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Leases

12 Months Ended

Dec. 31, 2022

LEASES

Operating Leases - Alliant Energy’s, IPL’s and WPL’s operating leases primarily include leases of space on telecommunication towers and leases of property. Operating lease details are as follows (dollars in millions):


	December 31, 2022			December 31, 2021
	Alliant Energy	IPL	WPL	Alliant Energy	IPL	WPL
Property, plant and equipment, net	$16	$9	$6	$14	$9	$5
Other current liabilities	$3	$1	$1	$2	$1	$1
Other liabilities	13	8	5	12	8	4
Total operating lease liabilities	$16	$9	$6	$14	$9	$5
Weighted average remaining lease term	10 years	11 years	9 years	9 years	11 years	8 years
Weighted average discount rate	4%	4%	4%	4%	4%	4%

Finance Leases - WPL is currently leasing the Sheboygan Falls Energy Facility from AEF’s Non-utility Generation business through 2025, the initial lease term. WPL is responsible for the operation of the EGU and has exclusive rights to its output. This finance lease contains two lease renewal periods, which are not included in the finance lease obligation, as well as an option to purchase the facility at the end of the initial lease term. For Alliant Energy, the leased Sheboygan Falls Energy Facility is eliminated upon consolidation and therefore is not reflected in Alliant Energy’s amounts below.

Related to its investments in solar generation, WPL entered into land lease agreements with unaffiliated parties that commenced in 2021 and 2022. The leases have various terms with optional renewal periods that are assumed to be extended through the end of the estimated useful lives of the solar generating facilities. The leases do not contain purchase options and are fixed lease payments.

Finance lease details are as follows (dollars in millions):


	December 31, 2022	December 31, 2021
	Alliant Energy	WPL	Alliant Energy	WPL
Property, plant and equipment, net:
Sheboygan Falls Energy Facility	n/a	$15	n/a	$21
Leased land for solar generation	$133	133	$11	11
	$133	$148	$11	$32
Other current liabilities:
Sheboygan Falls Energy Facility	n/a	$12	n/a	$10
Leased land for solar generation	$5	5	$1	1
	5	17	1	11
Other liabilities:
Sheboygan Falls Energy Facility	n/a	19	n/a	31
Leased land for solar generation	131	131	11	11
	131	150	11	42
Total finance lease liabilities	$136	$167	$12	$53
Weighted average remaining lease term	34 years	28 years	34 years	10 years
Weighted average discount rate	5%	5%	3%	9%


	Alliant Energy			WPL
	2022	2021	2020		2022	2021	2020
Depreciation and amortization expenses	$—	$—	$—		$6	$6	$6
Interest expense	3	—	—		7	5	6
Total finance lease expense	$3	$—	$—		$13	$11	$12

In 2022, Alliant Energy’s and WPL’s finance lease liabilities arising from obtaining leased assets were $125 million, which represent non-cash financing activities.

Expected Maturities - As of December 31, 2022, expected maturities of lease liabilities were as follows (in millions):


	2023	2024	2025	2026	2027	Thereafter	Total	Less: amount representing interest	Present value of minimum lease payments
Operating Leases:
Alliant Energy	$3	$2	$2	$2	$2	$9	$20	$4	$16
IPL	1	1	1	1	1	6	11	2	9
WPL	1	1	1	1	1	2	7	1	6
Finance Leases:
Alliant Energy	5	6	6	6	6	262	291	155	136

WPL	20	21	12	6	6	262	327	160	167

Finance Leases

LEASES


	December 31, 2022			December 31, 2021
	Alliant Energy	IPL	WPL	Alliant Energy	IPL	WPL
Property, plant and equipment, net	$16	$9	$6	$14	$9	$5
Other current liabilities	$3	$1	$1	$2	$1	$1
Other liabilities	13	8	5	12	8	4
Total operating lease liabilities	$16	$9	$6	$14	$9	$5
Weighted average remaining lease term	10 years	11 years	9 years	9 years	11 years	8 years
Weighted average discount rate	4%	4%	4%	4%	4%	4%

Finance lease details are as follows (dollars in millions):


