|
Benefit Plans
|
3 Months Ended |
|
Mar. 31, 2015
|
| Benefit Plans |
BENEFIT PLANS (a) Pension and Other Postretirement Benefits Plans - Net Periodic Benefit Costs (Credits) - The components of net periodic benefit costs (credits) for sponsored defined benefit pension and OPEB plans for the three months ended March 31 are included in the tables below (in millions). In the “IPL” and “WPL” tables below, the defined benefit pension plans costs represent those respective costs for IPL’s and WPL’s bargaining unit employees covered under the qualified plans that are sponsored by IPL and WPL, respectively, as well as amounts directly assigned to each of IPL and WPL related to their current and former non-bargaining employees who are participants in the Alliant Energy and Corporate Services sponsored qualified and non-qualified defined benefit pension plans. In the “IPL” and “WPL” tables below, the OPEB plans costs (credits) represent costs (credits) for IPL and WPL employees, respectively, as well as amounts directly assigned to each of IPL and WPL related to their current and former non-bargaining employees who are participants in the Corporate Services sponsored OPEB plan. | | | | | | | | | | | | | | | | | | Defined Benefit Pension Plans | | OPEB Plans | Alliant Energy | 2015 | | 2014 | | 2015 | | 2014 | Service cost |
| $4.0 |
| |
| $3.3 |
| |
| $1.4 |
| |
| $1.3 |
| Interest cost | 13.4 |
| | 13.5 |
| | 2.2 |
| | 2.4 |
| Expected return on plan assets | (18.7 | ) | | (18.7 | ) | | (2.1 | ) | | (2.1 | ) | Amortization of prior service credit | (0.1 | ) | | — |
| | (2.8 | ) | | (3.0 | ) | Amortization of actuarial loss | 8.8 |
| | 4.8 |
| | 1.2 |
| | 0.6 |
| Additional benefit costs | 0.2 |
| | — |
| | — |
| | — |
| |
| $7.6 |
| |
| $2.9 |
| |
| ($0.1 | ) | |
| ($0.8 | ) |
| | | | | | | | | | | | | | | | | | Defined Benefit Pension Plans | | OPEB Plans | IPL | 2015 | | 2014 | | 2015 | | 2014 | Service cost |
| $2.2 |
| |
| $1.8 |
| |
| $0.6 |
| |
| $0.6 |
| Interest cost | 6.2 |
| | 6.3 |
| | 0.9 |
| | 1.0 |
| Expected return on plan assets | (8.9 | ) | | (9.0 | ) | | (1.4 | ) | | (1.5 | ) | Amortization of prior service credit | — |
| | — |
| | (1.5 | ) | | (1.6 | ) | Amortization of actuarial loss | 3.8 |
| | 2.0 |
| | 0.6 |
| | 0.3 |
| |
| $3.3 |
| |
| $1.1 |
| |
| ($0.8 | ) | |
| ($1.2 | ) |
| | | | | | | | | | | | | | | | | | Defined Benefit Pension Plans | | OPEB Plans | WPL | 2015 | | 2014 | | 2015 | | 2014 | Service cost |
| $1.4 |
| |
| $1.2 |
| |
| $0.6 |
| |
| $0.5 |
| Interest cost | 5.6 |
| | 5.7 |
| | 0.9 |
| | 1.0 |
| Expected return on plan assets | (8.1 | ) | | (8.1 | ) | | (0.4 | ) | | (0.3 | ) | Amortization of prior service cost (credit) | 0.1 |
| | 0.1 |
| | (0.9 | ) | | (1.0 | ) | Amortization of actuarial loss | 4.2 |
| | 2.3 |
| | 0.6 |
| | 0.3 |
| Additional benefit costs | 0.2 |
| | — |
| | — |
| | — |
| |
| $3.4 |
| |
| $1.2 |
| |
| $0.8 |
| |
| $0.5 |
|
401(k) Savings Plans - A significant number of employees participate in defined contribution retirement plans (401(k) savings plans). For the three months ended March 31, costs related to the 401(k) savings plans, which are partially based on the participants’ contributions, were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | Alliant Energy | | IPL (a) | | WPL (a) | | 2015 | | 2014 | | 2015 | | 2014 | | 2015 | | 2014 | 401(k) costs |
| $6.7 |
| |
| $5.9 |
| |
| $3.4 |
| |
| $3.1 |
| |
| $2.9 |
| |
| $2.6 |
|
| | (a) | IPL’s and WPL’s amounts include allocated costs associated with Corporate Services employees. |
(b) Equity-based Compensation Plans - A summary of compensation expense (including amounts allocated to IPL and WPL) and the related income tax benefits recognized for share-based compensation awards for the three months ended March 31 was as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | Alliant Energy | | IPL | | WPL | | 2015 | | 2014 | | 2015 | | 2014 | | 2015 | | 2014 | Compensation expense |
