☑ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) |
DE | 35-2108964 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
801 East 86th Avenue | |||||||||||
Merrillville, | IN | 46410 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Common Stock, par value $0.01 per share | NI | NYSE | ||||||
Depositary Shares, each representing a 1/1,000th ownership interest in a share of 6.50% Series B | NI PR B | NYSE | ||||||
Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share, liquidation preference $25,000 per share and a 1/1,000th ownership interest in a share of Series B-1 Preferred Stock, par value $0.01 per share, liquidation preference $0.01 per share |
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DEFINED TERMS | ||||||||
The following is a list of abbreviations or acronyms that are used in this report: | ||||||||
NiSource Subsidiaries, Affiliates and Former Subsidiaries | ||||||||
Columbia of Kentucky | Columbia Gas of Kentucky, Inc. | |||||||
Columbia of Maryland | Columbia Gas of Maryland, Inc. | |||||||
Columbia of Massachusetts | Bay State Gas Company | |||||||
Columbia of Ohio | Columbia Gas of Ohio, Inc. | |||||||
Columbia of Pennsylvania | Columbia Gas of Pennsylvania, Inc. | |||||||
Columbia of Virginia | Columbia Gas of Virginia, Inc. | |||||||
Company | NiSource Inc. and its subsidiaries, unless otherwise indicated by the context | |||||||
Northern Indiana Public Service Company LLC | ||||||||
NiSource ("we," "us" or "our") | NiSource Inc. | |||||||
NiSource Corporate Services | NiSource Corporate Services Company | |||||||
Abbreviations | ||||||||
ACE | Affordable clean energy | |||||||
AFUDC | Allowance for funds used during construction | |||||||
AMR | Automatic meter reading | |||||||
Accumulated Other Comprehensive Income | ||||||||
ASC | Accounting Standards Codification | |||||||
ASU | Accounting Standards Update | |||||||
ATM | At-the-market | |||||||
Board | Board of Directors | |||||||
BTA | Build-transfer agreement | |||||||
CAP | Compliance Assurance Process | |||||||
CCGT | Combined Cycle Gas Turbine | |||||||
CCRs | Coal Combustion Residuals | |||||||
CEP | Capital Expenditure Program | |||||||
CERCLA | Comprehensive Environmental Response Compensation and Liability Act (also known as Superfund) | |||||||
Novel Coronavirus 2019 | ||||||||
DPA | Deferred prosecution agreement | |||||||
DPU | Department of Public Utilities | |||||||
DSIC | Distribution System Investment Charge | |||||||
DSM | Demand Side Management | |||||||
EPA | United States Environmental Protection Agency | |||||||
EPS | Earnings per share | |||||||
FAC | Fuel adjustment clause | |||||||
FASB | Financial Accounting Standards Board | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
FMCA | Federally Mandated Cost Adjustment | |||||||
GAAP | Generally Accepted Accounting Principles | |||||||
GCA | Gas cost adjustment | |||||||
GHG | Greenhouse gas | |||||||
IRP | Infrastructure Replacement Program | |||||||||
IRS | Internal Revenue Service | |||||||||
IURC | Indiana Utility Regulatory Commission | |||||||||
LDCs | Local distribution companies | |||||||||
LIBOR | London inter-bank offered rate | |||||||||
LIFO | Last-in, first-out | |||||||||
MA DOR | Massachusetts Department of Revenue | |||||||||
Massachusetts Business | All of the assets | |||||||||
MGP | Manufactured Gas Plant | |||||||||
MISO | Midcontinent Independent System Operator | |||||||||
MMDth | Million dekatherms | |||||||||
MW | Megawatts | |||||||||
MWh | Megawatt hours | |||||||||
NOL | Net Operating Loss | |||||||||
NTSB | National Transportation Safety Board | |||||||||
NYMEX | The New York Mercantile Exchange | |||||||||
NYSE | The New York Stock Exchange | |||||||||
OPEB | Other Postretirement and Postemployment Benefits | |||||||||
PCB | Polychlorinated biphenyls | |||||||||
PHMSA | U.S. Department of Transportation Pipeline and Hazardous Materials Safety Administration | |||||||||
Power Purchase Agreement | ||||||||||
PSC | Public Service Commission | |||||||||
Public Utility Commission | ||||||||
PUCO | Public Utilities Commission of Ohio | |||||||
RCRA | Resource Conservation and Recovery Act | |||||||
ROE | Return on Equity | |||||||
Rosewater | Rosewater Wind Generation LLC | |||||||
ROU | Right of use | |||||||
SAVE | Steps to Advance Virginia's Energy Plan | |||||||
SEC | Securities and Exchange Commission | |||||||
SMRP | Safety Modification and Replacement Program | |||||||
Safety Management System | ||||||||
STRIDE | Strategic Infrastructure Development and Enhancement | |||||||
Sugar Creek | Sugar Creek electric generating plant | |||||||
TCJA | Tax Cuts and Jobs Act of 2017 | |||||||
TDSIC | Transmission, Distribution and Storage System Improvement Charge | |||||||
TSA | Transition Service Agreement | |||||||
U.S. Attorney's Office | U.S. Attorney's Office for the District of Massachusetts | |||||||
Variable Interest Entity | ||||||||
VSCC | Virginia State Corporation Commission | |||||||
(in millions) | |||||||||||||||||||||||
Company | Proposed ROE | Approved ROE | Requested Incremental Revenue | Approved Incremental Revenue | Filed | Status | Rates Effective | ||||||||||||||||
NIPSCO - Electric(1) | 10.80 | % | 9.75 | % | $ | 21.4 | $ | (53.5) | October 31, 2018 | Approved December 4, 2019 | January 2020 | ||||||||||||
Columbia of Pennsylvania(2) | 9.86 | % | N/A | $ | 76.8 | In process | April 24, 2020 | Order Expected Q1 2021 | January 2021 | ||||||||||||||
Columbia of Maryland | 10.95 | % | None specified(3) | $ | 5.0 | $ | 2.0 | May 15, 2020 | Approved November 7, 2020 | December 2020 |
(in millions) | |||||||||||||||||||||||
Company | Proposed ROE | Approved ROE | Requested Incremental Revenue | Approved Incremental Revenue | Filed | Status | Rates Effective | ||||||||||||||||
NIPSCO - Electric(1) | 10.80 | % | 9.75 | % | $ | 21.4 | $ | (53.5) | October 31, 2018 | Approved December 4, 2019 | January 2020 | ||||||||||||
Columbia of Pennsylvania(2) | 9.86 | % | N/A | $ | 76.8 | In process | April 24, 2020 | Order Expected Q1 2021 | January 2021 | ||||||||||||||
Columbia of Maryland | 10.95 | % | None specified(3) | $ | 5.0 | $ | 2.0 | May 15, 2020 | Approved November 7, 2020 | December 2020 |
(in millions) | |||||||||||||||||||||||
Company | Proposed ROE | Approved ROE | Requested Incremental Revenue | Approved Incremental Revenue | Filed | Status | Rates Effective | ||||||||||||||||
NIPSCO - Electric(1) | 10.80 | % | 9.75 | % | $ | 21.4 | $ | (53.5) | October 31, 2018 | Approved December 4, 2019 | January 2020 | ||||||||||||
Columbia of Pennsylvania(2) | 9.86 | % | N/A | $ | 76.8 | In process | April 24, 2020 | Order Expected Q1 2021 | January 2021 | ||||||||||||||
Columbia of Maryland | 10.95 | % | None specified(3) | $ | 5.0 | $ | 2.0 | May 15, 2020 | Approved November 7, 2020 | December 2020 |
Name | Age | Office(s) Held in Past 5 Years | |||||||||||||
Joseph Hamrock | President and Chief Executive Officer of NiSource since July 2015. | ||||||||||||||
Donald E. Brown | 49 | Executive Vice President, Chief Financial Officer and | |||||||||||||
Executive Vice President of NiSource since May 2015. | |||||||||||||||
Chief Financial Officer of NiSource since July 2015. | |||||||||||||||
President, NiSource Corporate Services since June 2020. | |||||||||||||||
Treasurer of NiSource from July 2015 to June 2016. | |||||||||||||||
Anne-Marie W. D'Angelo | 44 | Executive Vice President, General Counsel and Corporate Secretary. | |||||||||||||
Executive Vice President of NiSource since January 2021. | |||||||||||||||
Corporate Secretary and General Counsel of NiSource since September 2019. | |||||||||||||||
Senior Vice President of NiSource from September 2019 to January 2021. | |||||||||||||||
General Counsel of Global Brass & Copper Inc. from May 2017 to August 2019. | |||||||||||||||
Assistant General Counsel of McDonald’s USA from January 2015 to May 2017. | |||||||||||||||
Shawn Anderson | 39 | Senior Vice President and Chief | |||||||||||||
Vice President of NiSource from May 2018 to December 2018. | |||||||||||||||
Vice President, | |||||||||||||||
Charles E. Shafer, II | Senior Vice President and Chief Safety Officer of NiSource since October 2019. | ||||||||||||||
Senior Vice President, Gas Engineering and Gas Support Services of NiSource Corporate Services Company from January 2019 to September 2019. | |||||||||||||||
Senior Vice President, Customer Services and New Business of NiSource Corporate Services Company from May 2016 through December 2018. | |||||||||||||||
Vice President, Engineering and Construction of NiSource Corporate Services Company from June 2012 to May 2016. | |||||||||||||||
Violet G. Sistovaris | Executive Vice President and Chief Experience Officer. | ||||||||||||||
Executive Vice President | |||||||||||||||
Pablo A. Vegas | Executive Vice President, Chief Operating Officer and President, NiSource Utilities. | ||||||||||||||
Executive Vice President of NiSource since May 2016. | |||||||||||||||
Chief Operating Officer and President, NiSource Utilities of NiSource since June 2020. | |||||||||||||||
President, Gas Utilities of NiSource | |||||||||||||||
Executive Vice President, Gas Business Segment and Chief Customer Officer of NiSource from May 2017 to September 2018. | |||||||||||||||
President and Chief Operating Officer of American Electric Power Company of Ohio from May 2012 to May 2016. |
Year Ended December 31, (in millions except per share data) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
Statement of Income Data: | |||||||||||||||||||
Total Operating Revenues | $ | 5,208.9 | $ | 5,114.5 | $ | 4,874.6 | $ | 4,492.5 | $ | 4,651.8 | |||||||||
Net Income (Loss) Available to Common Shareholders | 328.0 | (65.6 | ) | 128.5 | 331.5 | 198.6 | |||||||||||||
Balance Sheet Data: | |||||||||||||||||||
Total Assets | 22,659.8 | 21,804.0 | 19,961.7 | 18,691.9 | 17,492.5 | ||||||||||||||
Capitalization | |||||||||||||||||||
Stockholders’ equity | 5,986.7 | 5,750.9 | 4,320.1 | 4,071.2 | 3,843.5 | ||||||||||||||
Long-term debt, excluding amounts due within one year | 7,856.2 | 7,105.4 | 7,512.2 | 6,058.2 | 5,948.5 | ||||||||||||||
Total Capitalization | $ | 13,842.9 | $ | 12,856.3 | $ | 11,832.3 | $ | 10,129.4 | $ | 9,792.0 | |||||||||
Per Share Data: | |||||||||||||||||||
Basic Earnings (Loss) Per Share ($) | $ | 0.88 | $ | (0.18 | ) | $ | 0.39 | $ | 1.02 | $ | 0.63 | ||||||||
Diluted Earnings (Loss) Per Share ($) | $ | 0.87 | $ | (0.18 | ) | $ | 0.39 | $ | 1.01 | $ | 0.63 | ||||||||
Other Data: | |||||||||||||||||||
Dividends declared per common share ($) | $ | 0.80 | $ | 0.78 | $ | 0.70 | $ | 0.64 | $ | 0.83 | |||||||||
Common shares outstanding at the end of the year (in thousands) | 382,136 | 372,363 | 337,016 | 323,160 | 319,110 | ||||||||||||||
Number of common stockholders | 18,725 | 19,889 | 21,009 | 22,272 | 30,190 | ||||||||||||||
Dividends declared per Series A preferred share ($) | $ | 56.50 | $ | 28.88 | $ | — | $ | — | $ | — | |||||||||
Dividends declared per Series B preferred share ($) | $ | 1,674.65 | $ | — | $ | — | $ | — | $ | — | |||||||||
Capital expenditures | $ | 1,867.8 | $ | 1,814.6 | $ | 1,753.8 | $ | 1,490.4 | $ | 1,367.5 | |||||||||
Number of employees | 8,363 | 8,087 | 8,175 | 8,007 | 7,596 |
Index | Page | ||||
Off Balance Sheet Arrangements | |||||
Year Ended | Year Ended | |||||||||
(in millions) | December 31, 2018 | December 31, 2019 | Incident to Date | |||||||
Third-party claims and government fines, penalties and settlements | $ | 757 | $ | 284 | $ | 1,041 | ||||
Other incident-related costs | 266 | 154 | 420 | |||||||
Total | 1,023 | 438 | 1,461 | |||||||
Insurance recoveries recorded | (135 | ) | (665 | ) | (800 | ) | ||||
Loss (benefit) to income before income taxes | $ | 888 | $ | (227 | ) | $ | 661 |
(in millions) | Insurance receivable(1) | ||
Balance, December 31, 2018 | $ | 130 | |
Insurance recoveries recorded in first quarter of 2019 | 100 | ||
Cash collected from insurance recoveries in the first quarter of 2019 | (108 | ) | |
Balance, March 31, 2019 | 122 | ||
Insurance recoveries recorded in the second quarter of 2019 | 435 | ||
Cash collected from insurance recoveries in the second quarter of 2019 | (297 | ) | |
Balance, June 30, 2019 | $ | 260 | |
Insurance recoveries recorded in third quarter of 2019 | — | ||
Cash collected from insurance recoveries in the third quarter of 2019 | (260 | ) | |
Balance, September 30, 2019 | $ | — | |
Insurance recoveries recorded in the fourth quarter of 2019 | 130 | ||
Cash collected from insurance recoveries in the fourth quarter of 2019 | (130 | ) | |
Balance, December 31, 2019 | $ | — |
Year Ended December 31, (in millions, except per share amounts) | 2020 | 2019 | 2018 | 2020 vs. 2019 | 2019 vs. 2018 | ||||||||||||||||||||||||
Operating Revenues | $ | 4,681.7 | $ | 5,208.9 | $ | 5,114.5 | $ | (527.2) | $ | 94.4 | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||
Cost of energy | 1,109.3 | 1,534.8 | 1,761.3 | (425.5) | (226.5) | ||||||||||||||||||||||||
Other Operating Expenses | 3,021.6 | 2,783.4 | 3,228.5 | 238.2 | (445.1) | ||||||||||||||||||||||||
Total Operating Expenses | 4,130.9 | 4,318.2 | 4,989.8 | (187.3) | (671.6) | ||||||||||||||||||||||||
Operating Income | 550.8 | 890.7 | 124.7 | (339.9) | 766.0 | ||||||||||||||||||||||||
Total Other Deductions, Net | (582.1) | (384.1) | (355.3) | (198.0) | (28.8) | ||||||||||||||||||||||||
Income Taxes | (17.1) | 123.5 | (180.0) | (140.6) | 303.5 | ||||||||||||||||||||||||
Net Income (Loss) | (14.2) | 383.1 | (50.6) | (397.3) | 433.7 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 3.4 | — | — | 3.4 | — | ||||||||||||||||||||||||
Net Income (Loss) attributable to NiSource | (17.6) | 383.1 | (50.6) | (400.7) | 433.7 | ||||||||||||||||||||||||
Preferred dividends | (55.1) | (55.1) | (15.0) | — | (40.1) | ||||||||||||||||||||||||
Net Income (Loss) Available to Common Shareholders | (72.7) | 328.0 | (65.6) | (400.7) | 393.6 | ||||||||||||||||||||||||
Basic Earnings (Loss) Per Share | $ | (0.19) | $ | 0.88 | $ | (0.18) | $ | (1.07) | $ | 1.06 | |||||||||||||||||||
Basic Average Common Shares Outstanding | 384.3 | 374.6 | 356.5 | 9.7 | 18.1 |
Year Ended December 31, (in millions) | 2019 | 2018 | 2017 | 2019 vs. 2018 | 2018 vs. 2017 | ||||||||||||||
Operating Income | $ | 890.7 | $ | 124.7 | $ | 921.2 | $ | 766.0 | $ | (796.5 | ) |
Year Ended December 31, (in millions, except per share amounts) | 2019 | 2018 | 2017 | 2019 vs. 2018 | 2018 vs. 2017 | ||||||||||||||
Operating Revenues | $ | 5,208.9 | $ | 5,114.5 | $ | 4,874.6 | $ | 94.4 | $ | 239.9 | |||||||||
Cost of sales (excluding depreciation and amortization) | 1,534.8 | 1,761.3 | 1,518.7 | (226.5 | ) | 242.6 | |||||||||||||
Total Net Revenues | 3,674.1 | 3,353.2 | 3,355.9 | 320.9 | (2.7 | ) | |||||||||||||
Other Operating Expenses | 2,783.4 | 3,228.5 | 2,434.7 | (445.1 | ) | 793.8 | |||||||||||||
Operating Income | 890.7 | 124.7 | 921.2 | 766.0 | (796.5 | ) | |||||||||||||
Total Other Deductions, Net | (384.1 | ) | (355.3 | ) | (478.2 | ) | (28.8 | ) | 122.9 | ||||||||||
Income Taxes | 123.5 | (180.0 | ) | 314.5 | 303.5 | (494.5 | ) | ||||||||||||
Net Income (Loss) | 383.1 | (50.6 | ) | 128.5 | 433.7 | (179.1 | ) | ||||||||||||
Preferred dividends | (55.1 | ) | (15.0 | ) | — | (40.1 | ) | (15.0 | ) | ||||||||||
Net Income (Loss) Available to Common Shareholders | 328.0 | (65.6 | ) | 128.5 | 393.6 | (194.1 | ) | ||||||||||||
Basic Earnings (Loss) Per Share | $ | 0.88 | $ | (0.18 | ) | $ | 0.39 | $ | 1.06 | $ | (0.57 | ) | |||||||
Basic Average Common Shares Outstanding | 374.6 | 356.5 | 329.4 | 18.1 | 27.1 |
Year Ended December 31, (in millions) | 2020 | 2019 | 2018 | 2020 vs. 2019 | 2019 vs. 2018 | ||||||||||||||||||||||||
Operating Revenues | $ | 3,140.1 | $ | 3,522.8 | $ | 3,419.5 | $ | (382.7) | $ | 103.3 | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||
Cost of energy | 794.2 | 1,067.6 | 1,259.3 | (273.4) | (191.7) | ||||||||||||||||||||||||
Operation and maintenance | 1,138.0 | 935.7 | 1,908.1 | 202.3 | (972.4) | ||||||||||||||||||||||||
Depreciation and amortization | 363.1 | 403.2 | 301.0 | (40.1) | 102.2 | ||||||||||||||||||||||||
Impairment of intangible assets | — | 209.7 | — | (209.7) | 209.7 | ||||||||||||||||||||||||
Loss on sale of fixed assets and impairments, net | 412.4 | 0.1 | 0.2 | 412.3 | (0.1) | ||||||||||||||||||||||||
Other taxes | 233.3 | 231.1 | 205.0 | 2.2 | 26.1 | ||||||||||||||||||||||||
Total Operating Expenses | 2,941.0 | 2,847.4 | 3,673.6 | 93.6 | (826.2) | ||||||||||||||||||||||||
Operating Income (Loss) | $ | 199.1 | $ | 675.4 | $ | (254.1) | $ | (476.3) | $ | 929.5 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Residential | $ | 2,110.6 | $ | 2,317.2 | $ | 2,248.3 | $ | (206.6) | $ | 68.9 | |||||||||||||||||||
Commercial | 679.7 | 775.1 | 753.7 | (95.4) | 21.4 | ||||||||||||||||||||||||
Industrial | 213.8 | 245.8 | 228.6 | (32.0) | 17.2 | ||||||||||||||||||||||||
Off-System | 41.0 | 77.7 | 92.4 | (36.7) | (14.7) | ||||||||||||||||||||||||
Other | 95.0 | 107.0 | 96.5 | (12.0) | 10.5 | ||||||||||||||||||||||||
Total | $ | 3,140.1 | $ | 3,522.8 | $ | 3,419.5 | $ | (382.7) | $ | 103.3 | |||||||||||||||||||
Sales and Transportation (MMDth) | |||||||||||||||||||||||||||||
Residential | 249.5 | 274.9 | 280.3 | (25.4) | (5.4) | ||||||||||||||||||||||||
Commercial | 170.5 | 189.6 | 187.6 | (19.1) | 2.0 | ||||||||||||||||||||||||
Industrial | 538.1 | 542.5 | 555.7 | (4.4) | (13.2) | ||||||||||||||||||||||||
Off-System | 23.3 | 32.9 | 30.0 | (9.6) | 2.9 | ||||||||||||||||||||||||
Other | 0.3 | 0.3 | — | — | 0.3 | ||||||||||||||||||||||||
Total | 981.7 | 1,040.2 | 1,053.6 | (58.5) | (13.4) | ||||||||||||||||||||||||
Heating Degree Days | 5,097 | 5,375 | 5,562 | (278) | (187) | ||||||||||||||||||||||||
Normal Heating Degree Days | 5,485 | 5,452 | 5,610 | 33 | (158) | ||||||||||||||||||||||||
% Warmer than Normal | (7) | % | (1) | % | (2) | % | |||||||||||||||||||||||
Gas Distribution Customers | |||||||||||||||||||||||||||||
Residential | 2,954,478 | 3,221,178 | 3,194,662 | (266,700) | 26,516 | ||||||||||||||||||||||||
Commercial | 253,184 | 282,778 | 281,517 | (29,594) | 1,261 | ||||||||||||||||||||||||
Industrial | 4,968 | 5,982 | 5,833 | (1,014) | 149 | ||||||||||||||||||||||||
Other | 3 | 3 | 3 | — | — | ||||||||||||||||||||||||
Total | 3,212,633 | 3,509,941 | 3,482,015 | (297,308) | 27,926 |
Year Ended December 31, (in millions) | 2019 | 2018 | 2017 | 2019 vs. 2018 | 2018 vs. 2017 | ||||||||||||||
Operating Income (Loss) | $ | 675.4 | $ | (254.1 | ) | $ | 550.1 | $ | 929.5 | $ | (804.2 | ) |
Year Ended December 31, (in millions) | 2019 | 2018 | 2017 | 2019 vs. 2018 | 2018 vs. 2017 | ||||||||||||||
Net Revenues | |||||||||||||||||||
Operating revenues | $ | 3,522.8 | $ | 3,419.5 | $ | 3,102.1 | $ | 103.3 | $ | 317.4 | |||||||||
Less: Cost of sales (excluding depreciation and amortization) | 1,067.6 | 1,259.3 | 1,005.0 | (191.7 | ) | 254.3 | |||||||||||||
Net Revenues | 2,455.2 | 2,160.2 | 2,097.1 | 295.0 | 63.1 | ||||||||||||||
Operating Expenses | |||||||||||||||||||
Operation and maintenance | 935.7 | 1,908.1 | 1,090.8 | (972.4 | ) | 817.3 | |||||||||||||
Depreciation and amortization | 403.2 | 301.0 | 269.3 | 102.2 | 31.7 | ||||||||||||||
Impairment of other intangible assets | 209.7 | — | — | 209.7 | — | ||||||||||||||
Loss on sale of fixed assets and impairments, net | 0.1 | 0.2 | 2.8 | (0.1 | ) | (2.6 | ) | ||||||||||||
Other taxes | 231.1 | 205.0 | 184.1 | 26.1 | 20.9 | ||||||||||||||
Total Operating Expenses | 1,779.8 | 2,414.3 | 1,547.0 | (634.5 | ) | 867.3 | |||||||||||||
Operating Income (Loss) | $ | 675.4 | $ | (254.1 | ) | $ | 550.1 | $ | 929.5 | $ | (804.2 | ) | |||||||
Revenues | |||||||||||||||||||
Residential | $ | 2,317.2 | $ | 2,248.3 | $ | 2,029.4 | $ | 68.9 | $ | 218.9 | |||||||||
Commercial | 775.1 | 753.7 | 669.4 | 21.4 | 84.3 | ||||||||||||||
Industrial | 245.8 | 228.6 | 217.5 | 17.2 | 11.1 | ||||||||||||||
Off-System | 77.7 | 92.4 | 111.8 | (14.7 | ) | (19.4 | ) | ||||||||||||
Other | 107.0 | 96.5 | 74.0 | 10.5 | 22.5 | ||||||||||||||
Total | $ | 3,522.8 | $ | 3,419.5 | $ | 3,102.1 | $ | 103.3 | $ | 317.4 | |||||||||
Sales and Transportation (MMDth) | |||||||||||||||||||
Residential | 274.9 | 280.3 | 247.1 | (5.4 | ) | 33.2 | |||||||||||||
Commercial | 189.6 | 187.6 | 169.3 | 2.0 | 18.3 | ||||||||||||||
Industrial | 542.5 | 555.7 | 517.5 | (13.2 | ) | 38.2 | |||||||||||||
Off-System | 32.9 | 30.0 | 39.0 | 2.9 | (9.0 | ) | |||||||||||||
Other | 0.3 | — | 0.3 | 0.3 | (0.3 | ) | |||||||||||||
Total | 1,040.2 | 1,053.6 | 973.2 | (13.4 | ) | 80.4 | |||||||||||||
Heating Degree Days | 5,375 | 5,562 | 4,927 | (187 | ) | 635 | |||||||||||||
Normal Heating Degree Days | 5,452 | 5,610 | 5,610 | (158 | ) | — | |||||||||||||
% Warmer than Normal | (1 | )% | (1 | )% | (12 | )% | |||||||||||||
Gas Distribution Customers | |||||||||||||||||||
Residential | 3,221,178 | 3,194,662 | 3,168,516 | 26,516 | 26,146 | ||||||||||||||
Commercial | 282,778 | 281,517 | 280,362 | 1,261 | 1,155 | ||||||||||||||
Industrial | 5,982 | 5,833 | 6,228 | 149 | (395 | ) | |||||||||||||
Other | 3 | 3 | 4 | — | (1 | ) | |||||||||||||
Total | 3,509,941 | 3,482,015 | 3,455,110 | 27,926 | 26,905 |
Year Ended December 31, (in millions) | 2020 | 2019 | 2018 | 2020 vs. 2019 | 2019 vs. 2018 | ||||||||||||||||||||||||
Operating Revenues | $ | 1,536.6 | $ | 1,699.2 | $ | 1,708.2 | $ | (162.6) | $ | (9.0) | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||
Cost of energy | 315.2 | 467.3 | 502.1 | (152.1) | (34.8) | ||||||||||||||||||||||||
Operation and maintenance | 497.6 | 495.0 | 500.0 | 2.6 | (5.0) | ||||||||||||||||||||||||
Depreciation and amortization | 321.3 | 277.3 | 262.9 | 44.0 | 14.4 | ||||||||||||||||||||||||
Gain on sale of fixed assets and impairments, net | — | (0.1) | — | 0.1 | (0.1) | ||||||||||||||||||||||||
Other taxes | 53.7 | 52.9 | 57.1 | 0.8 | (4.2) | ||||||||||||||||||||||||
Total Operating Expenses | 1,187.8 | 1,292.4 | 1,322.1 | (104.6) | (29.7) | ||||||||||||||||||||||||
Operating Income | $ | 348.8 | $ | 406.8 | $ | 386.1 | $ | (58.0) | $ | 20.7 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Residential | $ | 527.8 | $ | 481.6 | $ | 494.7 | $ | 46.2 | $ | (13.1) | |||||||||||||||||||
Commercial | 480.3 | 486.7 | 492.6 | (6.4) | (5.9) | ||||||||||||||||||||||||
Industrial | 412.9 | 608.4 | 614.4 | (195.5) | (6.0) | ||||||||||||||||||||||||
Wholesale | 12.3 | 11.7 | 15.7 | 0.6 | (4.0) | ||||||||||||||||||||||||
Other | 103.3 | 110.8 | 90.8 | (7.5) | 20.0 | ||||||||||||||||||||||||
Total | $ | 1,536.6 | $ | 1,699.2 | $ | 1,708.2 | $ | (162.6) | $ | (9.0) | |||||||||||||||||||
Sales (Gigawatt Hours) | |||||||||||||||||||||||||||||
Residential | 3,484.0 | 3,369.5 | 3,535.2 | 114.5 | (165.7) | ||||||||||||||||||||||||
Commercial | 3,550.0 | 3,760.3 | 3,844.6 | (210.3) | (84.3) | ||||||||||||||||||||||||
Industrial | 7,480.3 | 8,466.1 | 8,829.5 | (985.8) | (363.4) | ||||||||||||||||||||||||
Wholesale | 83.6 | 8.2 | 114.3 | 75.4 | (106.1) | ||||||||||||||||||||||||
Other | 106.0 | 117.2 | 124.4 | (11.2) | (7.2) | ||||||||||||||||||||||||
Total | 14,703.9 | 15,721.3 | 16,448.0 | (1,017.4) | (726.7) | ||||||||||||||||||||||||
Cooling Degree Days | 900 | 962 | 1,180 | (62) | (218) | ||||||||||||||||||||||||
Normal Cooling Degree Days | 803 | 803 | 806 | — | (3) | ||||||||||||||||||||||||
% Warmer than Normal | 12 | % | 20 | % | 46 | % | |||||||||||||||||||||||
Electric Customers | |||||||||||||||||||||||||||||
Residential | 418,871 | 415,534 | 412,267 | 3,337 | 3,267 | ||||||||||||||||||||||||
Commercial | 57,435 | 57,058 | 56,605 | 377 | 453 | ||||||||||||||||||||||||
Industrial | 2,154 | 2,256 | 2,284 | (102) | (28) | ||||||||||||||||||||||||
Wholesale | 722 | 726 | 735 | (4) | (9) | ||||||||||||||||||||||||
Other | 2 | 2 | 2 | — | — | ||||||||||||||||||||||||
Total | 479,184 | 475,576 | 471,893 | 3,608 | 3,683 |
Year Ended December 31, (in millions) | 2019 | 2018 | 2017 | 2019 vs. 2018 | 2018 vs. 2017 | ||||||||||||||
Operating Income | $ | 406.8 | $ | 386.1 | $ | 367.4 | $ | 20.7 | $ | 18.7 |
Year Ended December 31, (in millions) | 2019 | 2018 | 2017 | 2019 vs. 2018 | 2018 vs. 2017 | ||||||||||||||
Net Revenues | |||||||||||||||||||
Operating revenues | $ | 1,699.2 | $ | 1,708.2 | $ | 1,786.5 | $ | (9.0 | ) | $ | (78.3 | ) | |||||||
Less: Cost of sales (excluding depreciation and amortization) | 467.3 | 502.1 | 513.9 | (34.8 | ) | (11.8 | ) | ||||||||||||
Net Revenues | 1,231.9 | 1,206.1 | 1,272.6 | 25.8 | (66.5 | ) | |||||||||||||
Operating Expenses | |||||||||||||||||||
Operation and maintenance | 495.0 | 500.0 | 565.6 | (5.0 | ) | (65.6 | ) | ||||||||||||
Depreciation and amortization | 277.3 | 262.9 | 277.8 | 14.4 | (14.9 | ) | |||||||||||||
Loss (gain) on sale of fixed assets and impairments, net | (0.1 | ) | — | 1.9 | (0.1 | ) | (1.9 | ) | |||||||||||
Other taxes | 52.9 | 57.1 | 59.9 | (4.2 | ) | (2.8 | ) | ||||||||||||
Total Operating Expenses | 825.1 | 820.0 | 905.2 | 5.1 | (85.2 | ) | |||||||||||||
Operating Income | $ | 406.8 | $ | 386.1 | $ | 367.4 | $ | 20.7 | $ | 18.7 | |||||||||
Revenues | |||||||||||||||||||
Residential | $ | 481.6 | $ | 494.7 | $ | 476.9 | $ | (13.1 | ) | $ | 17.8 | ||||||||
Commercial | 486.7 | 492.6 | 501.2 | (5.9 | ) | (8.6 | ) | ||||||||||||
Industrial | 608.4 | 614.4 | 698.1 | (6.0 | ) | (83.7 | ) | ||||||||||||
Wholesale | 11.7 | 15.7 | 11.6 | (4.0 | ) | 4.1 | |||||||||||||
Other | 110.8 | 90.8 | 98.7 | 20.0 | (7.9 | ) | |||||||||||||
Total | $ | 1,699.2 | $ | 1,708.2 | $ | 1,786.5 | $ | (9.0 | ) | $ | (78.3 | ) | |||||||
Sales (Gigawatt Hours) | |||||||||||||||||||
Residential | 3,369.5 | 3,535.2 | 3,301.7 | (165.7 | ) | 233.5 | |||||||||||||
Commercial | 3,760.3 | 3,844.6 | 3,793.5 | (84.3 | ) | 51.1 | |||||||||||||
Industrial | 8,466.1 | 8,829.5 | 9,469.7 | (363.4 | ) | (640.2 | ) | ||||||||||||
