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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, 2020

or

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

alliantenergylogo.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
Interstate Power and Light Company, 5.100% Series D Cumulative Perpetual Preferred Stock, $0.01 Par Value, Trading Symbol IPLDP, Nasdaq Global Select Market

Indicate by check mark whether the registrants (1) have 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 registrants were required to file such reports), and (2) have 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 registrants have 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 registrants were 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 registrants are large accelerated filers, accelerated filers, non-accelerated filers, smaller reporting companies, or emerging growth companies. 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 registrants are shell companies (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, 2020:
Alliant Energy Corporation, Common Stock, $0.01 par value, 249,503,754 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)



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TABLE OF CONTENTS
 
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Table of Contents

DEFINITIONS
The following abbreviations or acronyms used in this report are defined below:
Abbreviation or Acronym
Definition
Abbreviation or Acronym
Definition
2019 Form 10-K
Combined Annual Report on Form 10-K filed by Alliant Energy, IPL and WPL for the year ended Dec. 31, 2019
GAAP
U.S. generally accepted accounting principles
AEF
Alliant Energy Finance, LLC
IPL
Interstate Power and Light Company
Alliant Energy
Alliant Energy Corporation
IUB
Iowa Utilities Board
ATC
American Transmission Company LLC
MDA
Management’s Discussion and Analysis of Financial Condition and Results of Operations
ATC Holdings
Interest in American Transmission Company LLC and ATC Holdco LLC
MISO
Midcontinent Independent System Operator, Inc.
Corporate Services
Alliant Energy Corporate Services, Inc.
MWh
Megawatt-hour
COVID-19
Novel coronavirus
N/A
Not applicable
DAEC
Duane Arnold Energy Center
Note(s)
Combined Notes to Condensed Consolidated Financial Statements
Dth
Dekatherm
OPEB
Other postretirement benefits
EGU
Electric generating unit
PPA
Purchased power agreement
EPA
U.S. Environmental Protection Agency
PSCW
Public Service Commission of Wisconsin
EPS
Earnings per weighted average common share
U.S.
United States of America
Federal Tax Reform
Tax Cuts and Jobs Act
Whiting Petroleum
Whiting Petroleum Corporation
Financial Statements
Condensed Consolidated Financial Statements
WPL
Wisconsin Power and Light Company
FTR
Financial transmission right
 
 

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:

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 direct or indirect effects resulting from the COVID-19 pandemic on sales volumes, margins, operations, employees, contractors, vendors, the ability to complete construction projects, supply chains, customers’ inability to pay bills, suspension of disconnects and waiving of late fees applied to past due accounts, 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;
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;
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 direct or indirect effects resulting from terrorist incidents, including physical attacks and cyber attacks, or responses to such incidents;

 
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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;
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, parental guarantees or litigation;
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;
weather effects on results of utility operations;
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;
the ability to complete construction of wind and solar projects within the cost caps set by regulators and to meet all requirements to qualify for the full level of production tax credits and investment tax credits, respectively;
changes in the price of delivered natural gas, purchased electricity and coal due to shifts in supply and demand caused by market conditions and regulations;
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, 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, 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, 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;
the impacts of adjustments made to deferred tax assets and liabilities from changes in the tax rates;
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 Item 1A Risk Factors, as well as Risk Factors in Item 1A in the 2019 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.

 
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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,
 
2020
 
2019
 
(in millions, except per share amounts)
Revenues:
 
 
 
Electric utility

$730.3

 

$743.4

Gas utility
152.2

 
215.8

Other utility
11.6

 
11.1

Non-utility
21.6

 
16.9

Total revenues
915.7

 
987.2

Operating expenses:
 
 
 
Electric production fuel and purchased power
184.1

 
218.4

Electric transmission service
122.2

 
123.0

Cost of gas sold
85.0

 
121.6

Other operation and maintenance
162.2

 
181.2

Depreciation and amortization
146.3

 
136.9

Taxes other than income taxes
27.6

 
29.3

Total operating expenses
727.4

 
810.4

Operating income
188.3

 
176.8

Other (income) and deductions:
 
 
 
Interest expense
68.9

 
66.3

Equity income from unconsolidated investments, net
(13.4
)
 
(10.9
)
Allowance for funds used during construction
(23.0
)
 
(25.4
)
Other
1.9

 
4.0

Total other (income) and deductions
34.4

 
34.0

Income before income taxes
153.9

 
142.8

Income tax expense (benefit)
(18.7
)
 
15.1

Net income
172.6

 
127.7

Preferred dividend requirements of Interstate Power and Light Company
2.6

 
2.6

Net income attributable to Alliant Energy common shareowners

$170.0

 

