FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
+Added: Table of Co ntents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
10 unchanged sentences
We conducted our audits in accordance with the standards of the PCAOB.
−Removed: Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
+Added: Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
10 unchanged sentences
As of December 31, 2022, the Company had a recorded consolidated regulatory assets balance of $ 2,046 million and regulatory liabilities balance of $ 1,324 million.
+Added: Table of Co ntents
The Company’s rates are subject to regulatory rate-setting processes and periodic earnings oversight.
10 unchanged sentences
Our audit procedures related to the regulatory filings by management and the uncertainty of future decisions by the regulatory agencies included the following, among others:
−Removed: • We tested the design and operating effectiveness of management’s controls over the evaluation of regulatory assets and liabilities, including the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates or of a future reduction in rates.
−Removed: • We obtained and evaluated the Company’s analysis supporting the probability of recovery for regulatory assets or refund or future reduction in rates for regulatory liabilities not yet addressed in a regulatory order to assess the reasonability of management’s assertions.
+Added: • We tested the effectiveness of management’s controls over the evaluation of the likelihood of recovery in future customer rates for regulatory assets and the likelihood of a probable refund to customers or reduction in future customer rates for regulatory liabilities;
+Added: and the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates or of a future reduction in rates.
+Added: • We obtained the Company’s analysis supporting the probability of recovery for regulatory assets or refund to customers or future reduction in customer rates for regulatory liabilities not yet addressed in a regulatory order to assess management’s assertion that amounts are probable of recovery in future customer rates or represent a probable refund to customers or reduction in future customer rates.
• We inquired of management regarding current events impacting the Company and inspected minutes of the board of directors and other committees of the Company and evaluated whether matters were identified that may have an impact on recorded regulatory asset and liability balances.
−Removed: • We read relevant regulatory orders, regulatory statutes, interpretations, procedural memorandums, filings made by interveners, and other publicly available information issued by the regulatory agencies that pertain to the Company as well as to other relevant public utilities.
−Removed: We evaluated the external information and assessed whether there were matters in such information that would be contradictory to the assessment of recovery of the Company’s regulatory assets or refund of regulatory liabilities.
+Added: • We read relevant regulatory orders issued by the regulatory agencies for the Company and other relevant public utilities, regulatory statutes, interpretations, procedural memorandums, filings made by certain stakeholders, and other publicly available information to assess the likelihood of recovery in future customer rates based on precedents of the regulatory agencies’ treatment of similar costs under similar circumstances.
+Added: We evaluated the external information and whether there were matters in such information that would be contradictory to the assessment of recovery of the Company’s regulatory assets or refund of regulatory liabilities.
• We inquired of management about property, plant, and equipment, net that may be abandoned.
We inspected minutes of the board of directors and other committees of the Company, regulatory orders and other filings with the regulatory agencies to identify evidence that may contradict management’s assertion regarding probability of an abandonment or that may have an impact on the recorded balances.
−Removed: • We evaluated the Company’s disclosures related to the impacts of rate regulation and regulatory developments, including disclosures related to the regulatory balances recorded.
+Added: • We evaluated the Company’s disclosures related to the impacts of rate regulation and regulatory developments, including the regulatory balances recorded.
/s/ DELOITTE & TOUCHE LLP
2 unchanged sentences
We have served as the Company’s auditor since 2002.
+Added: Table of Co ntents
ALLIANT ENERGY CORPORATION
21 unchanged sentences
Allowance for funds used during construction ( 60 ) ( 25 ) ( 55 )
−Removed: Other 5 14 15
Total other (income) and deductions 220 195 173
7 unchanged sentences
Diluted 251.2 250.7 248.7
−Removed: Earnings per weighted average common share attributable to Alliant Energy common shareowners:
−Removed: Basic $ 2.63 $ 2.47 $ 2.34
−Removed: Diluted $ 2.63 $ 2.47 $ 2.33
+Added: Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted) $ 2.73 $ 2.63 $ 2.47
Refer to accompanying Combined Notes to Consolidated Financial Statements.
+Added: Table of Co ntents
ALLIANT ENERGY CORPORATION
25 unchanged sentences
Accounts payable 756 436
−Removed: Accrued taxes 58 67
Regulatory liabilities 206 186
14 unchanged sentences
Retained earnings 3,509 3,250
−Removed: Accumulated other comprehensive loss — ( 1 )
Shares in deferred compensation trust - 402,134 and 383,532 shares at a weighted average cost of $ 32.63 and $ 30.59 per share
1 unchanged sentence
Total Alliant Energy Corporation common equity 6,276 5,990
−Removed: Cumulative preferred stock of Interstate Power and Light Company — 200
−Removed: Total equity 5,990 5,888
Total liabilities and equity $ 20,163 $ 18,553
Refer to accompanying Combined Notes to Consolidated Financial Statements.
+Added: Table of Co ntents
ALLIANT ENERGY CORPORATION
8 unchanged sentences
Deferred tax expense (benefit) and tax credits 13 ( 78 ) ( 66 )
−Removed: Equity component of allowance for funds used during construction ( 18 ) ( 39 ) ( 66 )
Other ( 18 ) 17 ( 2 )
1 unchanged sentence
Accounts receivable ( 672 ) ( 530 ) ( 468 )
−Removed: Derivative assets ( 142 ) ( 7 ) 2
Regulatory assets ( 108 ) 51 ( 130 )
+Added: Derivative assets ( 61 ) ( 142 ) ( 7 )
+Added: Accounts payable 78 37 ( 3 )
Regulatory liabilities 22 ( 66 ) ( 113 )
+Added: Derivative liabilities 70 ( 17 ) ( 12 )
Deferred income taxes 4 193 171
17 unchanged sentences
Net change in commercial paper 127 126 52
+Added: Contributions from noncontrolling interest 29 — —
+Added: Distributions to noncontrolling interest ( 29 ) — —
Other 2 ( 13 ) ( 27 )
11 unchanged sentences
Refer to accompanying Combined Notes to Consolidated Financial Statements.
+Added: Table of Co ntents
ALLIANT ENERGY CORPORATION
3 unchanged sentences
Additional Other Deferred Preferred
−Removed: Common Paid-In Retained Comprehensive Compensation Stock Total
−Removed: Stock Capital Earnings Income (Loss) Trust of IPL Equity
+Added: Common Paid-In Retained Comprehensive Compensation Stock Noncontrolling Total
+Added: Stock Capital Earnings Income (Loss) Trust of IPL Interest Equity
(in millions)
5 unchanged sentences
Equity-based compensation plans and other 11 ( 1 ) 10
+Added: Adoption of new accounting standard, net of tax (refer to Note 1( l ) )
Other comprehensive loss, net of tax ( 2 ) ( 2 )
3 unchanged sentences
( 403 ) ( 403 )
−Removed: Equity forward settlements and Shareowner Direct Plan issuances 247 247
+Added: Shareowner Direct Plan issuances 1 27 28
Equity-based compensation plans and other 18 ( 1 ) 17
−Removed: Adoption of new accounting standard, net of tax (refer to Note 1( l ) )
−Removed: Other comprehensive loss, net of tax ( 2 ) ( 2 )
+Added: Redemption of IPL’s cumulative preferred stock ( 200 ) ( 200 )
+Added: Other comprehensive income, net of tax 1 1
Ending balance 3 2,749 3,250 — ( 12 ) — — 5,990
4 unchanged sentences
Equity-based compensation plans and other 3 1 ( 1 ) 3
−Removed: Redemption of IPL’s cumulative preferred stock ( 200 ) ( 200 )
−Removed: Other comprehensive income, net of tax 1 1
+Added: Contributions from noncontrolling interest 29 29
+Added: Distributions to noncontrolling interest ( 29 ) ( 29 )
Ending balance $ 3 $ 2,777 $ 3,509 $ — ($ 13 ) $ — $ — $ 6,276
Refer to accompanying Combined Notes to Consolidated Financial Statements.
+Added: Table of Co ntents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
32 unchanged sentences
Future regulatory rulings may impact the carrying value and accounting treatment of the regulatory assets and regulatory liabilities.
+Added: Table of Co ntents
We identified the impact of rate regulation as a critical audit matter due to the significant judgments made by management to support its assertions about impacted account balances and disclosures and the high degree of subjectivity involved in assessing the impact of future regulatory orders on the financial statements.
3 unchanged sentences
Our audit procedures related to the regulatory filings by management and the uncertainty of future decisions by the regulatory agencies included the following, among others:
−Removed: • We tested the design and operating effectiveness of management’s controls over the evaluation of regulatory assets and liabilities, including the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates or of a future reduction in rates.
−Removed: • We obtained and evaluated the Company’s analysis supporting the probability of recovery for regulatory assets or refund or future reduction in rates for regulatory liabilities not yet addressed in a regulatory order to assess the reasonability of management’s assertions.
+Added: • We tested the effectiveness of management’s controls over the evaluation of the likelihood of recovery in future customer rates for regulatory assets and the likelihood of a probable refund to customers or reduction in future customer rates for regulatory liabilities;
+Added: and the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates or of a future reduction in rates.
+Added: • We obtained the Company’s analysis supporting the probability of recovery for regulatory assets or refund to customers or future reduction in customer rates for regulatory liabilities not yet addressed in a regulatory order to assess management’s assertion that amounts are probable of recovery in future customer rates or represent a probable refund to customers or reduction in future customer rates.
• We inquired of management regarding current events impacting the Company and inspected minutes of the board of directors and other committees of the Company and evaluated whether matters were identified that may have an impact on recorded regulatory asset and liability balances.
−Removed: • We read relevant regulatory orders, regulatory statutes, interpretations, procedural memorandums, filings made by interveners, and other publicly available information issued by the regulatory agencies that pertain to the Company as well as to other relevant public utilities.
−Removed: We evaluated the external information and assessed whether there were matters in such information that would be contradictory to the assessment of recovery of the Company’s regulatory assets or refund of regulatory liabilities.
+Added: • We read relevant regulatory orders issued by the regulatory agencies for the Company and other relevant public utilities, regulatory statutes, interpretations, procedural memorandums, filings made by certain stakeholders, and other publicly available information to assess the likelihood of recovery in future customer rates based on precedents of the regulatory agencies’ treatment of similar costs under similar circumstances.
+Added: We evaluated the external information and whether there were matters in such information that would be contradictory to the assessment of recovery of the Company’s regulatory assets or refund of regulatory liabilities.
• We inquired of management about property, plant, and equipment, net that may be abandoned.
We inspected minutes of the board of directors and other committees of the Company, regulatory orders, and other filings with the regulatory agencies to identify evidence that may contradict management’s assertion regarding probability of an abandonment or that may have an impact on the recorded balances.
−Removed: • We evaluated the Company’s disclosures related to the impacts of rate regulation and regulatory developments, including disclosures related to the regulatory balances recorded.
+Added: • We evaluated the Company’s disclosures related to the impacts of rate regulation and regulatory developments, including the regulatory balances recorded.
/s/ DELOITTE & TOUCHE LLP
2 unchanged sentences
We have served as the Company’s auditor since 2002.
+Added: Table of Co ntents
INTERSTATE POWER AND LIGHT COMPANY
21 unchanged sentences
Income before income taxes 310 329 287
−Removed: Income tax expense (benefit) ( 36 ) ( 47 ) 24
+Added: Income tax benefit ( 50 ) ( 36 ) ( 47 )
Net income 360 365 334
3 unchanged sentences
Refer to accompanying Combined Notes to Consolidated Financial Statements.
+Added: Table of Co ntents
INTERSTATE POWER AND LIGHT COMPANY
5 unchanged sentences
Accounts receivable, less allowance for expected credit losses 259 241
−Removed: Income tax refunds receivable 8 26
Production fuel, at weighted average cost 23 29
13 unchanged sentences
Accounts payable to associated companies 28 39
−Removed: Regulatory liabilities 84 103
Accrued taxes 52 56
Accrued interest 35 36
+Added: Regulatory liabilities 114 84
Total current liabilities 581 455
13 unchanged sentences
Total Interstate Power and Light Company common equity 3,808 3,769
−Removed: Cumulative preferred stock — 200
−Removed: Total equity 3,769 3,964
Total liabilities and equity $ 10,075 $ 9,996
Refer to accompanying Combined Notes to Consolidated Financial Statements.
