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 May 3, 2016, issued by NiSource Inc. |
NiSource Inc. | ||||
(Registrant) | ||||
Date: May 3, 2016 | By: | /s/ Joseph W. Mulpas | ||
Joseph W. Mulpas | ||||
Vice President and Chief Accounting Officer |
Exhibit Number | Description | |
99.1 | Press Release, dated May 3, 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 |
• | Results in line with net operating earnings per share (non-GAAP) guidance for 2016 |
• | Company on track to execute $1.4 billion in utility infrastructure investments for the year |
• | Regulatory activities progressing well in multiple states |
• | On March 18, 2016, Columbia Gas of Pennsylvania (CPA) filed a request with the Pennsylvania Public Utility Commission (PUC) to adjust its base rates in support of CPA’s continued upgrades and replacement of its infrastructure, and to recover increases in the company’s safety-related operating and maintenance costs. The rate request is based on CPA’s infrastructure investments and programs which are designed to enhance pipeline safety. If approved as filed, the case would result in a $55 million annual revenue increase. A PUC order is expected by the end of 2016. |
• | On April 20, 2016, the Public Utilities Commission of Ohio approved Columbia Gas of Ohio's (COH) annual infrastructure replacement rider. The rider provides for continued support of COH's well-established pipeline replacement program investments. This order authorizes $21 million in increased annual revenue related to 2015 infrastructure investments of approximately $185 million. |
• | Northern Indiana Public Service Company (NIPSCO) continues to execute on its seven-year, approximately $800 million gas infrastructure modernization program to further improve system reliability and safety. On March 30, the Indiana Utility Regulatory Commission (IURC) approved the semi-annual tracker update that NIPSCO filed in August 2015, which covered approximately $74 million of investments through mid-2015. NIPSCO filed its latest semi-annual tracker update on Feb. 29, and that request remains pending with the IURC. |
• | On April 29, 2016, Columbia Gas of Virginia (CVA) filed a request with the Virginia State Corporation Commission (SCC) to adjust its base rates to recover investments and other costs associated with the company’s ongoing initiatives to improve the overall safety and reliability of its distribution system and to accommodate increasing demand for service. If approved as filed, the case would result in an annual revenue increase of $37 million. An SCC decision is expected by early next year. |
• | On April 15, 2016, Columbia Gas of Maryland (CMD) filed a request with the Maryland Public Service Commission to adjust its base rates to support the continued replacement of aging pipe as well as adopt pipeline safety upgrades. If approved as filed, the case would result in an annual revenue increase of approximately $6.5 million. A commission order is expected by the end of 2016. |
• | A decision on Columbia Gas of Massachusetts’ (CMA) 2016 Gas System Enhancement Plan was issued by the Massachusetts Department of Public Utilities on April 29, 2016. This approval allows for recovery of investments of approximately $59 million through 2016 and an increase in annual revenues of approximately $8.2 million, which began on May 1, 2016. |
