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NI · NiSource

50 filings

10-Q

NI 10-Q Quarterly Reports

NiSource - 50 quarterly reports

Filing 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
  1. 2026-Q3

    NiSource Quarterly Report for Q3 Ended Sep 30, 2026

    NiSource Inc. reported third-quarter 2026 net income attributable to NiSource of $129.5 million, or $0.27 per diluted share, up from $94.7 million, or $0.20 per diluted share, in the prior-year quarter. Total operating revenues rose to $1,349.4 million from $1,273.1 million, and operating income increased to $340.3 million from $297.5 million. For the nine months, net income attributable to NiSource was $682.1 million ($1.42 diluted EPS), compared with $671.7 million ($1.42) a year earlier, as higher revenues from new rates and lower property taxes were offset by higher operation and maintenance expense, depreciation and interest expense. Interest expense, net rose to $601.3 million for the nine months from $451.7 million. The filing is dominated by the data center strategy. NIPSCO entered into a Microsoft Contract in October 2026, with capacity commitments beginning in 2028 and increasing to 788 MW in 2031. GenCo entered into a tolling agreement with AGP for a 600 MWAC / 2,400 MWh battery energy storage system at approximately $2.2 billion. Management now estimates the aggregate cost of planned expenditures for existing data center customers at $14.0 to $14.5 billion, and expects roughly $40.0 billion of capital investment over 2027-2033. Capital expenditures for the nine months were $3,102.5 million. Long-term debt grew to $16,380.8 million (excluding current portion), and the company issued $750.0 million of 6.25% junior subordinated notes in August 2026 alongside $1.25 billion of senior notes in May 2026. Liquidity remains substantial but tighter. Net available liquidity was $1,947.5 million at September 30, 2026, versus $2,024.1 million at year-end 2025. The debt-to-capitalization covenant ratio was 51.3% against a 70.0% limit, and credit ratings are BBB+ (S&P), Baa2 (Moody's) and BBB (Fitch), all with stable outlooks. The company also faces regulatory and operational issues, including an IURC investigation into storm restoration after an August 11, 2026 storm event that caused outages for approximately 375,000 customers, and continued Section 202(c) emergency operation of the R.M. Schahfer coal facility.

    Oct 28, 2026
  2. 2026-Q2

    NiSource Quarterly Report for Q2 Ended Jun 30, 2026

    NiSource Inc. reported second-quarter 2026 results with operating revenues of $1,342.4 million, up from $1,283.0 million a year earlier, but net income available to common shareholders fell to $45.5 million from $102.2 million, and diluted EPS was $0.09 versus $0.22. Operating income declined to $228.1 million from $262.9 million, driven by higher operation and maintenance expense (primarily outside services and labor costs), higher depreciation and amortization, and higher interest expense of $199.2 million versus $139.1 million. For the six months, net income available to common shareholders was $556.2 million and diluted EPS was $1.15, compared with $1.22 in the prior-year period. The company's data center strategy drove significant capital commitments. The aggregate cost of Contract Assets and Pool Resource Assets supporting existing data center customers is estimated at $9.25 to $9.75 billion. Capital expenditures for the six months were $1,902.6 million, and the company completed May 2026 senior unsecured note issuances totaling $1.25 billion in principal ($500.0 million of 4.75% notes due 2031 and $750.0 million of 5.30% notes due 2036), with approximately $1.236 billion of net proceeds. Long-term debt including current portion rose to $16,711.0 million at June 30, 2026, from $15,477.5 million at December 31, 2025. The debt-to-capitalization ratio under the revolving credit facility covenant was 52.6% against a 70.0% limit. Regulatory and operational developments include an IURC order approving the ADS Contract in June 2026, the R.M. Schahfer coal facility operating under successive 202(c) emergency orders currently through September 19, 2026, and a NIPSCO union lockout from April 2 to May 2026 that ended with ratified agreements. Management also initiated a multi-year Value Captured efficiency program amid customer affordability concerns, which includes involuntary employee separations.

    Aug 5, 2026
  3. 2026-Q1

    NiSource Quarterly Report for Q1 Ended Mar 31, 2026

    NiSource Inc. reported first-quarter 2026 net income of $556.2 million, up from $526.7 million a year earlier, and net income available to common shareholders of $510.7 million versus $474.8 million. Diluted EPS was $1.06 compared with $1.00. Operating revenues rose to $2,363.1 million from $2,183.2 million, and operating income increased to $819.2 million from $759.4 million. Management attributes the higher earnings primarily to revenues tied to capital investments, partially offset by higher operation and maintenance expense, depreciation, and interest expense, which increased to $191.6 million from $132.8 million. Cash flow from operations was $442.3 million, down from $686.4 million, mainly due to working capital changes. Capital expenditures were $805.2 million. Short-term borrowings rose to $1,291.0 million in commercial paper, and net available liquidity was $1,630.9 million at March 31, 2026. The company's debt-to-capitalization ratio was 51.5% against a covenant maximum of 70.0%. Its senior unsecured ratings were BBB+ (S&P), Baa2 (Moody's), and BBB (Fitch), all with stable outlooks. Data center development is a major focus. NIPSCO entered into an Alphabet contract pending IURC approval, and amended the ADS Contract to accelerate capacity deliveries and raise total committed capacity to 2,800 MW by the end of 2032, subject to approvals. The company estimates the aggregate cost of Contract Assets and Pool Resource Assets supporting existing data center customers at $9.25 to $9.75 billion, and it notes that further data center growth would require significant additional financing.

    May 6, 2026
  4. 2025-Q3

    NiSource Quarterly Report for Q3 Ended Sep 30, 2025

    NiSource Inc. reported third-quarter 2025 net income attributable to NiSource of $94.7 million, or $0.20 diluted EPS, compared with $85.7 million, or $0.19 diluted EPS, in the third quarter of 2024. For the nine months ended September 30, 2025, net income attributable to NiSource was $671.7 million, or $1.42 diluted EPS, versus $536.5 million, or $1.14 diluted EPS, a year earlier. Total operating revenues were $1.27 billion for the quarter and $4.74 billion for the nine months, and operating income rose to $297.5 million and $1.32 billion, respectively. Results were driven mainly by higher revenues from capital investments, partially offset by higher operation and maintenance expense, depreciation and interest expense. The filing centers on the Data Center Contract signed September 18, 2025, under which NIPSCO will provide electricity to a wholly owned subsidiary of a large publicly traded company, with committed capacity rising to 2,400 MW by the end of 2032. GenCo plans to build 400 MW of battery storage and two 1,300 MW gas-fired combined-cycle turbines, and the aggregate cost of the Contract Assets is estimated at approximately $7 billion. Subsequent to quarter-end, on October 28, 2025, Blackstone affiliates acquired a 19.9% indirect equity interest in GenCo for $35.2 million and committed up to $1.325 billion in additional capital contributions over seven years. The company expects to fund the buildout through a mix of Data Center Contract receipts, debt, NiSource equity and Blackstone capital. Balance sheet and financing activity increased materially. Total assets were $34.40 billion at September 30, 2025, up from $31.79 billion at year-end 2024, and long-term debt was $14.47 billion excluding current portion. Net available liquidity was $905.0 million, down from $1,567.6 million, and the debt-to-capitalization ratio covenant stood at 54.7% against a 70.0% limit. Investors should weigh the company's large capital program, including an expected $4.0 billion to $4.3 billion of 2025 capital investments and $21.0 billion for the 2026-2030 base business, against the execution, financing and customer-concentration risks described in the filing.

    Oct 29, 2025
  5. 2025-Q2

    NiSource Quarterly Report for Q2 Ended Jun 30, 2025

    NiSource Inc. reported second-quarter 2025 operating revenues of $1,283.0 million, up from $1,084.7 million a year earlier, and net income attributable to NiSource of $102.2 million, or $0.22 diluted EPS, compared with $85.8 million, or $0.19, in the prior-year quarter. For the six months ended June 30, 2025, net income attributable to NiSource was $577.0 million, or $1.22 diluted EPS, versus $450.8 million and $0.95 in 2024. Management attributes the higher earnings to revenues driven by capital investments, partially offset by higher operating expenses, including depreciation, interest expense and other one-time expenses. The company's financing and capital spending were substantial in the period. NiSource issued $750.0 million of 5.850% senior notes due 2055 in March 2025, then in June 2025 issued an additional $750.0 million of the same notes and $900.0 million of 5.350% notes due 2035, with total net proceeds of about $1.616 billion from the June issuances. Long-term debt including the current portion rose to $15,756.0 million at June 30, 2025 from $13,355.7 million at December 31, 2024. Net cash flows from operating activities were $1,181.8 million for the six months, while investing outflows reached $2,566.3 million, driven by capital expenditures and milestone payments to renewable generation developers. The company expects capital investments of $4.0 billion to $4.3 billion in 2025 and about $19.4 billion over 2025-2029. The filing also highlights ongoing energy transition and regulatory activity. NIPSCO's Electric rate case order was approved on June 26, 2025, with new rates phased in beginning July 2025, and several renewable BTA and PPA projects are under development. The company reports a debt-to-capitalization ratio of 55.2% against a 70.0% covenant limit, and an additional $1,850.0 million commercial paper program backed by a revolving credit facility. The filing notes that the One Big Beautiful Bill Act, signed July 4, 2025, is not expected to have a material impact on financial position or results of operations, and that recent escalation involving Iran could raise risks to U.S. energy infrastructure.

    Aug 6, 2025
  6. 2025-Q1

    NiSource Quarterly Report for Q1 Ended Mar 31, 2025

    NiSource Inc. reported first-quarter 2025 net income attributable to NiSource of $474.8 million, compared with $365.0 million in the first quarter of 2024. Diluted EPS was $1.00, compared with $0.77 a year earlier. Total operating revenues rose to $2,183.2 million from $1,706.3 million, driven by higher cost of energy billed to customers, new rates from base rate proceedings and regulatory capital programs, and colder weather. Operating income increased to $759.4 million from $583.4 million, and interest expense, net rose to $132.8 million from $116.3 million. Management attributes the earnings increase mainly to revenue growth from capital investments, partly offset by higher depreciation and interest expense. Capital investment and financing dominated the quarter. Net cash from operating activities was $686.4 million, while investing outflows were $1,352.7 million, including $554.2 million of milestone payments to renewable generation developers and $125.3 million of advanced deposits. NiSource issued $750.0 million of 5.850% senior unsecured notes due 2055 in March 2025, and it has forward sale agreements for ATM equity with about $147.5 million still available. Management expects capital investments of $4.0 billion to $4.3 billion in 2025 and about $19.4 billion over 2025 to 2029. Total long-term debt including the current portion was $14,114.1 million at March 31, 2025, and the revolving credit facility's debt-to-capitalization ratio was 53.8% against a 70.0% covenant limit. The filing also highlights NIPSCO's generation transition. Several renewable projects are in development, including the Templeton wind project, which remains pending IURC approval, and NIPSCO has a pending electric rate case seeking a $368.7 million requested incremental revenue increase, with a settlement reflecting an annual revenue increase of $257.0 million. Management noted that data center interest in northern Indiana has accelerated, and that large load growth would require new generation resources.

