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•

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.

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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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Regulatory Assets and Regulatory Liabilities -

Regulatory assets were comprised of the following items (in millions):

	Alliant Energy								IPL								WPL
	March 31, 2020				December 31, 2019				March 31, 2020				December 31, 2019				March 31, 2020				December 31, 2019
Tax-related		$831.2				$817.6				$788.3				$776.8				$42.9				$40.8
Pension and OPEB costs	510.5				524.0				255.7				262.5				254.8				261.5
Assets retired early	129.2				134.0				85.6				87.9				43.6				46.1
Asset retirement obligations	112.8				111.8				77.1				76.2				35.7				35.6
IPL’s DAEC PPA amendment	108.8				108.2				108.8				108.2				—				—
Derivatives	51.6				39.5				22.6				18.3				29.0				21.2
Emission allowances	20.5				21.1				20.5				21.1				—				—
Other	90.3				88.5				46.3				48.3				44.0				40.2
		$1,854.9				$1,844.7				$1,404.9				$1,399.3				$450.0				$445.4

Regulatory liabilities were comprised of the following items (in millions):

	Alliant Energy								IPL								WPL
	March 31, 2020				December 31, 2019				March 31, 2020				December 31, 2019				March 31, 2020				December 31, 2019
Tax-related		$799.4				$835.6				$345.0				$350.9				$454.4				$484.7
Cost of removal obligations	387.9				387.7				258.1				257.0				129.8				130.7
Electric transmission cost recovery	97.4				88.6				62.0				51.3				35.4				37.3
Commodity cost recovery	25.8				24.2				10.7				8.8				15.1				15.4
WPL’s earnings sharing mechanism	20.4				21.9				—				—				20.4				21.9
Derivatives	16.4				19.9				14.8				17.4				1.6				2.5
Other	46.6				45.7				30.2				29.3				16.4				16.4
		$1,393.9				$1,423.6				$720.8				$714.7				$673.1				$708.9

Tax-related - Alliant Energy’s, IPL’s and WPL’s tax-related regulatory liabilities are primarily related to excess deferred tax benefits resulting from the remeasurement of accumulated deferred income taxes caused by Federal Tax Reform. During the three months ended March 31, 2020, Alliant Energy’s, IPL’s and WPL’s tax-related regulatory liabilities decreased primarily from returning a portion of these excess deferred tax benefits back to customers.

Note 3(a) Accounts Receivable - Details for accounts receivable included on the balance sheets were as follows (in millions):

	Alliant Energy								IPL								WPL
	March 31, 2020				December 31, 2019				March 31, 2020				December 31, 2019				March 31, 2020				December 31, 2019
Customer		$100.8				$91.6				$—				$—				$90.6				$83.5
Unbilled utility revenues	68.9				82.1				—				—				68.9				82.1
Deferred proceeds	188.0				187.7				188.0				187.7				—				—
Other	47.7				48.0				17.8				16.3				29.6				31.4
Allowance for expected credit losses	(9.0		)		(7.3		)		(1.0		)		(1.2		)		(8.0		)		(6.1		)
		$396.4				$402.1				$204.8				$202.8				$181.1				$190.9

Note 3(b) Sales of Accounts Receivable - IPL maintains a Receivables Purchase and Sale Agreement (Receivables Agreement) whereby it may sell its customer accounts receivables, unbilled revenues and certain other accounts receivables to a third party through wholly-owned and consolidated special purpose entities. The transfers of receivables meet the criteria for sale accounting established by the transfer of financial assets accounting rules. As of March 31, 2020, IPL had $74 million of available capacity under its sales of accounts receivable program. IPL’s maximum and average outstanding cash proceeds (based on daily outstanding balances) related to the sales of accounts receivable program for the three months ended March 31 were as follows (in millions):

	2020				2019
Maximum outstanding aggregate cash proceeds		$96.0				$108.0
Average outstanding aggregate cash proceeds	23.6				81.0

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The attributes of IPL’s receivables sold under the Receivables Agreement were as follows (in millions):

	March 31, 2020				December 31, 2019
Customer accounts receivable		$131.2				$124.7
Unbilled utility revenues	83.0				95.5
Other receivables	0.9				0.9
Receivables sold to third party	215.1				221.1
Less: cash proceeds	16.0				27.0
Deferred proceeds	199.1				194.1
Less: allowance for expected credit losses	11.1				6.4
Fair value of deferred proceeds		$188.0				$187.7

As of March 31, 2020, outstanding receivables past due under the Receivables Agreement were $26.2 million. Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three months ended March 31 were as follows (in millions):

	2020				2019
Collections		$541.4				$555.8
Write-offs, net of recoveries	2.1				5.5

Unconsolidated Equity Investments - Alliant Energy’s equity (income) loss from unconsolidated investments accounted for under the equity method of accounting for the three months ended March 31 was as follows (in millions):