Wholesale | 8.2 | 114.3 | 32.5 | (106.1 | ) | 81.8 | |||||||||||||
Other | 117.2 | 124.4 | 128.2 | (7.2 | ) | (3.8 | ) | ||||||||||||
Total | 15,721.3 | 16,448.0 | 16,725.6 | (726.7 | ) | (277.6 | ) | ||||||||||||
Cooling Degree Days | 962 | 1,180 | 837 | (218 | ) | 343 | |||||||||||||
Normal Cooling Degree Days | 803 | 806 | 806 | (3 | ) | — | |||||||||||||
% Warmer than Normal | 20 | % | 46 | % | 4 | % | |||||||||||||
Electric Customers | |||||||||||||||||||
Residential | 415,534 | 412,267 | 409,401 | 3,267 | 2,866 | ||||||||||||||
Commercial | 57,058 | 56,605 | 56,134 | 453 | 471 | ||||||||||||||
Industrial | 2,256 | 2,284 | 2,305 | (28 | ) | (21 | ) | ||||||||||||
Wholesale | 726 | 735 | 739 | (9 | ) | (4 | ) | ||||||||||||
Other | 2 | 2 | 2 | — | — | ||||||||||||||
Total | 475,576 | 471,893 | 468,581 | 3,683 | 3,312 |
Project Name | Transaction Type | Technology | Nameplate Capacity (MW) | Storage Capacity (MW) | Submitted to IURC | IURC Approval | Estimated Construction Completion | ||||||||||||||||
Jordan Creek | 20 year PPA | Wind | 400 | — | 02/01/2019 | 6/05/2019 | In Service (12/10/2020) | ||||||||||||||||
Rosewater(1) | BTA | Wind | 100 | — | 02/01/2019 | 8/07/2019 | In Service (12/29/2020) | ||||||||||||||||
Indiana Crossroads(2) | BTA | Wind | 300 | — | 10/22/2019 | 2/19/2020 | 12/31/2021 | ||||||||||||||||
Greensboro | 20 year PPA | Solar & Storage | 100 | 30 | 7/17/2020 | 1/27/2021 | 6/30/2023 | ||||||||||||||||
Brickyard | 20 year PPA | Solar | 200 | — | 7/17/2020 | 1/27/2021 | 6/30/2023 | ||||||||||||||||
Green River | 20 year PPA | Solar | 200 | — | 12/23/2020 | Pending | 6/30/2023 | ||||||||||||||||
Cavalry(2) | BTA | Solar & Storage | 200 | 60 | 11/30/2020 | Pending | 12/31/2023 | ||||||||||||||||
Dunn's Bridge I(2) | BTA | Solar | 265 | — | 11/30/2020 | Pending | 12/31/2022 | ||||||||||||||||
Dunn's Bridge II(2) | BTA | Solar & Storage | 435 | 75 | 11/30/2020 | Pending | 12/31/2023 | ||||||||||||||||
Gibson | 22 year PPA | Solar | 280 | — | 01/29/2021 | Pending | 12/31/2023 |
(in millions) | 2019 | 2018(3) | 2017 | (in millions) | 2020 | 2019 | 2018(3) | |||||||||||||||||||||
Gas Distribution Operations | Gas Distribution Operations | |||||||||||||||||||||||||||
System Growth and Tracker | $ | 1,006.1 | $ | 897.5 | $ | 909.2 | System Growth and Tracker | $ | 975.7 | $ | 1,006.1 | $ | 897.5 | |||||||||||||||
Maintenance | 374.3 | 417.8 | 216.4 | Maintenance | 291.2 | 374.3 | 417.8 | |||||||||||||||||||||
Total Gas Distribution Operations | 1,380.3 | 1,315.3 | 1,125.6 | Total Gas Distribution Operations | 1,266.9 | 1,380.3 | 1,315.3 | |||||||||||||||||||||
Electric Operations | Electric Operations | |||||||||||||||||||||||||||
System Growth and Tracker | 279.5 | 346.0 | 435.3 | System Growth and Tracker | 222.1 | 279.5 | 346.0 | |||||||||||||||||||||
Maintenance | 189.4 | 153.3 | 157.1 | Maintenance | 200.7 | 189.4 | 153.3 | |||||||||||||||||||||
Total Electric Operations | 468.9 | 499.3 | 592.4 | Total Electric Operations | 422.8 | 468.9 | 499.3 | |||||||||||||||||||||
Corporate and Other Operations - Maintenance(1) | 18.6 | — | 35.8 | Corporate and Other Operations - Maintenance(1) | 31.1 | 18.6 | — | |||||||||||||||||||||
Total(2) | $ | 1,867.8 | $ | 1,814.6 | $ | 1,753.8 | Total(2) | $ | 1,720.8 | $ | 1,867.8 | $ | 1,814.6 |
(in millions) | ||||||||||||||||||||||||||
Company | Program | Incremental Revenue | Incremental Capital Investment | Investment Period | Costs Covered(1) | Rates Effective | ||||||||||||||||||||
Columbia of Ohio | IRP - 2020 | $ | 32.9 | $ | 234.4 | 1/19-12/19 | Replacement of (1) hazardous service lines, (2) cast iron, wrought iron, uncoated steel, and bare steel pipe, (3) natural gas risers prone to failure and installation of AMR devices. | May 2020 | ||||||||||||||||||
Columbia of Ohio | CEP - 2020 | $ | 18.0 | $ | 185.1 | 1/19-12/19 | Assets not included in the IRP. | September 2020 | ||||||||||||||||||
NIPSCO - Gas | TDSIC 1 | $ | 0.6 | $ | 26.0 | 1/20-6/20 | New or replacement projects undertaken for the purpose of safety, reliability, system modernization or economic development. | January 2021 | ||||||||||||||||||
NIPSCO - Gas | FMCA 5 | $ | 4.8 | $ | 42.3 | 4/20-9/20 | Project costs to comply with federal mandates. | April 2021 | ||||||||||||||||||
Columbia of Pennsylvania | DSIC-Q4 2020(2) | $ | 0.8 | $ | 25.0 | 9/20-11/20 | Eligible project costs including piping, couplings, gas service lines, excess flow valves, risers, meter bars, meters, and other related capitalized cost, to improve the distribution system. | January 2021 | ||||||||||||||||||
Columbia of Virginia | SAVE - 2021 | $ | 5.2 | $ | 46.4 | 1/21-12/21 | Replacement projects that (1) enhance system safety or reliability, or (2) reduce, or potentially reduce, greenhouse gas emissions. | January 2021 | ||||||||||||||||||
Columbia of Kentucky | SMRP - 2021(3) | $ | 5.8 | $ | 50.0 | 1/21-12/21 | Replacement of mains and inclusion of system safety investments. | Q2 2021 | ||||||||||||||||||
Columbia of Maryland | STRIDE - 2021 | $ | 1.3 | $ | 16.9 | 1/21-12/21 | Pipeline upgrades designed to improve public safety or infrastructure reliability. | January 2021 | ||||||||||||||||||
NIPSCO - Electric | TDSIC - 7(4) | $ | 11.3 | $ | 122.3 | 7/19-7/20 | New or replacement projects undertaken for the purpose of safety, reliability, system modernization or economic development. | February 2021 | ||||||||||||||||||
NIPSCO - Electric | FMCA - 13(5)(6) | $ | (1.2) | $ | — | 9/19-2/20 | Project costs to comply with federal mandates. | August 2020 |
Year Ended December 31, (in millions) | 2019 | 2018 | Year Ended December 31, (in millions) | 2020 | 2019 | |||||||||
Current Liquidity | Current Liquidity | |||||||||||||
Revolving Credit Facility | $ | 1,850.0 | $ | 1,850.0 | Revolving Credit Facility | $ | 1,850.0 | $ | 1,850.0 | |||||
Accounts Receivable Program(1) | 353.2 | 399.2 | Accounts Receivable Program(1) | 273.3 | 353.2 | |||||||||
Less: | Less: | |||||||||||||
Commercial Paper | 570.0 | 978.0 | Commercial Paper | 503.0 | 570.0 | |||||||||
Accounts Receivable Program Utilized | 353.2 | 399.2 | ||||||||||||
Accounts Receivable Programs Utilized | Accounts Receivable Programs Utilized | — | 353.2 | |||||||||||
Letters of Credit Outstanding Under Credit Facility | 10.2 | 10.2 | Letters of Credit Outstanding Under Credit Facility | 15.2 | 10.2 | |||||||||
Add: | Add: | |||||||||||||
Cash and Cash Equivalents | 139.3 | 112.8 | Cash and Cash Equivalents | 116.5 | 139.3 | |||||||||
Net Available Liquidity | $ | 1,409.1 | $ | 974.6 | Net Available Liquidity | $ | 1,721.6 | $ | 1,409.1 |
S&P | Moody's | Fitch | ||||||||||||||||||
Rating | Outlook | Rating | Outlook | Rating | Outlook | |||||||||||||||
NiSource | BBB+ | Baa2 | Stable | BBB | Stable | |||||||||||||||
NIPSCO | BBB+ | Baa1 | Stable | BBB | Stable | |||||||||||||||
Columbia of Massachusetts | BBB+ | Baa2 | Stable | Not rated | Not rated | |||||||||||||||
Commercial Paper | A-2 | P-2 | Stable | F2 | Stable |
(in millions) | Total | 2020 | 2021 | 2022 | 2023 | 2024 | After | (in millions) | Total | 2021 | 2022 | 2023 | 2024 | 2025 | After | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt (1) | $ | 7,738.6 | $ | — | $ | 63.6 | $ | 530.0 | $ | 600.0 | $ | — | $ | 6,545.0 | Long-term debt (1) | $ | 9,135.0 | $ | — | $ | 30.0 | $ | — | $ | — | $ | 1,260.0 | $ | 7,845.0 | |||||||||||||||||||||||||||||||||||||||
Interest payments on long-term debt | 6,214.2 | 342.0 | 340.7 | 337.1 | 311.1 | 299.9 | 4,583.4 | Interest payments on long-term debt | 6,046.3 | 336.3 | 335.7 | 334.1 | 334.1 | 334.1 | 4,372.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance leases(2) | 325.9 | 27.2 | 27.3 | 26.8 | 23.1 | 19.9 | 201.6 | Finance leases(2) | 264.7 | 32.7 | 32.2 | 28.8 | 20.8 | 16.1 | 134.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating leases(3) | 79.1 | 15.6 | 9.4 | 8.2 | 7.6 | 6.6 | 31.7 | Operating leases(3) | 48.0 | 11.7 | 5.2 | 4.7 | 4.5 | 3.7 | 18.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy commodity contracts(4) | 95.9 | 65.5 | 30.4 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy commodity contracts | Energy commodity contracts | 42.1 | 42.1 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service obligations: | Service obligations: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pipeline service obligations | 3,450.7 | 605.0 | 590.1 | 546.8 | 357.2 | 237.5 | 1,114.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pipeline service obligations(4) | Pipeline service obligations(4) | 1,495.6 | 468.7 | 422.5 | 256.0 | 150.5 | 56.2 | 141.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IT service obligations | 153.2 | 63.6 | 49.4 | 38.0 | 1.1 | 1.1 | — | IT service obligations | 240.3 | 74.9 | 74.0 | 38.1 | 30.5 | 22.8 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other service obligations(5) | 59.8 | 45.8 | 14.0 | — | — | — | — | Other service obligations(5) | 12.6 | 12.6 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 27.3 | 27.3 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities(6) | Other liabilities(6) | 116.9 | 26.0 | 0.8 | 90.1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total contractual obligations | $ | 18,144.7 | $ | 1,192.0 | $ | 1,124.9 | $ | 1,486.9 | $ | 1,300.1 | $ | 565.0 | $ | 12,475.8 | Total contractual obligations | $ | 17,401.5 | $ | 1,005.0 | $ | 900.4 | $ | 751.8 | $ | 540.4 | $ | 1,692.9 | $ | 12,511.0 |
Impact on December 31, 2019 Projected Benefit Obligation Increase/(Decrease) | |||||||
Change in Assumptions (in millions) | Pension Benefits | Other Postretirement Benefits | |||||
+50 basis points change in discount rate | $ | (89.9 | ) | $ | (29.0 | ) | |
-50 basis points change in discount rate | 97.7 | 31.8 | |||||
+50 basis points change in health care trend rates | 15.0 | ||||||
-50 basis points change in health care trend rates | (13.1 | ) | |||||
Impact on 2019 Expense Increase/(Decrease)(1) | |||||||
Change in Assumptions (in millions) | Pension Benefits | Other Postretirement Benefits | |||||
+50 basis points change in discount rate | $ | (1.8 | ) | $ | 0.3 | ||
-50 basis points change in discount rate | 1.9 | 0.7 | |||||
+50 basis points change in expected long-term rate of return on plan assets | (8.9 | ) | (1.2 | ) | |||
-50 basis points change in expected long-term rate of return on plan assets | 8.9 | 1.2 | |||||
+50 basis points change in health care trend rates | 0.6 | ||||||
-50 basis points change in health care trend rates | (0.5 | ) |
Impact on December 31, 2020 Projected Benefit Obligation Increase/(Decrease) | |||||||||||
Change in Assumptions (in millions) | Pension Benefits | Other Postretirement Benefits | |||||||||
+50 basis points change in discount rate | $ | (88.7) | $ | (29.8) | |||||||
-50 basis points change in discount rate | 96.5 | 32.7 | |||||||||
Impact on 2020 Expense Increase/(Decrease)(1) | |||||||||||
Change in Assumptions (in millions) | Pension Benefits | Other Postretirement Benefits | |||||||||
+50 basis points change in discount rate | $ | (2.0) | $ | (0.8) | |||||||
-50 basis points change in discount rate | 1.6 | 0.9 | |||||||||
+50 basis points change in expected long-term rate of return on plan assets | (9.8) | (1.3) | |||||||||
-50 basis points change in expected long-term rate of return on plan assets | 9.8 | 1.3 | |||||||||
Year Ended December 31, (in millions, except per share amounts) | 2019 | 2018 | 2017 | Year Ended December 31, (in millions, except per share amounts) | 2020 | 2019 | 2018 | |||||||||||||||||||||
Operating Revenues | Operating Revenues | |||||||||||||||||||||||||||
Customer revenues | $ | 5,053.4 | $ | 4,991.1 | $ | 4,730.2 | Customer revenues | $ | 4,473.2 | $ | 5,053.4 | $ | 4,991.1 | |||||||||||||||
Other revenues | 155.5 | 123.4 | 144.4 | Other revenues | 208.5 | 155.5 | 123.4 | |||||||||||||||||||||
Total Operating Revenues | 5,208.9 | 5,114.5 | 4,874.6 | Total Operating Revenues | 4,681.7 | 5,208.9 | 5,114.5 | |||||||||||||||||||||
Operating Expenses | Operating Expenses | |||||||||||||||||||||||||||
Cost of sales (excluding depreciation and amortization) | 1,534.8 | 1,761.3 | 1,518.7 | |||||||||||||||||||||||||
Cost of energy | Cost of energy | 1,109.3 | 1,534.8 | 1,761.3 | ||||||||||||||||||||||||
Operation and maintenance | 1,354.7 | 2,352.9 | 1,601.7 | Operation and maintenance | 1,585.9 | 1,354.7 | 2,352.9 | |||||||||||||||||||||
Depreciation and amortization | 717.4 | 599.6 | 570.3 | Depreciation and amortization | 725.9 | 717.4 | 599.6 | |||||||||||||||||||||
Impairment of goodwill and other intangible assets | 414.5 | — | — | |||||||||||||||||||||||||
Loss on sale of fixed assets and impairments, net | — | 1.2 | 5.5 | |||||||||||||||||||||||||
Impairment of goodwill and intangible assets | Impairment of goodwill and intangible assets | 0 | 414.5 | 0 | ||||||||||||||||||||||||
Loss on sale of assets, net | Loss on sale of assets, net | 410.6 | 0 | 1.2 | ||||||||||||||||||||||||
Other taxes | 296.8 | 274.8 | 257.2 | Other taxes | 299.2 | 296.8 | 274.8 | |||||||||||||||||||||
Total Operating Expenses | 4,318.2 | 4,989.8 | 3,953.4 | Total Operating Expenses | 4,130.9 | 4,318.2 | 4,989.8 | |||||||||||||||||||||
Operating Income | 890.7 | 124.7 | 921.2 | Operating Income | 550.8 | 890.7 | 124.7 | |||||||||||||||||||||
Other Income (Deductions) | Other Income (Deductions) | |||||||||||||||||||||||||||
Interest expense, net | (378.9 | ) | (353.3 | ) | (353.2 | ) | Interest expense, net | (370.7) | (378.9) | (353.3) | ||||||||||||||||||
Other, net | (5.2 | ) | 43.5 | (13.5 | ) | Other, net | 32.1 | (5.2) | 43.5 | |||||||||||||||||||
Loss on early extinguishment of long-term debt | — | (45.5 | ) | (111.5 | ) | Loss on early extinguishment of long-term debt | (243.5) | 0 | (45.5) | |||||||||||||||||||
Total Other Deductions, Net | (384.1 | ) | (355.3 | ) | (478.2 | ) | Total Other Deductions, Net | (582.1) | (384.1) | (355.3) | ||||||||||||||||||
Income (Loss) before Income Taxes | 506.6 | (230.6 | ) | 443.0 | Income (Loss) before Income Taxes | (31.3) | 506.6 | (230.6) | ||||||||||||||||||||
Income Taxes | 123.5 | (180.0 | ) | 314.5 | Income Taxes | (17.1) | 123.5 | (180.0) | ||||||||||||||||||||
Net Income (Loss) | 383.1 | (50.6 | ) | 128.5 | Net Income (Loss) | (14.2) | 383.1 | (50.6) | ||||||||||||||||||||
Net income attributable to noncontrolling interest | Net income attributable to noncontrolling interest | 3.4 | 0 | 0 | ||||||||||||||||||||||||
Net Income (Loss) attributable to NiSource | Net Income (Loss) attributable to NiSource | (17.6) | 383.1 | (50.6) | ||||||||||||||||||||||||
Preferred dividends | (55.1 | ) | (15.0 | ) | — | Preferred dividends | (55.1) | (55.1) | (15.0) | |||||||||||||||||||
Net Income (Loss) Available to Common Shareholders | 328.0 | (65.6 | ) | 128.5 | Net Income (Loss) Available to Common Shareholders | (72.7) | 328.0 | (65.6) | ||||||||||||||||||||
Earnings (Loss) Per Share | Earnings (Loss) Per Share | |||||||||||||||||||||||||||
Basic Earnings (Loss) Per Share | $ | 0.88 | $ | (0.18 | ) | $ | 0.39 | Basic Earnings (Loss) Per Share | $ | (0.19) | $ | 0.88 | $ | (0.18) | ||||||||||||||
Diluted Earnings (Loss) Per Share | $ | 0.87 | $ | (0.18 | ) | $ | 0.39 | Diluted Earnings (Loss) Per Share | $ | (0.19) | $ | 0.87 | $ | (0.18) | ||||||||||||||
Basic Average Common Shares Outstanding | 374.6 | 356.5 | 329.4 | Basic Average Common Shares Outstanding | 384.3 | 374.6 | 356.5 | |||||||||||||||||||||
Diluted Average Common Shares | 376.0 | 356.5 | 330.8 | Diluted Average Common Shares | 384.3 | 376.0 | 356.5 |
Year Ended December 31, (in millions, net of taxes) | 2019 | 2018 | 2017 | Year Ended December 31, (in millions, net of taxes) | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net Income (Loss) | $ | 383.1 | $ | (50.6 | ) | $ | 128.5 | Net Income (Loss) | $ | (14.2) | $ | 383.1 | $ | (50.6) | ||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | |||||||||||||||||||||||||||
Net unrealized gain (loss) on available-for-sale securities(1) | 5.7 | (2.6 | ) | 0.8 | Net unrealized gain (loss) on available-for-sale securities(1) | 2.7 | 5.7 | (2.6) | ||||||||||||||||||||
Net unrealized gain (loss) on cash flow hedges(2) | (64.2 | ) | 22.7 | (22.5 | ) | Net unrealized gain (loss) on cash flow hedges(2) | (70.7) | (64.2) | 22.7 | |||||||||||||||||||
Unrecognized pension and OPEB benefit (costs)(3) | 3.1 | (4.4 | ) | 3.4 | Unrecognized pension and OPEB benefit (costs)(3) | 3.9 | 3.1 | (4.4) | ||||||||||||||||||||
Total other comprehensive income (loss) | (55.4 | ) | 15.7 | (18.3 | ) | Total other comprehensive income (loss) | (64.1) | (55.4) | 15.7 | |||||||||||||||||||
Total Comprehensive Income (Loss) | $ | 327.7 | $ | (34.9 | ) | $ | 110.2 | Total Comprehensive Income (Loss) | $ | (78.3) | $ | 327.7 | $ | (34.9) |
(in millions) | December 31, 2020 | December 31, 2019 | |||||||||
ASSETS | |||||||||||
Property, Plant and Equipment | |||||||||||
Plant | $ | 24,179.9 | $ | 24,541.9 | |||||||
Accumulated depreciation and amortization | (7,560.4) | (7,629.7) | |||||||||
Net Property, Plant and Equipment(1) | 16,619.5 | 16,912.2 | |||||||||
Investments and Other Assets | |||||||||||
Unconsolidated affiliates | 0 | 1.3 | |||||||||
Available-for-sale debt securities (amortized cost of $163.9 and $150.1, allowance for credit losses of $0.5 and $0, respectively) | 170.9 | 154.2 | |||||||||
Other investments | 81.1 | 74.7 | |||||||||
Total Investments and Other Assets | 252.0 | 230.2 | |||||||||
Current Assets | |||||||||||
Cash and cash equivalents | 116.5 | 139.3 | |||||||||
Restricted cash | 9.1 | 9.1 | |||||||||
Accounts receivable | 843.6 | 876.1 | |||||||||
Allowance for credit losses | (52.3) | (19.2) | |||||||||
Accounts receivable, net | 791.3 | 856.9 | |||||||||
Gas inventory | 191.2 | 250.9 | |||||||||
Materials and supplies, at average cost | 141.5 | 120.2 | |||||||||
Electric production fuel, at average cost | 68.4 | 53.6 | |||||||||
Exchange gas receivable | 34.1 | 48.5 | |||||||||
Regulatory assets | 135.7 | 225.7 | |||||||||
Deferred property taxes | 85.6 | 79.5 | |||||||||
Prepayments and other | 86.0 | 70.2 | |||||||||
Total Current Assets(1) | 1,659.4 | 1,853.9 | |||||||||
Other Assets | |||||||||||
Regulatory assets | 1,794.8 | 2,013.9 | |||||||||
Goodwill | 1,485.9 | 1,485.9 | |||||||||
Deferred charges and other | 228.9 | 163.7 | |||||||||
Total Other Assets | 3,509.6 | 3,663.5 | |||||||||
Total Assets | $ | 22,040.5 | $ | 22,659.8 |
(in millions) | December 31, 2019 | December 31, 2018 | |||||
ASSETS | |||||||
Property, Plant and Equipment | |||||||
Utility plant | $ | 24,502.6 | $ | 22,780.8 | |||
Accumulated depreciation and amortization | (7,609.3 | ) | (7,257.9 | ) | |||
Net utility plant | 16,893.3 | 15,522.9 | |||||
Other property, at cost, less accumulated depreciation | 18.9 | 19.6 | |||||
Net Property, Plant and Equipment | 16,912.2 | 15,542.5 | |||||
Investments and Other Assets | |||||||
Unconsolidated affiliates | 1.3 | 2.1 | |||||
Other investments | 228.9 | 204.0 | |||||
Total Investments and Other Assets | 230.2 | 206.1 | |||||
Current Assets | |||||||
Cash and cash equivalents | 139.3 | 112.8 | |||||
Restricted cash | 9.1 | 8.3 | |||||
Accounts receivable (less reserve of $19.2 and $21.1, respectively) | 856.9 | 1,058.5 | |||||
Gas inventory | 250.9 | 286.8 | |||||
Materials and supplies, at average cost | 120.2 | 101.0 | |||||
Electric production fuel, at average cost | 53.6 | 34.7 | |||||
Exchange gas receivable | 48.5 | 88.4 | |||||
Regulatory assets | 225.7 | 235.4 | |||||
Prepayments and other | 149.7 | 129.5 | |||||
Total Current Assets | 1,853.9 | 2,055.4 | |||||
Other Assets | |||||||
Regulatory assets | 2,013.9 | 2,002.1 | |||||
Goodwill | 1,485.9 | 1,690.7 | |||||
Intangible assets, net | — | 220.7 | |||||
Deferred charges and other | 163.7 | 86.5 | |||||
Total Other Assets | 3,663.5 | 4,000.0 | |||||
Total Assets | $ | 22,659.8 | $ | 21,804.0 |
(in millions, except share amounts) | December 31, 2019 | December 31, 2018 | (in millions, except share amounts) | December 31, 2020 | December 31, 2019 | |||||||||||||
CAPITALIZATION AND LIABILITIES | CAPITALIZATION AND LIABILITIES | |||||||||||||||||
Capitalization | Capitalization | |||||||||||||||||
Stockholders’ Equity | Stockholders’ Equity | |||||||||||||||||
Common stock - $0.01 par value, 600,000,000 shares authorized; 382,135,680 and 372,363,656 shares outstanding, respectively | $ | 3.8 | $ | 3.8 | ||||||||||||||
Preferred stock - $0.01 par value, 20,000,000 shares authorized; 440,000 and 420,000 shares outstanding, respectively | 880.0 | 880.0 | ||||||||||||||||
Common stock - $0.01 par value, 600,000,000 shares authorized; 391,760,051 and 382,135,680 shares outstanding, respectively | Common stock - $0.01 par value, 600,000,000 shares authorized; 391,760,051 and 382,135,680 shares outstanding, respectively | $ | 3.9 | $ | 3.8 | |||||||||||||
Preferred stock - $0.01 par value, 20,000,000 shares authorized; 440,000 shares outstanding | Preferred stock - $0.01 par value, 20,000,000 shares authorized; 440,000 shares outstanding | 880.0 | 880.0 | |||||||||||||||
Treasury stock | (99.9 | ) | (99.9 | ) | Treasury stock | (99.9) | (99.9) | |||||||||||
Additional paid-in capital | 6,666.2 | 6,403.5 | Additional paid-in capital | 6,890.1 | 6,666.2 | |||||||||||||
Retained deficit | (1,370.8 | ) | (1,399.3 | ) | Retained deficit | (1,765.2) | (1,370.8) | |||||||||||
Accumulated other comprehensive loss | (92.6 | ) | (37.2 | ) | Accumulated other comprehensive loss | (156.7) | (92.6) | |||||||||||
Total NiSource Stockholders' Equity | Total NiSource Stockholders' Equity | 5,752.2 | 5,986.7 | |||||||||||||||
Noncontrolling interest in consolidated subsidiaries | Noncontrolling interest in consolidated subsidiaries | 85.6 | 0 | |||||||||||||||
Total Stockholders’ Equity | 5,986.7 | 5,750.9 | Total Stockholders’ Equity | 5,837.8 | 5,986.7 | |||||||||||||
Long-term debt, excluding amounts due within one year | 7,856.2 | 7,105.4 | Long-term debt, excluding amounts due within one year | 9,219.8 | 7,856.2 | |||||||||||||
Total Capitalization | 13,842.9 | 12,856.3 | Total Capitalization | 15,057.6 | 13,842.9 | |||||||||||||
Current Liabilities | Current Liabilities | |||||||||||||||||
Current portion of long-term debt | 13.4 | 50.0 | Current portion of long-term debt | 23.3 | 13.4 | |||||||||||||
Short-term borrowings | 1,773.2 | 1,977.2 | Short-term borrowings | 503.0 | 1,773.2 | |||||||||||||
Accounts payable | 666.0 | 883.8 | Accounts payable | 589.0 | 666.0 | |||||||||||||
Customer deposits and credits | 256.4 | 238.9 | Customer deposits and credits | 243.3 | 256.4 | |||||||||||||
Taxes accrued | 231.6 | 222.7 | Taxes accrued | 244.1 | 231.6 | |||||||||||||
Interest accrued | 99.4 | 90.7 | Interest accrued | 104.7 | 99.4 | |||||||||||||
Risk management liabilities | Risk management liabilities | 78.2 | 12.6 | |||||||||||||||
Exchange gas payable | 59.7 | 85.5 | Exchange gas payable | 48.5 | 59.7 | |||||||||||||
Regulatory liabilities | 160.2 | 140.9 | Regulatory liabilities | 161.3 | 160.2 | |||||||||||||
Legal and environmental | 20.1 | 18.9 | ||||||||||||||||
Accrued compensation and employee benefits | 156.3 | 149.7 | Accrued compensation and employee benefits | 141.8 | 156.3 | |||||||||||||
Claims accrued | 165.4 | 114.7 | Claims accrued | 28.6 | 165.4 | |||||||||||||
Other accruals | 144.1 | 63.8 | Other accruals | 113.6 | 151.6 | |||||||||||||
Total Current Liabilities | 3,745.8 | 4,036.8 | Total Current Liabilities | 2,279.4 | 3,745.8 | |||||||||||||
Other Liabilities | Other Liabilities | |||||||||||||||||
Risk management liabilities | 134.0 | 46.7 | Risk management liabilities | 144.6 | 134.0 | |||||||||||||
Deferred income taxes | 1,485.3 | 1,330.5 | Deferred income taxes | 1,470.6 | 1,485.3 | |||||||||||||
Deferred investment tax credits | 9.7 | 11.2 | ||||||||||||||||
Accrued insurance liabilities | 81.5 | 84.4 | Accrued insurance liabilities | 84.8 | 81.5 | |||||||||||||
Accrued liability for postretirement and postemployment benefits | 373.2 | 389.1 | Accrued liability for postretirement and postemployment benefits | 336.1 | 373.2 | |||||||||||||
Regulatory liabilities | 2,352.0 | 2,519.1 | Regulatory liabilities | 1,904.2 | 2,352.0 | |||||||||||||
Asset retirement obligations | 416.9 | 352.0 | Asset retirement obligations | 477.1 | 416.9 | |||||||||||||
Other noncurrent liabilities | 218.5 | 177.9 | Other noncurrent liabilities | 286.1 | 228.2 | |||||||||||||
Total Other Liabilities | 5,071.1 | 4,910.9 | Total Other Liabilities | 4,703.5 | 5,071.1 | |||||||||||||
Commitments and Contingencies (Refer to Note 19, "Other Commitments and Contingencies") | — | — | ||||||||||||||||
Commitments and Contingencies (Refer to Note 20, "Other Commitments and Contingencies") | Commitments and Contingencies (Refer to Note 20, "Other Commitments and Contingencies") | |||||||||||||||||
Total Capitalization and Liabilities | $ | 22,659.8 | $ | 21,804.0 | Total Capitalization and Liabilities | $ | 22,040.5 | $ | 22,659.8 |
Year Ended December 31, (in millions) | 2019 | 2018 | 2017 | ||||||||
Operating Activities | |||||||||||
Net Income (Loss) | $ | 383.1 | $ | (50.6 | ) | $ | 128.5 | ||||
Adjustments to Reconcile Net Income (Loss) to Net Cash from Operating Activities: | |||||||||||
Loss on early extinguishment of debt | — | 45.5 | 111.5 | ||||||||
Depreciation and amortization | 717.4 | 599.6 | 570.3 | ||||||||
Deferred income taxes and investment tax credits | 118.2 | (188.2 | ) | 306.7 | |||||||
Stock compensation expense and 401(k) profit sharing contribution | 25.9 | 28.6 | 40.1 | ||||||||
Impairment of goodwill and other intangible assets | 414.5 | — | — | ||||||||
Amortization of discount/premium on debt | 8.2 | 7.5 | 7.4 | ||||||||
AFUDC equity | (8.0 | ) | (14.2 | ) | (12.6 | ) | |||||
Other adjustments | (0.9 | ) | 1.7 | 6.6 | |||||||
