|
Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Income Tax [Line Items] |
|
| Schedule of Components of Income Tax Expense (Benefit) |
The components of “Income tax expense (benefit)” in the Consolidated Statements of Income were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Alliant Energy | | IPL | | WPL | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | Current tax expense (benefit): | | | | | | | | | | | | | | | | | | Federal |
| $4.4 |
| |
| ($29.3 | ) | |
| $58.6 |
| |
| $11.7 |
| |
| ($7.7 | ) | |
| $54.5 |
| |
| ($5.7 | ) | |
| $7.2 |
| |
| ($4.3 | ) | State | (3.6 | ) | | 11.6 |
| | 15.7 |
| | (0.1 | ) | | 9.1 |
| | 20.0 |
| | 6.0 |
| | (0.9 | ) | | (7.1 | ) | IPL’s tax benefit riders | (52.9 | ) | | (48.3 | ) | | (35.9 | ) | | (52.9 | ) | | (48.3 | ) | | (35.9 | ) | | — |
| | — |
| | — |
| Deferred tax expense (benefit): | | | | | | | | | | | | | | | | | | Federal | 123.9 |
| | 157.8 |
| | 99.0 |
| | 20.0 |
| | 37.4 |
| | (11.6 | ) | | 92.7 |
| | 81.1 |
| | 111.3 |
| State | 15.6 |
| | 23.9 |
| | (16.8 | ) | | (0.8 | ) | | 3.2 |
| | (16.4 | ) | | 11.8 |
| | 20.3 |
| | 19.0 |
| Production tax credits | (31.0 | ) | | (24.8 | ) | | (27.1 | ) | | (14.4 | ) | | (12.5 | ) | | (12.3 | ) | | (16.6 | ) | | (12.3 | ) | | (14.8 | ) | Investment tax credits | (1.6 | ) | | (1.7 | ) | | (1.8 | ) | | (0.6 | ) | | (0.6 | ) | | (0.6 | ) | | (1.0 | ) | | (1.1 | ) | | (1.2 | ) | Provision recorded as a change in uncertain tax positions: | | | | | | | | | | | | | | | | | | Current | — |
| | 8.0 |
| | 16.3 |
| | — |
| | 8.1 |
| | 16.6 |
| | — |
| | (0.1 | ) | | (0.3 | ) | Deferred | (0.4 | ) | | (7.6 | ) | | (38.3 | ) | | — |
| | (8.2 | ) | | (17.6 | ) | | (0.4 | ) | | 0.6 |
| | (20.7 | ) | Provision recorded as a change in accrued interest | (0.5 | ) | | (0.2 | ) | | (0.5 | ) | | (0.8 | ) | | (0.3 | ) | | (0.3 | ) | | 0.4 |
| | (0.2 | ) | | — |
| |
| $53.9 |
| |
| $89.4 |
| |
| $69.2 |
| |
| ($37.9 | ) | |
| ($19.8 | ) | |
| ($3.6 | ) | |
| $87.2 |
| |
| $94.6 |
| |
| $81.9 |
|
|
| Schedule Of Effective Income Tax Rates |
The overall income tax rates shown in the following table were computed by dividing income tax expense (benefit) by income from continuing operations before income taxes. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Alliant Energy | | IPL | | WPL | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | Statutory federal income tax rate | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | State income taxes, net of federal benefits | 5.7 |
| | 5.7 |
| | 4.6 |
| | 5.4 |
| | 5.8 |
| | 4.3 |
| | 6.0 |
| | 5.5 |
| | 5.0 |
| IPL’s tax benefit riders | (12.1 | ) | | (11.2 | ) | | (8.8 | ) | | (34.8 | ) | | (37.0 | ) | | (26.5 | ) | | — |
| | — |
| | — |
| Production tax credits | (7.1 | ) | | (5.8 | ) | | (6.6 | ) | | (9.5 | ) | | (9.6 | ) | | (9.1 | ) | | (6.3 | ) | | (4.7 | ) | | (6.0 | ) | Effect of rate-making on property-related differences | (6.0 | ) | | (5.0 | ) | | (2.0 | ) | | (15.9 | ) | | (14.2 | ) | | (5.3 | ) | | (0.8 | ) | | (1.1 | ) | | (0.5 | ) | Adjustment of prior period taxes | (1.3 | ) | | — |
| | 0.2 |
| | (3.6 | ) | | 0.2 |
| | 1.7 |
| | (0.1 | ) | | (0.3 | ) | | — |
| State apportionment change due to announced sale of RMT | — |
| | 3.5 |
| | — |
| | — |
| | 6.2 |
| | — |
| | — |
| | 2.7 |
| | — |
| Wisconsin tax legislation | — |
| | — |
| | (4.6 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Other items, net | (1.8 | ) | | (1.4 | ) | | (0.9 | ) | | (1.5 | ) | | (1.6 | ) | | (2.8 | ) | | (0.9 | ) | | (0.8 | ) | | (0.1 | ) | Overall income tax rate | 12.4 | % | | 20.8 | % | | 16.9 | % | | (24.9 | %) | | (15.2 | %) | | (2.7 | %) | | 32.9 | % | | 36.3 | % | | 33.4 | % |
