MERRILLVILLE, Ind.,
Aug. 3, 2015 /PRNewswire/
-- NiSource Inc. (NYSE: NI) today announced net operating
earnings per share – controlling interest (non-GAAP) of
$56.8 million, or $0.18 per share, for the three months ended
June 30, 2015, compared with
$77.9 million, or $0.25 per share for the same period in 2014.
Operating earnings (non-GAAP) for the second quarter were
$212.1 million, compared to
$219.1 million in the prior
period.
Second quarter net operating earnings – controlling interest
(non-GAAP) were lower primarily due to additional interest expense
related to Columbia Pipeline Group's (CPG) long-term debt issuance
prior to its separation from NiSource and the impact of
non-controlling interest in Columbia Pipeline Partners, which was
formed in February 2015.
On a GAAP basis, NiSource reported a loss from continuing
operations – controlling interest of $36.1
million, or $0.11 per share,
for the three months ended June 30,
2015, compared with income of $78.5
million, or $0.25 per share,
for the same period in 2014. Operating income for the second
quarter was $165.1 million, compared
to $219.6 million in the prior
period. Schedules 1 and 2 of this news release contain a
reconciliation of net operating earnings and operating earnings to
GAAP net income and operating income, respectively.
On July 1, 2015, NiSource
successfully completed the separation of CPG through a distribution
of all of the common stock of CPG held by NiSource to NiSource
shareholders. CPG is now an independent public company trading on
the NYSE under the symbol CPGX. NiSource maintains no ownership
interest in CPG or Columbia Pipeline Partners following this
separation. The financial information presented today includes CPG
reportable segment results, as CPG remained part of NiSource
through June 30, 2015. Beginning with
the third quarter, CPG will be reported as discontinued operations
in NiSource financial results.
"Now that the separation is complete, the foundation is set for
NiSource to execute on our pure-play utility growth strategy which
will enhance services to our customers and communities, and is
expected to deliver sustainable earnings and dividend growth," said
NiSource President and Chief Executive Officer Joseph Hamrock. "With solid,
investment-grade credit ratings, $30
billion of identified long-term gas and electric system
enhancement opportunities, and constructive regulatory environments
across our seven states, our path forward is clear."
Hamrock reaffirmed that NiSource expects to deliver non-GAAP net
operating earnings per share of $1.00-$1.10 in 2016 with planned infrastructure
enhancement investments reaching approximately $1.4 billion. NiSource continues to project
long-term earnings and dividend growth of 4-6 percent annually.
On July 2, NiSource declared a
quarterly dividend of 15.5 cents per
share, consistent with the company's intention, announced in May,
to increase the combined (NiSource and CPG) dividend.
In June, NiSource received confirmation of its post-separation
investment-grade credit ratings. Standard & Poor's upgraded
NiSource's credit rating to BBB+ from BBB-, Fitch Ratings revised
its outlook on NiSource to BBB- (positive) from BBB- (stable), and
Moody's reaffirmed its rating of NiSource at Baa2.
NiSource's utilities continue execution of core
infrastructure investment programs supported by complementary
regulatory and customer initiatives.
NiSource remains on track to invest approximately $1.3 billion during 2015 as part of its
$30 billion of long-term
regulated utility infrastructure investment opportunities across
its natural gas and electric utilities. Approximately 75 percent of
these investments are expected to be revenue-generating
investments, which help improve reliability and safety, enhance
customer service and reduce emissions – all while generating
sustainable long-term growth.
Gas Distribution Operations
- Columbia Gas of Massachusetts (CMA) has reached a
settlement agreement in principle with the Massachusetts Attorney General in its base
rate case. The settlement agreement is expected to be finalized and
filed for approval with the Massachusetts Department of Public
Utilities (DPU) in August 2015. The
case seeks to recover costs to support CMA's multi-year
modernization plan to maintain the safety and reliability of
natural gas service for customers.
- Columbia Gas of Pennsylvania's (CPA) base rate case is
progressing on schedule and remains pending before the Pennsylvania
Public Utility Commission. Filed in March, the case supports the
continuation of CPA's infrastructure modernization and safety
programs. If approved as filed, the case would increase annual
revenues by approximately $46
million. A decision is expected by the end of this
year.
- On June 30, the hearing examiner
in Columbia Gas of Virginia's pending base rate case
recommended specific fixed customer charges for each rate class,
addressing the final outstanding issue in the case. The commission
had previously found that the stipulated annual revenue increase of
$25.2 million is reasonable. A final
order in the case is expected later this year.
- As announced previously, CMA received DPU approval of its 2015
Gas System Enhancement Plan on April
30. Cost recovery associated with the 2015 investments
outlined in the plan began on May 1,
and is projected to increase annual revenues by approximately
$2.6 million.
Electric Operations
- On May 26, Northern Indiana
Public Service Company (NIPSCO), the Indiana Office of
Utility Consumer Counselor and some of NIPSCO's largest industrial
customers reached a settlement agreement that resolved all concerns
raised by the parties in an Indiana Court of Appeals proceeding
surrounding the company's long-term Electric Infrastructure
Modernization Plan. As part of the agreement, NIPSCO will file a
base rate case, followed by a new seven-year plan in the fourth
quarter.
- NIPSCO remains on schedule and on budget with its flue gas
desulfurization (FGD) unit at its Michigan City Generating
Station. The approximately $265
million project is expected to be placed in service by the
end of this year. This investment, supported with cost
recovery, improves air quality and helps ensure NIPSCO's generation
fleet remains in compliance with current environmental regulations.
It also helps ensure that NIPSCO can continue offering low-cost,
reliable and efficient generating capacity for its customers.
- Progress also continued on two major electric transmission
projects designed to enhance region-wide system flexibility and
reliability. The Greentown-Reynolds project is an approximately 65-mile,
765-kilovolt line being constructed in a joint development
agreement with Pioneer Transmission, and the Reynolds-Topeka project is a 100-mile, 345-kilovolt
line. Right-of-way acquisition and permitting are under way for
both projects and substation construction has begun on both
projects. These projects involve an investment of approximately
$500 million for NIPSCO and are
anticipated to be in service by the end of 2018.
Second Quarter 2015 Operating Earnings - Segment Results
(non-GAAP)
NiSource's consolidated operating earnings (non-GAAP) for the
three months ended June 30, 2015,
were $212.1 million, compared to
$219.1 million for the same period in
2014. Refer to Schedule 2 for the items included in 2015 and 2014
GAAP operating income but excluded from operating earnings.
Operating earnings for NiSource's business segments for the
three months ended June 30, 2015, are
discussed below.
