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Benefit Plans
 12 Months Ended
Dec. 31, 2019
Benefit Plans BENEFIT PLANS(a) Pension and Other Postretirement Benefits Plans - Retirement benefits are provided to substantially all employees through various qualified and non-qualified non-contributory defined benefit pension plans (currently closed to new hires), and/or through defined contribution plans (including 401(k) savings plans). Benefits of the non-contributory defined benefit pension plans are based on the plan participant’s years of service, age and compensation. Benefits of the defined contribution plans are based on the plan participant’s years of service, age, compensation and contributions. Certain defined benefit postretirement health care and life benefits are provided to eligible retirees. In general, the retiree health care plans consist of fixed benefit subsidy structures and the retiree life insurance plans are non-contributory.

IPL and WPL account for their participation in Alliant Energy and Corporate Services sponsored plans as multiple-employer plans. For IPL and WPL, amounts below represent the amounts for their plan participants covered under plans they sponsor, as well as amounts directly assigned to them related to certain participants in the Alliant Energy and Corporate Services sponsored plans.

Assumptions - The assumptions for defined benefit pension and OPEB plans at the measurement date of December 31 were as follows:
 
Defined Benefit Pension Plans
 
OPEB Plans
Alliant Energy
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate for benefit obligations
3.48%
 
4.34%
 
3.66%
 
3.40%
 
4.24%
 
3.53%
Discount rate for net periodic cost
4.34%
 
3.66%
 
4.19%
 
4.24%
 
3.53%
 
3.98%
Expected rate of return on plan assets
7.60%
 
7.60%
 
7.60%
 
5.44%
 
5.44%
 
5.80%
Interest crediting rate for Alliant Energy Cash Balance Pension Plan
5.52%
 
5.04%
 
4.64%
 
N/A
 
N/A
 
N/A
Rate of compensation increase
3.65
%
-
4.50%
 
3.65
%
-
4.50%
 
3.65
%
-
4.50%
 
N/A
 
N/A
 
N/A
 
Qualified Defined Benefit Pension Plan
 
OPEB Plans
IPL
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate for benefit obligations
3.51%
 
4.35%
 
3.68%
 
3.39%
 
4.23%
 
3.51%
Discount rate for net periodic cost
4.35%
 
3.68%
 
4.22%
 
4.23%
 
3.51%
 
3.95%
Expected rate of return on plan assets
7.60%
 
7.60%
 
7.60%
 
5.60%
 
5.60%
 
6.20%
Rate of compensation increase
3.65%
 
3.65%
 
3.65%
 
N/A
 
N/A
 
N/A
 
Qualified Defined Benefit Pension Plan
 
OPEB Plans
WPL
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate for benefit obligations
3.50%
 
4.35%
 
3.69%
 
3.39%
 
4.23%
 
3.51%
Discount rate for net periodic cost
4.35%
 
3.69%
 
4.23%
 
4.23%
 
3.51%
 
3.96%
Expected rate of return on plan assets
7.60%
 
7.60%
 
7.60%
 
3.81%
 
3.84%
 
3.50%
Rate of compensation increase
3.65%
 
3.65%
 
3.65%
 
N/A
 
N/A
 
N/A


Expected rate of return on plan assets - The expected rate of return on plan assets is based on projected asset class returns using target allocations. A forward-looking building blocks approach is used, and historical returns, survey information and capital market information are analyzed to support the expected rate of return on plan assets assumption. Refer to “Investment Strategy for Plan Assets” below for additional information related to investment strategy and mix of assets for the pension and OPEB plans.

Life Expectancy - The life expectancy assumption is used in determining the benefit obligation and net periodic benefit cost for defined benefit pension and OPEB plans. This assumption utilizes base mortality tables that were released in 2019 by the Society of Actuaries.

Net Periodic Benefit Costs - The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans are included below (in millions). The service cost component of net periodic benefit costs is included in “Other operation and maintenance” expenses in the income statements and all other components of net periodic benefit costs are included in “Other (income) and deductions” in the income statements.
Alliant Energy
Defined Benefit Pension Plans
 
OPEB Plans
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost

$9.7

 

$12.1

 

$12.5

 

$3.3

 

$4.2

 

$5.0

Interest cost
49.8

 
46.8

 
51.0

 
8.5

 
7.7

 
8.6

Expected return on plan assets (a)
(60.1
)
 
(69.7
)
 
(65.5
)
 
(5.0
)
 
(6.0
)
 
(6.1
)
Amortization of prior service credit (b)
(0.7
)
 
(0.7
)
 
(0.4
)
 
(0.2
)
 
(0.2
)
 
(0.2
)
Amortization of actuarial loss (c)
36.4

 
35.2

 
37.6

 
3.3

 
3.4

 
3.8

Settlement losses (d)
—

 
—

 
0.9

 
—

 
—

 
—

 

$35.1

 

$23.7

 

$36.1

 

$9.9

 

$9.1

 

$11.1

IPL
Defined Benefit Pension Plans
 
OPEB Plans
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost

$6.0

 

$7.4

 

$7.3

 

$1.3

 

$1.7

 

$2.1

Interest cost
22.7

 
21.4

 
23.5

 
3.4

 
3.1

 
3.5

Expected return on plan assets (a)
(28.1
)
 
(32.6
)
 
(30.8
)
 
(3.6
)
 
(4.4
)
 
(4.3
)
Amortization of prior service credit (b)
(0.2
)
 
(0.2
)
 
(0.2
)
 
—

 
—

 
—

Amortization of actuarial loss (c)
15.7

 
14.9

 
16.1

 
1.5

 
1.3

 
2.0

 

$16.1

 

$10.9

 

$15.9

 

$2.6

 

$1.7

 

$3.3

WPL
Defined Benefit Pension Plans
 
OPEB Plans
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost

$3.5

 

$4.4

 

$4.9

 

$1.3

 

$1.6

 

$1.9

Interest cost
21.5

 
20.2

 
21.8

 
3.3

 
3.1

 
3.4

Expected return on plan assets (a)
(26.2
)
 
(30.4
)
 
(28.5
)
 
(0.6
)
 
(0.6
)
 
(0.8
)
Amortization of prior service cost (credit) (b)
(0.2
)
 
(0.1
)
 
0.1

 
(0.2
)
 
(0.2
)
 
(0.2
)
Amortization of actuarial loss (c)
17.6

 
17.2

 
18.5

 
1.6

 
2.0

 
1.6

 

$16.2

 

$11.3

 

$16.8

 

$5.4

 

$5.9

 

$5.9


(a)
The expected return on plan assets is based on the expected rate of return on plan assets and the fair value approach to the market-related value of plan assets.
(b)
Unrecognized prior service costs (credits) for the OPEB plans are amortized over the average future service period to full eligibility of the participants of each plan.
(c)
Unrecognized net actuarial gains or losses in excess of 10% of the greater of the plans’ benefit obligations or assets are amortized over the average future service lives of plan participants, except for the Alliant Energy Cash Balance Pension Plan where gains or losses outside the 10% threshold are amortized over the time period the participants are expected to receive benefits.
(d)
Settlement losses related to payments made to retired executives of Alliant Energy.

Benefit Plan Assets and Obligations - A reconciliation of the funded status of qualified and non-qualified defined benefit pension and OPEB plans to the amounts recognized on the balance sheets at December 31 was as follows (in millions):
 
Defined Benefit Pension Plans
 
OPEB Plans
Alliant Energy
2019
 
2018
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
 
 
 
Net benefit obligation at January 1

$1,175.0

 

$1,303.1

 

$206.1

 

$222.3

Service cost
9.7

 
12.1

 
3.3

 
4.2

Interest cost
49.8

 
46.8

 
8.5

 
7.7

Plan participants’ contributions
—

 
—

 
3.4

 
3.1

Actuarial (gain) loss
124.6

 
(96.2
)
 
13.6

 
(8.2
)
Gross benefits paid
(79.4
)
 
(90.8
)
 
(21.3
)
 
(23.0
)
Net benefit obligation at December 31
1,279.7

 
1,175.0

 
213.6

 
206.1

Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at January 1
808.6

 
950.7

 
99.1

 
111.1

Actual return on plan assets
168.1

 
(57.8
)
 
14.6

 
(2.6
)
Employer contributions
33.1

 
6.5

 
9.1

 
10.5

Plan participants’ contributions
—

 
—

 
3.4

 
3.1

Gross benefits paid
(79.4
)
 
(90.8
)
 
(21.3
)
 
(23.0
)
Fair value of plan assets at December 31
930.4

 
808.6

 
104.9

 
99.1

Under funded status at December 31

($349.3
)
 

($366.4
)
 

($108.7
)
 

($107.0
)

 
Defined Benefit Pension Plans
 
OPEB Plans
Alliant Energy
2019
 
2018
 
2019
 
2018
Amounts recognized on the balance sheets consist of:
 
 
 
 
 
 
 
Non-current assets

$—

 

$—

 

$9.8

 

$7.5

Current liabilities
(14.3
)
 
(2.3
)
 
(8.1
)
 
(9.6
)
Pension and other benefit obligations
(335.0
)
 
(364.1
)
 
(110.4
)
 
(104.9
)
Net amounts recognized at December 31

($349.3
)
 

($366.4
)
 

($108.7
)
 

($107.0
)
Amounts recognized in Regulatory Assets consist of:
 
 
 
 
 
 
 
Net actuarial loss

$485.3

 

$505.2

 

$45.2

 

$44.5

Prior service credit
(5.1
)
 
(5.8
)
 
(0.9
)
 
(1.1
)
 

$480.2

 

$499.4

 

$44.3

 

$43.4


 
Defined Benefit Pension Plans
 
OPEB Plans
IPL
2019
 
2018
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
 
 
 
Net benefit obligation at January 1

$533.9

 

$592.9

 

$82.5

 

$89.4

Service cost
6.0

 
7.4

 
1.3

 
1.7

Interest cost
22.7

 
21.4

 
3.4

 
3.1

Plan participants’ contributions
—

 
—

 
1.3

 
1.0

Actuarial (gain) loss
55.9

 
(44.4
)
 
5.7

 
(4.3
)
Gross benefits paid
(37.3
)
 
(43.4
)
 
(8.5
)
 
(8.4
)
Net benefit obligation at December 31
581.2

 
533.9

 
85.7

 
82.5

Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at January 1
377.8

 
443.7

 
66.7

 
72.9

Actual return on plan assets
78.9

 
(26.8
)
 
10.1

 
(1.4
)
Employer contributions
16.6

 
4.3

 
2.3

 
2.6

Plan participants’ contributions
—

 
—

 
1.3

 
1.0

Gross benefits paid
(37.3
)
 
(43.4
)
 
(8.5
)
 
(8.4
)
Fair value of plan assets at December 31
436.0

 
377.8

 
71.9

 
66.7

Under funded status at December 31

($145.2
)
 

($156.1
)
 

($13.8
)
 

($15.8
)

 
Defined Benefit Pension Plans
 
OPEB Plans
IPL
2019
 
2018
 
2019
 
2018
Amounts recognized on the balance sheets consist of:
 
 
 
 
 
 
 
Non-current assets

$—

 

$—

 

$6.6

 

$4.7

Current liabilities
(0.5
)
 
(0.6
)
 
(1.8
)
 
(1.9
)
Pension and other benefit obligations
(144.7
)
 
(155.5
)
 
(18.6
)
 
(18.6
)
Net amounts recognized at December 31

($145.2
)
 

($156.1
)
 

($13.8
)
 

($15.8
)
Amounts recognized in Regulatory Assets consist of:
 
 
 
 
 
 
 
Net actuarial loss

$208.2

 

$218.8

 

$16.6

 

$18.8

Prior service credit
(1.7
)
 
(1.8
)
 
—

 
—

 

$206.5

 

$217.0

 

$16.6

 

$18.8


 
Defined Benefit Pension Plans
 
OPEB Plans
WPL
2019
 
2018
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
 
 
 
Net benefit obligation at January 1

$506.6

 

$559.8

 

$83.2

 

$90.4

Service cost
3.5

 
4.4

 
1.3

 
1.6

Interest cost
21.5

 
20.2

 
3.3

 
3.1

Plan participants’ contributions
—

 
—

 
1.5

 
1.4

Actuarial (gain) loss
53.8

 
(40.0
)
 
5.0

 
(2.5
)
Gross benefits paid
(35.3
)
 
(37.8
)
 
(9.0
)
 
(10.8
)
Net benefit obligation at December 31
550.1

 
506.6

 
85.3

 
83.2

Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at January 1
352.2

 
415.0

 
16.7

 
18.7

Actual return on plan assets
73.4

 
(25.1
)
 
1.7

 
(0.1
)
Employer contributions
15.7

 
0.1

 
6.2

 
7.5

Plan participants’ contributions
—

 
—

 
1.5

 
1.4

Gross benefits paid
(35.3
)
 
(37.8
)
 
(9.0
)
 
(10.8
)
Fair value of plan assets at December 31
406.0

 
352.2

 
17.1

 
16.7

Under funded status at December 31

($144.1
)
 

($154.4
)
 

($68.2
)
 

($66.5
)

 
Defined Benefit Pension Plans
 
OPEB Plans
WPL
2019
 
2018
 
2019
 
2018
Amounts recognized on the balance sheets consist of:
 
 
 
 
 
 
 
Non-current assets

$—

 

$—

 

$3.2

 

$2.8

Current liabilities
(0.1
)
 
(0.1
)
 
(6.0
)
 
(7.4
)
Pension and other benefit obligations
(144.0
)
 
(154.3
)
 
(65.4
)
 
(61.9
)
Net amounts recognized at December 31

($144.1
)
 

($154.4
)
 

($68.2
)
 

($66.5
)
Amounts recognized in Regulatory Assets consist of:
 
 
 
 
 
 
 
Net actuarial loss

$212.0

 

$223.0

 

$22.2

 

$19.9

Prior service credit
(1.2
)
 
(1.3
)
 
(0.9
)
 
(1.1
)
 

$210.8

 

$221.7

 

$21.3

 

$18.8



Actuarial losses related to benefit obligations in 2019 for defined benefit pension and OPEB plans were primarily due to decreases in the discount rates and experience losses, partially offset by the impact of the updated base mortality table. Actuarial gains related to benefit obligations in 2018 for defined benefit pension and OPEB plans were primarily due to increases in the discount rates and the impact of the updated mortality table, partially offset by experience losses.