$125.1

Weighted average number of common shares outstanding:
 
 
 
Basic
244.4

 
236.5

Diluted
244.6

 
236.6

Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted)

$0.70

 

$0.53


Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

 
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ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
 
March 31,
2020
 
December 31,
2019
 
(in millions, except per
share and share amounts)
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents

$55.2

 

$16.3

Accounts receivable, less allowance for expected credit losses
396.4

 
402.1

Production fuel, at weighted average cost
80.2

 
77.7

Gas stored underground, at weighted average cost
35.4

 
49.1

Materials and supplies, at weighted average cost
105.0

 
100.5

Regulatory assets
102.5

 
86.4

Other
137.5

 
143.4

Total current assets
912.2

 
875.5

Property, plant and equipment, net
13,685.0

 
13,527.1

Investments:
 
 
 
ATC Holdings
319.1

 
320.1

Other
150.4

 
147.7

Total investments
469.5

 
467.8

Other assets:
 
 
 
Regulatory assets
1,752.4

 
1,758.3

Deferred charges and other
59.9

 
72.0

Total other assets
1,812.3

 
1,830.3

Total assets

$16,879.0

 

$16,700.7

LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Current maturities of long-term debt

$357.2

 

$657.2

Commercial paper
80.5

 
337.4

Other short-term borrowings
190.0

 

Accounts payable
375.4

 
422.3

Regulatory liabilities
239.8

 
212.0

Other
407.3

 
425.2

Total current liabilities
1,650.2

 
2,054.1

Long-term debt, net (excluding current portion)
5,833.9

 
5,533.0

Other liabilities:
 
 
 
Deferred tax liabilities
1,736.1

 
1,714.0

Regulatory liabilities
1,154.1

 
1,211.6

Pension and other benefit obligations
452.6

 
484.0

Other
349.7

 
298.9

Total other liabilities
3,692.5

 
3,708.5

Commitments and contingencies (Note 13)


 


Equity:
 
 
 
Alliant Energy Corporation common equity:
 
 
 
Common stock - $0.01 par value - 480,000,000 shares authorized; 249,503,754 and 245,022,800 shares outstanding
2.5

 
2.5

Additional paid-in capital
2,674.1

 
2,445.9

Retained earnings
2,833.7

 
2,765.4

Accumulated other comprehensive income
2.0

 
1.3

Shares in deferred compensation trust - 360,852 and 381,232 shares at a weighted average cost of $27.44 and $26.24 per share
(9.9
)
 
(10.0
)
Total Alliant Energy Corporation common equity
5,502.4

 
5,205.1

Cumulative preferred stock of Interstate Power and Light Company
200.0

 
200.0

Total equity
5,702.4

 
5,405.1

Total liabilities and equity

$16,879.0

 

$16,700.7



Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

 
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ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 
For the Three Months
 
Ended March 31,
 
2020
 
2019
 
(in millions)
Cash flows from operating activities:
 
 
 
Net income

$172.6

 

$127.7

Adjustments to reconcile net income to net cash flows from operating activities:
 
 
 
Depreciation and amortization
146.3

 
136.9

Deferred tax expense and tax credits
(22.5
)
 
21.7

Other
5.3

 
(10.1
)
Other changes in assets and liabilities:
 
 
 
Accounts receivable
(119.0
)
 
(121.6
)
Gas stored underground
13.7

 
33.1

Accounts payable
(6.2
)
 
(42.7
)
Regulatory liabilities
(38.1
)
 
14.1

Pension and other benefit obligations
(31.4
)
 
(15.4
)
Deferred income taxes
49.6

 
16.9

Other
(10.1
)
 
20.5

Net cash flows from operating activities
160.2

 
181.1

Cash flows used for investing activities:
 
 
 
Construction and acquisition expenditures:
 
 
 
Utility business
(277.9
)
 
(374.0
)
Other
(10.6
)
 
(32.1
)
Cash receipts on sold receivables
122.5

 
53.4

Other
(13.6
)
 
(12.1
)
Net cash flows used for investing activities
(179.6
)
 
(364.8
)
Cash flows from financing activities:
 
 
 
Common stock dividends
(93.0
)
 
(83.7
)
Proceeds from issuance of common stock, net
228.4

 
54.6

Proceeds from issuance of long-term debt
300.0

 

Payments to retire long-term debt
(300.3
)
 
(0.3
)
Net change in commercial paper and other short-term borrowings
(66.9
)
 
188.5

Other
(7.9
)
 
