XML 32 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
Receivables
 6 Months Ended
Jun. 30, 2017
Receivables [Line Items]  
Receivables
RECEIVABLES
Sales of Accounts Receivable - IPL maintains a Receivables Purchase and Sale Agreement (Receivables Agreement) whereby it may sell its customer accounts receivables, unbilled revenues and certain other accounts receivables to a third party through wholly-owned and consolidated special purpose entities. The transfers of receivables meet the criteria for sale accounting established by the transfer of financial assets accounting rules. As of June 30, 2017, IPL had $36.9 million of available capacity under its sales of accounts receivable program. For the three and six months ended June 30, 2017 and 2016, IPL’s costs incurred related to the sales of accounts receivable program were not material.

IPL’s maximum and average outstanding cash proceeds (based on daily outstanding balances) related to the sales of accounts receivable program for the three and six months ended June 30 were as follows (in millions):
 
Three Months
 
Six Months
 
2017
 
2016
 
2017
 
2016
Maximum outstanding aggregate cash proceeds

$97.0

 

$150.0

 

$97.0

 

$150.0

Average outstanding aggregate cash proceeds
71.1

 
122.7

 
54.8

 
80.9



The attributes of IPL’s receivables sold under the Receivables Agreement were as follows (in millions):
 
June 30, 2017
 
December 31, 2016
Customer accounts receivable

$135.2

 

$157.6

Unbilled utility revenues
93.4

 
90.4

Other receivables
0.4

 
0.1

Receivables sold to third party
229.0

 
248.1

Less: cash proceeds (a)
43.0

 
21.0

Deferred proceeds
186.0

 
227.1

Less: allowance for doubtful accounts
16.0

 
16.0

Fair value of deferred proceeds

$170.0

 

$211.1


(a)
Changes in cash proceeds are presented in “Sales of accounts receivable” in operating activities in Alliant Energy’s and IPL’s cash flows statements.

As of June 30, 2017, outstanding receivables past due under the Receivables Agreement were $53.1 million. Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three and six months ended June 30 were as follows (in millions):
 
Three Months
 
Six Months
 
2017
 
2016
 
2017
 
2016
Collections reinvested in receivables

$434.1

 

$422.2

 

$935.3

 

$862.4

Write-off losses (recoveries), net
2.3

 
(0.7
)
 
6.9

 
(0.3
)


In connection with the implementation of IPL’s new customer billing and information system in 2016, IPL postponed the write-off of customer bills for a portion of 2016, resulting in lower write-offs for the three and six months ended June 30, 2016.
IPL [Member]  
Receivables [Line Items]  
Receivables
RECEIVABLES
Sales of Accounts Receivable - IPL maintains a Receivables Purchase and Sale Agreement (Receivables Agreement) whereby it may sell its customer accounts receivables, unbilled revenues and certain other accounts receivables to a third party through wholly-owned and consolidated special purpose entities. The transfers of receivables meet the criteria for sale accounting established by the transfer of financial assets accounting rules. As of June 30, 2017, IPL had $36.9 million of available capacity under its sales of accounts receivable program. For the three and six months ended June 30, 2017 and 2016, IPL’s costs incurred related to the sales of accounts receivable program were not material.

IPL’s maximum and average outstanding cash proceeds (based on daily outstanding balances) related to the sales of accounts receivable program for the three and six months ended June 30 were as follows (in millions):
 
Three Months
 
Six Months
 
2017
 
2016
 
2017
 
2016
Maximum outstanding aggregate cash proceeds

$97.0

 

$150.0

 

$97.0

 

$150.0

Average outstanding aggregate cash proceeds
71.1

 
122.7

 
54.8

 
80.9



The attributes of IPL’s receivables sold under the Receivables Agreement were as follows (in millions):
 
June 30, 2017
 
December 31, 2016
Customer accounts receivable

$135.2

 

$157.6

Unbilled utility revenues
93.4

 
90.4

Other receivables
0.4

 
0.1

Receivables sold to third party
229.0

 
248.1

Less: cash proceeds (a)
43.0

 
21.0

Deferred proceeds
186.0

 
227.1

Less: allowance for doubtful accounts
16.0

 
16.0

Fair value of deferred proceeds

$170.0

 

$211.1


(a)
Changes in cash proceeds are presented in “Sales of accounts receivable” in operating activities in Alliant Energy’s and IPL’s cash flows statements.

As of June 30, 2017, outstanding receivables past due under the Receivables Agreement were $53.1 million. Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three and six months ended June 30 were as follows (in millions):
 
Three Months
 
Six Months
 
2017
 
2016
 
2017
 
2016
Collections reinvested in receivables

$434.1

 

$422.2

 

$935.3

 

$862.4

Write-off losses (recoveries), net
2.3

 
(0.7
)
 
6.9

 
(0.3
)


In connection with the implementation of IPL’s new customer billing and information system in 2016, IPL postponed the write-off of customer bills for a portion of 2016, resulting in lower write-offs for the three and six months ended June 30, 2016.