Gas Distribution Operations reported operating earnings
of $55.6 million for the three months
ended June 30, 2015, compared with
operating earnings of $62.5 million
for the prior year period. Net revenues, excluding the impact of
trackers, increased by $17.3 million
primarily attributable to increases in regulatory and service
programs, including the implementation of rates under Columbia Gas
of Ohio's approved infrastructure
replacement program, as well as the impact of new rates at Columbia
Gas of Pennsylvania and Columbia
Gas of Virginia.
Operating expenses, excluding the impact of trackers, increased
by $24.2 million due primarily to
increased employee and administrative costs, higher depreciation,
increased outside services costs and higher other taxes.
Electric Operations reported operating earnings of
$56.6 million for the three months
ended June 30, 2015, compared with
operating earnings of $59.8 million
for the prior year period. Net revenues, excluding the impact of
trackers, decreased by $1.8 million
primarily due to decreased industrial, residential and commercial
usage, partially offset by increased environmental investment cost
recovery.
Operating expenses, excluding the impact of trackers, increased
by $1.4 million due primarily to
higher depreciation, partially offset by lower electric generation
costs.
Columbia Pipeline Group Operations reported operating
earnings of $108.6 million for the
three months ended June 30, 2015,
compared with operating earnings of $103.7
million for the prior year period. Net revenues, excluding
the impact of trackers, increased by $20.5
million primarily due to higher demand margin revenue as a
result of growth projects placed into service and new firm
contracts, partially offset by lower mineral rights royalty
revenue.
Operating expenses, excluding the impact of trackers, increased
by $18.2 million primarily due to
higher outside services costs, increased employee and
administrative costs and higher depreciation. These increases in
operating expenses were partially offset by higher gains on the
conveyance of mineral interests. Equity earnings increased by
$2.6 million primarily from higher
earnings at Pennant Midstream.
Corporate and Other Operations reported an operating
earnings loss of $8.7 million for the
three months ended June 30, 2015,
compared with an operating earnings loss of $6.9 million for the three months ended
June 30, 2014.
Other Items
Interest expense, net was
$117.1 million for the three months
ended June 30, 2015 compared to
interest expense, net of $109.1
million for the prior period. The increase in interest
expense is due primarily to CPG's issuance of long-term debt in
May 2015 as part of the
recapitalization, the expiration of interest rate swaps in
July 2014 and the term loan agreed to
in August 2014. These increases were
partially offset by the maturity of long-term debt in July 2014 and the execution of NiSource's tender
offer in May 2015.
Other, net reflected income of $6.5
million compared to income of $7.5
million in 2014.
The effective tax rate of net operating earnings was 35.5
percent compared to 33.7 percent for the same period last year.
Six Month Period 2015 Operating Earnings - Segment Results
(non-GAAP)
NiSource's consolidated operating earnings (non-GAAP) for the
six months ended June 30, 2015, were
$740.8 million, compared to
$728.2 million for the same period in
2014. Refer to Schedule 2 for the items included in 2015 and 2014
GAAP operating income but excluded from operating earnings.
Operating earnings for NiSource's business segments for the six
months ended June 30, 2015, are
discussed below.
Gas Distribution Operations reported operating earnings
of $361.4 million for the six months
ended June 30, 2015, compared with
operating earnings of $342.6 million
for the prior year period. Net revenues, excluding the impact of
trackers, increased by $60.1 million
primarily attributable to increases in regulatory and service
programs, including the impact of new rates at Columbia Gas of
Pennsylvania, Columbia Gas of
Virginia and Columbia Gas of
Massachusetts, as well as the
implementation of rates under Columbia Gas of Ohio's approved infrastructure replacement
program.
Operating expenses, excluding the impact of trackers, increased
by $41.3 million due primarily to
increased employee and administrative costs, higher depreciation,
increased outside services costs and higher other taxes.
Electric Operations reported operating earnings of
$123.8 million for the six months
ended June 30, 2015, compared with
operating earnings of $134.0 million
for the prior year period. Net revenues, excluding the impact of
trackers, decreased by $2.0 million
primarily due to decreased off-system sales and lower industrial
usage. These decreases were partially offset by higher revenue from
two electric transmission projects authorized by the Midcontinent
Independent System Operator (MISO), lower fuel handling costs and
increased environmental investment cost recovery.
Operating expenses, excluding the impact of trackers, increased
by $8.2 million due primarily to
higher depreciation.
Columbia Pipeline Group Operations reported operating
earnings of $271.6 million for the
six months ended June 30, 2015,
compared with operating earnings of $262.6
million for the prior year period. Net revenues, excluding
the impact of trackers, increased by $42.1
million primarily due to higher demand margin revenue as a
result of growth projects placed into service and new firm
contracts. This increase was partially offset by decreased mineral
rights royalty revenue.
Operating expenses, excluding the impact of trackers, increased
by $41.3 million primarily due to
higher employee and administrative costs, increased outside service
costs, higher depreciation and lower gains on the conveyances of
mineral interests. Equity earnings increased by $8.2 million primarily from increased earnings at
Pennant Midstream and Millennium Pipeline.
Corporate and Other Operations reported an operating
earnings loss of $16.0 million for
the six months ended June 30, 2015,
compared with an operating earnings loss of $11.0 million for the six months ended
June 30, 2014. The increase in
operating earnings loss is primarily due to higher employee and
administrative costs.
Other Items
Interest expense, net was $228.1 million for the six months ended
June 30, 2015 compared to interest
expense, net of $218.2 million for
the prior period. The increase in interest expense is due primarily
to CPG's issuance of long-term debt in May
2015 as part of the recapitalization, the expiration of
interest rate swaps in July 2014 and
the term loan agreed to in August
2014. These increases were partially offset by the maturity
of long-term debt in July 2014 and
the execution of NiSource's tender offer in May 2015.
Other, net reflected income of $13.6
million compared to income of $12.0
million in 2014.
The effective tax rate of net operating earnings was 35.3
percent compared to 35.6 percent for the same period last year.
Regulation G Disclosure Statement
This press release
includes guidance for NiSource with respect to net operating
earnings from continuing operations, which is a non-GAAP financial
measure as defined by the SEC's Regulation G. It should be noted
that there will likely be differences between such net operating
earnings and GAAP equivalents due to various factors, including,
but not limited to, weather, restructuring, environmental and
separation related costs and expenses and accounting changes.
NiSource is not able to estimate the impact of such factors on GAAP
earnings and, as such, is not providing earnings guidance on a GAAP
basis.
About NiSource
NiSource Inc. (NYSE: NI) is one of the
largest fully-regulated utility companies in the United States, serving approximately 3.5
million natural gas customers and 500,000 electric customers across
seven states through its local Columbia Gas and NIPSCO brands.
