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 February 18, 2016, issued by NiSource Inc. |
NiSource Inc. | ||||
(Registrant) | ||||
Date: February 18, 2016 | By: | /s/ Joseph W. Mulpas | ||
Joseph W. Mulpas | ||||
Vice President and Chief Accounting Officer |
Exhibit Number | Description | |
99.1 | Press Release, dated February 18, 2016, issued by NiSource Inc. |
Media | Investors |
Ken Stammen | Randy Hulen |
Manager, Communications | Vice President, Investor Relations |
(614) 460-5544 | (219) 647-5688 |
kstammen@nisource.com | rghulen@nisource.com |
• | Continued focus on creating customer value through well-established infrastructure modernization programs |
• | 2016 net operating earnings (non-GAAP) per share guidance reaffirmed at $1.00-$1.10 |
• | Planned infrastructure investments of approximately $1.4 billion in 2016 |
• | J.D. Power recognizing NiSource utilities for customer satisfaction, with Columbia Gas of Pennsylvania (CPA) an award winner for the second straight year, and Columbia Gas of Virginia (CVA) named one of the most improved brands in the nation. |
• | Replacing 361 miles of priority pipe, including removing the last known cast iron pipe from the CVA system, and continuing to enhance safety and reliability for customers. |
• | Completing significant regulatory initiatives that support enhanced safety, reliability, training and customer programs. This includes successful rate settlements in Massachusetts, Pennsylvania and Virginia; extension of CVA’s modernization program; approval of the first year of Columbia Gas of Massachusetts’ (CMA) Gas System Enhancement Plan; and continued execution of Columbia Gas of Ohio's (COH) modernization program. |
• | Completion of the last of three flue gas desulfurization (FGD) units at Northern Indiana Public Service Co.’s (NIPSCO) coal-generation facilities, the culmination of $850 million in investments over approximately five years that have improved air quality and help ensure NIPSCO’s generation fleet remains in compliance with current environmental regulations. |
• | Full deployment of automated meter reading (AMR) devices across our nearly 4 million natural gas and electric customers, completing a six-year project. This new meter technology enhances customer service and safety and reduces costs. |
• | On Dec. 3, 2015, the Pennsylvania Public Utility Commission approved a settlement in CPA's base rate case. The settlement maintains CPA's ability to continue replacing and upgrading its natural gas distribution system. The approved rate adjustment went into effect on Dec. 18, 2015 and will increase the company’s annual revenues by approximately $28 million. The settlement also included new incentives that will significantly reduce costs for customers converting to natural gas. |
• | On Nov. 1, 2015, CMA implemented new rates under its previously approved base rate case settlement. The settlement supports CMA’s continued effort to modernize its pipeline infrastructure and transform its operations to continue to serve customers safely and reliably. The approved settlement provides for increased annual revenues of $32.8 million starting Nov. 1, 2015, with an additional $3.6 million annual increase starting Nov. 1, 2016. |
• | NIPSCO continued executing on its seven-year, $817 million natural gas system modernization program. The company filed its semi-annual tracker and program update on |
