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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 March 31, 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-20220331_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 March 31, 2022:
Alliant Energy Corporation, Common Stock, $0.01 par value, 250,813,728 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
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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 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 direct or indirect effects resulting from terrorist incidents, including physical attacks and cyber attacks, or responses to such incidents;
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;
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;
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;
the impacts of changes in the tax code, including tax rates, minimum tax rates, and adjustments made to deferred tax assets and liabilities;
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;
employee workforce factors, including changes in key executives, ability to hire and retain employees with specialized skills, ability to create desired corporate culture, collective bargaining agreements and negotiations, work stoppages or restructurings;
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;
1

weather effects on results of utility operations;
the direct or indirect effects resulting from the ongoing novel coronavirus (COVID-19) pandemic and the spread of variant strains, including any vaccine mandates and testing requirements, on sales volumes, margins, operations, employees, labor markets, contractors, vendors, the ability to complete construction projects, supply chains, customers’ inability to pay bills, suspension of disconnects, the market value of the assets that fund pension plans and the potential for additional funding requirements, the ability of counterparties to meet their obligations, compliance with regulatory requirements, the ability to implement regulatory plans, economic conditions and access to capital markets;
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;
continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies;
inflation and interest rates;
disruptions to the supply of materials, equipment and commodities needed to construct solar generation and storage projects and maintain ongoing operations, including due to geopolitical issues, shortages, labor issues or transportation issues, which may, among other potential impacts, affect the ability to meet capacity requirements and result in increased capacity expense;
possible 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 proposal, or procure capacity in the market whereby such costs might not be recovered in rates;
changes in the price of delivered natural gas, transmission, purchased electricity and coal, and any resulting changes to counterparty credit risk, due to shifts in supply and demand caused by market conditions, regulations and MISO’s annual resource adequacy process;
disruptions in the supply and delivery of natural gas, purchased electricity and coal;
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 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;
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 valuations and 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;
changes to the creditworthiness of counterparties with which Alliant Energy, IPL and WPL have contractual arrangements, including participants in the energy markets and fuel suppliers and transporters;
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 Months
Ended March 31,
20222021
(in millions, except per share amounts)
Revenues:
Electric utility$773$701
Gas utility262170
Other utility1113
Non-utility2217
Total revenues1,068901
Operating expenses:
Electric production fuel and purchased power168133
Electric transmission service138134
Cost of gas sold168100
Other operation and maintenance153146
Depreciation and amortization166164
Taxes other than income taxes2726
Total operating expenses820703
Operating income248198
Other (income) and deductions:
Interest expense7469
Equity income from unconsolidated investments, net(15)(15)
Allowance for funds used during construction(11)(4)
Other2
Total other (income) and deductions4852
Income before income taxes200146
Income tax expense (benefit)8(28)
Net income192174
Preferred dividend requirements of Interstate Power and Light Company3
Net income attributable to Alliant Energy common shareowners$192$171
Weighted average number of common shares outstanding:
Basic250.6250.0
Diluted250.9250.4
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted)
$0.77$0.68

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

ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
March 31,
2022
December 31,
2021
(in millions, except per
share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents$67$39
Accounts receivable, less allowance for expected credit losses481440
Production fuel, at weighted average cost3951
Gas stored underground, at weighted average cost2782
Materials and supplies, at weighted average cost119113
Regulatory assets88104
Other271240
Total current assets1,0921,069
Property, plant and equipment, net15,19214,987
Investments:
ATC Holdings346338
Other187179
Total investments533517
Other assets:
Regulatory assets1,8311,836
Deferred charges and other191144
Total other assets2,0221,980
Total assets$18,839$18,553
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt$333$633
Commercial paper276515
Accounts payable383436
Accrued taxes6658
Regulatory liabilities251186
Other212226
Total current liabilities1,5212,054
Long-term debt, net (excluding current portion)7,3836,735
Other liabilities:
Deferred tax liabilities1,9581,927
Regulatory liabilities1,1211,085
Pension and other benefit obligations363374
Other416388
Total other liabilities3,8583,774
Commitments and contingencies (Note 12)
Equity:
Alliant Energy Corporation common equity:
Common stock - $0.01 par value - 480,000,000 shares authorized; 250,813,728 and 250,474,529 shares outstanding
33
Additional paid-in capital2,7502,749
Retained earnings3,3363,250
Shares in deferred compensation trust - 381,397 and 383,532 shares at a weighted average cost of $31.17 and $30.59 per share
(12)(12)
Total Alliant Energy Corporation common equity6,0775,990
Total liabilities and equity$18,839$18,553

