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News

Tuesday, May 03, 2016
NiSource Reports First Quarter 2016 Earnings

 

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MERRILLVILLE, Ind., May 3, 2016 /PRNewswire/ -- NiSource Inc. (NYSE: NI) today announced net operating earnings from continuing operations (non-GAAP) of $190.8 million, or $0.60 per share, for the three months ended March 31, 2016, compared to $179.3 million, or $0.57 per share, for the same period in 2015. Operating earnings (non-GAAP) for the three months ended March 31, 2016 were $399.3 million, compared to $364.7 million, for the same period in 2015.

On a GAAP basis, NiSource reported income from continuing operations for the three months ended March 31, 2016 of $179.7 million, or $0.56 per share, compared with $192.5 million, or $0.61 per share, for the same period in 2015. Operating income was $381.4 million for the three months ended March 31, 2016, compared with $386.3 million for the same period in 2015. Schedules 1 and 2 of this news release contain a reconciliation of net operating earnings and operating earnings to GAAP net income and operating income, respectively.

"Our first quarter results reflect the strength of our regulated business strategy and sustained track record of delivering value to our customers through our investment programs," said NiSource President and CEO Joe Hamrock . "We're on track to execute on our robust capital investment plans and well positioned to deliver non-GAAP net operating earnings within our guidance range of $1.00 to $1.10 per share for the year."

First Quarter 2016 Highlights

NiSource continued to execute on its infrastructure investment strategy designed to improve safety, reliability and environmental performance for its customers and communities. The company also made key progress in several states on regulatory initiatives which support these infrastructure investments, along with enhanced employee training and customer programs. NiSource remains on track for sustained execution on the more than $30 billion of identified long-term regulated utility investments the company outlined in 2014.

Gas Distribution Operations

  • On March 18, 2016, Columbia Gas of Pennsylvania (CPA) filed a request with the Pennsylvania Public Utility Commission (PUC) to adjust its base rates in support of CPA's continued upgrades and replacement of its infrastructure, and to recover increases in the company's safety-related operating and maintenance costs. The rate request is based on CPA's infrastructure investments and programs which are designed to enhance pipeline safety. If approved as filed, the case would result in a $55 million annual revenue increase. A PUC order is expected by the end of 2016.
  • On April 20, 2016, the Public Utilities Commission of Ohio approved Columbia Gas of Ohio's (COH) annual infrastructure replacement rider. The rider provides for continued support of COH's well-established pipeline replacement program investments. This order authorizes $21 million in increased annual revenue related to 2015 infrastructure investments of approximately $185 million.
  • Northern Indiana Public Service Company (NIPSCO) continues to execute on its seven-year, approximately $800 million gas infrastructure modernization program to further improve system reliability and safety. On March 30, the Indiana Utility Regulatory Commission (IURC) approved the semi-annual tracker update that NIPSCO filed in August 2015, which covered approximately $74 million of investments through mid-2015. NIPSCO filed its latest semi-annual tracker update on Feb. 29, and that request remains pending with the IURC.
  • On April 29, 2016, Columbia Gas of Virginia (CVA) filed a request with the Virginia State Corporation Commission (SCC) to adjust its base rates to recover investments and other costs associated with the company's ongoing initiatives to improve the overall safety and reliability of its distribution system and to accommodate increasing demand for service. If approved as filed, the case would result in an annual revenue increase of $37 million. An SCC decision is expected by early next year.
  • On April 15, 2016, Columbia Gas of Maryland (CMD) filed a request with the Maryland Public Service Commission to adjust its base rates to support the continued replacement of aging pipe as well as adopt pipeline safety upgrades. If approved as filed, the case would result in an annual revenue increase of approximately $6.5 million. A commission order is expected by the end of 2016.
  • A decision on Columbia Gas of Massachusetts' (CMA) 2016 Gas System Enhancement Plan was issued by the Massachusetts Department of Public Utilities on April 29, 2016. This approval allows for recovery of investments of approximately $59 million through 2016 and an increase in annual revenues of approximately $8.2 million, which began on May 1, 2016.

