Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	For the Three Months		For the Nine Months
	Ended September 30,		Ended September 30,
	2023	2022	2023	2022
	(in millions, except per share amounts)
Revenues:
Electric utility	$995	$1,039	$2,562	$2,624
Gas utility	47	62	400	418
Other utility	13	11	38	35
Non-utility	22	23	66	70
Total revenues	1,077	1,135	3,066	3,147
Operating expenses:
Electric production fuel and purchased power	231	274	553	633
Electric transmission service	154	157	438	428
Cost of gas sold	12	26	226	242
Other operation and maintenance	160	172	499	492
Depreciation and amortization	170	169	503	501
Taxes other than income taxes	28	28	87	82
Total operating expenses	755	826	2,306	2,378
Operating income	322	309	760	769
Other (income) and deductions:
Interest expense	99	83	289	235
Equity income from unconsolidated investments, net	(14)	(5)	(45)	(37)
Allowance for funds used during construction	(28)	(10)	(71)	(34)
Other	1	—	2	—
Total other (income) and deductions	58	68	175	164
Income before income taxes	264	241	585	605
Income tax expense	5	14	3	26




Net income attributable to Alliant Energy common shareowners	$259	$227	$582	$579
Weighted average number of common shares outstanding:
Basic	253.5	251.0	252.1	250.8
Diluted	253.8	251.3	252.4	251.1

Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted)	$1.02	$0.90	$2.31	$2.31

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	September 30, 2023	December 31, 2022
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$206	$20
Accounts receivable, less allowance for expected credit losses	486	516

Production fuel, at weighted average cost	44	53
Gas stored underground, at weighted average cost	87	132
Materials and supplies, at weighted average cost	196	140
Regulatory assets	179	166

Other	174	223
Total current assets	1,372	1,250
Property, plant and equipment, net	16,633	16,247
Investments:
ATC Holdings	380	358
Other	214	201
Total investments	594	559
Other assets:
Regulatory assets	2,090	1,880
Deferred charges and other	215	227
Total other assets	2,305	2,107
Total assets	$20,904	$20,163


LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$409	$408
Commercial paper	451	642
Other short-term borrowings	50	—
Accounts payable	604	756

Regulatory liabilities	92	206
Other	329	351
Total current liabilities	1,935	2,363
Long-term debt, net (excluding current portion)	8,429	7,668
Other liabilities:
Deferred tax liabilities	1,913	1,943
Regulatory liabilities	1,095	1,118
Pension and other benefit obligations	262	277
Other	544	518
Total other liabilities	3,814	3,856
Commitments and contingencies (Note 1 3)
Equity:
Alliant Energy Corporation common equity:
Common stock - $0.01 par value - 480,000,000 shares authorized; 255,179,087 and 251,134,966 shares outstanding	3	3
Additional paid-in capital	2,982	2,777
Retained earnings	3,750	3,509
Accumulated other comprehensive income	4	—
Shares in deferred compensation trust - 393,781 and 402,134 shares at a weighted average cost of $34.13 and $32.63 per share	(13)	(13)
Total Alliant Energy Corporation common equity	6,726	6,276



Total liabilities and equity	$20,904	$20,163

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the Nine Months
	Ended September 30,
	2023	2022
	(in millions)
Cash flows from operating activities:
Net income	$582	$579
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	503	501

Equity component of allowance for funds used during construction	(53)	(25)

Other	15	25
Other changes in assets and liabilities:
Accounts receivable	(279)	(425)
Materials and supplies	(56)	(13)

Derivative assets	102	(184)
Regulatory assets	40	(102)
Accounts payable	(91)	90
Derivative liabilities	(13)	89
Regulatory liabilities	(126)	89


Other	(2)	(139)
Net cash flows from operating activities	622	485
Cash flows used for investing activities:
Construction and acquisition expenditures:
Utility business	(1,201)	(873)
Other	(92)	(69)
Cash receipts on sold receivables	306	358
Proceeds from sales of partial ownership interest in West Riverside	120	—
Other	(85)	(15)
Net cash flows used for investing activities	(952)	(599)
Cash flows from financing activities:
Common stock dividends	(341)	(322)
Proceeds from issuance of common stock, net	201	19
Proceeds from issuance of long-term debt	1,158	1,238
Payments to retire long-term debt	(404)	(379)
Net change in commercial paper and other short-term borrowings	(141)	(132)
Contributions from noncontrolling interest	—	29
Distributions to noncontrolling interest	—	(29)
Other	42	(3)
Net cash flows from financing activities	515	421
Net increase in cash, cash equivalents and restricted cash	185	307
Cash, cash equivalents and restricted cash at beginning of period	24	40
Cash, cash equivalents and restricted cash at end of period	$209	$347
Supplemental cash flows information:
Cash paid during the period for:
Interest	($280)	($220)
Income taxes, net	($6)	($7)
Significant non-cash investing and financing activities:
Accrued capital expenditures	$287	$403
Beneficial interest obtained in exchange for securitized accounts receivable	$236	$248

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	For the Three Months		For the Nine Months
	Ended September 30,		Ended September 30,
	2023	2022	2023	2022
	(in millions)
Revenues:
Electric utility	$551	$596	$1,370	$1,438
Gas utility	31	33	224	224
Steam and other	12	11	36	34
Total revenues	594	640	1,630	1,696
Operating expenses:
Electric production fuel and purchased power	99	140	213	290
Electric transmission service	115	115	316	303
Cost of gas sold	12	14	127	126
Other operation and maintenance	84	90	264	260
Depreciation and amortization	97	95	288	285
Taxes other than income taxes	14	15	43	43
Total operating expenses	421	469	1,251	1,307
Operating income	173	171	379	389
Other (income) and deductions:
Interest expense	38	37	113	111
Allowance for funds used during construction	(6)	(3)	(13)	(8)
Other	2	(1)	3	(2)
Total other (income) and deductions	34	33	103	101
Income before income taxes	139	138	276	288
Income tax benefit	(31)	(16)	(55)	(39)


Net income	$170	$154	$331	$327

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

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	September 30, 2023	December 31, 2022
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$188	$15
Accounts receivable, less allowance for expected credit losses	258	259

Production fuel, at weighted average cost	22	23
Gas stored underground, at weighted average cost	40	60
Materials and supplies, at weighted average cost	111	83
Regulatory assets	86	85
Other	70	93
Total current assets	775	618
Property, plant and equipment, net	8,042	8,046
Other assets:
Regulatory assets	1,504	1,301
Deferred charges and other	106	110
Total other assets	1,610	1,411
Total assets	$10,427	$10,075