| $3.2 |
| |
| $3.1 |
| |
| $1.7 |
| |
| $1.7 |
| |
| $1.4 |
| |
| $1.3 |
| Income tax benefits | 1.3 |
| | 1.3 |
| | 0.7 |
| | 0.7 |
| | 0.6 |
| | 0.5 |
|
As of March 31, 2015, total unrecognized compensation cost related to share-based compensation awards was $13.1 million, which is expected to be recognized over a weighted average period of between 1 and 2 years. Share-based compensation expense is recognized on a straight-line basis over the requisite service periods and is primarily recorded in “Utility - Other operation and maintenance” in the income statements.
Performance Shares and Units - Performance Shares - A summary of the performance shares activity was as follows: | | | | | | | | 2015 (a) | | 2014 (a) | Nonvested shares, January 1 | 144,424 |
| | 139,940 |
| Granted | 45,403 |
| | 51,221 |
| Vested | (45,612 | ) | | (45,235 | ) | Nonvested shares, March 31 | 144,215 |
| | 145,926 |
|
| | (a) | Share amounts represent the target number of performance shares. |
During the three months ended March 31, certain performance shares vested, resulting in payouts (a combination of cash and common stock) as follows: | | | | | | | | | | 2015 | | 2014 | | 2012 Grant | | 2011 Grant | Performance shares vested | 45,612 |
| | 45,235 |
| Percentage of target number of performance shares | 167.5 | % | | 147.5 | % | Aggregate payout value (in millions) |
| $5.1 |
| |
| $3.4 |
| Payout - cash (in millions) |
| $3.2 |
| |
| $2.9 |
| Payout - common stock shares issued | 10,975 |
| | 4,810 |
|
Performance Units - A summary of the performance units activity was as follows: | | | | | | | | 2015 (a) | | 2014 (a) | Nonvested units, January 1 | 63,665 |
| | 65,912 |
| Granted | 17,837 |
| | 20,422 |
| Vested | (22,845 | ) | | (20,751 | ) | Forfeited | (93 | ) | | (311 | ) | Nonvested units, March 31 | 58,564 |
| | 65,272 |
|
| | (a) | Unit amounts represent the target number of performance units. |
During the three months ended March 31, certain performance units vested, resulting in cash payouts as follows: | | | | | | | | | | 2015 | | 2014 | | 2012 Grant | | 2011 Grant | Performance units vested | 22,845 |
| | 20,751 |
| Percentage of target number of performance units | 167.5 | % | | 147.5 | % | Payout value (in millions) |
| $1.6 |
| |
| $1.2 |
|
Fair Value of Awards - Information related to fair values of nonvested performance shares and units at March 31, 2015, by year of grant, was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Performance Shares | | Performance Units | | 2015 Grant | | 2014 Grant | | 2013 Grant | | 2015 Grant | | 2014 Grant | | 2013 Grant | Nonvested awards | 45,403 |
| | 49,719 |
| | 49,093 |
| | 17,744 |
| | 19,440 |
| | 21,380 |
| Alliant Energy common stock closing price on March 31, 2015 |
| $63.00 |
| |
| $63.00 |
| |
| $63.00 |
| | | | | | | Alliant Energy common stock closing price on grant date | | | | | | |
| $65.09 |
| |
| $53.77 |
| |
| $47.58 |
| Estimated payout percentage based on performance criteria | 100 | % | | 128 | % | | 178 | % | | 100 | % | | 128 | % | | 178 | % | Fair values of each nonvested award |
| $63.00 |
| |
| $80.64 |
| |
| $112.14 |
| |
| $65.09 |
| |
| $68.83 |
| |
| $84.69 |
|
At March 31, 2015, fair values of nonvested performance shares and units were calculated based on Alliant Energy’s stock price and anticipated total shareowner returns of Alliant Energy and its investor-owned utility peer group over the performance period. The portion of the fair values based on anticipated total shareowner returns was estimated using a model that incorporates the probability of meeting performance targets based on historical returns relative to the peer group.