    May 7, 2025
  7. 2024-Q3

    NiSource Quarterly Report for Q3 Ended Sep 30, 2024

    NiSource Inc. reported third-quarter 2024 results in this Form 10-Q for the period ended September 30, 2024. Net income available to common shareholders was $85.7 million, or $0.19 diluted EPS, for the three months, compared with $77.0 million, or $0.17 diluted EPS, a year earlier. For the nine months, net income available to common shareholders was $515.8 million, or $1.14 diluted EPS, versus $436.1 million, or $0.98, in 2023. Operating revenues were $1,076.3 million for the quarter and $3,867.3 million for the nine months, while operating income was $218.3 million for the quarter and $1,038.7 million for the nine months. Management attributes the earnings increase to higher revenues net of cost of energy, increased AFUDC equity tied to the Cavalry and Dunns Bridge II projects, and the elimination of preferred dividends after the Series A and B preferred redemptions. Higher depreciation and interest expense partially offset these gains. The company's balance sheet and financing activity were shaped by the NIPSCO Minority Interest Transaction, which brought in a $2.16 billion capital contribution at year-end 2023. Proceeds were used to repay $1.0 billion and $650.0 million term credit agreements in January 2024. During 2024 NiSource issued $650.0 million of 5.350% senior notes due 2034, $500.0 million of 6.950% junior subordinated notes due 2054, $600.0 million of 5.200% senior notes due 2029, and $500.0 million of 6.375% junior subordinated notes due 2055. It also redeemed its Series B and B-1 preferred stock for $500.0 million and sold common stock under its ATM program. Total long-term debt including current portion was $13,357.5 million at September 30, 2024, and the debt-to-capitalization ratio was 52.7% against a 70.0% covenant. Management expects 2024 capital investments of $3.3 billion to $3.5 billion and about $19.3 billion during 2025-2029. The filing also reports a $164.6 million increase to asset retirement obligations for compliance with the EPA's legacy coal combustion residuals rule, costs management expects to be recoverable through depreciation rates. NIPSCO's renewable generation transition continues, with Cavalry and Dunns Bridge II reaching milestones and remaining projects expected to enter service mainly between 2025 and 2027. Management also discussed a potential data center opportunity in northern Indiana that could require new generation and transmission capacity.

    Oct 30, 2024
  8. 2024-Q2

    NiSource Quarterly Report for Q2 Ended Jun 30, 2024

    NiSource Inc. reported second-quarter 2024 results in its Form 10-Q for the period ended June 30, 2024. Total operating revenues were $1,084.7 million for the three months, compared with $1,090.0 million a year earlier, while operating income rose to $237.0 million from $168.9 million. Net income attributable to NiSource was $85.8 million, up from $58.8 million, and diluted EPS was $0.19 versus $0.09. For the six months, net income available to common shareholders was $430.1 million, or $0.95 diluted EPS, compared with $359.1 million and $0.80 a year earlier. The company attributed the improvement mainly to rate increases from regulatory outcomes and the elimination of preferred dividends after the Series A and B preferred stock redemptions, partly offset by higher net income attributable to noncontrolling interest following the NIPSCO Minority Interest Transaction. The balance sheet shifted meaningfully during the first half. Cash and cash equivalents fell to $101.2 million from $2,245.4 million at December 31, 2023, as the company repaid $1.65 billion of term credit agreements and reduced commercial paper and short-term borrowings to $644.0 million from $3,048.6 million. Long-term debt, excluding current portion, rose to $12,809.6 million from $11,055.5 million, reflecting 2024 senior and junior subordinated note issuances totaling $1.75 billion in face amount. Net available liquidity was $1,577.6 million at June 30, 2024, and the debt-to-capitalization ratio was 57.8% against a 70.0% covenant limit. Capital spending remained heavy. Capital expenditures were $1,219.3 million for the six months, with milestone payments to renewable generation asset developers of $320.8 million. Management expects capital investments of $3.3 billion to $3.5 billion in 2024 and about $16.4 billion over 2024 through 2028. The company is also pursuing its NIPSCO generation transition, including retiring the remaining R.M. Schahfer coal units by the end of 2025, and is evaluating data center development in its northern Indiana service territory.

    Aug 7, 2024
  9. 2024-Q1

    NiSource Quarterly Report for Q1 Ended Mar 31, 2024

    NiSource Inc. reported first-quarter 2024 net income of $400.3 million, up from $337.8 million in the first quarter of 2023, and net income available to common shareholders of $344.3 million versus $319.2 million a year earlier. Diluted EPS was $0.77 compared with $0.71. Total operating revenues fell to $1,706.3 million from $1,966.0 million, mainly because lower cost of energy is passed through to customers, while operating income rose to $583.4 million from $531.0 million. The company attributes the earnings increase primarily to higher revenues net of cost of energy from rate increases driven by regulatory outcomes, partly offset by higher net income attributable to noncontrolling interest following the NIPSCO Minority Interest Transaction. The balance sheet and financing picture changed significantly. Cash and cash equivalents fell to $102.2 million from $2,245.4 million at year-end 2023, and short-term borrowings declined to $1,222.3 million from $3,048.6 million, as proceeds from the NIPSCO Minority Interest Transaction were used to repay $1.0 billion and $650.0 million term credit agreements and to redeem $500.0 million of Series B and B-1 Preferred Stock on March 15, 2024. Long-term debt rose to $11,724.6 million, reflecting a $650.0 million 5.35% senior notes issuance due 2034. The company also set up an at-the-market equity program of up to $900.0 million, with approximately $700.0 million available as of March 31, 2024. Total noncontrolling interest in consolidated subsidiaries was $1,899.0 million, and the debt-to-capitalization ratio under the revolving credit facility covenant was 57.0% against a 70.0% limit. Management reiterated expected capital investments of $3.3 billion to $3.5 billion in 2024 and approximately $16.4 billion over 2024 through 2028, and stated that it remains on track to retire the remaining two R.M. Schahfer coal units by the end of 2025. Net available liquidity was $1,139.8 million at March 31, 2024, down from $3,070.8 million at December 31, 2023.

    May 8, 2024
  10. 2023-Q3

    NiSource Quarterly Report for Q3 Ended Sep 30, 2023

    NiSource Inc. reported third-quarter 2023 net income attributable to NiSource of $85.1 million, compared with $65.8 million in the third quarter of 2022, and net income available to common shareholders of $77.0 million versus $52.0 million. Diluted EPS was $0.17 versus $0.12. For the nine months ended September 30, 2023, net income attributable to NiSource was $476.9 million, down from $559.6 million, with the decline driven by the 2022 receipt of an insurance settlement related to the Greater Lawrence Incident and higher other deductions, partially offset by rate increases from regulatory initiatives. Operating revenues were $1,027.4 million for the quarter (down from $1,089.5 million) and $4,083.4 million for the nine months (down from $4,146.0 million). Operating income rose to $233.0 million in the quarter from $156.7 million, while interest expense, net increased to $348.6 million for the nine months from $259.8 million. The company's balance sheet grew over the period, with total assets of $27.83 billion at September 30, 2023 and long-term debt of $11.01 billion. Net cash from operating activities was $1.54 billion for the nine months, versus $1.04 billion a year earlier, while capital expenditures were $1.89 billion. Management expects capital investments of $3.3 billion to $3.6 billion in 2023 and approximately $16.0 billion over 2024-2028. The company redeemed all 400,000 shares of its Series A Preferred Stock for $400.0 million in June 2023, and reported a debt-to-capitalization ratio of 63.1% against a 70.0% covenant limit. A key pending event is the NIPSCO Minority Equity Interest Sale to an affiliate of Blackstone Infrastructure Partners (BIP), in which BIP would acquire a 19.9% interest in NIPSCO Holdings II for $2.150 billion in cash. FERC approval was received on October 19, 2023, and the parties expect closing by the end of 2023. Proceeds are intended to support NIPSCO's capital program, reduce NiSource's debt, and fund renewable generation transition needs. The filing also notes that the Series C Mandatory Convertible Preferred Stock must be remarketed before December 1, 2023, and that the purchase contract settles on that date.

    Nov 1, 2023
  11. 2023-Q2

    NiSource Quarterly Report for Q2 Ended Jun 30, 2023

    NiSource Inc. reported second-quarter 2023 results in this Form 10-Q for the period ended June 30, 2023. Net income attributable to NiSource was $58.8 million for the three months ended June 30, 2023, versus $67.0 million a year earlier, and net income available to common shareholders fell to $39.9 million from $53.2 million. For the six months, net income available to common shareholders was $359.1 million, compared with $466.2 million in 2022, which the filing attributes mainly to a 2022 insurance settlement related to the Greater Lawrence Incident and higher other deductions. Diluted EPS was $0.09 for the quarter and $0.80 for the six months. Operating income for the quarter rose to $168.9 million from $143.3 million, while interest expense, net, increased to $110.5 million from $84.5 million. The balance sheet shows total assets of $27.34 billion at June 30, 2023. Long-term debt, excluding current portion, increased to $11.00 billion from $9.52 billion at year-end 2022, reflecting $750.0 million of 5.25% senior notes due 2028 issued in March, a $300.0 million reopening of those notes and $450.0 million of 5.40% notes due 2033 issued in June. NiSource redeemed all 400,000 shares of its Series A Preferred Stock on June 15, 2023 for $400.0 million. Cash and cash equivalents rose to $151.3 million, and the filing reports net available liquidity of $1.77 billion. The most significant development is the agreement signed June 17, 2023 under which BIP will acquire a 19.9% equity interest in NIPSCO Holdings II for $2.150 billion in cash, subject to adjustment. The closing is subject to FERC approval and is expected by the end of 2023. The filing states that NiSource will retain an 80.1% controlling interest and that proceeds are intended to support NIPSCO capital spending, reduce debt, and fund renewable generation transition needs. The company expects to invest $3.3 billion to $3.6 billion of capital in 2023 and about $15.0 billion over 2023 through 2027.

    Aug 2, 2023
  12. 2023-Q1

    NiSource Quarterly Report for Q1 Ended Mar 31, 2023

    NiSource Inc. reported first-quarter 2023 results in this Form 10-Q, with operating revenues of $1,966.0 million versus $1,873.3 million a year earlier, and net income attributable to NiSource of $333.0 million compared with $426.8 million. Diluted EPS was $0.71 versus $0.94. The decline was driven primarily by a $105.0 million insurance settlement related to the Greater Lawrence Incident recorded in the first quarter of 2022, lower weather-related revenue, and higher interest expense, partially offset by higher revenues from base rate outcomes and regulatory capital programs. Operating income fell to $531.0 million from $600.3 million, and total other deductions, net rose to $107.4 million from $72.8 million. Liquidity and capital spending remained elevated. Operating cash flow increased to $683.4 million from $579.8 million, while capital expenditures were $557.1 million and investing outflows totaled $727.8 million. Long-term debt rose to $10,264.7 million (excluding current portion) after the March 24, 2023 issuance of $750.0 million of 5.25% senior unsecured notes due 2028. Management expects capital investments of $3.3 billion to $3.6 billion in 2023 and approximately $15.0 billion over 2023-2027, and reports net available liquidity of $2,299.9 million at March 31, 2023. The debt-to-capitalization covenant ratio was 59.1% against a 70.0% limit. The filing also highlights the company's coal-to-renewables generation transition, with BTAs and PPAs totaling 1,950 MW and 1,380 MW of nameplate capacity approved by the IURC, and pending rate cases at Columbia of Virginia and NIPSCO Electric. Contingencies include remaining Greater Lawrence Incident claims, a FERC investigation with up to $9.7 million of potential NIPSCO disgorgement exposure, and environmental remediation liabilities of $84.3 million.