Changes in Assets and Liabilities: | |||||||||||
Accounts receivable | 187.8 | (186.2 | ) | (52.3 | ) | ||||||
Inventories | (2.0 | ) | 41.4 | 19.0 | |||||||
Accounts payable | (299.9 | ) | 268.4 | 49.0 | |||||||
Customer deposits and credits | 16.9 | (25.4 | ) | (2.5 | ) | ||||||
Taxes accrued | 7.3 | 20.2 | 10.2 | ||||||||
Interest accrued | 8.8 | (21.7 | ) | (33.9 | ) | ||||||
Exchange gas receivable/payable | 55.5 | (21.5 | ) | (64.5 | ) | ||||||
Other accruals | 105.3 | 43.5 | 31.8 | ||||||||
Prepayments and other current assets | (33.6 | ) | (14.5 | ) | (13.3 | ) | |||||
Regulatory assets/liabilities | (85.6 | ) | (53.2 | ) | 57.5 | ||||||
Postretirement and postemployment benefits | (21.1 | ) | 58.2 | (380.9 | ) | ||||||
Deferred charges and other noncurrent assets | (76.1 | ) | 3.8 | (2.0 | ) | ||||||
Other noncurrent liabilities | 61.6 | (2.8 | ) | (34.4 | ) | ||||||
Net Cash Flows from Operating Activities | 1,583.3 | 540.1 | 742.2 | ||||||||
Investing Activities | |||||||||||
Capital expenditures | (1,802.4 | ) | (1,818.2 | ) | (1,695.8 | ) | |||||
Cost of removal | (113.2 | ) | (104.3 | ) | (109.0 | ) | |||||
Purchases of available-for-sale securities | (140.4 | ) | (90.0 | ) | (168.4 | ) | |||||
Sales of available-for-sale securities | 132.1 | 82.3 | 163.1 | ||||||||
Other investing activities | 1.5 | 4.1 | 1.6 | ||||||||
Net Cash Flows used for Investing Activities | (1,922.4 | ) | (1,926.1 | ) | (1,808.5 | ) | |||||
Financing Activities | |||||||||||
Issuance of long-term debt | 750.0 | 350.0 | 3,250.0 | ||||||||
Repayments of long-term debt and finance lease obligations | (51.6 | ) | (1,046.1 | ) | (1,855.0 | ) | |||||
Issuance of short-term debt (maturity > 90 days) | 600.0 | 950.0 | — | ||||||||
Repayment of short-term debt (maturity > 90 days) | (700.0 | ) | — | — | |||||||
Change in short-term borrowings, net (maturity ≤ 90 days) | (104.0 | ) | (178.5 | ) | (282.4 | ) | |||||
Issuance of common stock, net of issuance costs | 244.4 | 848.2 | 336.7 | ||||||||
Issuance of preferred stock, net of issuance costs | — | 880.0 | — | ||||||||
Equity costs, premiums and other debt related costs | (17.8 | ) | (46.0 | ) | (144.3 | ) | |||||
Acquisition of treasury stock | — | (4.0 | ) | (7.2 | ) | ||||||
Dividends paid - common stock | (298.5 | ) | (273.3 | ) | (229.1 | ) | |||||
Dividends paid - preferred stock | (56.1 | ) | (11.6 | ) | — | ||||||
Net Cash Flows from Financing Activities | 366.4 | 1,468.7 | 1,068.7 | ||||||||
Change in cash, cash equivalents and restricted cash | 27.3 | 82.7 | 2.4 | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 121.1 | 38.4 | 36.0 | ||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 148.4 | $ | 121.1 | $ | 38.4 |
(in millions) | Common Stock | Preferred Stock(1) | Treasury Stock | Additional Paid-In Capital | Retained Deficit | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||
Balance as of January 1, 2017 | $ | 3.3 | $ | — | $ | (88.7 | ) | $ | 5,153.9 | $ | (972.2 | ) | $ | (25.1 | ) | $ | 4,071.2 | ||||||||||
Comprehensive Income: | |||||||||||||||||||||||||||
Net Income | — | — | — | — | 128.5 | — | 128.5 | ||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | (18.3 | ) | (18.3 | ) | ||||||||||||||||||
Common stock dividends ($0.70 per share) | — | — | — | — | (229.4 | ) | — | (229.4 | ) | ||||||||||||||||||
Treasury stock acquired | — | — | (7.2 | ) | — | — | — | (7.2 | ) | ||||||||||||||||||
Stock issuances: | |||||||||||||||||||||||||||
Employee stock purchase plan | — | — | — | 5.0 | — | — | 5.0 | ||||||||||||||||||||
Long-term incentive plan | — | — | — | 14.9 | — | — | 14.9 | ||||||||||||||||||||
401(k) and profit sharing | — | — | — | 34.3 | — | — | 34.3 | ||||||||||||||||||||
Dividend reinvestment plan | — | — | — | 6.4 | — | — | 6.4 | ||||||||||||||||||||
ATM Program | 0.1 | — | — | 314.6 | — | — | 314.7 | ||||||||||||||||||||
Balance as of December 31, 2017 | $ | 3.4 | $ | — | $ | (95.9 | ) | $ | 5,529.1 | $ | (1,073.1 | ) | $ | (43.4 | ) | $ | 4,320.1 | ||||||||||
Comprehensive Loss: | |||||||||||||||||||||||||||
Net Loss | — | — | — | — | (50.6 | ) | — | (50.6 | ) | ||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 15.7 | 15.7 | ||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||
Common stock ($0.78 per share) | — | — | — | — | (273.5 | ) | — | (273.5 | ) | ||||||||||||||||||
Preferred stock ($28.88 per share) | — | — | — | — | (11.6 | ) | — | (11.6 | ) | ||||||||||||||||||
Treasury stock acquired | — | — | (4.0 | ) | — | — | — | (4.0 | ) | ||||||||||||||||||
Cumulative effect of change in accounting principle | — | — | — | — | 9.5 | (9.5 | ) | — | |||||||||||||||||||
Stock issuances: | |||||||||||||||||||||||||||
Common stock - private placement | 0.3 | — | — | 599.3 | — | — | 599.6 | ||||||||||||||||||||
Preferred stock | — | 880.0 | — | — | — | — | 880.0 | ||||||||||||||||||||
Employee stock purchase plan | — | — | — | 5.5 | — | — | 5.5 | ||||||||||||||||||||
Long-term incentive plan | — | — | — | 15.4 | — | — | 15.4 | ||||||||||||||||||||
401(k) and profit sharing | — | — | — | 21.8 | — | — | 21.8 | ||||||||||||||||||||
ATM Program | 0.1 | — | — | 232.4 | — | — | 232.5 | ||||||||||||||||||||
Balance as of December 31, 2018 | $ | 3.8 | $ | 880.0 | $ | (99.9 | ) | $ | 6,403.5 | $ | (1,399.3 | ) | $ | (37.2 | ) | $ | 5,750.9 | ||||||||||
Comprehensive Income: | |||||||||||||||||||||||||||
Net Income | — | — | — | — | 383.1 | — | 383.1 | ||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | (55.4 | ) | (55.4 | ) | ||||||||||||||||||
Dividends: | |||||||||||||||||||||||||||
Common stock ($0.80 per share) | — | — | — | — | (298.5 | ) | — | (298.5 | ) | ||||||||||||||||||
Preferred stock (See Note 12) | — | — | — | — | (56.1 | ) | — | (56.1 | ) | ||||||||||||||||||
Stock issuances: | |||||||||||||||||||||||||||
Employee stock purchase plan | — | — | — | 5.6 | — | — | 5.6 | ||||||||||||||||||||
Long-term incentive plan | — | — | — | 10.4 | — | — | 10.4 | ||||||||||||||||||||
401(k) and profit sharing | — | — | — | 17.6 | — | — | 17.6 | ||||||||||||||||||||
ATM program | — | — | — | 229.1 | — | — | 229.1 | ||||||||||||||||||||
Balance as of December 31, 2019 | $ | 3.8 | $ | 880.0 | $ | (99.9 | ) | $ | 6,666.2 | $ | (1,370.8 | ) | $ | (92.6 | ) | $ | 5,986.7 |
Preferred | Common | ||||||||||
(in thousands) | Shares | Shares | Treasury | Outstanding | |||||||
Balance as of January 1, 2017 | — | 326,664 | (3,504 | ) | 323,160 | ||||||
Treasury stock acquired | — | — | (293 | ) | (293 | ) | |||||
Issued: | |||||||||||
Employee stock purchase plan | — | 207 | — | 207 | |||||||
Long-term incentive plan | — | 351 | — | 351 | |||||||
401(k) and profit sharing plan | — | 1,396 | — | 1,396 | |||||||
Dividend reinvestment plan | — | 264 | — | 264 | |||||||
ATM program | — | 11,931 | — | 11,931 | |||||||
Balance as of December 31, 2017 | — | 340,813 | (3,797 | ) | 337,016 | ||||||
Treasury stock acquired | — | — | (166 | ) | (166 | ) | |||||
Issued: | |||||||||||
Common stock - private placement | — | 24,964 | — | 24,964 | |||||||
Preferred stock | 420 | — | — | — | |||||||
Employee stock purchase plan | — | 223 | — | 223 | |||||||
Long-term incentive plan | — | 561 | — | 561 | |||||||
401(k) and profit sharing plan | — | 882 | — | 882 | |||||||
ATM Program | — | 8,883 | — | 8,883 | |||||||
Balance as of December 31, 2018 | 420 | 376,326 | (3,963 | ) | 372,363 | ||||||
Issued: | |||||||||||
Preferred stock(1) | 20 | — | — | — | |||||||
Employee stock purchase plan | — | 201 | — | 201 | |||||||
Long-term incentive plan | — | 518 | — | 518 | |||||||
401(k) and profit sharing plan | — | 631 | — | 631 | |||||||
ATM program | — | 8,423 | — | 8,423 | |||||||
Balance as of December 31, 2019 | 440 | 386,099 | (3,963 | ) | 382,136 |
Year Ended December 31, (in millions, except per share amounts) | 2020 | 2019 | 2018 | ||||||||||||||
Operating Revenues | |||||||||||||||||
Customer revenues | $ | 4,473.2 | $ | 5,053.4 | $ | 4,991.1 | |||||||||||
Other revenues | 208.5 | 155.5 | 123.4 | ||||||||||||||
Total Operating Revenues | 4,681.7 | 5,208.9 | 5,114.5 | ||||||||||||||
Operating Expenses | |||||||||||||||||
Cost of energy | 1,109.3 | 1,534.8 | 1,761.3 | ||||||||||||||
Operation and maintenance | 1,585.9 | 1,354.7 | 2,352.9 | ||||||||||||||
Depreciation and amortization | 725.9 | 717.4 | 599.6 | ||||||||||||||
Impairment of goodwill and intangible assets | 0 | 414.5 | 0 | ||||||||||||||
Loss on sale of assets, net | 410.6 | 0 | 1.2 | ||||||||||||||
Other taxes | 299.2 | 296.8 | 274.8 | ||||||||||||||
Total Operating Expenses | 4,130.9 | 4,318.2 | 4,989.8 | ||||||||||||||
Operating Income | 550.8 | 890.7 | 124.7 | ||||||||||||||
Other Income (Deductions) | |||||||||||||||||
Interest expense, net | (370.7) | (378.9) | (353.3) | ||||||||||||||
Other, net | 32.1 | (5.2) | 43.5 | ||||||||||||||
Loss on early extinguishment of long-term debt | (243.5) | 0 | (45.5) | ||||||||||||||
Total Other Deductions, Net | (582.1) | (384.1) | (355.3) | ||||||||||||||
Income (Loss) before Income Taxes | (31.3) | 506.6 | (230.6) | ||||||||||||||
Income Taxes | (17.1) | 123.5 | (180.0) | ||||||||||||||
Net Income (Loss) | (14.2) | 383.1 | (50.6) | ||||||||||||||
Net income attributable to noncontrolling interest | 3.4 | 0 | 0 | ||||||||||||||
Net Income (Loss) attributable to NiSource | (17.6) | 383.1 | (50.6) | ||||||||||||||
Preferred dividends | (55.1) | (55.1) | (15.0) | ||||||||||||||
Net Income (Loss) Available to Common Shareholders | (72.7) | 328.0 | (65.6) | ||||||||||||||
Earnings (Loss) Per Share | |||||||||||||||||
Basic Earnings (Loss) Per Share | $ | (0.19) | $ | 0.88 | $ | (0.18) | |||||||||||
Diluted Earnings (Loss) Per Share | $ | (0.19) | $ | 0.87 | $ | (0.18) | |||||||||||
Basic Average Common Shares Outstanding | 384.3 | 374.6 | 356.5 | ||||||||||||||
Diluted Average Common Shares | 384.3 | 376.0 | 356.5 |
Year Ended December 31, (in millions, net of taxes) | 2020 | 2019 | 2018 | ||||||||||||||
Net Income (Loss) | $ | (14.2) | $ | 383.1 | $ | (50.6) | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Net unrealized gain (loss) on available-for-sale securities(1) | 2.7 | 5.7 | (2.6) | ||||||||||||||
Net unrealized gain (loss) on cash flow hedges(2) | (70.7) | (64.2) | 22.7 | ||||||||||||||
Unrecognized pension and OPEB benefit (costs)(3) | 3.9 | 3.1 | (4.4) | ||||||||||||||
Total other comprehensive income (loss) | (64.1) | (55.4) | 15.7 | ||||||||||||||
Total Comprehensive Income (Loss) | $ | (78.3) | $ | 327.7 | $ | (34.9) | |||||||||||
(in millions) | December 31, 2020 | December 31, 2019 | |||||||||
ASSETS | |||||||||||
Property, Plant and Equipment | |||||||||||
Plant | $ | 24,179.9 | $ | 24,541.9 | |||||||
Accumulated depreciation and amortization | (7,560.4) | (7,629.7) | |||||||||
Net Property, Plant and Equipment(1) | 16,619.5 | 16,912.2 | |||||||||
Investments and Other Assets | |||||||||||
Unconsolidated affiliates | 0 | 1.3 | |||||||||
Available-for-sale debt securities (amortized cost of $163.9 and $150.1, allowance for credit losses of $0.5 and $0, respectively) | 170.9 | 154.2 | |||||||||
Other investments | 81.1 | 74.7 | |||||||||
Total Investments and Other Assets | 252.0 | 230.2 | |||||||||
Current Assets | |||||||||||
Cash and cash equivalents | 116.5 | 139.3 | |||||||||
Restricted cash | 9.1 | 9.1 | |||||||||
Accounts receivable | 843.6 | 876.1 | |||||||||
Allowance for credit losses | (52.3) | (19.2) | |||||||||
Accounts receivable, net | 791.3 | 856.9 | |||||||||
Gas inventory | 191.2 | 250.9 | |||||||||
Materials and supplies, at average cost | 141.5 | 120.2 | |||||||||
Electric production fuel, at average cost | 68.4 | 53.6 | |||||||||
Exchange gas receivable | 34.1 | 48.5 | |||||||||
Regulatory assets | 135.7 | 225.7 | |||||||||
Deferred property taxes | 85.6 | 79.5 | |||||||||
Prepayments and other | 86.0 | 70.2 | |||||||||
Total Current Assets(1) | 1,659.4 | 1,853.9 | |||||||||
Other Assets | |||||||||||
Regulatory assets | 1,794.8 | 2,013.9 | |||||||||
Goodwill | 1,485.9 | 1,485.9 | |||||||||
Deferred charges and other | 228.9 | 163.7 | |||||||||
Total Other Assets | 3,509.6 | 3,663.5 | |||||||||
Total Assets | $ | 22,040.5 | $ | 22,659.8 |
(in millions, except share amounts) | December 31, 2020 | December 31, 2019 | |||||||||
CAPITALIZATION AND LIABILITIES | |||||||||||
Capitalization | |||||||||||
Stockholders’ Equity | |||||||||||
Common stock - $0.01 par value, 600,000,000 shares authorized; 391,760,051 and 382,135,680 shares outstanding, respectively | $ | 3.9 | $ | 3.8 | |||||||
Preferred stock - $0.01 par value, 20,000,000 shares authorized; 440,000 shares outstanding | 880.0 | 880.0 | |||||||||
Treasury stock | (99.9) | (99.9) | |||||||||
Additional paid-in capital | 6,890.1 | 6,666.2 | |||||||||
Retained deficit | (1,765.2) | (1,370.8) | |||||||||
Accumulated other comprehensive loss | (156.7) | (92.6) | |||||||||
Total NiSource Stockholders' Equity | 5,752.2 | 5,986.7 | |||||||||
Noncontrolling interest in consolidated subsidiaries | 85.6 | 0 | |||||||||
Total Stockholders’ Equity | 5,837.8 | 5,986.7 | |||||||||
Long-term debt, excluding amounts due within one year | 9,219.8 | 7,856.2 | |||||||||
Total Capitalization | 15,057.6 | 13,842.9 | |||||||||
Current Liabilities | |||||||||||
Current portion of long-term debt | 23.3 | 13.4 | |||||||||
Short-term borrowings | 503.0 | 1,773.2 | |||||||||
Accounts payable | 589.0 | 666.0 | |||||||||
Customer deposits and credits | 243.3 | 256.4 | |||||||||
Taxes accrued | 244.1 | 231.6 | |||||||||
Interest accrued | 104.7 | 99.4 | |||||||||
Risk management liabilities | 78.2 | 12.6 | |||||||||
Exchange gas payable | 48.5 | 59.7 | |||||||||
Regulatory liabilities | 161.3 | 160.2 | |||||||||
Accrued compensation and employee benefits | 141.8 | 156.3 | |||||||||
Claims accrued | 28.6 | 165.4 | |||||||||
Other accruals | 113.6 | 151.6 | |||||||||
Total Current Liabilities | 2,279.4 | 3,745.8 | |||||||||
Other Liabilities | |||||||||||
Risk management liabilities | 144.6 | 134.0 | |||||||||
Deferred income taxes | 1,470.6 | 1,485.3 | |||||||||
Accrued insurance liabilities | 84.8 | 81.5 | |||||||||
Accrued liability for postretirement and postemployment benefits | 336.1 | 373.2 | |||||||||
Regulatory liabilities | 1,904.2 | 2,352.0 | |||||||||
Asset retirement obligations | 477.1 | 416.9 | |||||||||
Other noncurrent liabilities | 286.1 | 228.2 | |||||||||
Total Other Liabilities | 4,703.5 | 5,071.1 | |||||||||
Commitments and Contingencies (Refer to Note 20, "Other Commitments and Contingencies") | |||||||||||
Total Capitalization and Liabilities | $ | 22,040.5 | $ | 22,659.8 |
Year Ended December 31, (in millions, except per share amounts) | 2020 | 2019 | 2018 | ||||||||||||||
Operating Revenues | |||||||||||||||||
Customer revenues | $ | 4,473.2 | $ | 5,053.4 | $ | 4,991.1 | |||||||||||
Other revenues | 208.5 | 155.5 | 123.4 | ||||||||||||||
Total Operating Revenues | 4,681.7 | 5,208.9 | 5,114.5 | ||||||||||||||
Operating Expenses | |||||||||||||||||
Cost of energy | 1,109.3 | 1,534.8 | 1,761.3 | ||||||||||||||
Operation and maintenance | 1,585.9 | 1,354.7 | 2,352.9 | ||||||||||||||
Depreciation and amortization | 725.9 | 717.4 | 599.6 | ||||||||||||||
Impairment of goodwill and intangible assets | 0 | 414.5 | 0 | ||||||||||||||
Loss on sale of assets, net | 410.6 | 0 | 1.2 | ||||||||||||||
Other taxes | 299.2 | 296.8 | 274.8 | ||||||||||||||
Total Operating Expenses | 4,130.9 | 4,318.2 | 4,989.8 | ||||||||||||||
Operating Income | 550.8 | 890.7 | 124.7 | ||||||||||||||
Other Income (Deductions) | |||||||||||||||||
Interest expense, net | (370.7) | (378.9) | (353.3) | ||||||||||||||
Other, net | 32.1 | (5.2) | 43.5 | ||||||||||||||
Loss on early extinguishment of long-term debt | (243.5) | 0 | (45.5) | ||||||||||||||
Total Other Deductions, Net | (582.1) | (384.1) | (355.3) | ||||||||||||||
Income (Loss) before Income Taxes | (31.3) | 506.6 | (230.6) | ||||||||||||||
Income Taxes | (17.1) | 123.5 | (180.0) | ||||||||||||||
Net Income (Loss) | (14.2) | 383.1 | (50.6) | ||||||||||||||
Net income attributable to noncontrolling interest | 3.4 | 0 | 0 | ||||||||||||||
Net Income (Loss) attributable to NiSource | (17.6) | 383.1 | (50.6) | ||||||||||||||
Preferred dividends | (55.1) | (55.1) | (15.0) | ||||||||||||||
Net Income (Loss) Available to Common Shareholders | (72.7) | 328.0 | (65.6) | ||||||||||||||
Earnings (Loss) Per Share | |||||||||||||||||
Basic Earnings (Loss) Per Share | $ | (0.19) | $ | 0.88 | $ | (0.18) | |||||||||||
Diluted Earnings (Loss) Per Share | $ | (0.19) | $ | 0.87 | $ | (0.18) | |||||||||||
Basic Average Common Shares Outstanding | 384.3 | 374.6 | 356.5 | ||||||||||||||
Diluted Average Common Shares | 384.3 | 376.0 | 356.5 |
Year Ended December 31, (in millions, net of taxes) | 2020 | 2019 | 2018 | ||||||||||||||
Net Income (Loss) | $ | (14.2) | $ | 383.1 | $ | (50.6) | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Net unrealized gain (loss) on available-for-sale securities(1) | 2.7 | 5.7 | (2.6) | ||||||||||||||
Net unrealized gain (loss) on cash flow hedges(2) | (70.7) | (64.2) | 22.7 | ||||||||||||||
Unrecognized pension and OPEB benefit (costs)(3) | 3.9 | 3.1 | (4.4) | ||||||||||||||
Total other comprehensive income (loss) | (64.1) | (55.4) | 15.7 | ||||||||||||||
Total Comprehensive Income (Loss) | $ | (78.3) | $ | 327.7 | $ | (34.9) | |||||||||||
(in millions) | December 31, 2020 | December 31, 2019 | |||||||||
ASSETS | |||||||||||
Property, Plant and Equipment | |||||||||||
Plant | $ | 24,179.9 | $ | 24,541.9 | |||||||
Accumulated depreciation and amortization | (7,560.4) | (7,629.7) | |||||||||
Net Property, Plant and Equipment(1) | 16,619.5 | 16,912.2 | |||||||||
Investments and Other Assets | |||||||||||
Unconsolidated affiliates | 0 | 1.3 | |||||||||
Available-for-sale debt securities (amortized cost of $163.9 and $150.1, allowance for credit losses of $0.5 and $0, respectively) | 170.9 | 154.2 | |||||||||
Other investments | 81.1 | 74.7 | |||||||||
Total Investments and Other Assets | 252.0 | 230.2 | |||||||||
Current Assets | |||||||||||
Cash and cash equivalents | 116.5 | 139.3 | |||||||||
Restricted cash | 9.1 | 9.1 | |||||||||
Accounts receivable | 843.6 | 876.1 | |||||||||
Allowance for credit losses | (52.3) | (19.2) | |||||||||
Accounts receivable, net | 791.3 | 856.9 | |||||||||
Gas inventory | 191.2 | 250.9 | |||||||||
Materials and supplies, at average cost | 141.5 | 120.2 | |||||||||
Electric production fuel, at average cost | 68.4 | 53.6 | |||||||||
Exchange gas receivable | 34.1 | 48.5 | |||||||||
Regulatory assets | 135.7 | 225.7 | |||||||||
Deferred property taxes | 85.6 | 79.5 | |||||||||
Prepayments and other | 86.0 | 70.2 | |||||||||
Total Current Assets(1) | 1,659.4 | 1,853.9 | |||||||||
Other Assets | |||||||||||
Regulatory assets | 1,794.8 | 2,013.9 | |||||||||
Goodwill | 1,485.9 | 1,485.9 | |||||||||
Deferred charges and other | 228.9 | 163.7 | |||||||||
Total Other Assets | 3,509.6 | 3,663.5 | |||||||||
Total Assets | $ | 22,040.5 | $ | 22,659.8 |
(in millions, except share amounts) | December 31, 2020 | December 31, 2019 | |||||||||
CAPITALIZATION AND LIABILITIES | |||||||||||
Capitalization | |||||||||||
Stockholders’ Equity | |||||||||||
Common stock - $0.01 par value, 600,000,000 shares authorized; 391,760,051 and 382,135,680 shares outstanding, respectively | $ | 3.9 | $ | 3.8 | |||||||
Preferred stock - $0.01 par value, 20,000,000 shares authorized; 440,000 shares outstanding | 880.0 | 880.0 | |||||||||
Treasury stock | (99.9) | (99.9) | |||||||||
Additional paid-in capital | 6,890.1 | 6,666.2 | |||||||||
Retained deficit | (1,765.2) | (1,370.8) | |||||||||
Accumulated other comprehensive loss | (156.7) | (92.6) | |||||||||
Total NiSource Stockholders' Equity | 5,752.2 | 5,986.7 | |||||||||
Noncontrolling interest in consolidated subsidiaries | 85.6 | 0 | |||||||||
Total Stockholders’ Equity | 5,837.8 | 5,986.7 | |||||||||
Long-term debt, excluding amounts due within one year | 9,219.8 | 7,856.2 | |||||||||
Total Capitalization | 15,057.6 | 13,842.9 | |||||||||
Current Liabilities | |||||||||||
Current portion of long-term debt | 23.3 | 13.4 | |||||||||
Short-term borrowings | 503.0 | 1,773.2 | |||||||||
Accounts payable | 589.0 | 666.0 | |||||||||
Customer deposits and credits | 243.3 | 256.4 | |||||||||
Taxes accrued | 244.1 | 231.6 | |||||||||
Interest accrued | 104.7 | 99.4 | |||||||||
Risk management liabilities | 78.2 | 12.6 | |||||||||
Exchange gas payable | 48.5 | 59.7 | |||||||||
Regulatory liabilities | 161.3 | 160.2 | |||||||||
Accrued compensation and employee benefits | 141.8 | 156.3 | |||||||||
Claims accrued | 28.6 | 165.4 | |||||||||
Other accruals | 113.6 | 151.6 | |||||||||
Total Current Liabilities | 2,279.4 | 3,745.8 | |||||||||
Other Liabilities | |||||||||||
Risk management liabilities | 144.6 | 134.0 | |||||||||
Deferred income taxes | 1,470.6 | 1,485.3 | |||||||||
Accrued insurance liabilities | 84.8 | 81.5 | |||||||||
Accrued liability for postretirement and postemployment benefits | 336.1 | 373.2 | |||||||||
Regulatory liabilities | 1,904.2 | 2,352.0 | |||||||||
Asset retirement obligations | 477.1 | 416.9 | |||||||||
Other noncurrent liabilities | 286.1 | 228.2 | |||||||||
Total Other Liabilities | 4,703.5 | 5,071.1 | |||||||||
Commitments and Contingencies (Refer to Note 20, "Other Commitments and Contingencies") | |||||||||||
Total Capitalization and Liabilities | $ | 22,040.5 | $ | 22,659.8 |
Year Ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Operating Activities | |||||||||||||||||
Net Income (Loss) | $ | (14.2) | $ | 383.1 | $ | (50.6) | |||||||||||
Adjustments to Reconcile Net Income (Loss) to Net Cash from Operating Activities: | |||||||||||||||||
Loss on early extinguishment of debt | 243.5 | 0 | 45.5 | ||||||||||||||
Depreciation and amortization | 725.9 | 717.4 | 599.6 | ||||||||||||||
Deferred income taxes and investment tax credits | (29.0) | 118.2 | (188.2) | ||||||||||||||
Stock compensation expense and 401(k) profit sharing contribution | 17.4 | 25.9 | 28.6 | ||||||||||||||
Impairment of goodwill and intangible assets | 0 | 414.5 | 0 | ||||||||||||||
Loss (gain) on sale of assets | 409.8 | (0.6) | 1.3 | ||||||||||||||
Amortization of discount/premium on debt | 9.4 | 8.2 | 7.5 | ||||||||||||||
AFUDC equity | (9.9) | (8.0) | (14.2) | ||||||||||||||
Other adjustments | 0.2 | (0.3) | 0.4 | ||||||||||||||
Changes in Assets and Liabilities: | |||||||||||||||||
Accounts receivable | (3.9) | 187.8 | (186.2) | ||||||||||||||
Inventories | (1.5) | (2.0) | 41.4 | ||||||||||||||
Accounts payable | (29.7) | (299.9) | 268.4 | ||||||||||||||
Customer deposits and credits | 10.0 | 16.9 | (25.4) | ||||||||||||||
Taxes accrued | 28.4 | 7.3 | 20.2 | ||||||||||||||
Interest accrued | 5.3 | 8.8 | (21.7) | ||||||||||||||
Exchange gas receivable/payable | (6.9) | 55.5 | (21.5) | ||||||||||||||
Other accruals | (218.8) | 105.3 | 43.5 | ||||||||||||||
Prepayments and other current assets | (5.9) | (33.6) | (14.5) | ||||||||||||||
Regulatory assets/liabilities | 70.8 | (85.6) | (53.2) | ||||||||||||||
Postretirement and postemployment benefits | (103.6) | (21.1) | 58.2 | ||||||||||||||
Deferred charges and other noncurrent assets | (15.0) | (76.1) | 3.8 | ||||||||||||||
Other noncurrent liabilities | 21.7 | 61.6 | (2.8) | ||||||||||||||
Net Cash Flows from Operating Activities | 1,104.0 | 1,583.3 | 540.1 | ||||||||||||||
Investing Activities | |||||||||||||||||
Capital expenditures | (1,758.1) | (1,802.4) | (1,818.2) | ||||||||||||||
Cost of removal | (138.2) | (113.2) | (104.3) | ||||||||||||||
Proceeds from disposition of assets | 1,115.9 | 0.4 | 1.8 | ||||||||||||||
Purchases of available-for-sale securities | (144.7) | (140.4) | (90.0) | ||||||||||||||
Sales of available-for-sale securities | 131.4 | 132.1 | 82.3 | ||||||||||||||
Payment to renewable generation asset developer | (85.3) | 0 | 0 | ||||||||||||||
Other investing activities | (0.1) | 1.1 | 2.3 | ||||||||||||||
Net Cash Flows used for Investing Activities | (879.1) | (1,922.4) | (1,926.1) | ||||||||||||||
Financing Activities | |||||||||||||||||
Proceeds from issuance of long-term debt | 2,974.0 | 750.0 | 350.0 | ||||||||||||||
Repayments of long-term debt and finance lease obligations | (1,622.0) | (51.6) | (1,046.1) | ||||||||||||||
Issuance of short-term debt (maturity > 90 days) | 1,350.0 | 600.0 | 950.0 | ||||||||||||||
Repayment of short-term debt (maturity > 90 days) | (2,200.0) | (700.0) | 0 | ||||||||||||||
Change in short-term borrowings, net (maturity ≤ 90 days) | (420.1) | (104.0) | (178.5) | ||||||||||||||
Issuance of common stock, net of issuance costs | 211.4 | 244.4 | 848.2 | ||||||||||||||
Issuance of preferred stock, net of issuance costs | 0 | 0 | 880.0 | ||||||||||||||
Equity costs, premiums and other debt related costs | (246.5) | (17.8) | (46.0) | ||||||||||||||
Acquisition of treasury stock | 0 | 0 | (4.0) | ||||||||||||||
Contributions from non-controlling interest, net of issuance costs | 82.2 | 0 | 0 | ||||||||||||||
Dividends paid - common stock | (321.6) | (298.5) | (273.3) | ||||||||||||||
Dividends paid - preferred stock | (55.1) | (56.1) | (11.6) | ||||||||||||||
Net Cash Flows from Financing Activities | (247.7) | 366.4 | 1,468.7 | ||||||||||||||
Change in cash, cash equivalents and restricted cash | (22.8) | 27.3 | 82.7 | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 148.4 | 121.1 | 38.4 | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 125.6 | $ | 148.4 | $ | 121.1 |
(in millions) | Common Stock | Preferred Stock(1) | Treasury Stock | Additional Paid-In Capital | Retained Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interest in Consolidated Subsidiaries | Total | |||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2018 | $ | 3.4 | $ | 0 | $ | (95.9) | $ | 5,529.1 | $ | (1,073.1) | $ | (43.4) | $ | 0 | $ | 4,320.1 | |||||||||||||||||||||||||||||||