+Added: Table of Co ntents
INTERSTATE POWER AND LIGHT COMPANY
7 unchanged sentences
Depreciation and amortization 381 375 356
−Removed: Deferred tax expense (benefit) and tax credits ( 14 ) ( 52 ) 15
+Added: Deferred tax benefit and tax credits ( 13 ) ( 14 ) ( 52 )
Equity component of allowance for funds used during construction ( 8 ) ( 7 ) ( 17 )
2 unchanged sentences
Accounts receivable ( 611 ) ( 539 ) ( 466 )
−Removed: Derivative assets ( 55 ) ( 7 ) ( 5 )
Regulatory assets 56 30 ( 93 )
+Added: Derivative assets ( 54 ) ( 55 ) ( 7 )
+Added: Gas stored underground, at weighted average cost ( 20 ) ( 20 ) 2
Accounts payable 65 15 6
Regulatory liabilities 53 1 ( 20 )
+Added: Derivative liabilities 42 ( 8 ) ( 5 )
Deferred income taxes ( 24 ) 62 79
14 unchanged sentences
Payments to retire long-term debt — — ( 200 )
−Removed: Net change in commercial paper — — ( 50 )
Other 4 ( 10 ) ( 20 )
11 unchanged sentences
Refer to accompanying Combined Notes to Consolidated Financial Statements.
+Added: Table of Co ntents
INTERSTATE POWER AND LIGHT COMPANY
13 unchanged sentences
Capital contributions from parent 50 50
+Added: Redemption of cumulative preferred stock ( 200 ) ( 200 )
Ending balance 33 2,807 929 — 3,769
1 unchanged sentence
Common stock dividends ( 321 ) ( 321 )
−Removed: Capital contributions from parent 50 50
−Removed: Redemption of cumulative preferred stock ( 200 ) ( 200 )
Ending balance $ 33 $ 2,807 $ 968 $ — $ 3,808
Refer to accompanying Combined Notes to Consolidated Financial Statements.
+Added: Table of Co ntents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
1 unchanged sentence
Opinion on the Financial Statements
−Removed: We have audited the accompanying consolidated balance sheets of Wisconsin Power and Light Company and subsidiary (the “Company”) as of December 31, 2021 and 2020, the related consolidated statements of income, equity, and cash flows, for each of the three years in the period ended December 31, 2021, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the “financial statements”).
+Added: We have audited the accompanying consolidated balance sheets of Wisconsin Power and Light Company and subsidiaries (the “Company”) as of December 31, 2022 and 2021, the related consolidated statements of income, equity, and cash flows, for each of the three years in the period ended December 31, 2022, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the “financial statements”).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.
28 unchanged sentences
Future regulatory rulings may impact the carrying value and accounting treatment of the regulatory assets and regulatory liabilities.
+Added: Table of Co ntents
We identified the impact of rate regulation as a critical audit matter due to the significant judgments made by management to support its assertions about impacted account balances and disclosures and the high degree of subjectivity involved in assessing the impact of future regulatory orders on the financial statements.
3 unchanged sentences
Our audit procedures related to the regulatory filings by management and the uncertainty of future decisions by the regulatory agencies included the following, among others:
−Removed: • We tested the design and operating effectiveness of management’s controls over the evaluation of regulatory assets and liabilities, including the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates or of a future reduction in rates.
−Removed: • We obtained and evaluated the Company’s analysis supporting the probability of recovery for regulatory assets or refund or future reduction in rates for regulatory liabilities not yet addressed in a regulatory order to assess the reasonability of management’s assertions.
+Added: • We tested the effectiveness of management’s controls over the evaluation of the likelihood of recovery in future customer rates for regulatory assets and the likelihood of a probable refund to customers or reduction in future customer rates for regulatory liabilities;
+Added: and the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates or of a future reduction in rates.
+Added: • We obtained the Company’s analysis supporting the probability of recovery for regulatory assets or refund to customers or future reduction in customer rates for regulatory liabilities not yet addressed in a regulatory order to assess management’s assertion that amounts are probable of recovery in future customer rates or represent a probable refund to customers or reduction in future customer rates.
• We inquired of management regarding current events impacting the Company and inspected minutes of the board of directors and other committees of the Company and evaluated whether matters were identified that may have an impact on recorded regulatory asset and liability balances.
−Removed: • We read relevant regulatory orders, regulatory statutes, interpretations, procedural memorandums, filings made by interveners, and other publicly available information issued by the regulatory agencies that pertain to the Company as well as to other relevant public utilities.
−Removed: We evaluated the external information and assessed whether there were matters in such information that would be contradictory to the assessment of recovery of the Company’s regulatory assets or refund of regulatory liabilities.
+Added: • We read relevant regulatory orders issued by the regulatory agencies for the Company and other relevant public utilities, regulatory statutes, interpretations, procedural memorandums, filings made by certain stakeholders, and other publicly available information to assess the likelihood of recovery in future customer rates based on precedents of the regulatory agencies’ treatment of similar costs under similar circumstances.
+Added: We evaluated the external information and whether there were matters in such information that would be contradictory to the assessment of recovery of the Company’s regulatory assets or refund of regulatory liabilities.
• We inquired of management about property, plant, and equipment, net that may be abandoned.
We inspected minutes of the board of directors and other committees of the Company, regulatory orders, and other filings with the regulatory agencies to identify evidence that may contradict management’s assertion regarding probability of an abandonment or that may have an impact on the recorded balances.
−Removed: • We evaluated the Company’s disclosures related to the impacts of rate regulation and regulatory developments, including disclosures related to the regulatory balances recorded.
+Added: • We evaluated the Company’s disclosures related to the impacts of rate regulation and regulatory developments, including the regulatory balances recorded.
/s/ DELOITTE & TOUCHE LLP
2 unchanged sentences
We have served as the Company’s auditor since 2002.
+Added: Table of Co ntents
WISCONSIN POWER AND LIGHT COMPANY
18 unchanged sentences
Allowance for funds used during construction ( 49 ) ( 16 ) ( 31 )
+Added: Other ( 1 ) 2 3
Total other (income) and deductions 71 91 76
4 unchanged sentences
Refer to accompanying Combined Notes to Consolidated Financial Statements.
+Added: Table of Co ntents
WISCONSIN POWER AND LIGHT COMPANY
22 unchanged sentences
Accounts payable 456 190
−Removed: Accounts payable to associated companies 39 35
Regulatory liabilities 92 102
+Added: Other 111 112
Total current liabilities 949 890
15 unchanged sentences
Refer to accompanying Combined Notes to Consolidated Financial Statements.
+Added: Table of Co ntents
WISCONSIN POWER AND LIGHT COMPANY
10 unchanged sentences
Other changes in assets and liabilities:
+Added: Accounts receivable ( 53 ) 3 ( 1 )
+Added: Regulatory assets ( 163 ) 21 ( 37 )
Derivative assets ( 7 ) ( 87 ) —
14 unchanged sentences
Net change in commercial paper 54 ( 21 ) 89
+Added: Contributions from noncontrolling interest 29 — —
+Added: Distributions to noncontrolling interest ( 29 ) — —
Other ( 9 ) ( 12 ) ( 8 )
Net cash flows from financing activities 737 344 146
−Removed: Net decrease in cash, cash equivalents and restricted cash ( 1 ) ( 1 ) ( 5 )
+Added: Net increase (decrease) in cash, cash equivalents and restricted cash 3 ( 1 ) ( 1 )
Cash, cash equivalents and restricted cash at beginning of period 2 3 4
7 unchanged sentences
Refer to accompanying Combined Notes to Consolidated Financial Statements.
+Added: Table of Co ntents
WISCONSIN POWER AND LIGHT COMPANY
CONSOLIDATED STATEMENTS OF EQUITY
−Removed: Additional Total
−Removed: Common Paid-In Retained Common
−Removed: Stock Capital Earnings Equity
+Added: Total WPL Common Equity
+Added: Common Paid-In Retained Noncontrolling Total
+Added: Stock Capital Earnings Interest Equity
(in millions)
11 unchanged sentences
Capital contributions from parent 530 530
+Added: Contributions from noncontrolling interest 29 29
+Added: Distributions to noncontrolling interest ( 29 ) ( 29 )
+Added: Other ( 1 ) ( 1 )
Ending balance $ 66 $ 2,233 $ 1,192 $ — $ 3,491
Refer to accompanying Combined Notes to Consolidated Financial Statements.
+Added: Table of Co ntents
ALLIANT ENERGY CORPORATION
10 unchanged sentences
IPL also sells electricity to wholesale customers in Minnesota, Illinois and Iowa, and is engaged in the generation and distribution of steam for two customers in Cedar Rapids, Iowa.
−Removed: WPL’s financial statements include the accounts of WPL and its consolidated subsidiary.
+Added: WPL’s financial statements include the accounts of WPL and its consolidated subsidiaries.
WPL is a direct subsidiary of Alliant Energy and is a public utility engaged principally in the generation and distribution of electricity and the distribution and transportation of natural gas to retail customers in select markets in Wisconsin.
4 unchanged sentences
freight brokerage services;
−Removed: and a rail-served warehouse in Iowa, which began operations in 2021.
+Added: and a rail-served warehouse in Iowa.
ATI, a wholly-owned subsidiary of AEF, holds all of Alliant Energy’s interest in ATC Holdings.
−Removed: Corporate venture investments includes various minority ownership interests in regional and national venture funds, including a coalition with different energy companies across the U.S., working together to help identify and research innovative products, technologies and business models within the emerging energy economy.
+Added: Corporate venture investments includes various minority ownership interests in regional and national venture funds, including a global coalition of energy companies working together to help advance the transition towards a cleaner, more sustainable, and inclusive energy future, by identifying and researching innovative technologies and business models within the emerging energy economy.
The non-utility wind farm includes a 50 % cash equity ownership interest in a 225 MW wind farm located in Oklahoma.
1 unchanged sentence
Corporate Services is the subsidiary formed to provide administrative services to Alliant Energy and its subsidiaries.
−Removed: In March 2020, COVID-19 was declared a global pandemic, which has resulted in widespread travel restrictions, closures of commercial spaces and industrial facilities, and more people working from home in Alliant Energy’s service territories.
−Removed: For 2020 and 2021, Alliant Energy, IPL and WPL considered the impact of COVID-19 on their overall business operations, financial condition, results of operations and cash flows, along with assumptions and estimates used.
−Removed: In 2020, Alliant Energy, IPL and WPL experienced higher electric residential sales and lower electric commercial and industrial sales as a result of the pandemic.
−Removed: In 2021, changes in COVID-19 impacts resulted in lower electric residential sales and higher electric commercial and industrial sales.
−Removed: The degree to which the COVID-19 pandemic may impact Alliant Energy, IPL and WPL in the future is currently unknown and will depend on future developments of the pandemic as well as possible additional actions by government and regulatory authorities.
Basis of Presentation - The financial statements reflect investments in controlled subsidiaries on a consolidated basis and Alliant Energy’s, IPL’s and WPL’s proportionate shares of jointly-owned utility EGUs.
16 unchanged sentences
Amounts recorded as regulatory assets or regulatory liabilities are generally recognized in the income statements at the time they are reflected in rates.
+Added: Table of Co ntents
NOTE 1 (c) Income Taxes - The liability method of accounting is followed for deferred taxes, which requires the establishment of deferred tax assets and liabilities, as appropriate, for temporary differences between the tax basis of assets and liabilities and the amounts reported in the financial statements.
4 unchanged sentences
In Wisconsin, the PSCW allows rate recovery of deferred tax expense on all temporary differences.
−Removed: Investment tax credits are deferred and amortized to income over the average lives of the related property.
+Added: The flow-through method of accounting is used for investment tax credits.
+Added: Certain federal investment tax credits related to utility property, plant and equipment are subject to statutory tax normalization rules limiting how they may be treated in rate-making.
+Added: As appropriate to reflect the rate-making practices, investment tax credits are deferred and amortized over the book depreciable lives of the related property or other period prescribed by rate regulation.
Federal Tax Reform repealed corporate federal alternative minimum tax and allowed unutilized alternative minimum tax credits to be refunded over four tax years beginning with the U.S.
1 unchanged sentence
Pursuant to the Coronavirus Aid, Relief, and Economic Security Act, Alliant Energy received the remaining alternative minimum tax credits refunds in 2020.
−Removed: Other tax credits reduce income tax expense in the year claimed.
Alliant Energy files a consolidated federal income tax return and a combined return in Wisconsin, which include Alliant Energy and its subsidiaries.