Performance Contingent Restricted Stock - A summary of the performance contingent restricted stock activity was as follows: | | | | | | | | | | | | | | | | 2015 | | 2014 | | Shares | | Weighted Average Fair Value | | Shares | | Weighted Average Fair Value | Nonvested shares, January 1 | 98,812 |
| |
| $50.69 |
| | 158,922 |
| |
| $42.71 |
| Granted | 45,403 |
| | 65.09 |
| | 51,221 |
| | 53.77 |
| Vested (a) | (49,093 | ) | | 47.58 |
| | (90,847 | ) | | 40.91 |
| Forfeited | — |
| | — |
| | (18,982 | ) | | 38.75 |
| Nonvested shares, March 31 | 95,122 |
| | 59.17 |
| | 100,314 |
| | 50.74 |
|
| | (a) | In 2015, 49,093 performance contingent restricted shares granted in 2013 vested because the specified performance criteria for such shares were met. In 2014, 45,612 and 45,235 performance contingent restricted shares granted in 2012 and 2011, respectively, vested because the specified performance criteria for such shares were met. |
Performance Contingent Cash Awards - A summary of the performance contingent cash awards activity was as follows: | | | | | | | | 2015 | | 2014 | Nonvested awards, January 1 | 78,930 |
| | 96,977 |
| Granted | 41,105 |
| | 42,446 |
| Vested (a) | (37,332 | ) | | (55,517 | ) | Forfeited | (469 | ) | | (3,406 | ) | Nonvested awards, March 31 | 82,234 |
| | 80,500 |
|
| | (a) | In 2015, 37,332 performance contingent cash awards granted in 2013 vested, resulting in cash payouts valued at $2.4 million. In 2014, 34,766 and 20,751 performance contingent cash awards granted in 2012 and 2011 vested, resulting in cash payouts valued at $1.9 million and $1.1 million, respectively. |
|
| IPL [Member] |
|
| Benefit Plans |
BENEFIT PLANS (a) Pension and Other Postretirement Benefits Plans - Net Periodic Benefit Costs (Credits) - The components of net periodic benefit costs (credits) for sponsored defined benefit pension and OPEB plans for the three months ended March 31 are included in the tables below (in millions). In the “IPL” and “WPL” tables below, the defined benefit pension plans costs represent those respective costs for IPL’s and WPL’s bargaining unit employees covered under the qualified plans that are sponsored by IPL and WPL, respectively, as well as amounts directly assigned to each of IPL and WPL related to their current and former non-bargaining employees who are participants in the Alliant Energy and Corporate Services sponsored qualified and non-qualified defined benefit pension plans. In the “IPL” and “WPL” tables below, the OPEB plans costs (credits) represent costs (credits) for IPL and WPL employees, respectively, as well as amounts directly assigned to each of IPL and WPL related to their current and former non-bargaining employees who are participants in the Corporate Services sponsored OPEB plan. | | | | | | | | | | | | | | | | | | Defined Benefit Pension Plans | | OPEB Plans | Alliant Energy | 2015 | | 2014 | | 2015 | | 2014 | Service cost |
| $4.0 |
| |
| $3.3 |
| |
| $1.4 |
| |
| $1.3 |
| Interest cost | 13.4 |
| | 13.5 |
| | 2.2 |
| | 2.4 |
