Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

			For the Three Months
			Ended March 31,
			2022						2021
			(in millions, except per share amounts)
Revenues:
Electric utility			$773						$701
Gas utility			262						170
Other utility			11						13
Non-utility			22						17
Total revenues			1,068						901
Operating expenses:
Electric production fuel and purchased power			168						133
Electric transmission service			138						134
Cost of gas sold			168						100
Other operation and maintenance			153						146
Depreciation and amortization			166						164
Taxes other than income taxes			27						26
Total operating expenses			820						703
Operating income			248						198
Other (income) and deductions:
Interest expense			74						69
Equity income from unconsolidated investments, net			(15)						(15)
Allowance for funds used during construction			(11)						(4)
Other			—						2
Total other (income) and deductions			48						52
Income before income taxes			200						146
Income tax expense (benefit)			8						(28)
Net income			192						174
Preferred dividend requirements of Interstate Power and Light Company			—						3
Net income attributable to Alliant Energy common shareowners			$192						$171
Weighted average number of common shares outstanding:
Basic			250.6						250.0
Diluted			250.9						250.4
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted)			$0.77						$0.68

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

			3

ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

			March 31, 2022						December 31, 2021
			(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents			$67						$39
Accounts receivable, less allowance for expected credit losses			481						440
Production fuel, at weighted average cost			39						51
Gas stored underground, at weighted average cost			27						82
Materials and supplies, at weighted average cost			119						113
Regulatory assets			88						104
Other			271						240
Total current assets			1,092						1,069
Property, plant and equipment, net			15,192						14,987
Investments:
ATC Holdings			346						338
Other			187						179
Total investments			533						517
Other assets:
Regulatory assets			1,831						1,836
Deferred charges and other			191						144
Total other assets			2,022						1,980
Total assets			$18,839						$18,553

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt			$333						$633
Commercial paper			276						515
Accounts payable			383						436
Accrued taxes			66						58
Regulatory liabilities			251						186
Other			212						226
Total current liabilities			1,521						2,054
Long-term debt, net (excluding current portion)			7,383						6,735
Other liabilities:
Deferred tax liabilities			1,958						1,927
Regulatory liabilities			1,121						1,085
Pension and other benefit obligations			363						374
Other			416						388
Total other liabilities			3,858						3,774
Commitments and contingencies (Note 12)
Equity:
Alliant Energy Corporation common equity:
Common stock - $0.01 par value - 480,000,000 shares authorized; 250,813,728 and 250,474,529 shares outstanding			3						3
Additional paid-in capital			2,750						2,749
Retained earnings			3,336						3,250
Shares in deferred compensation trust - 381,397 and 383,532 shares at a weighted average cost of $31.17 and $30.59 per share			(12)						(12)
Total Alliant Energy Corporation common equity			6,077						5,990
Total liabilities and equity			$18,839						$18,553

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

			4

ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

			For the Three Months
			Ended March 31,
			2022						2021
			(in millions)
Cash flows from operating activities:
Net income			$192						$174
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization			166						164
Deferred tax expense (benefit) and tax credits			18						(29)
Other			(6)						4
Other changes in assets and liabilities:
Accounts receivable			(161)						(126)
Gas stored underground			55						20
Derivative assets			(85)						6
Regulatory assets			19						(4)
Accounts payable			(37)						(6)
Regulatory liabilities			92						(60)
Deferred income taxes			15						58
Other			(17)						(56)
Net cash flows from operating activities			251						145
Cash flows used for investing activities:
Construction and acquisition expenditures:
Utility business			(307)						(214)
Other			(23)						(17)
Cash receipts on sold receivables			115						209
Other			(8)						(16)
Net cash flows used for investing activities			(223)						(38)
Cash flows from (used for) financing activities:
Common stock dividends			(107)						(102)
Proceeds from issuance of long-term debt			650						—
Payments to retire long-term debt			(300)						—
Net change in commercial paper			(239)						(53)
Other			(1)						10
Net cash flows from (used for) financing activities			3						(145)
Net increase (decrease) in cash, cash equivalents and restricted cash			31						(38)
Cash, cash equivalents and restricted cash at beginning of period			40						56
Cash, cash equivalents and restricted cash at end of period			$71						$18
Supplemental cash flows information:
Cash paid during the period for:
Interest			($62)						($59)
Significant non-cash investing and financing activities:
Accrued capital expenditures			$134						$64
Beneficial interest obtained in exchange for securitized accounts receivable			$227						$107