|
| Production Tax Credits (Net Of State Tax Impacts) |
Production tax credits (net of state tax impacts) resulting from these wind projects are included in the table below (in millions). Production tax credits for the Whispering Willow - East and Bent Tree - Phase I wind projects increased in 2013 primarily due to higher levels of electricity output generated by the wind projects. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Alliant Energy | | IPL | | WPL | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | Whispering Willow - East (IPL) |
| $14.4 |
| |
| $12.5 |
| |
| $12.3 |
| |
| $14.4 |
| |
| $12.5 |
| |
| $12.3 |
| |
| $— |
| |
| $— |
| |
| $— |
| Bent Tree - Phase I (WPL) | 12.5 |
| | 9.3 |
| | 9.3 |
| | — |
| | — |
| | — |
| | 12.5 |
| | 9.3 |
| | 9.3 |
| Cedar Ridge (WPL) | 4.1 |
| | 4.0 |
| | 4.5 |
| | — |
| | — |
| | — |
| | 4.1 |
| | 4.0 |
| | 4.5 |
| | 31.0 |
| | 25.8 |
| | 26.1 |
| | 14.4 |
| | 12.5 |
| | 12.3 |
| | 16.6 |
| | 13.3 |
| | 13.8 |
| Deferral | — |
| | (1.0 | ) | | 1.0 |
| | — |
| | — |
| | — |
| | — |
| | (1.0 | ) | | 1.0 |
| |
| $31.0 |
| |
| $24.8 |
| |
| $27.1 |
| |
| $14.4 |
| |
| $12.5 |
| |
| $12.3 |
| |
| $16.6 |
| |
| $12.3 |
| |
| $14.8 |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
The deferred income tax (assets) and liabilities included on Alliant Energy’s Consolidated Balance Sheets at December 31 arise from the following temporary differences (in millions): | | | | | | | | | | | | | | | | | | | | | | 2013 | | 2012 | | Deferred | Deferred Tax | | | Deferred | Deferred Tax | | Alliant Energy | Tax Assets | Liabilities | Net | | Tax Assets | Liabilities | Net | Property |
| $— |
|
| $2,316.3 |
|
| $2,316.3 |
| |
| $— |
|
| $2,143.8 |
|
| $2,143.8 |
| Investment in ATC | — |
| 120.7 |
| 120.7 |
| | — |
| 104.3 |
| 104.3 |
| Net operating losses carryforward - state | (35.3 | ) | — |
| (35.3 | ) | | (46.8 | ) | — |
| (46.8 | ) | Regulatory liability - IPL’s tax benefit riders | (107.8 | ) | — |
| (107.8 | ) | | (144.6 | ) | — |
| (144.6 | ) | Federal credit carryforward | (167.8 | ) | — |
| (167.8 | ) | | (133.8 | ) | — |
| (133.8 | ) | Net operating losses carryforward - federal | (251.9 | ) | — |
| (251.9 | ) | | (306.0 | ) | — |
| (306.0 | ) | Other | (108.9 | ) | 210.7 |
| 101.8 |
| | (113.7 | ) | 258.9 |
| 145.2 |
| Subtotal | (671.7 | ) | 2,647.7 |
| 1,976.0 |
| | (744.9 | ) | 2,507.0 |
| 1,762.1 |
| Valuation allowances | — |
| — |
| — |
| | 1.9 |
| — |
| 1.9 |
| |
| ($671.7 | ) |
| $2,647.7 |
|
| $1,976.0 |
| |
| ($743.0 | ) |
| $2,507.0 |
|
| $1,764.0 |
|
| | | | | | | | | | 2013 | | 2012 | Current deferred tax assets |
| ($136.7 | ) | |
| ($170.2 | ) | Non-current deferred tax liabilities | 2,112.7 |
| | 1,934.2 |
| Total net deferred tax liabilities |
| $1,976.0 |
| |
| $1,764.0 |
|
|
| Summary Of Tax Credit Carryforwards |
At December 31, 2013, tax carryforwards and associated deferred tax assets and expiration dates were estimated as follows (in millions): | | | | | | | | | | | Alliant Energy | Tax Carryforwards | | Deferred Tax Assets | | Earliest Expiration Date | Federal net operating losses |
| $735 |
| |
| $252 |
| | 2029 | State net operating losses | 686 |
| | 35 |
| | 2018 | Federal tax credits | 170 |
| | 168 |
| | 2022 | | | |
| $455 |
| | |
| | | | | | | | | | | IPL | Tax Carryforwards | | Deferred Tax Assets | | Earliest Expiration Date | Federal net operating losses |
| $325 |
| |
| $111 |
| | 2029 | State net operating losses | 189 |
| | 10 |
| | 2018 | Federal tax credits | 54 |
| | 53 |
| | 2022 | | | |
| $174 |
| | |
