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Benefit Plans
 3 Months Ended
Mar. 31, 2017
Benefit Plans
BENEFIT PLANS
NOTE 9(a) Pension and Other Postretirement Benefits 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 in the tables below (in millions). In IPL’s and WPL’s tables below, the defined benefit pension plans amounts represent those respective amounts for their bargaining unit employees covered under the qualified plans that they sponsor, as well as amounts directly assigned to them related to their current and former non-bargaining employees who are participants in the Alliant Energy and Corporate Services sponsored qualified and non-qualified defined benefit pension plans. In IPL’s and WPL’s tables below, the OPEB plans amounts represent respective amounts for their employees, as well as amounts directly assigned to them related to their current and former non-bargaining employees who are participants in the Corporate Services sponsored OPEB plan.
 
Defined Benefit Pension Plans
 
OPEB Plans
Alliant Energy
2017
 
2016
 
2017
 
2016
Service cost

$3.1

 

$3.2

 

$1.2

 

$1.3

Interest cost
12.8

 
13.3

 
2.2

 
2.3

Expected return on plan assets
(16.4
)
 
(16.4
)
 
(1.5
)
 
(1.5
)
Amortization of prior service credit
(0.1
)
 
(0.1
)
 
(0.1
)
 
(1.0
)
Amortization of actuarial loss
9.4

 
9.3

 
1.0

 
1.2

 

$8.8

 

$9.3

 

$2.8

 

$2.3

 
Defined Benefit Pension Plans
 
OPEB Plans
IPL
2017
 
2016
 
2017
 
2016
Service cost

$1.8

 

$1.9

 

$0.5

 

$0.6

Interest cost
5.9

 
6.1

 
0.9

 
1.0

Expected return on plan assets
(7.7
)
 
(7.7
)
 
(1.1
)
 
(1.0
)
Amortization of prior service credit
—

 
—

 
—

 
(0.7
)
Amortization of actuarial loss
4.0

 
4.1

 
0.5

 
0.6

 

$4.0

 

$4.4

 

$0.8

 

$0.5

 
Defined Benefit Pension Plans
 
OPEB Plans
WPL
2017
 
2016
 
2017
 
2016
Service cost

$1.2

 

$1.2

 

$0.5

 

$0.5

Interest cost
5.5

 
5.6

 
0.9

 
0.9

Expected return on plan assets
(7.1
)
 
(7.1
)
 
(0.2
)
 
(0.2
)
Amortization of prior service cost (credit)
—

 
0.1

 
(0.1
)
 
(0.2
)
Amortization of actuarial loss
4.6

 
4.4

 
0.4

 
0.5

 

$4.2

 

$4.2

 

$1.5

 

$1.5



401(k) Savings Plan - A significant number of employees participate in a defined contribution retirement plan (401(k) savings plan). For the three months ended March 31, costs related to the 401(k) savings plan, which are partially based on the participants’ contributions and include allocated costs associated with Corporate Services employees for IPL and WPL, were as follows (in millions):
 
Alliant Energy
 
IPL
 
WPL
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
401(k) costs

$6.5

 

$6.2

 

$3.4

 

$3.1

 

$2.9

 

$2.8


NOTE 9(b) Equity-based Compensation Plans - All shares, units and awards included below have been adjusted to reflect the common stock split distributed in May 2016.

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
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Compensation expense

$3.2

 

$5.3

 

$1.7

 

$2.8

 

$1.4

 

$2.3

Income tax benefits
1.3

 
2.2

 
0.7

 
1.1

 
0.5

 
0.9



As of March 31, 2017, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $14.0 million, $7.6 million and $5.9 million, which is expected to be recognized over a weighted average period of between one and two years.

Performance Shares and Performance Units - A summary of the performance shares and performance units activity, with amounts representing the target number of awards, was as follows:
 
Performance Shares
 
Performance Units
 
2017
 
2016
 
2017
 
2016
Nonvested awards, January 1
257,599

 
288,430

 
93,320

 
116,412

Granted
63,804

 
67,552

 
21,558

 
23,918

Vested
(99,438
)
 
(98,186
)
 
(37,395
)
 
(42,760
)
Forfeited
—

 
(1,230
)
 
(497
)
 
(764
)
Nonvested awards, March 31
221,965

 
256,566

 
76,986

 
96,806



Vested Awards - During the three months ended March 31, certain performance shares and performance units vested, resulting in payouts (a combination of cash and common stock for the performance shares and cash only for the performance units) as follows:
 
