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Derivative Instruments | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments [Line Items] |
Derivative Instruments | DERIVATIVE INSTRUMENTS Commodity Derivatives - Notional Amounts - As of September 30, 2023, gross notional amounts and settlement/delivery years related to outstanding swap contracts, option contracts, physical forward contracts and FTRs that were accounted for as commodity derivative instruments were as follows (units in thousands):
| Electricity |  | FTRs |  | Natural Gas |  | Coal |  |
| MWhs |  | Years |  | MWhs |  | Years |  | Dths |  | Years |  | Tons |  | Years |  |  |  |
Alliant Energy | 1,661 |  | 2023-2026 |  | 18,122 |  |  | 2023-2024 |  | 180,519 |  |  | 2023-2032 |  | 370 |  |  | 2023 |  |  |  |
IPL | 746 |  | 2023-2026 |  | 8,078 |  |  | 2023-2024 |  | 85,457 |  |  | 2023-2030 |  | 217 |  |  | 2023 |  |  |  |
WPL | 915 |  | 2023-2026 |  | 10,044 |  |  | 2023-2024 |  | 95,062 |  |  | 2023-2032 |  | 153 |  |  | 2023 |  |  |  |
Financial Statement Presentation - Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities as follows (in millions):
| Alliant Energy |  | IPL |  | WPL
| September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022
Current derivative assets | $67 |  | $111 |  | $51 |  | $69 |  | $16 |  | $42
Non-current derivative assets | 62 |  | 126 |  | 34 |  | 69 |  | 28 |  | 57
Current derivative liabilities | 32 |  | 59 |  | 15 |  | 40 |  | 17 |  | 19
Non-current derivative liabilities | 34 |  | 20 |  | 6 |  | 6 |  | 28 |  | 14
During the nine months ended September 30, 2023, Alliant Energy’s, IPL’s and WPL’s derivative assets decreased primarily due to settlements of natural gas, FTR and electricity contracts and lower natural gas prices, partially offset by new FTRs resulting from the annual FTR auction in the second quarter of 2023 operated by MISO. Alliant Energy’s and IPL’s derivative liabilities decreased primarily due to settlement of natural gas contracts. Based on IPL’s and WPL’s cost recovery mechanisms, the changes in the fair value of derivative liabilities/assets resulted in comparable changes to regulatory assets/liabilities on the balance sheets. Credit Risk-related Contingent Features - Various agreements contain credit risk-related contingent features, including requirements to maintain certain credit ratings and/or limitations on liability positions under the agreements based on credit ratings. Certain of these agreements with credit risk-related contingency features are accounted for as derivative instruments. In the event of a material change in creditworthiness or if liability positions exceed certain contractual limits, credit support may need to be provided up to the amount of exposure under the contracts, or the contracts may need to be unwound and underlying liability positions paid. At September 30, 2023 and December 31, 2022, the aggregate fair value of all derivative instruments with credit risk-related contingent features in a net liability position was not materially different than amounts that would be required to be posted as credit support to counterparties by Alliant Energy, IPL or WPL if the most restrictive credit risk-related contingent features for derivative agreements in a net liability position were triggered. Balance Sheet Offsetting - The fair value amounts of derivative instruments subject to a master netting arrangement are not netted by counterparty on the balance sheets. However, if the fair value amounts of derivative instruments by counterparty were netted, derivative assets and derivative liabilities related to commodity contracts would have been presented on the balance sheets as follows (in millions):
| Alliant Energy |  | IPL |  | WPL
| Gross |  |  |  | Gross |  |  |  | Gross |  |
| (as reported) |  | Net |  | (as reported) |  | Net |  | (as reported) |  | Net
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Derivative assets | $129 |  | $108 |  | $85 |  | $73 |  | $44 |  | $35
Derivative liabilities | 66 |  | 45 |  | 21 |  | 9 |  | 45 |  | 36
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Derivative assets | 237 |  | 193 |  | 138 |  | 108 |  | 99 |  | 85
Derivative liabilities | 79 |  | 35 |  | 46 |  | 16 |  | 33 |  | 19
Fair value amounts recognized for the right to reclaim cash collateral (receivable) or the obligation to return cash collateral (payable) are not offset against fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. Interest Rate Derivative - In January 2023, AEF entered into a $300 million interest rate swap maturing in January 2026 to mitigate interest rate risk. Under the terms of the swap, AEF exchanged a variable interest rate for a fixed interest rate of 3.93% on a portion of its variable-rate term loan borrowings. The related interest rate derivative was valued based on quoted prices that utilize current market interest rate forecasts. As of September 30, 2023, $6 million of non-current interest rate derivative assets was recorded in “Deferred charges and other” on Alliant Energy’s balance sheet. This interest rate derivative was designated as a cash flow hedge, with changes in fair value recorded as other comprehensive income/loss. As of September 30, 2023, accumulated other comprehensive income included $4 million of income related to the interest rate swap. For the three and nine months ended September 30, 2023, $1 million and $2 million, respectively, of reductions to interest expense were recorded in Alliant Energy’s income statement related to the interest rate swap.
