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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

or

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to                    

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

ALLIANT ENERGY CORPORATION

(a Wisconsin Corporation)

4902 N. Biltmore Lane

Madison, Wisconsin 53718

Telephone (608) 458-3311

Commission File Number - 1-9894

IRS Employer Identification Number - 39-1380265

INTERSTATE POWER & LIGHT COMPANY

(an Iowa corporation)

Alliant Energy Tower

Cedar Rapids, Iowa 52401

Telephone (319) 786-4411

Commission File Number - 1-4117

IRS Employer Identification Number - 42-0331370

WISCONSIN POWER & LIGHT COMPANY

(a Wisconsin corporation)

4902 N. Biltmore Lane

Madison, Wisconsin 53718

Telephone (608) 458-3311

Commission File Number - 0-337

IRS Employer Identification Number - 39-0714890

This combined Form 10-Q is separately filed by Alliant Energy Corporation, Interstate Power and Light Company and Wisconsin Power and Light Company. Information contained in the Form 10-Q relating to Interstate Power and Light Company and Wisconsin Power and Light Company is filed by each such registrant on its own behalf. Each of Interstate Power and Light Company and Wisconsin Power and Light Company makes no representation as to information relating to registrants other than itself.

Securities registered pursuant to Section 12(b) of the Act:

Alliant Energy Corporation, Common Stock, $0.01 Par Value, Trading Symbol LNT, Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Alliant Energy Corporation - Yes ☒ No ☐

Interstate Power and Light Company - Yes ☒ No ☐

Wisconsin Power and Light Company - Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Alliant Energy Corporation - Yes ☒ No ☐

Interstate Power and Light Company - Yes ☒ No ☐

Wisconsin Power and Light Company - Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Alliant Energy Corporation - Large Accelerated Filer ☒ Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐

Interstate Power and Light Company - Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller Reporting Company ☐ Emerging Growth Company ☐

Wisconsin Power and Light Company - Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller Reporting Company ☐ Emerging Growth Company ☐

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

Alliant Energy Corporation ☐

Interstate Power and Light Company ☐

Wisconsin Power and Light Company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Alliant Energy Corporation - Yes ☐ No ☒

Interstate Power and Light Company - Yes ☐ No ☒

Wisconsin Power and Light Company - Yes ☐ No ☒

Number of shares outstanding of each class of common stock as of September 30, 2022:

Alliant Energy Corporation, Common Stock, $0.01 par value, 251,021,830 shares outstanding

Interstate Power and Light Company, Common Stock, $2.50 par value, 13,370,788 shares outstanding (all outstanding shares are owned beneficially and of record by Alliant Energy Corporation)

Wisconsin Power and Light Company, Common Stock, $5 par value, 13,236,601 shares outstanding (all outstanding shares are owned beneficially and of record by Alliant Energy Corporation)

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TABLE OF CONTENTS

	Page
Definitions	1
Forward-looking Statements	1
Part I. Financial Information	3
Item 1. Condensed Consolidated Financial Statements (Unaudited)	3
Alliant Energy Corporation	3
Interstate Power and Light Company	6
Wisconsin Power and Light Company	9
Combined Notes to Condensed Consolidated Financial Statements	12
1. Summary of Significant Accounting Policies	12
2. Regulatory Matters	13
3. Property, Plant and Equipment	13
4. Receivables	13
5. Investments	14
6. Common Equity	14
7. Debt	17
8. Revenues	18
9. Income Taxes	18
10. Benefit Plans	19
11. Derivative Instruments	20
12. Fair Value Measurements	21
13. Commitments and Contingencies	24
14. Segments of Business	26
15. Related Parties	27
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3. Quantitative and Qualitative Disclosures About Market Risk	36
Item 4. Controls and Procedures	36
Part II. Other Information	36
Item 1. Legal Proceedings	36
Item 1A. Risk Factors	36
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 5. Other Information	36
Item 6. Exhibits	37
Signatures	37

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DEFINITIONS

The following abbreviations or acronyms used in this report are defined below:

