NI - Earnings call transcript Q3 2017

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Operator

Good morning ladies and gentlemen, and welcome to the Q3 2017 NiSource Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host Randy Hulen, Vice President of Investor Relations.

Randy Hulen

Thank you, Alex and good morning, everyone. Welcome to the NiSource quarterly investor call.

are Financial Chief Officer. morning Donald Officer; this Chief Brown, me Joe Executive Hamrock, and Joining XXXX, provide The review our for of NiSource's of operations financial well purpose today's drivers. performance the call and our third update overall business an is growth to as on as quarter to the questions. We'll then your open call up

slides on our website We will supplemental our available to slides during nisource.com. are be referring this call. These at

made cause periodic and some such from on those risks SEC over call filings. could Factors Joe, a the of to expressed concerning is differ be uncertainties the Risk that Information looking. in included subject statements conference statements. Before statements turning results actual and the forward MD&A this to quick just our will uncertainties in call of materially are reminder These and the sections to that risks

statements to to measures. some of addition In on the relate can this non-GAAP call made

on of and information which additional additional the segment also measure financial comparable please GAAP supplemental and the on you'll call available measures, For to is these a document, Joe. slides that all in directly reconciliation out information most financial and With our way, earnings find historically yours, been In nisource.com. available schedules that our the of that is release. full now the have also refer

Joseph Hamrock

and our initiatives, good focused regulatory business and Randy, NiSource on capabilities growth thanks on infrastructure through everyone make enhancing morning, our investments, progress customer initiatives. Thanks, continues plan and for programs joining to transformation us. our while delivering customer

quarter value during XXXX. $XX are an through more to same continue our in year. investors part estimated we more to with invest communities highlight to some Slide billion share. investments steady of earnings supplemental investment and opportunities. earnings financial our a on per to this to position We non-GAAP third $X.XX achievements We program the deliver for utility of $X.XX These per creating operating far of track compared our than than share so at of billion of billion in infrastructure look long-term net year $X.X $X.XX this $X.X the period non-GAAP remain X delivered of third The Let's and a and strong quarter. our expect XXXX our $X.X operating net identified is $X.XX customers, to team's billion invested and performance deck

per announced this initiating in we the anchored XXXX guidance press earnings in is and enhanced range our as we're our strategy execution debt operating continued Additionally recent $X.XX successful refinancing. non-GAAP growth release, share. morning's of by $X.XX net This to of

of Ohio settlement in segment Moving in we in more our our gas seeking third Maryland quarter, to rate base some In highlights a than of in application our base five progress agreement Indiana rate a infrastructure filed our case rate received case base increase gas and in first in program. approval years. filed our the extension pending of long-term replacement there XX we a settlement for we year our

achieving sustainable segment environmental settlement customer before our Regulatory our Indiana related results seen growth Utility remains electric net on and efforts In to modernization was X% update increased remain good the proposed our On to electric and coal we've the track pending Commission. annual latest combustion front, tracker XXXX. by residuals the approved from growth our upgrades

mid-XXXX. and are expected transmission service be electric Our projects track in to in are on

Donald performance the like to I'd to Donald? financial detail. over discuss Now who call our more turn in will

Donald Brown

Thanks good Joe, everyone. and morning

in $X.XX driver supported by XXXX. per in up $X.XX the our performance of operating the investments our are $XX about of with net modernization X, Slide solid earnings XXXX. or continues net infrastructure XXXX, same months and for per to solid $XX first same our at or per outcomes Through in of we the of period earnings $XX non-GAAP million share period $X.XX about million The long-term compared or the non-GAAP be compared biggest third impact the regulatory delivered Looking quarter operating about million nine established share financial share trackers. with infrastructure

we discussed Securities program. or we Commission As the issuance previously, and filed Exchange equity ATM, with aftermarket and

at quarter million million our During issued this with the raise third $XXX plan equity. financing we receiving proceeds about plan fulfills to Consistent million XX.X the in $XXX XXXX about of shares to million. Day, outlined $XXX Investor

