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Fair Value Measurements
9 Months Ended
Sep. 30, 2023
Fair Value Measurements FAIR VALUE MEASUREMENTS
Fair Value of Financial Instruments - The carrying amounts of current assets and current liabilities approximate fair value because of the short maturity of such financial instruments. Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions):
Alliant EnergySeptember 30, 2023December 31, 2022
Fair ValueFair Value
CarryingLevelLevelLevelCarryingLevelLevelLevel
Amount123TotalAmount123Total
Assets:
Money market fund investments$189 $189 $— $— $189 $10 $10 $— $— $10 
Commodity derivatives129  80 49 129 237 — 206 31 237 
Interest rate derivatives6  6  6 — — — — — 
Deferred proceeds236   236 236 185 — — 185 185 
Liabilities:
Commodity derivatives66  60 6 66 79 — 67 12 79 
Long-term debt (incl. current maturities)8,838  7,863  7,863 8,076 — 7,338 7,339 
IPLSeptember 30, 2023December 31, 2022
Fair ValueFair Value
CarryingLevelLevelLevelCarryingLevelLevelLevel
Amount123TotalAmount123Total
Assets:
Money market fund investments$180 $180 $— $— $180 $10 $10 $— $— $10 
Commodity derivatives85  45 40 85 138 — 111 27 138 
Deferred proceeds236   236 236 185 — — 185 185 
Liabilities:
Commodity derivatives21  16 5 21 46 — 35 11 46 
Long-term debt3,944  3,422  3,422 3,646 — 3,228 — 3,228 
WPLSeptember 30, 2023December 31, 2022
Fair ValueFair Value
CarryingLevelLevelLevelCarryingLevelLevelLevel
Amount123TotalAmount123Total
Assets:
Commodity derivatives$44 $— $35 $9 $44 $99 $— $95 $4 $99 
Liabilities:
Commodity derivatives45  44 1 45 33 — 32 33 
Long-term debt3,069  2,722  2,722 2,770 — 2,542 — 2,542 

Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions):
Alliant EnergyCommodity Contract Derivative
Assets and (Liabilities), netDeferred Proceeds
Three Months Ended September 302023202220232022
Beginning balance, July 1 $54$72$175$244
Total net gains (losses) included in changes in net assets (realized/unrealized)17(1)
Sales(1)
Settlements (a)(27)(26)614
Ending balance, September 30
$43$45$236$248
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 September 30
$17($1)$—$—
Alliant EnergyCommodity Contract Derivative
Assets and (Liabilities), netDeferred Proceeds
Nine Months Ended September 302023202220232022
Beginning balance, January 1$19$29$185$214
Total net gains (losses) included in changes in net assets (realized/unrealized)
6(17)
Purchases6279
Sales(2)
Settlements (a)(42)(46)5134
Ending balance, September 30
$43$45$236$248
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 September 30
$6($17)$—$—
IPLCommodity Contract Derivative
Assets and (Liabilities), netDeferred Proceeds
Three Months Ended September 302023202220232022
Beginning balance, July 1 $41$58$175$244
Total net gains (losses) included in changes in net assets (realized/unrealized)
12(6)
Sales(1)
Settlements (a)(17)(19)614
Ending balance, September 30
$35$33$236$248
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 September 30
$12($6)$—$—
IPLCommodity Contract Derivative
Assets and (Liabilities), netDeferred Proceeds
Nine Months Ended September 302023202220232022
Beginning balance, January 1$16$18$185$214
Total net losses included in changes in net assets (realized/unrealized)
(13)
Purchases5158
Sales(2)
Settlements (a)(30)(30)5134
Ending balance, September 30
$35$33$236$248
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at September 30
$—($14)$—$—
WPLCommodity Contract Derivative
Assets and (Liabilities), net
Three Months Ended September 3020232022
Beginning balance, July 1 $13$14
Total net gains included in changes in net assets (realized/unrealized)
55
Settlements(10)(7)
Ending balance, September 30
$8$12
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 September 30
$5$5
WPLCommodity Contract Derivative
Assets and (Liabilities), net
Nine Months Ended September 3020232022
Beginning balance, January 1$3$11
Total net gains (losses) included in changes in net assets (realized/unrealized)6(4)
Purchases1121
Settlements(12)(16)
Ending balance, September 30
$8$12
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 September 30
$6($3)