| Expected return on plan assets | (18.7 | ) | | (18.7 | ) | | (2.1 | ) | | (2.1 | ) | Amortization of prior service credit | (0.1 | ) | | — |
| | (2.8 | ) | | (3.0 | ) | Amortization of actuarial loss | 8.8 |
| | 4.8 |
| | 1.2 |
| | 0.6 |
| Additional benefit costs | 0.2 |
| | — |
| | — |
| | — |
| |
| $7.6 |
| |
| $2.9 |
| |
| ($0.1 | ) | |
| ($0.8 | ) |
| | | | | | | | | | | | | | | | | | Defined Benefit Pension Plans | | OPEB Plans | IPL | 2015 | | 2014 | | 2015 | | 2014 | Service cost |
| $2.2 |
| |
| $1.8 |
| |
| $0.6 |
| |
| $0.6 |
| Interest cost | 6.2 |
| | 6.3 |
| | 0.9 |
| | 1.0 |
| Expected return on plan assets | (8.9 | ) | | (9.0 | ) | | (1.4 | ) | | (1.5 | ) | Amortization of prior service credit | — |
| | — |
| | (1.5 | ) | | (1.6 | ) | Amortization of actuarial loss | 3.8 |
| | 2.0 |
| | 0.6 |
| | 0.3 |
| |
| $3.3 |
| |
| $1.1 |
| |
| ($0.8 | ) | |
| ($1.2 | ) |
| | | | | | | | | | | | | | | | | | Defined Benefit Pension Plans | | OPEB Plans | WPL | 2015 | | 2014 | | 2015 | | 2014 | Service cost |
| $1.4 |
| |
| $1.2 |
| |
| $0.6 |
| |
| $0.5 |
| Interest cost | 5.6 |
| | 5.7 |
| | 0.9 |
| | 1.0 |
| Expected return on plan assets | (8.1 | ) | | (8.1 | ) | | (0.4 | ) | | (0.3 | ) | Amortization of prior service cost (credit) | 0.1 |
| | 0.1 |
| | (0.9 | ) | | (1.0 | ) | Amortization of actuarial loss | 4.2 |
| | 2.3 |
| | 0.6 |
| | 0.3 |
| Additional benefit costs | 0.2 |
| | — |
| | — |
| | — |
| |
| $3.4 |
| |
| $1.2 |
| |
| $0.8 |
| |
| $0.5 |
|
401(k) Savings Plans - A significant number of employees participate in defined contribution retirement plans (401(k) savings plans). For the three months ended March 31, costs related to the 401(k) savings plans, which are partially based on the participants’ contributions, were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | Alliant Energy | | IPL (a) | | WPL (a) | | 2015 | | 2014 | | 2015 | | 2014 | | 2015 | | 2014 | 401(k) costs |
| $6.7 |
| |
| $5.9 |
| |
| $3.4 |
| |
| $3.1 |
| |
| $2.9 |
| |
| $2.6 |
|
| | (a) | IPL’s and WPL’s amounts include allocated costs associated with Corporate Services employees. |
(b) Equity-based Compensation Plans - A summary of compensation expense (including amounts allocated to IPL and WPL) and the related income tax benefits recognized for share-based compensation awards for the three months ended March 31 was as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | Alliant Energy | | IPL | | WPL | | 2015 | | 2014 | | 2015 | | 2014 | | 2015 | | 2014 | Compensation expense |
| $3.2 |
| |
| $3.1 |
| |
| $1.7 |
| |
| $1.7 |
| |
| $1.4 |
| |
| $1.3 |
| Income tax benefits | 1.3 |
| | 1.3 |
| | 0.7 |
| | 0.7 |
| | 0.6 |
| | 0.5 |
|
As of March 31, 2015, total unrecognized compensation cost related to share-based compensation awards was $13.1 million, which is expected to be recognized over a weighted average period of between 1 and 2 years. Share-based compensation expense is recognized on a straight-line basis over the requisite service periods and is primarily recorded in “Utility - Other operation and maintenance” in the income statements.