Electric Operations

  • On March 24, 2016, NIPSCO reached a settlement agreement with the Indiana Office of Utility Consumer Counselor (OUCC), industrial customers, the LaPorte County Board of Commissioners, and the Indiana Municipal Utility Group on the company's seven-year electric infrastructure modernization plan. The settlement includes the recovery of more than $1.2 billion of investments and remains focused on electric transmission and distribution infrastructure investments designed to improve system safety and reliability. An IURC order on the settlement is anticipated in the third quarter of 2016.
  • On February 19, 2016, NIPSCO reached a collaborative agreement in its electric base rate case currently pending before the IURC. The settlement, which includes the OUCC, industrial customers, the Indiana Municipal Utility Group, and the United Steelworkers, provides a platform for NIPSCO's continued investments and service improvements for customers. The proposed settlement agreement would increase annual revenues by $72.5 million. An IURC order on the settlement is anticipated early in the third quarter of 2016.
  • NIPSCO's two major electric transmission projects remain on schedule with anticipated in-service dates in the second half of 2018. The 100-mile 345-kV and 65-mile 765-kV projects are designed to enhance region-wide system flexibility and reliability. Right-of-way acquisition, permitting and engineering are well under way for both projects.

Utility Leadership Team Advancing Growth Plans

In March, NiSource announced some organizational changes aimed at advancing the company's growth plans and enhancing performance across the organization.

Effective today, Pablo Vegas joined the company as executive vice president and president, Columbia Gas Group, for NiSource's Columbia Gas companies, which includes local gas distribution companies in Kentucky, Maryland, Massachusetts, Ohio, Pennsylvania and Virginia. He previously held a variety of senior executive positions in the regulated utility and consulting industries, including serving most recently as president and chief operating officer of American Electric Power (AEP) Ohio.

Vegas will have profit-and-loss responsibility for the six Columbia Gas companies, including leadership of state regulatory, customer and stakeholder performance. He is also responsible for customer service, billing and new business platforms for all seven NiSource companies.

Carl Levander , executive vice president and chief regulatory officer, will assume the role of executive vice president, regulatory policy and corporate affairs, which includes responsibility for policy, corporate communications, federal government affairs, regulatory strategy and human resources at NiSource.

"Building on our already strong leadership team, we continue to align our organization to capitalize on all of our strategic opportunities," Hamrock said. "These include executing on our well-established infrastructure investment plans, while at the same time looking at enhancements to our plan such as growing our customer base, improving service to our customers and leveraging common platforms."

2016 Guidance, Financial & Growth Commitments Reaffirmed

Hamrock reaffirmed that NiSource expects to deliver non-GAAP net operating earnings per share of $1.00 to $1.10 in 2016. NiSource also expects to make approximately $1.4 billion in planned infrastructure enhancement investments during the year. This 2016 earnings and investment guidance provides the starting point for NiSource's long-term annual earnings per share and dividend growth projections of 4-6 percent annually.

NiSource remains committed to maintaining solid, investment grade credit ratings. Standard & Poor's rates NiSource at BBB+, Moody's rates NiSource at Baa2, and Fitch rates NiSource at BBB- with a positive outlook. As of March 31, 2016, NiSource maintained over $1 billion in net available liquidity, consisting of cash and available capacity under its credit facilities.

First Quarter 2016 Operating Earnings - Segment Results (non-GAAP)

NiSource's consolidated operating earnings (non-GAAP) for the three months ended March 31, 2016, were $399.3 million, compared to $364.7 million for the same period in 2015. Refer to Schedule 2 for the items included in 2016 and 2015 GAAP operating income but excluded from operating earnings.

Operating earnings for NiSource's business segments for the three months ended March 31, 2016, are discussed below.

