $147.5 $119.4 $127.2 Retail - commercial 182.3 181.1 119.7 116.6 62.6 64.5 Retail - industrial 209.9 208.7 121.2 116.1 88.7 92.6 Wholesale 40.9 46.5 14.4 16.9 26.5 29.6 Bulk power and other 30.4 32.4 22.1 22.7 8.3 9.7 Total Electric Utility 730.3 743.4 424.8 419.8 305.5 323.6 Gas Utility: Retail - residential 90.5 131.8 48.8 77.9 41.7 53.9 Retail - commercial 45.7 63.6 24.1 34.8 21.6 28.8 Retail - industrial 4.2 5.4 2.3 3.2 1.9 2.2 Transportation/other 11.8 15.0 7.8 8.7 4.0 6.3 Total Gas Utility 152.2 215.8 83.0 124.6 69.2 91.2 Other Utility: Steam 10.0 8.4 10.0 8.4 — — Other utility 1.6 2.7 1.1 2.3 0.5 0.4 Total Other Utility 11.6 11.1 11.1 10.7 0.5 0.4 Non-Utility and Other: Transportation and other 21.6 16.9 — — — — Total Non-Utility and Other 21.6 16.9 — — — — Total revenues $915.7 $987.2 $518.9 $555.1 $375.2 $415.2 |
IPL [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | 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 March 31 2020 2019 2020 2019 2020 2019 Electric Utility: Retail - residential $266.8 $274.7 $147.4 $147.5 $119.4 $127.2 Retail - commercial 182.3 181.1 119.7 116.6 62.6 64.5 Retail - industrial 209.9 208.7 121.2 116.1 88.7 92.6 Wholesale 40.9 46.5 14.4 16.9 26.5 29.6 Bulk power and other 30.4 32.4 22.1 22.7 8.3 9.7 Total Electric Utility 730.3 743.4 424.8 419.8 305.5 323.6 Gas Utility: Retail - residential 90.5 131.8 48.8 77.9 41.7 53.9 Retail - commercial 45.7 63.6 24.1 34.8 21.6 28.8 Retail - industrial 4.2 5.4 2.3 3.2 1.9 2.2 Transportation/other 11.8 15.0 7.8 8.7 4.0 6.3 Total Gas Utility 152.2 215.8 83.0 124.6 69.2 91.2 Other Utility: Steam 10.0 8.4 10.0 8.4 — — Other utility 1.6 2.7 1.1 2.3 0.5 0.4 Total Other Utility 11.6 11.1 11.1 10.7 0.5 0.4 Non-Utility and Other: Transportation and other 21.6 16.9 — — — — Total Non-Utility and Other 21.6 16.9 — — — — Total revenues $915.7 $987.2 $518.9 $555.1 $375.2 $415.2 |
WPL [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | 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 March 31 2020 2019 2020 2019 2020 2019 Electric Utility: Retail - residential $266.8 $274.7 $147.4 $147.5 $119.4 $127.2 Retail - commercial 182.3 181.1 119.7 116.6 62.6 64.5 Retail - industrial 209.9 208.7 121.2 116.1 88.7 92.6 Wholesale 40.9 46.5 14.4 16.9 26.5 29.6 Bulk power and other 30.4 32.4 22.1 22.7 8.3 9.7 Total Electric Utility 730.3 743.4 424.8 419.8 305.5 323.6 Gas Utility: Retail - residential 90.5 131.8 48.8 77.9 41.7 53.9 Retail - commercial 45.7 63.6 24.1 34.8 21.6 28.8 Retail - industrial 4.2 5.4 2.3 3.2 1.9 2.2 Transportation/other 11.8 15.0 7.8 8.7 4.0 6.3 Total Gas Utility 152.2 215.8 83.0 124.6 69.2 91.2 Other Utility: Steam 10.0 8.4 10.0 8.4 — — Other utility 1.6 2.7 1.1 2.3 0.5 0.4 Total Other Utility 11.6 11.1 11.1 10.7 0.5 0.4 Non-Utility and Other: Transportation and other 21.6 16.9 — — — — Total Non-Utility and Other 21.6 16.9 — — — — Total revenues $915.7 $987.2 $518.9 $555.1 $375.2 $415.2 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Taxes [Line Items] | |
Schedule Of Effective Income Tax Rates | Overall effective income tax rates, which were computed by dividing income taxes by income before income taxes, were as follows. The effective income tax rates were different than the federal statutory rate primarily due to state income taxes, production tax credits, amortization of excess deferred taxes and the effect of rate-making on property-related differences. The decreases in 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 March 31 2020 2019 2020 2019 2020 2019 Overall income tax rate (12.2 %) 10.6 % (19.8 %) 3.6 % (10.1 %) 18.2 % |
Summary Of Tax Credit Carryforwards | At March 31, 2020 , carryforwards and expiration dates were estimated as follows (in millions): Range of Expiration Dates Alliant Energy IPL WPL Federal net operating losses 2037 $280 $260 $2 State net operating losses 2020-2040 606 12 2 Federal tax credits 2022-2040 386 199 167 |
IPL [Member] | |
Income Taxes [Line Items] | |
Schedule Of Effective Income Tax Rates | Overall effective income tax rates, which were computed by dividing income taxes by income before income taxes, were as follows. The effective income tax rates were different than the federal statutory rate primarily due to state income taxes, production tax credits, amortization of excess deferred taxes and the effect of rate-making on property-related differences. The decreases in 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 March 31 2020 2019 2020 2019 2020 2019 Overall income tax rate (12.2 %) 10.6 % (19.8 %) 3.6 % (10.1 %) 18.2 % |
Summary Of Tax Credit Carryforwards | At March 31, 2020 , carryforwards and expiration dates were estimated as follows (in millions): Range of Expiration Dates Alliant Energy IPL WPL Federal net operating losses 2037 $280 $260 $2 State net operating losses 2020-2040 606 12 2 Federal tax credits 2022-2040 386 199 167 |
WPL [Member] | |
Income Taxes [Line Items] | |
Schedule Of Effective Income Tax Rates | Overall effective income tax rates, which were computed by dividing income taxes by income before income taxes, were as follows. The effective income tax rates were different than the federal statutory rate primarily due to state income taxes, production tax credits, amortization of excess deferred taxes and the effect of rate-making on property-related differences. The decreases in 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 March 31 2020 2019 2020 2019 2020 2019 Overall income tax rate (12.2 %) 10.6 % (19.8 %) 3.6 % (10.1 %) 18.2 % |
Summary Of Tax Credit Carryforwards | At March 31, 2020 , carryforwards and expiration dates were estimated as follows (in millions): Range of Expiration Dates Alliant Energy IPL WPL Federal net operating losses 2037 $280 $260 $2 State net operating losses 2020-2040 606 12 2 Federal tax credits 2022-2040 386 199 167 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Costs | The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans for the three months ended March 31 are included below (in millions). For IPL and WPL, amounts represent those for their plan participants covered under plans they sponsor, as well as amounts directly assigned to them related to certain participants in the Alliant Energy and Corporate Services sponsored plans. Defined Benefit Pension Plans OPEB Plans Alliant Energy 2020 2019 2020 2019 Service cost $2.7 $2.4 $0.8 $0.8 Interest cost 10.8 12.5 1.8 2.1 Expected return on plan assets (17.4 ) (15.0 ) (1.3 ) (1.2 ) Amortization of prior service credit (0.2 ) (0.2 ) — — Amortization of actuarial loss 8.6 9.1 0.8 0.8 Settlement losses (a) 4.2 — — — $8.7 $8.8 $2.1 $2.5 Defined Benefit Pension Plans OPEB Plans IPL 2020 2019 2020 2019 Service cost $1.7 $1.5 $0.3 $0.3 Interest cost 5.0 5.7 0.7 0.8 Expected return on plan assets (8.1 ) (7.0 ) (1.0 ) (0.9 ) Amortization of prior service credit (0.1 ) (0.1 ) — — Amortization of actuarial loss 3.7 3.9 0.3 0.4 $2.2 $4.0 $0.3 $0.6 Defined Benefit Pension Plans OPEB Plans WPL 2020 2019 2020 2019 Service cost $1.0 $0.9 $0.3 $0.3 Interest cost 4.7 5.4 0.7 0.8 Expected return on plan assets (7.6 ) (6.5 ) (0.2 ) (0.1 ) Amortization of prior service credit (0.1 ) (0.1 ) — — Amortization of actuarial loss 4.1 4.4 0.5 0.4 $2.1 $4.1 $1.3 $1.4 (a) Settlement losses related to payments made to retired executives of Alliant Energy. |
Recognized Compensation Expense And Income Tax Benefits | A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards for the three months ended March 31 was as follows (in millions): Alliant Energy IPL WPL 2020 2019 2020 2019 2020 2019 Compensation expense $2.7 $4.7 $1.4 $2.6 $1.1 $1.8 Income tax benefits 0.7 1.3 0.4 0.8 0.3 0.5 |
Schedule Of Equity-based Compensation Plans Activity | For the 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. As of March 31, 2020 , 215,780 shares were included in the calculation of diluted EPS related to the nonvested equity awards. Weighted Average Grants Grant Date Fair Value Performance shares 54,897 $64.04 Performance restricted stock units 54,897 59.57 Restricted stock units 59,936 59.57 |
IPL [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Costs | The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans for the three months ended March 31 are included below (in millions). For IPL and WPL, amounts represent those for their plan participants covered under plans they sponsor, as well as amounts directly assigned to them related to certain participants in the Alliant Energy and Corporate Services sponsored plans. Defined Benefit Pension Plans OPEB Plans Alliant Energy 2020 2019 2020 2019 Service cost $2.7 $2.4 $0.8 $0.8 Interest cost 10.8 12.5 1.8 2.1 Expected return on plan assets (17.4 ) (15.0 ) (1.3 ) (1.2 ) Amortization of prior service credit (0.2 ) (0.2 ) — — Amortization of actuarial loss 8.6 9.1 0.8 0.8 Settlement losses (a) 4.2 — — — $8.7 $8.8 $2.1 $2.5 Defined Benefit Pension Plans OPEB Plans IPL 2020 2019 2020 2019 Service cost $1.7 $1.5 $0.3 $0.3 Interest cost 5.0 5.7 0.7 0.8 Expected return on plan assets (8.1 ) (7.0 ) (1.0 ) (0.9 ) Amortization of prior service credit (0.1 ) (0.1 ) — — Amortization of actuarial loss 3.7 3.9 0.3 0.4 $2.2 $4.0 $0.3 $0.6 Defined Benefit Pension Plans OPEB Plans WPL 2020 2019 2020 2019 Service cost $1.0 $0.9 $0.3 $0.3 Interest cost 4.7 5.4 0.7 0.8 Expected return on plan assets (7.6 ) (6.5 ) (0.2 ) (0.1 ) Amortization of prior service credit (0.1 ) (0.1 ) — — Amortization of actuarial loss 4.1 4.4 0.5 0.4 $2.1 $4.1 $1.3 $1.4 (a) Settlement losses related to payments made to retired executives of Alliant Energy. |
Recognized Compensation Expense And Income Tax Benefits | A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards for the three months ended March 31 was as follows (in millions): Alliant Energy IPL WPL 2020 2019 2020 2019 2020 2019 Compensation expense $2.7 $4.7 $1.4 $2.6 $1.1 $1.8 Income tax benefits 0.7 1.3 0.4 0.8 0.3 0.5 |
Schedule Of Equity-based Compensation Plans Activity | For the 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. As of March 31, 2020 , 215,780 shares were included in the calculation of diluted EPS related to the nonvested equity awards. Weighted Average Grants Grant Date Fair Value Performance shares 54,897 $64.04 Performance restricted stock units 54,897 59.57 Restricted stock units 59,936 59.57 |
