Page | |
Abbreviation or Acronym | Definition | Abbreviation or Acronym | Definition |
2019 Form 10-K | Combined Annual Report on Form 10-K filed by Alliant Energy, IPL and WPL for the year ended Dec. 31, 2019 | GAAP | U.S. generally accepted accounting principles |
AEF | Alliant Energy Finance, LLC | IPL | Interstate Power and Light Company |
Alliant Energy | Alliant Energy Corporation | IUB | Iowa Utilities Board |
ATC | American Transmission Company LLC | MDA | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
ATC Holdings | Interest in American Transmission Company LLC and ATC Holdco LLC | MISO | Midcontinent Independent System Operator, Inc. |
Corporate Services | Alliant Energy Corporate Services, Inc. | MW | Megawatt |
COVID-19 | Novel coronavirus | MWh | Megawatt-hour |
DAEC | Duane Arnold Energy Center | N/A | Not applicable |
Dth | Dekatherm | Note(s) | Combined Notes to Condensed Consolidated Financial Statements |
EGU | Electric generating unit | OPEB | Other postretirement benefits |
EPA | U.S. Environmental Protection Agency | PPA | Purchased power agreement |
EPS | Earnings per weighted average common share | PSCW | Public Service Commission of Wisconsin |
Federal Tax Reform | Tax Cuts and Jobs Act | U.S. | United States of America |
FERC | Federal Energy Regulatory Commission | Whiting Petroleum | Whiting Petroleum Corporation |
Financial Statements | Condensed Consolidated Financial Statements | WPL | Wisconsin Power and Light Company |
FTR | Financial transmission right |
• | 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; |
• | 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, guarantees or litigation; |
1 |
• | 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 changes in tax rates, including adjustments made to deferred tax assets and liabilities; |
• | 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. |
2 |
For the Three Months | For the Six Months | ||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(in millions, except per share amounts) | |||||||||||||||
Revenues: | |||||||||||||||
Electric utility | $ | $ | $ | $ | |||||||||||
Gas utility | |||||||||||||||
Other utility | |||||||||||||||
Non-utility | |||||||||||||||
Total revenues | |||||||||||||||
Operating expenses: | |||||||||||||||
Electric production fuel and purchased power | |||||||||||||||
Electric transmission service | |||||||||||||||
Cost of gas sold | |||||||||||||||
Other operation and maintenance | |||||||||||||||
Depreciation and amortization | |||||||||||||||
Taxes other than income taxes | |||||||||||||||
Total operating expenses | |||||||||||||||
Operating income | |||||||||||||||
Other (income) and deductions: | |||||||||||||||
Interest expense | |||||||||||||||
Equity income from unconsolidated investments, net | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Allowance for funds used during construction | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Other | |||||||||||||||
Total other (income) and deductions | |||||||||||||||
Income before income taxes | |||||||||||||||
Income tax expense (benefit) | ( | ) | ( | ) | |||||||||||
Net income | |||||||||||||||
Preferred dividend requirements of Interstate Power and Light Company | |||||||||||||||
Net income attributable to Alliant Energy common shareowners | $ | $ | $ | $ | |||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | |||||||||||||||
Diluted | |||||||||||||||
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted) | $ | $ | $ | $ |
3 |
June 30, 2020 | December 31, 2019 | ||||||
(in millions, except per share and share amounts) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | $ | |||||
Accounts receivable, less allowance for expected credit losses | |||||||
Production fuel, at weighted average cost | |||||||
Gas stored underground, at weighted average cost | |||||||
Materials and supplies, at weighted average cost | |||||||
Regulatory assets | |||||||
Other | |||||||
Total current assets | |||||||
Property, plant and equipment, net | |||||||
Investments: | |||||||
ATC Holdings | |||||||
Other | |||||||
Total investments | |||||||
Other assets: | |||||||
Regulatory assets | |||||||
Deferred charges and other | |||||||
Total other assets | |||||||
Total assets | $ | $ |
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Current maturities of long-term debt | $ | $ | |||||
Commercial paper | |||||||
Accounts payable | |||||||
Regulatory liabilities | |||||||
Other | |||||||
Total current liabilities | |||||||
Long-term debt, net (excluding current portion) | |||||||
Other liabilities: | |||||||
Deferred tax liabilities | |||||||
Regulatory liabilities | |||||||
Pension and other benefit obligations | |||||||
Other | |||||||
Total other liabilities | |||||||
Equity: | |||||||
Alliant Energy Corporation common equity: | |||||||
Common stock - $0.01 par value - 480,000,000 shares authorized; 249,644,352 and 245,022,800 shares | |||||||
Additional paid-in capital | |||||||
Retained earnings | |||||||
Accumulated other comprehensive income (loss) | ( | ) | |||||
Shares in deferred compensation trust - 367,493 and 381,232 shares at a weighted average cost of $27.86 and $26.24 per share | ( | ) | ( | ) | |||
Total Alliant Energy Corporation common equity | |||||||
Cumulative preferred stock of Interstate Power and Light Company | |||||||
Total equity | |||||||
Total liabilities and equity | $ | $ |
4 |
For the Six Months | |||||||
Ended June 30, | |||||||
2020 | 2019 | ||||||
(in millions) | |||||||
Cash flows from operating activities: | |||||||
Net income | $ | $ | |||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||
Depreciation and amortization | |||||||
Deferred tax expense (benefit) and tax credits | ( | ) | |||||
Equity component of allowance for funds used during construction | ( | ) | ( | ) | |||
Other | |||||||
Other changes in assets and liabilities: | |||||||
Accounts receivable | ( | ) | ( | ) | |||
Accounts payable | ( | ) | |||||
Regulatory liabilities | ( | ) | ( | ) | |||
Pension and other benefit obligations | ( | ) | ( | ) | |||
Deferred income taxes | |||||||
Other | ( | ) | |||||
Net cash flows from operating activities | |||||||
Cash flows used for investing activities: | |||||||
Construction and acquisition expenditures: | |||||||
Utility business | ( | ) | ( | ) | |||
Other | ( | ) | ( | ) | |||
Cash receipts on sold receivables | |||||||
Other | ( | ) | |||||
Net cash flows used for investing activities | ( | ) | ( | ) | |||
Cash flows from financing activities: | |||||||
Common stock dividends | ( | ) | ( | ) | |||
Proceeds from issuance of common stock, net | |||||||
Proceeds from issuance of long-term debt | |||||||
Payments to retire long-term debt | ( | ) | ( | ) | |||
Net change in commercial paper | ( | ) | ( | ) | |||
Other | ( | ) | ( | ) | |||
Net cash flows from financing activities | |||||||
Net increase in cash, cash equivalents and restricted cash | |||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||
Supplemental cash flows information: | |||||||
Cash (paid) refunded during the period for: | |||||||
Interest | ($ | ) | ($ | ) | |||
Income taxes, net | ($ | ) | $ | ||||
Significant non-cash investing and financing activities: | |||||||
Accrued capital expenditures | $ | $ | |||||
Beneficial interest obtained in exchange for securitized accounts receivable | $ | $ |
5 |
For the Three Months | For the Six Months | ||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(in millions) | |||||||||||||||
Revenues: | |||||||||||||||
Electric utility | $ | $ | $ | $ | |||||||||||
Gas utility | |||||||||||||||
Steam and other | |||||||||||||||
Total revenues | |||||||||||||||
Operating expenses: | |||||||||||||||
Electric production fuel and purchased power | |||||||||||||||
Electric transmission service | |||||||||||||||
Cost of gas sold | |||||||||||||||
Other operation and maintenance | |||||||||||||||
Depreciation and amortization | |||||||||||||||
Taxes other than income taxes | |||||||||||||||
Total operating expenses | |||||||||||||||
Operating income | |||||||||||||||
Other (income) and deductions: | |||||||||||||||
Interest expense | |||||||||||||||
Allowance for funds used during construction | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Other | |||||||||||||||
Total other (income) and deductions | |||||||||||||||
Income before income taxes | |||||||||||||||
Income tax expense (benefit) | ( | ) | ( | ) | |||||||||||
Net income | |||||||||||||||
Preferred dividend requirements | |||||||||||||||
Net income available for common stock | $ | $ | $ | $ |
6 |
June 30, 2020 | December 31, 2019 | ||||||
(in millions, except per share and share amounts) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | $ | |||||
Accounts receivable, less allowance for expected credit losses | |||||||
Production fuel, at weighted average cost | |||||||
Gas stored underground, at weighted average cost | |||||||
Materials and supplies, at weighted average cost | |||||||
Regulatory assets | |||||||
Other | |||||||
Total current assets | |||||||
Property, plant and equipment, net | |||||||
Other assets: | |||||||
Regulatory assets | |||||||
Deferred charges and other | |||||||
Total other assets | |||||||
Total assets | $ | $ |
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Current maturities of long-term debt | $ | $ | |||||
Accounts payable | |||||||
Regulatory liabilities | |||||||
Other | |||||||
Total current liabilities | |||||||
Long-term debt, net (excluding current portion) | |||||||
Other liabilities: | |||||||
Deferred tax liabilities | |||||||
Regulatory liabilities | |||||||
Pension and other benefit obligations | |||||||
Other | |||||||
Total other liabilities | |||||||
Equity: | |||||||
Interstate Power and Light Company common equity: | |||||||
Common stock - $2.50 par value - 24,000,000 shares authorized; 13,370,788 shares outstanding | |||||||
Additional paid-in capital | |||||||
Retained earnings | |||||||
Total Interstate Power and Light Company common equity | |||||||
Cumulative preferred stock | |||||||
Total equity | |||||||
Total liabilities and equity | $ | $ |
7 |
For the Six Months | |||||||
Ended June 30, | |||||||
2020 | 2019 | ||||||
(in millions) | |||||||
Cash flows from operating activities: | |||||||
Net income | $ | $ | |||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||
Depreciation and amortization | |||||||
Deferred tax benefit and tax credits | ( | ) | ( | ) | |||
Other | ( | ) | ( | ) | |||
Other changes in assets and liabilities: | |||||||
Accounts receivable | ( | ) | ( | ) | |||
Accounts payable | ( | ) | |||||
Deferred income taxes | |||||||
Other | ( | ) | |||||
Net cash flows from operating activities | |||||||
Cash flows used for investing activities: | |||||||
Construction and acquisition expenditures | ( | ) | ( | ) | |||
Cash receipts on sold receivables | |||||||
Other | ( | ) | ( | ) | |||
Net cash flows used for investing activities | ( | ) | ( | ) | |||
Cash flows from financing activities: | |||||||
Common stock dividends | ( | ) | ( | ) | |||
Capital contributions from parent | |||||||
Proceeds from issuance of long-term debt | |||||||
Payments to retire long-term debt | ( | ) | |||||
Net change in commercial paper | ( | ) | |||||
Other | ( | ) | ( | ) | |||
Net cash flows from financing activities | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ) | |||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||
Supplemental cash flows information: | |||||||
Cash (paid) refunded during the period for: | |||||||
Interest | ($ | ) | ($ | ) | |||
Income taxes, net | $ | $ | |||||
Significant non-cash investing and financing activities: | |||||||
Accrued capital expenditures | $ | $ | |||||
Beneficial interest obtained in exchange for securitized accounts receivable | $ | $ |
8 |
For the Three Months | For the Six Months | ||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(in millions) | |||||||||||||||
Revenues: | |||||||||||||||
Electric utility | $ | $ | $ | $ | |||||||||||
Gas utility | |||||||||||||||
Other | |||||||||||||||
Total revenues | |||||||||||||||
Operating expenses: | |||||||||||||||
Electric production fuel and purchased power | |||||||||||||||
Electric transmission service | |||||||||||||||
Cost of gas sold | |||||||||||||||
Other operation and maintenance | |||||||||||||||
Depreciation and amortization | |||||||||||||||
Taxes other than income taxes | |||||||||||||||
Total operating expenses | |||||||||||||||
Operating income | |||||||||||||||
Other (income) and deductions: | |||||||||||||||
Interest expense | |||||||||||||||
Allowance for funds used during construction | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Other | |||||||||||||||
Total other (income) and deductions | |||||||||||||||
Income before income taxes | |||||||||||||||
Income tax expense (benefit) | ( | ) | ( | ) | |||||||||||
Net income | $ | $ | $ | $ |
9 |
June 30, 2020 | December 31, 2019 | ||||||
(in millions, except per share and share amounts) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | $ | |||||
Accounts receivable, less allowance for expected credit losses | |||||||
Production fuel, at weighted average cost | |||||||
Gas stored underground, at weighted average cost | |||||||
Materials and supplies, at weighted average cost | |||||||
Regulatory assets | |||||||
Other | |||||||
Total current assets | |||||||
Property, plant and equipment, net | |||||||
Other assets: | |||||||
Regulatory assets | |||||||
Deferred charges and other | |||||||
Total other assets | |||||||
Total assets | $ | $ |
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Current maturities of long-term debt | $ | $ | |||||
Commercial paper | |||||||
Accounts payable | |||||||
Accounts payable to associated companies | |||||||
Regulatory liabilities | |||||||
Other | |||||||
Total current liabilities | |||||||
Long-term debt, net (excluding current portion) | |||||||
Other liabilities: | |||||||
Deferred tax liabilities | |||||||
Regulatory liabilities | |||||||
Finance lease obligations - Sheboygan Falls Energy Facility | |||||||
Pension and other benefit obligations | |||||||
Other | |||||||
Total other liabilities | |||||||
Equity: | |||||||
Wisconsin Power and Light Company common equity: | |||||||
Common stock - $5 par value - 18,000,000 shares authorized; 13,236,601 shares outstanding | |||||||
Additional paid-in capital | |||||||
Retained earnings | |||||||