| | | | | | | | | | | WPL | Tax Carryforwards | | Deferred Tax Assets | | Earliest Expiration Date | Federal net operating losses |
| $312 |
| |
| $107 |
| | 2029 | State net operating losses | 99 |
| | 5 |
| | 2018 | Federal tax credits | 58 |
| | 57 |
| | 2022 | | | |
| $169 |
| | |
|
| Summary of Uncertain Tax Positions |
A reconciliation of the beginning and ending amounts of uncertain tax positions, excluding interest, is as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Alliant Energy | | IPL | | WPL | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | Balance, January 1 |
| $0.7 |
| |
| $23.5 |
| |
| $66.7 |
| |
| $— |
| |
| $10.9 |
| |
| $33.0 |
| |
| $0.7 |
| |
| $12.6 |
| |
| $33.7 |
| Additions based on tax positions related to the current year | — |
| | 0.7 |
| | 0.7 |
| | — |
| | — |
| | 0.1 |
| | — |
| | 0.7 |
| | 0.6 |
| Reductions for tax positions of prior years (a) | (0.7 | ) | | (23.5 | ) | | (43.9 | ) | | — |
| | (10.9 | ) | | (22.2 | ) | | (0.7 | ) | | (12.6 | ) | | (21.7 | ) | Balance, December 31 |
| $— |
| |
| $0.7 |
| |
| $23.5 |
| |
| $— |
| |
| $— |
| |
| $10.9 |
| |
| $— |
| |
| $0.7 |
| |
| $12.6 |
|
| | (a) | In 2012, the reductions for tax positions of prior years were due to the finalization of Alliant Energy’s federal income tax return audits for calendar years 2005 through 2009. In 2011, the reductions for tax positions of prior years were related to guidance published by the IRS clarifying the treatment of repairs expenditures for electric distribution property. |
|
| Schedule Of Open Tax Years |
Open tax years - Tax years that remain subject to the statute of limitations are as follows: | | | | | | | | | | | | | | Major Jurisdiction | | Alliant Energy | | IPL | | WPL | Consolidated federal income tax returns (a) | | 2010 | - | 2012 | | 2010 | - | 2012 | | 2010 | - | 2012 | Consolidated Iowa income tax returns (b) | | 2010 | - | 2012 | | 2010 | - | 2012 | | 2010 | - | 2012 | Wisconsin combined tax returns (c) | | 2009 | - | 2012 | | 2009 | - | 2012 | | 2009 | - | 2012 |
| | (a) | 2010 through 2012 federal tax returns are effectively settled as a result of participation in the IRS Compliance Assurance Program, which allows Alliant Energy and the IRS to work together to resolve issues related to Alliant Energy’s current tax year before filing its federal income tax return. The statute of limitations for 2010 through 2012 federal tax returns expires three years from their respective filing dates. |
| | (b) | The statute of limitations for the 2010 through 2012 Iowa tax returns expires three years from their respective filing dates. |
| | (c) | The statute of limitations for the 2009 through 2012 Wisconsin combined tax returns expires four years from their respective filing dates. |
|
|
IPL [Member]
|
|
| Income Tax [Line Items] |
|
| Schedule of Components of Income Tax Expense (Benefit) |
The components of “Income tax expense (benefit)” in the Consolidated Statements of Income were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Alliant Energy | | IPL | | WPL | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | Current tax expense (benefit): | | | | | | | | | | | | | | | | | | Federal |
| $4.4 |
| |
| ($29.3 | ) | |
| $58.6 |
| |
| $11.7 |
| |
| ($7.7 | ) | |
| $54.5 |
| |
| ($5.7 | ) | |
| $7.2 |
| |
| ($4.3 | ) | State | (3.6 | ) | | 11.6 |
| | 15.7 |
| | (0.1 | ) | | 9.1 |
| | 20.0 |
| | 6.0 |
| | (0.9 | ) | | (7.1 | ) | IPL’s tax benefit riders | (52.9 | ) | | (48.3 | ) | | (35.9 | ) | | (52.9 | ) | | (48.3 | ) | | (35.9 | ) | | — |
| | — |
| | — |
| Deferred tax expense (benefit): | | | | | | | | | | | | | | | | | | Federal | 123.9 |
| | 157.8 |
| | 99.0 |
| | 20.0 |
| | 37.4 |
| | (11.6 | ) | | 92.7 |