Abbreviation or Acronym	Definition	Abbreviation or Acronym	Definition
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	IPL	Interstate Power and Light Company
AEF	Alliant Energy Finance, LLC	IUB	Iowa Utilities Board
AFUDC	Allowance for funds used during construction	MDA	Management’s Discussion and Analysis of Financial Condition and Results of Operations
Alliant Energy	Alliant Energy Corporation	MISO	Midcontinent Independent System Operator, Inc.
ATC	American Transmission Company LLC	MW	Megawatt
ATC Holdings	Interest in American Transmission Company LLC and ATC Holdco LLC	MWh	Megawatt-hour
Corporate Services	Alliant Energy Corporate Services, Inc.	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	SEC	Securities and Exchange Commission
FERC	Federal Energy Regulatory Commission	U.S.	United States of America
Financial Statements	Condensed Consolidated Financial Statements	West Riverside	West Riverside Energy Center
FTR	Financial transmission right	Whiting Petroleum	Whiting Petroleum Corporation
GAAP	U.S. generally accepted accounting principles	WPL	Wisconsin Power and Light Company

FORWARD-LOOKING STATEMENTS

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

•the direct or indirect effects resulting from terrorist incidents, including physical attacks and cyber attacks, or responses to such incidents;

•the impact of penalties or third-party claims related to, or in connection with, a failure to maintain the security of personally identifiable information, including associated costs to notify affected persons and to mitigate their information security concerns;

•the impact of customer- and third party-owned generation, including alternative electric suppliers, in IPL’s and WPL’s service territories on system reliability, operating expenses and customers’ demand for electricity;

•the impact of energy efficiency, franchise retention and customer disconnects on sales volumes and margins;

•the impact that price changes may have on IPL’s and WPL’s customers’ demand for electric, gas and steam services and their ability to pay their bills;

•inflation and higher interest rates;

•changes in the price of delivered natural gas, transmission, purchased electricity and coal, particularly during elevated market prices, and any resulting changes to counterparty credit risk, due to shifts in supply and demand caused by market conditions, regulations and MISO’s seasonal resource adequacy process;

•IPL’s and WPL’s ability to obtain adequate and timely rate relief to allow for, among other things, the recovery of and/or the return on costs, including fuel costs, operating costs, transmission costs, deferred expenditures, deferred tax assets, tax expense, capital expenditures, and remaining costs related to EGUs that may be permanently closed and certain other retired assets, decreases in sales volumes, earning their authorized rates of return, and the payments to their parent of expected levels of dividends;

•the ability to complete construction of renewable generation and storage projects by planned in-service dates and within the cost targets set by regulators due to cost increases of and access to materials, equipment and commodities including due to tariffs, duties or other assessments, such as any additional tariffs resulting from U.S. Department of Commerce investigations into the sourcing of solar project materials and equipment from certain countries, labor issues or supply shortages, the ability to successfully resolve warranty issues or contract disputes, the ability to achieve the expected level of tax benefits based on tax guidelines and project costs, and the ability to efficiently utilize the renewable generation and storage project tax benefits for the benefit of customers;

•federal and state regulatory or governmental actions, including the impact of legislation, and regulatory agency orders;

•the ability to utilize tax credits and net operating losses generated to date, and those that may be generated in the future, before they expire, as well as the ability to transfer tax credits that may be generated in the future at adequate pricing;

•the impacts of changes in the tax code, including tax rates, minimum tax rates, and adjustments made to deferred tax assets and liabilities;

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•employee workforce factors, including the ability to hire and retain employees with specialized skills, impacts from employee retirements, changes in key executives, ability to create desired corporate culture, collective bargaining agreements and negotiations, work stoppages or restructurings;

•disruptions in the supply and delivery of natural gas, purchased electricity and coal;

•changes to the creditworthiness of, or performance of obligations by, counterparties with which Alliant Energy, IPL and WPL have contractual arrangements, including participants in the energy markets and fuel suppliers and transporters;

•any material post-closing payments related to any past asset divestitures, including the sale of Whiting Petroleum, which could result from, among other things, indemnification agreements, warranties, guarantees or litigation;

•weather effects on results of utility operations;

•disruptions to ongoing operations and the supply of materials, services, equipment and commodities needed to construct solar generation, battery storage and electric and gas distribution projects, which may result from geopolitical issues, supplier manufacturing constraints, labor issues or transportation issues, as well as affect the ability to meet capacity requirements and result in increased capacity expense;

•continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies;

•the direct or indirect effects resulting from the ongoing novel coronavirus (COVID-19) pandemic and the spread of variant strains;

•issues associated with environmental remediation and environmental compliance, including compliance with all environmental and emissions permits, the Coal Combustion Residuals Rule, future changes in environmental laws and regulations, including federal, state or local regulations for carbon dioxide emissions reductions from new and existing fossil-fueled EGUs, and litigation associated with environmental requirements;