WPL [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Costs | The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans for the three months ended March 31 are included below (in millions). For IPL and WPL, amounts represent those for their plan participants covered under plans they sponsor, as well as amounts directly assigned to them related to certain participants in the Alliant Energy and Corporate Services sponsored plans. Defined Benefit Pension Plans OPEB Plans Alliant Energy 2020 2019 2020 2019 Service cost $2.7 $2.4 $0.8 $0.8 Interest cost 10.8 12.5 1.8 2.1 Expected return on plan assets (17.4 ) (15.0 ) (1.3 ) (1.2 ) Amortization of prior service credit (0.2 ) (0.2 ) — — Amortization of actuarial loss 8.6 9.1 0.8 0.8 Settlement losses (a) 4.2 — — — $8.7 $8.8 $2.1 $2.5 Defined Benefit Pension Plans OPEB Plans IPL 2020 2019 2020 2019 Service cost $1.7 $1.5 $0.3 $0.3 Interest cost 5.0 5.7 0.7 0.8 Expected return on plan assets (8.1 ) (7.0 ) (1.0 ) (0.9 ) Amortization of prior service credit (0.1 ) (0.1 ) — — Amortization of actuarial loss 3.7 3.9 0.3 0.4 $2.2 $4.0 $0.3 $0.6 Defined Benefit Pension Plans OPEB Plans WPL 2020 2019 2020 2019 Service cost $1.0 $0.9 $0.3 $0.3 Interest cost 4.7 5.4 0.7 0.8 Expected return on plan assets (7.6 ) (6.5 ) (0.2 ) (0.1 ) Amortization of prior service credit (0.1 ) (0.1 ) — — Amortization of actuarial loss 4.1 4.4 0.5 0.4 $2.1 $4.1 $1.3 $1.4 (a) Settlement losses related to payments made to retired executives of Alliant Energy. |
Recognized Compensation Expense And Income Tax Benefits | A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards for the three months ended March 31 was as follows (in millions): Alliant Energy IPL WPL 2020 2019 2020 2019 2020 2019 Compensation expense $2.7 $4.7 $1.4 $2.6 $1.1 $1.8 Income tax benefits 0.7 1.3 0.4 0.8 0.3 0.5 |
Schedule Of Equity-based Compensation Plans Activity | For the 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. As of March 31, 2020 , 215,780 shares were included in the calculation of diluted EPS related to the nonvested equity awards. Weighted Average Grants Grant Date Fair Value Performance shares 54,897 $64.04 Performance restricted stock units 54,897 59.57 Restricted stock units 59,936 59.57 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Schedule of Asset Retirement Obligations [Line Items] | |
Reconciliation of Changes in Asset Retirement Obligations | A reconciliation of the changes in asset retirement obligations associated with long-lived assets for the three months ended March 31, 2020 is as follows (in millions): Alliant Energy IPL Balance, January 1 $196.3 $133.9 Liabilities settled (1.5 ) (1.4 ) Liabilities incurred (a) 27.6 27.6 Accretion expense 1.7 1.2 Balance, March 31 $224.1 $161.3 (a) During the three months ended March 31 , 2020, Alliant Energy and IPL recognized additional asset retirement obligations related to IPL’s newly constructed Whispering Willow North and Golden Plains wind sites. The increases in asset retirement obligations resulted in corresponding increases in property, plant and equipment, net on the respective balance sheets. |
IPL [Member] | |
Schedule of Asset Retirement Obligations [Line Items] | |
Reconciliation of Changes in Asset Retirement Obligations | A reconciliation of the changes in asset retirement obligations associated with long-lived assets for the three months ended March 31, 2020 is as follows (in millions): Alliant Energy IPL Balance, January 1 $196.3 $133.9 Liabilities settled (1.5 ) (1.4 ) Liabilities incurred (a) 27.6 27.6 Accretion expense 1.7 1.2 Balance, March 31 $224.1 $161.3 (a) During the three months ended March 31 , 2020, Alliant Energy and IPL recognized additional asset retirement obligations related to IPL’s newly constructed Whispering Willow North and Golden Plains wind sites. The increases in asset retirement obligations resulted in corresponding increases in property, plant and equipment, net on the respective balance sheets. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments [Line Items] | |
Notional Amounts Of Derivative Instruments | As of 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 Fuel MWhs Years Dths Years Tons Years Gallons Years Alliant Energy 4,420 2020 185,883 2020-2027 5,187 2020-2021 4,410 2020-2021 IPL 2,108 2020 106,525 2020-2027 2,223 2020-2021 — — WPL 2,312 2020 79,358 2020-2027 2,964 2020-2021 4,410 2020-2021 |
Fair Value Of Financial Instruments | Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities as follows (in millions): Alliant Energy IPL WPL March 31, December 31, March 31, December 31, March 31, December 31, Current derivative assets $10.1 $15.8 $8.3 $12.1 $1.8 $3.7 Non-current derivative assets 8.6 11.0 8.2 10.2 0.4 0.8 Current derivative liabilities 29.9 19.0 12.7 8.9 17.2 10.1 Non-current derivative liabilities 21.2 18.6 9.7 8.5 11.5 10.1 |
IPL [Member] | |
Derivative Instruments [Line Items] | |
Notional Amounts Of Derivative Instruments | As of 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 Fuel MWhs Years Dths Years Tons Years Gallons Years Alliant Energy 4,420 2020 185,883 2020-2027 5,187 2020-2021 4,410 2020-2021 IPL 2,108 2020 106,525 2020-2027 2,223 2020-2021 — — WPL 2,312 2020 79,358 2020-2027 2,964 2020-2021 4,410 2020-2021 |
Fair Value Of Financial Instruments | Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities as follows (in millions): Alliant Energy IPL WPL March 31, December 31, March 31, December 31, March 31, December 31, Current derivative assets $10.1 $15.8 $8.3 $12.1 $1.8 $3.7 Non-current derivative assets 8.6 11.0 8.2 10.2 0.4 0.8 Current derivative liabilities 29.9 19.0 12.7 8.9 17.2 10.1 Non-current derivative liabilities 21.2 18.6 9.7 8.5 11.5 10.1 |
WPL [Member] | |
Derivative Instruments [Line Items] | |
Notional Amounts Of Derivative Instruments | As of 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 Fuel MWhs Years Dths Years Tons Years Gallons Years Alliant Energy 4,420 2020 185,883 2020-2027 5,187 2020-2021 4,410 2020-2021 IPL 2,108 2020 106,525 2020-2027 2,223 2020-2021 — — WPL 2,312 2020 79,358 2020-2027 2,964 2020-2021 4,410 2020-2021 |
Fair Value Of Financial Instruments | Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities as follows (in millions): Alliant Energy IPL WPL March 31, December 31, March 31, December 31, March 31, December 31, Current derivative assets $10.1 $15.8 $8.3 $12.1 $1.8 $3.7 Non-current derivative assets 8.6 11.0 8.2 10.2 0.4 0.8 Current derivative liabilities 29.9 19.0 12.7 8.9 17.2 10.1 Non-current derivative liabilities 21.2 18.6 9.7 8.5 11.5 10.1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Statement [Line Items] | |
Fair Value Measurements | Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions): Alliant Energy March 31, 2020 December 31, 2019 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $41.2 $41.2 $— $— $41.2 $5.4 $5.4 $— $— $5.4 Derivatives 18.7 — 4.0 14.7 18.7 26.8 — 4.8 22.0 26.8 Deferred proceeds 188.0 — — 188.0 188.0 187.7 — — 187.7 187.7 Liabilities: Derivatives 51.1 — 50.6 0.5 51.1 37.6 — 36.8 0.8 37.6 Long-term debt (incl. current maturities) 6,191.1 — 6,916.4 1.7 6,918.1 6,190.2 — 6,917.9 2.0 6,919.9 IPL March 31, 2020 December 31, 2019 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $21.2 $21.2 $— $— $21.2 $5.4 $5.4 $— $— $5.4 Derivatives 16.5 — 2.5 14.0 16.5 22.3 — 2.8 19.5 22.3 Deferred proceeds 188.0 — — 188.0 188.0 187.7 — — 187.7 187.7 Liabilities: Derivatives 22.4 — 21.9 0.5 22.4 17.4 — 16.6 0.8 17.4 Long-term debt (incl. current maturities) 3,147.9 — 3,452.1 — 3,452.1 3,147.3 — 3,489.1 — 3,489.1 WPL March 31, 2020 December 31, 2019 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $20.0 $20.0 $— $— $20.0 $— $— $— $— $— Derivatives 2.2 — 1.5 0.7 2.2 4.5 — 2.0 2.5 4.5 Liabilities: Derivatives 28.7 — 28.7 — 28.7 20.2 — 20.2 — 20.2 Long-term debt (incl. current maturities) 1,933.1 — 2,309.8 — 2,309.8 1,932.7 — 2,268.2 — 2,268.2 |
Fair Value Measurements Using Significant Unobservable Inputs | Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions): Alliant Energy Commodity Contract Derivative Assets and (Liabilities), net Deferred Proceeds Three Months Ended March 31 2020 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 ) $— $— IPL Commodity Contract Derivative Assets and (Liabilities), net Deferred Proceeds Three Months Ended March 31 2020 2019 2020 2019 Beginning balance, January 1 $18.7 $9.0 $187.7 $119.4 Total net losses included in changes in net assets (realized/unrealized) (2.3 ) (3.2 ) — — Sales — (0.1 ) — — Settlements (a) (2.9 ) (5.1 ) 0.3 58.9 Ending balance, March 31 $13.5 $0.6 $188.0 $178.3 The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at March 31 ($2.3 ) ($1.4 ) $— $— WPL Commodity Contract Derivative Assets and (Liabilities), net Three Months Ended March 31 2020 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 ) (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. |
Fair Value Of Net Derivative Assets | The fair value of FTR and natural gas commodity contracts categorized as Level 3 was recognized as net derivative assets as follows (in millions): Alliant Energy IPL WPL Excluding FTRs FTRs Excluding FTRs FTRs Excluding FTRs FTRs March 31, 2020 $11.8 $2.4 $11.7 $1.8 $0.1 $0.6 December 31, 2019 14.6 6.6 13.6 5.1 1.0 1.5 |
IPL [Member] | |
Statement [Line Items] | |
Fair Value Measurements | Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions): Alliant Energy March 31, 2020 December 31, 2019 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $41.2 $41.2 $— $— $41.2 $5.4 $5.4 $— $— $5.4 Derivatives 18.7 — 4.0 14.7 18.7 26.8 — 4.8 22.0 26.8 Deferred proceeds 188.0 — — 188.0 188.0 187.7 — — 187.7 187.7 Liabilities: Derivatives 51.1 — 50.6 0.5 51.1 37.6 — 36.8 0.8 37.6 Long-term debt (incl. current maturities) 6,191.1 — 6,916.4 1.7 6,918.1 6,190.2 — 6,917.9 2.0 6,919.9 IPL March 31, 2020 December 31, 2019 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $21.2 $21.2 $— $— $21.2 $5.4 $5.4 $— $— $5.4 Derivatives 16.5 — 2.5 14.0 16.5 22.3 — 2.8 19.5 22.3 Deferred proceeds 188.0 — — 188.0 188.0 187.7 — — 187.7 187.7 Liabilities: Derivatives 22.4 — 21.9 0.5 22.4 17.4 — 16.6 0.8 17.4 Long-term debt (incl. current maturities) 3,147.9 — 3,452.1 — 3,452.1 3,147.3 — 3,489.1 — 3,489.1 WPL March 31, 2020 December 31, 2019 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $20.0 $20.0 $— $— $20.0 $— $— $— $— $— Derivatives 2.2 — 1.5 0.7 2.2 4.5 — 2.0 2.5 4.5 Liabilities: Derivatives 28.7 — 28.7 — 28.7 20.2 — 20.2 — 20.2 Long-term debt (incl. current maturities) 1,933.1 — 2,309.8 — 2,309.8 1,932.7 — 2,268.2 — 2,268.2 |