5 unchanged sentences
NOTE 1 (d) Cash, Cash Equivalents and Restricted Cash - Cash and cash equivalents include short-term liquid investments that have original maturities of less than 90 days.
−Removed: At December 31, 2021, Alliant Energy’s and IPL’s cash and cash equivalents included $ 32 million of money market fund investments, with an interest rate of 0.04 %.
At December 31, 2022 and 2021, Alliant Energy’s restricted cash related to requirements in Sheboygan Power, LLC’s debt agreement.
13 unchanged sentences
The average rates of depreciation for electric, gas and other properties, consistent with current rate-making practices, were as follows:
+Added: Table of Co ntents
2022 2021 2020 2022 2021 2020
4 unchanged sentences
Other 6.1 % 6.1 % 6.3 % 4.9 % 5.4 % 5.9 %
+Added: In December 2021, the PSCW issued an order approving the implementation of updated depreciation rates for WPL effective January 1, 2023 as a result of a recently completed depreciation study.
+Added: WPL estimates the new average rates of depreciation for its electric generation, electric distribution and gas properties will be approximately 3.6 %, 2.7 % and 2.9 %, respectively, during 2023.
AFUDC - AFUDC represents costs to finance construction additions, including a return on equity component and cost of debt component as required by regulatory accounting.
7 unchanged sentences
WPL (wholesale jurisdiction) 6.2 % 5.6 % 6.3 %
−Removed: In accordance with their respective regulatory commission decisions, IPL applies its AFUDC rates to 100 % of applicable CWIP balances and WPL generally applies its AFUDC rates to 50 % of applicable CWIP balances.
−Removed: WPL may apply its AFUDC rates to 100 % of the retail portion of the CWIP balances for construction projects requiring a CA or CPCN that were approved by the PSCW after its then most recent rate order, including West Riverside and the first and second solar generation CAs.
+Added: In accordance with their respective regulatory commission decisions, IPL applies its AFUDC rates to 100 % of applicable CWIP balances, and WPL generally applies its AFUDC rates to 50 % of applicable CWIP balances and the remaining 50 % of applicable CWIP balances earns a return on such balances as part of its rate base.
+Added: WPL may apply its AFUDC rates to 100 % of the retail portion of the CWIP balances for construction projects requiring a CA or CPCN that were approved by the PSCW after its then most recent rate order, including the first and second solar generation CAs.
Non-utility and Other Property -
16 unchanged sentences
The net supply to MISO is recorded as bulk power sales in “Electric utility revenues” and the net purchase from MISO is recorded in “Electric production fuel and purchased power” in the income statements.
+Added: Table of Co ntents
Non-utility - Revenues from Alliant Energy’s non-utility businesses are primarily from its Travero business and are recognized over time as services are rendered to customers.
18 unchanged sentences
The cumulative effects of the under-/over-collection of these costs are recorded in regulatory assets or regulatory liabilities on the balance sheets until they are reflected in future billings to customers.
−Removed: Purchased Electric Capacity - PPAs help meet the electricity demand of IPL’s and WPL’s customers.
+Added: Electric Capacity - PPAs help meet the electricity demand of IPL’s and WPL’s customers.
Certain PPAs include minimum payments for IPL’s and WPL’s rights to electric generating capacity, which are charged each period to “Electric production fuel and purchased power” in the income statements.
1 unchanged sentence
Purchased electric capacity expenses are recovered from IPL’s and WPL’s wholesale electric customers through annual changes in base rates determined by a formula rate structure.
+Added: Electric capacity revenues are refunded to IPL's retail electric customers through changes in base rates determined during periodic rate proceedings, and to IPL and WPL's wholesale electric customers through annual changes in base rates determined by a formula rate structure.
+Added: Electric capacity revenues are refunded to WPL's retail electric customers through its fuel cost recovery mechanism.
Electric Transmission Service - Costs incurred for the transmission of electricity to meet the demands of IPL’s and WPL’s customers are charged to “Electric transmission service” in the income statements.
4 unchanged sentences
WPL Retail - Electric transmission service expense is recovered from WPL’s retail electric customers through changes in base rates determined during periodic rate proceedings.
−Removed: Pursuant to escrow accounting treatment approved by the PSCW, the difference between actual electric transmission service expense incurred and the amount of electric transmission service costs collected from customers as electric revenues is recognized in “Electric transmission service” in Alliant Energy’s and WPL’s income statements.
+Added: Pursuant to escrow accounting treatment approved by the PSCW, the difference between actual electric transmission service expense incurred and the amount of electric transmission service costs collected from customers as electric revenues is recognized in “Electric transmission service” in Alliant Energy’s and WPL’s
+Added: Table of Co ntents
+Added: income statements.
An offsetting amount is recorded in regulatory assets or regulatory liabilities on Alliant Energy’s and WPL’s balance sheets until reflected in future billings to customers.
7 unchanged sentences
Energy efficiency costs incurred by IPL are recovered from its retail electric and gas customers through energy efficiency and demand response cost recovery factor tariffs, which are revised annually and include a reconciliation to eliminate any under-/over-collection of energy efficiency costs from prior periods.
−Removed: Energy efficiency costs incurred by WPL are recovered from retail electric and gas customers through changes in base rates determined during periodic rate proceedings.
−Removed: Reconciliations of any under-/over-collection of energy efficiency costs from prior periods are also addressed in WPL’s periodic rate proceedings.
+Added: Pursuant to escrow accounting treatment approved by the PSCW, the difference between actual energy efficiency costs incurred by WPL and the amount collected from its retail electric and gas customers is recovered through changes in base rates determined during periodic rate proceedings, and reconciliations eliminate any under-/over-collection of energy efficiency costs from prior periods.
Changes in the under-/over-collection of energy efficiency costs for IPL and WPL are recognized in “Other operation and maintenance” in the income statements.
The cumulative effects of the under-/over-collection of these costs for IPL and WPL are recorded in regulatory assets or regulatory liabilities on the balance sheets until they are reflected in future billings to customers.
−Removed: Renewable Energy Rider - Effective with the implementation of final rates covering the 2020 forward-looking Test Period, IPL recovers a return of, as well as earn a return on, its new wind generation placed in service in 2019 and 2020 from its retail electric customers through a renewable energy rider.
−Removed: Other applicable costs and tax benefits associated with the new wind generation, excluding operation and maintenance expenses, are also included in the rider.
+Added: Renewable Energy Rider - IPL recovers a return of, as well as earns a return on, its wind generation placed in service in 2019 and 2020 from its retail electric customers through a renewable energy rider.
+Added: Other applicable costs and tax benefits associated with this wind generation, excluding operation and maintenance expenses, are also included in the rider.
This cost recovery mechanism provides for annual adjustments to electric rates charged to IPL’s retail electric customers for actual renewable energy costs and tax benefits.
16 unchanged sentences
If an impairment is indicated, a charge is recognized equal to the amount the carrying value exceeds the investment’s fair value.
+Added: Table of Co ntents
NOTE 1 (j) Asset Retirement Obligations - The fair value of a legal obligation associated with the retirement of an asset is recorded as a liability when an asset is placed in service, when a legal obligation is subsequently identified or when sufficient information becomes available to determine a reasonable estimate of the fair value of future retirement costs.
24 unchanged sentences
The financial statements do not reflect any consolidation of VIEs.
+Added: In 2022, WPL 2022 Solar Holdco, LLC was formed as a joint venture to own and operate project companies responsible for the construction, ownership and operation of various solar generation assets.
+Added: Members of the joint venture were a WPL subsidiary (the managing member) and a tax equity partner.
+Added: In the second quarter of 2022, the WPL subsidiary and the tax equity partner contributed $ 62 million and $ 29 million, respectively, to WPL 2022 Solar Holdco, LLC in exchange for membership interests, and $ 88 million of the contributed funds were paid to WPL in exchange for equity interests in the project companies.
+Added: The tax equity partner's contributions were represented as a noncontrolling interest within total equity on Alliant Energy’s and WPL’s balance sheets as of June 30, 2022.
+Added: In the second quarter of 2022, Alliant Energy and WPL consolidated this joint venture as it was a VIE in which WPL held a variable interest, and WPL controlled decisions that were significant to the joint venture’s ongoing operations and economic results (i.e., WPL was the primary beneficiary).
+Added: Table of Co ntents
+Added: In August 2022, the Inflation Reduction Act of 2022 was enacted.
+Added: Following its enactment, WPL evaluated the provisions of the new legislation and determined that retaining full ownership of the solar projects is expected to result in more cost benefits for its customers.
+Added: As a result, in the third quarter of 2022, WPL and the tax equity partner terminated the tax equity partnership, and WPL returned the $ 29 million of initial funding to the tax equity partner, resulting in the reversal of the noncontrolling interest within total equity on Alliant Energy’s and WPL’s balance sheets as of December 31, 2022.
+Added: Alliant Energy and WPL no longer expect their solar generation project construction costs to be financed with capital from tax equity partners, which would result in higher rate base amounts compared to those previously approved by the PSCW for WPL’s planned approximately 1,100 MW of solar generation.
+Added: Alliant Energy and WPL concluded that no disallowance of anticipated higher rate base amounts was required as of December 31, 2022 given full ownership of WPL's planned solar generation is expected to result in more cost benefits for WPL's customers.
NOTE 1 (n) Leases - The determination of whether an arrangement qualifies as a lease occurs at the inception of the arrangement.
5 unchanged sentences
For finance leases, the rate implicit in the lease, if known, is used to determine the present value of the lease payments.
−Removed: If the rate implicit in the lease is not known, the incremental borrowing rate is used to determine the present value of the lease payments.
+Added: If the rate implicit in the lease is not known, the incremental borrowing rate, as determined at the lease commencement date, is used to determine the present value of the lease payments.
Lease terms include options to extend or terminate the lease when it is reasonably certain that the option will be exercised.
13 unchanged sentences
Pension and OPEB costs 392 462 197 228 195 234
+Added: Commodity cost recovery 160 42 1 2 159 40
AROs 151 128 110 89 41 39
+Added: Derivatives 84 8 48 4 36 4
Assets retired early 70 92 53 66 17 26
1 unchanged sentence
WPL’s Western Wisconsin gas distribution expansion investments 48 52 — — 48 52
−Removed: Commodity cost recovery 42 4 2 1 40 3
−Removed: Derivatives 8 26 4 13 4 13
Other 146 132 63 80 83 52
$ 2,046 $ 1,940 $ 1,386 $ 1,443 $ 660 $ 497
−Removed: At December 31, 2021, IPL and WPL had $ 75 million and $ 13 million, respectively, of regulatory assets that were not earning a return.
+Added: At December 31, 2022, IPL and WPL had $ 66 million and $ 28 million, respectively, of regulatory assets that were not earning a return on investment.
IPL’s regulatory assets that were not earning a return consisted primarily of retired analog electric meters, emission allowances and costs for certain construction projects.
1 unchanged sentence
The other regulatory assets reported in the above table either earn a return or the cash has not yet been expended, in which case the assets are offset by liabilities that also do not incur a carrying cost.
+Added: Table of Co ntents
Tax-related - IPL and WPL record regulatory assets for certain temporary differences (primarily related to utility property, plant and equipment at IPL) that result in a decrease in current rates charged to customers and an increase in future rates charged to customers based on the timing of income tax expense that is used to determine such rates.
1 unchanged sentence
These regulatory assets will be recovered from customers in the future when these temporary differences reverse resulting in additional current income tax expense used to determine customers’ rates.
+Added: Refer to Note 12 for discussion of Iowa Tax Reform, which resulted in a decrease in Alliant Energy’s and IPL’s tax-related regulatory assets in 2022.
Pension and other postretirement benefits costs - The IUB, PSCW and FERC have authorized IPL and WPL to record the previously unrecognized net actuarial gains and losses, and prior service costs and credits, as regulatory assets in lieu of accumulated other comprehensive loss on the balance sheets, as these amounts are expected to be recovered in future rates.
2 unchanged sentences
Pension and OPEB costs are included within the recoverable cost of service component of rates charged to IPL’s and WPL’s retail and wholesale customers, which are based upon pension and OPEB costs determined in accordance with GAAP and are calculated in accordance with IPL’s and WPL’s respective regulatory jurisdictions.
+Added: Commodity cost recovery - Refer to Note 1(g) for details of IPL’s and WPL’s commodity cost recovery mechanisms.