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

			5

INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

			For the Three Months
			Ended March 31,
			2022						2021
			(in millions)
Revenues:
Electric utility			$400						$386
Gas utility			139						91
Steam and other			11						12
Total revenues			550						489
Operating expenses:
Electric production fuel and purchased power			67						59
Electric transmission service			97						92
Cost of gas sold			85						50
Other operation and maintenance			83						77
Depreciation and amortization			94						94
Taxes other than income taxes			14						14
Total operating expenses			440						386
Operating income			110						103
Other (income) and deductions:
Interest expense			37						35
Allowance for funds used during construction			(3)						(2)
Total other (income) and deductions			34						33
Income before income taxes			76						70
Income tax benefit			(11)						(12)
Net income			87						82
Preferred dividend requirements			—						3
Net income available for common stock			$87						$79

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

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

			6

INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

			March 31, 2022						December 31, 2021
			(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents			$62						$34
Accounts receivable, less allowance for expected credit losses			257						241
Income tax refunds receivable			25						8
Production fuel, at weighted average cost			28						29
Gas stored underground, at weighted average cost			11						40
Materials and supplies, at weighted average cost			71						70
Regulatory assets			60						73
Other			85						69
Total current assets			599						564
Property, plant and equipment, net			7,976						7,983
Other assets:
Regulatory assets			1,372						1,370
Deferred charges and other			103						79
Total other assets			1,475						1,449
Total assets			$10,050						$9,996

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable			$135						$173
Accounts payable to associated companies			46						39
Regulatory liabilities			122						84
Accrued taxes			57						56
Accrued interest			35						36
Other			62						67
Total current liabilities			457						455
Long-term debt, net			3,644						3,643
Other liabilities:
Deferred tax liabilities			1,107						1,083
Regulatory liabilities			632						607
Pension and other benefit obligations			124						127
Other			311						312
Total other liabilities			2,174						2,129
Commitments and contingencies (Note 12)
Equity:
Interstate Power and Light Company common equity:
Common stock - $2.50 par value - 24,000,000 shares authorized; 13,370,788 shares outstanding			33						33
Additional paid-in capital			2,807						2,807
Retained earnings			935						929
Total Interstate Power and Light Company common equity			3,775						3,769
Total liabilities and equity			$10,050						$9,996

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

			7

INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

			For the Three Months
			Ended March 31,
			2022						2021
			(in millions)
Cash flows from (used for) operating activities:
Net income			$87						$82
Adjustments to reconcile net income to net cash flows from (used for) operating activities:
Depreciation and amortization			94						94
Deferred tax expense (benefit) and tax credits			15						(2)
Other			(2)						(1)
Other changes in assets and liabilities:
Accounts receivable			(128)						(133)
Income tax refunds receivable			(17)						(3)
Gas stored underground			29						12
Derivative assets			(43)						10
Regulatory assets			9						(16)
Regulatory liabilities			59						(19)
Other			(14)						(69)
Net cash flows from (used for) operating activities			89						(45)
Cash flows from investing activities:
Construction and acquisition expenditures			(96)						(106)
Cash receipts on sold receivables			115						209
Other			(1)						(5)
Net cash flows from investing activities			18						98
Cash flows used for financing activities:
Common stock dividends			(81)						(101)
Other			2						9
Net cash flows used for financing activities			(79)						(92)
Net increase (decrease) in cash, cash equivalents and restricted cash			28						(39)
Cash, cash equivalents and restricted cash at beginning of period			34						50
Cash, cash equivalents and restricted cash at end of period			$62						$11
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest			($37)						($37)
Income taxes, net			$—						$7
Significant non-cash investing and financing activities:
Accrued capital expenditures			$27						$31
Beneficial interest obtained in exchange for securitized accounts receivable			$227						$107