	2020				2019
ATC Holdings		($11.0	)			($9.5	)
Non-utility wind farm in Oklahoma	(2.2		)		(1.1		)
Other	(0.2		)		(0.3		)
		($13.4	)			($10.9	)

Common Share Activity - A summary of Alliant Energy’s common stock activity was as follows:

Shares outstanding, January 1, 2020	245,022,800
Equity forward agreements	4,275,127
Shareowner Direct Plan	107,622
Equity-based compensation plans	98,205
Shares outstanding, March 31, 2020	249,503,754

Equity Forward Agreements - In November 2019, Alliant Energy entered into forward sale agreements with a counterparty in connection with a public offering of 4,275,127 shares of Alliant Energy common stock. The initial forward sale price of $52.235 per share was subject to daily adjustment based on a floating interest rate factor, and decreased by other fixed amounts specified in the forward sale agreements. In 2020, Alliant Energy settled $222 million under the forward sale agreements by delivering 4,275,127 shares of newly issued Alliant Energy common stock at a weighted average forward sale price of $51.98 per share. Alliant Energy used the net proceeds from the settlements for general corporate purposes.

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Changes in Shareowners’ Equity - A summary of changes in shareowners’ equity was as follows (in millions):

Alliant Energy	Total Alliant Energy Common Equity
													Accumulated				Shares in				Cumulative
					Additional								Other				Deferred				Preferred
	Common				Paid-In				Retained				Comprehensive				Compensation				Stock				Total
	Stock				Capital				Earnings				Income (Loss)				Trust				of IPL				Equity
Three Months Ended March 31, 2020
Beginning balance, December 31, 2019		$2.5				$2,445.9				$2,765.4				$1.3				($10.0	)			$200.0				$5,405.1
Net income attributable to Alliant Energy common shareowners									170.0																170.0
Common stock dividends ($0.38 per share)									(93.0		)														(93.0		)
Equity forward settlements and Shareowner Direct Plan issuances					228.4																				228.4
Equity-based compensation plans and other					(0.2		)										0.1								(0.1		)
Adoption of new accounting standard, net of tax (refer to Note 1(d))									(8.7		)														(8.7		)
Other comprehensive income, net of tax													0.7												0.7
Ending balance, March 31, 2020		$2.5				$2,674.1				$2,833.7				$2.0				($9.9	)			$200.0				$5,702.4
Three Months Ended March 31, 2019
Beginning balance, December 31, 2018		$2.4				$2,045.5				$2,545.9				$1.7				($9.8	)			$200.0				$4,785.7
Net income attributable to Alliant Energy common shareowners									125.1																125.1
Common stock dividends ($0.355 per share)									(83.7		)														(83.7		)
Equity forward settlements and Shareowner Direct Plan issuances					54.6																				54.6
Equity-based compensation plans and other					(0.1		)										0.1								—
Other comprehensive income, net of tax													0.7												0.7
Ending balance, March 31, 2019		$2.4				$2,100.0				$2,587.3				$2.4				($9.7	)			$200.0				$4,882.4

IPL	Total IPL Common Equity
					Additional								Cumulative
	Common				Paid-In				Retained				Preferred				Total
	Stock				Capital				Earnings				Stock				Equity
Three Months Ended March 31, 2020
Beginning balance, December 31, 2019		$33.4				$2,347.8				$890.6				$200.0				$3,471.8
Net income available for common stock									82.6								82.6
Common stock dividends									(59.0		)						(59.0		)
Capital contributions from parent					100.0												100.0
Ending balance, March 31, 2020		$33.4				$2,447.8				$914.2				$200.0				$3,595.4
Three Months Ended March 31, 2019
Beginning balance, December 31, 2018		$33.4				$2,222.8				$774.5				$200.0				$3,230.7
Net income available for common stock									53.3								53.3
Common stock dividends									(42.0		)						(42.0		)
Capital contributions from parent					100.0												100.0
Ending balance, March 31, 2019		$33.4				$2,322.8				$785.8				$200.0				$3,342.0

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WPL					Additional								Total
	Common				Paid-In				Retained				Common
	Stock				Capital				Earnings				Equity
Three Months Ended March 31, 2020
Beginning balance, December 31, 2019		$66.2				$1,434.0				$863.4				$2,363.6
Net income									89.6				89.6
Common stock dividends									(42.1		)		(42.1		)
Capital contributions from parent					25.0								25.0
Ending balance, March 31, 2020		$66.2				$1,459.0				$910.9				$2,436.1
Three Months Ended March 31, 2019
Beginning balance, December 31, 2018		$66.2				$1,309.0				$774.3				$2,149.5
Net income									65.7				65.7
Common stock dividends									(36.0		)		(36.0		)
Ending balance, March 31, 2019		$66.2				$1,309.0				$804.0				$2,179.2

NOTE 6(a) Short-term Debt - Information regarding Alliant Energy’s, IPL’s and WPL’s commercial paper, and Alliant Energy’s and WPL’s borrowings under the single credit facility, which currently expires in August 2023, classified as short-term debt was as follows (dollars in millions):

