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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions):


Alliant Energy	September 30, 2024					December 31, 2023
		Fair Value					Fair Value
	Carrying	Level	Level	Level		Carrying	Level	Level	Level
	Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:
Time deposits and money market fund investments	$803	$803	$—	$—	$803	$45	$45	$—	$—	$45
Commodity derivatives	82	—	42	40	82	88	—	59	29	88
Interest rate derivatives	—	—	—	—	—	1	—	1	—	1
Deferred proceeds	212	—	—	212	212	216	—	—	216	216
Liabilities:
Commodity derivatives	76	—	73	3	76	98	—	93	5	98
Interest rate derivatives	1	—	1	—	1	—	—	—	—	—
Long-term debt (incl. current maturities)	10,349	—	10,444	—	10,444	9,034	—	8,677	—	8,677


IPL	September 30, 2024					December 31, 2023
		Fair Value					Fair Value
	Carrying	Level	Level	Level		Carrying	Level	Level	Level
	Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:
Time deposits and money market fund investments	$745	$745	$—	$—	$745	$45	$45	$—	$—	$45
Commodity derivatives	55	—	23	32	55	54	—	30	24	54
Deferred proceeds	212	—	—	212	212	216	—	—	216	216
Liabilities:
Commodity derivatives	20	—	17	3	20	30	—	25	5	30
Long-term debt (incl. current maturities)	4,589	—	4,407	—	4,407	3,945	—	3,664	—	3,664


WPL	September 30, 2024					December 31, 2023
		Fair Value					Fair Value
	Carrying	Level	Level	Level		Carrying	Level	Level	Level
	Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:
Money market fund investments	$58	$58	$—	$—	$58	$—	$—	$—	$—	$—
Commodity derivatives	27	—	19	8	27	34	—	29	5	34
Liabilities:
Commodity derivatives	56	—	56	—	56	68	—	68	—	68
Long-term debt	3,369	—	3,322	—	3,322	3,070	—	2,933	—	2,933

Fair Value Measurements Using Significant Unobservable Inputs

Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions):


Alliant Energy	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Three Months Ended September 30	2024	2023	2024	2023
Beginning balance, July 1	$51	$54	$171	$175
Total net gains included in changes in net assets (realized/unrealized)	2	17	—	—



Sales	—	(1)	—	—
Settlements (a)	(16)	(27)	41	61
Ending balance, September 30	$37	$43	$212	$236
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30	$2	$17	$—	$—



Alliant Energy	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Nine Months Ended September 30	2024	2023	2024	2023
Beginning balance, January 1	$24	$19	$216	$185
Total net gains (losses) included in changes in net assets (realized/unrealized)	(7)	6	—	—


Purchases	59	62	—	—
Sales	(1)	(2)	—	—
Settlements (a)	(38)	(42)	(4)	51
Ending balance, September 30	$37	$43	$212	$236
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30	($7)	$6	$—	$—


IPL	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Three Months Ended September 30	2024	2023	2024	2023
Beginning balance, July 1	$40	$41	$171	$175
Total net gains included in changes in net assets (realized/unrealized)	—	12	—	—



Sales	—	(1)	—	—
Settlements (a)	(11)	(17)	41	61
Ending balance, September 30	$29	$35	$212	$236
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30	$—	$12	$—	$—



IPL	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Nine Months Ended September 30	2024	2023	2024	2023
Beginning balance, January 1	$19	$16	$216	$185
Total net losses included in changes in net assets (realized/unrealized)	(7)	—	—	—


Purchases	45	51	—	—
Sales	(1)	(2)	—	—
Settlements (a)	(27)	(30)	(4)	51
Ending balance, September 30	$29	$35	$212	$236
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at September 30	($7)	$—	$—	$—


WPL	Commodity Contract Derivative
	Assets and (Liabilities), net
Three Months Ended September 30	2024	2023
Beginning balance, July 1	$11	$13
Total net gains included in changes in net assets (realized/unrealized)	2	5




Settlements	(5)	(10)
Ending balance, September 30	$8	$8
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30	$2	$5



WPL	Commodity Contract Derivative
	Assets and (Liabilities), net
Nine Months Ended September 30	2024	2023
Beginning balance, January 1	$5	$3
Total net gains included in changes in net assets (realized/unrealized)	—	6


Purchases	14	11

Settlements	(11)	(12)
Ending balance, September 30	$8	$8
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30	$—	$6

(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.