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

			8

WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

			For the Three Months
			Ended March 31,
			2022						2021
			(in millions)
Revenues:
Electric utility			$373						$315
Gas utility			123						79
Other			—						1
Total revenues			496						395
Operating expenses:
Electric production fuel and purchased power			101						74
Electric transmission service			41						42
Cost of gas sold			83						50
Other operation and maintenance			58						59
Depreciation and amortization			70						69
Taxes other than income taxes			12						11
Total operating expenses			365						305
Operating income			131						90
Other (income) and deductions:
Interest expense			27						26
Allowance for funds used during construction			(9)						(2)
Other			—						1
Total other (income) and deductions			18						25
Income before income taxes			113						65
Income tax expense (benefit)			21						(19)
Net income			$92						$84

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

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

			9

WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

			March 31, 2022						December 31, 2021
			(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents			$4						$2
Accounts receivable, less allowance for expected credit losses			211						188
Production fuel, at weighted average cost			11						23
Gas stored underground, at weighted average cost			16						42
Materials and supplies, at weighted average cost			45						41
Regulatory assets			28						31
Prepaid gross receipts tax			30						40
Other			102						86
Total current assets			447						453
Property, plant and equipment, net			6,747						6,538
Other assets:
Regulatory assets			459						466
Deferred charges and other			90						61
Total other assets			549						527
Total assets			$7,743						$7,518

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt			$250						$250
Commercial paper			157						236
Accounts payable			185						190
Accounts payable to associated companies			34						39
Regulatory liabilities			129						102
Other			102						73
Total current liabilities			857						890
Long-term debt, net (excluding current portion)			2,180						2,179
Other liabilities:
Deferred tax liabilities			759						753
Regulatory liabilities			489						478
Pension and other benefit obligations			154						159
Other			253						236
Total other liabilities			1,655						1,626
Commitments and contingencies (Note 12)
Equity:
Wisconsin Power and Light Company common equity:
Common stock - $5 par value - 18,000,000 shares authorized; 13,236,601 shares outstanding			66						66
Additional paid-in capital			1,884						1,704
Retained earnings			1,101						1,053
Total Wisconsin Power and Light Company common equity			3,051						2,823
Total liabilities and equity			$7,743						$7,518

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

			10

WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

			For the Three Months
			Ended March 31,
			2022						2021
			(in millions)
Cash flows from operating activities:
Net income			$92						$84
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization			70						69
Deferred tax benefit and tax credits			(2)						(28)
Other			(3)						4
Other changes in assets and liabilities:
Accounts receivable			(23)						9
Gas stored underground			26						9
Derivative assets			(42)						(4)
Accounts payable			(24)						(24)
Regulatory liabilities			32						(41)
Accrued taxes			21						8
Deferred income taxes			8						44
Other			12						18
Net cash flows from operating activities			167						148
Cash flows used for investing activities:
Construction and acquisition expenditures			(212)						(108)
Other			(5)						(11)
Net cash flows used for investing activities			(217)						(119)
Cash flows from (used for) financing activities:
Common stock dividends			(44)						(42)
Capital contributions from parent			180						125
Net change in commercial paper			(79)						(109)
Other			(5)						(4)
Net cash flows from (used for) financing activities			52						(30)
Net increase (decrease) in cash, cash equivalents and restricted cash			2						(1)
Cash, cash equivalents and restricted cash at beginning of period			2						3
Cash, cash equivalents and restricted cash at end of period			$4						$2
Supplemental cash flows information:
Cash paid during the period for:
Interest			($23)						($21)
Significant non-cash investing and financing activities:
Accrued capital expenditures			$104						$32

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

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ALLIANT ENERGY CORPORATION

INTERSTATE POWER AND LIGHT COMPANY

WISCONSIN POWER AND LIGHT COMPANY

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1(a) General - The interim unaudited Financial Statements included herein have been prepared pursuant to the rules and regulations of the SEC. 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 2021 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, 2022 are not necessarily indicative of results that may be expected for the year ending December 31, 2022.

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, Cash Equivalents and Restricted Cash - At March 31, 2022, Alliant Energy’s and IPL’s cash and cash equivalents included $59 million of money market fund investments, with an interest rate of 0.3%.

