Delaware | 001-16189 | 35-2108964 | ||
(State or other jurisdiction of incorporation or organization) | Commission file number | (I.R.S. Employer Identification No.) |
801 East 86th Avenue Merrillville, Indiana | 46410 | ||||||
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c)) |
ITEM 2.02. | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS |
(d) | Exhibits |
Exhibit Number | Description | |
99.1 | Press Release, dated April 30, 2014, issued by NiSource Inc. |
NiSource Inc. | ||||
(Registrant) | ||||
Date: April 30, 2014 | By: | /s/ Jon D. Veurink | ||
Jon D. Veurink | ||||
Vice President and Chief Accounting Officer |
Exhibit Number | Description | |
99.1 | Press Release, dated April 30, 2014, issued by NiSource Inc. |
801 E. 86th Avenue Merrillville, IN 46410 |
Media | Investors |
Mike Banas | Randy Hulen |
Communications Manager | Vice President, Investor Relations |
(219) 647-5581 | (219) 647-5688 |
mbanas@nisource.com | rghulen@nisource.com |
• | Results in line with 2014 earnings guidance |
• | Solid execution of growth, modernization and regulatory initiatives |
• | Expanding inventory of pipeline and midstream projects |
• | Record $2.2 billion capital investment program on track |
• | Columbia Gas Transmission (Columbia Transmission) is on track with the second year of its long-term system modernization program. Under the program, CPG will invest approximately $300 million annually in improvements to system reliability, safety and flexibility. A settlement with the company's customers addresses the initial five years of an expected 10-15 year program that exceeds $4 billion in investment. |
• | NiSource Midstream executed a binding agreement for the approximately $120 million Washington County Gathering project. The project, anchored by a long-term agreement with a subsidiary of Range Resources Corporation, will consist of gathering pipelines and compression facilities to transport well-head production into a nearby Columbia Transmission pipeline. Construction is anticipated to begin in late 2014, with an in-service date during the second half of 2015. |
• | Millennium Pipeline completed a new $40 million compressor facility in Delaware County, N.Y., which went into service in March. NiSource owns a 47.5 percent interest in Millennium. |
• | CPG also remains on track with the execution of significant new supply- and market-driven growth projects, including the previously announced Warren County, West Side Expansion, Giles County and Line 1570 projects. These projects, which will provide total additional pipeline capacity of approximately 900 million cubic feet per day, are scheduled to be in service by the end of 2014. The approximately $275 million East Side project remains on budget and on schedule for completion in the third quarter of 2015. |
• | CPG continued advanced discussions with customers following the positive open season results for its Rayne XPress and Leach XPress projects. Together these projects are expected to provide additional transportation capacity of about 1.5 billion cubic feet per day, offering enhanced market access for Marcellus and Utica production via the Columbia Transmission and Columbia Gulf Transmission systems. |
• | Most recently, CPG completed a successful non-binding open season for its WB XPress project, which would involve the transportation of more than 1 billion cubic feet of Marcellus Shale production. Additional details on this project will be provided later this year. |