+Added: The cost recovery mechanism for WPL’s retail electric customers is based on forecasts of certain fuel-related costs expected to be incurred during forward-looking test periods and fuel monitoring ranges determined by the PSCW during each retail electric rate proceeding or in a separate fuel cost plan approval proceeding.
+Added: In 2021, WPL’s actual fuel-related costs fell outside these fuel monitoring ranges, resulting in a $ 37 million deferral as of December 31, 2022, which will be collected in 2023 from its retail electric customers, plus interest.
+Added: In 2022, WPL’s actual fuel-related costs fell outside these fuel monitoring ranges, resulting in a $ 117 million deferral as of December 31, 2022, which is currently expected to be addressed in WPL’s next retail electric rate review.
AROs - Alliant Energy, IPL and WPL believe it is probable that certain differences between expenses accrued for AROs related to their utility operations and expenses recovered currently in rates will be recoverable in future rates, and are deferring the differences as regulatory assets.
+Added: Derivatives - In accordance with IPL’s and WPL’s fuel and natural gas recovery mechanisms, prudently incurred costs from derivative instruments are recoverable from customers in the future after any losses are realized, and gains from derivative instruments are refundable to customers in the future after any gains are realized.
+Added: Based on these recovery mechanisms, the changes in the fair value of derivative liabilities/assets resulted in comparable changes to regulatory assets/liabilities on the balance sheets.
+Added: Refer to Note 15 for discussion of changes in Alliant Energy’s, IPL’s and WPL’s derivative liabilities/assets during 2022, which result in comparable changes to regulatory assets/liabilities on the balance sheets.
Assets retired early - IPL and WPL have retired various natural gas- and coal-fired EGUs, and IPL has retired certain analog electric meters.
6 unchanged sentences
IPL Analog electric meters 2019 24 Return of remaining net book value through 2028 IUB and FERC
−Removed: WPL Nelson Dewey Units 1 and 2 and Edgewater Unit 3 2015 6 Return of and return on remaining net book value through 2022 PSCW and FERC
WPL Edgewater Unit 4 2018 17 Return of and return on remaining net book value through 2028 PSCW and FERC
−Removed: IPL’s DAEC PPA Amendment - In September 2020, IPL made a buyout payment of $ 110 million in exchange for shortening the term of its DAEC PPA by 5 years.
+Added: IPL’s DAEC PPA Amendment - In 2020, IPL made a buyout payment of $ 110 million in exchange for shortening the term of its DAEC PPA by 5 years.
The payment was included in “DAEC PPA amendment buyout payment” in Alliant Energy’s and IPL’s cash flows used for operating activities in 2020.
The buyout payment, including a return on, will be recovered from IPL’s retail and wholesale customers from 2021 through the end of 2025, and is currently being amortized to “Electric production fuel and purchased power” in Alliant Energy’s and IPL’s income statements.
+Added: Table of Co ntents
WPL’s Western Wisconsin gas distribution expansion investments - WPL made contributions in aid of construction to a third party for investments as part of its Western Wisconsin gas distribution expansion project.
Pursuant to authorization by the PSCW, Alliant Energy and WPL have recorded a regulatory asset for these costs, and are authorized by the PSCW to recover these amounts from WPL’s retail gas customers in base rates from 2021 through the end of 2040.
−Removed: Commodity cost recovery - Refer to Note 1(g) for details of IPL’s and WPL’s commodity cost recovery mechanisms.
−Removed: The cost recovery mechanism for WPL’s retail electric customers is based on forecasts of certain fuel-related costs expected to be incurred during forward-looking test periods and fuel monitoring ranges determined by the PSCW during each retail electric rate proceeding or in a separate fuel cost plan approval proceeding.
−Removed: In 2021, WPL’s actual fuel-related costs fell outside these fuel monitoring ranges, resulting in a $ 37 million deferral as of December 31, 2021.
−Removed: Derivatives - In accordance with IPL’s and WPL’s fuel and natural gas recovery mechanisms, prudently incurred costs from derivative instruments are recoverable from customers in the future after any losses are realized, and gains from derivative instruments are refundable to customers in the future after any gains are realized.
−Removed: Based on these recovery mechanisms, the changes in the fair value of derivative liabilities/assets resulted in comparable changes to regulatory assets/liabilities on the balance sheets.
Regulatory Liabilities - At December 31, regulatory liabilities were comprised of the following items (in millions):
4 unchanged sentences
Derivatives 210 166 115 77 95 89
−Removed: Electric transmission cost recovery 51 68 27 39 24 29
+Added: Commodity cost recovery 40 17 38 15 2 2
WPL’s West Riverside liquidated damages 32 36 — — 32 36
+Added: Electric transmission cost recovery 20 51 10 27 10 24
Other 45 32 29 8 16 24
6 unchanged sentences
These rules limit the rate at which these tax benefits are allowed to be passed on to customers.
−Removed: In 2021, Alliant Energy’s, IPL’s and WPL’s tax-related regulatory liabilities decreased primarily due to returning a portion of these excess deferred tax benefits back to customers.
Cost of removal obligations - Alliant Energy, IPL and WPL collect in rates future removal costs for many assets that do not have associated AROs or that have removal costs in addition to AROs.
1 unchanged sentence
Cash payments related to cost of removal obligations are included in “Other” in cash flows used for investing activities.
−Removed: Electric transmission cost recovery - Refer to Note 1(g) for details of IPL’s and WPL’s electric transmission cost recovery mechanisms.
−Removed: In 2020, pursuant to an IUB order, IPL issued $ 42 million of credits to its retail electric customers through its transmission cost rider for amounts previously collected in rates, which resulted in a reduction to “Electric transmission service” expense in Alliant Energy’s and IPL’s income statements in 2020.
WPL’s West Riverside liquidated damages - Pursuant to terms included in the related West Riverside construction procurement contracts, WPL reached agreement with the contractor on liquidated damages in 2020.
A significant portion of the liquidated damages was settled by WPL offsetting amounts owed to the contractor that were previously withheld for payment, which were non-cash investing activities.
−Removed: In December 2020, the PSCW authorized WPL to record the liquidated damages as a regulatory liability, which the PSCW authorized to be returned to WPL’s retail customers in 2022 and 2023.
+Added: In 2020, the PSCW authorized WPL to record the liquidated damages as a regulatory liability, which the PSCW authorized to be returned to WPL’s retail customers in 2022 and 2023, resulting 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 in 2022.
+Added: Electric transmission cost recovery - Refer to Note 1(g) for details of IPL’s and WPL’s electric transmission cost recovery mechanisms.
+Added: In 2020, pursuant to an IUB order, IPL issued $ 42 million of credits to its retail electric customers through its transmission cost rider for amounts previously collected in rates, which resulted in a reduction to “Electric transmission service” expense in Alliant Energy’s and IPL’s income statements in 2020.
Derecho Windstorm - In August 2020, a derecho windstorm caused considerable damage to IPL’s electric distribution system in its service territory, and over 250,000 of its customers lost power.
−Removed: IPL completed its initial restoration and rebuilding efforts in August 2020 and permanent repairs to the system continue.
+Added: IPL completed its initial restoration and rebuilding efforts in August 2020.
As of December 31, 2022, approximately $ 140 million of costs from the windstorm were recorded substantially to “Property, plant and equipment, net” on Alliant Energy’s and IPL’s balance sheets.
2 unchanged sentences
Tax benefits and the incremental operation and maintenance expenses resulting from the windstorm were deferred and recorded as a net regulatory liability of $ 8 million as of December 31, 2022, which is included in “Other” regulatory liabilities in the above table.
+Added: Table of Co ntents
Rate Reviews -
3 unchanged sentences
An interim retail electric base rate increase of $ 90 million, on an annual basis, was implemented effective April 1, 2019.
−Removed: In October 2019, IPL reached a settlement agreement with certain intervenor groups for an annual retail electric base rate increase of $ 127 million.
+Added: In October 2019, IPL reached a settlement agreement with certain stakeholders for an annual retail electric base rate increase of $ 127 million.
In January 2020, the IUB issued an order approving the settlement with final rates, which were effective February 26, 2020.
4 unchanged sentences
IPL’s Retail Gas Rate Review (2020 Forward-looking Test Period) - In March 2019, IPL filed a request with the IUB to increase annual gas base rates for its Iowa retail gas customers based on a 2020 forward-looking Test Period.
−Removed: In October 2019, IPL reached a settlement agreement with intervenor groups for an annual retail gas base rate increase of $ 12 million.
+Added: In October 2019, IPL reached a settlement agreement with certain stakeholders for an annual retail gas base rate increase of $ 12 million.
In December 2019, the IUB issued an order approving the settlement with final rates, which were effective January 10, 2020.
In 2021, the IUB issued an order for IPL’s 2020 forward-looking Test Period gas subsequent proceeding, which compared actual revenues and costs to those initially forecasted by IPL, and authorized IPL to maintain its current retail gas rates.
−Removed: WPL’s Retail Electric and Gas Rate Review (2019/2020 Forward-looking Test Period) - In December 2018, the PSCW issued an order approving WPL’s proposed settlement for its retail electric and gas rate review covering the 2019/2020 Test Period, which was based on a stipulated agreement between WPL and intervenor groups.
+Added: WPL’s Retail Electric and Gas Rate Review (2019/2020 Forward-looking Test Period) - In December 2018, the PSCW issued an order approving WPL’s proposed settlement for its retail electric and gas rate review covering the 2019/2020 Test Period, which was based on a stipulated agreement between WPL and certain stakeholders.
Under the settlement, WPL retail electric and gas base rates did not change from then current levels through the end of 2020.
3 unchanged sentences
WPL utilized anticipated fuel-related cost savings and excess deferred income tax benefits in 2021 to offset the revenue requirement impacts of increasing electric and gas rate base, including the Kossuth wind farm, which was placed in service in October 2020, and the expansion of its gas distribution system in Western Wisconsin, which was placed in service in November 2020.
−Removed: WPL’s Retail Fuel-related Rate Filing (2020 Forward-looking Test Period) - In December 2019, WPL received an order from the PSCW authorizing an annual retail electric rate decrease of $ 29 million, or approximately 2 %, effective January 1, 2020.
−Removed: The decrease primarily reflected a change in expected fuel-related costs in 2020.
+Added: WPL’s Retail Electric and Gas Rate Reviews (2022/2023 Forward-looking Test Period) - In December 2021, the PSCW issued an order authorizing annual base rate increases of $ 114 million and $ 15 million for WPL’s retail electric and gas customers, respectively, covering the 2022/2023 forward-looking Test Period, which was based on a stipulated agreement between WPL and certain stakeholders.
+Added: The key drivers for the annual base rate increases include higher retail fuel-related costs in 2022, lower excess deferred income tax benefits in 2022 and 2023 and revenue requirement impacts of increasing electric and gas rate base, including investments in solar generation.
+Added: In addition, the PSCW authorized WPL to receive a recovery of and a return on the remaining net book value of Edgewater Unit 5 through 2023.
+Added: Retail electric rate changes were effective on January 1, 2022 and extend through the end of 2023.
+Added: Retail gas rate changes were effective on January 1, 2022 and extended through the end of 2022.
+Added: Table of Co ntents
PROPERTY, PLANT AND EQUIPMENT
22 unchanged sentences
Total property, plant and equipment $ 16,247 $ 14,987 $ 8,046 $ 7,983 $ 7,722 $ 6,538
−Removed: (a) In 2020, IPL and WPL received approval from MISO to retire Lansing and Edgewater Unit 5, respectively, and currently anticipate retiring Lansing by the end of 2022 and Edgewater Unit 5 by early 2023.
−Removed: In 2021, WPL received approval from MISO to retire Columbia Units 1 and 2, and currently anticipates retiring Columbia Unit 1 by the end of 2023 and Columbia Unit 2 by the end of 2024.
+Added: (a) In 2020, IPL and WPL received approval from MISO to retire Lansing and Edgewater Unit 5, respectively, and currently anticipate retiring Lansing in the first half of 2023 and Edgewater Unit 5 by June 1, 2025.
+Added: In 2021, WPL received approval from MISO to retire Columbia Units 1 and 2, and currently anticipates retiring Columbia Units 1 and 2 by June 1, 2026.
Alliant Energy and IPL concluded that Lansing, and Alliant Energy and WPL concluded that Edgewater Unit 5 and Columbia Units 1 and 2, met the criteria to be considered probable of abandonment as of December 31, 2022.
