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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022

or

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

lnt-20220930_g1.jpg

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

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

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

WISCONSIN POWER & LIGHT COMPANY
(a Wisconsin corporation)
4902 N. Biltmore Lane
Madison, Wisconsin 53718
Telephone (608) 458-3311
Commission File Number - 0-337
IRS Employer Identification Number - 39-0714890
This combined Form 10-Q is separately filed by Alliant Energy Corporation, Interstate Power and Light Company and Wisconsin Power and Light Company. Information contained in the Form 10-Q relating to Interstate Power and Light Company and Wisconsin Power and Light Company is filed by each such registrant on its own behalf. Each of Interstate Power and Light Company and Wisconsin Power and Light Company makes no representation as to information relating to registrants other than itself.

Securities registered pursuant to Section 12(b) of the Act:
Alliant Energy Corporation, Common Stock, $0.01 Par Value, Trading Symbol LNT, Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Alliant Energy Corporation - Yes ☒ No ☐
Interstate Power and Light Company - Yes ☒ No ☐
Wisconsin Power and Light Company - Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Alliant Energy Corporation - Yes ☒ No ☐
Interstate Power and Light Company - Yes ☒ No ☐
Wisconsin Power and Light Company - Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Alliant Energy Corporation - Large Accelerated Filer ☒ Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller Reporting Company Emerging Growth Company
Interstate Power and Light Company - Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller Reporting Company Emerging Growth Company
Wisconsin Power and Light Company - Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller Reporting Company Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Alliant Energy Corporation ☐
Interstate Power and Light Company ☐
Wisconsin Power and Light Company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Alliant Energy Corporation - Yes No ☒
Interstate Power and Light Company - Yes No ☒
Wisconsin Power and Light Company - Yes No ☒
Number of shares outstanding of each class of common stock as of September 30, 2022:
Alliant Energy Corporation, Common Stock, $0.01 par value, 251,021,830 shares outstanding
Interstate Power and Light Company, Common Stock, $2.50 par value, 13,370,788 shares outstanding (all outstanding shares are owned beneficially and of record by Alliant Energy Corporation)
Wisconsin Power and Light Company, Common Stock, $5 par value, 13,236,601 shares outstanding (all outstanding shares are owned beneficially and of record by Alliant Energy Corporation)



TABLE OF CONTENTS
Page



DEFINITIONS
The following abbreviations or acronyms used in this report are defined below:
Abbreviation or AcronymDefinitionAbbreviation or AcronymDefinition
2021 Form 10-K
Combined Annual Report on Form 10-K filed by Alliant Energy, IPL and WPL for the year ended Dec. 31, 2021
IPLInterstate Power and Light Company
AEFAlliant Energy Finance, LLCIUBIowa Utilities Board
AFUDCAllowance for funds used during constructionMDAManagement’s Discussion and Analysis of Financial Condition and Results of Operations
Alliant EnergyAlliant Energy CorporationMISOMidcontinent Independent System Operator, Inc.
ATCAmerican Transmission Company LLCMWMegawatt
ATC HoldingsInterest in American Transmission Company LLC and ATC Holdco LLCMWhMegawatt-hour
Corporate ServicesAlliant Energy Corporate Services, Inc.N/ANot applicable
DAECDuane Arnold Energy CenterNote(s)Combined Notes to Condensed Consolidated Financial Statements
DthDekathermOPEBOther postretirement benefits
EGUElectric generating unitPPAPurchased power agreement
EPAU.S. Environmental Protection AgencyPSCWPublic Service Commission of Wisconsin
EPSEarnings per weighted average common shareSECSecurities and Exchange Commission
FERCFederal Energy Regulatory CommissionU.S.United States of America
Financial StatementsCondensed Consolidated Financial StatementsWest RiversideWest Riverside Energy Center
FTRFinancial transmission rightWhiting PetroleumWhiting Petroleum Corporation
GAAPU.S. generally accepted accounting principlesWPLWisconsin Power and Light Company