    May 3, 2023
  13. 2022-Q3

    NiSource Quarterly Report for Q3 Ended Sep 30, 2022

    NiSource Inc. reported third-quarter 2022 results in its Form 10-Q for the period ended September 30, 2022. Net income attributable to NiSource was $65.8 million for the quarter, compared with $63.2 million in the prior-year quarter, and diluted EPS was $0.12 in both periods. For the nine months, net income attributable to NiSource rose to $559.6 million from $419.0 million, and diluted EPS was $1.18 versus $0.91. The filing attributes the nine-month increase mainly to higher revenues from gas base rate proceedings and regulatory capital programs, plus an insurance settlement related to the Greater Lawrence Incident, partly offset by higher income taxes. Total operating revenues were $4.15 billion for the nine months, up from $3.49 billion, largely reflecting higher cost of energy that is passed through to customers. Balance sheet and financing activity were notable during the period. Long-term debt rose with the June 2022 issuance of $350.0 million of 5.00% senior unsecured notes due 2052, and short-term borrowings increased to $1.27 billion at quarter-end, including $956.0 million of commercial paper with a weighted-average rate of 3.11%. Management states that rising interest rates are increasing interest expense and that it expects further rate increases through the rest of the year. Capital expenditures for the nine months were $1.52 billion, and management expects 2022 capital investments of $2.4 billion to $2.7 billion and approximately $15.0 billion over 2023-2027. The filing also discloses pending rate cases, the NIPSCO generation transition, expected solar and storage project delays of six to 18 months, and a Net-Zero Goal of net-zero Scope 1 and Scope 2 greenhouse gas emissions by 2040, announced November 7, 2022. The filing notes that the company announced on November 7, 2022 its intent to pursue the sale of a minority interest in its NIPSCO business unit. Remaining risks include the U.S. Attorney's Office deferred prosecution agreement tied to the Greater Lawrence Incident, which runs through February 26, 2023, and a FERC Office of Enforcement investigation into a NIPSCO-related matter with maximum disgorgement exposure of $9.7 million.

    Nov 7, 2022
  14. 2022-Q2

    NiSource Quarterly Report for Q2 Ended Jun 30, 2022

    NiSource Inc. reported second-quarter 2022 results in this Form 10-Q for the period ended June 30, 2022. Total operating revenues were $1,183.2 million for the quarter, up from $986.0 million a year earlier, while net income attributable to NiSource was $67.0 million versus $60.3 million. Net income available to common shareholders rose to $53.2 million from $46.5 million, and diluted EPS was $0.12 compared with $0.11. For the six months, operating income reached $743.6 million versus $575.4 million, helped by a $105.0 million property insurance settlement related to the Greater Lawrence Incident and a $105.0 million gain on sale of assets, with the filing attributing the increase in net income available to common shareholders primarily to higher revenues from gas base rate proceedings and regulatory capital programs, the insurance settlement, offset by higher income taxes. The balance sheet shows total assets of $24,813.8 million at June 30, 2022, and long-term debt of $9,520.2 million excluding current maturities. In June 2022 the company issued $350.0 million of 5.00% senior unsecured notes due 2052, with net proceeds of approximately $344.6 million. Net cash from operating activities was $907.2 million for the six months, and capital expenditures were $917.0 million. The company reports net available liquidity of $1,643.1 million and states that its debt-to-capitalization covenant ratio was 57.3% against a 70% limit. The filing highlights ongoing execution risk in NIPSCO's electric generation transition. Management expects delays of six to 18 months for most solar and storage projects, citing solar panel availability, a U.S. Department of Commerce investigation, tariffs and supply chain issues, and says it remains on track to invest approximately $8 billion during 2022-2024. Guarantees for build-transfer agreements increased to $796.5 million as of August 2022, and the Greater Lawrence Incident litigation and the DPA with the U.S. Attorney's Office remain ongoing.

    Aug 3, 2022
  15. 2022-Q1

    NiSource Quarterly Report for Q1 Ended Mar 31, 2022

    NiSource Inc. reported first-quarter 2022 net income of $431.3 million, compared with $296.5 million in the first quarter of 2021. Net income available to common shareholders was $413.0 million, or $1.02 basic and $0.94 diluted earnings per share, versus $0.72 for both measures a year earlier. Operating income rose to $600.3 million from $433.2 million. The filing attributes the increase mainly to higher revenues from gas base rate proceedings and regulatory capital programs, plus a $105.0 million property insurance settlement related to the Greater Lawrence Incident, partly offset by higher cost of energy and income taxes. Cash flow from operations was $579.8 million, up $131.5 million year over year, driven by collection of under-recovered gas and fuel costs. Capital expenditures were $450.1 million, and the company reports a long-term debt carrying amount of $9,237.7 million. Net available liquidity was $1,910.1 million at March 31, 2022. Management states the company remains on track for about $8 billion of capital investments over 2022-2024. The filing highlights execution risk in NiSource's coal-to-renewables generation transition. Supply chain constraints and a U.S. Department of Commerce investigation are delaying solar and storage projects by an estimated six to 18 months, and the company now expects to retire the remaining two R.M. Schahfer coal units by the end of 2025 rather than May 2023. Management also notes a Columbia of Ohio base rate request of $221.4 million, for which the PUCO Staff recommended $35.2 million to $57.6 million.

    May 4, 2022
  16. 2021-Q3

    NiSource Quarterly Report for Q3 Ended Sep 30, 2021

    NiSource Inc. reported third-quarter 2021 net income available to common shareholders of $49.4 million, or $0.12 per diluted share, compared with a net loss of $186.7 million, or $0.49 per diluted share, in the same period of 2020. The 2020 quarter was driven largely by the loss on the sale of the Massachusetts Business and a $243.4 million loss on early extinguishment of long-term debt. For the nine months ended September 30, 2021, net income available to common shareholders was $377.6 million, or $0.91 per diluted share, versus a net loss of $143.4 million, or $0.37 per diluted share, a year earlier. Total operating revenues were $959.4 million for the quarter and $3,491.0 million for the nine months, and operating income rose to $147.1 million and $722.5 million, respectively. Gas Distribution Operations operating income was $419.1 million for the nine months, compared with $38.0 million in 2020, while Electric Operations operating income was $307.9 million, up $12.5 million. The company's capital program remains large. Management projects 2021 capital expenditures of approximately $2 billion, and net cash from operating activities was $939.3 million for the nine months. Liquidity totaled $1,698.3 million as of September 30, 2021. NIPSCO's plan to replace its coal generation by the end of 2028 with primarily renewable resources is underway, with BTAs and PPAs totaling 1,950 MW and 1,380 MW of nameplate capacity, respectively, approved by the IURC. The company also noted that it expects capital investment requirements of approximately $2.0 billion, primarily in 2022 and 2023, to replace the R.M. Schahfer generation capacity. Risks noted in the filing include the ongoing Greater Lawrence Incident matters, including a shareholder derivative lawsuit in which the company cannot estimate a loss, and potential force majeure notices on the Elliott and Gibson solar projects tied to a U.S. Customs and Border Protection withhold release order. The debt-to-capitalization covenant ratio was 59.7% against a 70% limit, and credit ratings were unchanged from year-end 2020, with NiSource rated BBB+ by S&P, Baa2 by Moody's and BBB by Fitch.

    Nov 3, 2021
  17. 2021-Q2

    NiSource Quarterly Report for Q2 Ended Jun 30, 2021

    NiSource Inc. reported second-quarter 2021 net income available to common shareholders of $46.5 million, or $0.11 per diluted share, compared with a net loss available to common shareholders of $18.5 million, or $0.05 per diluted share, in the same period of 2020. For the six months ended June 30, 2021, net income available to common shareholders was $328.2 million, or $0.80 per diluted share, versus $43.3 million, or $0.11 per diluted share, a year earlier. The filing attributes the improvement largely to the 2020 loss on the sale of the Massachusetts Business, which was completed October 9, 2020, along with lower operating expenses, partially offset by lower operating revenues from that sale. Consolidated operating income was $142.2 million for the quarter and $575.4 million for the six months, and interest expense declined as short-term borrowings were reduced. Liquidity improved during the period. Net available liquidity was $2,159.6 million at June 30, 2021, up from $1,721.6 million at December 31, 2020. The company issued 8.625 million Series A Equity Units on April 19, 2021, with net proceeds of $835.5 million, and commercial paper outstanding was reduced from $503.0 million to zero. Management projects 2021 capital expenditures of approximately $1.9 to $2.1 billion. The debt-to-capitalization ratio under the revolving credit facility covenant was 58.6% against a 70% maximum. The filing also describes the continuing transition of NIPSCO's generation fleet. NIPSCO has retired or plans to retire R.M. Schahfer Units 14 and 15 on October 1, 2021, and the two remaining coal units are scheduled for retirement in 2023. Executed BTAs and PPAs total 1,950 MW and 1,380 MW of nameplate renewable capacity, respectively. Legal matters tied to the Greater Lawrence Incident remain open, including a shareholder derivative lawsuit that was dismissed in federal court and refiled in Delaware Chancery Court.

    Aug 4, 2021
  18. 2021-Q1

    NiSource Quarterly Report for Q1 Ended Mar 31, 2021

    NiSource Inc. reported first-quarter 2021 net income attributable to NiSource of $295.5 million, or $0.72 per diluted share, compared with $75.6 million, or $0.16 per diluted share, a year earlier. Net income available to common shareholders was $281.7 million versus $61.8 million. The improvement was driven mainly by a much smaller loss on sale of assets ($8.1 million in 2021 versus $280.1 million in 2020, reflecting the completed sale of the Massachusetts Business in October 2020), lower operation and maintenance expense, and higher operating income of $433.2 million versus $148.2 million. Revenues declined to $1,545.6 million from $1,605.5 million, largely due to the Massachusetts sale, while colder weather in 2021 and new rates partly offset this. Gas Distribution Operations operating income rose to $346.9 million and Electric Operations to $87.9 million. Operating cash flow was $448.3 million, up from $369.9 million, primarily because of lower payments related to the Greater Lawrence Incident. Capital expenditures were $367.0 million in the quarter, and management projects total 2021 capital expenditures of $1.9 to $2.1 billion. Net available liquidity was $1,866.0 million at March 31, 2021, and the debt to capitalization ratio under the revolving credit facility covenant was 62.2%, against a 70% maximum. Total NiSource stockholders' equity increased to $5,931.6 million from $5,752.2 million. Subsequent to quarter end, on April 19, 2021, NiSource completed an offering of 8.625 million Series A Equity Units that generated net proceeds of $835.5 million, with a total annual distribution of 7.75%. The company also continues its generation transition, aiming to retire all coal generation by 2028, and it disclosed that it has recorded approximately $1,040 million of expenses since the Greater Lawrence Incident for third-party claims, fines, penalties and settlements.