• | Two remaining flue gas desulfurization (FGD) projects at NIPSCO’s coal-fired electric generating facilities remain on schedule and on budget. With projected completion dates |
• | NIPSCO also has initiated the first year of investments under the company’s electric system modernization program, approved in February by the Indiana Utility Regulatory Commission (IURC). The $1.1 billion, seven-year program provides for the replacement and upgrade of underground circuits, transformers and poles, helping increase system reliability and deliver economic development benefits to the region. NIPSCO also has filed a complementary seven-year, $700 million natural gas modernization program, with a decision from the IURC expected as early as today. |
• | Progress also continued on two major NIPSCO electric transmission projects designed to enhance system flexibility and reliability. The Reynolds-Topeka project, a 100-mile, 345-kilovolt line, remains on schedule with right-of-way acquisition in process. The Greentown-Reynolds project, a roughly 70-mile, 765-kilovolt line, is a joint project with Pioneer Transmission. Public outreach on the Greentown-Reynolds line continues, with the anticipated route selection, and subsequent right-of-way acquisition, beginning later this year. The projects involve an investment of approximately $500 million for NIPSCO and are anticipated to be in service by the end of 2018. |
• | Following a record year of successfully implementing almost $800 million in gas distribution system replacement and modernization investments, NiSource’s gas utilities are on track to invest approximately $815 million in system modernization and other capital investments during 2014. |
• | On April 23, the Public Utilities Commission of Ohio approved Columbia Gas of Ohio's (COH) annual infrastructure replacement and demand-side management rider. The rider provides for recovery of COH's well-established pipeline replacement program and customer energy efficiency program investments. |
• | On March 21, Columbia Gas of Pennsylvania (CPA) filed a rate case with the Pennsylvania Public Utility Commission to support continuation of CPA’s ongoing infrastructure modernization program. If approved as filed, the case would increase annual revenues by approximately $54 million. A decision is expected later this year. |
• | On February 28, the Massachusetts Department of Public Utilities issued an order on the Columbia Gas of Massachusetts base rate case. The order provides for an annual revenue increase of approximately $19 million, and supports the company's current infrastructure modernization and replacement plans. |
Three Months Ended March 31, | |||||||
(in millions, except per share amounts) | 2014 | 2013 | |||||
Net Revenues | |||||||
Gas Distribution | $ | 1,193.3 | $ | 891.5 | |||
Gas Transportation and Storage | 578.5 | 468.5 | |||||
Electric | 445.3 | 377.1 | |||||
Other | 77.0 | 44.2 | |||||
Gross Revenues | 2,294.1 | 1,781.3 | |||||
Cost of Sales (excluding depreciation and amortization) | 1,061.3 | 675.9 | |||||
Total Net Revenues | 1,232.8 | 1,105.4 | |||||
Operating Expenses | |||||||
Operation and maintenance | 376.9 | 363.3 | |||||
Operation and maintenance - trackers | 124.3 | 91.1 | |||||
Depreciation and amortization | 148.7 | 140.0 | |||||
Depreciation and amortization - trackers | — | 3.5 | |||||