Performance Shares and Units - Performance Shares - A summary of the performance shares activity was as follows: | | | | | | | | 2015 (a) | | 2014 (a) | Nonvested shares, January 1 | 144,424 |
| | 139,940 |
| Granted | 45,403 |
| | 51,221 |
| Vested | (45,612 | ) | | (45,235 | ) | Nonvested shares, March 31 | 144,215 |
| | 145,926 |
|
| | (a) | Share amounts represent the target number of performance shares. |
During the three months ended March 31, certain performance shares vested, resulting in payouts (a combination of cash and common stock) as follows: | | | | | | | | | | 2015 | | 2014 | | 2012 Grant | | 2011 Grant | Performance shares vested | 45,612 |
| | 45,235 |
| Percentage of target number of performance shares | 167.5 | % | | 147.5 | % | Aggregate payout value (in millions) |
| $5.1 |
| |
| $3.4 |
| Payout - cash (in millions) |
| $3.2 |
| |
| $2.9 |
| Payout - common stock shares issued | 10,975 |
| | 4,810 |
|
Performance Units - A summary of the performance units activity was as follows: | | | | | | | | 2015 (a) | | 2014 (a) | Nonvested units, January 1 | 63,665 |
| | 65,912 |
| Granted | 17,837 |
| | 20,422 |
| Vested | (22,845 | ) | | (20,751 | ) | Forfeited | (93 | ) | | (311 | ) | Nonvested units, March 31 | 58,564 |
| | 65,272 |
|
| | (a) | Unit amounts represent the target number of performance units. |
During the three months ended March 31, certain performance units vested, resulting in cash payouts as follows: | | | | | | | | | | 2015 | | 2014 | | 2012 Grant | | 2011 Grant | Performance units vested | 22,845 |
| | 20,751 |
| Percentage of target number of performance units | 167.5 | % | | 147.5 | % | Payout value (in millions) |
| $1.6 |
| |
| $1.2 |
|
Fair Value of Awards - Information related to fair values of nonvested performance shares and units at March 31, 2015, by year of grant, was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Performance Shares | | Performance Units | | 2015 Grant | | 2014 Grant | | 2013 Grant | | 2015 Grant | | 2014 Grant | | 2013 Grant | Nonvested awards | 45,403 |
| | 49,719 |
| | 49,093 |
| | 17,744 |
| | 19,440 |
| | 21,380 |
| Alliant Energy common stock closing price on March 31, 2015 |
| $63.00 |
| |
| $63.00 |
| |
| $63.00 |
| | | | | | | Alliant Energy common stock closing price on grant date | | | | | | |
| $65.09 |
| |
| $53.77 |
| |
| $47.58 |
| Estimated payout percentage based on performance criteria | 100 | % | | 128 | % | | 178 | % | | 100 | % | | 128 | % | | 178 | % | Fair values of each nonvested award |
| $63.00 |
| |
| $80.64 |
| |
| $112.14 |
| |
| $65.09 |
| |
| $68.83 |
| |
| $84.69 |
|
At March 31, 2015, fair values of nonvested performance shares and units were calculated based on Alliant Energy’s stock price and anticipated total shareowner returns of Alliant Energy and its investor-owned utility peer group over the performance period. The portion of the fair values based on anticipated total shareowner returns was estimated using a model that incorporates the probability of meeting performance targets based on historical returns relative to the peer group.