March 31, 2020	Alliant Energy		IPL		WPL
Amount outstanding	$270.5		$—		$182.0
Weighted average interest rates	1.6%		N/A		1.7%
Available credit facility capacity	$729.5		$250.0		$118.0

	Alliant Energy				IPL				WPL
Three Months Ended March 31	2020		2019		2020		2019		2020		2019
Maximum amount outstanding (based on daily outstanding balances)	$462.5		$600.6		$0.8		$50.4		$212.0		$195.1
Average amount outstanding (based on daily outstanding balances)	$382.3		$498.8		$—		$0.6		$167.0		$138.1
Weighted average interest rates	1.8%		2.7%		1.8%		2.8%		1.8%		2.5%

NOTE 6(b) Long-term Debt - In March 2020, AEF entered into a $300 million variable rate (1% as of March 31, 2020) term loan credit agreement (with Alliant Energy as guarantor) and used the borrowings under this agreement to retire its $300 million variable rate term loan credit agreement that would have expired in April 2020. AEF’s current term loan credit agreement expires in March 2022 and includes substantially the same financial covenants that are included in Alliant Energy’s credit facility agreement.

In April 2020, WPL issued $350 million of 3.65% debentures due 2050. The net proceeds from the issuance were used by WPL to reduce borrowings under the single credit facility and for general corporate purposes.

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Disaggregation of revenues from contracts with customers, which correlates to revenues for each reportable segment, was as follows (in millions):

	Alliant Energy								IPL								WPL
Three Months Ended March 31	2020				2019				2020				2019				2020				2019
Electric Utility:
Retail - residential		$266.8				$274.7				$147.4				$147.5				$119.4				$127.2
Retail - commercial	182.3				181.1				119.7				116.6				62.6				64.5
Retail - industrial	209.9				208.7				121.2				116.1				88.7				92.6
Wholesale	40.9				46.5				14.4				16.9				26.5				29.6
Bulk power and other	30.4				32.4				22.1				22.7				8.3				9.7
Total Electric Utility	730.3				743.4				424.8				419.8				305.5				323.6
Gas Utility:
Retail - residential	90.5				131.8				48.8				77.9				41.7				53.9
Retail - commercial	45.7				63.6				24.1				34.8				21.6				28.8
Retail - industrial	4.2				5.4				2.3				3.2				1.9				2.2
Transportation/other	11.8				15.0				7.8				8.7				4.0				6.3
Total Gas Utility	152.2				215.8				83.0				124.6				69.2				91.2
Other Utility:
Steam	10.0				8.4				10.0				8.4				—				—
Other utility	1.6				2.7				1.1				2.3				0.5				0.4
Total Other Utility	11.6				11.1				11.1				10.7				0.5				0.4
Non-Utility and Other:
Transportation and other	21.6				16.9				—				—				—				—
Total Non-Utility and Other	21.6				16.9				—				—				—				—
Total revenues		$915.7				$987.2				$518.9				$555.1				$375.2				$415.2

Income Tax Rates - Overall effective income tax rates, which were computed by dividing income taxes by income before income taxes, were as follows. The effective income tax rates were different than the federal statutory rate primarily due to state income taxes, production tax credits, amortization of excess deferred taxes and the effect of rate-making on property-related differences. The decreases in overall effective income tax rates for the three months ended March 31, 2020 compared to the same period in 2019 were primarily due to increases in production tax credits as a result of increased wind production in 2020 and increased amortization of excess deferred taxes primarily at WPL, which were used to offset increases in WPL’s 2020 increased revenue requirements.

	Alliant Energy						IPL						WPL
Three Months Ended March 31	2020			2019			2020			2019			2020			2019
Overall income tax rate	(12.2	%)		10.6	%		(19.8	%)		3.6	%		(10.1	%)		18.2	%

Deferred Tax Assets and Liabilities -

Carryforwards - At March 31, 2020, carryforwards and expiration dates were estimated as follows (in millions):

	Range of Expiration Dates		Alliant Energy				IPL				WPL
Federal net operating losses	2037			$280				$260				$2
State net operating losses	2020-2040		606				12				2
Federal tax credits	2022-2040		386				199				167

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NOTE 9(a) Pension and OPEB Plans -

Net Periodic Benefit Costs - The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans for the three months ended March 31 are included below (in millions). For IPL and WPL, amounts represent those for their plan participants covered under plans they sponsor, as well as amounts directly assigned to them related to certain participants in the Alliant Energy and Corporate Services sponsored plans.

