Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 24, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | NISOURCE INC/DE | |
Entity Central Index Key | 1,111,711 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 325,870,354 |
Statements Of Consolidated Inco
Statements Of Consolidated Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net Revenues | ||||
Gas Distribution | $ 327.1 | $ 294.2 | $ 1,163.6 | $ 1,032 |
Gas Transportation | 204.9 | 207.8 | 543.5 | 509.5 |
Electric | 458 | 391.5 | 879.7 | 783.7 |
Other | 0.7 | 4.1 | 2.5 | 9 |
Gross Revenues | 990.7 | 897.6 | 2,589.3 | 2,334.2 |
Cost of Sales (excluding depreciation and amortization) | 276.8 | 234.9 | 829.1 | 731.4 |
Total Net Revenues | 713.9 | 662.7 | 1,760.2 | 1,602.8 |
Operating Expenses | ||||
Operation and maintenance | 391.1 | 337.6 | 801.6 | 692.3 |
Depreciation and amortization | 142.2 | 136.9 | 285.5 | 269.7 |
Gain on sale of assets and impairments, net | (0.1) | (0.2) | (0.1) | (0.3) |
Other taxes | 56.2 | 50.2 | 132.2 | 121.5 |
Total Operating Expenses | 589.4 | 524.5 | 1,219.2 | 1,083.2 |
Operating Income | 124.5 | 138.2 | 541 | 519.6 |
Other Income (Deductions) | ||||
Interest expense, net | (87.7) | (86) | (172.9) | (176.5) |
Other, net | 3.8 | (6.1) | 5 | (5.4) |
Gain (Loss) on Extinguishment of Debt | (111.5) | 0 | (111.5) | 0 |
Total Other Deductions | (195.4) | (92.1) | (279.4) | (181.9) |
Net Income before Income Taxes | (70.9) | 46.1 | 261.6 | 337.7 |
Income Taxes | (26.6) | 17.1 | 94.6 | 122.1 |
Income (Loss) from Continuing Operations | (44.3) | 29 | 167 | 215.6 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (0.1) | (0.1) | 0.1 | 0.1 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (44.4) | $ 28.9 | $ 166.9 | $ 215.5 |
Earnings Per Share | ||||
Basic Earnings Per Share | $ (0.14) | $ 0.09 | $ 0.51 | $ 0.67 |
Diluted Earnings Per Share | (0.14) | 0.09 | 0.51 | 0.67 |
Income (Loss) from Continuing Operations, Per Diluted Share | (0.14) | 0.09 | 0.51 | 0.67 |
Discontinued operations | 0 | 0 | 0 | 0 |
Continuing operations | (0.14) | 0.09 | 0.51 | 0.67 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | 0 | 0 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.175 | $ 0.165 | $ 0.53 | $ 0.48 |
Basic Average Common Shares Outstanding | 325,084 | 321,725 | 324,386 | 321,003 |
Diluted Average Common Shares | 325,084 | 323,204 | 325,813 | 322,832 |
Statements of Consolidated Comp
Statements of Consolidated Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||||
Net Income | $ (44.4) | $ 28.9 | $ 166.9 | $ 215.5 | |||
Other comprehensive income (loss): | |||||||
Net unrealized gain on available-for-sale securities | [1] | 0.6 | 0.8 | 1 | 2.5 | ||
Net unrealized gain (loss) on cash flow hedges | [2] | (16.8) | (53.5) | (11.9) | (124.2) | ||
Unrecognized pension and OPEB benefit | [3] | 0.2 | 0.2 | 0.4 | 0.5 | ||
Total other comprehensive income (loss) | (16) | [4] | (52.5) | [4] | (10.5) | (121.2) | |
Comprehensive Income (Loss) | $ (60.4) | $ (23.6) | $ 156.4 | $ 94.3 | |||
[1] | Net unrealized gain on available-for-sale securities, net of $0.4 million tax expense in the second quarter of 2017 and 2016, respectively, and $0.6 million and $1.3 million tax expense for the six months ended 2017 and 2016, respectively. | ||||||
[2] | Net unrealized loss on derivatives on cash flow hedges, net of $10.3 million and $33.0 million tax benefit in the second quarter of 2017 and 2016, respectively, and $7.3 million and $76.6 million tax benefit for the six months ended 2017 and 2016, respectively. | ||||||
[3] | Unrecognized pension and OPEB benefit, net of $0.2 million tax expense in the second quarter of 2017 and 2016, respectively, and $0.3 million tax expense for the six months ended 2017 and 2016, respectively. | ||||||
[4] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Statements of Consolidated Com4
Statements of Consolidated Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $ 0.4 | $ 0.4 | $ 0.6 | $ 1.3 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (10.3) | (33) | (7.3) | (76.6) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (0.2) | $ (0.2) | $ (0.3) | $ (0.3) |
Statements of Consolidated Bala
Statements of Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment | |||
Utility Plant | $ 20,206.4 | $ 19,368 | |
Accumulated depreciation and amortization | (6,833.7) | (6,613.7) | |
Net utility plant | 13,372.7 | 12,754.3 | |
Other property, at cost, less accumulated depreciation | 296.6 | 313.7 | |
Net Property, Plant and Equipment | 13,669.3 | 13,068 | |
Investments and Other Assets | |||
Unconsolidated affiliates | 6 | 6.6 | |
Other investments | 195.1 | 193.3 | |
Total Investments and Other Assets | 201.1 | 199.9 | |
Current Assets | |||
Cash and cash equivalents | 17.9 | 26.4 | |
Restricted Cash | 14.9 | 9.6 | |
Accounts receivable (less reserve of $26.0 and $23.3, respectively) | 545.2 | 847 | |
Gas inventory | 194.3 | 279.9 | |
Materials and supplies, at average cost | 96.7 | 101.7 | |
Electric production fuel, at average cost | 102.2 | 112.8 | |
Exchange gas receivable | 35.1 | 5.4 | |
Regulatory assets | 183.2 | 248.7 | |
Prepayments and other | 91.3 | 130.6 | |
Total Current Assets | 1,280.8 | 1,762.1 | |
Other Assets | |||
Regulatory assets | 1,659.4 | 1,636.7 | |
Goodwill | 1,690.7 | 1,690.7 | |
Intangible assets | 237.2 | 242.7 | |
Deferred charges and other | 84.2 | 91.8 | |
Total Other Assets | 3,671.5 | 3,661.9 | |
Total Assets | 18,822.7 | 18,691.9 | |
Common Stockholders' Equity | |||
Common stock - $0.01 par value, 400,000,000 shares authorized; 325,756,677 and 323,159,672 shares outstanding, respectively | 3.3 | 3.3 | |
Treasury stock | (94.6) | (88.7) | |
Additional paid-in capital | 5,225.3 | 5,153.9 | |
Retained deficit | (975.6) | (972.2) | |
Accumulated other comprehensive loss | (35.6) | [1] | (25.1) |
Total Common Stockholders' Equity | 4,122.8 | 4,071.2 | |
Long-term debt, excluding amounts due within one year | 6,777.4 | 6,058.2 | |
Total Capitalization | 10,900.2 | 10,129.4 | |
Current Liabilities | |||
Current portion of long-term debt | 561.2 | 363.1 | |
Short-term borrowings | 901.3 | 1,488 | |
Accounts payable | 451.1 | 539.4 | |
Dividends payable | 57 | 0 | |
Customer deposits and credits | 168.6 | 264.1 | |
Taxes accrued | 152.2 | 195.4 | |
Interest accrued | 104.9 | 120.3 | |
Exchange gas payable | 46.6 | 83.7 | |
Regulatory liabilities | 83.7 | 116.7 | |
Legal and environmental | 29.3 | 37.4 | |
Accrued compensation and employee benefits | 143.7 | 161.4 | |
Other accruals | 78.7 | 82.7 | |
Total Current Liabilities | 2,778.3 | 3,452.2 | |
Other Liabilities and Deferred Credits | |||
Risk management liabilities | 58.5 | 44.5 | |
Deferred income taxes | 2,617 | 2,528 | |
Deferred investment tax credits | 12.9 | 13.4 | |
Accrued insurance liabilities | 86.7 | 82.8 | |
Accrued liability for postretirement and postemployment benefits | 688.1 | 713.4 | |
Regulatory liabilities | 1,224.9 | 1,265.1 | |
Asset retirement obligations | 267.2 | 262.6 | |
Other noncurrent liabilities | 188.9 | 200.5 | |
Total Other Liabilities and Deferred Credits | 5,144.2 | 5,110.3 | |
Commitments and Contingencies | 0 | 0 | |
Total Capitalization and Liabilities | $ 18,822.7 | $ 18,691.9 | |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Statements of Consolidated Bal6
Statements of Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts receivable less reserve | $ 26 | $ 23.3 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common Stock, Shares, Outstanding | 325,756,677 | 323,159,672 |
Statements Of Consolidated Cash
Statements Of Consolidated Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Activities | ||
Net Income | $ 166.9 | $ 215.5 |
Adjustments to Reconcile Net Income to Net Cash from Continuing Operations: | ||
Payment for Debt Extinguishment or Debt Prepayment Cost | 111.5 | 0 |
Depreciation and amortization | 285.5 | 269.7 |
Deferred income taxes and investment tax credits | 88.4 | 117.1 |
Other adjustments | 22.4 | 18.4 |
Changes in Assets and Liabilities: | ||
Components of working capital | (6.4) | 13.3 |
Regulatory assets/liabilities | 23.2 | (135.6) |
Other noncurrent assets | (1.1) | 0 |
Other noncurrent liabilities | (38.9) | (10.6) |
Net Operating Activities from Continuing Operations | 651.5 | 487.8 |
Net Operating Activities used for Discontinued Operations | (0.1) | (0.7) |
Net Cash Flows from Operating Activities | 651.4 | 487.1 |
Investing Activities | ||
Capital expenditures | (732.2) | (672.5) |
Cost of removal | (55.6) | (48) |
Purchases of available-for-sale securities | (105.6) | (16.6) |
Sales of available-for-sale securities | 106.6 | 18.7 |
Other investing activities | (4.4) | 3.4 |
Net Cash Flows used for Investing Activities | (791.2) | (715) |
Financing Activities | ||
Issuance of long-term debt | 2,000 | 0 |
Repayments of long-term debt and capital lease obligations | (1,078.4) | (207.7) |
Premiums and other debt related costs | (130.7) | (0.3) |
Change in short-term borrowings, net | (586.7) | 533.3 |
Issuance of common stock | 46.2 | 10 |
Acquisition of treasury stock | (5.9) | (7.9) |
Dividends paid - common stock | (113.2) | (99.3) |
Net Cash Flows from Financing Activities | 131.3 | 228.1 |
Change in cash and cash equivalents from continuing operations | (8.4) | 0.9 |
Change in cash and cash equivalents from discontinued operations | (0.1) | (0.7) |
Cash and cash equivalents at beginning of period | 26.4 | 15.5 |
Cash and Cash Equivalents at End of Period | $ 17.9 | $ 15.7 |
Statements Of Consolidated Cas8
Statements Of Consolidated Cash Flows (Supplemental Disclosures of Cash Flow Information) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Supplemental Cash Flow [Abstract] | ||
Capital expenditures included in current liabilities | $ 206.9 | $ 139.8 |
Dividends declared but not paid | $ 57 | $ 53 |
Statements Of Consolidated Comm
Statements Of Consolidated Common Stockholders' Equity - 6 months ended Jun. 30, 2017 - USD ($) $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Deficit | Accumulated Other Comprehensive Loss |
Balance as of January 1, 2017 at Dec. 31, 2016 | $ 4,071.2 | $ 3.3 | $ (88.7) | $ 5,153.9 | $ (972.2) | $ (25.1) |
Net Income | 166.9 | 0 | 0 | 0 | 166.9 | 0 |
Other comprehensive income, net of tax | (10.5) | 0 | 0 | 0 | 0 | (10.5) |
Common stock dividends ($0.525 per share) | (170.3) | 0 | 0 | 0 | (170.3) | 0 |
Treasury stock acquired | (5.9) | 0 | (5.9) | 0 | 0 | 0 |
Stock Issuances: | ||||||
Employee stock purchase plan | 2.4 | 0 | 0 | 2.4 | 0 | 0 |
Long-term incentive plan | 6.9 | 0 | 0 | 6.9 | 0 | 0 |
401(k) and profit sharing | 23.7 | 0 | 0 | 23.7 | 0 | 0 |
Dividend reinvestment plan | 4.6 | 0 | 0 | 4.6 | 0 | 0 |
ATM Program | 33.8 | 0 | 0 | 33.8 | 0 | 0 |
Balance as of June 30, 2017 at Jun. 30, 2017 | $ 4,122.8 | $ 3.3 | $ (94.6) | $ 5,225.3 | $ (975.6) | $ (35.6) |
Statements of Consolidated Co10
Statements of Consolidated Common Stockholders' Equity (Shares) (Parenthetical) shares in Thousands | 6 Months Ended |
Jun. 30, 2017shares | |
Balance as of January 1, 2017 | 323,160 |
Treasury Stock acquired | (237) |
Issued: | |
Employee stock purchase plan | 103 |
Long-term incentive plan | 221 |
401(k) and profit sharing | 996 |
Dividend reinvestment plan | 196 |
ATM Program | 1,318 |
Balance as of June 30, 2017 | 325,757 |
Common Stock | |
Balance as of January 1, 2017 | 326,664 |
Issued: | |
Employee stock purchase plan | 103 |
Long-term incentive plan | 221 |
401(k) and profit sharing | 996 |
Dividend reinvestment plan | 196 |
ATM Program | 1,318 |
Balance as of June 30, 2017 | 329,498 |
Treasury Stock | |
Balance as of January 1, 2017 | (3,504) |
Treasury Stock acquired | (237) |
Issued: | |
Employee stock purchase plan | 0 |
Long-term incentive plan | 0 |
401(k) and profit sharing | 0 |
Dividend reinvestment plan | 0 |
ATM Program | 0 |
Balance as of June 30, 2017 | (3,741) |
Statements Of Consolidated Co11
Statements Of Consolidated Common Stockholders' Equity (Parenthetical) | 6 Months Ended |
Jun. 30, 2017$ / shares | |
Dividends Declared Per Common Share | $ 0.525 |
Basis of Accounting Presentatio
Basis of Accounting Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting Presentation | Basis of Accounting Presentation The accompanying Condensed Consolidated Financial Statements (unaudited) for NiSource Inc. ("NiSource" or the “Company”) reflect all normal recurring adjustments that are necessary, in the opinion of management, to present fairly the results of operations in accordance with GAAP in the United States of America. The accompanying financial statements contain the accounts of the Company and its majority-owned or controlled subsidiaries. The accompanying financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in NiSource’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 . Income for interim periods may not be indicative of results for the calendar year due to weather variations and other factors. The Condensed Consolidated Financial Statements (unaudited) have been prepared pursuant to the rules and regulations of the SEC. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although NiSource believes that the disclosures made in this quarterly report on Form 10-Q are adequate to make the information herein not misleading. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles | Recent Accounting Pronouncements Recently Issued Accounting Pronouncements NiSource is currently evaluating the impact of certain ASUs on its Condensed Consolidated Financial Statements (unaudited) and Notes to Condensed Consolidated Financial Statements (unaudited), which are described below: Standard Description Effective Date Effect on the financial statements or other significant matters ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost The pronouncement changes how defined benefit pension and other postretirement benefit plans present net periodic benefit cost. The service cost component of net periodic benefit cost will be included with other employee compensation costs whereas other components of the net periodic benefit cost will be disclosed separately outside of income from operations in the income statement. Additionally, only the service cost component of net periodic benefit cost will be eligible for capitalization. Annual periods beginning after December 15, 2017, including interim periods therein. Early adoption is permitted. NiSource is currently evaluating the impact of adoption on the Condensed Consolidated Financial Statements (unaudited) and Notes to Condensed Consolidated Financial Statements (unaudited). Standard Description Effective Date Effect on the financial statements or other significant matters ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients The pronouncement clarifies implementation guidance in ASU 2014-09 on assessing collectability, noncash consideration and the presentation of sales and other similar taxes collected from customers. Annual periods beginning after December 15, 2017, including interim periods therein. Early adoption is permitted for annual or interim periods beginning after December 15, 2016. NiSource has formed an internal stakeholder group to promote information sharing and communication of the new requirements. Additionally, NiSource participates in an informal forum of industry peers where questions can be asked and interpretations of the new standard can be shared. Recently, involvement in this group has resulted in additional clarity on industry-specific issues such as treatment of CIAC, scoping of tariff arrangements and presentation of alternative revenue programs. This clarity will help to further NiSource's adoption efforts. NiSource has separated its various revenue streams into high-level categories, which serve as the basis for accounting analysis and documentation as it relates to the pronouncement's impact on NiSource's revenues. Substantially all of NiSource’s revenues are tariff based, which NiSource concluded will be in scope of ASC 606. NiSource has also undertaken efforts to outline mock footnote disclosures intended to satisfy ASC 606's disclosure requirements. NiSource expects to adopt this ASU effective January 1, 2018. As of June 30, 2017, NiSource has not concluded on a method of adoption, nor is NiSource able to estimate the impact the adoption of these standards will have on the financial statements. ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations The pronouncement clarifies the principal versus agent guidance in ASU 2014-09. The amendment clarifies how an entity should identify the unit of accounting for the principal versus agent evaluation, and how it should apply the control principle to certain types of arrangements. ASU 2014-09, Revenue from Contracts with Customers (Topic 606) The pronouncement outlines a single, comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-02, Leases (Topic 842) The pronouncement introduces a lessee model that brings most leases on the balance sheet. The standard requires that lessees recognize the following for all leases (with the exception of short-term leases, as that term is defined in the standard) at the lease commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Annual periods beginning after December 15, 2018, including interim periods therein. Early adoption is permitted. NiSource has formed an internal stakeholder group that meets periodically to share information and gather data related to leasing activity at NiSource. This includes compiling a list of all contracts that could meet the definition of a lease under the new standard and evaluating the accounting for these contracts under the new standard to determine the ultimate impact the new standard will have on NiSource’s financial statements. Also, this procedure has identified process improvements to ensure data from newly initiated leases is captured to comply with the new standard. This work included the assistance of a third-party advisory firm. NiSource plans to adopt this standard effective January 1, 2019. Recently Adopted Accounting Pronouncements Standard Adoption ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting NiSource elected to adopt this ASU effective July 1, 2017. The adoption of this standard will not have a material impact on the Condensed Consolidated Financial Statements (unaudited) or Notes to Condensed Consolidated Financial Statements (unaudited). ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment NiSource elected to adopt this ASU effective January 1, 2017. The adoption of this standard did not have a material impact on the Condensed Consolidated Financial Statements (unaudited) or Notes to Condensed Consolidated Financial Statements (unaudited). ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting NiSource elected to adopt this pronouncement during the third quarter of 2016. Upon adoption, NiSource elected to begin accounting for forfeitures of share-based awards as they occur. The impact of this change was not material. Additionally, NiSource recorded a $25.3 million credit to beginning retained deficit. This adjustment represents excess tax benefits generated in years prior to 2016 that were previously not recognized in stockholders' equity due to NOLs in those years. Both of these adjustments were adopted on a modified retrospective basis. Lastly, NiSource recorded income tax benefits of $7.2 million related to excess tax benefits generated in 2016. This provision was adopted on a prospective basis. However, because NiSource adopted the standard during an interim period, the standard required this $7.2 million benefit be reflected as though it was adopted as of January 1, 2016. Quarter-to-date March 31, 2016 and June 30, 2016 earnings per share from continuing operations increased by $0.02 and $0.00, respectively, as a result of the adoption. For additional information, see Note 2, "Recent Accounting Pronouncements" in NiSource's Form 10-Q for the quarterly period ended September 30, 2016. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic EPS is computed by dividing net income by the weighted-average number of shares of common stock outstanding for the period. The weighted-average shares outstanding for diluted EPS includes the incremental effects of the various long-term incentive compensation plans. The computation of diluted average common shares for the three months ended June 30, 2017 is not presented since NiSource had a loss from continuing operations on the Condensed Statements of Consolidated Income (unaudited) during the period and any incremental shares would have had an antidilutive impact on EPS. The computation of diluted average common shares is as follows: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2016 2017 2016 Denominator Basic average common shares outstanding 321,725 324,386 321,003 Dilutive potential common shares: Shares contingently issuable under employee stock plans 163 452 104 Shares restricted under employee stock plans 1,316 975 1,725 Diluted Average Common Shares 323,204 325,813 322,832 |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2017 | |
Common Stock [Abstract] | |
Common Stock | Common Stock ATM Program. On May 3, 2017, NiSource entered into four separate equity distribution agreements, pursuant to which NiSource may sell, from time to time, up to an aggregate of $500.0 million of its common stock. The program expires on December 31, 2018. Shares of common stock are offered pursuant to NiSource's shelf registration statement filed with the SEC. During the three and six months ended June 30, 2017 , NiSource issued 1,318,461 shares of common stock under the program at an average price of $25.88 per share, receiving proceeds, net of fees, of $33.8 million . As of June 30, 2017 , approximately $465.9 million of equity remained available for issuance under the ATM Program. |
Gas in Storage
Gas in Storage | 6 Months Ended |
Jun. 30, 2017 | |
Gas in Storage [Abstract] | |
Inventory Disclosure [Text Block] | Gas in Storage Both the LIFO inventory methodology and the weighted-average cost methodology are used by NiSource to value natural gas in storage. Gas Distribution Operations prices natural gas storage injections at the average of the costs of natural gas supply purchased during the year. For interim periods, the difference between current projected replacement cost and the LIFO cost for quantities of gas temporarily withdrawn from storage is recorded as a temporary LIFO liquidation credit or debit within the Condensed Consolidated Balance Sheets (unaudited). Due to seasonality requirements, NiSource expects interim variances in LIFO layers to be replenished by year end. NiSource had a temporary LIFO liquidation debit of $7.7 million and zero as of June 30, 2017 and December 31, 2016 , respectively, for certain gas distribution companies recorded within “Prepayments and other,” on the Condensed Consolidated Balance Sheets (unaudited). |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2017 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Matters | Regulatory Matters Gas Distribution Operations Regulatory Matters Cost Recovery and Trackers . Comparability of Gas Distribution Operations line item operating results is impacted by regulatory trackers that allow for the recovery in rates of certain costs such as those described below. Increases in the expenses that are the subject of trackers result in a corresponding increase in net revenues and therefore have essentially no impact on total operating income results. Certain operating costs of the NiSource distribution companies are significant, recurring in nature, and generally outside the control of the distribution companies. Some states allow the recovery of such costs through cost tracking mechanisms. Such tracking mechanisms allow for abbreviated regulatory proceedings in order for the distribution companies to implement charges and recover appropriate costs. Tracking mechanisms allow for more timely recovery of such costs as compared with more traditional cost recovery mechanisms. Examples of such mechanisms include GCR adjustment mechanisms, tax riders, and bad debt recovery mechanisms. A portion of the distribution companies' revenue is related to the recovery of gas costs, the review and recovery of which occurs through standard regulatory proceedings. All states in NiSource's operating area require periodic review of actual gas procurement activity to determine prudence and to permit the recovery of prudently incurred costs related to the supply of gas for customers. NiSource distribution companies have historically been found prudent in the procurement of gas supplies to serve customers. Certain of the NiSource distribution companies have completed rate proceedings involving infrastructure replacement or are embarking upon regulatory initiatives to replace significant portions of their operating systems that are nearing the end of their useful lives. Each LDC's approach to cost recovery may be unique, given the different laws, regulations and precedent that exist in each jurisdiction. Columbia of Ohio. On November 28, 2012, the PUCO approved Columbia of Ohio’s application to extend its IRP for an additional five years (2013-2017), allowing Columbia of Ohio to continue to invest and recover on its accelerated main replacements. Columbia of Ohio filed its application to adjust rates associated with its IRP and DSM Riders on February 27, 2017, which requested authority to increase revenues by approximately $31.5 million . On March 23, 2017, the PUCO Staff filed comments which recommended approval of the application with only minor revisions. The PUCO issued an order on April 26, 2017, approving Columbia of Ohio's application. New rates went into effect on May 1, 2017. On February 27, 2017, Columbia of Ohio filed an application requesting authority to extend its IRP for an additional five years (2018-2022). On July 10, 2017, the PUCO Staff recommended approval of Columbia of Ohio's IRP for an additional five years, with modifications to Columbia of Ohio's proposed IRP rates for the five-year period. Objections to the PUCO Staff Report are due August 9, 2017. An order is expected by the end of 2017. NIPSCO Gas. On April 30, 2013, then Indiana Governor Pence signed Senate Enrolled Act 560, the TDSIC statute, into law. Among other provisions, this legislation provides for cost recovery outside of a base rate proceeding for new or replacement electric and gas transmission, distribution, and storage projects that a public utility undertakes for the purposes of safety, reliability, system modernization, or economic development. Provisions of the TDSIC statute require that, among other things, requests for recovery include a seven-year plan of eligible investments. Once the plan is approved by the IURC, eighty percent of eligible costs can be recovered using a periodic rate adjustment mechanism. The cost recovery mechanism is referred to as a TDSIC mechanism. Recoverable costs include a return on, and of, the investment, including AFUDC, post-in-service carrying charges, operation and maintenance expenses, depreciation and property taxes. The remaining twenty percent of recoverable costs are to be deferred for future recovery in the public utility’s next general rate case. The periodic rate adjustment mechanism is capped at an annual increase of no more than two percent of total retail revenues. On February 28, 2017, NIPSCO filed TDSIC-6 requesting approval of $271.3 million of cumulative net capital spend through December 31, 2016. An order approving NIPSCO's filing was received from the IURC on June 28, 2017, and new rates went into effect on July 1, 2017. Columbia of Massachusetts. On July 7, 2014, the Governor of Massachusetts signed into law Chapter 149 of the Acts of 2014, An Act Relative to Natural Gas Leaks (“the Act”). The Act authorizes natural gas distribution companies to file gas infrastructure replacement plans with the Massachusetts DPU to address the replacement of aging natural gas pipeline infrastructure. In addition, the Act provides that the Massachusetts DPU may, after review of the plans, allow the proposed estimated costs of the plan into rates as of May 1 of the subsequent year. On October 31, 2016, Columbia of Massachusetts filed its GSEP for the 2017 construction year. Columbia of Massachusetts is proposing to recover an incremental $8.4 million for a cumulative revenue requirement of $17.2 million . An order was received from the Massachusetts DPU on April 28, 2017, and rates went into effect on May 1, 2017. Columbia of Virginia. On April 29, 2016, Columbia of Virginia filed a request with the VSCC, seeking an annual revenue increase of $37.0 million . On September 28, 2016, Columbia of Virginia implemented updated interim base rates subject to refund. On January 17, 2017, Columbia of Virginia presented a stipulation and proposed recommendation, representing a settlement by all parties to the proceeding that included a base revenue increase of $28.5 million . On March 17, 2017, by final order, the VSCC approved the settlement agreement without modification. In accordance with the terms of the final order, Columbia of Virginia completed its refund of the difference between the interim customer rates implemented in 2016 and the rates approved by the final order. Columbia of Maryland. On April 14, 2017, Columbia of Maryland filed a request with the MPSC to adjust base rates. On July 28, 2017, all parties filed a settlement agreement with the MPSC, under which Columbia of Maryland will receive an annual revenue increase of $2.4 million , effective in late October 2017. The settlement agreement is subject to approval by the MPSC. An order is expected in the fourth quarter of 2017. Electric Operations Regulatory Matters Cost Recovery and Trackers . Comparability of Electric Operations line item operating results is impacted by regulatory trackers that allow for the recovery in rates of certain costs such as those described below. Increases in the expenses that are the subject of trackers result in a corresponding increase in net revenues and therefore have essentially no impact on total operating income results. Certain operating costs of the Electric Operations are significant, recurring in nature, and generally outside the control of NIPSCO. The IURC allows for recovery of such costs through cost tracking mechanisms. Such tracking mechanisms allow for abbreviated regulatory proceedings in order