| | 81.1 |
| | 111.3 |
| State | 15.6 |
| | 23.9 |
| | (16.8 | ) | | (0.8 | ) | | 3.2 |
| | (16.4 | ) | | 11.8 |
| | 20.3 |
| | 19.0 |
| Production tax credits | (31.0 | ) | | (24.8 | ) | | (27.1 | ) | | (14.4 | ) | | (12.5 | ) | | (12.3 | ) | | (16.6 | ) | | (12.3 | ) | | (14.8 | ) | Investment tax credits | (1.6 | ) | | (1.7 | ) | | (1.8 | ) | | (0.6 | ) | | (0.6 | ) | | (0.6 | ) | | (1.0 | ) | | (1.1 | ) | | (1.2 | ) | Provision recorded as a change in uncertain tax positions: | | | | | | | | | | | | | | | | | | Current | — |
| | 8.0 |
| | 16.3 |
| | — |
| | 8.1 |
| | 16.6 |
| | — |
| | (0.1 | ) | | (0.3 | ) | Deferred | (0.4 | ) | | (7.6 | ) | | (38.3 | ) | | — |
| | (8.2 | ) | | (17.6 | ) | | (0.4 | ) | | 0.6 |
| | (20.7 | ) | Provision recorded as a change in accrued interest | (0.5 | ) | | (0.2 | ) | | (0.5 | ) | | (0.8 | ) | | (0.3 | ) | | (0.3 | ) | | 0.4 |
| | (0.2 | ) | | — |
| |
| $53.9 |
| |
| $89.4 |
| |
| $69.2 |
| |
| ($37.9 | ) | |
| ($19.8 | ) | |
| ($3.6 | ) | |
| $87.2 |
| |
| $94.6 |
| |
| $81.9 |
|
|
| Schedule Of Effective Income Tax Rates |
The overall income tax rates shown in the following table were computed by dividing income tax expense (benefit) by income from continuing operations before income taxes. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Alliant Energy | | IPL | | WPL | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | Statutory federal income tax rate | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | State income taxes, net of federal benefits | 5.7 |
| | 5.7 |
| | 4.6 |
| | 5.4 |
| | 5.8 |
| | 4.3 |
| | 6.0 |
| | 5.5 |
| | 5.0 |
| IPL’s tax benefit riders | (12.1 | ) | | (11.2 | ) | | (8.8 | ) | | (34.8 | ) | | (37.0 | ) | | (26.5 | ) | | — |
| | — |
| | — |
| Production tax credits | (7.1 | ) | | (5.8 | ) | | (6.6 | ) | | (9.5 | ) | | (9.6 | ) | | (9.1 | ) | | (6.3 | ) | | (4.7 | ) | | (6.0 | ) | Effect of rate-making on property-related differences | (6.0 | ) | | (5.0 | ) | | (2.0 | ) | | (15.9 | ) | | (14.2 | ) | | (5.3 | ) | | (0.8 | ) | | (1.1 | ) | | (0.5 | ) | Adjustment of prior period taxes | (1.3 | ) | | — |
| | 0.2 |
| | (3.6 | ) | | 0.2 |
| | 1.7 |
| | (0.1 | ) | | (0.3 | ) | | — |
| State apportionment change due to announced sale of RMT | — |
| | 3.5 |
| | — |
| | — |
| | 6.2 |
| | — |
| | — |
| | 2.7 |
| | — |
| Wisconsin tax legislation | — |
| | — |
| | (4.6 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Other items, net | (1.8 | ) | | (1.4 | ) | | (0.9 | ) | | (1.5 | ) | | (1.6 | ) | | (2.8 | ) | | (0.9 | ) | | (0.8 | ) | | (0.1 | ) | Overall income tax rate | 12.4 | % | | 20.8 | % | | 16.9 | % | | (24.9 | %) | | (15.2 | %) | | (2.7 | %) | | 32.9 | % | | 36.3 | % | | 33.4 | % |
|
| Production Tax Credits (Net Of State Tax Impacts) |
Production tax credits (net of state tax impacts) resulting from these wind projects are included in the table below (in millions). Production tax credits for the Whispering Willow - East and Bent Tree - Phase I wind projects increased in 2013 primarily due to higher levels of electricity output generated by the wind projects. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Alliant Energy | | IPL | | WPL | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | Whispering Willow - East (IPL) |
| $14.4 |
| |
| $12.5 |
| |
| $12.3 |
| |
| $14.4 |
| |
| $12.5 |
| |
| $12.3 |
| |
| $— |
| |
| $— |
| |
| $— |
| Bent Tree - Phase I (WPL) | 12.5 |
| | 9.3 |
| | 9.3 |
| | — |
| | — |
| | — |
| | 12.5 |
| | 9.3 |
| | 9.3 |
| Cedar Ridge (WPL) | 4.1 |
| | 4.0 |
| | 4.5 |
| | — |
| | — |
| | — |
| | 4.1 |
| | 4.0 |
| | 4.5 |
| | 31.0 |
| | 25.8 |
| | 26.1 |
| | 14.4 |
| | 12.5 |