16.9

Net cash flows from financing activities
60.3

 
176.0

Net increase (decrease) in cash, cash equivalents and restricted cash
40.9

 
(7.7
)
Cash, cash equivalents and restricted cash at beginning of period
17.7

 
25.5

Cash, cash equivalents and restricted cash at end of period

$58.6

 

$17.8

Supplemental cash flows information:
 
 
 
Cash (paid) refunded during the period for:
 
 
 
Interest

($64.9
)
 

($62.9
)
Income taxes, net

($0.1
)
 

$6.8

Significant non-cash investing and financing activities:
 
 
 
Accrued capital expenditures

$156.3

 

$167.5

Beneficial interest obtained in exchange for securitized accounts receivable

$188.0

 

$178.3


Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

 
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INTERSTATE POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 
For the Three Months
 
Ended March 31,
 
2020
 
2019
 
(in millions)
Revenues:
 
 
 
Electric utility

$424.8

 

$419.8

Gas utility
83.0

 
124.6

Steam and other
11.1

 
10.7

Total revenues
518.9

 
555.1

Operating expenses:
 
 
 
Electric production fuel and purchased power
106.2

 
128.9

Electric transmission service
84.5

 
87.7

Cost of gas sold
44.2

 
63.3

Other operation and maintenance
86.6

 
108.0

Depreciation and amortization
85.9

 
77.1

Taxes other than income taxes
14.8

 
16.6

Total operating expenses
422.2

 
481.6

Operating income
96.7

 
73.5

Other (income) and deductions:
 
 
 
Interest expense
34.5

 
29.4

Allowance for funds used during construction
(9.8
)
 
(15.8
)
Other
0.9

 
1.9

Total other (income) and deductions
25.6

 
15.5

Income before income taxes
71.1

 
58.0

Income tax expense (benefit)
(14.1
)
 
2.1

Net income
85.2

 
55.9

Preferred dividend requirements
2.6

 
2.6

Net income available for common stock

$82.6

 

$53.3

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.

 
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INTERSTATE POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
 
March 31,
2020
 
December 31,
2019
 
(in millions, except per
share and share amounts)
ASSETS
 
Current assets:
 
 
 
Cash and cash equivalents

$25.0

 

$9.3

Accounts receivable, less allowance for expected credit losses
204.8

 
202.8

Production fuel, at weighted average cost
54.2

 
47.1

Gas stored underground, at weighted average cost
8.3

 
21.7

Materials and supplies, at weighted average cost
60.5

 
55.0

Regulatory assets
54.3

 
43.5

Other
28.5

 
30.0

Total current assets
435.6

 
409.4

Property, plant and equipment, net
7,589.4

 
7,480.7

Other assets:
 
 
 
Regulatory assets
1,350.6

 
1,355.8

Deferred charges and other
28.5

 
31.6

Total other assets
1,379.1

 
1,387.4

Total assets

$9,404.1

 

$9,277.5

LIABILITIES AND EQUITY
 
Current liabilities:
 
 
 
Current maturities of long-term debt

$200.0

 

$200.0

Accounts payable
184.3

 
207.0

Accounts payable to associated companies
49.3

 
39.3

Regulatory liabilities
136.4

 
115.9

Other
265.1

 
268.3

Total current liabilities
835.1

 
830.5

Long-term debt, net (excluding current portion)
2,947.9

 
2,947.3

Other liabilities:
 
 
 
Deferred tax liabilities
1,010.4

 
1,008.0

Regulatory liabilities
584.4

 
598.8

Pension and other benefit obligations
161.5

 
167.7

Other
269.4

 
253.4

Total other liabilities
2,025.7

 
2,027.9

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
33.4

 
33.4

Additional paid-in capital
2,447.8

 
2,347.8

Retained earnings
914.2

 
890.6

Total Interstate Power and Light Company common equity
3,395.4

 
3,271.8

Cumulative preferred stock
200.0

 
200.0

Total equity
3,595.4

 
3,471.8

Total liabilities and equity

$9,404.1

 

$9,277.5


Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

 
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INTERSTATE POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 
For the Three Months
 
Ended March 31,
 
2020
 
2019
 
(in millions)
Cash flows from operating activities:
 
 
 
Net income

$85.2

 

$55.9

Adjustments to reconcile net income to net cash flows from operating activities:
 
 
 
Depreciation and amortization
85.9

 
77.1

Other
(15.3
)
 
(10.1
)
Other changes in assets and liabilities:
 
 
 
Accounts receivable
(125.5
)
 
(112.6
)
Gas stored underground
13.4

 
20.7

Other
(18.6
)
 