for NIPSCO to implement charges and recover appropriate costs. Tracking mechanisms allow for more timely recovery of such costs as compared with more traditional cost recovery mechanisms. Examples of such mechanisms include electric energy efficiency programs, MISO non-fuel costs and revenues, resource capacity charges, federally mandated costs and environmental related costs. A portion of NIPSCO's revenue is related to the recovery of fuel costs to generate power and the fuel costs related to purchased power. These costs are recovered through a FAC, a quarterly regulatory proceeding in Indiana. NIPSCO has approval from the IURC to recover certain environmental related costs through an ECT. Under the ECT, NIPSCO is permitted to recover (1) AFUDC and a return on the capital investment expended by NIPSCO to implement environmental compliance plan projects and (2) related operation and maintenance and depreciation expenses once the environmental facilities become operational. On January 31, 2017, NIPSCO filed ECR-29 which included $261.1 million of cumulative net capital expenditures through the period ended December 31, 2016. An order was received from the IURC on April 26, 2017, and new rates went into effect the first billing cycle of May 2017. NIPSCO made a TDSIC-1 rate adjustment mechanism filing on June 30, 2016 seeking recovery and ratemaking relief associated with $ 45.5 million of cumulative net capital expenditures invested through April 30, 2016. An IURC order approving NIPSCO's filing was received on January 25, 2017. New rates went into effect with the first billing cycle of February 2017. On June 30, 2017, NIPSCO filed TDSIC-2 which included $177.3 million of cumulative net capital expenditures through April 30, 2017. An order is expected by the fourth quarter of 2017. On November 1, 2016, NIPSCO filed a petition with the IURC for relief regarding the construction of additional environmental projects required to comply with the final rules for regulation of CCRs and the ELG. On June 9, 2017, a settlement agreement was filed with the IURC regarding the CCR projects and treatment of associated costs. An evidentiary hearing is scheduled for August 21, 2017 and an order is expected by the end of 2017. Given the current stay of the ELG rule, NIPSCO has agreed, with the settling parties, that the ELG projects and related costs would be addressed in a later proceeding. Refer to Note 15-C, “Environmental Matters,” for more information. |
Risk Management Activities
Risk Management Activities | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management Activities | Risk Management Activities NiSource is exposed to certain risks relating to its ongoing business operations; namely commodity price risk and interest rate risk. NiSource recognizes that the prudent and selective use of derivatives may help to lower its cost of debt capital, manage its interest rate exposure and limit volatility in the price of natural gas. Risk management assets and liabilities on NiSource’s derivatives are presented on the Condensed Consolidated Balance Sheets (unaudited) as shown below: (in millions) June 30, 2017 December 31, 2016 Risk Management Assets - Current (1) Interest rate risk programs $ — $ 17.0 Commodity price risk programs 0.7 7.4 Total $ 0.7 $ 24.4 Risk Management Assets - Noncurrent (2) Interest rate risk programs $ 13.7 $ 17.1 Commodity price risk programs 3.1 7.5 Total $ 16.8 $ 24.6 Risk Management Liabilities - Current (3) Interest rate risk programs $ — $ 15.3 Commodity price risk programs 4.1 1.5 Total $ 4.1 $ 16.8 Risk Management Liabilities - Noncurrent Interest rate risk programs $ 34.3 $ 24.5 Commodity price risk programs 24.2 20.0 Total $ 58.5 $ 44.5 (1) Presented in "Prepayments and other" on the Condensed Consolidated Balance Sheets (unaudited). (2) Presented in "Deferred charges and other" on the Condensed Consolidated Balance Sheets (unaudited). (3) Presented in "Other accruals" on the Condensed Consolidated Balance Sheets (unaudited). Commodity Price Risk Management NiSource and NiSource’s utility customers are exposed to variability in cash flows associated with natural gas purchases and volatility in natural gas prices. NiSource purchases natural gas for sale and delivery to its retail, commercial and industrial customers, and for most customers the variability in the market price of gas is passed through in their rates. Some of NiSource’s utility subsidiaries offer programs whereby variability in the market price of gas is assumed by the respective utility. The objective of NiSource’s commodity price risk programs is to mitigate the gas cost variability, for NiSource or on behalf of its customers, associated with natural gas purchases or sales by economically hedging the various gas cost components using a combination of futures, options, forwards or other derivative contracts. NIPSCO received IURC approval to lock in a fixed price for its natural gas customers using long-term forward purchase instruments. The term of these instruments may range from five to ten years and is limited to ten percent of NIPSCO’s average annual GCA purchase volume. Gains and losses on these derivative contracts are deferred as regulatory liabilities or assets and are remitted to or collected from customers through NIPSCO’s quarterly GCA mechanism. These instruments are not designated as accounting hedges. Interest Rate Risk Management As of June 30, 2017 , NiSource Finance has forward-starting interest rate swaps with an aggregate notional value totaling $750.0 million to hedge the variability in cash flows attributable to changes in the benchmark interest rate during the periods from the effective dates of the swaps to the anticipated dates of forecasted debt issuances, which are expected to take place by the end of 2018. These interest rate swaps are designated as cash flow hedges. The effective portions of the gains and losses related to these swaps are recorded to AOCI and are recognized in earnings concurrently with the recognition of interest expense on the associated debt, once issued. If it becomes probable that a hedged forecasted transaction will no longer occur, the accumulated gains or losses on the derivative will be recognized currently in earnings. Earnings may also be impacted if the anticipated dates of forecasted debt issuances differ from the dates of the interest rate swaps. On May 11, 2017, NiSource Finance settled $950.0 million of forward-starting interest rate swap agreements contemporaneously with the issuance of $2.0 billion of 3.49% and 4.375% senior notes, maturing in 2027 and 2047, respectively. These derivative contracts were accounted for as cash flow hedges. As part of the transaction, the associated net unrealized loss position of $6.9 million is being amortized from accumulated other comprehensive loss into interest expense over the term of the associated interest payments. Cash associated with this payment is reflected within operating activities within the Condensed Statements of Consolidated Cash Flows (unaudited) for the six months ended June 30, 2017 . Realized gains and losses from NiSource’s interest rate cash flow hedges are presented in “Interest expense, net” on the Condensed Statements of Consolidated Income (unaudited). There was no material income statement recognition of gains or losses relating to an ineffective portion of NiSource's hedges, nor were there amounts excluded from effectiveness testing for derivatives in cash flow hedging relationships at June 30, 2017 and December 31, 2016 . NiSource’s derivative instruments measured at fair value as of June 30, 2017 and December 31, 2016 do not contain any credit-risk-related contingent features. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value A. Fair Value Measurements Recurring Fair Value Measurements. The following tables present financial assets and liabilities measured and recorded at fair value on NiSource’s Condensed Consolidated Balance Sheets (unaudited) on a recurring basis and their level within the fair value hierarchy as of June 30, 2017 and December 31, 2016 : Recurring Fair Value Measurements (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 June 30, 2017 Assets Risk management assets $ 0.3 $ 16.9 $ 0.3 $ 17.5 Available-for-sale securities — 128.0 — 128.0 Total $ 0.3 $ 144.9 $ 0.3 $ 145.5 Liabilities Risk management liabilities $ 3.2 $ 59.4 $ — $ 62.6 Total $ 3.2 $ 59.4 $ — $ 62.6 Recurring Fair Value Measurements (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, 2016 Assets Risk management assets $ 5.4 $ 43.6 $ — $ 49.0 Available-for-sale securities — 131.5 — 131.5 Total $ 5.4 $ 175.1 $ — $ 180.5 Liabilities Risk management liabilities $ 1.2 $ 58.9 $ 1.2 $ 61.3 Total $ 1.2 $ 58.9 $ 1.2 $ 61.3 Risk management assets and liabilities include interest rate swaps, exchange-traded NYMEX futures and NYMEX options and non-exchange-based forward purchase contracts. Exchange-traded derivative contracts are based on unadjusted quoted prices in active markets and are classified within Level 1. These financial assets and liabilities are secured with cash on deposit with the exchange; therefore, nonperformance risk has not been incorporated into these valuations. Certain non-exchange-traded derivatives are valued using broker or over-the-counter, on-line exchanges. In such cases, these non-exchange-traded derivatives are classified within Level 2. Non-exchange-based derivative instruments include swaps, forwards and options. In certain instances, these instruments may utilize models to measure fair value. NiSource uses a similar model to value similar instruments. Valuation models utilize various inputs that include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, other observable inputs for the asset or liability and market-corroborated inputs, (i.e., inputs derived principally from or corroborated by observable market data by correlation or other means). Where observable inputs are available for substantially the full term of the asset or liability, the instrument is categorized within Level 2. Certain derivatives trade in less active markets with a lower availability of pricing information and models may be utilized in the valuation. When such inputs have a significant impact on the measurement of fair value, the instrument is categorized within Level 3. Credit risk is considered in the fair value calculation of derivative instruments that are not exchange-traded. Credit exposures are adjusted to reflect collateral agreements which reduce exposures. As of June 30, 2017 and December 31, 2016 , there were no material transfers between fair value hierarchies. Additionally, there were no changes in the method or significant assumptions used to estimate the fair value of NiSource’s financial instruments. NiSource Finance has entered into forward-starting interest rate swaps to hedge the interest rate risk on coupon payments of forecasted issuances of long-term debt. These swaps are designated as cash flow hedges. Credit risk is considered in the fair value calculation of each interest rate swap. As they are based on observable data and valuations of similar instruments, the interest rate swaps are categorized within Level 2 of the fair value hierarchy. There was no exchange of premium at the initial date of the swaps, and NiSource can settle the swaps at any time. For additional information see Note 7 , "Risk Management Activities." NIPSCO has entered into long-term forward natural gas purchase instruments that range from five to ten years to lock in a fixed price for its natural gas customers. NiSource values these contracts using a pricing model that incorporates market-based information when available, as these instruments trade less frequently and are classified within Level 2 of the fair value hierarchy. For additional information see Note 7, “Risk Management Activities.” Available-for-sale securities are investments pledged as collateral for trust accounts related to NiSource’s wholly-owned insurance company. Available-for-sale securities are included within “Other investments” in the Condensed Consolidated Balance Sheets (unaudited). NiSource values U.S. Treasury, corporate debt and mortgage-backed securities using a matrix pricing model that incorporates market-based information. These securities trade less frequently and are classified within Level 2. Total unrealized gains and losses from available-for-sale securities are included in other comprehensive income (loss). The amortized cost, gross unrealized gains and losses and fair value of available-for-sale securities at June 30, 2017 and December 31, 2016 were: June 30, 2017 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities U.S. Treasury debt securities $ 29.9 $ — $ — $ 29.9 Corporate/Other debt securities 97.5 1.1 (0.5 ) 98.1 Total $ 127.4 $ 1.1 $ (0.5 ) $ 128.0 December 31, 2016 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities U.S. Treasury debt securities $ 35.0 $ 0.1 $ (0.6 ) $ 34.5 Corporate/Other debt securities 98.7 0.3 (2.0 ) 97.0 Total $ 133.7 $ 0.4 $ (2.6 ) $ 131.5 Realized gains and losses on available-for-sale securities were immaterial for the three and six months ended June 30, 2017 and 2016. The cost of maturities sold is based upon specific identification. At June 30, 2017 , approximately $12.7 million of U.S. Treasury debt securities and approximately $2.3 million of Corporate/Other debt securities have maturities of less than a year. There are no material items in the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for the three and six months ended June 30, 2017 and 2016 . Non-recurring Fair Value Measurements. There were no significant non-recurring fair value measurements recorded during the three and six months ended June 30, 2017 . B. Other Fair Value Disclosures for Financial Instruments. The carrying amount of cash and cash equivalents, restricted cash, customer deposits and short-term borrowings is a reasonable estimate of fair value due to their liquid or short-term nature. NiSource’s long-term borrowings are recorded at historical amounts. The following method and assumptions were used to estimate the fair value of each class of financial instruments. Long-term Debt. The fair value of outstanding long-term debt is estimated based on the quoted market prices for the same or similar securities. Certain premium costs associated with the early settlement of long-term debt are not taken into consideration in determining fair value. These fair value measurements are classified within Level 2 of the fair value hierarchy. For the six months ended June 30, 2017 , there was no change in the method or significant assumptions used to estimate the fair value of long-term debt. The carrying amount and estimated fair values of these financial instruments were as follows: (in millions) Carrying Estimated Fair Carrying Amount as of Dec. 31, 2016 Estimated Fair Value as of Dec. 31, 2016 Long-term debt (including current portion) $ 7,338.6 $ 8,062.3 $ 6,421.3 $ 7,064.1 |
Transfers Of Financial Assets
Transfers Of Financial Assets | 6 Months Ended |
Jun. 30, 2017 | |
Transfers and Servicing [Abstract] | |