| | 12.3 |
| | 16.6 |
| | 13.3 |
| | 13.8 |
| Deferral | — |
| | (1.0 | ) | | 1.0 |
| | — |
| | — |
| | — |
| | — |
| | (1.0 | ) | | 1.0 |
| |
| $31.0 |
| |
| $24.8 |
| |
| $27.1 |
| |
| $14.4 |
| |
| $12.5 |
| |
| $12.3 |
| |
| $16.6 |
| |
| $12.3 |
| |
| $14.8 |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
The deferred income tax (assets) and liabilities included on IPL’s Consolidated Balance Sheets at December 31 arise from the following temporary differences (in millions): | | | | | | | | | | | | | | | | | | | | | | 2013 | | 2012 | | Deferred | Deferred Tax | | | Deferred | Deferred Tax | | IPL | Tax Assets | Liabilities | Net | | Tax Assets | Liabilities | Net | Property |
| $— |
|
| $1,338.1 |
|
| $1,338.1 |
| |
| $— |
|
| $1,243.9 |
|
| $1,243.9 |
| Federal credit carryforward | (52.9 | ) | — |
| (52.9 | ) | | (37.4 | ) | — |
| (37.4 | ) | Regulatory liability - tax benefit riders | (107.8 | ) | — |
| (107.8 | ) | | (144.6 | ) | — |
| (144.6 | ) | Net operating losses carryforward - federal | (111.3 | ) | — |
| (111.3 | ) | | (131.0 | ) | — |
| (131.0 | ) | Other | (64.0 | ) | 103.2 |
| 39.2 |
| | (70.4 | ) | 147.5 |
| 77.1 |
| |
| ($336.0 | ) |
| $1,441.3 |
|
| $1,105.3 |
| |
| ($383.4 | ) |
| $1,391.4 |
|
| $1,008.0 |
|
| | | | | | | | | | 2013 | | 2012 | Current deferred tax assets |
| ($87.7 | ) | |
| ($79.3 | ) | Non-current deferred tax liabilities | 1,193.0 |
| | 1,087.3 |
| Total net deferred tax liabilities |
| $1,105.3 |
| |
| $1,008.0 |
|
|
| Summary Of Tax Credit Carryforwards |
At December 31, 2013, tax carryforwards and associated deferred tax assets and expiration dates were estimated as follows (in millions): | | | | | | | | | | | Alliant Energy | Tax Carryforwards | | Deferred Tax Assets | | Earliest Expiration Date | Federal net operating losses |
| $735 |
| |
| $252 |
| | 2029 | State net operating losses | 686 |
| | 35 |
| | 2018 | Federal tax credits | 170 |
| | 168 |
| | 2022 | | | |
| $455 |
| | |
| | | | | | | | | | | IPL | Tax Carryforwards | | Deferred Tax Assets | | Earliest Expiration Date | Federal net operating losses |
| $325 |
| |
| $111 |
| | 2029 | State net operating losses | 189 |
| | 10 |
| | 2018 | Federal tax credits | 54 |
| | 53 |
| | 2022 | | | |
| $174 |
| | |
| | | | | | | | | | | WPL | Tax Carryforwards | | Deferred Tax Assets | | Earliest Expiration Date | Federal net operating losses |
| $312 |
| |
| $107 |
| | 2029 | State net operating losses | 99 |
| | 5 |
| | 2018 | Federal tax credits | 58 |
| | 57 |
| | 2022 | | | |
| $169 |
| | |
|
| Summary of Uncertain Tax Positions |
A reconciliation of the beginning and ending amounts of uncertain tax positions, excluding interest, is as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Alliant Energy | | IPL | | WPL | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | Balance, January 1 |
| $0.7 |
| |
| $23.5 |
| |
| $66.7 |
| |
| $— |
| |
| $10.9 |
| |
| $33.0 |
| |
| $0.7 |
| |
| $12.6 |
| |
| $33.7 |
| Additions based on tax positions related to the current year | — |
| | 0.7 |
| | 0.7 |
| | — |
| | — |
| | 0.1 |
| | — |
| | 0.7 |
| | 0.6 |
| Reductions for tax positions of prior years (a) | (0.7 | ) | | (23.5 | ) | | (43.9 | ) | | — |
| | (10.9 | ) | | (22.2 | ) | | (0.7 | ) | | (12.6 | ) | | (21.7 | ) | Balance, December 31 |
| $— |
| |
| $0.7 |
| |
| $23.5 |
| |
| $— |
| |
| $— |
| |
| $10.9 |
| |
| $— |
| |
| $0.7 |
| |
| $12.6 |
|
| | (a) | In 2012, the reductions for tax positions of prior years were due to the finalization of Alliant Energy’s federal income tax return audits for calendar years 2005 through 2009. In 2011, the reductions for tax positions of prior years were related to guidance published by the IRS clarifying the treatment of repairs expenditures for electric distribution property. |