45.7

Net cash flows from operating activities
25.1

 
76.7

Cash flows used for investing activities:
 
 
 
Construction and acquisition expenditures
(165.0
)
 
(261.3
)
Cash receipts on sold receivables
122.5

 
53.4

Other
(10.4
)
 
(13.9
)
Net cash flows used for investing activities
(52.9
)
 
(221.8
)
Cash flows from financing activities:
 
 
 
Common stock dividends
(59.0
)
 
(42.0
)
Capital contributions from parent
100.0

 
100.0

Net change in commercial paper

 
64.6

Other
2.5

 
17.0

Net cash flows from financing activities
43.5

 
139.6

Net increase (decrease) in cash, cash equivalents and restricted cash
15.7

 
(5.5
)
Cash, cash equivalents and restricted cash at beginning of period
9.3

 
12.4

Cash, cash equivalents and restricted cash at end of period

$25.0

 

$6.9

Supplemental cash flows information:
 
 
 
Cash (paid) refunded during the period for:
 
 
 
Interest

($40.9
)
 

($36.0
)
Income taxes, net

($0.1
)
 

$6.8

Significant non-cash investing and financing activities:
 
 
 
Accrued capital expenditures

$92.4

 

$106.6

Beneficial interest obtained in exchange for securitized accounts receivable

$188.0

 

$178.3


Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

 
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WISCONSIN POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 
For the Three Months
 
Ended March 31,
 
2020
 
2019
 
(in millions)
Revenues:
 
 
 
Electric utility

$305.5

 

$323.6

Gas utility
69.2

 
91.2

Other
0.5

 
0.4

Total revenues
375.2

 
415.2

Operating expenses:
 
 
 
Electric production fuel and purchased power
77.9

 
89.5

Electric transmission service
37.7

 
35.3

Cost of gas sold
40.8

 
58.3

Other operation and maintenance
54.2

 
63.5

Depreciation and amortization
59.1

 
58.6

Taxes other than income taxes
11.7

 
11.9

Total operating expenses
281.4

 
317.1

Operating income
93.8

 
98.1

Other (income) and deductions:
 
 
 
Interest expense
25.1

 
25.8

Allowance for funds used during construction
(13.2
)
 
(9.6
)
Other
0.5

 
1.6

Total other (income) and deductions
12.4

 
17.8

Income before income taxes
81.4

 
80.3

Income tax expense (benefit)
(8.2
)
 
14.6

Net income

$89.6

 

$65.7

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.

 
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WISCONSIN POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
 
March 31,
2020
 
December 31,
2019
 
(in millions, except per
share and share amounts)
ASSETS
 
Current assets:
 
 
 
Cash and cash equivalents

$22.7

 

$4.4

Accounts receivable, less allowance for expected credit losses
181.1

 
190.9

Production fuel, at weighted average cost
26.0

 
30.6

Gas stored underground, at weighted average cost
27.1

 
27.4

Materials and supplies, at weighted average cost
42.2

 
43.1

Regulatory assets
48.2

 
42.9

Other
88.4

 
103.4

Total current assets
435.7

 
442.7

Property, plant and equipment, net
5,691.2

 
5,638.3

Other assets:
 
 
 
Regulatory assets
401.8

 
402.5

Deferred charges and other
23.2

 
23.0

Total other assets
425.0

 
425.5

Total assets

$6,551.9

 

$6,506.5

LIABILITIES AND EQUITY
 
Current liabilities:
 
 
 
Current maturities of long-term debt

$150.0

 

$150.0

Commercial paper

 
168.2

Other short-term borrowings
182.0

 

Accounts payable
136.4

 
159.9

Regulatory liabilities
103.4

 
96.1

Other
128.4

 
116.1

Total current liabilities
700.2

 
690.3

Long-term debt, net (excluding current portion)
1,783.1

 
1,782.7

Other liabilities:
 
 
 
Deferred tax liabilities
647.5

 
626.2

Regulatory liabilities
569.7

 
612.8

Finance lease obligations - Sheboygan Falls Energy Facility
49.1

 
51.4

Pension and other benefit obligations
203.7

 
210.8

Other
162.5

 
168.7

Total other liabilities
1,632.5

 
1,669.9

Commitments and contingencies (Note 13)

 

Equity:
 
 
 
Wisconsin Power and Light Company common equity:
 
 
 
Common stock - $5 par value - 18,000,000 shares authorized; 13,236,601 shares outstanding
66.2

