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, 2015, issued by NiSource Inc. |
NiSource Inc. | ||||
(Registrant) | ||||
Date: April 30, 2015 | By: | /s/ Joseph W. Mulpas | ||
Joseph W. Mulpas | ||||
Vice President and Chief Accounting Officer |
Exhibit Number | Description | |
99.1 | Press Release, dated April 30, 2015, issued by NiSource Inc. |
801 E. 86th Avenue Merrillville, IN 46410 |
Media | Investors | |
Mike Banas | Randy Hulen (NiSource) | Bruce Connery (CPG) |
Communications Manager | Vice President | Vice President |
(219) 647-5581 | (219) 647-5688 | (713) 386-3603 |
mbanas@nisource.com | rghulen@nisource.com | blconnery@nisource.com |
• | Consistent execution of core infrastructure investment strategy |
• | Columbia Pipeline Group separation on track for July 1, 2015 |
• | Companies to highlight post-separation growth strategies on May 14, 2015 |
• | In January, CPG commenced the third year of the Columbia Gas Transmission long-term system modernization program. CPG expects to invest approximately $300 million in modernization investments during the year. Recovery of approximately $320 million of investments made in 2014 began on February 1, 2015. A settlement with the company's customers - approved in early 2013 - addresses the initial five years of an expected 10-15 year program that exceeds $4 billion in investment. |
• | On March 27, CPG launched binding open seasons for its proposed Mountaineer XPress (MXP) and Gulf XPress (GXP) projects. These projects, which have a critical mass of firm customer commitments in place, would provide significant new transportation capacity for Marcellus and Utica Shale production. MXP would provide up to 2.7 billion cubic feet per day of firm transportation capacity along the Columbia Gas Transmission system. GXP would provide nearly 900 million cubic feet per day of firm transportation capacity by adding compression and looping along the existing Columbia Gulf Transmission system. Together, both projects could involve an investment of approximately $2.6 billion. CPG is very encouraged by the results of the open season, which concluded April 23. |
• | CPG’s East Side Expansion project remains on schedule to be placed in service in the fourth quarter of 2015. The $275 million project will provide approximately 315 million cubic feet per day of additional capacity for Marcellus Shale supplies to reach growing - and capacity constrained - northeastern and mid-Atlantic markets. |
• | Progress continues on several other major growth projects, including CPG’s approximately $1.8 billion combined investment in the Leach and Rayne XPress projects, the $850 million WB XPress project, the $310 million Cameron Access project, the $50 million Utica Access project, the $30 million Chesapeake LNG Plant Upgrade project, and the $25 million Kentucky Power Plant Conversion project. Together, these projects will entail approximately 4 billion cubic feet of new capacity commitments across the CPG system, including access to LNG export facilities in Louisiana and Maryland. |
• | Columbia Midstream Group remains on budget and schedule with the first phase of its $120 million Washington County Gathering project and its approximately $65 million Big Pine Expansion project. Both are expected to be in service before the end of 2015. |