Gas Distribution Operations reported operating earnings of $330.2 million for the three months ended March 31, 2016, compared with operating earnings of $305.8 million for the prior year period. Net revenues, excluding the impact of trackers, increased by $34.7 million primarily attributable to increases in regulatory and service programs, including the impact of new rates at CMA and CPA, as well as the implementation of new rates under COH's approved infrastructure replacement program.

Operating expenses, excluding the impact of trackers, increased by $10.3 million due primarily to increased outside service costs and higher depreciation.

Electric Operations reported operating earnings of $72.2 million for the three months ended March 31, 2016, compared with operating earnings of $67.2 million for the prior year period. Net revenues, excluding the impact of trackers, increased by $0.2 million.

Operating expenses, excluding the impact of trackers, decreased by $4.8 million due primarily to lower generation expenses, decreased employee and administrative costs and lower environmental costs. These decreases were partially offset by higher outside service costs.

Corporate and Other Operations reported an operating earnings loss of $3.1 million for the three months ended March 31, 2016, compared with an operating earnings loss of $8.3 million for the three months ended March 31, 2015. This variance is driven primarily by lower employee and administrative costs.

Other Income (Deductions)

Other income (deductions) reduced income by $89.8 million for the three months ended March 31, 2016, compared to a reduction of income of $89.3 million in the prior year. This variance was primarily due to lower miscellaneous transmission upgrade agreement income, partially offset by decreased interest expense.

The effective tax rate of net operating earnings was 38.4 percent compared to 34.9 percent for the same period last year. The increase in the three month effective tax rate in 2016 versus 2015 is primarily due to the state apportionment benefits in 2015.

Regulation G Disclosure Statement

This press release includes financial results and guidance for NiSource with respect to net operating earnings and operating earnings, which are non-GAAP financial measures as defined by the SEC's Regulation G. The company includes such measures because management believes they permit investors to view the company's performance using the same tools that management uses and to better evaluate the Company's ongoing business performance. With respect to such guidance, it should be noted that there will likely be differences between such measures and GAAP equivalents due to various factors, including, but not limited to, fluctuations in weather, the impact of asset sales and impairments, separation-related costs, and certain income tax items. NiSource is not able to estimate the impact of such factors on GAAP earnings and, as such, is not providing earnings guidance on a GAAP basis.

About NiSource

NiSource Inc. (NYSE: NI) is one of the largest fully-regulated utility companies in the United States, serving approximately 3.5 million natural gas customers and 500,000 electric customers across seven states through its local Columbia Gas and NIPSCO brands. Based in Merrillville, Indiana, NiSource's more than 7,000 employees are focused on safely delivering reliable and affordable energy to our customers and communities we serve. NiSource has been designated a World's Most Ethical Company by the Ethisphere Institute since 2012 and is a member of the Dow Jones Sustainability - North America Index. Additional information about NiSource, its investments in modern infrastructure and systems, its commitments and its local brands can be found at www.nisource.com. Follow us at www.facebook.com/nisource, www.linkedin.com/company/nisource or www.twitter.com/nisourceinc. NI-F

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to various risks and uncertainties. Examples of forward-looking statements in this release include statements and expectations regarding NiSource's business, performance, infrastructure or utility investments and growth. Factors that could cause actual results to differ materially from the projections, forecasts, estimates, plans and expectations discussed in this release include, but are not limited to, NiSource's debt obligations; any changes in NiSource's credit rating; NiSource's ability to execute its growth strategy; changes in general economic, capital and commodity market conditions; pension funding obligations; economic regulation and the impact of regulatory rate reviews; compliance with environmental laws and the costs of associated liabilities; fluctuations in demand from residential and commercial customers; economic conditions of certain industries; the price of energy commodities and related transportation costs; the reliability of customers and suppliers to fulfill their payment and contractual obligations; potential impairments of goodwill or definite-lived intangible assets; changes in taxation and accounting principles; potential incidents and other operating risks associated with our business; the impact of an aging infrastructure; the impact of climate change; potential cyber-attacks; risks associated with construction and natural gas cost and supply; extreme weather conditions; the ability of subsidiaries to generate cash; uncertainties related to the expected benefits of the separation of CPG and other matters referenced in the "Risk Factors" section of NiSource's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and in other filings with the Securities and Exchange Commission. NiSource expressly disclaims any duty to update, supplement or amend any of its forward-looking statements contained in this release, whether as a result of new information, subsequent events or otherwise, except as required by applicable law.

