ALLIANT ENERGY CORP
For the period ended Mar 31, 2024. Filed May 3, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 3, 2024
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. Benefit Plans
NOTE 10. BENEFIT PLANS
NOTE 10(a) Pension and OPEB Plans -
Net Periodic Benefit Costs -The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans for the three months ended March 31 are included below (in millions). For IPL and WPL, amounts are 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.
| Defined Benefit Pension Plans | OPEB Plans | |||
|---|---|---|---|---|
| Alliant Energy | 2024 | 2023 | 2024 | 2023 |
| Service cost | $1 | $1 | $— | $1 |
| Interest cost | 11 | 11 | 2 | 2 |
| Expected return on plan assets | (13) | (13) | (1) | (1) |
| Amortization of actuarial loss | 6 | 7 | — | — |
| $5 | $6 | $1 | $2 | |
| Defined Benefit Pension Plans | OPEB Plans | |||
|---|---|---|---|---|
| IPL | 2024 | 2023 | 2024 | 2023 |
| Service cost | $1 | $1 | $— | $— |
| Interest cost | 5 | 5 | 1 | 1 |
| Expected return on plan assets | (7) | (7) | (1) | (1) |
| Amortization of actuarial loss | 2 | 3 | — | — |
| $1 | $2 | $— | $— | |
| Defined Benefit Pension Plans | OPEB Plans | |||
|---|---|---|---|---|
| WPL | 2024 | 2023 | 2024 | 2023 |
| Interest cost | $5 | $5 | $1 | $1 |
| Expected return on plan assets | (6) | (5) | — | — |
| Amortization of actuarial loss | 3 | 3 | — | — |
| $2 | $3 | $1 | $1 | |
NOTE 10(b) Equity-based Compensation Plans -A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards for the three months ended March 31 was as follows (in millions):
| Alliant Energy | IPL | WPL | ||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| Compensation expense | $4 | $3 | $2 | $2 | $2 | $1 |
| Income tax benefits | 1 | 1 | 1 | — | — | — |
As of March 31, 2024, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $22 million, $11 million and $10 million, respectively, which is expected to be recognized over a weighted average period of between 1 year and 2 years.
For the three months ended March 31, 2024, performance shares and restricted stock units were granted to key employees under the equity-based compensation plans as follows. These shares and units will be paid out in shares of common stock, and are therefore accounted for as equity awards.
| Weighted Average | ||
|---|---|---|
| Grants | Grant Date Fair Value | |
| Performance shares (total shareowner return metric) | 123,098 | $46.04 |
| Performance shares (net income and diversity metrics) (formerly granted as performance restricted stock units) | 140,683 | 48.40 |
| Restricted stock units | 120,557 | 48.40 |
As of March 31, 2024,242,680 shares were included in the calculation of diluted EPS related to the nonvested equity awards.
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