15 unchanged sentences
Non-utility Generation - The Sheboygan Falls Energy Facility was placed in service in 2005 and is depreciated using the straight-line method over a 35 -year period.
+Added: Table of Co ntents
Corporate Services and Other - Property, plant and equipment related to Corporate Services include a customer billing and information system for IPL and WPL and other computer software, and the corporate headquarters building located in Madison, Wisconsin.
1 unchanged sentence
The majority of the remaining software is amortized over a 5 -year period.
−Removed: Other property, plant and equipment include
−Removed: Travero assets (a short-line rail freight service in Iowa;
+Added: Other property, plant and equipment include Travero assets (a short-line rail freight service in Iowa;
a Mississippi River barge, rail and truck freight terminal in Illinois;
−Removed: freight brokerage services;
−Removed: and a rail-served warehouse in Iowa, which began operations in 2021).
+Added: and a rail-served warehouse in Iowa).
All Corporate Services and Other property, plant and equipment are depreciated using the straight-line method over periods ranging from 5 to 30 years.
11 unchanged sentences
Columbia Units 1-2 53.5 % 805 338 13
−Removed: West Riverside Energy Center and Solar Garden 91.0 % 706 33 3
+Added: West Riverside Energy Center and Solar Facility 91.0 % 716 53 2
Forward Wind Energy Center 42.6 % 118 50 —
10 unchanged sentences
NOTE 5 (b) Sales of Accounts Receivable - IPL maintains a 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.
−Removed: In April 2021, IPL amended and extended through March 2023 the purchase commitment from the third party to which it sells its receivables.
+Added: The purchase commitment from the third party to which IPL sells its receivables expires in March 2023.
+Added: IPL currently expects to amend and extend the purchase commitment.
IPL pays a monthly fee to the third party that varies based on interest rates, limits on cash proceeds and cash amounts received from the third party.
11 unchanged sentences
IPL’s maximum and average outstanding aggregate cash proceeds (based on daily outstanding balances) related to the sales of accounts receivable program were as follows (in millions):
+Added: Table of Co ntents
Maximum Average
38 unchanged sentences
ATC Holdco LLC holds Duke-American Transmission Company, LLC, a joint venture between Duke Energy Corporation and ATC, that owns electric transmission infrastructure in North America.
+Added: Refer to Note 17(g) for discussion of a reduction in earnings recorded in 2022 related to a court decision, which is currently expected to reduce the base return on equity authorized for MISO transmission owners, including ATC.
Non-utility Wind Farm in Oklahoma - The non-utility wind farm located in Oklahoma provides electricity to a third-party under a long-term PPA, and has both cash and tax equity ownership.
1 unchanged sentence
Refer to Note 17(d) for discussion of the guarantee.
−Removed: Corporate Venture Investments - Alliant Energy has various minority ownership interests in regional and national venture funds, including a coalition with different energy companies across the U.S., working together to help identify and research innovative products, technologies and business models within the emerging energy economy.
+Added: Table of Co ntents
+Added: Corporate Venture Investments - Alliant Energy has various minority ownership interests in regional and national venture funds, including a global coalition of energy companies working together to help advance the transition towards a cleaner, more sustainable, and inclusive energy future, by identifying and researching innovative technologies and business models within the emerging energy economy.
COMMON EQUITY
5 unchanged sentences
Equity-based compensation plans 222,768 113,549 98,205
−Removed: Other — — ( 2,738 )
Shares outstanding, December 31 251,134,966 250,474,529 249,868,415
At December 31, 2022, Alliant Energy had a total of 13 million shares available for issuance in the aggregate, pursuant to its 2020 OIP, Shareowner Direct Plan and 401(k) Savings Plan.
−Removed: Equity Forward Agreements - In 2018, Alliant Energy entered into forward sale agreements with various counterparties in connection with a public offering of 8,358,973 shares of Alliant Energy common stock.
−Removed: In 2019, Alliant Energy settled $ 366 million under the forward sale agreements by delivering 8,358,973 shares of newly issued Alliant Energy common stock at a weighted average forward sale price of $ 43.75 per share.
−Removed: Alliant Energy used the net proceeds from the settlements for general corporate purposes.
−Removed: In 2019, Alliant Energy entered into forward sale agreements with a counterparty in connection with a public offering of 4,275,127 shares of Alliant Energy common stock.
+Added: 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.
+Added: Alliant Energy has not issued any shares under this program.
+Added: Equity Forward Agreements - In 2019, Alliant Energy entered into forward sale agreements with a counterparty in connection with a public offering of 4,275,127 shares of Alliant Energy common stock.
In 2020, Alliant Energy settled $ 222 million under the forward sale agreements by delivering 4,275,127 shares of newly issued Alliant Energy common stock at a weighted average forward sale price of $ 51.98 per share.
2 unchanged sentences
PREFERRED STOCK
−Removed: IPL is authorized to issue up to 16,000,000 shares of cumulative preferred stock in aggregate.
−Removed: Information related to IPL’s cumulative preferred stock at December 31, 2020 was as follows (dollars in millions):
−Removed: Series Liquidation Preference/Stated Value Shares Authorized Shares Outstanding Carrying Value
−Removed: 5.1 % $ 25 8,000,000 8,000,000 $ 200
−Removed: In December 2021, IPL redeemed all 8,000,000 outstanding shares of its 5.1 % cumulative preferred stock at the $ 25 per share par value for $ 200 million plus accrued and unpaid dividends up to the redemption date.
+Added: In 2021, IPL redeemed all 8,000,000 outstanding shares of its 5.1 % cumulative preferred stock at the $ 25 per share par value for $ 200 million plus accrued and unpaid dividends up to the redemption date.
In 2021, Alliant Energy and IPL recorded a $ 5 million non-cash charge related to this transaction in “Preferred dividend requirements” in their income statements.
2 unchanged sentences
Subject to certain conditions, Alliant Energy (at the parent company level), IPL and WPL may each reallocate and change its sublimit up to $ 500 million, $ 400 million and $ 500 million, respectively, within the $ 1 billion total commitment.
−Removed: Information regarding Alliant Energy’s, IPL’s and WPL’s commercial paper, and Alliant Energy’s and WPL’s borrowings under the single credit facility, classified as short-term debt was as follows (dollars in millions):
+Added: Information regarding Alliant Energy’s, IPL’s and WPL’s commercial paper classified as short-term debt was as follows (dollars in millions):
Alliant Energy IPL WPL
8 unchanged sentences
Weighted average interest rates 2.1 % 0.2 % — % 0.2 % 1.6 % 0.1 %
+Added: Table of Co ntents
NOTE 9 (b) Long-Term Debt - Long-term debt, net as of December 31 was as follows (dollars in millions):
25 unchanged sentences
300 300 — 300 300 —
−Removed: 3.1 %, due 2051 (b)
+Added: 3.1 %, due 2051
300 300 — 300 300 —
7 unchanged sentences
300 — 300 300 — 300
−Removed: 1.95 %, due 2031 (c)
+Added: 3.95 %, due 2032 (b)
600 — 600 — — —
9 unchanged sentences
350 — 350 350 — 350
−Removed: 2,450 — 2,450 2,150 — 2,150
−Removed: AEF term loan credit agreement through March 2022, 1 % at December 31, 2021 (with Alliant Energy as guarantor)
+Added: 2.25 % (Retired in 2022)
— — — 250 — 250
−Removed: Corporate Services 3.45 % senior notes, due 2022 (a)
2,800 — 2,800 2,450 — 2,450
1 unchanged sentence
400 — — 400 — —
+Added: AEF term loan credit agreement through March 2024, 5 % at December 31, 2022 (with Alliant Energy as guarantor) (c)
+Added: 400 — — — — —
AEF 1.4 % senior notes, due 2026 (with Alliant Energy as guarantor) (a)
2 unchanged sentences
300 — — 300 — —
+Added: AEF 3.6 % senior notes, due 2032 (with Alliant Energy as guarantor) (a)(d)
+Added: 350 — — — — —
Sheboygan Power, LLC 5.06 % senior secured notes, due 2023 to 2024 (secured by the Sheboygan Falls Energy Facility and related assets) (a)
17 — — 24 — —
+Added: AEF term loan credit agreement, 1 % at December 31, 2021 (with Alliant Energy as guarantor) (Retired in 2022)
+Added: — — — 300 — —
+Added: Corporate Services 3.45 % senior notes (Retired in 2022)
Other, 1 % at December 31, 2022, due 2023 to 2025
4 unchanged sentences
Unamortized debt (discount) and premium, net ( 22 ) ( 8 ) ( 11 ) ( 15 ) ( 9 ) ( 6 )
−Removed: Long-term debt, net (d) $ 6,735 $ 3,643 $ 2,179 $ 6,769 $ 3,345 $ 2,130
+Added: Long-term debt, net (e) $ 7,668 $ 3,646 $ 2,770 $ 6,735 $ 3,643 $ 2,179
(a) Contains optional redemption provisions which, if elected by the issuer at its sole discretion, could require material redemption premium payments by the issuer.
1 unchanged sentence
Treasury rates at the time of redemption.
−Removed: (b) In November 2021, IPL issued $ 300 million of 3.1 % senior debentures due 2051.
−Removed: The net proceeds from the issuance were used by IPL to retire its cumulative preferred stock in 2021 and for general corporate purposes.
−Removed: (c) In September 2021, WPL issued $ 300 million of 1.95 % debentures due 2031.
−Removed: The debentures were issued as green bonds, and an amount in excess of the net proceeds was disbursed for the construction and development of WPL’s wind and solar EGUs.
−Removed: (d) There were no significant sinking fund requirements related to the outstanding long-term debt.
+Added: (b) In August 2022, WPL issued $ 600 million of 3.95 % debentures due 2032.
+Added: The 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 WPL’s solar EGUs.
+Added: Table of Co ntents
+Added: (c) In March 2022, AEF entered into a $ 300 million variable rate term loan credit agreement and used the borrowings under this agreement to retire its $ 300 million variable rate term loan credit agreement that expired in March 2022.
+Added: In December 2022, AEF increased the amount outstanding under the new term loan credit agreement by $ 100 million and used the additional borrowings to reduce Alliant Energy’s outstanding commercial paper and for general corporate purposes.
+Added: In January 2023, AEF entered into a $ 300 million interest rate swap maturing in January 2026.
+Added: Under the terms of the swap, AEF exchanged variable rate borrowings for a fixed rate of 3.93 %.
+Added: (d) In February 2022, AEF issued $ 350 million of 3.6 % senior notes due 2032.
+Added: The net proceeds from the issuance were used to reduce Alliant Energy’s outstanding commercial paper and for general corporate purposes.
+Added: (e) There were no significant sinking fund requirements related to the outstanding long-term debt.
+Added: In December 2022, AEF entered into a $ 50 million variable rate term loan credit agreement (with Alliant Energy as guarantor), which expires in January 2024.
+Added: AEF received the proceeds from the issuance in January 2023, and used the borrowings under this agreement to reduce Alliant Energy’s outstanding commercial paper and for general corporate purposes.
Five-Year Schedule of Long-term Debt Maturities - At December 31, 2022, long-term debt maturities for 2023 through 2027 were as follows (in millions):
2 unchanged sentences
WPL — — — — 300
−Removed: Corporate Services 75 — — — —
AEF 408 409 — 200 —
14 unchanged sentences
This finance lease contains two lease renewal periods, which are not included in the finance lease obligation, as well as an option to purchase the facility at the end of the initial lease term.
−Removed: For Alliant Energy, the leased Sheboygan Falls Energy Facility is eliminated upon consolidation and is therefore is not reflected in Alliant Energy’s amounts below.
−Removed: Related to its investments in solar generation, WPL entered into land lease agreements with unaffiliated parties that commenced in 2021.
+Added: For Alliant Energy, the leased Sheboygan Falls Energy Facility is eliminated upon consolidation and therefore is not reflected in Alliant Energy’s amounts below.
+Added: Related to its investments in solar generation, WPL entered into land lease agreements with unaffiliated parties that commenced in 2021 and 2022.
The leases have various terms with optional renewal periods that are assumed to be extended through the end of the estimated useful lives of the solar generating facilities.
The leases do not contain purchase options and are fixed lease payments.
