Exhibit 99.1
August 3, 2015
FOR ADDITIONAL INFORMATION
| Media | Investors |
| Ken Stammen | Randy Hulen |
| Communications Manager | Vice President, Investor Relations |
| (614) 460-5544 | (219) 647-5688 |
| kstammen@nisource.com | rghulen@nisource.com |
NiSource Reports Second Quarter 2015 Earnings
| • | Financial results in line with expectations |
| • | Credit rating upgraded by Standard & Poor’s, outlook raised by Fitch Ratings |
| • | Successfully completed the separation of Columbia Pipeline Group on July 1, 2015 |
| • | Dividend, earnings growth outlook reaffirmed |
MERRILLVILLE, Ind. - NiSource Inc. (NYSE: NI) today announced net operating earnings per share - controlling interest (non-GAAP) of $56.8 million, or $0.18 per share, for the three months ended June 30, 2015, compared with $77.9 million, or $0.25 per share for the same period in 2014. Operating earnings (non-GAAP) for the second quarter were $212.1 million, compared to $219.1 million in the prior period.
Second quarter net operating earnings - controlling interest (non-GAAP) were lower primarily due to additional interest expense related to Columbia Pipeline Group's (CPG) long-term debt issuance prior to its separation from NiSource and the impact of non-controlling interest in Columbia Pipeline Partners, which was formed in February 2015.
On a GAAP basis, NiSource reported a loss from continuing operations - controlling interest of $36.1 million, or $0.11 per share, for the three months ended June 30, 2015, compared with income of $78.5 million, or $0.25 per share, for the same period in 2014. Operating income for the second quarter was $165.1 million, compared to $219.6 million in the prior period. Schedules 1 and 2 of this news release contain a reconciliation of net operating earnings and operating earnings to GAAP net income and operating income, respectively.
On July 1, 2015, NiSource successfully completed the separation of CPG through a distribution of all of the common stock of CPG held by NiSource to NiSource shareholders. CPG is now an independent public company trading on the NYSE under the symbol CPGX. NiSource maintains no ownership interest in CPG or Columbia Pipeline Partners following this separation. The financial information presented today includes CPG reportable segment results, as CPG remained part of NiSource through June 30, 2015. Beginning with the third quarter, CPG will be reported as discontinued operations in NiSource financial results.
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“Now that the separation is complete, the foundation is set for NiSource to execute on our pure-play utility growth strategy which will enhance services to our customers and communities, and is expected to deliver sustainable earnings and dividend growth,” said NiSource President and Chief Executive Officer Joseph Hamrock. “With solid, investment-grade credit ratings, $30 billion of identified long-term gas and electric system enhancement opportunities, and constructive regulatory environments across our seven states, our path forward is clear.”
Hamrock reaffirmed that NiSource expects to deliver non-GAAP net operating earnings per share of $1.00-$1.10 in 2016 with planned infrastructure enhancement investments reaching approximately $1.4 billion. NiSource continues to project long-term earnings and dividend growth of 4-6 percent annually.
On July 2, NiSource declared a quarterly dividend of 15.5 cents per share, consistent with the company's intention, announced in May, to increase the combined (NiSource and CPG) dividend.
In June, NiSource received confirmation of its post-separation investment-grade credit ratings. Standard & Poor’s upgraded NiSource’s credit rating to BBB+ from BBB-, Fitch Ratings revised its outlook on NiSource to BBB- (positive) from BBB- (stable), and Moody’s reaffirmed its rating of NiSource at Baa2.
NiSource’s utilities continue execution of core infrastructure investment programs supported by complementary regulatory and customer initiatives.
NiSource remains on track to invest approximately $1.3 billion during 2015 as part of its $30 billion of long-term regulated utility infrastructure investment opportunities across its natural gas and electric utilities. Approximately 75 percent of these investments are expected to be revenue-generating investments, which help improve reliability and safety, enhance customer service and reduce emissions - all while generating sustainable long-term growth.
Gas Distribution Operations
| • | Columbia Gas of Massachusetts (CMA) has reached a settlement agreement in principle with the Massachusetts Attorney General in its base rate case. The settlement agreement is expected to be finalized and filed for approval with the Massachusetts Department of Public Utilities (DPU) in August 2015. The case seeks to recover costs to support CMA’s multi-year modernization plan to maintain the safety and reliability of natural gas service for customers. |
| • | Columbia Gas of Pennsylvania’s (CPA) base rate case is progressing on schedule and remains pending before the Pennsylvania Public Utility Commission. Filed in March, the case supports the continuation of CPA’s infrastructure modernization and safety programs. If approved as filed, the case would increase annual revenues by approximately $46 million. A decision is expected by the end of this year. |
| • | On June 30, the hearing examiner in Columbia Gas of Virginia's pending base rate case recommended specific fixed customer charges for each rate class, addressing the final outstanding issue in the case. The commission had previously found that the stipulated annual revenue increase of $25.2 million is reasonable. A final order in the case is expected later this year. |
| • | As announced previously, CMA received DPU approval of its 2015 Gas System Enhancement Plan on April 30. Cost recovery associated with the 2015 investments outlined in the plan began on May 1, and is projected to increase annual revenues by approximately $2.6 million. |
Electric Operations
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| • | On May 26, Northern Indiana Public Service Company (NIPSCO), the Indiana Office of Utility Consumer Counselor and some of NIPSCO’s largest industrial customers reached a settlement agreement that resolved all concerns raised by the parties in an Indiana Court of Appeals proceeding surrounding the company’s long-term Electric Infrastructure Modernization Plan. As part of the agreement, NIPSCO will file a base rate case, followed by a new seven-year plan in the fourth quarter. |
| • | NIPSCO remains on schedule and on budget with its flue gas desulfurization (FGD) unit at its Michigan City Generating Station. The approximately $265 million project is expected to be placed in service by the end of this year. This investment, supported with cost recovery, improves air quality and helps ensure NIPSCO’s generation fleet remains in compliance with current environmental regulations. It also helps ensure that NIPSCO can continue offering low-cost, reliable and efficient generating capacity for its customers. |
| • | Progress also continued on two major electric transmission projects designed to enhance region-wide system flexibility and reliability. The Greentown-Reynolds project is an approximately 65-mile, 765-kilovolt line being constructed in a joint development agreement with Pioneer Transmission, and the Reynolds-Topeka project is a 100-mile, 345-kilovolt line. Right-of-way acquisition and permitting are under way for both projects and substation construction has begun on both projects. These projects involve an investment of approximately $500 million for NIPSCO and are anticipated to be in service by the end of 2018. |
Second Quarter 2015 Operating Earnings - Segment Results (non-GAAP)
NiSource's consolidated operating earnings (non-GAAP) for the three months ended June 30, 2015, were $212.1 million, compared to $219.1 million for the same period in 2014. Refer to Schedule 2 for the items included in 2015 and 2014 GAAP operating income but excluded from operating earnings.