LIABILITIES AND EQUITY
Current liabilities:


Accounts payable	$255	$239
Accounts payable to associated companies	59	28
Accrued taxes	68	52
Accrued interest	41	35
Regulatory liabilities	63	114
Other	84	113
Total current liabilities	570	581
Long-term debt, net	3,944	3,646
Other liabilities:
Deferred tax liabilities	987	1,047
Regulatory liabilities	592	640
Pension and other benefit obligations	59	62
Other	286	291
Total other liabilities	1,924	2,040
Commitments and contingencies (Note 1 3)
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	2,867	2,807
Retained earnings	1,089	968
Total Interstate Power and Light Company common equity	3,989	3,808


Total liabilities and equity	$10,427	$10,075

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the Nine Months
	Ended September 30,
	2023	2022
	(in millions)
Cash flows from operating activities:
Net income	$331	$327
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	288	285

Deferred tax benefit and tax credits	(17)	(24)
Other	(6)	(8)
Other changes in assets and liabilities:
Accounts receivable	(306)	(397)



Derivative assets	53	(118)
Regulatory assets	55	18
Accounts payable	(45)	71
Derivative liabilities	(25)	62
Regulatory liabilities	(90)	61

Deferred income taxes	(44)	(30)

Other	(3)	(81)
Net cash flows from operating activities	191	166
Cash flows from (used for) investing activities:
Construction and acquisition expenditures	(427)	(269)
Cash receipts on sold receivables	306	358
Other	(56)	(5)
Net cash flows from (used for) investing activities	(177)	84
Cash flows from (used for) financing activities:
Common stock dividends	(210)	(240)
Capital contributions from parent	60	—
Proceeds from issuance of long-term debt	296	—


Other	13	1
Net cash flows from (used for) financing activities	159	(239)
Net increase in cash, cash equivalents and restricted cash	173	11
Cash, cash equivalents and restricted cash at beginning of period	15	34
Cash, cash equivalents and restricted cash at end of period	$188	$45
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest	($107)	($111)
Income taxes, net	$36	$33
Significant non-cash investing and financing activities:
Accrued capital expenditures	$108	$43
Beneficial interest obtained in exchange for securitized accounts receivable	$236	$248

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	For the Three Months		For the Nine Months
	Ended September 30,		Ended September 30,
	2023	2022	2023	2022
	(in millions)
Revenues:
Electric utility	$444	$443	$1,192	$1,186
Gas utility	16	29	176	194
Other	1	—	2	1
Total revenues	461	472	1,370	1,381
Operating expenses:
Electric production fuel and purchased power	132	134	341	343
Electric transmission service	39	42	122	125
Cost of gas sold	—	13	99	117
Other operation and maintenance	64	70	197	193
Depreciation and amortization	71	71	208	211
Taxes other than income taxes	13	11	40	35
Total operating expenses	319	341	1,007	1,024
Operating income	142	131	363	357
Other (income) and deductions:
Interest expense	38	31	110	86

Allowance for funds used during construction	(22)	(7)	(58)	(26)
Other	(2)	—	(3)	—
Total other (income) and deductions	14	24	49	60
Income before income taxes	128	107	314	297
Income tax expense	21	16	47	50
Net income	$107	$91	$267	$247

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

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	September 30, 2023	December 31, 2022
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$16	$5
Accounts receivable, less allowance for expected credit losses	214	244
Production fuel, at weighted average cost	21	29
Gas stored underground, at weighted average cost	47	73
Materials and supplies, at weighted average cost	82	54
Regulatory assets	93	81
Prepaid gross receipts tax	36	42
Other	50	60
Total current assets	559	588
Property, plant and equipment, net	8,085	7,722
Other assets:
Regulatory assets	586	579
Deferred charges and other	71	98
Total other assets	657	677
Total assets	$9,301	$8,987


LIABILITIES AND EQUITY
Current liabilities:

Commercial paper	$120	$290

Accounts payable	281	456

Regulatory liabilities	29	92
Other	117	111
Total current liabilities	547	949
Long-term debt, net	3,069	2,770
Other liabilities:
Deferred tax liabilities	796	789
Regulatory liabilities	503	478

Pension and other benefit obligations	128	140
Other	393	370
Total other liabilities	1,820	1,777
Commitments and contingencies (Note 1 3)
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	2,478	2,233
Retained earnings	1,321	1,192
Total Wisconsin Power and Light Company common equity	3,865	3,491


Total liabilities and equity	$9,301	$8,987

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.


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WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the Nine Months
	Ended September 30,
	2023	2022
	(in millions)
Cash flows from operating activities:
Net income	$267	$247
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	208	211
Equity component of allowance for funds used during construction	(43)	(19)

Other	5	23
Other changes in assets and liabilities:



Derivative assets	55	(66)
Regulatory assets	(16)	(120)
Accounts payable	(55)	5

Regulatory liabilities	(37)	28


Other	53	(30)
Net cash flows from operating activities	437	279
Cash flows used for investing activities:
Construction and acquisition expenditures	(774)	(604)
Proceeds from sales of partial ownership interest in West Riverside	120	—
Other	(26)	(8)
Net cash flows used for investing activities	(680)	(612)
Cash flows from financing activities:
Common stock dividends	(138)	(133)
Capital contributions from parent	245	420
Proceeds from issuance of long-term debt	297	588

Net change in commercial paper	(170)	(236)
Contributions from noncontrolling interest	—	29
Distributions to noncontrolling interest	—	(29)
Other	20	(9)
Net cash flows from financing activities	254	630
Net increase in cash, cash equivalents and restricted cash	11	297
Cash, cash equivalents and restricted cash at beginning of period	5	2
Cash, cash equivalents and restricted cash at end of period	$16	$299
Supplemental cash flows information:
Cash paid during the period for:
Interest	($106)	($78)
Income taxes, net	($63)	($51)
Significant non-cash investing and financing activities:
Accrued capital expenditures	$172	$355

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 2022 Form 10-K.

In the opinion of management, all adjustments, which unless otherwise noted are normal and recurring in nature, necessary for a fair presentation of the results of operations, financial position and cash flows have been made. Results for the nine months ended September 30, 2023 are not necessarily indicative of results that may be expected for the year ending December 31, 2023.