FORWARD-LOOKING STATEMENTS

Statements contained in this report that are not of historical fact are forward-looking statements intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified as such because the statements include words such as “may,” “believe,” “expect,” “anticipate,” “plan,” “project,” “will,” “projections,” “estimate,” or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Some, but not all, of the risks and uncertainties of Alliant Energy, IPL and WPL that could materially affect actual results include:

the direct or indirect effects resulting from terrorist incidents, including physical attacks and cyber attacks, or responses to such incidents;
the impact of penalties or third-party claims related to, or in connection with, a failure to maintain the security of personally identifiable information, including associated costs to notify affected persons and to mitigate their information security concerns;
the impact of customer- and third party-owned generation, including alternative electric suppliers, in IPL’s and WPL’s service territories on system reliability, operating expenses and customers’ demand for electricity;
the impact of energy efficiency, franchise retention and customer disconnects on sales volumes and margins;
the impact that price changes may have on IPL’s and WPL’s customers’ demand for electric, gas and steam services and their ability to pay their bills;
inflation and higher interest rates;
changes in the price of delivered natural gas, transmission, purchased electricity and coal, particularly during elevated market prices, and any resulting changes to counterparty credit risk, due to shifts in supply and demand caused by market conditions, regulations and MISO’s seasonal resource adequacy process;
IPL’s and WPL’s ability to obtain adequate and timely rate relief to allow for, among other things, the recovery of and/or the return on costs, including fuel costs, operating costs, transmission costs, deferred expenditures, deferred tax assets, tax expense, capital expenditures, and remaining costs related to EGUs that may be permanently closed and certain other retired assets, decreases in sales volumes, earning their authorized rates of return, and the payments to their parent of expected levels of dividends;
the ability to complete construction of renewable generation and storage projects by planned in-service dates and within the cost targets set by regulators due to cost increases of and access to materials, equipment and commodities including due to tariffs, duties or other assessments, such as any additional tariffs resulting from U.S. Department of Commerce investigations into the sourcing of solar project materials and equipment from certain countries, labor issues or supply shortages, the ability to successfully resolve warranty issues or contract disputes, the ability to achieve the expected level of tax benefits based on tax guidelines and project costs, and the ability to efficiently utilize the renewable generation and storage project tax benefits for the benefit of customers;
federal and state regulatory or governmental actions, including the impact of legislation, and regulatory agency orders;
the ability to utilize tax credits and net operating losses generated to date, and those that may be generated in the future, before they expire, as well as the ability to transfer tax credits that may be generated in the future at adequate pricing;
the impacts of changes in the tax code, including tax rates, minimum tax rates, and adjustments made to deferred tax assets and liabilities;
1