Gain on sale of assets | (17.5 | ) | — | ||||
Other taxes | 70.6 | 62.2 | |||||
Other taxes - trackers | 30.5 | 24.5 | |||||
Total Operating Expenses | 733.5 | 684.6 | |||||
Equity Earnings in Unconsolidated Affiliates | 9.8 | 7.1 | |||||
Operating Earnings | 509.1 | 427.9 | |||||
Other Income (Deductions) | |||||||
Interest expense, net | (109.1 | ) | (98.6 | ) | |||
Other, net | 4.5 | 4.1 | |||||
Total Other Deductions | (104.6 | ) | (94.5 | ) | |||
Operating Earnings From Continuing Operations | |||||||
Before Income Taxes | 404.5 | 333.4 | |||||
Income Taxes | 146.1 | 118.1 | |||||
Net Operating Earnings from Continuing Operations | 258.4 | 215.3 | |||||
GAAP Adjustment | 8.0 | 0.7 | |||||
GAAP Income from Continuing Operations | $ | 266.4 | $ | 216.0 | |||
Basic Net Operating Earnings Per Share from Continuing Operations | $ | 0.82 | $ | 0.69 | |||
GAAP Basic Earnings Per Share from Continuing Operations | $ | 0.85 | $ | 0.69 | |||
Basic Average Common Shares Outstanding | 314.2 | 311.1 |
Three Months Ended March 31, | |||||||
Gas Distribution Operations | |||||||
(in millions) | 2014 | 2013 | |||||
Net Revenues | |||||||
Sales revenues | $ | 1,543.9 | $ | 1,144.3 | |||
Less: Cost of gas sold | 923.0 | 593.8 | |||||
Net Revenues | 620.9 | 550.5 | |||||
Operating Expenses | |||||||
Operation and maintenance | 181.4 | 181.3 | |||||
Operation and maintenance - trackers | 47.4 | 37.1 | |||||
Depreciation and amortization | 52.2 | 48.5 | |||||
Other taxes | 29.3 | 25.8 | |||||
Other taxes - trackers | 30.5 | 24.5 | |||||
Total Operating Expenses | 340.8 | 317.2 | |||||
Operating Earnings | $ | 280.1 | $ | 233.3 | |||
GAAP Adjustment | 21.7 | 0.8 | |||||
GAAP Operating Income | $ | 301.8 | $ | 234.1 | |||
Three Months Ended March 31, | |||||||
Columbia Pipeline Group Operations | |||||||
(in millions) | 2014 | 2013 | |||||
Net Revenues | |||||||
Transportation revenues | $ | 222.3 | $ | 210.9 | |||
Storage revenues | 50.0 | 50.5 | |||||
Other revenues | 73.3 | 40.0 | |||||
Total Operating Revenues | 345.6 | 301.4 | |||||
Less: Cost of Sales | 0.1 | 0.1 | |||||
Net Revenues | 345.5 | 301.3 | |||||
Operating Expenses | |||||||
Operation and maintenance | 94.7 | 86.1 | |||||
Operation and maintenance - trackers | 71.0 | 46.5 | |||||
Depreciation and amortization | 29.7 | 25.7 | |||||
Gain on sale of assets | (17.5 | ) | — | ||||
Other taxes | 18.5 | 16.8 | |||||
Total Operating Expenses | 196.4 | 175.1 | |||||
Equity Earnings in Unconsolidated Affiliates | 9.8 | 7.1 | |||||
Operating Earnings | $ | 158.9 | $ | 133.3 | |||
GAAP Adjustment | — | 0.2 | |||||
GAAP Operating Income | $ | 158.9 | $ | 133.5 |
Three Months Ended March 31, | |||||||
Electric Operations | |||||||
(in millions) | 2014 | 2013 | |||||
Net Revenues | |||||||
Sales revenues | $ | 445.7 | $ | 377.4 | |||
Less: Cost of sales | 180.4 | 125.0 | |||||
Net Revenues | 265.3 | 252.4 | |||||
Operating Expenses | |||||||
Operation and maintenance | 106.6 | 100.4 | |||||
Operation and maintenance - trackers | 5.9 | 7.5 | |||||
Depreciation and amortization | 60.4 | 59.7 | |||||
Depreciation and amortization - trackers | — | 3.5 | |||||
Other taxes | 18.2 | 16.4 | |||||
Total Operating Expenses | 191.1 | 187.5 | |||||
Operating Earnings | $ | 74.2 | $ | 64.9 | |||
GAAP Adjustment | 4.7 | 0.3 | |||||
GAAP Operating Income | $ | 78.9 | $ | 65.2 | |||
Three Months Ended March 31, | |||||||
Corporate and Other Operations | |||||||