Total Wisconsin Power and Light Company common equity | |||||||
Total liabilities and equity | $ | $ |
10 |
For the Six Months | |||||||
Ended June 30, | |||||||
2020 | 2019 | ||||||
(in millions) | |||||||
Cash flows from operating activities: | |||||||
Net income | $ | $ | |||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||
Depreciation and amortization | |||||||
Other | ( | ) | |||||
Other changes in assets and liabilities: | |||||||
Accounts receivable | |||||||
Regulatory liabilities | ( | ) | ( | ) | |||
Deferred income taxes | |||||||
Other | ( | ) | ( | ) | |||
Net cash flows from operating activities | |||||||
Cash flows used for investing activities: | |||||||
Construction and acquisition expenditures | ( | ) | ( | ) | |||
Other | ( | ) | |||||
Net cash flows used for investing activities | ( | ) | ( | ) | |||
Cash flows from financing activities: | |||||||
Common stock dividends | ( | ) | ( | ) | |||
Capital contributions from parent | |||||||
Proceeds from issuance of long-term debt | |||||||
Payments to retire long-term debt | ( | ) | |||||
Net change in commercial paper | ( | ) | ( | ) | |||
Other | ( | ) | ( | ) | |||
Net cash flows from financing activities | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ) | |||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||
Supplemental cash flows information: | |||||||
Cash (paid) refunded during the period for: | |||||||
Interest | ($ | ) | ($ | ) | |||
Income taxes, net | $ | ($ | ) | ||||
Significant non-cash investing and financing activities: | |||||||
Accrued capital expenditures | $ | $ |
11 |
12 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | ||||||||||||||||||
Tax-related | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Pension and OPEB costs | |||||||||||||||||||||||
Assets retired early | |||||||||||||||||||||||
Asset retirement obligations | |||||||||||||||||||||||
IPL’s DAEC PPA amendment | — | — | |||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Emission allowances | — | — | |||||||||||||||||||||
Other | |||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | ||||||||||||||||||
Tax-related | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Cost of removal obligations | |||||||||||||||||||||||
Electric transmission cost recovery | |||||||||||||||||||||||
Commodity cost recovery | |||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
WPL’s earnings sharing mechanism | — | — | |||||||||||||||||||||
Other | |||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | ||||||||||||||||||
Customer | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Unbilled utility revenues | |||||||||||||||||||||||
Deferred proceeds | — | — | |||||||||||||||||||||
Other | |||||||||||||||||||||||
Allowance for expected credit losses | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
$ | $ | $ | $ | $ | $ |
13 |
Three Months | Six Months | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Maximum outstanding aggregate cash proceeds | $ | $ | $ | $ | |||||||||||
Average outstanding aggregate cash proceeds |
June 30, 2020 | December 31, 2019 | ||||||
Customer accounts receivable | $ | $ | |||||
Unbilled utility revenues | |||||||
Other receivables | |||||||
Receivables sold to third party | |||||||
Less: cash proceeds | |||||||
Deferred proceeds | |||||||
Less: allowance for expected credit losses | |||||||
Fair value of deferred proceeds | $ | $ |
Three Months | Six Months | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Collections | $ | $ | $ | $ | |||||||||||
Write-offs, net of recoveries |
Three Months | Six Months | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
ATC Holdings | ($ | ) | ($ | ) | ($ | ) | ($ | ) | |||||||
Non-utility wind farm in Oklahoma | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Other | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
($ | ) | ($ | ) | ($ | ) | ($ | ) |
Shares outstanding, January 1, 2020 | ||
Equity forward agreements | ||
Shareowner Direct Plan | ||
Equity-based compensation plans | ||
Shares outstanding, June 30, 2020 |
14 |
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 June 30, 2020 | |||||||||||||||||||||||||||
Beginning balance, March 31, 2020 | $ | $ | $ | $ | ($ | ) | $ | $ | |||||||||||||||||||
Net income attributable to Alliant Energy common shareowners | |||||||||||||||||||||||||||
Common stock dividends ($0.38 per share) | ( | ) | ( | ) | |||||||||||||||||||||||
Shareowner Direct Plan issuances | |||||||||||||||||||||||||||
Equity-based compensation plans and other | ( | ) | |||||||||||||||||||||||||
Other comprehensive loss, net of tax | ( | ) | ( | ) | |||||||||||||||||||||||
Ending balance, June 30, 2020 | $ | $ | $ | ($ | ) | ($ | ) | $ | $ | ||||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||||||||||
Beginning balance, March 31, 2019 | $ | $ | $ | $ | ($ | ) | $ | $ | |||||||||||||||||||
Net income attributable to Alliant Energy common shareowners | |||||||||||||||||||||||||||
Common stock dividends ($0.355 per share) | ( | ) | ( | ) | |||||||||||||||||||||||
Shareowner Direct Plan issuances | |||||||||||||||||||||||||||
Equity-based compensation plans and other | ( | ) | |||||||||||||||||||||||||
Other comprehensive loss, net of tax | ( | ) | ( | ) | |||||||||||||||||||||||
Ending balance, June 30, 2019 | $ | $ | $ | $ | ($ | ) | $ | $ |
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 | |||||||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||
Beginning balance, December 31, 2019 | $ | $ | $ | $ | ($ | ) | $ | $ | |||||||||||||||||||
Net income attributable to Alliant Energy common shareowners | |||||||||||||||||||||||||||
Common stock dividends ($0.76 per share) | ( | ) | ( | ) | |||||||||||||||||||||||
Equity forward settlements and Shareowner Direct Plan issuances | |||||||||||||||||||||||||||
Equity-based compensation plans and other | ( | ) | |||||||||||||||||||||||||
( | ) | ( | ) | ||||||||||||||||||||||||
Other comprehensive loss, net of tax | ( | ) | ( | ) | |||||||||||||||||||||||
Ending balance, June 30, 2020 | $ | $ | $ | ($ | ) | ($ | ) | $ | $ | ||||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||
Beginning balance, December 31, 2018 | $ | $ | $ | $ | ($ | ) | $ | $ | |||||||||||||||||||
Net income attributable to Alliant Energy common shareowners | |||||||||||||||||||||||||||
Common stock dividends ($0.71 per share) | ( | ) | ( | ) | |||||||||||||||||||||||
Equity forward settlements and Shareowner Direct Plan issuances | |||||||||||||||||||||||||||
Equity-based compensation plans and other | ( | ) | |||||||||||||||||||||||||
Other comprehensive loss, net of tax | ( | ) | ( | ) | |||||||||||||||||||||||
Ending balance, June 30, 2019 | $ | $ | $ | $ | ($ | ) | $ | $ |
15 |
IPL | Total IPL Common Equity | ||||||||||||||||||
Additional | Cumulative | ||||||||||||||||||
Common | Paid-In | Retained | Preferred | Total | |||||||||||||||
Stock | Capital | Earnings | Stock | Equity | |||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||
Beginning balance, March 31, 2020 | $ | $ | $ | $ | $ | ||||||||||||||
Net income available for common stock | |||||||||||||||||||
Common stock dividends | ( | ) | ( | ) | |||||||||||||||
Capital contributions from parent | |||||||||||||||||||
Ending balance, June 30, 2020 | $ | $ | $ | $ | $ | ||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||
Beginning balance, March 31, 2019 | $ | $ | $ | $ | $ | ||||||||||||||
Net income available for common stock | |||||||||||||||||||
Common stock dividends | ( | ) | ( | ) | |||||||||||||||
Ending balance, June 30, 2019 | $ | $ | $ | $ | $ |
IPL | Total IPL Common Equity | ||||||||||||||||||
Additional | Cumulative | ||||||||||||||||||
Common | Paid-In | Retained | Preferred | Total | |||||||||||||||
Stock | Capital | Earnings | Stock | Equity | |||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||
Beginning balance, December 31, 2019 | $ | $ | $ | $ | $ | ||||||||||||||
Net income available for common stock | |||||||||||||||||||
Common stock dividends | ( | ) | ( | ) | |||||||||||||||
Capital contributions from parent | |||||||||||||||||||
Ending balance, June 30, 2020 | $ | $ | $ | $ | $ | ||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||
Beginning balance, December 31, 2018 | $ | $ | $ | $ | $ | ||||||||||||||
Net income available for common stock | |||||||||||||||||||
Common stock dividends | ( | ) | ( | ) | |||||||||||||||
Capital contributions from parent | |||||||||||||||||||
Ending balance, June 30, 2019 | $ | $ | $ | $ | $ |
WPL | Additional | Total | |||||||||||||
Common | Paid-In | Retained | Common | ||||||||||||
Stock | Capital | Earnings | Equity | ||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||
Beginning balance, March 31, 2020 | $ | $ | $ | $ | |||||||||||
Net income | |||||||||||||||
Common stock dividends | ( | ) | ( | ) | |||||||||||
Ending balance, June 30, 2020 | $ | $ | $ | $ | |||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||
Beginning balance, March 31, 2019 | $ | $ | $ | $ | |||||||||||
Net income | |||||||||||||||
Common stock dividends | ( | ) | ( | ) | |||||||||||
Ending balance, June 30, 2019 | $ | $ | $ | $ |
16 |
WPL | Additional | Total | |||||||||||||
Common | Paid-In | Retained | Common | ||||||||||||
Stock | Capital | Earnings | Equity | ||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||
Beginning balance, December 31, 2019 | $ | $ | $ | $ | |||||||||||
Net income | |||||||||||||||
Common stock dividends | ( | ) | ( | ) | |||||||||||
Capital contributions from parent | |||||||||||||||
Ending balance, June 30, 2020 | $ | $ | $ | $ | |||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||
Beginning balance, December 31, 2018 | $ | $ | $ | $ | |||||||||||
Net income | |||||||||||||||
Common stock dividends | ( | ) | ( | ) | |||||||||||
Ending balance, June 30, 2019 | $ | $ | $ | $ |
June 30, 2020 | Alliant Energy | IPL | WPL | ||
Amount outstanding | $ | $ | $ | ||
Weighted average interest rates | N/A | ||||
Available credit facility capacity | $ | $ | $ |
Alliant Energy | IPL | WPL | |||||||||
Three Months Ended June 30 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||
Maximum amount outstanding (based on daily outstanding balances) | $ | $ | $ | $ | $ | $ | |||||
Average amount outstanding (based on daily outstanding balances) | $ | $ | $ | $ | $ | $ | |||||
Weighted average interest rates | N/A | ||||||||||
Six Months Ended June 30 | |||||||||||
Maximum amount outstanding (based on daily outstanding balances) | $ | $ | $ | $ | $ | $ | |||||
Average amount outstanding (based on daily outstanding balances) | $ | $ | $ | $ | $ | $ | |||||
Weighted average interest rates |
17 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
Three Months Ended June 30 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Electric Utility: | |||||||||||||||||||||||
Retail - residential | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Retail - commercial | |||||||||||||||||||||||
Retail - industrial | |||||||||||||||||||||||
Wholesale | |||||||||||||||||||||||
Bulk power and other | |||||||||||||||||||||||
Total Electric Utility | |||||||||||||||||||||||
Gas Utility: | |||||||||||||||||||||||
Retail - residential | |||||||||||||||||||||||
Retail - commercial | |||||||||||||||||||||||
Retail - industrial | |||||||||||||||||||||||
Transportation/other | |||||||||||||||||||||||
Total Gas Utility | |||||||||||||||||||||||
Other Utility: | |||||||||||||||||||||||
Steam | — | — | |||||||||||||||||||||
Other utility | |||||||||||||||||||||||
Total Other Utility | |||||||||||||||||||||||
Non-Utility and Other: | |||||||||||||||||||||||
Transportation and other | — | — | — | — | |||||||||||||||||||
Total Non-Utility and Other | — | — | — | — | |||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | $ |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
Six Months Ended June 30 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Electric Utility: | |||||||||||||||||||||||
Retail - residential | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Retail - commercial | |||||||||||||||||||||||
Retail - industrial | |||||||||||||||||||||||
Wholesale | |||||||||||||||||||||||
Bulk power and other | |||||||||||||||||||||||
Total Electric Utility | |||||||||||||||||||||||
Gas Utility: | |||||||||||||||||||||||
Retail - residential | |||||||||||||||||||||||
Retail - commercial | |||||||||||||||||||||||
Retail - industrial | |||||||||||||||||||||||
Transportation/other | |||||||||||||||||||||||
Total Gas Utility | |||||||||||||||||||||||
Other Utility: | |||||||||||||||||||||||
Steam | — | — | |||||||||||||||||||||
Other utility | |||||||||||||||||||||||
Total Other Utility | |||||||||||||||||||||||
Non-Utility and Other: | |||||||||||||||||||||||
Transportation and other | — | — | — | — | |||||||||||||||||||
Total Non-Utility and Other | — | — | — | — | |||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | $ |
18 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
Three Months | Six Months | Three Months | Six Months | Three Months | Six Months | ||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Overall income tax rate | ( | ( | ( | ( | ( | ( |
Range of Expiration Dates | Alliant Energy | IPL | WPL | ||||||||||
Federal net operating losses | 2037 | $ | $ | $ | |||||||||
State net operating losses | 2020-2040 | ||||||||||||
Federal tax credits | 2022-2040 |
Defined Benefit Pension Plans | OPEB Plans | ||||||||||||||||||||||||||||||
Three Months | Six Months | Three Months | Six Months | ||||||||||||||||||||||||||||
Alliant Energy | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Amortization of prior service credit | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||
Amortization of actuarial loss | |||||||||||||||||||||||||||||||
Settlement losses (a) | |||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ |
Defined Benefit Pension Plans | OPEB Plans | ||||||||||||||||||||||||||||||
Three Months | Six Months | Three Months | Six Months | ||||||||||||||||||||||||||||
IPL | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Amortization of prior service credit | ( | ) | ( | ) | |||||||||||||||||||||||||||
Amortization of actuarial loss | |||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ |
Defined Benefit Pension Plans | OPEB Plans | ||||||||||||||||||||||||||||||
Three Months | Six Months | Three Months | Six Months | ||||||||||||||||||||||||||||