Included in the following tables are accumulated benefit obligations, aggregate amounts applicable to defined benefit pension and OPEB plans with accumulated benefit obligations in excess of plan assets, as well as defined benefit pension plans with projected benefit obligations in excess of plan assets as of the December 31 measurement date (in millions):
 
Defined Benefit Pension Plans
 
OPEB Plans
Alliant Energy
2019
 
2018
 
2019
 
2018
Accumulated benefit obligations

$1,234.4

 

$1,139.9

 

$213.6

 

$206.1

Plans with accumulated benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
Accumulated benefit obligations
1,234.4

 
1,139.9

 
213.6

 
206.1

Fair value of plan assets
930.4

 
808.6

 
104.9

 
99.1

Plans with projected benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
Projected benefit obligations
1,279.7

 
1,175.0

 
N/A

 
N/A

Fair value of plan assets
930.4

 
808.6

 
N/A

 
N/A


 
Defined Benefit Pension Plans
 
OPEB Plans
IPL
2019
 
2018
 
2019
 
2018
Accumulated benefit obligations

$557.8

 

$514.3

 

$85.7

 

$82.5

Plans with accumulated benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
Accumulated benefit obligations
557.8

 
514.3

 
85.7

 
82.5

Fair value of plan assets
436.0

 
377.8

 
71.9

 
66.7

Plans with projected benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
Projected benefit obligations
581.2

 
533.9

 
N/A

 
N/A

Fair value of plan assets
436.0

 
377.8

 
N/A

 
N/A


 
Defined Benefit Pension Plans
 
OPEB Plans
WPL
2019
 
2018
 
2019
 
2018
Accumulated benefit obligations

$535.9

 

$494.8

 

$85.3

 

$83.2

Plans with accumulated benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
Accumulated benefit obligations
535.9

 
494.8

 
85.3

 
83.2

Fair value of plan assets
406.0

 
352.2

 
17.1

 
16.7

Plans with projected benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
Projected benefit obligations
550.1

 
506.6

 
N/A

 
N/A

Fair value of plan assets
406.0

 
352.2

 
N/A

 
N/A



In addition to the amounts recognized in regulatory assets in the above tables for IPL and WPL, regulatory assets were recognized for amounts associated with Corporate Services employees participating in other Alliant Energy sponsored benefit plans that were allocated to IPL and WPL at December 31 as follows (in millions):
 
IPL
 
WPL
 
2019
 
2018
 
2019
 
2018
Regulatory assets

$39.4

 

$38.2

 

$29.0

 

$27.7



Estimated Future Employer Contributions and Benefit Payments - Estimated funding for the qualified and non-qualified defined benefit pension and OPEB plans for 2020 is as follows (in millions):
 
Alliant Energy
 
IPL
 
WPL
Defined benefit pension plans (a)

$59.8

 

$19.4

 

$21.8

OPEB plans
8.1

 
1.8

 
6.0


(a)
Alliant Energy sponsors several non-qualified defined benefit pension plans that cover certain current and former key employees of IPL and WPL. Alliant Energy allocates pension costs to IPL and WPL for these plans. In addition, IPL and WPL amounts reflect funding for their non-bargaining employees who are participants in the Alliant Energy and Corporate Services sponsored qualified and non-qualified defined benefit pension plans.

Expected benefit payments for the qualified and non-qualified defined benefit plans, which reflect expected future service, as appropriate, are as follows (in millions):
Alliant Energy
2020
 
2021
 
2022
 
2023
 
2024
 
2025 - 2029
Defined benefit pension benefits

$86.4

 

$74.5

 

$76.6

 

$77.5

 

$78.2

 

$390.2

OPEB
17.7

 
17.7

 
17.5

 
17.1

 
16.8

 
76.6

 

$104.1

 

$92.2

 

$94.1

 

$94.6

 

$95.0

 

$466.8

IPL
2020
 
2021
 
2022
 
2023
 
2024
 
2025 - 2029
Defined benefit pension benefits

$35.1

 

$35.3

 

$36.6

 

$37.7

 

$36.6

 

$182.5

OPEB
7.2

 
7.1

 
7.1

 
7.0

 
6.9

 
30.6

 

$42.3

 

$42.4

 

$43.7

 

$44.7

 

$43.5

 

$213.1

WPL
2020
 
2021
 
2022
 
2023
 
2024
 
2025 - 2029
Defined benefit pension benefits

$32.0

 

$32.0

 

$32.1

 

$32.4

 

$33.1

 

$165.2

OPEB
7.3

 
7.4

 
7.1

 
6.8

 
6.7

 
30.2

 

$39.3

 

$39.4

 

$39.2

 

$39.2

 

$39.8

 

$195.4



Investment Strategy for Plan Assets - Investment strategies for defined benefit pension and OPEB plan assets combine preservation of principal and prudent risk-taking to protect the integrity of plan assets, in order to meet the obligations to plan participants while minimizing benefit costs over the long term. Investment risk of plan assets is mitigated through diversification, including U.S. and international equity, fixed income, global asset and risk parity strategies. Global asset and risk parity strategies may include investments in global equity, global debt, commodities and currencies.

Defined Benefit Pension Plan Assets - The asset mix of defined benefit pension plans is governed by allocation targets. The asset allocation is monitored regularly and appropriate steps are taken as needed to rebalance the assets within the prescribed ranges. An overlay management service is also used to help maintain target allocations and meet liquidity needs. The overlay manager is authorized to use derivative financial instruments to facilitate this service. For separately managed accounts, prohibited investments include, but are not limited to, direct ownership of real estate, oil and gas limited partnerships, securities of the managers’ firms or affiliate firms, and Alliant Energy securities.

At December 31, 2019, the current target ranges and actual allocations for the defined benefit pension plan assets were as follows:
 
Target Range
 
Actual
 
Allocation
 
Allocation
Cash and equivalents
0
%
-
5%
 
5%
Equity securities - U.S.
6
%
-
56%
 
25%
Equity securities - international
14
%
-
34%
 
22%
Global asset securities
5
%
-
15%
 
9%
Risk parity securities
5
%
-
15%
 
10%
Fixed income securities
20
%
-
40%
 
29%


Other Postretirement Benefits Plan Assets - OPEB plan assets are comprised of specific assets within certain defined benefit pension plans (401(h) assets) as well as assets held in VEBA trusts. The investment strategy of the Corporate Services 401(h) assets mirrors those of the defined benefit pension plans, which are discussed above. For VEBA trusts with assets greater than $5 million and the WPL 401(h) assets, the mix among asset classes is governed by allocation targets. The asset allocation is monitored regularly and appropriate steps are taken as needed to rebalance the assets within the prescribed ranges. At December 31, 2019, the current target ranges and actual allocations for VEBA trusts with assets greater than $5 million and the WPL 401(h) assets were as follows:
 
Target Range
 
Actual
 
Allocation
 
Allocation
Cash and equivalents
0
%
-
5%
 
3%
Equity securities - U.S.
0
%
-
46%
 
25%
Equity securities - international
0
%
-
34%
 
2%
Fixed income securities
20
%
-
100%
 
70%


Fair Value Measurements - Fair value measurement accounting establishes three levels of fair value hierarchy that prioritize the inputs to valuation techniques used to measure fair value. Refer to Note 16 for discussion of levels within the fair value hierarchy. Level 1 items include investments in securities held in registered investment companies, treasury bills and directly held equity securities, which are valued at the closing price reported in the active market in which the securities are traded. Level 2 items include fixed income securities consisting of corporate and government bonds, which are valued at the closing price reported in the active market for similar assets in which the individual securities are traded or based on yields currently available on comparable securities of issuers with similar credit ratings. Certain investments that are measured at fair value using the net asset value practical expedient have not been classified in the fair value hierarchy. These fair value amounts are included below to reconcile the fair value hierarchy to the respective total plan assets.

At December 31, the fair values of qualified and non-qualified defined benefit pension plan assets were as follows (in millions):
 
2019
 
2018
 
Fair
 
Level
 
Level
 
Level
 
Fair
 
Level
 
Level
 
Level
Alliant Energy
Value
 
1
 
2
 
3
 
Value
 
1
 
2
 
3
Cash and equivalents

$45.7

 

$3.7

 

$42.0

 

$—

 

$36.4

 

$3.0

 

$33.4

 

$—

Equity securities - U.S.
160.6

 
160.6

 
—

 
—

 
130.2

 
130.2

 
—

 
—

Equity securities - international
135.9

 
135.9

 
—

 
—

 
116.0

 
116.0

 
—

 
—

Global asset securities
47.2

 
47.2

 
—

 
—

 
42.1

 
42.1

 
—

 
—

Fixed income securities
130.7

 
58.0

 
72.7

 
—

 
127.8

 
52.5

 
75.3

 
—

Total assets in fair value hierarchy
520.1

 

$405.4

 

$114.7

 

$—

 
452.5

 

$343.8

 

$108.7

 

$—

Assets measured at net asset value
410.1

 
 
 
 
 
 
 
355.4

 
 
 
 
 
 
Accrued investment income
0.9

 
 
 
 
 
 
 
1.2

 
 
 
 
 
 
Due to brokers, net (pending trades with brokers)
(0.7
)
 
 
 
 
 
 
 
(0.5
)
 
 
 
 
 
 
Total pension plan assets

$930.4

 
 
 
 
 
 
 

$808.6

 
 
 
 
 
 

 
2019
 
2018
 
Fair
 
Level
 
Level
 
Level
 
Fair
 
Level
 
Level
 
Level
IPL
Value
 
1
 
2
 
3
 
Value
 
1
 
2
 
3
Cash and equivalents

$21.4

 

$1.7

 

$19.7

 

$—

 

$17.0

 

$1.4

 

$15.6

 

$—

Equity securities - U.S.
75.2

 
75.2

 
—

 
—

 
60.8

 
60.8

 
—

 
—

Equity securities - international
63.7

 
63.7

 
—

 
—

 
54.2

 
54.2

 
—

 
—

Global asset securities
22.1

 
22.1

 
—

 
—

 
19.7

 
19.7

 
—

 
—

Fixed income securities
61.3

 
27.2

 
34.1

 
—

 
59.7

 
24.5

 
35.2

 
—

Total assets in fair value hierarchy
243.7

 

$189.9

 

$53.8

 

$—

 
211.4

 

$160.6

 

$50.8

 

$—

Assets measured at net asset value
192.2

 
 
 
 
 
 
 
166.1

 
 
 
 
 
 
Accrued investment income
0.4

 
 
 
 
 
 
 
0.6

 
 
 
 
 
 
Due to brokers, net (pending trades with brokers)
(0.3
)
 
 
 
 
 
 
 
(0.3
)
 
 
 
 
 
 
Total pension plan assets

$436.0

 
 
 
 
 
 
 

$377.8

 
 
 
 
 
 

 
2019
 
2018
 
Fair
 
Level
 
Level
 
Level
 
Fair
 
Level
 
Level
 
Level
WPL
Value
 
1
 
2
 
3
 
Value
 
1
 
2
 
3
Cash and equivalents

$19.9

 

$1.6

 

$18.3

 

$—

 

$15.9

 

$1.3

 

$14.6

 

$—

Equity securities - U.S.
70.1

 
70.1

 
—

 
—

 
56.7

 
56.7

 
—

 
—

Equity securities - international
59.3

 
59.3

 
—

 
—

 
50.5

 
50.5

 
—

 
—

Global asset securities
20.6

 
20.6

 
—

 
—

 
18.4

 
18.4

 
—

 
—

Fixed income securities
57.0

 
25.3

 
31.7

 
—

 
55.6

 
22.8

 
32.8

 
—

Total assets in fair value hierarchy
226.9

 

$176.9

 

$50.0

 

$—

 
197.1

 

$149.7

 

$47.4

 

$—

Assets measured at net asset value
179.0

 
 
 
 
 
 
 
154.8

 
 
 
 
 
 
Accrued investment income
0.4

 
 
 
 
 
 
 
0.5

 
 
 
 
 
 
Due to brokers, net (pending trades with brokers)
(0.3
)
 
 
 
 
 
 
 
(0.2
)
 
 
 
 
 
 
Total pension plan assets

$406.0

 
 
 
 
 
 
 

$352.2

 
 
 
 
 
 


At December 31, the fair values of OPEB plan assets were as follows (in millions):
 
2019
 
2018
 
Fair
 
Level
 
Level
 
Level
 
Fair
 
Level
 
Level
 
Level
Alliant Energy
Value
 
1
 
2
 
3
 
Value
 
1
 
2
 
3
Cash and equivalents

$3.4

 

$3.0

 

$0.4

 

$—

 

$1.4

 

$1.1

 

$0.3

 

$—

Equity securities - U.S.
3.7

 
3.7

 
—

 
—

 
3.9

 
3.9

 
—

 
—

Equity securities - international
2.8

 
2.8

 
—

 
—

 
2.9

 
2.9

 
—

 
—

Global asset securities
0.5

 
0.5

 
—

 
—

 
0.4

 
0.4

 
—

 
—

Fixed income securities
68.5

 
67.8

 
0.7

 
—

 
68.2

 
67.5

 
0.7

 
—

Total assets in fair value hierarchy
78.9

 

$77.8

 

$1.1

 

$—

 
76.8

 

$75.8

 

$1.0

 

$—

Assets measured at net asset value
26.0

 
 
 
 
 
 
 
22.3

 
 
 
 
 
 
Total OPEB plan assets

$104.9

 
 
 
 
 
 
 

$99.1

 
 
 
 
 
 

 
2019
 
2018
 
Fair
 
Level
 
Level
 
Level
 
Fair
 
Level
 
Level
 
Level
IPL
Value
 
1
 
2
 
3
 
Value
 
1
 
2
 
3
Cash and equivalents

$1.5

 

$1.5

 

$—

 

$—

 

$0.7

 

$0.7

 

$—

 

$—

Fixed income securities
48.3

 
48.3

 
—

 
—

 
47.0

 
47.0

 
—

 
—

Total assets in fair value hierarchy
49.8

 

$49.8

 

$—

 

$—

 
47.7

 

$47.7

 

$—

 

$—

Assets measured at net asset value
22.1

 
 
 
 
 
 
 
19.0

 
 
 
 
 
 
Total OPEB plan assets

$71.9

 
 
 
 
 
 
 

$66.7

 
 
 
 
 
 

 
2019
 
2018
 
Fair
 
Level
 
Level
 
Level
 
Fair
 
Level
 
Level
 
Level
WPL
Value
 
1
 
2
 
3
 
Value
 
1
 
2
 
3
Cash and equivalents

$0.4

 

$0.4

 

$—

 

$—

 

$0.1

 

$0.1

 

$—

 

$—

Fixed income securities
16.7

 
16.7

 
—

 
—

 
16.6

 
16.6

 
—

 
—

Total OPEB plan assets

$17.1

 

$17.1

 

$—

 

$—

 

$16.7

 

$16.7

 

$—

 

$—



For the various defined benefit pension and OPEB plans, Alliant Energy common stock represented less than 1% of assets directly held in the plans at December 31, 2019 and 2018.

