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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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


Alliant Energy	March 31, 2025					December 31, 2024
		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	$—	$—	$—	$—	$—	$52	$52	$—	$—	$52
Commodity derivatives	70	—	59	11	70	75	—	48	27	75
Interest rate derivatives	—	—	—	—	—	1	—	1	—	1
Deferred proceeds	86	—	—	86	86	163	—	—	163	163
Liabilities:
Commodity derivatives	52	—	50	2	52	58	—	56	2	58

Long-term debt (incl. current maturities)	9,951	—	9,526	—	9,526	9,848	—	9,577	—	9,577


IPL	March 31, 2025					December 31, 2024
		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	$—	$—	$—	$—	$—	$9	$9	$—	$—	$9
Commodity derivatives	40	—	29	11	40	48	—	26	22	48
Deferred proceeds	86	—	—	86	86	163	—	—	163	163
Liabilities:
Commodity derivatives	10	—	8	2	10	13	—	11	2	13
Long-term debt (incl. current maturities)	4,191	—	3,891	—	3,891	4,090	—	3,736	—	3,736


WPL	March 31, 2025					December 31, 2024
		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	$—	$—	$—	$—	$—	$43	$43	$—	$—	$43
Commodity derivatives	30	—	30	—	30	27	—	22	5	27
Liabilities:
Commodity derivatives	42	—	42	—	42	45	—	45	—	45
Long-term debt	3,371	—	3,221	—	3,221	3,370	—	3,170	—	3,170

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 March 31	2025	2024	2025	2024
Beginning balance, January 1	$25	$24	$163	$216
Total net losses included in changes in net assets (realized/unrealized)	(2)	(3)	—	—




Settlements (a)	(14)	(14)	(77)	(32)
Ending balance, March 31	$9	$7	$86	$184
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 March 31	($2)	($3)	$—	$—


IPL	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Three Months Ended March 31	2025	2024	2025	2024
Beginning balance, January 1	$20	$19	$163	$216
Total net losses included in changes in net assets (realized/unrealized)	—	(4)	—	—




Settlements (a)	(11)	(10)	(77)	(32)
Ending balance, March 31	$9	$5	$86	$184
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 March 31	$—	($4)	$—	$—


WPL	Commodity Contract Derivative
	Assets and (Liabilities), net
Three Months Ended March 31	2025	2024
Beginning balance, January 1	$5	$5
Total net gains (losses) included in changes in net assets (realized/unrealized)	(2)	1




Settlements	(3)	(4)
Ending balance, March 31	$—	$2
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 March 31	($2)	$1

(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 FTRs and natural gas commodity contracts categorized as Level 3 was recognized as net derivative assets (liabilities) as follows (in millions):


	Alliant Energy		IPL		WPL
	Excluding FTRs	FTRs	Excluding FTRs	FTRs	Excluding FTRs	FTRs
March 31, 2025	($1)	$10	($1)	$10	$—	$—
December 31, 2024	—	25	—	20	—	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	March 31, 2025					December 31, 2024
		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	$—	$—	$—	$—	$—	$52	$52	$—	$—	$52
Commodity derivatives	70	—	59	11	70	75	—	48	27	75
Interest rate derivatives	—	—	—	—	—	1	—	1	—	1
Deferred proceeds	86	—	—	86	86	163	—	—	163	163
Liabilities:
Commodity derivatives	52	—	50	2	52	58	—	56	2	58

Long-term debt (incl. current maturities)	9,951	—	9,526	—	9,526	9,848	—	9,577	—	9,577


IPL	March 31, 2025					December 31, 2024
		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	$—	$—	$—	$—	$—	$9	$9	$—	$—	$9
Commodity derivatives	40	—	29	11	40	48	—	26	22	48
Deferred proceeds	86	—	—	86	86	163	—	—	163	163
Liabilities:
Commodity derivatives	10	—	8	2	10	13	—	11	2	13
Long-term debt (incl. current maturities)	4,191	—	3,891	—	3,891	4,090	—	3,736	—	3,736


WPL	March 31, 2025					December 31, 2024
		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	$—	$—	$—	$—	$—	$43	$43	$—	$—	$43
Commodity derivatives	30	—	30	—	30	27	—	22	5	27
Liabilities:
Commodity derivatives	42	—	42	—	42	45	—	45	—	45
Long-term debt	3,371	—	3,221	—	3,221	3,370	—	3,170	—	3,170