WPL | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Amortization of prior service credit | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Amortization of actuarial loss | |||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ |
(a) | Settlement losses related to payments made to retired executives of Alliant Energy. |
19 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||||||||||||||||||||||||||
Three Months | Six Months | Three Months | Six Months | Three Months | Six Months | ||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Compensation expense | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Income tax benefits |
Weighted Average | ||||||
Grants | Grant Date Fair Value | |||||
Performance shares | $ | |||||
Performance restricted stock units | ||||||
Restricted stock units |
Alliant Energy | IPL | ||||||
Balance, January 1 | $ | $ | |||||
Revisions in estimated cash flows | |||||||
Liabilities settled | ( | ) | ( | ) | |||
Liabilities incurred (a) | |||||||
Accretion expense | |||||||
Balance, June 30 | $ | $ |
(a) | During the six months ended June 30, 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. |
FTRs | Natural Gas | Coal | Diesel Fuel | ||||||||||||||||
MWhs | Years | Dths | Years | Tons | Years | Gallons | Years | ||||||||||||
Alliant Energy | 2020-2021 | 2020-2028 | 2020-2021 | 2020-2022 | |||||||||||||||
IPL | 2020-2021 | 2020-2028 | 2020-2021 | — | |||||||||||||||
WPL | 2020-2021 | 2020-2027 | 2020-2021 | 2020-2022 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | ||||||||||||||||||
Current derivative assets | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Non-current derivative assets | |||||||||||||||||||||||
Current derivative liabilities | |||||||||||||||||||||||
Non-current derivative liabilities |
20 |
Alliant Energy | June 30, 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 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||||||||||||
Deferred proceeds | |||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||||||||||||
Long-term debt (incl. current maturities) |
IPL | June 30, 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 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||||||||||||
Deferred proceeds | |||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||||||||||||
Long-term debt (incl. current maturities) |
WPL | June 30, 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: | |||||||||||||||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||||||||||||
Long-term debt (incl. current maturities) |
21 |
Alliant Energy | Commodity Contract Derivative | ||||||||||||||
Assets and (Liabilities), net | Deferred Proceeds | ||||||||||||||
Three Months Ended June 30 | 2020 | 2019 | 2020 | 2019 | |||||||||||
Beginning balance, April 1 | $ | $ | $ | $ | |||||||||||
Total net gains (losses) included in changes in net assets (realized/unrealized) | ( | ) | |||||||||||||
Transfers out of Level 3 | |||||||||||||||
Purchases | |||||||||||||||
Sales | ( | ) | |||||||||||||
Settlements (a) | ( | ) | ( | ) | |||||||||||
Ending balance, June 30 | $ | $ | $ | $ | |||||||||||
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at June 30 | $ | $ | $ | $ |
Alliant Energy | Commodity Contract Derivative | ||||||||||||||
Assets and (Liabilities), net | Deferred Proceeds | ||||||||||||||
Six Months Ended June 30 | 2020 | 2019 | 2020 | 2019 | |||||||||||
Beginning balance, January 1 | $ | $ | $ | $ | |||||||||||
Total net gains (losses) included in changes in net assets (realized/unrealized) | ( | ) | |||||||||||||
Transfers out of Level 3 | |||||||||||||||
Purchases | |||||||||||||||
Sales | ( | ) | ( | ) | |||||||||||
Settlements (a) | ( | ) | ( | ) | |||||||||||
Ending balance, June 30 | $ | $ | $ | $ | |||||||||||
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at June 30 | $ | ($ | ) | $ | $ |
IPL | Commodity Contract Derivative | ||||||||||||||
Assets and (Liabilities), net | Deferred Proceeds | ||||||||||||||
Three Months Ended June 30 | 2020 | 2019 | 2020 | 2019 | |||||||||||
Beginning balance, April 1 | $ | $ | $ | $ | |||||||||||
Total net gains included in changes in net assets (realized/unrealized) | |||||||||||||||
Transfers out of Level 3 | |||||||||||||||
Purchases | |||||||||||||||
Sales | ( | ) | |||||||||||||
Settlements (a) | ( | ) | ( | ) | |||||||||||
Ending balance, June 30 | $ | $ | $ | $ | |||||||||||
The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at June 30 | $ | $ | $ | $ |
IPL | Commodity Contract Derivative | ||||||||||||||
Assets and (Liabilities), net | Deferred Proceeds | ||||||||||||||
Six Months Ended June 30 | 2020 | 2019 | 2020 | 2019 | |||||||||||
Beginning balance, January 1 | $ | $ | $ | $ | |||||||||||
Total net gains (losses) included in changes in net assets (realized/unrealized) | ( | ) | |||||||||||||
Transfers out of Level 3 | |||||||||||||||
Purchases | |||||||||||||||
Sales | ( | ) | ( | ) | |||||||||||
Settlements (a) | ( | ) | ( | ) | |||||||||||
Ending balance, June 30 | $ | $ | $ | $ | |||||||||||
The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at June 30 | $ | ($ | ) | $ | $ |
22 |
(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. |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
Excluding FTRs | FTRs | Excluding FTRs | FTRs | Excluding FTRs | FTRs | ||||||||||||||||||
June 30, 2020 | $ | $ | $ | $ | $ | $ | |||||||||||||||||
December 31, 2019 |
Alliant Energy | IPL | WPL | |||||||||
Purchased power (a) | $ | $ | $ | ||||||||
Natural gas | |||||||||||
Coal (b) | |||||||||||
Other (c) | |||||||||||
$ | $ | $ |
(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 $ |
(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 June 30, 2020 regarding expected future usage, which is subject to change. |
(c) | Includes individual commitments incurred during the normal course of business that exceeded $ |
23 |
Alliant Energy | IPL | ||||||||||
Range of estimated future costs | $ | - | $ | $ | - | $ | |||||
Current and non-current environmental liabilities |
24 |
Alliant Energy | ATC Holdings, | Alliant | |||||||||||||||||||||
Utility | Non-Utility, | Energy | |||||||||||||||||||||
Electric | Gas | Other | Total | Parent and Other | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Operating income | |||||||||||||||||||||||
Net income attributable to Alliant Energy common shareowners | |||||||||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Operating income | |||||||||||||||||||||||
Net income attributable to Alliant Energy common shareowners |
Alliant Energy | ATC Holdings, | Alliant | |||||||||||||||||||||
Utility | Non-Utility, | Energy | |||||||||||||||||||||
Electric | Gas | Other | Total | Parent and Other | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Operating income | |||||||||||||||||||||||
Net income attributable to Alliant Energy common shareowners | |||||||||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Operating income | |||||||||||||||||||||||
Net income attributable to Alliant Energy common shareowners |
25 |
IPL | Electric | Gas | Other | Total | |||||||||||
(in millions) | |||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||
Operating income | |||||||||||||||
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Three Months Ended June 30, 2019 | |||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||
Operating income | |||||||||||||||
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Six Months Ended June 30, 2020 | |||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||
Operating income | |||||||||||||||
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Six Months Ended June 30, 2019 | |||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||
Operating income | |||||||||||||||
Net income available for common stock |
WPL | Electric | Gas | Other | Total | |||||||||||
(in millions) | |||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||
Operating income (loss) | ( | ) | |||||||||||||
Net income | |||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||
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Six Months Ended June 30, 2020 | |||||||||||||||
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Net income | |||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||
Operating income (loss) | ( | ) | |||||||||||||
Net income |
IPL | WPL | ||||||||||||||||||||||||||||||
Three Months | Six Months | Three Months | Six Months | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||
Corporate Services billings | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Sales credited | |||||||||||||||||||||||||||||||
Purchases billed |
IPL | WPL | ||||||
June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | ||||
Net payables to Corporate Services | $ | $ | $ | $ |
26 |
Three Months | Six Months | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
ATC billings to WPL | $ | $ | $ | $ | |||||||||||
WPL billings to ATC |
27 |
• | 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 of its control due to the COVID-19 pandemic if circumstances warrant. |
• | In the second quarter of 2020, pursuant to a June 2020 IUB order, IPL issued $42 million of credits to its retail electric customers through its transmission cost rider for amounts previously collected in rates. |
• | In July 2020, the PSCW issued a decision directing WPL to refund $12 million of 2019 fuel-related cost over-collections to its retail electric customers in September 2020. |
• | In March 2020, IPL completed the construction of the Golden Plains wind farm in Iowa (200 MW). |
• | 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. |
28 |
• | In May 2020, WPL completed the construction of the natural gas-fired West Riverside Energy Center (730 MW). |
• | In May 2020, WPL filed a Certificate of Authority with the PSCW for approval to acquire, construct, own, and operate up to 675 MW of new solar generation, which is expected to qualify for 30% investment tax credits, in the following Wisconsin counties: Grant (200 MW in 2023), Sheboygan (150 MW in 2022), Wood (150 MW in 2022), Jefferson (75 MW in 2022), Richland (50 MW in 2022) and Rock (50 MW in 2023). WPL proposes to own and operate the solar projects through a tax equity partnership, with approximately 35% to 45% of the construction costs financed with capital from the tax equity partner, allowing WPL’s customers to share the costs of the solar projects with an investment partner for 10 years or less, while ensuring its customers receive energy, capacity, and renewable energy credit benefits from the projects. WPL would expect to purchase the tax equity partner’s interest in the solar projects within 10 years of operation, and then convert to a traditional ownership structure for the remainder of the useful life of the projects. WPL’s estimated portion of capital expenditures for the 675 MW of new solar generation, excluding allowance for funds used during construction, is currently expected to be approximately $885 million in aggregate ($25 million, $410 million, $370 million and $80 million in 2020 through 2023, respectively). Assuming 35% of the construction costs are financed by the tax equity partner, WPL would receive approximately $190 million and $110 million from the tax equity partner in 2022 and 2023, respectively. WPL requested to include $585 million in rate base, which reflects its portion of capital expenditures, less the amounts financed by the tax equity partner. The 675 MW of new solar generation would replace energy and capacity being eliminated with the planned retirement of the coal-fired Edgewater Generating Station (414 MW) by the end of 2022, which is subject to change depending on operational, regulatory, market and other factors. |
• | In July 2020, Alliant Energy announced it achieved its goal that 30% of its overall energy mix be from renewable resources and establishment of updated voluntary environmental-related goals based on its clean energy strategy. By 2030, Alliant Energy expects to reduce carbon dioxide emissions by 50% and water supply by 75% from 2005 levels from its owned fossil-fueled generation. By 2040, Alliant Energy expects to eliminate all coal-fired EGUs from its generating fleet, and by 2050, seeks to achieve an aspirational goal of net-zero carbon dioxide emissions from the electricity it generates. Future updates to sustainable energy plans and attaining these goals will depend on future economic developments, evolving energy technologies and emerging trends in Alliant Energy’s service territories. |
• | 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 June 30, 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. In June 2020, WPL retired its $150 million 4.6% debentures. |
• | In June 2020, IPL issued $400 million of 2.3% senior debentures due 2030. The net proceeds from the issuance were used by IPL to retire its $200 million 3.65% senior debentures that would have matured in September 2020 and for general corporate purposes. |
29 |
2020 | 2019 | ||||||||||||||
Income | EPS | Income (Loss) | EPS | ||||||||||||
Utilities and Corporate Services | $120.8 | $0.48 | $90.1 | $0.38 | |||||||||||
ATC Holdings | 10.2 | 0.04 | 7.5 | 0.03 | |||||||||||
Non-utility and Parent | 3.4 | 0.02 | (3.0 | ) | (0.01 | ) | |||||||||
Alliant Energy Consolidated | $134.4 | $0.54 | $94.6 | $0.40 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
Three Months | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Operating income | $168.1 | $149.8 | $88.7 | $74.5 | $71.7 | $67.0 | |||||||||||||||||
Electric utility revenues | $675.2 | $691.2 | $388.4 | $392.3 | $286.8 | $298.9 | |||||||||||||||||
Electric production fuel and purchased power expenses | (163.5 | ) | (164.8 | ) | (96.0 | ) | (83.3 | ) | (67.5 | ) | (81.5 | ) | |||||||||||
Electric transmission service expense | (71.6 | ) | (112.4 | ) | (34.0 | ) | (77.4 | ) | (37.6 | ) | (35.0 | ) | |||||||||||
Utility Electric Margin (non-GAAP) | 440.1 | 414.0 | 258.4 | 231.6 | 181.7 | 182.4 | |||||||||||||||||
Gas utility revenues | 58.9 | 65.2 | 33.9 | 38.4 | 25.0 | 26.8 | |||||||||||||||||
Cost of gas sold | (20.9 | ) | (20.4 | ) | (12.4 | ) | (10.8 | ) | (8.5 | ) | (9.6 | ) | |||||||||||
Utility Gas Margin (non-GAAP) | 38.0 | 44.8 | 21.5 | 27.6 | 16.5 | 17.2 | |||||||||||||||||
Other utility revenues | 10.1 | 10.9 | 9.6 | 10.5 | 0.5 | 0.4 | |||||||||||||||||
Non-utility revenues | 18.9 | 22.9 | — | — | — | — | |||||||||||||||||
