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NiSource Annual Report (Amendment), Year Ended Dec 31, 2002

Filing Date
Filed March 7, 2003
Period End
December 31, 2002
Security
NI
In the record · 2016–202610-K1210-Q338-K177

NI filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 177 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Sep ’17Sep ’17
  2. Leadership change8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Material agreement8-K · Dec ’25Dec ’25

01—Abstract

Summary

Summary of the 10-K/A filed March 7, 2003. Cited figures are marked; the original filing is the authoritative source.

This amendment to NiSource Inc.'s Form 10-K for the year ended December 31, 2002, filed March 7, 2003, was made for two narrow reasons: the Historical Results of Operations table in footnote 26 (Exploration and Production Activities) was omitted during EDGARization and is now included, and Item 15 was amended to include the updated consent of auditors Deloitte & Touche LLP.

Per the filing, no other changes were made to the Form 10-K filed March 3, 2003. The amendment restates Item 8 financial statements, which show 2002 gross revenues of $6.49 billiona, total net revenues of $3.33 billion, operating income of $1.20 billion, and net income of $372.5 million, or $1.75 per diluted share, compared with net income of $216.2 million in 2001. The balance sheet at December 31, 2002 shows total assets of $16.90 billion, down from $17.83 billion, with long-term debt excluding current portion reduced to $5.02 billion from $6.30 billion.

The company reports that the November 2002 equity offering of 41.4 million shares raised net proceeds of approximately $734.9 millionb, used to reduce debt, and that proceeds from the sale of the Indianapolis Water Company for $540.0 million on April 30, 2002 were also received. Common stock equity rose to $4.17 billion from $3.47 billion. Short-term borrowings fell to $913.1 million from $1,854.3 million.

The filing also discloses several items investors should note, including the exit from the telecommunications business, an additional deferred tax liability tied to an Indiana tax rate increase, a pension minimum liability adjustment that reduced other comprehensive income by $203.7 millionc after tax, and a December 30, 2002 FERC order creating a refund liability for Northern Indiana whose amount was still being determined at filing. Environmental reserves total approximately $132.1 million.

02—Key points

Key Highlights

  1. Net income of $372.5 million in 2002 versus $216.2 million in 2001; diluted EPS of $1.75 versus $1.03.
  2. Total net revenues of $3.33 billion in 2002, compared with $3.41 billion in 2001; operating income rose to $1.20 billion from $1.03 billion.
  3. Long-term debt (excluding current portion) fell to $5.02 billion from $6.30 billion, and short-term borrowings fell to $913.1 million from $1.85 billion.
  4. Common stock equity increased to $4.17 billion from $3.47 billion, driven by the November 2002 offering of 41.4 million shares (net proceeds about $734.9 million, used to reduce debt).
  5. Indianapolis Water Company water utility assets were sold to the City of Indianapolis for $540.0 million on April 30, 2002; the company also decided to exit the telecommunications business.
  6. A minimum pension liability adjustment reduced other comprehensive income by $203.7 million after tax; pension expense for 2003 is expected to increase $42.8 million.
  7. A December 30, 2002 FERC order created a refund liability for Northern Indiana, with the amount still being determined in a compliance filing due March 17, 2003.

03—Questions

Frequently Asked Questions

  1. Why was this 10-K amended?

    The filing states that the Historical Results of Operations table in footnote 26 (Exploration and Production Activities) was omitted during EDGARization and is now included. Item 15 was also amended to add the updated consent of Deloitte & Touche LLP. No other changes were made to the Form 10-K filed March 3, 2003.

  2. How did NiSource's earnings change in 2002?

    Net income was $372.5 million in 2002, compared with $216.2 million in 2001. Basic EPS was $1.77 and diluted EPS was $1.75, versus $1.05 and $1.03 respectively in 2001. Income from continuing operations was $425.7 million in 2002 and $226.4 million in 2001.

  3. How did NiSource change its debt and equity position?

    Long-term debt excluding the current portion declined to $5.02 billion from $6.30 billion. Short-term borrowings fell to $913.1 million from $1.85 billion. The company stated that the November 2002 equity offering proceeds were used to reduce debt, and common stock equity rose to $4.17 billion from $3.47 billion.

  4. What are the notable risks or pending items disclosed?

    The filing discloses a FERC order creating a refund liability for Northern Indiana, a pension minimum liability adjustment of $203.7 million after tax, environmental reserves of approximately $132.1 million, and an EPA new source review inquiry for which the company cannot predict the outcome. It also notes a pending appeal of the Northern Indiana electric rate settlement and that the company expects 2003 capital expenditures of approximately $647.8 million.

04—Continue

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