+Added: Table of Co ntents
Finance lease details are as follows (dollars in millions):
−Removed: Alliant Energy WPL
−Removed: December 31, 2021 December 31, 2021 December 31, 2020
+Added: December 31, 2022 December 31, 2021
+Added: Alliant Energy WPL Alliant Energy WPL
Property, plant and equipment, net:
−Removed: Sheboygan Falls Energy Facility n/a $ 21 $ 27
+Added: Sheboygan Falls Energy Facility n/a $ 15 n/a $ 21
Leased land for solar generation $ 133 133 $ 11 11
1 unchanged sentence
Other current liabilities:
−Removed: Sheboygan Falls Energy Facility n/a $ 10 $ 9
+Added: Sheboygan Falls Energy Facility n/a $ 12 n/a $ 10
Leased land for solar generation $ 5 5 $ 1 1
Other liabilities:
−Removed: Sheboygan Falls Energy Facility n/a 31 42
+Added: Sheboygan Falls Energy Facility n/a 19 n/a 31
Leased land for solar generation 131 131 11 11
+Added: 131 150 11 42
Total finance lease liabilities $ 136 $ 167 $ 12 $ 53
−Removed: Weighted average remaining lease term 34 years 10 years 4 years
+Added: Weighted average remaining lease term 34 years 28 years 34 years 10 years
Weighted average discount rate 5 % 5 % 3 % 9 %
+Added: Alliant Energy WPL
2022 2021 2020 2022 2021 2020
2 unchanged sentences
Total finance lease expense $ 3 $ — $ — $ 13 $ 11 $ 12
+Added: In 2022, Alliant Energy’s and WPL’s finance lease liabilities arising from obtaining leased assets were $ 125 million, which represent non-cash financing activities.
Expected Maturities - As of December 31, 2022, expected maturities of lease liabilities were as follows (in millions):
13 unchanged sentences
IPL provides retail electric and gas service to customers in Iowa, and WPL provides retail and wholesale electric and retail gas service to customers in Wisconsin.
−Removed: IPL also sells electricity to wholesale customers in Minnesota, Illinois and Iowa, as well as steam from its Prairie Creek Generating Station to high-pressure steam customers in Iowa.
+Added: IPL also provides electricity to wholesale customers in Minnesota, Illinois and Iowa, as well as steam from its Prairie Creek Generating Station to high-pressure steam customers in Iowa.
IPL’s and WPL’s retail electric and gas revenues include sales to residential, commercial and industrial customers.
4 unchanged sentences
This authority from FERC allows sales of electricity referred to as bulk power sales based on current market values.
−Removed: FERC also allows IPL and WPL to enter into power supply agreements with municipalities and rural electric cooperatives with defined contractual terms, which include standard pricing mechanisms that are detailed in current tariffs accepted by FERC through wholesale rate review proceedings.
+Added: FERC also allows IPL and WPL to enter into power supply agreements with
+Added: Table of Co ntents
+Added: municipalities and rural electric cooperatives with defined contractual terms, which include standard pricing mechanisms that are detailed in current tariffs accepted by FERC through wholesale rate review proceedings.
Revenues from Alliant Energy’s non-utility business customers are primarily from its Travero business, which includes a short-line rail freight service in Iowa;
1 unchanged sentence
freight brokerage services;
−Removed: and a rail-served warehouse in Iowa, which began operations in 2021.
+Added: and a rail-served warehouse in Iowa.
Disaggregation of revenues from contracts with customers, which correlates to revenues for each reportable segment, was as follows (in millions):
27 unchanged sentences
State 2 3 8 ( 8 ) ( 1 ) ( 1 ) 16 6 7
−Removed: IPL’s tax benefit riders — — ( 4 ) — — ( 4 ) — — —
Deferred tax expense (benefit):
4 unchanged sentences
$ 22 ($ 74 ) ($ 57 ) ($ 50 ) ($ 36 ) ($ 47 ) $ 66 ($ 51 ) ($ 19 )
−Removed: Income Tax Rates - The overall income tax rates shown in the following table were computed by dividing income tax expense (benefit) by income from continuing operations before income taxes.
+Added: Table of Co ntents
+Added: Income Tax Rates - The overall income tax rates shown in the following table were computed by dividing income tax expense (benefit) by income before income taxes.
Alliant Energy IPL WPL
2 unchanged sentences
State income taxes, net of federal benefits 3 2 2 ( 2 ) ( 1 ) ( 1 ) 6 6 6
+Added: Production tax credits ( 18 ) ( 17 ) ( 17 ) ( 34 ) ( 27 ) ( 28 ) ( 5 ) ( 6 ) ( 7 )
Amortization of excess deferred taxes (Refer to Note 2 )
( 2 ) ( 18 ) ( 13 ) ( 2 ) ( 4 ) ( 5 ) ( 3 ) ( 43 ) ( 26 )
−Removed: Production tax credits ( 17 ) ( 17 ) ( 9 ) ( 27 ) ( 28 ) ( 13 ) ( 6 ) ( 7 ) ( 5 )
Effect of rate-making on property-related differences ( 1 ) ( 1 ) ( 3 ) ( 1 ) ( 2 ) ( 4 ) ( 2 ) ( 1 ) ( 2 )
Adjustment for prior period taxes 1 1 1 1 2 1 — — —
−Removed: IPL’s tax benefit riders — — ( 1 ) — — ( 1 ) — — —
Other items, net ( 1 ) — ( 1 ) 1 — — — ( 1 ) —
19 unchanged sentences
Range of Expiration Dates Alliant Energy IPL WPL
−Removed: Federal net operating losses 2037 $ 186 $ 172 $ 1
State net operating losses 2025-2042 $ 527 $ 10 $ 1
Federal tax credits 2024-2042 672 450 209
−Removed: Valuation Allowances - Alliant Energy currently expects its federal net operating losses carryforwards will not be fully utilized until 2023.
−Removed: Because taxable income must be reduced by federal net operating losses carryforwards prior to utilizing federal tax credit carryforwards, Alliant Energy currently does not expect to utilize 2002 vintage federal credit carryforwards prior to their expiration in 2022, resulting in valuation allowances as of December 31, 2021.
+Added: Valuation Allowances - In 2022, Alliant Energy fully utilized its federal net operating losses carryforwards.
+Added: This allowed for the utilization of federal tax credit carryforwards prior to their expiration, resulting in the reversal of Alliant Energy’s valuation allowances in 2022.
Uncertain Tax Positions - At December 31, 2022, 2021 and 2020, there were no uncertain tax positions or penalties accrued related to uncertain tax positions.
4 unchanged sentences
Wisconsin combined tax returns (c) 2018 - 2021
+Added: Table of Co ntents
(a) The 2019 and 2020 federal tax returns are effectively settled as a result of participation in the IRS Compliance Assurance Program, which allows Alliant Energy and the IRS to work together to resolve issues related to Alliant Energy’s current tax year before filing its federal income tax return.
3 unchanged sentences
Iowa Tax Reform - In 2018, Iowa tax reform was enacted, resulting in a reduction in the Iowa income tax rate from 12 % to 9.8 %, effective January 1, 2021, and the elimination of the deduction for federal income taxes, effective January 1, 2022, for taxes related to 2020 and prior.
+Added: In March 2022, additional Iowa tax reform was enacted.
+Added: 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, and reduce such rates if certain state income tax revenue triggers are satisfied.
+Added: These corporate income tax rate reductions are currently expected to occur over a period of several years, with a target corporate income tax rate of 5.5 %, compared to the 9.8 % Iowa corporate income tax rate in effect at the time the Iowa tax reform was enacted.
+Added: In September 2022, the Iowa Department of Revenue announced an Iowa corporate income tax rate of 8.4 %, effective January 1, 2023.
+Added: 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.
+Added: 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, 2023, which resulted in a $ 77 million reduction of Alliant Energy’s and IPL’s tax-related regulatory assets and a decrease in their deferred tax liabilities in 2022.
+Added: The reduction in tax-related regulatory assets is expected to provide cost benefits to IPL’s customers in the future.
+Added: Alliant Energy parent company’s deferred tax assets were remeasured based upon the new rate effective January 1, 2023, which resulted in a charge of $ 8 million recorded to income tax expense in Alliant Energy’s income statement and a decrease in deferred income tax assets on Alliant Energy’s balance sheet in 2022.
+Added: Alliant Energy is currently unable to predict with certainty the timing or amount of any future rate reductions.
BENEFIT PLANS
20 unchanged sentences
Rate of compensation increase 3.30 % 3.30 % 3.65 % N/A N/A N/A
+Added: Table of Co ntents
Qualified Defined Benefit Pension Plan OPEB Plans
10 unchanged sentences
Net Periodic Benefit Costs - The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans are included below (in millions).
−Removed: The service cost component of net periodic benefit costs is included in “Other operation and maintenance” expenses in the income statements and all other components of net periodic benefit costs are included in “Other (income) and deductions” in the income statements.
+Added: The service cost component of net periodic benefit costs is included in “Other operation and maintenance” expenses in the income statements and all other components of net periodic benefit costs are included in “Other (income) and deductions” in the income statements or regulatory assets on the balance sheets.
Alliant Energy Defined Benefit Pension Plans OPEB Plans
22 unchanged sentences
Amortization of actuarial loss (c) 15 19 16 2 2 2
+Added: Settlement losses (d) 13 — — — — —
$ 16 $ 7 $ 8 $ 4 $ 5 $ 5
1 unchanged sentence
(b) Unrecognized prior service credits for the OPEB plans are amortized over the average future service period to full eligibility of the participants of each plan.
+Added: Table of Co ntents
(c) Unrecognized net actuarial gains or losses in excess of 10% of the greater of the plans’ benefit obligations or assets are amortized over the average future service lives of plan participants, except for the Alliant Energy Cash Balance Pension Plan where gains or losses outside the 10% threshold are amortized over the time period the participants are expected to receive benefits.
−Removed: (d) Settlement losses related to payments made to retired executives of Alliant Energy and lump sum payments related to IPL’s qualified defined benefit pension plan.
+Added: (d) Settlement losses related to payments made to retired executives of Alliant Energy and lump sum payments related to IPL’s and WPL’s qualified defined benefit pension plans.
+Added: In 2022, the majority of Alliant Energy’s, IPL’s, and WPL’s pension settlement losses were recognized as regulatory assets in accordance with regulatory treatment, and $ 7 million was included in “Other (income) and deductions” in Alliant Energy’s and IPL’s income statements related to IPL’s qualified defined benefit pension plan.
Benefit Plan Assets and Obligations - A reconciliation of the funded status of qualified and non-qualified defined benefit pension and OPEB plans to the amounts recognized on the balance sheets at December 31 was as follows (in millions):
6 unchanged sentences
Plan participants’ contributions — — 4 5
−Removed: Actuarial (gain) loss ( 46 ) 132 ( 12 ) 18
+Added: Actuarial gain ( 269 ) ( 46 ) ( 37 ) ( 12 )
Gross benefits paid ( 152 ) ( 99 ) ( 18 ) ( 19 )
19 unchanged sentences
$ 373 $ 425 $ 20 $ 37
+Added: Table of Co ntents
Defined Benefit Pension Plans OPEB Plans
5 unchanged sentences
Plan participants’ contributions — — 2 2
−Removed: Actuarial (gain) loss ( 23 ) 60 ( 4 ) 8
+Added: Actuarial gain ( 123 ) ( 23 ) ( 14 ) ( 4 )
Gross benefits paid ( 77 ) ( 48 ) ( 7 ) ( 8 )
26 unchanged sentences
Plan participants’ contributions — — 2 2
−Removed: Actuarial (gain) loss ( 18 ) 55 ( 5 ) 5
+Added: Actuarial gain ( 117 ) ( 18 ) ( 13 ) ( 5 )
Gross benefits paid ( 67 ) ( 43 ) ( 8 ) ( 8 )
8 unchanged sentences
Under funded status at December 31 ($ 90 ) ($ 96 ) ($ 51 ) ($ 64 )
+Added: Table of Co ntents
Defined Benefit Pension Plans OPEB Plans
9 unchanged sentences
$ 165 $ 187 $ 6 $ 17
−Removed: Actuarial gains related to benefit obligations in 2021 for defined benefit pension and OPEB plans were primarily due to increases in the discount rates.
−Removed: Actuarial losses related to benefit obligations in 2020 for defined benefit pension and OPEB plans were primarily due to decreases in the discount rates, partially offset by the impact of updated mortality projection tables.