The XX financing we equity be second and long-term is side, for This at and May. market we financing and as our year in our are note, this provide included the everyone remind for XX approach and pricing $X On including providing our XXXX in and $XXX for notes NiSource note well all guidance, through commitments billion investors our expect expected both issued XXXX that dilution the our NiSource's dated us XXXX. equity September. year to our year this at establish In would the issuances to investments. of X.XX% fund issuing cause, year I going balanced rate earnings as modernization debt capital in are helped every intended financing year to better as issuance has in million and year notes growth pricing program. XX long a new benchmark clarity debt

results for now our business to the financial turn Let's non-GAAP segments.

in which $XX base infrastructure on later. This million touch operating rate million offset loss operating from compared Net $XX XXXX. in revenue than will about Distribution driven increase programs. quarter an by new revenues were $XX replacement an earnings was the operating period reported more $X Gas with Operations of I million primarily in cases the for rates expenses up million increase segment and of comparable about by Our about approximately

increased increase expenses. segment This in electric projects. by new Electric and increased the offset $XX a base operating million period million were Operations $XX driven revenues operating quarter, million up of million the revenue Net from reported by $XXX increase about in XXXX. in of earnings of an rate Our rates comparable partially was $XX from investment about approximately transmission case

mentioned companies make safety, service in posted increase available nisource.com. integrate XXXX plan and financial these previously, we transformation release morning year. non-tracked in this I liability in further service our details following transitions expenses closely case largely our and is confident work customers. transformation well in this NIPSCO implementing customer driven investments charge value managing the our commitments while our third O&M expenses by flat performance and Early will of certain plan has at expenses results O&M plan identifying enhancements. settlements opportunities remain lead success our earnings and Full underway enhancing IT These provider and We're recent rate quarter process to our adding As that opportunities. to in information with activities are will improvement supplemental for the Colombia and teams performance

Now X, briefly to I Slide our would turning on debt and touch to credit like profile.

debt. Our was weighted our of was will programs. our liquidity debt more $X.X cash term XXX our of third long-term net consisting maturity provide XX years which separation. X.X%, debt average than billion was and we four long-term facility. on of of approximately about lower long interest basis under the of $X.X capacity about This which was weighted years level investment billion as and available rate is The average September XX At approximately longer points than reduced cost maintained quarter help end and available infrastructure sustainability $X.X to credit to about at billion capital

credit NiSource investment at committed at are with ratings As outlook. Standard agencies rates all stable BaaX; & to always, three maintaining investment Fitch we our BBB+; Moody's major remain grade BBB, at and grade. the Poor's at and

is and foundation financial growth. solid our forward, Going for poised continued

investments infrastructure Now to few I’ll regulatory Joe turn call the discuss customer, and back a highlights. to

Joseph Hamrock

update NiSource's sustainable practices September for I'll received Thanks and Donald. with the business start performance. that recognition for in our

North index we year, Dow were ranked and I'm Jones we the to list. second U.S. sustainability For multi-utility fourth the America say proud named the straight on highest the were to

strategy because ongoing in in distribution its this reflects XX% for that advancements achievable index our responsible These Our accelerated and commitment and way aggressive be recognition a natural emissions environmentally by by in of of our reductions included proud electric by reliable, greenhouse XXXX retirement replacement serving enabled but of We're deep our customers is reducing infrastructure. gas the to our coal-fired our of we generation sustainable. targets to planned safe, to mapping. of outlining fleet made including ranking gas are sustainability

we're out to open sustainable four us employee training keeping to our gas growth month by ahead turned On new natural in XXXX of the on progress field year be Virginia. we This Chester is continued growth home of where training achieve to front, field and And customer the operations were point conversions modernize centers we net X% customer our construction which in third continue well XXXX. track employees. to for our growth state-of-the-art driven will a best rebound for decade. at new same This the in by a in annual

a The Massachusetts contractors in Hurricane one customers tradition and than in and following utilities other employees recognize Irma NIPSCO restore energy in are Florida September. and more again to power near facility will partners operating helping communities. natural to team NIPSCO and and to employees electric including flowing X disasters up Pittsburgh business in in I'd open and first Indiana our XXXX. like two already our stepped who to And help near one people headed affected each There's XXX long line a of following get help and south our Columbus with