• | 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. Another approximately $80 million in environmental investments also will be completed at NIPSCO’s coal-fired generating facilities this year. These investments, supported with cost recovery, help improve air quality and ensure NIPSCO’s generation fleet remains in compliance with current environmental regulations. These investments also help ensure that NIPSCO can continue offering low-cost, reliable and efficient generating capacity for its customers. |
• | During the first quarter, NIPSCO commenced 2015 investments under the company's seven-year, approximately $2 billion electric and natural gas modernization programs. The company plans to invest approximately $193 million ($124 million gas | $69 million electric) on modernization projects in 2015. The investments will help improve system reliability and safety while delivering economic development benefits to the region. NIPSCO remains committed to these investments while continuing to work through the legal process following a recent Indiana Court of Appeals decision. |
• | Progress also continued on two major NIPSCO electric transmission projects designed to enhance region-wide system flexibility and reliability. The Greentown-Reynolds project is an approximately 70-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 construction has begun on the Reynolds-Topeka line. These projects involve an investment of approximately $500 million for NIPSCO and are anticipated to be in service by the end of 2018. |
• | NiSource expects to invest approximately $900 million during 2015 as part of more than $20 billion in long-term infrastructure investment opportunities for the company’s gas distribution businesses. These investments help improve reliability and safety for customers and the community, provide additional customer access to natural gas service and reduce emissions. Through transparent recovery mechanisms, these investments also generate sustainable returns for shareholders. |
• | On March 19, Columbia Gas of Pennsylvania (CPA) filed a rate case with the Pennsylvania Public Utility Commission to support 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 later this year. |
• | Columbia Gas of Massachusetts (CMA) filed a base rate case on April 16, 2015, with the Massachusetts Department of Public Utilities (DPU). 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. If approved as filed, the case would increase annual revenues by approximately $49 million. A decision is expected with rates in effect by March 1, 2016. |
• | A decision on CMA’s 2015 Gas System Enhancement Plan is expected to be issued by the DPU later today. Cost recovery associated with the 2015 investments outlined in the current plan would begin on May 1, 2015, and increase annual revenues by approximately $2.6 million. |
• | Columbia Gas of Virginia’s base rate case remains pending with the Virginia State Corporation Commission. A stipulated settlement with staff and intervening parties approved a revenue increase of approximately $25 million. A final order is expected later this year. |
• | On April 22, 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. |
Three Months Ended March 31, | |||||||
(in millions, except per share amounts) | 2015 | 2014 | |||||
Net Revenues | |||||||
Gas Distribution | $ | 1,061.3 | $ | 1,193.3 | |||
Gas Transportation and Storage | 628.0 | 578.5 | |||||
Electric | 391.9 | 445.3 | |||||
Other | 46.3 | 77.0 | |||||
Gross Revenues | 2,127.5 | 2,294.1 | |||||
Cost of Sales (excluding depreciation and amortization) | 806.0 | 1,061.3 | |||||