• | On March 24, 2016, NIPSCO reached a settlement agreement with the Indiana Office of Utility Consumer Counselor (OUCC), industrial customers, the LaPorte County Board of Commissioners, and the Indiana Municipal Utility Group on the company’s seven-year electric infrastructure modernization plan. The settlement includes the recovery of more than $1.2 billion of investments and remains focused on electric transmission and distribution infrastructure investments designed to improve system safety and reliability. An IURC order on the settlement is anticipated in the third quarter of 2016. |
• | On February 19, 2016, NIPSCO reached a collaborative agreement in its electric base rate case currently pending before the IURC. The settlement, which includes the OUCC, industrial customers, the Indiana Municipal Utility Group, and the United Steelworkers, provides a platform for NIPSCO’s continued investments and service improvements for customers. The proposed settlement agreement would increase annual revenues by $72.5 million. An IURC order on the settlement is anticipated early in the third quarter of 2016. |
• | NIPSCO’s two major electric transmission projects remain on schedule with anticipated in-service dates in the second half of 2018. The 100-mile 345-kV and 65-mile 765-kV projects are designed to enhance region-wide system flexibility and reliability. Right-of-way acquisition, permitting and engineering are well under way for both projects. |
Three Months Ended March 31, | |||||||
(in millions, except per share amounts) | 2016 | 2015 | |||||
Net Revenues | |||||||
Gas Distribution | $ | 753.1 | $ | 1,061.3 | |||
Gas Transportation | 301.7 | 369.2 | |||||
Electric | 394.1 | 391.9 | |||||
Other | 4.9 | 7.6 | |||||
Gross Revenues | 1,453.8 | 1,830.0 | |||||
Cost of Sales (excluding depreciation and amortization) | 496.5 | 848.2 | |||||
Total Net Revenues | 957.3 | 981.8 | |||||
Operating Expenses | |||||||
Operation and maintenance | 305.2 | 303.4 | |||||
Operation and maintenance - trackers | 48.7 | 105.4 | |||||
Depreciation and amortization | 127.5 | 123.9 | |||||
Depreciation and amortization - trackers | 5.3 | 1.1 | |||||
Other taxes | 48.2 | 53.2 | |||||
Other taxes - trackers | 23.1 | 30.1 | |||||
Total Operating Expenses | 558.0 | 617.1 | |||||
Operating Earnings | 399.3 | 364.7 | |||||
Other Income (Deductions) | |||||||
Interest expense, net | (90.5 | ) | (92.8 | ) | |||
Other, net | 0.7 | 3.5 | |||||
Total Other Deductions | (89.8 | ) | (89.3 | ) | |||
Operating Earnings From Continuing Operations | |||||||
Before Income Taxes | 309.5 | 275.4 | |||||
Income Taxes | 118.7 | 96.1 | |||||
Net Operating Earnings from Continuing Operations | 190.8 | 179.3 | |||||
GAAP Adjustment | (11.1 | ) | 13.2 | ||||
GAAP Income from Continuing Operations | $ | 179.7 | $ | 192.5 | |||
Basic Net Operating Earnings Per Share from Continuing Operations | $ | 0.60 | $ | 0.57 | |||
GAAP Basic Earnings Per Share from Continuing Operations | $ | 0.56 | $ | 0.61 | |||
Basic Average Common Shares Outstanding | 320.3 | 316.6 |
Three Months Ended March 31, | |||||||
Gas Distribution Operations | |||||||
(in millions) | 2016 | 2015 | |||||
Net Revenues | |||||||
Sales revenues | $ | 1,059.3 | $ | 1,436.9 | |||
Less: Cost of gas sold | 377.4 | 722.6 | |||||
Net Revenues | 681.9 | 714.3 | |||||
Operating Expenses | |||||||
Operation and maintenance | 200.1 | 193.4 | |||||
Operation and maintenance - trackers | 38.3 | 98.4 | |||||
Depreciation and amortization | 61.2 | 56.1 | |||||
Other taxes | 29.0 | 30.5 | |||||
Other taxes - trackers | 23.1 | 30.1 | |||||
Total Operating Expenses | 351.7 | 408.5 | |||||
Operating Earnings | $ | 330.2 | $ | 305.8 | |||