•increased pressure from customers, investors and other stakeholders to more rapidly reduce carbon dioxide emissions;

•the ability to defend against environmental claims brought by state and federal agencies, such as the EPA, state natural resources agencies or third parties, such as the Sierra Club, and the impact on operating expenses of defending and resolving such claims;

•changes to MISO’s methodology establishing capacity planning reserve margin and capacity accreditation requirements that may impact how and when new generating facilities such as IPL’s and WPL’s additional solar generation may be accredited with energy capacity and may require IPL and WPL to adjust their current resource plans, the need to add resources to comply with MISO’s methodology, or procure capacity in the market whereby such costs might not be recovered in rates;

•the direct or indirect effects resulting from breakdown or failure of equipment in the operation of electric and gas distribution systems, such as mechanical problems and explosions or fires, and compliance with electric and gas transmission and distribution safety regulations, including regulations promulgated by the Pipeline and Hazardous Materials Safety Administration;

•issues related to the availability and operations of EGUs, including start-up risks, breakdown or failure of equipment, availability of warranty coverage for equipment breakdowns or failures, performance below expected or contracted levels of output or efficiency, operator error, employee safety, transmission constraints, compliance with mandatory reliability standards and risks related to recovery of resulting incremental operating, fuel-related and capital costs through rates;

•impacts that excessive heat, excessive cold, storms or natural disasters may have on Alliant Energy’s, IPL’s and WPL’s operations and recovery of costs associated with restoration activities or on the operations of Alliant Energy’s investments;

•Alliant Energy’s ability to sustain its dividend payout ratio goal;

•changes to costs of providing benefits and related funding requirements of pension and OPEB plans due to the market value of the assets that fund the plans, economic conditions, financial market performance, interest rates, timing and form of benefits payments, life expectancies and demographics;

•material changes in employee-related benefit and compensation costs, including settlement losses related to pension plans;

•risks associated with operation and ownership of non-utility holdings;

•changes in technology that alter the channels through which customers buy or utilize Alliant Energy’s, IPL’s or WPL’s products and services;

•impacts on equity income from unconsolidated investments from changes in valuations of the assets held, as well as potential changes to ATC’s authorized return on equity;

•impacts of IPL’s future tax benefits from Iowa rate-making practices, including deductions for repairs expenditures, allocation of mixed service costs and state depreciation, and recoverability of the associated regulatory assets from customers, when the differences reverse in future periods;

•current or future litigation, regulatory investigations, proceedings or inquiries;

•reputational damage from negative publicity, protests, fines, penalties and other negative consequences resulting in regulatory and/or legal actions;

•the effect of accounting standards issued periodically by standard-setting bodies;

•the ability to successfully complete tax audits and changes in tax accounting methods with no material impact on earnings and cash flows; and

•other factors listed in MDA and Risk Factors in Item 1A in the 2021 Form 10-K.

Alliant Energy, IPL and WPL each assume no obligation, and disclaim any duty, to update the forward-looking statements in this report, except as required by law.

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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		For the Nine Months
	Ended September 30,		Ended September 30,
	2022	2021	2022	2021
	(in millions, except per share amounts)
Revenues:
Electric utility	$1,039	$939	$2,624	$2,357
Gas utility	62	50	418	289
Other utility	11	13	35	36
Non-utility	23	22	70	60
Total revenues	1,135	1,024	3,147	2,742
Operating expenses:
Electric production fuel and purchased power	274	207	633	478
Electric transmission service	157	148	428	403
Cost of gas sold	26	18	242	149
Other operation and maintenance	172	171	492	477
Depreciation and amortization	169	165	501	494
Taxes other than income taxes	28	26	82	78
Total operating expenses	826	735	2,378	2,079
Operating income	309	289	769	663
Other (income) and deductions:
Interest expense	83	68	235	206
Equity income from unconsolidated investments, net	(5)	(13)	(37)	(47)
Allowance for funds used during construction	(10)	(7)	(34)	(16)
Other	—	3	—	7
Total other (income) and deductions	68	51	164	150
Income before income taxes	241	238	605	513
Income tax expense (benefit)	14	(21)	26	(66)
Net income	227	259	579	579
Preferred dividend requirements of Interstate Power and Light Company	—	3	—	8
Net income attributable to Alliant Energy common shareowners	$227	$256	$579	$571
Weighted average number of common shares outstanding:
Basic	251.0	250.3	250.8	250.2
Diluted	251.3	250.8	251.1	250.6
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted)	$0.90	$1.02	$2.31	$2.28