 

 

NiSource Inc.

Consolidated Net Operating Earnings (Non-GAAP)

(unaudited)

               
               
               
         

Three Months Ended

         

March 31,

(in millions, except per share amounts)

       

2016

 

2015

Net Revenues

             

Gas Distribution

       

$     753.1

 

$ 1,061.3

Gas Transportation 

       

301.7

 

369.2

Electric

       

394.1

 

391.9

Other

       

4.9

 

7.6

Gross Revenues

       

1,453.8

 

1,830.0

Cost of Sales (excluding depreciation and amortization)

       

496.5

 

848.2

Total Net Revenues

       

957.3

 

981.8

Operating Expenses

             

Operation and maintenance

       

305.2

 

303.4

Operation and maintenance - trackers

       

48.7

 

105.4

Depreciation and amortization

       

127.5

 

123.9

Depreciation and amortization - trackers

       

5.3

 

1.1

Other taxes

       

48.2

 

53.2

Other taxes - trackers

       

23.1

 

30.1

Total Operating Expenses

       

558.0

 

617.1

Operating Earnings

       

399.3

 

364.7

Other Income (Deductions)

             

Interest expense, net

       

(90.5)

 

(92.8)

Other, net

       

0.7

 

3.5

Total Other Deductions

       

(89.8)

 

(89.3)

Operating Earnings From Continuing Operations

             

Before Income Taxes

       

309.5

 

275.4

Income Taxes

       

118.7

 

96.1

Net Operating Earnings from Continuing Operations

       

190.8

 

179.3

GAAP Adjustment

       

(11.1)

 

13.2

GAAP Income from Continuing Operations 

       

$     179.7

 

$    192.5

Basic Net Operating Earnings Per Share from Continuing Operations

       

$       0.60

 

$      0.57

GAAP Basic Earnings Per Share from Continuing Operations

       

$       0.56

 

$      0.61

Basic Average Common Shares Outstanding

       

320.3

 

316.6

 

 

NiSource Inc.

Segment Operating Earnings (Non-GAAP)

(unaudited)

               
               
               
               
         

Three Months Ended

Gas Distribution Operations

       

March 31

(in millions)

       

2016

 

2015

Net Revenues

             

Sales revenues

       

$           1,059.3

 

$           1,436.9

Less: Cost of gas sold

       

377.4

 

722.6

Net Revenues

       

681.9

 

714.3

Operating Expenses

             

Operation and maintenance

       

200.1

 

193.4

Operation and maintenance - trackers

       

38.3

 

98.4

Depreciation and amortization

       

61.2

 

56.1

Other taxes

       

29.0

 

30.5

Other taxes - trackers

       

23.1

 

30.1

Total Operating Expenses

       

351.7

 

408.5

Operating Earnings

       

$              330.2

 

$              305.8

GAAP Adjustment

       

(15.3)

 

19.4

GAAP Operating Income

       

$              314.9

 

$              325.2

               
               
               
         

Three Months Ended

Electric Operations

       

March 31

(in millions)

       

2016

 

2015

Net Revenues

             

Sales revenues 

       

$              394.2

 

$              393.0

Less: Cost of sales

       

119.1

 

125.7

Net Revenues

       

275.1

 

267.3

Operating Expenses

             

Operation and maintenance

       

109.5

 

113.2

Operation and maintenance - trackers

       

10.4

 

7.0

Depreciation and amortization

       

61.7

 

61.1

Depreciation and amortization - trackers

       