NOTE 2. REGULATORY MATTERS

Regulatory Assets and Regulatory Liabilities -

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

			Alliant Energy												IPL												WPL
			March 31, 2022						December 31, 2021						March 31, 2022						December 31, 2021						March 31, 2022						December 31, 2021
Tax-related			$949						$934						$896						$884						$53						$50
Pension and OPEB costs			453						462						224						228						229						234
Asset retirement obligations			134						128						94						89						40						39
Assets retired early			88						92						64						66						24						26
IPL’s DAEC PPA amendment			84						90						84						90						—						—
WPL’s Western Wisconsin gas distribution expansion investments			50						52						—						—						50						52
Commodity cost recovery			42						42						2						2						40						40
Other			119						140						68						84						51						56
			$1,919						$1,940						$1,432						$1,443						$487						$497

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

			Alliant Energy												IPL												WPL
			March 31, 2022						December 31, 2021						March 31, 2022						December 31, 2021						March 31, 2022						December 31, 2021
Tax-related			$578						$585						$310						$312						$268						$273
Cost of removal obligations			391						384						256						252						135						132
Derivatives			258						166						125						77						133						89
Electric transmission cost recovery			50						51						29						27						21						24
WPL’s West Riverside liquidated damages			35						36						—						—						35						36
Other			60						49						34						23						26						26
			$1,372						$1,271						$754						$691						$618						$580

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NOTE 3. RECEIVABLES

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, 2022, IPL had $109 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):

			2022						2021
Maximum outstanding aggregate cash proceeds			$36						$100
Average outstanding aggregate cash proceeds			4						30

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

			March 31, 2022						December 31, 2021
Customer accounts receivable			$142						$125
Unbilled utility revenues			96						104
Receivables sold to third party			238						229
Less: cash proceeds			1						1
Deferred proceeds			237						228
Less: allowance for expected credit losses			10						14
Fair value of deferred proceeds			$227						$214

As of March 31, 2022, outstanding receivables past due under the Receivables Agreement were $24 million. Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three months ended March 31 were as follows (in millions):

			2022						2021
Collections			$561						$529
Write-offs, net of recoveries			2						2

NOTE 4. INVESTMENTS

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

			2022						2021
ATC Holdings			($11)						($11)
Other			(4)						(4)
			($15)						($15)

NOTE 5. COMMON EQUITY

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

Shares outstanding, January 1, 2022			250,474,529
Shareowner Direct Plan			116,431
Equity-based compensation plans			222,768
Shares outstanding, March 31, 2022			250,813,728

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

Alliant Energy			Total Alliant Energy Common Equity
																					Accumulated						Shares in						Cumulative
									Additional												Other						Deferred						Preferred
			Common						Paid-In						Retained						Comprehensive						Compensation						Stock						Total
			Stock						Capital						Earnings						Loss						Trust						of IPL						Equity
Three Months Ended March 31, 2022
Beginning balance, December 31, 2021			$3						$2,749						$3,250						$—						($12)						$—						$5,990
Net income attributable to Alliant Energy common shareowners															192																								192
Common stock dividends ($0.4275 per share)															(107)																								(107)
Shareowner Direct Plan issuances									7																														7
Equity-based compensation plans and other									(6)						1																								(5)
Ending balance, March 31, 2022			$3						$2,750						$3,336						$—						($12)						$—						$6,077
Three Months Ended March 31, 2021
Beginning balance, December 31, 2020			$2						$2,704						$2,994						($1)						($11)						$200						$5,888
Net income attributable to Alliant Energy common shareowners															171																								171
Common stock dividends ($0.4025 per share)															(102)																								(102)
Shareowner Direct Plan issuances			1						7																														8
Equity-based compensation plans and other									1																														1
Ending balance, March 31, 2021			$3						$2,712						$3,063						($1)						($11)						$200						$5,966

IPL			Total IPL Common Equity
									Additional												Cumulative
			Common						Paid-In						Retained						Preferred						Total
			Stock						Capital						Earnings						Stock						Equity
Three Months Ended March 31, 2022
Beginning balance, December 31, 2021			$33						$2,807						$929						$—						$3,769
Net income available for common stock															87												87
Common stock dividends															(81)												(81)
Ending balance, March 31, 2022			$33						$2,807						$935						$—						$3,775
Three Months Ended March 31, 2021
Beginning balance, December 31, 2020			$33						$2,752						$979						$200						$3,964
Net income available for common stock															79												79
Common stock dividends															(101)												(101)
Ending balance, March 31, 2021			$33						$2,752						$957						$200						$3,942