Performance Shares
 
Performance Units
 
2017
 
2016
 
2017
 
2016
 
2014 Grant
 
2013 Grant
 
2014 Grant
 
2013 Grant
Performance awards vested
99,438

 
98,186

 
37,395

 
42,760

Percentage of target number of performance awards
147.5
%
 
165.0
%
 
147.5
%
 
165.0
%
Aggregate payout value (in millions)

$5.6

 

$5.1

 

$1.5

 

$1.7

Payout - cash (in millions)

$5.1

 

$2.9

 

$1.5

 

$1.7

Payout - common stock shares issued
5,185

 
22,408

 
N/A
 
N/A

Fair Value of Awards - Information related to fair values of nonvested performance shares and performance units at March 31, 2017, by year of grant, was as follows:
 
Performance Shares
 
Performance Units
 
2017 Grant
 
2016 Grant
 
2015 Grant
 
2017 Grant
 
2016 Grant
 
2015 Grant
Nonvested awards at target
63,804

 
67,355

 
90,806

 
21,061

 
22,657

 
33,268

Alliant Energy common stock closing price on March 31, 2017

$39.61

 

$39.61

 

$39.61

 

$39.61

 

$39.61

 
N/A
Alliant Energy common stock closing price on grant date
N/A
 
N/A
 
N/A
 
N/A
 
N/A
 

$32.55

Estimated payout percentage based on performance criteria
100
%
 
160
%
 
130
%
 
100
%
 
160
%
 
130
%
Fair values of each nonvested award

$39.61

 

$63.38

 

$51.49

 

$39.61

 

$63.38

 

$42.32



Performance-Contingent Restricted Stock - Alliant Energy has not granted any performance-contingent restricted stock since 2015. In 2017, 99,438 performance-contingent restricted shares granted in 2014 vested because the specified performance criteria for such shares were met. There were 90,806 shares of nonvested performance-contingent restricted stock outstanding at March 31, 2017, with a weighted average grant date fair value of $32.55.

Performance Restricted Stock Units - A summary of the performance restricted stock units activity, with amounts representing the target number of units, was as follows:
 
2017
 
2016
 
Units
 
Weighted Average
Grant Date Fair Value
 
Units
 
Weighted Average
Grant Date Fair Value
Nonvested units, January 1
67,355

 

$33.96

 
—

 

$—

Granted
63,804

 
39.11

 
67,552

 
33.93

Forfeited
—

 
—

 
(1,230
)
 
33.90

Nonvested units, March 31
131,159

 
36.46

 
66,322

 
33.93



Restricted Stock Units - A summary of the restricted stock units activity was as follows:
 
2017
 
2016
Nonvested units, January 1
57,736

 
—

Granted
54,688

 
57,904

Forfeited
—

 
(1,054
)
Nonvested units, March 31
112,424

 
56,850



Performance-Contingent Cash Awards - Alliant Energy has not granted any performance-contingent cash awards since 2015. In 2017, 79,719 performance-contingent cash awards granted in 2014 vested, resulting in cash payouts valued at $3.1 million. There were 79,616 shares of nonvested performance-contingent cash awards outstanding at March 31, 2017.
IPL [Member]  
Benefit Plans
BENEFIT PLANS
NOTE 9(a) Pension and Other Postretirement Benefits 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 in the tables below (in millions). In IPL’s and WPL’s tables below, the defined benefit pension plans amounts represent those respective amounts for their bargaining unit employees covered under the qualified plans that they sponsor, as well as amounts directly assigned to them related to their current and former non-bargaining employees who are participants in the Alliant Energy and Corporate Services sponsored qualified and non-qualified defined benefit pension plans. In IPL’s and WPL’s tables below, the OPEB plans amounts represent respective amounts for their employees, as well as amounts directly assigned to them related to their current and former non-bargaining employees who are participants in the Corporate Services sponsored OPEB plan.
 
Defined Benefit Pension Plans
 
OPEB Plans
Alliant Energy
2017
 
2016
 
2017
 
2016
Service cost

$3.1

 

$3.2

 

$1.2

 

$1.3

Interest cost
12.8

 
13.3

 
2.2

 
2.3

Expected return on plan assets
(16.4
)
 
(16.4
)
 
(1.5
)
 
(1.5
)
Amortization of prior service credit
(0.1
)
 
(0.1
)
 
(0.1
)
 
(1.0
)
Amortization of actuarial loss
9.4

 
9.3

 
1.0

 
1.2

 

$8.8

 

$9.3

 

$2.8

 

$2.3

 
Defined Benefit Pension Plans
 
OPEB Plans
IPL
2017
 
2016
 
2017
 
2016
Service cost

$1.8

 