Operating earnings for NiSource’s business segments for the three months ended June 30, 2015, are discussed below.
Gas Distribution Operations reported operating earnings of $55.6 million for the three months ended June 30, 2015, compared with operating earnings of $62.5 million for the prior year period. Net revenues, excluding the impact of trackers, increased by $17.3 million primarily attributable to increases in regulatory and service programs, including the implementation of rates under Columbia Gas of Ohio's approved infrastructure replacement program, as well as the impact of new rates at Columbia Gas of Pennsylvania and Columbia Gas of Virginia.
Operating expenses, excluding the impact of trackers, increased by $24.2 million due primarily to increased employee and administrative costs, higher depreciation, increased outside services costs and higher other taxes.
Electric Operations reported operating earnings of $56.6 million for the three months ended June 30, 2015, compared with operating earnings of $59.8 million for the prior year period. Net revenues, excluding the impact of trackers, decreased by $1.8 million primarily due to decreased industrial, residential and commercial usage, partially offset by increased environmental investment cost recovery.
Operating expenses, excluding the impact of trackers, increased by $1.4 million due primarily to higher depreciation, partially offset by lower electric generation costs.
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Columbia Pipeline Group Operations reported operating earnings of $108.6 million for the three months ended June 30, 2015, compared with operating earnings of $103.7 million for the prior year period. Net revenues, excluding the impact of trackers, increased by $20.5 million primarily due to higher demand margin revenue as a result of growth projects placed into service and new firm contracts, partially offset by lower mineral rights royalty revenue.
Operating expenses, excluding the impact of trackers, increased by $18.2 million primarily due to higher outside services costs, increased employee and administrative costs and higher depreciation. These increases in operating expenses were partially offset by higher gains on the conveyance of mineral interests. Equity earnings increased by $2.6 million primarily from higher earnings at Pennant Midstream.
Corporate and Other Operations reported an operating earnings loss of $ 8.7 million for the three months ended June 30, 2015, compared with an operating earnings loss of $6.9 million for the three months ended June 30, 2014.
Other Items
Interest expense, net was $117.1 million for the three months ended June 30, 2015 compared to interest expense, net of $109.1 million for the prior period. The increase in interest expense is due primarily to CPG’s issuance of long-term debt in May 2015 as part of the recapitalization, the expiration of interest rate swaps in July 2014, and the term loan agreed to in August 2014. These increases were partially offset by the maturity of long-term debt in July 2014 and the execution of NiSource's tender offer in May 2015.
Other, net reflected income of $6.5 million compared to income of $7.5 million in 2014.
The effective tax rate of net operating earnings was 35.5 percent compared to 33.7 percent for the same period last year.
Six Month Period 2015 Operating Earnings - Segment Results (non-GAAP)
NiSource's consolidated operating earnings (non-GAAP) for the six months ended June 30, 2015, were $740.8 million, compared to $728.2 million for the same period in 2014. Refer to Schedule 2 for the items included in 2015 and 2014 GAAP operating income but excluded from operating earnings.
Operating earnings for NiSource’s business segments for the six months ended June 30, 2015, are discussed below.
Gas Distribution Operations reported operating earnings of $361.4 million for the six months ended June 30, 2015, compared with operating earnings of $342.6 million for the prior year period. Net revenues, excluding the impact of trackers, increased by $60.1 million primarily attributable to increases in regulatory and service programs, including the impact of new rates at Columbia Gas of Pennsylvania, Columbia Gas of Virginia and Columbia Gas of Massachusetts, as well as the implementation of rates under Columbia Gas of Ohio's approved infrastructure replacement program.
Operating expenses, excluding the impact of trackers, increased by $41.3 million due primarily to increased employee and administrative costs, higher depreciation, increased outside services costs and higher other taxes.
Electric Operations reported operating earnings of $123.8 million for the six months ended June 30, 2015, compared with operating earnings of $134.0 million for the prior year period. Net revenues, excluding the impact of trackers, decreased by $2.0 million primarily due to decreased
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off-system sales and lower industrial usage. These decreases were partially offset by higher revenue from two electric transmission projects authorized by the Midcontinent Independent System Operator (MISO), lower fuel handling costs and increased environmental investment cost recovery.
Operating expenses, excluding the impact of trackers, increased by $8.2 million due primarily to higher depreciation.
Columbia Pipeline Group Operations reported operating earnings of $271.6 million for the six months ended June 30, 2015, compared with operating earnings of $262.6 million for the prior year period. Net revenues, excluding the impact of trackers, increased by $42.1 million primarily due to higher demand margin revenue as a result of growth projects placed into service and new firm contracts. This increase was partially offset by decreased mineral rights royalty revenue.
Operating expenses, excluding the impact of trackers, increased by $41.3 million primarily due to higher employee and administrative costs, increased outside service costs, higher depreciation and lower gains on the conveyances of mineral interests. Equity earnings increased by $8.2 million primarily from increased earnings at Pennant Midstream and Millennium Pipeline.
Corporate and Other Operations reported an operating earnings loss of $16.0 million for the six months ended June 30, 2015, compared with an operating earnings loss of $11.0 million for the six months ended June 30, 2014. The increase in operating earnings loss is primarily due to higher employee and administrative costs.
Other Items
Interest expense, net was $228.1 million for the six months ended June 30, 2015 compared to interest expense, net of $218.2 million for the prior period. The increase in interest expense is due primarily to CPG’s issuance of long-term debt in May 2015 as part of the recapitalization, the expiration of interest rate swaps in July 2014 and the term loan agreed to in August 2014. These increases were partially offset by the maturity of long-term debt in July 2014 and the execution of NiSource's tender offer in May 2015.
Other, net reflected income of $13.6 million compared to income of $12.0 million in 2014.
The effective tax rate of net operating earnings was 35.3 percent compared to 35.6 percent for the same period last year.