WPL									Additional												Total
			Common						Paid-In						Retained						Common
			Stock						Capital						Earnings						Equity
Three Months Ended March 31, 2022
Beginning balance, December 31, 2021			$66						$1,704						$1,053						$2,823
Net income															92						92
Common stock dividends															(44)						(44)
Capital contributions from parent									180												180
Ending balance, March 31, 2022			$66						$1,884						$1,101						$3,051
Three Months Ended March 31, 2021
Beginning balance, December 31, 2020			$66						$1,459						$953						$2,478
Net income															84						84
Common stock dividends															(42)						(42)
Capital contributions from parent									125												125
Ending balance, March 31, 2021			$66						$1,584						$995						$2,645

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NOTE 6. DEBT

NOTE 6(a) Short-term Debt - Information regarding Alliant Energy’s, IPL’s and WPL’s commercial paper classified as short-term debt was as follows (dollars in millions):

March 31, 2022			Alliant Energy						IPL						WPL
Amount outstanding			$276						$—						$157
Weighted average interest rates			0.6%						N/A						0.5%
Available credit facility capacity			$724						$250						$143

			Alliant Energy												IPL												WPL
Three Months Ended March 31			2022						2021						2022						2021						2022						2021
Maximum amount outstanding (based on daily outstanding balances)			$577						$578						$—						$—						$252						$275
Average amount outstanding (based on daily outstanding balances)			$443						$424						$—						$—						$205						$189
Weighted average interest rates			0.3%						0.2%						—%						—%						0.3%						0.2%

NOTE 6(b) Long-term Debt - In February 2022, AEF issued $350 million of 3.6% senior notes due 2032. The net proceeds from the issuance were used to reduce Alliant Energy’s outstanding commercial paper and for general corporate purposes. In March 2022, AEF entered into a $300 million variable rate (1% as of March 31, 2022) term loan credit agreement (with Alliant Energy as guarantor), which expires in March 2024, and used the borrowings under this agreement to retire its $300 million variable rate term loan credit agreement that expired in March 2022.

NOTE 7. REVENUES

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

			Alliant Energy												IPL												WPL
Three Months Ended March 31			2022						2021						2022						2021						2022						2021
Electric Utility:
Retail - residential			$293						$262						$150						$139						$143						$123
Retail - commercial			188						172						118						110						70						62
Retail - industrial			211						202						111						112						100						90
Wholesale			47						40						15						11						32						29
Bulk power and other			34						25						6						14						28						11
Total Electric Utility			773						701						400						386						373						315
Gas Utility:
Retail - residential			158						99						85						52						73						47
Retail - commercial			82						53						40						27						42						26
Retail - industrial			8						5						5						3						3						2
Transportation/other			14						13						9						9						5						4
Total Gas Utility			262						170						139						91						123						79
Other Utility:
Steam			9						9						9						9						—						—
Other utility			2						4						2						3						—						1
Total Other Utility			11						13						11						12						—						1
Non-Utility and Other:
Travero and other			22						17						—						—						—						—
Total Non-Utility and Other			22						17						—						—						—						—
Total revenues			$1,068						$901						$550						$489						$496						$395

NOTE 8. INCOME TAXES

Income Tax Rates - Overall effective income tax rates, which were computed by dividing income tax expense (benefit) by income before income taxes, were as follows. The effective income tax rates were different than the federal statutory rate primarily due to state income taxes, production tax credits, amortization of excess deferred taxes and the effect of rate-making on property-related differences. The increases in Alliant Energy’s and WPL’s overall effective income tax rates for the three months ended March 31, 2022 compared to the same period in 2021 were primarily due to decreased amortization of excess deferred taxes primarily at WPL.

			Alliant Energy												IPL												WPL
			2022						2021																		2022						2021																		2022						2021
Overall income tax rate			4%						(19%)																		(14%)						(17%)																		19%						(29%)

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Deferred Tax Assets and Liabilities -

Carryforwards - At March 31, 2022, carryforwards and expiration dates were estimated as follows (in millions):

			Range of Expiration Dates						Alliant Energy						IPL						WPL
Federal net operating losses			2037						$94						$87						$1
State net operating losses			2022-2042						578						13						2
Federal tax credits			2022-2042						589						369						197