A change in management’s estimates or assumptions could have a material impact on financial condition and results of operations during the period in which such change occurred. Certain prior period amounts in the Financial Statements and Notes have been reclassified to conform to the current period presentation for comparative purposes.

NOTE 1(b) Cash and Cash Equivalents - At September 30, 2023, Alliant Energy’s, IPL’s and WPL’s cash and cash equivalents included $189 million, $180 million and $9 million of money market fund investments, respectively, with weighted average interest rates of 5%.

NOTE 2. REGULATORY MATTERS

Regulatory Assets and Regulatory Liabilities -

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


	Alliant Energy		IPL		WPL
	September 30, 2023	December 31, 2022	September 30, 2023	December 31, 2022	September 30, 2023	December 31, 2022
Tax-related	$919	$929	$825	$848	$94	$81
Pension and OPEB costs	371	392	187	197	184	195
Assets retired early	282	70	267	53	15	17
Asset retirement obligations (AROs)	199	151	155	110	44	41
Commodity cost recovery	138	160	11	1	127	159
Derivatives	72	84	27	48	45	36
IPL’s Duane Arnold Energy Center PPA amendment	48	66	48	66	—	—
WPL’s Western Wisconsin gas distribution expansion investments	46	48	—	—	46	48


Other	194	146	70	63	124	83
	$2,269	$2,046	$1,590	$1,386	$679	$660

Tax-related - Refer to Note 9 for discussion of Iowa Tax Reform, which resulted in a decrease in Alliant Energy’s and IPL’s tax-related regulatory assets in the third quarter of 2023.

Assets retired early and Asset retirement obligations - In May 2023, IPL retired the coal-fired Lansing Generating Station and reclassified the remaining net book value of this EGU from property, plant and equipment to a regulatory asset (assets retired early) on Alliant Energy’s and IPL’s balance sheets. The related regulatory asset balance as of September 30, 2023 was $221 million, which is currently included in IPL’s rate base and IPL is earning a return of and a return on the remaining balance. In September 2023, the Federal Energy Regulatory Commission approved continued recovery of the remaining net book value of Lansing from IPL’s wholesale customers. IPL’s retail electric rate review for the October 2024 through September 2025 forward-looking Test Period includes a request for continued recovery of the remaining net book value of Lansing through 2037. In addition, IPL reclassified the remaining net book value of the associated AROs from property, plant and equipment to a regulatory asset (AROs) on Alliant Energy’s and IPL’s balance sheets.

Derivatives - Refer to Note 11 for discussion of changes in Alliant Energy’s, IPL’s and WPL’s derivative liabilities/assets during the nine months ended September 30, 2023, which resulted in comparable changes to regulatory assets/liabilities on the balance sheets.


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


	Alliant Energy		IPL		WPL
	September 30, 2023	December 31, 2022	September 30, 2023	December 31, 2022	September 30, 2023	December 31, 2022
Tax-related	$569	$579	$301	$303	$268	$276
Cost of removal obligations	397	398	249	259	148	139
Derivatives	91	210	52	115	39	95
Commodity cost recovery	41	40	11	38	30	2
WPL’s West Riverside liquidated damages	9	32	—	—	9	32
Electric transmission cost recovery	6	20	6	10	—	10



Other	74	45	36	29	38	16
	$1,187	$1,324	$655	$754	$532	$570

WPL’s West Riverside liquidated damages - Pursuant to PSCW authorization, WPL’s amortization of liquidated damages related to West Riverside construction procurement contracts was used to offset increases in WPL’s retail electric 2022/2023 Test Period revenue requirement, which resulted in decreases in regulatory liabilities on Alliant Energy’s and WPL’s balance sheets and decreases in depreciation and amortization expenses in Alliant Energy’s and WPL’s income statements for the three and nine months ended September 30, 2023.

NOTE 3. PROPERTY, PLANT AND EQUIPMENT

In March 2023 and June 2023, Madison Gas and Electric Company and WEC Energy Group, Inc., respectively, acquired partial ownership interests in West Riverside. The related proceeds are included in “Proceeds from sales of partial ownership interest in West Riverside” in investing activities in Alliant Energy’s and WPL’s cash flows statements for the nine months ended September 30, 2023. As a result of these transactions, WPL’s undivided current ownership interest in West Riverside is 73.8%.

NOTE 4. RECEIVABLES

NOTE 4(a) - Accounts Receivable - For the three and nine months ended September 30, 2023, Alliant Energy’s, IPL’s and WPL’s gross write-offs for accounts receivable were as follows (in millions):


	Originated in 2022		Originated in 2023
	Three Months	Nine Months	Three Months	Nine Months
Alliant Energy	$3	$11	$6	$8
IPL	2	7	4	5
WPL	1	4	2	3

NOTE 4(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. In March 2023, IPL amended and extended through March 2024 the purchase commitment from the third party to which it sells its receivables. The limit on cash proceeds fluctuates between $5 million and $110 million, which IPL may change periodically throughout the year. The transfers of receivables meet the criteria for sale accounting established by the transfer of financial assets accounting rules. As of September 30, 2023, 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 and nine months ended September 30 were as follows (in millions):


	Three Months		Nine Months
	2023	2022	2023	2022
Maximum outstanding aggregate cash proceeds	$94	$36	$110	$66
Average outstanding aggregate cash proceeds	46	3	68	8

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


	September 30, 2023	December 31, 2022
Customer accounts receivable	$161	$145
Unbilled utility revenues	88	132
Other receivables	1	—
Receivables sold to third party	250	277
Less: cash proceeds	1	80
Deferred proceeds	249	197
Less: allowance for expected credit losses	13	12
Fair value of deferred proceeds	$236	$185


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As of September 30, 2023, outstanding receivables past due under the Receivables Agreement were $18 million. Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three and nine months ended September 30 were as follows (in millions):


	Three Months		Nine Months
	2023	2022	2023	2022
Collections	$616	$670	$1,720	$1,731
Write-offs, net of recoveries	5	3	9	6

Effective October 2023, the limit on cash proceeds under the Receivables Agreement is $5 million.