Fair Value Measurements Using Significant Unobservable Inputs | Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions): Alliant Energy Commodity Contract Derivative Assets and (Liabilities), net Deferred Proceeds Three Months Ended March 31 2020 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 ) $— $— IPL Commodity Contract Derivative Assets and (Liabilities), net Deferred Proceeds Three Months Ended March 31 2020 2019 2020 2019 Beginning balance, January 1 $18.7 $9.0 $187.7 $119.4 Total net losses included in changes in net assets (realized/unrealized) (2.3 ) (3.2 ) — — Sales — (0.1 ) — — Settlements (a) (2.9 ) (5.1 ) 0.3 58.9 Ending balance, March 31 $13.5 $0.6 $188.0 $178.3 The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at March 31 ($2.3 ) ($1.4 ) $— $— WPL Commodity Contract Derivative Assets and (Liabilities), net Three Months Ended March 31 2020 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 ) (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. |
Fair Value Of Net Derivative Assets | The fair value of FTR and natural gas commodity contracts categorized as Level 3 was recognized as net derivative assets as follows (in millions): Alliant Energy IPL WPL Excluding FTRs FTRs Excluding FTRs FTRs Excluding FTRs FTRs March 31, 2020 $11.8 $2.4 $11.7 $1.8 $0.1 $0.6 December 31, 2019 14.6 6.6 13.6 5.1 1.0 1.5 |
WPL [Member] | |
Statement [Line Items] | |
Fair Value Measurements | Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions): Alliant Energy March 31, 2020 December 31, 2019 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $41.2 $41.2 $— $— $41.2 $5.4 $5.4 $— $— $5.4 Derivatives 18.7 — 4.0 14.7 18.7 26.8 — 4.8 22.0 26.8 Deferred proceeds 188.0 — — 188.0 188.0 187.7 — — 187.7 187.7 Liabilities: Derivatives 51.1 — 50.6 0.5 51.1 37.6 — 36.8 0.8 37.6 Long-term debt (incl. current maturities) 6,191.1 — 6,916.4 1.7 6,918.1 6,190.2 — 6,917.9 2.0 6,919.9 IPL March 31, 2020 December 31, 2019 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $21.2 $21.2 $— $— $21.2 $5.4 $5.4 $— $— $5.4 Derivatives 16.5 — 2.5 14.0 16.5 22.3 — 2.8 19.5 22.3 Deferred proceeds 188.0 — — 188.0 188.0 187.7 — — 187.7 187.7 Liabilities: Derivatives 22.4 — 21.9 0.5 22.4 17.4 — 16.6 0.8 17.4 Long-term debt (incl. current maturities) 3,147.9 — 3,452.1 — 3,452.1 3,147.3 — 3,489.1 — 3,489.1 WPL March 31, 2020 December 31, 2019 Fair Value Fair Value Carrying Level Level Level Carrying Level Level Level Amount 1 2 3 Total Amount 1 2 3 Total Assets: Money market fund investments $20.0 $20.0 $— $— $20.0 $— $— $— $— $— Derivatives 2.2 — 1.5 0.7 2.2 4.5 — 2.0 2.5 4.5 Liabilities: Derivatives 28.7 — 28.7 — 28.7 20.2 — 20.2 — 20.2 Long-term debt (incl. current maturities) 1,933.1 — 2,309.8 — 2,309.8 1,932.7 — 2,268.2 — 2,268.2 |
Fair Value Measurements Using Significant Unobservable Inputs | Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions): Alliant Energy Commodity Contract Derivative Assets and (Liabilities), net Deferred Proceeds Three Months Ended March 31 2020 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 ) $— $— IPL Commodity Contract Derivative Assets and (Liabilities), net Deferred Proceeds Three Months Ended March 31 2020 2019 2020 2019 Beginning balance, January 1 $18.7 $9.0 $187.7 $119.4 Total net losses included in changes in net assets (realized/unrealized) (2.3 ) (3.2 ) — — Sales — (0.1 ) — — Settlements (a) (2.9 ) (5.1 ) 0.3 58.9 Ending balance, March 31 $13.5 $0.6 $188.0 $178.3 The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at March 31 ($2.3 ) ($1.4 ) $— $— WPL Commodity Contract Derivative Assets and (Liabilities), net Three Months Ended March 31 2020 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 ) (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. |
Fair Value Of Net Derivative Assets | The fair value of FTR and natural gas commodity contracts categorized as Level 3 was recognized as net derivative assets as follows (in millions): Alliant Energy IPL WPL Excluding FTRs FTRs Excluding FTRs FTRs Excluding FTRs FTRs March 31, 2020 $11.8 $2.4 $11.7 $1.8 $0.1 $0.6 December 31, 2019 14.6 6.6 13.6 5.1 1.0 1.5 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies [Line Items] | |
Other Purchase Commitments | At March 31, 2020 , the related minimum future commitments were as follows (in millions): Alliant Energy IPL WPL Purchased power (a) $76 $75 $1 Natural gas 915 508 407 Coal (b) 110 68 42 Other (c) 117 58 28 $1,218 $709 $478 (a) Includes 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. Such commitments were assigned to IPL and WPL based on information available as of March 31, 2020 regarding expected future usage, which is subject to change. (c) Includes individual commitments incurred during the normal course of business that exceeded $1 million at March 31, 2020 . |
MGP Site Estimated Future Costs And Recorded Liabilities | At March 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 March 31, 2020 , such amounts for WPL were not material. Alliant Energy IPL Range of estimated future costs $12 - $29 $10 - $24 Current and non-current environmental liabilities 16 13 |
IPL [Member] | |
Commitments and Contingencies [Line Items] | |
Other Purchase Commitments | At March 31, 2020 , the related minimum future commitments were as follows (in millions): Alliant Energy IPL WPL Purchased power (a) $76 $75 $1 Natural gas 915 508 407 Coal (b) 110 68 42 Other (c) 117 58 28 $1,218 $709 $478 (a) Includes 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. Such commitments were assigned to IPL and WPL based on information available as of March 31, 2020 regarding expected future usage, which is subject to change. (c) Includes individual commitments incurred during the normal course of business that exceeded $1 million at March 31, 2020 . |
MGP Site Estimated Future Costs And Recorded Liabilities | At March 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 March 31, 2020 , such amounts for WPL were not material. Alliant Energy IPL Range of estimated future costs $12 - $29 $10 - $24 Current and non-current environmental liabilities 16 13 |
WPL [Member] | |
Commitments and Contingencies [Line Items] | |
Other Purchase Commitments | At March 31, 2020 , the related minimum future commitments were as follows (in millions): Alliant Energy IPL WPL Purchased power (a) $76 $75 $1 Natural gas 915 508 407 Coal (b) 110 68 42 Other (c) 117 58 28 $1,218 $709 $478 (a) Includes 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. Such commitments were assigned to IPL and WPL based on information available as of March 31, 2020 regarding expected future usage, which is subject to change. (c) Includes individual commitments incurred during the normal course of business that exceeded $1 million at March 31, 2020 . |
Segments Of Business (Tables)
Segments Of Business (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | |
Schedule Of Segments Of Business | Certain financial information relating to Alliant Energy’s, IPL’s and WPL’s business segments is as follows. Intersegment revenues were not material to their respective operations. Alliant Energy ATC Holdings, Alliant Utility Non-Utility, Energy Electric Gas Other Total Parent and Other Consolidated (in millions) 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 $743.4 $215.8 $11.1 $970.3 $16.9 $987.2 Operating income 126.4 45.2 — 171.6 5.2 176.8 Net income attributable to Alliant Energy common shareowners 119.0 6.1 125.1 IPL Electric Gas Other Total (in millions) Three Months Ended March 31, 2020 Revenues $424.8 $83.0 $11.1 $518.9 Operating income 67.0 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 income 46.8 26.3 0.4 73.5 Net income available for common stock 53.3 WPL Electric Gas Other Total (in millions) Three Months Ended March 31, 2020 Revenues $305.5 $69.2 $0.5 $375.2 Operating income 79.2 14.3 0.3 93.8 Net income 89.6 Three Months Ended March 31, 2019 Revenues $323.6 $91.2 $0.4 $415.2 Operating income (loss) 79.6 18.9 (0.4 ) 98.1 Net income 65.7 |
IPL [Member] | |
Segment Reporting Information [Line Items] | |
Schedule Of Segments Of Business | Certain financial information relating to Alliant Energy’s, IPL’s and WPL’s business segments is as follows. Intersegment revenues were not material to their respective operations. Alliant Energy ATC Holdings, Alliant Utility Non-Utility, Energy Electric Gas Other Total Parent and Other Consolidated (in millions) 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 $743.4 $215.8 $11.1 $970.3 $16.9 $987.2 Operating income 126.4 45.2 — 171.6 5.2 176.8 Net income attributable to Alliant Energy common shareowners 119.0 6.1 125.1 IPL Electric Gas Other Total (in millions) Three Months Ended March 31, 2020 Revenues $424.8 $83.0 $11.1 $518.9 Operating income 67.0 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 income 46.8 26.3 0.4 73.5 Net income available for common stock 53.3 WPL Electric Gas Other Total (in millions) Three Months Ended March 31, 2020 Revenues $305.5 $69.2 $0.5 $375.2 Operating income 79.2 14.3 0.3 93.8 Net income 89.6 Three Months Ended March 31, 2019 Revenues $323.6 $91.2 $0.4 $415.2 Operating income (loss) 79.6 18.9 (0.4 ) 98.1 Net income 65.7 |
WPL [Member] | |
Segment Reporting Information [Line Items] | |
Schedule Of Segments Of Business | Certain financial information relating to Alliant Energy’s, IPL’s and WPL’s business segments is as follows. Intersegment revenues were not material to their respective operations. Alliant Energy ATC Holdings, Alliant Utility Non-Utility, Energy Electric Gas Other Total Parent and Other Consolidated (in millions) 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 $743.4 $215.8 $11.1 $970.3 $16.9 $987.2 Operating income 126.4 45.2 — 171.6 5.2 176.8 Net income attributable to Alliant Energy common shareowners 119.0 6.1 125.1 IPL Electric Gas Other Total (in millions) Three Months Ended March 31, 2020 Revenues $424.8 $83.0 $11.1 $518.9 Operating income 67.0 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 income 46.8 26.3 0.4 73.5 Net income available for common stock 53.3 WPL Electric Gas Other Total (in millions) Three Months Ended March 31, 2020 Revenues $305.5 $69.2 $0.5 $375.2 Operating income 79.2 14.3 0.3 93.8 Net income 89.6 Three Months Ended March 31, 2019 Revenues $323.6 $91.2 $0.4 $415.2 Operating income (loss) 79.6 18.9 (0.4 ) 98.1 Net income 65.7 |