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

ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Three Months
Ended March 31,
20222021
(in millions)
Cash flows from operating activities:
Net income$192$174
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization
166164
Deferred tax expense (benefit) and tax credits18(29)
Other(6)4
Other changes in assets and liabilities:
Accounts receivable(161)(126)
Gas stored underground5520
Derivative assets(85)6
Regulatory assets19(4)
Accounts payable(37)(6)
Regulatory liabilities92(60)
Deferred income taxes1558
Other(17)(56)
Net cash flows from operating activities251145
Cash flows used for investing activities:
Construction and acquisition expenditures:
Utility business(307)(214)
Other(23)(17)
Cash receipts on sold receivables115209
Other(8)(16)
Net cash flows used for investing activities(223)(38)
Cash flows from (used for) financing activities:
Common stock dividends(107)(102)
Proceeds from issuance of long-term debt650
Payments to retire long-term debt(300)
Net change in commercial paper(239)(53)
Other(1)10
Net cash flows from (used for) financing activities3(145)
Net increase (decrease) in cash, cash equivalents and restricted cash31(38)
Cash, cash equivalents and restricted cash at beginning of period4056
Cash, cash equivalents and restricted cash at end of period$71$18
Supplemental cash flows information:
Cash paid during the period for:
Interest($62)($59)
Significant non-cash investing and financing activities:
Accrued capital expenditures$134$64
Beneficial interest obtained in exchange for securitized accounts receivable$227$107

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

INTERSTATE POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the Three Months
Ended March 31,
20222021
(in millions)
Revenues:
Electric utility$400$386
Gas utility13991
Steam and other1112
Total revenues550489
Operating expenses:
Electric production fuel and purchased power6759
Electric transmission service9792
Cost of gas sold8550
Other operation and maintenance8377
Depreciation and amortization9494
Taxes other than income taxes1414
Total operating expenses440386
Operating income110103
Other (income) and deductions:
Interest expense3735
Allowance for funds used during construction(3)(2)
Total other (income) and deductions3433
Income before income taxes7670
Income tax benefit(11)(12)
Net income8782
Preferred dividend requirements3
Net income available for common stock$87$79
Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of IPL’s common stock outstanding during the periods presented.
Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
6

INTERSTATE POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
March 31,
2022
December 31,
2021
(in millions, except per
share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents$62$34
Accounts receivable, less allowance for expected credit losses257241
Income tax refunds receivable258
Production fuel, at weighted average cost2829
Gas stored underground, at weighted average cost1140
Materials and supplies, at weighted average cost7170
Regulatory assets6073
Other8569
Total current assets599564
Property, plant and equipment, net7,9767,983
Other assets:
Regulatory assets1,3721,370
Deferred charges and other10379
Total other assets1,4751,449
Total assets$10,050$9,996
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$135$173
Accounts payable to associated companies4639
Regulatory liabilities12284
Accrued taxes5756
Accrued interest3536
Other6267
Total current liabilities457455
Long-term debt, net3,6443,643
Other liabilities:
Deferred tax liabilities1,1071,083
Regulatory liabilities632607
Pension and other benefit obligations124127
Other311312
Total other liabilities2,1742,129
Commitments and contingencies (Note 12)
Equity:
Interstate Power and Light Company common equity:
Common stock - $2.50 par value - 24,000,000 shares authorized; 13,370,788 shares outstanding
3333
Additional paid-in capital2,8072,807
Retained earnings935929
Total Interstate Power and Light Company common equity3,7753,769
Total liabilities and equity$10,050$9,996

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

INTERSTATE POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Three Months
Ended March 31,
20222021
(in millions)
Cash flows from (used for) operating activities:
Net income$87$82
Adjustments to reconcile net income to net cash flows from (used for) operating activities:
Depreciation and amortization9494
Deferred tax expense (benefit) and tax credits15(2)
Other(2)(1)
Other changes in assets and liabilities:
Accounts receivable(128)(133)
Income tax refunds receivable(17)(3)
Gas stored underground2912
Derivative assets(43)10
Regulatory assets9(16)
Regulatory liabilities59(19)
Other(14)(69)
Net cash flows from (used for) operating activities89(45)
Cash flows from investing activities:
Construction and acquisition expenditures(96)(106)
Cash receipts on sold receivables115209
Other(1)(5)
Net cash flows from investing activities1898
Cash flows used for financing activities:
Common stock dividends(81)(101)
Other29
Net cash flows used for financing activities(79)(92)
Net increase (decrease) in cash, cash equivalents and restricted cash28(39)
Cash, cash equivalents and restricted cash at beginning of period3450
Cash, cash equivalents and restricted cash at end of period$62$11
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest($37)($37)
Income taxes, net$$7
Significant non-cash investing and financing activities:
Accrued capital expenditures$27$31
Beneficial interest obtained in exchange for securitized accounts receivable$227$107