Transfers Of Financial Assets | Transfers of Financial Assets Columbia of Ohio, NIPSCO and Columbia of Pennsylvania each maintain a receivables agreement whereby they transfer their customer accounts receivables to third party financial institutions through wholly-owned and consolidated special purpose entities. The three agreements expire between August 2017 and March 2018 and may be further extended if mutually agreed to by the parties thereto. All receivables transferred to third parties are valued at face value, which approximates fair value due to their short-term nature. The amount of the undivided percentage ownership interest in the accounts receivables transferred is determined in part by required loss reserves under the agreements. Transfers of accounts receivable are accounted for as secured borrowings resulting in the recognition of short-term borrowings on the Condensed Consolidated Balance Sheets (unaudited). As of June 30, 2017 , the maximum amount of debt that could be recognized related to NiSource’s accounts receivable programs is $300.0 million . The following table reflects the gross receivables balance and net receivables transferred as well as short-term borrowings related to the securitization transactions as of June 30, 2017 and December 31, 2016 : (in millions) June 30, 2017 December 31, 2016 Gross Receivables $ 445.9 $ 618.3 Less: Receivables not transferred 147.6 308.3 Net receivables transferred $ 298.3 $ 310.0 Short-term debt due to asset securitization $ 298.3 $ 310.0 For the six months ended June 30, 2017 and 2016, $11.7 million and $26.8 million was recorded as cash flows used for financing activities related to the change in short-term borrowings due to securitization transactions. Fees associated with the securitization transactions were $0.6 million and $0.1 million for the three months ended June 30, 2017 and 2016, respectively, and $1.3 million and $1.2 million for the six months ended June 30, 2017 and 2016, respectively. NiSource remains responsible for collecting on the receivables securitized and the receivables cannot be transferred to another party. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The following presents NiSource’s goodwill balance allocated by segment as of June 30, 2017 : (in millions) Gas Distribution Operations Electric Operations Corporate and Other Total Goodwill $ 1,690.7 $ — $ — $ 1,690.7 NiSource applied the qualitative "step 0" analysis to its reporting units for the annual impairment test performed as of May 1, 2017. For the current year test, NiSource assessed various assumptions, events and circumstances that would have affected the estimated fair value of the reporting units as compared to its base line May 1, 2016 "step 1" fair value measurement. The results of this assessment indicated that it was not more likely than not that its reporting unit fair values were less than the reporting unit carrying values, accordingly, no "step 1" analysis was required. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes NiSource’s interim effective tax rates reflect the estimated annual effective tax rates for 2017 and 2016, adjusted for tax expense associated with certain discrete items. The effective tax rates for the three months ended June 30, 2017 and 2016 were 37.5% and 37.1% , respectively. The effective tax rate for the six months ended June 30, 2017 and 2016 was 36.2% . These effective tax rates differ from the Federal tax rate of 35% primarily due to the effects of tax credits, state income taxes, utility ratemaking, and other permanent book-to-tax differences. The increase in the three month effective tax rate of 0.4% in 2017 versus the same period in 2016 is primarily related to changes in excess tax benefits on stock compensation. There was no material change in the year-to-date effective tax rate in 2017 versus the same period in 2016. Additionally, there were no material changes recorded in 2017 to NiSource's uncertain tax positions as of December 31, 2016 . |
Pension And Other Postretiremen
Pension And Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2017 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Pension And Other Postretirement Benefits | Pension and Other Postretirement Benefits NiSource provides defined contribution plans and noncontributory defined benefit retirement plans that cover certain of its employees. Benefits under the defined benefit retirement plans reflect the employees’ compensation, years of service and age at retirement. Additionally, NiSource provides health care and life insurance benefits for certain retired employees. The majority of employees may become eligible for these benefits if they reach retirement age while working for NiSource. The expected cost of such benefits is accrued during the employees’ years of service. For most plans, cash contributions are remitted to grantor trusts. For the six months ended June 30, 2017 , NiSource contributed $2.5 million to its pension plans and $14.5 million to its other postretirement benefit plans. The following tables provide the components of the plans’ actuarially determined net periodic benefit cost for the three and six months ended June 30, 2017 and 2016 : Pension Benefits Other Postretirement Benefits Three Months Ended June 30, (in millions) 2017 2016 2017 2016 Components of Net Periodic Benefit Cost Service cost (1) $ 7.5 $ 7.7 $ 1.2 $ 1.2 Interest cost (1) 17.2 22.4 4.4 5.5 Expected return on assets (30.2 ) (33.2 ) (3.9 ) (4.3 ) Amortization of prior service credit (0.2 ) (0.1 ) (1.1 ) (1.2 ) Recognized actuarial loss 13.4 15.3 0.7 0.8 Total Net Periodic Benefit Cost $ 7.7 $ 12.1 $ 1.3 $ 2.0 (1) Effective January 1, 2017, NiSource adopted the methodology of using a full yield curve (spot rate) approach to estimate the service and interest components of net periodic benefit cost. This change in accounting estimate resulted in a decrease in these costs for the three months ended June 30, 2017 when compared to the same period in 2016. Pension Benefits Other Postretirement Benefits Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Components of Net Periodic Benefit Cost Service cost (1) $ 15.0 $ 15.4 $ 2.4 $ 2.4 Interest cost (1) 34.4 44.8 8.9 11.0 Expected return on assets (60.5 ) (66.4 ) (7.9 ) (8.6 ) Amortization of prior service credit (0.4 ) (0.2 ) (2.2 ) (2.4 ) Recognized actuarial loss 26.8 30.6 1.5 1.6 Total Net Periodic Benefit Cost $ 15.3 $ 24.2 $ 2.7 $ 4.0 (1) Effective January 1, 2017, NiSource adopted the methodology of using a full yield curve (spot rate) approach to estimate the service and interest components of net periodic benefit cost. This change in accounting estimate resulted in a decrease in these costs for the six months ended June 30, 2017 when compared to the same period in 2016. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2017 | |
Long-term Debt, Current and Noncurrent [Abstract] | |
Long-term Debt | Long-Term Debt NiSource Finance is a wholly-owned, consolidated finance subsidiary of NiSource that engages in financing activities to raise funds for the business operations of NiSource and its subsidiaries. NiSource Finance was incorporated in March 2000 under the laws of the state of Indiana. Prior to 2000, the function of NiSource Finance was performed by Capital Markets. NiSource Finance obligations are fully and unconditionally guaranteed by NiSource. Consequently, no separate financial statements for NiSource Finance are required to be reported. No NiSource subsidiaries guarantee debt. NiSource announced on April 26, 2017, that it intends to merge NiSource Finance and Capital Markets with and into NiSource during the second half of 2017, pending receipt of applicable approvals. Upon completion of the mergers, NiSource will become the primary obligor of NiSource Finance's and Capital Markets' outstanding obligations. The mergers are not expected to have any impact on NiSource's consolidated financial statements or the credit ratings of outstanding debt securities. On March 27, 2017, Capital Markets redeemed $30.0 million of 7.86% and $2.0 million of 7.85% medium-term notes at maturity. On April 3, 2017, Capital Markets redeemed $12.0 million of 7.82% , $10.0 million of 7.92% , $2.0 million of 7.93% and $1.0 million of 7.94% medium-term notes at maturity. On May 11, 2017, NiSource Finance closed its placement of $2.0 billion in aggregate principal amount of its senior notes, comprised of $1.0 billion of 3.49% senior notes due 2027 and $1.0 billion of 4.375% senior notes due 2047. Related to this placement, NiSource settled $950.0 million of aggregate notional value forward-starting interest rate swaps, originally entered into to mitigate interest risk associated with the planned issuance of these notes. Refer to Note 7 , "Risk Management Activities," for additional information. During the second quarter of 2017, NiSource Finance executed a tender offer for $990.7 million of outstanding notes consisting of a combination of its 6.40% notes due 2018, 6.80% notes due 2019, 5.45% notes due 2020, and 6.125% notes due 2022. In conjunction with the debt retired, NiSource Finance recorded a $111.5 million loss on early extinguishment of long-term debt, primarily attributable to early redemption premiums. On June 12, 2017, NIPSCO redeemed $22.5 million of 7.59% medium-term notes at maturity. On July 1, 2017, NIPSCO redeemed $55.0 million of 5.70% medium-term notes at maturity. |
Short-Term Borrowings
Short-Term Borrowings | 6 Months Ended |
Jun. 30, 2017 | |
Short-term Debt [Abstract] | |
Short-Term Borrowings | Short-Term Borrowings NiSource generates short-term borrowings from its revolving credit facility, commercial paper program, letter of credit issuances and accounts receivable transfer programs. Each of these borrowing sources is described further below. NiSource Finance maintains a revolving credit facility to fund ongoing working capital requirements, including the provision of liquidity support for its commercial paper program, provide for issuance of letters of credit and also for general corporate purposes. NiSource Finance's revolving credit facility has a program limit of $1.85 billion and is comprised of a syndicate of banks led by Barclays. At June 30, 2017 and December 31, 2016 , NiSource had no outstanding borrowings under this facility. NiSource Finance's commercial paper program has a program limit of up to $1.5 billion with a dealer group comprised of Barclays, Citigroup, Credit Suisse and Wells Fargo. As of June 30, 2017 and December 31, 2016 , NiSource had commercial paper outstanding of $603.0 million and $1,178.0 million , respectively. As of June 30, 2017 and December 31, 2016 , NiSource had $13.0 million and $14.7 million of stand-by letters of credit, respectively. All stand-by letters of credit were under the revolving credit facility. Transfers of accounts receivable are accounted for as secured borrowings resulting in the recognition of short-term borrowings on the Condensed Consolidated Balance Sheets (unaudited) in the amount of $298.3 million and $310.0 million as of June 30, 2017 and December 31, 2016 , respectively. Refer to Note 9 , "Transfers of Financial Assets," for additional information. Short-term borrowings were as follows: (in millions) June 30, December 31, Commercial Paper weighted-average interest rate of 1.51% and 1.24% at June 30, 2017 and December 31, 2016, respectively $ 603.0 $ 1,178.0 Accounts receivable securitization facility borrowings 298.3 310.0 Total Short-Term Borrowings $ 901.3 $ 1,488.0 Given their maturities are less than 90 days, cash flows related to the borrowings and repayments of the items listed above are presented net in the Condensed Statements of Consolidated Cash Flows (unaudited). |
Other Commitments And Contingen
Other Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Other Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Other Commitments and Contingencies A. Guarantees and Indemnities. As a part of normal business, NiSource and certain subsidiaries enter into various agreements providing financial or performance assurance to third parties on behalf of certain subsidiaries. Such agreements include guarantees and stand-by letters of credit. These agreements are entered into primarily to support or enhance the creditworthiness otherwise attributed to a subsidiary on a stand-alone basis, thereby facilitating the extension of sufficient credit to accomplish the subsidiaries’ intended commercial purposes. As of June 30, 2017 and December 31, 2016, NiSource had issued stand-by letters of credit of $13.0 million and $14.7 million , respectively. B. Legal Proceedings. The Company is party to certain claims and legal proceedings arising in the ordinary course of business, none of which is deemed to be individually material at this time. Due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s results of operations, financial position or liquidity. If one or more of such matters were decided against the Company, the effects could be material to the Company’s results of operations in the period in which the Company would be required to record or adjust the related liability and could also be material to the Company’s cash flows in the periods the Company would be required to pay such liability. C. Environmental Matters. NiSource operations are subject to environmental statutes and regulations related to air quality, water quality, hazardous waste and solid waste. NiSource believes that it is in substantial compliance with the environmental regulations currently applicable to its operations. It is management's continued intent to address environmental issues in cooperation with regulatory authorities in such a manner as to achieve mutually acceptable compliance plans. However, there can be no assurance that fines and penalties will not be incurred. Management expects a significant portion of environmental assessment and remediation costs to be recoverable through rates for certain NiSource companies. As of June 30, 2017 and December 31, 2016 , NiSource had recorded a liability of approximately $115.7 million and $111.4 million , respectively, to cover environmental remediation at various sites. The current portion of this liability is included in "Legal and environmental" in the Condensed Consolidated Balance Sheets (unaudited). The noncurrent portion is included in "Other noncurrent liabilities" in the Condensed Consolidated Balance Sheets (unaudited). NiSource recognizes costs associated with environmental remediation obligations when the incurrence of such costs is probable and the amounts can be reasonably estimated. The original estimates for remediation activities may differ materially from the amount ultimately expended. The actual future expenditures depend on many factors, including currently enacted laws and regulations, the nature and extent of impact, the method of remediation and the availability of cost recovery. These expenditures are not currently estimable at some sites. NiSource periodically adjusts its liability as information is collected and estimates become more refined. Electric Operations' compliance estimates disclosed below are reflective of NIPSCO's Integrated Resource Plan submitted to the IURC on November 1, 2016. See section D , "Other Matters," below for additional information. Air