NOTE 5. INVESTMENTS

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


	Three Months		Nine Months
	2023	2022	2023	2022
ATC Holdings	($12)	($7)	($37)	($29)


Other	(2)	2	(8)	(8)
	($14)	($5)	($45)	($37)

NOTE 6. COMMON EQUITY

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


Shares outstanding, January 1, 2023			251,134,966
At-the-market offering program			3,569,937

Shareowner Direct Plan			339,850
Equity-based compensation plans			134,334

Shares outstanding, September 30, 2023			255,179,087

At-the-Market Offering Program - In December 2022, Alliant Energy filed a prospectus supplement under which it may sell up to $225 million of its common stock through an at-the-market offering program. As of September 30, 2023, Alliant Energy issued 3,569,937 shares of common stock through this program and received cash proceeds of $183 million, net of $2 million in commissions and fees. The proceeds from the issuances of common stock were used 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
		Additional		Other	Deferred
	Common	Paid-In	Retained	Comprehensive	Compensation	Noncontrolling	Total
	Stock	Capital	Earnings	Income	Trust	Interest	Equity
Three Months Ended September 30, 2023
Beginning balance, June 30, 2023	$3	$2,854	$3,606	$3	($14)	$—	$6,452
Net income attributable to Alliant Energy common shareowners			259				259
Common stock dividends ($0.4525 per share)			(115)				(115)
At-the-market offering program and Shareowner Direct Plan issuances		125					125
Equity-based compensation plans and other		3			1		4



Other comprehensive income, net of tax				1			1
Ending balance, September 30, 2023	$3	$2,982	$3,750	$4	($13)	$—	$6,726
Three Months Ended September 30, 2022
Beginning balance, June 30, 2022	$3	$2,759	$3,387	$—	($12)	$29	$6,166
Net income attributable to Alliant Energy common shareowners			227				227
Common stock dividends ($0.4275 per share)			(106)				(106)
Shareowner Direct Plan issuances		6					6
Equity-based compensation plans and other		2			(1)		1

Distributions to noncontrolling interest						(29)	(29)


Ending balance, September 30, 2022	$3	$2,767	$3,508	$—	($13)	$—	$6,265


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Alliant Energy	Total Alliant Energy Common Equity
				Accumulated	Shares in
		Additional		Other	Deferred
	Common	Paid-In	Retained	Comprehensive	Compensation	Noncontrolling	Total
	Stock	Capital	Earnings	Income	Trust	Interest	Equity
Nine Months Ended September 30, 2023
Beginning balance, December 31, 2022	$3	$2,777	$3,509	$—	($13)	$—	$6,276
Net income attributable to Alliant Energy common shareowners			582				582
Common stock dividends ($1.3575 per share)			(341)				(341)
At-the-market offering program and Shareowner Direct Plan issuances		201					201
Equity-based compensation plans and other		4					4



Other comprehensive income, net of tax				4			4
Ending balance, September 30, 2023	$3	$2,982	$3,750	$4	($13)	$—	$6,726
Nine Months Ended September 30, 2022
Beginning balance, December 31, 2021	$3	$2,749	$3,250	$—	($12)	$—	$5,990
Net income attributable to Alliant Energy common shareowners			579				579
Common stock dividends ($1.2825 per share)			(322)				(322)
Shareowner Direct Plan issuances		19					19
Equity-based compensation plans and other		(1)	1		(1)		(1)
Contributions from noncontrolling interest						29	29
Distributions to noncontrolling interest						(29)	(29)


Ending balance, September 30, 2022	$3	$2,767	$3,508	$—	($13)	$—	$6,265



IPL		Additional		Total
	Common	Paid-In	Retained	Common
	Stock	Capital	Earnings	Equity
Three Months Ended September 30, 2023
Beginning balance, June 30, 2023	$33	$2,847	$989	$3,869
Net income			170	170
Common stock dividends			(70)	(70)
Capital contributions from parent		20		20
Ending balance, September 30, 2023	$33	$2,867	$1,089	$3,989
Three Months Ended September 30, 2022
Beginning balance, June 30, 2022	$33	$2,807	$942	$3,782
Net income			154	154
Common stock dividends			(80)	(80)

Ending balance, September 30, 2022	$33	$2,807	$1,016	$3,856




IPL		Additional		Total
	Common	Paid-In	Retained	Common
	Stock	Capital	Earnings	Equity
Nine Months Ended September 30, 2023
Beginning balance, December 31, 2022	$33	$2,807	$968	$3,808
Net income			331	331
Common stock dividends			(210)	(210)
Capital contributions from parent		60		60
Ending balance, September 30, 2023	$33	$2,867	$1,089	$3,989
Nine Months Ended September 30, 2022
Beginning balance, December 31, 2021	$33	$2,807	$929	$3,769
Net income			327	327
Common stock dividends			(240)	(240)

Ending balance, September 30, 2022	$33	$2,807	$1,016	$3,856


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WPL	Total WPL Common Equity
		Additional
	Common	Paid-In	Retained	Noncontrolling	Total
	Stock	Capital	Earnings	Interest	Equity
Three Months Ended September 30, 2023
Beginning balance, June 30, 2023	$66	$2,413	$1,260	$—	$3,739
Net income			107		107
Common stock dividends			(46)		(46)
Capital contributions from parent		65			65



Ending balance, September 30, 2023	$66	$2,478	$1,321	$—	$3,865
Three Months Ended September 30, 2022
Beginning balance, June 30, 2022	$66	$1,968	$1,120	$29	$3,183
Net income			91		91
Common stock dividends			(44)		(44)
Capital contributions from parent		155			155

Distributions to noncontrolling interest				(29)	(29)

Ending balance, September 30, 2022	$66	$2,123	$1,167	$—	$3,356



WPL	Total WPL Common Equity
		Additional
	Common	Paid-In	Retained	Noncontrolling	Total
	Stock	Capital	Earnings	Interest	Equity
Nine Months Ended September 30, 2023
Beginning balance, December 31, 2022	$66	$2,233	$1,192	$—	$3,491
Net income			267		267
Common stock dividends			(138)		(138)
Capital contributions from parent		245			245



Ending balance, September 30, 2023	$66	$2,478	$1,321	$—	$3,865
Nine Months Ended September 30, 2022
Beginning balance, December 31, 2021	$66	$1,704	$1,053	$—	$2,823
Net income			247		247
Common stock dividends			(133)		(133)
Capital contributions from parent		420			420
Contributions from noncontrolling interest				29	29
Distributions to noncontrolling interest				(29)	(29)
Other		(1)			(1)
Ending balance, September 30, 2022	$66	$2,123	$1,167	$—	$3,356