401(k) Savings Plans - A significant number of employees participate in defined contribution retirement plans (401(k) savings plans). Alliant Energy common stock directly held by participants represented 11.5% and 11.5% of total assets in the 401(k) savings plans at December 31, 2019 and 2018, respectively. Costs related to the 401(k) savings plans, which are partially based on the participants’ contributions and include allocated costs associated with Corporate Services employees for IPL and WPL, were as follows (in millions):
 
Alliant Energy
 
IPL
 
WPL
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
401(k) costs

$25.5

 

$25.1

 

$24.8

 

$13.0

 

$13.0

 

$12.8

 

$11.5

 

$11.2

 

$11.1


(b) Equity-based Compensation Plans - In 2015, Alliant Energy’s shareowners approved the Amended and Restated OIP, which permits the grant of shares of Alliant Energy common stock, restricted stock, restricted stock units, performance shares, performance units, and other stock-based or cash-based awards to key employees. At December 31, 2019, performance shares and restricted stock units (performance- and time-vesting) were outstanding under the Amended and Restated OIP, and 6.4 million shares of Alliant Energy common stock remained available for grants under the Amended and Restated OIP. Alliant Energy satisfies share payouts related to equity awards under the Amended and Restated OIP through the issuance of new shares of its common stock. Alliant Energy also has the DLIP, which permits the grant of cash-based long-term awards, including performance units, restricted cash awards and restricted units, to certain key employees. At December 31, 2019, performance units and restricted units (performance- and time-vesting) were outstanding under the DLIP, and the amount of nonvested restricted units was not material. There is no limit to the number of grants that can be made under the DLIP and Alliant Energy satisfies all payouts under the DLIP through cash payments. Nonvested awards generally do not have non-forfeitable rights to dividends or dividend equivalents when dividends are paid to common shareowners. A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards was as follows (in millions):
 
Alliant Energy
 
IPL
 
WPL
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Compensation expense

$26.0

 

$17.0

 

$15.1

 

$14.5

 

$9.4

 

$8.3

 

$10.3

 

$6.9

 

$6.4

Income tax benefits
7.3

 
4.9

 
6.2

 
4.2

 
2.8

 
3.4

 
2.8

 
1.9

 
2.6



As of December 31, 2019, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $5.4 million, $3.0 million and $2.2 million, respectively, which is expected to be recognized over a weighted average period of between one and two years. Share-based compensation expense is recognized on a straight-line basis over the requisite service periods and is recorded in “Other operation and maintenance” in the income statements. As of December 31, 2019, 343,396 shares were included in the calculation of diluted EPS related to the nonvested equity awards.

Performance Shares - Equity Awards - Payouts of 2019 performance shares under the Amended and Restated OIP are contingent upon achievement over a three-year period of specified performance criteria, which currently is total shareowner return relative to an investor-owned utility peer group. Performance shares granted in 2019 are to be paid out in shares of Alliant Energy common stock and are accounted for as equity awards. The fair value of each performance share granted in 2019 is based on the fair value of the underlying common stock on the grant date and the probability of satisfying the market condition contained in the agreement during a three-year performance period. The actual number of 2019 performance shares that will be paid out upon vesting is dependent upon actual performance and may range from zero to 200% of the target number of shares. Compensation expense is recorded ratably over the performance period based on the fair value of the awards at the grant date. A summary of the 2019 performance shares activity, with amounts representing the target number of awards, was as follows:
 
2019
 
Performance Shares - Equity
 
Weighted Average
Grant Date Fair Value
Nonvested awards, January 1
—

 

$—

Granted
91,816

 
47.23

Forfeited
(17,623
)
 
46.35

Nonvested awards, December 31
74,193

 
47.44



Performance Shares and Performance Units - Liability Awards - Payouts of performance shares granted prior to 2019 under the Amended and Restated OIP and performance units under the DLIP to key employees are contingent upon achievement over three-year periods of specified performance criteria, which currently is total shareowner return relative to an investor-owned utility peer group. Performance shares granted prior to 2019 can be paid out in shares of Alliant Energy common stock, cash or a combination of cash and stock. Performance units must be paid out in cash. Alliant Energy assumes it will make future payouts of its performance shares granted prior to 2019 and performance units in cash; therefore, these performance shares and performance units are accounted for as liability awards. Compensation expense for these performance shares and performance units is recorded ratably over the performance period based on the fair value of the awards at each reporting period. A summary of these performance shares and performance units activity, with amounts representing the target number of awards, was as follows:
 
Performance Shares (granted prior to 2019)
 
Performance Units (granted prior to 2019)
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Nonvested awards, January 1
203,188

 
223,511

 
257,599

 
57,761

 
71,737

 
93,320

Granted
—

 
74,163

 
65,350

 
—

 
19,840

 
21,558

Vested
(66,322
)
 
(90,806
)
 
(99,438
)
 
(20,131
)
 
(31,910
)
 
(37,395
)
Forfeited
(4,994
)
 
(3,680
)
 
—

 
(3,056
)
 
(1,906
)
 
(5,746
)
Nonvested awards, December 31
131,872

 
203,188

 
223,511

 
34,574

 
57,761

 
71,737



Fair Value of Awards - The fair value of each performance share and performance unit is based on the closing market price of one share of Alliant Energy common stock at the end of the performance period. The actual payout for performance shares and performance units is dependent upon actual performance and may range from zero to 200% of the target number of awards. At December 31, 2019, the Alliant Energy common stock closing price was $54.72. Additional information related to the fair value of nonvested performance shares and performance units at December 31, 2019, by year of grant, was as follows:
 
Performance Shares
(granted prior to 2019)
 
Performance Units (granted prior to 2019)
 
2018 Grant
 
2017 Grant
 
2018 Grant
 
2017 Grant
Nonvested awards at target
68,307

 
63,565

 
17,622

 
16,952

Estimated payout percentage based on performance criteria
118
%
 
155
%
 
118
%
 
155
%
Fair values of each nonvested award

$64.57

 

$84.82

 

$64.57

 

$84.82



Vested Awards - Certain performance shares and performance units vested, resulting in payouts (a combination of cash and common stock for the performance shares and cash only for the performance units) as follows:
 
Performance Shares (granted prior to 2019)
 
Performance Units (granted prior to 2019)
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2016 Grant
 
2015 Grant
 
2014 Grant
 
2016 Grant
 
2015 Grant
 
2014 Grant
Performance awards vested
66,322
 
90,806
 
99,438
 
20,131
 
31,910
 
37,395
Percentage of target number of performance awards
142.5%
 
137.5%
 
147.5%
 
142.5%
 
137.5%
 
147.5%
Aggregate payout value (in millions)
$4.3
 
$5.3
 
$5.6
 
$1.3
 
$1.4
 
$1.5
Payout - cash (in millions)
$3.7
 
$4.9
 
$5.1
 
$1.3
 
$1.4
 
$1.5
Payout - common stock shares issued
6,447
 
5,078
 
5,185
 
N/A
 
N/A
 
N/A


Restricted Stock Units - Equity Awards - Payouts of 2019 restricted stock units under the Amended and Restated OIP are based on the expiration of a three-year time-vesting period. Restricted stock units granted in 2019 are to be paid out in shares of Alliant Energy common stock and are accounted for as equity awards. The fair value of each restricted stock unit granted in 2019 is based on the closing market price of one share of Alliant Energy common stock on the grant date of the award. Compensation expense is recorded ratably over the performance period based on the fair value of the awards on the grant date. A summary of the 2019 restricted stock units activity was as follows:
 
2019
 
Restricted Stock Units - Equity
 
Weighted Average
Grant Date Fair Value
Nonvested units, January 1
—

 

$—

Granted
105,348

 
45.98

Forfeited
(16,067
)
 
45.63

Nonvested units, December 31
89,281

 
46.04



Restricted Stock Units - Liability Awards - Payouts of restricted stock units granted prior to 2019 under the Amended and Restated OIP are based on the expiration of a three-year time-vesting period. Restricted stock units granted prior to 2019 can be paid out in shares of Alliant Energy common stock, cash or a combination of cash and stock. Alliant Energy assumes it will make future payouts of its restricted stock units granted prior to 2019 in cash; therefore, restricted stock units granted prior to 2019 are accounted for as liability awards. The fair value of each restricted stock unit granted prior to 2019 is based on the closing market price of one share of Alliant Energy common stock at the end of the time-vesting period. Compensation expense is recorded ratably over the performance period based on the fair value of the awards at each reporting period. A summary of the restricted stock units granted prior to 2019 activity was as follows:
 
2019
 
2018
 
2017
Nonvested units, January 1
174,163

 
113,749

 
57,736

Granted
—

 
63,568

 
56,013

Vested
(56,849
)
 
—

 
—

Forfeited
(4,281
)
 
(3,154
)
 
—

Nonvested units, December 31
113,033

 
174,163

 
113,749



Performance Restricted Stock Units - Equity Awards - Payouts of performance restricted stock units under the Amended and Restated OIP are based upon achievement of certain performance targets during a three-year performance period, which currently includes specified growth of consolidated net income from continuing operations. The actual number of units that will be paid out upon vesting is dependent upon actual performance and may range from zero to 200% of the target number of units. If performance targets are not met during the performance period, these units are forfeited. Performance restricted stock units generally must be paid out in shares and are accounted for as equity awards. The fair value of each performance restricted stock unit is based on the closing market price of one share of Alliant Energy common stock on the grant date of the award. Compensation expense is recorded ratably over the performance period based on a probability assessment of payouts
for the awards at each reporting period. A summary of the performance restricted stock units activity, with amounts representing the target number of units, was as follows:
 
2019
 
2018
 
2017
 
Units
 
Weighted Average
Grant Date Fair Value
 
Units
 
Weighted Average
Grant Date Fair Value
 
Units
 
Weighted Average
Grant Date Fair Value
Nonvested units, January 1
203,188

 

$37.23

 
132,705

 

$36.50

 
67,355

 

$33.96

Granted
91,816

 
46.10

 
74,163

 
38.60

 
65,350

 
39.12

Vested
(66,322
)
 
33.93

 
—

 
—

 
—

 
—

Forfeited
(22,617
)
 
44.00

 
(3,680
)
 
38.60

 
—

 
—

Nonvested units, December 31
206,065

 
41.50

 
203,188

 
37.23

 
132,705

 
36.50


(c) Deferred Compensation Plan - Alliant Energy maintains a DCP under which key employees may defer up to 100% of base salary and short-term cash incentive compensation and directors may elect to defer all or part of their retainer and committee fees. Key employees who have made the maximum allowed contribution to the Alliant Energy 401(k) Savings Plan may receive an additional credit to the DCP. Key employees and directors may elect to have their deferrals credited to a company stock account, an interest account, equity accounts or mutual fund accounts based on certain benchmark funds.

Company Stock Account - The DCP does not permit diversification of deferrals credited to the company stock account and all distributions from participants’ company stock accounts are made in the form of shares of Alliant Energy common stock. The deferred compensation obligations for participants’ company stock accounts are recorded in “Additional paid-in capital” and the shares of Alliant Energy common stock held in a rabbi trust to satisfy this obligation are recorded in “Shares in deferred compensation trust” on Alliant Energy’s balance sheets. At December 31, the carrying value of the deferred compensation obligation for the company stock account and the shares in the deferred compensation trust based on the historical value of the shares of Alliant Energy common stock contributed to the rabbi trust, and the fair market value of the shares held in the rabbi trust, were as follows (in millions):
 
2019
 
2018
Carrying value

$10.0

 

$9.8

Fair market value
20.9

 
16.2



Interest, Equity and Mutual Fund Accounts - Distributions from participants’ interest, equity and mutual fund accounts are in the form of cash payments. The deferred compensation obligations for participants’ interest, equity and mutual fund accounts are recorded in “Pension and other benefit obligations” on the balance sheets. At December 31, 2019 and 2018, the carrying value of Alliant Energy’s deferred compensation obligations for participants’ interest, equity and mutual fund accounts, which approximates fair market value, was $21.2 million and $21.0 million, respectively.
IPL [Member]  
Benefit Plans BENEFIT PLANS(a) Pension and Other Postretirement Benefits Plans - Retirement benefits are provided to substantially all employees through various qualified and non-qualified non-contributory defined benefit pension plans (currently closed to new hires), and/or through defined contribution plans (including 401(k) savings plans). Benefits of the non-contributory defined benefit pension plans are based on the plan participant’s years of service, age and compensation. Benefits of the defined contribution plans are based on the plan participant’s years of service, age, compensation and contributions. Certain defined benefit postretirement health care and life benefits are provided to eligible retirees. In general, the retiree health care plans consist of fixed benefit subsidy structures and the retiree life insurance plans are non-contributory.

IPL and WPL account for their participation in Alliant Energy and Corporate Services sponsored plans as multiple-employer plans. For IPL and WPL, amounts below represent the amounts for their plan participants covered under plans they sponsor, as well as amounts directly assigned to them related to certain participants in the Alliant Energy and Corporate Services sponsored plans.

Assumptions - The assumptions for defined benefit pension and OPEB plans at the measurement date of December 31 were as follows:
 
Defined Benefit Pension Plans
 
OPEB Plans
Alliant Energy
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate for benefit obligations
3.48%
 
4.34%
 
3.66%
 
3.40%
 
4.24%
 
3.53%
Discount rate for net periodic cost
4.34%
 
3.66%
 
4.19%
 
4.24%
 
3.53%
 
3.98%
Expected rate of return on plan assets
7.60%
 
7.60%
 
7.60%
 
5.44%
 
5.44%
 
5.80%
Interest crediting rate for Alliant Energy Cash Balance Pension Plan
5.52%
 
5.04%
 
4.64%
 
N/A
 
N/A
 
N/A
Rate of compensation increase
3.65
%
-
4.50%
 
3.65
%
-
4.50%
 
3.65
%
-
4.50%
 
N/A
 
N/A
 
N/A
 
Qualified Defined Benefit Pension Plan
 
OPEB Plans
IPL
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate for benefit obligations
3.51%
 
4.35%
 
3.68%
 
3.39%
 
4.23%
 
3.51%
Discount rate for net periodic cost
4.35%
 
3.68%
 
4.22%
 
4.23%
 
3.51%
 
3.95%
Expected rate of return on plan assets
7.60%
 
7.60%
 
7.60%
 
5.60%
 
5.60%
 
6.20%
Rate of compensation increase
3.65%
 
3.65%
 
3.65%
 
N/A
 
N/A
 
N/A
 
Qualified Defined Benefit Pension Plan
 
OPEB Plans
WPL
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate for benefit obligations
3.50%
 
4.35%
 
3.69%
 
3.39%
 
4.23%
 
3.51%
Discount rate for net periodic cost
4.35%
 
3.69%
 
4.23%
 
4.23%
 
3.51%
 
3.96%
Expected rate of return on plan assets
7.60%
 
7.60%
 
7.60%
 
3.81%
 
3.84%
 
3.50%
Rate of compensation increase
3.65%
 
3.65%
 
3.65%
 
N/A
 
N/A
 
N/A


Expected rate of return on plan assets - The expected rate of return on plan assets is based on projected asset class returns using target allocations. A forward-looking building blocks approach is used, and historical returns, survey information and capital market information are analyzed to support the expected rate of return on plan assets assumption. Refer to “Investment Strategy for Plan Assets” below for additional information related to investment strategy and mix of assets for the pension and OPEB plans.

Life Expectancy - The life expectancy assumption is used in determining the benefit obligation and net periodic benefit cost for defined benefit pension and OPEB plans. This assumption utilizes base mortality tables that were released in 2019 by the Society of Actuaries.