Regulation G Disclosure Statement
This press release includes guidance for NiSource with respect to net operating earnings from continuing operations, which is a non-GAAP financial measure as defined by the SEC’s Regulation G. It should be noted that there will likely be differences between such net operating earnings and GAAP equivalents due to various factors, including, but not limited to, weather, restructuring, environmental and separation related costs and expenses and accounting changes. NiSource is not able to estimate the impact of such factors on GAAP earnings and, as such, is not providing earnings guidance on a GAAP basis.
About NiSource
NiSource Inc. (NYSE: NI) is one of the largest fully-regulated utility companies in the United States, serving approximately 3.5 million natural gas customers and 500,000 electric customers across seven states through its local Columbia Gas and NIPSCO brands. Based in Merrillville, Indiana, NiSource’s more than 7,000 employees are focused on safely delivering reliable and affordable energy to our customers and communities we serve. NiSource has been designated a World’s Most Ethical Company by the Ethisphere Institute since 2012 and is a member of the Dow Jones Sustainability - North America Index. Additional information about NiSource, its investments in
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modern infrastructure and systems, its commitments and its local brands can be found at www.nisource.com. NI-F
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to various risks and uncertainties. Examples of forward-looking statements in this release include statements and expectations regarding NiSource’s business, performance and growth following the separation. Factors that could cause actual results to differ materially from the projections, forecasts, estimates and expectations discussed in this Quarterly Report on Form 10-Q include, but are not limited to, NiSource’s debt obligations and ability to comply with related covenants, changes in NiSource’s credit rating, growth opportunities for NiSource’s businesses, changes in general economic and market conditions, regulatory rate reviews and proceedings, increased competition in deregulated energy markets, compliance with environmental laws, fluctuations in weather, climate change, natural disasters, acts of terrorism and other catastrophic events, economic conditions in certain industries, fluctuations in the price of energy commodities, counterparty credit risk, any impairment of goodwill and definite-lived intangible assets, changes in taxation or accounting principles, accidents and other operating risks, aging infrastructure, disruptions in information technology and cyber-attacks, NiSource’s ability to achieve the intended benefits of the Separation and other matters set forth in the “Risk Factors” section in NiSource’s 2014 Form 10-K and subsequent Form 10-Q filed with the Securities and Exchange Commission, many of which are beyond the control of NiSource. In addition, the relative contributions to profitability by each segment, and the assumptions underlying the forward-looking statements relating thereto, may change over time. NiSource expressly disclaims any duty to update, supplement or amend any of its forward-looking statements contained in this release, whether as a result of new information, subsequent events or otherwise, except as required by applicable law.
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NiSource Inc.
Consolidated Net Operating Earnings (Non-GAAP)
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in millions, except per share amounts) | 2015 | 2014 | 2015 | 2014 | |||||||||||
| Net Revenues | |||||||||||||||
| Gas Distribution | $ | 311.8 | $ | 426.4 | $ | 1,373.1 | $ | 1,619.7 | |||||||
| Gas Transportation and Storage | 427.4 | 390.1 | 1,055.4 | 968.6 | |||||||||||
| Electric | 376.5 | 401.8 | 768.4 | 847.1 | |||||||||||
| Other | 60.1 | 116.7 | 106.4 | 193.7 | |||||||||||
| Gross Revenues | 1,175.8 | 1,335.0 | 3,303.3 | 3,629.1 | |||||||||||
| Cost of Sales (excluding depreciation and amortization) | 218.6 | 371.7 | 1,024.6 | 1,433.0 | |||||||||||
| Total Net Revenues | 957.2 | 963.3 | 2,278.7 | 2,196.1 | |||||||||||
| Operating Expenses | |||||||||||||||
| Operation and maintenance | 432.9 | 401.0 | 837.5 | 777.9 | |||||||||||
| Operation and maintenance - trackers | 87.7 | 132.1 | 236.7 | 256.4 | |||||||||||
| Depreciation and amortization | 163.2 | 148.4 | 319.6 | 297.1 | |||||||||||
| Depreciation and amortization - trackers | 4.2 | 0.7 | 5.3 | 0.7 | |||||||||||
| Gain on sale of assets | (8.3 | ) | (0.3 | ) | (13.6 | ) | (17.8 | ) | |||||||
| Other taxes | 64.3 | 58.7 | 136.6 | 129.3 | |||||||||||
| Other taxes - trackers | 14.8 | 14.7 | 44.9 | 45.2 | |||||||||||
| Total Operating Expenses | 758.8 | 755.3 | 1,567.0 | 1,488.8 | |||||||||||
| Equity Earnings in Unconsolidated Affiliates | 13.7 | 11.1 | 29.1 | 20.9 | |||||||||||
| Operating Earnings | 212.1 | 219.1 | 740.8 | 728.2 | |||||||||||
| Other Income (Deductions) | |||||||||||||||
| Interest expense, net | (117.1 | ) | (109.1 | ) | (228.1 | ) | (218.2 | ) | |||||||
| Other, net | 6.5 | 7.5 | 13.6 | 12.0 | |||||||||||
| Total Other Deductions | (110.6 | ) | (101.6 | ) | (214.5 | ) | (206.2 | ) | |||||||
| Operating Earnings From Continuing Operations | |||||||||||||||
| Before Income Taxes | 101.5 | 117.5 | 526.3 | 522.0 | |||||||||||
| Income Taxes | 36.0 | 39.6 | 185.6 | 185.7 | |||||||||||
| Net Operating Earnings from Continuing Operations | 65.5 | 77.9 | 340.7 | 336.3 | |||||||||||
Net Operating Earnings from Continuing Operations - Noncontrolling Interest | (8.7 | ) | — | (15.6 | ) | — | |||||||||
| Net Operating Earnings from Continuing Operations - Controlling Interest | 56.8 | 77.9 | 325.1 | 336.3 | |||||||||||
| GAAP Adjustment | (92.9 | ) | 0.6 | (92.8 | ) | 8.6 | |||||||||
| GAAP (Loss) Income from Continuing Operations - Controlling Interest | $ | (36.1 | ) | $ | 78.5 | $ | 232.3 | $ | 344.9 | ||||||
| Basic Net Operating Earnings Per Share from Continuing Operations | $ | 0.18 | $ | 0.25 | $ | 1.03 | $ | 1.07 | |||||||
| GAAP Basic (Loss) Earnings Per Share from Continuing Operations | $ | (0.11 | ) | $ | 0.25 | $ | 0.73 | $ | 1.10 | ||||||
| Basic Average Common Shares Outstanding | 317.5 | 315.0 | 317.0 | 314.6 | |||||||||||
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NiSource Inc.