IPL [Member] |
Derivative Instruments [Line Items] |
Derivative Instruments | DERIVATIVE INSTRUMENTS Commodity Derivatives - Notional Amounts - As of September 30, 2023, gross notional amounts and settlement/delivery years related to outstanding swap contracts, option contracts, physical forward contracts and FTRs that were accounted for as commodity derivative instruments were as follows (units in thousands):
| Electricity |  | FTRs |  | Natural Gas |  | Coal |  |
| MWhs |  | Years |  | MWhs |  | Years |  | Dths |  | Years |  | Tons |  | Years |  |  |  |
Alliant Energy | 1,661 |  | 2023-2026 |  | 18,122 |  |  | 2023-2024 |  | 180,519 |  |  | 2023-2032 |  | 370 |  |  | 2023 |  |  |  |
IPL | 746 |  | 2023-2026 |  | 8,078 |  |  | 2023-2024 |  | 85,457 |  |  | 2023-2030 |  | 217 |  |  | 2023 |  |  |  |
WPL | 915 |  | 2023-2026 |  | 10,044 |  |  | 2023-2024 |  | 95,062 |  |  | 2023-2032 |  | 153 |  |  | 2023 |  |  |  |
Financial Statement Presentation - Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities as follows (in millions):
| Alliant Energy |  | IPL |  | WPL
| September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022
Current derivative assets | $67 |  | $111 |  | $51 |  | $69 |  | $16 |  | $42
Non-current derivative assets | 62 |  | 126 |  | 34 |  | 69 |  | 28 |  | 57
Current derivative liabilities | 32 |  | 59 |  | 15 |  | 40 |  | 17 |  | 19
Non-current derivative liabilities | 34 |  | 20 |  | 6 |  | 6 |  | 28 |  | 14
During the nine months ended September 30, 2023, Alliant Energy’s, IPL’s and WPL’s derivative assets decreased primarily due to settlements of natural gas, FTR and electricity contracts and lower natural gas prices, partially offset by new FTRs resulting from the annual FTR auction in the second quarter of 2023 operated by MISO. Alliant Energy’s and IPL’s derivative liabilities decreased primarily due to settlement of natural gas contracts. Based on IPL’s and WPL’s cost recovery mechanisms, the changes in the fair value of derivative liabilities/assets resulted in comparable changes to regulatory assets/liabilities on the balance sheets. Credit Risk-related Contingent Features - Various agreements contain credit risk-related contingent features, including requirements to maintain certain credit ratings and/or limitations on liability positions under the agreements based on credit ratings. Certain of these agreements with credit risk-related contingency features are accounted for as derivative instruments. In the event of a material change in creditworthiness or if liability positions exceed certain contractual limits, credit support may need to be provided up to the amount of exposure under the contracts, or the contracts may need to be unwound and underlying liability positions paid. At September 30, 2023 and December 31, 2022, the aggregate fair value of all derivative instruments with credit risk-related contingent features in a net liability position was not materially different than amounts that would be required to be posted as credit support to counterparties by Alliant Energy, IPL or WPL if the most restrictive credit risk-related contingent features for derivative agreements in a net liability position were triggered. Balance Sheet Offsetting - The fair value amounts of derivative instruments subject to a master netting arrangement are not netted by counterparty on the balance sheets. However, if the fair value amounts of derivative instruments by counterparty were netted, derivative assets and derivative liabilities related to commodity contracts would have been presented on the balance sheets as follows (in millions):
| Alliant Energy |  | IPL |  | WPL
| Gross |  |  |  | Gross |  |  |  | Gross |  |
| (as reported) |  | Net |  | (as reported) |  | Net |  | (as reported) |  | Net
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Derivative assets | $129 |  | $108 |  | $85 |  | $73 |  | $44 |  | $35
Derivative liabilities | 66 |  | 45 |  | 21 |  | 9 |  | 45 |  | 36
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Derivative assets | 237 |  | 193 |  | 138 |  | 108 |  | 99 |  | 85
Derivative liabilities | 79 |  | 35 |  | 46 |  | 16 |  | 33 |  | 19
Fair value amounts recognized for the right to reclaim cash collateral (receivable) or the obligation to return cash collateral (payable) are not offset against fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement.