GAAP Adjustment | (15.3 | ) | 19.4 | ||||
GAAP Operating Income | $ | 314.9 | $ | 325.2 | |||
Three Months Ended March 31, | |||||||
Electric Operations | |||||||
(in millions) | 2016 | 2015 | |||||
Net Revenues | |||||||
Sales revenues | $ | 394.2 | $ | 393.0 | |||
Less: Cost of sales | 119.1 | 125.7 | |||||
Net Revenues | 275.1 | 267.3 | |||||
Operating Expenses | |||||||
Operation and maintenance | 109.5 | 113.2 | |||||
Operation and maintenance - trackers | 10.4 | 7.0 | |||||
Depreciation and amortization | 61.7 | 61.1 | |||||
Depreciation and amortization - trackers | 5.3 | 1.1 | |||||
Other taxes | 16.0 | 17.7 | |||||
Total Operating Expenses | 202.9 | 200.1 | |||||
Operating Earnings | $ | 72.2 | $ | 67.2 | |||
GAAP Adjustment | (1.9 | ) | 2.8 | ||||
GAAP Operating Income | $ | 70.3 | $ | 70.0 | |||
Three Months Ended March 31, | |||||||
Corporate and Other Operations | |||||||
(in millions) | 2016 | 2015 | |||||
Operating Earnings (Loss) | $ | (3.1 | ) | $ | (8.3 | ) | |
GAAP Adjustment | (0.7 | ) | (0.6 | ) | |||
GAAP Operating Income (Loss) | $ | (3.8 | ) | $ | (8.9 | ) |
Three Months Ended March 31, | |||||
Gas Distribution Operations | 2016 | 2015 | |||
Sales and Transportation (MMDth) | |||||
Residential | 120.8 | 153.1 | |||
Commercial | 71.6 | 88.7 | |||
Industrial | 140.2 | 146.8 | |||
Off System | 12.1 | 13.5 | |||
Other | (0.1 | ) | — | ||
Total | 344.6 | 402.1 | |||
Weather Adjustment | 20.8 | (35.5 | ) | ||
Sales and Transportation Volumes - Excluding Weather | 365.4 | 366.6 | |||
Heating Degree Days | 2,612 | 3,404 | |||
Normal Heating Degree Days | 2,924 | 2,892 | |||
% Colder (Warmer) than Normal | (11 | )% | 18 | % | |
Customers | |||||
Residential | 3,128,567 | 3,111,880 | |||
Commercial | 285,214 | 284,081 | |||
Industrial | 7,569 | 7,641 | |||
Other | 13 | 15 | |||
Total | 3,421,363 | 3,403,617 | |||
Three Months Ended March 31, | |||||
Electric Operations | 2016 | 2015 | |||
Sales (Gigawatt Hours) | |||||
Residential | 803.6 | 865.8 | |||
Commercial | 911.9 | 940.0 | |||
Industrial | 2,420.7 | 2,425.4 | |||
Wholesale | — | 116.9 | |||
Other | 34.5 | 34.6 | |||
Total | 4,170.7 | 4,382.7 | |||
Weather Adjustment | 28.6 | (42.2) | |||
Sales Volumes - Excluding Weather | 4,199.3 | 4,340.5 | |||
Electric Customers | |||||
Residential | 405,235 | 403,409 | |||
Commercial | 55,170 | 54,695 | |||
Industrial | 2,341 | 2,354 | |||
Wholesale | 742 | 747 | |||
Other | — | 5 | |||
Total | 463,488 | 461,210 |
Three Months Ended March 31, | |||||||
(in millions, except per share amounts) | 2016 | 2015 | |||||
Net Operating Earnings from Continuing Operations | $ | 190.8 | $ | 179.3 | |||
Items excluded from operating earnings | |||||||
Net Revenues: | |||||||
Weather - compared to normal | (17.2 | ) | 22.2 | ||||
Operating Expenses: | |||||||
Transaction costs | (0.8 | ) | (0.3 | ) | |||
Gain (loss) on sale of assets and impairments, net | 0.1 | (0.3 | ) | ||||
Total items excluded from operating earnings | (17.9 | ) | 21.6 | ||||
Other Deductions: | |||||||
Tax effect of above items | 6.8 | (8.4 | ) | ||||
Total items excluded from net operating earnings | (11.1 | ) | 13.2 | ||||
GAAP Income from Continuing Operations | $ | 179.7 | $ | 192.5 | |||
Basic Average Common Shares Outstanding | 320.3 | 316.6 | |||||
Basic Net Operating Earnings Per Share from Continuing Operations | $ | 0.60 | $ | 0.57 | |||
Items excluded from net operating earnings (after-tax) | (0.04 | ) | 0.04 | ||||
GAAP Basic Earnings Per Share from Continuing Operations | $ | 0.56 | $ | 0.61 |