Slide for the X. from our third to Operations turn highlights Now let's Gas on some quarter specific

the of by a million remains As in second An improvements a we before end including covers expected be targeted filed, in revenues of of filed which being to the of program rate order program replacement reliability. system and authorized settlement Indiana is year our half for the earlier, year. rates is phased accelerated which extension measures priority increase and various other approved currently of and customer safety five supports in with Commission. upgrades, pipe through by This would would Ohio, stakeholders lines. through in system XXXX well-established case $XXX our application mentioned I service investments as the technology Public final pipeline infrastructure XXXX. amounts nearly expected base pending order gas Utilities replacement In in A mainline new continued a filed end annual currently we If increase the and trackers. recovered

supports program. and New expedited following an outcome execute Indiana, our effect upgrades million. we're safety Service Maryland case. approval modernization result pipeline in week and The rate continuing rates additional last aging Public increase of will revenue infrastructure settlement the adoption long-term replacement annual into $X.X in pipe our to of Commission of gas of base In Maryland in went on

NIPSCO's covering in in made were approximately the X. In filed our rates update tracker tracker we under semiannual investments $XX pending first XXXX. Massachusetts, system reliability $XXX semiannual Kentucky, latest also The effect that include half August of late safety. of New to took investments. update combined investments July Virginia updates improve further of Tracker million approximately designed million are Maryland and and are which

gas in to of two Gas on Gas recent gas of business Residential Study. most want and only four results number Columbia moving the Columbia was Ohio ranked brands improving recognized number was brands Gas our the top Massachusetts the as Pennsylvania East of the among highlight top some from five Before of Natural on and of one customer I in from Gas Columbia Gas the J.D. in update, Columbia the were nation's Power Midwest. nation service. Virginia and

on top-tier continued Our demonstrates satisfaction. across our board the progress customer to strong commitment performance

on to turn Electric let's X. Slide Now our Operations

through infrastructure to investments our electric electric through in program planned million We $XXX and yesterday enhancements to of IURC we request investments made includes execute improve $X.XX tracker XXXX. second designed received to XXXX. system billion covers XXXX Approximately our on April which just continue distribution from are update approval of infrastructure May about long-term transmission safety and And modernization reliability. which semiannual

before waterways XX units certain settlement end The transmission electric XXX settlement environmental projects mid IURC. in-service and from our these to and stations agreement emissions before and to later Substation mile our In enhance the major An Schaefer are regionwide recovery ash XXX expected additional moving to projects. XXXX. in schedule to progress Michigan designed approval city coal designed calls local pending on remains for line for on cost the and is KV The proceeding. with reduce year. both CCR projects reliability. the a continues flexibility mile two Our and limiting investments IURC dates seeking at to on of tower the system XXX related settlement for also anticipated remain investments order KV the units generating impact construction

while create As also continue we driving and to to just shareholders. long-term wrap key value the opening before programs modernization questions. performance today, up some utility for infrastructure takeaways customers call solid for communities our NiSource's your financial

operating a against in to in remain For and net in to billion XXXX to share $XX more on we continue complete range to our to $X.XX to billion track the opportunities. per capital We investment $X.X non-GAAP a $X.X billion $X.XX of identified earnings long-term investments. expect than deliver execute

a robust We expect are billion. XXXX to guidance and investment earnings plans, guidance initiating billion $X.XX per to operating XXXX to of share a of With our non-GAAP net to $X.X $X.X operating and both capital $X.XX earnings dividend continue while and ongoing NiSource's. we investment for to of in your through grow X% X% support our grade for you participating credit our interest by XXXX Thank maintaining today ratings. annually and all investment

to Alex? open let's your the call Now question.