	Defined Benefit Pension Plans								OPEB Plans
Alliant Energy	2020				2019				2020				2019
Service cost		$2.7				$2.4				$0.8				$0.8
Interest cost	10.8				12.5				1.8				2.1
Expected return on plan assets	(17.4		)		(15.0		)		(1.3		)		(1.2		)
Amortization of prior service credit	(0.2		)		(0.2		)		—				—
Amortization of actuarial loss	8.6				9.1				0.8				0.8
Settlement losses (a)	4.2				—				—				—
		$8.7				$8.8				$2.1				$2.5

	Defined Benefit Pension Plans								OPEB Plans
IPL	2020				2019				2020				2019
Service cost		$1.7				$1.5				$0.3				$0.3
Interest cost	5.0				5.7				0.7				0.8
Expected return on plan assets	(8.1		)		(7.0		)		(1.0		)		(0.9		)
Amortization of prior service credit	(0.1		)		(0.1		)		—				—
Amortization of actuarial loss	3.7				3.9				0.3				0.4
		$2.2				$4.0				$0.3				$0.6

	Defined Benefit Pension Plans								OPEB Plans
WPL	2020				2019				2020				2019
Service cost		$1.0				$0.9				$0.3				$0.3
Interest cost	4.7				5.4				0.7				0.8
Expected return on plan assets	(7.6		)		(6.5		)		(0.2		)		(0.1		)
Amortization of prior service credit	(0.1		)		(0.1		)		—				—
Amortization of actuarial loss	4.1				4.4				0.5				0.4
		$2.1				$4.1				$1.3				$1.4

(a)	Settlement losses related to payments made to retired executives of Alliant Energy.

NOTE 9(b) Equity-based Compensation Plans - A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards for the three months ended March 31 was as follows (in millions):

	Alliant Energy								IPL								WPL
	2020				2019				2020				2019				2020				2019
Compensation expense		$2.7				$4.7				$1.4				$2.6				$1.1				$1.8
Income tax benefits	0.7				1.3				0.4				0.8				0.3				0.5

As of March 31, 2020, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $12.5 million, $7.0 million and $5.1 million, respectively, which is expected to be recognized over a weighted average period of between 1 year and 2 years.

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For the three months ended March 31, 2020, performance shares, performance restricted stock units and restricted stock units were granted to key employees as follows. These shares and units will be paid out in shares of common stock, and are therefore accounted for as equity awards. As of March 31, 2020, 215,780 shares were included in the calculation of diluted EPS related to the nonvested equity awards.

				Weighted Average
	Grants			Grant Date Fair Value
Performance shares	54,897				$64.04
Performance restricted stock units	54,897			59.57
Restricted stock units	59,936			59.57

A reconciliation of the changes in asset retirement obligations associated with long-lived assets for the three months ended March 31, 2020 is as follows (in millions):

	Alliant Energy				IPL
Balance, January 1		$196.3				$133.9
Liabilities settled	(1.5		)		(1.4		)
Liabilities incurred (a)	27.6				27.6
Accretion expense	1.7				1.2
Balance, March 31		$224.1				$161.3

(a)	During the three months ended March 31, 2020, Alliant Energy and IPL recognized additional asset retirement obligations related to IPL’s newly constructed Whispering Willow North and Golden Plains wind sites. The increases in asset retirement obligations resulted in corresponding increases in property, plant and equipment, net on the respective balance sheets.

Commodity Derivatives -

Notional Amounts - As of March 31, 2020, gross notional amounts and settlement/delivery years related to outstanding swap contracts, option contracts, physical forward contracts and FTRs that were accounted for as commodity derivative instruments were as follows (units in thousands):

	FTRs					Natural Gas					Coal					Diesel Fuel
	MWhs			Years		Dths			Years		Tons			Years		Gallons			Years
Alliant Energy	4,420			2020		185,883			2020-2027		5,187			2020-2021		4,410			2020-2021
IPL	2,108			2020		106,525			2020-2027		2,223			2020-2021		—			—
WPL	2,312			2020		79,358			2020-2027		2,964			2020-2021		4,410			2020-2021

Financial Statement Presentation - Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities as follows (in millions):

	Alliant Energy								IPL								WPL
	March 31, 2020				December 31, 2019				March 31, 2020				December 31, 2019				March 31, 2020				December 31, 2019
Current derivative assets		$10.1				$15.8				$8.3				$12.1				$1.8				$3.7
Non-current derivative assets	8.6				11.0				8.2				10.2				0.4				0.8
Current derivative liabilities	29.9				19.0				12.7				8.9				17.2				10.1
Non-current derivative liabilities	21.2				18.6				9.7				8.5				11.5				10.1

Credit Risk-related Contingent Features - Various agreements contain credit risk-related contingent features, including requirements to maintain certain credit ratings and/or limitations on liability positions under the agreements based on credit ratings. Certain of these agreements with credit risk-related contingency features are accounted for as derivative instruments. In the event of a material change in creditworthiness or if liability positions exceed certain contractual limits, credit support may need to be provided in the form of letters of credit or cash collateral up to the amount of exposure under the contracts, or the contracts may need to be unwound and underlying liability positions paid. At March 31, 2020 and December 31, 2019, the aggregate fair value of all derivative instruments with credit risk-related contingent features in a net liability position was not materially different than amounts that would be required to be posted as credit support to counterparties by Alliant Energy, IPL or WPL if the most restrictive credit risk-related contingent features for derivative agreements in a net liability position were triggered.