• | On Dec. 16, 2015, the IURC approved a settlement between NIPSCO, the Indiana Office of Utility Consumer Counselor and NIPSCO’s largest industrial customers which resolved all outstanding issues raised by parties in an Indiana Court of Appeals proceeding related to the company’s previous long-term electric infrastructure modernization plan. |
• | On Dec. 31, 2015, NIPSCO filed a new $1.3 billion, seven-year electric infrastructure modernization plan with the IURC. The plan is focused on electric transmission and distribution investments made for safety, reliability, and system modernization. NIPSCO expects an order on its seven-year plan in the third quarter of 2016. |
• | NIPSCO remains on schedule with its electric base rate case filed on Oct. 1, 2015 with the IURC. The case seeks to update rates to reflect the current costs of generating and distributing power, plus ongoing investments which are delivering substantial benefits to customers, including programs that have reduced the duration of power outages by 40 percent. An IURC decision is expected in the third quarter of 2016. |
• | Progress also continued on two major electric transmission projects designed to enhance region-wide system flexibility and reliability. Right-of-way acquisition, permitting and substation construction are under way for both projects. Line and tower construction is expected to begin in 2016. These projects involve an investment of approximately $450 million for NIPSCO and are anticipated to be in service by the end of 2018. |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
(in millions, except per share amounts) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Net Revenues | |||||||||||||||
Gas Distribution | $ | 510.3 | $ | 718.3 | $ | 2,093.1 | $ | 2,578.4 | |||||||
Gas Transportation | 229.9 | 276.8 | 969.8 | 987.2 | |||||||||||
Electric | 377.4 | 392.1 | 1,577.3 | 1,677.1 | |||||||||||
Other | 7.3 | 4.8 | 27.2 | 15.2 | |||||||||||
Gross Revenues | 1,124.9 | 1,392.0 | 4,667.4 | 5,257.9 | |||||||||||
Cost of Sales (excluding depreciation and amortization) | 336.4 | 603.3 | 1,643.7 | 2,372.7 | |||||||||||
Total Net Revenues | 788.5 | 788.7 | 3,023.7 | 2,885.2 | |||||||||||
Operating Expenses | |||||||||||||||
Operation and maintenance | 316.9 | 312.3 | 1,230.9 | 1,206.2 | |||||||||||
Operation and maintenance - trackers | 30.4 | 64.5 | 180.2 | 161.1 | |||||||||||
Depreciation and amortization | 128.5 | 122.6 | 508.6 | 483.8 | |||||||||||
Depreciation and amortization - trackers | 4.9 | 1.2 | 15.8 | 3.1 | |||||||||||
Other taxes | 43.2 | 40.3 | 186.9 | 179.3 | |||||||||||
Other taxes - trackers | 15.7 | 20.7 | 69.2 | 73.9 | |||||||||||
Total Operating Expenses | 539.6 | 561.6 | 2,191.6 | 2,107.4 | |||||||||||
Operating Earnings | 248.9 | 227.1 | 832.1 | 777.8 | |||||||||||
Other Income (Deductions) | |||||||||||||||
Interest expense, net | (94.3 | ) | (92.1 | ) | (380.2 | ) | (379.5 | ) | |||||||
Other, net | 5.8 | — | 17.4 | 13.4 | |||||||||||
Total Other Deductions | (88.5 | ) | (92.1 | ) | (362.8 | ) | (366.1 | ) | |||||||
Operating Earnings From Continuing Operations | |||||||||||||||
Before Income Taxes | 160.4 | 135.0 | 469.3 | 411.7 | |||||||||||
Income Taxes | 60.8 | 55.4 | 170.5 | 155.3 | |||||||||||
Net Operating Earnings from Continuing Operations | 99.6 | 79.6 | 298.8 | 256.4 | |||||||||||
GAAP Adjustment | (35.2 | ) | (0.1 | ) | (100.2 | ) | (0.2 | ) | |||||||