Based in Merrillville, Indiana,
NiSource's more than 7,000 employees are focused on safely
delivering reliable and affordable energy to our customers and
communities we serve. NiSource has been designated a World's Most
Ethical Company by the Ethisphere Institute since 2012 and is a
member of the Dow Jones Sustainability – North America Index.
Additional information about NiSource, its investments in modern
infrastructure and systems, its commitments and its local brands
can be found at www.nisource.com. NI-F
Forward-Looking Statements
This news release contains
forward-looking statements within the meaning of federal securities
laws. These forward-looking statements are subject to various risks
and uncertainties. Examples of forward-looking statements in this
release include statements and expectations regarding NiSource's
business, performance and growth following the separation. Factors
that could cause actual results to differ materially from the
projections, forecasts, estimates and expectations discussed in
this Quarterly Report on Form 10-Q include, but are not limited to,
NiSource's debt obligations and ability to comply with related
covenants, changes in NiSource's credit rating, growth
opportunities for NiSource's businesses, changes in general
economic and market conditions, regulatory rate reviews and
proceedings, increased competition in deregulated energy markets,
compliance with environmental laws, fluctuations in weather,
climate change, natural disasters, acts of terrorism and other
catastrophic events, economic conditions in certain
industries, fluctuations in the price of energy commodities,
counterparty credit risk, any impairment of goodwill and
definite-lived intangible assets, changes in taxation or accounting
principles, accidents and other operating risks, aging
infrastructure, disruptions in information technology and
cyber-attacks, NiSource's ability to achieve the intended benefits
of the Separation and other matters set forth in the "Risk Factors"
section in NiSource's 2014 Form 10-K and subsequent Form 10-Q filed
with the Securities and Exchange Commission, many of which are
beyond the control of NiSource. In addition, the relative
contributions to profitability by each segment, and the assumptions
underlying the forward-looking statements relating thereto, may
change over time. NiSource expressly disclaims any duty to update,
supplement or amend any of its forward-looking statements contained
in this release, whether as a result of new information, subsequent
events or otherwise, except as required by applicable law.
NiSource
Inc.
|
Consolidated Net
Operating Earnings (Non-GAAP)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
June
30,
|
(in millions,
except per share amounts)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net
Revenues
|
|
|
|
|
|
|
|
Gas
Distribution
|
$ 311.8
|
|
$ 426.4
|
|
$ 1,373.1
|
|
$ 1,619.7
|
Gas Transportation
and Storage
|
427.4
|
|
390.1
|
|
1,055.4
|
|
968.6
|
Electric
|
376.5
|
|
401.8
|
|
768.4
|
|
847.1
|
Other
|
60.1
|
|
116.7
|
|
106.4
|
|
193.7
|
Gross
Revenues
|
1,175.8
|
|
1,335.0
|
|
3,303.3
|
|
3,629.1
|
Cost of Sales
(excluding depreciation and amortization)
|
218.6
|
|
371.7
|
|
1,024.6
|
|
1,433.0
|
Total Net
Revenues
|
957.2
|
|
963.3
|
|
2,278.7
|
|
2,196.1
|
Operating
Expenses
|
|
|
|
|
|
|
|
Operation and
maintenance
|
432.9
|
|
401.0
|
|
837.5
|
|
777.9
|
Operation and
maintenance - trackers
|
87.7
|
|
132.1
|
|
236.7
|
|
256.4
|
Depreciation and
amortization
|
163.2
|
|
148.4
|
|
319.6
|
|
297.1
|
Depreciation and
amortization - trackers
|
4.2
|
|
0.7
|
|
5.3
|
|
0.7
|
Gain on sale of
assets
|
(8.3)
|
|
(0.3)
|
|
(13.6)
|
|
(17.8)
|
Other
taxes
|
64.3
|
|
58.7
|
|
136.6
|
|
129.3
|
Other taxes -
trackers
|
14.8
|
|
14.7
|
|
44.9
|
|
45.2
|
Total Operating
Expenses
|
758.8
|
|
755.3
|
|
1,567.0
|
|
1,488.8
|
Equity Earnings in
Unconsolidated Affiliates
|
13.7
|
|
11.1
|
|
29.1
|
|
20.9
|
Operating
Earnings
|
212.1
|
|
219.1
|
|
740.8
|
|
728.2
|
Other Income
(Deductions)
|
|
|
|
|
|
|
|
Interest expense,
net
|
(117.1)
|
|
(109.1)
|
|
(228.1)
|
|
(218.2)
|
Other, net
|
6.5
|
|
7.5
|
|
13.6
|
|
12.0
|
Total Other
Deductions
|
(110.6)
|
|
(101.6)
|
|
(214.5)
|
|
(206.2)
|
Operating Earnings
From Continuing Operations
|
|
|
|
|
|
|
|
Before Income
Taxes
|
101.5
|
|
117.5
|
|
526.3
|
|
522.0
|
Income
Taxes
|
36.0
|
|
39.6
|
|
185.6
|
|
185.7
|
Net Operating
Earnings from Continuing Operations
|
65.5
|
|
77.9
|
|
340.7
|
|
336.3
|
Net Operating
Earnings from Continuing Operations - Noncontrolling
Interest
|
(8.7)
|
|
—
|
|
(15.6)
|
|
—
|
Net Operating
Earnings from Continuing Operations - Controlling
Interest
|
56.8
|
|
77.9
|
|
325.1
|
|
336.3
|
GAAP
Adjustment
|
(92.9)
|
|
0.6
|
|
(92.8)
|
|
8.6
|
GAAP (Loss) Income
from Continuing Operations - Controlling Interest
|
$ (36.1)
|
|
$ 78.5
|
|
$ 232.3
|
|
$ 344.9
|
Basic Net
Operating Earnings Per Share from Continuing
Operations
|
$ 0.18
|
|
$ 0.25
|
|
$ 1.03
|
|
$ 1.07
|
GAAP Basic (Loss)
Earnings Per Share from Continuing Operations
|
$ (0.11)
|
|
$ 0.25
|
|
$ 0.73
|
|
$ 1.10
|
Basic Average
Common Shares Outstanding
|
317.5
|
|
315.0
|
|
317.0
|
|
314.6
|
NiSource
Inc.