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Balance Sheet Offsetting - The fair value amounts of derivative instruments subject to a master netting arrangement are not netted by counterparty on the balance sheets. However, if the fair value amounts of derivative instruments by counterparty were netted, amounts would not be materially different from gross amounts of derivative assets and derivative liabilities at March 31, 2020 and December 31, 2019. Fair value amounts recognized for the right to reclaim cash collateral (receivable) or the obligation to return cash collateral (payable) are not offset against fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement.

Fair Value of Financial Instruments - The carrying amounts of current assets and current liabilities approximate fair value because of the short maturity of such financial instruments. Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions):

Alliant Energy	March 31, 2020																				December 31, 2019
					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		$41.2				$41.2				$—				$—				$41.2				$5.4				$5.4				$—				$—				$5.4
Derivatives	18.7				—				4.0				14.7				18.7				26.8				—				4.8				22.0				26.8
Deferred proceeds	188.0				—				—				188.0				188.0				187.7				—				—				187.7				187.7
Liabilities:
Derivatives	51.1				—				50.6				0.5				51.1				37.6				—				36.8				0.8				37.6
Long-term debt (incl. current maturities)	6,191.1				—				6,916.4				1.7				6,918.1				6,190.2				—				6,917.9				2.0				6,919.9

IPL	March 31, 2020																				December 31, 2019
					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		$21.2				$21.2				$—				$—				$21.2				$5.4				$5.4				$—				$—				$5.4
Derivatives	16.5				—				2.5				14.0				16.5				22.3				—				2.8				19.5				22.3
Deferred proceeds	188.0				—				—				188.0				188.0				187.7				—				—				187.7				187.7
Liabilities:
Derivatives	22.4				—				21.9				0.5				22.4				17.4				—				16.6				0.8				17.4
Long-term debt (incl. current maturities)	3,147.9				—				3,452.1				—				3,452.1				3,147.3				—				3,489.1				—				3,489.1

WPL	March 31, 2020																				December 31, 2019
					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		$20.0				$20.0				$—				$—				$20.0				$—				$—				$—				$—				$—
Derivatives	2.2				—				1.5				0.7				2.2				4.5				—				2.0				2.5				4.5
Liabilities:
Derivatives	28.7				—				28.7				—				28.7				20.2				—				20.2				—				20.2
Long-term debt (incl. current maturities)	1,933.1				—				2,309.8				—				2,309.8				1,932.7				—				2,268.2				—				2,268.2

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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	2020				2019				2020				2019
Beginning balance, January 1		$21.2				$12.2				$187.7				$119.4
Total net losses included in changes in net assets (realized/unrealized)	(3.1		)		(5.6		)		—				—
Sales	—				(0.2		)		—				—
Settlements (a)	(3.9		)		(6.0		)		0.3				58.9
Ending balance, March 31		$14.2				$0.4				$188.0				$178.3
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		($3.1	)			($2.6	)			$—				$—

IPL	Commodity Contract Derivative
	Assets and (Liabilities), net								Deferred Proceeds
Three Months Ended March 31	2020				2019				2020				2019
Beginning balance, January 1		$18.7				$9.0				$187.7				$119.4
Total net losses included in changes in net assets (realized/unrealized)	(2.3		)		(3.2		)		—				—
Sales	—				(0.1		)		—				—
Settlements (a)	(2.9		)		(5.1		)		0.3				58.9
Ending balance, March 31		$13.5				$0.6				$188.0				$178.3
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	)			($1.4	)			$—				$—

WPL	Commodity Contract Derivative
	Assets and (Liabilities), net
Three Months Ended March 31	2020				2019
Beginning balance, January 1		$2.5				$3.2
Total net losses included in changes in net assets (realized/unrealized)	(0.8		)		(2.4		)
Sales	—				(0.1		)
Settlements	(1.0		)		(0.9		)
Ending balance, March 31		$0.7				($0.2	)
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		($0.8	)			($1.2	)

(a)	Settlements related to deferred proceeds are due to the change in the carrying amount of receivables sold less the allowance for doubtful accounts associated with the receivables sold and cash amounts received from the receivables sold.

Commodity Contracts - 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
March 31, 2020		$11.8				$2.4				$11.7				$1.8				$0.1				$0.6
December 31, 2019	14.6				6.6				13.6				5.1				1.0				1.5

NOTE 13(a) Capital Purchase Commitments - Various contractual obligations contain minimum future commitments related to capital expenditures for certain construction projects. IPL’s and WPL’s projects include the expansion of wind generation. At March 31, 2020, Alliant Energy’s, IPL’s and WPL’s minimum future commitments for these projects were $95 million, $32 million and $63 million, respectively.