Comprehensive Loss: | |||||||||||||||||||||||||||||||||||||||||||||||
Net Loss | 0 | 0 | 0 | 0 | (50.6) | 0 | 0 | (50.6) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 0 | 0 | 15.7 | 0 | 15.7 | |||||||||||||||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock ($0.78 per share) | 0 | 0 | 0 | 0 | (273.5) | 0 | 0 | (273.5) | |||||||||||||||||||||||||||||||||||||||
Preferred stock ($28.88 per share) | 0 | 0 | 0 | 0 | (11.6) | 0 | 0 | (11.6) | |||||||||||||||||||||||||||||||||||||||
Treasury stock acquired | 0 | 0 | (4.0) | 0 | 0 | 0 | 0 | (4.0) | |||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | — | — | — | — | 9.5 | (9.5) | — | — | |||||||||||||||||||||||||||||||||||||||
Stock issuances: | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock - private placement | 0.3 | 0 | 0 | 599.3 | 0 | 0 | 0 | 599.6 | |||||||||||||||||||||||||||||||||||||||
Preferred stock | 0 | 880.0 | 0 | 0 | 0 | 0 | 0 | 880.0 | |||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan | 0 | 0 | 0 | 5.5 | 0 | 0 | 0 | 5.5 | |||||||||||||||||||||||||||||||||||||||
Long-term incentive plan | 0 | 0 | 0 | 15.4 | 0 | 0 | 0 | 15.4 | |||||||||||||||||||||||||||||||||||||||
401(k) and profit sharing | 0 | 0 | 0 | 21.8 | 0 | 0 | 0 | 21.8 | |||||||||||||||||||||||||||||||||||||||
ATM Program | 0.1 | 0 | 0 | 232.4 | 0 | 0 | 0 | 232.5 | |||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | $ | 3.8 | $ | 880.0 | $ | (99.9) | $ | 6,403.5 | $ | (1,399.3) | $ | (37.2) | $ | 0 | $ | 5,750.9 | |||||||||||||||||||||||||||||||
Comprehensive Income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net Income | 0 | 0 | 0 | 0 | 383.1 | 0 | 0 | 383.1 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | 0 | 0 | 0 | 0 | 0 | (55.4) | 0 | (55.4) | |||||||||||||||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock ($0.80 per share) | 0 | 0 | 0 | 0 | (298.5) | 0 | 0 | (298.5) | |||||||||||||||||||||||||||||||||||||||
Preferred stock (See Note 13) | 0 | 0 | 0 | 0 | (56.1) | 0 | 0 | (56.1) | |||||||||||||||||||||||||||||||||||||||
Stock issuances: | |||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan | 0 | 0 | 0 | 5.6 | 0 | 0 | 0 | 5.6 | |||||||||||||||||||||||||||||||||||||||
Long-term incentive plan | 0 | 0 | 0 | 10.4 | 0 | 0 | 0 | 10.4 | |||||||||||||||||||||||||||||||||||||||
401(k) and profit sharing | 0 | 0 | 0 | 17.6 | 0 | 0 | 0 | 17.6 | |||||||||||||||||||||||||||||||||||||||
ATM Program | 0 | 0 | 0 | 229.1 | 0 | 0 | 0 | 229.1 | |||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 3.8 | $ | 880.0 | $ | (99.9) | $ | 6,666.2 | $ | (1,370.8) | $ | (92.6) | $ | 0 | $ | 5,986.7 | |||||||||||||||||||||||||||||||
Comprehensive Loss: | |||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | 0 | 0 | 0 | 0 | (17.6) | 0 | 3.4 | (14.2) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | 0 | 0 | 0 | 0 | 0 | (64.1) | 0 | (64.1) | |||||||||||||||||||||||||||||||||||||||
Dividends: | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock ($0.84 per share) | 0 | 0 | 0 | 0 | (321.7) | 0 | 0 | (321.7) | |||||||||||||||||||||||||||||||||||||||
Preferred stock (See Note 13) | 0 | 0 | 0 | 0 | (55.1) | 0 | 0 | (55.1) | |||||||||||||||||||||||||||||||||||||||
Contribution from noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | 82.2 | 82.2 | |||||||||||||||||||||||||||||||||||||||
Stock issuances: | |||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan | 0 | 0 | 0 | 5.7 | 0 | 0 | 0 | 5.7 | |||||||||||||||||||||||||||||||||||||||
Long-term incentive plan | 0 | 0 | 0 | 8.4 | 0 | 0 | 0 | 8.4 | |||||||||||||||||||||||||||||||||||||||
401(k) and profit sharing | 0 | 0 | 0 | 13.4 | 0 | 0 | 0 | 13.4 | |||||||||||||||||||||||||||||||||||||||
ATM program | 0.1 | 0 | 0 | 196.4 | 0 | 0 | 0 | 196.5 | |||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 3.9 | $ | 880.0 | $ | (99.9) | $ | 6,890.1 | $ | (1,765.2) | $ | (156.7) | $ | 85.6 | $ | 5,837.8 |
Preferred | Common | ||||||||||||||||||||||
(in thousands) | Shares | Shares | Treasury | Outstanding | |||||||||||||||||||
Balance as of January 1, 2018 | 0 | 340,813 | (3,797) | 337,016 | |||||||||||||||||||
Treasury stock acquired | 0 | 0 | (166) | (166) | |||||||||||||||||||
Issued: | |||||||||||||||||||||||
Common stock - private placement | 0 | 24,964 | 0 | 24,964 | |||||||||||||||||||
Preferred stock | 420 | 0 | 0 | 0 | |||||||||||||||||||
Employee stock purchase plan | 0 | 223 | 0 | 223 | |||||||||||||||||||
Long-term incentive plan | 0 | 561 | 0 | 561 | |||||||||||||||||||
401(k) and profit sharing plan | 0 | 882 | 0 | 882 | |||||||||||||||||||
ATM program | 0 | 8,883 | 0 | 8,883 | |||||||||||||||||||
Balance as of December 31, 2018 | 420 | 376,326 | (3,963) | 372,363 | |||||||||||||||||||
Issued: | |||||||||||||||||||||||
Preferred stock(1) | 20 | 0 | 0 | 0 | |||||||||||||||||||
Employee stock purchase plan | 0 | 201 | 0 | 201 | |||||||||||||||||||
Long-term incentive plan | 0 | 518 | 0 | 518 | |||||||||||||||||||
401(k) and profit sharing plan | 0 | 631 | 0 | 631 | |||||||||||||||||||
ATM Program | 0 | 8,423 | 0 | 8,423 | |||||||||||||||||||
Balance as of December 31, 2019 | 440 | 386,099 | (3,963) | 382,136 | |||||||||||||||||||
Issued: | |||||||||||||||||||||||
Employee stock purchase plan | 0 | 236 | 0 | 236 | |||||||||||||||||||
Long-term incentive plan | 0 | 385 | 0 | 385 | |||||||||||||||||||
401(k) and profit sharing plan | 0 | 544 | 0 | 544 | |||||||||||||||||||
ATM program | 0 | 8,459 | 0 | 8,459 | |||||||||||||||||||
Balance as of December 31, 2020 | 440 | 395,723 | (3,963) | 391,760 |
Twelve Months Ended December 31, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Pretax Income (Loss) | ($422.3) | $36.8 | ($835.6) |
Standard | Description | Effective Date | Effect on the financial statements or other significant matters | ||||||||
ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Statement | This pronouncement provides temporary optional expedients and exceptions for applying GAAP principles to contract modifications and hedging relationships to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. | Upon issuance on March 12, 2020, and will apply though December 31, 2022. | We continue to evaluate the temporary expedients and options available under this guidance, and the effects of these pronouncements on our Consolidated Financial Statements and Notes to Consolidated Financial Statements. We are currently identifying and evaluating contracts that may be impacted. As of December 31, 2020, we have not applied any expedients and options available under this ASU. | ||||||||
ASU 2021-01, Reference Rate Reform (Topic 848): Scope |
Standard | Description | Effective Date | Effect on the financial statements or other significant matters | ||||||||
ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivative and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity | This pronouncement simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity's own equity. Specifically, the ASU "simplifies accounting for convertible instruments by removing major separation models required under current GAAP." In addition, the ASU "removes certain settlement conditions that are required for equity contracts to qualify for it" and "simplifies the diluted earnings per share (EPS) calculations in certain areas." | Annual period beginning after December 15, 2021. Early adoption is permitted for annual period beginning after December 15, 2020. | This pronouncement does not impact any securities we currently have on our balance sheet. We will continue to evaluate the effects of this pronouncement on our Consolidated Financial Statements and Notes to Consolidated Financial Statements as it pertains to any relevant future activity. We expect to adopt this ASU on its effective date. |
Standard | Adoption | ||||||
ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments | In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (ASC 326). ASC 326 revised the GAAP guidance on the impairment of most financial assets and certain other instruments that are not measured at fair value through net income. ASC 326 introduces the current expected credit loss (CECL) model that is based on expected losses for instruments measured at amortized cost rather than incurred losses. It also requires entities to record an allowance for available-for-sale debt securities rather than impair the carrying amount of the securities. Subsequent improvements to the estimated credit losses of available-for-sale debt securities will be recognized immediately in earnings, instead of over-time as they would under historic guidance. In 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivative and Hedging, and Topic 825, Financial Instruments. This pronouncement clarified and improved certain areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement. We adopted ASC 326 effective January 1, 2020, using a modified retrospective method. Adoption of this standard did not have material impact on our Consolidated Financial Statements. No adjustments were made to the January 1, 2020 opening balances as a result of this adoption. As required under the modified retrospective method of adoption, results for the reporting periods beginning after January 1, 2020 are presented under ASC 326, while prior period amounts are not adjusted. See Note 3, "Revenue Recognition," and Note 18, "Fair Value," for our discussion of the implementing these standards. | ||||||
ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) | |||||||
ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans | |||||||
ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes | This pronouncement simplifies the accounting for income taxes by eliminating certain exceptions to the general principles in ASC 740, income taxes. It also improves consistency of application for other areas of the guidance by clarifying and amending existing guidance. | We |
Year Ended December 31, (in millions) | 2019 | 2018 | 2017 | |||||||||
Operating Revenues | ||||||||||||
Gas Distribution | $ | 2,336.1 | $ | 2,348.4 | $ | 2,063.2 | ||||||
Gas Transportation | 1,171.3 | 1,055.2 | 1,021.5 | |||||||||
Electric | 1,698.5 | 1,707.4 | 1,785.5 | |||||||||
Other | 3.0 | 3.5 | 4.4 | |||||||||
Total Operating Revenues | $ | 5,208.9 | $ | 5,114.5 | $ | 4,874.6 |
Year Ended December 31, 2019 (in millions) | Gas Distribution Operations | Electric Operations | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 (in millions) | Year Ended December 31, 2020 (in millions) | Gas Distribution Operations | Electric Operations | Corporate and Other(2) | Total | |||||||||||||||||||||||||||||||||
Customer Revenues(1) | Customer Revenues(1) | |||||||||||||||||||||||||||||||||||||
Residential | $ | 2,309.0 | $ | 481.6 | $ | — | $ | 2,790.6 | Residential | $ | 2,075.0 | $ | 527.8 | $ | 0 | $ | 2,602.8 | |||||||||||||||||||||
Commercial | 771.3 | 486.6 | — | 1,257.9 | Commercial | 670.5 | 480.3 | 0 | 1,150.8 | |||||||||||||||||||||||||||||
Industrial | 245.2 | 607.7 | — | 852.9 | Industrial | 212.8 | 412.1 | 0 | 624.9 | |||||||||||||||||||||||||||||
Off-system | 77.7 | — | — | 77.7 | Off-system | 41.0 | 0 | 0 | 41.0 | |||||||||||||||||||||||||||||
Miscellaneous | 52.0 | 21.5 | 0.8 | 74.3 | Miscellaneous | 32.7 | 20.2 | 0.8 | 53.7 | |||||||||||||||||||||||||||||
Total Customer Revenues | $ | 3,455.2 | $ | 1,597.4 | $ | 0.8 | $ | 5,053.4 | Total Customer Revenues | $ | 3,032.0 | $ | 1,440.4 | $ | 0.8 | $ | 4,473.2 | |||||||||||||||||||||
Other Revenues | 54.5 | 101.0 | — | 155.5 | Other Revenues | 96.1 | 95.5 | 16.9 | 208.5 | |||||||||||||||||||||||||||||
Total Operating Revenues | $ | 3,509.7 | $ | 1,698.4 | $ | 0.8 | $ | 5,208.9 | Total Operating Revenues | $ | 3,128.1 | $ | 1,535.9 | $ | 17.7 | $ | 4,681.7 |
Year Ended December 31, 2018 (in millions) | Gas Distribution Operations | Electric Operations | Corporate and Other | Total | |||||||||||
Customer Revenues(1) | |||||||||||||||
Residential | $ | 2,250.0 | $ | 494.7 | $ | — | $ | 2,744.7 | |||||||
Commercial | 751.9 | 492.7 | — | 1,244.6 | |||||||||||
Industrial | 228.0 | 613.6 | — | 841.6 | |||||||||||
Off-system | 92.4 | — | — | 92.4 | |||||||||||
Miscellaneous | 49.7 | 17.4 | 0.7 | 67.8 | |||||||||||
Total Customer Revenues | $ | 3,372.0 | $ | 1,618.4 | $ | 0.7 | $ | 4,991.1 | |||||||
Other Revenues | 34.4 | 89.0 | — | 123.4 | |||||||||||
Total Operating Revenues | $ | 3,406.4 | $ | 1,707.4 | $ | 0.7 | $ | 5,114.5 |
(in millions) | Customer Accounts Receivable, Billed (less reserve)(1) | Customer Accounts Receivable, Unbilled (less reserve) | |||||
Balance as of December 31, 2018 | $ | 540.5 | $ | 349.1 | |||
Balance as of December 31, 2019 | 466.6 | 346.6 | |||||
Decrease | $ | (73.9 | ) | $ | (2.5 | ) |
Year Ended December 31, 2019 (in millions) | Gas Distribution Operations | Electric Operations | Corporate and Other | Total | |||||||||||||||||||
Customer Revenues(1) | |||||||||||||||||||||||
Residential | $ | 2,309.0 | $ | 481.6 | $ | 0 | $ | 2,790.6 | |||||||||||||||
Commercial | 771.3 | 486.6 | 0 | 1,257.9 | |||||||||||||||||||
Industrial | 245.2 | 607.7 | 0 | 852.9 | |||||||||||||||||||
Off-system | 77.7 | 0 | 0 | 77.7 | |||||||||||||||||||
Miscellaneous | 52.0 | 21.5 | 0.8 | 74.3 | |||||||||||||||||||
Total Customer Revenues | $ | 3,455.2 | $ | 1,597.4 | $ | 0.8 | $ | 5,053.4 | |||||||||||||||
Other Revenues | 54.5 | 101.0 | 0 | 155.5 | |||||||||||||||||||
Total Operating Revenues | $ | 3,509.7 | $ | 1,698.4 | $ | 0.8 | $ | 5,208.9 |
Year Ended December 31, 2018 (in millions) | Gas Distribution Operations | Electric Operations | Corporate and Other | Total | |||||||||||||||||||
Customer Revenues(1) | |||||||||||||||||||||||
Residential | $ | 2,250.0 | $ | 494.7 | $ | 0 | $ | 2,744.7 | |||||||||||||||
Commercial | 751.9 | 492.7 | 0 | 1,244.6 | |||||||||||||||||||
Industrial | 228.0 | 613.6 | 0 | 841.6 | |||||||||||||||||||
Off-system | 92.4 | 0 | 0 | 92.4 | |||||||||||||||||||
Miscellaneous | 49.7 | 17.4 | 0.7 | 67.8 | |||||||||||||||||||
Total Customer Revenues | $ | 3,372.0 | $ | 1,618.4 | $ | 0.7 | $ | 4,991.1 | |||||||||||||||
Other Revenues | 34.4 | 89.0 | 0 | 123.4 | |||||||||||||||||||
Total Operating Revenues | $ | 3,406.4 | $ | 1,707.4 | $ | 0.7 | $ | 5,114.5 |
(in millions) | Customer Accounts Receivable, Billed (less reserve)(1) | Customer Accounts Receivable, Unbilled (less reserve) | ||||||||||||
Balance as of December 31, 2019 | $ | 466.6 | $ | 346.6 | ||||||||||
Balance as of December 31, 2020 | 400.0 | 327.2 | ||||||||||||
Decrease | $ | (66.6) | $ | (19.4) |
Year Ended December 31, 2020 (in millions) | Gas Distribution Operations | Electric Operations | Corporate and Other | Total | |||||||||||||||||||
Beginning balance(1) | 9.1 | 3.1 | 0.8 | 13.0 | |||||||||||||||||||
Current period provisions | 45.3 | 9.3 | 0 | 54.6 | |||||||||||||||||||
Write-offs charged against allowance | (26.7) | (3.0) | 0 | (29.7) | |||||||||||||||||||
Recoveries of amounts previously written off | 14.1 | 0.3 | 0 | 14.4 | |||||||||||||||||||
Ending balance of the allowance for credit losses | 41.8 | 9.7 | 0.8 | 52.3 | |||||||||||||||||||
(1)Total beginning balance differs from that presented in the Consolidated Balance Sheets as it excludes Columbia of Massachusetts. Columbia of Massachusetts' customer receivables and related allowance for credit losses were included in the sale of the Massachusetts Business that occurred on October 9, 2020. |
(in millions) | |||||
Net Property, Plant and Equipment | $ | 175.6 | |||
Current assets | 1.7 | ||||
Total assets(1) | $ | 177.3 | |||
Current liabilities | $ | 15.3 | |||
Asset retirement obligations | 5.5 | ||||
Other noncurrent liabilities | 0.1 | ||||
Total liabilities | $ | 20.9 |
Year Ended December 31, (in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Denominator | |||||||||||||||||
Basic average common shares outstanding | 384,347 | 374,650 | 356,491 | ||||||||||||||
Dilutive potential common shares: | |||||||||||||||||
Shares contingently issuable under employee stock plans | 0 | 929 | 0 | ||||||||||||||
Shares restricted under employee stock plans | 0 | 154 | 0 | ||||||||||||||
Forward agreements | 0 | 253 | 0 | ||||||||||||||
Diluted Average Common Shares | 384,347 | 375,986 | 356,491 |
Year Ended December 31, (in thousands) | 2019 | 2018 | 2017 | |||||
Denominator | ||||||||
Basic average common shares outstanding | 374,650 | 356,491 | 329,388 | |||||
Dilutive potential common shares: | ||||||||
Shares contingently issuable under employee stock plans | 929 | — | 547 | |||||
Shares restricted under stock plans | 154 | — | 821 | |||||
Forward agreements | 253 | — | — | |||||
Diluted Average Common Shares | 375,986 | 356,491 | 330,756 |
At December 31, (in millions) | 2019 | 2018 | |||||
Property, Plant and Equipment | |||||||
Gas Distribution Utility(1) | $ | 14,989.7 | $ | 13,776.0 | |||
Electric Utility(1) | 8,902.3 | 8,374.2 | |||||
Corporate | 153.3 | 155.8 | |||||
Construction Work in Process | 457.3 | 474.8 | |||||
Non-Utility and Other | 39.3 | 38.7 | |||||
Total Property, Plant and Equipment | $ | 24,541.9 | $ | 22,819.5 | |||
Accumulated Depreciation and Amortization | |||||||
Gas Distribution Utility(1) | $ | (3,556.0 | ) | $ | (3,373.8 | ) | |
Electric Utility(1) | (3,973.8 | ) | (3,809.5 | ) | |||
Corporate | (79.5 | ) | (74.6 | ) | |||
Non-Utility and Other | (20.4 | ) | (19.1 | ) | |||
Total Accumulated Depreciation and Amortization | $ | (7,629.7 | ) | $ | (7,277.0 | ) | |
Net Property, Plant and Equipment | $ | 16,912.2 | $ | 15,542.5 |
At December 31, (in millions) | 2020 | 2019 | |||||||||
Property, Plant and Equipment | |||||||||||
Gas Distribution Utility(1) | $ | 14,010.2 | $ | 14,989.7 | |||||||
Electric Utility(1) | 6,478.0 | 8,902.3 | |||||||||
Corporate | 197.3 | 153.3 | |||||||||
Construction Work in Process | 572.6 | 457.3 | |||||||||
Renewable Generation Assets(2) | 175.7 | 0 | |||||||||
Non-Utility and Other(3) | 2,746.1 | 39.3 | |||||||||
Total Property, Plant and Equipment | $ | 24,179.9 | $ | 24,541.9 | |||||||
Accumulated Depreciation and Amortization | |||||||||||
Gas Distribution Utility(1) | $ | (3,292.9) | $ | (3,556.0) | |||||||
Electric Utility(1) | (2,305.0) | (3,973.8) | |||||||||
Corporate | (109.3) | (79.5) | |||||||||
Renewable Generation Assets(2) | (0.1) | 0 | |||||||||
Non-Utility and Other(3) | (1,853.1) | (20.4) | |||||||||
Total Accumulated Depreciation and Amortization | $ | (7,560.4) | $ | (7,629.7) | |||||||
Net Property, Plant and Equipment | $ | 16,619.5 | $ | 16,912.2 |
2019 | 2018 | 2017 | ||||||
Electric Operations(1) | 2.8 | % | 2.9 | % | 3.4 | % | ||
Gas Distribution Operations | 2.5 | % | 2.2 | % | 2.1 | % |
2020 | 2019 | 2018 | |||||||||||||||
Electric Operations(1) | 3.4 | % | 2.8 | % | 2.9 | % | |||||||||||
Gas Distribution Operations | 2.3 | % | 2.5 | % | 2.2 | % |
(in millions) | 2020 | 2019 | |||||||||
Gas Distribution Operations | $ | 1,485.9 | $ | 1,485.9 | |||||||
Electric Operations | 0 | 0 | |||||||||
Corporate and Other | 0 | 0 | |||||||||
Total | $ | 1,485.9 | $ | 1,485.9 |
(in millions) | 2019 | 2018 | |||||
Gas Distribution Operations | $ | 1,485.9 | $ | 1,690.7 | |||
Electric Operations | — | — | |||||
Corporate and Other | — | — | |||||
Total | $ | 1,485.9 | $ | 1,690.7 |
(in millions) | 2020 | 2019 | ||||||||||||
Beginning Balance | $ | 416.9 | $ | 352.0 | ||||||||||
Accretion recorded as a regulatory asset/liability | 17.3 | 15.7 | ||||||||||||
Additions | 5.5 | 0 | ||||||||||||
Settlements | (13.9) | (5.4) | ||||||||||||
Change in estimated cash flows | 86.0 | (1) | 54.6 | (2) | ||||||||||
Other | (16.2) | (3) | 0 | |||||||||||
Ending Balance | $ | 495.6 | $ | 416.9 |
(in millions) | 2019 | 2018 | ||||||
Beginning Balance | $ | 352.0 | $ | 268.7 | ||||
Accretion recorded as a regulatory asset/liability | 15.7 | 11.1 | ||||||
Additions | — | 63.3 | (2) | |||||
Settlements | (5.4 | ) | (5.9 | ) | ||||
Change in estimated cash flows | 54.6 | (1) | 14.8 | (2) | ||||
Ending Balance | $ | 416.9 | $ | 352.0 |
At December 31, (in millions) | 2019 | 2018 | |||||
Regulatory Assets | |||||||
Unrecognized pension and other postretirement benefit costs (see Note 11) | $ | 739.1 | $ | 798.3 | |||
Deferred pension and other postretirement benefit costs (see Note 11) | 91.3 | 74.1 | |||||
Environmental costs (see Note 19-D) | 73.4 | 61.5 | |||||
Regulatory effects of accounting for income taxes (see Note 1-N and Note 10) | 234.0 | 233.1 | |||||
Under-recovered gas and fuel costs (see Note 1-J) | 3.9 | 34.7 | |||||
Depreciation | 210.7 | 209.6 | |||||
Post-in-service carrying charges | 219.8 | 206.6 | |||||
Safety activity costs | 118.6 | 91.7 | |||||
DSM programs | 50.1 | 45.5 | |||||
Bailly Generating Station | 221.8 | 244.3 | |||||
Other | 276.9 | 238.1 | |||||
Total Regulatory Assets | $ | 2,239.6 | $ | 2,237.5 |
At December 31, (in millions) | 2020 | 2019 | |||||||||
Regulatory Assets | |||||||||||
Unrecognized pension and other postretirement benefit costs (see Note 12) | $ | 583.3 | $ | 739.1 | |||||||
Deferred pension and other postretirement benefit costs (see Note 12) | 72.4 | 91.3 | |||||||||
Environmental costs (see Note 20-D) | 56.6 | 73.4 | |||||||||
Regulatory effects of accounting for income taxes (see Note 1-N and Note 11) | 194.5 | 234.0 | |||||||||
Under-recovered gas and fuel costs (see Note 1-J) | 8.0 | 3.9 | |||||||||
Depreciation | 192.6 | 210.7 | |||||||||
Post-in-service carrying charges | 228.6 | 219.8 | |||||||||
Safety activity costs | 146.0 | 118.6 | |||||||||
DSM programs | 37.8 | 50.1 | |||||||||
Bailly Generating Station | 204.7 | 221.8 | |||||||||
Losses on Commodity Price Risk Programs (See Note 10) | 54.7 | 76.4 | |||||||||
Deferred Property Taxes | 62.9 | 60.3 | |||||||||
Other | 88.4 | 140.2 | |||||||||
Total Regulatory Assets | $ | 1,930.5 | $ | 2,239.6 | |||||||
Less: Current Portion | 135.7 | 225.7 | |||||||||
Total Noncurrent Regulatory Assets | $ | 1,794.8 | $ | 2,013.9 |
At December 31, (in millions) | 2019 | 2018 | |||||
Regulatory Liabilities | |||||||
Over-recovered gas and fuel costs (see Note 1-J) | $ | 42.6 | $ | 32.0 | |||
Cost of removal (see Note 7) | 1,047.5 | 1,076.0 | |||||
Regulatory effects of accounting for income taxes (see Note 1-N and Note 10) | 1,307.0 | 1,428.3 | |||||
Deferred pension and other postretirement benefit costs (see Note 11) | 64.7 | 62.7 | |||||
Other | 50.4 | 61.0 | |||||
Total Regulatory Liabilities | $ | 2,512.2 | $ | 2,660.0 |
At December 31, (in millions) | 2020 | 2019 | |||||||||
Regulatory Liabilities | |||||||||||
Over-recovered gas and fuel costs (see Note 1-J) | $ | 47.8 | $ | 42.6 | |||||||
Cost of removal (see Note 8) | 775.2 | 1,047.5 | |||||||||
Regulatory effects of accounting for income taxes (see Note 1-N and Note 11) | 1,105.1 | 1,307.0 | |||||||||
Deferred pension and other postretirement benefit costs (see Note 12) | 69.5 | 64.7 | |||||||||
Other | 67.9 | 50.4 | |||||||||
Total Regulatory Liabilities | $ | 2,065.5 | $ | 2,512.2 | |||||||
Less: Current Portion | 161.3 | 160.2 | |||||||||
Total Noncurrent Regulatory Liabilities | $ | 1,904.2 | $ | 2,352.0 |
is driven by Columbia |
(in millions) | |||||||||||
Company | Program | Incremental Revenue | Incremental Capital Investment | Investment Period | Filed | Status | Rates Effective | ||||
Columbia of Ohio | IRP - 2019(1) | $ | 18.2 | $ | 199.6 | 1/18-12/18 | February 28, 2019 | Approved April 24, 2019 | May 2019 | ||
Columbia of Ohio | CEP - 2018 | $ | 74.5 | $ | 659.9 | 1/11-12/17 | December 1, 2017 | Approved November 28, 2018 | December 2018 | ||
Columbia of Ohio | CEP - 2019 | $ | 15.0 | $ | 121.7 | 1/18-12/18 | February 28, 2019 | Approved August 28, 2019 | September 2019 | ||
NIPSCO - Gas | TDSIC 9(1)(2) | $ | (10.6 | ) | $ | 54.4 | 1/18-6/18 | August 28, 2018 | Approved December 27, 2018 | January 2019 | |
NIPSCO - Gas | TDSIC 10(3) | $ | 1.6 | $ | 12.4 | 7/18-4/19 | June 25, 2019 | Approved October 16, 2019 | November 2019 | ||
NIPSCO - Gas | TDSIC 11(4) | $ | (1.7 | ) | $ | 38.7 | 5/19-12/19 | February 25, 2020 | Order Expected June 2020 | July 2020 | |
NIPSCO - Gas | FMCA 1(5) | $ | 9.9 | $ | 1.5 | 11/17-9/18 | November 30, 2018 | Approved March 27, 2019 | April 2019 | ||
NIPSCO - Gas | FMCA 2(5) | $ | (3.5 | ) | $ | 1.8 | 10/18-3/19 | May 29, 2019 | Approved September 25, 2019 | October 2019 | |
NIPSCO - Gas | FMCA 3(5) | $ | 0.3 | $ | 43.0 | 4/19-9/19 | November 26, 2019 | Order Expected March 2020 | April 2020 | ||
Columbia of Massachusetts | GSEP - 2019(6) | $ | 9.6 | $ | 36.0 | 1/19-12/19 | October 31, 2018 | Approved April 30, 2019 | May 2019 | ||
Columbia of Massachusetts | GSEP - 2020(6)(7) | $ | 2.4 | $ | 75.0 | 1/20-12/20 | October 31, 2019 | Order Expected April 2020 | May 2020 | ||
Columbia of Virginia | SAVE - 2019 | $ | 2.4 | $ | 36.0 | 1/19-12/19 | August 17, 2018 | Approved October 26, 2018 | January 2019 | ||
Columbia of Virginia | SAVE - 2020 | $ | 3.8 | $ | 50.0 | 1/20-12/20 | August 15, 2019 | Approved December 6, 2019 | January 2020 | ||
Columbia of Kentucky | AMRP - 2019 | $ | 3.6 | $ | 30.1 | 1/19-12/19 | October 15, 2018 | Approved December 5, 2018 | January 2019 | ||
Columbia of Kentucky | SMRP - 2020 | $ | 4.2 | $ | 40.4 | 1/20-12/20 | October 15, 2019 | Approved December 20, 2019 | January 2020 | ||
Columbia of Maryland | STRIDE - 2019 | $ | 1.2 | $ | 19.7 | 1/19-12/19 | November 1, 2018 | Approved December 12, 2018 | January 2019 | ||
Columbia of Maryland | STRIDE - 2020 | $ | 1.3 | $ | 15.0 | 1/20-12/20 | January 29, 2020 | Approved February 19, 2020 | February 2020 | ||
NIPSCO - Electric | TDSIC - 5(1) | $ | 15.9 | $ | 58.8 | 6/18-11/18 | January 29, 2019 | Approved June 12, 2019 | June 2019 | ||
NIPSCO - Electric | TDSIC - 6 | $ | 28.1 | $ | 131.1 | 12/18-6/19 | August 21, 2019 | Approved December 18, 2019 | January 2020 | ||