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 March 31	2025	2024	2025	2024
Beginning balance, January 1	$25	$24	$163	$216
Total net losses included in changes in net assets (realized/unrealized)	(2)	(3)	—	—




Settlements (a)	(14)	(14)	(77)	(32)
Ending balance, March 31	$9	$7	$86	$184
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 March 31	($2)	($3)	$—	$—


IPL	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Three Months Ended March 31	2025	2024	2025	2024
Beginning balance, January 1	$20	$19	$163	$216
Total net losses included in changes in net assets (realized/unrealized)	—	(4)	—	—




Settlements (a)	(11)	(10)	(77)	(32)
Ending balance, March 31	$9	$5	$86	$184
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 March 31	$—	($4)	$—	$—


WPL	Commodity Contract Derivative
	Assets and (Liabilities), net
Three Months Ended March 31	2025	2024
Beginning balance, January 1	$5	$5
Total net gains (losses) included in changes in net assets (realized/unrealized)	(2)	1




Settlements	(3)	(4)
Ending balance, March 31	$—	$2
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 March 31	($2)	$1

Fair Value Of Net Derivative Assets (Liabilities)

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


	Alliant Energy		IPL		WPL
	Excluding FTRs	FTRs	Excluding FTRs	FTRs	Excluding FTRs	FTRs
March 31, 2025	($1)	$10	($1)	$10	$—	$—
December 31, 2024	—	25	—	20	—	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	March 31, 2025					December 31, 2024
		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	$—	$—	$—	$—	$—	$52	$52	$—	$—	$52
Commodity derivatives	70	—	59	11	70	75	—	48	27	75
Interest rate derivatives	—	—	—	—	—	1	—	1	—	1
Deferred proceeds	86	—	—	86	86	163	—	—	163	163
Liabilities:
Commodity derivatives	52	—	50	2	52	58	—	56	2	58

Long-term debt (incl. current maturities)	9,951	—	9,526	—	9,526	9,848	—	9,577	—	9,577


IPL	March 31, 2025					December 31, 2024
		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	$—	$—	$—	$—	$—	$9	$9	$—	$—	$9
Commodity derivatives	40	—	29	11	40	48	—	26	22	48
Deferred proceeds	86	—	—	86	86	163	—	—	163	163
Liabilities:
Commodity derivatives	10	—	8	2	10	13	—	11	2	13
Long-term debt (incl. current maturities)	4,191	—	3,891	—	3,891	4,090	—	3,736	—	3,736


WPL	March 31, 2025					December 31, 2024
		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	$—	$—	$—	$—	$—	$43	$43	$—	$—	$43
Commodity derivatives	30	—	30	—	30	27	—	22	5	27
Liabilities:
Commodity derivatives	42	—	42	—	42	45	—	45	—	45
Long-term debt	3,371	—	3,221	—	3,221	3,370	—	3,170	—	3,170

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 March 31	2025	2024	2025	2024
Beginning balance, January 1	$25	$24	$163	$216
Total net losses included in changes in net assets (realized/unrealized)	(2)	(3)	—	—




Settlements (a)	(14)	(14)	(77)	(32)
Ending balance, March 31	$9	$7	$86	$184
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 March 31	($2)	($3)	$—	$—


IPL	Commodity Contract Derivative
	Assets and (Liabilities), net		Deferred Proceeds
Three Months Ended March 31	2025	2024	2025	2024
Beginning balance, January 1	$20	$19	$163	$216
Total net losses included in changes in net assets (realized/unrealized)	—	(4)	—	—




Settlements (a)	(11)	(10)	(77)	(32)
Ending balance, March 31	$9	$5	$86	$184
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 March 31	$—	($4)	$—	$—


WPL	Commodity Contract Derivative
	Assets and (Liabilities), net
Three Months Ended March 31	2025	2024
Beginning balance, January 1	$5	$5
Total net gains (losses) included in changes in net assets (realized/unrealized)	(2)	1




Settlements	(3)	(4)
Ending balance, March 31	$—	$2
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 March 31	($2)	$1

Fair Value Of Net Derivative Assets (Liabilities)

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


	Alliant Energy		IPL		WPL
	Excluding FTRs	FTRs	Excluding FTRs	FTRs	Excluding FTRs	FTRs
March 31, 2025	($1)	$10	($1)	$10	$—	$—
December 31, 2024	—	25	—	20	—	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