Fair Value Of Net Derivative Assets (Liabilities)

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


	Alliant Energy		IPL		WPL
	Excluding FTRs	FTRs	Excluding FTRs	FTRs	Excluding FTRs	FTRs
September 30, 2024	$—	$37	$—	$29	$—	$8
December 31, 2023	3	21	3	16	—	5

IPL [Member]

Statement [Line Items]

Fair Value Measurements

Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions):


Alliant Energy	September 30, 2024					December 31, 2023
		Fair Value					Fair Value
	Carrying	Level	Level	Level		Carrying	Level	Level	Level
	Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:
Time deposits and money market fund investments	$803	$803	$—	$—	$803	$45	$45	$—	$—	$45
Commodity derivatives	82	—	42	40	82	88	—	59	29	88
Interest rate derivatives	—	—	—	—	—	1	—	1	—	1
Deferred proceeds	212	—	—	212	212	216	—	—	216	216
Liabilities:
Commodity derivatives	76	—	73	3	76	98	—	93	5	98
Interest rate derivatives	1	—	1	—	1	—	—	—	—	—
Long-term debt (incl. current maturities)	10,349	—	10,444	—	10,444	9,034	—	8,677	—	8,677


IPL	September 30, 2024					December 31, 2023
		Fair Value					Fair Value
	Carrying	Level	Level	Level		Carrying	Level	Level	Level
	Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:
Time deposits and money market fund investments	$745	$745	$—	$—	$745	$45	$45	$—	$—	$45
Commodity derivatives	55	—	23	32	55	54	—	30	24	54
Deferred proceeds	212	—	—	212	212	216	—	—	216	216
Liabilities:
Commodity derivatives	20	—	17	3	20	30	—	25	5	30
Long-term debt (incl. current maturities)	4,589	—	4,407	—	4,407	3,945	—	3,664	—	3,664


WPL	September 30, 2024					December 31, 2023
		Fair Value					Fair Value
	Carrying	Level	Level	Level		Carrying	Level	Level	Level
	Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:
Money market fund investments	$58	$58	$—	$—	$58	$—	$—	$—	$—	$—
Commodity derivatives	27	—	19	8	27	34	—	29	5	34
Liabilities:
Commodity derivatives	56	—	56	—	56	68	—	68	—	68
Long-term debt	3,369	—	3,322	—	3,322	3,070	—	2,933	—	2,933

Fair Value Measurements Using Significant Unobservable Inputs

Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions):


Alliant Energy	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Three Months Ended September 30	2024	2023	2024	2023
Beginning balance, July 1	$51	$54	$171	$175
Total net gains included in changes in net assets (realized/unrealized)	2	17	—	—



Sales	—	(1)	—	—
Settlements (a)	(16)	(27)	41	61
Ending balance, September 30	$37	$43	$212	$236
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30	$2	$17	$—	$—



Alliant Energy	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Nine Months Ended September 30	2024	2023	2024	2023
Beginning balance, January 1	$24	$19	$216	$185
Total net gains (losses) included in changes in net assets (realized/unrealized)	(7)	6	—	—


Purchases	59	62	—	—
Sales	(1)	(2)	—	—
Settlements (a)	(38)	(42)	(4)	51
Ending balance, September 30	$37	$43	$212	$236
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30	($7)	$6	$—	$—


IPL	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Three Months Ended September 30	2024	2023	2024	2023
Beginning balance, July 1	$40	$41	$171	$175
Total net gains included in changes in net assets (realized/unrealized)	—	12	—	—



Sales	—	(1)	—	—
Settlements (a)	(11)	(17)	41	61
Ending balance, September 30	$29	$35	$212	$236
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30	$—	$12	$—	$—



IPL	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Nine Months Ended September 30	2024	2023	2024	2023
Beginning balance, January 1	$19	$16	$216	$185
Total net losses included in changes in net assets (realized/unrealized)	(7)	—	—	—


Purchases	45	51	—	—
Sales	(1)	(2)	—	—
Settlements (a)	(27)	(30)	(4)	51
Ending balance, September 30	$29	$35	$212	$236
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at September 30	($7)	$—	$—	$—


WPL	Commodity Contract Derivative
	Assets and (Liabilities), net
Three Months Ended September 30	2024	2023
Beginning balance, July 1	$11	$13
Total net gains included in changes in net assets (realized/unrealized)	2	5




Settlements	(5)	(10)
Ending balance, September 30	$8	$8
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30	$2	$5



WPL	Commodity Contract Derivative
	Assets and (Liabilities), net
Nine Months Ended September 30	2024	2023
Beginning balance, January 1	$5	$3
Total net gains included in changes in net assets (realized/unrealized)	—	6


Purchases	14	11

Settlements	(11)	(12)
Ending balance, September 30	$8	$8
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30	$—	$6

Fair Value Of Net Derivative Assets (Liabilities)

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


	Alliant Energy		IPL		WPL
	Excluding FTRs	FTRs	Excluding FTRs	FTRs	Excluding FTRs	FTRs
September 30, 2024	$—	$37	$—	$29	$—	$8
December 31, 2023	3	21	3	16	—	5

WPL [Member]

Statement [Line Items]

Fair Value Measurements

Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions):