2016 (in millions) | Gas Distribution | Electric | Corporate & Other | Total | ||||||||||||
Operating Earnings (Loss) | $ | 330.2 | $ | 72.2 | $ | (3.1 | ) | $ | 399.3 | |||||||
Net Revenues: | ||||||||||||||||
Weather - compared to normal | (15.3 | ) | (1.9 | ) | — | (17.2 | ) | |||||||||
Total Impact - Net Revenues | (15.3 | ) | (1.9 | ) | — | (17.2 | ) | |||||||||
Operating Expenses: | ||||||||||||||||
Transaction costs | — | — | (0.8 | ) | (0.8 | ) | ||||||||||
Gain on sale of assets and impairments, net | — | — | 0.1 | 0.1 | ||||||||||||
Total Impact - Operating Expenses | — | — | (0.7 | ) | (0.7 | ) | ||||||||||
Total Impact - Operating Loss | $ | (15.3 | ) | $ | (1.9 | ) | $ | (0.7 | ) | $ | (17.9 | ) | ||||
Operating Income (Loss) - GAAP | $ | 314.9 | $ | 70.3 | $ | (3.8 | ) | $ | 381.4 | |||||||
2015 (in millions) | Gas Distribution | Electric | Corporate & Other | Total | ||||||||||||
Operating Earnings (Loss) | $ | 305.8 | $ | 67.2 | $ | (8.3 | ) | $ | 364.7 | |||||||
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 | — | — | (0.3 | ) | (0.3 | ) | ||||||||||
Loss on sale of assets | — | — | (0.3 | ) | (0.3 | ) | ||||||||||
Total Impact - Operating Expenses | — | — | (0.6 | ) | (0.6 | ) | ||||||||||
Total Impact - Operating Income (Loss) | $ | 19.4 | $ | 2.8 | $ | (0.6 | ) | $ | 21.6 | |||||||
Operating Income (Loss) - GAAP | $ | 325.2 | $ | 70.0 | $ | (8.9 | ) | $ | 386.3 |
Three Months Ended March 31, | |||||||
(in millions, except per share amounts) | 2016 | 2015 | |||||
Net Revenues | |||||||
Gas Distribution | $ | 737.8 | $ | 1,080.7 | |||
Gas Transportation | 301.7 | 369.2 | |||||
Electric | 392.2 | 394.7 | |||||
Other | 4.9 | 7.6 | |||||
Total Gross Revenues | 1,436.6 | 1,852.2 | |||||
Cost of Sales (excluding depreciation and amortization) | 496.5 | 848.2 | |||||
Total Net Revenues | 940.1 | 1,004.0 | |||||
Operating Expenses | |||||||
Operation and maintenance | 354.7 | 409.1 | |||||
Depreciation and amortization | 132.8 | 125.0 | |||||
Loss (gain) on sale of assets and impairments, net | (0.1 | ) | 0.3 | ||||
Other taxes | 71.3 | 83.3 | |||||
Total Operating Expenses | 558.7 | 617.7 | |||||
Operating Income | 381.4 | 386.3 | |||||
Other Income (Deductions) | |||||||
Interest expense, net | (90.5 | ) | (92.8 | ) | |||
Other, net | 0.7 | 3.5 | |||||
Total Other Deductions | (89.8 | ) | (89.3 | ) | |||
Income from Continuing Operations before Income Taxes | 291.6 | 297.0 | |||||
Income Taxes | 111.9 | 104.5 | |||||
Income from Continuing Operations | 179.7 | 192.5 | |||||
Income from Discontinued Operations - net of taxes | — | 82.8 | |||||
Net Income | 179.7 | 275.3 | |||||
Less: Net income attributable to noncontrolling interest | — | 6.9 | |||||
Net Income attributable to NiSource | $ | 179.7 | $ | 268.4 | |||
Amounts attributable to NiSource: | |||||||
Income from continuing operations | $ | 179.7 | $ | 192.5 | |||
Income from discontinued operations | — | 75.9 | |||||
Net Income attributable to NiSource | $ | 179.7 | $ | 268.4 | |||
Basic Earnings Per Share | |||||||
Continuing operations | $ | 0.56 | $ | 0.61 | |||
Discontinued operations | — | 0.24 | |||||
Basic Earnings Per Share | $ | 0.56 | $ | 0.85 | |||
Diluted Earnings Per Share | |||||||
Continuing operations | $ | 0.56 | $ | 0.61 | |||
Discontinued operations | — | 0.24 | |||||
Diluted Earnings Per Share | $ | 0.56 | $ | 0.85 | |||
Dividends Declared Per Common Share | $ | 0.31 | $ | 0.52 | |||
Basic Average Common Shares Outstanding | 320.3 | 316.6 | |||||