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NOTE 13(b) Other Purchase Commitments - Various commodity supply, transportation and storage contracts help meet obligations to provide electricity and natural gas to utility customers. In addition, there are various purchase commitments associated with other goods and services. At March 31, 2020, the related minimum future commitments were as follows (in millions):

	Alliant Energy				IPL				WPL
Purchased power (a)		$76				$75				$1
Natural gas	915				508				407
Coal (b)	110				68				42
Other (c)	117				58				28
		$1,218				$709				$478

(a)

Includes payments required by PPAs for capacity rights and minimum quantities of MWhs required to be purchased. As a result of an amendment to shorten the term of the DAEC PPA, Alliant Energy’s and IPL’s amounts include minimum future commitments related to IPL’s purchase of capacity and the resulting energy from DAEC through September 2020, and do not include the September 2020 buyout payment of $110 million.

(b)	Corporate Services has historically entered into system-wide coal contracts on behalf of IPL and WPL that include minimum future commitments. Such commitments were assigned to IPL and WPL based on information available as of March 31, 2020 regarding expected future usage, which is subject to change.

(c)	Includes individual commitments incurred during the normal course of business that exceeded $1 million at March 31, 2020.

NOTE 13(c) Guarantees and Indemnifications -

Whiting Petroleum - Whiting Petroleum is an independent oil and gas company. In 2004, Alliant Energy sold its remaining interest in Whiting Petroleum. Alliant Energy Resources, LLC, as the successor to a predecessor entity that owned Whiting Petroleum, and a wholly-owned subsidiary of AEF, continues to guarantee the partnership obligations of an affiliate of Whiting Petroleum under multiple general partnership agreements in the oil and gas industry. Based on information made available to Alliant Energy by Whiting Petroleum, the Whiting Petroleum affiliate holds an approximate 6% share in the partnerships and currently known obligations include costs associated with the future abandonment of certain platforms off the coast of California and related onshore plant and equipment owned by the partnerships. The general partnerships were formed under California law, and Alliant Energy Resources, LLC’s guarantees, which do not include a maximum limit, apply to the Whiting Petroleum affiliate’s obligations and to the other partners. Alliant Energy Resources, LLC may be required to perform under the guarantees if the affiliate of Whiting Petroleum is unable to meet its partnership obligations.

As of March 31, 2020, the currently known partnership obligations are the abandonment obligations. The Whiting Petroleum affiliate’s share of these abandonment obligations is estimated at $63 million ($40 million on a discounted basis) as of March 31, 2020 based on information made available to Alliant Energy by Whiting Petroleum, and this represents Alliant Energy’s best estimate of the contingent obligations for potential future payments. Alliant Energy is not aware of any material liabilities related to these guarantees that it is probable that it will be obligated to pay; however, the new credit loss accounting standard adopted on January 1, 2020 requires recognition of a liability for expected credit losses related to the contingent obligations that are in the scope of these guarantees. With the adoption of this standard, Alliant Energy recorded a pre-tax $12 million cumulative effect adjustment to decrease the opening balance of retained earnings as of January 1, 2020. As a result of Whiting Petroleum’s deterioration in credit worthiness since January 1, 2020 likely from significantly depressed oil and gas prices and general market conditions, Alliant Energy currently expects credit exposure related to the guarantees and has recognized a $20 million credit loss liability as of March 31, 2020 related to the contingent obligations, which is recorded in “Other liabilities” on Alliant Energy’s balance sheet. The incremental pre-tax change in the liability, $8 million, was recorded as a credit loss expense within Alliant Energy’s “Other operation and maintenance” expenses for the three months ended March 31, 2020.

Non-utility Wind Farm in Oklahoma - In 2017, a wholly-owned subsidiary of AEF acquired a cash equity ownership interest in a non-utility wind farm located in Oklahoma. The wind farm provides electricity to a third-party under a long-term PPA. Alliant Energy provided a parent guarantee of its subsidiary’s indemnification obligations under the related operating agreement and PPA. Alliant Energy’s obligations under the operating agreement were $82 million as of March 31, 2020 and will reduce annually until expiring in July 2047. Alliant Energy’s obligations under the PPA are subject to a maximum limit of $17 million and expire in December 2031, subject to potential extension. Alliant Energy is not aware of any material liabilities related to this guarantee that it is probable that it will be obligated to pay and therefore has not recognized any material liabilities related to this guarantee as of March 31, 2020 and December 31, 2019. This guarantee is not in the scope of the new credit loss accounting standard as it is a guarantee of Alliant Energy’s subsidiary’s performance.

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IPL’s Minnesota Electric Distribution Assets - IPL provided indemnifications associated with the 2015 sale of its Minnesota electric distribution assets for losses resulting from potential breach of IPL’s representations, warranties and obligations under the sale agreement. Alliant Energy and IPL believe the likelihood of having to make any material cash payments under these indemnifications is remote. IPL has not recorded any material liabilities related to these indemnifications as of March 31, 2020 and December 31, 2019. The general terms of the indemnifications provided by IPL included a maximum limit of $17 million and expire in October 2020.