Net Periodic Benefit Costs - The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans are included below (in millions). The service cost component of net periodic benefit costs is included in “Other operation and maintenance” expenses in the income statements and all other components of net periodic benefit costs are included in “Other (income) and deductions” in the income statements.
Alliant Energy
Defined Benefit Pension Plans
 
OPEB Plans
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost

$9.7

 

$12.1

 

$12.5

 

$3.3

 

$4.2

 

$5.0

Interest cost
49.8

 
46.8

 
51.0

 
8.5

 
7.7

 
8.6

Expected return on plan assets (a)
(60.1
)
 
(69.7
)
 
(65.5
)
 
(5.0
)
 
(6.0
)
 
(6.1
)
Amortization of prior service credit (b)
(0.7
)
 
(0.7
)
 
(0.4
)
 
(0.2
)
 
(0.2
)
 
(0.2
)
Amortization of actuarial loss (c)
36.4

 
35.2

 
37.6

 
3.3

 
3.4

 
3.8

Settlement losses (d)
—

 
—

 
0.9

 
—

 
—

 
—

 

$35.1

 

$23.7

 

$36.1

 

$9.9

 

$9.1

 

$11.1

IPL
Defined Benefit Pension Plans
 
OPEB Plans
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost

$6.0

 

$7.4

 

$7.3

 

$1.3

 

$1.7

 

$2.1

Interest cost
22.7

 
21.4

 
23.5

 
3.4

 
3.1

 
3.5

Expected return on plan assets (a)
(28.1
)
 
(32.6
)
 
(30.8
)
 
(3.6
)
 
(4.4
)
 
(4.3
)
Amortization of prior service credit (b)
(0.2
)
 
(0.2
)
 
(0.2
)
 
—

 
—

 
—

Amortization of actuarial loss (c)
15.7

 
14.9

 
16.1

 
1.5

 
1.3

 
2.0

 

$16.1

 

$10.9

 

$15.9

 

$2.6

 

$1.7

 

$3.3

WPL
Defined Benefit Pension Plans
 
OPEB Plans
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost

$3.5

 

$4.4

 

$4.9

 

$1.3

 

$1.6

 

$1.9

Interest cost
21.5

 
20.2

 
21.8

 
3.3

 
3.1

 
3.4

Expected return on plan assets (a)
(26.2
)
 
(30.4
)
 
(28.5
)
 
(0.6
)
 
(0.6
)
 
(0.8
)
Amortization of prior service cost (credit) (b)
(0.2
)
 
(0.1
)
 
0.1

 
(0.2
)
 
(0.2
)
 
(0.2
)
Amortization of actuarial loss (c)
17.6

 
17.2

 
18.5

 
1.6

 
2.0

 
1.6

 

$16.2

 

$11.3

 

$16.8

 

$5.4

 

$5.9

 

$5.9


(a)
The expected return on plan assets is based on the expected rate of return on plan assets and the fair value approach to the market-related value of plan assets.
(b)
Unrecognized prior service costs (credits) for the OPEB plans are amortized over the average future service period to full eligibility of the participants of each plan.
(c)
Unrecognized net actuarial gains or losses in excess of 10% of the greater of the plans’ benefit obligations or assets are amortized over the average future service lives of plan participants, except for the Alliant Energy Cash Balance Pension Plan where gains or losses outside the 10% threshold are amortized over the time period the participants are expected to receive benefits.
(d)
Settlement losses related to payments made to retired executives of Alliant Energy.

Benefit Plan Assets and Obligations - A reconciliation of the funded status of qualified and non-qualified defined benefit pension and OPEB plans to the amounts recognized on the balance sheets at December 31 was as follows (in millions):
 
Defined Benefit Pension Plans
 
OPEB Plans
Alliant Energy
2019
 
2018
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
 
 
 
Net benefit obligation at January 1

$1,175.0

 

$1,303.1

 

$206.1

 

$222.3

Service cost
9.7

 
12.1

 
3.3

 
4.2

Interest cost
49.8

 
46.8

 
8.5

 
7.7

Plan participants’ contributions
—

 
—

 
3.4

 
3.1

Actuarial (gain) loss
124.6

 
(96.2
)
 
13.6

 
(8.2
)
Gross benefits paid
(79.4
)
 
(90.8
)
 
(21.3
)
 
(23.0
)
Net benefit obligation at December 31
1,279.7

 
1,175.0

 
213.6

 
206.1

Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at January 1
808.6

 
950.7

 
99.1

 
111.1

Actual return on plan assets
168.1

 
(57.8
)
 
14.6

 
(2.6
)
Employer contributions
33.1

 
6.5

 
9.1

 
10.5

Plan participants’ contributions
—

 
—

 
3.4

 
3.1

Gross benefits paid
(79.4
)
 
(90.8
)
 
(21.3
)
 
(23.0
)
Fair value of plan assets at December 31
930.4

 
808.6

 
104.9

 
99.1

Under funded status at December 31

($349.3
)
 

($366.4
)
 

($108.7
)
 

($107.0
)

 
Defined Benefit Pension Plans
 
OPEB Plans
Alliant Energy
2019
 
2018
 
2019
 
2018
Amounts recognized on the balance sheets consist of:
 
 
 
 
 
 
 
Non-current assets

$—

 

$—

 

$9.8

 

$7.5

Current liabilities
(14.3
)
 
(2.3
)
 
(8.1
)
 
(9.6
)
Pension and other benefit obligations
(335.0
)
 
(364.1
)
 
(110.4
)
 
(104.9
)
Net amounts recognized at December 31

($349.3
)
 

($366.4
)
 

($108.7
)
 

($107.0
)
Amounts recognized in Regulatory Assets consist of:
 
 
 
 
 
 
 
Net actuarial loss

$485.3

 

$505.2

 

$45.2

 

$44.5

Prior service credit
(5.1
)
 
(5.8
)
 
(0.9
)
 
(1.1
)
 

$480.2

 

$499.4

 

$44.3

 

$43.4


 
Defined Benefit Pension Plans
 
OPEB Plans
IPL
2019
 
2018
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
 
 
 
Net benefit obligation at January 1

$533.9

 

$592.9

 

$82.5

 

$89.4

Service cost
6.0

 
7.4

 
1.3

 
1.7

Interest cost
22.7

 
21.4

 
3.4

 
3.1

Plan participants’ contributions
—

 
—

 
1.3

 
1.0

Actuarial (gain) loss
55.9

 
(44.4
)
 
5.7

 
(4.3
)
Gross benefits paid
(37.3
)
 
(43.4
)
 
(8.5
)
 
(8.4
)
Net benefit obligation at December 31
581.2

 
533.9

 
85.7

 
82.5

Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at January 1
377.8

 
443.7

 
66.7

 
72.9

Actual return on plan assets
78.9

 
(26.8
)
 
10.1

 
(1.4
)
Employer contributions
16.6

 
4.3

 
2.3

 
2.6

Plan participants’ contributions
—

 
—

 
1.3

 
1.0

Gross benefits paid
(37.3
)
 
(43.4
)
 
(8.5
)
 
(8.4
)
Fair value of plan assets at December 31
436.0

 
377.8

 
71.9

 
66.7

Under funded status at December 31

($145.2
)
 

($156.1
)
 

($13.8
)
 

($15.8
)

 
Defined Benefit Pension Plans
 
OPEB Plans
IPL
2019
 
2018
 
2019
 
2018
Amounts recognized on the balance sheets consist of:
 
 
 
 
 
 
 
Non-current assets

$—

 

$—

 

$6.6

 

$4.7

Current liabilities
(0.5
)
 
(0.6
)
 
(1.8
)
 
(1.9
)
Pension and other benefit obligations
(144.7
)
 
(155.5
)
 
(18.6
)
 
(18.6
)
Net amounts recognized at December 31

($145.2
)
 

($156.1
)
 

($13.8
)
 

($15.8
)
Amounts recognized in Regulatory Assets consist of:
 
 
 
 
 
 
 
Net actuarial loss

$208.2

 

$218.8

 

$16.6

 

$18.8

Prior service credit
(1.7
)
 
(1.8
)
 
—

 
—

 

$206.5

 

$217.0

 

$16.6

 

$18.8


 
Defined Benefit Pension Plans
 
OPEB Plans
WPL
2019
 
2018
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
 
 
 
Net benefit obligation at January 1

$506.6

 

$559.8

 

$83.2

 

$90.4

Service cost
3.5

 
4.4

 
1.3

 
1.6

Interest cost
21.5

 
20.2

 
3.3

 
3.1

Plan participants’ contributions
—

 
—

 
1.5

 
1.4

Actuarial (gain) loss
53.8

 
(40.0
)
 
5.0

 
(2.5
)
Gross benefits paid
(35.3
)
 
(37.8
)
 
(9.0
)
 
(10.8
)
Net benefit obligation at December 31
550.1

 
506.6

 
85.3

 
83.2

Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at January 1
352.2

 
415.0

 
16.7

 
18.7

Actual return on plan assets
73.4

 
(25.1
)
 
1.7

 
(0.1
)
Employer contributions
15.7

 
0.1

 
6.2

 
7.5

Plan participants’ contributions
—

 
—

 
1.5

 
1.4

Gross benefits paid
(35.3
)
 
(37.8
)
 
(9.0
)
 
(10.8
)
Fair value of plan assets at December 31
406.0

 
352.2

 
17.1

 
16.7

Under funded status at December 31

($144.1
)
 

($154.4
)
 

($68.2
)
 

($66.5
)

 
Defined Benefit Pension Plans
 
OPEB Plans
WPL
2019
 
2018
 
2019
 
2018
Amounts recognized on the balance sheets consist of:
 
 
 
 
 
 
 
Non-current assets

$—

 

$—

 

$3.2

 

$2.8

Current liabilities
(0.1
)
 
(0.1
)
 
(6.0
)
 
(7.4
)
Pension and other benefit obligations
(144.0
)
 
(154.3
)
 
(65.4
)
 
(61.9
)
Net amounts recognized at December 31

($144.1
)
 

($154.4
)
 

($68.2
)
 

($66.5
)
Amounts recognized in Regulatory Assets consist of:
 
 
 
 
 
 
 
Net actuarial loss

$212.0

 

$223.0

 

$22.2

 

$19.9

Prior service credit
(1.2
)
 
(1.3
)
 
(0.9
)
 
(1.1
)
 

$210.8

 

$221.7

 

$21.3

 

$18.8



Actuarial losses related to benefit obligations in 2019 for defined benefit pension and OPEB plans were primarily due to decreases in the discount rates and experience losses, partially offset by the impact of the updated base mortality table. Actuarial gains related to benefit obligations in 2018 for defined benefit pension and OPEB plans were primarily due to increases in the discount rates and the impact of the updated mortality table, partially offset by experience losses.

Included in the following tables are accumulated benefit obligations, aggregate amounts applicable to defined benefit pension and OPEB plans with accumulated benefit obligations in excess of plan assets, as well as defined benefit pension plans with projected benefit obligations in excess of plan assets as of the December 31 measurement date (in millions):
 
Defined Benefit Pension Plans
 
OPEB Plans
Alliant Energy
2019
 
2018
 
2019
 
2018
Accumulated benefit obligations

$1,234.4

 

$1,139.9

 

$213.6

 

$206.1

Plans with accumulated benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
Accumulated benefit obligations
1,234.4

 
1,139.9

 
213.6

 
206.1

Fair value of plan assets
930.4

 
808.6

 
104.9

 
99.1

Plans with projected benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
Projected benefit obligations
1,279.7

 
1,175.0

 
N/A

 
N/A

Fair value of plan assets
930.4

 
808.6

 
N/A

 
N/A


 
Defined Benefit Pension Plans
 
OPEB Plans
IPL
2019
 
2018
 
2019
 
2018
Accumulated benefit obligations

$557.8

 

$514.3

 

$85.7

 

$82.5

Plans with accumulated benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
Accumulated benefit obligations
557.8

 
514.3

 
85.7

 
82.5

Fair value of plan assets
436.0

 
377.8

 
71.9

 
66.7

Plans with projected benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
Projected benefit obligations
581.2

 
533.9

 
N/A

 
N/A

Fair value of plan assets
436.0

 
377.8

 
N/A

 
N/A


 
Defined Benefit Pension Plans
 
OPEB Plans
WPL
2019
 
2018
 
2019
 
2018
Accumulated benefit obligations

$535.9

 

$494.8

 

$85.3

 

$83.2

Plans with accumulated benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
Accumulated benefit obligations
535.9

 
494.8

 
85.3

 
83.2

Fair value of plan assets
406.0

 
352.2

 
17.1

 
16.7

Plans with projected benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
Projected benefit obligations
550.1

 
506.6

 
N/A

 
N/A

Fair value of plan assets
406.0

 
352.2

 
N/A

 
N/A



In addition to the amounts recognized in regulatory assets in the above tables for IPL and WPL, regulatory assets were recognized for amounts associated with Corporate Services employees participating in other Alliant Energy sponsored benefit plans that were allocated to IPL and WPL at December 31 as follows (in millions):
 
IPL
 
WPL
 
2019
 
2018
 
2019
 
2018
Regulatory assets

$39.4

 

$38.2

 

$29.0

 

$27.7



Estimated Future Employer Contributions and Benefit Payments - Estimated funding for the qualified and non-qualified defined benefit pension and OPEB plans for 2020 is as follows (in millions):
 
Alliant Energy
 
IPL
 
WPL
Defined benefit pension plans (a)

$59.8

 

$19.4

 

$21.8

OPEB plans
8.1

 
1.8

 
6.0


(a)
Alliant Energy sponsors several non-qualified defined benefit pension plans that cover certain current and former key employees of IPL and WPL. Alliant Energy allocates pension costs to IPL and WPL for these plans. In addition, IPL and WPL amounts reflect funding for their non-bargaining employees who are participants in the Alliant Energy and Corporate Services sponsored qualified and non-qualified defined benefit pension plans.

Expected benefit payments for the qualified and non-qualified defined benefit plans, which reflect expected future service, as appropriate, are as follows (in millions):
Alliant Energy
2020
 
2021
 
2022
 
2023
 
2024
 
2025 - 2029
Defined benefit pension benefits

$86.4

 

$74.5

 

$76.6

 

$77.5

 

$78.2

 

$390.2

OPEB
17.7

 
17.7

 
17.5

 
17.1

 
16.8

 
76.6

 

$104.1

 

$92.2

 

$94.1

 

$94.6

 

$95.0

 

$466.8

IPL
2020
 
2021
 
2022
 
2023
 
2024
 
2025 - 2029
Defined benefit pension benefits

$35.1

 

$35.3

 

$36.6

 

$37.7

 

$36.6

 

$182.5

OPEB
7.2

 
7.1

 
7.1

 
7.0

 
6.9

 
30.6

 

$42.3

 

$42.4

 

$43.7

 

$44.7

 

$43.5

 

$213.1

WPL
2020
 
2021
 
2022
 
2023
 
2024
 
2025 - 2029
Defined benefit pension benefits

$32.0

 

$32.0

 

$32.1

 

$32.4

 

$33.1

 

$165.2

OPEB
7.3

 
7.4

 
7.1

 
6.8

 
6.7

 
30.2

 

$39.3

 

$39.4

 

$39.2

 

$39.2

 

$39.8

 

$195.4



Investment Strategy for Plan Assets - Investment strategies for defined benefit pension and OPEB plan assets combine preservation of principal and prudent risk-taking to protect the integrity of plan assets, in order to meet the obligations to plan participants while minimizing benefit costs over the long term. Investment risk of plan assets is mitigated through diversification, including U.S. and international equity, fixed income, global asset and risk parity strategies. Global asset and risk parity strategies may include investments in global equity, global debt, commodities and currencies.