	December 31, 2022	December 31, 2021
	Alliant Energy	WPL	Alliant Energy	WPL
Property, plant and equipment, net:
Sheboygan Falls Energy Facility	n/a	$15	n/a	$21
Leased land for solar generation	$133	133	$11	11
	$133	$148	$11	$32
Other current liabilities:
Sheboygan Falls Energy Facility	n/a	$12	n/a	$10
Leased land for solar generation	$5	5	$1	1
	5	17	1	11
Other liabilities:
Sheboygan Falls Energy Facility	n/a	19	n/a	31
Leased land for solar generation	131	131	11	11
	131	150	11	42
Total finance lease liabilities	$136	$167	$12	$53
Weighted average remaining lease term	34 years	28 years	34 years	10 years
Weighted average discount rate	5%	5%	3%	9%


	Alliant Energy			WPL
	2022	2021	2020		2022	2021	2020
Depreciation and amortization expenses	$—	$—	$—		$6	$6	$6
Interest expense	3	—	—		7	5	6
Total finance lease expense	$3	$—	$—		$13	$11	$12

In 2022, Alliant Energy’s and WPL’s finance lease liabilities arising from obtaining leased assets were $125 million, which represent non-cash financing activities.

Expected Maturities - As of December 31, 2022, expected maturities of lease liabilities were as follows (in millions):


	2023	2024	2025	2026	2027	Thereafter	Total	Less: amount representing interest	Present value of minimum lease payments
Operating Leases:
Alliant Energy	$3	$2	$2	$2	$2	$9	$20	$4	$16
IPL	1	1	1	1	1	6	11	2	9
WPL	1	1	1	1	1	2	7	1	6
Finance Leases:
Alliant Energy	5	6	6	6	6	262	291	155	136

WPL	20	21	12	6	6	262	327	160	167

IPL [Member]

Leases [Line Items]

Operating Leases

LEASES


	December 31, 2022			December 31, 2021
	Alliant Energy	IPL	WPL	Alliant Energy	IPL	WPL
Property, plant and equipment, net	$16	$9	$6	$14	$9	$5
Other current liabilities	$3	$1	$1	$2	$1	$1
Other liabilities	13	8	5	12	8	4
Total operating lease liabilities	$16	$9	$6	$14	$9	$5
Weighted average remaining lease term	10 years	11 years	9 years	9 years	11 years	8 years
Weighted average discount rate	4%	4%	4%	4%	4%	4%

Finance lease details are as follows (dollars in millions):


	December 31, 2022	December 31, 2021
	Alliant Energy	WPL	Alliant Energy	WPL
Property, plant and equipment, net:
Sheboygan Falls Energy Facility	n/a	$15	n/a	$21
Leased land for solar generation	$133	133	$11	11
	$133	$148	$11	$32
Other current liabilities:
Sheboygan Falls Energy Facility	n/a	$12	n/a	$10
Leased land for solar generation	$5	5	$1	1
	5	17	1	11
Other liabilities:
Sheboygan Falls Energy Facility	n/a	19	n/a	31
Leased land for solar generation	131	131	11	11
	131	150	11	42
Total finance lease liabilities	$136	$167	$12	$53
Weighted average remaining lease term	34 years	28 years	34 years	10 years
Weighted average discount rate	5%	5%	3%	9%


	Alliant Energy			WPL
	2022	2021	2020		2022	2021	2020
Depreciation and amortization expenses	$—	$—	$—		$6	$6	$6
Interest expense	3	—	—		7	5	6
Total finance lease expense	$3	$—	$—		$13	$11	$12

In 2022, Alliant Energy’s and WPL’s finance lease liabilities arising from obtaining leased assets were $125 million, which represent non-cash financing activities.

Expected Maturities - As of December 31, 2022, expected maturities of lease liabilities were as follows (in millions):


	2023	2024	2025	2026	2027	Thereafter	Total	Less: amount representing interest	Present value of minimum lease payments
Operating Leases:
Alliant Energy	$3	$2	$2	$2	$2	$9	$20	$4	$16
IPL	1	1	1	1	1	6	11	2	9
WPL	1	1	1	1	1	2	7	1	6
Finance Leases:
Alliant Energy	5	6	6	6	6	262	291	155	136

WPL	20	21	12	6	6	262	327	160	167

WPL [Member]

Leases [Line Items]

Operating Leases

LEASES


	December 31, 2022			December 31, 2021
	Alliant Energy	IPL	WPL	Alliant Energy	IPL	WPL
Property, plant and equipment, net	$16	$9	$6	$14	$9	$5
Other current liabilities	$3	$1	$1	$2	$1	$1
Other liabilities	13	8	5	12	8	4
Total operating lease liabilities	$16	$9	$6	$14	$9	$5
Weighted average remaining lease term	10 years	11 years	9 years	9 years	11 years	8 years
Weighted average discount rate	4%	4%	4%	4%	4%	4%