Other operation and maintenance expenses | (159.8 | ) | (172.3 | ) | (97.5 | ) | (97.4 | ) | (53.2 | ) | (62.4 | ) | |||||||||||
Depreciation and amortization expenses | (152.1 | ) | (142.9 | ) | (88.7 | ) | (82.6 | ) | (62.0 | ) | (59.1 | ) | |||||||||||
Taxes other than income tax expense | (27.1 | ) | (27.6 | ) | (14.6 | ) | (15.2 | ) | (11.8 | ) | (11.5 | ) | |||||||||||
Operating income | $168.1 | $149.8 | $88.7 | $74.5 | $71.7 | $67.0 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
Six Months | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Operating income | $356.4 | $326.6 | $185.4 | $148.0 | $165.5 | $165.1 | |||||||||||||||||
Electric utility revenues | $1,405.5 | $1,434.6 | $813.2 | $812.1 | $592.3 | $622.5 | |||||||||||||||||
Electric production fuel and purchased power expenses | (347.6 | ) | (383.2 | ) | (202.2 | ) | (212.2 | ) | (145.4 | ) | (171.0 | ) | |||||||||||
Electric transmission service expense | (193.8 | ) | (235.4 | ) | (118.5 | ) | (165.1 | ) | (75.3 | ) | (70.3 | ) | |||||||||||
Utility Electric Margin (non-GAAP) | 864.1 | 816.0 | 492.5 | 434.8 | 371.6 | 381.2 | |||||||||||||||||
Gas utility revenues | 211.1 | 281.0 | 116.9 | 163.0 | 94.2 | 118.0 | |||||||||||||||||
Cost of gas sold | (105.9 | ) | (142.0 | ) | (56.6 | ) | (74.1 | ) | (49.3 | ) | (67.9 | ) | |||||||||||
Utility Gas Margin (non-GAAP) | 105.2 | 139.0 | 60.3 | 88.9 | 44.9 | 50.1 | |||||||||||||||||
Other utility revenues | 21.7 | 22.0 | 20.7 | 21.2 | 1.0 | 0.8 | |||||||||||||||||
Non-utility revenues | 40.5 | 39.8 | — | — | — | — | |||||||||||||||||
Other operation and maintenance expenses | (322.0 | ) | (353.5 | ) | (184.1 | ) | (205.4 | ) | (107.4 | ) | (125.9 | ) | |||||||||||
Depreciation and amortization expenses | (298.4 | ) | (279.8 | ) | (174.6 | ) | (159.7 | ) | (121.1 | ) | (117.7 | ) | |||||||||||
Taxes other than income tax expense | (54.7 | ) | (56.9 | ) | (29.4 | ) | (31.8 | ) | (23.5 | ) | (23.4 | ) | |||||||||||
Operating income | $356.4 | $326.6 | $185.4 | $148.0 | $165.5 | $165.1 |
30 |
Three Months | Six Months | ||||||||||||||||||||||
Alliant Energy | IPL | WPL | Alliant Energy | IPL | WPL | ||||||||||||||||||
Total higher (lower) utility electric margin variance (Refer to details below) | $26 | $27 | ($1 | ) | $48 | $58 | ($10 | ) | |||||||||||||||
Total lower utility gas margin variance (Refer to details below) | (7 | ) | (6 | ) | (1 | ) | (34 | ) | (29 | ) | (5 | ) | |||||||||||
Total lower other operation and maintenance expenses variance (Refer to details below) | 13 | — | 9 | 32 | 21 | 19 | |||||||||||||||||
Higher depreciation and amortization expense primarily due to additional plant in service in 2019 and 2020, including IPL’s new wind generation and WPL’s West Riverside Energy Center | (9 | ) | (6 | ) | (3 | ) | (19 | ) | (15 | ) | (3 | ) | |||||||||||
Other | (5 | ) | (1 | ) | 1 | 3 | 2 | (1 | ) | ||||||||||||||
$18 | $14 | $5 | $30 | $37 | $— |
Alliant Energy | Electric | Gas | |||||||||||||||||||||||||
Revenues | MWhs Sold | Revenues | Dths Sold | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Three Months | |||||||||||||||||||||||||||
Retail | $611.0 | $618.8 | 5,609 | 5,815 | $50.0 | $53.3 | 7,023 | 7,037 | |||||||||||||||||||
Sales for resale | 50.9 | 55.6 | 1,630 | 1,408 | N/A | N/A | N/A | N/A | |||||||||||||||||||
Transportation/Other | 13.3 | 16.8 | 18 | 22 | 8.9 | 11.9 | 25,888 | 21,423 | |||||||||||||||||||
$675.2 | $691.2 | 7,257 | 7,245 | $58.9 | $65.2 | 32,911 | 28,460 | ||||||||||||||||||||
Six Months | |||||||||||||||||||||||||||
Retail | $1,270.0 | $1,283.3 | 11,734 | 12,167 | $190.4 | $254.1 | 29,045 | 33,416 | |||||||||||||||||||
Sales for resale | 108.6 | 119.1 | 3,509 | 2,832 | N/A | N/A | N/A | N/A | |||||||||||||||||||
Transportation/Other | 26.9 | 32.2 | 36 | 48 | 20.7 | 26.9 | 54,704 | 46,793 | |||||||||||||||||||
$1,405.5 | $1,434.6 | 15,279 | 15,047 | $211.1 | $281.0 | 83,749 | 80,209 |
IPL | Electric | Gas | |||||||||||||||||||||||||
Revenues | MWhs Sold | Revenues | Dths Sold | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Three Months | |||||||||||||||||||||||||||
Retail | $358.6 | $355.7 | 3,189 | 3,250 | $28.1 | $30.4 | 3,456 | 3,373 | |||||||||||||||||||
Sales for resale | 22.4 | 25.9 | 1,074 | 900 | N/A | N/A | N/A | N/A | |||||||||||||||||||
Transportation/Other | 7.4 | 10.7 | 8 | 9 | 5.8 | 8.0 | 8,813 | 8,820 | |||||||||||||||||||
$388.4 | $392.3 | 4,271 | 4,159 | $33.9 | $38.4 | 12,269 | 12,193 | ||||||||||||||||||||
Six Months | |||||||||||||||||||||||||||
Retail | $746.9 | $735.9 | 6,671 | 6,879 | $103.3 | $146.3 | 15,077 | 17,366 | |||||||||||||||||||
Sales for resale | 50.3 | 57.9 | 2,325 | 1,827 | N/A | N/A | N/A | N/A | |||||||||||||||||||
Transportation/Other | 16.0 | 18.3 | 18 | 18 | 13.6 | 16.7 | 20,107 | 19,827 | |||||||||||||||||||
$813.2 | $812.1 | 9,014 | 8,724 | $116.9 | $163.0 | 35,184 | 37,193 |
WPL | Electric | Gas | |||||||||||||||||||||||||
Revenues | MWhs Sold | Revenues | Dths Sold | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Three Months | |||||||||||||||||||||||||||
Retail | $252.4 | $263.1 | 2,420 | 2,565 | $21.9 | $22.9 | 3,567 | 3,664 | |||||||||||||||||||
Sales for resale | 28.5 | 29.7 | 556 | 508 | N/A | N/A | N/A | N/A | |||||||||||||||||||
Transportation/Other | 5.9 | 6.1 | 10 | 13 | 3.1 | 3.9 | 17,075 | 12,603 | |||||||||||||||||||
$286.8 | $298.9 | 2,986 | 3,086 | $25.0 | $26.8 | 20,642 | 16,267 | ||||||||||||||||||||
Six Months | |||||||||||||||||||||||||||
Retail | $523.1 | $547.4 | 5,063 | 5,288 | $87.1 | $107.8 | 13,968 | 16,050 | |||||||||||||||||||
Sales for resale | 58.3 | 61.2 | 1,184 | 1,005 | N/A | N/A | N/A | N/A | |||||||||||||||||||
Transportation/Other | 10.9 | 13.9 | 18 | 30 | 7.1 | 10.2 | 34,597 | 26,966 | |||||||||||||||||||
$592.3 | $622.5 | 6,265 | 6,323 | $94.2 | $118.0 | 48,565 | 43,016 |
31 |
Electric Margins | Gas Margins | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months | Six Months | Three Months | Six Months | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||||||||
IPL | $2 | ($3 | ) | $5 | ($1 | ) | $3 | ($4 | ) | $2 | $1 | $1 | $— | $4 | ($4 | ) | |||||||||||||||||||||||||||||||
WPL | 3 | (4 | ) | 7 | — | — | — | — | — | — | (1 | ) | 2 | (3 | ) | ||||||||||||||||||||||||||||||||
Total Alliant Energy | $5 | ($7 | ) | $12 | ($1 | ) | $3 | ($4 | ) | $2 | $1 | $1 | ($1 | ) | $6 | ($7 | ) |
Three Months | Six Months | ||||||||||||||||||||||
Alliant Energy | IPL | WPL | Alliant Energy | IPL | WPL | ||||||||||||||||||
Impact of IPL’s retail electric final and interim rate increases effective February 2020 and April 2019, respectively (a) | $17 | $17 | $— | $47 | $47 | $— | |||||||||||||||||
Higher revenues at IPL due to credits on customers’ bills in 2019 related to production tax credits through the fuel-related cost recovery mechanism (offset by changes in income tax) | 5 | 5 | — | 10 | 10 | — | |||||||||||||||||
Higher revenues at IPL due to changes in electric tax benefit rider credits on customers’ bills (offset by changes in income tax) | 1 | 1 | — | 6 | 6 | — | |||||||||||||||||
Changes in timing of collection of electric transmission service costs at WPL | (3 | ) | — | (3 | ) | (5 | ) | — | (5 | ) | |||||||||||||
Estimated changes in sales volumes caused by temperatures | 12 | 5 | 7 | (4 | ) | (4 | ) | — | |||||||||||||||
Other (includes lower temperature-normalized sales primarily due to COVID-19 impacts) | (6 | ) | (1 | ) | (5 | ) | (6 | ) | (1 | ) | (5 | ) | |||||||||||
$26 | $27 | ($1 | ) | $48 | $58 | ($10 | ) |
(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. |
Three Months | Six Months | ||||||||||||||||||||||
Alliant Energy | IPL | WPL | Alliant Energy | IPL | WPL | ||||||||||||||||||
Lower revenues at IPL related to changes in recovery amounts for energy efficiency costs through the energy efficiency rider (mostly offset by changes in energy efficiency expense) | ($5 | ) | ($5 | ) | $— | ($27 | ) | ($27 | ) | $— | |||||||||||||
Estimated changes in sales volumes caused by temperatures | 1 | 1 | — | (7 | ) | (4 | ) | (3 | ) | ||||||||||||||
Impact of IPL’s retail gas rate increase effective January 2020 | 1 | 1 | — | 7 | 7 | — | |||||||||||||||||
Other (includes lower temperature-normalized sales primarily due to COVID-19 impacts) | (4 | ) | (3 | ) | (1 | ) | (7 | ) | (5 | ) | (2 | ) | |||||||||||
($7 | ) | ($6 | ) | ($1 | ) | ($34 | ) | ($29 | ) | ($5 | ) |
32 |
Three Months | Six Months | ||||||||||||||||||||||
Alliant Energy | IPL | WPL | Alliant Energy | IPL | WPL | ||||||||||||||||||
Lower energy efficiency expense at IPL (primarily offset by lower gas revenues) | $6 | $6 | $— | $26 | $26 | $— | |||||||||||||||||
Lower generation operation and maintenance expenses | 8 | 4 | 4 | 9 | 2 | 7 | |||||||||||||||||
Credit loss charge related to guarantees for an affiliate of Whiting Petroleum (Refer to Note 13(c)) | — | — | — | (8 | ) | — | — | ||||||||||||||||
Other | (1 | ) | (10 | ) | 5 | 5 | (7 | ) | 12 | ||||||||||||||
$13 | $— | $9 | $32 | $21 | $19 |
Three Months | Six Months | ||||||||||||||||||||||
Alliant Energy | IPL | WPL | Alliant Energy | IPL | WPL | ||||||||||||||||||
Higher interest expense primarily due to higher average outstanding long-term debt balances | $— | ($3 | ) | ($1 | ) | ($3 | ) | ($8 | ) | ($1 | ) | ||||||||||||
Higher (lower) allowance for funds used during construction primarily due to changes in construction work in progress balances related to IPL’s new wind generation and WPL’s West Riverside Energy Center and new wind generation | (3 | ) | (2 | ) | (1 | ) | (6 | ) | (8 | ) | 3 | ||||||||||||
5 | — | 1 | 11 | 1 | 2 | ||||||||||||||||||
$2 | ($5 | ) | ($1 | ) | $2 | ($15 | ) | $4 |
33 |
Alliant Energy | IPL | WPL | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
Cash, cash equivalents and restricted cash, January 1 | $17.7 | $25.5 | $9.3 | $12.4 | $4.4 | $9.2 | |||||||||||||||||
Cash flows from (used for): | |||||||||||||||||||||||
Operating activities | 319.7 | 276.9 | 77.2 | 89.0 | 256.3 | 208.2 | |||||||||||||||||
Investing activities | (392.3 | ) | (607.0 | ) | (125.2 | ) | (354.5 | ) | (259.8 | ) | (218.0 | ) | |||||||||||
Financing activities | 264.3 | 478.8 | 242.2 | 259.5 | 2.3 | 165.1 | |||||||||||||||||
Net increase (decrease) | 191.7 | 148.7 | 194.2 | (6.0 | ) | (1.2 | ) | 155.3 | |||||||||||||||
Cash, cash equivalents and restricted cash, June 30 | $209.4 | $174.2 | $203.5 | $6.4 | $3.2 | $164.5 |
Alliant Energy | IPL | WPL | |||||||||
Higher collections from IPL’s retail electric and gas base rate increases | $54 | $54 | $— | ||||||||
Lower purchased power capacity payments at WPL | 15 | — | 15 | ||||||||
Refunds received in 2020 related to the MISO transmission owner return on equity complaint November 2019 FERC order (Refer to Note 13(f)) | 13 | 10 | 3 | ||||||||
Changes in levels of production fuel | 6 | (15 | ) | 21 | |||||||
Amounts issued to IPL’s retail electric customers in 2020 through its transmission cost rider for amounts previously collected in rates (Refer to Note 2) | (42 | ) | (42 | ) | — | ||||||
Decreased collections from IPL’s and WPL’s retail customers caused by temperature impacts on electric and gas sales | (11 | ) | (8 | ) | (3 | ) | |||||
Changes in income taxes paid/refunded | (8 | ) | (5 | ) | 8 | ||||||
Changes in interest payments | (5 | ) | (13 | ) | 2 | ||||||
Other (primarily due to other changes in working capital) | 21 | 7 | 2 | ||||||||
$43 | ($12 | ) | $48 |
Alliant Energy | IPL | WPL | |||||||||
Lower (higher) utility construction and acquisition expenditures (a) | $69 | $140 | ($71 | ) | |||||||
Changes in the amount of cash receipts on sold receivables | 84 | 84 | — | ||||||||
Refund from ATC in 2020 for construction deposits WPL previously provided to ATC for transmission network upgrades for the West Riverside Energy Center | 46 | — | 46 | ||||||||
Expenditures for new acquisitions at AEF in 2019 | 13 | — | — | ||||||||
Other | 3 | 5 | (17 | ) | |||||||
$215 | $229 | ($42 | ) |
(a) | Largely due to lower expenditures for IPL’s expansion of wind generation and WPL’s West Riverside Energy Center, partially offset by higher expenditures for IPL’s and WPL’s electric and gas distribution systems and WPL’s expansion of wind generation. |
34 |
Alliant Energy | IPL | WPL | |||||||||
Higher payments to retire long-term debt | ($650 | ) | ($200 | ) | ($150 | ) | |||||
Net changes in the amount of commercial paper outstanding | (101 | ) | 50 | (25 | ) | ||||||
Higher net proceeds from issuance of long-term debt | 400 | 100 | — | ||||||||
Higher net proceeds from common stock issuances | 174 | — | — | ||||||||
Higher capital contributions from IPL’s and WPL’s parent company, Alliant Energy | — | 75 | 25 | ||||||||
Other (includes higher dividend payments in 2020) | (38 | ) | (42 | ) | (13 | ) | |||||
($215 | ) | ($17 | ) | ($163 | ) |
35 |
Total Number | Average Price | Total Number of Shares | Maximum Number (or Approximate | ||||||||
of Shares | Paid Per | Purchased as Part of | Dollar Value) of Shares That May | ||||||||
Period | Purchased (a) | Share | Publicly Announced Plan | Yet Be Purchased Under the Plan (a) | |||||||
April 1 through April 30 | 3,690 | $53.06 | — | N/A | |||||||
May 1 through May 31 | 3,120 | 46.00 | — | N/A | |||||||
June 1 through June 30 | 69 | 47.79 | — | N/A | |||||||
6,879 | 49.80 | — |
(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. |
36 |
Exhibit Number | Description |
4.1 | |
4.2 | |
10.1# | |
10.1a# | |
10.1b# | |
10.1c# | |
31.1 | |
31.2 | |
31.3 | |
31.4 | |
31.5 | |
31.6 | |
32.1 | |
32.2 | |
32.3 | |
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
101.SCH | Inline XBRL Taxonomy Extension Schema Document |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
ALLIANT ENERGY CORPORATION | |
Registrant | |
By: /s/ Benjamin M. Bilitz | Chief Accounting Officer and Controller |
Benjamin M. Bilitz | (Principal Accounting Officer and Authorized Signatory) |
INTERSTATE POWER AND LIGHT COMPANY | |
Registrant | |
By: /s/ Benjamin M. Bilitz | Chief Accounting Officer and Controller |
Benjamin M. Bilitz | (Principal Accounting Officer and Authorized Signatory) |
WISCONSIN POWER AND LIGHT COMPANY | |
Registrant | |
By: /s/ Benjamin M. Bilitz | Chief Accounting Officer and Controller |
Benjamin M. Bilitz | (Principal Accounting Officer and Authorized Signatory) |
37 |