Defined Benefit Pension Plan Assets - The asset mix of defined benefit pension plans is governed by allocation targets. The asset allocation is monitored regularly and appropriate steps are taken as needed to rebalance the assets within the prescribed ranges. An overlay management service is also used to help maintain target allocations and meet liquidity needs. The overlay manager is authorized to use derivative financial instruments to facilitate this service. For separately managed accounts, prohibited investments include, but are not limited to, direct ownership of real estate, oil and gas limited partnerships, securities of the managers’ firms or affiliate firms, and Alliant Energy securities.

At December 31, 2019, the current target ranges and actual allocations for the defined benefit pension plan assets were as follows:
 
Target Range
 
Actual
 
Allocation
 
Allocation
Cash and equivalents
0
%
-
5%
 
5%
Equity securities - U.S.
6
%
-
56%
 
25%
Equity securities - international
14
%
-
34%
 
22%
Global asset securities
5
%
-
15%
 
9%
Risk parity securities
5
%
-
15%
 
10%
Fixed income securities
20
%
-
40%
 
29%


Other Postretirement Benefits Plan Assets - OPEB plan assets are comprised of specific assets within certain defined benefit pension plans (401(h) assets) as well as assets held in VEBA trusts. The investment strategy of the Corporate Services 401(h) assets mirrors those of the defined benefit pension plans, which are discussed above. For VEBA trusts with assets greater than $5 million and the WPL 401(h) assets, the mix among asset classes is governed by allocation targets. The asset allocation is monitored regularly and appropriate steps are taken as needed to rebalance the assets within the prescribed ranges. At December 31, 2019, the current target ranges and actual allocations for VEBA trusts with assets greater than $5 million and the WPL 401(h) assets were as follows:
 
Target Range
 
Actual
 
Allocation
 
Allocation
Cash and equivalents
0
%
-
5%
 
3%
Equity securities - U.S.
0
%
-
46%
 
25%
Equity securities - international
0
%
-
34%
 
2%
Fixed income securities
20
%
-
100%
 
70%


Fair Value Measurements - Fair value measurement accounting establishes three levels of fair value hierarchy that prioritize the inputs to valuation techniques used to measure fair value. Refer to Note 16 for discussion of levels within the fair value hierarchy. Level 1 items include investments in securities held in registered investment companies, treasury bills and directly held equity securities, which are valued at the closing price reported in the active market in which the securities are traded. Level 2 items include fixed income securities consisting of corporate and government bonds, which are valued at the closing price reported in the active market for similar assets in which the individual securities are traded or based on yields currently available on comparable securities of issuers with similar credit ratings. Certain investments that are measured at fair value using the net asset value practical expedient have not been classified in the fair value hierarchy. These fair value amounts are included below to reconcile the fair value hierarchy to the respective total plan assets.

At December 31, the fair values of qualified and non-qualified defined benefit pension plan assets were as follows (in millions):
 
2019
 
2018
 
Fair
 
Level
 
Level
 
Level
 
Fair
 
Level
 
Level
 
Level
Alliant Energy
Value
 
1
 
2
 
3
 
Value
 
1
 
2
 
3
Cash and equivalents

$45.7

 

$3.7

 

$42.0

 

$—

 

$36.4

 

$3.0

 

$33.4

 

$—

Equity securities - U.S.
160.6

 
160.6

 
—

 
—

 
130.2

 
130.2

 
—

 
—

Equity securities - international
135.9

 
135.9

 
—

 
—

 
116.0

 
116.0

 
—

 
—

Global asset securities
47.2

 
47.2

 
—

 
—

 
42.1

 
42.1

 
—

 
—

Fixed income securities
130.7

 
58.0

 
72.7

 
—

 
127.8

 
52.5

 
75.3

 
—

Total assets in fair value hierarchy
520.1

 

$405.4

 

$114.7

 

$—

 
452.5

 

$343.8

 

$108.7

 

$—

Assets measured at net asset value
410.1

 
 
 
 
 
 
 
355.4

 
 
 
 
 
 
Accrued investment income
0.9

 
 
 
 
 
 
 
1.2

 
 
 
 
 
 
Due to brokers, net (pending trades with brokers)
(0.7
)
 
 
 
 
 
 
 
(0.5
)
 
 
 
 
 
 
Total pension plan assets

$930.4

 
 
 
 
 
 
 

$808.6

 
 
 
 
 
 

 
2019
 
2018
 
Fair
 
Level
 
Level
 
Level
 
Fair
 
Level
 
Level
 
Level
IPL
Value
 
1
 
2
 
3
 
Value
 
1
 
2
 
3
Cash and equivalents

$21.4

 

$1.7

 

$19.7

 

$—

 

$17.0

 

$1.4

 

$15.6

 

$—

Equity securities - U.S.
75.2

 
75.2

 
—

 
—

 
60.8

 
60.8

 
—

 
—

Equity securities - international
63.7

 
63.7

 
—

 
—

 
54.2

 
54.2

 
—

 
—

Global asset securities
22.1

 
22.1

 
—

 
—

 
19.7

 
19.7

 
—

 
—

Fixed income securities
61.3

 
27.2

 
34.1

 
—

 
59.7

 
24.5

 
35.2

 
—

Total assets in fair value hierarchy
243.7

 

$189.9

 

$53.8

 

$—

 
211.4

 

$160.6

 

$50.8

 

$—

Assets measured at net asset value
192.2

 
 
 
 
 
 
 
166.1

 
 
 
 
 
 
Accrued investment income
0.4

 
 
 
 
 
 
 
0.6

 
 
 
 
 
 
Due to brokers, net (pending trades with brokers)
(0.3
)
 
 
 
 
 
 
 
(0.3
)
 
 
 
 
 
 
Total pension plan assets

$436.0

 
 
 
 
 
 
 

$377.8

 
 
 
 
 
 

 
2019
 
2018
 
Fair
 
Level
 
Level
 
Level
 
Fair
 
Level
 
Level
 
Level
WPL
Value
 
1
 
2
 
3
 
Value
 
1
 
2
 
3
Cash and equivalents

$19.9

 

$1.6

 

$18.3

 

$—

 

$15.9

 

$1.3

 

$14.6

 

$—

Equity securities - U.S.
70.1

 
70.1

 
—

 
—

 
56.7

 
56.7

 
—

 
—

Equity securities - international
59.3

 
59.3

 
—

 
—

 
50.5

 
50.5

 
—

 
—

Global asset securities
20.6

 
20.6

 
—

 
—

 
18.4

 
18.4

 
—

 
—

Fixed income securities
57.0

 
25.3

 
31.7

 
—

 
55.6

 
22.8

 
32.8

 
—

Total assets in fair value hierarchy
226.9

 

$176.9

 

$50.0

 

$—

 
197.1

 

$149.7

 

$47.4

 

$—

Assets measured at net asset value
179.0

 
 
 
 
 
 
 
154.8

 
 
 
 
 
 
Accrued investment income
0.4

 
 
 
 
 
 
 
0.5

 
 
 
 
 
 
Due to brokers, net (pending trades with brokers)
(0.3
)
 
 
 
 
 
 
 
(0.2
)
 
 
 
 
 
 
Total pension plan assets

$406.0

 
 
 
 
 
 
 

$352.2

 
 
 
 
 
 


At December 31, the fair values of OPEB plan assets were as follows (in millions):
 
2019
 
2018
 
Fair
 
Level
 
Level
 
Level
 
Fair
 
Level
 
Level
 
Level
Alliant Energy
Value
 
1
 
2
 
3
 
Value
 
1
 
2
 
3
Cash and equivalents

$3.4

 

$3.0

 

$0.4

 

$—

 

$1.4

 

$1.1

 

$0.3

 

$—

Equity securities - U.S.
3.7

 
3.7

 
—

 
—

 
3.9

 
3.9

 
—

 
—

Equity securities - international
2.8

 
2.8

 
—

 
—

 
2.9

 
2.9

 
—

 
—

Global asset securities
0.5

 
0.5

 
—

 
—

 
0.4

 
0.4

 
—

 
—

Fixed income securities
68.5

 
67.8

 
0.7

 
—

 
68.2

 
67.5

 
0.7

 
—

Total assets in fair value hierarchy
78.9

 

$77.8

 

$1.1

 

$—

 
76.8

 

$75.8

 

$1.0

 

$—

Assets measured at net asset value
26.0

 
 
 
 
 
 
 
22.3

 
 
 
 
 
 
Total OPEB plan assets

$104.9

 
 
 
 
 
 
 

$99.1

 
 
 
 
 
 

 
2019
 
2018
 
Fair
 
Level
 
Level
 
Level
 
Fair
 
Level
 
Level
 
Level
IPL
Value
 
1
 
2
 
3
 
Value
 
1
 
2
 
3
Cash and equivalents

$1.5

 

$1.5

 

$—

 

$—

 

$0.7

 

$0.7

 

$—

 

$—

Fixed income securities
48.3

 
48.3

 
—

 
—

 
47.0

 
47.0

 
—

 
—

Total assets in fair value hierarchy
49.8

 

$49.8

 

$—

 

$—

 
47.7

 

$47.7

 

$—

 

$—

Assets measured at net asset value
22.1

 
 
 
 
 
 
 
19.0

 
 
 
 
 
 
Total OPEB plan assets

$71.9

 
 
 
 
 
 
 

$66.7

 
 
 
 
 
 

 
2019
 
2018
 
Fair
 
Level
 
Level
 
Level
 
Fair
 
Level
 
Level
 
Level
WPL
Value
 
1
 
2
 
3
 
Value
 
1
 
2
 
3
Cash and equivalents

$0.4

 

$0.4

 

$—

 

$—

 

$0.1

 

$0.1

 

$—

 

$—

Fixed income securities
16.7

 
16.7

 
—

 
—

 
16.6

 
16.6

 
—

 
—

Total OPEB plan assets

$17.1

 

$17.1

 

$—

 

$—

 

$16.7

 

$16.7

 

$—

 

$—



For the various defined benefit pension and OPEB plans, Alliant Energy common stock represented less than 1% of assets directly held in the plans at December 31, 2019 and 2018.

401(k) Savings Plans - A significant number of employees participate in defined contribution retirement plans (401(k) savings plans). Alliant Energy common stock directly held by participants represented 11.5% and 11.5% of total assets in the 401(k) savings plans at December 31, 2019 and 2018, respectively. Costs related to the 401(k) savings plans, which are partially based on the participants’ contributions and include allocated costs associated with Corporate Services employees for IPL and WPL, were as follows (in millions):
 
Alliant Energy
 
IPL
 
WPL
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
401(k) costs

$25.5

 

$25.1

 

$24.8

 

$13.0

 

$13.0

 

$12.8

 

$11.5

 

$11.2

 

$11.1


(b) Equity-based Compensation Plans - In 2015, Alliant Energy’s shareowners approved the Amended and Restated OIP, which permits the grant of shares of Alliant Energy common stock, restricted stock, restricted stock units, performance shares, performance units, and other stock-based or cash-based awards to key employees. At December 31, 2019, performance shares and restricted stock units (performance- and time-vesting) were outstanding under the Amended and Restated OIP, and 6.4 million shares of Alliant Energy common stock remained available for grants under the Amended and Restated OIP. Alliant Energy satisfies share payouts related to equity awards under the Amended and Restated OIP through the issuance of new shares of its common stock. Alliant Energy also has the DLIP, which permits the grant of cash-based long-term awards, including performance units, restricted cash awards and restricted units, to certain key employees. At December 31, 2019, performance units and restricted units (performance- and time-vesting) were outstanding under the DLIP, and the amount of nonvested restricted units was not material. There is no limit to the number of grants that can be made under the DLIP and Alliant Energy satisfies all payouts under the DLIP through cash payments. Nonvested awards generally do not have non-forfeitable rights to dividends or dividend equivalents when dividends are paid to common shareowners. A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards was as follows (in millions):
 
Alliant Energy
 
IPL
 
WPL
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Compensation expense

$26.0

 

$17.0

 

$15.1

 

$14.5

 

$9.4

 

$8.3

 

$10.3

 

$6.9

 

$6.4

Income tax benefits
7.3

 
4.9

 
6.2

 
4.2

 
2.8

 
3.4

 
2.8

 
1.9

 
2.6



As of December 31, 2019, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $5.4 million, $3.0 million and $2.2 million, respectively, which is expected to be recognized over a weighted average period of between one and two years. Share-based compensation expense is recognized on a straight-line basis over the requisite service periods and is recorded in “Other operation and maintenance” in the income statements. As of December 31, 2019, 343,396 shares were included in the calculation of diluted EPS related to the nonvested equity awards.