+Added: Actuarial gains related to benefit obligations in 2022 and 2021 for defined benefit pension and OPEB plans were primarily due to increases in the discount rates.
Accumulated benefit obligations, aggregate amounts applicable to defined benefit pension and OPEB plans with accumulated benefit obligations in excess of plan assets, as well as defined benefit pension plans with projected benefit obligations in excess of plan assets as of the December 31 measurement date are as follows (in millions):
29 unchanged sentences
Regulatory assets $ 30 $ 35 $ 25 $ 30
+Added: Table of Co ntents
Estimated Future Employer Contributions and Benefit Payments - Estimated funding for the qualified and non-qualified defined benefit pension and OPEB plans for 2023 is as follows (in millions):
27 unchanged sentences
For separately managed accounts, prohibited investments include, but are not limited to, direct ownership of real estate, oil and gas limited partnerships, securities of the managers’ firms or affiliate firms, and Alliant Energy securities.
+Added: The allocations shown below exclude market exposure obtained through the overlay management service and cash held at IPL's qualified defined benefit pension plan as a result of a contribution made late in 2022.
At December 31, 2022, the current target ranges and actual allocations for the defined benefit pension plan assets were as follows:
12 unchanged sentences
At December 31, 2022, the current target ranges and actual allocations for VEBA trusts with assets greater than $ 5 million and the WPL 401(h) assets were as follows:
+Added: Table of Co ntents
Target Range Actual
7 unchanged sentences
Level 1 items include investments in securities held in registered investment companies and directly held equity securities, which are valued at the closing price reported in the active market in which the securities are traded.
−Removed: Level 2 items include fixed income securities consisting of corporate and government bonds, which are valued at the closing price reported in the active market for similar assets in which the individual securities are traded or based on yields currently available on comparable securities of issuers with similar credit ratings.
+Added: Level 2 items include cash and equivalents and fixed income securities.
+Added: Cash and equivalents include money market fund investments and cash collateral supporting derivative financial instruments.
+Added: Fixed income securities include corporate and government bonds, which are valued at the closing price reported in the active market for similar assets in which the individual securities are traded or based on yields currently available on comparable securities of issuers with similar credit ratings.
Certain investments that are measured at fair value using the net asset value practical expedient have not been classified in the fair value hierarchy.
6 unchanged sentences
185 185 — — 256 256 — —
−Removed: Equity securities - international — — — — 151 151 — —
Global asset securities 35 35 — — 52 52 — —
10 unchanged sentences
83 83 — — 117 117 — —
−Removed: Equity securities - international — — — — 69 69 — —
Global asset securities 16 16 — — 24 24 — —
2 unchanged sentences
Assets measured at net asset value 124 218
+Added: Accrued investment income 1 —
Total pension plan assets $ 344 $ 462
4 unchanged sentences
82 82 — — 114 114 — —
−Removed: Equity securities - international — — — — 67 67 — —
Global asset securities 16 16 — — 23 23 — —
2 unchanged sentences
Assets measured at net asset value 122 212
+Added: Accrued investment income 1 —
Total pension plan assets $ 291 $ 450
+Added: Table of Co ntents
At December 31, the fair values of OPEB plan assets were as follows (in millions):
4 unchanged sentences
9 9 — — 11 11 — —
−Removed: Equity securities - international — — — — 3 3 — —
Global asset securities 1 1 — — 1 1 — —
30 unchanged sentences
Alliant Energy satisfies share payouts related to equity awards through the issuance of new shares of its common stock.
−Removed: Alliant Energy also granted cash-based long-term awards, including performance units, restricted cash awards and restricted units, to certain key employees, under the DLIP.
−Removed: At December 31, 2021, no awards were outstanding under the DLIP.
Nonvested awards generally do not have non-forfeitable rights to dividends or dividend equivalents when dividends are paid to common shareowners.
5 unchanged sentences
As of December 31, 2022, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $ 6 million, $ 3 million and $ 2 million, respectively, which is expected to be recognized over a weighted average period of between one year and two years .
−Removed: Share-based compensation expense is recognized on a straight-line basis over the requisite service periods and is recorded in “Other operation and maintenance” in the income statements.
+Added: Share-based compensation expense is recognized on a straight-line basis over the requisite service periods and is recorded in “Other operation and maintenance” in the income
+Added: Table of Co ntents
As of December 31, 2022, 320,084 shares were included in the calculation of diluted EPS related to the nonvested equity awards.
−Removed: Performance Shares - Equity Awards - Payouts of 2021, 2020 and 2019 performance shares are contingent upon achievement over a three-year period of specified performance criteria, which currently is total shareowner return relative to an investor-owned utility peer group.
−Removed: Performance shares granted in 2021, 2020 and 2019 are to be paid out in shares of Alliant Energy common stock and are accounted for as equity awards.
+Added: Performance Shares - Equity Awards - Payouts of performance shares are contingent upon achievement over a three-year period of specified performance criteria, which currently is total shareowner return relative to an investor-owned utility peer group.
+Added: Performance shares grants are to be paid out in shares of Alliant Energy common stock and are accounted for as equity awards.
The fair value of each of these performance shares is based on the fair value of the underlying common stock on the grant date and the probability of satisfying the market condition contained in the agreement during a three-year performance period.
2 unchanged sentences
Compensation expense is recorded ratably over the performance period based on the fair value of the awards at the grant date.
−Removed: A summary of the 2021, 2020 and 2019 performance shares activity, with amounts representing the target number of awards, was as follows:
+Added: A summary of the performance shares activity, with amounts representing the target number of awards, was as follows:
2022 2021 2020
−Removed: Performance Shares - Equity Weighted Average Grant Date Fair Value Performance Shares - Equity Weighted Average Grant Date Fair Value Performance Shares - Equity Weighted Average Grant Date Fair Value
+Added: Shares Weighted
+Added: Average Grant
+Added: Date Fair Value Shares Weighted
+Added: Average Grant
+Added: Date Fair Value Shares Weighted
+Added: Average Grant
+Added: Date Fair Value
Nonvested awards, January 1 196,429 $ 51.59 129,156 $ 54.63 74,193 $ 47.44
Granted 74,106 54.45 73,112 46.19 56,204 64.04
−Removed: Forfeited ( 5,839 ) 51.07 ( 1,241 ) 50.94 ( 17,623 ) 46.35
−Removed: Nonvested awards, December 31 196,429 51.59 129,156 54.63 74,193 47.44
−Removed: Performance Shares and Performance Units - Liability Awards - Payouts of performance shares granted prior to 2019 under the Amended and Restated 2010 OIP and performance units granted prior to 2019 under the DLIP to key employees were contingent upon achievement over three-year periods of specified performance criteria, which was total shareowner return relative to an investor-owned utility peer group.
−Removed: Performance shares granted prior to 2019 were able to be paid out in shares of Alliant Energy common stock, cash or a combination of cash and stock.
−Removed: Performance units granted prior to 2019 were paid out in cash.
−Removed: Alliant Energy assumed it would make future payouts of its performance shares granted prior to 2019 and performance units in cash;
−Removed: therefore, these performance shares and performance units were accounted for as liability awards.
−Removed: The fair value of each performance share and performance unit accounted for as a liability award was based on the closing market price of one share of Alliant Energy common stock at the end of the performance period.
−Removed: The actual payout for performance shares and performance units was dependent upon actual performance and may range from zero to 200 % of the
−Removed: target number of awards.
−Removed: Compensation expense for these performance shares and performance units was recorded ratably over the performance period based on the fair value of the awards at each reporting period.
−Removed: A summary of these performance shares and performance units activity, with amounts representing the target number of awards, was as follows:
−Removed: Performance Shares (granted prior to 2019) Performance Units (granted prior to 2019)
−Removed: 2021 2020 2019 2021 2020 2019
−Removed: Nonvested awards, January 1 68,307 131,872 203,188 16,801 34,574 57,761
Vested ( 71,101 ) 47.48 — — — —
1 unchanged sentence
Nonvested awards, December 31 190,273 54.13 196,429 51.59 129,156 54.63
−Removed: Vested Awards - Certain performance shares and performance units vested, resulting in payouts (a combination of cash and common stock for the performance shares and cash only for the performance units) as follows:
−Removed: Performance Shares (granted prior to 2019) Performance Units (granted prior to 2019)
−Removed: 2021 2020 2019 2021 2020 2019
−Removed: 2018 Grant 2017 Grant 2016 Grant 2018 Grant 2017 Grant 2016 Grant
−Removed: Performance awards vested 68,307 63,565 66,322 16,801 16,661 20,131
−Removed: Percentage of target number of performance awards 172.5 % 155.0 % 142.5 % 172.5 % 155.0 % 142.5 %
−Removed: Aggregate payout value (in millions) $ 7 $ 6 $ 4 $ 2 $ 2 $ 1
−Removed: Payout - cash (in millions) $ 5 $ 5 $ 4 $ 2 $ 2 $ 1
−Removed: Payout - common stock shares issued 13,644 9,543 6,447 N/A N/A N/A
−Removed: Restricted Stock Units - Equity Awards - Payouts of 2021, 2020 and 2019 restricted stock units are based on the expiration of a three-year time-vesting period.
−Removed: Restricted stock units granted in 2021, 2020 and 2019 are to be paid out in shares of Alliant Energy common stock and are accounted for as equity awards.
+Added: Restricted Stock Units - Equity Awards - Payouts of restricted stock units are based on the expiration of a three-year time-vesting period.
+Added: Restricted stock unit grants are to be paid out in shares of Alliant Energy common stock and are accounted for as equity awards.
The fair value of each of these restricted stock units is based on the closing market price of one share of Alliant Energy common stock on the grant date of the award.
Compensation expense is recorded ratably over the performance period based on the fair value of the awards on the grant date.
−Removed: A summary of the 2021, 2020 and 2019 restricted stock units activity was as follows:
+Added: A summary of the restricted stock units activity was as follows:
2022 2021 2020
−Removed: Restricted Stock Units - Equity Weighted Average Grant Date Fair Value Restricted Stock Units - Equity Weighted Average Grant Date Fair Value Restricted Stock Units - Equity Weighted Average Grant Date Fair Value
+Added: Units Weighted
+Added: Average Grant
+Added: Date Fair Value Units Weighted
+Added: Average Grant
+Added: Date Fair Value Units Weighted
+Added: Average Grant
+Added: Date Fair Value
Nonvested units, January 1 217,819 $ 50.54 146,549 $ 51.54 89,281 $ 46.04
Granted 77,122 56.88 80,152 48.65 61,056 59.42
−Removed: Forfeited ( 8,882 ) 49.84 ( 3,788 ) 49.01 ( 16,067 ) 45.63
−Removed: Nonvested units, December 31 217,819 50.54 146,549 51.54 89,281 46.04
−Removed: Restricted Stock Units - Liability Awards - Payouts of restricted stock units granted prior to 2019 were based on the expiration of a three-year time-vesting period and were able to be paid out in shares of Alliant Energy common stock, cash or a combination of cash and stock.
−Removed: Alliant Energy assumed it would make future payouts of its restricted stock units granted prior to 2019 in cash;
−Removed: therefore, restricted stock units granted prior to 2019 were accounted for as liability awards.
−Removed: The fair value of each restricted stock unit granted prior to 2019 was based on the closing market price of one share of Alliant Energy common stock at the end of the time-vesting period.
−Removed: Compensation expense was recorded ratably over the performance period based on the fair value of the awards at each reporting period.
−Removed: A summary of the restricted stock units granted prior to 2019 activity was as follows:
−Removed: 2021 2020 2019
−Removed: Nonvested units, January 1 58,550 113,033 174,163
Vested ( 82,770 ) 46.08 — — — —
1 unchanged sentence
Nonvested units, December 31 198,275 54.53 217,819 50.54 146,549 51.54
−Removed: Performance Restricted Stock Units - Equity Awards - Payouts of performance restricted stock units are based upon achievement of certain performance targets during a three-year performance period, which currently includes specified growth of consolidated net income from continuing operations.
−Removed: The actual number of units that will be paid out upon vesting is dependent upon actual performance and may range from zero to 200 % of the target number of units.
+Added: Performance Restricted Stock Units - Equity Awards - Payouts of performance restricted stock units are based upon achievement of certain performance targets during a three-year performance period, which currently includes specified growth of consolidated net income from continuing operations, as well as a diversity metric for the 2022 grants.