5.3

 

1.1

Other taxes

       

16.0

 

17.7

Total operating Expenses

       

202.9

 

200.1

Operating Earnings 

       

$                72.2

 

$                67.2

GAAP Adjustment

       

(1.9)

 

2.8

GAAP Operating Income

       

$                70.3

 

$                70.0

               
               
         

Three Months Ended

Corporate and Other Operations

       

March 31

(in millions)

       

2016

 

2015

Operating Earnings (Loss)

       

$                (3.1)

 

$                (8.3)

GAAP Adjustment

       

(0.7)

 

(0.6)

GAAP Operating Income (Loss)

       

$                (3.8)

 

$                (8.9)

 

 

NiSource Inc.

Segment Volumes and Statistical Data

               
               
               
               
         

Three Months Ended

         

March 31

Gas Distribution Operations

       

2016

 

2015

Sales and Transportation (MMDth)

             

Residential 

       

120.8

 

153.1

Commercial

       

71.6

 

88.7

Industrial

       

140.2

 

146.8

Off System

       

12.1

 

13.5

Other

       

(0.1)

 

Total

       

344.6

 

402.1

Weather Adjustment

       

20.8

 

(35.5)

Sales and Transportation Volumes - Excluding Weather

       

365.4

 

366.6

Heating Degree Days

       

2,612

 

3,404

Normal Heating Degree Days

       

2,924

 

2,892

% Colder (Warmer) than Normal

       

(11)%

 

18%

Customers

             

Residential 

       

3,128,567

 

3,111,880

Commercial

       

285,214

 

284,081

Industrial

       

7,569

 

7,641

Other

       

13

 

15

Total

       

3,421,363

 

3,403,617

               
               
               
         

Three Months Ended

         

March 31

Electric Operations 

       

2016

 

2015

Sales (Gigawatt Hours)

             

Residential

       

803.6

 

865.8

Commercial

       

911.9

 

940.0

Industrial

       

2,420.7

 

2,425.4

Wholesale

       

 

116.9

Other

       

34.5

 

34.6

Total

       

4,170.7

 

4,382.7

Weather Adjustment 

       

28.6

 

(42.2)

Sales Volumes - Excluding Weather

       

4,199.3

 

4,340.5

               

Electric Customers

             

Residential 

       

405,235

 

403,409

Commercial

       

55,170

 

54,695

Industrial

       

2,341

 

2,354

Wholesale

       

742

 

747

Other

       

 

5

Total

       

463,488

 

461,210

 

 

NiSource Inc.

Schedule 1 - Reconciliation of Net Operating Earnings to GAAP

               
               
               
               
         

Three Months Ended

         

March 31

(in millions, except per share amounts)

       

2016

 

2015

Net Operating Earnings from Continuing Operations 

       

$       190.8

 

$   179.3

Items excluded from operating earnings

             

Net Revenues:

             

Weather - compared to normal

       

(17.2)

 

22.2

Operating Expenses:

             

Transaction Costs

       

(0.8)

 

(0.3)

Gain (loss) on sale of assets and impairments, net

       

0.1

 

(0.3)

Total items excluded from operating earnings

       

(17.9)

 

21.6

Other Deductions:

             

Tax effect of above items 

       

6.8

 

(8.4)

Total items excluded from net operating earnings

       

(11.1)

 

13.2

GAAP Income from Continuing Operations

       

$       179.7

 

$   192.5

Basic Average Common Shares Outstanding

       

320.3

 

316.6

Basic Net Operating Earnings Per Share from Continuing Operations

       

$         0.60

 

$     0.57

Items excluded from net operating earnings (after-tax)

       

(0.04)

 

0.04

GAAP Basic Earnings Per Share from Continuing Operations

       

$         0.56

 

$     0.61

 

 

NiSource Inc.