employee workforce factors, including the ability to hire and retain employees with specialized skills, impacts from employee retirements, changes in key executives, ability to create desired corporate culture, collective bargaining agreements and negotiations, work stoppages or restructurings;
disruptions in the supply and delivery of natural gas, purchased electricity and coal;
changes to the creditworthiness of, or performance of obligations by, counterparties with which Alliant Energy, IPL and WPL have contractual arrangements, including participants in the energy markets and fuel suppliers and transporters;
any material post-closing payments related to any past asset divestitures, including the sale of Whiting Petroleum, which could result from, among other things, indemnification agreements, warranties, guarantees or litigation;
weather effects on results of utility operations;
disruptions to ongoing operations and the supply of materials, services, equipment and commodities needed to construct solar generation, battery storage and electric and gas distribution projects, which may result from geopolitical issues, supplier manufacturing constraints, labor issues or transportation issues, as well as affect the ability to meet capacity requirements and result in increased capacity expense;
continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies;
the direct or indirect effects resulting from the ongoing novel coronavirus (COVID-19) pandemic and the spread of variant strains;
issues associated with environmental remediation and environmental compliance, including compliance with all environmental and emissions permits, the Coal Combustion Residuals Rule, future changes in environmental laws and regulations, including federal, state or local regulations for carbon dioxide emissions reductions from new and existing fossil-fueled EGUs, and litigation associated with environmental requirements;
increased pressure from customers, investors and other stakeholders to more rapidly reduce carbon dioxide emissions;
the ability to defend against environmental claims brought by state and federal agencies, such as the EPA, state natural resources agencies or third parties, such as the Sierra Club, and the impact on operating expenses of defending and resolving such claims;
changes to MISO’s methodology establishing capacity planning reserve margin and capacity accreditation requirements that may impact how and when new generating facilities such as IPL’s and WPL’s additional solar generation may be accredited with energy capacity and may require IPL and WPL to adjust their current resource plans, the need to add resources to comply with MISO’s methodology, or procure capacity in the market whereby such costs might not be recovered in rates;
the direct or indirect effects resulting from breakdown or failure of equipment in the operation of electric and gas distribution systems, such as mechanical problems and explosions or fires, and compliance with electric and gas transmission and distribution safety regulations, including regulations promulgated by the Pipeline and Hazardous Materials Safety Administration;
issues related to the availability and operations of EGUs, including start-up risks, breakdown or failure of equipment, availability of warranty coverage for equipment breakdowns or failures, performance below expected or contracted levels of output or efficiency, operator error, employee safety, transmission constraints, compliance with mandatory reliability standards and risks related to recovery of resulting incremental operating, fuel-related and capital costs through rates;
impacts that excessive heat, excessive cold, storms or natural disasters may have on Alliant Energy’s, IPL’s and WPL’s operations and recovery of costs associated with restoration activities or on the operations of Alliant Energy’s investments;
Alliant Energy’s ability to sustain its dividend payout ratio goal;
changes to costs of providing benefits and related funding requirements of pension and OPEB plans due to the market value of the assets that fund the plans, economic conditions, financial market performance, interest rates, timing and form of benefits payments, life expectancies and demographics;
material changes in employee-related benefit and compensation costs, including settlement losses related to pension plans;
risks associated with operation and ownership of non-utility holdings;
changes in technology that alter the channels through which customers buy or utilize Alliant Energy’s, IPL’s or WPL’s products and services;
impacts on equity income from unconsolidated investments from changes in valuations of the assets held, as well as potential changes to ATC’s authorized return on equity;
impacts of IPL’s future tax benefits from Iowa rate-making practices, including deductions for repairs expenditures, allocation of mixed service costs and state depreciation, and recoverability of the associated regulatory assets from customers, when the differences reverse in future periods;
current or future litigation, regulatory investigations, proceedings or inquiries;
reputational damage from negative publicity, protests, fines, penalties and other negative consequences resulting in regulatory and/or legal actions;
the effect of accounting standards issued periodically by standard-setting bodies;
the ability to successfully complete tax audits and changes in tax accounting methods with no material impact on earnings and cash flows; and
other factors listed in MDA and Risk Factors in Item 1A in the 2021 Form 10-K.
Alliant Energy, IPL and WPL each assume no obligation, and disclaim any duty, to update the forward-looking statements in this report, except as required by law.
2

PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the Three MonthsFor the Nine Months
Ended September 30,Ended September 30,
2022202120222021
(in millions, except per share amounts)
Revenues:
Electric utility$1,039$939$2,624$2,357
Gas utility6250418289
Other utility11133536
Non-utility23227060
Total revenues1,1351,0243,1472,742
Operating expenses:
Electric production fuel and purchased power274207633478
Electric transmission service157148428403
Cost of gas sold2618242149
Other operation and maintenance172171492477
Depreciation and amortization169165501494
Taxes other than income taxes28268278
Total operating expenses8267352,3782,079
Operating income309289769663
Other (income) and deductions:
Interest expense8368235206
Equity income from unconsolidated investments, net(5)(13)(37)(47)
Allowance for funds used during construction(10)(7)(34)(16)
Other37
Total other (income) and deductions6851164150
Income before income taxes241238605513
Income tax expense (benefit)14(21)26(66)
Net income227259579579
Preferred dividend requirements of Interstate Power and Light Company38
Net income attributable to Alliant Energy common shareowners$227$256$579$571
Weighted average number of common shares outstanding:
Basic251.0250.3250.8250.2
Diluted251.3250.8251.1250.6
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted)
$0.90$1.02$2.31$2.28