Operator

of Credit [Operator Michael Weinstein the from Instructions] Your from first Suisse. question line comes

line open. is Your

Michael Weinstein

at be Can the guidance going rate to First the point? question based you that's is clarify on on growth that XXXX X% good this new to X% forward.

Joseph Hamrock

reaffirming and dividend investment steady per execution infrastructure operating and predominantly as plans. we guidance the by new to so It's know year-on-year Yes, X% that's plans XXXX driven share continues continue and earnings theme. yes of that the growth you X% net our our modernization

Michael Weinstein

on of theory? midpoint XXXX the XXXX would be so And based

Joseph Hamrock

correct. That's

Michael Weinstein

and plans? specific And you talk come is when actually resource integrated just year might electric the could planning going the I a about to what filing next was filing have plan point new for do at or that little wondering that’s start think of you you this - the to maybe and and replacement building timing if NiSource

Joseph Hamrock

last IURC's the the IRP a intend So in retire. for in of the as at the look we rigorous final the of we ahead know capacity all await replace to options stakeholders the throughout and forward you disposition our engaging we year may look to future capacity to replacement

next We at in for an late engagement but look the IRP stakeholder all or early XXXX have sessions. we be step to filing likelihood our not yet for it determined will next those how actual to continue date through options year

Operator

comes question from Christopher Your Turnure next the JPMorgan. of from line

Your open. line is

Christopher Turnure

Congratulations as that capitalize or in flex vague now, to the you that to continuing we with the your you've XXXX regulatory muscle give it from and front tax plan really specifically, to beyond. I constructs plan on and ask right balance know and reform wanted your here about sheet I call more your And on of of September. clarify you fourth your have any just this Party year? is, scenario analysis a as Republican Could think, around back bit you done in from, detail us that? quarter follow-on the maybe little comments of

Joseph Hamrock

talked Good rules and in like we’ve are morning of our and Chris, deductibility of understood CapEx for for comments. to Certainly issues balanced very and the that about and unique related thanks fully reform everybody that customers inclusion are the we’re any tax interest and staying the ensuring implications interest us expensing the the of engaged transition particularly investors process before. all

and a closely to to what current of what than ask details bit I’ll say implications the we’re implications frameworks too the respond forthcoming, not I’m of week then we’ll that we’ll keep stay said watching stakeholders going so Donald in As well little speculate just the engaged terms lot to Donald? about the appropriately. we’ve to we've how and seen already informed. talk there's potential of about Washington other maybe early of you process this just activity know a in know

Donald Brown

engaging Joe have As our at our legislators impact and we’re strategy said, attention promote plan may and we’re that and what's customers. on with on looking certainly going paying the our to

has we’ve from our plan the think on got we XXX% mitigate a help we bonus XXX% of interest I but think to depreciation. from when impacts As about negative the in our and potential of capital we both the expensing past of the deductibility it, any levers that certainly number in look risks impact as a capital at loss had plan

already we mitigate spread can another efforts are accelerated that long-term debt. offset to have but impact. any we finally transformation is - XX short-term and have modernization after that negative lower flat committed a trackers help in financed then year certainly lever tax that have our impact to reform. financing, help we our own off we mostly infrastructure them of items have. base spend lever our We impact We've in XXXX that to is rate O&M debt and and year And that do we XX of started typically

certainly so to And have of any help tax negative flexibility go term shorter reform. smooth to out impact

the to as want details what of attention closely we’re So everyone certainly may paying are what understand reform. of but looking come really tax out else's

Christopher Turnure

that's is could Yes, Gas course, me of on for that color kind of rider knowing been capital is for question offset it's in program, of NIPSCO Indiana, understand place now. on? an You do that, have of going early there? What the doing years helpful this the as else then you? that's better just there. filing context second and In on And the couple on-and-off have to help return context case rate know you a the coming my but you that's the what in