(in millions) | 2014 | 2013 | |||||
Operating Earnings (Loss) | $ | (4.1 | ) | $ | (3.6 | ) | |
GAAP Adjustment | (1.8 | ) | (0.3 | ) | |||
GAAP Operating Income (Loss) | $ | (5.9 | ) | $ | (3.9 | ) |
Three Months Ended March 31, | |||||
Gas Distribution Operations | 2014 | 2013 | |||
Sales and Transportation (MMDth) | |||||
Residential | 156.5 | 132.0 | |||
Commercial | 90.1 | 75.3 | |||
Industrial | 136.8 | 133.3 | |||
Off System | 14.3 | 21.7 | |||
Other | 0.2 | 0.2 | |||
Total | 397.9 | 362.5 | |||
Weather Adjustment | (36.1) | (1.0) | |||
Sales and Transportation Volumes - Excluding Weather | 361.8 | 361.5 | |||
Heating Degree Days | 3,437 | 2,919 | |||
Normal Heating Degree Days | 2,892 | 2,892 | |||
% Colder than Normal | 19 | % | 1 | % | |
Customers | |||||
Residential | 3,094,353 | 3,072,919 | |||
Commercial | 283,000 | 281,933 | |||
Industrial | 7,570 | 7,553 | |||
Other | 20 | 23 | |||
Total | 3,384,943 | 3,362,428 | |||
Three Months Ended March 31, | |||||
Columbia Pipeline Group Operations | 2014 | 2013 | |||
Throughput (MMDth) | |||||
Columbia Transmission | 459.5 | 435.8 | |||
Columbia Gulf | 184.9 | 190.2 | |||
Crossroads Pipeline | 5.7 | 5.0 | |||
Intrasegment eliminations | (61.6) | (93.9) | |||
Total | 588.5 | 537.1 |
Three Months Ended March 31, | |||
Electric Operations | 2014 | 2013 | |
Sales (Gigawatt Hours) | |||
Residential | 896.2 | 864.1 | |
Commercial | 935.5 | 921.2 | |
Industrial | 2,607.1 | 2,319.6 | |
Wholesale | 311.8 | 61.3 | |
Other | 33.4 | 33.2 | |
Total | 4,784.0 | 4,199.4 | |
Weather Adjustment | (70.0) | (3.4) | |
Sales Volumes - Excluding Weather impacts | 4,714.0 | 4,196.0 | |
Electric Customers | |||
Residential | 402,676 | 401,559 | |
Commercial | 54,378 | 54,084 | |
Industrial | 2,370 | 2,373 | |
Wholesale | 724 | 725 | |
Other | 5 | 6 | |
Total | 460,153 | 458,747 |
Three Months Ended March 31, | |||||||
(in millions, except per share amounts) | 2014 | 2013 | |||||
Net Operating Earnings from Continuing Operations (Non-GAAP) | $ | 258.4 | $ | 215.3 | |||
Items excluded from operating earnings | |||||||
Net Revenues: | |||||||
Weather - compared to normal | 26.4 | 1.1 | |||||
Operating Expenses: | |||||||
Loss on sale of assets and asset impairments | (1.8 | ) | (0.1 | ) | |||
Total items excluded from operating earnings | 24.6 | 1.0 | |||||
Tax effect of above items | (9.6 | ) | (0.3 | ) | |||
Income taxes - Indiana rate change | (7.0 | ) | — | ||||
Total items excluded from net operating earnings | 8.0 | 0.7 | |||||
Reported Income from Continuing Operations - GAAP | $ | 266.4 | $ | 216.0 | |||
Basic Average Common Shares Outstanding | 314.2 | 311.1 | |||||
Basic Net Operating Earnings Per Share from Continuing Operations | $ | 0.82 | $ | 0.69 | |||
Items excluded from net operating earnings (after-tax) | 0.03 | — | |||||
GAAP Basic Earnings Per Share from Continuing Operations | $ | 0.85 | $ | 0.69 |
2014 (in millions) | Gas Distribution | Columbia Pipeline Group | Electric | Corporate & Other | Total | |||||||||||||||
Operating Earnings (Loss) | $ | 280.1 | $ | 158.9 | $ | 74.2 | $ | (4.1 | ) | $ | 509.1 | |||||||||
Net Revenues: | ||||||||||||||||||||
Weather - compared to normal | 21.7 | — | 4.7 | — | 26.4 | |||||||||||||||
Total Impact - Net Revenues | 21.7 | — | 4.7 | — | 26.4 | |||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Loss on sale of assets and asset impairments | — | — | — | (1.8 | ) | (1.8 | ) | |||||||||||||