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
3

ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30,
2022
December 31,
2021
(in millions, except per
share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents$344$39
Accounts receivable, less allowance for expected credit losses509440
Production fuel, at weighted average cost4951
Gas stored underground, at weighted average cost12482
Materials and supplies, at weighted average cost126113
Regulatory assets177104
Other364240
Total current assets1,6931,069
Property, plant and equipment, net15,85814,987
Investments:
ATC Holdings351338
Other200179
Total investments551517
Other assets:
Regulatory assets1,8641,836
Deferred charges and other239144
Total other assets2,1031,980
Total assets$20,205$18,553
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt$658$633
Commercial paper383515
Accounts payable786436
Accrued taxes8658
Regulatory liabilities229186
Other280226
Total current liabilities2,4222,054
Long-term debt, net (excluding current portion)7,5706,735
Other liabilities:
Deferred tax liabilities1,9191,927
Regulatory liabilities1,1581,085
Pension and other benefit obligations349374
Other522388
Total other liabilities3,9483,774
Commitments and contingencies (Note 13)
Equity:
Alliant Energy Corporation common equity:
Common stock - $0.01 par value - 480,000,000 shares authorized; 251,021,830 and 250,474,529 shares outstanding
33
Additional paid-in capital2,7672,749
Retained earnings3,5083,250
Shares in deferred compensation trust - 395,224 and 383,532 shares at a weighted average cost of $32.23 and $30.59 per share
(13)(12)
Total Alliant Energy Corporation common equity6,2655,990
Total liabilities and equity$20,205$18,553

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
4

ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Nine Months
Ended September 30,
20222021
(in millions)
Cash flows from operating activities:
Net income$579$579
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization
501494
Deferred tax expense (benefit) and tax credits8(69)
Other(8)7
Other changes in assets and liabilities:
Accounts receivable(425)(397)
Derivative assets(184)(202)
Regulatory assets(102)(21)
Accounts payable90
Derivative liabilities89(21)
Regulatory liabilities8925
Deferred income taxes(15)160
Pension and other benefit obligations(25)(59)
Other(112)(19)
Net cash flows from operating activities485477
Cash flows used for investing activities:
Construction and acquisition expenditures:
Utility business(873)(772)
Other(69)(60)
Cash receipts on sold receivables358423
Other(15)(43)
Net cash flows used for investing activities(599)(452)
Cash flows from (used for) financing activities:
Common stock dividends(322)(304)
Proceeds from issuance of long-term debt1,238300
Payments to retire long-term debt(379)(4)
Net change in commercial paper(132)(73)
Contributions from noncontrolling interest29
Distributions to noncontrolling interest(29)
Other1624
Net cash flows from (used for) financing activities421(57)
Net increase (decrease) in cash, cash equivalents and restricted cash307(32)
Cash, cash equivalents and restricted cash at beginning of period4056
Cash, cash equivalents and restricted cash at end of period$347$24
Supplemental cash flows information:
Cash paid during the period for:
Interest($220)($197)
Income taxes, net($7)($1)
Significant non-cash investing and financing activities:
Accrued capital expenditures$403$91
Beneficial interest obtained in exchange for securitized accounts receivable$248$164