Performance Contingent Restricted Stock - A summary of the performance contingent restricted stock activity was as follows: | | | | | | | | | | | | | | | | 2015 | | 2014 | | Shares | | Weighted Average Fair Value | | Shares | | Weighted Average Fair Value | Nonvested shares, January 1 | 98,812 |
| |
| $50.69 |
| | 158,922 |
| |
| $42.71 |
| Granted | 45,403 |
| | 65.09 |
| | 51,221 |
| | 53.77 |
| Vested (a) | (49,093 | ) | | 47.58 |
| | (90,847 | ) | | 40.91 |
| Forfeited | — |
| | — |
| | (18,982 | ) | | 38.75 |
| Nonvested shares, March 31 | 95,122 |
| | 59.17 |
| | 100,314 |
| | 50.74 |
|
| | (a) | In 2015, 49,093 performance contingent restricted shares granted in 2013 vested because the specified performance criteria for such shares were met. In 2014, 45,612 and 45,235 performance contingent restricted shares granted in 2012 and 2011, respectively, vested because the specified performance criteria for such shares were met. |
Performance Contingent Cash Awards - A summary of the performance contingent cash awards activity was as follows: | | | | | | | | 2015 | | 2014 | Nonvested awards, January 1 | 78,930 |
| | 96,977 |
| Granted | 41,105 |
| | 42,446 |
| Vested (a) | (37,332 | ) | | (55,517 | ) | Forfeited | (469 | ) | | (3,406 | ) | Nonvested awards, March 31 | 82,234 |
| | 80,500 |
|
| | (a) | In 2015, 37,332 performance contingent cash awards granted in 2013 vested, resulting in cash payouts valued at $2.4 million. In 2014, 34,766 and 20,751 performance contingent cash awards granted in 2012 and 2011 vested, resulting in cash payouts valued at $1.9 million and $1.1 million, respectively. |
|
| WPL [Member] |
|
| Benefit Plans |
BENEFIT PLANS (a) Pension and Other Postretirement Benefits Plans - Net Periodic Benefit Costs (Credits) - The components of net periodic benefit costs (credits) for sponsored defined benefit pension and OPEB plans for the three months ended March 31 are included in the tables below (in millions). In the “IPL” and “WPL” tables below, the defined benefit pension plans costs represent those respective costs for IPL’s and WPL’s bargaining unit employees covered under the qualified plans that are sponsored by IPL and WPL, respectively, as well as amounts directly assigned to each of IPL and WPL related to their current and former non-bargaining employees who are participants in the Alliant Energy and Corporate Services sponsored qualified and non-qualified defined benefit pension plans. In the “IPL” and “WPL” tables below, the OPEB plans costs (credits) represent costs (credits) for IPL and WPL employees, respectively, as well as amounts directly assigned to each of IPL and WPL related to their current and former non-bargaining employees who are participants in the Corporate Services sponsored OPEB plan. | | | | | | | | | | | | | | | | | | Defined Benefit Pension Plans | | OPEB Plans | Alliant Energy | 2015 | | 2014 | | 2015 | | 2014 | Service cost |
| $4.0 |
| |
| $3.3 |
| |
| $1.4 |
| |
| $1.3 |
| Interest cost | 13.4 |
| | 13.5 |
| | 2.2 |
| | 2.4 |
| Expected return on plan assets | (18.7 | ) | | (18.7 | ) | | (2.1 | ) | | (2.1 | ) | Amortization of prior service credit | (0.1 | ) | | — |
| | (2.8 | ) | | (3.0 | ) | Amortization of actuarial loss | 8.8 |
| | 4.8 |
| | 1.2 |
| | 0.6 |
| Additional benefit costs | 0.2 |
| | — |
| | — |
| | — |
| |
| $7.6 |
| |
| $2.9 |
| |
| ($0.1 | ) | |
| ($0.8 | ) |
| | | | | | | | | | | | | | | | | | Defined Benefit Pension Plans | | OPEB Plans | IPL | 2015 | | 2014 | | 2015 | | 2014 | Service cost |
| $2.2 |
| |
| $1.8 |
| |
| $0.6 |
| |
| $0.6 |
| Interest cost | 6.2 |
| | 6.3 |