Total Impact - Operating Expenses | — | — | — | (1.8 | ) | (1.8 | ) | |||||||||||||
Total Impact - Operating Income (Loss) | $ | 21.7 | $ | — | $ | 4.7 | $ | (1.8 | ) | $ | 24.6 | |||||||||
Operating Income (Loss) - GAAP | $ | 301.8 | $ | 158.9 | $ | 78.9 | $ | (5.9 | ) | $ | 533.7 | |||||||||
2013 (in millions) | Gas Distribution | Columbia Pipeline Group | Electric | Corporate & Other | Total | |||||||||||||||
Operating Earnings (Loss) | $ | 233.3 | $ | 133.3 | $ | 64.9 | $ | (3.6 | ) | $ | 427.9 | |||||||||
Net Revenues: | ||||||||||||||||||||
Weather - compared to normal | 0.8 | — | 0.3 | — | 1.1 | |||||||||||||||
Total Impact - Net Revenues | 0.8 | — | 0.3 | — | 1.1 | |||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Gain (Loss) on sale of assets and asset impairments | — | 0.2 | — | (0.3 | ) | (0.1 | ) | |||||||||||||
Total Impact - Operating Expenses | — | 0.2 | — | (0.3 | ) | (0.1 | ) | |||||||||||||
Total Impact - Operating Income (Loss) | $ | 0.8 | $ | 0.2 | $ | 0.3 | $ | (0.3 | ) | $ | 1.0 | |||||||||
Operating Income (Loss) - GAAP | $ | 234.1 | $ | 133.5 | $ | 65.2 | $ | (3.9 | ) | $ | 428.9 |
Three Months Ended March 31, | |||||||
(in millions, except per share amounts) | 2014 | 2013 | |||||
Net Revenues | |||||||
Gas Distribution | $ | 1,215.0 | $ | 892.2 | |||
Gas Transportation and Storage | 578.5 | 468.5 | |||||
Electric | 450.0 | 377.3 | |||||
Other | 77.0 | 44.2 | |||||
Gross Revenues | 2,320.5 | 1,782.2 | |||||
Cost of Sales (excluding depreciation and amortization) | 1,061.3 | 676.0 | |||||
Total Net Revenues | 1,259.2 | 1,106.2 | |||||
Operating Expenses | |||||||
Operation and maintenance | 501.2 | 454.3 | |||||
Depreciation and amortization | 148.7 | 143.6 | |||||
Gain on sale of assets, net | (15.7 | ) | (0.2 | ) | |||
Other taxes | 101.1 | 86.7 | |||||
Total Operating Expenses | 735.3 | 684.4 | |||||
Equity Earnings in Unconsolidated Affiliates | 9.8 | 7.1 | |||||
Operating Income | 533.7 | 428.9 | |||||
Other Income (Deductions) | |||||||
Interest expense, net | (109.1 | ) | (98.6 | ) | |||
Other, net | 4.5 | 4.1 | |||||
Total Other Deductions | (104.6 | ) | (94.5 | ) | |||
Income from Continuing Operations before Income Taxes | 429.1 | 334.4 | |||||
Income Taxes | 162.7 | 118.4 | |||||
Income from Continuing Operations | 266.4 | 216.0 | |||||
(Loss) Income from Discontinued Operations - net of taxes | (0.2 | ) | 8.1 | ||||
Gain on Disposition of Discontinued Operations - net of taxes | — | 36.4 | |||||
Net Income | $ | 266.2 | $ | 260.5 | |||
Basic Earnings Per Share | |||||||
Continuing operations | $ | 0.85 | $ | 0.69 | |||
Discontinued operations | — | 0.15 | |||||
Basic Earnings Per Share | $ | 0.85 | $ | 0.84 | |||
Diluted Earnings Per Share | |||||||
Continuing operations | $ | 0.85 | $ | 0.69 | |||
Discontinued operations | — | 0.14 | |||||
Diluted Earnings Per Share | $ | 0.85 | $ | 0.83 | |||
Dividends Declared Per Common Share | $ | 0.50 | $ | 0.48 | |||
Basic Average Common Shares Outstanding | 314.2 | 311.1 | |||||
Diluted Average Common Shares | 315.1 | 312.1 |
(in millions) | March 31, 2014 | December 31, 2013 | |||||
ASSETS | |||||||
Property, Plant and Equipment | |||||||
Utility plant | $ | 23,695.7 | $ | 23,303.7 | |||
Accumulated depreciation and amortization | (9,358.6 | ) | (9,256.5 | ) | |||
Net utility plant | 14,337.1 | 14,047.2 | |||||
Other property, at cost, less accumulated depreciation | 320.6 | 317.9 | |||||