    May 5, 2021
  19. 2020-Q3

    NiSource Quarterly Report for Q3 Ended Sep 30, 2020

    NiSource Inc. reported a net loss available to common shareholders of $186.7 million, or $0.49 per basic share, for the three months ended September 30, 2020, compared with a net loss of $7.2 million, or $0.02 per share, a year earlier. For the nine months, the company posted a net loss available to common shareholders of $143.4 million, or $0.37 per basic share, versus net income of $481.0 million, or $1.29 per share, in 2019. The swing was driven mainly by a $243.4 million loss on early extinguishment of long-term debt in the third quarter, a $400.2 million year-to-date loss on classification of the Massachusetts Business as held for sale, and insurance recoveries recorded in 2019 related to the Greater Lawrence Incident. Nine-month operating income fell to $332.7 million from $928.7 million. The Massachusetts Business was sold to Eversource, with the closing on October 9, 2020 generating net proceeds of $1,112.6 million, which includes the $56.0 million payment in lieu of penalties. The Massachusetts DPU approved the settlement on October 7, 2020, which resolved the DPU and Massachusetts Attorney General investigations related to the Greater Lawrence Incident. Total third-party claims and government-related costs from the incident are estimated at $1,036 million to $1,050 million, and the company has collected the full $800 million of third-party liability insurance. Cash flow from operations for the nine months was $858.6 million, down from $1,231.8 million, and net available liquidity was $1,591.4 million at September 30, 2020. NiSource continues its NiSource Next cost program and its coal-to-renewables transition. Capital expenditures for the nine months were $1,292.2 million, with 2020 capital investment projected at $1.7 to $1.8 billion. The company has an estimated $40 billion in long-term regulated infrastructure investment opportunities, and it executed three solar build-transfer agreements in October 2020 for approximately 900 MW of solar and 135 MW of storage capacity. COVID-19 has not materially affected results to date, though the filing flags risks such as lower fourth-quarter revenue and cash flows, higher bad debt, and extended regulatory moratoriums on customer disconnections.

    Nov 2, 2020
  20. 2020-Q2

    NiSource Quarterly Report for Q2 Ended Jun 30, 2020

    NiSource Inc. reported a net loss available to common shareholders of $18.5 million, or $0.05 per basic share, for the three months ended June 30, 2020, compared with net income available to common shareholders of $283.1 million, or $0.76 per basic share, a year earlier. For the six months ended June 30, 2020, net income available to common shareholders was $43.3 million, or $0.11 per basic share, versus $488.2 million, or $1.31 per basic share, in 2019. Operating income fell to $91.7 million for the quarter from $463.5 million, driven mainly by a $84.4 million loss on classification of the Massachusetts Business as held for sale, insurance recoveries recorded in 2019 related to the Greater Lawrence Incident, and COVID-19 effects on commercial and industrial demand. Total operating revenues were $962.7 million for the quarter, down from $1,010.4 million. The Massachusetts Business (Columbia of Massachusetts) is being sold to Eversource for $1,100 million in cash, subject to adjustment. A July 2, 2020 Settlement Agreement, if approved by the Massachusetts DPU by September 30, 2020, requires a $56.0 million payment in lieu of penalties and resolves related regulatory and Attorney General matters. The company's estimated pre-tax loss on the sale for the six months is $364.6 million. Management states it has $1,982.0 million of net liquidity as of June 30, 2020 and expects the sale proceeds to repay short-term borrowings, which stood at $1,163.5 million. Total costs recorded since the Greater Lawrence Incident are $1,475 million before insurance, with $800 million of third-party liability insurance collected. The company estimates total third-party claims and government penalty costs will range from $1,039 million to $1,055 million, and other incident-related costs from $445 million to $455 million. The company also reduced its 2020 capital expenditure plan by $145 million to conserve cash, now targeting $1.7 billion to $1.8 billion.

    Aug 5, 2020
  21. 2020-Q1

    NiSource Quarterly Report for Q1 Ended Mar 31, 2020

    NiSource Inc. reported a sharp drop in first-quarter 2020 earnings. Net income available to common shareholders was $61.8 million, or $0.16 per basic share, compared with $205.1 million, or $0.55 per share, in the first quarter of 2019. Operating revenues fell to $1,605.5 million from $1,869.8 million, and operating income fell to $148.2 million from $374.2 million. The filing attributes the decline mainly to lower industrial revenue, warmer weather, and a $280.2 million loss on classification as held for sale of the Massachusetts Business, which NiSource agreed to sell to Eversource for $1,100 million in cash, subject to adjustment, with closing expected by September 30, 2020. The Greater Lawrence Incident remains the dominant legal and financial issue. Total costs incurred through March 31, 2020 were $1,470 million before $800 million of insurance recoveries, and the company estimates third-party claims and government fines and settlements will range from $1,041 million to $1,055 million. Columbia of Massachusetts agreed to plead guilty, with a criminal fine of $53,030,116 proposed, and NiSource entered a Deferred Prosecution Agreement with the U.S. Attorney's Office. Net liquidity was $1,306.6 million at March 31, 2020, and the filing describes subsequent actions including a $1.0 billion senior notes issuance on April 13, 2020 and a refinanced $850 million term loan. COVID-19 did not materially affect first-quarter operating results, according to the filing. Management identified risks including lower commercial and industrial demand, higher expected bad debt, suspended shutoffs for nonpayment, and a planned $100 million reduction in 2020 capital investments to conserve cash.

    May 6, 2020
  22. 2019-Q3

    NiSource Quarterly Report for Q3 Ended Sep 30, 2019

    NiSource Inc. reported third-quarter 2019 results in this Form 10-Q. The company posted operating income of $91.0 million for the three months ended September 30, 2019, compared with an operating loss of $315.9 million a year earlier, and net income available to common shareholders of a $7.2 million loss, or $0.02 per basic share, versus a $345.1 million loss ($0.95 per share) in the prior-year quarter. For the nine months, net income available to common shareholders was $481.0 million, or $1.29 per basic share, compared with a $45.8 million loss in 2018. Management attributes the improvement largely to lower Greater Lawrence Incident expenses, insurance recoveries recorded in 2019, and new rates from base rate and infrastructure replacement programs. The Greater Lawrence Incident remains the dominant risk. Third-party claim costs are now estimated at $995 million to $1,020 million, other incident-related costs at $430 million to $440 million, and pipeline replacement at $255 million to $260 million. Total incident expenses have exceeded the $800 million of third-party liability insurance coverage, and the filing states that additional long-term financing will likely be required to cover the shortfall. Multiple investigations are ongoing, including a U.S. Department of Justice criminal investigation, an SEC investigation, and several Massachusetts DPU proceedings, and the filing states that Columbia of Massachusetts faces restrictions on non-emergency gas work absent DPU approval. A proposed $143 million class action settlement is subject to final court approval at a hearing scheduled for February 27, 2020. Liquidity totaled $1,362.8 million as of September 30, 2019, and the debt-to-capitalization ratio was 61.8%, below the 70% covenant limit. Capital expenditures for the nine months were $1.3 billion, and the company projects 2019 capital expenditures of $1.7 to $1.8 billion. Credit ratings for NiSource were BBB+ (S&P, negative outlook), Baa2 (Moody's, stable) and BBB (Fitch, stable).

    Oct 30, 2019
  23. 2019-Q2

    NiSource Quarterly Report for Q2 Ended Jun 30, 2019

    NiSource Inc. reported second-quarter 2019 net income of $296.9 million, or $0.75 diluted EPS, compared with $24.5 million in the second quarter of 2018, and operating income of $463.5 million versus $118.4 million. For the six months ended June 30, 2019, net income was $515.8 million and operating income was $837.7 million, compared with $300.6 million and $519.0 million in the prior-year period. The filing attributes the improvement primarily to lower operating expenses from insurance recoveries related to the Greater Lawrence Incident and to new rates from base rate proceedings and infrastructure replacement programs. The Greater Lawrence Incident remains the dominant risk factor. The company estimates third-party claim costs of $994 million to $1,020 million and other incident-related costs of $430 million to $440 million, and states that total expenses have exceeded the $800 million of available third-party liability insurance. Columbia of Massachusetts agreed to pay $143 million into a proposed class action settlement, and the SEC, the U.S. Attorney's Office and the NTSB have pending investigations. The company also reports a pipeline replacement cost estimate of $250 million to $260 million, with potential disallowance risk if regulators do not allow recovery. Liquidity was $952.5 million at June 30, 2019, and total short-term borrowings were $2,081.0 million. Capital expenditures for the six months were $843.5 million, and the company projects 2019 capital expenditures of $1.6 to $1.7 billion. The debt-to-capitalization ratio was 60.6% against covenant limits of 70% and 75%. NiSource's S&P rating and NIPSCO's S&P rating were BBB+ with negative outlooks.

    Jul 31, 2019
  24. 2019-Q1

    NiSource Quarterly Report for Q1 Ended Mar 31, 2019

    NiSource Inc. reported first-quarter 2019 net income of $218.9 million, with net income available to common shareholders of $205.1 million, or $0.55 per basic share, compared with $276.1 million, or $0.82 per basic share, in the first quarter of 2018. Operating income declined to $374.2 million from $400.6 million, primarily due to expenses related to the Greater Lawrence Incident and higher depreciation and amortization, partially offset by new rates from base rate proceedings and infrastructure replacement programs. Operating revenues rose to $1,869.8 million from $1,750.8 million, and net revenues increased to $1,189.5 million from $1,026.4 million. The Greater Lawrence Incident, a September 13, 2018 gas explosion and fire series involving Columbia of Massachusetts, remains the dominant issue. In the quarter the company recorded approximately $204 million for estimated third-party claims and approximately $32 million for other incident-related costs. It now estimates total third-party claims costs of $961 million to $1,010 million and total other incident-related costs of $360 million to $370 million. Insurance recoveries of $100 million were recorded in the quarter, and the company states that total expenses have exceeded its insurance coverage. Investigations by the NTSB, the U.S. Attorney's Office, and the SEC are pending, and the SEC investigation relates to disclosures made before the incident. Liquidity and capital structure were steady. Net available liquidity was $1,010.8 million at March 31, 2019, and the debt-to-capitalization ratio was 61.5%, below the 70% covenant. Capital expenditures were $353.7 million in the quarter, with 2019 capital expenditures projected at $1.6 to $1.7 billion. The company also disclosed that its credit ratings outlook at S&P was Negative, and that it amended its term loan to $850.0 million on April 17, 2019.

    May 1, 2019
  25. 2018-Q3

    NiSource Quarterly Report for Q3 Ended Sep 30, 2018

    NiSource Inc. reported a sharply weaker third quarter of 2018, driven by expenses tied to the Greater Lawrence Incident, a series of fires and explosions on September 13, 2018 in Massachusetts involving gas delivered by Columbia of Massachusetts. The company recorded a loss of approximately $460 million for the quarter, including about $415 million for estimated third-party claims and about $45 million in other incident-related costs. Net loss available to common shareholders was $345.1 million, or $0.95 per basic share, for the three months ended September 30, 2018, compared with net income of $14.0 million, or $0.04 per share, a year earlier. For the nine months, the company reported a net loss available to common shareholders of $45.8 million, or $0.13 per share, versus net income of $180.9 million, or $0.55 per share, in 2017. Beyond the incident, the filing reflects the effects of the Tax Cuts and Jobs Act, which lowered revenues through customer refunds and rate reductions and is expected to reduce cash collections, and the company is passing back excess deferred taxes that total about $1.5 billion. Management estimates total third-party claims will range from $415 million to $450 million, expects additional incident costs of $180 million to $210 million, and carries liability insurance of approximately $800 million, though no insurance recoveries have been recorded. The company also faces a criminal investigation by the U.S. Attorney's Office for the District of Massachusetts, and S&P moved its outlook on NiSource's ratings to Negative in September 2018. Cash flow and liquidity remained solid. Net cash from operating activities was $927.2 million for the nine months, up $397.6 million, and net available liquidity was $1,135.6 million at September 30, 2018. Capital expenditures were $1,296.6 million for the nine months, and the company raised equity through a May 2018 private placement of common stock ($599.6 million net) and a June 2018 Series A preferred stock issuance ($393.9 million net).