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

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ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	September 30, 2022	December 31, 2021
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$344	$39
Accounts receivable, less allowance for expected credit losses	509	440
Production fuel, at weighted average cost	49	51
Gas stored underground, at weighted average cost	124	82
Materials and supplies, at weighted average cost	126	113
Regulatory assets	177	104
Other	364	240
Total current assets	1,693	1,069
Property, plant and equipment, net	15,858	14,987
Investments:
ATC Holdings	351	338
Other	200	179
Total investments	551	517
Other assets:
Regulatory assets	1,864	1,836
Deferred charges and other	239	144
Total other assets	2,103	1,980
Total assets	$20,205	$18,553

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$658	$633
Commercial paper	383	515
Accounts payable	786	436
Accrued taxes	86	58
Regulatory liabilities	229	186
Other	280	226
Total current liabilities	2,422	2,054
Long-term debt, net (excluding current portion)	7,570	6,735
Other liabilities:
Deferred tax liabilities	1,919	1,927
Regulatory liabilities	1,158	1,085
Pension and other benefit obligations	349	374
Other	522	388
Total other liabilities	3,948	3,774
Commitments and contingencies (Note 13)
Equity:
Alliant Energy Corporation common equity:
Common stock - $0.01 par value - 480,000,000 shares authorized; 251,021,830 and 250,474,529 shares outstanding	3	3
Additional paid-in capital	2,767	2,749
Retained earnings	3,508	3,250
Shares in deferred compensation trust - 395,224 and 383,532 shares at a weighted average cost of $32.23 and $30.59 per share	(13)	(12)
Total Alliant Energy Corporation common equity	6,265	5,990
Total liabilities and equity	$20,205	$18,553

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 Nine Months
	Ended September 30,
	2022	2021
	(in millions)
Cash flows from operating activities:
Net income	$579	$579
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	501	494
Deferred tax expense (benefit) and tax credits	8	(69)
Other	(8)	7
Other changes in assets and liabilities:
Accounts receivable	(425)	(397)
Derivative assets	(184)	(202)
Regulatory assets	(102)	(21)
Accounts payable	90	—
Derivative liabilities	89	(21)
Regulatory liabilities	89	25
Deferred income taxes	(15)	160
Pension and other benefit obligations	(25)	(59)
Other	(112)	(19)
Net cash flows from operating activities	485	477
Cash flows used for investing activities:
Construction and acquisition expenditures:
Utility business	(873)	(772)
Other	(69)	(60)
Cash receipts on sold receivables	358	423
Other	(15)	(43)
Net cash flows used for investing activities	(599)	(452)
Cash flows from (used for) financing activities:
Common stock dividends	(322)	(304)
Proceeds from issuance of long-term debt	1,238	300
Payments to retire long-term debt	(379)	(4)
Net change in commercial paper	(132)	(73)
Contributions from noncontrolling interest	29	—
Distributions to noncontrolling interest	(29)	—
Other	16	24
Net cash flows from (used for) financing activities	421	(57)
Net increase (decrease) in cash, cash equivalents and restricted cash	307	(32)
Cash, cash equivalents and restricted cash at beginning of period	40	56
Cash, cash equivalents and restricted cash at end of period	$347	$24
Supplemental cash flows information:
Cash paid during the period for:
Interest	($220)	($197)
Income taxes, net	($7)	($1)
Significant non-cash investing and financing activities:
Accrued capital expenditures	$403	$91
Beneficial interest obtained in exchange for securitized accounts receivable	$248	$164

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

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INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	For the Three Months		For the Nine Months
	Ended September 30,		Ended September 30,
	2022	2021	2022	2021
	(in millions)
Revenues:
Electric utility	$596	$555	$1,438	$1,343
Gas utility	33	31	224	165
Steam and other	11	13	34	35
Total revenues	640	599	1,696	1,543
Operating expenses:
Electric production fuel and purchased power	140	101	290	215
Electric transmission service	115	103	303	274
Cost of gas sold	14	12	126	84
Other operation and maintenance	90	95	260	253
Depreciation and amortization	95	94	285	281
Taxes other than income taxes	15	14	43	42
Total operating expenses	469	419	1,307	1,149
Operating income	171	180	389	394
Other (income) and deductions:
Interest expense	37	34	111	103
Allowance for funds used during construction	(3)	(2)	(8)	(7)
Other	(1)	—	(2)	2
Total other (income) and deductions	33	32	101	98
Income before income taxes	138	148	288	296
Income tax benefit	(16)	(12)	(39)	(34)
Net income	154	160	327	330
Preferred dividend requirements	—	3	—	8
Net income available for common stock	$154	$157	$327	$322

Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of IPL’s common stock outstanding during the periods presented.