NIPSCO - Electric | FMCA - 11(5) | $ | 0.9 | $ | 22.4 | 9/18-2/19 | April 17, 2019 | Approved July 29, 2019 | August 2019 | ||
NIPSCO - Electric | FMCA - 12(5) | $ | 1.6 | $ | 4.7 | 3/19-8/19 | October 18, 2019 | Approved January 29, 2020 | February 2020 |
(in millions) | |||||||||
Company | Requested Incremental Revenue | Approved Incremental Revenue | Filed | Status | Rates Effective | ||||
NIPSCO - Gas(1) | $ | 138.1 | $ | 105.6 | September 27, 2017 | Approved September 19, 2018 | October 2018 | ||
Columbia of Virginia(2) | $ | 14.2 | $ | 1.3 | August 28, 2018 | Approved June 12, 2019 | February 2019 | ||
NIPSCO - Electric(3) | $ | 21.4 | $ | (53.5 | ) | October 31, 2018 | Approved December 4, 2019 | January 2020 | |
Columbia of Maryland | $ | 2.5 | $ | (0.1 | ) | May 22, 2019 | Approved December 18, 2019 | December 2019 |
December 31, (in millions) | 2020 | 2019 | |||||||||
Risk Management Assets - Current(1) | |||||||||||
Interest rate risk programs | $ | 0 | $ | 0 | |||||||
Commodity price risk programs | 10.4 | 0.6 | |||||||||
Total | $ | 10.4 | $ | 0.6 | |||||||
Risk Management Assets - Noncurrent(2) | |||||||||||
Interest rate risk programs | $ | 0 | $ | 0 | |||||||
Commodity price risk programs | 2.8 | 3.8 | |||||||||
Total | $ | 2.8 | $ | 3.8 | |||||||
Risk Management Liabilities - Current | |||||||||||
Interest rate risk programs | $ | 70.9 | $ | 0 | |||||||
Commodity price risk programs | 7.3 | 12.6 | |||||||||
Total | $ | 78.2 | $ | 12.6 | |||||||
Risk Management Liabilities - Noncurrent | |||||||||||
Interest rate risk programs | $ | 99.5 | $ | 76.2 | |||||||
Commodity price risk programs | 45.1 | 57.8 | |||||||||
Total | $ | 144.6 | $ | 134.0 |
December 31, (in millions) | 2019 | 2018 | |||||
Risk Management Assets - Current(1) | |||||||
Interest rate risk programs | $ | — | $ | — | |||
Commodity price risk programs | 0.6 | 1.1 | |||||
Total | $ | 0.6 | $ | 1.1 | |||
Risk Management Assets - Noncurrent(2) | |||||||
Interest rate risk programs | $ | — | $ | 18.5 | |||
Commodity price risk programs | 3.8 | 4.4 | |||||
Total | $ | 3.8 | $ | 22.9 | |||
Risk Management Liabilities - Current(3) | |||||||
Interest rate risk programs | $ | — | $ | — | |||
Commodity price risk programs | 12.6 | 5.0 | |||||
Total | $ | 12.6 | $ | 5.0 | |||
Risk Management Liabilities - Noncurrent | |||||||
Interest rate risk programs | $ | 76.2 | $ | 9.5 | |||
Commodity price risk programs | 57.8 | 37.2 | |||||
Total | $ | 134.0 | $ | 46.7 |
Year Ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Income Taxes | |||||||||||||||||
Current | |||||||||||||||||
Federal | $ | 0.2 | $ | 0 | $ | 0 | |||||||||||
State | 11.7 | 5.2 | 8.2 | ||||||||||||||
Total Current | 11.9 | 5.2 | 8.2 | ||||||||||||||
Deferred | |||||||||||||||||
Federal | (0.4) | 110.7 | (209.4) | ||||||||||||||
State | (27.4) | 9.0 | 22.2 | ||||||||||||||
Total Deferred | (27.8) | 119.7 | (187.2) | ||||||||||||||
Deferred Investment Credits | (1.2) | (1.4) | (1.0) | ||||||||||||||
Income Taxes | $ | (17.1) | $ | 123.5 | $ | (180.0) |
Year Ended December 31, (in millions) | 2019 | 2018 | 2017 | ||||||||
Income Taxes | |||||||||||
Current | |||||||||||
Federal | $ | — | $ | — | $ | — | |||||
State | 5.2 | 8.2 | 7.8 | ||||||||
Total Current | 5.2 | 8.2 | 7.8 | ||||||||
Deferred | |||||||||||
Federal | 110.7 | (209.4 | ) | 302.7 | |||||||
State | 9.0 | 22.2 | 5.0 | ||||||||
Total Deferred | 119.7 | (187.2 | ) | 307.7 | |||||||
Deferred Investment Credits | (1.4 | ) | (1.0 | ) | (1.0 | ) | |||||
Income Taxes | $ | 123.5 | $ | (180.0 | ) | $ | 314.5 |
Year Ended December 31, (in millions) | 2019 | 2018 | 2017 | |||||||||||||||||
Book income (loss) before income taxes | $ | 506.6 | $ | (230.6 | ) | $ | 443.0 | |||||||||||||
Tax expense (benefit) at statutory federal income tax rate | 106.5 | 21.0 | % | (48.4 | ) | 21.0 | % | 155.0 | 35.0 | % | ||||||||||
Increases (reductions) in taxes resulting from: | ||||||||||||||||||||
State income taxes, net of federal income tax benefit | 10.1 | 2.0 | 24.7 | (10.7 | ) | 6.9 | 1.5 | |||||||||||||
Amortization of regulatory liabilities | (29.4 | ) | (5.8 | ) | (29.3 | ) | 12.7 | (2.4 | ) | (0.5 | ) | |||||||||
Goodwill impairment | 43.0 | 8.5 | — | — | — | — | ||||||||||||||
Fines and penalties | 11.5 | 2.3 | 0.2 | (0.1 | ) | 2.8 | 0.6 | |||||||||||||
Charitable contribution carryover | (2.5 | ) | (0.5 | ) | — | — | (1.2 | ) | (0.3 | ) | ||||||||||
State regulatory proceedings | (9.5 | ) | (1.9 | ) | (127.8 | ) | 55.4 | — | — | |||||||||||
Remeasurement due to TCJA | — | — | — | — | 161.1 | 36.4 | ||||||||||||||
Employee stock ownership plan dividends and other compensation | (2.0 | ) | (0.4 | ) | (2.2 | ) | 1.0 | (6.5 | ) | (1.5 | ) | |||||||||
Other adjustments | (4.2 | ) | (0.8 | ) | 2.8 | (1.2 | ) | (1.2 | ) | (0.2 | ) | |||||||||
Income Taxes | $ | 123.5 | 24.4 | % | $ | (180.0 | ) | 78.1 | % | $ | 314.5 | 71.0 | % |
Year Ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Book income (loss) before income taxes | $ | (31.3) | $ | 506.6 | $ | (230.6) | |||||||||||||||||||||||||||||
Tax expense (benefit) at statutory federal income tax rate | (6.6) | 21.0 | % | 106.5 | 21.0 | % | (48.4) | 21.0 | % | ||||||||||||||||||||||||||
Increases (reductions) in taxes resulting from: | |||||||||||||||||||||||||||||||||||
State income taxes, net of federal income tax benefit | (11.7) | 37.4 | 10.1 | 2.0 | 24.7 | (10.7) | |||||||||||||||||||||||||||||
Amortization of regulatory liabilities | (38.4) | 122.7 | (29.4) | (5.8) | (29.3) | 12.7 | |||||||||||||||||||||||||||||
Goodwill impairment | 0 | 0 | 43.0 | 8.5 | 0 | 0 | |||||||||||||||||||||||||||||
Fines and penalties | 11.8 | (37.7) | 11.5 | 2.3 | 0.2 | (0.1) | |||||||||||||||||||||||||||||
Charitable contribution carryover | 0 | 0 | (2.5) | (0.5) | 0 | 0 | |||||||||||||||||||||||||||||
State regulatory proceedings | 0 | 0 | (9.5) | (1.9) | (127.8) | 55.4 | |||||||||||||||||||||||||||||
Employee stock ownership plan dividends and other compensation | (1.3) | 4.2 | (2.0) | (0.4) | (2.2) | 1.0 | |||||||||||||||||||||||||||||
Deferred taxes on TCJA regulatory liability divested | 23.3 | (74.5) | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Tax accrual adjustments | 8.9 | (28.4) | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Federal tax credits | (2.5) | 8.0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Other adjustments | (0.6) | 1.9 | (4.2) | (0.8) | 2.8 | (1.2) | |||||||||||||||||||||||||||||
Income Taxes | $ | (17.1) | 54.6 | % | $ | 123.5 | 24.4 | % | $ | (180.0) | 78.1 | % |
At December 31, (in millions) | 2019 | 2018 | |||||
Deferred tax liabilities | |||||||
Accelerated depreciation and other property differences | $ | 2,516.9 | $ | 2,458.0 | |||
Other regulatory assets | 381.5 | 375.4 | |||||
Total Deferred Tax Liabilities | 2,898.4 | 2,833.4 | |||||
Deferred tax assets | |||||||
Other regulatory liabilities and deferred investment tax credits (including TCJA) | 336.1 | 365.5 | |||||
Pension and other postretirement/postemployment benefits | 152.1 | 157.5 | |||||
Net operating loss carryforward and AMT credit carryforward | 765.9 | 849.8 | |||||
Environmental liabilities | 25.4 | 24.4 | |||||
Other accrued liabilities | 35.3 | 37.5 | |||||
Other, net | 98.3 | 68.2 | |||||
Total Deferred Tax Assets | 1,413.1 | 1,502.9 | |||||
Net Deferred Tax Liabilities | $ | 1,485.3 | $ | 1,330.5 |
At December 31, (in millions) | 2020 | 2019 | |||||||||
Deferred tax liabilities | |||||||||||
Accelerated depreciation and other property differences | $ | 2,339.3 | $ | 2,516.9 | |||||||
Other regulatory assets | 331.8 | 381.5 | |||||||||
Total Deferred Tax Liabilities | 2,671.1 | 2,898.4 | |||||||||
Deferred tax assets | |||||||||||
Other regulatory liabilities and deferred investment tax credits (including TCJA) | 287.8 | 336.1 | |||||||||
Pension and other postretirement/postemployment benefits | 118.1 | 152.1 | |||||||||
Net operating loss carryforward and AMT credit carryforward | 602.1 | 765.9 | |||||||||
Environmental liabilities | 22.6 | 25.4 | |||||||||
Other accrued liabilities | 41.5 | 35.3 | |||||||||
Other, net | 128.4 | 98.3 | |||||||||
Total Deferred Tax Assets | 1,200.5 | 1,413.1 | |||||||||
Net Deferred Tax Liabilities | $ | 1,470.6 | $ | 1,485.3 |
Reconciliation of Unrecognized Tax Benefits (in millions) | 2019 | 2018 | 2017 | ||||||||
Unrecognized Tax Benefits - Opening Balance | $ | 1.2 | $ | 1.4 | $ | 2.6 | |||||
Gross decreases - tax positions in prior period | (0.6 | ) | (0.4 | ) | (1.4 | ) | |||||
Gross increases - current period tax positions | 22.6 | 0.2 | 0.2 | ||||||||
Unrecognized Tax Benefits - Ending Balance | $ | 23.2 | $ | 1.2 | $ | 1.4 | |||||
Offset for net operating loss carryforwards | (22.6 | ) | — | — | |||||||
Balance - Less Net Operating Loss Carryforwards | $ | 0.6 | $ | 1.2 | $ | 1.4 |
Reconciliation of Unrecognized Tax Benefits (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Unrecognized Tax Benefits - Opening Balance | $ | 23.2 | $ | 1.2 | $ | 1.4 | |||||||||||
Gross decreases - tax positions in prior period | (1.5) | (0.6) | (0.4) | ||||||||||||||
Gross increases - current period tax positions | 0 | 22.6 | 0.2 | ||||||||||||||
Unrecognized Tax Benefits - Ending Balance | $ | 21.7 | $ | 23.2 | $ | 1.2 | |||||||||||
Offset for net operating loss carryforwards | (21.7) | (22.6) | 0 | ||||||||||||||
Balance - Less Net Operating Loss Carryforwards | $ | 0 | $ | 0.6 | $ | 1.2 |
Defined Benefit Pension Plan | Postretirement Benefit Plan | ||||||||||||||||||||||
Asset Category | Minimum | Maximum | Minimum | Maximum | |||||||||||||||||||
Domestic Equities | 12% | 32% | 0% | 55% | |||||||||||||||||||
International Equities | 6% | 16% | 0% | 25% | |||||||||||||||||||
Fixed Income | 59% | 71% | 20% | 100% | |||||||||||||||||||
Real Estate | 0% | 7% | 0% | 0% | |||||||||||||||||||
Private Equity | 0% | 5% | 0% | 0% | |||||||||||||||||||
Short-Term Investments | 0% | 10% | 0% | 10% |
Defined Benefit Pension Plan | Postretirement Benefit Plan | ||||||
Asset Category | Minimum | Maximum | Minimum | Maximum | |||
Domestic Equities | 12% | 32% | 0% | 55% | |||
International Equities | 6% | 16% | 0% | 25% | |||
Fixed Income | 59% | 71% | 20% | 100% | |||
Real Estate | 0% | 7% | 0% | 0% | |||
Short-Term Investments/Other | 0% | 15% | 0% | 10% |
Defined Benefit Pension Plan | Postretirement Benefit Plan | ||||||||||||||||||||||
Asset Category | Minimum | Maximum | Minimum | Maximum | |||||||||||||||||||
Domestic Equities | 12% | 32% | 0% | 55% | |||||||||||||||||||
International Equities | 6% | 16% | 0% | 25% | |||||||||||||||||||
Fixed Income | 59% | 71% | 20% | 100% | |||||||||||||||||||
Real Estate | 0% | 7% | 0% | 0% | |||||||||||||||||||
Private Equity | 0% | 5% | 0% | 0% | |||||||||||||||||||
Short-Term Investments | 0% | 10% | 0% | 10% |
Defined Benefit Pension Plan | Postretirement Benefit Plan | ||||||
Asset Category | Minimum | Maximum | Minimum | Maximum | |||
Domestic Equities | 12% | 32% | 0% | 55% | |||
International Equities | 6% | 16% | 0% | 25% | |||
Fixed Income | 59% | 71% | 20% | 100% | |||
Real Estate | 0% | 7% | 0% | 0% | |||
Short-Term Investments/Other | 0% | 15% | 0% | 10% |
Defined Benefit Pension Assets | December 31, 2019 | Postretirement Benefit Plan Assets | December 31, 2019 | ||||||||||
Asset Class (in millions) | Asset Value | % of Total Assets | Asset Value | % of Total Assets | |||||||||
Domestic Equities | $ | 446.4 | 21.5 | % | $ | 93.8 | 35.9 | % | |||||
International Equities | 205.0 | 9.9 | % | 40.7 | 15.6 | % | |||||||
Fixed Income | 1,337.2 | 64.2 | % | 119.5 | 45.7 | % | |||||||
Real Estate | 53.9 | 2.6 | % | — | — | ||||||||
Cash/Other | 38.4 | 1.8 | % | 7.4 | 2.8 | % | |||||||
Total | $ | 2,080.9 | 100.0 | % | $ | 261.4 | 100.0 | % | |||||
Defined Benefit Pension Assets | December 31, 2018 | Postretirement Benefit Plan Assets | December 31, 2018 | ||||||||||
Asset Class (in millions) | Asset Value | % of Total Assets | Asset Value | % of Total Assets | |||||||||
Domestic Equities | $ | 355.5 | 19.0 | % | $ | 78.8 | 36.4 | % | |||||
International Equities | 165.5 | 8.9 | % | 17.5 | 8.1 | % | |||||||
Fixed Income | 1,241.9 | 66.5 | % | 115.1 | 53.2 | % | |||||||
Real Estate | 52.7 | 2.8 | % | — | — | ||||||||
Cash/Other | 52.1 | 2.8 | % | 4.9 | 2.3 | % | |||||||
Total | $ | 1,867.7 | 100.0 | % | $ | 216.3 | 100.0 | % |
Defined Benefit Pension Assets | December 31, 2020 | Postretirement Benefit Plan Assets | December 31, 2020 | ||||||||||||||||||||
Asset Class (in millions) | Asset Value | % of Total Assets | Asset Value | % of Total Assets | |||||||||||||||||||
Domestic Equities | $ | 446.3 | 21.0 | % | $ | 108.8 | 38.0 | % | |||||||||||||||
International Equities | 230.1 | 10.9 | % | 48.2 | 16.8 | % | |||||||||||||||||
Fixed Income | 1,291.2 | 61.0 | % | 122.0 | 42.6 | % | |||||||||||||||||
Real Estate | 52.9 | 2.5 | % | 0 | 0 | ||||||||||||||||||
Cash/Other | 97.2 | 4.6 | % | 7.4 | 2.6 | % | |||||||||||||||||
Total | $ | 2,117.7 | 100.0 | % | $ | 286.4 | 100.0 | % | |||||||||||||||
Defined Benefit Pension Assets | December 31, 2019 | Postretirement Benefit Plan Assets | December 31, 2019 | ||||||||||||||||||||
Asset Class (in millions) | Asset Value | % of Total Assets | Asset Value | % of Total Assets | |||||||||||||||||||
Domestic Equities | $ | 446.4 | 21.5 | % | $ | 93.8 | 35.9 | % | |||||||||||||||
International Equities | 205.0 | 9.9 | % | 40.7 | 15.6 | % | |||||||||||||||||
Fixed Income | 1,337.2 | 64.2 | % | 119.5 | 45.7 | % | |||||||||||||||||
Real Estate | 53.9 | 2.6 | % | 0 | 0 | ||||||||||||||||||
Cash/Other | 38.4 | 1.8 | % | 7.4 | 2.8 | % | |||||||||||||||||
Total | $ | 2,080.9 | 100.0 | % | $ | 261.4 | 100.0 | % |
(in millions) | December 31, 2019 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Pension plan assets: | |||||||||||||||
Cash | $ | 6.7 | $ | 6.7 | $ | — | $ | — | |||||||
Fixed income securities | |||||||||||||||
Government | 319.6 | — | 319.6 | — | |||||||||||
Corporate | 651.8 | — | 651.8 | — | |||||||||||
Mutual Funds | |||||||||||||||
U.S. multi-strategy | 140.5 | 140.5 | — | — | |||||||||||
International equities | 56.9 | 56.9 | — | — | |||||||||||
Private equity limited partnerships(3) | |||||||||||||||
U.S. multi-strategy(1) | 14.0 | — | — | — | |||||||||||
International multi-strategy(2) | 8.5 | — | — | — | |||||||||||
Distressed opportunities | 0.5 | — | — | — | |||||||||||
Real estate | 53.9 | — | — | — | |||||||||||
Commingled funds(3) | |||||||||||||||
Short-term money markets | 14.8 | — | — | — | |||||||||||
U.S. equities | 305.9 | — | — | — | |||||||||||
International equities | 148.1 | — | — | — | |||||||||||
Fixed income | 351.8 | — | — | — | |||||||||||
Pension plan assets subtotal | 2,073.0 | 204.1 | 971.4 | — | |||||||||||
Other postretirement benefit plan assets: | |||||||||||||||
Mutual funds | |||||||||||||||
U.S. multi-strategy | 81.7 | 81.7 | — | — | |||||||||||
International equities | 20.6 | 20.6 | — | — | |||||||||||
Fixed income | 119.2 | 119.2 | — | — | |||||||||||
Commingled funds(3) | |||||||||||||||
Short-term money markets | 7.7 | — | — | — | |||||||||||
U.S. equities | 12.1 | — | — | — | |||||||||||
International equities | 20.1 | — | — | — | |||||||||||
Other postretirement benefit plan assets subtotal | 261.4 | 221.5 | — | — | |||||||||||
Due to brokers, net(4) | (2.8 | ) | — | (2.8 | ) | — | |||||||||
Accrued income/dividends | 10.7 | 10.7 | — | — | |||||||||||
Total pension and other postretirement benefit plan assets | $ | 2,342.3 | $ | 436.3 | $ | 968.6 | $ | — |
(in millions) | December 31, 2020 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Pension plan assets: | |||||||||||||||||||||||
Cash | $ | 11.9 | $ | 11.9 | $ | 0 | $ | 0 | |||||||||||||||
Equity securities | |||||||||||||||||||||||
U.S. equities | 2.4 | 2.4 | 0 | 0 | |||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||
Government | 243.4 | 0 | 243.4 | 0 | |||||||||||||||||||
Corporate | 692.6 | 0 | 692.6 | 0 | |||||||||||||||||||
Mutual Funds | |||||||||||||||||||||||
U.S. multi-strategy | 161.3 | 161.3 | 0 | 0 | |||||||||||||||||||
International equities | 55.4 | 55.4 | 0 | 0 | |||||||||||||||||||
Fixed income | 0.1 | 0.1 | 0 | 0 | |||||||||||||||||||
Private equity limited partnerships(3) | |||||||||||||||||||||||
U.S. multi-strategy(1) | 10.9 | 0 | 0 | 0 | |||||||||||||||||||
International multi-strategy(2) | 6.6 | 0 | 0 | 0 | |||||||||||||||||||
Distressed opportunities | 0.3 | 0 | 0 | 0 | |||||||||||||||||||
Real estate | 52.9 | 0 | 0 | 0 | |||||||||||||||||||
Commingled funds(3) | |||||||||||||||||||||||
Short-term money markets | 78.8 | 0 | 0 | 0 | |||||||||||||||||||
U.S. equities | 279.7 | 0 | 0 | 0 | |||||||||||||||||||
International equities | 176.8 | 0 | 0 | 0 | |||||||||||||||||||
Fixed income | 337.6 | 0 | 0 | 0 | |||||||||||||||||||
Pension plan assets subtotal | 2,110.7 | 231.1 | 936.0 | 0 | |||||||||||||||||||
Other postretirement benefit plan assets: | |||||||||||||||||||||||
Mutual funds | |||||||||||||||||||||||
U.S. multi-strategy | 94.8 | 94.8 | 0 | 0 | |||||||||||||||||||
International equities | 24.1 | 24.1 | 0 | 0 | |||||||||||||||||||
Fixed income | 121.8 | 121.8 | 0 | 0 | |||||||||||||||||||
Commingled funds(3) | |||||||||||||||||||||||
Short-term money markets | 7.6 | 0 | 0 | 0 | |||||||||||||||||||
U.S. equities | 14.0 | 0 | 0 | 0 | |||||||||||||||||||
International equities | 24.1 | 0 | 0 | 0 | |||||||||||||||||||
Other postretirement benefit plan assets subtotal | 286.4 | 240.7 | 0 | 0 | |||||||||||||||||||
Due to brokers, net(4) | (1.6) | 0 | (1.6) | 0 | |||||||||||||||||||
Accrued income/dividends | 8.6 | 8.6 | 0 | 0 | |||||||||||||||||||
Total pension and other postretirement benefit plan assets | $ | 2,404.1 | $ | 480.4 | $ | 934.4 | $ | 0 |
(in millions) | Fair Value | Redemption Frequency | Redemption Notice Period | ||||||||||||||||||||
Commingled Funds | |||||||||||||||||||||||
Short-term money markets | $ | 86.4 | Daily | 1 day | |||||||||||||||||||
U.S. equities | 293.7 | Daily | 1-5 days | ||||||||||||||||||||
International equities | 200.9 | Monthly | 10-30 days | ||||||||||||||||||||
Fixed income | 337.6 | Daily | 3 days | ||||||||||||||||||||
Total | $ | 918.6 |
(in millions) | December 31, 2019 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Pension plan assets: | |||||||||||||||||||||||
Cash | $ | 6.7 | $ | 6.7 | $ | 0 | $ | 0 | |||||||||||||||
Fixed income securities | |||||||||||||||||||||||
Government | 319.6 | 0 | 319.6 | 0 | |||||||||||||||||||
Corporate | 651.8 | 0 | 651.8 | 0 | |||||||||||||||||||
Mutual Funds | |||||||||||||||||||||||
U.S. multi-strategy | 140.5 | 140.5 | 0 | 0 | |||||||||||||||||||
International equities | 56.9 | 56.9 | 0 | 0 | |||||||||||||||||||
Private equity limited partnerships(3) | |||||||||||||||||||||||
U.S. multi-strategy(1) | 14.0 | 0 | 0 | 0 | |||||||||||||||||||
International multi-strategy(2) | 8.5 | 0 | 0 | 0 | |||||||||||||||||||
Distressed opportunities | 0.5 | 0 | 0 | 0 | |||||||||||||||||||
Real Estate | 53.9 | 0 | 0 | 0 | |||||||||||||||||||
Commingled funds(3) | |||||||||||||||||||||||
Short-term money markets | 14.8 | 0 | 0 | 0 | |||||||||||||||||||
U.S. equities | 305.9 | 0 | 0 | 0 | |||||||||||||||||||
International equities | 148.1 | 0 | 0 | 0 | |||||||||||||||||||
Fixed income | 351.8 | 0 | 0 | 0 | |||||||||||||||||||
Pension plan assets subtotal | 2,073.0 | 204.1 | 971.4 | 0 | |||||||||||||||||||
Other postretirement benefit plan assets: | |||||||||||||||||||||||
Mutual funds | |||||||||||||||||||||||
U.S. multi-strategy | 81.7 | 81.7 | 0 | 0 | |||||||||||||||||||
International equities | 20.6 | 20.6 | 0 | 0 | |||||||||||||||||||
Fixed income | 119.2 | 119.2 | 0 | 0 | |||||||||||||||||||
Commingled funds(3) | |||||||||||||||||||||||
Short-term money markets | 7.7 | 0 | 0 | 0 | |||||||||||||||||||
U.S. equities | 12.1 | 0 | 0 | 0 | |||||||||||||||||||
International equities | 20.1 | 0 | 0 | 0 | |||||||||||||||||||
Other postretirement benefit plan assets subtotal | 261.4 | 221.5 | 0 | 0 | |||||||||||||||||||
Due to brokers, net(4) | (2.8) | 0 | (2.8) | 0 | |||||||||||||||||||
Accrued income/dividends | 10.7 | 10.7 | 0 | 0 | |||||||||||||||||||
Total pension and other postretirement benefit plan assets | $ | 2,342.3 | $ | 436.3 | $ | 968.6 | $ | 0 |
Balance at January 1, 2019 | Transfers out (Level 3)(1) | Balance at December 31, 2019 | |||||||||
Private equity limited partnerships | |||||||||||
U.S. multi-strategy | 18.5 | (18.5 | ) | — | |||||||
International multi-strategy | 12.5 | (12.5 | ) | — | |||||||
Distressed opportunities | 2.4 | (2.4 | ) | — | |||||||
Real estate | 52.7 | (52.7 | ) | — | |||||||
Total | $ | 86.1 | $ | (86.1 | ) | $ | — |
Balance at January 1, 2019 | Transfers out (Level 3)(1) | Balance at December 31, 2019 | |||||||||||||||||||||||||||||||||
Private equity limited partnerships | |||||||||||||||||||||||||||||||||||
U.S. multi-strategy | 18.5 | (18.5) | 0 | ||||||||||||||||||||||||||||||||
International multi-strategy | 12.5 | (12.5) | 0 | ||||||||||||||||||||||||||||||||
Distress opportunities | 2.4 | (2.4) | 0 | ||||||||||||||||||||||||||||||||
Real estate | 52.7 | (52.7) | 0 | ||||||||||||||||||||||||||||||||
Total | $ | 86.1 | $ | (86.1) | $ | 0 |
(in millions) | Fair Value | Redemption Frequency | Redemption Notice Period | ||||
Commingled Funds | |||||||
Short-term money markets | $ | 22.5 | Daily | 1 day | |||
U.S. equities | 318.0 | Monthly | 1 day | ||||
International equities | 168.2 | Monthly | 10-30 days | ||||
Fixed income | 351.8 | Daily | 3 days | ||||
Total | $ | 860.5 |
(in millions) | Fair Value | Redemption Frequency | Redemption Notice Period | ||||||||||||||||||||
Commingled Funds | |||||||||||||||||||||||
Short-term money markets | $ | 22.5 | Daily | 1 day | |||||||||||||||||||
U.S. equities | 318.0 | Monthly | 3 days | ||||||||||||||||||||
International equities | 168.2 | Monthly | 10-30 days | ||||||||||||||||||||
Fixed income | 351.8 | Daily | 3 days | ||||||||||||||||||||
Total | $ | 860.5 |
(in millions) | December 31, 2018 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Pension plan assets: | |||||||||||||||
Cash | $ | 9.2 | $ | 8.8 | $ | 0.4 | $ | — | |||||||
Equity securities | |||||||||||||||
U.S. equities | 0.2 | 0.2 | — | — | |||||||||||
Fixed income securities | |||||||||||||||
Government | 250.2 | — | 250.2 | — | |||||||||||
Corporate | 442.8 | — | 442.8 | — | |||||||||||
Mutual Funds | |||||||||||||||
U.S. multi-strategy | 110.3 | 110.3 | — | — | |||||||||||
International equities | 43.2 | 43.2 | — | — | |||||||||||
Fixed income | 166.8 | 166.8 | — | — | |||||||||||
Private equity limited partnerships | |||||||||||||||
U.S. multi-strategy(1) | 18.5 | — | — | 18.5 | |||||||||||
International multi-strategy(2) | 12.5 | — | — | 12.5 | |||||||||||
Distressed opportunities | 2.4 | — | — | 2.4 | |||||||||||
Real Estate | 52.7 | — | — | 52.7 | |||||||||||
Commingled funds(3) | |||||||||||||||
Short-term money markets | 18.3 | — | — | — | |||||||||||
U.S. equities | 245.2 | — | — | — | |||||||||||
International equities | 122.3 | — | — | — | |||||||||||
Fixed income | 365.7 | — | — | — | |||||||||||
Pension plan assets subtotal | 1,860.3 | 329.3 | 693.4 | 86.1 | |||||||||||
Other postretirement benefit plan assets: | |||||||||||||||
Mutual funds | |||||||||||||||
U.S. equities | 68.4 | 68.4 | — | — | |||||||||||
International equities | 17.5 | 17.5 | — | — | |||||||||||
Fixed income | 114.8 | 114.8 | — | — | |||||||||||
Commingled funds(3) | |||||||||||||||
Short-term money markets | 5.2 | — | — | — | |||||||||||
U.S. equities | 10.4 | — | — | — | |||||||||||
Other postretirement benefit plan assets subtotal | 216.3 | 200.7 | — | — | |||||||||||
Due to brokers, net(4) | (1.1 | ) | — | (1.1 | ) | — | |||||||||
Accrued investment income/dividends | 8.6 | 8.6 | — | — | |||||||||||
Total pension and other postretirement benefit plan assets | $ | 2,084.1 | $ | 538.6 | $ | 692.3 | $ | 86.1 |
Balance at January 1, 2018 | Total gains or losses (unrealized / realized) | Purchases | (Sales) | Balance at December 31, 2018 | |||||||||||||||
Private equity limited partnerships | |||||||||||||||||||
U.S. multi-strategy | 26.7 | 2.4 | 0.7 | (11.3 | ) | 18.5 | |||||||||||||
International multi-strategy | 19.1 | (0.6 | ) | — | (6.0 | ) | 12.5 | ||||||||||||
Distress opportunities | 3.2 | (0.8 | ) | — | — | 2.4 | |||||||||||||
Real estate | 49.9 | 1.7 | 1.8 | (0.7 | ) | 52.7 | |||||||||||||
Total | $ | 98.9 | $ | 2.7 | $ | 2.5 | $ | (18.0 | ) | $ | 86.1 |
(in millions) | Fair Value | Redemption Frequency | Redemption Notice Period | ||||
Commingled Funds | |||||||
Short-term money markets | $ | 23.5 | Daily | 1 day | |||
U.S. equities | 255.6 | Monthly | 3 days | ||||
International equities | 122.3 | Monthly | 10-30 days | ||||
Fixed income | 365.7 | Monthly | 3 days | ||||
Total | $ | 767.1 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Change in projected benefit obligation(1) | |||||||||||||||
Benefit obligation at beginning of year | $ | 1,981.3 | $ | 2,192.6 | $ | 492.5 | $ | 556.3 | |||||||
Service cost | 29.2 | 31.3 | 5.1 | 5.0 | |||||||||||
Interest cost | 72.3 | 67.1 | 19.2 | 17.6 | |||||||||||
Plan participants’ contributions | — | — | 4.8 | 5.7 | |||||||||||
Plan amendments | — | 0.2 | 5.1 | 0.1 | |||||||||||
Actuarial (gain) loss | 204.3 | (103.9 | ) | 88.8 | (51.7 | ) | |||||||||
Settlement loss | — | 0.8 | — | — | |||||||||||
Benefits paid | (156.6 | ) | (206.8 | ) | (39.5 | ) | (41.1 | ) | |||||||
Estimated benefits paid by incurred subsidy | — | — | 0.5 | 0.6 | |||||||||||
Projected benefit obligation at end of year | $ | 2,130.5 | $ | 1,981.3 | $ | 576.5 | $ | 492.5 | |||||||
Change in plan assets | |||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,867.7 | $ | 2,160.0 | $ | 216.3 | $ | 262.5 | |||||||
Actual (loss) return on plan assets | 366.8 | (88.4 | ) | 56.9 | (31.8 | ) | |||||||||
Employer contributions | 2.9 | 2.9 | 23.0 | 21.0 | |||||||||||