NOTE 7. DEBT

NOTE 7(a) Short-term Debt - In March 2023, Alliant Energy, IPL and WPL extended their single credit facility agreement, which currently expires in December 2027, and reallocated credit facility capacity amounts to $450 million for Alliant Energy at the parent company level, $250 million for IPL and $300 million for WPL, within the $1 billion total commitment. Information regarding Alliant Energy’s, IPL’s and WPL’s commercial paper classified as short-term debt was as follows (dollars in millions):


September 30, 2023	Alliant Energy	IPL	WPL
Amount outstanding	$451	$—	$120
Weighted average interest rates	5.5%	—%	5.4%
Available credit facility capacity	$549	$250	$180


	Alliant Energy		IPL		WPL
Three Months Ended September 30	2023	2022	2023	2022	2023	2022
Maximum amount outstanding (based on daily outstanding balances)	$474	$449	$7	$—	$125	$251
Average amount outstanding (based on daily outstanding balances)	$440	$353	$—	$—	$86	$110
Weighted average interest rates	5.5%	2.4%	5.5%	—%	5.4%	2.0%
Nine Months Ended September 30
Maximum amount outstanding (based on daily outstanding balances)	$793	$577	$70	$—	$349	$252
Average amount outstanding (based on daily outstanding balances)	$367	$377	$2	$—	$135	$160
Weighted average interest rates	5.1%	1.2%	5.3%	—%	4.9%	0.9%


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In January 2023, AEF received $50 million of proceeds from its December 2022 term loan credit agreement, which was classified as “Other short-term borrowings” on Alliant Energy’s balance sheet as of September 30, 2023.

NOTE 7(b) Long-term Debt - In September 2023, IPL issued $300 million of 5.70% senior debentures due 2033. The net proceeds from IPL’s issuance were used to reduce cash amounts received from its sales of accounts receivable program, reduce commercial paper classified as long-term debt, for general corporate purposes and/or were placed in money market fund investments. In June 2023, AEF retired its $400 million 3.75% senior notes. In March 2023, WPL issued $300 million of 4.95% debentures due 2033. WPL’s debentures were issued as green bonds, and an amount equal to or in excess of the net proceeds were disbursed for the development and acquisition of its solar EGUs.

Convertible Senior Notes - In March 2023, Alliant Energy issued $575 million of 3.875% convertible senior notes (the Notes), which are senior unsecured obligations, and used the net proceeds from the issuance for general corporate purposes. The Notes will mature on March 15, 2026 unless earlier converted or repurchased, and no sinking fund is provided for the Notes. Alliant Energy may not redeem the Notes prior to the maturity date. Holders may convert their Notes at their option at any time prior to the close of business on the business day immediately preceding December 15, 2025 only under the following circumstances:

during any calendar quarter commencing after the calendar quarter ending on June 30, 2023 (and only during such calendar quarter), if the last reported sale price of Alliant Energy’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day during such period;
during the 5 business day period after any 10 consecutive trading day period (the “measurement period”) in which the trading price (as defined in the related Indenture) per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Alliant Energy’s common stock and the conversion rate on each such trading day; or
upon the occurrence of specified corporate events.

On or after December 15, 2025 until the close of business on the business day immediately preceding the maturity date, holders may convert all or any portion of their Notes at any time, regardless of the foregoing circumstances. Upon conversion of the Notes, Alliant Energy will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted.

The initial conversion rate is 15.5461 shares of common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $64.32 per share of Alliant Energy’s common stock). The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, Alliant Energy will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Notes in connection with such a corporate event.

If Alliant Energy undergoes a fundamental change (as defined in the related Indenture), then, subject to certain conditions, holders of the Notes may require Alliant Energy to repurchase for cash all or any portion of its Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

As of September 30, 2023, the conditions allowing holders of the Notes to convert their Notes were not met, and as a result, the Notes were classified as “Long-term debt, net” on Alliant Energy’s balance sheet. As of September 30, 2023, the net carrying amount of the Notes was $567 million, with unamortized debt issuance costs of $8 million, and the estimated fair value (Level 2) of the Notes was $556 million. As of September 30, 2023, there were no shares of Alliant Energy’s common stock related to the potential conversion of the Notes included in diluted EPS based on Alliant Energy’s average stock prices and the relevant terms of the Notes.


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NOTE 8. REVENUES

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


	Alliant Energy		IPL		WPL
Three Months Ended September 30	2023	2022	2023	2022	2023	2022
Electric Utility:
Retail - residential	$374	$376	$209	$222	$165	$154
Retail - commercial	241	243	158	165	83	78
Retail - industrial	280	289	153	172	127	117
Wholesale	59	68	21	19	38	49
Bulk power and other	41	63	10	18	31	45
Total Electric Utility	995	1,039	551	596	444	443
Gas Utility:
Retail - residential	23	28	14	14	9	14
Retail - commercial	12	18	9	8	3	10
Retail - industrial	2	4	2	3	—	1
Transportation/other	10	12	6	8	4	4
Total Gas Utility	47	62	31	33	16	29
Other Utility:
Steam	11	9	11	9	—	—
Other utility	2	2	1	2	1	—
Total Other Utility	13	11	12	11	1	—
Non-Utility and Other:
Travero and other	22	23	—	—	—	—

Total Non-Utility and Other	22	23	—	—	—	—
Total revenues	$1,077	$1,135	$594	$640	$461	$472



	Alliant Energy		IPL		WPL
Nine Months Ended September 30	2023	2022	2023	2022	2023	2022
Electric Utility:
Retail - residential	$943	$956	$503	$529	$440	$427
Retail - commercial	627	628	399	411	228	217
Retail - industrial	740	743	389	418	351	325
Wholesale	154	168	47	49	107	119
Bulk power and other	98	129	32	31	66	98
Total Electric Utility	2,562	2,624	1,370	1,438	1,192	1,186
Gas Utility:
Retail - residential	233	237	131	127	102	110
Retail - commercial	122	127	65	62	57	65
Retail - industrial	12	15	8	10	4	5
Transportation/other	33	39	20	25	13	14
Total Gas Utility	400	418	224	224	176	194
Other Utility:
Steam	32	29	32	29	—	—
Other utility	6	6	4	5	2	1
Total Other Utility	38	35	36	34	2	1
Non-Utility and Other:
Travero and other	66	70	—	—	—	—

Total Non-Utility and Other	66	70	—	—	—	—
Total revenues	$3,066	$3,147	$1,630	$1,696	$1,370	$1,381

NOTE 9. INCOME TAXES

Income Tax Rates - Overall effective income tax rates for the three and nine months ended September 30, 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.