GAAP Income from Continuing Operations | $ | 64.4 | $ | 79.5 | $ | 198.6 | $ | 256.2 | |||||||
Basic Net Operating Earnings Per Share from Continuing Operations | $ | 0.31 | $ | 0.25 | $ | 0.94 | $ | 0.81 | |||||||
GAAP Basic Earnings Per Share from Continuing Operations | $ | 0.20 | $ | 0.25 | $ | 0.63 | $ | 0.81 | |||||||
Basic Average Common Shares Outstanding | 318.8 | 315.8 | 317.7 | 315.1 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
Gas Distribution Operations | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Net Revenues | |||||||||||||||
Sales revenues | $ | 743.3 | $ | 999.0 | $ | 3,080.3 | $ | 3,574.5 | |||||||
Less: Cost of gas sold | 225.6 | 467.9 | 1,155.5 | 1,762.7 | |||||||||||
Net Revenues | 517.7 | 531.1 | 1,924.8 | 1,811.8 | |||||||||||
Operating Expenses | |||||||||||||||
Operation and maintenance | 208.2 | 197.7 | 796.4 | 763.6 | |||||||||||
Operation and maintenance - trackers | 22.9 | 58.2 | 148.9 | 136.7 | |||||||||||
Depreciation and amortization | 59.8 | 55.9 | 232.6 | 217.6 | |||||||||||
Other taxes | 26.3 | 24.8 | 109.9 | 102.6 | |||||||||||
Other taxes - trackers | 15.7 | 20.7 | 69.2 | 73.9 | |||||||||||
Total Operating Expenses | 332.9 | 357.3 | 1,357.0 | 1,294.4 | |||||||||||
Operating Earnings | $ | 184.8 | $ | 173.8 | $ | 567.8 | $ | 517.4 | |||||||
GAAP Adjustment | (23.9 | ) | 0.8 | (12.0 | ) | 19.6 | |||||||||
GAAP Operating Income | $ | 160.9 | $ | 174.6 | $ | 555.8 | $ | 537.0 | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
Electric Operations | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Net Revenues | |||||||||||||||
Sales revenues | $ | 377.5 | $ | 392.4 | $ | 1,578.8 | $ | 1,678.5 | |||||||
Less: Cost of sales | 110.9 | 135.5 | 488.4 | 609.7 | |||||||||||
Net Revenues | 266.6 | 256.9 | 1,090.4 | 1,068.8 | |||||||||||
Operating Expenses | |||||||||||||||
Operation and maintenance | 122.2 | 113.4 | 448.1 | 450.5 | |||||||||||
Operation and maintenance - trackers | 7.5 | 6.3 | 31.3 | 24.4 | |||||||||||
Depreciation and amortization | 63.5 | 60.3 | 251.9 | 241.3 | |||||||||||
Depreciation and amortization - trackers | 4.9 | 1.2 | 15.8 | 3.1 | |||||||||||
Other taxes | 14.4 | 12.2 | 63.8 | 61.8 | |||||||||||
Total Operating Expenses | 212.5 | 193.4 | 810.9 | 781.1 | |||||||||||
Operating Earnings | $ | 54.1 | $ | 63.5 | $ | 279.5 | $ | 287.7 | |||||||
GAAP Adjustment | (3.9 | ) | 0.5 | (15.1 | ) | (5.0 | ) | ||||||||
GAAP Operating Income | $ | 50.2 | $ | 64.0 | $ | 264.4 | $ | 282.7 | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
Corporate and Other Operations | |||||||||||||||
(in millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Operating Earnings (Loss) | $ | 10.0 | $ | (10.2 | ) | $ | (15.2 | ) | $ | (27.3 | ) | ||||
GAAP Adjustment | (1.6 | ) | (1.5 | ) | (5.1 | ) | (3.3 | ) | |||||||
GAAP Operating Earnings (Loss) | $ | 8.4 | $ | (11.7 | ) | $ | (20.3 | ) | $ | (30.6 | ) |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
Gas Distribution Operations | 2015 | 2014 | 2015 | 2014 | |||||||
Sales and Transportation (MMDth) | |||||||||||
Residential | 64.0 | 88.3 | 262.0 | 295.2 | |||||||
Commercial | 41.3 | 54.6 | 171.5 | 189.6 | |||||||
Industrial | 124.9 | 128.2 | 522.7 | 512.9 | |||||||
Off System | 8.0 | 9.3 | 32.7 | 44.9 | |||||||
Other | 1.7 | — | (0.2 | ) | (0.1 | ) | |||||
Total | 239.9 | 280.4 | 988.7 | 1,042.5 | |||||||
Weather Adjustment | 36.5 | (2.6 | ) | 8.2 | (36.4) | ||||||
