ALLIANT ENERGY CORP

For the period ended Dec 31, 2023. Filed Feb 16, 2024.

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FY2023 · Filed Feb 16, 2024

LNT$73.46+1.1%Stored close · as of Nov 9, 2026

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Contents

18. Segments of Business

NOTE 18. SEGMENTS OF BUSINESS

Alliant Energy -Alliant Energy’s principal businesses as of December 31, 2023 are:

Utility -includes the operations of IPL and WPL, which primarily serve retail customers in Iowa and Wisconsin. The utility business hasthree reportable segments: a) utility electric operations; b) utility gas operations; and c) utility other, which includes steam operations and the unallocated portions of the utility business. Various line items in the following tables are not allocated to the electric and gas segments for management reporting purposes, and therefore, are included only in “Total Utility.”

ATC Holdings, Non-utility, Parent and Other -includes the operations of AEF and its subsidiaries, Corporate Services, the Alliant Energy parent company, and any Alliant Energy parent company consolidating adjustments. AEF is comprised of Alliant Energy’s interest in ATC Holdings, Travero, a non-utility wind farm, corporate venture investments, the Sheboygan Falls Energy Facility and other non-utility holdings.

Alliant Energy’s administrative support services are directly charged to the applicable segment where practicable. In all other cases, administrative support services are allocated to the applicable segment based on services agreements. Intersegment revenues were not material to Alliant Energy’s operations and there was no single customer whose revenues were 10% or more of Alliant Energy’s consolidated revenues. All of Alliant Energy’s operations and assets are located in the U.S. Certain financial information relating to Alliant Energy’s business segments, which represent the services provided to its customers, was as follows (in millions):

ATC Holdings,
Utility · Non-utility, · Alliant Energy
2023 · Electric · Gas · Other · Total · Parent and Other · Consolidated
Revenues	$3,345	$540	$52	$3,937		$90	$4,027
Depreciation and amortization	602	60	6	668		8	676
Operating income	827	70	19	916		27	943
Interest expense			304	90	394
Equity income from unconsolidated investments, net	(3)	—	—	(3)		(58)	(61)
Income taxes			2	2	4
Net income (loss) attributable to Alliant Energy common shareowners			711	(8)	703
Total assets	17,833	1,684	606	20,123		1,114	21,237
Investments in equity method subsidiaries	21	—	—	21		564	585
Construction and acquisition expenditures	1,641	90	—	1,731		123	1,854

ATC Holdings,
Utility · Non-utility, · Alliant Energy
2022 · Electric · Gas · Other · Total · Parent and Other · Consolidated
Revenues	$3,421	$642	$49	$4,112		$93	$4,205
Depreciation and amortization	601	56	7	664		7	671
Operating income	805	97	3	905		23	928
Interest expense			269	56	325
Equity income from unconsolidated investments, net	(1)	—	—	(1)		(50)	(51)
Income taxes			16	6	22
Net income attributable to Alliant Energy common shareowners			675	11	686
Total assets	16,571	1,631	860	19,062		1,101	20,163
Investments in equity method subsidiaries	20	—	—	20		522	542
Construction and acquisition expenditures	1,318	74	—	1,392		92	1,484

ATC Holdings,
Utility · Non-utility, · Alliant Energy
2021 · Electric · Gas · Other · Total · Parent and Other · Consolidated
Revenues	$3,081	$456	$49	$3,586		$83	$3,669
Depreciation and amortization	591	54	6	651		6	657
Operating income (loss)	716	63	(11)	768		27	795
Interest expense			244	33	277
Equity income from unconsolidated investments, net	(2)	—	—	(2)		(60)	(62)
Income tax expense (benefit)			(87)	13	(74)
Net income attributable to Alliant Energy common shareowners			618	41	659
Total assets	14,924	1,487	1,103	17,514		1,039	18,553
Investments in equity method subsidiaries	17	—	—	17		491	508
Construction and acquisition expenditures	980	90	—	1,070		99	1,169

IPL -IPL is a utility primarily serving retail customers in Iowa and includes three reportable segments: a) electric operations; b) gas operations; and c) other, which includes steam operations and the unallocated portions of the utility business. Various line items in the following tables are not allocated to the electric and gas segments for management reporting purposes, and therefore, are included only in “Total.” Intersegment revenues were not material to IPL’s operations and there was no single customer whose revenues were 10% or more of IPL’s consolidated revenues. All of IPL’s operations and assets are located in the U.S. Certain financial information relating to IPL’s business segments, which represent the services provided to its customers, was as follows (in millions):

2023 · Electric · Gas · Other · Total
Revenues	$1,761	$300		$49	$2,110
Depreciation and amortization	348	34		6	388
Operating income	390	35		19	444
Interest expense					155
Income tax benefit					(58)
Net income available for common stock					366
Total assets	9,311		921		257	10,489
Construction and acquisition expenditures	671		41		—	712

2022	Electric	Gas	Other	Total
Revenues	$1,859	$351	$46	$2,256
Depreciation and amortization	342	32	7	381
Operating income	397	53	3	453
Interest expense			148
Income tax benefit			(50)
Net income available for common stock			360
Total assets	8,686	872	517	10,075
Construction and acquisition expenditures	336	36	—	372

2021	Electric	Gas	Other	Total
Revenues	$1,752	$265	$46	$2,063
Depreciation and amortization	338	31	6	375
Operating income (loss)	420	43	(3)	460
Interest expense			139
Income tax benefit			(36)
Net income available for common stock			350
Total assets	8,602	819	575	9,996
Construction and acquisition expenditures	342	42	—	384

WPL -WPL is a utility serving customers in Wisconsin and includes three reportable segments: a) electric operations; b) gas operations; and c) other, which includes the unallocated portions of the utility business. Various line items in the following tables are not allocated to the electric and gas segments for management reporting purposes, and therefore, are included only in “Total.” Intersegment revenues were not material to WPL’s operations and there was no single customer whose revenues were 10% or more of WPL’s consolidated revenues. All of WPL’s operations and assets are located in the U.S. Certain financial information relating to WPL’s business segments, which represent the services provided to its customers, was as follows (in millions):

2023	Electric	Gas	Other	Total
Revenues	$1,584	$240	$3	$1,827
Depreciation and amortization	254	26	—	280
Operating income	437	35	—	472
Interest expense			149
Income taxes			60
Net income			345
Total assets	8,522	763	349	9,634
Construction and acquisition expenditures	970	49	—	1,019

2022	Electric	Gas	Other	Total
Revenues	$1,562	$291	$3	$1,856
Depreciation and amortization	259	24	—	283
Operating income	408	44	—	452
Interest expense			121
Income taxes			66
Net income			315
Total assets	7,885	759	343	8,987
Construction and acquisition expenditures	982	38	—	1,020

2021	Electric	Gas	Other	Total
Revenues	$1,329	$191	$3	$1,523
Depreciation and amortization	253	23	—	276
Operating income (loss)	296	20	(8)	308
Interest expense			105
Income tax benefit			(51)
Net income			268
Total assets	6,322	668	528	7,518
Construction and acquisition expenditures	638	48	—	686

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