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

WISCONSIN POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the Three Months
Ended March 31,
20222021
(in millions)
Revenues:
Electric utility$373$315
Gas utility12379
Other1
Total revenues496395
Operating expenses:
Electric production fuel and purchased power10174
Electric transmission service4142
Cost of gas sold8350
Other operation and maintenance5859
Depreciation and amortization7069
Taxes other than income taxes1211
Total operating expenses365305
Operating income13190
Other (income) and deductions:
Interest expense2726
Allowance for funds used during construction(9)(2)
Other1
Total other (income) and deductions1825
Income before income taxes11365
Income tax expense (benefit)21(19)
Net income$92$84
Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of WPL’s common stock outstanding during the periods presented.
Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
9

WISCONSIN POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
March 31,
2022
December 31,
2021
(in millions, except per
share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents$4$2
Accounts receivable, less allowance for expected credit losses211188
Production fuel, at weighted average cost1123
Gas stored underground, at weighted average cost1642
Materials and supplies, at weighted average cost4541
Regulatory assets2831
Prepaid gross receipts tax3040
Other10286
Total current assets447453
Property, plant and equipment, net6,7476,538
Other assets:
Regulatory assets459466
Deferred charges and other9061
Total other assets549527
Total assets$7,743$7,518
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt$250$250
Commercial paper157236
Accounts payable185190
Accounts payable to associated companies3439
Regulatory liabilities129102
Other10273
Total current liabilities857890
Long-term debt, net (excluding current portion)2,1802,179
Other liabilities:
Deferred tax liabilities
759753
Regulatory liabilities489478
Pension and other benefit obligations154159
Other253236
Total other liabilities1,6551,626
Commitments and contingencies (Note 12)
Equity:
Wisconsin Power and Light Company common equity:
Common stock - $5 par value - 18,000,000 shares authorized; 13,236,601 shares outstanding
6666
Additional paid-in capital1,8841,704
Retained earnings1,1011,053
Total Wisconsin Power and Light Company common equity3,0512,823
Total liabilities and equity$7,743$7,518

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
10

WISCONSIN POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Three Months
Ended March 31,
20222021
(in millions)
Cash flows from operating activities:
Net income$92$84
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization7069
Deferred tax benefit and tax credits(2)(28)
Other(3)4
Other changes in assets and liabilities:
Accounts receivable(23)9
Gas stored underground269
Derivative assets(42)(4)
Accounts payable(24)(24)
Regulatory liabilities32(41)
Accrued taxes218
Deferred income taxes844
Other1218
Net cash flows from operating activities167148
Cash flows used for investing activities:
Construction and acquisition expenditures(212)(108)
Other(5)(11)
Net cash flows used for investing activities(217)(119)
Cash flows from (used for) financing activities:
Common stock dividends(44)(42)
Capital contributions from parent180125
Net change in commercial paper(79)(109)
Other(5)(4)
Net cash flows from (used for) financing activities52(30)
Net increase (decrease) in cash, cash equivalents and restricted cash2(1)
Cash, cash equivalents and restricted cash at beginning of period23
Cash, cash equivalents and restricted cash at end of period$4$2
Supplemental cash flows information:
Cash paid during the period for:
Interest($23)($21)
Significant non-cash investing and financing activities:
Accrued capital expenditures$104$32

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
11

ALLIANT ENERGY CORPORATION
INTERSTATE POWER AND LIGHT COMPANY
WISCONSIN POWER AND LIGHT COMPANY

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1(a) General - The interim unaudited Financial Statements included herein have been prepared pursuant to the rules and regulations of the SEC. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, although management believes that the disclosures are adequate to make the information presented not misleading. These Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the 2021 Form 10-K.

In the opinion of management, all adjustments, which unless otherwise noted are normal and recurring in nature, necessary for a fair presentation of the results of operations, financial position and cash flows have been made. Results for the three months ended March 31, 2022 are not necessarily indicative of results that may be expected for the year ending December 31, 2022.

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

NOTE 1(b) Cash, Cash Equivalents and Restricted Cash - At March 31, 2022, Alliant Energy’s and IPL’s cash and cash equivalents included $59 million of money market fund investments, with an interest rate of 0.3%.

NOTE 2. REGULATORY MATTERS
Regulatory Assets and Regulatory Liabilities -
Regulatory assets were comprised of the following items (in millions):
Alliant EnergyIPLWPL
March 31,
2022
December 31,
2021
March 31,
2022
December 31,
2021
March 31,
2022
December 31,
2021
Tax-related$949$934$896$884$53$50
Pension and OPEB costs453462224228229234
Asset retirement obligations13412894894039
Assets retired early889264662426
IPL’s DAEC PPA amendment84908490
WPL’s Western Wisconsin gas distribution expansion investments50525052
Commodity cost recovery4242224040
Other11914068845156
$1,919$1,940$1,432$1,443$487$497

Regulatory liabilities were comprised of the following items (in millions):
Alliant EnergyIPLWPL
March 31,
2022
December 31,
2021
March 31,
2022
December 31,
2021
March 31,
2022
December 31,
2021
Tax-related$578$585$310$312$268$273
Cost of removal obligations391384256252135132
Derivatives258