Iowa Tax Reform - In March 2022, Iowa tax reform was enacted, which would reduce the current 9.8% Iowa corporate income tax rate beginning in 2023 if certain state income tax revenue triggers are satisfied. Annually, and by each November 1, the Iowa Department of Revenue will establish corporate income tax rates for the next tax year based on net corporate income tax receipts for the prior tax year. Rate reductions are currently expected to occur over a period of several years, with a target corporate income tax rate of 5.5%. Alliant Energy is currently unable to predict with certainty the timing or amount of any rate reductions. The majority of any reduction in income tax expense as a result of the lower Iowa corporate income tax rate is currently expected to reduce rates for IPL’s customers. In addition, after the 2023 corporate income tax rate is known in the fourth quarter of 2022, Alliant Energy currently expects to record a charge related to the remeasurement of accumulated deferred income tax assets at its non-utility businesses.

NOTE 9. BENEFIT PLANS

NOTE 9(a) Pension and OPEB Plans -

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

			Defined Benefit Pension Plans												OPEB Plans
Alliant Energy			2022						2021																		2022						2021
Service cost			$2						$3																		$1						$1
Interest cost			9						8																		1						1
Expected return on plan assets			(17)						(17)																		(1)						(1)
Amortization of actuarial loss			8						10																		1						1
			$2						$4																		$2						$2

			Defined Benefit Pension Plans												OPEB Plans
IPL			2022						2021																		2022						2021
Service cost			$2						$2																		$—						$—
Interest cost			4						4																		1						1
Expected return on plan assets			(8)						(8)																		(1)						(1)
Amortization of actuarial loss			3						4																		—						—
			$1						$2																		$—						$—

			Defined Benefit Pension Plans												OPEB Plans
WPL			2022						2021																		2022						2021
Service cost			$1						$1																		$—						$—
Interest cost			4						4																		1						—
Expected return on plan assets			(8)						(8)																		—						—
Amortization of actuarial loss			4						5																		—						1
			$1						$2																		$1						$1

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
			2022						2021																		2022						2021																		2022						2021
Compensation expense			$4						$3																		$2						$1																		$2						$1
Income tax benefits			1						1																		1						—																		—						—

As of March 31, 2022, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $15 million, $8 million and $6 million, respectively, which is expected to be recognized over a weighted average period of between 1 year and 2 years.

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For the three months ended March 31, 2022, performance shares, performance restricted stock units and restricted stock units were granted to key employees as follows. These shares and units will be paid out in shares of common stock, and are therefore accounted for as equity awards.

									Weighted Average
			Grants						Grant Date Fair Value
Performance shares			70,240						$54.45
Performance restricted stock units			80,252						56.62
Restricted stock units			74,360						56.62

As of March 31, 2022, 322,288 shares were included in the calculation of diluted EPS related to the nonvested equity awards.

NOTE 10. DERIVATIVE INSTRUMENTS

Commodity Derivatives -

Notional Amounts - As of March 31, 2022, gross notional amounts and settlement/delivery years related to outstanding swap contracts, option contracts, physical forward contracts and FTRs that were accounted for as commodity derivative instruments were as follows (units in thousands):

									FTRs												Natural Gas												Coal												Diesel Fuel
															MWhs						Years						Dths						Years						Tons						Years						Gallons						Years
Alliant Energy															3,304						2022						175,658						2022-2030						2,653						2022-2023						2,268						2022
IPL															784						2022						94,175						2022-2030						1,053						2022-2023						—						—
WPL															2,520						2022						81,483						2022-2030						1,600						2022-2023						2,268						2022

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

			Alliant Energy												IPL												WPL
			March 31, 2022						December 31, 2021						March 31, 2022						December 31, 2021						March 31, 2022						December 31, 2021
Current derivative assets			$151						$113						$68						$48						$83						$65
Non-current derivative assets			110						63						59						36						51						27
Current derivative liabilities			6						8						3						4						3						4
Non-current derivative liabilities			1						1						1						—						—						1

During the three months ended March 31, 2022, Alliant Energy’s, IPL’s and WPL’s derivative assets increased primarily as a result of higher natural gas prices. Based on IPL’s and WPL’s natural gas cost recovery mechanisms, this resulted in corresponding increases in derivative regulatory liabilities on the balance sheets.

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, 2022 and December 31, 2021, 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, 2022 and December 31, 2021. 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.