Performance Shares - Equity Awards - Payouts of 2019 performance shares under the Amended and Restated OIP are contingent upon achievement over a three-year period of specified performance criteria, which currently is total shareowner return relative to an investor-owned utility peer group. Performance shares granted in 2019 are to be paid out in shares of Alliant Energy common stock and are accounted for as equity awards. The fair value of each performance share granted in 2019 is based on the fair value of the underlying common stock on the grant date and the probability of satisfying the market condition contained in the agreement during a three-year performance period. The actual number of 2019 performance shares that will be paid out upon vesting is dependent upon actual performance and may range from zero to 200% of the target number of shares. Compensation expense is recorded ratably over the performance period based on the fair value of the awards at the grant date. A summary of the 2019 performance shares activity, with amounts representing the target number of awards, was as follows:
 
2019
 
Performance Shares - Equity
 
Weighted Average
Grant Date Fair Value
Nonvested awards, January 1
—

 

$—

Granted
91,816

 
47.23

Forfeited
(17,623
)
 
46.35

Nonvested awards, December 31
74,193

 
47.44



Performance Shares and Performance Units - Liability Awards - Payouts of performance shares granted prior to 2019 under the Amended and Restated OIP and performance units under the DLIP to key employees are contingent upon achievement over three-year periods of specified performance criteria, which currently is total shareowner return relative to an investor-owned utility peer group. Performance shares granted prior to 2019 can be paid out in shares of Alliant Energy common stock, cash or a combination of cash and stock. Performance units must be paid out in cash. Alliant Energy assumes it will make future payouts of its performance shares granted prior to 2019 and performance units in cash; therefore, these performance shares and performance units are accounted for as liability awards. Compensation expense for these performance shares and performance units is recorded ratably over the performance period based on the fair value of the awards at each reporting period. A summary of these performance shares and performance units activity, with amounts representing the target number of awards, was as follows:
 
Performance Shares (granted prior to 2019)
 
Performance Units (granted prior to 2019)
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Nonvested awards, January 1
203,188

 
223,511

 
257,599

 
57,761

 
71,737

 
93,320

Granted
—

 
74,163

 
65,350

 
—

 
19,840

 
21,558

Vested
(66,322
)
 
(90,806
)
 
(99,438
)
 
(20,131
)
 
(31,910
)
 
(37,395
)
Forfeited
(4,994
)
 
(3,680
)
 
—

 
(3,056
)
 
(1,906
)
 
(5,746
)
Nonvested awards, December 31
131,872

 
203,188

 
223,511

 
34,574

 
57,761

 
71,737



Fair Value of Awards - The fair value of each performance share and performance unit is based on the closing market price of one share of Alliant Energy common stock at the end of the performance period. The actual payout for performance shares and performance units is dependent upon actual performance and may range from zero to 200% of the target number of awards. At December 31, 2019, the Alliant Energy common stock closing price was $54.72. Additional information related to the fair value of nonvested performance shares and performance units at December 31, 2019, by year of grant, was as follows:
 
Performance Shares
(granted prior to 2019)
 
Performance Units (granted prior to 2019)
 
2018 Grant
 
2017 Grant
 
2018 Grant
 
2017 Grant
Nonvested awards at target
68,307

 
63,565

 
17,622

 
16,952

Estimated payout percentage based on performance criteria
118
%
 
155
%
 
118
%
 
155
%
Fair values of each nonvested award

$64.57

 

$84.82

 

$64.57

 

$84.82



Vested Awards - Certain performance shares and performance units vested, resulting in payouts (a combination of cash and common stock for the performance shares and cash only for the performance units) as follows:
 
Performance Shares (granted prior to 2019)
 
Performance Units (granted prior to 2019)
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2016 Grant
 
2015 Grant
 
2014 Grant
 
2016 Grant
 
2015 Grant
 
2014 Grant
Performance awards vested
66,322
 
90,806
 
99,438
 
20,131
 
31,910
 
37,395
Percentage of target number of performance awards
142.5%
 
137.5%
 
147.5%
 
142.5%
 
137.5%
 
147.5%
Aggregate payout value (in millions)
$4.3
 
$5.3
 
$5.6
 
$1.3
 
$1.4
 
$1.5
Payout - cash (in millions)
$3.7
 
$4.9
 
$5.1
 
$1.3
 
$1.4
 
$1.5
Payout - common stock shares issued
6,447
 
5,078
 
5,185
 
N/A
 
N/A
 
N/A


Restricted Stock Units - Equity Awards - Payouts of 2019 restricted stock units under the Amended and Restated OIP are based on the expiration of a three-year time-vesting period. Restricted stock units granted in 2019 are to be paid out in shares of Alliant Energy common stock and are accounted for as equity awards. The fair value of each restricted stock unit granted in 2019 is based on the closing market price of one share of Alliant Energy common stock on the grant date of the award. Compensation expense is recorded ratably over the performance period based on the fair value of the awards on the grant date. A summary of the 2019 restricted stock units activity was as follows:
 
2019
 
Restricted Stock Units - Equity
 
Weighted Average
Grant Date Fair Value
Nonvested units, January 1
—

 

$—

Granted
105,348

 
45.98

Forfeited
(16,067
)
 
45.63

Nonvested units, December 31
89,281

 
46.04



Restricted Stock Units - Liability Awards - Payouts of restricted stock units granted prior to 2019 under the Amended and Restated OIP are based on the expiration of a three-year time-vesting period. Restricted stock units granted prior to 2019 can be paid out in shares of Alliant Energy common stock, cash or a combination of cash and stock. Alliant Energy assumes it will make future payouts of its restricted stock units granted prior to 2019 in cash; therefore, restricted stock units granted prior to 2019 are accounted for as liability awards. The fair value of each restricted stock unit granted prior to 2019 is based on the closing market price of one share of Alliant Energy common stock at the end of the time-vesting period. Compensation expense is recorded ratably over the performance period based on the fair value of the awards at each reporting period. A summary of the restricted stock units granted prior to 2019 activity was as follows:
 
2019
 
2018
 
2017
Nonvested units, January 1
174,163

 
113,749

 
57,736

Granted
—

 
63,568

 
56,013

Vested
(56,849
)
 
—

 
—

Forfeited
(4,281
)
 
(3,154
)
 
—

Nonvested units, December 31
113,033

 
174,163

 
113,749



Performance Restricted Stock Units - Equity Awards - Payouts of performance restricted stock units under the Amended and Restated OIP are based upon achievement of certain performance targets during a three-year performance period, which currently includes specified growth of consolidated net income from continuing operations. The actual number of units that will be paid out upon vesting is dependent upon actual performance and may range from zero to 200% of the target number of units. If performance targets are not met during the performance period, these units are forfeited. Performance restricted stock units generally must be paid out in shares and are accounted for as equity awards. The fair value of each performance restricted stock unit is based on the closing market price of one share of Alliant Energy common stock on the grant date of the award. Compensation expense is recorded ratably over the performance period based on a probability assessment of payouts
for the awards at each reporting period. A summary of the performance restricted stock units activity, with amounts representing the target number of units, was as follows:
 
2019
 
2018
 
2017
 
Units
 
Weighted Average
Grant Date Fair Value
 
Units
 
Weighted Average
Grant Date Fair Value
 
Units
 
Weighted Average
Grant Date Fair Value
Nonvested units, January 1
203,188

 

$37.23

 
132,705

 

$36.50

 
67,355

 

$33.96

Granted
91,816

 
46.10

 
74,163

 
38.60

 
65,350

 
39.12

Vested
(66,322
)
 
33.93

 
—

 
—

 
—

 
—

Forfeited
(22,617
)
 
44.00

 
(3,680
)
 
38.60

 
—

 
—

Nonvested units, December 31
206,065

 
41.50

 
203,188

 
37.23

 
132,705

 
36.50
WPL [Member]  
Benefit Plans BENEFIT PLANS(a) Pension and Other Postretirement Benefits Plans - Retirement benefits are provided to substantially all employees through various qualified and non-qualified non-contributory defined benefit pension plans (currently closed to new hires), and/or through defined contribution plans (including 401(k) savings plans). Benefits of the non-contributory defined benefit pension plans are based on the plan participant’s years of service, age and compensation. Benefits of the defined contribution plans are based on the plan participant’s years of service, age, compensation and contributions. Certain defined benefit postretirement health care and life benefits are provided to eligible retirees. In general, the retiree health care plans consist of fixed benefit subsidy structures and the retiree life insurance plans are non-contributory.

IPL and WPL account for their participation in Alliant Energy and Corporate Services sponsored plans as multiple-employer plans. For IPL and WPL, amounts below represent the amounts for their plan participants covered under plans they sponsor, as well as amounts directly assigned to them related to certain participants in the Alliant Energy and Corporate Services sponsored plans.

Assumptions - The assumptions for defined benefit pension and OPEB plans at the measurement date of December 31 were as follows:
 
Defined Benefit Pension Plans
 
OPEB Plans
Alliant Energy
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate for benefit obligations
3.48%
 
4.34%
 
3.66%
 
3.40%
 
4.24%
 
3.53%
Discount rate for net periodic cost
4.34%
 
3.66%
 
4.19%
 
4.24%
 
3.53%
 
3.98%
Expected rate of return on plan assets
7.60%
 
7.60%
 
7.60%
 
5.44%
 
5.44%
 
5.80%
Interest crediting rate for Alliant Energy Cash Balance Pension Plan
5.52%
 
5.04%
 
4.64%
 
N/A
 
N/A
 
N/A
Rate of compensation increase
3.65
%
-
4.50%
 
3.65
%
-
4.50%
 
3.65
%
-
4.50%
 
N/A
 
N/A
 
N/A
 
Qualified Defined Benefit Pension Plan
 
OPEB Plans
IPL
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate for benefit obligations
3.51%
 
4.35%
 
3.68%
 
3.39%
 
4.23%
 
3.51%
Discount rate for net periodic cost
4.35%
 
3.68%
 
4.22%
 
4.23%
 
3.51%
 
3.95%
Expected rate of return on plan assets
7.60%
 
7.60%
 
7.60%
 
5.60%
 
5.60%
 
6.20%
Rate of compensation increase
3.65%
 
3.65%
 
3.65%
 
N/A
 
N/A
 
N/A
 
Qualified Defined Benefit Pension Plan
 
OPEB Plans
WPL
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate for benefit obligations
3.50%
 
4.35%
 
3.69%
 
3.39%
 
4.23%
 
3.51%
Discount rate for net periodic cost
4.35%
 
3.69%
 
4.23%
 
4.23%
 
3.51%
 
3.96%
Expected rate of return on plan assets
7.60%
 
7.60%
 
7.60%
 
3.81%
 
3.84%
 
3.50%
Rate of compensation increase
3.65%
 
3.65%
 
3.65%
 
N/A
 
N/A
 
N/A


Expected rate of return on plan assets - The expected rate of return on plan assets is based on projected asset class returns using target allocations. A forward-looking building blocks approach is used, and historical returns, survey information and capital market information are analyzed to support the expected rate of return on plan assets assumption. Refer to “Investment Strategy for Plan Assets” below for additional information related to investment strategy and mix of assets for the pension and OPEB plans.

Life Expectancy - The life expectancy assumption is used in determining the benefit obligation and net periodic benefit cost for defined benefit pension and OPEB plans. This assumption utilizes base mortality tables that were released in 2019 by the Society of Actuaries.

Net Periodic Benefit Costs - The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans are included below (in millions). The service cost component of net periodic benefit costs is included in “Other operation and maintenance” expenses in the income statements and all other components of net periodic benefit costs are included in “Other (income) and deductions” in the income statements.
Alliant Energy
Defined Benefit Pension Plans
 
OPEB Plans
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost

$9.7

 

$12.1

 

$12.5

 

$3.3

 

$4.2

 

$5.0

Interest cost
49.8

 
46.8

 
51.0

 
8.5

 
7.7

 
8.6

Expected return on plan assets (a)
(60.1
)
 
(69.7
)
 
(65.5
)
 
(5.0
)
 
(6.0
)
 
(6.1
)
Amortization of prior service credit (b)
(0.7
)
 
(0.7
)
 
(0.4
)
 
(0.2
)
 
(0.2
)
 
(0.2
)
Amortization of actuarial loss (c)
36.4

 
35.2

 
37.6

 
3.3

 
3.4

 
3.8

Settlement losses (d)
—

 
—

 
0.9

 
—

 
—

 
—

 

$35.1

 

$23.7

 

$36.1

 

$9.9

 

$9.1

 

$11.1

IPL
Defined Benefit Pension Plans
 
OPEB Plans
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost

$6.0

 

$7.4

 

$7.3

 

$1.3

 

$1.7

 

$2.1

Interest cost
22.7

 
21.4

 
23.5

 
3.4

 
3.1

 
3.5

Expected return on plan assets (a)
(28.1
)
 
(32.6
)
 
(30.8
)
 
(3.6
)
 
(4.4
)
 
(4.3
)
Amortization of prior service credit (b)
(0.2
)
 
(0.2
)
 
(0.2
)
 
—

 
—

 
—

Amortization of actuarial loss (c)
15.7

 
14.9

 
16.1

 
1.5

 
1.3

 
2.0

 

$16.1

 

$10.9

 

$15.9

 

$2.6

 

$1.7

 

$3.3

WPL
Defined Benefit Pension Plans
 
OPEB Plans
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost

$3.5

 

$4.4

 

$4.9

 

$1.3

 

$1.6

 

$1.9

Interest cost
21.5

 
20.2

 
21.8

 
3.3

 
3.1

 
3.4

Expected return on plan assets (a)
(26.2
)
 
(30.4
)
 
(28.5
)
 
(0.6
)
 
(0.6
)
 
(0.8
)
Amortization of prior service cost (credit) (b)
(0.2
)
 
(0.1
)
 
0.1

 
(0.2
)
 
(0.2
)
 
(0.2
)
Amortization of actuarial loss (c)
17.6

 
17.2

 
18.5

 
1.6

 
2.0

 
1.6

 

$16.2

 

$11.3

 

$16.8

 

$5.4

 

$5.9

 

$5.9


(a)
The expected return on plan assets is based on the expected rate of return on plan assets and the fair value approach to the market-related value of plan assets.
(b)
Unrecognized prior service costs (credits) for the OPEB plans are amortized over the average future service period to full eligibility of the participants of each plan.
(c)
Unrecognized net actuarial gains or losses in excess of 10% of the greater of the plans’ benefit obligations or assets are amortized over the average future service lives of plan participants, except for the Alliant Energy Cash Balance Pension Plan where gains or losses outside the 10% threshold are amortized over the time period the participants are expected to receive benefits.
(d)
Settlement losses related to payments made to retired executives of Alliant Energy.

Benefit Plan Assets and Obligations - A reconciliation of the funded status of qualified and non-qualified defined benefit pension and OPEB plans to the amounts recognized on the balance sheets at December 31 was as follows (in millions):
 
Defined Benefit Pension Plans
 
OPEB Plans
Alliant Energy
2019
 
2018
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
 
 
 
Net benefit obligation at January 1

$1,175.0

 

$1,303.1

 

$206.1

 

$222.3

Service cost
9.7

 
12.1

 
3.3

 
4.2

Interest cost
49.8

 
46.8

 
8.5

 
7.7

Plan participants’ contributions
—

 
—

 
3.4

 
3.1

Actuarial (gain) loss
124.6

 
(96.2
)
 
13.6

 
(8.2
)
Gross benefits paid
(79.4
)
 
(90.8
)
 
(21.3
)
 
(23.0
)
Net benefit obligation at December 31
1,279.7

 
1,175.0

 
213.6

 
206.1

Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at January 1
808.6

 
950.7

 
99.1

 
111.1

Actual return on plan assets
168.1

 
(57.8
)
 
14.6

 
(2.6
)
Employer contributions
33.1

 
6.5

 
9.1

 
10.5

Plan participants’ contributions
—

 
—

 
3.4

 
3.1

Gross benefits paid
(79.4
)
 
(90.8
)
 
(21.3
)
 
(23.0
)
Fair value of plan assets at December 31
930.4

 
808.6

 
104.9

 
99.1

Under funded status at December 31

($349.3
)
 

($366.4
)
 

($108.7
)
 

($107.0
)

 
Defined Benefit Pension Plans
 
OPEB Plans
Alliant Energy
2019
 
2018
 
2019
 
2018
Amounts recognized on the balance sheets consist of:
 
 
 
 
 
 
 
Non-current assets

$—

 

$—

 

$9.8

 

$7.5

Current liabilities
(14.3
)
 
(2.3
)
 
(8.1
)
 
(9.6
)
Pension and other benefit obligations
(335.0
)
 
(364.1
)
 
(110.4
)
 
(104.9
)
Net amounts recognized at December 31

($349.3
)
 

($366.4
)
 

($108.7
)
 

($107.0
)
Amounts recognized in Regulatory Assets consist of:
 
 
 
 
 
 
 
Net actuarial loss

$485.3

 

$505.2

 

$45.2

 

$44.5

Prior service credit
(5.1
)
 
(5.8
)
 
(0.9
)
 
(1.1
)
 

$480.2

 

$499.4

 