Sales and Transportation Volumes - Excluding Weather | 276.4 | 277.8 | 996.9 | 1,006.1 | |||||||
Heating Degree Days | 1,523 | 2,084 | 5,459 | 6,176 | |||||||
Normal Heating Degree Days | 2,034 | 2,034 | 5,610 | 5,610 | |||||||
% Colder (Warmer) than Normal | (25 | )% | 2 | % | (3 | )% | 10 | % | |||
Customers | |||||||||||
Residential | 3,113,324 | 3,098,052 | |||||||||
Commercial | 283,357 | 282,749 | |||||||||
Industrial | 7,578 | 7,637 | |||||||||
Other | 13 | 15 | |||||||||
Total | 3,404,272 | 3,388,453 | |||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
Electric Operations | 2015 | 2014 | 2015 | 2014 | |||||||
Sales (Gigawatt Hours) | |||||||||||
Residential | 725.3 | 779.6 | 3,309.9 | 3,384.2 | |||||||
Commercial | 931.0 | 932.2 | 3,866.8 | 3,864.2 | |||||||
Industrial | 2,258.4 | 2,546.6 | 9,249.1 | 10,114.2 | |||||||
Wholesale | — | 190.2 | 194.8 | 675.5 | |||||||
Other | 32.5 | 43.5 | 137.7 | 148.2 | |||||||
Total | 3,947.2 | 4,492.1 | 16,758.3 | 18,186.3 | |||||||
Weather Adjustment | 45.3 | (7.0) | 64.7 | 72.3 | |||||||
Sales Volumes - Excluding Weather | 3,992.5 | 4,485.1 | 16,823.0 | 18,258.6 | |||||||
Cooling Degree Days | 762 | 663 | |||||||||
Normal Cooling Degree Days | 806 | 806 | |||||||||
% Colder than Normal | (5 | )% | (18 | )% | |||||||
Electric Customers | |||||||||||
Residential | 404,889 | 403,272 | |||||||||
Commercial | 55,053 | 54,635 | |||||||||
Industrial | 2,343 | 2,352 | |||||||||
Wholesale | 743 | 751 | |||||||||
Other | 6 | 5 | |||||||||
Total | 463,034 | 461,015 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
(in millions, except per share amounts) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Net Operating Earnings from Continuing Operations | $ | 99.6 | $ | 79.6 | $ | 298.8 | $ | 256.4 | |||||||
Items excluded from operating earnings | |||||||||||||||
Net Revenues: | |||||||||||||||
Weather - compared to normal | (27.1 | ) | 1.3 | (15.6 | ) | 14.3 | |||||||||
Operating Expenses: | |||||||||||||||
Environmental costs | (0.7 | ) | — | (10.7 | ) | — | |||||||||
Transaction costs | (1.2 | ) | — | (4.3 | ) | — | |||||||||
Loss on sale of assets | (0.4 | ) | (1.5 | ) | (1.6 | ) | (3.0 | ) | |||||||
Total items excluded from operating earnings | (29.4 | ) | (0.2 | ) | (32.2 | ) | 11.3 | ||||||||
Other Deductions: | |||||||||||||||
Loss on early extinguishment of long-term debt | — | — | (97.2 | ) | — | ||||||||||
Income taxes - discrete items | (14.5 | ) | — | (17.8 | ) | (7.4 | ) | ||||||||
Tax effect of above items | 8.7 | 0.1 | 47.0 | (4.1 | ) | ||||||||||
Total items excluded from net operating earnings | (35.2 | ) | (0.1 | ) | (100.2 | ) | (0.2 | ) | |||||||
GAAP Income from Continuing Operations | $ | 64.4 | $ | 79.5 | $ | 198.6 | $ | 256.2 | |||||||
Basic Average Common Shares Outstanding | 318.8 | 315.8 | 317.7 | 315.1 | |||||||||||
Basic Net Operating Earnings Per Share from Continuing Operations | $ | 0.31 | $ | 0.25 | $ | 0.94 | $ | 0.81 | |||||||
Items excluded from net operating earnings (after-tax) | (0.11 | ) | — | (0.31 | ) | — | |||||||||
GAAP Basic Earnings Per Share from Continuing Operations | $ | 0.20 | $ | 0.25 | $ | 0.63 | $ | 0.81 |
2015 (in millions) | Gas Distribution | Electric | Corporate & Other | Total | ||||||||||||
Operating Earnings | $ | 184.8 | $ | 54.1 | $ | 10.0 | $ | 248.9 | ||||||||
Net Revenues: | ||||||||||||||||
Weather - compared to normal | (23.9 | ) | (3.2 | ) | — | (27.1 | ) | |||||||||