$1.9

 

$0.5

 

$0.6

Interest cost
5.9

 
6.1

 
0.9

 
1.0

Expected return on plan assets
(7.7
)
 
(7.7
)
 
(1.1
)
 
(1.0
)
Amortization of prior service credit
—

 
—

 
—

 
(0.7
)
Amortization of actuarial loss
4.0

 
4.1

 
0.5

 
0.6

 

$4.0

 

$4.4

 

$0.8

 

$0.5

 
Defined Benefit Pension Plans
 
OPEB Plans
WPL
2017
 
2016
 
2017
 
2016
Service cost

$1.2

 

$1.2

 

$0.5

 

$0.5

Interest cost
5.5

 
5.6

 
0.9

 
0.9

Expected return on plan assets
(7.1
)
 
(7.1
)
 
(0.2
)
 
(0.2
)
Amortization of prior service cost (credit)
—

 
0.1

 
(0.1
)
 
(0.2
)
Amortization of actuarial loss
4.6

 
4.4

 
0.4

 
0.5

 

$4.2

 

$4.2

 

$1.5

 

$1.5



401(k) Savings Plan - A significant number of employees participate in a defined contribution retirement plan (401(k) savings plan). For the three months ended March 31, costs related to the 401(k) savings plan, which are partially based on the participants’ contributions and include allocated costs associated with Corporate Services employees for IPL and WPL, were as follows (in millions):
 
Alliant Energy
 
IPL
 
WPL
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
401(k) costs

$6.5

 

$6.2

 

$3.4

 

$3.1

 

$2.9

 

$2.8


NOTE 9(b) Equity-based Compensation Plans - All shares, units and awards included below have been adjusted to reflect the common stock split distributed in May 2016.

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
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Compensation expense

$3.2

 

$5.3

 

$1.7

 

$2.8

 

$1.4

 

$2.3

Income tax benefits
1.3

 
2.2

 
0.7

 
1.1

 
0.5

 
0.9



As of March 31, 2017, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $14.0 million, $7.6 million and $5.9 million, which is expected to be recognized over a weighted average period of between one and two years.

Performance Shares and Performance Units - A summary of the performance shares and performance units activity, with amounts representing the target number of awards, was as follows:
 
Performance Shares
 
Performance Units
 
2017
 
2016
 
2017
 
2016
Nonvested awards, January 1
257,599

 
288,430

 
93,320

 
116,412

Granted
63,804

 
67,552

 
21,558

 
23,918

Vested
(99,438
)
 
(98,186
)
 
(37,395
)
 
(42,760
)
Forfeited
—

 
(1,230
)
 
(497
)
 
(764
)
Nonvested awards, March 31
221,965

 
256,566

 
76,986

 
96,806



Vested Awards - During the three months ended March 31, certain performance shares and performance units vested, resulting in payouts (a combination of cash and common stock for the performance shares and cash only for the performance units) as follows:
 
Performance Shares
 
Performance Units
 
2017
 
2016
 
2017
 
2016
 
2014 Grant
 
2013 Grant
 
2014 Grant
 
2013 Grant
Performance awards vested
99,438

 
98,186

 
37,395

 
42,760

Percentage of target number of performance awards
147.5
%
 
165.0
%
 
147.5
%
 
165.0
%
Aggregate payout value (in millions)

$5.6

 

$5.1

 

$1.5

 

$1.7

Payout - cash (in millions)

$5.1

 

$2.9

 

$1.5

 

$1.7

Payout - common stock shares issued
5,185

 
22,408

 
N/A
 
N/A

Fair Value of Awards - Information related to fair values of nonvested performance shares and performance units at March 31, 2017, by year of grant, was as follows:
 
Performance Shares
 
Performance Units
 
2017 Grant
 
2016 Grant
 
2015 Grant
 
2017 Grant
 
2016 Grant
 
2015 Grant
Nonvested awards at target
63,804

 
67,355

 
90,806

 
21,061

 
22,657

 
33,268

Alliant Energy common stock closing price on March 31, 2017

$39.61

 

$39.61

 

$39.61

 

$39.61

 

$39.61

 
N/A
Alliant Energy common stock closing price on grant date
N/A
 
N/A
 
N/A
 
N/A
 
N/A
 

$32.55

Estimated payout percentage based on performance criteria
100
%
 
160
%
 
130
%
 
100
%
 
160
%
 
130
%
Fair values of each nonvested award

$39.61

 

$63.38

 

$51.49

 

$39.61

 

$63.38

 

$42.32



Performance-Contingent Restricted Stock - Alliant Energy has not granted any performance-contingent restricted stock since 2015. In 2017, 99,438 performance-contingent restricted shares granted in 2014 vested because the specified performance criteria for such shares were met. There were 90,806 shares of nonvested performance-contingent restricted stock outstanding at March 31, 2017, with a weighted average grant date fair value of $32.55.