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NOTE 11. FAIR VALUE MEASUREMENTS

Fair Value of Financial Instruments - The carrying amounts of current assets and current liabilities approximate fair value because of the short maturity of such financial instruments. Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions):

Alliant Energy			March 31, 2022																														December 31, 2021
									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			$59						$59						$—						$—						$59						$32						$32						$—						$—						$32
Derivatives			261						—						251						10						261						176						—						146						30						176
Deferred proceeds			227						—						—						227						227						214						—						—						214						214
Liabilities:
Derivatives			7						—						7						—						7						9						—						8						1						9
Long-term debt (incl. current maturities)			7,716						—						7,971						1						7,972						7,368						—						8,329						1						8,330

IPL			March 31, 2022																														December 31, 2021
									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			$59						$59						$—						$—						$59						$32						$32						$—						$—						$32
Derivatives			127						—						120						7						127						84						—						65						19						84
Deferred proceeds			227						—						—						227						227						214						—						—						214						214
Liabilities:
Derivatives			4						—						4						—						4						4						—						3						1						4
Long-term debt			3,644						—						3,738						—						3,738						3,643						—						4,124						—						4,124

WPL			March 31, 2022																														December 31, 2021
									Fair Value																														Fair Value
			Carrying						Level						Level						Level												Carrying						Level						Level						Level
			Amount						1						2						3						Total						Amount						1						2						3						Total
Assets:
Derivatives			$134						$—						$131						$3						$134						$92						$—						$81						$11						$92
Liabilities:
Derivatives			3						—						3						—						3						5						—						5						—						5
Long-term debt (incl. current maturities)			2,430						—						2,592						—						2,592						2,429						—						2,862						—						2,862

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			2022						2021						2022						2021
Beginning balance, January 1			$29						$29						$214						$188
Total net losses included in changes in net assets (realized/unrealized)			(6)						(6)						—						—
Settlements (a)			(13)						(7)						13						(81)
Ending balance, March 31			$10						$16						$227						$107
The amount of total net losses for the period included in changes in net liabilities attributable to the change in unrealized losses relating to liabilities held at March 31			($5)						($6)						$—						$—

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IPL			Commodity Contract Derivative
			Assets and (Liabilities), net												Deferred Proceeds
Three Months Ended March 31			2022						2021						2022						2021
Beginning balance, January 1			$18						$26						$214						$188
Total net losses included in changes in net assets (realized/unrealized)			(4)						(5)						—						—
Settlements (a)			(7)						(6)						13						(81)
Ending balance, March 31			$7						$15						$227						$107
The amount of total net losses for the period included in changes in net liabilities attributable to the change in unrealized losses relating to liabilities held at March 31			($4)						($6)						$—						$—

WPL			Commodity Contract Derivative
			Assets and (Liabilities), net
Three Months Ended March 31			2022						2021
Beginning balance, January 1			$11						$3
Total net losses included in changes in net assets (realized/unrealized)			(2)						(1)
Settlements			(6)						(1)
Ending balance, March 31			$3						$1
The amount of total net losses for the period included in changes in net liabilities attributable to the change in unrealized losses relating to liabilities held at March 31			($1)						$—

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

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

			Alliant Energy												IPL												WPL
			Excluding FTRs						FTRs						Excluding FTRs						FTRs						Excluding FTRs						FTRs
March 31, 2022			$3						$7						$3						$4						$—						$3
December 31, 2021			9						20						8						10						1						10

NOTE 12. COMMITMENTS AND CONTINGENCIES

NOTE 12(a) Capital Purchase Commitments - Various contractual obligations contain minimum future commitments related to capital expenditures for certain construction projects, including WPL’s expansion of solar generation. At March 31, 2022, Alliant Energy’s and WPL’s minimum future commitments for these projects were $214 million and $213 million, respectively.

NOTE 12(b) Other Purchase Commitments - Various commodity supply, transportation and storage contracts help meet obligations to provide electricity and natural gas to utility customers. In addition, there are various purchase commitments associated with other goods and services. At March 31, 2022, related minimum future commitments were as follows (in millions):

			Alliant Energy						IPL						WPL
Natural gas			$939						$472						$467
Coal			127						72						55
Other (a)			135						66						36
			$1,201						$610						$558

(a)Includes individual commitments incurred during the normal course of business that exceeded $1 million at March 31, 2022.