Segment Operating Earnings (Non-GAAP)
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| Gas Distribution Operations | |||||||||||||||
| (in millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
| Net Revenues | |||||||||||||||
| Sales revenues | $ | 514.6 | $ | 619.5 | $ | 1,951.5 | $ | 2,163.4 | |||||||
| Less: Cost of gas sold | 133.4 | 257.2 | 856.0 | 1,180.2 | |||||||||||
| Net Revenues | 381.2 | 362.3 | 1,095.5 | 983.2 | |||||||||||
| Operating Expenses | |||||||||||||||
| Operation and maintenance | 207.4 | 189.7 | 400.8 | 371.1 | |||||||||||
| Operation and maintenance - trackers | 18.6 | 17.1 | 117.0 | 64.5 | |||||||||||
| Depreciation and amortization | 58.2 | 54.1 | 114.3 | 106.3 | |||||||||||
| Other taxes | 26.6 | 24.2 | 57.1 | 53.5 | |||||||||||
| Other taxes - trackers | 14.8 | 14.7 | 44.9 | 45.2 | |||||||||||
| Total Operating Expenses | 325.6 | 299.8 | 734.1 | 640.6 | |||||||||||
| Operating Earnings | $ | 55.6 | $ | 62.5 | $ | 361.4 | $ | 342.6 | |||||||
| GAAP Adjustment | (5.9 | ) | (2.7 | ) | 13.5 | 19.0 | |||||||||
| GAAP Operating Income | $ | 49.7 | $ | 59.8 | $ | 374.9 | $ | 361.6 | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| Electric Operations | |||||||||||||||
| (in millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
| Net Revenues | |||||||||||||||
| Sales revenues | $ | 376.6 | $ | 402.4 | $ | 769.6 | $ | 848.1 | |||||||
| Less: Cost of sales | 116.6 | 146.3 | 242.3 | 326.7 | |||||||||||
| Net Revenues | 260.0 | 256.1 | 527.3 | 521.4 | |||||||||||
| Operating Expenses | |||||||||||||||
| Operation and maintenance | 111.4 | 116.5 | 224.6 | 223.1 | |||||||||||
| Operation and maintenance - trackers | 7.9 | 5.7 | 14.9 | 11.6 | |||||||||||
| Depreciation and amortization | 64.3 | 59.4 | 125.4 | 119.8 | |||||||||||
| Depreciation and amortization - trackers | 4.2 | 0.7 | 5.3 | 0.7 | |||||||||||
| Other taxes | 15.6 | 14.0 | 33.3 | 32.2 | |||||||||||
| Total Operating Expenses | 203.4 | 196.3 | 403.5 | 387.4 | |||||||||||
| Operating Earnings | $ | 56.6 | $ | 59.8 | $ | 123.8 | $ | 134.0 | |||||||
| GAAP Adjustment | (10.9 | ) | 3.1 | (8.1 | ) | 7.8 | |||||||||
| GAAP Operating Income | $ | 45.7 | $ | 62.9 | $ | 115.7 | $ | 141.8 | |||||||
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NiSource Inc.
Segment Operating Earnings (Non-GAAP)
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| Columbia Pipeline Group Operations | |||||||||||||||
| (in millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
| Net Revenues | |||||||||||||||
| Transportation revenues | $ | 211.3 | $ | 181.5 | $ | 462.4 | $ | 403.8 | |||||||
| Storage revenues | 49.0 | 49.3 | 99.0 | 99.2 | |||||||||||
| Other revenues | 55.6 | 112.7 | 94.3 | 186.1 | |||||||||||
| Total Operating Revenues | 315.9 | 343.5 | 655.7 | 689.1 | |||||||||||
| Less: Cost of sales | 0.1 | 0.1 | 0.2 | 0.2 | |||||||||||
| Net Revenues | 315.8 | 343.4 | 655.5 | 688.9 | |||||||||||
| Operating Expenses | |||||||||||||||
| Operation and maintenance | 115.2 | 95.8 | 217.4 | 190.5 | |||||||||||
| Operation and maintenance - trackers | 61.2 | 109.3 | 104.8 | 180.3 | |||||||||||
| Depreciation and amortization | 33.9 | 28.8 | 66.4 | 58.5 | |||||||||||
| Gain on sale of assets | (8.3 | ) | (0.3 | ) | (13.6 | ) | (17.8 | ) | |||||||
| Other taxes | 18.9 | 17.2 | 38.0 | 35.7 | |||||||||||
| Total Operating Expenses | 220.9 | 250.8 | 413.0 | 447.2 | |||||||||||
| Equity Earnings in Unconsolidated Affiliates | 13.7 | 11.1 | 29.1 | 20.9 | |||||||||||
| Operating Earnings | $ | 108.6 | $ | 103.7 | $ | 271.6 | $ | 262.6 | |||||||
| GAAP Adjustment | — | — | — | — | |||||||||||
| GAAP Operating Income | $ | 108.6 | $ | 103.7 | $ | 271.6 | $ | 262.6 | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| Corporate and Other Operations | |||||||||||||||
| (in millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
| Operating Earnings Loss | $ | (8.7 | ) | $ | (6.9 | ) | $ | (16.0 | ) | $ | (11.0 | ) | |||
| GAAP Adjustment | (30.2 | ) | 0.1 | (51.0 | ) | (1.7 | ) | ||||||||
| GAAP Operating Loss | $ | (38.9 | ) | $ | (6.8 | ) | $ | (67.0 | ) | $ | (12.7 | ) | |||
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NiSource Inc.