    Nov 1, 2018
  26. 2018-Q2

    NiSource Quarterly Report for Q2 Ended Jun 30, 2018

    NiSource Inc. reported second-quarter 2018 total operating revenues of $1,007.0 million, up from $990.7 million a year earlier, and net income available to common shareholders of $23.2 million, or $0.07 per basic share, compared with a net loss of $44.4 million, or $0.14 per share, in the prior-year quarter. For the six months ended June 30, 2018, net income available to common shareholders was $299.3 million, or $0.86 per basic share, versus $166.9 million, or $0.51 per share, a year earlier. The improvement was driven mainly by the absence of the $111.5 million loss on early extinguishment of long-term debt recorded in 2017. Operating income declined to $118.4 million for the quarter and $519.0 million for the six months, primarily due to a regulatory revenue reserve tied to lower federal income tax rates under the TCJA, partly offset by weather and infrastructure replacement rates. Cash flow and financing activity were heavy. Net cash from operating activities was $809.5 million for the six months, while capital expenditures were $832.5 million. The company issued $607.7 million of common stock through a private placement and $400.0 million of 5.650% Series A preferred stock, and it placed $350.0 million of 3.65% senior notes due 2023. Total stockholders' equity rose to $5,463.0 million from $4,320.1 million at year-end 2017. Net liquidity available was $2,228.0 million at June 30, 2018, and the filing states the debt-to-capitalization ratio was 60.3%, within the 70% covenant limit. The company expects 2018 capital expenditures of approximately $1.7 to $1.8 billion. Regulatory developments are central to the outlook. Several rate cases are pending, including NIPSCO's gas base rate case, where the settlement would provide an annual revenue increase of $107.3 million with an IURC order expected in the third quarter of 2018. Columbia of Pennsylvania seeks a $46.9 million annual increase, and Columbia of Massachusetts seeks a $24.1 million net increase. The filing also notes that a $33.0 million loss on early extinguishment of debt is anticipated in the third quarter of 2018 following the July 2018 redemption of $551.1 million of notes.

    Aug 1, 2018
  27. 2018-Q1

    NiSource Quarterly Report for Q1 Ended Mar 31, 2018

    NiSource Inc. reported first-quarter 2018 net income of $276.1 million, or $0.82 per basic share, compared with $211.3 million, or $0.65 per basic share, in the first quarter of 2017. The filing states that the increase was due primarily to decreased income taxes and increased non-operating income. Operating income fell to $400.6 million from $415.4 million, mainly because a regulatory revenue reserve of $47.6 million for Gas Distribution Operations, tied to the lower federal income tax rate under the TCJA, reduced net revenues. Colder weather, which added $24.6 million to net revenues, partly offset that effect. Total operating revenues rose to $1.75 billion from $1.60 billion, largely due to higher cost of sales. Net income was also supported by a $21.2 million interest rate swap settlement gain recorded in Other, net, and an income tax benefit of $10.4 million from beginning to amortize excess deferred taxes. The effective tax rate fell to 18.5% from 36.5%. Capital expenditures were $370.0 million in the quarter, and management expects 2018 capital spending of approximately $1.7 to $1.8 billion within an estimated $30 billion long-term infrastructure program. Net available liquidity was $820.4 million at March 31, 2018, down from $998.9 million at December 31, 2017, and the debt-to-capitalization ratio was 66.9%, below the 70% covenant limit. Regulatory activity was extensive across all seven states. Notable items include NIPSCO's gas base rate case, where a settlement seeks an annual revenue increase of $107.3 million with an IURC order expected in the second half of 2018, and Columbia of Massachusetts' April 13, 2018 rate case seeking $24.1 million of net revenue increase. Management also disclosed that TCJA-related regulatory liabilities of $49.7 million were recorded in the quarter. The filing also notes that the Bailly Generating Station units are slated for retirement by May 31, 2018.

    May 2, 2018
  28. 2017-Q3

    NiSource Quarterly Report for Q3 Ended Sep 30, 2017

    NiSource Inc. reported third-quarter 2017 net income of $14.0 million, or $0.04 per basic share, versus $27.2 million, or $0.08 per share, in the third quarter of 2016. Operating income fell to $99.6 million from $113.7 million, mainly due to higher operating expenses, including employee and administrative costs (which include a pension settlement charge), outside service costs and higher depreciation, partially offset by new base-rate and infrastructure replacement revenues and incremental electric transmission rates. Weather was a drag: Gas Distribution Operations was about 12% warmer than normal in the quarter, and Electric Operations was about 5% cooler than normal. For the nine months ended September 30, 2017, net income was $180.9 million, or $0.55 per basic share, compared with $242.7 million in the prior-year period. The decline was driven primarily by a $111.5 million loss on early extinguishment of long-term debt, partially offset by operating income of $640.6 million, up from $633.3 million. Capital expenditures for the nine months were $1,216.4 million, and the company expects 2017 capital expenditures of approximately $1.6 to $1.7 billion. NiSource contributed $281.6 million to its pension plans in the period, including a $277 million discretionary contribution in the third quarter, and states it does not anticipate further pension contributions in 2017. Liquidity improved over the period: net available liquidity was $1,275.3 million at September 30, 2017, up from $683.7 million at December 31, 2016. Long-term debt, including the current portion, rose to a carrying amount of $7,808.4 million, after $2.75 billion of senior note issuances during the nine months. The company reports a debt-to-capitalization ratio of 66.5%, within its 70% covenant under the revolving credit facility and term loan agreement, and states it has a $818.1 million deferred tax asset related to a federal NOL carryforward.

    Nov 1, 2017
  29. 2017-Q2

    NiSource Quarterly Report for Q2 Ended Jun 30, 2017

    NiSource Inc. reported a net loss of $44.4 million, or $0.14 per basic share, for the three months ended June 30, 2017, compared with net income of $28.9 million, or $0.09 per share, in the same period of 2016. The decline was driven primarily by a $111.5 million loss on early extinguishment of long-term debt and lower operating income. For the six months ended June 30, 2017, net income was $166.9 million, or $0.51 per basic share, versus $215.5 million, or $0.67, a year earlier. Operating income rose to $541.0 million for the six months from $519.6 million, supported by new base-rate and infrastructure replacement rates and higher electric transmission investment recovery at NIPSCO, partly offset by higher operating expenses and warmer weather. The company's balance sheet shows total assets of $18.82 billion at June 30, 2017, and long-term debt rose to $6.78 billion (excluding the current portion) after $2.0 billion of senior notes were issued in May 2017. Management reported net available liquidity of $1,251.9 million, a debt-to-capitalization ratio of 66.7% against covenant limits of 70% and 75%, and capital expenditures of $732.2 million for the first half. NiSource expects 2017 capital spending of approximately $1.6 billion to $1.7 billion and reports approximately $30 billion in projected long-term regulated infrastructure investments. Key items for investors include the NIPSCO 2016 Integrated Resource Plan, which contemplates retiring the Bailly Generating Station units by May 31, 2018 and two units at R.M. Schahfer by the end of 2023, and the termination of the IBM technology services agreement, for which no termination charges had been recorded as of June 30, 2017. Pending regulatory matters include Columbia of Ohio's IRP extension and NIPSCO's CCR compliance petition, with orders expected by the end of 2017.

    Aug 2, 2017
  30. 2017-Q1

    NiSource Quarterly Report for Q1 Ended Mar 31, 2017

    NiSource Inc. reported first-quarter 2017 net income of $211.3 million, or $0.65 per basic share, compared with $186.6 million, or $0.58 per basic share, in the first quarter of 2016. The filing attributes the increase primarily to higher operating income, which rose to $416.5 million from $381.4 million. Gas Distribution Operations contributed $340.7 million of operating income and Electric Operations contributed $77.0 million. Net revenues benefited from new base-rate and infrastructure replacement rates, higher trackers and incremental electric transmission capital spend, partially offset by weather that was about 18% warmer than normal. Capital spending was $312.0 million in the quarter, and management expects 2017 capital expenditures of approximately $1.6 billion to $1.7 billion within an estimated $30 billion long-term regulated infrastructure program. Net available liquidity was $788.5 million at March 31, 2017, up from $683.7 million at December 31, 2016. The debt-to-capitalization ratio was 65.4%, against covenant limits of 70% and 75%. Long-term debt including the current portion was $6.40 billion carrying value at March 31, 2017. The filing also discloses pending matters that bear on future results. NIPSCO's 2016 Integrated Resource Plan calls for retiring Bailly Generating Station Units 7 and 8 by May 31, 2018. In April 2017 NiSource initiated a process to terminate its IBM technology services agreement, which could trigger a termination charge that, if payable, could be material. Regulatory proceedings are ongoing in several states, and the company expects a Federal NOL carryforward deferred tax asset of $577.5 million to be fully utilized before it expires.

    May 3, 2017
  31. 2016-Q3

    NiSource Quarterly Report for Q3 Ended Sep 30, 2016

    NiSource Inc. reported third-quarter 2016 income from continuing operations of $23.7 million, or $0.07 per basic share, compared with $14.8 million, or $0.05 per basic share, in the third quarter of 2015. Operating income was $113.7 million, up $4.0 million from the prior year period. For the nine months ended September 30, 2016, income from continuing operations was $239.3 million, or $0.74 per basic share, versus $134.2 million, or $0.42 per basic share, a year earlier. Net revenues for the nine months were $2,245.9 million, a $0.8 million decrease from the prior year, with gas distribution net revenues down $44.2 million on warmer weather and lower trackers, offset by electric net revenues up $47.2 million. The company invested $1,083.4 million in capital expenditures over the first nine months of 2016 and expects approximately $1.5 billion for the full year. Liquidity stood at $677.4 million at September 30, 2016, and the debt-to-capitalization ratio was 67.0%, below the 70% covenant under the revolving credit facility and term loan. Short-term borrowings rose to $1,059.0 million, including $824.0 million of commercial paper, and the company recorded a $256.8 million derivative liability on its interest rate cash flow hedges. Regulatory activity was active across the company's seven-state gas footprint and in Indiana electric operations. Columbia of Pennsylvania's rate case settlement authorized a $35.0 million annual revenue increase, and NIPSCO's electric base rate settlement added $72.5 million in annual base rate revenues effective October 1, 2016. The 2016 Integrated Resource Plan, submitted November 1, 2016, proposes retiring the Bailly Generating Station Units 7 and 8 by mid-2018, which requires MISO approval and could bring $26 million to $31 million in charges, with an expected MISO decision in late November or early December 2016.