Diluted Average Common Shares | 322.0 | 317.4 |
(in millions) | March 31, 2016 | December 31, 2015 | |||||
ASSETS | |||||||
Property, Plant and Equipment | |||||||
Utility plant | $ | 19,206.9 | $ | 18,946.9 | |||
Accumulated depreciation and amortization | (6,957.3 | ) | (6,853.4 | ) | |||
Net utility plant | 12,249.6 | 12,093.5 | |||||
Other property, at cost, less accumulated depreciation | 17.6 | 18.0 | |||||
Net Property, Plant and Equipment | 12,267.2 | 12,111.5 | |||||
Investments and Other Assets | |||||||
Unconsolidated affiliates | 6.7 | 6.9 | |||||
Other investments | 194.8 | 187.7 | |||||
Total Investments and Other Assets | 201.5 | 194.6 | |||||
Current Assets | |||||||
Cash and cash equivalents | 23.7 | 15.5 | |||||
Restricted cash | 19.4 | 29.7 | |||||
Accounts receivable (less reserve of $32.5 and $20.3, respectively) | 647.9 | 660.0 | |||||
Gas inventory | 112.8 | 343.5 | |||||
Materials and supplies, at average cost | 94.8 | 86.8 | |||||
Electric production fuel, at average cost | 110.8 | 106.3 | |||||
Exchange gas receivable | 26.4 | 21.0 | |||||
Regulatory assets | 226.1 | 206.9 | |||||
Prepayments and other | 133.5 | 107.5 | |||||
Total Current Assets | 1,395.4 | 1,577.2 | |||||
Other Assets | |||||||
Regulatory assets | 1,600.7 | 1,599.8 | |||||
Goodwill | 1,690.7 | 1,690.7 | |||||
Intangible assets | 250.9 | 253.7 | |||||
Deferred charges and other | 65.0 | 65.0 | |||||
Total Other Assets | 3,607.3 | 3,609.2 | |||||
Total Assets | $ | 17,471.4 | $ | 17,492.5 |
(in millions, except share amounts) | March 31, 2016 | December 31, 2015 | |||||
CAPITALIZATION AND LIABILITIES | |||||||
Capitalization | |||||||
Common Stockholders’ Equity | |||||||
Common stock - $0.01 par value, 400,000,000 shares authorized; 321,360,285 and 319,110,083 shares outstanding, respectively | $ | 3.2 | $ | 3.2 | |||
Additional paid-in capital | 5,102.5 | 5,078.0 | |||||
Retained deficit | (1,042.9 | ) | (1,123.3 | ) | |||
Accumulated other comprehensive loss | (103.8 | ) | (35.1 | ) | |||
Treasury stock | (86.7 | ) | (79.3 | ) | |||
Total Common Stockholders’ Equity | 3,872.3 | 3,843.5 | |||||
Long-term debt, excluding amounts due within one year | 5,905.5 | 5,948.5 | |||||
Total Capitalization | 9,777.8 | 9,792.0 | |||||
Current Liabilities | |||||||
Current portion of long-term debt | 263.8 | 433.7 | |||||
Short-term borrowings | 845.3 | 567.4 | |||||
Accounts payable | 392.7 | 433.4 | |||||
Dividends payable | 49.7 | — | |||||
Customer deposits and credits | 212.8 | 316.3 | |||||
Taxes accrued | 203.1 | 183.5 | |||||
Interest accrued | 72.2 | 129.0 | |||||
Exchange gas payable | 25.8 | 62.3 | |||||
Deferred revenue | 5.5 | 6.6 | |||||
Regulatory liabilities | 176.8 | 231.4 | |||||
Accrued liability for postretirement and postemployment benefits | 4.9 | 4.9 | |||||
Legal and environmental | 37.4 | 37.6 | |||||
Accrued compensation and employee benefits | 102.8 | 136.4 | |||||
Other accruals | 103.1 | 115.0 | |||||
Total Current Liabilities | 2,495.9 | 2,657.5 | |||||
Other Liabilities and Deferred Credits | |||||||
Risk management liabilities | 135.4 | 22.6 | |||||
Deferred income taxes | 2,426.9 | 2,365.3 | |||||
Deferred investment tax credits | 14.4 | 14.8 | |||||
Deferred credits | 91.2 | 90.7 | |||||
Accrued liability for postretirement and postemployment benefits | 754.1 | 759.7 | |||||
Regulatory liabilities | 1,334.2 | 1,350.4 | |||||
Asset retirement obligations | 253.1 | 254.0 | |||||
Other noncurrent liabilities | 188.4 | 185.5 | |||||