Segment Volumes and Statistical Data
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
| Gas Distribution Operations | 2015 | 2014 | 2015 | 2014 | |||||||
| Sales and Transportation (MMDth) | |||||||||||
| Residential | 30.4 | 35.0 | 183.5 | 191.5 | |||||||
| Commercial | 25.1 | 27.4 | 113.8 | 117.5 | |||||||
| Industrial | 123.6 | 121.7 | 270.4 | 258.5 | |||||||
| Off System | 6.0 | 14.2 | 19.5 | 28.5 | |||||||
| Other | (2.0 | ) | (0.3 | ) | (2.0 | ) | (0.1 | ) | |||
| Total | 183.1 | 198.0 | 585.2 | 595.9 | |||||||
| Weather Adjustment | 6.3 | 2.3 | (29.2 | ) | (33.8) | ||||||
| Sales and Transportation Volumes - Excluding Weather | 189.4 | 200.3 | 556.0 | 562.1 | |||||||
| Heating Degree Days | 489 | 555 | 3,893 | 3,992 | |||||||
| Normal Heating Degree Days | 599 | 599 | 3,491 | 3,491 | |||||||
| % (Warmer) Colder than Normal | (18 | )% | (7 | )% | 12 | % | 14 | % | |||
| Customers | |||||||||||
| Residential | 3,070,555 | 3,051,277 | |||||||||
| Commercial | 280,329 | 278,776 | |||||||||
| Industrial | 7,717 | 7,546 | |||||||||
| Other | 938 | 14 | |||||||||
| Total | 3,359,539 | 3,337,613 | |||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
| Electric Operations | 2015 | 2014 | 2015 | 2014 | |||||||
| Sales (Gigawatt Hours) | |||||||||||
| Residential | 716.9 | 793.2 | 1,582.7 | 1,689.4 | |||||||
| Commercial | 929.1 | 964.9 | 1,869.1 | 1,900.4 | |||||||
| Industrial | 2,295.0 | 2,455.8 | 4,720.4 | 5,062.9 | |||||||
| Wholesale | 1.0 | 12.1 | 117.9 | 323.9 | |||||||
| Other | 34.5 | 34.9 | 69.1 | 68.3 | |||||||
| Total | 3,976.5 | 4,260.9 | 8,359.2 | 9,044.9 | |||||||
| Weather Adjustment | 13.3 | (44.4) | (28.9) | (114.4) | |||||||
| Sales Volumes - Excluding Weather | 3,989.8 | 4,216.5 | 8,330.3 | 8,930.5 | |||||||
| Cooling Degree Days | 229 | 276 | 229 | 276 | |||||||
| Normal Cooling Degree Days | 229 | 229 | 229 | 229 | |||||||
| % Colder than Normal | — | % | 21 | % | — | % | 21 | % | |||
| Electric Customers | |||||||||||
| Residential | 402,955 | 401,671 | |||||||||
| Commercial | 54,762 | 54,303 | |||||||||
| Industrial | 2,357 | 2,370 | |||||||||
| Wholesale | 747 | 767 | |||||||||
| Other | 4 | 6 | |||||||||
| Total | 460,825 | 459,117 | |||||||||
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NiSource Inc.
Segment Volumes and Statistical Data
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||
| Columbia Pipeline Group Operations | 2015 | 2014 | 2015 | 2014 | |||
| Throughput (MMDth) | |||||||
| Columbia Transmission | 215.3 | 194.2 | 706.3 | 653.7 | |||
| Columbia Gulf | 137.3 | 145.4 | 283.0 | 330.3 | |||
| Crossroads Pipeline | 3.5 | 3.5 | 8.6 | 9.2 | |||
| Intrasegment eliminations | (11.4) | (21.6) | (40.1) | (83.2) | |||
| Total | 344.7 | 321.5 | 957.8 | 910.0 | |||
11
NiSource Inc.
Schedule 1 – Reconciliation of Net Operating Earnings to GAAP
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in millions, except per share amounts) | 2015 | 2014 | 2015 | 2014 | |||||||||||
| Net Operating Earnings from Continuing Operations - Controlling Interest | $ | 56.8 | $ | 77.9 | $ | 325.1 | $ | 336.3 | |||||||
| Items excluded from operating earnings | |||||||||||||||
| Net Revenues: | |||||||||||||||
| Weather - compared to normal | (6.8 | ) | 0.1 | 15.4 | 26.5 | ||||||||||
| Operating Expenses: | |||||||||||||||
| Environmental costs | (10.0 | ) | — | (10.0 | ) | — | |||||||||
| Transaction costs | (30.4 | ) | — | (50.9 | ) | — | |||||||||
| Gain (Loss) on sale of assets | 0.2 | 0.4 | (0.1 | ) | (1.4 | ) | |||||||||
| Total items excluded from operating earnings | (47.0 | ) | 0.5 | (45.6 | ) | 25.1 | |||||||||
| Other Deductions: | |||||||||||||||
| Loss on early extinguishment of long-term debt | (97.2 | ) | — | (97.2 | ) | — | |||||||||
| Income taxes - discrete items | (3.9 | ) | — | (4.5 | ) | (7.0 | ) | ||||||||
| Tax effect of above items | 55.2 | 0.1 | 54.5 | (9.5 | ) | ||||||||||
| Total items excluded from net operating earnings | (92.9 | ) | 0.6 | (92.8 | ) | 8.6 | |||||||||
GAAP (Loss) Income from Continuing Operations - Controlling Interest | $ | (36.1 | ) | $ | 78.5 | $ | 232.3 | $ | 344.9 | ||||||
| Basic Average Common Shares Outstanding | 317.5 | 315.0 | 317.0 | 314.6 | |||||||||||
| Basic Net Operating Earnings Per Share from Continuing Operations | $ | 0.18 | $ | 0.25 | $ | 1.03 | $ | 1.07 | |||||||
| Items excluded from net operating earnings (after-tax) | (0.29 | ) | — | (0.30 | ) | 0.03 | |||||||||
| GAAP Basic (Loss) Earnings Per Share from Continuing Operations | $ | (0.11 | ) | $ | 0.25 | $ | 0.73 | $ | 1.10 | ||||||
12
NiSource Inc.