Schedule 2 - Adjustments by Segment from Operating Earnings to GAAP

For the Quarter ended March 31,

               
               
               
               
               
 

Gas
Distribution

     

Corporate & Other

   

2016(in millions)

 

Electric

   

Total

Operating Earnings (Loss)

$           330.2

 

$         72.2

 

$         (3.1)

 

$       399.3

Net Revenues:

             

Weather - compared to normal

(15.3)

 

(1.9)

 

 

(17.2)

Total Impact - Net Revenues

(15.3)

 

(1.9)

 

 

(17.2)

Operating Expenses:

             

Transaction costs

 

 

(0.8)

 

(0.8)

Gain on sale of assets and impairments, net

 

 

0.1

 

0.1

Total Impact - Operating Expenses

 

 

(0.7)

 

(0.7)

Total Impact - Operating Loss

$            (15.3)

 

$         (1.9)

 

$         (0.7)

 

$       (17.9)

Operating Income (Loss) - GAAP

$           314.9

 

$         70.3

 

$         (3.8)

 

$       381.4

               
               
               
               
 

Gas
Distribution

     

Corporate & Other

   

2015(in millions)

 

Electric

   

Total

Operating Earnings (Loss)

$           305.8

 

$         67.2

 

$         (8.3)

 

$       364.7

Net Revenues:

             

Weather - compared to normal

19.4

 

2.8

 

 

22.2

Total Impact - Net Revenues

19.4

 

2.8

 

 

22.2

Operating Expenses:

             

Transaction costs

 

 

(0.3)

 

(0.3)

Loss on sale of assets 

 

 

(0.3)

 

(0.3)

Total Impact - Operating Expenses

 

 

(0.6)

 

(0.6)

Total Impact - Operating Income (Loss)

$             19.4

 

$           2.8

 

$         (0.6)

 

$         21.6

Operating Income (Loss) - GAAP

$           325.2

 

$         70.0

 

$         (8.9)

 

$       386.3

 

 

NiSource Inc.

Consolidated Income Statements (GAAP)

(unaudited)

               
               
               
         

Three Months Ended

         

March 31

(in millions, except per share amounts)

       

2016

 

2015

Net Revenues

             

Gas Distribution

       

$    737.8

 

$ 1,080.7

Gas Transportation 

       

301.7

 

369.2

Electric

       

392.2

 

394.7

Other

       

4.9

 

7.6

Gross Revenues

       

1,436.6

 

1,852.2

Cost of Sales (excluding depreciation and amortization)

       

496.5

 

848.2

  Total Net Revenues

       

940.1

 

1,004.0

Operating Expenses

             

Operation and maintenance

       

354.7

 

409.1

Depreciation and amortization

       

132.8

 

125.0

Loss (gain) on sale of assets and impairments, net

       

(0.1)

 

0.3

Other taxes

       

71.3

 

83.3

Total Operating Expenses

       

558.7

 

617.7

Operating Income

       

381.4

 

386.3

Other Income (Deductions)

             

Interest expense, net

       

(90.5)

 

(92.8)

Other, net

       

0.7

 

3.5

Total Other Deductions

       

(89.8)

 

(89.3)

Income from Continuing Operations before Income Taxes

       

291.6

 

297.0

Income Taxes

       

111.9

 

104.5

Income from Continuing Operations

       

179.7

 

192.5

Income (loss) from Discontinued Operations - net of taxes

       

 

82.8

Net Income

       

179.7

 

275.3

Less: Net income attributable to noncontrolling interest

       

 

6.9

Net Income attributable to NiSource

       

$    179.7

 

$    268.4

Amounts attributable to NiSource:

             

Income from continuing operations

       

$    179.7

 

$    192.5

Loss from discontinued operations  

       

 

75.9

Net Income attributable to NiSource

       

$    179.7

 

$    268.4

Basic Earnings Per Share

             

Continuing operations

       

$      0.56

 

$      0.61

Discontinued operations

       

 

0.24

Basic Earnings Per Share

       

$      0.56

 

$      0.85

Diluted Earnings Per Share

             

Continuing operations

       

$      0.56

 

$      0.61

Discontinued operations

       

 

0.24

Diluted Earnings Per Share

       

$      0.56

 

$      0.85

Dividends Declared Per Common Share

       

$      0.31

 

$      0.52

Basic Average Common Shares Outstanding

       

320.3

 

316.6

Diluted Average Common Shares

       

322.0

 

317.4

 

 

NiSource Inc.