Total Net Revenues | 1,321.5 | 1,232.8 | |||||
Operating Expenses | |||||||
Operation and maintenance | 404.6 | 376.9 | |||||
Operation and maintenance - trackers | 149.0 | 124.3 | |||||
Depreciation and amortization | 156.4 | 148.7 | |||||
Depreciation and amortization - trackers | 1.1 | — | |||||
Gain on sale of assets | (5.3 | ) | (17.5 | ) | |||
Other taxes | 72.3 | 70.6 | |||||
Other taxes - trackers | 30.1 | 30.5 | |||||
Total Operating Expenses | 808.2 | 733.5 | |||||
Equity Earnings in Unconsolidated Affiliates | 15.4 | 9.8 | |||||
Operating Earnings | 528.7 | 509.1 | |||||
Other Income (Deductions) | |||||||
Interest expense, net | (111.0 | ) | (109.1 | ) | |||
Other, net | 7.1 | 4.5 | |||||
Total Other Deductions | (103.9 | ) | (104.6 | ) | |||
Operating Earnings From Continuing Operations | |||||||
Before Income Taxes | 424.8 | 404.5 | |||||
Income Taxes | 149.6 | 146.1 | |||||
Net Operating Earnings from Continuing Operations | 275.2 | 258.4 | |||||
Net Operating Earnings from Continuing Operations - Noncontrolling Interest | (6.9 | ) | — | ||||
Net Operating Earnings from Continuing Operations - Controlling Interest | 268.3 | 258.4 | |||||
GAAP Adjustment | 0.1 | 8.0 | |||||
GAAP Income from Continuing Operations - Controlling Interest | $ | 268.4 | $ | 266.4 | |||
Basic Net Operating Earnings Per Share from Continuing Operations | $ | 0.85 | $ | 0.82 | |||
GAAP Basic Earnings Per Share from Continuing Operations | $ | 0.85 | $ | 0.85 | |||
Basic Average Common Shares Outstanding | 316.6 | 314.2 |
Three Months Ended March 31, | |||||||
Gas Distribution Operations | |||||||
(in millions) | 2015 | 2014 | |||||
Net Revenues | |||||||
Sales revenues | $ | 1,436.9 | $ | 1,543.9 | |||
Less: Cost of gas sold | 722.6 | 923.0 | |||||
Net Revenues | 714.3 | 620.9 | |||||
Operating Expenses | |||||||
Operation and maintenance | 193.4 | 181.4 | |||||
Operation and maintenance - trackers | 98.4 | 47.4 | |||||
Depreciation and amortization | 56.1 | 52.2 | |||||
Other taxes | 30.5 | 29.3 | |||||
Other taxes - trackers | 30.1 | 30.5 | |||||
Total Operating Expenses | 408.5 | 340.8 | |||||
Operating Earnings | $ | 305.8 | $ | 280.1 | |||
GAAP Adjustment | 19.4 | 21.7 | |||||
GAAP Operating Income | $ | 325.2 | $ | 301.8 | |||
Three Months Ended March 31, | |||||||
Columbia Pipeline Group Operations | |||||||
(in millions) | 2015 | 2014 | |||||
Net Revenues | |||||||
Transportation revenues | $ | 251.1 | $ | 222.3 | |||
Storage revenues | 50.0 | 50.0 | |||||
Other revenues | 38.7 | 73.3 | |||||
Total Operating Revenues | 339.8 | 345.6 | |||||
Less: Cost of sales | 0.1 | 0.1 | |||||
Net Revenues | 339.7 | 345.5 | |||||
Operating Expenses | |||||||
Operation and maintenance | 102.2 | 94.7 | |||||
Operation and maintenance - trackers | 43.6 | 71.0 | |||||
Depreciation and amortization | 32.5 | 29.7 | |||||
Gain on sale of assets | (5.3 | ) | (17.5 | ) | |||
Other taxes | 19.1 | 18.5 | |||||
Total Operating Expenses | 192.1 | 196.4 | |||||
Equity Earnings in Unconsolidated Affiliates | 15.4 | 9.8 | |||||
Operating Earnings | $ | 163.0 | $ | 158.9 | |||
GAAP Adjustment | — | — | |||||
GAAP Operating Income | $ | 163.0 | $ | 158.9 |
Three Months Ended March 31, | |||||||
Electric Operations | |||||||
(in millions) | 2015 | 2014 | |||||
Net Revenues | |||||||
Sales revenues | $ | 393.0 | $ | 445.7 | |||
Less: Cost of sales | 125.7 | 180.4 | |||||
Net Revenues | 267.3 | 265.3 | |||||