|
Segment Operating
Earnings (Non-GAAP)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
Gas Distribution
Operations
|
June
30,
|
|
June
30,
|
(in
millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net
Revenues
|
|
|
|
|
|
|
|
Sales
revenues
|
$
514.6
|
|
$
619.5
|
|
$
1,951.5
|
|
$
2,163.4
|
Less: Cost of gas
sold
|
133.4
|
|
257.2
|
|
856.0
|
|
1,180.2
|
Net
Revenues
|
381.2
|
|
362.3
|
|
1,095.5
|
|
983.2
|
Operating
Expenses
|
|
|
|
|
|
|
|
Operation and
maintenance
|
207.4
|
|
189.7
|
|
400.8
|
|
371.1
|
Operation and
maintenance - trackers
|
18.6
|
|
17.1
|
|
117.0
|
|
64.5
|
Depreciation and
amortization
|
58.2
|
|
54.1
|
|
114.3
|
|
106.3
|
Other
taxes
|
26.6
|
|
24.2
|
|
57.1
|
|
53.5
|
Other taxes -
trackers
|
14.8
|
|
14.7
|
|
44.9
|
|
45.2
|
Total Operating
Expenses
|
325.6
|
|
299.8
|
|
734.1
|
|
640.6
|
Operating
Earnings
|
$
55.6
|
|
$
62.5
|
|
$
361.4
|
|
$
342.6
|
GAAP
Adjustment
|
(5.9)
|
|
(2.7)
|
|
13.5
|
|
19.0
|
GAAP Operating
Income
|
$
49.7
|
|
$
59.8
|
|
$
374.9
|
|
$
361.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
Electric
Operations
|
June
30,
|
|
June
30,
|
(in
millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net
Revenues
|
|
|
|
|
|
|
|
Sales
revenues
|
$
376.6
|
|
$
402.4
|
|
$
769.6
|
|
$
848.1
|
Less: Cost of
sales
|
116.6
|
|
146.3
|
|
242.3
|
|
326.7
|
Net
Revenues
|
260.0
|
|
256.1
|
|
527.3
|
|
521.4
|
Operating
Expenses
|
|
|
|
|
|
|
|
Operation and
maintenance
|
111.4
|
|
116.5
|
|
224.6
|
|
223.1
|
Operation and
maintenance - trackers
|
7.9
|
|
5.7
|
|
14.9
|
|
11.6
|
Depreciation and
amortization
|
64.3
|
|
59.4
|
|
125.4
|
|
119.8
|
Depreciation and
amortization - trackers
|
4.2
|
|
0.7
|
|
5.3
|
|
0.7
|
Other
taxes
|
15.6
|
|
14.0
|
|
33.3
|
|
32.2
|
Total Operating
Expenses
|
203.4
|
|
196.3
|
|
403.5
|
|
387.4
|
Operating
Earnings
|
$
56.6
|
|
$
59.8
|
|
$
123.8
|
|
$
134.0
|
GAAP
Adjustment
|
(10.9)
|
|
3.1
|
|
(8.1)
|
|
7.8
|
GAAP Operating
Income
|
$
45.7
|
|
$
62.9
|
|
$
115.7
|
|
$
141.8
|
NiSource
Inc.
|
Segment Operating
Earnings (Non-GAAP)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
Columbia Pipeline
Group Operations
|
June
30,
|
|
June
30,
|
(in
millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net
Revenues
|
|
|
|
|
|
|
|
Transportation
revenues
|
$
211.3
|
|
$
181.5
|
|
$
462.4
|
|
$
403.8
|
Storage
revenues
|
49.0
|
|
49.3
|
|
99.0
|
|
99.2
|
Other
revenues
|
55.6
|
|
112.7
|
|
94.3
|
|
186.1
|
Total Operating
Revenues
|
315.9
|
|
343.5
|
|
655.7
|
|
689.1
|
Less: Cost of
sales
|
0.1
|
|
0.1
|
|
0.2
|
|
0.2
|
Net
Revenues
|
315.8
|
|
343.4
|
|
655.5
|
|
688.9
|
Operating
Expenses
|
|
|
|
|
|
|
|
Operation and
maintenance
|
115.2
|
|
95.8
|
|
217.4
|
|
190.5
|
Operation and
maintenance - trackers
|
61.2
|
|
109.3
|
|
104.8
|
|
180.3
|
Depreciation and
amortization
|
33.9
|
|
28.8
|
|
66.4
|
|
58.5
|
Gain on sale of
assets
|
(8.3)
|
|
(0.3)
|
|
(13.6)
|
|
(17.8)
|
Other
taxes
|
18.9
|
|
17.2
|
|
38.0
|
|
35.7
|
Total Operating
Expenses
|
220.9
|
|
250.8
|
|
413.0
|
|
447.2
|
Equity Earnings in
Unconsolidated Affiliates
|
13.7
|
|
11.1
|
|
29.1
|
|
20.9
|
Operating
Earnings
|
$
108.6
|
|
$
103.7
|
|
$
271.6
|
|
$
262.6
|
GAAP
Adjustment
|
—
|
|
—
|
|
—
|
|
—
|
GAAP Operating
Income
|
$
108.6
|
|
$
103.7
|
|
$
271.6
|
|
$
262.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
Corporate and
Other Operations
|
June
30,
|
|
June
30,
|
(in
millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Operating Earnings
Loss
|
$
(8.7)
|
|
$
(6.9)
|
|
$
(16.0)
|
|
$
(11.0)
|
GAAP
Adjustment
|
(30.2)
|
|
0.1
|
|
(51.0)
|
|
(1.7)
|
GAAP Operating
Loss
|
$
(38.9)
|
|
$
(6.8)
|
|
$
(67.0)
|
|
$
(12.7)
|
NiSource
Inc.