Schedule 2 – Adjustments by Segment from Operating Earnings to GAAP
For the Quarter ended June 30,
2015 (in millions) | Gas Distribution | Electric | Columbia Pipeline Group | Corporate & Other | Total | |||||||||||||||
| Operating Earnings (Loss) | $ | 55.6 | $ | 56.6 | $ | 108.6 | $ | (8.7 | ) | $ | 212.1 | |||||||||
| Net Revenues: | ||||||||||||||||||||
| Weather - compared to normal | (5.9 | ) | (0.9 | ) | — | — | (6.8 | ) | ||||||||||||
| Total Impact - Net Revenues | (5.9 | ) | (0.9 | ) | — | — | (6.8 | ) | ||||||||||||
| Operating Expenses: | ||||||||||||||||||||
| Environmental costs | — | (10.0 | ) | — | — | (10.0 | ) | |||||||||||||
| Transaction costs | — | — | — | (30.4 | ) | (30.4 | ) | |||||||||||||
| Gain on sale of assets | — | — | — | 0.2 | 0.2 | |||||||||||||||
| Total Impact - Operating Expenses | — | (10.0 | ) | — | (30.2 | ) | (40.2 | ) | ||||||||||||
| Total Impact - Operating Loss | $ | (5.9 | ) | $ | (10.9 | ) | $ | — | $ | (30.2 | ) | $ | (47.0 | ) | ||||||
| Operating Income (Loss) - GAAP | $ | 49.7 | $ | 45.7 | $ | 108.6 | $ | (38.9 | ) | $ | 165.1 | |||||||||
2014 (in millions) | Gas Distribution | Electric | Columbia Pipeline Group | Corporate & Other | Total | |||||||||||||||
| Operating Earnings (Loss) | $ | 62.5 | $ | 59.8 | $ | 103.7 | $ | (6.9 | ) | $ | 219.1 | |||||||||
| Net Revenues: | ||||||||||||||||||||
| Weather - compared to normal | (2.9 | ) | 3.0 | — | — | 0.1 | ||||||||||||||
| Total Impact - Net Revenues | (2.9 | ) | 3.0 | — | — | 0.1 | ||||||||||||||
| Operating Expenses: | ||||||||||||||||||||
| Gain on sale of assets | 0.2 | 0.1 | — | 0.1 | 0.4 | |||||||||||||||
| Total Impact - Operating Expenses | 0.2 | 0.1 | — | 0.1 | 0.4 | |||||||||||||||
| Total Impact - Operating (Loss) Income | $ | (2.7 | ) | $ | 3.1 | $ | — | $ | 0.1 | $ | 0.5 | |||||||||
| Operating Income (Loss) - GAAP | $ | 59.8 | $ | 62.9 | $ | 103.7 | $ | (6.8 | ) | $ | 219.6 | |||||||||
13
NiSource Inc.
Schedule 2 – Adjustments by Segment from Operating Earnings to GAAP
For the Six Months ended June 30,
2015 (in millions) | Gas Distribution | Electric | Columbia Pipeline Group | Corporate & Other | Total | |||||||||||||||
| Operating Earnings (Loss) | $ | 361.4 | $ | 123.8 | $ | 271.6 | $ | (16.0 | ) | $ | 740.8 | |||||||||
| Net Revenues: | ||||||||||||||||||||
| Weather - compared to normal | 13.5 | 1.9 | — | — | 15.4 | |||||||||||||||
| Total Impact - Net Revenues | 13.5 | 1.9 | — | — | 15.4 | |||||||||||||||
| Operating Expenses: | ||||||||||||||||||||
| Environmental costs | — | (10.0 | ) | — | — | (10.0 | ) | |||||||||||||
| Transaction costs | — | — | — | (50.9 | ) | (50.9 | ) | |||||||||||||
| Loss on sale of assets | — | — | — | (0.1 | ) | (0.1 | ) | |||||||||||||
| Total Impact - Operating Expenses | — | (10.0 | ) | — | (51.0 | ) | (61.0 | ) | ||||||||||||
| Total Impact - Operating Income (Loss) | $ | 13.5 | $ | (8.1 | ) | $ | — | $ | (51.0 | ) | $ | (45.6 | ) | |||||||
| Operating Income (Loss) - GAAP | $ | 374.9 | $ | 115.7 | $ | 271.6 | $ | (67.0 | ) | $ | 695.2 | |||||||||
2014 (in millions) | Gas Distribution | Electric | Columbia Pipeline Group | Corporate & Other | Total | |||||||||||||||
| Operating Earnings (Loss) | $ | 342.6 | $ | 134.0 | $ | 262.6 | $ | (11.0 | ) | $ | 728.2 | |||||||||
| Net Revenues: | ||||||||||||||||||||
| Weather - compared to normal | 18.8 | 7.7 | — | — | 26.5 | |||||||||||||||
| Settlement agreement | — | — | — | — | — | |||||||||||||||
| Total Impact - Net Revenues | 18.8 | 7.7 | — | — | 26.5 | |||||||||||||||
| Operating Expenses: | ||||||||||||||||||||
| Gain (Loss) on sale of assets | 0.2 | 0.1 | — | (1.7 | ) | (1.4 | ) | |||||||||||||
| Total Impact - Operating Expenses | 0.2 | 0.1 | — | (1.7 | ) | (1.4 | ) | |||||||||||||
| Total Impact - Operating (Loss) Income | $ | 19.0 | $ | 7.8 | $ | — | $ | (1.7 | ) | $ | 25.1 | |||||||||
| Operating Income (Loss) - GAAP | $ | 361.6 | $ | 141.8 | $ | 262.6 | $ | (12.7 | ) | $ | 753.3 | |||||||||
14
NiSource Inc.
Consolidated Income Statements (GAAP)
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in millions, except per share amounts) | 2015 | 2014 | 2015 | 2014 | |||||||||||
| Net Revenues | |||||||||||||||
| Gas Distribution | $ | 305.9 | $ | 423.5 | $ | 1,386.6 | $ | 1,638.5 | |||||||
| Gas Transportation and Storage | 427.4 | 390.1 | 1,055.4 | 968.6 | |||||||||||
| Electric | 375.6 | 404.8 | 770.3 | 854.8 | |||||||||||
| Other | 60.1 | 116.7 | 106.4 | 193.7 | |||||||||||
| Gross Revenues | 1,169.0 | 1,335.1 | 3,318.7 | 3,655.6 | |||||||||||