$44.3

 

$43.4


 
Defined Benefit Pension Plans
 
OPEB Plans
IPL
2019
 
2018
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
 
 
 
Net benefit obligation at January 1

$533.9

 

$592.9

 

$82.5

 

$89.4

Service cost
6.0

 
7.4

 
1.3

 
1.7

Interest cost
22.7

 
21.4

 
3.4

 
3.1

Plan participants’ contributions
—

 
—

 
1.3

 
1.0

Actuarial (gain) loss
55.9

 
(44.4
)
 
5.7

 
(4.3
)
Gross benefits paid
(37.3
)
 
(43.4
)
 
(8.5
)
 
(8.4
)
Net benefit obligation at December 31
581.2

 
533.9

 
85.7

 
82.5

Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at January 1
377.8

 
443.7

 
66.7

 
72.9

Actual return on plan assets
78.9

 
(26.8
)
 
10.1

 
(1.4
)
Employer contributions
16.6

 
4.3

 
2.3

 
2.6

Plan participants’ contributions
—

 
—

 
1.3

 
1.0

Gross benefits paid
(37.3
)
 
(43.4
)
 
(8.5
)
 
(8.4
)
Fair value of plan assets at December 31
436.0

 
377.8

 
71.9

 
66.7

Under funded status at December 31

($145.2
)
 

($156.1
)
 

($13.8
)
 

($15.8
)

 
Defined Benefit Pension Plans
 
OPEB Plans
IPL
2019
 
2018
 
2019
 
2018
Amounts recognized on the balance sheets consist of:
 
 
 
 
 
 
 
Non-current assets

$—

 

$—

 

$6.6

 

$4.7

Current liabilities
(0.5
)
 
(0.6
)
 
(1.8
)
 
(1.9
)
Pension and other benefit obligations
(144.7
)
 
(155.5
)
 
(18.6
)
 
(18.6
)
Net amounts recognized at December 31

($145.2
)
 

($156.1
)
 

($13.8
)
 

($15.8
)
Amounts recognized in Regulatory Assets consist of:
 
 
 
 
 
 
 
Net actuarial loss

$208.2

 

$218.8

 

$16.6

 

$18.8

Prior service credit
(1.7
)
 
(1.8
)
 
—

 
—

 

$206.5

 

$217.0

 

$16.6

 

$18.8


 
Defined Benefit Pension Plans
 
OPEB Plans
WPL
2019
 
2018
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
 
 
 
Net benefit obligation at January 1

$506.6

 

$559.8

 

$83.2

 

$90.4

Service cost
3.5

 
4.4

 
1.3

 
1.6

Interest cost
21.5

 
20.2

 
3.3

 
3.1

Plan participants’ contributions
—

 
—

 
1.5

 
1.4

Actuarial (gain) loss
53.8

 
(40.0
)
 
5.0

 
(2.5
)
Gross benefits paid
(35.3
)
 
(37.8
)
 
(9.0
)
 
(10.8
)
Net benefit obligation at December 31
550.1

 
506.6

 
85.3

 
83.2

Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at January 1
352.2

 
415.0

 
16.7

 
18.7

Actual return on plan assets
73.4

 
(25.1
)
 
1.7

 
(0.1
)
Employer contributions
15.7

 
0.1

 
6.2

 
7.5

Plan participants’ contributions
—

 
—

 
1.5

 
1.4

Gross benefits paid
(35.3
)
 
(37.8
)
 
(9.0
)
 
(10.8
)
Fair value of plan assets at December 31
406.0

 
352.2

 
17.1

 
16.7

Under funded status at December 31

($144.1
)
 

($154.4
)
 

($68.2
)
 

($66.5
)

 
Defined Benefit Pension Plans
 
OPEB Plans
WPL
2019
 
2018
 
2019
 
2018
Amounts recognized on the balance sheets consist of:
 
 
 
 
 
 
 
Non-current assets

$—

 

$—

 

$3.2

 

$2.8

Current liabilities
(0.1
)
 
(0.1
)
 
(6.0
)
 
(7.4
)
Pension and other benefit obligations
(144.0
)
 
(154.3
)
 
(65.4
)
 
(61.9
)
Net amounts recognized at December 31

($144.1
)
 

($154.4
)
 

($68.2
)
 

($66.5
)
Amounts recognized in Regulatory Assets consist of:
 
 
 
 
 
 
 
Net actuarial loss

$212.0

 

$223.0

 

$22.2

 

$19.9

Prior service credit
(1.2
)
 
(1.3
)
 
(0.9
)
 
(1.1
)
 

$210.8

 

$221.7

 

$21.3

 

$18.8



Actuarial losses related to benefit obligations in 2019 for defined benefit pension and OPEB plans were primarily due to decreases in the discount rates and experience losses, partially offset by the impact of the updated base mortality table. Actuarial gains related to benefit obligations in 2018 for defined benefit pension and OPEB plans were primarily due to increases in the discount rates and the impact of the updated mortality table, partially offset by experience losses.

Included in the following tables are accumulated benefit obligations, aggregate amounts applicable to defined benefit pension and OPEB plans with accumulated benefit obligations in excess of plan assets, as well as defined benefit pension plans with projected benefit obligations in excess of plan assets as of the December 31 measurement date (in millions):
 
Defined Benefit Pension Plans
 
OPEB Plans
Alliant Energy
2019
 
2018
 
2019
 
2018
Accumulated benefit obligations

$1,234.4

 

$1,139.9

 

$213.6

 

$206.1

Plans with accumulated benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
Accumulated benefit obligations
1,234.4

 
1,139.9

 
213.6

 
206.1

Fair value of plan assets
930.4

 
808.6

 
104.9

 
99.1

Plans with projected benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
Projected benefit obligations
1,279.7

 
1,175.0

 
N/A

 
N/A

Fair value of plan assets
930.4

 
808.6

 
N/A

 
N/A


 
Defined Benefit Pension Plans
 
OPEB Plans
IPL
2019
 
2018
 
2019
 
2018
Accumulated benefit obligations

$557.8

 

$514.3

 

$85.7

 

$82.5

Plans with accumulated benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
Accumulated benefit obligations
557.8

 
514.3

 
85.7

 
82.5

Fair value of plan assets
436.0

 
377.8

 
71.9

 
66.7

Plans with projected benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
Projected benefit obligations
581.2

 
533.9

 
N/A

 
N/A

Fair value of plan assets
436.0

 
377.8

 
N/A

 
N/A


 
Defined Benefit Pension Plans
 
OPEB Plans
WPL
2019
 
2018
 
2019
 
2018
Accumulated benefit obligations

$535.9

 

$494.8

 

$85.3

 

$83.2

Plans with accumulated benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
Accumulated benefit obligations
535.9

 
494.8

 
85.3

 
83.2

Fair value of plan assets
406.0

 
352.2

 
17.1

 
16.7

Plans with projected benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
Projected benefit obligations
550.1

 
506.6

 
N/A

 
N/A

Fair value of plan assets
406.0

 
352.2

 
N/A

 
N/A



In addition to the amounts recognized in regulatory assets in the above tables for IPL and WPL, regulatory assets were recognized for amounts associated with Corporate Services employees participating in other Alliant Energy sponsored benefit plans that were allocated to IPL and WPL at December 31 as follows (in millions):
 
IPL
 
WPL
 
2019
 
2018
 
2019
 
2018
Regulatory assets

$39.4

 

$38.2

 

$29.0

 

$27.7



Estimated Future Employer Contributions and Benefit Payments - Estimated funding for the qualified and non-qualified defined benefit pension and OPEB plans for 2020 is as follows (in millions):
 
Alliant Energy
 
IPL
 
WPL
Defined benefit pension plans (a)

$59.8

 

$19.4

 

$21.8

OPEB plans
8.1

 
1.8

 
6.0


(a)
Alliant Energy sponsors several non-qualified defined benefit pension plans that cover certain current and former key employees of IPL and WPL. Alliant Energy allocates pension costs to IPL and WPL for these plans. In addition, IPL and WPL amounts reflect funding for their non-bargaining employees who are participants in the Alliant Energy and Corporate Services sponsored qualified and non-qualified defined benefit pension plans.

Expected benefit payments for the qualified and non-qualified defined benefit plans, which reflect expected future service, as appropriate, are as follows (in millions):
Alliant Energy
2020
 
2021
 
2022
 
2023
 
2024
 
2025 - 2029
Defined benefit pension benefits

$86.4

 

$74.5

 

$76.6

 

$77.5

 

$78.2

 

$390.2

OPEB
17.7

 
17.7

 
17.5

 
17.1

 
16.8

 
76.6

 

$104.1

 

$92.2

 

$94.1

 

$94.6

 

$95.0

 

$466.8

IPL
2020
 
2021
 
2022
 
2023
 
2024
 
2025 - 2029
Defined benefit pension benefits

$35.1

 

$35.3

 

$36.6

 

$37.7

 

$36.6

 

$182.5

OPEB
7.2

 
7.1

 
7.1

 
7.0

 
6.9

 
30.6

 

$42.3

 

$42.4

 

$43.7

 

$44.7

 

$43.5

 

$213.1

WPL
2020
 
2021
 
2022
 
2023
 
2024
 
2025 - 2029
Defined benefit pension benefits

$32.0

 

$32.0

 

$32.1

 

$32.4

 

$33.1

 

$165.2

OPEB
7.3

 
7.4

 
7.1

 
6.8

 
6.7

 
30.2

 

$39.3

 

$39.4

 

$39.2

 

$39.2

 

$39.8

 

$195.4



Investment Strategy for Plan Assets - Investment strategies for defined benefit pension and OPEB plan assets combine preservation of principal and prudent risk-taking to protect the integrity of plan assets, in order to meet the obligations to plan participants while minimizing benefit costs over the long term. Investment risk of plan assets is mitigated through diversification, including U.S. and international equity, fixed income, global asset and risk parity strategies. Global asset and risk parity strategies may include investments in global equity, global debt, commodities and currencies.

Defined Benefit Pension Plan Assets - The asset mix of defined benefit pension plans is governed by allocation targets. The asset allocation is monitored regularly and appropriate steps are taken as needed to rebalance the assets within the prescribed ranges. An overlay management service is also used to help maintain target allocations and meet liquidity needs. The overlay manager is authorized to use derivative financial instruments to facilitate this service. For separately managed accounts, prohibited investments include, but are not limited to, direct ownership of real estate, oil and gas limited partnerships, securities of the managers’ firms or affiliate firms, and Alliant Energy securities.

At December 31, 2019, the current target ranges and actual allocations for the defined benefit pension plan assets were as follows:
 
Target Range
 
Actual
 
Allocation
 
Allocation
Cash and equivalents
0
%
-
5%
 
5%
Equity securities - U.S.
6
%
-
56%
 
25%
Equity securities - international
14
%
-
34%
 
22%
Global asset securities
5
%
-
15%
 
9%
Risk parity securities
5
%
-
15%
 
10%
Fixed income securities
20
%
-
40%
 
29%


Other Postretirement Benefits Plan Assets - OPEB plan assets are comprised of specific assets within certain defined benefit pension plans (401(h) assets) as well as assets held in VEBA trusts. The investment strategy of the Corporate Services 401(h) assets mirrors those of the defined benefit pension plans, which are discussed above. For VEBA trusts with assets greater than $5 million and the WPL 401(h) assets, the mix among asset classes is governed by allocation targets. The asset allocation is monitored regularly and appropriate steps are taken as needed to rebalance the assets within the prescribed ranges. At December 31, 2019, the current target ranges and actual allocations for VEBA trusts with assets greater than $5 million and the WPL 401(h) assets were as follows:
 
Target Range
 
Actual
 
Allocation
 
Allocation
Cash and equivalents
0
%
-
5%
 
3%
Equity securities - U.S.
0
%
-
46%
 
25%
Equity securities - international
0
%
-
34%
 
2%
Fixed income securities
20
%
-
100%
 
70%


Fair Value Measurements - Fair value measurement accounting establishes three levels of fair value hierarchy that prioritize the inputs to valuation techniques used to measure fair value. Refer to Note 16 for discussion of levels within the fair value hierarchy. Level 1 items include investments in securities held in registered investment companies, treasury bills and directly held equity securities, which are valued at the closing price reported in the active market in which the securities are traded. Level 2 items include fixed income securities consisting of corporate and government bonds, which are valued at the closing price reported in the active market for similar assets in which the individual securities are traded or based on yields currently available on comparable securities of issuers with similar credit ratings. Certain investments that are measured at fair value using the net asset value practical expedient have not been classified in the fair value hierarchy. These fair value amounts are included below to reconcile the fair value hierarchy to the respective total plan assets.

At December 31, the fair values of qualified and non-qualified defined benefit pension plan assets were as follows (in millions):
 
2019
 
2018
 
Fair
 
Level
 
Level
 
Level
 
Fair
 
Level
 
Level
 
Level
Alliant Energy
Value
 
1
 
2
 
3
 
Value
 
1
 
2
 
3
Cash and equivalents

$45.7

 

$3.7

 

$42.0

 

$—

 

$36.4

 

$3.0

 

$33.4

 

$—

Equity securities - U.S.
160.6

 
160.6

 
—

 
—

 
130.2

 
130.2

 
—

 
—

Equity securities - international
135.9

 
135.9

 
—

 
—

 
116.0

 
116.0

 
—

 
—

Global asset securities
47.2

 
47.2

 
—

 
—

 
42.1

 
42.1

 
—

 
—

Fixed income securities
130.7

 
58.0

 
72.7

 
—

 
127.8

 
52.5

 
75.3

 
—

Total assets in fair value hierarchy
520.1

 

$405.4

 

$114.7

 

$—

 
452.5

 

$343.8

 

$108.7

 

$—

Assets measured at net asset value
410.1

 
 
 
 
 
 
 
355.4

 
 
 
 
 
 
Accrued investment income
0.9

 
 
 
 
 
 
 
1.2

 
 
 
 
 
 
Due to brokers, net (pending trades with brokers)
(0.7
)
 
 
 
 
 
 
 
(0.5
)
 
 
 
 
 
 
Total pension plan assets

$930.4

 
 
 
 
 
 
 

$808.6

 
 
 
 
 
 

 
2019
 
2018
 
Fair
 
Level
 
Level
 
Level
 
Fair
 
Level
 
Level
 
Level
IPL
Value
 
1
 
2
 
3
 
Value
 
1
 
2
 
3
Cash and equivalents

$21.4

 

$1.7

 

$19.7

 

$—

 

$17.0

 

$1.4

 

$15.6

 

$—

Equity securities - U.S.
75.2

 
75.2

 
—

 
—

 
60.8

 
60.8

 
—

 
—

Equity securities - international
63.7

 
63.7

 
—

 
—

 
54.2

 
54.2

 
—

 
—

Global asset securities
22.1

 
22.1

 
—

 
—

 
19.7

 
19.7

 
—

 
—

Fixed income securities
61.3

 
27.2

 
34.1

 
—

 
59.7

 
24.5

 
35.2

 
—

Total assets in fair value hierarchy
243.7

 

$189.9

 

$53.8

 

$—

 
211.4

 