Operating Expenses | |||||||
Operation and maintenance | 113.2 | 106.6 | |||||
Operation and maintenance - trackers | 7.0 | 5.9 | |||||
Depreciation and amortization | 61.1 | 60.4 | |||||
Depreciation and amortization - trackers | 1.1 | — | |||||
Other taxes | 17.7 | 18.2 | |||||
Total Operating Expenses | 200.1 | 191.1 | |||||
Operating Earnings | $ | 67.2 | $ | 74.2 | |||
GAAP Adjustment | 2.8 | 4.7 | |||||
GAAP Operating Income | $ | 70.0 | $ | 78.9 | |||
Three Months Ended March 31, | |||||||
Corporate and Other Operations | |||||||
(in millions) | 2015 | 2014 | |||||
Operating Earnings (Loss) | $ | (7.3 | ) | $ | (4.1 | ) | |
GAAP Adjustment | (20.8 | ) | (1.8 | ) | |||
GAAP Operating Income (Loss) | $ | (28.1 | ) | $ | (5.9 | ) |
Three Months Ended March 31, | |||||
Gas Distribution Operations | 2015 | 2014 | |||
Sales and Transportation (MMDth) | |||||
Residential | 153.1 | 156.5 | |||
Commercial | 88.7 | 90.1 | |||
Industrial | 146.8 | 136.8 | |||
Off System | 13.5 | 14.3 | |||
Other | — | 0.2 | |||
Total | 402.1 | 397.9 | |||
Weather Adjustment | (35.5 | ) | (36.1) | ||
Sales and Transportation Volumes - Excluding Weather | 366.6 | 361.8 | |||
Heating Degree Days | 3,404 | 3,437 | |||
Normal Heating Degree Days | 2,892 | 2,892 | |||
% Colder than Normal | 18 | % | 19 | % | |
Customers | |||||
Residential | 3,111,880 | 3,094,353 | |||
Commercial | 284,081 | 283,000 | |||
Industrial | 7,641 | 7,570 | |||
Other | 15 | 20 | |||
Total | 3,403,617 | 3,384,943 | |||
Three Months Ended March 31, | |||||
Columbia Pipeline Group Operations | 2015 | 2014 | |||
Throughput (MMDth) | |||||
Columbia Transmission | 497.3 | 459.5 | |||
Columbia Gulf | 145.7 | 184.9 | |||
Crossroads Pipeline | 5.1 | 5.7 | |||
Intrasegment eliminations | (28.7) | (61.6) | |||
Total | 619.4 | 588.5 |
Three Months Ended March 31, | |||
Electric Operations | 2015 | 2014 | |
Sales (Gigawatt Hours) | |||
Residential | 865.8 | 896.2 | |
Commercial | 940.0 | 935.5 | |
Industrial | 2,425.4 | 2,607.1 | |
Wholesale | 116.9 | 311.8 | |
Other | 34.6 | 33.4 | |
Total | 4,382.7 | 4,784.0 | |
Weather Adjustment | (42.2) | (70.0) | |
Sales Volumes - Excluding Weather | 4,340.5 | 4,714.0 | |
Electric Customers | |||
Residential | 403,409 | 402,676 | |
Commercial | 54,695 | 54,378 | |
Industrial | 2,354 | 2,370 | |
Wholesale | 747 | 724 | |
Other | 5 | 5 | |
Total | 461,210 | 460,153 |
Three Months Ended March 31, | |||||||
(in millions, except per share amounts) | 2015 | 2014 | |||||
Net Operating Earnings from Continuing Operations - Controlling Interest | $ | 268.3 | $ | 258.4 | |||
Items excluded from operating earnings | |||||||
Net Revenues: | |||||||
Weather - compared to normal | 22.2 | 26.4 | |||||
Operating Expenses: | |||||||
Transaction costs | (20.5 | ) | — | ||||
Loss on sale of assets and asset impairments | (0.3 | ) | (1.8 | ) | |||
Total items excluded from operating earnings | 1.4 | 24.6 | |||||
Other Deductions: | |||||||
Tax effect of above items | (0.7 | ) | (9.6 | ) | |||
Income taxes - discrete items | (0.6 | ) | (7.0 | ) | |||
Total items excluded from net operating earnings | 0.1 | 8.0 | |||||
GAAP Income from Continuing Operations - Controlling Interest | $ | 268.4 | $ | 266.4 | |||
Basic Average Common Shares Outstanding | 316.6 | 314.2 | |||||
Basic Net Operating Earnings Per Share from Continuing Operations | $ | 0.85 | $ | 0.82 | |||
Items excluded from net operating earnings (after-tax) | — | 0.03 | |||||