The actions listed below could require further reductions in emissions from various emission sources. NiSource will continue to closely monitor developments in these matters. Future legislative and regulatory programs, including implementation of the EPA CPP, could significantly limit allowed GHG emissions or impose a cost or tax on GHG emissions. Additionally, rules that increase methane leak detection, require emission reductions or impose additional requirements for natural gas facilities could restrict GHG emissions and impose additional costs. The CPP and other federally enacted or proposed GHG reduction measures are subject to numerous legal challenges that could change the way the programs are implemented, and NiSource will carefully monitor all GHG reduction proposals and regulations. National Ambient Air Quality Standards. The CAA requires the EPA to set NAAQS for six "criteria" air pollutants considered harmful to public health and the environment. Periodically, the EPA imposes new, or modifies existing, NAAQS. States containing areas that do not meet the new or revised standards, or contribute significantly to nonattainment of downwind states, may be required to take steps to achieve and maintain compliance with the standards. These steps could include additional pollution controls on boilers, engines, turbines and other facilities owned by electric generation and gas distribution operations. Ozone: On October 26, 2015, the EPA issued a final rule to lower the 8-hour ozone standard from 75 ppb to 70 ppb . After the EPA proceeds with designations, areas where NiSource operates that are currently designated in attainment with the standards may be reclassified as nonattainment. NiSource will continue to monitor this matter and cannot estimate its impact at this time. Clean Power Plan. On October 23, 2015, the EPA issued a final rule to regulate CO 2 emissions from existing fossil-fuel EGUs under section 111(d) of the CAA. The final rule establishes national CO 2 emission-rate standards that are applied to each state’s mix of affected EGUs to establish state-specific emission-rate and mass-emission limits. The final rule requires each state to submit a plan indicating how the state will meet the EPA's emission-rate or mass-emission limit, including possibly imposing reduction obligations on specific units. If a state does not submit a satisfactory plan, the EPA will impose a federal plan on that state. On February 9, 2016, the U.S. Supreme Court stayed implementation of the CPP until litigation is decided on its merits. The cost to comply with this rule will depend on a number of factors, including the outcome of CPP litigation, the requirements of the state plan or final federal plan, and the level of NIPSCO's required CO 2 emission reductions. It is possible that this new rule, comprehensive federal or state GHG legislation or other GHG regulation could result in additional expense or compliance costs that could materially impact NiSource's financial results. NIPSCO will continue to monitor this matter and cannot estimate its impact at this time. Should costs be incurred to comply with the CPP, NIPSCO believes such costs will be eligible for recovery through customer rates. Waste CERCLA. NiSource subsidiaries are potentially responsible parties at waste disposal sites under the CERCLA (commonly known as Superfund) and similar state laws. Additionally, NiSource affiliates have retained environmental liabilities, including remediation liabilities, associated with certain former operations. MGP. A program has been instituted to identify and investigate former MGP sites where Gas Distribution Operations subsidiaries or predecessors may have liability. The program has identified 64 such sites where liability is probable. Remedial actions at many of these sites are being overseen by state or federal environmental agencies through consent agreements or voluntary remediation agreements. NiSource utilizes a probabilistic model to estimate its future remediation costs related to its MGP sites. The model was prepared with the assistance of a third party and incorporates NiSource and general industry experience with remediating MGP sites. NiSource completes an annual refresh of the model in the second quarter of each fiscal year. No material changes to the estimated future remediation costs were noted as a result of the refresh completed as of June 30, 2017. The total estimated liability at NiSource related to the facilities subject to remediation was $108.9 million and $105.5 million at June 30, 2017 and December 31, 2016 , respectively. The liability represents NiSource’s best estimate of the probable cost to remediate the facilities. NiSource believes that it is reasonably possible that remediation costs could vary by as much as $25 million in addition to the costs noted above. Remediation costs are estimated based on the best available information, applicable remediation standards at the balance sheet date, and experience with similar facilities. CCRs. On April 17, 2015, the EPA issued a final rule for regulation of CCRs. The rule regulates CCRs under the RCRA Subtitle D, which determines them to be nonhazardous. The rule is implemented in phases and requires increased groundwater monitoring, reporting, recordkeeping and posting of related information to the Internet. The rule also establishes requirements related to CCR management and disposal. The rule will allow NIPSCO to continue its byproduct beneficial use program. The publication of the CCR rule resulted in revisions to previously recorded legal obligations associated with the retirement of certain NIPSCO facilities. The actual asset retirement costs related to the CCR rule may vary substantially from the estimates used to record the increased asset retirement obligation due to the uncertainty about the compliance strategies that will be used and the preliminary nature of available data used to estimate costs. In addition, to comply with the rule, NIPSCO will be required to incur future capital expenditures to modify its infrastructure and manage CCRs. Capital compliance costs are currently expected to total approximately $193 million . As allowed by the EPA, NIPSCO will continue to collect data over time to determine the specific compliance solutions and associated costs and, as a result, the actual costs may vary. NIPSCO filed a petition on November 1, 2016 with the IURC seeking approval of the projects and recovery of the costs associated with CCR compliance. On June 9, 2017, NIPSCO filed with the IURC a settlement reached with certain parties regarding the CCR projects and treatment of associated costs. An evidentiary hearing is scheduled for August 21, 2017 and an order is expected by the end of 2017. Water ELG. On November 3, 2015, the EPA issued a final rule to amend the ELG and standards for the Steam Electric Power Generating category. The final rule became effective January 4, 2016. The rule imposes new water treatment and discharge requirements on NIPSCO's electric generating facilities to be applied between 2018 and 2023. On April 24, 2017, the Fifth Circuit Court of Appeals granted the EPA's motion to hold in abeyance the litigation challenging the ELG, while the EPA proceeds with review and reconsideration of the ELG. On April 25, 2017, the EPA published notice in the Federal Register that the EPA is reconsidering the ELG in response to two petitions for reconsideration and that the EPA administratively stays all future ELG compliance deadlines during its review. NIPSCO is unable to estimate the impact of the EPA stay and reconsideration at this time. Based upon a preliminary engineering study, capital compliance costs are currently expected to cost approximately $170 million . On November 1, 2016, NIPSCO filed a petition with the IURC seeking approval of the projects and recovery of the costs associated with ELG compliance. Given the current stay of the ELG rule, NIPSCO has agreed with the settling parties as part of the settlement agreement discussed in the "CCRs" subsection above, that these ELG projects and related costs would be addressed in a later proceeding. D . Other Matters. Transmission Upgrade Agreements. On February 11, 2014, NIPSCO entered into TUAs with upgrade sponsors to complete upgrades on NIPSCO’s transmission system on behalf of those sponsors. The upgrade sponsors agreed to reimburse NIPSCO for the total cost to construct transmission upgrades and place them into service, multiplied by a rate of 1.71 ("the multiplier"). On June 10, 2014, certain upgrade sponsors for both TUAs filed a complaint at the FERC against NIPSCO regarding the multiplier stated in the TUAs. On June 30, 2014, NIPSCO filed an answer defending the terms of the TUAs and the just and reasonable nature of the multiplier charged therein and moved for dismissal of the complaint. On December 8, 2014, the FERC issued an order in response to the complaint finding that it is appropriate for NIPSCO to recover, through the multiplier, substantiated costs of ownership related to the TUAs. On August 10, 2016, NIPSCO reached settlement with all remaining parties to the complaint and filed with the FERC for approval. An order from the FERC approving the settlement was received on January 31, 2017. Receipt of the FERC order did not result in a material impact to the Consolidated Financial Statements. At the time the TUAs were executed, it was assumed the proceeds received from the upgrade sponsors would be taxable to NIPSCO. Accordingly, the multiplier included a provision for such taxes. On June 10, 2016, the U.S. Treasury Department issued a notice regarding transfers of property to regulated utilities by electric generators, stating that transfers within the scope of the notice will not be treated as taxable. In response to this notice, NIPSCO recorded a liability of $8.6 million to reflect the estimated amount owed to the upgrade sponsors for the portion of the multiplier previously collected for taxes. This activity was recorded during the second quarter of 2016, and is included within "Other, net" in the Condensed Statement of Consolidated Income (unaudited). On April 4, 2017, the U.S. Internal Revenue Service issued a private letter ruling to NIPSCO. The ruling provides that the deemed contribution of the intertie and all sums paid for construction meet the safe harbor requirements of Notice 2016-36 and, upon filing a change in accounting method, are excludable from gross income as a non-shareholder contribution to capital. The receipt of the private letter ruling will not have a material impact to the Condensed Consolidated Financial Statements (unaudited). During the second quarter of 2017, NIPSCO settled the aforementioned liability via payment to the upgrade sponsors. PHMSA EFV. On October 14, 2016, PHMSA issued a final rule that expands safety requirements for EFVs. Among the rule's provisions is a requirement for utilities to notify customers whose service lines are not currently equipped with an EFV of their right to request installation of an EFV. The rule took effect April 14, 2017. During 2017, NiSource's operating companies posted notifications on their websites in compliance with the rule and received regulatory authority for their proposed cost recovery plans with their respective state regulatory commissions in every state except for Massachusetts, where the method of cost recovery is under consideration by the DPU. Though not expected to be material, costs incurred by NiSource to comply with the rule are expected to be fully recoverable. NIPSCO 2016 Integrated Resource Plan. Environmental, regulatory and economic factors, including low natural gas prices and aging coal-fired units, have led NIPSCO to consider modifying its current electric generation supply mix to include less coal-fired generation. Due to enacted CCR and ELG legislation, NIPSCO would expect to incur over $1 billion in operating, maintenance, environmental and other costs over the next seven years if the current fleet of coal-fired generating units remain operational. On November 1, 2016, NIPSCO submitted its 2016 Integrated Resource Plan with the IURC. The plan evaluated demand-side and supply-side resource alternatives to reliably and cost effectively meet NIPSCO customers' future energy requirements over the ensuing twenty years. The 2016 Integrated Resource Plan indicates that the most viable option for customers and NIPSCO involves the retirement of Bailly Generating Station (Units 7 and 8) as soon as mid-2018 and two units (Units 17 and 18) at the R.M. Schahfer Generating Station by the end of 2023. It is projected over the long term that the cost to customers to retire these units at these dates will be lower than maintaining and upgrading them for continuing generation. NiSource and NIPSCO committed to the retirement of the Bailly Generating Station units in connection with the filing of the 2016 Integrated Resource Plan, pending approval by the MISO. In the fourth quarter of 2016, the MISO approved NIPSCO's plan to retire the Bailly Generating Station units by May 31, 2018. In accordance with ASC 980-360, the remaining net book value of the Bailly Generating Station units was reclassified from "Net utility plant" to "Other property, at cost, less accumulated depreciation" on the Condensed Consolidated Balance Sheets (unaudited). In connection with the MISO's approval of NIPSCO's planned retirement of the Bailly Generating Station units, NiSource recorded $ 22.1 million of plant retirement-related charges in the fourth quarter of 2016. These charges were comprised of contract termination charges related to NIPSCO's capital lease with Pure Air (discussed further below), voluntary employee severance benefits, and write downs of certain materials and supplies inventory balances. NIPSCO Pure Air. NIPSCO has a service agreement with Pure Air, a general partnership between Air Products and Chemicals, Inc. and First Air Partners LP, under which Pure Air provides scrubber services to reduce sulfur dioxide emissions for Units 7 and 8 at the Bailly Generating Station. Services under this contract commenced on July 1, 1992 and expired on June 30, 2012. The agreement was renewed effective July 1, 2012 for ten years requiring NIPSCO to pay for the services under a combination of fixed and variable charges. NiSource has made an exhaustive effort to obtain information needed from Pure Air to determine the status of Pure Air as a VIE. However, NIPSCO has not been able to obtain this information and, as a result, it is unclear whether Pure Air is a VIE and if NIPSCO is the primary beneficiary. NIPSCO will continue to request the information required to determine whether Pure Air is a VIE. NIPSCO has no exposure to loss related to the service agreement with Pure Air and payments under this agreement were $ 10.4 million and $ 9.5 million for the six months ended June 30, 2017 and 2016 , respectively. In accordance with GAAP, the renewed agreement was evaluated to determine whether the arrangement qualifies as a lease. Based on the terms of the agreement, the arrangement qualified for capital lease accounting. As the effective date of the new agreement was July 1, 