|
| Schedule Of Open Tax Years |
Open tax years - Tax years that remain subject to the statute of limitations are as follows: | | | | | | | | | | | | | | Major Jurisdiction | | Alliant Energy | | IPL | | WPL | Consolidated federal income tax returns (a) | | 2010 | - | 2012 | | 2010 | - | 2012 | | 2010 | - | 2012 | Consolidated Iowa income tax returns (b) | | 2010 | - | 2012 | | 2010 | - | 2012 | | 2010 | - | 2012 | Wisconsin combined tax returns (c) | | 2009 | - | 2012 | | 2009 | - | 2012 | | 2009 | - | 2012 |
| | (a) | 2010 through 2012 federal tax returns are effectively settled as a result of participation in the IRS Compliance Assurance Program, which allows Alliant Energy and the IRS to work together to resolve issues related to Alliant Energy’s current tax year before filing its federal income tax return. The statute of limitations for 2010 through 2012 federal tax returns expires three years from their respective filing dates. |
| | (b) | The statute of limitations for the 2010 through 2012 Iowa tax returns expires three years from their respective filing dates. |
| | (c) | The statute of limitations for the 2009 through 2012 Wisconsin combined tax returns expires four years from their respective filing dates. |
|
|
WPL [Member]
|
|
| Income Tax [Line Items] |
|
| Schedule of Components of Income Tax Expense (Benefit) |
The components of “Income tax expense (benefit)” in the Consolidated Statements of Income were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Alliant Energy | | IPL | | WPL | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | Current tax expense (benefit): | | | | | | | | | | | | | | | | | | Federal |
| $4.4 |
| |
| ($29.3 | ) | |
| $58.6 |
| |
| $11.7 |
| |
| ($7.7 | ) | |
| $54.5 |
| |
| ($5.7 | ) | |
| $7.2 |
| |
| ($4.3 | ) | State | (3.6 | ) | | 11.6 |
| | 15.7 |
| | (0.1 | ) | | 9.1 |
| | 20.0 |
| | 6.0 |
| | (0.9 | ) | | (7.1 | ) | IPL’s tax benefit riders | (52.9 | ) | | (48.3 | ) | | (35.9 | ) | | (52.9 | ) | | (48.3 | ) | | (35.9 | ) | | — |
| | — |
| | — |
| Deferred tax expense (benefit): | | | | | | | | | | | | | | | | | | Federal | 123.9 |
| | 157.8 |
| | 99.0 |
| | 20.0 |
| | 37.4 |
| | (11.6 | ) | | 92.7 |
| | 81.1 |
| | 111.3 |
| State | 15.6 |
| | 23.9 |
| | (16.8 | ) | | (0.8 | ) | | 3.2 |
| | (16.4 | ) | | 11.8 |
| | 20.3 |
| | 19.0 |
| Production tax credits | (31.0 | ) | | (24.8 | ) | | (27.1 | ) | | (14.4 | ) | | (12.5 | ) | | (12.3 | ) | | (16.6 | ) | | (12.3 | ) | | (14.8 | ) | Investment tax credits | (1.6 | ) | | (1.7 | ) | | (1.8 | ) | | (0.6 | ) | | (0.6 | ) | | (0.6 | ) | | (1.0 | ) | | (1.1 | ) | | (1.2 | ) | Provision recorded as a change in uncertain tax positions: | | | | | | | | | | | | | | | | | | Current | — |
| | 8.0 |
| | 16.3 |
| | — |
| | 8.1 |
| | 16.6 |
| | — |
| | (0.1 | ) | | (0.3 | ) | Deferred | (0.4 | ) | | (7.6 | ) | | (38.3 | ) | | — |
| | (8.2 | ) | | (17.6 | ) | | (0.4 | ) | | 0.6 |
| | (20.7 | ) | Provision recorded as a change in accrued interest | (0.5 | ) | | (0.2 | ) | | (0.5 | ) | | (0.8 | ) | | (0.3 | ) | | (0.3 | ) | | 0.4 |
| | (0.2 | ) | | — |
| |
| $53.9 |
| |
| $89.4 |
| |
| $69.2 |
| |
| ($37.9 | ) | |
| ($19.8 | ) | |
| ($3.6 | ) | |
| $87.2 |
| |
| $94.6 |
| |
| $81.9 |
|
|
| Schedule Of Effective Income Tax Rates |
The overall income tax rates shown in the following table were computed by dividing income tax expense (benefit) by income from continuing operations before income taxes. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Alliant Energy | | IPL | | WPL | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | Statutory federal income tax rate | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | State income taxes, net of federal benefits | 5.7 |