GAAP Basic Earnings Per Share from Continuing Operations | $ | 0.85 | $ | 0.85 |
2015 (in millions) | Gas Distribution | Columbia Pipeline Group | Electric | Corporate & Other | Total | |||||||||||||||
Operating Earnings (Loss) | $ | 305.8 | $ | 163.0 | $ | 67.2 | $ | (7.3 | ) | $ | 528.7 | |||||||||
Net Revenues: | ||||||||||||||||||||
Weather - compared to normal | 19.4 | — | 2.8 | — | 22.2 | |||||||||||||||
Total Impact - Net Revenues | 19.4 | — | 2.8 | — | 22.2 | |||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Transaction costs | — | — | — | (20.5 | ) | (20.5 | ) | |||||||||||||
Loss on sale of assets and asset impairments | — | — | — | (0.3 | ) | (0.3 | ) | |||||||||||||
Total Impact - Operating Expenses | — | — | — | (20.8 | ) | (20.8 | ) | |||||||||||||
Total Impact - Operating Income (Loss) | $ | 19.4 | $ | — | $ | 2.8 | $ | (20.8 | ) | $ | 1.4 | |||||||||
Operating Income (Loss) - GAAP | $ | 325.2 | $ | 163.0 | $ | 70.0 | $ | (28.1 | ) | $ | 530.1 | |||||||||
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 |
Three Months Ended March 31, | |||||||
(in millions, except per share amounts) | 2015 | 2014 | |||||
Net Revenues | |||||||
Gas Distribution | $ | 1,080.7 | $ | 1,215.0 | |||
Gas Transportation and Storage | 628.0 | 578.5 | |||||
Electric | 394.7 | 450.0 | |||||
Other | 46.3 | 77.0 | |||||
Gross Revenues | 2,149.7 | 2,320.5 | |||||
Cost of Sales (excluding depreciation and amortization) | 806.0 | 1,061.3 | |||||
Total Net Revenues | 1,343.7 | 1,259.2 | |||||
Operating Expenses | |||||||
Operation and maintenance | 574.1 | 501.2 | |||||
Depreciation and amortization | 157.5 | 148.7 | |||||
Gain on sale of assets | (5.0 | ) | (15.7 | ) | |||
Other taxes | 102.4 | 101.1 | |||||
Total Operating Expenses | 829.0 | 735.3 | |||||
Equity Earnings in Unconsolidated Affiliates | 15.4 | 9.8 | |||||
Operating Income | 530.1 | 533.7 | |||||
Other Income (Deductions) | |||||||
Interest expense, net | (111.0 | ) | (109.1 | ) | |||
Other, net | 7.1 | 4.5 | |||||
Total Other Deductions | (103.9 | ) | (104.6 | ) | |||
Income from Continuing Operations before Income Taxes | 426.2 | 429.1 | |||||
Income Taxes | 150.9 | 162.7 | |||||
Income from Continuing Operations | 275.3 | 266.4 | |||||
Loss from Discontinued Operations - net of taxes | — | (0.2 | ) | ||||
Net Income | 275.3 | 266.2 | |||||
Less: Net income attributable to noncontrolling interest | 6.9 | — | |||||
Net Income attributable to NiSource | $ | 268.4 | $ | 266.2 | |||
Amounts attributable to NiSource: | |||||||
Income from continuing operations | $ | 268.4 | $ | 266.4 | |||
Loss from discontinued operations | — | (0.2 | ) | ||||
Net Income attributable to NiSource | $ | 268.4 | $ | 266.2 | |||
Basic Earnings Per Share | |||||||
Continuing operations | $ | 0.85 | $ | 0.85 | |||
Discontinued operations | — | — | |||||
Basic Earnings Per Share | $ | 0.85 | $ | 0.85 | |||
Diluted Earnings Per Share | |||||||
Continuing operations | $ | 0.85 | $ | 0.85 | |||
Discontinued operations | — | — | |||||
Diluted Earnings Per Share | $ | 0.85 | $ | 0.85 | |||
Dividends Declared Per Common Share | $ | 0.52 | $ | 0.50 | |||
Basic Average Common Shares Outstanding | 316.6 | 314.2 | |||||
Diluted Average Common Shares | 317.4 | 315.1 |
(in millions) | March 31, 2015 | December 31, 2014 | |||||
ASSETS | |||||||
Property, Plant and Equipment | |||||||
Utility plant | $ | 25,593.9 | $ | 25,234.8 | |||
Accumulated depreciation and amortization | (9,686.7 | ) | (9,578.6 | ) | |||