2012, NiSource capitalized this lease beginning in the third quarter of 2012. As further discussed above in this Note 15 under the heading "NIPSCO 2016 Integrated Resource Plan," NIPSCO plans to retire the generation station units serviced by Pure Air by May 31, 2018. In December 2016, as allowed by the provisions of the service agreement, NIPSCO provided Pure Air formal notice of intent to terminate the service agreement, effective May 31, 2018. Providing this notice to Pure Air triggered a contract termination liability of $16 million which was recorded in fourth quarter of 2016. This expense was included as part of the plant retirement-related charges discussed above. Payment of this liability is not due until NIPSCO ceases use of the scrubber services. The liability is presented in "Other accruals" on the Condensed Consolidated Balance Sheets (unaudited). In addition, NIPSCO remeasured the remaining capital lease asset and obligation to reflect the change in estimated remaining minimum lease payments. This remeasurement was a non-cash transaction that had no impact on the Statements of Consolidated Income. Technology Services. On December 31, 2013, NiSource Corporate Services Company signed a seven-year agreement with IBM to continue to provide business process and support functions to NiSource under a combination of fixed and variable charges, with the variable charges fluctuating based on the actual need for such services. The agreement was effective January 1, 2014 with a commencement date of April 1, 2014. In April 2017, NiSource initiated a process to terminate its agreement with IBM and began negotiating contracts with IT service providers other than IBM. The terminated agreement calls for NiSource to pay certain charges in the event of a termination by NiSource for any reason other than material breach by IBM. NiSource and IBM are in discussions with respect to the charges owed IBM, if any. No amounts have been recorded for termination charges as of June 30, 2017. In May and June 2017, NiSource executed agreements with new IT service providers. The new agreements have terms ending at various dates throughout 2022. Knowledge sharing and transition of responsibilities from IBM to the new service providers is currently underway and is expected to be substantially complete by the end of 2017. Costs associated with transition activities, including legal and consulting fees, are expensed as incurred. Annual payments for services received under the new agreements are not expected to result in a material change to NiSource’s aggregate contractual obligations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2017 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following tables display the components of Accumulated Other Comprehensive Loss: Three Months Ended June 30, 2017 (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 April 1, 2017 $ (0.2 ) $ (2.0 ) $ (17.4 ) $ (19.6 ) Other comprehensive income (loss) before reclassifications 0.8 (18.2 ) 0.1 (17.3 ) Amounts reclassified from accumulated other comprehensive loss (0.2 ) 1.4 0.1 1.3 Net current-period other comprehensive income (loss) 0.6 (16.8 ) 0.2 (16.0 ) Balance as of June 30, 2017 $ 0.4 $ (18.8 ) $ (17.2 ) $ (35.6 ) Six Months Ended June 30, 2017 (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 1.0 (13.6 ) 0.2 (12.4 ) Amounts reclassified from accumulated other comprehensive loss — 1.7 0.2 1.9 Net current-period other comprehensive income (loss) 1.0 (11.9 ) 0.4 (10.5 ) Balance as of June 30, 2017 $ 0.4 $ (18.8 ) $ (17.2 ) $ (35.6 ) Three Months Ended June 30, 2016 (in millions) Gains and Losses on Securities (1) Gains and Losses on Cash Flow Hedges (1) Pension and OPEB Items (1) Accumulated (1) Balance as of April 1, 2016 $ 1.2 $ (86.2 ) $ (18.8 ) $ (103.8 ) Other comprehensive income (loss) before reclassifications 0.9 (53.9 ) (0.1 ) (53.1 ) Amounts reclassified from accumulated other comprehensive loss (0.1 ) 0.4 0.3 0.6 Net current-period other comprehensive income (loss) 0.8 (53.5 ) 0.2 (52.5 ) Balance as of June 30, 2016 $ 2.0 $ (139.7 ) $ (18.6 ) $ (156.3 ) Six Months Ended June 30, 2016 (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, 2016 $ (0.5 ) $ (15.5 ) $ (19.1 ) $ (35.1 ) Other comprehensive income (loss) before reclassifications 2.6 (125.1 ) — (122.5 ) Amounts reclassified from accumulated other comprehensive loss (0.1 ) 0.9 0.5 1.3 Net current-period other comprehensive income (loss) 2.5 (124.2 ) 0.5 (121.2 ) Balance as of June 30, 2016 $ 2.0 $ (139.7 ) $ (18.6 ) $ (156.3 ) (1) All amounts are net of tax. Amounts in parentheses indicate debits. |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information At June 30, 2017 , NiSource’s operations are divided into two primary reportable segments. The Gas Distribution Operations segment provides natural gas service and transportation for residential, commercial and industrial customers in Ohio, Pennsylvania, Virginia, Kentucky, Maryland, Indiana and Massachusetts. The Electric Operations segment provides electric service in 20 counties in the northern part of Indiana. The following table provides information about business segments. NiSource uses operating income as its primary measurement for each of the reported segments and makes decisions on finance, dividends and taxes at the corporate level on a consolidated basis. Segment revenues include intersegment sales to affiliated subsidiaries, which are eliminated in consolidation. Affiliated sales are recognized on the basis of prevailing market, regulated prices or at levels provided for under contractual agreements. Operating income is derived from revenues and expenses directly associated with each segment. Three Months Ended Six Months Ended (in millions) 2017 2016 2017 2016 Gross Revenues Gas Distribution Operations Unaffiliated $ 532.5 $ 502.4 $ 1,708.8 $ 1,543.2 Intersegment 3.6 3.3 7.1 6.5 Total 536.1 505.7 1,715.9 1,549.7 Electric Operations Unaffiliated 458.0 391.7 879.7 783.8 Intersegment 0.2 — 0.4 0.2 Total 458.2 391.7 880.1 784.0 Corporate and Other Unaffiliated 0.2 3.5 0.8 7.2 Intersegment 121.7 98.8 241.3 197.6 Total 121.9 102.3 242.1 204.8 Eliminations (125.5 ) (102.1 ) (248.8 ) (204.3 ) Consolidated Gross Revenues $ 990.7 $ 897.6 $ 2,589.3 $ 2,334.2 Operating Income (Loss) Gas Distribution Operations $ 45.1 $ 73.5 $ 385.8 $ 388.4 Electric Operations 84.9 68.4 161.9 138.7 Corporate and Other (5.5 ) (3.7 ) (6.7 ) (7.5 ) Consolidated Operating Income $ 124.5 $ 138.2 $ 541.0 $ 519.6 |
Recent Accounting Pronounceme29
Recent Accounting Pronouncements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | NiSource is currently evaluating the impact of certain ASUs on its Condensed Consolidated Financial Statements (unaudited) and Notes to Condensed Consolidated Financial Statements (unaudited), which are described below: Standard Description Effective Date Effect on the financial statements or other significant matters ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost The pronouncement changes how defined benefit pension and other postretirement benefit plans present net periodic benefit cost. The service cost component of net periodic benefit cost will be included with other employee compensation costs whereas other components of the net periodic benefit cost will be disclosed separately outside of income from operations in the income statement. Additionally, only the service cost component of net periodic benefit cost will be eligible for capitalization. Annual periods beginning after December 15, 2017, including interim periods therein. Early adoption is permitted. NiSource is currently evaluating the impact of adoption on the Condensed Consolidated Financial Statements (unaudited) and Notes to Condensed Consolidated Financial Statements (unaudited). Standard Description Effective Date Effect on the financial statements or other significant matters ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients The pronouncement clarifies implementation guidance in ASU 2014-09 on assessing collectability, noncash consideration and the presentation of sales and other similar taxes collected from customers. Annual periods beginning after December 15, 2017, including interim periods therein. Early adoption is permitted for annual or interim periods beginning after December 15, 2016. NiSource has formed an internal stakeholder group to promote information sharing and communication of the new requirements. Additionally, NiSource participates in an informal forum of industry peers where questions can be asked and interpretations of the new standard can be shared. Recently, involvement in this group has resulted in additional clarity on industry-specific issues such as treatment of CIAC, scoping of tariff arrangements and presentation of alternative revenue programs. This clarity will help to further NiSource's adoption efforts. NiSource has separated its various revenue streams into high-level categories, which serve as the basis for accounting analysis and documentation as it relates to the pronouncement's impact on NiSource's revenues. Substantially all of NiSource’s revenues are tariff based, which NiSource concluded will be in scope of ASC 606. NiSource has also undertaken efforts to outline mock footnote disclosures intended to satisfy ASC 606's disclosure requirements. NiSource expects to adopt this ASU effective January 1, 2018. As of June 30, 2017, NiSource has not concluded on a method of adoption, nor is NiSource able to estimate the impact the adoption of these standards will have on the financial statements. ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations The pronouncement clarifies the principal versus agent guidance in ASU 2014-09. The amendment clarifies how an entity should identify the unit of accounting for the principal versus agent evaluation, and how it should apply the control principle to certain types of arrangements. ASU 2014-09, Revenue from Contracts with Customers (Topic 606) The pronouncement outlines a single, comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-02, Leases (Topic 842) The pronouncement introduces a lessee model that brings most leases on the balance sheet. The standard requires that lessees recognize the following for all leases (with the exception of short-term leases, as that term is defined in the standard) at the lease commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Annual periods beginning after December 15, 2018, including interim periods therein. Early adoption is permitted. NiSource has formed an internal stakeholder group that meets periodically to share information and gather data related to leasing activity at NiSource. This includes compiling a list of all contracts that could meet the definition of a lease under the new standard and evaluating the accounting for these contracts under the new standard to determine the ultimate impact the new standard will have on NiSource’s financial statements. Also, this procedure has identified process improvements to ensure data from newly initiated leases is captured to comply with the new standard. This work included the assistance of a third-party advisory firm. NiSource plans to adopt this standard effective January 1, 2019. |
Schedule of Prospective Adoption of New Accounting Pronouncements | Recently Adopted Accounting Pronouncements Standard Adoption ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting NiSource elected to adopt this ASU effective July 1, 2017. The adoption of this standard will not have a material impact on the Condensed Consolidated Financial Statements (unaudited) or Notes to Condensed Consolidated Financial Statements (unaudited). ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment NiSource elected to adopt this ASU effective January 1, 2017. The adoption of this standard did not have a material impact on the Condensed Consolidated Financial Statements (unaudited) or Notes to Condensed Consolidated Financial Statements (unaudited). ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting NiSource elected to adopt this pronouncement during the third quarter of 2016. Upon adoption, NiSource elected to begin accounting for forfeitures of share-based awards as they occur. The impact of this change was not material. Additionally, NiSource recorded a $25.3 million credit to beginning retained deficit. This adjustment represents excess tax benefits generated in years prior to 2016 that were previously not recognized in stockholders' equity due to NOLs in those years. Both of these adjustments were adopted on a modified retrospective basis. Lastly, NiSource recorded income tax benefits of $7.2 million related to excess tax benefits generated in 2016. This provision was adopted on a prospective basis. However, because NiSource adopted the standard during an interim period, the standard required this $7.2 million benefit be reflected as though it was adopted as of January 1, 2016. Quarter-to-date March 31, 2016 and June 30, 2016 earnings per share from continuing operations increased by $0.02 and $0.00, respectively, as a result of the adoption. For additional information, see Note 2, "Recent Accounting Pronouncements" in NiSource's Form 10-Q for the quarterly period ended September 30, 2016. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Computation Of Diluted Average Common Shares | The computation of diluted average common shares is as follows: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2016 2017 2016 Denominator Basic average common shares outstanding 321,725 324,386 321,003 Dilutive potential common shares: Shares contingently issuable under employee stock plans 163 452 104 Shares restricted under employee stock plans 1,316 975 1,725 Diluted Average Common Shares 323,204 325,813 322,832 |
Risk Management Activities (Tab
Risk Management Activities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Risk management assets and liabilities on NiSource’s derivatives are presented on the Condensed Consolidated Balance Sheets (unaudited) as shown below: (in millions) June 30, 2017 December 31, 2016 Risk Management Assets - Current (1) Interest rate risk programs $ — $ 17.0 Commodity price risk programs 0.7 7.4 Total $ 0.7 $ 24.4 Risk Management Assets - Noncurrent (2) Interest rate risk programs $ 13.7 $ 17.1 Commodity price risk programs 3.1 7.5 Total $ 16.8 $ 24.6 Risk Management Liabilities - Current (3) Interest rate risk programs $ — $ 15.3 Commodity price risk programs 4.1 1.5 Total $ 4.1 $ 16.8 Risk Management Liabilities - Noncurrent Interest rate risk programs $ 34.3 $ 24.5 Commodity price risk programs 24.2 20.0 Total $ 58.5 $ 44.5 (1) Presented in "Prepayments and other" on the Condensed Consolidated Balance Sheets (unaudited). (2) Presented in "Deferred charges and other" on the Condensed Consolidated Balance Sheets (unaudited). (3) Presented in "Other accruals" on the Condensed Consolidated Balance Sheets (unaudited). |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Recurring Fair Value Measurements. The following tables present financial assets and liabilities measured and recorded at fair value on NiSource’s Condensed Consolidated Balance Sheets (unaudited) on a recurring basis and their level within the fair value hierarchy as of June 30, 2017 and December 31, 2016 : Recurring Fair Value Measurements (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 June 30, 2017 Assets Risk management assets $ 0.3 $ 16.9 $ 0.3 $ 17.5 Available-for-sale securities — 128.0 — 128.0 Total $ 0.3 $ 144.9 $ 0.3 $ 145.5 Liabilities Risk management liabilities $ 3.2 $ 59.4 $ — $ 62.6 Total $ 3.2 $ 59.4 $ — $ 62.6 Recurring Fair Value Measurements (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, 2016 Assets Risk management assets $ 5.4 $ 43.6 $ — $ 49.0 Available-for-sale securities — 131.5 — 131.5 Total $ 5.4 $ 175.1 $ — $ 180.5 Liabilities Risk management liabilities $ 1.2 $ 58.9 $ 1.2 $ 61.3 Total $ 1.2 $ 58.9 $ 1.2 $ 61.3 |