Net Property, Plant and Equipment | 14,657.7 | 14,365.1 | |||||
Investments and Other Assets | |||||||
Unconsolidated affiliates | 407.1 | 373.7 | |||||
Other investments | 203.1 | 204.0 | |||||
Total Investments and Other Assets | 610.2 | 577.7 | |||||
Current Assets | |||||||
Cash and cash equivalents | 38.0 | 26.8 | |||||
Restricted cash | 10.9 | 8.0 | |||||
Accounts receivable (less reserve of $34.6 and $23.5, respectively) | 1,271.2 | 1,005.8 | |||||
Income tax receivable | 4.1 | 5.1 | |||||
Gas inventory | 97.9 | 354.6 | |||||
Underrecovered gas and fuel costs | 114.3 | 46.4 | |||||
Materials and supplies, at average cost | 104.8 | 101.2 | |||||
Electric production fuel, at average cost | 22.9 | 44.6 | |||||
Price risk management assets | 14.4 | 22.7 | |||||
Exchange gas receivable | 161.4 | 70.6 | |||||
Regulatory assets | 159.1 | 142.8 | |||||
Prepayments and other | 321.1 | 330.6 | |||||
Total Current Assets | 2,320.1 | 2,159.2 | |||||
Other Assets | |||||||
Regulatory assets | 1,494.9 | 1,522.2 | |||||
Goodwill | 3,666.2 | 3,666.2 | |||||
Intangible assets | 272.9 | 275.7 | |||||
Deferred charges and other | 85.3 | 87.8 | |||||
Total Other Assets | 5,519.3 | 5,551.9 | |||||
Total Assets | $ | 23,107.3 | $ | 22,653.9 |
(in millions, except share amounts) | March 31, 2014 | December 31, 2013 | |||||
CAPITALIZATION AND LIABILITIES | |||||||
Capitalization | |||||||
Common Stockholders’ Equity | |||||||
Common stock - $0.01 par value, 400,000,000 shares authorized; 314,800,122 and 313,675,911 shares outstanding, respectively | $ | 3.2 | $ | 3.2 | |||
Additional paid-in capital | 4,715.6 | 4,690.1 | |||||
Retained earnings | 1,394.4 | 1,285.5 | |||||
Accumulated other comprehensive loss | (42.5 | ) | (43.6 | ) | |||
Treasury stock | (58.6 | ) | (48.6 | ) | |||
Total Common Stockholders’ Equity | 6,012.1 | 5,886.6 | |||||
Long-term debt, excluding amounts due within one year | 7,638.5 | 7,593.2 | |||||
Total Capitalization | 13,650.6 | 13,479.8 | |||||
Current Liabilities | |||||||
Current portion of long-term debt | 530.5 | 542.1 | |||||
Short-term borrowings | 812.5 | 698.7 | |||||
Accounts payable | 714.4 | 619.0 | |||||
Dividends payable | 78.7 | — | |||||
Customer deposits and credits | 239.4 | 262.6 | |||||
Taxes accrued | 278.6 | 254.8 | |||||
Interest accrued | 75.3 | 136.4 | |||||
Overrecovered gas and fuel costs | 25.8 | 32.2 | |||||
Exchange gas payable | 143.1 | 186.4 | |||||
Deferred revenue | 7.9 | 18.5 | |||||
Regulatory liabilities | 79.1 | 60.2 | |||||
Accrued liability for postretirement and postemployment benefits | 6.2 | 6.2 | |||||
Legal and environmental | 25.5 | 32.3 | |||||
Other accruals | 323.8 | 329.0 | |||||
Total Current Liabilities | 3,340.8 | 3,178.4 | |||||
Other Liabilities and Deferred Credits | |||||||
Deferred income taxes | 3,392.3 | 3,277.8 | |||||
Deferred investment tax credits | 20.0 | 20.9 | |||||
Deferred credits | 100.2 | 91.9 | |||||
Noncurrent deferred revenue | 21.8 | 17.1 | |||||
Accrued liability for postretirement and postemployment benefits | 508.1 | 527.5 | |||||
Regulatory liabilities | 1,677.6 | 1,669.8 | |||||
Asset retirement obligations | 176.5 | 174.4 | |||||
Other noncurrent liabilities | 219.4 | 216.3 | |||||
Total Other Liabilities and Deferred Credits | 6,115.9 | 5,995.7 | |||||
Commitments and Contingencies | — | — | |||||
Total Capitalization and Liabilities | $ | 23,107.3 | $ | 22,653.9 |