Finance lease details are as follows (dollars in millions):


	December 31, 2022	December 31, 2021
	Alliant Energy	WPL	Alliant Energy	WPL
Property, plant and equipment, net:
Sheboygan Falls Energy Facility	n/a	$15	n/a	$21
Leased land for solar generation	$133	133	$11	11
	$133	$148	$11	$32
Other current liabilities:
Sheboygan Falls Energy Facility	n/a	$12	n/a	$10
Leased land for solar generation	$5	5	$1	1
	5	17	1	11
Other liabilities:
Sheboygan Falls Energy Facility	n/a	19	n/a	31
Leased land for solar generation	131	131	11	11
	131	150	11	42
Total finance lease liabilities	$136	$167	$12	$53
Weighted average remaining lease term	34 years	28 years	34 years	10 years
Weighted average discount rate	5%	5%	3%	9%


	Alliant Energy			WPL
	2022	2021	2020		2022	2021	2020
Depreciation and amortization expenses	$—	$—	$—		$6	$6	$6
Interest expense	3	—	—		7	5	6
Total finance lease expense	$3	$—	$—		$13	$11	$12

In 2022, Alliant Energy’s and WPL’s finance lease liabilities arising from obtaining leased assets were $125 million, which represent non-cash financing activities.

Expected Maturities - As of December 31, 2022, expected maturities of lease liabilities were as follows (in millions):


	2023	2024	2025	2026	2027	Thereafter	Total	Less: amount representing interest	Present value of minimum lease payments
Operating Leases:
Alliant Energy	$3	$2	$2	$2	$2	$9	$20	$4	$16
IPL	1	1	1	1	1	6	11	2	9
WPL	1	1	1	1	1	2	7	1	6
Finance Leases:
Alliant Energy	5	6	6	6	6	262	291	155	136

WPL	20	21	12	6	6	262	327	160	167

Finance Leases

LEASES


	December 31, 2022			December 31, 2021
	Alliant Energy	IPL	WPL	Alliant Energy	IPL	WPL
Property, plant and equipment, net	$16	$9	$6	$14	$9	$5
Other current liabilities	$3	$1	$1	$2	$1	$1
Other liabilities	13	8	5	12	8	4
Total operating lease liabilities	$16	$9	$6	$14	$9	$5
Weighted average remaining lease term	10 years	11 years	9 years	9 years	11 years	8 years
Weighted average discount rate	4%	4%	4%	4%	4%	4%

Finance lease details are as follows (dollars in millions):


	December 31, 2022	December 31, 2021
	Alliant Energy	WPL	Alliant Energy	WPL
Property, plant and equipment, net:
Sheboygan Falls Energy Facility	n/a	$15	n/a	$21
Leased land for solar generation	$133	133	$11	11
	$133	$148	$11	$32
Other current liabilities:
Sheboygan Falls Energy Facility	n/a	$12	n/a	$10
Leased land for solar generation	$5	5	$1	1
	5	17	1	11
Other liabilities:
Sheboygan Falls Energy Facility	n/a	19	n/a	31
Leased land for solar generation	131	131	11	11
	131	150	11	42
Total finance lease liabilities	$136	$167	$12	$53
Weighted average remaining lease term	34 years	28 years	34 years	10 years
Weighted average discount rate	5%	5%	3%	9%


	Alliant Energy			WPL
	2022	2021	2020		2022	2021	2020
Depreciation and amortization expenses	$—	$—	$—		$6	$6	$6
Interest expense	3	—	—		7	5	6
Total finance lease expense	$3	$—	$—		$13	$11	$12

In 2022, Alliant Energy’s and WPL’s finance lease liabilities arising from obtaining leased assets were $125 million, which represent non-cash financing activities.

Expected Maturities - As of December 31, 2022, expected maturities of lease liabilities were as follows (in millions):


	2023	2024	2025	2026	2027	Thereafter	Total	Less: amount representing interest	Present value of minimum lease payments
Operating Leases:
Alliant Energy	$3	$2	$2	$2	$2	$9	$20	$4	$16
IPL	1	1	1	1	1	6	11	2	9
WPL	1	1	1	1	1	2	7	1	6
Finance Leases:
Alliant Energy	5	6	6	6	6	262	291	155	136

WPL	20	21	12	6	6	262	327	160	167