Joseph Hamrock

as XX that increase first years NIPSCO for noted Indiana. gas request we base rate in is for business So in our the

And credit. led might XXXX so we rate an a depreciation than we settled that to unusually filed is high XXXX case case in to in I a base there a the rate say through framework depreciation had rebuild backdrop

as this programs enhance kind well underlying the revenue as gas safety in O&M return of jurisdictions case all across So to base, reflects update an with a training in to rate of as our for business. normal our requirements associated

depreciation case the adjustment rate the in than other pretty underlying So, base. standard in

Christopher Turnure

a base or your case authorized ability you -- out change hoping scenario, that comes there the like it if ROE? way are earn your be for, in would feel meaningful or Do to you

Joseph Hamrock

it's been has I requirements what approach rate underlying for a I model. standard to standard from revenue go model to shifting a to the not I'm meaningful pretty sure unique depreciation think a base change

Operator

Steve Your Wolfe next question Fleishman of Research. comes from the from line

open. line Your is

Steve Fleishman

of is just maybe midpoint driving The kind to your savings, of - a some bit long-term obviously maybe midpoint that? an kind color is little more give just little above discussion. on guidance your annualization more XXXX give Maybe a what's a of growth little rate financing or that of

Joseph Hamrock

the this higher plan got the near in forward stick the range recognized pulled We noted refinancing. to near the long opportunities X bit would is We ago X here we on guidance benefits you executed in a refinancing Yes, it as the driven the primarily of XXXX we've for and of wider the than that Steve. year there. term and term some

So key driver. that's the

Steve Fleishman

Okay for great, XXXX/XXXX? equity so - for to not do still done that on I’m complaining this and you you’re some but then year equity and your with entirely the plan -

Joseph Hamrock

that’s Yes, right.

We’re done strategy with of $XXX consistent for to this ATM year. we financing per that outlined in our $XXX million year million

for Let a about just future. Donald the talk me outlook our ask to financing bit

Donald Brown

the through As Joe annually still we’re to program. an said, $XXX committed million ATM to $XXX million

are to done year this quarter. that We in and the complete able we’re third

stated additional there that an drip that’s $XX a a is Additionally about program million as year continue. will you

Operator

KeyBanc. line from comes the Paul question next of from Your Ridzon

Your open. line is

Paul Ridzon

you give Can a segment? operating around gas the earnings little more one the detail what's around

Joseph Hamrock

flat stage ago for the safety that forward. some pipeline which as for all O&M training we third XXX can of we you commitments outlook went we’re talked of about rate quarter in set gas investments modernization the made the O&M from you after adjust that in cycle and the the spending And increases the enhanced reflects through million. our see initiatives base a year the segment, case about the and we XXXX As through trackers year-on-year well

spending. the of taken So some cycle the and that's we've safety driver there really our last reliability enhance steps in to predominant training the

Donald Brown

perspective our quarter. also quarter gas Paul, is third it or the brings from lowest a revenue And margin up

just from And so sales a standpoint bit there of little is weather and there. timing

Paul Ridzon

swing I really to was business. impact They're much. offsets surprised your didn't see throughout just that EPS that big other

Joseph Hamrock

What of including total the do terms you mean electric? quarter in

Paul Ridzon

correct. Yes,

Joseph Hamrock

well be little from including our total all standpoint little a XX% year-to-date on above in really our we’ll standpoint plan a range as over we’re spending a look year year-to-date XX%. that above on and guidance our It's you spending when at and that's an

So customer efforts and for we've made this those after to in it’s as investments and flat in XXXX expectations and committed all customer our driving expect O&M. certainly service our savings transformation I growth year. in And opportunities

Operator

the of from Your Lapides next question Sachs. comes Michael from Goldman line

is Your line open.