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
5

INTERSTATE POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the Three MonthsFor the Nine Months
Ended September 30,Ended September 30,
2022202120222021
(in millions)
Revenues:
Electric utility$596$555$1,438$1,343
Gas utility3331224165
Steam and other11133435
Total revenues6405991,6961,543
Operating expenses:
Electric production fuel and purchased power140101290215
Electric transmission service115103303274
Cost of gas sold141212684
Other operation and maintenance9095260253
Depreciation and amortization9594285281
Taxes other than income taxes15144342
Total operating expenses4694191,3071,149
Operating income171180389394
Other (income) and deductions:
Interest expense3734111103
Allowance for funds used during construction(3)(2)(8)(7)
Other(1)(2)2
Total other (income) and deductions333210198
Income before income taxes138148288296
Income tax benefit(16)(12)(39)(34)
Net income154160327330
Preferred dividend requirements38
Net income available for common stock$154$157$327$322
Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of IPL’s common stock outstanding during the periods presented.
Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
6

INTERSTATE POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30,
2022
December 31,
2021
(in millions, except per
share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents$45$34
Accounts receivable, less allowance for expected credit losses286241
Income tax refunds receivable18
Production fuel, at weighted average cost3129
Gas stored underground, at weighted average cost6640
Materials and supplies, at weighted average cost7770
Regulatory assets10873
Other13469
Total current assets748564
Property, plant and equipment, net8,0137,983
Other assets:
Regulatory assets1,3151,370
Deferred charges and other13279
Total other assets1,4471,449
Total assets$10,208$9,996
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$232$173
Accounts payable to associated companies3739
Regulatory liabilities10584
Accrued taxes6956
Accrued interest3536
Other11267
Total current liabilities590455
Long-term debt, net3,6453,643
Other liabilities:
Deferred tax liabilities1,0291,083
Regulatory liabilities656607
Pension and other benefit obligations118127
Other314312
Total other liabilities2,1172,129
Commitments and contingencies (Note 13)
Equity:
Interstate Power and Light Company common equity:
Common stock - $2.50 par value - 24,000,000 shares authorized; 13,370,788 shares outstanding
3333
Additional paid-in capital2,8072,807
Retained earnings1,016929
Total Interstate Power and Light Company common equity3,8563,769
Total liabilities and equity$10,208$9,996

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
7

INTERSTATE POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Nine Months
Ended September 30,
20222021
(in millions)
Cash flows from operating activities:
Net income$327$330
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization285281
Deferred tax benefit and tax credits(24)(13)
Other(8)(1)
Other changes in assets and liabilities:
Accounts receivable(397)(412)
Derivative assets(118)(86)
Regulatory assets18(33)
Accounts payable715
Derivative liabilities62(9)
Regulatory liabilities6130
Deferred income taxes(30)56
Pension and other benefit obligations(9)(25)
Other(72)(28)
Net cash flows from operating activities16695
Cash flows from investing activities:
Construction and acquisition expenditures(269)(285)
Cash receipts on sold receivables358423
Other(5)(16)
Net cash flows from investing activities84122
Cash flows used for financing activities:
Common stock dividends(240)(301)
Capital contributions from parent50
Other1(3)
Net cash flows used for financing activities(239)(254)
Net increase (decrease) in cash, cash equivalents and restricted cash11(37)
Cash, cash equivalents and restricted cash at beginning of period3450
Cash, cash equivalents and restricted cash at end of period$45$13
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest($111)($106)
Income taxes, net$33$28
Significant non-cash investing and financing activities:
Accrued capital expenditures$43$30
Beneficial interest obtained in exchange for securitized accounts receivable$248$164

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
8

WISCONSIN POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the Three MonthsFor the Nine Months
Ended September 30,Ended September 30,
2022202120222021
(in millions)
Revenues:
Electric utility$443$384$1,186$1,014
Gas utility2919194124
Other11
Total revenues4724031,3811,139
Operating expenses:
Electric production fuel and purchased power134105343263
Electric transmission service4244125128
Cost of gas sold13611765
Other operation and maintenance7066193194
Depreciation and amortization7170211