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

Commodity Contracts - The fair value of FTR and natural gas commodity contracts categorized as Level 3 was recognized as net derivative assets (liabilities) as follows (in millions):
Alliant EnergyIPLWPL
Excluding FTRsFTRsExcluding FTRsFTRsExcluding FTRsFTRs
September 30, 2023$3$40$4$31($1)$9
December 31, 2022(10)29(9)25(1)4
IPL [Member]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
Fair Value of Financial Instruments - The carrying amounts of current assets and current liabilities approximate fair value because of the short maturity of such financial instruments. Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions):
Alliant EnergySeptember 30, 2023December 31, 2022
Fair ValueFair Value
CarryingLevelLevelLevelCarryingLevelLevelLevel
Amount123TotalAmount123Total
Assets:
Money market fund investments$189 $189 $— $— $189 $10 $10 $— $— $10 
Commodity derivatives129  80 49 129 237 — 206 31 237 
Interest rate derivatives6  6  6 — — — — — 
Deferred proceeds236   236 236 185 — — 185 185 
Liabilities:
Commodity derivatives66  60 6 66 79 — 67 12 79 
Long-term debt (incl. current maturities)8,838  7,863  7,863 8,076 — 7,338 7,339 
IPLSeptember 30, 2023December 31, 2022
Fair ValueFair Value
CarryingLevelLevelLevelCarryingLevelLevelLevel
Amount123TotalAmount123Total
Assets:
Money market fund investments$180 $180 $— $— $180 $10 $10 $— $— $10 
Commodity derivatives85  45 40 85 138 — 111 27 138 
Deferred proceeds236   236 236 185 — — 185 185 
Liabilities:
Commodity derivatives21  16 5 21 46 — 35 11 46 
Long-term debt3,944  3,422  3,422 3,646 — 3,228 — 3,228 
WPLSeptember 30, 2023December 31, 2022
Fair ValueFair Value
CarryingLevelLevelLevelCarryingLevelLevelLevel
Amount123TotalAmount123Total
Assets:
Commodity derivatives$44 $— $35 $9 $44 $99 $— $95 $4 $99 
Liabilities:
Commodity derivatives45  44 1 45 33 — 32 33 
Long-term debt3,069  2,722  2,722 2,770 — 2,542 — 2,542 

Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions):
Alliant EnergyCommodity Contract Derivative
Assets and (Liabilities), netDeferred Proceeds
Three Months Ended September 302023202220232022
Beginning balance, July 1 $54$72$175$244
Total net gains (losses) included in changes in net assets (realized/unrealized)17(1)
Sales(1)
Settlements (a)(27)(26)614
Ending balance, September 30
$43$45$236$248
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 September 30
$17($1)$—$—
Alliant EnergyCommodity Contract Derivative
Assets and (Liabilities), netDeferred Proceeds
Nine Months Ended September 302023202220232022
Beginning balance, January 1$19$29$185$214
Total net gains (losses) included in changes in net assets (realized/unrealized)
6(17)
Purchases6279
Sales(2)
Settlements (a)(42)(46)5134
Ending balance, September 30
$43$45$236$248
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 September 30
$6($17)$—$—
IPLCommodity Contract Derivative
Assets and (Liabilities), netDeferred Proceeds
Three Months Ended September 302023202220232022
Beginning balance, July 1 $41$58$175$244
Total net gains (losses) included in changes in net assets (realized/unrealized)
12(6)
Sales(1)
Settlements (a)(17)(19)614
Ending balance, September 30
$35$33$236$248
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 September 30
$12($6)$—$—
IPLCommodity Contract Derivative
Assets and (Liabilities), netDeferred Proceeds
Nine Months Ended September 302023202220232022
Beginning balance, January 1$16$18$185$214
Total net losses included in changes in net assets (realized/unrealized)
(13)
Purchases5158
Sales(2)
Settlements (a)(30)(30)5134
Ending balance, September 30
$35$33$236$248
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at September 30
$—($14)$—$—
WPLCommodity Contract Derivative
Assets and (Liabilities), net
Three Months Ended September 3020232022
Beginning balance, July 1 $13$14
Total net gains included in changes in net assets (realized/unrealized)
55
Settlements(10)(7)
Ending balance, September 30
$8$12
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 September 30
$5$5
WPLCommodity Contract Derivative
Assets and (Liabilities), net
Nine Months Ended September 3020232022
Beginning balance, January 1$3$11
Total net gains (losses) included in changes in net assets (realized/unrealized)6(4)
Purchases1121
Settlements(12)(16)
Ending balance, September 30
$8$12
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 September 30
$6($3)