| | 0.9 |
| | 1.0 |
| Expected return on plan assets | (8.9 | ) | | (9.0 | ) | | (1.4 | ) | | (1.5 | ) | Amortization of prior service credit | — |
| | — |
| | (1.5 | ) | | (1.6 | ) | Amortization of actuarial loss | 3.8 |
| | 2.0 |
| | 0.6 |
| | 0.3 |
| |
| $3.3 |
| |
| $1.1 |
| |
| ($0.8 | ) | |
| ($1.2 | ) |
| | | | | | | | | | | | | | | | | | Defined Benefit Pension Plans | | OPEB Plans | WPL | 2015 | | 2014 | | 2015 | | 2014 | Service cost |
| $1.4 |
| |
| $1.2 |
| |
| $0.6 |
| |
| $0.5 |
| Interest cost | 5.6 |
| | 5.7 |
| | 0.9 |
| | 1.0 |
| Expected return on plan assets | (8.1 | ) | | (8.1 | ) | | (0.4 | ) | | (0.3 | ) | Amortization of prior service cost (credit) | 0.1 |
| | 0.1 |
| | (0.9 | ) | | (1.0 | ) | Amortization of actuarial loss | 4.2 |
| | 2.3 |
| | 0.6 |
| | 0.3 |
| Additional benefit costs | 0.2 |
| | — |
| | — |
| | — |
| |
| $3.4 |
| |
| $1.2 |
| |
| $0.8 |
| |
| $0.5 |
|
401(k) Savings Plans - A significant number of employees participate in defined contribution retirement plans (401(k) savings plans). For the three months ended March 31, costs related to the 401(k) savings plans, which are partially based on the participants’ contributions, were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | Alliant Energy | | IPL (a) | | WPL (a) | | 2015 | | 2014 | | 2015 | | 2014 | | 2015 | | 2014 | 401(k) costs |
| $6.7 |
| |
| $5.9 |
| |
| $3.4 |
| |
| $3.1 |
| |
| $2.9 |
| |
| $2.6 |
|
| | (a) | IPL’s and WPL’s amounts include allocated costs associated with Corporate Services employees. |
(b) Equity-based Compensation Plans - A summary of compensation expense (including amounts allocated to IPL and WPL) and the related income tax benefits recognized for share-based compensation awards for the three months ended March 31 was as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | Alliant Energy | | IPL | | WPL | | 2015 | | 2014 | | 2015 | | 2014 | | 2015 | | 2014 | Compensation expense |
| $3.2 |
| |
| $3.1 |
| |
| $1.7 |
| |
| $1.7 |
| |
| $1.4 |
| |
| $1.3 |
| Income tax benefits | 1.3 |
| | 1.3 |
| | 0.7 |
| | 0.7 |
| | 0.6 |
| | 0.5 |
|
As of March 31, 2015, total unrecognized compensation cost related to share-based compensation awards was $13.1 million, which is expected to be recognized over a weighted average period of between 1 and 2 years. Share-based compensation expense is recognized on a straight-line basis over the requisite service periods and is primarily recorded in “Utility - Other operation and maintenance” in the income statements.
Performance Shares and Units - Performance Shares - A summary of the performance shares activity was as follows: | | | | | | | | 2015 (a) | | 2014 (a) | Nonvested shares, January 1 | 144,424 |
| | 139,940 |
| Granted | 45,403 |
| | 51,221 |
| Vested | (45,612 | ) | | (45,235 | ) | Nonvested shares, March 31 | 144,215 |
| | 145,926 |
|
| | (a) | Share amounts represent the target number of performance shares. |
During the three months ended March 31, certain performance shares vested, resulting in payouts (a combination of cash and common stock) as follows: | | | | | | | | | | 2015 | | 2014 | | 2012 Grant | | 2011 Grant | Performance shares vested | 45,612 |
| | 45,235 |
| Percentage of target number of performance shares | 167.5 | % | | 147.5 | % | Aggregate payout value (in millions) |
| $5.1 |
| |
| $3.4 |
| Payout - cash (in millions) |
| $3.2 |
| |
| $2.9 |
| Payout - common stock shares issued | 10,975 |
| | 4,810 |
|
Performance Units - A summary of the performance units activity was as follows: | | | | | | | | 2015 (a) | | 2014 (a) | Nonvested units, January 1 | 63,665 |
| | 65,912 |