Net utility plant | 15,907.2 | 15,656.2 | |||||
Other property, at cost, less accumulated depreciation | 376.2 | 360.9 | |||||
Net Property, Plant and Equipment | 16,283.4 | 16,017.1 | |||||
Investments and Other Assets | |||||||
Unconsolidated affiliates | 447.9 | 452.6 | |||||
Other investments | 208.7 | 210.4 | |||||
Total Investments and Other Assets | 656.6 | 663.0 | |||||
Current Assets | |||||||
Cash and cash equivalents | 42.0 | 25.4 | |||||
Restricted cash | 21.6 | 24.9 | |||||
Accounts receivable (less reserve of $40.3 and $25.2, respectively) | 1,152.0 | 1,070.1 | |||||
Gas inventory | 134.4 | 445.1 | |||||
Underrecovered gas and fuel costs | 25.5 | 32.0 | |||||
Materials and supplies, at average cost | 109.0 | 106.0 | |||||
Electric production fuel, at average cost | 75.5 | 64.8 | |||||
Exchange gas receivable | 77.0 | 63.1 | |||||
Regulatory assets | 159.5 | 193.5 | |||||
Deferred income taxes | 277.2 | 272.1 | |||||
Prepayments and other | 187.3 | 169.5 | |||||
Total Current Assets | 2,261.0 | 2,466.5 | |||||
Other Assets | |||||||
Regulatory assets | 1,683.2 | 1,696.4 | |||||
Goodwill | 3,666.2 | 3,666.2 | |||||
Intangible assets | 261.9 | 264.7 | |||||
Deferred charges and other | 86.6 | 92.4 | |||||
Total Other Assets | 5,697.9 | 5,719.7 | |||||
Total Assets | $ | 24,898.9 | $ | 24,866.3 |
(in millions, except share amounts) | March 31, 2015 | December 31, 2014 | |||||
CAPITALIZATION AND LIABILITIES | |||||||
Capitalization | |||||||
NiSource Common Stockholders’ Equity | |||||||
Common stock - $0.01 par value, 400,000,000 shares authorized; 317,281,405 and 316,037,421 shares outstanding, respectively | $ | 3.2 | $ | 3.2 | |||
Additional paid-in capital | 5,048.4 | 4,787.6 | |||||
Retained earnings | 1,597.5 | 1,494.0 | |||||
Accumulated other comprehensive loss | (46.6 | ) | (50.6 | ) | |||
Treasury stock | (79.0 | ) | (58.9 | ) | |||
Total NiSource Common Stockholders’ Equity | 6,523.5 | 6,175.3 | |||||
Noncontrolling interest in consolidated subsidiaries | 946.2 | — | |||||
Total Equity | 7,469.7 | 6,175.3 | |||||
Long-term debt, excluding amounts due within one year | 7,957.9 | 8,155.9 | |||||
Total Capitalization | 15,427.6 | 14,331.2 | |||||
Current Liabilities | |||||||
Current portion of long-term debt | 462.7 | 266.6 | |||||
Short-term borrowings | 314.0 | 1,576.9 | |||||
Accounts payable | 563.9 | 670.6 | |||||
Dividends payable | 82.4 | — | |||||
Customer deposits and credits | 172.6 | 294.3 | |||||
Taxes accrued | 287.1 | 266.7 | |||||
Interest accrued | 81.4 | 140.7 | |||||
Overrecovered gas and fuel costs | 172.3 | 45.6 | |||||
Exchange gas payable | 65.8 | 136.2 | |||||
Deferred revenue | 25.5 | 25.6 | |||||
Regulatory liabilities | 102.0 | 62.4 | |||||
Accrued capital expenditures | 80.3 | 61.1 | |||||
Accrued liability for postretirement and postemployment benefits | 5.9 | 5.9 | |||||
Legal and environmental | 25.4 | 24.2 | |||||
Other accruals | 317.1 | 378.1 | |||||
Total Current Liabilities | 2,758.4 | 3,954.9 | |||||
Other Liabilities and Deferred Credits | |||||||
Deferred income taxes | 3,803.5 | 3,661.6 | |||||
Deferred investment tax credits | 16.7 | 17.3 | |||||
Deferred credits | 105.5 | 101.1 | |||||
Accrued liability for postretirement and postemployment benefits | 653.7 | 675.9 | |||||
Regulatory liabilities | 1,678.6 | 1,673.8 | |||||
Asset retirement obligations | 160.9 | 159.4 | |||||
Other noncurrent liabilities | 294.0 | 291.1 | |||||