    Nov 1, 2016
  32. 2016-Q2

    NiSource Quarterly Report for Q2 Ended Jun 30, 2016

    NiSource Inc. reported income from continuing operations of $28.7 million, or $0.09 per basic share, for the quarter ended June 30, 2016, compared with a loss of $73.1 million, or $0.23 per share, in the second quarter of 2015. For the six months ended June 30, 2016, income from continuing operations was $208.4 million, or $0.65 per basic share, versus $119.4 million, or $0.38, a year earlier. Net revenues for the quarter were $662.7 million, up $28.1 million, while operating income rose to $138.2 million from $84.4 million. Results for the prior-year period were affected by a $97.2 million loss on early extinguishment of long-term debt, which is absent in 2016. Discontinued operations (the former Columbia Pipeline Group segment, separated July 1, 2015) contributed no material results in 2016. The company invested $672.5 million in capital expenditures during the first six months of 2016 and expects about $1.5 billion for the full year. Liquidity was approximately $619.5 million at June 30, 2016. The debt-to-capitalization ratio was 65.6% against covenant limits of 70% and 75%. Short-term borrowings rose to $1,100.7 million, including $881.5 million of commercial paper, and the company recorded a derivative liability of $219.6 million on its interest rate cash flow hedges. Regulatory activity was significant during the quarter. The IURC approved NIPSCO's electric base rate settlement, which increases annual revenues by $72.5 million effective October 1, 2016, and approved a seven-year electric TDSIC plan of more than $1.25 billion. Several base rate cases are pending, including Columbia of Pennsylvania ($55.3 million requested), Columbia of Virginia ($37.0 million requested) and Columbia of Kentucky ($25.4 million requested).

    Aug 2, 2016
  33. 2016-Q1

    NiSource Quarterly Report for Q1 Ended Mar 31, 2016

    NiSource Inc. reported lower first-quarter 2016 results, with income from continuing operations of $179.7 million, or $0.56 per basic share, compared with $192.5 million, or $0.61 per basic share, in the first quarter of 2015. Operating income was $381.4 million versus $386.3 million a year earlier. The company attributes the decline primarily to lower net revenues from warmer weather, partially offset by higher net revenues from regulatory and service programs, and to higher income taxes from variances in state apportionment benefits. Total net revenues fell $63.9 million to $940.1 million, with Gas Distribution Operations net revenues down $67.1 million and Electric Operations net revenues up $3.1 million. Net income was $179.7 million, compared with $275.3 million in the prior-year quarter, which included $82.8 million from discontinued operations tied to the former Columbia Pipeline Group Operations segment, separated on July 1, 2015. On the balance sheet, total assets were $17.47 billion at March 31, 2016. Total short-term borrowings rose to $845.3 million, including $460.0 million of commercial paper, and long-term debt including the current portion was $6.17 billion carrying value. The filing states a debt-to-capitalization ratio of 64.4%, below the 70% covenant limit in the revolving credit and term loan agreements and the 75% limit in a 2005 private placement agreement. NiSource reported approximately $1,049.0 million of available liquidity and entered into a $500.0 million term loan on March 31, 2016, which was undrawn at quarter end. Management expects 2016 capital expenditures of approximately $1.4 billion, and first-quarter capital spending was $301.0 million. The filing also details several pending regulatory matters, including base rate cases at Columbia of Pennsylvania ($55.3 million requested annual revenue increase), Columbia of Virginia ($37.0 million), Columbia of Maryland ($6.5 million), and NIPSCO's electric base rate case, where a settlement seeks $72.5 million before certain riders with an IURC order expected in the third quarter of 2016. The IURC approved NIPSCO's TDSIC-3 seven-year plan of approximately $800 million on March 30, 2016.

    May 3, 2016
  34. 2015-Q3

    NiSource Quarterly Report for Q3 Ended Sep 30, 2015

    NiSource Inc. reported third-quarter 2015 results in this Form 10-Q, with the July 1, 2015 separation of its Columbia Pipeline Group (CPG) business now reflected as discontinued operations. For the three months ended September 30, 2015, gross revenues were $817.2 million versus $838.2 million a year earlier, and operating income rose to $109.7 million from $71.1 million. The company posted a net loss attributable to NiSource of $4.9 million, compared with net income of $31.4 million in the prior-year quarter, driven by a $19.7 million loss from discontinued operations, including $5.5 million of Separation transaction costs. Income from continuing operations was $14.8 million, or $0.05 per basic share, versus a loss of $17.2 million a year earlier. For the nine months ended September 30, 2015, income from continuing operations was $134.2 million, or $0.42 per basic share, down from $176.7 million, mainly because of a $97.2 million loss on early extinguishment of long-term debt tied to the May 2015 tender offer and term loan repayment. Net revenues rose $137.2 million to $2,246.7 million, led by Gas Distribution Operations. Total debt-related balance sheet changes were significant: long-term debt excluding the current portion fell to $6,133.5 million from $8,155.9 million, and total assets declined to $17,055.9 million from $24,866.3 million following the CPG distribution. Management stated that its debt-to-capitalization ratio was 63.7% against covenant limits of 70% and 75%, and that its capital expenditures for 2015 are projected at approximately $1.3 billion. Regulatory developments included a Massachusetts settlement approved for $32.8 million of added annual revenue beginning November 1, 2015, a Pennsylvania settlement seeking approximately $28.0 million, and a NIPSCO electric base rate case filed October 1, 2015 requesting about $148.0 million. Fitch affirmed NiSource's senior unsecured rating at BBB- with a Positive outlook on October 27, 2015.

    Nov 3, 2015
  35. 2015-Q2

    NiSource Quarterly Report for Q2 Ended Jun 30, 2015

    NiSource Inc. reported a net loss attributable to NiSource of $36.4 million, or $0.11 per basic share, for the three months ended June 30, 2015, compared to net income of $78.2 million, or $0.25 per basic share, in the second quarter of 2014. For the six months ended June 30, 2015, net income attributable to NiSource was $232.0 million, or $0.73 per basic share, versus $344.4 million, or $1.10 per share, a year earlier. The decline was driven primarily by a $97.2 million loss on early extinguishment of long-term debt, higher outside service costs of $62.7 million largely tied to the Separation, higher employee and administrative expense of $41.6 million, and higher depreciation of $27.1 million. Partially offsetting these were demand margin revenue growth of $55.7 million at Columbia Pipeline Group Operations and $49.3 million of regulatory and service program revenue at Gas Distribution Operations. The filing is dominated by the Separation of Columbia Pipeline Group (CPG), completed July 1, 2015, through a special pro rata stock dividend. Following the Separation, CPG is reported as discontinued operations beginning with the third-quarter 10-Q. Before the Separation, CPG issued $2,750.0 million of senior notes in May 2015, and NiSource received approximately $2.6 billion in cash payments from CPG. NiSource used these proceeds to settle $1,075.0 million of bank term loans and tender for $750.0 million of notes. Columbia Pipeline Partners LP also completed an IPO in February 2015 with net proceeds of $1,168.4 million, which are reflected as noncontrolling interest. Total NiSource indebtedness was $9,485.6 million at June 30, 2015, of which $2,765.9 million was attributable to CPG, and the debt-to-capitalization ratio was 56.0% against covenant limits of 70% and 75%. On the regulated side, NiSource's utilities continue to pursue rate cases, including Columbia of Pennsylvania's request for $46.2 million in additional annual revenue and Columbia of Massachusetts' request for approximately $49.0 million, with a settlement in principle reached in the latter. NIPSCO's electric TDSIC plan was remanded after an Indiana Court of Appeals decision, and a settlement requires a new electric rate case by December 31, 2015. Management projects 2015 capital expenditures of approximately $2.4 billion, including about $1.1 billion of expected CPG capital spending, and the company declared a post-Separation dividend of $0.155 per share.

    Aug 3, 2015
  36. 2015-Q1

    NiSource Quarterly Report for Q1 Ended Mar 31, 2015

    NiSource Inc. reported first-quarter 2015 net income attributable to NiSource of $268.4 million, or $0.85 per basic share, compared to $266.2 million, or $0.85 per basic share, in the first quarter of 2014. Operating income was $530.1 million, a decrease of $3.6 million from the prior year period. Total net revenues rose to $1,343.7 million from $1,259.2 million, driven mainly by Gas Distribution Operations, while operation and maintenance expense increased to $574.1 million from $501.2 million, citing outside service costs tied to the Proposed Separation, higher employee and administrative expense, and regulatory trackers. The most significant development is the planned separation of Columbia Pipeline Group. NiSource expects the separation to occur on July 1, 2015, and says it is subject to conditions and that there is no assurance it will be completed on that date or at all. In February 2015, Columbia Pipeline Partners LP completed an IPO that generated $1,168.4 million of net proceeds, which were recorded as a noncontrolling interest. Consolidated cash flow from operating activities was $604.3 million, up from $394.4 million from continuing operations in the prior year period, and capital expenditures were $407.5 million. At March 31, 2015, the filing reports total assets of $24.90 billion, short-term borrowings of $314.0 million, and a debt-to-capitalization ratio of 53.9%, which is below the covenant limits of 70% and 75%. Standard & Poor's affirmed the senior unsecured rating at BBB- with a Watch Positive outlook. The company also disclosed regulatory filings for rate increases at several distribution subsidiaries and continuing capital programs at NIPSCO and Columbia Pipeline Group.

    Apr 30, 2015
  37. 2014-Q3

    NiSource Quarterly Report for Q3 Ended Sep 30, 2014

    NiSource Inc. reported third-quarter 2014 net income of $31.4 million, or $0.10 per basic share, compared with $48.1 million, or $0.16 per share, in the third quarter of 2013. Operating income was $157.8 million, down $18.6 million from the prior year period. For the nine months ended September 30, 2014, net income was $375.8 million, or $1.19 per basic share, and income from continuing operations was $376.4 million, up from $337.9 million. Total consolidated net revenues rose $323.8 million to $3,116.0 million for the nine months, driven by Columbia Pipeline Group Operations, Gas Distribution Operations and Electric Operations. Operating income for the nine months was $911.1 million, an increase of $111.8 million. The most significant development disclosed is the planned separation of Columbia Pipeline Group Inc. (CPG) from NiSource, expected in mid-2015 and subject to conditions including a tax opinion and final board approval, with NiSource shareholders retaining their NiSource shares and receiving CPG shares. A related initial public offering of Columbia Pipeline Partners LP is planned for the first quarter of 2015 and has not yet become effective. The filing states that NiSource's ratings were affirmed in September 2014, with Standard & Poor's placing ratings on watch positive, and that all ratings remain investment grade. Balance sheet activity included $750.0 million of new three-year bank term loan borrowings and the redemption of $500.0 million of 5.40% notes at maturity. Short-term borrowings rose to $1,311.1 million, including $1,105.3 million of commercial paper. Capital expenditures for the nine months were $1,441.7 million, and NiSource projects 2014 capital expenditures of approximately $2.2 billion. The filing also reports a debt-to-capitalization ratio of 61.8% against a covenant ceiling of 70%.