Consolidated Balance Sheets (GAAP)

(unaudited)

       
       
       
 

March 31

 

December 31,

(in millions)

2016

 

2015

ASSETS

     

Property, Plant and Equipment

     

Utility plant

$         19,206.9

 

$         18,946.9

Accumulated depreciation and amortization

(6,957.3)

 

(6,853.4)

Net utility plant

12,249.6

 

12,093.5

Other property, at cost, less accumulated depreciation

17.6

 

18.0

Net Property, Plant and Equipment

12,267.2

 

12,111.5

Investments and Other Assets

     

Unconsolidated affiliates

6.7

 

6.9

Other investments

194.8

 

187.7

Total Investments and Other Assets

201.5

 

194.6

Current Assets

     

Cash and cash equivalents

23.7

 

15.5

Restricted cash

19.4

 

29.7

Accounts receivable (less reserve of $32.5 and $20.3, respectively)

647.9

 

660.0

Gas inventory

112.8

 

343.5

Material and supplies, at average cost

94.8

 

86.8

Electric production fuel, at average cost

110.8

 

106.3

Exchange gas receivable

26.4

 

21.0

Regulatory assets

226.1

 

206.9

Prepayments and other

133.5

 

107.5

Total Current Assets

1,395.4

 

1,577.2

Other Assets

     

Regulatory assets

1,600.7

 

1,599.8

Goodwill

1,690.7

 

1,690.7

Intangible assets

250.9

 

253.7

Deferred charges and other

65.0

 

65.0

Total Other Assets

3,607.3

 

3,609.2

Total Assets

$         17,471.4

 

$         17,492.5

 

 

NiSource Inc.

Consolidated Balance Sheets (GAAP) (continued)

(unaudited)

       
       
       
 

March 31

 

December 31,

(in millions, except share amounts)

2016

 

2015

CAPITALIZATION AND LIABILITIES

     

Capitalization

     

NiSource Common Stockholders' Equity

     

Common stock - $0.01 par value, 400,000,000 shares authorized; 321,360,285 and
319,110,083 shares outstanding, respectively

$                  3.2

 

$                  3.2

Additional paid-in capital

5,102.5

 

5,078.0

Retained deficit

(1,042.9)

 

(1,123.3)

Accumulated other comprehensive loss

(103.8)

 

(35.1)

Treasury stock

(86.7)

 

(79.3)

Total Common Stockholders' Equity

3,872.3

 

3,843.5

Long-term debt, excluding amounts due within one year

5,905.5

 

5,948.5

Total Capitalization

9,777.8

 

9,792.0

Current Liabilities

     

Current portion of long-term debt

263.8

 

433.7

Short-term borrowings

845.3

 

567.4

Accounts payable

392.7

 

433.4

Dividends payable

49.7

 

Customer deposits and credits

212.8

 

316.3

Taxes accrued

203.1

 

183.5

Interest accrued

72.2

 

129.0

Exchange gas payable

25.8

 

62.3

Deferred revenue

5.5

 

6.6

Regulatory liabilities

176.8

 

231.4

Accrued liability for postretirement and postemployment benefits

4.9

 

4.9

Legal and environmental

37.4

 

37.6

Accrued compensation and employee benefits 

102.8

 

136.4

Other accruals

103.1

 

115.0

Total Current Liabilities

2,495.9

 

2,657.5

Other Liabilities and Deferred Credits

     

Risk management liabilities

135.4

 

22.6

Deferred income taxes

2,426.9

 

2,365.3

Deferred investment tax credits

14.4

 

14.8

Deferred credits

91.2

 

90.7

Accrued liability for postretirement and postemployment benefits

754.1

 

759.7

Regulatory liabilities

1,334.2

 

1,350.4

Asset retirement obligations

253.1

 

254.0

Other noncurrent liabilities

188.4

 

185.5

Total Other Liabilities and Deferred Credits

5,197.7

 

5,043.0

Commitments and Contingencies

 

Total Capitalization and Liabilities

$         17,471.4

 

$         17,492.5

 

 

NiSource Inc.