|
Segment Volumes and
Statistical Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
Gas Distribution
Operations
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Sales and
Transportation (MMDth)
|
|
|
|
|
|
|
|
Residential
|
30.4
|
|
35.0
|
|
183.5
|
|
191.5
|
Commercial
|
25.1
|
|
27.4
|
|
113.8
|
|
117.5
|
Industrial
|
123.6
|
|
121.7
|
|
270.4
|
|
258.5
|
Off System
|
6.0
|
|
14.2
|
|
19.5
|
|
28.5
|
Other
|
(2.0)
|
|
(0.3)
|
|
(2.0)
|
|
(0.1)
|
Total
|
183.1
|
|
198.0
|
|
585.2
|
|
595.9
|
Weather
Adjustment
|
6.3
|
|
2.3
|
|
(29.2)
|
|
(33.8)
|
Sales and
Transportation Volumes - Excluding Weather
|
189.4
|
|
200.3
|
|
556.0
|
|
562.1
|
|
|
|
|
|
|
|
|
Heating Degree
Days
|
489
|
|
555
|
|
3,893
|
|
3,992
|
Normal Heating
Degree Days
|
599
|
|
599
|
|
3,491
|
|
3,491
|
% (Warmer) Colder
than Normal
|
(18)%
|
|
(7)%
|
|
12%
|
|
14%
|
Customers
|
|
|
|
|
|
|
|
Residential
|
|
|
|
|
3,070,555
|
|
3,051,277
|
Commercial
|
|
|
|
|
280,329
|
|
278,776
|
Industrial
|
|
|
|
|
7,717
|
|
7,546
|
Other
|
|
|
|
|
938
|
|
14
|
Total
|
|
|
|
|
3,359,539
|
|
3,337,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
Electric
Operations
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Sales (Gigawatt
Hours)
|
|
|
|
|
|
|
|
Residential
|
716.9
|
|
793.2
|
|
1,582.7
|
|
1,689.4
|
Commercial
|
929.1
|
|
964.9
|
|
1,869.1
|
|
1,900.4
|
Industrial
|
2,295.0
|
|
2,455.8
|
|
4,720.4
|
|
5,062.9
|
Wholesale
|
1.0
|
|
12.1
|
|
117.9
|
|
323.9
|
Other
|
34.5
|
|
34.9
|
|
69.1
|
|
68.3
|
Total
|
3,976.5
|
|
4,260.9
|
|
8,359.2
|
|
9,044.9
|
Weather
Adjustment
|
13.3
|
|
(44.4)
|
|
(28.9)
|
|
(114.4)
|
Sales Volumes -
Excluding Weather
|
3,989.8
|
|
4,216.5
|
|
8,330.3
|
|
8,930.5
|
|
|
|
|
|
|
|
|
Cooling Degree
Days
|
229
|
|
276
|
|
229
|
|
276
|
Normal Cooling
Degree Days
|
229
|
|
229
|
|
229
|
|
229
|
% Colder than
Normal
|
—%
|
|
21%
|
|
—%
|
|
21%
|
Electric
Customers
|
|
|
|
|
|
|
|
Residential
|
|
|
|
|
402,955
|
|
401,671
|
Commercial
|
|
|
|
|
54,762
|
|
54,303
|
Industrial
|
|
|
|
|
2,357
|
|
2,370
|
Wholesale
|
|
|
|
|
747
|
|
767
|
Other
|
|
|
|
|
4
|
|
6
|
Total
|
|
|
|
|
460,825
|
|
459,117
|
NiSource
Inc.
|
Segment Volumes and
Statistical Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
Columbia Pipeline
Group Operations
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Throughput
(MMDth)
|
|
|
|
|
|
|
|
Columbia
Transmission
|
215.3
|
|
194.2
|
|
706.3
|
|
653.7
|
Columbia
Gulf
|
137.3
|
|
145.4
|
|
283.0
|
|
330.3
|
Crossroads
Pipeline
|
3.5
|
|
3.5
|
|
8.6
|
|
9.2
|
Intrasegment
eliminations
|
(11.4)
|
|
(21.6)
|
|
(40.1)
|
|
(83.2)
|
Total
|
344.7
|
|
321.5
|
|
957.8
|
|
910.0
|
NiSource
Inc.
|
Schedule 1 -
Reconciliation of Net Operating Earnings to GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
(in millions,
except per share amounts)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net Operating
Earnings from Continuing Operations - Controlling
Interest
|
$ 56.8
|
|
$ 77.9
|
|
$ 325.1
|
|
$ 336.3
|
Items excluded
from operating earnings
|
|
|
|
|
|
|
|
Net
Revenues:
|
|
|
|
|
|
|
|
Weather - compared to
normal
|
(6.8)
|
|
0.1
|
|
15.4
|
|
26.5
|
Operating
Expenses:
|
|
|
|
|
|
|
|
Environmental
costs
|
(10.0)
|
|
—
|
|
(10.0)
|
|
—
|
Transaction
costs
|
(30.4)
|
|
—
|
|
(50.9)
|
|
—
|
Gain (Loss) on sale
of assets
|
0.2
|
|
0.4
|
|
(0.1)
|
|
(1.4)
|
Total items excluded
from operating earnings
|
(47.0)
|
|
0.5
|
|
(45.6)
|
|
25.1
|
Other
Deductions:
|
|
|
|
|
|
|
|
Loss on early
extinguishment of long-term debt
|
(97.2)
|
|
—
|
|
(97.2)
|
|
—
|
Income taxes -
discrete items
|
(3.9)
|
|
—
|
|
(4.5)
|
|
(7.0)
|
Tax effect of above
items
|
55.2
|
|
0.1
|
|
54.5
|
|
(9.5)
|
Total items excluded
from net operating earnings
|
(92.9)
|
|
0.6
|
|
(92.8)
|
|
8.6
|
GAAP (Loss) Income
from Continuing Operations - Controlling Interest
|
$ (36.1)
|
|
$ 78.5
|
|
$ 232.3
|
|
$ 344.9
|
Basic Average
Common Shares Outstanding
|
317.5
|
|
315.0
|
|
317.0
|
|
314.6
|
Basic Net
Operating Earnings Per Share from Continuing
Operations
|
$ 0.18
|
|
$ 0.25
|
|
$ 1.03
|
|
$ 1.07
|
Items excluded from
net operating earnings (after-tax)
|
(0.29)
|
|
—
|
|
(0.30)
|
|
0.03
|
GAAP Basic (Loss)
Earnings Per Share from Continuing Operations
|
$ (0.11)
|
|
$ 0.25
|
|
$ 0.73
|
|
$ 1.10
|
NiSource
Inc.