1. | Award. Subject to the terms of this Agreement and the Plan, the Employee is hereby granted ###TOTAL_AWARDS### target Performance Shares on the Grant Date. Performance Shares granted under this Agreement are units that will be reflected in a book account maintained by the Company during the Performance Period set forth below, and that will be settled in Shares to the extent provided in this Agreement and the Plan. |
2. | Performance Period; Performance Goals. |
(a) | The “Performance Period” is the period beginning on ###DATE### and ending on ###DATE###. |
(b) | Except as otherwise provided in this Agreement (including Section 9 below), the Performance Shares will become earned based on achievement of the requisite performance goal or performance goals (the “Performance Goals”) determined in accordance with the provisions of Exhibit 1, which is attached to and forms a part of this Agreement. Any unearned Performance Shares automatically will terminate and be cancelled, without the payment of any consideration following the last day of the Performance Period. |
3. | Settlement of Awards. Subject to Section 9 below, the Company shall deliver to the Employee one Share for each Performance Share earned by the Employee, as determined in accordance with the provisions of Exhibit 1, except that cash shall be distributed in lieu of any fractional Share. |
2020 Omnibus Performance Shares | 1 |
4. | Time of Payment. Except as otherwise provided in this Agreement (including Section 9 below), payment of Performance Shares earned in accordance with the provisions of Section 3 will be delivered as soon as practicable (but in any event within 75 days) following the last day of the Performance Period set forth in Section 2(a), subject to the Committee approving in writing as to the satisfaction of the requisite Performance Goal or Goals. |
5. | Retirement, Disability, or Death During Performance Period and Prior to a Change in Control. If the Employee’s employment with the Company and its Affiliates terminates during the Performance Period and prior to a Change in Control because of the Employee’s Retirement (as defined below), Disability, or death, the Employee shall be entitled to the full value of the Award earned in accordance with Exhibit 1, determined at the end of the Performance Period, so long as the termination event occurs after the end of the first year of the Performance Period and only if and to the extent the Performance Goals are met. If the termination event occurs during the first year of the Performance Period, the Employee will be entitled to a prorated value of the Award, earned in accordance with Exhibit 1, determined at the end of the Performance Period and only if and to the extent the Performance Goals are met, based on a fraction, the numerator of which is the number of months the Employee was employed during the Performance Period and the denominator of which is 12. |
6. | Involuntary Termination Without Cause During Performance Period and Prior to a Change in Control. If the Employee’s employment with the Company and its Affiliates terminates during the Performance Period and prior to a Change in Control because of an Involuntary Termination without Cause (as defined below), the Employee shall be entitled to the prorated value of the Award earned, determined at the end of the Performance Period and only if and to the extent the Performance Goals are met, based on a fraction, the numerator of which is the number of months the Employee was employed during the Performance Period and the denominator of which is 36. |
7. | Other Terminations of Employment During Performance Period. If the Employee’s employment with the Company and its Affiliates terminates during the Performance Period and prior to a Change in Control for any reason other than the Employee’s Retirement, Disability, Involuntary Termination without Cause, or death, the Performance Shares granted under this Agreement automatically will terminate and be cancelled on the date of such termination of employment. |
8. | Dividend Equivalents. |
(a) | After the Performance Period has ended (or, if a Change in Control occurs during the Performance Period, the effective date of the Change in Control), dividend equivalents (“Dividend Equivalents”) will be calculated and credited to the account of the Employee with respect to the percentage of Performance Shares that are earned (as determined in accordance with Section 3 or Section 9(a)(i) as applicable). Dividend Equivalents will be credited as additional Performance Shares, the number of which will be equal to the number of whole Shares that could be purchased with the amount of the Dividend Equivalents, based on the Fair Market Value of the Shares as of the dividend payment date and the number of earned Performance Shares (as determined in accordance with Section 3 or Section 9(a)(i) as applicable). |
(b) | Any Dividend Equivalents credited to the Employee’s account pursuant to this Section 8 shall not be vested or paid until the dates of vesting or payment of the Performance Shares with respect to which such Dividend Equivalents are credited, and such Dividend Equivalents shall be subject to the same restrictions and other terms and conditions as apply to the Performance Shares with respect to which they were credited. |
(c) | No Dividend Equivalents shall be credited to the Employee with respect to record dates occurring prior to the Grant Date or with respect to record dates occurring on or after the date, if any, on which the Performance Shares are cancelled and terminated. |
9. | Change in Control. |
(a) | No Termination of Employment Prior to a Change in Control. |
2020 Omnibus Performance Shares | 2 |
(i) | Notwithstanding anything to the contrary in the Plan, this Agreement, or the Employee’s employment agreement or any other agreement to which the Employee is a party, if a Change in Control occurs during the Performance Period and the Employee’s employment does not terminate before the effectiveness of the Change in Control, then the Employee shall be entitled to the earned Performance Shares (as determined in accordance with this Section 9(a)(i)), which automatically will convert into a contractual right to receive a cash payment (the “Cash Payment Right”) in an amount equal to (i) the number of earned Performance Shares (including any additional Performance Shares determined in accordance with Section 8(a)), multiplied by (ii) the per Share Fair Market Value as of the trading day immediately preceding the effective date of the Change in Control. For purposes of this Section 9, the “earned Performance Shares” means the number of Performance Shares that would have been earned by the Employee in accordance with Exhibit 1 assuming that the day immediately preceding the effective date of the Change in Control is the last day of the Performance Period. After such conversion, no interest or Dividend Equivalents will be accrued, credited or paid with respect to the Cash Payment Right. Any portion of the Performance Shares that is not converted into the Cash Payment Right automatically shall terminate and be cancelled immediately prior to the effectiveness of the Change in Control, without the payment of any consideration therefor. |
(ii) | Notwithstanding anything to the contrary in the Plan, this Agreement, or the Employee’s employment agreement or any other agreement to which the Employee is a party, the Cash Payment Right shall be paid as soon as practicable (but in any event within 75 days) after the last day of the Performance Period set forth in Section 2(a), provided that the Employee remains continuously employed by the Company or an Affiliate or any successor thereto through the last day of such Performance Period. Notwithstanding the immediately preceding sentence, in the event that the Employee experiences a termination of employment due to the Employee’s Retirement (as defined below), Disability, or death or an involuntary termination of employment by action of the Company (or its successor) (other than a termination due to Cause) or due to the Employee’s resignation for Good Reason prior to the last day of the Performance Period set forth in Section 2(a), the Cash Payment Right will be paid in accordance with the first sentence of this Section 9(a)(ii) as though the Employee remained continuously employed by the Company or an Affiliate or any successor thereto through the last day of the Performance Period. |
(b) | Certain Terminations of Employment Prior to a Change in Control. Solely for purposes of Sections 5 and 6 of the Agreement, if the Employee’s employment terminates for any of the reasons set forth in such Sections 5 and 6 prior to a Change in Control and a Change in Control occurs during the Performance Period, then the Employee shall be entitled to the earned Performance Shares determined in accordance with Section 9(a)(i) in lieu of any amount set forth in Section 5 or Section 6, as applicable, which Performance Shares automatically shall convert into a contractual right to receive the Cash Payment Right. After such conversion, no interest or Dividend Equivalents will be accrued, credited or paid with respect to the Cash Payment Right. For the avoidance of doubt, the Cash Payment Right will be paid at such time provided under Section 4. |
10. | Definitions. |
(a) | “Involuntary Termination without Cause” shall mean that the Employee experiences a termination of employment due to the Employee’s (i) receipt of a written notification that his or her position is being eliminated as a result of a structured job elimination program or (ii) resignation for a Pre-Change in Control Good Reason. |
(b) | “Pre-Change in Control Good Reason” shall mean that an applicable event occurs and the Employee provides notice to the Company of the existence of the event within 90 days of the initial existence of the event, the Company fails to cure the event within 30 days of such notice and the Employee resigns within 30 days following the last day of such 30-day cure period. The applicable events are any one or more of the following: (i) a material diminution in the Employee’s base compensation and (ii) a material diminution in the Employee’s authority, duties, or responsibilities. |
(c) | “Retirement” shall mean the Employee’s employment terminates (with the consent of the Company) after he or she has reached age 55 and the Employee’s age, in whole years, added to |
2020 Omnibus Performance Shares | 3 |
11. | Nontransferability of Performance Shares. The Performance Shares shall not be assignable, alienable, saleable or transferable by the Employee other than by will or the laws of descent and distribution prior to settlement of the Awards pursuant to Section 3 (or, if applicable, Section 9); provided, however, that the Employee shall be entitled, in the manner provided in Section 13 hereof, to designate a beneficiary to receive any Shares or cash issuable with respect to the Award upon the death of the Employee. |
12. | Tax Withholding. The Company may deduct and withhold from any cash otherwise payable to the Employee such amount as may be required for the purpose of satisfying the Company’s obligation to withhold federal, state or local taxes. Further, in the event the amount so withheld is insufficient for such purpose, the Company may require that the Employee pay to the Company upon its demand or otherwise make arrangements satisfactory to the Company for payment of, such amount as may be requested by the Company in order to satisfy its obligation to withhold any such taxes. |
13. | Designation of Beneficiary. The Employee shall be permitted to designate one or more beneficiaries (each, a “Beneficiary”) on a Company-approved form who shall be entitled to payouts hereunder, to the extent payouts are made, after the death of the Employee. The terms and conditions of any such designation (including any changes thereto by the Employee) shall be subject to the terms and conditions of such Company-approved beneficiary designation form. If no such beneficiary designation is in effect at the time of the Employee’s death, or if no designated Beneficiary survives the Employee or if such designation conflicts with law, the Employee’s estate acting through his or her legal representative shall be entitled to receive payouts hereunder, to the extent they are made, after the death of the Employee. If the Committee is in doubt as to the right of any person to the Performance Shares or any payout thereunder, the Company may refuse to settle such matter, without liability for any interest or dividends on the Performance Shares, until the Committee determines the person entitled to the Performance Shares or any payout thereunder, or the Company may apply to any court of appropriate jurisdiction and such application shall be a complete discharge of the liability of the Company therefor. |
14. | Transfer Restriction. Any Shares delivered pursuant to Section 3 hereof shall thereafter be freely transferable by the Employee, provided that the Employee agrees for himself or herself and his or her heirs, legatees and legal representatives, with respect to all Shares acquired pursuant to the terms and conditions of this Agreement (or any Shares issued pursuant to a stock dividend or stock split thereon or any securities issued in lieu thereof or in substitution or exchange therefor), that he or she and his or her heirs, legatees and legal representatives will not sell or otherwise dispose of such shares except pursuant to a registration statement filed by the Company with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Act”), or except in a transaction which is determined by counsel to the Company to be exempt from registration under the Act and any applicable state securities laws; and to execute and deliver to the Company such investment representations and warranties, and to take such other actions, as counsel for the Company determines may be necessary or appropriate for compliance with the Act and any other applicable securities laws. The Employee agrees that any certificates representing any of the Shares acquired pursuant to the terms and conditions of this Agreement may bear such legend or legends as the Company deems appropriate in order to assure compliance with applicable securities laws. |
