ALLIANT ENERGY CORP
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
View on SEC.govAbout this filing
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.
Sep 30, 2024 · Filed Nov 1, 2024
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. Fair Value Measurements
NOTE 13. FAIR VALUE MEASUREMENTS
Fair Value of Financial Instruments - The carrying amounts of current assets and current liabilities approximate fair value because of the short maturity of such financial instruments. Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions):
| Alliant Energy · September 30, 2024 · December 31, 2023 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fair Value · Fair Value | ||||||||||||||||
| Carrying · Level · Level · Level · Carrying · Level · Level · Level | ||||||||||||||||
| Amount | 1 | 2 | 3 | Total | Amount | 1 | 2 | 3 | Total | |||||||
| Assets: | ||||||||||||||||
| Time deposits and money market fund investments | $803 | $803 | $— | $— | $803 | $45 | $45 | $— | $— | $45 | ||||||
| Commodity derivatives | 82 | — | 42 | 40 | 82 | 88 | — | 59 | 29 | 88 | ||||||
| Interest rate derivatives | — | — | — | — | — | 1 | — | 1 | — | 1 | ||||||
| Deferred proceeds | 212 | — | — | 212 | 212 | 216 | — | — | 216 | 216 | ||||||
| Liabilities: | ||||||||||||||||
| Commodity derivatives | 76 | — | 73 | 3 | 76 | 98 | — | 93 | 5 | 98 | ||||||
| Interest rate derivatives | 1 | — | 1 | — | 1 | — | — | — | — | — | ||||||
| Long-term debt (incl. current maturities) | 10,349 | — | 10,444 | — | 10,444 | 9,034 | — | 8,677 | — | 8,677 | ||||||
| IPL · September 30, 2024 · December 31, 2023 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fair Value · Fair Value | ||||||||||||||||
| Carrying · Level · Level · Level · Carrying · Level · Level · Level | ||||||||||||||||
| Amount | 1 | 2 | 3 | Total | Amount | 1 | 2 | 3 | Total | |||||||
| Assets: | ||||||||||||||||
| Time deposits and money market fund investments | $745 | $745 | $— | $— | $745 | $45 | $45 | $— | $— | $45 | ||||||
| Commodity derivatives | 55 | — | 23 | 32 | 55 | 54 | — | 30 | 24 | 54 | ||||||
| Deferred proceeds | 212 | — | — | 212 | 212 | 216 | — | — | 216 | 216 | ||||||
| Liabilities: | ||||||||||||||||
| Commodity derivatives | 20 | — | 17 | 3 | 20 | 30 | — | 25 | 5 | 30 | ||||||
| Long-term debt (incl. current maturities) | 4,589 | — | 4,407 | — | 4,407 | 3,945 | — | 3,664 | — | 3,664 | ||||||
| WPL · September 30, 2024 · December 31, 2023 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fair Value · Fair Value | ||||||||||||||||
| Carrying · Level · Level · Level · Carrying · Level · Level · Level | ||||||||||||||||
| Amount | 1 | 2 | 3 | Total | Amount | 1 | 2 | 3 | Total | |||||||
| Assets: | ||||||||||||||||
| Money market fund investments | $58 | $58 | $— | $— | $58 | $— | $— | $— | $— | $— | ||||||
| Commodity derivatives | 27 | — | 19 | 8 | 27 | 34 | — | 29 | 5 | 34 | ||||||
| Liabilities: | ||||||||||||||||
| Commodity derivatives | 56 | — | 56 | — | 56 | 68 | — | 68 | — | 68 | ||||||
| Long-term debt | 3,369 | — | 3,322 | — | 3,322 | 3,070 | — | 2,933 | — | 2,933 | ||||||
Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions):
| Alliant Energy | Commodity Contract Derivative | |||
|---|---|---|---|---|
| Assets and (Liabilities), net | Deferred Proceeds | |||
| Three Months Ended September 30 | 2024 | 2023 | 2024 | 2023 |
| Beginning balance, July 1 | $51 | $54 | $171 | $175 |
| Total net gains included in changes in net assets (realized/unrealized) | 2 | 17 | — | — |
| Sales | — | (1) | — | — |
| Settlements (a) | (16) | (27) | 41 | 61 |