NOTE 12(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. The guarantees do not include a maximum limit. Based on information made available to Alliant Energy by Whiting Petroleum, the Whiting Petroleum affiliate holds an approximate 6% share in the partnerships, and currently known obligations include costs associated with the future abandonment of certain facilities owned by the partnerships. The general partnerships were formed under California law, and Alliant Energy Resources, LLC may need to perform under the guarantees if the affiliate of Whiting Petroleum is unable to meet its partnership obligations.

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As of March 31, 2022, the currently known partnership obligations for the abandonment obligations are estimated at $60 million, which represents Alliant Energy’s currently estimated maximum exposure under the guarantees. Alliant Energy estimates its expected loss to be a portion of the $60 million of known partnership abandonment obligations of the Whiting Petroleum affiliate and the other partners. 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, as of both March 31, 2022 and December 31, 2021, a liability of $5 million is recorded in “Other liabilities” on Alliant Energy’s balance sheets for expected credit losses related to the contingent obligations that are in the scope of these guarantees.

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 $67 million as of March 31, 2022 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, 2022 and December 31, 2021.

NOTE 12(d) Environmental Matters -

Manufactured Gas Plant (MGP) Sites - IPL and WPL have current or previous ownership interests in various sites that are previously associated with the production of gas for which IPL and WPL have, or may have in the future, liability for investigation, remediation and monitoring costs. IPL and WPL are working pursuant to the requirements of various federal and state agencies to investigate, mitigate, prevent and remediate, where necessary, the environmental impacts to property, including natural resources, at and around these former MGP sites in order to protect public health and the environment. At March 31, 2022, 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, 2022, such amounts for WPL were not material.

			Alliant Energy												IPL
Range of estimated future costs			$10			-			$26						$7			-			$20
Current and non-current environmental liabilities			$12												$9

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 Prairie Creek Units 1 and 3 by December 31, 2025. Alliant Energy and IPL currently expect to recover material costs incurred by IPL related to compliance with the terms of the Consent Decree from IPL’s electric customers.

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

NOTE 12(e) Collective Bargaining Agreements - At March 31, 2022, employees covered by collective bargaining agreements represented 55%, 70% and 83% of total employees of Alliant Energy, IPL and WPL, respectively. In May 2022, WPL’s collective bargaining agreement with International Brotherhood of Electrical Workers Local 965 expires, representing 26% and 83% of total employees of Alliant Energy and WPL, respectively. While the process to renew the agreement is underway and a tentative agreement has been reached, Alliant Energy and WPL are currently unable to predict the outcome.

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NOTE 13. 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, 2022
Revenues			$773						$262						$11						$1,046						$22						$1,068
Operating income			181						57						3						241						7						248
Net income attributable to Alliant Energy common shareowners																					179						13						192
Three Months Ended March 31, 2021
Revenues			$701						$170						$13						$884						$17						$901
Operating income			147						44						2						193						5						198
Net income attributable to Alliant Energy common shareowners																					163						8						171

IPL			Electric						Gas						Other						Total
			(in millions)
Three Months Ended March 31, 2022
Revenues			$400						$139						$11						$550
Operating income			75						32						3						110
Net income available for common stock																					87
Three Months Ended March 31, 2021
Revenues			$386						$91						$12						$489
Operating income			72						30						1						103
Net income available for common stock																					79

WPL			Electric						Gas						Other						Total
			(in millions)
Three Months Ended March 31, 2022
Revenues			$373						$123						$—						$496
Operating income			106						25						—						131
Net income																					92
Three Months Ended March 31, 2021
Revenues			$315						$79						$1						$395
Operating income			75						14						1						90
Net income																					84

NOTE 14. 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
			2022						2021																		2022						2021
Corporate Services billings			$40						$40																		$36						$35
Sales credited			—						1																		18						1
Purchases billed			94						143																		22						26

			21

Net intercompany payables to Corporate Services were as follows (in millions):

			IPL												WPL
			March 31, 2022						December 31, 2021						March 31, 2022						December 31, 2021
Net payables to Corporate Services			$120						$110						$76						$83

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):

			2022						2021
ATC billings to WPL			$34						$32
WPL billings to ATC			3						3

WPL owed ATC net amounts of $9 million as of March 31, 2022 and $10 million as of December 31, 2021.