|
Schedule 2 -
Adjustments by Segment from Operating Earnings to GAAP
|
For the Quarter ended
June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric
|
|
Columbia Pipeline
Group
|
|
|
|
|
|
Gas
Distribution
|
|
|
|
Corporate &
Other
|
|
|
2015
(in millions)
|
|
|
|
|
Total
|
Operating Earnings
(Loss)
|
$
55.6
|
|
$
56.6
|
|
$ 108.6
|
|
$
(8.7)
|
|
$ 212.1
|
Net
Revenues:
|
|
|
|
|
|
|
|
|
|
Weather - compared to
normal
|
(5.9)
|
|
(0.9)
|
|
—
|
|
—
|
|
(6.8)
|
Total Impact -
Net Revenues
|
(5.9)
|
|
(0.9)
|
|
—
|
|
—
|
|
(6.8)
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
Environmental
costs
|
—
|
|
(10.0)
|
|
—
|
|
—
|
|
(10.0)
|
Transaction
costs
|
—
|
|
—
|
|
—
|
|
(30.4)
|
|
(30.4)
|
Gain on sale of
assets
|
—
|
|
—
|
|
—
|
|
0.2
|
|
0.2
|
Total Impact -
Operating Expenses
|
—
|
|
(10.0)
|
|
—
|
|
(30.2)
|
|
(40.2)
|
Total Impact -
Operating Loss
|
$
(5.9)
|
|
$
(10.9)
|
|
$
—
|
|
$
(30.2)
|
|
(47.0)
|
Operating Income
(Loss) - GAAP
|
$
49.7
|
|
$
45.7
|
|
$ 108.6
|
|
$
(38.9)
|
|
165.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric
|
|
Columbia
Pipeline
Group
|
|
|
|
|
|
Gas
Distribution
|
|
|
|
Corporate &
Other
|
|
|
2014
(in millions)
|
|
|
|
|
Total
|
Operating Earnings
(Loss)
|
$
62.5
|
|
$
59.8
|
|
$ 103.7
|
|
$
(6.9)
|
|
$ 219.1
|
Net
Revenues:
|
|
|
|
|
|
|
|
|
|
Weather - compared to
normal
|
(2.9)
|
|
3.0
|
|
—
|
|
—
|
|
0.1
|
Total Impact -
Net Revenues
|
(2.9)
|
|
3.0
|
|
—
|
|
—
|
|
0.1
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
Gain on sale of
assets
|
0.2
|
|
0.1
|
|
—
|
|
0.1
|
|
0.4
|
Total Impact -
Operating Expenses
|
0.2
|
|
0.1
|
|
—
|
|
0.1
|
|
0.4
|
Total Impact -
Operating (Loss) Income
|
$
(2.7)
|
|
$
3.1
|
|
$
—
|
|
$
0.1
|
|
$
0.5
|
Operating Income
(Loss) - GAAP
|
$
59.8
|
|
$
62.9
|
|
$ 103.7
|
|
$
(6.8)
|
|
$ 219.6
|
NiSource
Inc.
|
Schedule 2 -
Adjustments by Segment from Operating Earnings to GAAP
|
For the Six Months
Ended June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric
|
|
Columbia
Pipeline
Group
|
|
|
|
|
|
Gas
Distribution
|
|
|
|
Corporate &
Other
|
|
|
2015
(in millions)
|
|
|
|
|
Total
|
Operating Earnings
(Loss)
|
$
361.4
|
|
$ 123.8
|
|
$ 271.6
|
|
$
(16.0)
|
|
$ 740.8
|
Net
Revenues:
|
|
|
|
|
|
|
|
|
|
Weather - compared to
normal
|
13.5
|
|
1.9
|
|
—
|
|
—
|
|
15.4
|
Total Impact -
Net Revenues
|
13.5
|
|
1.9
|
|
—
|
|
—
|
|
15.4
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
Environmental
costs
|
—
|
|
(10.0)
|
|
—
|
|
—
|
|
(10.0)
|
Transaction
costs
|
—
|
|
—
|
|
—
|
|
(50.9)
|
|
(50.9)
|
Loss on sale of
assets
|
—
|
|
—
|
|
—
|
|
(0.1)
|
|
(0.1)
|
Total Impact -
Operating Expenses
|
—
|
|
(10.0)
|
|
—
|
|
(51.0)
|
|
(61.0)
|
Total Impact -
Operating Income (Loss)
|
$
13.5
|
|
$
(8.1)
|
|
$
—
|
|
$
(51.0)
|
|
$
(45.6)
|
Operating Income
(Loss) - GAAP
|
$
374.9
|
|
$ 115.7
|
|
$ 271.6
|
|
$
(67.0)
|
|
$ 695.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric
|
|
Columbia
Pipeline
Group
|
|
|
|
|
|
Gas
Distribution
|
|
|
|
Corporate &
Other
|
|
|
2014
(in millions)
|
|
|
|
|
Total
|
Operating Earnings
(Loss)
|
$
342.6
|
|
$ 134.0
|
|
$ 262.6
|
|
$
(11.0)
|
|
$ 728.2
|
Net
Revenues:
|
|
|
|
|
|
|
|
|
|
Weather - compared to
normal
|
18.8
|
|
7.7
|
|
—
|
|
—
|
|
26.5
|
Settlement
agreement
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Total Impact -
Net Revenues
|
18.8
|
|
7.7
|
|
—
|
|
—
|
|
26.5
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
Gain (Loss) on sale
of assets
|
0.2
|
|
0.1
|
|
—
|
|
(1.7)
|
|
(1.4)
|
Total Impact -
Operating Expenses
|
0.2
|
|
0.1
|
|
—
|
|
(1.7)
|
|
(1.4)
|
Total Impact -
Operating (Loss) Income
|
$
19.0
|
|
$
7.8
|
|
$
—
|
|
$
(1.7)
|
|
$
25.1
|
Operating Income
(Loss) - GAAP
|
$
361.6
|
|
$ 141.8
|
|
$ 262.6
|
|
$
(12.7)
|
|
$ 753.3
|
NiSource
Inc.