| Granted | 17,837 |
| | 20,422 |
| Vested | (22,845 | ) | | (20,751 | ) | Forfeited | (93 | ) | | (311 | ) | Nonvested units, March 31 | 58,564 |
| | 65,272 |
|
| | (a) | Unit amounts represent the target number of performance units. |
During the three months ended March 31, certain performance units vested, resulting in cash payouts as follows: | | | | | | | | | | 2015 | | 2014 | | 2012 Grant | | 2011 Grant | Performance units vested | 22,845 |
| | 20,751 |
| Percentage of target number of performance units | 167.5 | % | | 147.5 | % | Payout value (in millions) |
| $1.6 |
| |
| $1.2 |
|
Fair Value of Awards - Information related to fair values of nonvested performance shares and units at March 31, 2015, by year of grant, was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Performance Shares | | Performance Units | | 2015 Grant | | 2014 Grant | | 2013 Grant | | 2015 Grant | | 2014 Grant | | 2013 Grant | Nonvested awards | 45,403 |
| | 49,719 |
| | 49,093 |
| | 17,744 |
| | 19,440 |
| | 21,380 |
| Alliant Energy common stock closing price on March 31, 2015 |
| $63.00 |
| |
| $63.00 |
| |
| $63.00 |
| | | | | | | Alliant Energy common stock closing price on grant date | | | | | | |
| $65.09 |
| |
| $53.77 |
| |
| $47.58 |
| Estimated payout percentage based on performance criteria | 100 | % | | 128 | % | | 178 | % | | 100 | % | | 128 | % | | 178 | % | Fair values of each nonvested award |
| $63.00 |
| |
| $80.64 |
| |
| $112.14 |
| |
| $65.09 |
| |
| $68.83 |
| |
| $84.69 |
|
At March 31, 2015, fair values of nonvested performance shares and units were calculated based on Alliant Energy’s stock price and anticipated total shareowner returns of Alliant Energy and its investor-owned utility peer group over the performance period. The portion of the fair values based on anticipated total shareowner returns was estimated using a model that incorporates the probability of meeting performance targets based on historical returns relative to the peer group.
Performance Contingent Restricted Stock - A summary of the performance contingent restricted stock activity was as follows: | | | | | | | | | | | | | | | | 2015 | | 2014 | | Shares | | Weighted Average Fair Value | | Shares | | Weighted Average Fair Value | Nonvested shares, January 1 | 98,812 |
| |
| $50.69 |
| | 158,922 |
| |
| $42.71 |
| Granted | 45,403 |
| | 65.09 |
| | 51,221 |
| | 53.77 |
| Vested (a) | (49,093 | ) | | 47.58 |
| | (90,847 | ) | | 40.91 |
| Forfeited | — |
| | — |
| | (18,982 | ) | | 38.75 |
| Nonvested shares, March 31 | 95,122 |
| | 59.17 |
| | 100,314 |
| | 50.74 |
|
| | (a) | In 2015, 49,093 performance contingent restricted shares granted in 2013 vested because the specified performance criteria for such shares were met. In 2014, 45,612 and 45,235 performance contingent restricted shares granted in 2012 and 2011, respectively, vested because the specified performance criteria for such shares were met. |
Performance Contingent Cash Awards - A summary of the performance contingent cash awards activity was as follows: | | | | | | | | 2015 | | 2014 | Nonvested awards, January 1 | 78,930 |
| | 96,977 |
| Granted | 41,105 |
| | 42,446 |
| Vested (a) | (37,332 | ) | | (55,517 | ) | Forfeited | (469 | ) | | (3,406 | ) | Nonvested awards, March 31 | 82,234 |
| | 80,500 |
|
| | (a) | In 2015, 37,332 performance contingent cash awards granted in 2013 vested, resulting in cash payouts valued at $2.4 million. In 2014, 34,766 and 20,751 performance contingent cash awards granted in 2012 and 2011 vested, resulting in cash payouts valued at $1.9 million and $1.1 million, respectively. |
|