| | 5.7 |
| | 4.6 |
| | 5.4 |
| | 5.8 |
| | 4.3 |
| | 6.0 |
| | 5.5 |
| | 5.0 |
| IPL’s tax benefit riders | (12.1 | ) | | (11.2 | ) | | (8.8 | ) | | (34.8 | ) | | (37.0 | ) | | (26.5 | ) | | — |
| | — |
| | — |
| Production tax credits | (7.1 | ) | | (5.8 | ) | | (6.6 | ) | | (9.5 | ) | | (9.6 | ) | | (9.1 | ) | | (6.3 | ) | | (4.7 | ) | | (6.0 | ) | Effect of rate-making on property-related differences | (6.0 | ) | | (5.0 | ) | | (2.0 | ) | | (15.9 | ) | | (14.2 | ) | | (5.3 | ) | | (0.8 | ) | | (1.1 | ) | | (0.5 | ) | Adjustment of prior period taxes | (1.3 | ) | | — |
| | 0.2 |
| | (3.6 | ) | | 0.2 |
| | 1.7 |
| | (0.1 | ) | | (0.3 | ) | | — |
| State apportionment change due to announced sale of RMT | — |
| | 3.5 |
| | — |
| | — |
| | 6.2 |
| | — |
| | — |
| | 2.7 |
| | — |
| Wisconsin tax legislation | — |
| | — |
| | (4.6 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Other items, net | (1.8 | ) | | (1.4 | ) | | (0.9 | ) | | (1.5 | ) | | (1.6 | ) | | (2.8 | ) | | (0.9 | ) | | (0.8 | ) | | (0.1 | ) | Overall income tax rate | 12.4 | % | | 20.8 | % | | 16.9 | % | | (24.9 | %) | | (15.2 | %) | | (2.7 | %) | | 32.9 | % | | 36.3 | % | | 33.4 | % |
|
| Production Tax Credits (Net Of State Tax Impacts) |
Production tax credits (net of state tax impacts) resulting from these wind projects are included in the table below (in millions). Production tax credits for the Whispering Willow - East and Bent Tree - Phase I wind projects increased in 2013 primarily due to higher levels of electricity output generated by the wind projects. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Alliant Energy | | IPL | | WPL | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | Whispering Willow - East (IPL) |
| $14.4 |
| |
| $12.5 |
| |
| $12.3 |
| |
| $14.4 |
| |
| $12.5 |
| |
| $12.3 |
| |
| $— |
| |
| $— |
| |
| $— |
| Bent Tree - Phase I (WPL) | 12.5 |
| | 9.3 |
| | 9.3 |
| | — |
| | — |
| | — |
| | 12.5 |
| | 9.3 |
| | 9.3 |
| Cedar Ridge (WPL) | 4.1 |
| | 4.0 |
| | 4.5 |
| | — |
| | — |
| | — |
| | 4.1 |
| | 4.0 |
| | 4.5 |
| | 31.0 |
| | 25.8 |
| | 26.1 |
| | 14.4 |
| | 12.5 |
| | 12.3 |
| | 16.6 |
| | 13.3 |
| | 13.8 |
| Deferral | — |
| | (1.0 | ) | | 1.0 |
| | — |
| | — |
| | — |
| | — |
| | (1.0 | ) | | 1.0 |
| |
| $31.0 |
| |
| $24.8 |
| |
| $27.1 |
| |
| $14.4 |
| |
| $12.5 |
| |
| $12.3 |
| |
| $16.6 |
| |
| $12.3 |
| |
| $14.8 |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
The deferred income tax (assets) and liabilities included on WPL’s Consolidated Balance Sheets at December 31 arise from the following temporary differences (in millions): | | | | | | | | | | | | | | | | | | | | | | 2013 | | 2012 | | Deferred | Deferred Tax | | | Deferred | Deferred Tax | | WPL | Tax Assets | Liabilities | Net | | Tax Assets | Liabilities | Net | Property |
| $— |
|
| $859.1 |
|
| $859.1 |
| |
| $— |
|
| $793.3 |
|
| $793.3 |
| Investment in ATC | — |
| 120.7 |
| 120.7 |
| | — |
| 104.3 |
| 104.3 |
| Federal credit carryforward | (57.1 | ) | — |
| (57.1 | ) | | (39.4 | ) | — |
| (39.4 | ) | Net operating losses carryforward - federal | (106.9 | ) | — |
| (106.9 | ) | | (142.2 | ) | — |
| (142.2 | ) | Other | (37.6 | ) | 75.6 |
| 38.0 |
| | (41.2 | ) | 83.7 |
| 42.5 |
| |
| ($201.6 | ) |
| $1,055.4 |
|
| $853.8 |
| |
| ($222.8 | ) |
| $981.3 |
|
| $758.5 |
|
| | | | | | | | | | 2013 | | 2012 | Current deferred tax assets |
| ($43.3 | ) | |
| ($85.6 | ) | Non-current deferred tax liabilities | 897.1 |