Schedule of Available-For-Sale Securities | The amortized cost, gross unrealized gains and losses and fair value of available-for-sale securities at June 30, 2017 and December 31, 2016 were: June 30, 2017 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities U.S. Treasury debt securities $ 29.9 $ — $ — $ 29.9 Corporate/Other debt securities 97.5 1.1 (0.5 ) 98.1 Total $ 127.4 $ 1.1 $ (0.5 ) $ 128.0 December 31, 2016 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities U.S. Treasury debt securities $ 35.0 $ 0.1 $ (0.6 ) $ 34.5 Corporate/Other debt securities 98.7 0.3 (2.0 ) 97.0 Total $ 133.7 $ 0.4 $ (2.6 ) $ 131.5 |
Carrying Amount And Estimated Fair Values Of Financial Instruments | The carrying amount and estimated fair values of these financial instruments were as follows: (in millions) Carrying Estimated Fair Carrying Amount as of Dec. 31, 2016 Estimated Fair Value as of Dec. 31, 2016 Long-term debt (including current portion) $ 7,338.6 $ 8,062.3 $ 6,421.3 $ 7,064.1 |
Transfers Of Financial Assets (
Transfers Of Financial Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Transfers and Servicing [Abstract] | |
Schedule Of Gross And Net Receivables Transferred As Well As Short-Term Borrowings Related To The Securitization Transactions | The following table reflects the gross receivables balance and net receivables transferred as well as short-term borrowings related to the securitization transactions as of June 30, 2017 and December 31, 2016 : (in millions) June 30, 2017 December 31, 2016 Gross Receivables $ 445.9 $ 618.3 Less: Receivables not transferred 147.6 308.3 Net receivables transferred $ 298.3 $ 310.0 Short-term debt due to asset securitization $ 298.3 $ 310.0 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following presents NiSource’s goodwill balance allocated by segment as of June 30, 2017 : (in millions) Gas Distribution Operations Electric Operations Corporate and Other Total Goodwill $ 1,690.7 $ — $ — $ 1,690.7 |
Pension And Other Postretirem35
Pension And Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Components Of The Plans' Net Periodic Benefits Cost | The following tables provide the components of the plans’ actuarially determined net periodic benefit cost for the three and six months ended June 30, 2017 and 2016 : Pension Benefits Other Postretirement Benefits Three Months Ended June 30, (in millions) 2017 2016 2017 2016 Components of Net Periodic Benefit Cost Service cost (1) $ 7.5 $ 7.7 $ 1.2 $ 1.2 Interest cost (1) 17.2 22.4 4.4 5.5 Expected return on assets (30.2 ) (33.2 ) (3.9 ) (4.3 ) Amortization of prior service credit (0.2 ) (0.1 ) (1.1 ) (1.2 ) Recognized actuarial loss 13.4 15.3 0.7 0.8 Total Net Periodic Benefit Cost $ 7.7 $ 12.1 $ 1.3 $ 2.0 (1) Effective January 1, 2017, NiSource adopted the methodology of using a full yield curve (spot rate) approach to estimate the service and interest components of net periodic benefit cost. This change in accounting estimate resulted in a decrease in these costs for the three months ended June 30, 2017 when compared to the same period in 2016. Pension Benefits Other Postretirement Benefits Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Components of Net Periodic Benefit Cost Service cost (1) $ 15.0 $ 15.4 $ 2.4 $ 2.4 Interest cost (1) 34.4 44.8 8.9 11.0 Expected return on assets (60.5 ) (66.4 ) (7.9 ) (8.6 ) Amortization of prior service credit (0.4 ) (0.2 ) (2.2 ) (2.4 ) Recognized actuarial loss 26.8 30.6 1.5 1.6 Total Net Periodic Benefit Cost $ 15.3 $ 24.2 $ 2.7 $ 4.0 (1) Effective January 1, 2017, NiSource adopted the methodology of using a full yield curve (spot rate) approach to estimate the service and interest components of net periodic benefit cost. This change in accounting estimate resulted in a decrease in these costs for the six months ended June 30, 2017 when compared to the same period in 2016. |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Short-term Debt [Abstract] | |
Schedule Of Short-Term Borrowings | Short-term borrowings were as follows: (in millions) June 30, December 31, Commercial Paper weighted-average interest rate of 1.51% and 1.24% at June 30, 2017 and December 31, 2016, respectively $ 603.0 $ 1,178.0 Accounts receivable securitization facility borrowings 298.3 310.0 Total Short-Term Borrowings $ 901.3 $ 1,488.0 |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |
Components Of Accumulated Other Comprehensive Loss | The following tables display the components of Accumulated Other Comprehensive Loss: Three Months Ended June 30, 2017 (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 April 1, 2017 $ (0.2 ) $ (2.0 ) $ (17.4 ) $ (19.6 ) Other comprehensive income (loss) before reclassifications 0.8 (18.2 ) 0.1 (17.3 ) Amounts reclassified from accumulated other comprehensive loss (0.2 ) 1.4 0.1 1.3 Net current-period other comprehensive income (loss) 0.6 (16.8 ) 0.2 (16.0 ) Balance as of June 30, 2017 $ 0.4 $ (18.8 ) $ (17.2 ) $ (35.6 ) Six Months Ended June 30, 2017 (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 1.0 (13.6 ) 0.2 (12.4 ) Amounts reclassified from accumulated other comprehensive loss — 1.7 0.2 1.9 Net current-period other comprehensive income (loss) 1.0 (11.9 ) 0.4 (10.5 ) Balance as of June 30, 2017 $ 0.4 $ (18.8 ) $ (17.2 ) $ (35.6 ) Three Months Ended June 30, 2016 (in millions) Gains and Losses on Securities (1) Gains and Losses on Cash Flow Hedges (1) Pension and OPEB Items (1) Accumulated (1) Balance as of April 1, 2016 $ 1.2 $ (86.2 ) $ (18.8 ) $ (103.8 ) Other comprehensive income (loss) before reclassifications 0.9 (53.9 ) (0.1 ) (53.1 ) Amounts reclassified from accumulated other comprehensive loss (0.1 ) 0.4 0.3 0.6 Net current-period other comprehensive income (loss) 0.8 (53.5 ) 0.2 (52.5 ) Balance as of June 30, 2016 $ 2.0 $ (139.7 ) $ (18.6 ) $ (156.3 ) Six Months Ended June 30, 2016 (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, 2016 $ (0.5 ) $ (15.5 ) $ (19.1 ) $ (35.1 ) Other comprehensive income (loss) before reclassifications 2.6 (125.1 ) — (122.5 ) Amounts reclassified from accumulated other comprehensive loss (0.1 ) 0.9 0.5 1.3 Net current-period other comprehensive income (loss) 2.5 (124.2 ) 0.5 (121.2 ) Balance as of June 30, 2016 $ 2.0 $ (139.7 ) $ (18.6 ) $ (156.3 ) (1) All amounts are net of tax. Amounts in parentheses indicate debits. |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule Of Operating Income Derived From Revenues And Expenses By Segment | The following table provides information about business segments. NiSource uses operating income as its primary measurement for each of the reported segments and makes decisions on finance, dividends and taxes at the corporate level on a consolidated basis. Segment revenues include intersegment sales to affiliated subsidiaries, which are eliminated in consolidation. Affiliated sales are recognized on the basis of prevailing market, regulated prices or at levels provided for under contractual agreements. Operating income is derived from revenues and expenses directly associated with each segment. Three Months Ended Six Months Ended (in millions) 2017 2016 2017 2016 Gross Revenues Gas Distribution Operations Unaffiliated $ 532.5 $ 502.4 $ 1,708.8 $ 1,543.2 Intersegment 3.6 3.3 7.1 6.5 Total 536.1 505.7 1,715.9 1,549.7 Electric Operations Unaffiliated 458.0 391.7 879.7 783.8 Intersegment 0.2 — 0.4 0.2 Total 458.2 391.7 880.1 784.0 Corporate and Other Unaffiliated 0.2 3.5 0.8 7.2 Intersegment 121.7 98.8 241.3 197.6 Total 121.9 102.3 242.1 204.8 Eliminations (125.5 ) (102.1 ) (248.8 ) (204.3 ) Consolidated Gross Revenues $ 990.7 $ 897.6 $ 2,589.3 $ 2,334.2 Operating Income (Loss) Gas Distribution Operations $ 45.1 $ 73.5 $ 385.8 $ 388.4 Electric Operations 84.9 68.4 161.9 138.7 Corporate and Other (5.5 ) (3.7 ) (6.7 ) (7.5 ) Consolidated Operating Income $ 124.5 $ 138.2 $ 541.0 $ 519.6 |
Recent Accounting Pronounceme39
Recent Accounting Pronouncements (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Jan. 01, 2016 | |
Item Effected [Line Items] | |||||||
Basic Earnings Per Share | $ (0.14) | $ 0.09 | $ 0.51 | $ 0.67 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 25.3 | ||||||
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 7.2 | ||||||
AccountingStandardsUpdate2016-09 | |||||||
Item Effected [Line Items] | |||||||
Basic Earnings Per Share | $ 0 | $ 0.02 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Denominator | ||||
Basic Average Common Shares Outstanding | 325,084 | 321,725 | 324,386 | 321,003 |
Dilutive potential common shares | ||||
Shares contingently issuable under employee stock plans | 163 | 452 | 104 | |
Shares restricted under stock plans | 1,316 | 975 | 1,725 | |
Diluted Average Common Shares | 325,084 | 323,204 | 325,813 | 322,832 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2017USD ($)$ / sharesshares | Jun. 30, 2016USD ($) | |
At The Market Stock Offering [Line Items] | ||
Number Of Equity Distribution Agreements | 4 | |
Proceeds from Issuance of Common Stock | $ 46.2 | $ 10 |
At The Market Program | ||
At The Market Stock Offering [Line Items] | ||
Common Stock Aggregate Sale Price | $ 500 | |
Stock Issued During Period, Shares, New Issues | shares | 1,318,461 | |
Common Stock Issued Average Price Per Share | $ / shares | $ 25.88 | |
Proceeds from Issuance of Common Stock | $ 33.8 | |
ATM Program Equity Remaining Available for Issuance | $ 465.9 |
Gas in Storage (Details)
Gas in Storage (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Gas in Storage [Abstract] | ||
LIFO Inventory Amount | $ 7.7 | $ 0 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) - USD ($) $ in Millions | Jul. 28, 2017 | Jun. 30, 2017 | Apr. 26, 2017 | Mar. 17, 2017 | Oct. 31, 2016 | Jun. 30, 2016 | Apr. 29, 2016 | Dec. 31, 2016 |
Columbia Of Ohio | ||||||||
Regulatory Matters [Line Items] | ||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 31.5 | |||||||
NIPSCO | TDSIC 6 Gas | ||||||||
Regulatory Matters [Line Items] | ||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 271.3 | |||||||
NIPSCO | ECR 29 | ||||||||
Regulatory Matters [Line Items] | ||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 261.1 | |||||||
NIPSCO | TDSIC 1 [Domain] | ||||||||
Regulatory Matters [Line Items] | ||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 45.5 | |||||||
NIPSCO | TDSIC 2 [Domain] | ||||||||
Regulatory Matters [Line Items] | ||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 177.3 | |||||||
Columbia Of Massachusetts | 2017 GSEP | ||||||||
Regulatory Matters [Line Items] | ||||||||
Public Utilities, Requested Rate Increase (Decrease), Cumulative Amount | $ 17.2 | |||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 8.4 | |||||||
Columbia Of Virginia | ||||||||
Regulatory Matters [Line Items] | ||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 37 | |||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 28.5 | |||||||
Subsequent Event | Columbia Of Maryland | ||||||||
Regulatory Matters [Line Items] | ||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 2.4 |
Risk Management Activities (Nar
Risk Management Activities (Narrative) (Details) - USD ($) $ in Millions | May 11, 2017 | Jun. 30, 2017 | Jun. 30, 2016 |
Risk management assets | |||
Derivative [Line Items] | |||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | $ 0 | $ 0 | |
Senior Notes | Nisource Finance | |||
Derivative [Line Items] | |||
Debt Instrument, Face Amount | 2,000 | ||
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 750 | ||
Interest Rate Swap [Member] | Nisource Finance | |||
Derivative [Line Items] | |||
Derivative, Swap Type | 950 | ||
Derivative, Gain (Loss) on Derivative, Net | $ 6.9 | ||
3.49% Notes due 2027 | Senior Notes | Nisource Finance | |||
Derivative [Line Items] | |||
Debt Instrument, Face Amount | $ 1,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.49% | ||
4.375% Notes due 2047 | Senior Notes | Nisource Finance | |||
Derivative [Line Items] | |||
Debt Instrument, Face Amount | $ 1,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.375% |
Risk Management Activities (Sch
Risk Management Activities (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | |
Risk Management Assets Current | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [1] | $ 0.7 | $ 24.4 |
Risk Management Assets Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [2] | 16.8 | 24.6 |
Risk Management Liabilities Current | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | [3] | 4.1 | 16.8 |
Risk Management Liabilities Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | 58.5 | 44.5 | |
Interest Rate Risk | Risk Management Assets Current | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [1] | 0 | 17 |
Interest Rate Risk | Risk Management Assets Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [2] | 13.7 | 17.1 |
Interest Rate Risk | Risk Management Liabilities Current | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | [3] | 0 | 15.3 |
Interest Rate Risk | Risk Management Liabilities Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | 34.3 | 24.5 | |
Commodity Price Risk Programs | Risk Management Assets Current | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [1] | 0.7 | 7.4 |
Commodity Price Risk Programs | Risk Management Assets Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [2] | 3.1 | 7.5 |
Commodity Price Risk Programs | Risk Management Liabilities Current | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | [3] | 4.1 | 1.5 |
Commodity Price Risk Programs | Risk Management Liabilities Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | $ 24.2 | $ 20 | |
[1] | Presented in "Prepayments and other" on the Condensed Consolidated Balance Sheets (unaudited). | ||
[2] | Presented in "Deferred charges and other" on the Condensed Consolidated Balance Sheets (unaudited). | ||
[3] | Presented in "Other accruals" on the Condensed Consolidated Balance Sheets (unaudited). |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value Disclosure [Line Items] | ||
Transfers between Fair Value Hierarchies | 0 | 0 |
Material Level 3 Changes | $ 0 | $ 0 |
Fair Value, Assets and Liabilities Measured on a Non-Recurring Basis | 0 | 0 |
U.S. Treasury debt securities | ||
Fair Value Disclosure [Line Items] | ||
Available-for-sale Securities, Maturities, Next Twelve Months, Fair Value | $ 12.7 | |
Corporate/Other debt securities | ||
Fair Value Disclosure [Line Items] | ||
Available-for-sale Securities, Maturities, Next Twelve Months, Fair Value | $ 2.3 |
Fair Value (Fair Value Of Finan