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	Alliant Energy				IPL				WPL
	Three Months		Nine Months		Three Months		Nine Months		Three Months		Nine Months
	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022
Overall income tax rate	2%	6%	1%	4%	(22%)	(12%)	(20%)	(14%)	16%	15%	15%	17%

Deferred Tax Assets and Liabilities -

Carryforwards - At September 30, 2023, the carryforwards and expiration dates were estimated as follows (in millions):


	Range of Expiration Dates	Alliant Energy	IPL	WPL

State net operating losses	2025-2043	$431	$6	$1
Federal tax credits	2031-2043	737	520	208

Iowa Tax Reform - Pursuant to Iowa tax reform enacted in 2022, in September 2023, the Iowa Department of Revenue announced an Iowa corporate income tax rate of 7.1%, effective January 1, 2024. Deferred tax assets and liabilities are measured at the enacted tax rate expected to be applied when temporary differences are to be realized or settled. Given the announcement of the new Iowa corporate income tax rate, Alliant Energy’s and IPL’s deferred tax liabilities were remeasured based upon the new rate effective January 1, 2024, which resulted in a $73 million reduction of Alliant Energy’s and IPL’s tax-related regulatory assets and a corresponding decrease in their deferred tax liabilities in the third quarter of 2023. The reduction in tax-related regulatory assets is expected to provide cost benefits to IPL’s customers in the future. Alliant Energy parent company’s deferred tax assets were remeasured based upon the new rate effective January 1, 2024, which resulted in a charge of $8 million recorded to income tax expense in Alliant Energy’s income statement and an increase in deferred tax liabilities on Alliant Energy’s balance sheet in the third quarter of 2023. Based on the remeasurement of Alliant Energy parent company’s deferred tax assets in the third quarter of 2022 for the Iowa corporate income tax rate of 8.4% effective January 1, 2023, a charge of $8 million was recorded to income tax expense in Alliant Energy’s income statement in the third quarter of 2022. Alliant Energy is currently unable to predict with certainty the timing or amount of any future rate reductions.

NOTE 10. BENEFIT PLANS

NOTE 10(a) Pension and OPEB Plans -

Net Periodic Benefit Costs - The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans for the three and nine months ended September 30 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
	Three Months		Nine Months		Three Months		Nine Months
Alliant Energy	2023	2022	2023	2022	2023	2022	2023	2022
Service cost	$2	$3	$4	$7	$1	$—	$2	$2
Interest cost	12	9	35	27	3	1	7	4
Expected return on plan assets	(14)	(18)	(40)	(52)	(2)	—	(4)	(3)
Amortization of prior service credit	(1)	—	(1)	—	—	—	—	—
Amortization of actuarial loss	7	8	21	24	—	1	1	2


	$6	$2	$19	$6	$2	$2	$6	$5


	Defined Benefit Pension Plans				OPEB Plans
	Three Months		Nine Months		Three Months		Nine Months
IPL	2023	2022	2023	2022	2023	2022	2023	2022
Service cost	$—	$1	$2	$4	$—	$—	$—	$1
Interest cost	6	4	16	12	1	1	3	2
Expected return on plan assets	(6)	(7)	(19)	(23)	(1)	(1)	(3)	(3)

Amortization of actuarial loss	2	3	8	10	—	—	1	—
	$2	$1	$7	$3	$—	$—	$1	$—


	Defined Benefit Pension Plans				OPEB Plans
	Three Months		Nine Months		Three Months		Nine Months
WPL	2023	2022	2023	2022	2023	2022	2023	2022
Service cost	$—	$—	$1	$2	$1	$—	$1	$—
Interest cost	5	4	15	12	1	1	3	2
Expected return on plan assets	(5)	(7)	(16)	(23)	(1)	—	(1)	—

Amortization of actuarial loss	3	4	10	12	—	—	—	1

	$3	$1	$10	$3	$1	$1	$3	$3


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NOTE 10(b) Equity-based Compensation Plans - A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards for the three and nine months ended September 30 was as follows (in millions):


	Alliant Energy				IPL				WPL
	Three Months		Nine Months		Three Months		Nine Months		Three Months		Nine Months
	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022
Compensation expense	$4	$3	$10	$9	$2	$2	$5	$5	$2	$1	$4	$4
Income tax benefits	1	1	3	3	1	—	1	1	—	—	1	1

As of September 30, 2023, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $11 million, $6 million and $5 million, respectively, which is expected to be recognized over a weighted average period of between 1 year and 2 years.

For the nine months ended September 30, 2023, performance shares, performance restricted stock units and restricted stock units were granted to key employees under existing plans 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	108,513	$55.68
Performance restricted stock units	123,990	52.71
Restricted stock units	105,982	52.77

As of September 30, 2023, 274,960 shares were included in the calculation of diluted EPS related to the nonvested equity awards.

NOTE 11. DERIVATIVE INSTRUMENTS

Commodity Derivatives -

Notional Amounts - As of September 30, 2023, 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):


	Electricity		FTRs		Natural Gas		Coal
	MWhs	Years	MWhs	Years	Dths	Years	Tons	Years
Alliant Energy	1,661	2023-2026	18,122	2023-2024	180,519	2023-2032	370	2023
IPL	746	2023-2026	8,078	2023-2024	85,457	2023-2030	217	2023
WPL	915	2023-2026	10,044	2023-2024	95,062	2023-2032	153	2023

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
	September 30, 2023	December 31, 2022	September 30, 2023	December 31, 2022	September 30, 2023	December 31, 2022
Current derivative assets	$67	$111	$51	$69	$16	$42
Non-current derivative assets	62	126	34	69	28	57
Current derivative liabilities	32	59	15	40	17	19
Non-current derivative liabilities	34	20	6	6	28	14

During the nine months ended September 30, 2023, Alliant Energy’s, IPL’s and WPL’s derivative assets decreased primarily due to settlements of natural gas, FTR and electricity contracts and lower natural gas prices, partially offset by new FTRs resulting from the annual FTR auction in the second quarter of 2023 operated by MISO. Alliant Energy’s and IPL’s derivative liabilities decreased primarily due to settlement of natural gas contracts. Based on IPL’s and WPL’s cost recovery mechanisms, the changes in the fair value of derivative liabilities/assets resulted in comparable changes to regulatory assets/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 up to the amount of exposure under the contracts, or the contracts may need to be unwound and underlying liability positions paid. At September 30, 2023 and December 31, 2022, 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


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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, derivative assets and derivative liabilities related to commodity contracts would have been presented on the balance sheets as follows (in millions):


	Alliant Energy		IPL		WPL
	Gross		Gross		Gross
	(as reported)	Net	(as reported)	Net	(as reported)	Net
September 30, 2023
Derivative assets	$129	$108	$85	$73	$44	$35
Derivative liabilities	66	45	21	9	45	36
December 31, 2022
Derivative assets	237	193	138	108	99	85
Derivative liabilities	79	35	46	16	33	19

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.