Total Impact - Net Revenues | (23.9 | ) | (3.2 | ) | — | (27.1 | ) | |||||||||
Operating Expenses: | ||||||||||||||||
Environmental costs | — | (0.7 | ) | — | (0.7 | ) | ||||||||||
Transaction costs | — | — | (1.2 | ) | (1.2 | ) | ||||||||||
Loss on sale of assets | — | — | (0.4 | ) | (0.4 | ) | ||||||||||
Total Impact - Operating Expenses | — | (0.7 | ) | (1.6 | ) | (2.3 | ) | |||||||||
Total Impact - Operating Loss | $ | (23.9 | ) | $ | (3.9 | ) | $ | (1.6 | ) | $ | (29.4 | ) | ||||
Operating Income - GAAP | $ | 160.9 | $ | 50.2 | $ | 8.4 | $ | 219.5 | ||||||||
2014 (in millions) | Gas Distribution | Electric | Corporate & Other | Total | ||||||||||||
Operating Earnings (Loss) | $ | 173.8 | $ | 63.5 | $ | (10.2 | ) | $ | 227.1 | |||||||
Net Revenues: | ||||||||||||||||
Weather - compared to normal | 0.8 | 0.5 | — | 1.3 | ||||||||||||
Total Impact - Net Revenues | 0.8 | 0.5 | — | 1.3 | ||||||||||||
Operating Expenses: | ||||||||||||||||
Loss on sale of assets | — | — | (1.5 | ) | (1.5 | ) | ||||||||||
Total Impact - Operating Expenses | — | — | (1.5 | ) | (1.5 | ) | ||||||||||
Total Impact - Operating Income (Loss) | $ | 0.8 | $ | 0.5 | $ | (1.5 | ) | $ | (0.2 | ) | ||||||
Operating Income (Loss) - GAAP | $ | 174.6 | $ | 64.0 | $ | (11.7 | ) | $ | 226.9 |
2015 (in millions) | Gas Distribution | Electric | Corporate & Other | Total | ||||||||||||
Operating Earnings (Loss) | $ | 567.8 | $ | 279.5 | $ | (15.2 | ) | $ | 832.1 | |||||||
Net Revenues: | ||||||||||||||||
Weather - compared to normal | (11.2 | ) | (4.4 | ) | — | (15.6 | ) | |||||||||
Total Impact - Net Revenues | (11.2 | ) | (4.4 | ) | — | (15.6 | ) | |||||||||
Operating Expenses: | ||||||||||||||||
Environmental costs | — | (10.7 | ) | — | (10.7 | ) | ||||||||||
Transaction costs | — | — | (4.3 | ) | (4.3 | ) | ||||||||||
Loss on sale of assets | (0.8 | ) | — | (0.8 | ) | (1.6 | ) | |||||||||
Total Impact - Operating Expenses | (0.8 | ) | (10.7 | ) | (5.1 | ) | (16.6 | ) | ||||||||
Total Impact - Operating Loss | $ | (12.0 | ) | $ | (15.1 | ) | $ | (5.1 | ) | $ | (32.2 | ) | ||||
Operating Income (Loss) - GAAP | $ | 555.8 | $ | 264.4 | $ | (20.3 | ) | $ | 799.9 | |||||||
2014 (in millions) | Gas Distribution | Electric | Corporate & Other | Total | ||||||||||||
Operating Earnings (Loss) | $ | 517.4 | $ | 287.7 | $ | (27.3 | ) | $ | 777.8 | |||||||
Net Revenues: | ||||||||||||||||
Weather - compared to normal | 19.4 | (5.1 | ) | — | 14.3 | |||||||||||
Total Impact - Net Revenues | 19.4 | (5.1 | ) | — | 14.3 | |||||||||||
Operating Expenses: | ||||||||||||||||
Gain (Loss) on sale of assets | 0.2 | 0.1 | (3.3 | ) | (3.0 | ) | ||||||||||
Total Impact - Operating Expenses | 0.2 | 0.1 | (3.3 | ) | (3.0 | ) | ||||||||||
Total Impact - Operating Income (Loss) | $ | 19.6 | $ | (5.0 | ) | $ | (3.3 | ) | $ | 11.3 | ||||||
Operating Income (Loss) - GAAP | $ | 537.0 | $ | 282.7 | $ | (30.6 | ) | $ | 789.1 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
(in millions, except per share amounts) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Net Revenues | |||||||||||||||
Gas Distribution | $ | 486.4 | $ | 719.0 | $ | 2,081.9 | $ | 2,597.8 | |||||||
Gas Transportation | 229.9 | 276.9 | 969.8 | 987.4 | |||||||||||
Electric | 374.2 | 392.6 | 1,572.9 | 1,672.0 | |||||||||||
Other | 7.3 | 4.8 | 27.2 | 15.2 | |||||||||||
Gross Revenues | 1,097.8 | 1,393.3 | 4,651.8 | 5,272.4 | |||||||||||