Performance Restricted Stock Units - A summary of the performance restricted stock units activity, with amounts representing the target number of units, was as follows:
 
2017
 
2016
 
Units
 
Weighted Average
Grant Date Fair Value
 
Units
 
Weighted Average
Grant Date Fair Value
Nonvested units, January 1
67,355

 

$33.96

 
—

 

$—

Granted
63,804

 
39.11

 
67,552

 
33.93

Forfeited
—

 
—

 
(1,230
)
 
33.90

Nonvested units, March 31
131,159

 
36.46

 
66,322

 
33.93



Restricted Stock Units - A summary of the restricted stock units activity was as follows:
 
2017
 
2016
Nonvested units, January 1
57,736

 
—

Granted
54,688

 
57,904

Forfeited
—

 
(1,054
)
Nonvested units, March 31
112,424

 
56,850



Performance-Contingent Cash Awards - Alliant Energy has not granted any performance-contingent cash awards since 2015. In 2017, 79,719 performance-contingent cash awards granted in 2014 vested, resulting in cash payouts valued at $3.1 million. There were 79,616 shares of nonvested performance-contingent cash awards outstanding at March 31, 2017.
WPL [Member]  
Benefit Plans
BENEFIT PLANS
NOTE 9(a) Pension and Other Postretirement Benefits 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 in the tables below (in millions). In IPL’s and WPL’s tables below, the defined benefit pension plans amounts represent those respective amounts for their bargaining unit employees covered under the qualified plans that they sponsor, as well as amounts directly assigned to them related to their current and former non-bargaining employees who are participants in the Alliant Energy and Corporate Services sponsored qualified and non-qualified defined benefit pension plans. In IPL’s and WPL’s tables below, the OPEB plans amounts represent respective amounts for their employees, as well as amounts directly assigned to them related to their current and former non-bargaining employees who are participants in the Corporate Services sponsored OPEB plan.
 
Defined Benefit Pension Plans
 
OPEB Plans
Alliant Energy
2017
 
2016
 
2017
 
2016
Service cost

$3.1

 

$3.2

 

$1.2

 

$1.3

Interest cost
12.8

 
13.3

 
2.2

 
2.3

Expected return on plan assets
(16.4
)
 
(16.4
)
 
(1.5
)
 
(1.5
)
Amortization of prior service credit
(0.1
)
 
(0.1
)
 
(0.1
)
 
(1.0
)
Amortization of actuarial loss
9.4

 
9.3

 
1.0

 
1.2

 

$8.8

 

$9.3

 

$2.8

 

$2.3

 
Defined Benefit Pension Plans
 
OPEB Plans
IPL
2017
 
2016
 
2017
 
2016
Service cost

$1.8

 

$1.9

 

$0.5

 

$0.6

Interest cost
5.9

 
6.1

 
0.9

 
1.0

Expected return on plan assets
(7.7
)
 
(7.7
)
 
(1.1
)
 
(1.0
)
Amortization of prior service credit
—

 
—

 
—

 
(0.7
)
Amortization of actuarial loss
4.0

 
4.1

 
0.5

 
0.6

 

$4.0

 

$4.4

 

$0.8

 

$0.5

 
Defined Benefit Pension Plans
 
OPEB Plans
WPL
2017
 
2016
 
2017
 
2016
Service cost

$1.2

 

$1.2

 

$0.5

 

$0.5

Interest cost
5.5

 
5.6

 
0.9

 
0.9

Expected return on plan assets
(7.1
)
 
(7.1
)
 
(0.2
)
 
(0.2
)
Amortization of prior service cost (credit)
—

 
0.1

 
(0.1
)
 
(0.2
)
Amortization of actuarial loss
4.6

 
4.4

 
0.4

 
0.5

 

$4.2

 

$4.2

 

$1.5

 

$1.5



401(k) Savings Plan - A significant number of employees participate in a defined contribution retirement plan (401(k) savings plan). For the three months ended March 31, costs related to the 401(k) savings plan, which are partially based on the participants’ contributions and include allocated costs associated with Corporate Services employees for IPL and WPL, were as follows (in millions):
 
Alliant Energy
 
IPL
 
WPL
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
401(k) costs

$6.5

 

$6.2

 

$3.4

 

$3.1

 

$2.9

 

$2.8


NOTE 9(b) Equity-based Compensation Plans - All shares, units and awards included below have been adjusted to reflect the common stock split distributed in May 2016.