15. | Status of Employee. The Employee shall not be deemed for any purposes to be a shareowner of the Company with respect to any of the Performance Shares except to the extent that the Company has |
2020 Omnibus Performance Shares | 4 |
16. | Powers of the Company Not Affected. The existence of the Performance Shares shall not affect in any way the right or power of the Company or its shareowners to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issuance of bonds, debentures, preferred or prior preference stock senior to or affecting the Shares or the rights thereof, or dissolution or liquidation of the Company, or any sale or transfer of all or any part of the Company’s assets or business or any other corporate act or proceeding, whether of a similar character or otherwise. |
17. | Interpretation by the Committee. As a condition of the granting of the Performance Shares, the Employee agrees, for himself or herself and for his or her legal representatives or guardians, that this Agreement shall be interpreted by the Committee and that any interpretation by the Committee of the terms of this Agreement and any determination made by the Committee pursuant to this Agreement shall be final, binding and conclusive. |
18. | Miscellaneous. |
(a) | This Agreement shall be governed and construed in accordance with the internal laws of the State of Wisconsin applicable to contracts made and to be performed therein between residents thereof. As a condition of the granting of the Performance Shares, the Employee irrevocably consents to the nonexclusive jurisdiction and venue of the state and federal courts located in the State of Wisconsin. |
(b) | The Plan and this Agreement set forth the entire understanding between the Company and the Employee with respect to the subject matter hereof and shall supersede in all respects, and the Employee hereby waives all rights under, any prior or other agreement or understanding between the parties with respect to such subject matter, including, but not limited to, any Key Executive Employment and Severance Agreement. For the avoidance of doubt, the Plan and this Agreement shall control in the event there is any express conflict between the Plan and this Agreement and any prior or other agreement or understanding between the parties. |
(c) | This Agreement may not be amended or modified except by the written consent of the parties hereto. Notwithstanding the foregoing, the Committee need not obtain Employee (or other interested party) consent for any such action: (i) to the extent the action is deemed necessary by the Committee to comply with any applicable law; (ii) to the extent the action is deemed necessary by the Committee to preserve favorable accounting or tax treatment for the Company of any Award; (iii) to the extent the Committee determines that such action does not materially and adversely affect the value of an Award or that such action is in the best interest of the affected Employee; or (iv) to the extent unilateral action by the Committee is permitted under Section 14(c) of the Plan. |
(d) | The Award and any Shares or cash issued thereunder shall be subject to potential cancellation, rescission, payback, recoupment or other action in accordance with the terms of any Company clawback policy (the “Clawback Policy”), as then in effect and as it may be amended from time to time, to the extent the Clawback Policy applies to the Award and any Shares or cash issued thereunder (including a Clawback Policy implemented or amendments made thereto after the Grant Date for the Award). By accepting the Performance Shares, the Employee agrees to execute any additional documents as may be requested by the Company to effect the Company’s application, implementation and adoption of a Clawback Policy with respect to the Award and any Shares or cash issued thereunder. |
(e) | The captions of this Agreement are inserted for convenience of reference only and shall not be taken into account in construing this Agreement. |
2020 Omnibus Performance Shares | 5 |
ALLIANT ENERGY CORPORATION | |
(the “Company”) | |
By: | |
Its: | |
EMPLOYEE: | |
Employee's Signature | |
###PARTICIPANT_NAME### | |
Employee's Printed Name |
2020 Omnibus Performance Shares | 6 |
1. | Purpose: The purpose of this Exhibit 1 is to set forth the Performance Goal or Goals that will be applied to determine the amount of the Award that will be earned under the terms of the attached Performance Share Agreement (the “Agreement”). This Exhibit 1 is incorporated into and forms a part of the Agreement. |
PARTICIPANT_NAME | 20__ |
Grant Date | ###GRANT_DATE### |
Grant Date Fair Market Value | ###MARKET_PRICE_AT_TIME_OF_GRANT### |
Performance Shares (Target) | ###TOTAL_AWARDS### |
Performance Period | ###DATE### through ###DATE### |
2. | Performance Goals: The Award will be based on the Company’s Total Shareholder Return (TSR) performance (which represents stock price appreciation plus dividends reinvested) based on the three-year average relative to an investor-owned utility peer group. The peer group is defined as the group that comprises the Edison Electric Institute (EEI) Stock Index. |
3. | Amount of Award: Actual awards will be based on Company performance as specified above and can range from ___ to ___ percent of target. The number of Performance Shares earned by the Employee shall be determined in accordance with the following schedule: |
3-yr Total Shareholder Return – Percentile Relative to Peer Group* | % of Target Value Paid Out |
__ percentile or greater | ___% |
__ Percentile | ___% |
__ Percentile | ___% |
__ Percentile | ___% |
__ Percentile | ___% |
__ Percentile | ___% |
__ Percentile | ___% |
Below __ Percentile | ___% |
2020 Omnibus Performance Shares | 7 |
1. | Award. Subject to the terms of this Agreement and the Plan, the Employee is hereby granted ###TOTAL_AWARDS### RSUs on the Grant Date with a vesting commencement date of _________, 20__ (the “Vesting Commencement Date”). RSUs granted under this Agreement are units that will be reflected in a book account maintained by the Company during the Term set forth below, and that will be settled in Shares to the extent provided in this Agreement and the Plan. |
2. | Term; Vesting Schedule. |
(a) | The “Term” is the period beginning on the Vesting Commencement Date and ending on __________, 20__. |
(b) | Except as otherwise provided in this Agreement (including Section 9 below), each RSU will become earned and vested (each a “Vested RSU” and, collectively, “Vested RSUs”) on the last day of the Term set forth in Section 2(a), if the Employee is continuously employed with the Company or any of its Affiliates through the last day of the Term. |
3. | Settlement of Awards. Subject to Section 9 below, the Company shall deliver to the Employee one Share for each Vested RSU, except that cash shall be distributed in lieu of any fractional Share. |
2020 Omnibus Restricted Stock Unit | 1 |
4. | Time of Payment. Except as otherwise provided in this Agreement (including Section 9 below), payment of Vested RSUs will be delivered as soon as practicable (but in any event within 75 days) following the last day of the Term set forth in Section 2(a). |
5. | Retirement, Disability, or Death During the Term and Prior to a Change in Control. If the Employee’s employment with the Company and its Affiliates terminates during the Term and prior to a Change in Control because of the Employee’s Retirement (as defined below), Disability, or death, the full number of RSUs shall be treated as Vested RSUs, so long as the termination event occurs on or after the first anniversary of the Vesting Commencement Date. If the employment termination event occurs prior to the first anniversary of the Vesting Commencement Date, a pro-rated number of RSUs shall be treated as Vested RSUs, based on a fraction, the numerator of which is the number of months the Employee was employed during the Term and the denominator of which is 12. Any RSUs that do not become Vested RSUs automatically will terminate and be cancelled, without the payment of any consideration, on the date the Employee’s employment with the Company and its Affiliates terminates. |
6. | Involuntary Termination Without Cause During the Term and Prior to a Change in Control. If the Employee’s employment with the Company and its Affiliates terminates after the first anniversary of the Vesting Commencement Date and prior to a Change in Control because of an Involuntary Termination without Cause (as defined below), a pro-rated number of RSUs shall be treated as Vested RSUs, based on a fraction, the numerator of which is the number of months the Employee was employed following the Vesting Commencement Date and the denominator of which is 36. Any RSUs that do not become Vested RSUs automatically will terminate and be cancelled, without the payment of any consideration, on the date the Employee’s employment with the Company and its Affiliates terminates. |
7. | Other Terminations of Employment During Term and Prior to Change in Control. If the Employee’s employment with the Company and its Affiliates terminates during the Term and prior to a Change in Control for any reason other than the Employee’s Retirement, Disability, Involuntary Termination without Cause, or death, the RSUs granted under this Agreement automatically will terminate and be cancelled on the date of such termination of employment without the payment of any consideration. |
8. | Dividend Equivalents. |
(a) | After the Term has ended (or, if a Change in Control occurs prior to the end of the Term, the effective date of the Change in Control), dividend equivalents (“Dividend Equivalents”) will be calculated and credited to the account of the Employee with respect to the number of Vested RSUs. Dividend Equivalents will be credited as additional RSUs, the number of which will be equal to the number of whole Shares that could be purchased with the amount of the Dividend Equivalents, based on the Fair Market Value of the Shares as of the dividend payment date and the number of Vested RSUs. |
(b) | Any Dividend Equivalents credited to the Employee’s account pursuant to this Section 8 shall not be vested or paid until the dates of vesting or payment of the RSUs with respect to which such Dividend Equivalents are credited, and such Dividend Equivalents shall be subject to the same restrictions and other terms and conditions as apply to the RSUs with respect to which they were credited. |
(c) | No Dividend Equivalents shall be credited to the Employee with respect to record dates occurring prior to the Grant Date or with respect to record dates occurring on or after the date, if any, on which the RSUs are cancelled and terminated. |
9. | Change in Control. |
(a) | Notwithstanding anything to the contrary in the Plan, this Agreement, or the Employee’s employment agreement or any other agreement to which the Employee is a party, if a Change in Control occurs during the Term and the Employee’s employment does not terminate before the effectiveness of the Change in Control, then the RSUs automatically will vest and convert into a contractual right to receive a cash payment (the “Cash Payment Right”) in an amount equal to (i) the full number of RSUs (including any additional RSUs determined in accordance with Section 8(a)), multiplied by (ii) the per Share Fair Market Value as of the trading day immediately preceding |
2020 Omnibus Restricted Stock Unit | 2 |
(b) | Notwithstanding anything to the contrary in the Plan, this Agreement, or the Employee’s employment agreement or any other agreement to which the Employee is a party, the Cash Payment Right shall be paid as soon as practicable (but in any event within 75 days) after the last day of the Term set forth in Section 2(a), provided that the Employee remains continuously employed by the Company or an Affiliate or any successor thereto through the last day of the Term. Notwithstanding the immediately preceding sentence, in the event that the Employee experiences a termination of employment due to the Employee’s Retirement (as defined below), Disability, or death or an involuntary termination of employment by action of the Company (or its successor) (other than a termination due to Cause) or due to the Employee’s resignation for Good Reason prior to the last day of the Term set forth in Section 2(a), the Cash Payment Right will be paid in accordance with the first sentence of this Section 9(b) as though the Employee remained continuously employed by the Company or an Affiliate or any successor thereto through the last day of the Term. |
10. | Definitions. |
(a) | “Involuntary Termination without Cause” shall mean that the Employee experiences a termination of employment due to the Employee’s (i) receipt of a written notification that his or her position is being eliminated as a result of a structured job elimination program or (ii) resignation for a Pre-Change in Control Good Reason. |
(b) | “Pre-Change in Control Good Reason” shall mean that an applicable event occurs and the Employee provides notice to the Company of the existence of the event within 90 days of the initial existence of the event, the Company fails to cure the event within 30 days of such notice and the Employee resigns within 30 days following the last day of such 30-day cure period. The applicable events are any one or more of the following: (i) a material diminution in the Employee’s base compensation and (ii) a material diminution in the Employee’s authority, duties, or responsibilities. |
(c) | “Retirement” shall mean the Employee’s employment terminates (with the consent of the Company) after he or she has reached age 55 and the Employee’s age, in whole years, added to the number of whole years of the Employee’s continuous employment with the Company total 65 or more. |
11. | Nontransferability of RSUs. The RSUs shall not be assignable, alienable, saleable or transferable by the Employee other than by will or the laws of descent and distribution prior to settlement of the Awards pursuant to Section 3 (or, if applicable, Section 9); provided, however, that the Employee shall be entitled, in the manner provided in Section 13 hereof, to designate a beneficiary to receive any Shares or cash issuable with respect to the Award upon the death of the Employee. |