Plan participants’ contributions | — | — | 4.7 | 5.7 | |||||||||||
Benefits paid | (156.5 | ) | (206.8 | ) | (39.5 | ) | (41.1 | ) | |||||||
Fair value of plan assets at end of year | $ | 2,080.9 | $ | 1,867.7 | $ | 261.4 | $ | 216.3 | |||||||
Funded Status at end of year | $ | (49.6 | ) | $ | (113.6 | ) | $ | (315.1 | ) | $ | (276.2 | ) | |||
Amounts recognized in the statement of financial position consist of: | |||||||||||||||
Noncurrent assets | 8.2 | — | — | — | |||||||||||
Current liabilities | (3.0 | ) | (3.0 | ) | (0.8 | ) | (0.8 | ) | |||||||
Noncurrent liabilities | (54.8 | ) | (110.6 | ) | (314.3 | ) | (275.4 | ) | |||||||
Net amount recognized at end of year(2) | $ | (49.6 | ) | $ | (113.6 | ) | $ | (315.1 | ) | $ | (276.2 | ) | |||
Amounts recognized in accumulated other comprehensive income or regulatory asset/liability(3) | |||||||||||||||
Unrecognized prior service credit | $ | 3.0 | $ | 3.2 | $ | (10.7 | ) | $ | (19.0 | ) | |||||
Unrecognized actuarial loss | 652.8 | 761.2 | 118.4 | 75.3 | |||||||||||
Net amount recognized at end of year | $ | 655.8 | $ | 764.4 | $ | 107.7 | $ | 56.3 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Change in projected benefit obligation(1) | |||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 2,130.5 | $ | 1,981.3 | $ | 576.5 | $ | 492.5 | |||||||||||||||
Service cost | 32.0 | 29.2 | 6.6 | 5.1 | |||||||||||||||||||
Interest cost | 51.6 | 72.3 | 15.4 | 19.2 | |||||||||||||||||||
Plan participants’ contributions | 0 | 0 | 4.1 | 4.8 | |||||||||||||||||||
Plan amendments | 0 | 0 | 0 | 5.1 | |||||||||||||||||||
Actuarial loss(2) | 140.1 | 204.3 | 24.8 | 88.8 | |||||||||||||||||||
Benefits paid | (174.5) | (156.6) | (37.0) | (39.5) | |||||||||||||||||||
Estimated benefits paid by incurred subsidy | 0 | 0 | 0.4 | 0.5 | |||||||||||||||||||
Spinoff to Eversource | (121.3) | 0 | 0 | 0 | |||||||||||||||||||
Projected benefit obligation at end of year | $ | 2,058.4 | $ | 2,130.5 | $ | 590.8 | $ | 576.5 | |||||||||||||||
Change in plan assets | |||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 2,080.9 | $ | 1,867.7 | $ | 261.4 | $ | 216.3 | |||||||||||||||
Actual return on plan assets | 329.9 | 366.8 | 36.3 | 56.9 | |||||||||||||||||||
Employer contributions | 2.9 | 2.9 | 21.6 | 23.0 | |||||||||||||||||||
Plan participants’ contributions | 0 | 0 | 4.1 | 4.7 | |||||||||||||||||||
Benefits paid | (174.6) | (156.5) | (37.0) | (39.5) | |||||||||||||||||||
Spinoff to Eversource | (121.4) | 0 | 0 | 0 | |||||||||||||||||||
Fair value of plan assets at end of year | $ | 2,117.7 | $ | 2,080.9 | $ | 286.4 | $ | 261.4 | |||||||||||||||
Funded Status at end of year | $ | 59.3 | $ | (49.6) | $ | (304.4) | $ | (315.1) | |||||||||||||||
Amounts recognized in the statement of financial position consist of: | |||||||||||||||||||||||
Noncurrent assets | 91.4 | 8.2 | 0 | 0 | |||||||||||||||||||
Current liabilities | (2.9) | (3.0) | (0.9) | (0.8) | |||||||||||||||||||
Noncurrent liabilities | (29.2) | (54.8) | (303.5) | (314.3) | |||||||||||||||||||
Net amount recognized at end of year(3) | $ | 59.3 | $ | (49.6) | $ | (304.4) | $ | (315.1) | |||||||||||||||
Amounts recognized in accumulated other comprehensive income or regulatory asset/liability(4) | |||||||||||||||||||||||
Unrecognized prior service credit | $ | 0.3 | $ | 3.0 | $ | (10.1) | $ | (10.7) | |||||||||||||||
Unrecognized actuarial loss | 497.2 | 652.8 | 116.4 | 118.4 | |||||||||||||||||||
Net amount recognized at end of year | $ | 497.5 | $ | 655.8 | $ | 106.3 | $ | 107.7 |
December 31, | |||||||||||
2020(1) | 2019 | ||||||||||
Accumulated Benefit Obligation | $ | 32.1 | $ | 1,473.9 | |||||||
Funded Status | |||||||||||
Projected Benefit Obligation | 32.1 | 1,492.9 | |||||||||
Fair Value of Plan Assets | 0 | 1,435.1 | |||||||||
Funded Status of Underfunded Pension Plans at End of Year | $ | (32.1) | $ | (57.8) |
December 31, | |||||||
2019 | 2018 | ||||||
Accumulated Benefit Obligation | $ | 1,473.9 | $ | 1,965.6 | |||
Funded Status | |||||||
Projected Benefit Obligation | 1,492.9 | 1,981.3 | |||||
Fair Value of Plan Assets | 1,435.1 | 1,867.7 | |||||
Funded Status of Underfunded Pension Plans at End of Year | $ | (57.8 | ) | $ | (113.6 | ) |
December 31, | |||||||
2019 | 2018 | ||||||
Accumulated Benefit Obligation | $ | 637.6 | $ | — | |||
Funded Status | |||||||
Projected Benefit Obligation | 637.6 | — | |||||
Fair Value of Plan Assets | 645.8 | — | |||||
Funded Status of Overfunded Pension Plans at End of Year | $ | 8.2 | $ | — |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Accumulated Benefit Obligation | $ | 2,004.7 | $ | 637.6 | |||||||
Funded Status | |||||||||||
Projected Benefit Obligation | 2,026.3 | 637.6 | |||||||||
Fair Value of Plan Assets | 2,117.7 | 645.8 | |||||||||
Funded Status of Overfunded Pension Plans at End of Year | $ | 91.4 | $ | 8.2 |
Pension Benefits | Other Postretirement Benefits | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Weighted-average assumptions to Determine Benefit Obligation | |||||||||||
Discount Rate | 3.12 | % | 4.26 | % | 3.21 | % | 4.31 | % | |||
Rate of Compensation Increases | 4.00 | % | 4.00 | % | — | — | |||||
Health Care Trend Rates | |||||||||||
Trend for Next Year | — | — | 6.68 | % | 8.48 | % | |||||
Ultimate Trend | — | — | 4.50 | % | 4.50 | % | |||||
Year Ultimate Trend Reached | — | — | 2028 | 2026 |
(in millions) | 1% point increase | 1% point decrease | |||||
Effect on service and interest components of net periodic cost | $ | 1.2 | $ | (1.1 | ) | ||
Effect on accumulated postretirement benefit obligation | 30.1 | (26.3 | ) |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Weighted-average assumptions to Determine Benefit Obligation | |||||||||||||||||||||||
Discount Rate | 2.38 | % | 3.12 | % | 2.49 | % | 3.21 | % | |||||||||||||||
Rate of Compensation Increases | 4.00 | % | 4.00 | % | 0 | 0 | |||||||||||||||||
Interest Crediting Rates | 4.00 | % | 4.00 | % | 0 | 0 | |||||||||||||||||
Health Care Trend Rates | |||||||||||||||||||||||
Trend for Next Year | 0 | 0 | 6.69 | % | 6.68 | % | |||||||||||||||||
Ultimate Trend | 0 | 0 | 4.50 | % | 4.50 | % | |||||||||||||||||
Year Ultimate Trend Reached | — | — | 2029 | 2028 |
(in millions) | Pension Benefits | Other Postretirement Benefits | Federal Subsidy Receipts | ||||||||
Year(s) | |||||||||||
2020 | $ | 178.8 | $ | 38.1 | $ | 0.5 | |||||
2021 | 177.8 | 38.6 | 0.4 | ||||||||
2022 | 175.8 | 38.4 | 0.4 | ||||||||
2023 | 168.5 | 38.1 | 0.4 | ||||||||
2024 | 164.4 | 37.9 | 0.4 | ||||||||
2025-2029 | 723.7 | 181.0 | 1.5 |
(in millions) | Pension Benefits | Other Postretirement Benefits | Federal Subsidy Receipts | ||||||||||||||
Year(s) | |||||||||||||||||
2021 | $ | 218.8 | $ | 38.4 | $ | 0.4 | |||||||||||
2022 | 154.5 | 37.8 | 0.4 | ||||||||||||||
2023 | 149.2 | 37.3 | 0.4 | ||||||||||||||
2024 | 145.9 | 37.0 | 0.4 | ||||||||||||||
2025 | 141.3 | 36.6 | 0.3 | ||||||||||||||
2026-2030 | 621.9 | 172.1 | 1.2 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
(in millions) | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | |||||||||||||||||
Components of Net Periodic Benefit Cost(1) | |||||||||||||||||||||||
Service cost | $ | 29.2 | $ | 31.3 | $ | 30.0 | $ | 5.1 | $ | 5.0 | $ | 4.8 | |||||||||||
Interest cost | 72.3 | 67.1 | 68.3 | 19.2 | 17.6 | 17.8 | |||||||||||||||||
Expected return on assets | (108.8 | ) | (142.3 | ) | (123.1 | ) | (13.1 | ) | (14.9 | ) | (15.9 | ) | |||||||||||
Amortization of prior service cost (credit) | 0.2 | (0.4 | ) | (0.7 | ) | (3.2 | ) | (4.0 | ) | (4.4 | ) | ||||||||||||
Recognized actuarial loss | 45.2 | 40.6 | 52.9 | 2.0 | 3.8 | 3.0 | |||||||||||||||||
Settlement loss | 9.5 | 18.5 | 13.7 | — | — | — | |||||||||||||||||
Total Net Periodic Benefits Cost | $ | 47.6 | $ | 14.8 | $ | 41.1 | $ | 10.0 | $ | 7.5 | $ | 5.3 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost(1) | |||||||||||||||||||||||||||||||||||
Service cost | $ | 32.0 | $ | 29.2 | $ | 31.3 | $ | 6.6 | $ | 5.1 | $ | 5.0 | |||||||||||||||||||||||
Interest cost | 51.6 | 72.3 | 67.1 | 15.4 | 19.2 | 17.6 | |||||||||||||||||||||||||||||
Expected return on assets | (111.6) | (108.8) | (142.3) | (14.4) | (13.1) | (14.9) | |||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | 0.7 | 0.2 | (0.4) | (2.1) | (3.2) | (4.0) | |||||||||||||||||||||||||||||
Recognized actuarial loss | 33.8 | 45.2 | 40.6 | 4.9 | 2.0 | 3.8 | |||||||||||||||||||||||||||||
Settlement/curtailment loss | 10.5 | 9.5 | 18.5 | 1.5 | 0 | 0 | |||||||||||||||||||||||||||||
Total Net Periodic Benefits Cost | $ | 17.0 | $ | 47.6 | $ | 14.8 | $ | 11.9 | $ | 10.0 | $ | 7.5 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
Weighted-average Assumptions to Determine Net Periodic Benefit Cost | |||||||||||||||||||||||||||||||||||
Discount rate - service cost | 3.39 | % | 4.48 | % | 3.79 | % | 3.52 | % | 4.59 | % | 3.89 | % | |||||||||||||||||||||||
Discount rate - interest cost | 2.65 | % | 3.84 | % | 3.15 | % | 2.76 | % | 3.94 | % | 3.27 | % | |||||||||||||||||||||||
Expected Long-Term Rate of Return on Plan Assets | 5.70 | % | 6.10 | % | 7.00 | % | 5.67 | % | 5.83 | % | 5.80 | % | |||||||||||||||||||||||
Rate of Compensation Increases | 4.00 | % | 4.00 | % | 4.00 | % | 0 | 0 | 0 | ||||||||||||||||||||||||||
Interest Crediting Rates | 4.00 | % | 4.00 | % | 4.00 | % | 0 | 0 | 0 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||
Weighted-average Assumptions to Determine Net Periodic Benefit Cost | |||||||||||||||||
Discount rate - service cost(1) | 4.48 | % | 3.79 | % | 4.40 | % | 4.59 | % | 3.89 | % | 4.58 | % | |||||
Discount rate - interest cost(1) | 3.84 | % | 3.15 | % | 3.31 | % | 3.94 | % | 3.27 | % | 3.48 | % | |||||
Expected Long-Term Rate of Return on Plan Assets | 6.10 | % | 7.00 | % | 7.25 | % | 5.83 | % | 5.80 | % | 6.99 | % | |||||
Rate of Compensation Increases | 4.00 | % | 4.00 | % | 4.00 | % | — | — | — |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Other Changes in Plan Assets and Projected Benefit Obligations Recognized in Other Comprehensive Income or Regulatory Asset or Liability | |||||||||||||||||||||||
Net prior service cost | $ | 0 | $ | 0 | $ | 0 | $ | 5.1 | |||||||||||||||
Net actuarial loss (gain) | (78.2) | (53.8) | 2.9 | 45.1 | |||||||||||||||||||
Settlements/curtailments | (10.5) | (9.5) | (1.5) | 0 | |||||||||||||||||||
Less: amortization of prior service cost | (0.7) | (0.2) | 2.1 | 3.2 | |||||||||||||||||||
Less: amortization of net actuarial loss | (33.8) | (45.2) | (4.9) | (2.0) | |||||||||||||||||||
Less: gain attributable to spinoff to Eversource | (33.1) | 0 | 0 | 0 | |||||||||||||||||||
Less: prior service cost attributable to spinoff to Eversource | (2.0) | 0 | 0 | 0 | |||||||||||||||||||
Total Recognized in Other Comprehensive Income or Regulatory Asset or Liability | $ | (158.3) | $ | (108.7) | $ | (1.4) | $ | 51.4 | |||||||||||||||
Amount Recognized in Net Periodic Benefits Cost and Other Comprehensive Income or Regulatory Asset or Liability | $ | (141.3) | $ | (61.1) | $ | 10.5 | $ | 61.4 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Other Changes in Plan Assets and Projected Benefit Obligations Recognized in Other Comprehensive Income or Regulatory Asset or Liability | |||||||||||||||
Net prior service cost | $ | — | $ | 0.2 | $ | 5.1 | $ | 0.1 | |||||||
Net actuarial loss (gain) | (53.8 | ) | 127.5 | 45.1 | (5.0 | ) | |||||||||
Settlements | (9.5 | ) | (18.5 | ) | — | — | |||||||||
Less: amortization of prior service cost | (0.2 | ) | 0.4 | 3.2 | 4.0 | ||||||||||
Less: amortization of net actuarial loss | (45.2 | ) | (40.6 | ) | (2.0 | ) | (3.8 | ) | |||||||
Total Recognized in Other Comprehensive Income or Regulatory Asset or Liability | $ | (108.7 | ) | $ | 69.0 | $ | 51.4 | $ | (4.7 | ) | |||||
Amount Recognized in Net Periodic Benefits Cost and Other Comprehensive Income or Regulatory Asset or Liability | $ | (61.1 | ) | $ | 83.8 | $ | 61.4 | $ | 2.8 |
Year Ending December 31, | 2019 | 2018 | 2017 | ||||||||
Number of shares issued | 8,422,498 | 8,883,014 | 11,931,376 | ||||||||
Average price per share | $ | 27.75 | $ | 26.85 | $ | 26.58 | |||||
Proceeds, net of fees (in millions) | $ | 229.1 | $ | 232.5 | $ | 314.7 |
Year Ending December 31, | 2020 | 2019 | 2018 | ||||||||||||||
Number of shares issued | 8,459,430 | 8,422,498 | 8,883,014 | ||||||||||||||
Average price per share | $ | 23.60 | $ | 27.75 | $ | 26.85 | |||||||||||
Proceeds, net of fees (in millions) | $ | 196.5 | $ | 229.1 | $ | 232.5 |
Year ended December 31, | December 31, | December 31, | ||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | ||||||||||||||||||||||
(in millions except shares and per share amounts) | Liquidation Preference Per Share | Shares | Dividends Declared Per Share | Outstanding | ||||||||||||||||||||||
5.650% Series A | $ | 1,000.00 | 400,000 | $ | 56.50 | $ | 56.50 | $ | 28.88 | $ | 393.9 | $ | 393.9 | |||||||||||||
6.500% Series B | $ | 25,000.00 | 20,000 | $ | 1,625.00 | $ | 1,674.65 | $ | 0 | $ | 486.1 | $ | 486.1 |
Year ended December 31, | December 31, | December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||
(in millions except shares and per share amounts) | Liquidation Preference Per Share | Shares | Dividends Declared Per Share | Outstanding | |||||||||||||||||
5.650% Series A | $ | 1,000.00 | 400,000 | $ | 56.50 | $ | 28.88 | $ | — | $ | 393.9 | $ | 393.9 | ||||||||
6.500% Series B | $ | 25,000.00 | 20,000 | $ | 1,674.65 | $ | — | $ | — | $ | 486.1 | $ | 486.1 |
(shares) | Restricted Stock Units | Weighted Average Award Date Fair Value Per Unit ($) | |||||||||
Non-vested at December 31, 2019 | 302,606 | 23.49 | |||||||||
Granted | 235,100 | 25.77 | |||||||||
Forfeited | (38,220) | 24.18 | |||||||||
Vested | (21,259) | 24.68 | |||||||||
Non-vested at December 31, 2020 | 478,227 | 24.51 |
(shares) | Restricted Stock Units | Weighted Average Award Date Fair Value Per Unit ($) | |||
Non-vested at December 31, 2018 | 178,678 | 21.82 | |||
Granted | 166,031 | 24.93 | |||
Forfeited | (21,547 | ) | 22.99 | ||
Vested | (20,556 | ) | 21.08 | ||
Non-vested at December 31, 2019 | 302,606 | 23.49 |
Award Year | Service Conditions Lapse date | Performance Period | Award Conditions | Shares outstanding at 12/31/2020 (shares) | Grant Date Fair Value (in millions) | |||||||||||||||
2020 | 02/28/23 | 01/01/2020- 12/31/2022 | Non-GAAP Financial Measure | 392,619 | $ | 11.7 | ||||||||||||||
Operational Measures | 90,604 | $ | 2.6 | |||||||||||||||||
2019 | 02/28/22 | 01/01/2019- 12/31/2021 | Non-GAAP Financial Measure | 384,680 | $ | 11.7 | ||||||||||||||
Operational Measures | 88,769 | $ | 2.5 | |||||||||||||||||
2018 | 02/26/21 | 01/01/2018- 12/31/2020 | Non-GAAP Financial Measure | 347,479 | $ | 9.2 | ||||||||||||||
Operational Measures(1) | 80,185 | $ | 2.4 |
(shares) | Performance Awards | Weighted Average Grant Date Fair Value Per Unit ($)(1) | |||
Non-vested at December 31, 2018 | 1,634,718 | 20.45 | |||
Granted | 552,389 | 25.77 | |||
Forfeited | (156,700 | ) | 26.72 | ||
Vested | (527,156 | ) | 28.11 | ||
Non-vested at December 31, 2019 | 1,503,251 | 22.74 |
(shares) | Performance Awards | Weighted Average Grant Date Fair Value Per Unit ($)(1) | |||||||||
Non-vested at December 31, 2019 | 1,503,251 | 22.74 | |||||||||
Granted | 528,729 | 27.01 | |||||||||
Forfeited | (118,716) | 25.63 | |||||||||
Vested | (528,928) | 28.30 | |||||||||
Non-vested at December 31, 2020 | 1,384,336 | 25.09 |
Long-term debt type | Maturity as of December 31, 2020 | Weighted average interest rate (%) | Outstanding balance as of December 31, (in millions) | |||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Senior notes: | ||||||||||||||||||||
NiSource | December 2021 | 4.45 | % | 0 | 63.6 | |||||||||||||||
NiSource | November 2022 | 2.65 | % | 0 | 500.0 | |||||||||||||||
NiSource | February 2023 | 3.85 | % | 0 | 250.0 | |||||||||||||||
NiSource | June 2023 | 3.65 | % | 0 | 350.0 | |||||||||||||||
NiSource | August 2025 | 0.95 | % | 1,250.0 | 0 | |||||||||||||||
NiSource | November 2025 | 5.89 | % | 0 | 265.0 | |||||||||||||||
NiSource | May 2027 | 3.49 | % | 1,000.0 | 1,000.0 | |||||||||||||||
NiSource | December 2027 | 6.78 | % | 3.0 | 3.0 | |||||||||||||||
NiSource | September 2029 | 2.95 | % | 750.0 | 750.0 | |||||||||||||||
NiSource | May 2030 | 3.60 | % | 1,000.0 | 0 | |||||||||||||||
NiSource | February 2031 | 1.70 | % | 750.0 | 0 | |||||||||||||||
NiSource | December 2040 | 6.25 | % | 152.6 | 250.0 | |||||||||||||||
NiSource | June 2041 | 5.95 | % | 347.4 | 400.0 | |||||||||||||||
NiSource | February 2042 | 5.80 | % | 250.0 | 250.0 | |||||||||||||||
NiSource | February 2043 | 5.25 | % | 500.0 | 500.0 | |||||||||||||||
NiSource | February 2044 | 4.80 | % | 750.0 | 750.0 | |||||||||||||||
NiSource | February 2045 | 5.65 | % | 500.0 | 500.0 | |||||||||||||||
NiSource | May 2047 | 4.38 | % | 1,000.0 | 1,000.0 | |||||||||||||||
NiSource | March 2048 | 3.95 | % | 750.0 | 750.0 | |||||||||||||||
Total senior notes | $ | 9,003.0 | $ | 7,581.6 | ||||||||||||||||
Medium term notes: | ||||||||||||||||||||
NiSource | April 2022 to May 2027 | 7.99 | % | $ | 49.0 | $ | 49.0 | |||||||||||||
NIPSCO | August 2022 to August 2027 | 7.61 | % | 68.0 | 68.0 | |||||||||||||||
Columbia of Massachusetts(1) | December 2025 to February 2028 | 6.37 | % | 15.0 | 40.0 | |||||||||||||||
Total medium term notes | $ | 132.0 | $ | 157.0 | ||||||||||||||||
Finance leases: | ||||||||||||||||||||
NiSource Corporate Services | April 2022 to January 2025 | 2.19 | % | 49.4 | 22.3 | |||||||||||||||
NIPSCO | November 2028 | 1.79 | % | 16.0 | 0 | |||||||||||||||
Columbia of Ohio | October 2021 to March 2044 | 6.16 | % | 91.2 | 94.8 | |||||||||||||||
Columbia of Virginia | July 2029 to November 2039 | 6.30 | % | 18.4 | 19.1 | |||||||||||||||
Columbia of Kentucky | May 2027 | 3.79 | % | 0.3 | 0.3 | |||||||||||||||
Columbia of Pennsylvania | August 2027 to May 2035 | 5.65 | % | 19.7 | 20.7 | |||||||||||||||
Columbia of Massachusetts | N/A | 0 | % | 0 | 44.3 | |||||||||||||||
Total finance leases | 195.0 | 201.5 | ||||||||||||||||||
Unamortized issuance costs and discounts | $ | (86.9) | $ | (70.5) | ||||||||||||||||
Total Long-Term Debt | $ | 9,243.1 | $ | 7,869.6 |
Long-term debt type | Maturity as of December 31, 2019 | Weighted average interest rate (%) | Outstanding balance as of December 31, (in millions) | ||||||||
2019 | 2018 | ||||||||||
Senior notes: | |||||||||||
NiSource | December 2021 | 4.45 | % | 63.6 | 63.6 | ||||||
NiSource | November 2022 | 2.65 | % | 500.0 | 500.0 | ||||||
NiSource | February 2023 | 3.85 | % | 250.0 | 250.0 | ||||||
NiSource | June 2023 | 3.65 | % | 350.0 | 350.0 | ||||||
NiSource | November 2025 | 5.89 | % | 265.0 | 265.0 | ||||||
NiSource | May 2027 | 3.49 | % | 1,000.0 | 1,000.0 | ||||||
NiSource | December 2027 | 6.78 | % | 3.0 | 3.0 | ||||||
NiSource | September 2029 | 2.95 | % | 750.0 | — | ||||||
NiSource | December 2040 | 6.25 | % | 250.0 | 250.0 | ||||||
NiSource | June 2041 | 5.95 | % | 400.0 | 400.0 | ||||||
NiSource | February 2042 | 5.80 | % | 250.0 | 250.0 | ||||||
NiSource | February 2043 | 5.25 | % | 500.0 | 500.0 | ||||||
NiSource | February 2044 | 4.80 | % | 750.0 | 750.0 | ||||||
NiSource | February 2045 | 5.65 | % | 500.0 | 500.0 | ||||||
NiSource | May 2047 | 4.38 | % | 1,000.0 | 1,000.0 | ||||||
NiSource | March 2048 | 3.95 | % | 750.0 | 750.0 | ||||||
Total senior notes | $ | 7,581.6 | $ | 6,831.6 | |||||||
Medium term notes: | |||||||||||
NiSource | April 2022 to May 2027 | 7.99 | % | $ | 49.0 | $ | 49.0 | ||||
NIPSCO | August 2022 to August 2027 | 7.61 | % | 68.0 | 68.0 | ||||||
Columbia of Massachusetts | December 2025 to February 2028 | 6.30 | % | 40.0 | 40.0 | ||||||
Total medium term notes | $ | 157.0 | $ | 157.0 | |||||||
Finance leases: | |||||||||||
NiSource Corporate Services | January 2020 to November 2023 | 3.47 | % | 22.3 | 11.6 | ||||||
Columbia of Ohio | October 2021 to March 2044 | 6.16 | % | 94.8 | 91.5 | ||||||
Columbia of Virginia | July 2029 to November 2039 | 6.31 | % | 19.1 | 15.2 | ||||||
Columbia of Kentucky | May 2027 | 3.79 | % | 0.3 | 0.3 | ||||||
Columbia of Pennsylvania | August 2027 to May 2035 | 5.67 | % | 20.7 | 30.0 | ||||||
Columbia of Massachusetts | December 2033 to November 2043 | 5.49 | % | 44.3 | 45.7 | ||||||
Total finance leases | 201.5 | 194.3 | |||||||||
Pollution control bonds - NIPSCO | April 2019 | 5.85 | % | — | 41.0 | ||||||
Unamortized issuance costs and discounts | (70.5 | ) | $ | (68.5 | ) | ||||||
Total Long-Term Debt | $ | 7,869.6 | $ | 7,155.4 |
At December 31, (in millions) | 2019 | 2018 | |||||
Commercial Paper weighted-average interest rate of 2.03% and 2.96% at December 31, 2019 and 2018, respectively | $ | 570.0 | $ | 978.0 | |||
Accounts receivable securitization facility borrowings | 353.2 | 399.2 | |||||
Term loan weighted-average interest rate of 2.40% and 3.07% at December 31, 2019 and 2018, respectively | 850.0 | $ | 600.0 | ||||
Total Short-Term Borrowings | $ | 1,773.2 | $ | 1,977.2 |
At December 31, (in millions) | 2020 | 2019 | |||||||||
Commercial Paper weighted-average interest rate of 0.27% and 2.03% at December 31, 2020 and 2019, respectively | $ | 503.0 | $ | 570.0 | |||||||
Accounts receivable securitization facility borrowings | 0 | 353.2 | |||||||||
Term loan interest rate of 2.40% at December 31, 2019 | 0 | $ | 850.0 | ||||||||
Total Short-Term Borrowings | $ | 503.0 | $ | 1,773.2 |
Year Ended December 31, (in millions) | Income Statement Classification | 2019 | ||
Finance lease cost | ||||
Amortization of right-of-use assets | Depreciation and amortization | $ | 15.5 | |
Interest on lease liabilities | Interest expense, net | 11.3 | ||
Total finance lease cost | 26.8 | |||
Operating lease cost | Operation and maintenance | 17.9 | ||
Short-term lease cost | Operation and maintenance | 1.0 | ||
Total lease cost | $ | 45.7 |
Year Ended December 31, (in millions) | Income Statement Classification | 2020 | 2019 | |||||||||||
Finance lease cost | ||||||||||||||
Amortization of right-of-use assets | Depreciation and amortization | $ | 23.4 | $ | 15.5 | |||||||||
Interest on lease liabilities | Interest expense, net | 11.1 | 11.3 | |||||||||||
Total finance lease cost | 34.5 | 26.8 | ||||||||||||
Operating lease cost | Operation and maintenance | 20.3 | 17.9 | |||||||||||
Short-term lease cost | Operation and maintenance | 0 | 1.0 | |||||||||||
Total lease cost | $ | 54.8 | $ | 45.7 |
(in millions) | Balance Sheet Classification | December 31, 2019 | ||
Assets | ||||
Finance leases | Net Property, Plant and Equipment | $ | 179.5 | |
Operating leases | Deferred charges and other | 64.2 | ||
Total leased assets | 243.7 | |||
Liabilities | ||||
Current | ||||
Finance leases | Current portion of long-term debt | 13.4 | ||
Operating leases | Other accruals | 13.2 | ||
Noncurrent | ||||
Finance leases | Long-term debt, excluding amounts due within one year | 188.1 | ||
Operating leases | Other noncurrent liabilities | 51.6 | ||
Total lease liabilities | $ | 266.3 |
At December 31, (in millions) | Balance Sheet Classification | 2020 | 2019 | |||||||||||
Assets | ||||||||||||||
Finance leases | Net Property, Plant and Equipment | $ | 176.8 | $ | 179.5 | |||||||||
Operating leases | Deferred charges and other | 39.9 | 64.2 | |||||||||||
Total leased assets | 216.7 | 243.7 | ||||||||||||
Liabilities | ||||||||||||||
Current | ||||||||||||||
Finance leases | Current portion of long-term debt | 23.3 | 13.4 | |||||||||||
Operating leases | Other accruals | 10.3 | 13.2 | |||||||||||
Noncurrent | ||||||||||||||
Finance leases | Long-term debt, excluding amounts due within one year | 171.7 | 188.1 | |||||||||||
Operating leases | Other noncurrent liabilities | 29.9 | 51.6 | |||||||||||
Total lease liabilities | $ | 235.2 | $ | 266.3 |
Year Ended December 31, (in millions) | 2020 | 2019 | |||||||||
Cash paid for amounts included in the measurement of lease liabilities | |||||||||||
Operating cash flows used for finance leases | $ | 11.1 | $ | 11.3 | |||||||
Operating cash flows used for operating leases | 20.2 | 17.9 | |||||||||
Financing cash flows used for finance leases | 18.4 | 10.6 | |||||||||
Right-of-use assets obtained in exchange for lease obligations | |||||||||||
Finance leases | 59.3 | 26.4 | |||||||||
Operating leases | $ | 10.9 | $ | 13.4 |
Year Ended December 31, (in millions) | 2019 | ||
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows used for finance leases | $ | 11.3 | |
Operating cash flows used for operating leases | 17.9 | ||
Financing cash flows used for finance leases | 10.6 | ||
Right-of-use assets obtained in exchange for lease obligations | |||
Finance leases | 26.4 | ||
Operating leases | $ | 13.4 |
December 31, 2020 | December 31, 2019 | ||||||||||
Weighted-average remaining lease term (years) | |||||||||||
Finance leases | 11.2 | 14.8 | |||||||||
Operating leases | 8.0 | 9.2 | |||||||||
Weighted-average discount rate | |||||||||||
Finance leases | 5.1 | % | 5.9 | % | |||||||
Operating leases | 4.0 | % | 4.3 | % |
As of December 31, 2019, (in millions) | Total | Finance Leases | Operating Leases | ||||||
Year 1 | $ | 42.8 | $ | 27.2 | $ | 15.6 | |||
Year 2 | 36.7 | 27.3 | 9.4 | ||||||
Year 3 | 35.0 | 26.8 | 8.2 | ||||||
Year 4 | 30.7 | 23.1 | 7.6 | ||||||
Year 5 | 26.5 | 19.9 | 6.6 | ||||||
Thereafter | 233.3 | 201.6 | 31.7 | ||||||
Total lease payments(1) | 405.0 | 325.9 | 79.1 | ||||||
Less: Imputed interest | (116.6 | ) | (102.3 | ) | (14.3 | ) | |||
Less: Leases not yet commenced | (22.1 | ) | (22.1 | ) | — | ||||
Total | 266.3 | 201.5 | 64.8 | ||||||
Reported as of December 31, 2019 | |||||||||
Short-term lease liabilities | 26.6 | 13.4 | 13.2 | ||||||
Long-term lease liabilities | 239.7 | 188.1 | 51.6 | ||||||
Total lease liabilities | $ | 266.3 | $ | 201.5 | $ | 64.8 |
As of December 31, 2020, (in millions) | Total | Finance Leases | Operating Leases | ||||||||