Three Months Ended March 31, (in millions) | 2014 | 2013 | |||||
Operating Activities | |||||||
Net Income | $ | 266.2 | $ | 260.5 | |||
Adjustments to Reconcile Net Income to Net Cash from Continuing Operations: | |||||||
Depreciation and amortization | 148.7 | 143.6 | |||||
Net changes in price risk management assets and liabilities | 0.8 | 0.5 | |||||
Deferred income taxes and investment tax credits | 148.9 | 117.1 | |||||
Deferred revenue | 1.8 | (0.4 | ) | ||||
Stock compensation expense and 401(k) profit sharing contribution | 13.9 | 10.6 | |||||
Gain on sale of assets | (15.7 | ) | (0.2 | ) | |||
Income from unconsolidated affiliates | (9.6 | ) | (7.3 | ) | |||
Gain on disposition of discontinued operations - net of taxes | — | (36.4 | ) | ||||
Loss (Income) from discontinued operations - net of taxes | 0.2 | (8.1 | ) | ||||
Amortization of debt related costs | 2.4 | 2.3 | |||||
AFUDC equity | (4.0 | ) | (3.5 | ) | |||
Distributions of earnings received from equity investees | 7.6 | 7.0 | |||||
Changes in Assets and Liabilities: | |||||||
Accounts receivable | (265.1 | ) | (161.4 | ) | |||
Income tax receivable | 0.9 | 50.4 | |||||
Inventories | 274.0 | 254.7 | |||||
Accounts payable | 126.5 | 25.4 | |||||
Customer deposits and credits | (23.1 | ) | (102.0 | ) | |||
Taxes accrued | 19.3 | 28.1 | |||||
Interest accrued | (61.1 | ) | (65.5 | ) | |||
(Under)Overrecovered gas and fuel costs | (74.2 | ) | 69.3 | ||||
Exchange gas receivable/payable | (134.2 | ) | (89.8 | ) | |||
Other accruals | (30.1 | ) | (26.6 | ) | |||
Prepayments and other current assets | 4.5 | (5.8 | ) | ||||
Regulatory assets/liabilities | 2.9 | 5.8 | |||||
Postretirement and postemployment benefits | (19.3 | ) | (36.8 | ) | |||
Deferred credits | 8.4 | 7.7 | |||||
Deferred charges and other noncurrent assets | (0.2 | ) | (0.4 | ) | |||
Other noncurrent liabilities | 4.0 | (2.0 | ) | ||||
Net Operating Activities from Continuing Operations | 394.4 | 436.8 | |||||
Net Operating Activities (used for) from Discontinued Operations | (0.4 | ) | 12.3 | ||||
Net Cash Flows from Operating Activities | 394.0 | 449.1 | |||||
Investing Activities | |||||||
Capital expenditures | (386.3 | ) | (369.3 | ) | |||
Proceeds from disposition of assets | 5.3 | 0.5 | |||||
Restricted cash (deposits) withdrawals | (2.9 | ) | 23.6 | ||||
Contributions to equity investees | (31.0 | ) | (17.1 | ) | |||
Other investing activities | 7.0 | (5.3 | ) | ||||
Net Investing Activities used for Continuing Operations | (407.9 | ) | (367.6 | ) | |||
Net Investing Activities from Discontinued Operations | — | 121.5 | |||||
Net Cash Flows used for Investing Activities | (407.9 | ) | (246.1 | ) | |||
Financing Activities | |||||||
Repayments of long-term debt and capital lease obligations | (9.1 | ) | (427.1 | ) | |||
Change in short-term borrowings, net | 113.8 | 354.3 | |||||
Issuance of common stock | 8.9 | 17.2 | |||||
Acquisition of treasury stock | (10.0 | ) | (7.6 | ) | |||
Dividends paid - common stock | (78.5 | ) | (74.7 | ) | |||
Net Cash Flows from (used for) Financing Activities | 25.1 | (137.9 | ) | ||||
Change in cash and cash equivalents from (used for) continuing operations | 11.6 | (68.7 | ) | ||||
Cash contributions (to) from discontinued operations | (0.4 | ) | 133.8 | ||||
Cash and cash equivalents at beginning of period | 26.8 | 36.3 | |||||
Cash and Cash Equivalents at End of Period | $ | 38.0 | $ | 101.4 |