 
66.2

Additional paid-in capital
1,459.0

 
1,434.0

Retained earnings
910.9

 
863.4

Total Wisconsin Power and Light Company common equity
2,436.1

 
2,363.6

Total liabilities and equity

$6,551.9

 

$6,506.5


Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

 
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WISCONSIN POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 
For the Three Months
 
Ended March 31,
 
2020
 
2019
 
(in millions)
Cash flows from operating activities:
 
 
 
Net income

$89.6

 

$65.7

Adjustments to reconcile net income to net cash flows from operating activities:
 
 
 
Depreciation and amortization
59.1

 
58.6

Other
(15.5
)
 
12.8

Other changes in assets and liabilities:
 
 
 
Accounts payable
(2.9
)
 
(28.7
)
Regulatory liabilities
(39.2
)
 
(3.3
)
Deferred income taxes
32.3

 
4.0

Other
24.8

 
13.1

Net cash flows from operating activities
148.2

 
122.2

Cash flows used for investing activities:
 
 
 
Construction and acquisition expenditures
(112.9
)
 
(112.7
)
Other
(11.6
)
 
(7.6
)
Net cash flows used for investing activities
(124.5
)
 
(120.3
)
Cash flows used for financing activities:
 
 
 
Common stock dividends
(42.1
)
 
(36.0
)
Capital contributions from parent
25.0

 

Net change in commercial paper and other short-term borrowings
13.8

 
32.9

Other
(2.1
)
 
(3.3
)
Net cash flows used for financing activities
(5.4
)
 
(6.4
)
Net increase (decrease) in cash, cash equivalents and restricted cash
18.3

 
(4.5
)
Cash, cash equivalents and restricted cash at beginning of period
4.4

 
9.2

Cash, cash equivalents and restricted cash at end of period

$22.7

 

$4.7

Supplemental cash flows information:
 
 
 
Cash paid during the period for:
 
 
 
Interest

($21.4
)
 

($22.5
)
Significant non-cash investing and financing activities:
 
 
 
Accrued capital expenditures

$62.0

 

$57.3


Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

 
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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 Securities and Exchange Commission. 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 latest combined Annual Report on 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, 2020 are not necessarily indicative of results that may be expected for the year ending December 31, 2020.

In March 2020, COVID-19 was declared a global pandemic, which has resulted in widespread travel restrictions and closures of commercial spaces and industrial facilities in Alliant Energy’s service territories. 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, and determined there were no material adverse impacts for the three months ended March 31, 2020. The degree to which the COVID-19 pandemic may impact such items 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.

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 and Cash Equivalents - At March 31, 2020, Alliant Energy’s, IPL’s and WPL’s cash and cash equivalents included $41.2 million, $21.2 million and $20.0 million of money market fund investments, with weighted average interest rates of 0.4%, 0.4% and 0.4%, respectively.

NOTE 1(c) Current Expected Credit Losses Estimates - Current expected credit losses are estimated for trade and other receivables and credit exposures on guarantees of the performance by third parties. The current expected credit losses for short-term trade receivables are based on estimates of losses resulting from the inability of customers to make required payments. The methodology used to estimate losses is based on historical write-offs, regional economic conditions, significant events that could impact collectability, such as impacts related to COVID-19 and related regulatory actions, and forecasted changes to the accounts receivable aging portfolio and write-offs. The current expected credit losses related to guarantees of the performance by third parties are estimated using both quantitative and qualitative information, including a probability-weighted approach in a range of possible estimated forecasted cash flow expenditures and relevant market-based data, such as credit ratings, credit default metrics, economic conditions, bankruptcy considerations and other significant events.

NOTE 1(d) New Accounting Standards -
Credit Losses - In June 2016, the Financial Accounting Standards Board issued an accounting standard requiring use of a current expected credit loss model rather than an incurred loss method, which is intended to result in more timely recognition of credit losses on trade receivables, certain other assets and off-balance sheet credit exposures. Alliant Energy, IPL and WPL adopted this standard on January 1, 2020 using a modified retrospective method of adoption, which requires cumulative effect adjustments to retained earnings on January 1, 2020. IPL and WPL did not record a cumulative effect adjustment to retained earnings and Alliant Energy recorded a pre-tax $12 million (after-tax $8.7 million) cumulative effect adjustment to decrease retained earnings related to Alliant Energy’s guarantees in the partnership obligations of an affiliate of Whiting Petroleum (refer to Note 13(c) for further discussion). This adjustment is included in “Adoption of new accounting standard” for 2020 in Alliant Energy’s summary of changes in shareowners’ equity in Note 5.


 
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NOTE 2. REGULATORY MATTERS