12. | Tax Withholding. The Company may deduct and withhold from any cash otherwise payable to the Employee such amount as may be required for the purpose of satisfying the Company’s obligation to withhold federal, state or local taxes. Further, in the event the amount so withheld is insufficient for such purpose, the Company may require that the Employee pay to the Company upon its demand or otherwise make arrangements satisfactory to the Company for payment of, such amount as may be requested by the Company in order to satisfy its obligation to withhold any such taxes. |
2020 Omnibus Restricted Stock Unit | 3 |
13. | Designation of Beneficiary. The Employee shall be permitted to designate one or more beneficiaries (each, a “Beneficiary”) on a Company-approved form who shall be entitled to payouts hereunder, to the extent payouts are made, after the death of the Employee. The terms and conditions of any such designation (including any changes thereto by the Employee) shall be subject to the terms and conditions of such Company-approved beneficiary designation form. If no such beneficiary designation is in effect at the time of the Employee’s death, or if no designated Beneficiary survives the Employee or if such designation conflicts with law, the Employee’s estate acting through his or her legal representative shall be entitled to receive payouts hereunder, to the extent they are made, after the death of the Employee. If the Committee is in doubt as to the right of any person to the RSUs or any payout thereunder, the Company may refuse to settle such matter, without liability for any interest or dividends on the RSUs, until the Committee determines the person entitled to the RSUs or any payout thereunder, or the Company may apply to any court of appropriate jurisdiction and such application shall be a complete discharge of the liability of the Company therefor. |
14. | Transfer Restriction. Any Shares delivered pursuant to Section 3 hereof shall thereafter be freely transferable by the Employee, provided that the Employee agrees for himself or herself and his or her heirs, legatees and legal representatives, with respect to all Shares acquired pursuant to the terms and conditions of this Agreement (or any Shares issued pursuant to a stock dividend or stock split thereon or any securities issued in lieu thereof or in substitution or exchange therefor), that he or she and his or her heirs, legatees and legal representatives will not sell or otherwise dispose of such shares except pursuant to a registration statement filed by the Company with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Act”), or except in a transaction which is determined by counsel to the Company to be exempt from registration under the Act and any applicable state securities laws; and to execute and deliver to the Company such investment representations and warranties, and to take such other actions, as counsel for the Company determines may be necessary or appropriate for compliance with the Act and any other applicable securities laws. The Employee agrees that any certificates representing any of the Shares acquired pursuant to the terms and conditions of this Agreement may bear such legend or legends as the Company deems appropriate in order to assure compliance with applicable securities laws. |
15. | Status of Employee. The Employee shall not be deemed for any purposes to be a shareowner of the Company with respect to any of the RSUs except to the extent that the Company has delivered Shares pursuant to Section 3 hereof. Therefore, the Employee will not have the right of shareowners to vote or, subject to Section 8, to receive dividends or distributions of any kind prior to the Company delivering Shares pursuant to Section 3 hereof. Neither the Plan nor the RSUs shall confer upon the Employee any right to continue as an employee of the Company or any of its Affiliates, nor to interfere in any way with the right of the Company to terminate the employment or directorship of the Employee at any time. |
16. | Powers of the Company Not Affected. The existence of the RSUs shall not affect in any way the right or power of the Company or its shareowners to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issuance of bonds, debentures, preferred or prior preference stock senior to or affecting the Shares or the rights thereof, or dissolution or liquidation of the Company, or any sale or transfer of all or any part of the Company’s assets or business or any other corporate act or proceeding, whether of a similar character or otherwise. |
17. | Interpretation by the Committee. As a condition of the granting of the RSUs, the Employee agrees, for himself or herself and for his or her legal representatives or guardians, that this Agreement shall be interpreted by the Committee and that any interpretation by the Committee of the terms of this Agreement and any determination made by the Committee pursuant to this Agreement shall be final, binding and conclusive. |
18. | Miscellaneous. |
(a) | This Agreement shall be governed and construed in accordance with the internal laws of the State of Wisconsin applicable to contracts made and to be performed therein between residents thereof. |
2020 Omnibus Restricted Stock Unit | 4 |
(b) | The Plan and this Agreement set forth the entire understanding between the Company and the Employee with respect to the subject matter hereof and shall supersede in all respects, and the Employee hereby waives all rights under, any prior or other agreement or understanding between the parties with respect to such subject matter, including, but not limited to, any Key Executive Employment and Severance Agreement. For the avoidance of doubt, the Plan and this Agreement shall control in the event there is any express conflict between the Plan and this Agreement and any prior or other agreement or understanding between the parties. |
(c) | This Agreement may not be amended or modified except by the written consent of the parties hereto. Notwithstanding the foregoing, the Committee need not obtain Employee (or other interested party) consent for any such action: (i) to the extent the action is deemed necessary by the Committee to comply with any applicable law; (ii) to the extent the action is deemed necessary by the Committee to preserve favorable accounting or tax treatment for the Company of any Award; (iii) to the extent the Committee determines that such action does not materially and adversely affect the value of an Award or that such action is in the best interest of the affected Employee; or (iv) to the extent unilateral action by the Committee is permitted under Section 14(c) of the Plan. |
(d) | The Award and any Shares or cash issued thereunder shall be subject to potential cancellation, rescission, payback, recoupment or other action in accordance with the terms of any Company clawback policy (the “Clawback Policy”), as then in effect and as it may be amended from time to time, to the extent the Clawback Policy applies to the Award and any Shares or cash issued thereunder (including a Clawback Policy implemented or amendments made thereto after the Grant Date for the Award). By accepting the Award, the Employee agrees to execute any additional documents as may be requested by the Company to effect the Company’s application, implementation and adoption of a Clawback Policy with respect to the Award and any Shares or cash issued thereunder. |
(e) | The captions of this Agreement are inserted for convenience of reference only and shall not be taken into account in construing this Agreement. |
ALLIANT ENERGY CORPORATION | |
(the “Company”) | |
By: | |
Its: | |
EMPLOYEE: | |
Employee's Signature | |
###PARTICIPANT_NAME### | |
Employee's Printed Name |
2020 Omnibus Restricted Stock Unit | 5 |
1. | Award. Subject to the terms of this Agreement and the Plan, the Employee is hereby granted ###TOTAL_AWARDS### target PRSUs on the Grant Date. PRSUs granted under this Agreement are units that will be reflected in a book account maintained by the Company during the Performance Period set forth below, and that will be settled in Shares to the extent provided in this Agreement and the Plan. |
2. | Performance Period; Performance Goals. |
(a) | The “Performance Period” is the period beginning on ###DATE### and ending on ###DATE###. |
(b) | Except as otherwise provided in this Agreement (including Section 9 below), the PRSUs will become earned based on achievement of the requisite performance goal or performance goals (the “Performance Goals”) determined in accordance with the provisions of Exhibit 1, which is attached to and forms a part of this Agreement. Any unearned PRSUs automatically will terminate and be cancelled, without the payment of any consideration following the last day of the Performance Period. |
3. | Settlement of Awards. Subject to Section 9 below, the Company shall deliver to the Employee one Share for each PRSU earned by the Employee, as determined in accordance with the provisions of Exhibit 1, except that cash shall be distributed in lieu of any fractional Share. |
2020 Omnibus Performance Restricted Stock Unit | 1 |
4. | Time of Payment. Except as otherwise provided in this Agreement (including Section 9 below), payment of PRSUs earned in accordance with the provisions of Section 3 will be delivered as soon as practicable (but in any event within 75 days) following the last day of the Performance Period set forth in Section 2(a), subject to the Committee approving in writing as to the satisfaction of the requisite Performance Goal or Goals. |
5. | Retirement, Disability, or Death During Performance Period and Prior to a Change in Control. If the Employee’s employment with the Company and its Affiliates terminates during the Performance Period and prior to a Change in Control because of the Employee’s Retirement (as defined below), Disability, or death, the Employee shall be entitled to the full value of the Award earned in accordance with Exhibit 1, determined at the end of the Performance Period, so long as the termination event occurs after the end of the first year of the Performance Period and only if and to the extent the Performance Goals are met. If the termination event occurs during the first year of the Performance Period, the Employee will be entitled to a prorated value of the Award, earned in accordance with Exhibit 1, determined at the end of the Performance Period and only if and to the extent the Performance Goals are met, based on a fraction, the numerator of which is the number of months the Employee was employed during the Performance Period and the denominator of which is 12. |
6. | Involuntary Termination Without Cause During Performance Period and Prior to a Change in Control. If the Employee’s employment with the Company and its Affiliates terminates during the Performance Period and prior to a Change in Control because of an Involuntary Termination without Cause (as defined below), the Employee shall be entitled to the prorated value of the Award earned, determined at the end of the Performance Period and only if and to the extent the Performance Goals are met, based on a fraction, the numerator of which is the number of months the Employee was employed during the Performance Period and the denominator of which is 36. |
7. | Other Terminations of Employment During Performance Period. If the Employee’s employment with the Company and its Affiliates terminates during the Performance Period and prior to a Change in Control for any reason other than the Employee’s Retirement, Disability, Involuntary Termination without Cause, or death, the PRSUs granted under this Agreement automatically will terminate and be cancelled on the date of such termination of employment. |
8. | Dividend Equivalents. |
(a) | After the Performance Period has ended (or, if a Change in Control occurs during the Performance Period, the effective date of the Change in Control), dividend equivalents (“Dividend Equivalents”) will be calculated and credited to the account of the Employee with respect to the percentage of PRSUs that are earned (or payable in accordance with Section 9 in the event of a Change in Control). Dividend Equivalents will be credited as additional PRSUs, the number of which will be equal to the number of whole Shares that could be purchased with the amount of the Dividend Equivalents, based on the Fair Market Value of the Shares as of the dividend payment date and the number of earned PRSUs (or target PRSUs in accordance with Section 9 in the event of a Change in Control). |
(b) | Any Dividend Equivalents credited to the Employee’s account pursuant to this Section 8 shall not be vested or paid until the dates of vesting or payment of the PRSUs with respect to which such Dividend Equivalents are credited, and such Dividend Equivalents shall be subject to the same restrictions and other terms and conditions as apply to the PRSUs with respect to which they were credited. |
(c) | No Dividend Equivalents shall be credited to the Employee with respect to record dates occurring prior to the Grant Date or with respect to record dates occurring on or after the date, if any, on which the PRSUs are cancelled and terminated. |
9. | Change in Control. |
(a) | No Termination of Employment Prior to a Change in Control. |
(i) | Notwithstanding anything to the contrary in the Plan, this Agreement, or the Employee’s employment agreement or any other agreement to which the Employee is a party, if a Change in |
2020 Omnibus Performance Restricted Stock Unit | 2 |
(ii) | Notwithstanding anything to the contrary in the Plan, this Agreement, or the Employee’s employment agreement or any other agreement to which the Employee is a party, the Cash Payment Right shall be paid as soon as practicable (but in any event within 75 days) after the last day of the Performance Period set forth in Section 2(a), provided that the Employee remains continuously employed by the Company or an Affiliate or any successor thereto through the last day of such Performance Period. Notwithstanding the immediately preceding sentence, in the event that the Employee experiences a termination of employment due to the Employee’s Retirement (as defined below), Disability, or death or an involuntary termination of employment by action of the Company (or its successor) (other than a termination due to Cause) or due to the Employee’s resignation for Good Reason prior to the last day of the Performance Period set forth in Section 2(a), the Cash Payment Right will be paid in accordance with the first sentence of this Section 9(a)(ii) as though the Employee remained continuously employed by the Company or an Affiliate or any successor thereto through the last day of the Performance Period. |