Cost of Sales (excluding depreciation and amortization) | 336.4 | 603.3 | 1,643.7 | 2,372.9 | |||||||||||
Total Net Revenues | 761.4 | 790.0 | 3,008.1 | 2,899.5 | |||||||||||
Operating Expenses | |||||||||||||||
Operation and maintenance | 349.2 | 376.8 | 1,426.1 | 1,367.3 | |||||||||||
Depreciation and amortization | 133.4 | 123.8 | 524.4 | 486.9 | |||||||||||
Loss on sale of assets and impairments, net | 0.4 | 1.5 | 1.6 | 3.0 | |||||||||||
Other taxes | 58.9 | 61.0 | 256.1 | 253.2 | |||||||||||
Total Operating Expenses | 541.9 | 563.1 | 2,208.2 | 2,110.4 | |||||||||||
Operating Income | 219.5 | 226.9 | 799.9 | 789.1 | |||||||||||
Other Income (Deductions) | |||||||||||||||
Interest expense, net | (94.3 | ) | (92.1 | ) | (380.2 | ) | (379.5 | ) | |||||||
Other, net | 5.8 | — | 17.4 | 13.4 | |||||||||||
Loss on early extinguishment of long-term debt | — | — | (97.2 | ) | — | ||||||||||
Total Other Deductions | (88.5 | ) | (92.1 | ) | (460.0 | ) | (366.1 | ) | |||||||
Income from Continuing Operations before Income Taxes | 131.0 | 134.8 | 339.9 | 423.0 | |||||||||||
Income Taxes | 66.6 | 55.3 | 141.3 | 166.8 | |||||||||||
Income from Continuing Operations | 64.4 | 79.5 | 198.6 | 256.2 | |||||||||||
Income (loss) from Discontinued Operations - net of taxes | (5.0 | ) | 74.7 | 103.5 | 273.8 | ||||||||||
Net Income | 59.4 | 154.2 | 302.1 | 530.0 | |||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 15.6 | — | |||||||||||
Net Income attributable to NiSource | $ | 59.4 | $ | 154.2 | $ | 286.5 | $ | 530.0 | |||||||
Amounts attributable to NiSource: | |||||||||||||||
Income from continuing operations | $ | 64.4 | $ | 79.5 | $ | 198.6 | $ | 256.2 | |||||||
Income (loss) from discontinued operations | (5.0 | ) | 74.7 | 87.9 | 273.8 | ||||||||||
Net Income attributable to NiSource | $ | 59.4 | $ | 154.2 | $ | 286.5 | $ | 530.0 | |||||||
Basic Earnings (Loss) Per Share | |||||||||||||||
Continuing operations | $ | 0.20 | $ | 0.25 | $ | 0.63 | $ | 0.81 | |||||||
Discontinued operations | (0.01 | ) | 0.24 | 0.27 | 0.87 | ||||||||||
Basic Earnings Per Share | $ | 0.19 | $ | 0.49 | $ | 0.90 | $ | 1.68 | |||||||
Diluted Earnings (Loss) Per Share | |||||||||||||||
Continuing operations | $ | 0.20 | $ | 0.25 | $ | 0.63 | $ | 0.81 | |||||||
Discontinued operations | (0.01 | ) | 0.24 | 0.27 | 0.86 | ||||||||||
Diluted Earnings Per Share | $ | 0.19 | $ | 0.49 | $ | 0.90 | $ | 1.67 | |||||||
Basic Average Common Shares Outstanding | 318.8 | 315.8 | 317.7 | 315.1 | |||||||||||
Diluted Average Common Shares | 321.1 | 317.5 | 319.8 | 316.6 |
(in millions) | December 31, 2015 | December 31, 2014 | |||||
ASSETS | |||||||
Property, Plant and Equipment | |||||||
Utility plant | $ | 18,946.9 | $ | 17,668.4 | |||
Accumulated depreciation and amortization | (6,853.4 | ) | (6,629.5 | ) | |||
Net utility plant | 12,093.5 | 11,038.9 | |||||
Other property, at cost, less accumulated depreciation | 18.0 | 18.5 | |||||
Net Property, Plant and Equipment | 12,111.5 | 11,057.4 | |||||
Investments and Other Assets | |||||||
Unconsolidated affiliates | 6.9 | 8.3 | |||||
Other investments | 187.7 | 204.8 | |||||
Total Investments and Other Assets | 194.6 | 213.1 | |||||
Current Assets | |||||||
Cash and cash equivalents | 15.5 | 24.9 | |||||
Restricted cash | 29.7 | 24.9 | |||||
Accounts receivable (less reserve of $20.3 and $24.9, respectively) | 660.0 | 920.8 | |||||
Gas inventory | 343.5 | 440.3 | |||||