Michael Lapides

gas Indiana My on not I in actually follow-up higher current from settlement rates included trackers you've the offset on much that $XXX of rate was two one I case NIPSCO bottom me cost how by wrong. line is just moving guidance second a outstanding versus the the simply or ash, drop that base have the is items higher higher by coal or on environmental requested, one of if know request CapEx your the million rate would to or let thought revenue increase plus the G&A? in it that's O&M

Joseph Hamrock

as reflected you're X.X outlook $XXX outlook On XXXX of with consistent its CapEx the and our has on well. XXXX CCR that million CapEx to in X.X part the correct our that's through is for it’s so settlement of been and

think On the but the of there, items sort to big a way parts about is and to the best your non-O&M the about case NIPSCO is moving number cleanest question half non-tracked way crayon side, that. of to to about think relates in of the answer shorthand just gas

Michael Lapides

And so basis rest income higher either guess a to the would that bottom line $XXish the or somewhere? be kind drop So cost pretax is the would is offset around million words, income will before it in net trackers other line tax moving of or by today drop line. - EBT what I the on before

Joseph Hamrock

give Yes to fair the would characterize take that's way I a case. or say

Michael Lapides

of the in or as same change program one as part range last range staying one that extension is part spins the on the there of is this that being of request, request? CapEx Actually range of annual Ohio any requested in the

Joseph Hamrock

the coming year period for is were out. a - billion CapEx till XXXX that again with than the year our is consistent request next higher period five there about beginning is $X.XX five Yes next guidance year

through magnitude and the in request the period that that of authorized in now front that just of about close the $X.XX to $X.X is the are put found order we that to commissions for and settlement we right number. billion We we're is on up

Michael Lapides

So approval lead baked and from commission increase your did before an could the go in that ahead in on or CapEx you that to guidance getting this?

Joseph Hamrock

consistent beyond XXXX No, case our in you with CapEx and with XXXX through that outlook can through as that’s said see filing. past I that

Operator

next from Charles of the question Your comes Fishman. line

Your line is from open, Morningstar.

Charles Fishman

Just and is I your the versus some on growth the X% it to driven significantly make driven sure maturity, last down understand of financing this, like above rate. out you looks X% debt you’ve end rate interest gone increased of year your you long-term

back we once the done. next really So can to get And that much there this that too go not about pass X% thinking I’m more X% correctly? then year we be is to

Donald Brown

for by how that's it higher really remain But our range then why year driver standpoint. and the in in the after to growth XXXX. rate that and earnings it’s a for modernization the opportunities is lot on that year, X% really growth. performance it of think somewhat Yes, to primary efforts And is from driven a higher the cases. financing, look We’ll really in to committed is guidance base we and our of rate dividends, financing our continue around X% settlement I earlier that in that’s this favorable base

out took we’ve think the have debt about debt. we half years still in I matures of next that in when we that few only refinance debt certainly May, the

opportunity about effective in So there's earnings when commitment way, to cost do we’ll the see a the real that if but growth an impact. that look is modernization to the it’s you program driver that continue think and to rate base primarily

Charles Fishman

a think $X.X And you debt? billion of you’re about do year

Donald Brown

around be in that We range. should

Charles Fishman

next reviews the And it dividend be then first for more just a question, quarter? will the board the one time

Donald Brown

correct. That’s

Charles Fishman

you. EEI. That’s I Thank you guys seeing had. all Look to forward at

Operator

comes next of from the from Your Citi. Lasky line Brian question

open. is line Your

Brian Lasky

your is you O&M What guidance, an see we going assumption continue or flat reduce towards expense guide opportunity to forward? to do that in XXXX O&M

Joseph Hamrock

the we the flat for of off No, consistently XXXX Brian as outlook is XXXX. said

Brian Lasky

in equity NIPSCO favorable for a And the impact rate raised next then assumption outlook with case year? issuance

Donald Brown

that too $XXX early I still our that is equity. to $XXX at to point It’s this expect talk in about would million million plan

time the our program think our million changes contributes item our you continue FFO to would if over and especially our needs our Moody's credit If to metrics that not needs million any until debt change. one will about $XXX improves likely that metrics that over the our equity to is needs, but there's certainly and look time each item when to we see at plan and $XXX

Operator

Your next of Jefferies. the Sighinolfi question from from Chris line comes

Your line is open.