Related Parties (Tables)
Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Line Items] | |
Services Provided, Sales Credited And Purchases | The amounts billed for services provided, sales credited and purchases for the three months ended March 31 were as follows (in millions): IPL WPL 2020 2019 2020 2019 Corporate Services billings $37 $43 $32 $33 Sales credited 15 15 2 1 Purchases billed 81 84 20 30 |
Net Intercompany Payables | Net intercompany payables to Corporate Services were as follows (in millions): IPL WPL March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Net payables to Corporate Services $110 $112 $72 $85 |
Related Amounts Billed Between Parties | The related amounts billed between the parties for the three months ended March 31 were as follows (in millions): 2020 2019 ATC billings to WPL $28 $27 WPL billings to ATC 3 4 |
IPL [Member] | |
Related Party Transactions [Line Items] | |
Services Provided, Sales Credited And Purchases | The amounts billed for services provided, sales credited and purchases for the three months ended March 31 were as follows (in millions): IPL WPL 2020 2019 2020 2019 Corporate Services billings $37 $43 $32 $33 Sales credited 15 15 2 1 Purchases billed 81 84 20 30 |
Net Intercompany Payables | Net intercompany payables to Corporate Services were as follows (in millions): IPL WPL March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Net payables to Corporate Services $110 $112 $72 $85 |
WPL [Member] | |
Related Party Transactions [Line Items] | |
Services Provided, Sales Credited And Purchases | The amounts billed for services provided, sales credited and purchases for the three months ended March 31 were as follows (in millions): IPL WPL 2020 2019 2020 2019 Corporate Services billings $37 $43 $32 $33 Sales credited 15 15 2 1 Purchases billed 81 84 20 30 |
Net Intercompany Payables | Net intercompany payables to Corporate Services were as follows (in millions): IPL WPL March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Net payables to Corporate Services $110 $112 $72 $85 |
Related Amounts Billed Between Parties | The related amounts billed between the parties for the three months ended March 31 were as follows (in millions): 2020 2019 ATC billings to WPL $28 $27 WPL billings to ATC 3 4 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Money market fund investments | $ 41.2 | $ 5.4 |
Money market fund investments interest rate, percentage | 0.40% | |
IPL [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Money market fund investments | $ 21.2 | 5.4 |
Money market fund investments interest rate, percentage | 0.40% | |
WPL [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Money market fund investments | $ 20 | 0 |
Money market fund investments interest rate, percentage | 0.40% | |
Credit Losses ASU [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New accounting standard, cumulative effect adjustment to retained earnings, pre-tax | 12 | |
New accounting standard, cumulative effect adjustment to retained earnings, after-tax | $ 8.7 |
Regulatory Matters (Regulatory
Regulatory Matters (Regulatory Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 1,854.9 | $ 1,844.7 |
Tax-related [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 831.2 | 817.6 |
Pension and OPEB costs [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 510.5 | 524 |
Assets retired early [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 129.2 | 134 |
Asset retirement obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 112.8 | 111.8 |
IPL's DAEC PPA amendment [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 108.8 | 108.2 |
Derivatives [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 51.6 | 39.5 |
Emission allowances [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 20.5 | 21.1 |
Other [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 90.3 | 88.5 |
IPL [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 1,404.9 | 1,399.3 |
IPL [Member] | Tax-related [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 788.3 | 776.8 |
IPL [Member] | Pension and OPEB costs [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 255.7 | 262.5 |
IPL [Member] | Assets retired early [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 85.6 | 87.9 |
IPL [Member] | Asset retirement obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 77.1 | 76.2 |
IPL [Member] | IPL's DAEC PPA amendment [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 108.8 | 108.2 |
IPL [Member] | Derivatives [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 22.6 | 18.3 |
IPL [Member] | Emission allowances [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 20.5 | 21.1 |
IPL [Member] | Other [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 46.3 | 48.3 |
WPL [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 450 | 445.4 |
WPL [Member] | Tax-related [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 42.9 | 40.8 |
WPL [Member] | Pension and OPEB costs [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 254.8 | 261.5 |
WPL [Member] | Assets retired early [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 43.6 | 46.1 |
WPL [Member] | Asset retirement obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 35.7 | 35.6 |
WPL [Member] | Derivatives [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 29 | 21.2 |
WPL [Member] | Other [Member] | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 44 | $ 40.2 |
Regulatory Matters (Regulator_2
Regulatory Matters (Regulatory Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | $ 1,393.9 | $ 1,423.6 |
Tax-related [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 799.4 | 835.6 |
Cost of removal obligations [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 387.9 | 387.7 |
Electric transmission cost recovery [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 97.4 | 88.6 |
Commodity cost recovery [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 25.8 | 24.2 |
WPL's earnings sharing mechanism [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 20.4 | 21.9 |
Derivatives [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 16.4 | 19.9 |
Other [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 46.6 | 45.7 |
IPL [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 720.8 | 714.7 |
IPL [Member] | Tax-related [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 345 | 350.9 |
IPL [Member] | Cost of removal obligations [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 258.1 | 257 |
IPL [Member] | Electric transmission cost recovery [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 62 | 51.3 |
IPL [Member] | Commodity cost recovery [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 10.7 | 8.8 |
IPL [Member] | Derivatives [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 14.8 | 17.4 |
IPL [Member] | Other [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 30.2 | 29.3 |
WPL [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 673.1 | 708.9 |
WPL [Member] | Tax-related [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 454.4 | 484.7 |
WPL [Member] | Cost of removal obligations [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 129.8 | 130.7 |
WPL [Member] | Electric transmission cost recovery [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 35.4 | 37.3 |
WPL [Member] | Commodity cost recovery [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 15.1 | 15.4 |
WPL [Member] | WPL's earnings sharing mechanism [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 20.4 | 21.9 |
WPL [Member] | Derivatives [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 1.6 | 2.5 |
WPL [Member] | Other [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | $ 16.4 | $ 16.4 |
Receivables (Narrative) (Detail
Receivables (Narrative) (Details) - Receivables Sold [Member] - IPL [Member] $ in Millions | Mar. 31, 2020USD ($) |
Receivables [Line Items] | |
Available capacity | $ 74 |
Outstanding receivables past due | $ 26.2 |
Receivables (Details of Account
Receivables (Details of Accounts Receivable) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Receivables [Line Items] | ||
Customer | $ 100.8 | $ 91.6 |
Unbilled utility revenues | 68.9 | 82.1 |
Deferred proceeds | 188 | 187.7 |
Other | 47.7 | 48 |
Allowance for expected credit losses | (9) | (7.3) |
Accounts receivable, less allowance for expected credit losses | 396.4 | 402.1 |
IPL [Member] | ||
Receivables [Line Items] | ||
Customer | 0 | 0 |
Unbilled utility revenues | 0 | 0 |
Deferred proceeds | 188 | 187.7 |
Other | 17.8 | 16.3 |
Allowance for expected credit losses | (1) | (1.2) |
Accounts receivable, less allowance for expected credit losses | 204.8 | 202.8 |
WPL [Member] | ||
Receivables [Line Items] | ||
Customer | 90.6 | 83.5 |
Unbilled utility revenues | 68.9 | 82.1 |
Other | 29.6 | 31.4 |
Allowance for expected credit losses | (8) | (6.1) |
Accounts receivable, less allowance for expected credit losses | $ 181.1 | $ 190.9 |
Receivables (Maximum And Averag
Receivables (Maximum And Average Outstanding Cash Proceeds) (Details) - IPL [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Maximum [Member] | ||
Receivables [Line Items] | ||
Outstanding aggregate cash proceeds (based on daily outstanding balances) | $ 96 | $ 108 |
Average [Member] | ||
Receivables [Line Items] | ||
Outstanding aggregate cash proceeds (based on daily outstanding balances) | $ 23.6 | $ 81 |
Receivables (Receivables Sold U
Receivables (Receivables Sold Under The Agreement) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Receivables [Line Items] | ||
Fair value of deferred proceeds | $ 188 | $ 187.7 |
IPL [Member] | ||
Receivables [Line Items] | ||
Fair value of deferred proceeds | 188 | 187.7 |
Receivables Sold [Member] | IPL [Member] | ||
Receivables [Line Items] | ||
Customer accounts receivable | 131.2 | 124.7 |
Unbilled utility revenues | 83 | 95.5 |
Other receivables | 0.9 | 0.9 |
Receivables sold to third party | 215.1 | 221.1 |
Less: cash proceeds | 16 | 27 |
Deferred proceeds | 199.1 | 194.1 |
Less: allowance for expected credit losses | 11.1 | 6.4 |