2021 | $ | 44.4 | $ | 32.7 | $ | 11.7 | |||||
2022 | 37.4 | 32.2 | 5.2 | ||||||||
2023 | 33.5 | 28.8 | 4.7 | ||||||||
2024 | 25.3 | 20.8 | 4.5 | ||||||||
2025 | 19.8 | 16.1 | 3.7 | ||||||||
Thereafter | 152.3 | 134.1 | 18.2 | ||||||||
Total lease payments | 312.7 | 264.7 | 48.0 | ||||||||
Less: Imputed interest | (77.5) | (69.7) | (7.8) | ||||||||
Total | 235.2 | 195.0 | 40.2 | ||||||||
Reported as of December 31, 2020 | |||||||||||
Short-term lease liabilities | 33.6 | 23.3 | 10.3 | ||||||||
Long-term lease liabilities | 201.6 | 171.7 | 29.9 | ||||||||
Total lease liabilities | $ | 235.2 | $ | 195.0 | $ | 40.2 |
As of December 31, 2018, (in millions) | Total | Capital Leases(1) | Operating Leases(2) | ||||||
2019 | $ | 34.0 | $ | 23.0 | $ | 11.0 | |||
2020 | 29.8 | 22.5 | 7.3 | ||||||
2021 | 28.7 | 22.6 | 6.1 | ||||||
2022 | 26.3 | 22.1 | 4.2 | ||||||
2023 | 22.6 | 19.8 | 2.8 | ||||||
Thereafter | 226.9 | 212.4 | 14.5 | ||||||
Total lease payments | $ | 368.3 | $ | 322.4 | $ | 45.9 |
Recurring Fair Value Measurements December 31, 2020 (in millions) | Recurring Fair Value Measurements December 31, 2020 (in millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance as of December 31, 2020 | |||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||
Recurring Fair Value Measurements December 31, 2019 (in millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance as of December 31, 2019 | ||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Risk management assets | $ | — | $ | 4.4 | $ | — | $ | 4.4 | Risk management assets | $ | 0 | $ | 13.2 | $ | 0 | $ | 13.2 | |||||||||||||||||||||
Available-for-sale securities | — | 154.2 | — | 154.2 | Available-for-sale securities | 0 | 170.9 | 0 | 170.9 | |||||||||||||||||||||||||||||
Total | $ | — | $ | 158.6 | $ | — | $ | 158.6 | Total | $ | 0 | $ | 184.1 | $ | 0 | $ | 184.1 | |||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||||||||||||||||||
Risk management liabilities | $ | — | $ | 146.6 | $ | — | $ | 146.6 | Risk management liabilities | $ | 0 | $ | 222.8 | $ | 0 | $ | 222.8 | |||||||||||||||||||||
Total | $ | — | $ | 146.6 | $ | — | $ | 146.6 | Total | $ | 0 | $ | 222.8 | $ | 0 | $ | 222.8 |
Recurring Fair Value Measurements December 31, 2019 (in millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance as of December 31, 2019 | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Risk management assets | $ | 0 | $ | 4.4 | $ | 0 | $ | 4.4 | |||||||||||||||
Available-for-sale securities | 0 | 154.2 | 0 | 154.2 | |||||||||||||||||||
Total | $ | 0 | $ | 158.6 | $ | 0 | $ | 158.6 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Risk management liabilities | $ | 0 | $ | 146.6 | $ | 0 | $ | 146.6 | |||||||||||||||
Total | $ | 0 | $ | 146.6 | $ | 0 | $ | 146.6 |
Recurring Fair Value Measurements December 31, 2018 (in millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance as of December 31, 2018 | |||||||||||
Assets | |||||||||||||||
Risk management assets | $ | — | $ | 24.0 | $ | — | $ | 24.0 | |||||||
Available-for-sale securities | — | 138.3 | — | 138.3 | |||||||||||
Total | $ | — | $ | 162.3 | $ | — | $ | 162.3 | |||||||
Liabilities | |||||||||||||||
Risk management liabilities | $ | — | $ | 51.7 | $ | — | $ | 51.7 | |||||||
Total | $ | — | $ | 51.7 | $ | — | $ | 51.7 |
December 31, 2020 (in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses(1) | Allowance for Credit Losses | Fair Value | ||||||||||||||||||||||||
Available-for-sale debt securities | |||||||||||||||||||||||||||||
U.S. Treasury debt securities | $ | 33.7 | $ | 0.3 | $ | 0 | $ | 0 | $ | 34.0 | |||||||||||||||||||
Corporate/Other debt securities | 130.2 | 7.7 | (0.5) | (0.5) | 136.9 | ||||||||||||||||||||||||
Total | $ | 163.9 | $ | 8.0 | $ | (0.5) | $ | (0.5) | $ | 170.9 | |||||||||||||||||||
December 31, 2019 (in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses(2) | Allowance for Credit Losses | Fair Value | ||||||||||||||||||||||||
Available-for-sale debt securities | |||||||||||||||||||||||||||||
U.S. Treasury debt securities | $ | 31.4 | $ | 0.1 | $ | (0.1) | $ | 0 | $ | 31.4 | |||||||||||||||||||
Corporate/Other debt securities | 118.7 | 4.2 | (0.1) | 0 | 122.8 | ||||||||||||||||||||||||
Total | $ | 150.1 | $ | 4.3 | $ | (0.2) | $ | 0 | $ | 154.2 |
December 31, 2019 (in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||
Available-for-sale securities | |||||||||||||||
U.S. Treasury debt securities | $ | 31.4 | $ | 0.1 | $ | (0.1 | ) | $ | 31.4 | ||||||
Corporate/Other debt securities | 118.7 | 4.2 | (0.1 | ) | 122.8 | ||||||||||
Total | $ | 150.1 | $ | 4.3 | $ | (0.2 | ) | $ | 154.2 | ||||||
December 31, 2018 (in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||
Available-for-sale securities | |||||||||||||||
U.S. Treasury debt securities | $ | 23.6 | $ | 0.1 | $ | (0.1 | ) | $ | 23.6 | ||||||
Corporate/Other debt securities | 117.7 | 0.4 | (3.4 | ) | 114.7 | ||||||||||
Total | $ | 141.3 | $ | 0.5 | $ | (3.5 | ) | $ | 138.3 |
At December 31, (in millions) | Carrying Amount 2020 | Estimated Fair Value 2020 | Carrying Amount 2019 | Estimated Fair Value 2019 | |||||||||||||||||||
Long-term debt (including current portion) | $ | 9,243.1 | $ | 11,034.2 | $ | 7,869.6 | $ | 8,764.4 |
At December 31, (in millions) | Carrying Amount 2019 | Estimated Fair Value 2019 | Carrying Amount 2018 | Estimated Fair Value 2018 | |||||||||||
Long-term debt (including current portion) | $ | 7,869.6 | $ | 8,764.4 | $ | 7,155.4 | $ | 7,228.3 |
At December 31, (in millions) | 2019 | 2018 | |||||
Gross receivables | $ | 569.1 | $ | 694.4 | |||
Less: receivables not transferred | 215.9 | 295.2 | |||||
Net receivables transferred | $ | 353.2 | $ | 399.2 | |||
Short-term debt due to asset securitization | $ | 353.2 | $ | 399.2 |
At December 31, (in millions) | 2020 | 2019 | |||||||||
Gross receivables | $ | 607.7 | $ | 569.1 | |||||||
Less: receivables not transferred | 607.7 | 215.9 | |||||||||
Net receivables transferred | $ | 0 | $ | 353.2 | |||||||
Short-term debt due to asset securitization | $ | 0 | $ | 353.2 |
(in millions) | Total | 2020 | 2021 | 2022 | 2023 | 2024 | After | (in millions) | Total | 2021 | 2022 | 2023 | 2024 | 2025 | After | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt (1) | $ | 7,738.6 | $ | — | $ | 63.6 | $ | 530.0 | $ | 600.0 | $ | — | $ | 6,545.0 | Long-term debt (1) | $ | 9,135.0 | $ | 0 | $ | 30.0 | $ | 0 | $ | 0 | $ | 1,260.0 | $ | 7,845.0 | |||||||||||||||||||||||||||||||||||||||
Interest payments on long-term debt | 6,214.2 | 342.0 | 340.7 | 337.1 | 311.1 | 299.9 | 4,583.4 | Interest payments on long-term debt | 6,046.3 | 336.3 | 335.7 | 334.1 | 334.1 | 334.1 | 4,372.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance leases(2) | 325.9 | 27.2 | 27.3 | 26.8 | 23.1 | 19.9 | 201.6 | Finance leases(2) | 264.7 | 32.7 | 32.2 | 28.8 | 20.8 | 16.1 | 134.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating leases(3) | 79.1 | 15.6 | 9.4 | 8.2 | 7.6 | 6.6 | 31.7 | Operating leases(3) | 48.0 | 11.7 | 5.2 | 4.7 | 4.5 | 3.7 | 18.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy commodity contracts(4) | 95.9 | 65.5 | 30.4 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy commodity contracts | Energy commodity contracts | 42.1 | 42.1 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service obligations: | Service obligations: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pipeline service obligations | 3,450.7 | 605.0 | 590.1 | 546.8 | 357.2 | 237.5 | 1,114.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pipeline service obligations(4) | Pipeline service obligations(4) | 1,495.6 | 468.7 | 422.5 | 256.0 | 150.5 | 56.2 | 141.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IT service obligations | 153.2 | 63.6 | 49.4 | 38.0 | 1.1 | 1.1 | — | IT service obligations | 240.3 | 74.9 | 74.0 | 38.1 | 30.5 | 22.8 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other service obligations(5) | 59.8 | 45.8 | 14.0 | — | — | — | — | Other service obligations(5) | 12.6 | 12.6 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 27.3 | 27.3 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities(6) | Other liabilities(6) | 116.9 | 26.0 | 0.8 | 90.1 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total contractual obligations | $ | 18,144.7 | $ | 1,192.0 | $ | 1,124.9 | $ | 1,486.9 | $ | 1,300.1 | $ | 565.0 | $ | 12,475.8 | Total contractual obligations | $ | 17,401.5 | $ | 1,005.0 | $ | 900.4 | $ | 751.8 | $ | 540.4 | $ | 1,692.9 | $ | 12,511.0 |
Total Costs Incurred through | Year Ended | ||||||||||||||||
(in millions) | December 31, 2019 | December 31, 2020 | Incident to Date | ||||||||||||||
Third-party claims and government fines, penalties and settlements | $ | 1,041 | $ | (5) | $ | 1,036 | |||||||||||
Other incident-related costs | 420 | 22 | 442 | ||||||||||||||
Total | 1,461 | 17 | 1,478 | ||||||||||||||
Insurance recoveries recorded | (800) | 0 | (800) | ||||||||||||||
Total costs incurred | $ | 661 | $ | 17 | $ | 678 |
Year Ended | Year Ended | |||||||||
(in millions) | December 31, 2018 | December 31, 2019 | Incident to Date | |||||||
Third-party claims and government fines, penalties and settlements | $ | 757 | $ | 284 | $ | 1,041 | ||||
Other incident-related costs | 266 | 154 | 420 | |||||||
Total | 1,023 | 438 | 1,461 | |||||||
Insurance recoveries recorded | (135 | ) | (665 | ) | (800 | ) | ||||
Loss (benefit) to income before income taxes | $ | 888 | $ | (227 | ) | $ | 661 |
(in millions) | Insurance receivable(1) | ||
Balance, December 31, 2018 | $ | 130 | |
Insurance recoveries recorded in first quarter of 2019 | 100 | ||
Cash collected from insurance recoveries in the first quarter of 2019 | (108 | ) | |
Balance, March 31, 2019 | 122 | ||
Insurance recoveries recorded in the second quarter of 2019 | 435 | ||
Cash collected from insurance recoveries in the second quarter of 2019 | (297 | ) | |
Balance, June 30, 2019 | $ | 260 | |
Insurance recoveries recorded in third quarter of 2019 | — | ||
Cash collected from insurance recoveries in the third quarter of 2019 | (260 | ) | |
Balance, September 30, 2019 | $ | — | |
Insurance recoveries recorded in the fourth quarter of 2019 | 130 | ||
Cash collected from insurance recoveries in the fourth quarter of 2019 | (130 | ) | |
Balance, December 31, 2019 | $ | — |
(in millions) | Current Total Estimated Amount | ||||
Third-party claims and government fines, penalties and settlements | $1,036 - $1,050 | ||||
Other incident-related costs | $445 - $450 |
(in millions) | Balance as of January 1, 2020 | Changes Attributable to Costs Incurred(1) | Costs Paid | Adjustments | Balance as of December 31, 2020(2) | ||||||||||||
Voluntary Separation Program | $ | 0 | 33.5 | $ | (21.2) | (1.2) | $ | 11.1 |
(in millions) | Gains and Losses on Securities(1) | Gains and Losses on Cash Flow Hedges(1) | Pension and OPEB Items(1) | Accumulated Other Comprehensive Loss(1) | |||||||||||
Balance as of January 1, 2017 | $ | (0.6 | ) | $ | (6.9 | ) | $ | (17.6 | ) | $ | (25.1 | ) | |||
Other comprehensive income (loss) before reclassifications | 0.6 | (24.2 | ) | 1.9 | (21.7 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 0.2 | 1.7 | 1.5 | 3.4 | |||||||||||
Net current-period other comprehensive income (loss) | 0.8 | (22.5 | ) | 3.4 | (18.3 | ) | |||||||||
Balance as of December 31, 2017 | $ | 0.2 | $ | (29.4 | ) | $ | (14.2 | ) | $ | (43.4 | ) | ||||
Other comprehensive income (loss) before reclassifications | (3.0 | ) | 55.8 | (4.4 | ) | 48.4 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 0.4 | (33.1 | ) | — | (32.7 | ) | |||||||||
Net current-period other comprehensive income (loss) | (2.6 | ) | 22.7 | (4.4 | ) | 15.7 | |||||||||
Reclassification due to adoption of ASU 2018-02 | — | (6.3 | ) | (3.2 | ) | (9.5 | ) | ||||||||
Balance as of December 31, 2018 | $ | (2.4 | ) | $ | (13.0 | ) | $ | (21.8 | ) | $ | (37.2 | ) | |||
Other comprehensive income (loss) before reclassifications | 6.1 | (64.3 | ) | 2.3 | (55.9 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | (0.4 | ) | 0.1 | 0.8 | 0.5 | ||||||||||
Net current-period other comprehensive income (loss) | 5.7 | (64.2 | ) | 3.1 | (55.4 | ) | |||||||||
Balance as of December 31, 2019 | $ | 3.3 | $ | (77.2 | ) | $ | (18.7 | ) | $ | (92.6 | ) |
(in millions) | Gains and Losses on Securities(1) | Gains and Losses on Cash Flow Hedges(1) | Pension and OPEB Items(1) | Accumulated Other Comprehensive Loss(1) | |||||||||||||||||||
Balance as of January 1, 2018 | $ | 0.2 | $ | (29.4) | $ | (14.2) | $ | (43.4) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | (3.0) | 55.8 | (4.4) | 48.4 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0.4 | (33.1) | 0 | (32.7) | |||||||||||||||||||
Net current-period other comprehensive income (loss) | (2.6) | 22.7 | (4.4) | 15.7 | |||||||||||||||||||
Reclassification due to adoption of ASU 2018-02 | 0 | (6.3) | (3.2) | (9.5) | |||||||||||||||||||
Balance as of December 31, 2018 | $ | (2.4) | $ | (13.0) | $ | (21.8) | $ | (37.2) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | 6.1 | (64.3) | 2.3 | (55.9) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (0.4) | 0.1 | 0.8 | 0.5 | |||||||||||||||||||
Net current-period other comprehensive income (loss) | 5.7 | (64.2) | 3.1 | (55.4) | |||||||||||||||||||
Balance as of December 31, 2019 | $ | 3.3 | $ | (77.2) | $ | (18.7) | $ | (92.6) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | 3.3 | (70.8) | 2.9 | (64.6) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (0.6) | 0.1 | 1.0 | 0.5 | |||||||||||||||||||
Net current-period other comprehensive income (loss) | 2.7 | (70.7) | 3.9 | (64.1) | |||||||||||||||||||
Balance as of December 31, 2020 | $ | 6.0 | $ | (147.9) | $ | (14.8) | $ | (156.7) |
Year Ended December 31, (in millions) | 2019 | 2018 | 2017 | ||||||||
Interest income | $ | 7.7 | $ | 6.6 | $ | 4.6 | |||||
AFUDC equity | 8.0 | 14.2 | 12.6 | ||||||||
Charitable contributions(1) | (5.1 | ) | (45.3 | ) | (19.9 | ) | |||||
Pension and other postretirement non-service cost(2) | (16.5 | ) | 18.0 | (10.6 | ) | ||||||
Interest rate swap settlement gain(3) | — | 46.2 | — | ||||||||
Miscellaneous | 0.7 | 3.8 | (0.2 | ) | |||||||
Total Other, net | $ | (5.2 | ) | $ | 43.5 | $ | (13.5 | ) |
Year Ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Interest income | $ | 5.5 | $ | 7.7 | $ | 6.6 | |||||||||||
AFUDC equity | 9.9 | 8.0 | 14.2 | ||||||||||||||
Charitable contributions(1) | (1.5) | (5.1) | (45.3) | ||||||||||||||
Pension and other postretirement non-service cost(2) | 9.3 | (16.5) | 18.0 | ||||||||||||||
Sale of emission reduction credits | 4.6 | 0 | 0 | ||||||||||||||
Interest rate swap settlement gain(3) | 0 | 0 | 46.2 | ||||||||||||||
Miscellaneous | 4.3 | 0.7 | 3.8 | ||||||||||||||
Total Other, net | $ | 32.1 | $ | (5.2) | $ | 43.5 |
Year Ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Interest on long-term debt | $ | 354.2 | $ | 327.7 | $ | 342.2 | |||||||||||
Interest on short-term borrowings | 14.7 | 50.8 | 31.8 | ||||||||||||||
Debt discount/cost amortization | 9.1 | 8.3 | 7.7 | ||||||||||||||
Accounts receivable securitization fees | 2.6 | 2.6 | 2.6 | ||||||||||||||
Allowance for borrowed funds used and interest capitalized during construction | (7.0) | (7.5) | (9.1) | ||||||||||||||
Debt-based post-in-service carrying charges | (14.6) | (18.7) | (35.0) | ||||||||||||||
Other | 11.7 | 15.7 | 13.1 | ||||||||||||||
Total Interest Expense, net | $ | 370.7 | $ | 378.9 | $ | 353.3 |
Year Ended December 31, (in millions) | 2019 | 2018 | 2017 | ||||||||
Interest on long-term debt | $ | 327.7 | $ | 342.2 | $ | 354.8 | |||||
Interest on short-term borrowings | 50.8 | 31.8 | 14.9 | ||||||||
Debt discount/cost amortization | 8.3 | 7.7 | 7.2 | ||||||||
Accounts receivable securitization fees | 2.6 | 2.6 | 2.5 | ||||||||
Allowance for borrowed funds used and interest capitalized during construction | (7.5 | ) | (9.1 | ) | (6.2 | ) | |||||
Debt-based post-in-service carrying charges | (18.7 | ) | (35.0 | ) | (36.4 | ) | |||||
Other | 15.7 | 13.1 | 16.4 | ||||||||
Total Interest Expense, net | $ | 378.9 | $ | 353.3 | $ | 353.2 |
Year Ended December 31, (in millions) | 2019 | 2018 | 2017 | ||||||||
Operating Revenues | |||||||||||
Gas Distribution Operations | |||||||||||
Unaffiliated | $ | 3,509.7 | $ | 3,406.4 | $ | 3,087.9 | |||||
Intersegment | 13.1 | 13.1 | 14.2 | ||||||||
Total | 3,522.8 | 3,419.5 | 3,102.1 | ||||||||
Electric Operations | |||||||||||
Unaffiliated | 1,698.4 | 1,707.4 | 1,785.7 | ||||||||
Intersegment | 0.8 | 0.8 | 0.8 | ||||||||
Total | 1,699.2 | 1,708.2 | 1,786.5 | ||||||||
Corporate and Other | |||||||||||
Unaffiliated | 0.8 | 0.7 | 1.0 | ||||||||
Intersegment | 468.1 | 517.6 | 510.8 | ||||||||
Total | 468.9 | 518.3 | 511.8 | ||||||||
Eliminations | (482.0 | ) | (531.5 | ) | (525.8 | ) | |||||
Consolidated Operating Revenues | $ | 5,208.9 | $ | 5,114.5 | $ | 4,874.6 |
Year Ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Operating Revenues | |||||||||||||||||
Gas Distribution Operations | |||||||||||||||||
Unaffiliated | $ | 3,128.1 | $ | 3,509.7 | $ | 3,406.4 | |||||||||||
Intersegment | 12.1 | 13.1 | 13.1 | ||||||||||||||
Total | 3,140.2 | 3,522.8 | 3,419.5 | ||||||||||||||
Electric Operations | |||||||||||||||||
Unaffiliated | 1,535.9 | 1,698.4 | 1,707.4 | ||||||||||||||
Intersegment | 0.7 | 0.8 | 0.8 | ||||||||||||||
Total | 1,536.6 | 1,699.2 | 1,708.2 | ||||||||||||||
Corporate and Other | |||||||||||||||||
Unaffiliated | 17.7 | 0.8 | 0.7 | ||||||||||||||
Intersegment | 449.8 | 468.1 | 517.6 | ||||||||||||||
Total | 467.5 | 468.9 | 518.3 | ||||||||||||||
Eliminations | (462.6) | (482.0) | (531.5) | ||||||||||||||
Consolidated Operating Revenues | $ | 4,681.7 | $ | 5,208.9 | $ | 5,114.5 |
Year Ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Operating Income (Loss) | |||||||||||||||||
Gas Distribution Operations(1) | $ | 199.1 | $ | 675.4 | $ | (254.1) | |||||||||||
Electric Operations | 348.8 | 406.8 | 386.1 | ||||||||||||||
Corporate and Other(2) | 2.9 | (191.5) | (7.3) | ||||||||||||||
Consolidated Operating Income | $ | 550.8 | $ | 890.7 | $ | 124.7 | |||||||||||
Depreciation and Amortization | |||||||||||||||||
Gas Distribution Operations | $ | 363.1 | $ | 403.2 | $ | 301.0 | |||||||||||
Electric Operations | 321.3 | 277.3 | 262.9 | ||||||||||||||
Corporate and Other | 41.5 | 36.9 | 35.7 | ||||||||||||||
Consolidated Depreciation and Amortization | $ | 725.9 | $ | 717.4 | $ | 599.6 | |||||||||||
Assets | |||||||||||||||||
Gas Distribution Operations | $ | 13,433.0 | $ | 14,224.5 | $ | 13,527.0 | |||||||||||
Electric Operations | 6,443.1 | 6,027.6 | 5,735.2 | ||||||||||||||
Corporate and Other | 2,164.4 | 2,407.7 | 2,541.8 | ||||||||||||||
Consolidated Assets | $ | 22,040.5 | $ | 22,659.8 | $ | 21,804.0 | |||||||||||
Capital Expenditures(3) | |||||||||||||||||
Gas Distribution Operations | $ | 1,266.9 | $ | 1,380.3 | $ | 1,315.3 | |||||||||||
Electric Operations | 422.8 | 468.9 | 499.3 | ||||||||||||||
Corporate and Other | 31.1 | 18.6 | 0 | ||||||||||||||
Consolidated Capital Expenditures | $ | 1,720.8 | $ | 1,867.8 | $ | 1,814.6 |
Year Ended December 31, (in millions) | 2019 | 2018 | 2017 | ||||||||
Operating Income (Loss) | |||||||||||
Gas Distribution Operations | $ | 675.4 | $ | (254.1 | ) | $ | 550.1 | ||||
Electric Operations | 406.8 | 386.1 | 367.4 | ||||||||
Corporate and Other(2) | (191.5 | ) | (7.3 | ) | 3.7 | ||||||
Consolidated Operating Income | $ | 890.7 | $ | 124.7 | $ | 921.2 | |||||
Depreciation and Amortization | |||||||||||
Gas Distribution Operations | $ | 403.2 | $ | 301.0 | $ | 269.3 | |||||
Electric Operations | 277.3 | 262.9 | 277.8 | ||||||||
Corporate and Other | 36.9 | 35.7 | 23.2 | ||||||||
Consolidated Depreciation and Amortization | $ | 717.4 | $ | 599.6 | $ | 570.3 | |||||
Assets | |||||||||||
Gas Distribution Operations | $ | 14,224.5 | $ | 13,527.0 | $ | 12,048.8 | |||||
Electric Operations | 6,027.6 | 5,735.2 | 5,478.6 | ||||||||
Corporate and Other | 2,407.7 | 2,541.8 | 2,434.3 | ||||||||
Consolidated Assets | $ | 22,659.8 | $ | 21,804.0 | $ | 19,961.7 | |||||
Capital Expenditures(1) | |||||||||||
Gas Distribution Operations | $ | 1,380.3 | $ | 1,315.3 | $ | 1,125.6 | |||||
Electric Operations | 468.9 | 499.3 | 592.4 | ||||||||
Corporate and Other | 18.6 | — | 35.8 | ||||||||
Consolidated Capital Expenditures | $ | 1,867.8 | $ | 1,814.6 | $ | 1,753.8 |
(in millions, except per share data) | First Quarter(1) | Second Quarter(2) | Third Quarter(3) | Fourth Quarter(4) | |||||||||||
2019 | |||||||||||||||
Operating Revenues | $ | 1,869.8 | $ | 1,010.4 | $ | 931.5 | $ | 1,397.2 | |||||||
Operating Income (Loss) | 374.2 | 463.5 | 91.0 | (38.0 | ) | ||||||||||
Net Income (Loss) | 218.9 | 296.9 | 6.6 | (139.3 | ) | ||||||||||
Preferred Dividends | (13.8 | ) | (13.8 | ) | (13.8 | ) | (13.7 | ) | |||||||
Net Income (Loss) Available to Common Shareholders | 205.1 | 283.1 | (7.2 | ) | (153.0 | ) | |||||||||
Earnings (Loss) Per Share | |||||||||||||||
Basic Earnings (Loss) Per Share | $ | 0.55 | $ | 0.76 | $ | (0.02 | ) | $ | (0.41 | ) | |||||
Diluted Earnings (Loss) Per Share | $ | 0.55 | $ | 0.75 | $ | (0.02 | ) | $ | (0.41 | ) | |||||
2018 | |||||||||||||||
Operating Revenues | $ | 1,750.8 | $ | 1,007.0 | $ | 895.0 | $ | 1,461.7 | |||||||
Operating Income (Loss) | 400.6 | 118.4 | (315.9 | ) | (78.4 | ) | |||||||||
Net Income (Loss) | 276.1 | 24.5 | (339.5 | ) | (11.7 | ) | |||||||||
Preferred Dividends | — | (1.3 | ) | (5.6 | ) | (8.1 | ) | ||||||||
Net Income (Loss) Available to Common Shareholders | 276.1 | 23.2 | (345.1 | ) | (19.8 | ) | |||||||||
Earnings (Loss) Per Share | |||||||||||||||
Basic Earnings (Loss) Per Share | $ | 0.82 | $ | 0.07 | $ | (0.95 | ) | $ | (0.05 | ) | |||||
Diluted Earnings (Loss) Per Share | $ | 0.81 | $ | 0.07 | $ | (0.95 | ) | $ | (0.05 | ) |
(in millions, except per share data) | First Quarter(1) | Second Quarter(2) | Third Quarter(3) | Fourth Quarter(4) | |||||||||||||||||||
2020 | |||||||||||||||||||||||
Operating Revenues | $ | 1,605.5 | $ | 962.7 | $ | 902.5 | $ | 1,211.0 | |||||||||||||||
Operating Income | 148.2 | 91.7 | 92.8 | 218.1 | |||||||||||||||||||
Net Income (Loss) | 75.6 | (4.7) | (172.9) | 87.8 | |||||||||||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 3.4 | |||||||||||||||||||
Net Income (Loss) attributable to NiSource | 75.6 | (4.7) | (172.9) | 84.4 | |||||||||||||||||||
Preferred Dividends | (13.8) | (13.8) | (13.8) | (13.7) | |||||||||||||||||||
Net Income (Loss) Available to Common Shareholders | 61.8 | (18.5) | (186.7) | 70.7 | |||||||||||||||||||
Earnings (Loss) Per Share | |||||||||||||||||||||||
Basic Earnings (Loss) Per Share | $ | 0.16 | $ | (0.05) | $ | (0.49) | $ | 0.18 | |||||||||||||||
Diluted Earnings (Loss) Per Share | $ | 0.16 | $ | (0.05) | $ | (0.49) | $ | 0.18 | |||||||||||||||
2019 | |||||||||||||||||||||||
Operating Revenues | $ | 1,869.8 | $ | 1,010.4 | $ | 931.5 | $ | 1,397.2 | |||||||||||||||
Operating Income (Loss) | 374.2 | 463.5 | 91.0 | (38.0) | |||||||||||||||||||
Net Income (Loss) | 218.9 | 296.9 | 6.6 | (139.3) | |||||||||||||||||||
Preferred Dividends | (13.8) | (13.8) | (13.8) | (13.7) | |||||||||||||||||||
Net Income (Loss) Available to Common Shareholders | 205.1 | 283.1 | (7.2) | (153.0) | |||||||||||||||||||
Earnings (Loss) Per Share | |||||||||||||||||||||||
Basic Earnings (Loss) Per Share | $ | 0.55 | $ | 0.76 | $ | (0.02) | $ | (0.41) | |||||||||||||||
Diluted Earnings (Loss) Per Share | $ | 0.55 | $ | 0.75 | $ | (0.02) | $ | (0.41) |
Year Ended December 31, (in millions) | 2019 | 2018 | 2017 | ||||||||
Supplemental Disclosures of Cash Flow Information | |||||||||||
Non-cash transactions: | |||||||||||
Capital expenditures included in current liabilities | $ | 223.6 | $ | 152.0 | $ | 173.0 | |||||
Assets acquired under a finance lease | 26.4 | 54.6 | 11.5 | ||||||||
Assets acquired under an operating lease | 13.4 | — | — | ||||||||
Reclassification of other property to regulatory assets(1) | — | 245.3 | — | ||||||||
Assets recorded for asset retirement obligations(2) | 54.6 | 78.1 | 11.4 | ||||||||
Schedule of interest and income taxes paid: | |||||||||||
Cash paid for interest, net of interest capitalized amounts | $ | 349.7 | $ | 354.2 | $ | 339.9 | |||||
Cash paid for income taxes, net of refunds | 10.8 | 3.3 | 5.5 |
Year Ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Supplemental Disclosures of Cash Flow Information | |||||||||||||||||
Non-cash transactions: | |||||||||||||||||
Capital expenditures included in current liabilities | $ | 170.4 | $ | 223.6 | $ | 152.0 | |||||||||||
Assets acquired under a finance lease | 59.3 | 26.4 | 54.6 | ||||||||||||||
Assets acquired under an operating lease | 10.9 | 13.4 | 0 | ||||||||||||||
Reclassification of other property to regulatory assets(1) | 0 | 0 | 245.3 | ||||||||||||||
Assets recorded for asset retirement obligations(2) | 91.5 | 54.6 | 78.1 | ||||||||||||||
Obligation to developer at formation of joint venture(3) | 69.7 | 0 | 0 | ||||||||||||||
Schedule of interest and income taxes paid: | |||||||||||||||||
Cash paid for interest, net of interest capitalized amounts | $ | 349.0 | $ | 349.7 | $ | 354.2 | |||||||||||
Cash paid for income taxes, net of refunds(4) | (1.0) | 10.8 | 3.3 |
Twelve months ended December 31, 2020 | Twelve months ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | Balance Jan. 1, 2020 | Charged to Costs and Expenses | Charged to Other Account (1) | Deductions for Purposes for which Reserves were Created | Balance Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Reserves Deducted in Consolidated Balance Sheet from Assets to Which They Apply: | Reserves Deducted in Consolidated Balance Sheet from Assets to Which They Apply: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for accounts receivable | Reserve for accounts receivable | $ | 19.2 | $ | 31.6 | $ | 33.0 | $ | 31.5 | $ | 52.3 | |||||||||||||||||||||||||||||||||||||||||