| | 844.1 |
| Total net deferred tax liabilities |
| $853.8 |
| |
| $758.5 |
|
|
| Summary Of Tax Credit Carryforwards |
At December 31, 2013, tax carryforwards and associated deferred tax assets and expiration dates were estimated as follows (in millions): | | | | | | | | | | | Alliant Energy | Tax Carryforwards | | Deferred Tax Assets | | Earliest Expiration Date | Federal net operating losses |
| $735 |
| |
| $252 |
| | 2029 | State net operating losses | 686 |
| | 35 |
| | 2018 | Federal tax credits | 170 |
| | 168 |
| | 2022 | | | |
| $455 |
| | |
| | | | | | | | | | | IPL | Tax Carryforwards | | Deferred Tax Assets | | Earliest Expiration Date | Federal net operating losses |
| $325 |
| |
| $111 |
| | 2029 | State net operating losses | 189 |
| | 10 |
| | 2018 | Federal tax credits | 54 |
| | 53 |
| | 2022 | | | |
| $174 |
| | |
| | | | | | | | | | | WPL | Tax Carryforwards | | Deferred Tax Assets | | Earliest Expiration Date | Federal net operating losses |
| $312 |
| |
| $107 |
| | 2029 | State net operating losses | 99 |
| | 5 |
| | 2018 | Federal tax credits | 58 |
| | 57 |
| | 2022 | | | |
| $169 |
| | |
|
| Summary of Uncertain Tax Positions |
A reconciliation of the beginning and ending amounts of uncertain tax positions, excluding interest, is as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Alliant Energy | | IPL | | WPL | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | | 2013 | | 2012 | | 2011 | Balance, January 1 |
| $0.7 |
| |
| $23.5 |
| |
| $66.7 |
| |
| $— |
| |
| $10.9 |
| |
| $33.0 |
| |
| $0.7 |
| |
| $12.6 |
| |
| $33.7 |
| Additions based on tax positions related to the current year | — |
| | 0.7 |
| | 0.7 |
| | — |
| | — |
| | 0.1 |
| | — |
| | 0.7 |
| | 0.6 |
| Reductions for tax positions of prior years (a) | (0.7 | ) | | (23.5 | ) | | (43.9 | ) | | — |
| | (10.9 | ) | | (22.2 | ) | | (0.7 | ) | | (12.6 | ) | | (21.7 | ) | Balance, December 31 |
| $— |
| |
| $0.7 |
| |
| $23.5 |
| |
| $— |
| |
| $— |
| |
| $10.9 |
| |
| $— |
| |
| $0.7 |
| |
| $12.6 |
|
| | (a) | In 2012, the reductions for tax positions of prior years were due to the finalization of Alliant Energy’s federal income tax return audits for calendar years 2005 through 2009. In 2011, the reductions for tax positions of prior years were related to guidance published by the IRS clarifying the treatment of repairs expenditures for electric distribution property. |
|
| Schedule Of Open Tax Years |
Open tax years - Tax years that remain subject to the statute of limitations are as follows: | | | | | | | | | | | | | | Major Jurisdiction | | Alliant Energy | | IPL | | WPL | Consolidated federal income tax returns (a) | | 2010 | - | 2012 | | 2010 | - | 2012 | | 2010 | - | 2012 | Consolidated Iowa income tax returns (b) | | 2010 | - | 2012 | | 2010 | - | 2012 | | 2010 | - | 2012 | Wisconsin combined tax returns (c) | | 2009 | - | 2012 | | 2009 | - | 2012 | | 2009 | - | 2012 |
| | (a) | 2010 through 2012 federal tax returns are effectively settled as a result of participation in the IRS Compliance Assurance Program, which allows Alliant Energy and the IRS to work together to resolve issues related to Alliant Energy’s current tax year before filing its federal income tax return. The statute of limitations for 2010 through 2012 federal tax returns expires three years from their respective filing dates. |
| | (b) | The statute of limitations for the 2010 through 2012 Iowa tax returns expires three years from their respective filing dates. |
| | (c) | The statute of limitations for the 2009 through 2012 Wisconsin combined tax returns expires four years from their respective filing dates. |
|