Fair value of deferred proceeds | $ 188 | $ 187.7 |
Receivables (Additional Attribu
Receivables (Additional Attributes Of Receivables Sold Under The Agreement) (Details) - IPL [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Receivables [Line Items] | ||
Collections | $ 541.4 | $ 555.8 |
Write-offs, net of recoveries | $ 2.1 | $ 5.5 |
Investments (Unconsolidated Equ
Investments (Unconsolidated Equity Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||
Equity (income) loss from unconsolidated investments, net | $ (13.4) | $ (10.9) |
ATC Holdings [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity (income) loss from unconsolidated investments, net | (11) | (9.5) |
Non-utility wind farm in Oklahoma [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity (income) loss from unconsolidated investments, net | (2.2) | (1.1) |
Other [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity (income) loss from unconsolidated investments, net | $ (0.2) | $ (0.3) |
Common Equity (Narrative) (Deta
Common Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |
Nov. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Common Equity [Line Items] | |||
Proceeds from issuance of common stock, net | $ 228.4 | $ 54.6 | |
Equity Forward Agreements [Member] | |||
Common Equity [Line Items] | |||
Common stock to be issued, equity forward agreements (in shares) | 4,275,127 | ||
Common stock issued during the period, equity forward agreements (in shares) | 4,275,127 | ||
Forward sales price (in dollars per share) | $ 52.235 | $ 51.98 | |
Proceeds from issuance of common stock, net | $ 222 |
Common Equity (Common Share Act
Common Equity (Common Share Activity) (Details) | 3 Months Ended |
Mar. 31, 2020shares | |
Common Stock Oustanding [Roll Forward] | |
Shares outstanding, January 1, 2020 (in shares) | 245,022,800 |
Shareowner Direct Plan (in shares) | 107,622 |
Equity-based compensation plans (in shares) | 98,205 |
Shares outstanding, March 31, 2020 (in shares) | 249,503,754 |
Equity Forward Agreements [Member] | |
Common Stock Oustanding [Roll Forward] | |
Equity forward agreements (in shares) | 4,275,127 |
Common Equity (Changes in Share
Common Equity (Changes in Shareowners' Equity) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Changes in Shareowners' Equity Roll Forward [Line Items] | ||
Beginning balance | $ 5,205.1 | |
Beginning balance | 5,405.1 | $ 4,785.7 |
Net income attributable to common shareowners | 170 | 125.1 |
Net income | 172.6 | 127.7 |
Common stock dividends | (93) | (83.7) |
Equity forward settlements and Shareowner Direct Plan issuances | 228.4 | 54.6 |
Equity-based compensation plans and other | (0.1) | 0 |
Adoption of new accounting standard, net of tax | (8.7) | |
Other comprehensive income, net of tax | 0.7 | 0.7 |
Ending balance | 5,502.4 | |
Ending balance | $ 5,702.4 | $ 4,882.4 |
Common stock dividends (in dollars per share) | $ 0.38 | $ 0.355 |
Common Stock [Member] | ||
Changes in Shareowners' Equity Roll Forward [Line Items] | ||
Beginning balance | $ 2.5 | $ 2.4 |
Ending balance | 2.5 | 2.4 |
Additional Paid-in Capital [Member] | ||
Changes in Shareowners' Equity Roll Forward [Line Items] | ||
Beginning balance | 2,445.9 | 2,045.5 |
Equity forward settlements and Shareowner Direct Plan issuances | 228.4 | 54.6 |
Equity-based compensation plans and other | (0.2) | (0.1) |
Ending balance | 2,674.1 | 2,100 |
Retained Earnings [Member] | ||
Changes in Shareowners' Equity Roll Forward [Line Items] | ||
Beginning balance | 2,765.4 | 2,545.9 |
Net income attributable to common shareowners | 170 | 125.1 |
Common stock dividends | (93) | (83.7) |
Ending balance | 2,833.7 | 2,587.3 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Changes in Shareowners' Equity Roll Forward [Line Items] | ||
Beginning balance | 1.3 | 1.7 |
Other comprehensive income, net of tax | 0.7 | 0.7 |
Ending balance | 2 | 2.4 |
Shares in Deferred Compensation Trust [Member] | ||
Changes in Shareowners' Equity Roll Forward [Line Items] | ||
Beginning balance | (10) | (9.8) |
Equity-based compensation plans and other | 0.1 | 0.1 |
Ending balance | (9.9) | (9.7) |
Cumulative Preferred Stock [Member] | ||
Changes in Shareowners' Equity Roll Forward [Line Items] | ||
Beginning balance | 200 | 200 |
Ending balance | 200 | 200 |
IPL [Member] | ||
Changes in Shareowners' Equity Roll Forward [Line Items] | ||
Beginning balance | 3,271.8 | |
Beginning balance | 3,471.8 | 3,230.7 |
Net income attributable to common shareowners | 82.6 | 53.3 |
Net income | 85.2 | 55.9 |
Common stock dividends | (59) | (42) |
Capital contributions from parent | 100 | 100 |
Ending balance | 3,395.4 | |
Ending balance | 3,595.4 | 3,342 |
IPL [Member] | Common Stock [Member] | ||
Changes in Shareowners' Equity Roll Forward [Line Items] | ||
Beginning balance | 33.4 | 33.4 |
Ending balance | 33.4 | 33.4 |
IPL [Member] | Additional Paid-in Capital [Member] | ||
Changes in Shareowners' Equity Roll Forward [Line Items] | ||
Beginning balance | 2,347.8 | 2,222.8 |
Capital contributions from parent | 100 | 100 |
Ending balance | 2,447.8 | 2,322.8 |
IPL [Member] | Retained Earnings [Member] | ||
Changes in Shareowners' Equity Roll Forward [Line Items] | ||
Beginning balance | 890.6 | 774.5 |
Net income attributable to common shareowners | 82.6 | 53.3 |
Common stock dividends | (59) | (42) |
Ending balance | 914.2 | 785.8 |
IPL [Member] | Cumulative Preferred Stock [Member] | ||
Changes in Shareowners' Equity Roll Forward [Line Items] | ||
Beginning balance | 200 | 200 |
Ending balance | 200 | 200 |
WPL [Member] | ||
Changes in Shareowners' Equity Roll Forward [Line Items] | ||
Beginning balance | 2,363.6 | |
Beginning balance | 2,363.6 | 2,149.5 |
Net income | 89.6 | 65.7 |
Common stock dividends | (42.1) | (36) |
Capital contributions from parent | 25 | 0 |
Ending balance | 2,436.1 | |
Ending balance | 2,436.1 | 2,179.2 |
WPL [Member] | Common Stock [Member] | ||
Changes in Shareowners' Equity Roll Forward [Line Items] | ||
Beginning balance | 66.2 | 66.2 |
Ending balance | 66.2 | 66.2 |
WPL [Member] | Additional Paid-in Capital [Member] | ||
Changes in Shareowners' Equity Roll Forward [Line Items] | ||
Beginning balance | 1,434 | 1,309 |
Capital contributions from parent | 25 | |
Ending balance | 1,459 | 1,309 |
WPL [Member] | Retained Earnings [Member] | ||
Changes in Shareowners' Equity Roll Forward [Line Items] | ||
Beginning balance | 863.4 | 774.3 |
Net income | 89.6 | 65.7 |
Common stock dividends | (42.1) | (36) |
Ending balance | 910.9 | $ 804 |
Credit Losses ASU [Member] | Retained Earnings [Member] | ||
Changes in Shareowners' Equity Roll Forward [Line Items] | ||
Adoption of new accounting standard, net of tax | $ (8.7) |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Debt [Line Items] | ||||
Payments to retire long-term debt | $ 300.3 | $ 0.3 | ||
Term Loan Credit Agreement [Member] | Term Loan Credit Agreement Through March 2022 [Member] | Alliant Energy Finance, LLC [Member] | ||||
Debt [Line Items] | ||||
Proceeds from issuance of long-term debt | $ 300 | |||
Interest rate, percent | 1.00% | 1.00% | ||
Term Loan Credit Agreement [Member] | Term Loan Credit Agreement Through April 2020 [Member] | Alliant Energy Finance, LLC [Member] | ||||
Debt [Line Items] | ||||
Payments to retire long-term debt | $ 300 | |||
Subsequent Event [Member] | Debentures [Member] | 3.65% debenture, due 2050 [Member] | WPL [Member] | ||||
Debt [Line Items] | ||||
Proceeds from issuance of long-term debt | $ 350 | |||
Interest rate, percent | 3.65% |
Debt (Credit Facilities) (Detai
Debt (Credit Facilities) (Details) $ in Millions | Mar. 31, 2020USD ($) |
Debt [Line Items] | |
Amount outstanding | $ 270.5 |
Weighted average interest rates | 1.60% |
Available credit facility capacity | $ 729.5 |
IPL [Member] | |
Debt [Line Items] | |
Amount outstanding | 0 |
Available credit facility capacity | 250 |
WPL [Member] | |
Debt [Line Items] | |
Amount outstanding | $ 182 |
Weighted average interest rates | 1.70% |
Available credit facility capacity | $ 118 |
Debt (Other Short-Term Borrowin
Debt (Other Short-Term Borrowings) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Debt [Line Items] | ||
Maximum amount outstanding (based on daily outstanding balances) | $ 462.5 | $ 600.6 |
Average amount outstanding (based on daily outstanding balances) | $ 382.3 | $ 498.8 |
Weighted average interest rates | 1.80% | 2.70% |
IPL [Member] | ||
Debt [Line Items] | ||
Maximum amount outstanding (based on daily outstanding balances) | $ 0.8 | $ 50.4 |
Average amount outstanding (based on daily outstanding balances) | $ 0 | $ 0.6 |
Weighted average interest rates | 1.80% | 2.80% |
WPL [Member] | ||
Debt [Line Items] | ||
Maximum amount outstanding (based on daily outstanding balances) | $ 212 | $ 195.1 |
Average amount outstanding (based on daily outstanding balances) | $ 167 | $ 138.1 |
Weighted average interest rates | 1.80% | 2.50% |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenues) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 915.7 | $ 987.2 |
Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 730.3 | 743.4 |
Electric [Member] | Retail - residential [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 266.8 | 274.7 |
Electric [Member] | Retail - commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 182.3 | 181.1 |
Electric [Member] | Retail - industrial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 209.9 | 208.7 |
Electric [Member] | Wholesale [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 40.9 | 46.5 |
Electric [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 30.4 | 32.4 |
Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 152.2 | 215.8 |
Gas [Member] | Retail - residential [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 90.5 | 131.8 |
Gas [Member] | Retail - commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 45.7 | 63.6 |
Gas [Member] | Retail - industrial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 4.2 | 5.4 |
Gas [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 11.8 | 15 |
Other Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 11.6 | 11.1 |
Other Utility [Member] | Steam [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 10 | 8.4 |
Other Utility [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1.6 | 2.7 |