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

Commodity Contracts - The fair value of FTR and natural gas commodity contracts categorized as Level 3 was recognized as net derivative assets (liabilities) as follows (in millions):
Alliant EnergyIPLWPL
Excluding FTRsFTRsExcluding FTRsFTRsExcluding FTRsFTRs
September 30, 2023$3$40$4$31($1)$9
December 31, 2022(10)29(9)25(1)4
WPL [Member]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
Fair Value of Financial Instruments - The carrying amounts of current assets and current liabilities approximate fair value because of the short maturity of such financial instruments. Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions):
Alliant EnergySeptember 30, 2023December 31, 2022
Fair ValueFair Value
CarryingLevelLevelLevelCarryingLevelLevelLevel
Amount123TotalAmount123Total
Assets:
Money market fund investments$189 $189 $— $— $189 $10 $10 $— $— $10 
Commodity derivatives129  80 49 129 237 — 206 31 237 
Interest rate derivatives6  6  6 — — — — — 
Deferred proceeds236   236 236 185 — — 185 185 
Liabilities:
Commodity derivatives66  60 6 66 79 — 67 12 79 
Long-term debt (incl. current maturities)8,838  7,863  7,863 8,076 — 7,338 7,339 
IPLSeptember 30, 2023December 31, 2022
Fair ValueFair Value
CarryingLevelLevelLevelCarryingLevelLevelLevel
Amount123TotalAmount123Total
Assets:
Money market fund investments$180 $180 $— $— $180 $10 $10 $— $— $10 
Commodity derivatives85  45 40 85 138 — 111 27 138 
Deferred proceeds236   236 236 185 — — 185 185 
Liabilities:
Commodity derivatives21  16 5 21 46 — 35 11 46 
Long-term debt3,944  3,422  3,422 3,646 — 3,228 — 3,228 
WPLSeptember 30, 2023December 31, 2022
Fair ValueFair Value
CarryingLevelLevelLevelCarryingLevelLevelLevel
Amount123TotalAmount123Total
Assets:
Commodity derivatives$44 $— $35 $9 $44 $99 $— $95 $4 $99 
Liabilities:
Commodity derivatives45  44 1 45 33 — 32 33 
Long-term debt3,069  2,722  2,722 2,770 — 2,542 — 2,542 

Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions):
Alliant EnergyCommodity Contract Derivative
Assets and (Liabilities), netDeferred Proceeds
Three Months Ended September 302023202220232022
Beginning balance, July 1 $54$72$175$244
Total net gains (losses) included in changes in net assets (realized/unrealized)17(1)
Sales(1)
Settlements (a)(27)(26)614
Ending balance, September 30
$43$45$236$248
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 September 30
$17($1)$—$—
Alliant EnergyCommodity Contract Derivative
Assets and (Liabilities), netDeferred Proceeds
Nine Months Ended September 302023202220232022
Beginning balance, January 1$19$29$185$214
Total net gains (losses) included in changes in net assets (realized/unrealized)
6(17)
Purchases6279
Sales(2)
Settlements (a)(42)(46)5134
Ending balance, September 30
$43$45$236$248
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 September 30
$6($17)$—$—
IPLCommodity Contract Derivative
Assets and (Liabilities), netDeferred Proceeds
Three Months Ended September 302023202220232022
Beginning balance, July 1 $41$58$175$244
Total net gains (losses) included in changes in net assets (realized/unrealized)
12(6)
Sales(1)
Settlements (a)(17)(19)614
Ending balance, September 30
$35$33$236$248
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 September 30
$12($6)$—$—
IPLCommodity Contract Derivative
Assets and (Liabilities), netDeferred Proceeds
Nine Months Ended September 302023202220232022
Beginning balance, January 1$16$18$185$214
Total net losses included in changes in net assets (realized/unrealized)
(13)
Purchases5158
Sales(2)
Settlements (a)(30)(30)5134
Ending balance, September 30
$35$33$236$248
The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at September 30
$—($14)$—$—
WPLCommodity Contract Derivative
Assets and (Liabilities), net
Three Months Ended September 3020232022
Beginning balance, July 1 $13$14
Total net gains included in changes in net assets (realized/unrealized)
55
Settlements(10)(7)
Ending balance, September 30
$8$12
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 September 30
$5$5
WPLCommodity Contract Derivative
Assets and (Liabilities), net
Nine Months Ended September 3020232022
Beginning balance, January 1$3$11
Total net gains (losses) included in changes in net assets (realized/unrealized)6(4)
Purchases1121
Settlements(12)(16)
Ending balance, September 30
$8$12
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 September 30
$6($3)

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

Commodity Contracts - The fair value of FTR and natural gas commodity contracts categorized as Level 3 was recognized as net derivative assets (liabilities) as follows (in millions):
Alliant EnergyIPLWPL
Excluding FTRsFTRsExcluding FTRsFTRsExcluding FTRsFTRs
September 30, 2023$3$40$4$31($1)$9
December 31, 2022(10)29(9)25(1)4