Reserve for other investments | Reserve for other investments | 3.0 | 0 | 0 | 3.0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2019 | Twelve months ended December 31, 2019 | Twelve months ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Additions | Additions | |||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | Balance Jan. 1, 2019 | Charged to Costs and Expenses | Charged to Other Account (1) | Deductions for Purposes for which Reserves were Created | Balance Dec. 31, 2019 | ($ in millions) | Balance Jan. 1, 2019 | Charged to Costs and Expenses | Charged to Other Account (1) | Deductions for Purposes for which Reserves were Created | Balance Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Reserves Deducted in Consolidated Balance Sheet from Assets to Which They Apply: | Reserves Deducted in Consolidated Balance Sheet from Assets to Which They Apply: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for accounts receivable | $ | 21.1 | $ | 21.6 | $ | 41.3 | $ | 64.8 | $ | 19.2 | Reserve for accounts receivable | $ | 21.1 | $ | 21.6 | $ | 41.3 | $ | 64.8 | $ | 19.2 | |||||||||||||||||||||||||||||||
Reserve for other investments | 3.0 | — | — | — | 3.0 | Reserve for other investments | 3.0 | 0 | 0 | 0 | 3.0 | |||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2018 | Twelve months ended December 31, 2018 | Twelve months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Additions | Additions | |||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | Balance Jan. 1, 2018 | Charged to Costs and Expenses | Charged to Other Account (1) | Deductions for Purposes for which Reserves were Created | Balance Dec. 31, 2018 | ($ in millions) | Balance Jan. 1, 2018 | Charged to Costs and Expenses | Charged to Other Account (1) | Deductions for Purposes for which Reserves were Created | Balance Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||
Reserves Deducted in Consolidated Balance Sheet from Assets to Which They Apply: | Reserves Deducted in Consolidated Balance Sheet from Assets to Which They Apply: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for accounts receivable | $ | 18.3 | $ | 20.2 | $ | 43.7 | $ | 61.1 | $ | 21.1 | Reserve for accounts receivable | $ | 18.3 | $ | 20.2 | $ | 43.7 | $ | 61.1 | $ | 21.1 | |||||||||||||||||||||||||||||||
Reserve for other investments | 3.0 | — | — | — | 3.0 | Reserve for other investments | 3.0 | 0 | 0 | 0 | 3.0 | |||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | Balance Jan. 1, 2017 | Charged to Costs and Expenses | Charged to Other Account (1) | Deductions for Purposes for which Reserves were Created | Balance Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||
Reserves Deducted in Consolidated Balance Sheet from Assets to Which They Apply: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for accounts receivable | $ | 23.3 | $ | 14.8 | $ | 39.1 | $ | 58.9 | $ | 18.3 | ||||||||||||||||||||||||||||||||||||||||||
Reserve for other investments | 3.0 | — | — | — | 3.0 |
Page | |||||
EXHIBIT NUMBER | DESCRIPTION OF ITEM | ||||
(1.1) | Form of Equity Distribution Agreement (incorporated by reference to Exhibit 1.1 to the NiSource Inc. Form 8-K filed on November 1, 2018). | ||||
(1.2) | Form of Master Forward Sale Confirmation (incorporated by reference to Exhibit 1.2 to the NiSource Inc. Form 8-K filed on November 1, 2018). | ||||
(2.1) | Separation and Distribution Agreement, dated as of June 30, 2015, by and between NiSource Inc. and Columbia Pipeline Group, Inc. (incorporated by reference to Exhibit 2.1 to the NiSource Inc. Form 8-K filed on July 2, 2015). | ||||
(2.2) | Asset Purchase Agreement, dated as of February 26, 2020, by and among NiSource Inc., Bay State Gas Company d/b/a Columbia Gas of Massachusetts and Eversource Energy (incorporated by reference to Exhibit 2.1 of the NiSource Inc. Form 8-K filed on February 27, 2020).*** | ||||
(3.1) | Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 10-Q, filed with the Commission on August 3, 2015). | ||||
(3.2) | Certificate of Amendment of Amended and Restated Certificate of Incorporation of NiSource dated May 7, 2019 (incorporated by reference to Exhibit 3.1 of the NiSource Inc. Form 8-K filed on May 8, 2019). | ||||
(3.3) | Bylaws of NiSource Inc., as amended and restated through January 26, 2018 (incorporated by reference to Exhibit 3.1 to the NiSource Inc. Form 8-K filed on January 26, 2018). | ||||
(3.4) | Certificate of Designations of 5.65% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock (incorporated by reference to Exhibit 3.1 of the NiSource Inc. Form 8-K filed on June 12, 2018). | ||||
(3.5) | Form of Certificate of Designations of 6.50% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock (incorporated by reference to Exhibit 3.1 of the NiSource Inc. Form 8-K filed on November 29, 2018). | ||||
(3.6) | Certificate of Designations of 6.50% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock (incorporated by reference to Exhibit 3.1 of the NiSource Inc. Form 8-K filed on December 6, 2018). | ||||
(3.7) | Certificate of Designations of Series B-1 Preferred Stock (incorporated by reference to Exhibit 3.1 to the NiSource Inc. Form 8-K filed on December 27, 2018). | ||||
(4.1) | Indenture, dated as of March 1, 1988, by and between Northern Indiana Public Service Company ("NIPSCO") and Manufacturers Hanover Trust Company, as Trustee (incorporated by reference to Exhibit 4 to the NIPSCO Registration Statement (Registration No. 33-44193)). | ||||
(4.2) | First Supplemental Indenture, dated as of December 1, 1991, by and between Northern Indiana Public Service Company and Manufacturers Hanover Trust Company, as Trustee (incorporated by reference to Exhibit 4.1 to the NIPSCO Registration Statement (Registration No. 33-63870)). | ||||
(4.3) | Indenture Agreement, dated as of February 14, 1997, by and between NIPSCO Industries, Inc., NIPSCO Capital Markets, Inc. and Chase Manhattan Bank as trustee (incorporated by reference to Exhibit 4.1 to the NIPSCO Industries, Inc. Registration Statement (Registration No. 333-22347)). | ||||
(4.4) | Second Supplemental Indenture, dated as of November 1, 2000, by and among NiSource Capital Markets, Inc., NiSource Inc., New NiSource Inc., and The Chase Manhattan Bank, as trustee (incorporated by reference to Exhibit 4.45 to the NiSource Inc. Form 10-K for the period ended December 31, 2000). | ||||
(4.5) | Indenture, dated November 14, 2000, among NiSource Finance Corp., NiSource Inc., as guarantor, and The Chase Manhattan Bank, as Trustee (incorporated by reference to Exhibit 4.1 to the NiSource Inc. Form S-3, dated November 17, 2000 (Registration No. 333-49330)). | ||||
(4.6) | Form of 3.490% Notes due 2027 (incorporated by reference to Exhibit 4.1 to the NiSource Inc. Form 8-K filed on May 17, 2017). | ||||
(4.7) | Form of 4.375% Notes due 2047 (incorporated by reference to Exhibit 4.2 to the NiSource Inc. Form 8-K filed on May 17, 2017). | ||||
(4.8) | Form of 3.950% Notes due 2048 (incorporated by reference to Exhibit 4.1 to the NiSource Inc. Form 8-K filed on September 8, 2017). | ||||
(4.9) | Form of 2.650% Notes due 2022 (incorporated by reference to Exhibit 4.1 to the NiSource Inc. Form 8-K filed on November 14, 2017). | ||||
(4.10) | Second Supplemental Indenture, dated as of November 30, 2017, between NiSource Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.4 to Post-Effective Amendment No. 1 to Form S-3 filed November 30, 2017 (Registration No. 333-214360)). | ||||
(4.11) | Third Supplemental Indenture, dated as of November 30, 2017, between NiSource Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.2 to the NiSource Inc. Form 8-K filed on December 1, 2017). | ||||
(4.12) | Second Supplemental Indenture, dated as of February 12, 2018, between Northern Indiana Public Service Company and The Bank of New York Mellon, solely as successor trustee under the Indenture dated as of March 1, 1988 between the Company and Manufacturers Hanover Trust Company, as original trustee. (incorporated by reference to Exhibit 4.1 to the NiSource Inc. Form 10-Q filed on May 2, 2018). | ||||
(4.13) | Third Supplemental Indenture, dated as of June 11, 2018, by and between NiSource Inc. and The Bank of New York Mellon, as trustee (including form of 3.650% Notes due 2023) (incorporated by reference to Exhibit 4.1 of the NiSource Inc. Form 8-K filed on June 12, 2018). | ||||
(4.14) | Deposit Agreement, dated as of December 5, 2018, among NiSource, Inc., Computershare Inc. and Computershare Trust Company, N.A., acting jointly as depositary, and the holders from time to time of the depositary receipts described therein (incorporated by reference to Exhibit 4.1 of the NiSource Inc. Form 8-K filed on December 6, 2018). | ||||
(4.15) | Form of Depositary Receipt (incorporated by reference to Exhibit 4.1 of the NiSource Inc. Form 8-K filed on December 6, 2018). | ||||
(4.16) | Amended and Restated Deposit Agreement, dated as of December 27, 2018, among NiSource, Inc., Computershare Inc. and Computershare Trust Company, N.A., acting jointly as depositary, and the holders from time to time of the depositary receipts described therein (incorporated by reference to Exhibit 4.1 to the NiSource Inc. Form 8-K filed on December 27, 2018). | ||||
(4.17) | Form of Depositary Receipt (incorporated by reference to Exhibit 4.1 to the NiSource Inc. Form 8-K filed on December 27, 2018). | ||||
(4.18) | Form of 2.950% Notes due 2029 (incorporated by reference to Exhibit 4.1 to NiSource Inc. Form 8-K filed on August 12, 2019). | ||||
(4.19) | Amended and Restated NiSource Inc. Employee Stock Purchase Plan (incorporated by reference to Exhibit C to the Registrant’s Definitive Proxy Statement on Schedule 14A, filed with the Commission on April 1, 2019). | ||||
(4.20) | Description of NiSource Inc.’s Securities Registered Under Section 12 of the Exchange Act. (incorporated by reference to Exhibit 4.20 of the NiSource Form 10-K | ||||
(4.21) | Form of 3.600% Notes due 2030 (incorporated by reference to Exhibit 4.1 to the NiSource Inc. Form 8-K filed on April 8, 2020). | ||||
(4.22) | Form of 0.950% Notes due 2025 (incorporated by reference to Exhibit 4.1 to the NiSource Inc. Form 8-K filed on August 18, 2020). | ||||
(4.23) | Form of 1.700% Notes due 2031(incorporated by reference to Exhibit 4.2 to the NiSource Inc. Form 8-K filed on August 18, 2020). | ||||
(10.1) | 2010 Omnibus Incentive Plan (incorporated by reference to Exhibit B to the NiSource Inc. Definitive Proxy Statement to Stockholders for the Annual Meeting held on May 11, 2010, filed on April 2, 2010).* | ||||
(10.2) | First Amendment to the 2010 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.2 to the NiSource Inc. Form 10-K filed on February 18, 2014.)* | ||||
(10.3) | 2010 Omnibus Incentive Plan (incorporated by reference to Exhibit C to the NiSource Inc. Definitive Proxy Statement to Stockholders for the Annual Meeting held on May 12, 2015, filed on April 7, 2015).* | ||||
(10.4) | Second Amendment to the NiSource Inc. 2010 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the NiSource Inc. Form 8-K filed October 23, 2015.)* | ||||
(10.5) | Form of Amended and Restated 2013 Performance Share Agreement effective on implementation of the spin-off on July 1, 2015, (under the 2010 Omnibus Incentive Plan)(incorporated by reference to Exhibit 10.1 to the NiSource Inc. Form 10-Q filed on November 3, 2015).* | ||||
(10.6) | Form of Amended and Restated 2014 Performance Share Agreement effective on the implementation of the spin-off on July 1, 2015, (under the 2010 Omnibus Incentive Plan)(incorporated by reference to Exhibit 10.2 to the NiSource Inc. Form 10-Q filed on November 3, 2015).* | ||||
(10.7) | Form of Amendment to Restricted Stock Unit Award Agreement related to Vested but Unpaid NiSource Restricted Stock Unit Awards for Nonemployee Directors of NiSource entered into as of July 13, 2015 (incorporated by reference to Exhibit 10.3 to the NiSource Inc. Form 10-Q filed on November 3, 2015).* | ||||
(10.8) | NiSource Inc. Nonemployee Director Retirement Plan, as amended and restated effective May 13, 2008 (incorporated by reference to Exhibit 10.2 to the NiSource Inc. Form 10-K filed on February 27, 2009).* | ||||
(10.9) | Supplemental Life Insurance Plan effective January 1, 1991, as amended, (incorporated by reference to Exhibit 2 to the NIPSCO Industries, Inc. Form 8-K filed on March 25, 1992).* | ||||
(10.10) | Revised Form of Change in Control and Termination Agreement (incorporated by reference to Exhibit 10.2 to the NiSource Inc. Form 8-K filed on October 23, 2015.)* | ||||
(10.11) | Form of Restricted Stock Agreement under the 2010 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.18 to the NiSource Inc. Form 10-K filed on February 28, 2011).* | ||||
(10.12) | Form of Restricted Stock Unit Award Agreement for Non-employee directors under the Non-employee Director Stock Incentive Plan (incorporated by reference to Exhibit 10.19 to the NiSource Inc. Form 10-K filed on February 28, 2011).* | ||||
(10.13) | Form of Restricted Stock Unit Award Agreement for Nonemployee Directors under the 2010 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to NiSource Inc. Form 10-Q filed on August 2, 2011).* | ||||
(10.14) | Form of Restricted Stock Unit Award Agreement under the 2010 Omnibus Incentive | ||||
(10.15) | Form of Restricted Stock Unit Award Agreement for Nonemployee Directors under the 2010 Omnibus Incentive | ||||
(10.16) | Amended and Restated NiSource Inc. Executive Deferred Compensation Plan effective November 1, 2012 (incorporated by reference to Exhibit 10.21 to the NiSource Inc. Form 10-K filed on February 19, 2013).* | ||||
(10.17) | NiSource Inc. Executive Severance Policy, as amended and restated, effective January 1, 2015 (incorporated by reference to Exhibit 10.21 to the NiSource Inc. Form 10-K filed on February 18, 2015).* | ||||
(10.18) | Note Purchase Agreement, dated as of August 23, 2005, by and among NiSource Finance Corp., as issuer, NiSource Inc., as guarantor, and the purchasers named therein (incorporated by reference to Exhibit 10.1 to the NiSource Inc. Current Report on Form 8-K filed on August 26, 2005). | ||||
(10.19) | Amendment No. 1, dated as of November 10, 2008, to the Note Purchase Agreement by and among NiSource Finance Corp., as issuer, NiSource Inc., as guarantor, and the purchasers whose names appear on the signature page thereto (incorporated by reference to Exhibit 10.30 to the NiSource Inc. Form 10-K filed on February 27, 2009). | ||||
(10.20) | Letter Agreement, dated as of March 17, 2015, by and between NiSource Inc. and Donald Brown. (incorporated by reference Exhibit 10.1 to the NiSource Inc. Form 10-Q filed on April 30, 2015).* | ||||
(10.21) | Letter Agreement, dated as of February 23, 2016, by and between NiSource Inc. and Pablo A. Vegas. (incorporated by reference Exhibit 10.29 to the NiSource Inc. Form 10-K filed on February 22, 2017).* | ||||
(10.22) | Employee Matters Agreement, dated as of June 30, 2015, by and between NiSource Inc. and Columbia Pipeline Group, Inc. (incorporated by reference to Exhibit 10.2 of the NiSource Inc. Form 8-K filed on July 2, 2015). | ||||
(10.23) | Form of Change in Control and Termination Agreement (incorporated by reference to Exhibit 10.1 to the NiSource Inc. Form 10-Q filed on August 2, 2017).* | ||||
(10.24) | Form of Performance Share Award Agreement under the 2010 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.33 to the NiSource Form 10-K filed on February 20, 2018).* | ||||
(10.25) | Form of Restricted Stock Unit Award Agreement under the 2010 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.34 to the NiSource Form 10-K filed on February 20, 2018).* | ||||
(10.26) | Common Stock Subscription Agreement, dated as of May 2, 2018, by and among NiSource Inc. and the purchasers named therein (incorporated by reference to Exhibit 10.1 of the NiSource Inc. Form 8-K filed on May 2, 2018). | ||||
(10.27) | Registration Rights Agreement, dated as of May 2, 2018, by and among NiSource Inc. and the purchasers named therein (incorporated by reference to Exhibit 10.2 of the NiSource Inc. Form 8-K filed on May 2, 2018). | ||||
(10.28) | Purchase Agreement, dated as of June 6, 2018, by and among NiSource Inc. and Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and MUFG Securities Americas Inc., as representatives, relating to the 5.650% Series A Preferred Stock (incorporated by reference to Exhibit 10.1 of the NiSource Inc. Form 8-K filed on June 12, 2018). | ||||
(10.29) | Purchase Agreement, dated as of June 6, 2018, by and among NiSource Inc. and Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and MUFG Securities Americas Inc., as representatives, relating to the 3.650% Notes due 2023 (incorporated by reference to Exhibit 10.2 of the NiSource Inc. Form 8-K filed on June 12, 2018). | ||||
(10.30) | Registration Rights Agreement, dated as of June 11, 2018, by and among NiSource Inc. and Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and MUFG Securities Americas Inc., as representatives, relating to the 5.650% Series A Preferred Stock (incorporated by reference to Exhibit 10.3 of the NiSource Inc. Form 8-K filed on June 12, 2018). | ||||
(10.31) | Registration Rights Agreement, dated as of June 11, 2018, by and among NiSource Inc. and Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and MUFG Securities Americas Inc., as representatives, relating to the 3.650% Notes due 2023 (incorporated by reference to Exhibit 10.4 of the NiSource Inc. Form 8-K filed on June 12, 2018). | ||||
(10.32) | |||||
Form of 2019 Performance Share Award Agreement under the 2010 Omnibus Incentive Plan. (incorporated by reference to Exhibit 10.45 of the NiSource Inc. Form 10-K filed on February 20, 2019).* | |||||
Fifth Amended and Restated Revolving Credit Agreement, dated as of February 20, 2019, among NiSource Inc., as Borrower, the Lenders party thereto, Barclays Bank PLC, as Administrative Agent, Citibank, N.A. and MUFG Bank, Ltd., as Co-Syndication Agents, Credit Suisse AG, Cayman Islands Branch, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as Co-Documentation Agents, and Barclays Bank PLC, Citibank, N.A., MUFG Bank, Ltd., Credit Suisse Loan Funding LLC, JPMorgan Chase Bank, N.A. and Wells Fargo Securities, LLC, as Joint Lead Arrangers and Joint Bookrunners (incorporated by reference to Exhibit 10.1 of the NiSource Inc. Form 8-K filed on February 20, 2019). | |||||
Amended and Restated NiSource Inc. Employee Stock Purchase Plan adopted as of February 1, 2019 (incorporated by reference to Exhibit C to the NiSource Inc. Definitive Proxy Statement to Stockholders for the Annual Meeting to be held on May 7, 2019, filed on April 1, 2019). | |||||
Columbia Gas of Massachusetts Plea Agreement dated February 26, 2020 (incorporated by reference to Exhibit 10.2 of the NiSource Inc. Form 8-K filed on February 27, 2020). | |||||
NiSource Deferred Prosecution Agreement dated February 26, 2020 (incorporated by reference to Exhibit 10.1 of the NiSource Inc. Form 8-K filed on February 27, 2020). | |||||
Term Loan Agreement, dated as of April 1, 2020, among NiSource Inc., as Borrower, the lenders party thereto, and KeyBank National Association, as Administrative Agent, and KeyBank National Association, PNC Bank, National Association and U.S. Bank National Association, as Joint Lead Arrangers and Joint Bookrunners (incorporated by reference to Exhibit 10.1 of the NiSource Inc. Form 8-K filed on April 1, 2020). | |||||
(10.41) | 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit A to the NiSource Inc. Definitive Proxy Statement to Stockholders for the Annual Meeting held on May 19, 2020, filed on April 13, 2020).* | ||||
(10.42) | Settlement Agreement, dated July 2, 2020, by and among Bay State Gas Company d/b/a Columbia Gas of Massachusetts, NiSource Inc., Eversource Gas Company of Massachusetts, Eversource Energy, the Massachusetts Attorney General’s Office, the Massachusetts Department of Energy Resources the Low-Income Weatherization and Fuel Assistance Program Network (incorporated by reference to Exhibit 10.1 of the NiSource Inc. Form 8-K filed on July 6, 2020). | ||||
(10.43) | Form of Restricted Stock Unit Award Agreement for Nonemployee Directors under the 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.2 of the NiSource Inc. Form 10-Q filed on August 5, 2020).* | ||||
(10.44) | Addendum to Plea Agreement filed on or about June 21, 2020 in the United States District Court for the District of Massachusetts (incorporated by reference to Exhibit 10.4 of the NiSource Inc. Form 10-Q filed on August 5, 2020). | ||||
(10.45) | Letter Agreement by and among NiSource Inc., Bay State Gas Company d/b/a Columbia Gas of Massachusetts and Eversource Energy Relating to Asset Purchase Agreement, dated October 9, 2020 (incorporated by reference to Exhibit 10.3 to the NiSource Inc. Form 10-Q filed on November 2, 2020).*** | ||||
(10.46) | NiSource Inc. Supplemental Executive Retirement Plan, as amended and restated effective November 1, 2020 (incorporated by reference to Exhibit 10.4 to the NiSource Inc. Form 10-Q filed on November 2, 2020).* | ||||
(10.47) | Pension Restoration Plan for NiSource Inc. and Affiliates, as amended and restated effective November 1, 2020 (incorporated by reference to Exhibit 10.5 to the NiSource Inc. Form 10-Q filed on November 2, 2020). | ||||
(10.48) | Savings Restoration Plan for NiSource Inc. and Affiliates, as amended and restated effective November 1, 2020 (incorporated by reference to Exhibit 10.6 to the NiSource Inc. Form 10-Q filed on November 2, 2020).* | ||||
(10.49) | NiSource Inc. Executive Severance Policy, as amended and restated effective October 19, 2020 (incorporated by reference to Exhibit 10.7 to the NiSource Inc. Form 10-Q filed on November 2, 2020).* | ||||
(10.50) | NiSource Next Voluntary Separation Program, effective as of August 5, 2020 (incorporated by reference to Exhibit 10.8 to the NiSource Inc. Form 10-Q filed on November 2, 2020).* | ||||
(10.51) | Letter Agreement dated October 19, 2020 by and between NiSource Inc. and Carrie Hightman (incorporated by reference to Exhibit 10.9 to the NiSource Inc. Form 10-Q filed on November 2, 2020).* | ||||
(10.52) | Amendment to Settlement Agreement by and among Bay State Gas Company d/b/a Columbia Gas of Massachusetts, NiSource Inc., Eversource Gas Company of Massachusetts, Eversource Energy, the Massachusetts Attorney General’s Office, the Massachusetts Department of Energy Resources and the Low-Income Weatherization and Fuel Assistance Program Network, dated September 29, 2020 (incorporated by reference to Exhibit 10.2 to the NiSource Inc. Form 10-Q filed on November 2, 2020). | ||||
(10.53) | |||||
(10.54) | |||||
(10.55) | |||||
(21) | |||||
(23) | |||||
(31.1) | |||||
(31.2) | |||||
(32.1) | |||||
(32.2) | |||||
(101.INS) | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. ** | ||||
(101.SCH) | Inline XBRL Schema Document.** | ||||
(101.CAL) | Inline XBRL Calculation Linkbase Document.** | ||||
(101.LAB) | Inline XBRL Labels Linkbase Document.** | ||||
(101.PRE) | Inline XBRL Presentation Linkbase Document.** | ||||
(101.DEF) | Inline XBRL Definition Linkbase Document.** | ||||
(104) | Cover page Interactive Data File (formatted as inline XBRL, and contained in Exhibit 101.) |
* | Management contract or compensatory plan or arrangement of NiSource Inc. |
** | Exhibit filed herewith. |
*** | Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. NiSource agrees to furnish supplementally a copy of any omitted schedules or exhibits to the SEC upon request. |
NiSource Inc. | ||||||||
(Registrant) | ||||||||
Date: February | By: | /s/ JOSEPH HAMROCK | ||||||
Joseph Hamrock | ||||||||
President, Chief Executive Officer and Director | ||||||||
(Principal Executive Officer) |
/s/ | JOSEPH HAMROCK | President, Chief | Date: February 17, 2021 | |||||||||||||||||
Joseph Hamrock | Executive Officer and Director (Principal Executive Officer) | |||||||||||||||||||
/s/ | ||||||||||||||||||||
(Principal Executive Officer) | ||||||||||||||||||||
DONALD E. BROWN | Executive Vice President and | Date: February | ||||||||||||||||||
Donald E. Brown | Chief Financial Officer (Principal Financial Officer) | |||||||||||||||||||
/s/ | Vice President and | Date: February | ||||||||||||||||||
Chief Accounting Officer (Principal Accounting Officer) | ||||||||||||||||||||
/s/ | KEVIN T. KABAT | Chairman | Date: February | |||||||||||||||||
Kevin T. Kabat | ||||||||||||||||||||
/s/ | PETER A. ALTABEF | Director | Date: February | |||||||||||||||||
Peter A. Altabef | ||||||||||||||||||||
/s/ | THEODORE H. BUNTING, JR. | Director | Date: February | |||||||||||||||||
Theodore H. Bunting, Jr. | ||||||||||||||||||||
/s/ | ERIC L. BUTLER | Director | Date: February | |||||||||||||||||
Eric L. Butler | ||||||||||||||||||||
/s/ | ARISTIDES S. CANDRIS | Director | Date: February | |||||||||||||||||
Aristides S. Candris | ||||||||||||||||||||
/s/ | WAYNE S. DEVEYDT | Director | Date: February | |||||||||||||||||
Wayne S. DeVeydt | ||||||||||||||||||||
/s/ | DEBORAH A. HENRETTA | Director | Date: February | |||||||||||||||||
Deborah A. Henretta | ||||||||||||||||||||
/s/ | DEBORAH A.P. HERSMAN | Director | Date: February | |||||||||||||||||
Deborah A. P. Hersman | ||||||||||||||||||||
/s/ | MICHAEL E. JESANIS | Director | Date: February | |||||||||||||||||
Michael E. Jesanis | ||||||||||||||||||||
/s/ | CAROLYN Y. WOO | Director | Date: February | |||||||||||||||||
Carolyn Y. Woo | ||||||||||||||||||||
/s/ | LLOYD M. YATES | Director | Date: February 17, 2021 | |||||||||||||||||
Lloyd M. Yates |