(b) | Certain Terminations of Employment Prior to a Change in Control. Solely for purposes of Sections 5 and 6 of the Agreement, if the Employee’s employment terminates for any of the reasons set forth in such Sections 5 and 6 prior to a Change in Control and a Change in Control occurs during the Performance Period, then the Employee shall be entitled to the target PRSUs in lieu of any amount set forth in Section 5 or Section 6, as applicable, which PRSUs automatically shall convert into a contractual right to receive the Cash Payment Right. After such conversion, no interest or Dividend Equivalents will be accrued, credited or paid with respect to the Cash Payment Right. For the avoidance of doubt, the Cash Payment Right will be paid at such time provided under Section 4. |
10. | Definitions. |
(a) | “Involuntary Termination without Cause” shall mean that the Employee experiences a termination of employment due to the Employee’s (i) receipt of a written notification that his or her position is being eliminated as a result of a structured job elimination program or (ii) resignation for a Pre-Change in Control Good Reason. |
(b) | “Pre-Change in Control Good Reason” shall mean that an applicable event occurs and the Employee provides notice to the Company of the existence of the event within 90 days of the initial existence of the event, the Company fails to cure the event within 30 days of such notice and the Employee resigns within 30 days following the last day of such 30-day cure period. The applicable events are any one or more of the following: (i) a material diminution in the Employee’s base compensation and (ii) a material diminution in the Employee’s authority, duties, or responsibilities. |
(c) | “Retirement” shall mean the Employee’s employment terminates (with the consent of the Company) after he or she has reached age 55 and the Employee’s age, in whole years, added to the number of whole years of the Employee’s continuous employment with the Company total 65 or more. |
11. | Nontransferability of PRSUs. The PRSUs shall not be assignable, alienable, saleable or transferable by the Employee other than by will or the laws of descent and distribution prior to settlement of the Awards pursuant to Section 3 (or, if applicable, Section 9); provided, however, that the Employee shall be entitled, in the manner provided in Section 13 hereof, to designate a beneficiary to receive any Shares or cash issuable with respect to the Award upon the death of the Employee. |
2020 Omnibus Performance Restricted Stock Unit | 3 |
12. | Tax Withholding. The Company may deduct and withhold from any cash otherwise payable to the Employee such amount as may be required for the purpose of satisfying the Company’s obligation to withhold federal, state or local taxes. Further, in the event the amount so withheld is insufficient for such purpose, the Company may require that the Employee pay to the Company upon its demand or otherwise make arrangements satisfactory to the Company for payment of, such amount as may be requested by the Company in order to satisfy its obligation to withhold any such taxes. |
13. | Designation of Beneficiary. The Employee shall be permitted to designate one or more beneficiaries (each, a “Beneficiary”) on a Company-approved form who shall be entitled to payouts hereunder, to the extent payouts are made, after the death of the Employee. The terms and conditions of any such designation (including any changes thereto by the Employee) shall be subject to the terms and conditions of such Company-approved beneficiary designation form. If no such beneficiary designation is in effect at the time of the Employee’s death, or if no designated Beneficiary survives the Employee or if such designation conflicts with law, the Employee’s estate acting through his or her legal representative shall be entitled to receive payouts hereunder, to the extent they are made, after the death of the Employee. If the Committee is in doubt as to the right of any person to the PRSUs or any payout thereunder, the Company may refuse to settle such matter, without liability for any interest or dividends on the PRSUs, until the Committee determines the person entitled to the PRSUs or any payout thereunder, or the Company may apply to any court of appropriate jurisdiction and such application shall be a complete discharge of the liability of the Company therefor. |
14. | Transfer Restriction. Any Shares delivered pursuant to Section 3 hereof shall thereafter be freely transferable by the Employee, provided that the Employee agrees for himself or herself and his or her heirs, legatees and legal representatives, with respect to all Shares acquired pursuant to the terms and conditions of this Agreement (or any Shares issued pursuant to a stock dividend or stock split thereon or any securities issued in lieu thereof or in substitution or exchange therefor), that he or she and his or her heirs, legatees and legal representatives will not sell or otherwise dispose of such shares except pursuant to a registration statement filed by the Company with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Act”), or except in a transaction which is determined by counsel to the Company to be exempt from registration under the Act and any applicable state securities laws; and to execute and deliver to the Company such investment representations and warranties, and to take such other actions, as counsel for the Company determines may be necessary or appropriate for compliance with the Act and any other applicable securities laws. The Employee agrees that any certificates representing any of the Shares acquired pursuant to the terms and conditions of this Agreement may bear such legend or legends as the Company deems appropriate in order to assure compliance with applicable securities laws. |
15. | Status of Employee. The Employee shall not be deemed for any purposes to be a shareowner of the Company with respect to any of the PRSUs except to the extent that the Company has delivered Shares pursuant to Section 3 hereof. Therefore, the Employee will not have the right of shareowners to vote or, subject to Section 8, to receive dividends or distributions of any kind prior to the Company delivering Shares pursuant to Section 3 hereof. Neither the Plan nor the PRSUs shall confer upon the Employee any right to continue as an employee of the Company or any of its Affiliates, nor to interfere in any way with the right of the Company to terminate the employment or directorship of the Employee at any time. |
16. | Powers of the Company Not Affected. The existence of the PRSUs shall not affect in any way the right or power of the Company or its shareowners to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or |
2020 Omnibus Performance Restricted Stock Unit | 4 |
17. | Interpretation by the Committee. As a condition of the granting of the PRSUs, the Employee agrees, for himself or herself and for his or her legal representatives or guardians, that this Agreement shall be interpreted by the Committee and that any interpretation by the Committee of the terms of this Agreement and any determination made by the Committee pursuant to this Agreement shall be final, binding and conclusive. |
18. | Miscellaneous. |
(a) | This Agreement shall be governed and construed in accordance with the internal laws of the State of Wisconsin applicable to contracts made and to be performed therein between residents thereof. As a condition of the granting of the PRSUs, the Employee irrevocably consents to the nonexclusive jurisdiction and venue of the state and federal courts located in the State of Wisconsin. |
(b) | The Plan and this Agreement set forth the entire understanding between the Company and the Employee with respect to the subject matter hereof and shall supersede in all respects, and the Employee hereby waives all rights under, any prior or other agreement or understanding between the parties with respect to such subject matter, including, but not limited to, any Key Executive Employment and Severance Agreement. For the avoidance of doubt, the Plan and this Agreement shall control in the event there is any express conflict between the Plan and this Agreement and any prior or other agreement or understanding between the parties. |
(c) | This Agreement may not be amended or modified except by the written consent of the parties hereto. Notwithstanding the foregoing, the Committee need not obtain Employee (or other interested party) consent for any such action: (i) to the extent the action is deemed necessary by the Committee to comply with any applicable law; (ii) to the extent the action is deemed necessary by the Committee to preserve favorable accounting or tax treatment for the Company of any Award; (iii) to the extent the Committee determines that such action does not materially and adversely affect the value of an Award or that such action is in the best interest of the affected Employee; or (iv) to the extent unilateral action by the Committee is permitted under Section 14(c) of the Plan. |
(d) | The Award and any Shares or cash issued thereunder shall be subject to potential cancellation, rescission, payback, recoupment or other action in accordance with the terms of any Company clawback policy (the “Clawback Policy”), as then in effect and as it may be amended from time to time, to the extent the Clawback Policy applies to the Award and any Shares or cash issued thereunder (including a Clawback Policy implemented or amendments made thereto after the Grant Date for the Award). By accepting the PRSUs, the Employee agrees to execute any additional documents as may be requested by the Company to effect the Company’s application, implementation and adoption of a Clawback Policy with respect to the Award and any Shares or cash issued thereunder. |
(e) | The captions of this Agreement are inserted for convenience of reference only and shall not be taken into account in construing this Agreement. |
2020 Omnibus Performance Restricted Stock Unit | 5 |
ALLIANT ENERGY CORPORATION | |
(the “Company”) | |
By: | |
Its: | |
EMPLOYEE: | |
Employee's Signature | |
###PARTICIPANT_NAME### | |
Employee's Printed Name |
2020 Omnibus Performance Restricted Stock Unit | 6 |
1. | Purpose: The purpose of this Exhibit 1 is to set forth the Performance Goal or Goals that will be applied to determine the amount of the Award that will be earned under the terms of the attached Performance Restricted Stock Unit Agreement (the “Agreement”). This Exhibit 1 is incorporated into and forms a part of the Agreement. |
PARTICIPANT_NAME | 20__ |
Grant Date | ###GRANT_DATE### |
Grant Date Fair Market Value | ###MARKET_PRICE_AT_TIME_OF_GRANT### |
PRSUs (Target) | ###TOTAL_AWARDS### |
Performance Period | ###DATE### through ###DATE### |
2. | Performance Goal: The Award will be based on the Company’s cumulative Net Income from Continuing Operations during the performance period (“Cumulative Net Income from Continuing Operations”). To determine whether the Performance Goal is satisfied, Net Income from Continuing Operations will be calculated excluding the effects of the following, if the amount is over $4,000,000 on a pre-tax basis and is not considered in the annual budget approved by the Board: (i) charges for reorganizing and restructuring; (ii) discontinued operations; (iii) asset write-downs; (iv) gains or losses on the disposition of an asset or business; (v) mergers, acquisitions or dispositions; and (vi) extraordinary, unusual and/or non-recurring items of gain or loss, that in all of the foregoing the Company identifies in its audited financial statements, including notes to the financial statements (i.e., footnotes), or the Management’s Discussion and Analysis section of the Company’s periodic reports. |
3. | Amount of Award: Actual awards will be based on Company performance as specified above and can range from ___ to ___ percent of target PRSUs granted. Subject to Section 9 of the Agreement, the number of PRSUs earned by the Employee shall be determined in accordance with the following schedule: |
Cumulative Net Income from Continuing Operations (Millions) | Percentage of Units Earned |
$____ or Greater | ___% |
$____ | ___% |
$____ | ___% |
$____ | ___% |
Below $____ | ___% |
2020 Omnibus Performance Restricted Stock Unit | 7 |
1. | I have reviewed this quarterly report on Form 10-Q of Alliant Energy Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ John O. Larsen |
John O. Larsen |
Chairman, President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Alliant Energy Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Robert J. Durian |
Robert J. Durian |
Executive Vice President and Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Interstate Power and Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ John O. Larsen |
John O. Larsen |
Chairman and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Interstate Power and Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Robert J. Durian |
Robert J. Durian |
Executive Vice President and Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Wisconsin Power and Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ John O. Larsen |
John O. Larsen |
Chairman and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Wisconsin Power and Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Robert J. Durian |
Robert J. Durian |
Executive Vice President and Chief Financial Officer |
/s/ John O. Larsen |
John O. Larsen |
Chairman, President and Chief Executive Officer |
/s/ Robert J. Durian |
Robert J. Durian |
Executive Vice President and Chief Financial Officer |
/s/ John O. Larsen |
John O. Larsen |
Chairman and Chief Executive Officer |
/s/ Robert J. Durian |
Robert J. Durian |
Executive Vice President and Chief Financial Officer |
/s/ John O. Larsen |
John O. Larsen |
Chairman and Chief Executive Officer |
/s/ Robert J. Durian |
Robert J. Durian |
Executive Vice President and Chief Financial Officer |
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