|
Consolidated Income
Statements (GAAP)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
(in millions,
except per share amounts)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net
Revenues
|
|
|
|
|
|
|
|
Gas
Distribution
|
$ 305.9
|
|
$ 423.5
|
|
$ 1,386.6
|
|
$ 1,638.5
|
Gas Transportation
and Storage
|
427.4
|
|
390.1
|
|
1,055.4
|
|
968.6
|
Electric
|
375.6
|
|
404.8
|
|
770.3
|
|
854.8
|
Other
|
60.1
|
|
116.7
|
|
106.4
|
|
193.7
|
Gross
Revenues
|
1,169.0
|
|
1,335.1
|
|
3,318.7
|
|
3,655.6
|
Cost of Sales
(excluding depreciation and amortization)
|
218.6
|
|
371.7
|
|
1,024.6
|
|
1,433.0
|
Total Net
Revenues
|
950.4
|
|
963.4
|
|
2,294.1
|
|
2,222.6
|
Operating
Expenses
|
|
|
|
|
|
|
|
Operation and
maintenance
|
561.0
|
|
533.1
|
|
1,135.1
|
|
1,034.3
|
Depreciation and
amortization
|
167.4
|
|
149.1
|
|
324.9
|
|
297.8
|
Gain on sale of
assets
|
(8.5)
|
|
(0.7)
|
|
(13.5)
|
|
(16.4)
|
Other
taxes
|
79.1
|
|
73.4
|
|
181.5
|
|
174.5
|
Total Operating
Expenses
|
799.0
|
|
754.9
|
|
1,628.0
|
|
1,490.2
|
Equity Earnings in
Unconsolidated Affiliates
|
13.7
|
|
11.1
|
|
29.1
|
|
20.9
|
Operating
Income
|
165.1
|
|
219.6
|
|
695.2
|
|
753.3
|
Other Income
(Deductions)
|
|
|
|
|
|
|
|
Interest expense,
net
|
(117.1)
|
|
(109.1)
|
|
(228.1)
|
|
(218.2)
|
Other, net
|
6.5
|
|
7.5
|
|
13.6
|
|
12.0
|
Loss on early
extinguishment of long-term debt
|
(97.2)
|
|
—
|
|
(97.2)
|
|
—
|
Total Other
Deductions
|
(207.8)
|
|
(101.6)
|
|
(311.7)
|
|
(206.2)
|
(Loss) Income from
Continuing Operations before Income Taxes
|
(42.7)
|
|
118.0
|
|
383.5
|
|
547.1
|
Income
Taxes
|
(15.3)
|
|
39.5
|
|
135.6
|
|
202.2
|
(Loss) Income from
Continuing Operations
|
(27.4)
|
|
78.5
|
|
247.9
|
|
344.9
|
Loss from
Discontinued Operations - net of taxes
|
(0.3)
|
|
(0.3)
|
|
(0.3)
|
|
(0.5)
|
Net (Loss)
Income
|
(27.7)
|
|
78.2
|
|
247.6
|
|
344.4
|
Less: Net income
attributable to noncontrolling interest
|
8.7
|
|
—
|
|
15.6
|
|
—
|
Net (Loss) Income
attributable to NiSource
|
$ (36.4)
|
|
$ 78.2
|
|
$ 232.0
|
|
$ 344.4
|
Amounts attributable
to NiSource:
|
|
|
|
|
|
|
|
(Loss) Income from
continuing operations
|
$ (36.1)
|
|
$ 78.5
|
|
$ 232.3
|
|
$ 344.9
|
Loss from
discontinued operations
|
(0.3)
|
|
(0.3)
|
|
(0.3)
|
|
(0.5)
|
Net (Loss) Income
attributable to NiSource
|
$ (36.4)
|
|
$ 78.2
|
|
$ 232.0
|
|
$ 344.4
|
Basic (Loss)
Earnings Per Share
|
|
|
|
|
|
|
|
Continuing
operations
|
$ (0.11)
|
|
$ 0.25
|
|
$ 0.73
|
|
$ 1.10
|
Discontinued
operations
|
—
|
|
—
|
|
—
|
|
—
|
Basic (Loss)
Earnings Per Share
|
$ (0.11)
|
|
$ 0.25
|
|
$ 0.73
|
|
$ 1.10
|
Diluted (Loss)
Earnings Per Share
|
|
|
|
|
|
|
|
Continuing
operations
|
$ (0.11)
|
|
$ 0.25
|
|
$ 0.73
|
|
$ 1.09
|
Discontinued
operations
|
—
|
|
—
|
|
—
|
|
—
|
Diluted (Loss)
Earnings Per Share
|
$ (0.11)
|
|
$ 0.25
|
|
$ 0.73
|
|
$ 1.09
|
Dividends Declared
Per Common Share
|
$
—
|
|
$ 0.26
|
|
$ 0.52
|
|
$ 0.76
|
Basic Average
Common Shares Outstanding
|
317.5
|
|
315.0
|
|
317.0
|
|
314.6
|
Diluted Average
Common Shares
|
317.5
|
|
316.1
|
|
318.0
|
|
315.7
|
NiSource
Inc.
|
Consolidated Balance
Sheets (GAAP)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
(in
millions)
|
2015
|
|
2014
|
ASSETS
|
|
|
|
Property, Plant
and Equipment
|
|
|
|
Utility
plant
|
$
26,225.2
|
|
$
25,234.8
|
Accumulated
depreciation and amortization
|
(9,718.8)
|
|
(9,578.6)
|
Net utility
plant
|
16,506.4
|
|
15,656.2
|
Other property, at
cost, less accumulated depreciation
|
401.9
|
|
360.9
|
Net Property, Plant
and Equipment
|
16,908.3
|
|
16,017.1
|
Investments and
Other Assets
|
|
|
|
Unconsolidated
affiliates
|
452.3
|
|
452.6
|
Other
investments
|
200.7
|
|
210.4
|
Total Investments and
Other Assets
|
653.0
|
|
663.0
|
Current
Assets
|
|
|
|
Cash and cash
equivalents
|
496.6
|
|
25.4
|
Restricted
cash
|
25.2
|
|
24.9
|
Accounts receivable
(less reserve of $38.1 and $25.2, respectively)
|
672.7
|
|
1,070.1
|
Gas
inventory
|
259.2
|
|
445.1
|
Underrecovered gas
costs
|
3.5
|
|
32.0
|
Material and
supplies, at average cost
|
112.4
|
|
106.0
|
Electric production
fuel, at average cost
|
96.5
|
|
64.8
|
Exchange gas
receivable
|
57.1
|
|
63.1
|
Regulatory
assets
|
175.5
|
|
193.5
|
Deferred income
taxes
|
303.8
|
|
272.1
|
Prepayments and
other
|
133.2
|
|
169.5
|
Total Current
Assets
|
2,335.7
|
|
2,466.5
|
Other
Assets
|
|
|
|
Regulatory
assets
|
1,673.7
|
|
1,696.4
|
Goodwill
|
3,666.2
|
|
3,666.2
|
Intangible
assets
|
258.4
|
|
264.7
|
Deferred charges and
other
|
111.6
|
|
92.4
|
Total Other
Assets
|
5,709.9
|
|
5,719.7
|
Total
Assets
|
$
25,606.9
|
|
$
24,866.3
|
NiSource
Inc.