WPL [Member] |
Derivative Instruments [Line Items] |
Derivative Instruments | DERIVATIVE INSTRUMENTS Commodity Derivatives - Notional Amounts - As of September 30, 2023, gross notional amounts and settlement/delivery years related to outstanding swap contracts, option contracts, physical forward contracts and FTRs that were accounted for as commodity derivative instruments were as follows (units in thousands):
| Electricity |  | FTRs |  | Natural Gas |  | Coal |  |
| MWhs |  | Years |  | MWhs |  | Years |  | Dths |  | Years |  | Tons |  | Years |  |  |  |
Alliant Energy | 1,661 |  | 2023-2026 |  | 18,122 |  |  | 2023-2024 |  | 180,519 |  |  | 2023-2032 |  | 370 |  |  | 2023 |  |  |  |
IPL | 746 |  | 2023-2026 |  | 8,078 |  |  | 2023-2024 |  | 85,457 |  |  | 2023-2030 |  | 217 |  |  | 2023 |  |  |  |
WPL | 915 |  | 2023-2026 |  | 10,044 |  |  | 2023-2024 |  | 95,062 |  |  | 2023-2032 |  | 153 |  |  | 2023 |  |  |  |
Financial Statement Presentation - Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities as follows (in millions):
| Alliant Energy |  | IPL |  | WPL
| September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022
Current derivative assets | $67 |  | $111 |  | $51 |  | $69 |  | $16 |  | $42
Non-current derivative assets | 62 |  | 126 |  | 34 |  | 69 |  | 28 |  | 57
Current derivative liabilities | 32 |  | 59 |  | 15 |  | 40 |  | 17 |  | 19
Non-current derivative liabilities | 34 |  | 20 |  | 6 |  | 6 |  | 28 |  | 14
During the nine months ended September 30, 2023, Alliant Energy’s, IPL’s and WPL’s derivative assets decreased primarily due to settlements of natural gas, FTR and electricity contracts and lower natural gas prices, partially offset by new FTRs resulting from the annual FTR auction in the second quarter of 2023 operated by MISO. Alliant Energy’s and IPL’s derivative liabilities decreased primarily due to settlement of natural gas contracts. Based on IPL’s and WPL’s cost recovery mechanisms, the changes in the fair value of derivative liabilities/assets resulted in comparable changes to regulatory assets/liabilities on the balance sheets. Credit Risk-related Contingent Features - Various agreements contain credit risk-related contingent features, including requirements to maintain certain credit ratings and/or limitations on liability positions under the agreements based on credit ratings. Certain of these agreements with credit risk-related contingency features are accounted for as derivative instruments. In the event of a material change in creditworthiness or if liability positions exceed certain contractual limits, credit support may need to be provided up to the amount of exposure under the contracts, or the contracts may need to be unwound and underlying liability positions paid. At September 30, 2023 and December 31, 2022, the aggregate fair value of all derivative instruments with credit risk-related contingent features in a net liability position was not materially different than amounts that would be required to be posted as credit support to counterparties by Alliant Energy, IPL or WPL if the most restrictive credit risk-related contingent features for derivative agreements in a net liability position were triggered. Balance Sheet Offsetting - The fair value amounts of derivative instruments subject to a master netting arrangement are not netted by counterparty on the balance sheets. However, if the fair value amounts of derivative instruments by counterparty were netted, derivative assets and derivative liabilities related to commodity contracts would have been presented on the balance sheets as follows (in millions):
| Alliant Energy |  | IPL |  | WPL
| Gross |  |  |  | Gross |  |  |  | Gross |  |
| (as reported) |  | Net |  | (as reported) |  | Net |  | (as reported) |  | Net
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Derivative assets | $129 |  | $108 |  | $85 |  | $73 |  | $44 |  | $35
Derivative liabilities | 66 |  | 45 |  | 21 |  | 9 |  | 45 |  | 36
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Derivative assets | 237 |  | 193 |  | 138 |  | 108 |  | 99 |  | 85
Derivative liabilities | 79 |  | 35 |  | 46 |  | 16 |  | 33 |  | 19
Fair value amounts recognized for the right to reclaim cash collateral (receivable) or the obligation to return cash collateral (payable) are not offset against fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 + Details
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