Total Other Liabilities and Deferred Credits | 5,197.7 | 5,043.0 | |||||
Commitments and Contingencies | — | — | |||||
Total Capitalization and Liabilities | $ | 17,471.4 | $ | 17,492.5 |
Three Months Ended March 31, (in millions) | 2016 | 2015 | |||||
Operating Activities | |||||||
Net Income | $ | 179.7 | $ | 275.3 | |||
Adjustments to Reconcile Net Income to Net Cash from Continuing Operations: | |||||||
Depreciation and amortization | 132.8 | 125.0 | |||||
Deferred income taxes and investment tax credits | 102.0 | 89.9 | |||||
Stock compensation expense and 401(k) profit sharing contribution | 10.9 | 17.3 | |||||
Income from discontinued operations - net of taxes | — | (82.8 | ) | ||||
Amortization of discount/premium on debt | 1.9 | 2.5 | |||||
AFUDC equity | (2.4 | ) | (2.6 | ) | |||
Other adjustments | (0.4 | ) | 0.6 | ||||
Changes in Assets and Liabilities: | |||||||
Accounts receivable | 11.2 | (106.0 | ) | ||||
Income tax receivable | 0.9 | (0.3 | ) | ||||
Inventories | 218.3 | 296.5 | |||||
Accounts payable | (35.2 | ) | (66.1 | ) | |||
Customer deposits and credits | (103.6 | ) | (122.2 | ) | |||
Taxes accrued | 25.6 | 29.2 | |||||
Interest accrued | (56.8 | ) | (59.3 | ) | |||
Exchange gas receivable/payable | (42.0 | ) | (84.2 | ) | |||
Other accruals | (29.6 | ) | (49.6 | ) | |||
Prepayments and other current assets | (26.7 | ) | (22.3 | ) | |||
Regulatory assets/liabilities | (81.3 | ) | 208.6 | ||||
Postretirement and postemployment benefits | (5.3 | ) | (13.9 | ) | |||
Deferred credits | 0.5 | 4.4 | |||||
Deferred charges and other noncurrent assets | 0.2 | 5.4 | |||||
Other noncurrent liabilities | 2.5 | 2.8 | |||||
Net Operating Activities from Continuing Operations | 303.2 | 448.2 | |||||
Net Operating Activities from (used for) Discontinued Operations | (0.3 | ) | 156.2 | ||||
Net Cash Flows from Operating Activities | 302.9 | 604.4 | |||||
Investing Activities | |||||||
Capital expenditures | (301.0 | ) | (243.5 | ) | |||
Cash contributions from CPG | — | 500.0 | |||||
Proceeds from disposition of assets | 1.0 | 1.5 | |||||
Restricted cash withdrawals | 10.3 | 3.3 | |||||
Other investing activities | (25.6 | ) | 4.8 | ||||
Net Investing Activities from (used for) Continuing Operations | (315.3 | ) | 266.1 | ||||
Net Investing Activities used for Discontinued Operations | — | (154.9 | ) | ||||
Net Cash Flows from (used for) Investing Activities | (315.3 | ) | 111.2 | ||||
Financing Activities | |||||||
Repayments of long-term debt and capital lease obligations | (204.3 | ) | (8.0 | ) | |||
Premiums and other debt related costs | (0.3 | ) | — | ||||
Change in short-term borrowings, net | 277.9 | (1,262.9 | ) | ||||
Issuance of common stock | 4.3 | 5.9 | |||||
Acquisition of treasury stock | (7.4 | ) | (20.0 | ) | |||
Dividends paid - common stock | (49.6 | ) | (82.2 | ) | |||
Net Financing Activities from (used for) Continuing Operations | 20.6 | (1,367.2 | ) | ||||
Net Financing Activities from Discontinued Operations | — | 668.4 | |||||
Net Cash Flows from (used for) Financing Activities | 20.6 | (698.8 | ) | ||||
Change in cash and cash equivalents from continuing operations | 8.5 | (652.9 | ) | ||||
Change in cash and cash equivalents from (used for) discontinued operations | (0.3 | ) | 669.7 | ||||
Change in cash included in discontinued operations | — | (6.8 | ) | ||||
Cash and cash equivalents at beginning of period | 15.5 | 24.9 | |||||
Cash and Cash Equivalents at End of Period | $ | 23.7 | $ | 34.9 |
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