|
Consolidated Balance
Sheets (GAAP) (continued)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
(in millions,
except share amounts)
|
2015
|
|
2014
|
CAPITALIZATION AND
LIABILITIES
|
|
|
|
Capitalization
|
|
|
|
NiSource Common
Stockholders' Equity
|
|
|
|
Common stock - $0.01
par value, 400,000,000 shares authorized; 317,668,149 and
316,037,421 shares outstanding, respectively
|
$
3.2
|
|
$
3.2
|
Additional paid-in
capital
|
5,065.1
|
|
4,787.6
|
Retained
earnings
|
1,561.1
|
|
1,494.0
|
Accumulated other
comprehensive loss
|
(44.4)
|
|
(50.6)
|
Treasury
stock
|
(79.1)
|
|
(58.9)
|
Total NiSource Common
Stockholders' Equity
|
6,505.9
|
|
6,175.3
|
Noncontrolling
interest in consolidated subsidiaries
|
950.0
|
|
—
|
Total
Equity
|
7,455.9
|
|
6,175.3
|
Long-term debt,
excluding amounts due within one year
|
8,881.1
|
|
8,155.9
|
Total
Capitalization
|
16,337.0
|
|
14,331.2
|
Current
Liabilities
|
|
|
|
Current portion of
long-term debt
|
442.6
|
|
266.6
|
Short-term
borrowings
|
161.8
|
|
1,576.9
|
Accounts
payable
|
429.2
|
|
670.6
|
Customer deposits and
credits
|
206.9
|
|
294.3
|
Taxes
accrued
|
221.5
|
|
266.7
|
Interest
accrued
|
141.6
|
|
140.7
|
Overrecovered gas and
fuel costs
|
198.6
|
|
45.6
|
Exchange gas
payable
|
63.9
|
|
136.2
|
Deferred
revenue
|
21.6
|
|
25.6
|
Regulatory
liabilities
|
136.1
|
|
62.4
|
Accrued capital
expenditures
|
146.3
|
|
61.1
|
Accrued liability for
postretirement and postemployment benefits
|
5.9
|
|
5.9
|
Legal and
environmental
|
34.5
|
|
24.2
|
Other
accruals
|
313.8
|
|
378.1
|
Total Current
Liabilities
|
2,524.3
|
|
3,954.9
|
Other Liabilities
and Deferred Credits
|
|
|
|
Deferred income
taxes
|
3,822.6
|
|
3,661.6
|
Deferred investment
tax credits
|
16.1
|
|
17.3
|
Deferred
credits
|
105.1
|
|
101.1
|
Accrued liability for
postretirement and postemployment benefits
|
633.9
|
|
675.9
|
Regulatory
liabilities
|
1,692.6
|
|
1,673.8
|
Asset retirement
obligations
|
204.7
|
|
159.4
|
Other noncurrent
liabilities
|
270.6
|
|
291.1
|
Total Other
Liabilities and Deferred Credits
|
6,745.6
|
|
6,580.2
|
Commitments and
Contingencies
|
—
|
|
—
|
Total
Capitalization and Liabilities
|
$
25,606.9
|
|
$
24,866.3
|
NiSource
Inc.
|
Statements of
Consolidated Cash Flows (GAAP)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30,(in millions)
|
2015
|
|
2014
|
Operating
Activities
|
|
|
|
Net Income
|
$
247.6
|
|
$
344.4
|
Adjustments to
Reconcile Net Income to Net Cash from Continuing
Operations:
|
|
|
|
Loss on early
extinguishment of debt
|
97.2
|
|
—
|
Depreciation and
amortization
|
324.9
|
|
297.8
|
Net changes in price
risk management assets and liabilities
|
0.1
|
|
1.4
|
Deferred income taxes
and investment tax credits
|
119.2
|
|
186.8
|
Deferred
revenue
|
6.8
|
|
1.6
|
Stock compensation
expense and 401(k) profit sharing contribution
|
33.4
|
|
27.9
|
Gain on sale of
assets
|
(13.5)
|
|
(16.4)
|
Income from
unconsolidated affiliates
|
(28.4)
|
|
(20.6)
|
Loss from
discontinued operations - net of taxes
|
0.3
|
|
0.5
|
Amortization of debt
related costs
|
5.4
|
|
5.1
|
AFUDC
equity
|
(13.3)
|
|
(9.2)
|
Distributions of
earnings received from equity investees
|
27.9
|
|
12.9
|
Changes in Assets and
Liabilities
|
|
|
|
Accounts
receivable
|
385.6
|
|
176.4
|
Income tax
receivable
|
(0.2)
|
|
1.0
|
Inventories
|
146.8
|
|
28.2
|
Accounts
payable
|
(249.6)
|
|
(170.3)
|
Customer deposits and
credits
|
(114.8)
|
|
(20.9)
|
Taxes
accrued
|
(44.7)
|
|
(43.2)
|
Interest
accrued
|
0.9
|
|
5.5
|
Over (Under)
recovered gas and fuel costs
|
181.5
|
|
(11.6)
|
Exchange gas
receivable/payable
|
(66.2)
|
|
(112.3)
|
Other
accruals
|
(69.8)
|
|
(47.6)
|
Prepayments and other
current assets
|
36.7
|
|
43.0
|
Regulatory
assets/liabilities
|
125.4
|
|
14.8
|
Postretirement and
postemployment benefits
|
(41.5)
|
|
(61.8)
|
Deferred
credits
|
3.7
|
|
11.1
|
Deferred charges and
other noncurrent assets
|
2.3
|
|
(0.3)
|
Other noncurrent
liabilities
|
12.0
|
|
7.8
|
Net Operating
Activities from Continuing Operations
|
1,115.7
|
|
652.0
|
Net Operating
Activities used for Discontinued Operations
|
(0.1)
|
|
(1.0)
|
Net Cash Flows
from Operating Activities
|
1,115.6
|
|
651.0
|
Investing
Activities
|
|
|
|
Capital
expenditures
|
(991.1)
|
|
(852.9)
|
Insurance
recoveries
|
2.1
|
|
6.8
|
Proceeds from
disposition of assets
|
16.7
|
|
6.2
|
Restricted cash
deposits
|
(0.3)
|
|
(1.8)
|
Distributions from
(contributions to) equity investees
|
2.2
|
|
(54.8)
|
Other investing
activities
|
(23.4)
|
|
(1.1)
|
Net Cash Flows
used for Investing Activities
|
(993.8)
|
|
(897.6)
|
Financing
Activities
|
|
|
|
Issuance of common
units of CPPL, net of issuance costs
|
1,168.4
|
|
—
|
Issuance of long-term
debt
|
2,745.9
|
|
—
|
Repayments of
long-term debt and capital lease obligations
|
(1,856.4)
|
|
(13.3)
|
Premiums and other
debt related costs
|
(116.0)
|
|
—
|
Change in short-term
borrowings, net
|
(1,415.1)
|
|
402.4
|
Issuance of common
stock
|
12.4
|
|
16.1
|
Acquisition of
treasury stock
|
(20.2)
|
|
(10.2)
|
Distributions to
noncontrolling interest
|
(4.9)
|
|
—
|
Dividends paid -
common stock
|
(164.7)
|
|
(157.2)
|
Net Cash Flow from
Financing Activities
|
349.4
|
|
237.8
|
Change in cash and
cash equivalents from (used for) continuing operations
|
471.3
|
|
(7.8)
|
Change in cash and
cash equivalents used for discontinued operations
|
(0.1)
|
|
(1.0)
|
Cash and cash
equivalents at beginning of period
|
25.4
|
|
26.8
|
Cash and Cash
Equivalents at End of Period
|
$
496.6
|
|
$
18.0
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/nisource-reports-second-quarter-2015-earnings-300122253.html
SOURCE NiSource Inc.