ALLIANT ENERGY CORP
For the period ended Mar 31, 2024. Filed May 3, 2024.
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Mar 31, 2024 · Filed May 3, 2024
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. Receivables
NOTE 4. 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. In March 2024, IPL amended and extended through March 2026 the purchase commitment from the third party to which it sells its receivables. The transfers of receivables meet the criteria for sale accounting established by the transfer of financial assets accounting rules. As of March 31, 2024, IPL had $92 million of available capacity under its sales of accounts receivable program. IPL’s maximum and average outstanding aggregate cash proceeds (based on daily outstanding balances) related to the sales of accounts receivable program for the three months ended March 31 were as follows (in millions):
| 2024 | 2023 | |
|---|---|---|
| Maximum outstanding aggregate cash proceeds | $79 | $89 |
| Average outstanding aggregate cash proceeds | 24 | 58 |
The attributes of IPL’s receivables sold under the Receivables Agreement were as follows (in millions):
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Customer accounts receivable | $125 | $130 |
| Unbilled utility revenues | 89 | 98 |
| Other receivables | 1 | 1 |
| Receivables sold to third party | 215 | 229 |
| Less: cash proceeds | 18 | 1 |
| Deferred proceeds | 197 | 228 |
| Less: allowance for expected credit losses | 13 | 12 |
| Fair value of deferred proceeds | $184 | $216 |
As of March 31, 2024, outstanding receivables past due under the Receivables Agreement were $22 million. Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three months ended March 31 were as follows (in millions):
| 2024 | 2023 | |
|---|---|---|
| Collections | $557 | $591 |
| Write-offs, net of recoveries | 3 | 2 |
Effective April 2024, the limit on cash proceeds under the Receivables Agreement is $80 million.
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