Non-utility and Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 21.6 | 16.9 |
Non-utility and Other [Member] | Transportation and other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 21.6 | 16.9 |
IPL [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 518.9 | 555.1 |
IPL [Member] | Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 424.8 | 419.8 |
IPL [Member] | Electric [Member] | Retail - residential [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 147.4 | 147.5 |
IPL [Member] | Electric [Member] | Retail - commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 119.7 | 116.6 |
IPL [Member] | Electric [Member] | Retail - industrial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 121.2 | 116.1 |
IPL [Member] | Electric [Member] | Wholesale [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 14.4 | 16.9 |
IPL [Member] | Electric [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 22.1 | 22.7 |
IPL [Member] | Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 83 | 124.6 |
IPL [Member] | Gas [Member] | Retail - residential [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 48.8 | 77.9 |
IPL [Member] | Gas [Member] | Retail - commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 24.1 | 34.8 |
IPL [Member] | Gas [Member] | Retail - industrial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2.3 | 3.2 |
IPL [Member] | Gas [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 7.8 | 8.7 |
IPL [Member] | Other Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 11.1 | 10.7 |
IPL [Member] | Other Utility [Member] | Steam [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 10 | 8.4 |
IPL [Member] | Other Utility [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1.1 | 2.3 |
WPL [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 375.2 | 415.2 |
WPL [Member] | Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 305.5 | 323.6 |
WPL [Member] | Electric [Member] | Retail - residential [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 119.4 | 127.2 |
WPL [Member] | Electric [Member] | Retail - commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 62.6 | 64.5 |
WPL [Member] | Electric [Member] | Retail - industrial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 88.7 | 92.6 |
WPL [Member] | Electric [Member] | Wholesale [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 26.5 | 29.6 |
WPL [Member] | Electric [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 8.3 | 9.7 |
WPL [Member] | Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 69.2 | 91.2 |
WPL [Member] | Gas [Member] | Retail - residential [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 41.7 | 53.9 |
WPL [Member] | Gas [Member] | Retail - commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 21.6 | 28.8 |
WPL [Member] | Gas [Member] | Retail - industrial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1.9 | 2.2 |
WPL [Member] | Gas [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 4 | 6.3 |
WPL [Member] | Other Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0.5 | 0.4 |
WPL [Member] | Other Utility [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 0.5 | $ 0.4 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rates) (Details) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Effective Tax Rate [Line Items] | ||
Overall income tax rate | (12.20%) | 10.60% |
IPL [Member] | ||
Effective Tax Rate [Line Items] | ||
Overall income tax rate | (19.80%) | 3.60% |
WPL [Member] | ||
Effective Tax Rate [Line Items] | ||
Overall income tax rate | (10.10%) | 18.20% |
Income Taxes (Summary Of Tax Cr
Income Taxes (Summary Of Tax Credit Carryforwards) (Details) $ in Millions | Mar. 31, 2020USD ($) |
Federal [Member] | |
Carryforwards [Line Items] | |
Net operating losses, carryforward amount | $ 280 |
Tax credits, carryforward amount | 386 |
Federal [Member] | IPL [Member] | |
Carryforwards [Line Items] | |
Net operating losses, carryforward amount | 260 |
Tax credits, carryforward amount | 199 |
Federal [Member] | WPL [Member] | |
Carryforwards [Line Items] | |
Net operating losses, carryforward amount | 2 |
Tax credits, carryforward amount | 167 |
State [Member] | |
Carryforwards [Line Items] | |
Net operating losses, carryforward amount | 606 |
State [Member] | IPL [Member] | |
Carryforwards [Line Items] | |
Net operating losses, carryforward amount | 12 |
State [Member] | WPL [Member] | |
Carryforwards [Line Items] | |
Net operating losses, carryforward amount | $ 2 |
Benefit Plans (Narrative) (Deta
Benefit Plans (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($)shares | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized compensation cost | $ 12.5 |
Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized compensation cost recognized over a weighted average period | 1 year |
Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized compensation cost recognized over a weighted average period | 2 years |
IPL [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized compensation cost | $ 7 |
WPL [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized compensation cost | $ 5.1 |
Omnibus Incentive Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Shares included in diluted earnings per share (in shares) | shares | 215,780 |
Benefit Plans (Defined Benefit
Benefit Plans (Defined Benefit Pension And Other Postretirement Benefits Plans) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Defined benefit pension plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 2.7 | $ 2.4 | |
Interest cost | 10.8 | 12.5 | |
Expected return on plan assets | (17.4) | (15) | |
Amortization of prior service credit | (0.2) | (0.2) | |
Amortization of actuarial loss | 8.6 | 9.1 | |
Settlement losses | [1] | 4.2 | 0 |
Total | 8.7 | 8.8 | |
OPEB Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.8 | 0.8 | |
Interest cost | 1.8 | 2.1 | |
Expected return on plan assets | (1.3) | (1.2) | |
Amortization of prior service credit | 0 | 0 | |
Amortization of actuarial loss | 0.8 | 0.8 | |
Settlement losses | 0 | 0 | |
Total | 2.1 | 2.5 | |
IPL [Member] | Defined benefit pension plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1.7 | 1.5 | |
Interest cost | 5 | 5.7 | |
Expected return on plan assets | (8.1) | (7) | |
Amortization of prior service credit | (0.1) | (0.1) | |
Amortization of actuarial loss | 3.7 | 3.9 | |
Total | 2.2 | 4 | |
IPL [Member] | OPEB Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.3 | 0.3 | |
Interest cost | 0.7 | 0.8 | |
Expected return on plan assets | (1) | (0.9) | |
Amortization of prior service credit | 0 | 0 | |
Amortization of actuarial loss | 0.3 | 0.4 | |
Total | 0.3 | 0.6 | |
WPL [Member] | Defined benefit pension plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1 | 0.9 | |
Interest cost | 4.7 | 5.4 | |
Expected return on plan assets | (7.6) | (6.5) | |
Amortization of prior service credit | (0.1) | (0.1) | |
Amortization of actuarial loss | 4.1 | 4.4 | |
Total | 2.1 | 4.1 | |
WPL [Member] | OPEB Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.3 | 0.3 | |
Interest cost | 0.7 | 0.8 | |
Expected return on plan assets | (0.2) | (0.1) | |
Amortization of prior service credit | 0 | 0 | |
Amortization of actuarial loss | 0.5 | 0.4 | |
Total | $ 1.3 | $ 1.4 | |
[1] | Settlement losses related to payments made to retired executives of Alliant Energy. |
Benefit Plans (Recognized Compe
Benefit Plans (Recognized Compensation Expense And Income Tax Benefits) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Compensation expense | $ 2.7 | $ 4.7 |
Income tax benefits | 0.7 | 1.3 |
IPL [Member] | ||
Compensation expense | 1.4 | 2.6 |
Income tax benefits | 0.4 | 0.8 |
WPL [Member] | ||
Compensation expense | 1.1 | 1.8 |
Income tax benefits | $ 0.3 | $ 0.5 |
Benefit Plans (Summary Of Equit
Benefit Plans (Summary Of Equity-based Compensation Plans Grants) (Details) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants (in shares/units) | shares | 54,897 |
Weighted average grant date fair value (in dollars per share/unit) | $ / shares | $ 64.04 |
Performance Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants (in shares/units) | shares | 54,897 |
Weighted average grant date fair value (in dollars per share/unit) | $ / shares | $ 59.57 |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants (in shares/units) | shares | 59,936 |
Weighted average grant date fair value (in dollars per share/unit) | $ / shares | $ 59.57 |
Asset Retirement Obligations (R
Asset Retirement Obligations (Reconciliation Of Changes In Asset Retirement Obligations) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($) | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance, January 1 | $ 196.3 | |
Liabilities settled | (1.5) | |
Liabilities incurred | 27.6 | [1] |
Accretion expense | 1.7 | |
Balance, March 31 | 224.1 | |
IPL [Member] | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance, January 1 | 133.9 | |
Liabilities settled | (1.4) | |
Liabilities incurred | 27.6 | [1] |
Accretion expense | 1.2 | |
Balance, March 31 | $ 161.3 | |
[1] | During the three months ended March 31 , 2020, Alliant Energy and IPL recognized additional asset retirement obligations related to IPL’s newly constructed Whispering Willow North and Golden Plains wind sites. The increases in asset retirement obligations resulted in corresponding increases in property, plant and equipment, net on the respective balance sheets. |
Derivative Instruments (Notiona
Derivative Instruments (Notional Amounts Of Derivative Instruments) (Details) - Commodity [Member] gal in Thousands, T in Thousands, MWh in Thousands, Dekatherms in Thousands | 3 Months Ended |
Mar. 31, 2020DekathermsMWhTgal | |
FTRs (MWhs) [Member] | |
Notional Amount of Derivatives [Line Items] | |
Notional unit amount of derivatives (in MWhs) | MWh | 4,420 |
FTRs (MWhs) [Member] | IPL [Member] | |
Notional Amount of Derivatives [Line Items] | |
Notional unit amount of derivatives (in MWhs) | MWh | 2,108 |
FTRs (MWhs) [Member] | WPL [Member] | |
Notional Amount of Derivatives [Line Items] | |
Notional unit amount of derivatives (in MWhs) | MWh | 2,312 |
Natural Gas (Dths) [Member] | |
Notional Amount of Derivatives [Line Items] | |
Notional unit amount of derivatives (in Dths) | Dekatherms | 185,883 |
Natural Gas (Dths) [Member] | IPL [Member] | |
Notional Amount of Derivatives [Line Items] | |