NOTE 13(d) Environmental Matters -

Manufactured Gas Plant (MGP) Sites - IPL and WPL have current or previous ownership interests in various sites that are previously associated with the production of gas for which IPL and WPL have, or may have in the future, liability for investigation, remediation and monitoring costs. IPL and WPL are working pursuant to the requirements of various federal and state agencies to investigate, mitigate, prevent and remediate, where necessary, the environmental impacts to property, including natural resources, at and around these former MGP sites in order to protect public health and the environment. At March 31, 2020, estimated future costs expected to be incurred for the investigation, remediation and monitoring of the MGP sites, as well as environmental liabilities recorded on the balance sheets for these sites, which are not discounted, were as follows (in millions). At March 31, 2020, such amounts for WPL were not material.

	Alliant Energy						IPL
Range of estimated future costs		$12		-	$29			$10		-	$24
Current and non-current environmental liabilities	16						13

IPL Consent Decree - In 2015, the U.S. District Court for the Northern District of Iowa approved a Consent Decree that IPL entered into with the EPA, the Sierra Club, the State of Iowa and Linn County in Iowa, thereby resolving potential Clean Air Act issues associated with emissions from IPL’s coal-fired generating facilities in Iowa. IPL has completed various requirements under the Consent Decree. IPL’s remaining requirements include fuel switching or retiring Burlington by December 31, 2021 and Prairie Creek Units 1 and 3 by December 31, 2025. Alliant Energy and IPL currently expect to recover material costs incurred by IPL related to compliance with the terms of the Consent Decree from IPL’s electric customers.

Other Environmental Contingencies - In addition to the environmental liabilities discussed above, various environmental rules are monitored that may have a significant impact on future operations. Several of these environmental rules are subject to legal challenges, reconsideration and/or other uncertainties. Given uncertainties regarding the outcome, timing and compliance plans for these environmental matters, the complete financial impact of each of these rules is not able to be determined; however, future capital investments and/or modifications to EGUs to comply with certain of these rules could be significant. Specific current, proposed or potential environmental matters include, among others: Effluent Limitation Guidelines, Coal Combustion Residuals Rule, and various legislation and EPA regulations to monitor and regulate the emission of greenhouse gases, including the Clean Air Act.

NOTE 13(e) Collective Bargaining Agreements - At March 31, 2020, employees covered by collective bargaining agreements represented 53%, 61% and 82% of total employees of Alliant Energy, IPL and WPL, respectively. On August 31, 2020, IPL’s collective bargaining agreement with International Brotherhood of Electrical Workers Local 204 (Cedar Rapids) expires, representing 18% and 45% of total employees of Alliant Energy and IPL, respectively. While the process to renew the agreement is underway, Alliant Energy and IPL are unable to predict the outcome.

NOTE 13(f) MISO Transmission Owner Return on Equity Complaints - A group of MISO cooperative and municipal utilities previously filed complaints with FERC requesting a reduction to the base return on equity used by MISO transmission owners, including ITC Midwest LLC and ATC. The first complaint covered the period from November 12, 2013 through February 11, 2015. In 2017, IPL and WPL received refunds related to the first complaint period, which were subsequently refunded to their retail and wholesale customers. The second complaint covered the period from February 12, 2015 through May 11, 2016. In November 2019, FERC issued an order on the previously filed two complaints, and reduced the base return on equity used by the MISO transmission owners effective for the first complaint period and subsequent to September 28, 2016. Additional refunds for the first complaint period and the period subsequent to September 28, 2016 are currently expected to be issued in 2020. The November 2019 FERC order also dismissed the second complaint, therefore FERC did not direct refunds to be made for that complaint. Subsequent to the November 2019 FERC order, various rehearing requests were filed, and in January 2020, FERC issued an order providing an open-ended amount of time for FERC to consider these requests. Any changes in FERC’s decision may have an impact on Alliant Energy’s share of ATC’s future earnings and customer costs.

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Certain financial information relating to Alliant Energy’s, IPL’s and WPL’s business segments is as follows. Intersegment revenues were not material to their respective operations.

Alliant Energy																	ATC Holdings,				Alliant
	Utility																Non-Utility,				Energy
	Electric				Gas				Other				Total				Parent and Other				Consolidated
	(in millions)
Three Months Ended March 31, 2020
Revenues		$730.3				$152.2				$11.6				$894.1				$21.6				$915.7
Operating income (loss)	146.2				41.6				2.7				190.5				(2.2		)		188.3
Net income (loss) attributable to Alliant Energy common shareowners													172.2				(2.2		)		170.0
Three Months Ended March 31, 2019
Revenues		$743.4				$215.8				$11.1				$970.3				$16.9				$987.2
Operating income	126.4				45.2				—				171.6				5.2				176.8
Net income attributable to Alliant Energy common shareowners													119.0				6.1				125.1