    Oct 30, 2014
  38. 2014-Q2

    NiSource Quarterly Report for Q2 Ended Jun 30, 2014

    NiSource Inc. reported second-quarter 2014 net income of $78.2 million, or $0.25 per basic share, compared with $71.7 million, or $0.23 per basic share, in the second quarter of 2013. For the six months ended June 30, 2014, net income was $344.4 million, or $1.10 per basic share, versus $332.2 million, or $1.06 per basic share, a year earlier. Income from continuing operations for the six months was $344.9 million, or $1.10 per basic share, compared with $288.4 million, or $0.92 per basic share. Total gross revenues for the six months rose to $3.66 billion from $2.98 billion, and operating income increased to $753.3 million from $622.9 million. The company attributed the gains mainly to regulatory and service programs at Gas Distribution Operations, colder weather, and growth projects placed in service at Columbia Pipeline Group Operations, partly offset by higher operation and maintenance expense and interest expense. Net cash from operating activities for the six months was $651.0 million, down from $894.5 million, which the filing attributes primarily to an income tax refund received in 2013. Capital expenditures for the six months were $852.9 million, and the company projects 2014 capital expenditures of approximately $2.2 billion. Short-term borrowings rose to $1.10 billion, including $801.1 million of commercial paper, and the debt-to-capitalization ratio was 60.6% as of June 30, 2014, below the 70% covenant ceiling. Management stated there were no material changes to the risk factors in its 2013 Form 10-K. Regulatory developments in the period included the Indiana Utility Regulatory Commission's approval of NIPSCO's $710 million gas TDSIC seven-year plan, a pending Columbia of Pennsylvania rate case seeking $54.1 million in additional annual revenue, and a pending Columbia of Virginia case seeking $31.8 million. The filing also notes a $500.0 million senior note redemption and the expiration of $500.0 million of interest rate swaps on July 15, 2014.

    Jul 31, 2014
  39. 2014-Q1

    NiSource Quarterly Report for Q1 Ended Mar 31, 2014

    NiSource Inc. reported first-quarter 2014 net income of $266.2 million, or $0.85 per basic share, compared with $260.5 million, or $0.84 per basic share, in the first quarter of 2013. Income from continuing operations rose to $266.4 million, or $0.85 per basic share, from $216.0 million, or $0.69 per share. Operating income increased to $533.7 million from $428.9 million, and net revenues rose to $1,259.2 million from $1,106.2 million. The filing attributes the increase mainly to regulatory and service programs at Gas Distribution Operations (up $40.1 million), colder weather (up $25.4 million in income from continuing operations), and $17.5 million of previously deferred gains from conveyances of mineral interests at Columbia Pipeline Group Operations. These gains were partly offset by a $15.5 million increase in employee and administrative expense. The company's segments are Gas Distribution Operations, Columbia Pipeline Group Operations and Electric Operations. Gas Distribution operating income was $301.8 million, Columbia Pipeline Group $158.9 million, and Electric $78.9 million. Capital expenditures for the quarter were $386.3 million, and management projects 2014 capital expenditures of approximately $2.2 billion. Cash from operating activities was $394.0 million. Long-term debt including the current portion was $8,169.0 million carrying value at March 31, 2014, and the filing states the debt-to-capitalization ratio was 59.9%, below the 70% covenant maximum. Standard & Poor's affirmed senior unsecured ratings at BBB- with a stable outlook, and Moody's upgraded NiSource's senior unsecured rating to Baa2 on January 31, 2014. The filing describes a significant pipeline and utility investment program, including NIPSCO's TDSIC electric plan of approximately $1.1 billion over seven years and a gas plan of approximately $710 million awaiting an IURC order, plus Columbia Pipeline Group growth projects such as East Side Expansion (approximately $275 million) and Cameron Access (approximately $310 million). Management states that current liquidity is adequate to fund 2014 operating activities and capital expenditures.

    Apr 30, 2014
  40. 2013-Q3

    NiSource Quarterly Report for Q3 Ended Sep 30, 2013

    NiSource Inc. reported third-quarter 2013 net income of $48.1 million, or $0.16 per basic share, compared to $19.3 million, or $0.06 per basic share, in the third quarter of 2012. For the nine months ended September 30, 2013, net income was $380.3 million, or $1.22 per basic share, versus $282.1 million, or $0.99 per basic share, a year earlier. Income from continuing operations for the nine months was $337.9 million, or $1.08 per basic share, compared with $276.7 million, or $0.97 per basic share. Total consolidated net revenues rose $245.2 million for the nine months, driven mainly by Columbia Pipeline Group Operations, including the Columbia Transmission customer settlement, and by colder weather at Gas Distribution Operations. Operating expenses also increased, led by higher operation and maintenance costs that were largely offset by regulatory trackers. The balance sheet shows total assets of $22,084.1 million at September 30, 2013, up from $21,844.7 million at December 31, 2012. Capital expenditures for the nine months were $1,297.3 million, and management projects 2013 capital expenditures of approximately $2.0 billion. During the quarter, NiSource Finance issued $500.0 million of 5.65% senior unsecured notes due 2045 on October 10, 2013, and amended its revolving credit facility to $2.0 billion with a termination date of September 28, 2018. The company stated it maintained approximately $1,381.1 million in net available liquidity at the end of the third quarter. Management noted that Northern Indiana filed a seven-year natural gas infrastructure plan of approximately $710 million and that the TDSIC cost-recovery mechanism under Indiana law provides for recovery of 80% of eligible costs through periodic rate adjustments. The filing describes ongoing rate cases, including Columbia of Massachusetts seeking a $30 million cost-of-service increase with an order expected by February 28, 2014, and Columbia of Kentucky requesting about $16.6 million. Management also reported that Columbia Transmission expects to invest approximately $1.5 billion over five years under its modernization program. Environmental and regulatory matters, including MATS compliance and remediation reserves totaling $149.5 million, are discussed, and the filing states that management expects a significant portion of environmental costs to be recoverable through rates.

    Oct 31, 2013
  41. 2013-Q2

    NiSource Quarterly Report for Q2 Ended Jun 30, 2013

    NiSource Inc. reported net income of $71.7 million, or $0.23 per basic share, for the three months ended June 30, 2013, compared to $69.4 million, or $0.25 per basic share, in the second quarter of 2012. Income from continuing operations was $72.1 million for the quarter, versus $68.3 million a year earlier. For the six months ended June 30, 2013, net income was $332.2 million, or $1.06 per basic share, compared to $262.8 million, or $0.93 per basic share, in the prior-year period. The six-month results were aided by colder weather, which the filing says increased income from continuing operations by $37.0 million, and by a $36.4 million gain on the disposition of discontinued operations tied to the January 2013 sale of the service plan and leasing business lines of the Retail Services business. Operating income was $193.5 million for the quarter, down $11.5 million from the prior year, as operation and maintenance expense rose $61.8 million, largely from increased regulatory trackers that are offset in revenue. Total consolidated net revenues rose $52.4 million to $852.4 million for the quarter, led by Columbia Pipeline Group Operations and Gas Distribution Operations. Capital expenditures for the six months were $801.7 million, and management projects 2013 capital expenditures of approximately $2.0 billion. Net cash from operating activities was $894.5 million for the six months, up $122.7 million, driven primarily by a $124.3 million increase in working capital from an income tax receivable refund from the IRS. Balance sheet activity included a $750.0 million issuance of 4.80% senior unsecured notes due 2044 in April 2013 and the redemption of $420.3 million of 6.15% notes in March. Total long-term debt including the current portion was $7,687.4 million at June 30, 2013. Management reported approximately $1,406.2 million in net available liquidity and stated that Standard & Poor's reaffirmed the BBB- rating with a stable outlook in the first quarter of 2013.

    Jul 31, 2013
  42. 2013-Q1

    NiSource Quarterly Report for Q1 Ended Mar 31, 2013

    NiSource Inc. reported first-quarter 2013 net income of $260.5 million, or $0.84 per basic share, compared with $193.4 million, or $0.68 per basic share, in the first quarter of 2012. Income from continuing operations was $215.4 million, or $0.69 per basic share, versus $192.5 million, or $0.68 per basic share, a year earlier. The filing attributes the increase in continuing operations primarily to colder weather, which added $40.9 million, and to $9.3 million of higher regulatory and service program net revenues at Gas Distribution Operations, partially offset by higher employee, administrative and outside service expenses. Operating income rose to $428.1 million from $397.7 million, and total net revenues were $1,106.6 million, up $85.1 million. Net income also benefited from a $36.4 million after-tax gain on the disposition of discontinued operations, from the January 2013 sale of the service plan and leasing business lines of the Retail Services business, and from $8.7 million of income from discontinued operations that reflects a one-time settlement. Cash from operating activities was $449.1 million, and capital expenditures were $369.3 million, against a 2013 capital expenditure projection of approximately $1.8 billion. Short-term borrowings rose to $1,131.2 million, and the company maintained approximately $896.6 million of net available liquidity. Management reported that Standard & Poor's reaffirmed the BBB- senior unsecured rating with a stable outlook. Subsequent to quarter-end, NiSource Finance issued $750.0 million of 4.80% senior unsecured notes due 2044 and amended its bank term loan to $325.0 million, extending its maturity to April 15, 2016. Management also disclosed a $17.5 million reimbursement received from successors to a former non-utility subsidiary's asset purchase agreement, and a Columbia Transmission customer settlement that included $88.1 million of refunds paid in March 2013 and a planned investment of approximately $1.5 billion over five years.

    Apr 30, 2013
  43. 2012-Q3

    NiSource Quarterly Report for Q3 Ended Sep 30, 2012

    NiSource Inc. reported net income of $19.3 million, or $0.06 per basic share, for the three months ended September 30, 2012, versus $34.7 million, or $0.12 per share, a year earlier. For the nine months, net income was $282.1 million, or $0.99 per basic share, compared with $284.4 million, or $1.01, in 2011. Income from continuing operations for the nine months was $284.0 million, down from $286.2 million, driven mainly by the Columbia Transmission customer settlement, which reduced net revenues by $72.9 million and triggered a $50.0 million refund obligation, and by warmer weather that reduced income by $42.6 million. Higher interest expense of $34.5 million for the nine months also weighed on results, partly offset by higher Electric Operations net revenues of $87.9 million following the electric rate case. Operating income for the nine months rose to $745.2 million from $719.3 million, and net cash from operating activities increased to $941.8 million from $794.1 million, largely because pension and postretirement contributions fell to $37.3 million from $184.1 million. Capital expenditures for the nine months were $1,024.3 million, and NiSource projects 2012 capital expenditures of approximately $1.575 billion. In September 2012 the company settled its Forward Agreements, delivering 24,265,000 shares for cash proceeds of $339.1 million. Long-term debt including current portion stood at $7,643.0 million at September 30, 2012, and the company reported approximately $1,438.7 million of net available liquidity at quarter end. The filing describes a large pipeline modernization effort at Columbia Transmission, expected to total about $1.5 billion over five years in the settlement section and about $4 billion over an extended period in MD&A, along with new Gas Transmission growth projects including West Side Expansion (about $200 million) and East Side Expansion (about $210 million). Credit ratings were affirmed by Moody's (Baa3), S&P (BBB-) and Fitch (BBB-), all with stable outlooks and all investment grade.