| Cost of Sales (excluding depreciation and amortization) | 218.6 | 371.7 | 1,024.6 | 1,433.0 | |||||||||||
| Total Net Revenues | 950.4 | 963.4 | 2,294.1 | 2,222.6 | |||||||||||
| Operating Expenses | |||||||||||||||
| Operation and maintenance | 561.0 | 533.1 | 1,135.1 | 1,034.3 | |||||||||||
| Depreciation and amortization | 167.4 | 149.1 | 324.9 | 297.8 | |||||||||||
| Gain on sale of assets | (8.5 | ) | (0.7 | ) | (13.5 | ) | (16.4 | ) | |||||||
| Other taxes | 79.1 | 73.4 | 181.5 | 174.5 | |||||||||||
| Total Operating Expenses | 799.0 | 754.9 | 1,628.0 | 1,490.2 | |||||||||||
| Equity Earnings in Unconsolidated Affiliates | 13.7 | 11.1 | 29.1 | 20.9 | |||||||||||
| Operating Income | 165.1 | 219.6 | 695.2 | 753.3 | |||||||||||
| Other Income (Deductions) | |||||||||||||||
| Interest expense, net | (117.1 | ) | (109.1 | ) | (228.1 | ) | (218.2 | ) | |||||||
| Other, net | 6.5 | 7.5 | 13.6 | 12.0 | |||||||||||
| Loss on early extinguishment of long-term debt | (97.2 | ) | — | (97.2 | ) | — | |||||||||
| Total Other Deductions | (207.8 | ) | (101.6 | ) | (311.7 | ) | (206.2 | ) | |||||||
| (Loss) Income from Continuing Operations before Income Taxes | (42.7 | ) | 118.0 | 383.5 | 547.1 | ||||||||||
| Income Taxes | (15.3 | ) | 39.5 | 135.6 | 202.2 | ||||||||||
| (Loss) Income from Continuing Operations | (27.4 | ) | 78.5 | 247.9 | 344.9 | ||||||||||
| Loss from Discontinued Operations - net of taxes | (0.3 | ) | (0.3 | ) | (0.3 | ) | (0.5 | ) | |||||||
| Net (Loss) Income | (27.7 | ) | 78.2 | 247.6 | 344.4 | ||||||||||
| Less: Net income attributable to noncontrolling interest | 8.7 | — | 15.6 | — | |||||||||||
| Net (Loss) Income attributable to NiSource | $ | (36.4 | ) | $ | 78.2 | $ | 232.0 | $ | 344.4 | ||||||
| Amounts attributable to NiSource: | |||||||||||||||
| (Loss) Income from continuing operations | $ | (36.1 | ) | $ | 78.5 | $ | 232.3 | $ | 344.9 | ||||||
| Loss from discontinued operations | (0.3 | ) | (0.3 | ) | (0.3 | ) | (0.5 | ) | |||||||
| Net (Loss) Income attributable to NiSource | $ | (36.4 | ) | $ | 78.2 | $ | 232.0 | $ | 344.4 | ||||||
| Basic (Loss) Earnings Per Share | |||||||||||||||
| Continuing operations | $ | (0.11 | ) | $ | 0.25 | $ | 0.73 | $ | 1.10 | ||||||
| Discontinued operations | — | — | — | — | |||||||||||
| Basic (Loss) Earnings Per Share | $ | (0.11 | ) | $ | 0.25 | $ | 0.73 | $ | 1.10 | ||||||
| Diluted (Loss) Earnings Per Share | |||||||||||||||
| Continuing operations | $ | (0.11 | ) | $ | 0.25 | $ | 0.73 | $ | 1.09 | ||||||
| Discontinued operations | — | — | — | — | |||||||||||
| Diluted (Loss) Earnings Per Share | $ | (0.11 | ) | $ | 0.25 | $ | 0.73 | $ | 1.09 | ||||||
| Dividends Declared Per Common Share | $ | — | $ | 0.26 | $ | 0.52 | $ | 0.76 | |||||||
| Basic Average Common Shares Outstanding | 317.5 | 315.0 | 317.0 | 314.6 | |||||||||||
| Diluted Average Common Shares | 317.5 | 316.1 | 318.0 | 315.7 | |||||||||||
15
NiSource Inc.
Consolidated Balance Sheets (GAAP)
(unaudited)
| (in millions) | June 30, 2015 | December 31, 2014 | |||||
| ASSETS | |||||||
| Property, Plant and Equipment | |||||||
| Utility plant | $ | 26,225.2 | $ | 25,234.8 | |||
| Accumulated depreciation and amortization | (9,718.8 | ) | (9,578.6 | ) | |||
| Net utility plant | 16,506.4 | 15,656.2 | |||||
| Other property, at cost, less accumulated depreciation | 401.9 | 360.9 | |||||
| Net Property, Plant and Equipment | 16,908.3 | 16,017.1 | |||||
| Investments and Other Assets | |||||||
| Unconsolidated affiliates | 452.3 | 452.6 | |||||
| Other investments | 200.7 | 210.4 | |||||
| Total Investments and Other Assets | 653.0 | 663.0 | |||||
| Current Assets | |||||||
| Cash and cash equivalents | 496.6 | 25.4 | |||||
| Restricted cash | 25.2 | 24.9 | |||||
| Accounts receivable (less reserve of $38.1 and $25.2, respectively) | 672.7 | 1,070.1 | |||||
| Gas inventory | 259.2 | 445.1 | |||||
| Underrecovered gas costs | 3.5 | 32.0 | |||||
| Materials and supplies, at average cost | 112.4 | 106.0 | |||||
| Electric production fuel, at average cost | 96.5 | 64.8 | |||||
| Exchange gas receivable | 57.1 | 63.1 | |||||
| Regulatory assets | 175.5 | 193.5 | |||||
| Deferred income taxes | 303.8 | 272.1 | |||||
| Prepayments and other | 133.2 | 169.5 | |||||
| Total Current Assets | 2,335.7 | 2,466.5 | |||||
| Other Assets | |||||||
| Regulatory assets | 1,673.7 | 1,696.4 | |||||
| Goodwill | 3,666.2 | 3,666.2 | |||||
| Intangible assets | 258.4 | 264.7 | |||||
| Deferred charges and other | 111.6 | 92.4 | |||||
| Total Other Assets | 5,709.9 | 5,719.7 | |||||
| Total Assets | $ | 25,606.9 | $ | 24,866.3 | |||
16
NiSource Inc.