+Added: The actual number of units that will be paid out upon vesting is dependent upon actual performance and may range from zero to 200 % of the target number of units under each award type.
If minimum performance targets are not met during the performance period, these units are forfeited.
4 unchanged sentences
2022 2021 2020
−Removed: Units Weighted Average
−Removed: Grant Date Fair Value Units Weighted Average
−Removed: Grant Date Fair Value Units Weighted Average
−Removed: Grant Date Fair Value
+Added: Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value
Nonvested units, January 1 196,429 $ 50.74 197,463 $ 47.31 206,065 $ 41.50
3 unchanged sentences
Nonvested units, December 31 199,874 54.74 196,429 50.74 197,463 47.31
−Removed: NOTE 13 (c) Deferred Compensation Plan - Alliant Energy maintains a DCP under which key employees may defer up to 100 % of base salary and short-term cash incentive compensation and directors may elect to defer all or part of their retainer and committee fees.
+Added: Table of Co ntents
+Added: NOTE 13 (c) Deferred Compensation Plan - Alliant Energy maintains a DCP under which key employees may defer up to 100 % of base salary and short-term cash incentive compensation and members of its Board of Directors may elect to defer all or part of their retainer and committee fees.
Key employees who have made the maximum allowed contribution to the Alliant Energy 401(k) Savings Plan may receive an additional credit to the DCP.
−Removed: Key employees and directors may elect to have their deferrals credited to a company stock account, an interest account, equity accounts or mutual fund accounts based on certain benchmark funds.
+Added: Key employees and Board of Directors members may elect to have their deferrals credited to a company stock account, an interest account, equity accounts or mutual fund accounts based on certain benchmark funds.
Company Stock Account - The DCP does not permit diversification of deferrals credited to the company stock account and all distributions from participants’ company stock accounts are made in the form of shares of Alliant Energy common stock.
7 unchanged sentences
ASSET RETIREMENT OBLIGATIONS
−Removed: Recognized AROs relate to legal obligations for the removal, closure or dismantlement of several assets including, but not limited to, wind farms, ash ponds, active ash landfills, coal yards, above ground storage tanks and solar generation.
+Added: Recognized AROs relate to legal obligations for the removal, closure or dismantlement of several assets including, but not limited to, wind farms, ash ponds, active ash landfills, solar generation, coal yards, above ground storage tanks and batteries.
Recognized AROs also include legal obligations for the management and final disposition of asbestos and polychlorinated biphenyls.
12 unchanged sentences
Commodity Derivatives -
−Removed: Purpose - Derivative instruments are used for risk management purposes to mitigate exposures to fluctuations in certain commodity prices, transmission congestion costs and rail transportation costs.
+Added: Purpose - Derivative instruments were used for risk management purposes to mitigate exposures to fluctuations in certain commodity prices, transmission congestion costs and rail transportation costs.
Risk policies are maintained that govern the use of such derivative instruments.
5 unchanged sentences
Fuel used at coal-fired EGUs Coal physical forward contracts (IPL and WPL)
+Added: Electric generation and load Electric swap contracts (IPL and WPL)
Optimize the value of natural gas pipeline capacity Natural gas physical forward contracts (IPL and WPL)
Natural gas swap contracts (IPL)
+Added: Optimize the value of electric generation Electric swap contracts (IPL and WPL)
Manage transmission congestion costs FTRs (IPL and WPL)
Manage rail transportation costs Diesel fuel swap contracts (WPL)
+Added: Table of Co ntents
Notional Amounts - As of December 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):
−Removed: FTRs Natural Gas Coal Diesel Fuel
−Removed: MWhs Years Dths Years Tons Years Gallons Years
+Added: Electricity FTRs Natural Gas Coal
+Added: MWhs Years MWhs Years Dths Years Tons Years
Alliant Energy 1,132 2023-2025 9,046 2023 224,060 2023-2032 781 2023
9 unchanged sentences
Non-current derivative liabilities 20 1 6 — 14 1
−Removed: In 2021, Alliant Energy’s, IPL’s and WPL’s derivative assets increased and derivative liabilities decreased primarily as a result of higher natural gas prices.
−Removed: Based on IPL’s and WPL’s natural gas cost recovery mechanisms, this resulted in corresponding decreases in derivative regulatory assets and increases in derivative regulatory liabilities on the balance sheets.
+Added: In 2022, Alliant Energy’s, IPL’s and WPL’s derivative assets increased primarily as a result of higher natural gas prices.
+Added: Alliant Energy’s, IPL’s and WPL’s derivative liabilities increased primarily due to new natural gas contracts entered into in 2022 and declining natural gas prices subsequent to the execution of the new contracts.
+Added: 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.
−Removed: 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.
+Added: 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 December 31, 2022 and 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.
−Removed: 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 December 31, 2021 and 2020.
+Added: 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 at December 31 as follows:
+Added: Alliant Energy IPL WPL
+Added: Gross Gross Gross
+Added: (as reported) Net (as reported) Net (as reported) Net
+Added: Derivative assets $ 237 $ 193 $ 138 $ 108 $ 99 $ 85
+Added: Derivative liabilities 79 35 46 16 33 19
+Added: Derivative assets 176 171 84 83 92 88
+Added: Derivative liabilities 9 4 4 3 5 1
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.
2 unchanged sentences
Level 1 pricing inputs are quoted prices available in active markets for identical assets or liabilities as of the reporting date.
−Removed: Level 2 pricing inputs are quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active as of the reporting date.
+Added: Level 2 pricing inputs are quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active as of the reporting
+Added: Table of Co ntents
Level 3 pricing inputs are unobservable inputs for assets or liabilities for which little or no market data exist and require significant management judgment or estimation.
41 unchanged sentences
Long-term debt 3,646 — 3,228 — 3,228 3,643 — 4,124 — 4,124
+Added: Table of Co ntents
WPL 2022 2021
12 unchanged sentences
Beginning balance, January 1 $ 29 $ 29 $ 214 $ 188
−Removed: Total net gains included in changes in net assets (realized/unrealized) 6 11 — —
+Added: Total net gains (losses) included in changes in net assets (realized/unrealized) ( 18 ) 6 — —
Purchases 79 21 — —
2 unchanged sentences
Ending balance, December 31 $ 19 $ 29 $ 185 $ 214
−Removed: 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 December 31 $ 6 $ 11 $ — $ —
+Added: 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 December 31 ($ 18 ) $ 6 $ — $ —
IPL Commodity Contract Derivative
2 unchanged sentences
Beginning balance, January 1 $ 18 $ 26 $ 214 $ 188
−Removed: Total net gains (losses) included in changes in net assets (realized/unrealized) ( 3 ) 10 — —
+Added: Total net losses included in changes in net assets (realized/unrealized) ( 12 ) ( 3 ) — —
Purchases 58 16 — —
2 unchanged sentences
Ending balance, December 31 $ 16 $ 18 $ 185 $ 214
−Removed: 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 December 31 ($ 3 ) $ 10 $ — $ —
+Added: 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 December 31 ($ 13 ) ($ 3 ) $ — $ —
WPL Commodity Contract Derivative
1 unchanged sentence
Beginning balance, January 1 $ 11 $ 3
−Removed: Total net gains included in changes in net assets (realized/unrealized) 9 1
+Added: Total net gains (losses) included in changes in net assets (realized/unrealized) ( 6 ) 9
Purchases 21 5
−Removed: Settlements ( 6 ) ( 4 )
+Added: Sales ( 1 ) —
+Added: Settlements (a) ( 22 ) ( 6 )
Ending balance, December 31 $ 3 $ 11
−Removed: 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 December 31 $ 9 $ 1
+Added: 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 December 31 ($ 5 ) $ 9
(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.
−Removed: Commodity Contracts - The fair value of FTR and natural gas commodity contracts categorized as Level 3 was recognized as net derivative assets at December 31 as follows (in millions):
+Added: Table of Co ntents
+Added: Commodity Contracts - The fair value of FTR and natural gas commodity contracts categorized as Level 3 was recognized as net derivativ e assets (liabiliti es) at December 31 as follows (in millions):
Alliant Energy IPL WPL
37 unchanged sentences
however, as of both December 31, 2022 and 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.
+Added: Table of Co ntents
+Added: Whiting Petroleum completed a business combination with Oasis Petroleum Inc.
+Added: in July 2022.
+Added: The combined operations are now known as Chord Energy Corporation.
+Added: 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.
24 unchanged sentences
Specific current, proposed or potential environmental matters include, among others:
−Removed: Effluent Limitation Guidelines, CCR Rule, and various legislation and EPA regulations to monitor and regulate the emission of GHG, including the CAA.
+Added: CSAPR, Effluent Limitation Guidelines, CCR Rule, and various legislation and EPA regulations to monitor and regulate the emission of GHG, including the CAA.
NOTE 17 (f) Credit Risk - IPL provides retail electric and gas services in Iowa and wholesale electric service in Minnesota, Illinois and Iowa.
8 unchanged sentences
Refer to Notes 5(a) and 15 for details of allowances for expected credit losses and credit risk-related contingent features, respectively.
−Removed: NOTE 17 (g) Collective Bargaining Agreements - At December 31, 2021, employees covered by collective bargaining agreements represented 54 %, 69 % and 83 % of total employees of Alliant Energy, IPL and WPL, respectively.
−Removed: 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.
+Added: Table of Co ntents
+Added: NOTE 17 (g) MISO Transmission Owner Return on Equity Complaints - A group of stakeholders, including MISO cooperative and municipal utilities, previously filed complaints with FERC requesting a reduction to the base return on equity authorized for MISO transmission owners, including ITC and ATC.
+Added: 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.
+Added: 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.
+Added: In August 2022, the U.S.
+Added: 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.
+Added: As a result of the August 2022 court decision, Alliant Energy recorded a $ 6 million reduction in “Equity income from unconsolidated investments” in its income statement in 2022 to reflect the anticipated reduction in the base return on equity authorized for the MISO transmission owners.
+Added: Any further changes in FERC’s decisions may have an impact on Alliant Energy’s share of ATC’s future earnings and customer costs.
SEGMENTS OF BUSINESS
18 unchanged sentences
Depreciation and amortization 601 56 7 664 7 671
−Removed: Operating income (loss) 716 63 ( 11 ) 768 27 795
+Added: Operating income 805 97 3 905 23 928
Interest expense 269 56 325
Equity income from unconsolidated investments, net ( 1 ) — — ( 1 ) ( 50 ) ( 51 )
−Removed: Income tax expense (benefit) ( 87 ) 13 ( 74 )
+Added: Income taxes 16 6 22
Net income attributable to Alliant Energy common shareowners 675 11 686
15 unchanged sentences
Construction and acquisition expenditures 980 90 — 1,070 99 1,169
+Added: Table of Co ntents
ATC Holdings,
3 unchanged sentences
Depreciation and amortization 556 49 5 610 5 615
−Removed: Operating income 679 70 1 750 28 778
+Added: Operating income (loss) 643 74 ( 1 ) 716 24 740
Interest expense 243 32 275
15 unchanged sentences
Depreciation and amortization 342 32 7 381
−Removed: Operating income (loss) 420 43 ( 3 ) 460
+Added: Operating income 397 53 3 453
Interest expense 148
6 unchanged sentences
Depreciation and amortization 338 31 6 375
−Removed: Operating income 358 50 2 410
+Added: Operating income (loss) 420 43 ( 3 ) 460
Interest expense 139
8 unchanged sentences
Interest expense 139
−Removed: Income taxes 24
+Added: Income tax benefit ( 47 )
Net income available for common stock 324
8 unchanged sentences
Certain financial information relating to WPL’s business segments, which represent the services provided to its customers, was as follows (in millions):
+Added: Table of Co ntents
2022 Electric Gas Other Total
1 unchanged sentence
Depreciation and amortization 259 24 — 283
−Removed: Operating income (loss) 296 20 ( 8 ) 308
+Added: Operating income 408 44 — 452
Interest expense 121
−Removed: Income tax benefit ( 51 )
+Added: Income taxes 66
Net income 315
15 unchanged sentences
Interest expense 104
−Removed: Income taxes 49
+Added: Income tax benefit ( 19 )
Net income 249
22 unchanged sentences
WPL billings to ATC 18 18 10
+Added: Table of Co ntents
As of December 31, 2022 and 2021, WPL owed ATC net amounts of $ 10 million and $ 10 million, respectively.
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.