Alliant Energy	September 30, 2024					December 31, 2023
		Fair Value					Fair Value
	Carrying	Level	Level	Level		Carrying	Level	Level	Level
	Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:
Time deposits and money market fund investments	$803	$803	$—	$—	$803	$45	$45	$—	$—	$45
Commodity derivatives	82	—	42	40	82	88	—	59	29	88
Interest rate derivatives	—	—	—	—	—	1	—	1	—	1
Deferred proceeds	212	—	—	212	212	216	—	—	216	216
Liabilities:
Commodity derivatives	76	—	73	3	76	98	—	93	5	98
Interest rate derivatives	1	—	1	—	1	—	—	—	—	—
Long-term debt (incl. current maturities)	10,349	—	10,444	—	10,444	9,034	—	8,677	—	8,677


IPL	September 30, 2024					December 31, 2023
		Fair Value					Fair Value
	Carrying	Level	Level	Level		Carrying	Level	Level	Level
	Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:
Time deposits and money market fund investments	$745	$745	$—	$—	$745	$45	$45	$—	$—	$45
Commodity derivatives	55	—	23	32	55	54	—	30	24	54
Deferred proceeds	212	—	—	212	212	216	—	—	216	216
Liabilities:
Commodity derivatives	20	—	17	3	20	30	—	25	5	30
Long-term debt (incl. current maturities)	4,589	—	4,407	—	4,407	3,945	—	3,664	—	3,664


WPL	September 30, 2024					December 31, 2023
		Fair Value					Fair Value
	Carrying	Level	Level	Level		Carrying	Level	Level	Level
	Amount	1	2	3	Total	Amount	1	2	3	Total
Assets:
Money market fund investments	$58	$58	$—	$—	$58	$—	$—	$—	$—	$—
Commodity derivatives	27	—	19	8	27	34	—	29	5	34
Liabilities:
Commodity derivatives	56	—	56	—	56	68	—	68	—	68
Long-term debt	3,369	—	3,322	—	3,322	3,070	—	2,933	—	2,933

Fair Value Measurements Using Significant Unobservable Inputs

Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions):


Alliant Energy	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Three Months Ended September 30	2024	2023	2024	2023
Beginning balance, July 1	$51	$54	$171	$175
Total net gains included in changes in net assets (realized/unrealized)	2	17	—	—



Sales	—	(1)	—	—
Settlements (a)	(16)	(27)	41	61
Ending balance, September 30	$37	$43	$212	$236
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30	$2	$17	$—	$—



Alliant Energy	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Nine Months Ended September 30	2024	2023	2024	2023
Beginning balance, January 1	$24	$19	$216	$185
Total net gains (losses) included in changes in net assets (realized/unrealized)	(7)	6	—	—


Purchases	59	62	—	—
Sales	(1)	(2)	—	—
Settlements (a)	(38)	(42)	(4)	51
Ending balance, September 30	$37	$43	$212	$236
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30	($7)	$6	$—	$—


IPL	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Three Months Ended September 30	2024	2023	2024	2023
Beginning balance, July 1	$40	$41	$171	$175
Total net gains included in changes in net assets (realized/unrealized)	—	12	—	—



Sales	—	(1)	—	—
Settlements (a)	(11)	(17)	41	61
Ending balance, September 30	$29	$35	$212	$236
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30	$—	$12	$—	$—



IPL	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Nine Months Ended September 30	2024	2023	2024	2023
Beginning balance, January 1	$19	$16	$216	$185
Total net losses included in changes in net assets (realized/unrealized)	(7)	—	—	—


Purchases	45	51	—	—
Sales	(1)	(2)	—	—
Settlements (a)	(27)	(30)	(4)	51
Ending balance, September 30	$29	$35	$212	$236
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at September 30	($7)	$—	$—	$—


WPL	Commodity Contract Derivative
	Assets and (Liabilities), net
Three Months Ended September 30	2024	2023
Beginning balance, July 1	$11	$13
Total net gains included in changes in net assets (realized/unrealized)	2	5




Settlements	(5)	(10)
Ending balance, September 30	$8	$8
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30	$2	$5



WPL	Commodity Contract Derivative
	Assets and (Liabilities), net
Nine Months Ended September 30	2024	2023
Beginning balance, January 1	$5	$3
Total net gains included in changes in net assets (realized/unrealized)	—	6


Purchases	14	11

Settlements	(11)	(12)
Ending balance, September 30	$8	$8
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30	$—	$6

Fair Value Of Net Derivative Assets (Liabilities)

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


	Alliant Energy		IPL		WPL
	Excluding FTRs	FTRs	Excluding FTRs	FTRs	Excluding FTRs	FTRs
September 30, 2024	$—	$37	$—	$29	$—	$8
December 31, 2023	3	21	3	16	—	5

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details