Notional unit amount of derivatives (in Dths) | Dekatherms | 106,525 |
Natural Gas (Dths) [Member] | WPL [Member] | |
Notional Amount of Derivatives [Line Items] | |
Notional unit amount of derivatives (in Dths) | Dekatherms | 79,358 |
Coal (Tons) [Member] | |
Notional Amount of Derivatives [Line Items] | |
Notional unit amount of derivatives (in Tons) | T | 5,187 |
Coal (Tons) [Member] | IPL [Member] | |
Notional Amount of Derivatives [Line Items] | |
Notional unit amount of derivatives (in Tons) | T | 2,223 |
Coal (Tons) [Member] | WPL [Member] | |
Notional Amount of Derivatives [Line Items] | |
Notional unit amount of derivatives (in Tons) | T | 2,964 |
Diesel Fuel (Gallons) [Member] | |
Notional Amount of Derivatives [Line Items] | |
Notional unit amount of derivatives (in Gallons) | gal | 4,410 |
Diesel Fuel (Gallons) [Member] | IPL [Member] | |
Notional Amount of Derivatives [Line Items] | |
Notional unit amount of derivatives (in Gallons) | gal | 0 |
Diesel Fuel (Gallons) [Member] | WPL [Member] | |
Notional Amount of Derivatives [Line Items] | |
Notional unit amount of derivatives (in Gallons) | gal | 4,410 |
Derivative Instruments (Fair Va
Derivative Instruments (Fair Value Of Financial Instruments) (Details) - Commodity Contracts [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Current derivative assets | $ 10.1 | $ 15.8 |
Non-current derivative assets | 8.6 | 11 |
Current derivative liabilities | 29.9 | 19 |
Non-current derivative liabilities | 21.2 | 18.6 |
IPL [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current derivative assets | 8.3 | 12.1 |
Non-current derivative assets | 8.2 | 10.2 |
Current derivative liabilities | 12.7 | 8.9 |
Non-current derivative liabilities | 9.7 | 8.5 |
WPL [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current derivative assets | 1.8 | 3.7 |
Non-current derivative assets | 0.4 | 0.8 |
Current derivative liabilities | 17.2 | 10.1 |
Non-current derivative liabilities | $ 11.5 | $ 10.1 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Money market fund investments | $ 41.2 | $ 5.4 |
Deferred proceeds | 188 | 187.7 |
Liabilities: | ||
Long-term debt (incl. current maturities) | 6,918.1 | 6,919.9 |
IPL [Member] | ||
Assets: | ||
Money market fund investments | 21.2 | 5.4 |
Deferred proceeds | 188 | 187.7 |
Liabilities: | ||
Long-term debt (incl. current maturities) | 3,452.1 | 3,489.1 |
WPL [Member] | ||
Assets: | ||
Money market fund investments | 20 | 0 |
Liabilities: | ||
Long-term debt (incl. current maturities) | 2,309.8 | 2,268.2 |
Commodity Contracts [Member] | ||
Assets: | ||
Derivatives | 18.7 | 26.8 |
Liabilities: | ||
Derivatives | 51.1 | 37.6 |
Commodity Contracts [Member] | IPL [Member] | ||
Assets: | ||
Derivatives | 16.5 | 22.3 |
Liabilities: | ||
Derivatives | 22.4 | 17.4 |
Commodity Contracts [Member] | WPL [Member] | ||
Assets: | ||
Derivatives | 2.2 | 4.5 |
Liabilities: | ||
Derivatives | 28.7 | 20.2 |
Level 1 [Member] | ||
Assets: | ||
Money market fund investments | 41.2 | 5.4 |
Deferred proceeds | 0 | 0 |
Liabilities: | ||
Long-term debt (incl. current maturities) | 0 | 0 |
Level 1 [Member] | IPL [Member] | ||
Assets: | ||
Money market fund investments | 21.2 | 5.4 |
Deferred proceeds | 0 | 0 |
Liabilities: | ||
Long-term debt (incl. current maturities) | 0 | 0 |
Level 1 [Member] | WPL [Member] | ||
Assets: | ||
Money market fund investments | 20 | 0 |
Liabilities: | ||
Long-term debt (incl. current maturities) | 0 | 0 |
Level 1 [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Level 1 [Member] | Commodity Contracts [Member] | IPL [Member] | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Level 1 [Member] | Commodity Contracts [Member] | WPL [Member] | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Level 2 [Member] | ||
Assets: | ||
Money market fund investments | 0 | 0 |
Deferred proceeds | 0 | 0 |
Liabilities: | ||
Long-term debt (incl. current maturities) | 6,916.4 | 6,917.9 |
Level 2 [Member] | IPL [Member] | ||
Assets: | ||
Money market fund investments | 0 | 0 |
Deferred proceeds | 0 | 0 |
Liabilities: | ||
Long-term debt (incl. current maturities) | 3,452.1 | 3,489.1 |
Level 2 [Member] | WPL [Member] | ||
Assets: | ||
Money market fund investments | 0 | 0 |
Liabilities: | ||
Long-term debt (incl. current maturities) | 2,309.8 | 2,268.2 |
Level 2 [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivatives | 4 | 4.8 |
Liabilities: | ||
Derivatives | 50.6 | 36.8 |
Level 2 [Member] | Commodity Contracts [Member] | IPL [Member] | ||
Assets: | ||
Derivatives | 2.5 | 2.8 |
Liabilities: | ||
Derivatives | 21.9 | 16.6 |
Level 2 [Member] | Commodity Contracts [Member] | WPL [Member] | ||
Assets: | ||
Derivatives | 1.5 | 2 |
Liabilities: | ||
Derivatives | 28.7 | 20.2 |
Level 3 [Member] | ||
Assets: | ||
Money market fund investments | 0 | 0 |
Deferred proceeds | 188 | 187.7 |
Liabilities: | ||
Long-term debt (incl. current maturities) | 1.7 | 2 |
Level 3 [Member] | IPL [Member] | ||
Assets: | ||
Money market fund investments | 0 | 0 |
Deferred proceeds | 188 | 187.7 |
Liabilities: | ||
Long-term debt (incl. current maturities) | 0 | 0 |
Level 3 [Member] | WPL [Member] | ||
Assets: | ||
Money market fund investments | 0 | 0 |
Liabilities: | ||
Long-term debt (incl. current maturities) | 0 | 0 |
Level 3 [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivatives | 14.7 | 22 |
Liabilities: | ||
Derivatives | 0.5 | 0.8 |
Level 3 [Member] | Commodity Contracts [Member] | IPL [Member] | ||
Assets: | ||
Derivatives | 14 | 19.5 |
Liabilities: | ||
Derivatives | 0.5 | 0.8 |
Level 3 [Member] | Commodity Contracts [Member] | WPL [Member] | ||
Assets: | ||
Derivatives | 0.7 | 2.5 |
Liabilities: | ||
Derivatives | 0 | 0 |
Carrying Amount [Member] | ||
Assets: | ||
Money market fund investments | 41.2 | 5.4 |
Deferred proceeds | 188 | 187.7 |
Liabilities: | ||
Long-term debt (incl. current maturities) | 6,191.1 | 6,190.2 |
Carrying Amount [Member] | IPL [Member] | ||
Assets: | ||
Money market fund investments | 21.2 | 5.4 |
Deferred proceeds | 188 | 187.7 |
Liabilities: | ||
Long-term debt (incl. current maturities) | 3,147.9 | 3,147.3 |
Carrying Amount [Member] | WPL [Member] | ||
Assets: | ||
Money market fund investments | 20 | 0 |
Liabilities: | ||
Long-term debt (incl. current maturities) | 1,933.1 | 1,932.7 |
Carrying Amount [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivatives | 18.7 | 26.8 |
Liabilities: | ||
Derivatives | 51.1 | 37.6 |
Carrying Amount [Member] | Commodity Contracts [Member] | IPL [Member] | ||
Assets: | ||
Derivatives | 16.5 | 22.3 |
Liabilities: | ||
Derivatives | 22.4 | 17.4 |
Carrying Amount [Member] | Commodity Contracts [Member] | WPL [Member] | ||
Assets: | ||
Derivatives | 2.2 | 4.5 |
Liabilities: | ||
Derivatives | $ 28.7 | $ 20.2 |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value Measurements Using Significant Unobservable Inputs) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Commodity Contracts [Member] | |||
Fair Value, Assets and Liabilities, Net, Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | $ 21.2 | $ 12.2 | |
Total net losses included in changes in net assets (realized/unrealized) | (3.1) | (5.6) | |
Sales | 0 | (0.2) | |
Settlements | (3.9) | (6) | |
Ending balance | 14.2 | 0.4 | |
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) | |
Commodity Contracts [Member] | IPL [Member] | |||
Fair Value, Assets and Liabilities, Net, Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 18.7 | 9 | |
Total net losses included in changes in net assets (realized/unrealized) | (2.3) | (3.2) | |
Sales | 0 | (0.1) | |
Settlements | (2.9) | (5.1) | |
Ending balance | 13.5 | 0.6 | |
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at March 31 | (2.3) | (1.4) | |
Commodity Contracts [Member] | WPL [Member] | |||
Fair Value, Assets and Liabilities, Net, Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 2.5 | 3.2 | |
Total net losses included in changes in net assets (realized/unrealized) | (0.8) | (2.4) | |
Sales | 0 | (0.1) | |
Settlements | (1) | (0.9) | |
Ending balance | 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) | |
Deferred Proceeds [Member] | |||
Fair Value, Assets and Liabilities, Net, Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 187.7 | 119.4 | |
Total net losses included in changes in net assets (realized/unrealized) | 0 | 0 | |
Sales | 0 | 0 | |
Settlements | [1] | 0.3 | 58.9 |
Ending balance | 188 | 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 | 0 | 0 | |
Deferred Proceeds [Member] | IPL [Member] | |||
Fair Value, Assets and Liabilities, Net, Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 187.7 | 119.4 | |
Total net losses included in changes in net assets (realized/unrealized) | 0 | 0 | |
Sales | 0 | 0 | |
Settlements | [1] | 0.3 | 58.9 |
Ending balance | 188 | 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 | $ 0 | $ 0 | |
[1] | 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. |
Fair Value Measurements (Fair_3
Fair Value Measurements (Fair Value Of Net Derivative Assets (Liabilities)) (Details) - Commodity Contracts [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value, net derivative assets | $ 14.2 | $ 21.2 | $ 0.4 | $ 12.2 |
Excluding Financial Transmission Rights [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value, net derivative assets | 11.8 | 14.6 | ||
Financial Transmission Rights [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value, net derivative assets | 2.4 | 6.6 | ||
IPL [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value, net derivative assets | 13.5 | 18.7 | 0.6 | 9 |
IPL [Member] | Excluding Financial Transmission Rights [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value, net derivative assets | 11.7 | 13.6 | ||
IPL [Member] | Financial Transmission Rights [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value, net derivative assets | 1.8 | 5.1 | ||
WPL [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value, net derivative assets | 0.7 | 2.5 | $ (0.2) | $ 3.2 |
WPL [Member] | Excluding Financial Transmission Rights [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value, net derivative assets | 0.1 | 1 | ||
WPL [Member] | Financial Transmission Rights [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value, net derivative assets | $ 0.6 | $ 1.5 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | ||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | $ 1,218 | ||
IPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | 709 | ||
WPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | 478 | ||
Capital Purchase Commitment [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | 95 | ||
Capital Purchase Commitment [Member] | IPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | 32 | ||
Capital Purchase Commitment [Member] | WPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | 63 | ||
Purchased Power [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | [1] | 76 | |
Purchased Power [Member] | IPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | [1] | 75 | |
Purchased Power [Member] | WPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | [1] | 1 | |
Indemnification Agreement [Member] | |||
Commitments and Contingencies [Line Items] | |||
Obligations, maximum | 82 | ||
Indemnification Agreement [Member] | IPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Obligations, maximum | 17 | ||
Indemnification Agreement [Member] | Purchased Power [Member] | |||
Commitments and Contingencies [Line Items] | |||
Obligations, maximum | $ 17 | ||
Workforce Subject to Collective Bargaining Arrangements [Member] | |||
Commitments and Contingencies [Line Items] | |||
Employees covered by collective bargaining agreement | 53.00% | ||
Workforce Subject to Collective Bargaining Arrangements [Member] | IPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Employees covered by collective bargaining agreement | 61.00% | ||
Workforce Subject to Collective Bargaining Arrangements [Member] | WPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Employees covered by collective bargaining agreement | 82.00% | ||
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | |||
Commitments and Contingencies [Line Items] | |||
Employees covered by collective bargaining agreement | 18.00% | ||
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | IPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Employees covered by collective bargaining agreement | 45.00% | ||
Credit Losses ASU [Member] | |||
Commitments and Contingencies [Line Items] | |||
New accounting standard, cumulative effect adjustment to retained earnings, pre-tax | $ 12 | ||
Whiting Petroleum Affiliate [Member] | |||
Commitments and Contingencies [Line Items] | |||
Partnership share, percent | 6.00% | ||
Obligations, maximum | $ 63 | ||
Present value abandonment obligation, discounted | 40 | ||
Credit loss liability | 20 | ||
Credit loss expense | $ 8 | ||
Whiting Petroleum Affiliate [Member] | Credit Losses ASU [Member] | |||
Commitments and Contingencies [Line Items] | |||
New accounting standard, cumulative effect adjustment to retained earnings, pre-tax | $ 12 | ||
[1] | 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 $110 million . |
Commitments And Contingencies_3
Commitments And Contingencies (Other Purchase Commitments) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Sep. 30, 2020 | Mar. 31, 2020 | ||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | $ 1,218 | ||
Individual commitments incurred | 1 | ||
IPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | 709 | ||
Individual commitments incurred | 1 | ||
WPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | 478 | ||
Individual commitments incurred | 1 | ||
Purchased Power [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | [1] | 76 | |
Purchased Power [Member] | IPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | [1] | 75 | |
Purchased Power [Member] | WPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | [1] | 1 | |
Natural gas [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | 915 | ||
Natural gas [Member] | IPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | 508 | ||
Natural gas [Member] | WPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | 407 | ||
Coal [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | [2] | 110 | |
Coal [Member] | IPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | [2] | 68 | |
Coal [Member] | WPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | [2] | 42 | |
Other [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | [3] | 117 | |
Other [Member] | IPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | [3] | 58 | |
Other [Member] | WPL [Member] | |||
Commitments and Contingencies [Line Items] | |||
Minimum future commitments | [3] | $ 28 | |
Forecast [Member] | DAEC PPA [Member] | |||
Commitments and Contingencies [Line Items] | |||
Buyout payment | $ 110 | ||
[1] | 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 . | ||
[2] | Corporate Services has historically entered into system-wide coal contracts on behalf of IPL and WPL that include minimum future commitments. Such commitments were assigned to IPL and WPL based on information available as of March 31, 2020 regarding expected future usage, which is subject to change. | ||
[3] | Includes individual commitments incurred during the normal course of business that exceeded $1 million at March 31, 2020 . |
Commitments And Contingencies_4
Commitments And Contingencies (MPG Site Estimated Future Costs And Recorded Liabilities) (Details) - Natural Gas Processing Plant [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Commitments and Contingencies [Line Items] | |
Current and non-current environmental liabilities | $ 16 |
IPL [Member] | |
Commitments and Contingencies [Line Items] | |
Current and non-current environmental liabilities | 13 |
Minimum [Member] | |
Commitments and Contingencies [Line Items] | |
Range of estimated future costs | 12 |
Minimum [Member] | IPL [Member] | |
Commitments and Contingencies [Line Items] | |
Range of estimated future costs | 10 |
Maximum [Member] | |
Commitments and Contingencies [Line Items] | |
Range of estimated future costs | 29 |
Maximum [Member] | IPL [Member] | |
Commitments and Contingencies [Line Items] | |
Range of estimated future costs | $ 24 |
Segments Of Business (Schedule
Segments Of Business (Schedule Of Segments Of Business) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 915.7 | $ 987.2 |
Operating income (loss) | 188.3 | 176.8 |
Net income (loss) attributable to common shareowners | 170 | 125.1 |
Net income | 172.6 | 127.7 |
IPL [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 518.9 | 555.1 |
Operating income (loss) | 96.7 | 73.5 |
Net income (loss) attributable to common shareowners | 82.6 | 53.3 |
Net income | 85.2 | 55.9 |
WPL [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 375.2 | 415.2 |
Operating income (loss) | 93.8 | 98.1 |
Net income | 89.6 | 65.7 |
Electric [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 730.3 | 743.4 |
Operating income (loss) | 146.2 | 126.4 |
Electric [Member] | IPL [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 424.8 | 419.8 |
Operating income (loss) | 67 | 46.8 |
Electric [Member] | WPL [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 305.5 | 323.6 |
Operating income (loss) | 79.2 | 79.6 |
Gas [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 152.2 | 215.8 |
Operating income (loss) | 41.6 | 45.2 |
Gas [Member] | IPL [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 83 | 124.6 |
Operating income (loss) | 27.3 | 26.3 |
Gas [Member] | WPL [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 69.2 | 91.2 |
Operating income (loss) | 14.3 | 18.9 |
Other Utility [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 11.6 | 11.1 |
Operating income (loss) | 2.7 | 0 |
Other Utility [Member] | IPL [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 11.1 | 10.7 |
Operating income (loss) | 2.4 | 0.4 |
Other Utility [Member] | WPL [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0.5 | 0.4 |
Operating income (loss) | 0.3 | (0.4) |
Utility Business [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 894.1 | 970.3 |
Operating income (loss) | 190.5 | 171.6 |
Net income (loss) attributable to common shareowners | 172.2 | 119 |
Non-Utility [Member] | ATC Holdings, Non-Utility, Parent and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 21.6 | 16.9 |
Operating income (loss) | (2.2) | 5.2 |
Net income (loss) attributable to common shareowners | $ (2.2) | $ 6.1 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
ATC LLC [Member] | WPL Owed ATC LLC [Member] | Equity Method Investee [Member] | ||
Related Party Transactions [Line Items] | ||
Net amounts owed | $ 8 | $ 9 |
Related Parties (Service Agreem
Related Parties (Service Agreements) (Details) - Corporate Services [Member] - Subsidiary of Common Parent [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Corporate Services Billings [Member] | IPL [Member] | ||
Related Party Transactions [Line Items] | ||
Amounts billed between related parties | $ 37 | $ 43 |
Corporate Services Billings [Member] | WPL [Member] | ||
Related Party Transactions [Line Items] | ||
Amounts billed between related parties | 32 | 33 |
Sales Credited [Member] | IPL [Member] | ||
Related Party Transactions [Line Items] | ||
Amounts billed between related parties | 15 | 15 |
Sales Credited [Member] | WPL [Member] | ||
Related Party Transactions [Line Items] | ||
Amounts billed between related parties | 2 | 1 |
Purchases Billed [Member] | IPL [Member] | ||
Related Party Transactions [Line Items] | ||
Amounts billed between related parties | 81 | 84 |
Purchases Billed [Member] | WPL [Member] | ||
Related Party Transactions [Line Items] | ||
Amounts billed between related parties | $ 20 | $ 30 |
Related Parties (Net Intercompa
Related Parties (Net Intercompany Payables) (Details) - Subsidiary of Common Parent [Member] - Corporate Services [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
IPL [Member] | ||
Related Party Transactions [Line Items] | ||
Net amounts owed | $ 110 | $ 112 |
WPL [Member] | ||
Related Party Transactions [Line Items] | ||
Net amounts owed | $ 72 | $ 85 |
Related Parties (Amounts Billed
Related Parties (Amounts Billed Between Parties) (Details) - ATC LLC [Member] - Equity Method Investee [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
ATC Billings To WPL [Member] | ||
Related Party Transactions [Line Items] | ||
Amounts billed between related parties | $ 28 | $ 27 |
WPL Billings To ATC [Member] | ||
Related Party Transactions [Line Items] | ||
Amounts billed between related parties | $ 3 | $ 4 |