    Nov 2, 2012
  44. 2012-Q2

    NiSource Quarterly Report for Q2 Ended Jun 30, 2012

    NiSource Inc. reported net income of $69.4 million, or $0.25 per basic share, for the three months ended June 30, 2012, compared to $40.2 million, or $0.14 per basic share, a year earlier. For the six months ended June 30, 2012, net income was $262.8 million, or $0.93 per basic share, versus $249.7 million, or $0.89 per basic share. Consolidated gross revenues for the six months fell to $2.71 billion from $3.46 billion, primarily reflecting lower gas distribution revenues from warmer weather, while total net revenues rose to $1.84 billion from $1.83 billion. The filing attributes higher earnings mainly to Electric Operations, where net revenues rose $61.2 million for the six months following the electric rate case, and to Gas Transmission and Storage, where higher demand margin revenue from growth projects contributed. Warmer weather, which reduced Gas Distribution net revenues, and higher depreciation and interest expense partially offset these gains. Liquidity and financing activity were significant during the period. NiSource Finance issued $750.0 million of senior unsecured notes in June 2012, and total long-term debt including the current portion rose to $7.57 billion from $6.59 billion at year-end 2011. Management reported approximately $1,399.2 million of net available liquidity at quarter-end. The company also increased its quarterly dividend 4.3% in May 2012 and expects to settle its $400 million forward equity sale, with a forward agreement covering 24,265,000 shares expected to settle no later than September 10, 2012. Management expects 2012 capital expenditures of approximately $1.4 billion. The filing discloses ongoing regulatory and environmental matters, including a Columbia of Ohio infrastructure replacement program extension pending before the PUCO, a Columbia of Massachusetts rate case requesting a $29.2 million revenue increase with an order expected later in 2012, and environmental reserves of approximately $168.0 million. Management stated that the outcome of pending legal claims is not expected to have a material impact on consolidated financial statements.

    Jul 31, 2012
  45. 2012-Q1

    NiSource Quarterly Report for Q1 Ended Mar 31, 2012

    NiSource Inc. reported net income of $193.4 million, or $0.68 per basic share, for the three months ended March 31, 2012, compared to $209.5 million, or $0.75 per basic share, in the first quarter of 2011. Management attributes the decline primarily to warmer weather, which reduced income from continuing operations by $45.7 million. Gross revenues fell to $1,658.7 million from $2,231.6 million, while total net revenues were $1,028.4 million versus $1,060.7 million. Operating income was $399.4 million, down $7.0 million year over year, and interest expense rose $13.5 million on higher long-term debt issuance and short-term borrowings. Partially offsetting the weather impact were higher Electric Operations net revenues of $22.2 million from the electric rate case, an $11.5 million increase in gas distribution regulatory and service program revenues, and an $19.1 million increase in Gas Transmission and Storage net revenues driven by growth projects. Net cash from operating activities rose to $480.0 million from $422.1 million, and capital expenditures were $292.6 million, with 2012 capital spending projected at approximately $1.4 billion. The company reported approximately $632 million in net available liquidity at quarter end, and Standard & Poor's reaffirmed its BBB- rating, with all ratings remaining investment grade. Long-term debt, excluding the current portion, declined to $5,834.4 million from $6,267.1 million at year-end 2011, as $750.8 million of debt moved to current liabilities. Short-term borrowings were $1,264.2 million. Management also disclosed a potential $80.9 million tax benefit tied to repair-deduction guidance expected within twelve months, and a $3.7 billion-plus goodwill balance that was not impaired as of the June 30, 2011 test.

    May 1, 2012
  46. 2011-Q3

    NiSource Quarterly Report for Q3 Ended Sep 30, 2011

    NiSource Inc. reported income from continuing operations of $280.6 million, or $1.00 per basic share, for the nine months ended September 30, 2011, compared to $258.8 million, or $0.93 per basic share, a year earlier. For the third quarter alone, net income was $34.7 million, or $0.12 per basic share, versus $33.2 million, or $0.12 per basic share, in the third quarter of 2010. Consolidated operating income rose to $710.0 million for the nine months from $665.9 million, driven mainly by higher Gas Transmission and Storage net revenues, higher Gas Distribution net revenues, lower depreciation following new approved rates at Northern Indiana, and lower interest expense. The company's capital expenditures for the nine months were $774.2 million, and it projects 2011 capital expenditures of approximately $1.1 billion. Net cash from operating activities was $794.1 million for the nine months, an increase of $461.6 million over the prior year, which the filing attributes largely to the timing of gas cost recoveries. NiSource reported approximately $462 million of net available liquidity at quarter end, and its senior unsecured ratings remained investment grade at BBB- (S&P and Fitch) and Baa3 (Moody's), with stable outlooks. Several regulatory matters are pending that could affect future results. Northern Indiana's 2010 electric rate case settlement, which would set a revenue requirement of $1,401 million, awaits an IURC order, and the settlement requests a decision by December 31, 2011. The consent decree resolving the Northern Indiana NOV was entered on July 22, 2011, with estimated NSR-related capital improvements of $570 to $845 million. The Pennsylvania PUC approved a $17 million annual revenue increase for Columbia of Pennsylvania effective October 18, 2011.

    Oct 28, 2011
  47. 2011-Q2

    NiSource Quarterly Report for Q2 Ended Jun 30, 2011

    NiSource Inc. (NI) reported its second-quarter 2011 Form 10-Q for the period ended June 30, 2011. For the three months ended June 30, 2011, net income was $38.9 million, or $0.14 per basic share, compared with $28.1 million, or $0.10 per basic share, in the second quarter of 2010. Operating income rose to $163.3 million from $139.2 million, and gross revenues were $1,228.3 million versus $1,171.1 million. For the six months, income from continuing operations was $244.3 million, or $0.87 per basic share, compared with $225.4 million, or $0.81 per basic share, a year earlier. The company attributed the increase primarily to higher Electric Operations and Gas Transmission and Storage net revenues and lower depreciation, partially offset by higher operation and maintenance expense and lower Gas Distribution net revenues. Cash flow from operations for the six months was $736.0 million, up $333.5 million from the prior year, largely due to the return of under-collected gas costs and lower working capital drag. Capital expenditures were $445.0 million for the first six months, and NiSource projects 2011 capital expenditures of approximately $1.1 billion. Short-term borrowings fell to $870.4 million from $1,382.5 million at year-end 2010, while long-term debt rose to $6,340.0 million (excluding current portion) following the issuance of $400.0 million of 5.95% notes due 2041. Total assets were $19,346.3 million at June 30, 2011. The filing also details pending regulatory matters, including a Northern Indiana electric base rate case settlement filed July 18, 2011 that would produce a revenue requirement of $1,401 million, and a July 22, 2011 consent decree resolving an EPA New Source Review matter, with estimated NSR-related capital improvements of $570 to $840 million. Management stated that disclosure controls were effective as of the end of the period.

    Aug 2, 2011
  48. 2011-Q1

    NiSource Quarterly Report for Q1 Ended Mar 31, 2011

    NiSource Inc. reported first-quarter 2011 net income of $205.2 million, or $0.73 per basic share, compared with $197.3 million, or $0.71 per basic share, in the first quarter of 2010. Income from continuing operations was $204.8 million, versus $197.4 million a year earlier. Total net revenues were $1,061.3 million, down $11.1 million from the prior year, mainly due to lower Gas Distribution net revenues (down $21.6 million) and Gas Transmission and Storage net revenues (down $1.2 million), partly offset by Electric Operations net revenues up $12.4 million. Operating income was $399.2 million, a $4.2 million decrease, and interest expense fell $9.0 million following the 2010 debt maturity and tender offer. Cash flow from operations was $422.1 million, up $338.8 million year over year, largely because under-collected gas costs of $190.4 million were recovered from customers in 2011, compared with over-collected costs returned in 2010. Capital expenditures were $209.4 million for the quarter, and management continues to project about $1.1 billion for full-year 2011. Short-term borrowings declined to $1,263.0 million, and total common equity rose to $5,014.3 million. The filing highlights several open regulatory and legal matters. A Northern Indiana electric rate order is subject to rehearing and appeal, and a new electric rate case is pending with rates anticipated in early 2012. The Tawney royalty settlement has been funded with $337.5 million of the up to $338.8 million liability, and an EPA consent decree requires environmental capital spending estimated at $570 to $840 million.

    May 3, 2011
  49. 2010-Q3

    NiSource Quarterly Report for Q3 Ended Sep 30, 2010

    NiSource Inc. reported net income of $33.2 million, or $0.12 per basic share, for the third quarter of 2010, compared with a net loss of $15.4 million, or $0.05 per share, in the third quarter of 2009. For the nine months ended September 30, 2010, net income was $258.6 million, or $0.93 per basic share, versus $128.2 million, or $0.47 per share, a year earlier. Operating income for the nine months rose to $665.9 million from $553.5 million, driven mainly by Electric Operations, whose net revenues increased $108.9 million, and Gas Transmission and Storage Operations, whose net revenues increased $18.3 million. The effective tax rate fell to 31.6% from 43.9%, reflecting a $15.2 million discrete tax adjustment in the third quarter tied to a Pennsylvania rate settlement. Cash flow from operations for the nine months was $332.5 million, down from $1,120.9 million, largely because over-collected gas costs were returned to customers and $241.9 million of cash from operations was reclassified after accounts receivable sales began to be treated as secured borrowings on January 1, 2010. Short-term borrowings rose to $724.6 million, and the company completed a forward equity sale of 24,265,000 shares in September 2010, with settlement expected no later than September 10, 2012. Capital expenditures for the nine months were $553.7 million, and management projects full-year 2010 capital spending of approximately $950 million. The filing also highlights significant pending regulatory and legal matters, including the IURC's August 25, 2010 electric rate order (under appeal), several pending gas rate cases in Indiana and Virginia, a proposed $50.0 million revenue increase at Columbia Gulf, and the Tawney royalty litigation, under which NiSource had contributed $328.2 million of a settlement with up to $338.8 million of liability. Credit ratings remained investment grade, with S&P at BBB-, Fitch at BBB-, and Moody's at Baa3.

    Oct 29, 2010
  50. 2010-Q2

    NiSource Quarterly Report for Q2 Ended Jun 30, 2010

    NiSource Inc. reported net income of $28.1 million, or $0.10 per basic share, for the quarter ended June 30, 2010, compared with a net loss of $4.8 million, or $0.01 per share, in the second quarter of 2009. For the six months ended June 30, 2010, net income was $225.4 million, or $0.81 per basic share, versus $143.6 million, or $0.53 per share, a year earlier. Operating income for the six months rose to $542.6 million from $459.9 million, driven mainly by higher Electric Operations net revenues of $57.1 million and Gas Transmission and Storage net revenues of $22.5 million, partly offset by lower Gas Distribution net revenues. Warmer weather reduced Gas Distribution results, with the second quarter 33% warmer than normal. Cash flow from operations for the six months was $402.5 million, down $837.3 million from the prior-year period, largely due to gas cost recovery swings and a $241.9 million reduction in cash from operations from the accounts receivable securitization accounting change effective January 1, 2010. Capital expenditures were $336.9 million for the first half, and the company continues to project approximately $900 million for 2010. Total long-term debt including the current portion was $6,696.1 million at June 30, 2010. Short-term borrowings rose to $212.8 million, and the company reported $1,385.0 million of credit available under its revolving facility. Litigation and regulatory matters remain significant. The Tawney royalty settlement has $20.6 million of the maximum settlement liability unpaid, and Northern Indiana faces an EPA New Source Review notice of violation with no predictable outcome. Several rate cases are pending, including Northern Indiana's gas case filed May 3, 2010 and Columbia of Virginia's base rate case seeking a $13.0 million annual increase. Credit ratings were affirmed at investment grade, with Standard & Poor's and Fitch at BBB- and Moody's at Baa3.

    Aug 3, 2010