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
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Compensation expense

$3.2

 

$5.3

 

$1.7

 

$2.8

 

$1.4

 

$2.3

Income tax benefits
1.3

 
2.2

 
0.7

 
1.1

 
0.5

 
0.9



As of March 31, 2017, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $14.0 million, $7.6 million and $5.9 million, which is expected to be recognized over a weighted average period of between one and two years.

Performance Shares and Performance Units - A summary of the performance shares and performance units activity, with amounts representing the target number of awards, was as follows:
 
Performance Shares
 
Performance Units
 
2017
 
2016
 
2017
 
2016
Nonvested awards, January 1
257,599

 
288,430

 
93,320

 
116,412

Granted
63,804

 
67,552

 
21,558

 
23,918

Vested
(99,438
)
 
(98,186
)
 
(37,395
)
 
(42,760
)
Forfeited
—

 
(1,230
)
 
(497
)
 
(764
)
Nonvested awards, March 31
221,965

 
256,566

 
76,986

 
96,806



Vested Awards - During the three months ended March 31, certain performance shares and performance units vested, resulting in payouts (a combination of cash and common stock for the performance shares and cash only for the performance units) as follows:
 
Performance Shares
 
Performance Units
 
2017
 
2016
 
2017
 
2016
 
2014 Grant
 
2013 Grant
 
2014 Grant
 
2013 Grant
Performance awards vested
99,438

 
98,186

 
37,395

 
42,760

Percentage of target number of performance awards
147.5
%
 
165.0
%
 
147.5
%
 
165.0
%
Aggregate payout value (in millions)

$5.6

 

$5.1

 

$1.5

 

$1.7

Payout - cash (in millions)

$5.1

 

$2.9

 

$1.5

 

$1.7

Payout - common stock shares issued
5,185

 
22,408

 
N/A
 
N/A

Fair Value of Awards - Information related to fair values of nonvested performance shares and performance units at March 31, 2017, by year of grant, was as follows:
 
Performance Shares
 
Performance Units
 
2017 Grant
 
2016 Grant
 
2015 Grant
 
2017 Grant
 
2016 Grant
 
2015 Grant
Nonvested awards at target
63,804

 
67,355

 
90,806

 
21,061

 
22,657

 
33,268

Alliant Energy common stock closing price on March 31, 2017

$39.61

 

$39.61

 

$39.61

 

$39.61

 

$39.61

 
N/A
Alliant Energy common stock closing price on grant date
N/A
 
N/A
 
N/A
 
N/A
 
N/A
 

$32.55

Estimated payout percentage based on performance criteria
100
%
 
160
%
 
130
%
 
100
%
 
160
%
 
130
%
Fair values of each nonvested award

$39.61

 

$63.38

 

$51.49

 

$39.61

 

$63.38

 

$42.32



Performance-Contingent Restricted Stock - Alliant Energy has not granted any performance-contingent restricted stock since 2015. In 2017, 99,438 performance-contingent restricted shares granted in 2014 vested because the specified performance criteria for such shares were met. There were 90,806 shares of nonvested performance-contingent restricted stock outstanding at March 31, 2017, with a weighted average grant date fair value of $32.55.

Performance Restricted Stock Units - A summary of the performance restricted stock units activity, with amounts representing the target number of units, was as follows:
 
2017
 
2016
 
Units
 
Weighted Average
Grant Date Fair Value
 
Units
 
Weighted Average
Grant Date Fair Value
Nonvested units, January 1
67,355

 

$33.96

 
—

 

$—

Granted
63,804

 
39.11

 
67,552

 
33.93

Forfeited
—

 
—

 
(1,230
)
 
33.90

Nonvested units, March 31
131,159

 
36.46

 
66,322

 
33.93



Restricted Stock Units - A summary of the restricted stock units activity was as follows:
 
2017
 
2016
Nonvested units, January 1
57,736

 
—

Granted
54,688

 
57,904

Forfeited
—

 
(1,054
)
Nonvested units, March 31
112,424

 
56,850



Performance-Contingent Cash Awards - Alliant Energy has not granted any performance-contingent cash awards since 2015. In 2017, 79,719 performance-contingent cash awards granted in 2014 vested, resulting in cash payouts valued at $3.1 million. There were 79,616 shares of nonvested performance-contingent cash awards outstanding at March 31, 2017.