Interest Rate Derivative - In January 2023, AEF entered into a $300 million interest rate swap maturing in January 2026 to mitigate interest rate risk. Under the terms of the swap, AEF exchanged a variable interest rate for a fixed interest rate of 3.93% on a portion of its variable-rate term loan borrowings. The related interest rate derivative was valued based on quoted prices that utilize current market interest rate forecasts. As of September 30, 2023, $6 million of non-current interest rate derivative assets was recorded in “Deferred charges and other” on Alliant Energy’s balance sheet. This interest rate derivative was designated as a cash flow hedge, with changes in fair value recorded as other comprehensive income/loss. As of September 30, 2023, accumulated other comprehensive income included $4 million of income related to the interest rate swap. For the three and nine months ended September 30, 2023, $1 million and $2 million, respectively, of reductions to interest expense were recorded in Alliant Energy’s income statement related to the interest rate swap.

NOTE 12. FAIR VALUE MEASUREMENTS

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


Alliant Energy	September 30, 2023					December 31, 2022
		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	$189	$189	$—	$—	$189	$10	$10	$—	$—	$10
Commodity derivatives	129	—	80	49	129	237	—	206	31	237
Interest rate derivatives	6	—	6	—	6	—	—	—	—	—
Deferred proceeds	236	—	—	236	236	185	—	—	185	185
Liabilities:
Commodity derivatives	66	—	60	6	66	79	—	67	12	79

Long-term debt (incl. current maturities)	8,838	—	7,863	—	7,863	8,076	—	7,338	1	7,339


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IPL	September 30, 2023					December 31, 2022
		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	$180	$180	$—	$—	$180	$10	$10	$—	$—	$10
Commodity derivatives	85	—	45	40	85	138	—	111	27	138
Deferred proceeds	236	—	—	236	236	185	—	—	185	185
Liabilities:
Commodity derivatives	21	—	16	5	21	46	—	35	11	46
Long-term debt	3,944	—	3,422	—	3,422	3,646	—	3,228	—	3,228


WPL	September 30, 2023					December 31, 2022
		Fair Value					Fair Value
	Carrying	Level	Level	Level		Carrying	Level	Level	Level
	Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:

Commodity derivatives	$44	$—	$35	$9	$44	$99	$—	$95	$4	$99
Liabilities:
Commodity derivatives	45	—	44	1	45	33	—	32	1	33
Long-term debt	3,069	—	2,722	—	2,722	2,770	—	2,542	—	2,542

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 September 30	2023	2022	2023	2022
Beginning balance, July 1	$54	$72	$175	$244
Total net gains (losses) included in changes in net assets (realized/unrealized)	17	(1)	—	—



Sales	(1)	—	—	—
Settlements (a)	(27)	(26)	61	4
Ending balance, September 30	$43	$45	$236	$248
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30	$17	($1)	$—	$—



Alliant Energy	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Nine Months Ended September 30	2023	2022	2023	2022
Beginning balance, January 1	$19	$29	$185	$214
Total net gains (losses) included in changes in net assets (realized/unrealized)	6	(17)	—	—


Purchases	62	79	—	—
Sales	(2)	—	—	—
Settlements (a)	(42)	(46)	51	34
Ending balance, September 30	$43	$45	$236	$248
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30	$6	($17)	$—	$—


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IPL	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Three Months Ended September 30	2023	2022	2023	2022
Beginning balance, July 1	$41	$58	$175	$244
Total net gains (losses) included in changes in net assets (realized/unrealized)	12	(6)	—	—



Sales	(1)	—	—	—
Settlements (a)	(17)	(19)	61	4
Ending balance, September 30	$35	$33	$236	$248
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30	$12	($6)	$—	$—



IPL	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Nine Months Ended September 30	2023	2022	2023	2022
Beginning balance, January 1	$16	$18	$185	$214
Total net losses included in changes in net assets (realized/unrealized)	—	(13)	—	—


Purchases	51	58	—	—
Sales	(2)	—	—	—
Settlements (a)	(30)	(30)	51	34
Ending balance, September 30	$35	$33	$236	$248
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 September 30	$—	($14)	$—	$—


WPL	Commodity Contract Derivative
	Assets and (Liabilities), net
Three Months Ended September 30	2023	2022
Beginning balance, July 1	$13	$14
Total net gains included in changes in net assets (realized/unrealized)	5	5




Settlements	(10)	(7)
Ending balance, September 30	$8	$12
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30	$5	$5



WPL	Commodity Contract Derivative
	Assets and (Liabilities), net
Nine Months Ended September 30	2023	2022
Beginning balance, January 1	$3	$11
Total net gains (losses) included in changes in net assets (realized/unrealized)	6	(4)


Purchases	11	21

Settlements	(12)	(16)
Ending balance, September 30	$8	$12
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30	$6	($3)

(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 (liabilities) as follows (in millions):


	Alliant Energy		IPL		WPL
	Excluding FTRs	FTRs	Excluding FTRs	FTRs	Excluding FTRs	FTRs
September 30, 2023	$3	$40	$4	$31	($1)	$9
December 31, 2022	(10)	29	(9)	25	(1)	4


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NOTE 13. COMMITMENTS AND CONTINGENCIES

NOTE 13(a) Capital Purchase Commitments - Various contractual obligations contain minimum future commitments related to capital expenditures for certain construction projects, including IPL’s and WPL’s expansion of solar generation. At September 30, 2023, Alliant Energy’s, IPL’s and WPL’s minimum future commitments for these projects were $221 million, $175 million and $46 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 September 30, 2023, related minimum future commitments were as follows (in millions):


	Alliant Energy	IPL	WPL
Natural gas	$962	$436	$526
Coal	188	108	80

Other (a)	125	52	25
	$1,275	$596	$631

(a)Includes individual commitments incurred during the normal course of business that exceeded $1 million at September 30, 2023.