IPL	Electric				Gas				Other				Total
	(in millions)
Three Months Ended March 31, 2020
Revenues		$424.8				$83.0				$11.1				$518.9
Operating income	67.0				27.3				2.4				96.7
Net income available for common stock													82.6
Three Months Ended March 31, 2019
Revenues		$419.8				$124.6				$10.7				$555.1
Operating income	46.8				26.3				0.4				73.5
Net income available for common stock													53.3

WPL	Electric				Gas				Other				Total
	(in millions)
Three Months Ended March 31, 2020
Revenues		$305.5				$69.2				$0.5				$375.2
Operating income	79.2				14.3				0.3				93.8
Net income													89.6
Three Months Ended March 31, 2019
Revenues		$323.6				$91.2				$0.4				$415.2
Operating income (loss)	79.6				18.9				(0.4		)		98.1
Net income													65.7

Service Agreements - Pursuant to service agreements, IPL and WPL receive various administrative and general services from an affiliate, Corporate Services. These services are billed to IPL and WPL at cost based on expenses incurred by Corporate Services for the benefit of IPL and WPL, respectively. These costs consisted primarily of employee compensation and benefits, fees associated with various professional services, depreciation and amortization of property, plant and equipment, and a return on net assets. Corporate Services also acts as agent on behalf of IPL and WPL pursuant to the service agreements. As agent, Corporate Services enters into energy, capacity, ancillary services, and transmission sale and purchase transactions within MISO. Corporate Services assigns such sales and purchases among IPL and WPL based on statements received from MISO. The amounts billed for services provided, sales credited and purchases for the three months ended March 31 were as follows (in millions):

	IPL								WPL
	2020				2019				2020				2019
Corporate Services billings		$37				$43				$32				$33
Sales credited	15				15				2				1
Purchases billed	81				84				20				30

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Net intercompany payables to Corporate Services were as follows (in millions):

	IPL				WPL
	March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019
Net payables to Corporate Services	$110		$112		$72		$85

ATC - Pursuant to various agreements, WPL receives a range of transmission services from ATC. WPL provides operation, maintenance, and construction services to ATC. WPL and ATC also bill each other for use of shared facilities owned by each party. The related amounts billed between the parties for the three months ended March 31 were as follows (in millions):

	2020				2019
ATC billings to WPL		$28				$27
WPL billings to ATC	3				4

WPL owed ATC net amounts of $8 million as of March 31, 2020 and $9 million as of December 31, 2019.

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•	Final retail electric rates for IPL’s 2020 Forward-looking Test Period rate review were effective February 26, 2020. Effective with the implementation of final rates, IPL started to recover a return of and return on its new wind generation placed in service in 2019 and 2020 through the renewable energy rider.

•

In May 2020, WPL filed an application with the PSCW to maintain its current retail electric and gas base rates, authorized return on common equity, regulatory capital structure and earnings sharing mechanism through the end of 2021. WPL’s proposal utilizes anticipated fuel-related cost savings in 2021 to offset the revenue requirement impacts of the Kossuth wind farm expected to be placed in service in late 2020. In addition, WPL’s proposal utilizes excess deferred tax benefits to partially offset the revenue requirement of the expansion of its gas distribution system in Western Wisconsin also expected to be placed in service in late 2020. WPL’s proposal also seeks additional flexibility to mitigate certain cost impacts outside the control of the Company due to the COVID-19 pandemic if circumstances warrant.

•	In March 2020, IPL completed the construction of the Golden Plains wind farm in Iowa (200 megawatts).

•	In April 2020, WPL received authorization from the PSCW to expand its gas distribution system in Western Wisconsin, which is currently expected to be completed in 2020.

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•	In March 2020, Alliant Energy settled $222 million under the equity forward sale agreements by delivering 4,275,127 shares of newly issued Alliant Energy common stock at a weighted average forward sale price of $51.98 per share.

•	In March 2020, AEF entered into a $300 million variable rate (1% as of March 31, 2020) term loan credit agreement (with Alliant Energy as guarantor), which expires in March 2022, and used the borrowings under this agreement to retire its $300 million variable rate term loan credit agreement that would have expired in April 2020.

•	In April 2020, WPL issued $350 million of 3.65% debentures due 2050. The net proceeds from the issuance were used by WPL to reduce borrowings under the single credit facility, which currently expires in August 2023, and for general corporate purposes.

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(a)

IPL’s interim retail electric base rate increase was effective April 1, 2019 and final retail electric base rate increase was effective February 26, 2020. Effective with final rates, the recovery of, and return on, IPL’s new wind generation placed in service in 2019 and 2020 is provided through the renewable energy rider. Both interim and final rate increases include a reduction for anticipated production tax credits for IPL’s new wind generation. This reduction is expected to be offset by a reduction in income tax expense resulting from production tax credits recognized from this new wind generation.

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(a)	Largely due to lower expenditures for IPL’s expansion of wind generation.

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(a)	All shares were purchased on the open market and held in a rabbi trust under the Alliant Energy Deferred Compensation Plan. There is no limit on the number of shares of Alliant Energy common stock that may be held under the Deferred Compensation Plan, which currently does not have an expiration date.

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