| Ending balance, September 30 | $37 | $43 | $212 | $236 |
| The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30 | $2 | $17 | $— | $— |
| Alliant Energy | Commodity Contract Derivative | |||
|---|---|---|---|---|
| Assets and (Liabilities), net | Deferred Proceeds | |||
| Nine Months Ended September 30 | 2024 | 2023 | 2024 | 2023 |
| Beginning balance, January 1 | $24 | $19 | $216 | $185 |
| Total net gains (losses) included in changes in net assets (realized/unrealized) | (7) | 6 | — | — |
| Purchases | 59 | 62 | — | — |
| Sales | (1) | (2) | — | — |
| Settlements (a) | (38) | (42) | (4) | 51 |
| Ending balance, September 30 | $37 | $43 | $212 | $236 |
| The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at September 30 | ($7) | $6 | $— | $— |
| IPL | Commodity Contract Derivative | |||
|---|---|---|---|---|
| Assets and (Liabilities), net | Deferred Proceeds | |||
| Three Months Ended September 30 | 2024 | 2023 | 2024 | 2023 |
| Beginning balance, July 1 | $40 | $41 | $171 | $175 |
| Total net gains included in changes in net assets (realized/unrealized) | — | 12 | — | — |
| Sales | — | (1) | — | — |
| Settlements (a) | (11) | (17) | 41 | 61 |
| Ending balance, September 30 | $29 | $35 | $212 | $236 |
| The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30 | $— | $12 | $— | $— |
| IPL | Commodity Contract Derivative | |||
|---|---|---|---|---|
| Assets and (Liabilities), net | Deferred Proceeds | |||
| Nine Months Ended September 30 | 2024 | 2023 | 2024 | 2023 |
| Beginning balance, January 1 | $19 | $16 | $216 | $185 |
| Total net losses included in changes in net assets (realized/unrealized) | (7) | — | — | — |
| Purchases | 45 | 51 | — | — |
| Sales | (1) | (2) | — | — |
| Settlements (a) | (27) | (30) | (4) | 51 |
| Ending balance, September 30 | $29 | $35 | $212 | $236 |
| The amount of total net losses for the period included in changes in net assets attributable to the change in unrealized losses relating to assets and liabilities held at September 30 | ($7) | $— | $— | $— |
| WPL | Commodity Contract Derivative | |
|---|---|---|
| Assets and (Liabilities), net | ||
| Three Months Ended September 30 | 2024 | 2023 |
| Beginning balance, July 1 | $11 | $13 |
| Total net gains included in changes in net assets (realized/unrealized) | 2 | 5 |
| Settlements | (5) | (10) |
| Ending balance, September 30 | $8 | $8 |
| The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30 | $2 | $5 |
| WPL | Commodity Contract Derivative | |
|---|---|---|
| Assets and (Liabilities), net | ||
| Nine Months Ended September 30 | 2024 | 2023 |
| Beginning balance, January 1 | $5 | $3 |
| Total net gains included in changes in net assets (realized/unrealized) | — | 6 |
| Purchases | 14 | 11 |
| Settlements | (11) | (12) |
| Ending balance, September 30 | $8 | $8 |
| The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at September 30 | $— | $6 |
(a)Settlements related to deferred proceeds are due to the change in the carrying amount of receivables sold less the allowance for expected credit losses associated with the receivables sold and cash amounts received from the receivables sold.
Commodity Contracts -The fair value of FTR and natural gas commodity contracts categorized as Level 3 was recognized as net derivative assetsas follows (in millions):
| Alliant Energy | IPL | WPL | ||||
|---|---|---|---|---|---|---|
| Excluding FTRs | FTRs | Excluding FTRs | FTRs | Excluding FTRs | FTRs | |
| September 30, 2024 | $— | $37 | $— | $29 | $— | $8 |
| December 31, 2023 | 3 | 21 | 3 | 16 | — | 5 |
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