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. 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.

As of September 30, 2023, the currently known partnership obligations for the abandonment obligations are estimated at $58 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 $58 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 September 30, 2023 and December 31, 2022, 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.

Whiting Petroleum completed a business combination with Oasis Petroleum Inc. in July 2022. The combined operations are now known as Chord Energy Corporation. The business combination is not expected to affect the scope of the Whiting Petroleum affiliate’s obligations to Alliant Energy or Alliant Energy’s related 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 $51 million as of September 30, 2023 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 September 30, 2023 and December 31, 2022.

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 September 30, 2023, 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):


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	Alliant Energy			IPL			WPL
Range of estimated future costs	$9	-	$36	$5	-	$11	$4	-	$25
Current and non-current environmental liabilities	$18			$8			$10

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: Cross-State Air Pollution Rule, 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) MISO Transmission Owner Return on Equity Complaints - A group of stakeholders, including MISO cooperative and municipal utilities, previously filed complaints with the Federal Energy Regulatory Commission (FERC) requesting a reduction to the base return on equity authorized for MISO transmission owners, including ITC Midwest LLC and ATC. In 2019, FERC issued an order on the previously filed complaints and reduced the base return on equity authorized for the MISO transmission owners to 9.88% for November 12, 2013 through February 11, 2015, and subsequent to September 28, 2016. In 2020, FERC issued orders in response to various rehearing requests and increased the base return on equity authorized for the MISO transmission owners from 9.88% to 10.02% for November 12, 2013 through February 11, 2015, and subsequent to September 28, 2016. In August 2022, the U.S. Court of Appeals for the District of Columbia Circuit vacated FERC’s prior orders that established the base return on equity authorized for the MISO transmission owners and remanded the cases to FERC for further proceedings, which may result in additional changes to the base return on equity authorized for the MISO transmission owners. Any further changes in FERC’s decisions may have an impact on Alliant Energy’s share of ATC’s future earnings and customer costs.

NOTE 14. 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 September 30, 2023
Revenues	$995	$47	$13	$1,055	$22	$1,077
Operating income (loss)	319	(4)	—	315	7	322
Net income (loss) attributable to Alliant Energy common shareowners				277	(18)	259
Three Months Ended September 30, 2022
Revenues	$1,039	$62	$11	$1,112	$23	$1,135
Operating income (loss)	304	(3)	1	302	7	309
Net income (loss) attributable to Alliant Energy common shareowners				245	(18)	227


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Alliant Energy					ATC Holdings,	Alliant
	Utility				Non-Utility,	Energy
	Electric	Gas	Other	Total	Parent and Other	Consolidated
	(in millions)
Nine Months Ended September 30, 2023
Revenues	$2,562	$400	$38	$3,000	$66	$3,066
Operating income	682	48	12	742	18	760
Net income (loss) attributable to Alliant Energy common shareowners				598	(16)	582
Nine Months Ended September 30, 2022
Revenues	$2,624	$418	$35	$3,077	$70	$3,147
Operating income	680	62	4	746	23	769
Net income attributable to Alliant Energy common shareowners				574	5	579


IPL	Electric	Gas	Other	Total
	(in millions)
Three Months Ended September 30, 2023
Revenues	$551	$31	$12	$594
Operating income (loss)	171	(2)	4	173
Net income				170
Three Months Ended September 30, 2022
Revenues	$596	$33	$11	$640
Operating income (loss)	174	(3)	—	171
Net income				154
Nine Months Ended September 30, 2023
Revenues	$1,370	$224	$36	$1,630
Operating income	342	25	12	379
Net income				331
Nine Months Ended September 30, 2022
Revenues	$1,438	$224	$34	$1,696
Operating income	353	33	3	389
Net income				327


WPL	Electric	Gas	Other	Total
	(in millions)
Three Months Ended September 30, 2023
Revenues	$444	$16	$1	$461
Operating income (loss)	148	(2)	(4)	142
Net income				107
Three Months Ended September 30, 2022
Revenues	$443	$29	$—	$472
Operating income	130	—	1	131
Net income				91
Nine Months Ended September 30, 2023
Revenues	$1,192	$176	$2	$1,370
Operating income	340	23	—	363
Net income				267
Nine Months Ended September 30, 2022
Revenues	$1,186	$194	$1	$1,381
Operating income	327	29	1	357
Net income				247


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NOTE 15. RELATED PARTIES

Service Agreements - Pursuant to service agreements, IPL and WPL receive various administrative and general services from an affiliate, Corporate Services. These services are billed to IPL and WPL at cost based on expenses incurred by Corporate Services for the benefit of IPL and WPL, respectively. These costs consisted primarily of employee compensation and benefits, fees associated with various professional services, depreciation and amortization of property, plant and equipment, and a return on net assets. Corporate Services also acts as agent on behalf of IPL and WPL pursuant to the service agreements. As agent, Corporate Services enters into energy, capacity, ancillary services, and transmission sale and purchase transactions within MISO. Corporate Services assigns such sales and purchases among IPL and WPL based on statements received from MISO. The amounts billed for services provided, sales credited and purchases for the three and nine months ended September 30 were as follows (in millions):


	IPL				WPL
	Three Months		Nine Months		Three Months		Nine Months
	2023	2022	2023	2022	2023	2022	2023	2022
Corporate Services billings	$46	$45	$134	$136	$40	$39	$120	$117
Sales credited	3	11	11	11	23	31	45	62
Purchases billed	133	119	320	342	5	42	21	103

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


	IPL		WPL
	September 30, 2023	December 31, 2022	September 30, 2023	December 31, 2022
Net payables to Corporate Services	$136	$103	$71	$56

ATC - Pursuant to various agreements, WPL receives a range of transmission services from ATC. WPL provides operation, maintenance, and construction services to ATC. WPL and ATC also bill each other for use of shared facilities owned by each party. The related amounts billed between the parties for the three and nine months ended September 30 were as follows (in millions):


	Three Months		Nine Months
	2023	2022	2023	2022
ATC billings to WPL	$41	$38	$119	$107
WPL billings to ATC	5	6	16	14

WPL owed ATC net amounts of $9 million as of September 30, 2023 and $10 million as of December 31, 2022.

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