$160.6

 

$50.8

 

$—

Assets measured at net asset value
192.2

 
 
 
 
 
 
 
166.1

 
 
 
 
 
 
Accrued investment income
0.4

 
 
 
 
 
 
 
0.6

 
 
 
 
 
 
Due to brokers, net (pending trades with brokers)
(0.3
)
 
 
 
 
 
 
 
(0.3
)
 
 
 
 
 
 
Total pension plan assets

$436.0

 
 
 
 
 
 
 

$377.8

 
 
 
 
 
 

 
2019
 
2018
 
Fair
 
Level
 
Level
 
Level
 
Fair
 
Level
 
Level
 
Level
WPL
Value
 
1
 
2
 
3
 
Value
 
1
 
2
 
3
Cash and equivalents

$19.9

 

$1.6

 

$18.3

 

$—

 

$15.9

 

$1.3

 

$14.6

 

$—

Equity securities - U.S.
70.1

 
70.1

 
—

 
—

 
56.7

 
56.7

 
—

 
—

Equity securities - international
59.3

 
59.3

 
—

 
—

 
50.5

 
50.5

 
—

 
—

Global asset securities
20.6

 
20.6

 
—

 
—

 
18.4

 
18.4

 
—

 
—

Fixed income securities
57.0

 
25.3

 
31.7

 
—

 
55.6

 
22.8

 
32.8

 
—

Total assets in fair value hierarchy
226.9

 

$176.9

 

$50.0

 

$—

 
197.1

 

$149.7

 

$47.4

 

$—

Assets measured at net asset value
179.0

 
 
 
 
 
 
 
154.8

 
 
 
 
 
 
Accrued investment income
0.4

 
 
 
 
 
 
 
0.5

 
 
 
 
 
 
Due to brokers, net (pending trades with brokers)
(0.3
)
 
 
 
 
 
 
 
(0.2
)
 
 
 
 
 
 
Total pension plan assets

$406.0

 
 
 
 
 
 
 

$352.2

 
 
 
 
 
 


At December 31, the fair values of OPEB plan assets were as follows (in millions):
 
2019
 
2018
 
Fair
 
Level
 
Level
 
Level
 
Fair
 
Level
 
Level
 
Level
Alliant Energy
Value
 
1
 
2
 
3
 
Value
 
1
 
2
 
3
Cash and equivalents

$3.4

 

$3.0

 

$0.4

 

$—

 

$1.4

 

$1.1

 

$0.3

 

$—

Equity securities - U.S.
3.7

 
3.7

 
—

 
—

 
3.9

 
3.9

 
—

 
—

Equity securities - international
2.8

 
2.8

 
—

 
—

 
2.9

 
2.9

 
—

 
—

Global asset securities
0.5

 
0.5

 
—

 
—

 
0.4

 
0.4

 
—

 
—

Fixed income securities
68.5

 
67.8

 
0.7

 
—

 
68.2

 
67.5

 
0.7

 
—

Total assets in fair value hierarchy
78.9

 

$77.8

 

$1.1

 

$—

 
76.8

 

$75.8

 

$1.0

 

$—

Assets measured at net asset value
26.0

 
 
 
 
 
 
 
22.3

 
 
 
 
 
 
Total OPEB plan assets

$104.9

 
 
 
 
 
 
 

$99.1

 
 
 
 
 
 

 
2019
 
2018
 
Fair
 
Level
 
Level
 
Level
 
Fair
 
Level
 
Level
 
Level
IPL
Value
 
1
 
2
 
3
 
Value
 
1
 
2
 
3
Cash and equivalents

$1.5

 

$1.5

 

$—

 

$—

 

$0.7

 

$0.7

 

$—

 

$—

Fixed income securities
48.3

 
48.3

 
—

 
—

 
47.0

 
47.0

 
—

 
—

Total assets in fair value hierarchy
49.8

 

$49.8

 

$—

 

$—

 
47.7

 

$47.7

 

$—

 

$—

Assets measured at net asset value
22.1

 
 
 
 
 
 
 
19.0

 
 
 
 
 
 
Total OPEB plan assets

$71.9

 
 
 
 
 
 
 

$66.7

 
 
 
 
 
 

 
2019
 
2018
 
Fair
 
Level
 
Level
 
Level
 
Fair
 
Level
 
Level
 
Level
WPL
Value
 
1
 
2
 
3
 
Value
 
1
 
2
 
3
Cash and equivalents

$0.4

 

$0.4

 

$—

 

$—

 

$0.1

 

$0.1

 

$—

 

$—

Fixed income securities
16.7

 
16.7

 
—

 
—

 
16.6

 
16.6

 
—

 
—

Total OPEB plan assets

$17.1

 

$17.1

 

$—

 

$—

 

$16.7

 

$16.7

 

$—

 

$—



For the various defined benefit pension and OPEB plans, Alliant Energy common stock represented less than 1% of assets directly held in the plans at December 31, 2019 and 2018.

401(k) Savings Plans - A significant number of employees participate in defined contribution retirement plans (401(k) savings plans). Alliant Energy common stock directly held by participants represented 11.5% and 11.5% of total assets in the 401(k) savings plans at December 31, 2019 and 2018, respectively. Costs related to the 401(k) savings plans, which are partially based on the participants’ contributions and include allocated costs associated with Corporate Services employees for IPL and WPL, were as follows (in millions):
 
Alliant Energy
 
IPL
 
WPL
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
401(k) costs

$25.5

 

$25.1

 

$24.8

 

$13.0

 

$13.0

 

$12.8

 

$11.5

 

$11.2

 

$11.1


(b) Equity-based Compensation Plans - In 2015, Alliant Energy’s shareowners approved the Amended and Restated OIP, which permits the grant of shares of Alliant Energy common stock, restricted stock, restricted stock units, performance shares, performance units, and other stock-based or cash-based awards to key employees. At December 31, 2019, performance shares and restricted stock units (performance- and time-vesting) were outstanding under the Amended and Restated OIP, and 6.4 million shares of Alliant Energy common stock remained available for grants under the Amended and Restated OIP. Alliant Energy satisfies share payouts related to equity awards under the Amended and Restated OIP through the issuance of new shares of its common stock. Alliant Energy also has the DLIP, which permits the grant of cash-based long-term awards, including performance units, restricted cash awards and restricted units, to certain key employees. At December 31, 2019, performance units and restricted units (performance- and time-vesting) were outstanding under the DLIP, and the amount of nonvested restricted units was not material. There is no limit to the number of grants that can be made under the DLIP and Alliant Energy satisfies all payouts under the DLIP through cash payments. Nonvested awards generally do not have non-forfeitable rights to dividends or dividend equivalents when dividends are paid to common shareowners. A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards was as follows (in millions):
 
Alliant Energy
 
IPL
 
WPL
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Compensation expense

$26.0

 

$17.0

 

$15.1

 

$14.5

 

$9.4

 

$8.3

 

$10.3

 

$6.9

 

$6.4

Income tax benefits
7.3

 
4.9

 
6.2

 
4.2

 
2.8

 
3.4

 
2.8

 
1.9

 
2.6



As of December 31, 2019, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $5.4 million, $3.0 million and $2.2 million, respectively, which is expected to be recognized over a weighted average period of between one and two years. Share-based compensation expense is recognized on a straight-line basis over the requisite service periods and is recorded in “Other operation and maintenance” in the income statements. As of December 31, 2019, 343,396 shares were included in the calculation of diluted EPS related to the nonvested equity awards.

Performance Shares - Equity Awards - Payouts of 2019 performance shares under the Amended and Restated OIP are contingent upon achievement over a three-year period of specified performance criteria, which currently is total shareowner return relative to an investor-owned utility peer group. Performance shares granted in 2019 are to be paid out in shares of Alliant Energy common stock and are accounted for as equity awards. The fair value of each performance share granted in 2019 is based on the fair value of the underlying common stock on the grant date and the probability of satisfying the market condition contained in the agreement during a three-year performance period. The actual number of 2019 performance shares that will be paid out upon vesting is dependent upon actual performance and may range from zero to 200% of the target number of shares. Compensation expense is recorded ratably over the performance period based on the fair value of the awards at the grant date. A summary of the 2019 performance shares activity, with amounts representing the target number of awards, was as follows:
 
2019
 
Performance Shares - Equity
 
Weighted Average
Grant Date Fair Value
Nonvested awards, January 1
—

 

$—

Granted
91,816

 
47.23

Forfeited
(17,623
)
 
46.35

Nonvested awards, December 31
74,193

 
47.44



Performance Shares and Performance Units - Liability Awards - Payouts of performance shares granted prior to 2019 under the Amended and Restated OIP and performance units under the DLIP to key employees are contingent upon achievement over three-year periods of specified performance criteria, which currently is total shareowner return relative to an investor-owned utility peer group. Performance shares granted prior to 2019 can be paid out in shares of Alliant Energy common stock, cash or a combination of cash and stock. Performance units must be paid out in cash. Alliant Energy assumes it will make future payouts of its performance shares granted prior to 2019 and performance units in cash; therefore, these performance shares and performance units are accounted for as liability awards. Compensation expense for these performance shares and performance units is recorded ratably over the performance period based on the fair value of the awards at each reporting period. A summary of these performance shares and performance units activity, with amounts representing the target number of awards, was as follows:
 
Performance Shares (granted prior to 2019)
 
Performance Units (granted prior to 2019)
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Nonvested awards, January 1
203,188

 
223,511

 
257,599

 
57,761

 
71,737

 
93,320

Granted
—

 
74,163

 
65,350

 
—

 
19,840

 
21,558

Vested
(66,322
)
 
(90,806
)
 
(99,438
)
 
(20,131
)
 
(31,910
)
 
(37,395
)
Forfeited
(4,994
)
 
(3,680
)
 
—

 
(3,056
)
 
(1,906
)
 
(5,746
)
Nonvested awards, December 31
131,872

 
203,188

 
223,511

 
34,574

 
57,761

 
71,737



Fair Value of Awards - The fair value of each performance share and performance unit is based on the closing market price of one share of Alliant Energy common stock at the end of the performance period. The actual payout for performance shares and performance units is dependent upon actual performance and may range from zero to 200% of the target number of awards. At December 31, 2019, the Alliant Energy common stock closing price was $54.72. Additional information related to the fair value of nonvested performance shares and performance units at December 31, 2019, by year of grant, was as follows:
 
Performance Shares
(granted prior to 2019)
 
Performance Units (granted prior to 2019)
 
2018 Grant
 
2017 Grant
 
2018 Grant
 
2017 Grant
Nonvested awards at target
68,307

 
63,565

 
17,622

 
16,952

Estimated payout percentage based on performance criteria
118
%
 
155
%
 
118
%
 
155
%
Fair values of each nonvested award

$64.57

 

$84.82

 

$64.57

 

$84.82



Vested Awards - Certain performance shares and performance units vested, resulting in payouts (a combination of cash and common stock for the performance shares and cash only for the performance units) as follows:
 
Performance Shares (granted prior to 2019)
 
Performance Units (granted prior to 2019)
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2016 Grant
 
2015 Grant
 
2014 Grant
 
2016 Grant
 
2015 Grant
 
2014 Grant
Performance awards vested
66,322
 
90,806
 
99,438
 
20,131
 
31,910
 
37,395
Percentage of target number of performance awards
142.5%
 
137.5%
 
147.5%
 
142.5%
 
137.5%
 
147.5%
Aggregate payout value (in millions)
$4.3
 
$5.3
 
$5.6
 
$1.3
 
$1.4
 
$1.5
Payout - cash (in millions)
$3.7
 
$4.9
 
$5.1
 
$1.3
 
$1.4
 
$1.5
Payout - common stock shares issued
6,447
 
5,078
 
5,185
 
N/A
 
N/A
 
N/A


Restricted Stock Units - Equity Awards - Payouts of 2019 restricted stock units under the Amended and Restated OIP are based on the expiration of a three-year time-vesting period. Restricted stock units granted in 2019 are to be paid out in shares of Alliant Energy common stock and are accounted for as equity awards. The fair value of each restricted stock unit granted in 2019 is based on the closing market price of one share of Alliant Energy common stock on the grant date of the award. Compensation expense is recorded ratably over the performance period based on the fair value of the awards on the grant date. A summary of the 2019 restricted stock units activity was as follows:
 
2019
 
Restricted Stock Units - Equity
 
Weighted Average
Grant Date Fair Value
Nonvested units, January 1
—

 

$—

Granted
105,348

 
45.98

Forfeited
(16,067
)
 
45.63

Nonvested units, December 31
89,281

 
46.04



Restricted Stock Units - Liability Awards - Payouts of restricted stock units granted prior to 2019 under the Amended and Restated OIP are based on the expiration of a three-year time-vesting period. Restricted stock units granted prior to 2019 can be paid out in shares of Alliant Energy common stock, cash or a combination of cash and stock. Alliant Energy assumes it will make future payouts of its restricted stock units granted prior to 2019 in cash; therefore, restricted stock units granted prior to 2019 are accounted for as liability awards. The fair value of each restricted stock unit granted prior to 2019 is based on the closing market price of one share of Alliant Energy common stock at the end of the time-vesting period. Compensation expense is recorded ratably over the performance period based on the fair value of the awards at each reporting period. A summary of the restricted stock units granted prior to 2019 activity was as follows:
 
2019
 
2018
 
2017
Nonvested units, January 1
174,163

 
113,749

 
57,736

Granted
—

 
63,568

 
56,013

Vested
(56,849
)
 
—

 
—

Forfeited
(4,281
)
 
(3,154
)
 
—

Nonvested units, December 31
113,033

 
174,163

 
113,749



Performance Restricted Stock Units - Equity Awards - Payouts of performance restricted stock units under the Amended and Restated OIP are based upon achievement of certain performance targets during a three-year performance period, which currently includes specified growth of consolidated net income from continuing operations. The actual number of units that will be paid out upon vesting is dependent upon actual performance and may range from zero to 200% of the target number of units. If performance targets are not met during the performance period, these units are forfeited. Performance restricted stock units generally must be paid out in shares and are accounted for as equity awards. The fair value of each performance restricted stock unit is based on the closing market price of one share of Alliant Energy common stock on the grant date of the award. Compensation expense is recorded ratably over the performance period based on a probability assessment of payouts
for the awards at each reporting period. A summary of the performance restricted stock units activity, with amounts representing the target number of units, was as follows:
 
2019
 
2018
 
2017
 
Units
 
Weighted Average
Grant Date Fair Value
 
Units
 
Weighted Average
Grant Date Fair Value
 
Units
 
Weighted Average
Grant Date Fair Value
Nonvested units, January 1
203,188

 

$37.23

 
132,705

 

$36.50

 
67,355

 

$33.96

Granted
91,816

 
46.10

 
74,163

 
38.60

 
65,350

 
39.12

Vested
(66,322
)
 
33.93

 
—

 
—

 
—

 
—

Forfeited
(22,617
)
 
44.00

 
(3,680
)
 
38.60

 
—

 
—

Nonvested units, December 31
206,065

 
41.50

 
203,188

 
37.23

 
132,705

 
36.50