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

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INTERSTATE POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	September 30, 2022	December 31, 2021
	(in millions, except per share and share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$45	$34
Accounts receivable, less allowance for expected credit losses	286	241
Income tax refunds receivable	1	8
Production fuel, at weighted average cost	31	29
Gas stored underground, at weighted average cost	66	40
Materials and supplies, at weighted average cost	77	70
Regulatory assets	108	73
Other	134	69
Total current assets	748	564
Property, plant and equipment, net	8,013	7,983
Other assets:
Regulatory assets	1,315	1,370
Deferred charges and other	132	79
Total other assets	1,447	1,449
Total assets	$10,208	$9,996

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$232	$173
Accounts payable to associated companies	37	39
Regulatory liabilities	105	84
Accrued taxes	69	56
Accrued interest	35	36
Other	112	67
Total current liabilities	590	455
Long-term debt, net	3,645	3,643
Other liabilities:
Deferred tax liabilities	1,029	1,083
Regulatory liabilities	656	607
Pension and other benefit obligations	118	127
Other	314	312
Total other liabilities	2,117	2,129
Commitments and contingencies (Note 13)
Equity:
Interstate Power and Light Company common equity:
Common stock - $2.50 par value - 24,000,000 shares authorized; 13,370,788 shares outstanding	33	33
Additional paid-in capital	2,807	2,807
Retained earnings	1,016	929
Total Interstate Power and Light Company common equity	3,856	3,769
Total liabilities and equity	$10,208	$9,996

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 Nine Months
	Ended September 30,
	2022	2021
	(in millions)
Cash flows from operating activities:
Net income	$327	$330
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	285	281
Deferred tax benefit and tax credits	(24)	(13)
Other	(8)	(1)
Other changes in assets and liabilities:
Accounts receivable	(397)	(412)
Derivative assets	(118)	(86)
Regulatory assets	18	(33)
Accounts payable	71	5
Derivative liabilities	62	(9)
Regulatory liabilities	61	30
Deferred income taxes	(30)	56
Pension and other benefit obligations	(9)	(25)
Other	(72)	(28)
Net cash flows from operating activities	166	95
Cash flows from investing activities:
Construction and acquisition expenditures	(269)	(285)
Cash receipts on sold receivables	358	423
Other	(5)	(16)
Net cash flows from investing activities	84	122
Cash flows used for financing activities:
Common stock dividends	(240)	(301)
Capital contributions from parent	—	50
Other	1	(3)
Net cash flows used for financing activities	(239)	(254)
Net increase (decrease) in cash, cash equivalents and restricted cash	11	(37)
Cash, cash equivalents and restricted cash at beginning of period	34	50
Cash, cash equivalents and restricted cash at end of period	$45	$13
Supplemental cash flows information:
Cash (paid) refunded during the period for:
Interest	($111)	($106)
Income taxes, net	$33	$28
Significant non-cash investing and financing activities:
Accrued capital expenditures	$43	$30
Beneficial interest obtained in exchange for securitized accounts receivable	$248	$164

Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.

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WISCONSIN POWER AND LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	For the Three Months		For the Nine Months
	Ended September 30,		Ended September 30,
	2022	2021	2022	2021
	(in millions)
Revenues:
Electric utility	$443	$384	$1,186	$1,014
Gas utility	29	19	194	124
Other	—	—	1	1
Total revenues	472	403	1,381	1,139
Operating expenses:
Electric production fuel and purchased power	134	105	343	263
Electric transmission service	42	44	125	128
Cost of gas sold	13	6	117	65
Other operation and maintenance	70	66	193	194
Depreciation and amortization	71	70	211	209
Taxes other than income taxes	11	12	35	35
Total operating expenses	341	303	1,024	894
Operating income	131	100	357	245
Other (income) and deductions:
Interest expense	31	25	86	77
Allowance for funds used during construction	(7)	(5)	(26)	(9)
Other	—