Underrecovered gas costs | 34.8 | 32.0 | |||||
Materials and supplies, at average cost | 86.8 | 81.1 | |||||
Electric production fuel, at average cost | 106.3 | 64.8 | |||||
Exchange gas receivable | 21.0 | 28.3 | |||||
Assets of discontinued operations | — | 283.4 | |||||
Regulatory assets | 172.1 | 187.4 | |||||
Prepayments and other | 107.5 | 106.5 | |||||
Total Current Assets | 1,577.2 | 2,194.4 | |||||
Other Assets | |||||||
Regulatory assets | 1,599.8 | 1,544.5 | |||||
Goodwill | 1,690.7 | 1,690.7 | |||||
Intangible assets | 253.7 | 264.7 | |||||
Assets of discontinued operations | — | 7,546.0 | |||||
Deferred charges and other | 65.0 | 79.0 | |||||
Total Other Assets | 3,609.2 | 11,124.9 | |||||
Total Assets | $ | 17,492.5 | $ | 24,589.8 |
(in millions, except share amounts) | December 31, 2015 | December 31, 2014 | |||||
CAPITALIZATION AND LIABILITIES | |||||||
Capitalization | |||||||
Common Stockholders’ Equity | |||||||
Common stock - $0.01 par value, 400,000,000 shares authorized; 319,110,083 and 316,037,421 shares outstanding, respectively | $ | 3.2 | $ | 3.2 | |||
Additional paid-in capital | 5,078.0 | 4,787.6 | |||||
Retained earnings (deficit) | (1,123.3 | ) | 1,494.0 | ||||
Accumulated other comprehensive loss | (35.1 | ) | (50.6 | ) | |||
Treasury stock | (79.3 | ) | (58.9 | ) | |||
Total Common Stockholders’ Equity | 3,843.5 | 6,175.3 | |||||
Long-term debt, excluding amounts due within one year | 5,948.5 | 8,151.5 | |||||
Total Capitalization | 9,792.0 | 14,326.8 | |||||
Current Liabilities | |||||||
Current portion of long-term debt | 433.7 | 266.6 | |||||
Short-term borrowings | 567.4 | 1,576.9 | |||||
Accounts payable | 433.4 | 610.1 | |||||
Customer deposits and credits | 316.3 | 280.9 | |||||
Taxes accrued | 183.5 | 169.2 | |||||
Interest accrued | 129.0 | 140.7 | |||||
Overrecovered gas and fuel costs | 148.1 | 45.6 | |||||
Exchange gas payable | 62.3 | 101.5 | |||||
Deferred revenue | 6.6 | 3.4 | |||||
Regulatory liabilities | 83.3 | 61.1 | |||||
Accrued liability for postretirement and postemployment benefits | 4.9 | 5.3 | |||||
Liabilities of discontinued operations | 0.3 | 369.0 | |||||
Legal and environmental | 37.6 | 22.7 | |||||
Accrued compensation and employee benefits | 136.4 | 166.8 | |||||
Other accruals | 114.7 | 144.5 | |||||
Total Current Liabilities | 2,657.5 | 3,964.3 | |||||
Other Liabilities and Deferred Credits | |||||||
Deferred income taxes | 2,365.3 | 2,165.8 | |||||
Deferred investment tax credits | 14.8 | 17.1 | |||||
Deferred credits | 90.7 | 100.9 | |||||
Accrued liability for postretirement and postemployment benefits | 759.7 | 733.9 | |||||
Liabilities of discontinued operations | — | 1,558.4 | |||||
Regulatory liabilities | 1,350.4 | 1,379.6 | |||||
Asset retirement obligations | 254.0 | 136.2 | |||||
Other noncurrent liabilities | 208.1 | 206.8 | |||||
Total Other Liabilities and Deferred Credits | 5,043.0 | 6,298.7 | |||||
Commitments and Contingencies | — | — | |||||
Total Capitalization and Liabilities | $ | 17,492.5 | $ | 24,589.8 |
Year Ended December 31, (in millions) | 2015 | 2014 | |||||
Operating Activities | |||||||
Net Income | $ | 302.1 | $ | 530.0 | |||
Adjustments to Reconcile Net Income to Net Cash from Continuing Operations: | |||||||
Loss on early extinguishment of debt | 97.2 | — | |||||
Depreciation and amortization | 524.4 | 486.9 | |||||
Net changes in price risk management assets and liabilities | 3.7 | 2.6 | |||||