Fair Value (Fair Value Of Financial Assets And Liabilities Measured On A Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Available-for-sale securities | $ 128 | $ 131.5 |
Total | 145.5 | 180.5 |
Liabilities | ||
Total | 62.6 | 61.3 |
Fair Value, Inputs, Level 1 | ||
Assets | ||
Risk management assets | 0.3 | 5.4 |
Available-for-sale securities | 0 | 0 |
Total | 0.3 | 5.4 |
Liabilities | ||
Risk management liabilities | 3.2 | 1.2 |
Total | 3.2 | 1.2 |
Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Risk management assets | 16.9 | 43.6 |
Available-for-sale securities | 128 | 131.5 |
Total | 144.9 | 175.1 |
Liabilities | ||
Risk management liabilities | 59.4 | 58.9 |
Total | 59.4 | 58.9 |
Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Risk management assets | 0.3 | 0 |
Available-for-sale securities | 0 | 0 |
Total | 0.3 | 0 |
Liabilities | ||
Risk management liabilities | 0 | 1.2 |
Total | 0 | 1.2 |
Available-for-sale Securities | ||
Assets | ||
Available-for-sale securities | 128 | 131.5 |
Risk management assets | ||
Assets | ||
Risk management assets | 17.5 | 49 |
Liabilities | ||
Risk management liabilities | $ 62.6 | $ 61.3 |
Fair Value (Available-For-Sale
Fair Value (Available-For-Sale Securities) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value Disclosure [Line Items] | ||
Amortized Cost | $ 127.4 | $ 133.7 |
Gross Unrealized Gains | 1.1 | 0.4 |
Gross Unrealized Losses | (0.5) | (2.6) |
Fair Value | 128 | 131.5 |
U.S. Treasury debt securities | ||
Fair Value Disclosure [Line Items] | ||
Amortized Cost | 29.9 | 35 |
Gross Unrealized Gains | 0 | 0.1 |
Gross Unrealized Losses | 0 | (0.6) |
Fair Value | 29.9 | 34.5 |
Corporate/Other debt securities | ||
Fair Value Disclosure [Line Items] | ||
Amortized Cost | 97.5 | 98.7 |
Gross Unrealized Gains | 1.1 | 0.3 |
Gross Unrealized Losses | (0.5) | (2) |
Fair Value | $ 98.1 | $ 97 |
Fair Value (Carrying Amount And
Fair Value (Carrying Amount And Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Long-term Debt (including current portion), Gross | $ 7,338.6 | $ 6,421.3 |
Long-term debt (including current portion), Estimated Fair Value | $ 8,062.3 | $ 7,064.1 |
Transfers Of Financial Assets50
Transfers Of Financial Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Cash From Financing Activities Related To The Change In Short-Term Borrowings Due To The Securitization Transactions | $ 11.7 | $ 26.8 | ||
Securitization Transaction Fees | $ 0.6 | $ 0.1 | 1.3 | $ 1.2 |
Accounts Receivable Program | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Seasonal Limit | $ 300 | $ 300 |
Transfers Of Financial Assets51
Transfers Of Financial Assets (Schedule Of Gross And Net Receivables Transferred As Well As Short-Term Borrowings Related To The Securitization Transactions) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Gross Receivables | $ 445.9 | $ 618.3 |
Less: Receivables not transferred | 147.6 | 308.3 |
Net receivables transferred | 298.3 | 310 |
Accounts receivable securitization facility borrowings | $ 298.3 | $ 310 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | ||
Goodwill | $ 1,690.7 | $ 1,690.7 |
Gas Distribution Operations | ||
Goodwill [Line Items] | ||
Goodwill | 1,690.7 | |
Electric Operations | ||
Goodwill [Line Items] | ||
Goodwill | 0 | |
Corporate and Other | ||
Goodwill [Line Items] | ||
Goodwill | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rates | 37.50% | 37.10% | 36.20% | 36.20% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | |||
Increase (Decrease) in Effective Tax Rate | 0.40% | 0.00% | ||
Changes to Liability for Uncertain Tax Positions | $ 0 |
Pension And Other Postretirem54
Pension And Other Postretirement Benefits (Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | $ 2.5 |
Other Postretirement Benefit Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | $ 14.5 |
Pension And Other Postretirem55
Pension And Other Postretirement Benefits (Components Of The Plans' Net Periodic Benefits Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |||||
Pension Plan | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Service Cost | $ 7.5 | [1] | $ 7.7 | [1] | $ 15 | [2] | $ 15.4 | [2] |
Interest cost | 17.2 | [1] | 22.4 | [1] | 34.4 | [2] | 44.8 | [2] |
Expected return on assets | (30.2) | (33.2) | (60.5) | (66.4) | ||||
Amortization of prior service credit | (0.2) | (0.1) | (0.4) | (0.2) | ||||
Recognized actuarial loss | 13.4 | 15.3 | 26.8 | 30.6 | ||||
Total Net Periodic Benefits Cost | 7.7 | 12.1 | 15.3 | 24.2 | ||||
Other Postretirement Benefit Plan | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Service Cost | 1.2 | [1] | 1.2 | [1] | 2.4 | [2] | 2.4 | [2] |
Interest cost | 4.4 | [1] | 5.5 | [1] | 8.9 | [2] | 11 | [2] |
Expected return on assets | (3.9) | (4.3) | (7.9) | (8.6) | ||||
Amortization of prior service credit | (1.1) | (1.2) | (2.2) | (2.4) | ||||
Recognized actuarial loss | 0.7 | 0.8 | 1.5 | 1.6 | ||||
Total Net Periodic Benefits Cost | $ 1.3 | $ 2 | $ 2.7 | $ 4 | ||||
[1] | Effective January 1, 2017, NiSource adopted the methodology of using a full yield curve (spot rate) approach to estimate the service and interest components of net periodic benefit cost. This change in accounting estimate resulted in a decrease in these costs for the three months ended June 30, 2017 when compared to the same period in 2016. | |||||||
[2] | Effective January 1, 2017, NiSource adopted the methodology of using a full yield curve (spot rate) approach to estimate the service and interest components of net periodic benefit cost. This change in accounting estimate resulted in a decrease in these costs for the six months ended June 30, 2017 when compared to the same period in 2016. |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | May 11, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jul. 01, 2017 | Jun. 12, 2017 | Apr. 03, 2017 | Mar. 27, 2017 |
Debt Instrument [Line Items] | |||||||
Debt Instrument Tendered | $ 990.7 | ||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 111.5 | $ 0 | |||||
Nisource Finance | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 2,000 | ||||||
Medium Term Note Redeemed 2017 Note 1 | Nisource Capital Markets Inc | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Repurchased Face Amount | $ 30 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.86% | ||||||
Medium Term Note Redeemed 2017 Note 2 | Nisource Capital Markets Inc | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Repurchased Face Amount | $ 2 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.85% | ||||||
Medium Term Note Redeemed 2017 Note 3 | Nisource Capital Markets Inc | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Repurchased Face Amount | $ 12 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.82% | ||||||
Medium Term Note Redeemed 2017 Note 4 | Nisource Capital Markets Inc | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Repurchased Face Amount | $ 10 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.92% | ||||||
Medium Term Note Redeemed 2017 Note 5 | Nisource Capital Markets Inc | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Repurchased Face Amount | $ 2 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.93% | ||||||
Medium Term Note Redeemed 2017 Note 6 | Nisource Capital Markets Inc | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Repurchased Face Amount | $ 1 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.94% | ||||||
Medium Term Note Redeemed 2017 Note 7 | NIPSCO | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Repurchased Face Amount | $ 22.5 | ||||||
Debt, Weighted Average Interest Rate | 7.59% | ||||||
Medium Term Note Redeemed 2017 Note 8 | Subsequent Event | NIPSCO | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Repurchased Face Amount | $ 55 | ||||||
Debt, Weighted Average Interest Rate | 5.70% | ||||||
3.49% Notes due 2027 | Nisource Finance | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.49% | ||||||
Debt Instrument, Face Amount | $ 1,000 | ||||||
4.375% Notes due 2047 | Nisource Finance | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.375% | ||||||
Debt Instrument, Face Amount | $ 1,000 | ||||||
6.40% Notes Due 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.40% | ||||||
6.80% Notes Due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.80% | ||||||
5.45% Notes due 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.45% | ||||||
6.125% Notes Due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.125% | ||||||
Interest Rate Swap [Member] | Nisource Finance | |||||||
Debt Instrument [Line Items] | |||||||
Derivative, Swap Type | 950 |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Short-term Debt [Line Items] | ||
Commercial paper outstanding | $ 603 | $ 1,178 |
Accounts receivable securitization facility borrowings | 298.3 | 310 |
Short-term borrowings | 901.3 | 1,488 |
Revolving Credit Facility | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,850 | |
Long-term Line of Credit | 0 | |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500 | |
Standby Letters of Credit | ||
Short-term Debt [Line Items] | ||
Long-term Line of Credit | $ 13 | $ 14.7 |
Short-Term Borrowings (Schedule
Short-Term Borrowings (Schedule Of Short-Term Borrowings) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Short-term Debt [Line Items] | ||
Commercial paper outstanding | $ 603 | $ 1,178 |
Accounts receivable securitization facility borrowings | 298.3 | 310 |
Total short-term borrowings | $ 901.3 | $ 1,488 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 1.51% | 1.24% |
Other Commitments And Conting59
Other Commitments And Contingencies (Narrative) (Details) $ in Millions | 6 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Other Commitments And Contingencies [Line Items] | |||
Proposed Pipeline Safety Rule, time period for investigation and repair/replace activity on facilities | 15 years | ||
Recorded reserves to cover environmental remediation at various sites | $ 115.7 | $ 111.4 | |
Estimated Cost of Compliance with Coal Combustion Residuals, Maximum | 193 | ||
Estimated Cost of Compliance with Effluent Limitations Guidelines | $ 170 | ||
Transmission Upgrade Agreement Multiplier | 1.71 | ||
Liability Associated with Bailey Generating Station Retirement | 22.1 | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 0 | ||
Payments Pure Air | 10.4 | $ 9.5 | |
Liability Associated with Bailly Generating Station Retirement - Pure Air Contract Termination Portion | $ 16 | ||
MGP Sites | |||
Other Commitments And Contingencies [Line Items] | |||
Number of waste disposal sites identified by program | 64 | ||
Liability for Estimated Remediation Costs | $ 108.9 | 105.5 | |
Reasonably possible remediation costs variance from reserve | $ 25 | ||
NIPSCO | |||
Other Commitments And Contingencies [Line Items] | |||
Upgrade Sponsors Liability related to Portion Collected for Taxes on TUA | 8.6 | ||
Maximum | |||
Other Commitments And Contingencies [Line Items] | |||
Ozone Level | 75 ppb | ||
Minimum | |||
Other Commitments And Contingencies [Line Items] | |||
Ozone Level | 70 ppb | ||
Minimum | NIPSCO | |||
Other Commitments And Contingencies [Line Items] | |||
Cost to Maintain and Operate Current Fleet of Coal-Fired Generating Units | $ 1,000 | ||
Standby Letters of Credit | |||
Other Commitments And Contingencies [Line Items] | |||
Long-term Line of Credit | $ 13 | $ 14.7 |
Accumulated Other Comprehensi60
Accumulated Other Comprehensive Loss (Components Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | $ (19.6) | [1] | $ (103.8) | [1] | $ (25.1) | $ (35.1) | |
Other Comprehensive Income before reclassifications | (17.3) | [1] | (53.1) | [1] | (12.4) | (122.5) | |
Amounts reclassified from accumulated other comprehensive loss | 1.3 | [1] | 0.6 | [1] | 1.9 | 1.3 | |
Net current-period other comprehensive income (loss) | (16) | [1] | (52.5) | [1] | (10.5) | (121.2) | |
Ending Balance | [1] | (35.6) | (156.3) | (35.6) | (156.3) | ||
Gains and Losses on Securities | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | (0.2) | [1] | 1.2 | [1] | (0.6) | (0.5) | |
Other Comprehensive Income before reclassifications | 0.8 | [1] | 0.9 | [1] | 1 | 2.6 | |
Amounts reclassified from accumulated other comprehensive loss | (0.2) | [1] | (0.1) | [1] | 0 | (0.1) | |
Net current-period other comprehensive income (loss) | 0.6 | [1] | 0.8 | [1] | 1 | 2.5 | |
Ending Balance | [1] | 0.4 | 2 | 0.4 | 2 | ||
Gains and Losses on Cash Flow Hedges | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | (2) | [1] | (86.2) | [1] | (6.9) | (15.5) | |
Other Comprehensive Income before reclassifications | (18.2) | [1] | (53.9) | [1] | (13.6) | (125.1) | |
Amounts reclassified from accumulated other comprehensive loss | 1.4 | [1] | 0.4 | [1] | 1.7 | 0.9 | |
Net current-period other comprehensive income (loss) | (16.8) | [1] | (53.5) | [1] | (11.9) | (124.2) | |
Ending Balance | [1] | (18.8) | (139.7) | (18.8) | (139.7) | ||
Pension and OPEB Items | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | (17.4) | [1] | (18.8) | [1] | (17.6) | (19.1) | |
Other Comprehensive Income before reclassifications | 0.1 | [1] | (0.1) | [1] | 0.2 | 0 | |
Amounts reclassified from accumulated other comprehensive loss | 0.1 | [1] | 0.3 | [1] | 0.2 | 0.5 | |
Net current-period other comprehensive income (loss) | 0.2 | [1] | 0.2 | [1] | 0.4 | 0.5 | |
Ending Balance | [1] | $ (17.2) | $ (18.6) | $ (17.2) | $ (18.6) | ||
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Business Segment Information (N
Business Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Primary business segments | 2 |
Number of counties in which electric service provided by Electric Operations | 20 |
Business Segment Information (S
Business Segment Information (Schedule Of Operating Income Derived From Revenues And Expenses By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 990.7 | $ 897.6 | $ 2,589.3 | $ 2,334.2 |
Consolidated Operating Income (Loss) | 124.5 | 138.2 | 541 | 519.6 |
Gas Distribution Operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 536.1 | 505.7 | 1,715.9 | 1,549.7 |
Consolidated Operating Income (Loss) | 45.1 | 73.5 | 385.8 | 388.4 |
Gas Distribution Operations | Unaffiliated | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 532.5 | 502.4 | 1,708.8 | 1,543.2 |
Gas Distribution Operations | Intersegment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 3.6 | 3.3 | 7.1 | 6.5 |
Electric Operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 458.2 | 391.7 | 880.1 | 784 |
Consolidated Operating Income (Loss) | 84.9 | 68.4 | 161.9 | 138.7 |
Electric Operations | Unaffiliated | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 458 | 391.7 | 879.7 | 783.8 |
Electric Operations | Intersegment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0.2 | 0 | 0.4 | 0.2 |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 121.9 | 102.3 | 242.1 | 204.8 |
Consolidated Operating Income (Loss) | (5.5) | (3.7) | (6.7) | (7.5) |
Corporate and Other | Unaffiliated | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0.2 | 3.5 | 0.8 | 7.2 |
Corporate and Other | Intersegment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 121.7 | 98.8 | 241.3 | 197.6 |
Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ (125.5) | $ (102.1) | $ (248.8) | $ (204.3) |