Total Other Liabilities and Deferred Credits | 6,712.9 | 6,580.2 | |||||
Commitments and Contingencies | — | — | |||||
Total Capitalization and Liabilities | $ | 24,898.9 | $ | 24,866.3 |
Three Months Ended March 31, (in millions) | 2015 | 2014 | |||||
Operating Activities | |||||||
Net Income | $ | 275.3 | $ | 266.2 | |||
Adjustments to Reconcile Net Income to Net Cash from Continuing Operations: | |||||||
Depreciation and amortization | 157.5 | 148.7 | |||||
Net changes in price risk management assets and liabilities | (0.5 | ) | 0.8 | ||||
Deferred income taxes and investment tax credits | 135.1 | 148.9 | |||||
Deferred revenue | 5.3 | 1.8 | |||||
Stock compensation expense and 401(k) profit sharing contribution | 19.4 | 13.9 | |||||
Gain on sale of assets | (5.0 | ) | (15.7 | ) | |||
Income from unconsolidated affiliates | (14.5 | ) | (9.6 | ) | |||
Loss from discontinued operations - net of taxes | — | 0.2 | |||||
Amortization of debt related costs | 2.5 | 2.4 | |||||
AFUDC equity | (6.0 | ) | (4.0 | ) | |||
Distributions of earnings received from equity investees | 18.3 | 7.6 | |||||
Changes in Assets and Liabilities | |||||||
Accounts receivable | (93.8 | ) | (265.1 | ) | |||
Income tax receivable | — | 0.9 | |||||
Inventories | 297.2 | 274.0 | |||||
Accounts payable | (84.2 | ) | 126.5 | ||||
Customer deposits and credits | (121.7 | ) | (23.1 | ) | |||
Taxes accrued | 22.0 | 19.3 | |||||
Interest accrued | (59.3 | ) | (61.1 | ) | |||
Over (Under) recovered gas and fuel costs | 133.2 | (74.2 | ) | ||||
Exchange gas receivable/payable | (84.3 | ) | (134.2 | ) | |||
Other accruals | (60.3 | ) | (30.1 | ) | |||
Prepayments and other current assets | (16.2 | ) | 4.5 | ||||
Regulatory assets/liabilities | 90.6 | 2.9 | |||||
Postretirement and postemployment benefits | (21.6 | ) | (19.3 | ) | |||
Deferred credits | 5.8 | 8.4 | |||||
Deferred charges and other noncurrent assets | 5.2 | (0.2 | ) | ||||
Other noncurrent liabilities | 4.3 | 4.0 | |||||
Net Operating Activities from Continuing Operations | 604.3 | 394.4 | |||||
Net Operating Activities from (used for) Discontinued Operations | — | (0.4 | ) | ||||
Net Cash Flows from Operating Activities | 604.3 | 394.0 | |||||
Investing Activities | |||||||
Capital expenditures | (407.5 | ) | (386.3 | ) | |||
Proceeds from disposition of assets | 11.7 | 5.3 | |||||
Restricted cash withdrawals (deposits) | 3.3 | (2.9 | ) | ||||
Distributions from (contributions to) equity investees | 1.2 | (31.0 | ) | ||||
Other investing activities | 2.4 | 7.0 | |||||
Net Cash Flows used for Investing Activities | (388.9 | ) | (407.9 | ) | |||
Financing Activities | |||||||
Issuance of common units of CPPL, net of issuance costs | 1,168.4 | — | |||||
Repayments of long-term debt and capital lease obligations | (8.0 | ) | (9.1 | ) | |||
Change in short-term borrowings, net | (1,262.9 | ) | 113.8 | ||||
Issuance of common stock | 5.9 | 8.9 | |||||
Acquisition of treasury stock | (20.1 | ) | (10.0 | ) | |||
Dividends paid - common stock | (82.1 | ) | (78.5 | ) | |||
Net Cash Flows (used for) from Financing Activities | (198.8 | ) | 25.1 | ||||
Change in cash and cash equivalents from continuing operations | 16.6 | 11.6 | |||||
Change in cash and cash equivalents from (used for) discontinued operations | — | (0.4 | ) | ||||
Cash and cash equivalents at beginning of period | 25.4 | 26.8 | |||||
Cash and Cash Equivalents at End of Period | $ | 42.0 | $ | 38.0 |