Consolidated Balance Sheets (GAAP) (continued)
(unaudited)
| (in millions, except share amounts) | June 30, 2015 | December 31, 2014 | |||||
| CAPITALIZATION AND LIABILITIES | |||||||
| Capitalization | |||||||
| NiSource Common Stockholders’ Equity | |||||||
| Common stock - $0.01 par value, 400,000,000 shares authorized; 317,668,149 and 316,037,421 shares outstanding, respectively | $ | 3.2 | $ | 3.2 | |||
| Additional paid-in capital | 5,065.1 | 4,787.6 | |||||
| Retained earnings | 1,561.1 | 1,494.0 | |||||
| Accumulated other comprehensive loss | (44.4 | ) | (50.6 | ) | |||
| Treasury stock | (79.1 | ) | (58.9 | ) | |||
| Total NiSource Common Stockholders’ Equity | 6,505.9 | 6,175.3 | |||||
| Noncontrolling interest in consolidated subsidiaries | 950.0 | — | |||||
| Total Equity | 7,455.9 | 6,175.3 | |||||
| Long-term debt, excluding amounts due within one year | 8,881.1 | 8,155.9 | |||||
| Total Capitalization | 16,337.0 | 14,331.2 | |||||
| Current Liabilities | |||||||
| Current portion of long-term debt | 442.6 | 266.6 | |||||
| Short-term borrowings | 161.8 | 1,576.9 | |||||
| Accounts payable | 429.2 | 670.6 | |||||
| Customer deposits and credits | 206.9 | 294.3 | |||||
| Taxes accrued | 221.5 | 266.7 | |||||
| Interest accrued | 141.6 | 140.7 | |||||
| Overrecovered gas and fuel costs | 198.6 | 45.6 | |||||
| Exchange gas payable | 63.9 | 136.2 | |||||
| Deferred revenue | 21.6 | 25.6 | |||||
| Regulatory liabilities | 136.1 | 62.4 | |||||
| Accrued capital expenditures | 146.3 | 61.1 | |||||
| Accrued liability for postretirement and postemployment benefits | 5.9 | 5.9 | |||||
| Legal and environmental | 34.5 | 24.2 | |||||
| Other accruals | 313.8 | 378.1 | |||||
| Total Current Liabilities | 2,524.3 | 3,954.9 | |||||
| Other Liabilities and Deferred Credits | |||||||
| Deferred income taxes | 3,822.6 | 3,661.6 | |||||
| Deferred investment tax credits | 16.1 | 17.3 | |||||
| Deferred credits | 105.1 | 101.1 | |||||
| Accrued liability for postretirement and postemployment benefits | 633.9 | 675.9 | |||||
| Regulatory liabilities | 1,692.6 | 1,673.8 | |||||
| Asset retirement obligations | 204.7 | 159.4 | |||||
| Other noncurrent liabilities | 270.6 | 291.1 | |||||
| Total Other Liabilities and Deferred Credits | 6,745.6 | 6,580.2 | |||||
| Commitments and Contingencies | — | — | |||||
| Total Capitalization and Liabilities | $ | 25,606.9 | $ | 24,866.3 | |||
17
NiSource Inc.
Statements of Consolidated Cash Flows (GAAP)
(unaudited)
Six Months Ended June 30, (in millions) | 2015 | 2014 | |||||
| Operating Activities | |||||||
| Net Income | $ | 247.6 | $ | 344.4 | |||
| Adjustments to Reconcile Net Income to Net Cash from Continuing Operations: | |||||||
| Loss on early extinguishment of debt | 97.2 | — | |||||
| Depreciation and amortization | 324.9 | 297.8 | |||||
| Net changes in price risk management assets and liabilities | 0.1 | 1.4 | |||||
| Deferred income taxes and investment tax credits | 119.2 | 186.8 | |||||
| Deferred revenue | 6.8 | 1.6 | |||||
| Stock compensation expense and 401(k) profit sharing contribution | 33.4 | 27.9 | |||||
| Gain on sale of assets | (13.5 | ) | (16.4 | ) | |||
| Income from unconsolidated affiliates | (28.4 | ) | (20.6 | ) | |||
| Loss from discontinued operations - net of taxes | 0.3 | 0.5 | |||||
| Amortization of debt related costs | 5.4 | 5.1 | |||||
| AFUDC equity | (13.3 | ) | (9.2 | ) | |||
| Distributions of earnings received from equity investees | 27.9 | 12.9 | |||||
| Changes in Assets and Liabilities | |||||||
| Accounts receivable | 385.6 | 176.4 | |||||
| Income tax receivable | (0.2 | ) | 1.0 | ||||
| Inventories | 146.8 | 28.2 | |||||
| Accounts payable | (249.6 | ) | (170.3 | ) | |||
| Customer deposits and credits | (114.8 | ) | (20.9 | ) | |||
| Taxes accrued | (44.7 | ) | (43.2 | ) | |||
| Interest accrued | 0.9 | 5.5 | |||||
| Over (Under) recovered gas and fuel costs | 181.5 | (11.6 | ) | ||||
| Exchange gas receivable/payable | (66.2 | ) | (112.3 | ) | |||
| Other accruals | (69.8 | ) | (47.6 | ) | |||
| Prepayments and other current assets | 36.7 | 43.0 | |||||
| Regulatory assets/liabilities | 125.4 | 14.8 | |||||
| Postretirement and postemployment benefits | (41.5 | ) | (61.8 | ) | |||
| Deferred credits | 3.7 | 11.1 | |||||
| Deferred charges and other noncurrent assets | 2.3 | (0.3 | ) | ||||
| Other noncurrent liabilities | 12.0 | 7.8 | |||||
| Net Operating Activities from Continuing Operations | 1,115.7 | 652.0 | |||||
| Net Operating Activities used for Discontinued Operations | (0.1 | ) | (1.0 | ) | |||
| Net Cash Flows from Operating Activities | 1,115.6 | 651.0 | |||||
| Investing Activities | |||||||
| Capital expenditures | (991.1 | ) | (852.9 | ) | |||
| Insurance recoveries | 2.1 | 6.8 | |||||
| Proceeds from disposition of assets | 16.7 | 6.2 | |||||
| Restricted cash deposits | (0.3 | ) | (1.8 | ) | |||
| Distributions from (contributions to) equity investees | 2.2 | (54.8 | ) | ||||
| Other investing activities | (23.4 | ) | (1.1 | ) | |||
| Net Cash Flows used for Investing Activities | (993.8 | ) | (897.6 | ) | |||
| Financing Activities | |||||||
| Issuance of common units of CPPL, net of issuance costs | 1,168.4 | — | |||||
| Issuance of long-term debt | 2,745.9 | — | |||||
| Repayments of long-term debt and capital lease obligations | (1,856.4 | ) | (13.3 | ) | |||
| Premiums and other debt related costs | (116.0 | ) | — | ||||
| Change in short-term borrowings, net | (1,415.1 | ) | 402.4 | ||||
| Issuance of common stock | 12.4 | 16.1 | |||||
| Acquisition of treasury stock | (20.2 | ) | (10.2 | ) | |||
| Distributions to noncontrolling interest | (4.9 | ) | — | ||||
| Dividends paid - common stock | (164.7 | ) | (157.2 | ) | |||
| Net Cash Flows from Financing Activities | 349.4 | 237.8 | |||||
| Change in cash and cash equivalents from (used for) continuing operations | 471.3 | (7.8 | ) | ||||
| Change in cash and cash equivalents used for discontinued operations | (0.1 | ) | (1.0 | ) | |||
| Cash and cash equivalents at beginning of period | 25.4 | 26.8 | |||||
| Cash and Cash Equivalents at End of Period | $ | 496.6 | $ | 18.0 | |||
18