Deferred income taxes and investment tax credits | 135.3 | 161.4 | |||||
Deferred revenue | 7.2 | (0.1 | ) | ||||
Stock compensation expense and 401(k) profit sharing contribution | 50.7 | 66.0 | |||||
Loss on sale of assets and impairment, net | 1.6 | 3.0 | |||||
Income (loss) from unconsolidated affiliates | 0.6 | 0.8 | |||||
Income from discontinued operations - net of taxes | (103.5 | ) | (273.8 | ) | |||
Amortization of discount/premium on debt | 8.7 | 10.0 | |||||
AFUDC equity | (11.5 | ) | (10.7 | ) | |||
Changes in Assets and Liabilities | |||||||
Accounts receivable | 262.2 | (42.8 | ) | ||||
Income tax receivable | (0.6 | ) | 2.3 | ||||
Inventories | 46.9 | (115.9 | ) | ||||
Accounts payable | (190.5 | ) | 29.9 | ||||
Customer deposits and credits | 35.5 | 29.8 | |||||
Taxes accrued | 8.7 | 4.5 | |||||
Interest accrued | (11.6 | ) | 4.3 | ||||
Overrecovered gas and fuel costs | 99.6 | 27.9 | |||||
Exchange gas receivable/payable | (31.7 | ) | (43.9 | ) | |||
Other accruals | (55.1 | ) | 4.4 | ||||
Prepayments and other current assets | 0.7 | (4.5 | ) | ||||
Regulatory assets/liabilities | (17.6 | ) | (255.6 | ) | |||
Postretirement and postemployment benefits | 25.6 | 136.0 | |||||
Deferred credits | (10.1 | ) | 9.1 | ||||
Deferred charges and other noncurrent assets | 5.2 | 3.9 | |||||
Other noncurrent liabilities | (20.3 | ) | (4.3 | ) | |||
Net Operating Activities from Continuing Operations | 1,163.4 | 761.2 | |||||
Net Operating Activities from Discontinued Operations | 293.4 | 558.4 | |||||
Net Cash Flows from Operating Activities | 1,456.8 | 1,319.6 | |||||
Investing Activities | |||||||
Capital expenditures | (1,360.7 | ) | (1,282.5 | ) | |||
Proceeds from disposition of assets | 4.5 | 4.7 | |||||
Restricted cash withdrawals (deposits) | (4.8 | ) | (17.1 | ) | |||
Cash contributions from CPG | 3,798.2 | — | |||||
Other investing activities | (62.2 | ) | (18.6 | ) | |||
Net Investing Activities from (used for) Continuing Operations | 2,375.0 | (1,313.5 | ) | ||||
Net Investing Activities used for Discontinued Operations | (430.1 | ) | (803.1 | ) | |||
Net Cash Flows from (used for) Investing Activities | 1,944.9 | (2,116.6 | ) | ||||
Financing Activities | |||||||
Cash of CPG at Separation | (136.8 | ) | — | ||||
Issuance of long-term debt | — | 748.4 | |||||
Repayments of long-term debt and capital lease obligations | (2,092.2 | ) | (521.0 | ) | |||
Premiums and other debt related costs | (93.5 | ) | (8.7 | ) | |||
Change in short-term borrowings, net | (936.4 | ) | 878.1 | ||||
Issuance of common stock | 22.5 | 30.3 | |||||
Acquisition of treasury stock | (20.4 | ) | (10.2 | ) | |||
Dividends paid - common stock | (263.4 | ) | (321.3 | ) | |||
Net Financing Activities from (used for) Continuing Operations | (3,520.2 | ) | 795.6 | ||||
Net Financing Activities from Discontinued Operations | 108.6 | — | |||||
Net Cash Flows from (used for) Financing Activities | (3,411.6 | ) | 795.6 | ||||
Change in cash and cash equivalents from continuing operations | 18.2 | 243.3 | |||||
Change in cash and cash equivalents used for discontinued operations | (28.1 | ) | (244.7 | ) | |||
Change in cash included in discontinued operations | 0.5 | (0.2 | ) | ||||
Cash and cash equivalents at beginning of period | 24.9 | 26.5 | |||||
Cash and Cash Equivalents at End of Period | $ | 15.5 | $ | 24.9 |
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