Chris Sighinolfi

had Lots at the it the am sort was answered this for something contribution sizable was been on more. bit it's a it’s I the XX-K more in order outlined may asked, like follow-up guess looking million. cash like XXX just lots you million curious compare appreciate all one the one XXX color. I what this correctly. than year just just questions I the quarter second quite seems and Donald to I flow of had if there if been a be that contribution pension I two I’m seeing And then of

intimately So related there in of on changing not would tax the being familiar were what in policy ahead something be finance but any conditionally that I prompted with I’m quarter front the of that action goes was the helpful? that and terms the curious just prompt just clarification

Donald Brown

look a pension and our than with really did our pointed we at pension was We have that forecast in an absolutely the of now did make plan contribution also thought years what as few as of that We had looking do opportunity the over the as a out we pension. contribution PBGC increasing interest that to already. about quick were plan. financed contributions it next earlier million rate well variable premium, the forecast. $XXX interest increasing lower-cost the a our you debt make rate de-risk We to No to forecast

about So going XX% funded we make we need forward. went on XX% will funded from contributions assuming assumed our to returns we to contributions hit that about expect our don't

metrics credit next million forward. so about of cash going flows and And years to over favorable $XX our the enhances few it’s certainly

future customers. So to the it’s our lower cost and ultimately plan from really an de-risk for have safe opportunity opportunistic contributions

Operator

from Your next Zhou line Avon of from comes the question Joe Advisors. Capital

Your is open. line

Andy Levi

Andy It's Levi.

the just stock did issue quarter in you Just in questions, quarter? how two the much

Joseph Hamrock

in XX.X shares the million quarter.

Andy Levi

Oh really, XX.X million shares, wow.

Joseph Hamrock

Including with our plan.

Andy Levi

No, quarter the understand you did so of on you’re what you stock saying? the I so that all third weight made

Donald Brown

right Donald wanted and the really price investors shares. take .So came a had Andy we about the average the XX.X this issued to couple and of shares we is of the million opportunity that had so that's in opportunity where about amount $XX.XX Yes, a we significant

able pricing we to the program the that out for us And was year. them good at for execute on and close a so were and that

Andy Levi

other question reform I tax a just question. the then follow-up had on And the

to offset make the what as we guess sure guess is, obviously what having interest plan but and growth I you're different offsets just was as and It some reform that deductibility of there again outlined and just like at sounds don't earnings I rate? saying altered. assuming I the rate. know timings your lower of of of can the a tax least most your kind So you you understood several the far you on very feel impact type

Donald Brown

we of that we to tax all reform plan say negative it to decisions I be would Well that that levers can't of to I could ultimately got risk, what like some mitigate don't looks is what all I if out exactly would plan and that that package impact. on we it offset our looks offset then the opine what so I so we've levers impact certainly like what and find have to make know would but of mitigate got can

Operator

line KeyBanc. the from Ridzon of comes from question next Your Paul

open. Your line is

Paul Ridzon

Donald around future pension your I what timing? had was contribution a follow-up commentary

Donald Brown

I’m expectation said we make I was make pension returns only any additional any assuming to additional So on pension. our that expected our investments wouldn't we that what contributions our

contributions. XX% if on now are place to our We at asset until returns about funded point make this not would in we future we expected hit we need the have

Operator

[Operator back like am Instructions] time. now to no turn CEO. I questions would showing I at to Joe conference further the this Hamrock,

Joseph Hamrock

Thank ongoing you for of in your for today again NiSource. Alex. all Thanks interest and participating support

into you and look EEI you a we next talking For those forward might there. bumping with be Have you of at great week, day. to who

Operator

a today's you and for have Thank participation concludes gentlemen, Ladies day. and your wonderful this conference.

may You all disconnect.

NiSource (NI) 1 Nov 172017 Q3 Earnings call transcript