Statements of Consolidated Cash Flows (GAAP)

(unaudited)

       
       
       
       

Three Months Ended March 31, (in millions)

2016

 

2015

  Operating Activities

     

  Net Income

$              179.7

 

$              275.3

  Adjustments to Reconcile Net Income to Net Cash from Continuing Operations:

     

Depreciation and amortization

132.8

 

125.0

Deferred income taxes and investment tax credits

102.0

 

89.9

Stock compensation expense and 401(k) profit sharing contribution

10.9

 

17.3

Income from discontinued operations - net of taxes

 

(82.8)

Amortization of discount/premium on debt

1.9

 

2.5

AFUDC equity

(2.4)

 

(2.6)

Other adjustments

(0.4)

 

0.6

  Changes in Assets and Liabilities:

     

Accounts receivable

11.2

 

(106.0)

Income tax receivable

0.9

 

(0.3)

Inventories

218.3

 

296.5

Accounts payable

(35.2)

 

(66.1)

Customer deposits and credits

(103.6)

 

(122.2)

Taxes accrued

25.6

 

29.2

Interest accrued

(56.8)

 

(59.3)

Exchange gas receivable/payable

(42.0)

 

(84.2)

Other accruals

(29.6)

 

(49.6)

Prepayments and other current assets

(26.7)

 

(22.3)

Regulatory assets/liabilities

(81.3)

 

208.6

Postretirement and postemployment benefits

(5.3)

 

(13.9)

Deferred credits

0.5

 

4.4

Deferred charges and other noncurrent assets

0.2

 

5.4

Other noncurrent liabilities

2.5

 

2.8

  Net Operating Activities from Continuing Operations

303.2

 

448.2

  Net Operating Activities from (used for) Discontinued Operations

(0.3)

 

156.2

  Net Cash Flows from Operating Activities

302.9

 

604.4

  Investing Activities

     

Capital expenditures

(301.0)

 

(243.5)

Cash contributions from CPG

 

500.0

Proceeds from disposition of assets

1.0

 

1.5

Restricted cash withdrawals 

10.3

 

3.3

Other investing activities

(25.6)

 

4.8

  Net Investing Activities from (used for) Continuing Operations 

(315.3)

 

266.1

  Net Investing Activities used for Discontinued Operations 

-

 

(154.9)

  Net Cash Flows from (used for) Investing Activities

(315.3)

 

111.2

  Financing Activities

     

Repayments of long-term debt and capital lease obligations

(204.3)

 

(8.0)

Premiums and other debt related costs

(0.3)

 

Change in short-term borrowings, net

277.9

 

(1,262.9)

Insurance of common stock

4.3

 

5.9

Acquisition of treasury stock

(7.4)

 

(20.0)

Dividends paid - common stock

(49.6)

 

(82.2)

  Net financing activities from (used for) Continuing Operations 

20.6

 

(1,367.2)

  Net financing activities from Discontinued Operations 

 

668.4

  Net Cash Flow from (used for) Financing Activities

20.6

 

(698.8)

  Change in cash and cash equivalents from continuing operations

8.5

 

(652.9)

  Change in cash and cash equivalents from (used for) discontinued operations

(0.3)

 

669.7

  Change in cash included in discontinued operations

 

(6.8)

  Cash and cash equivalents at beginning of period

15.5

 

24.9

  Cash and Cash Equivalents at End of Period

$                23.7

 

$                34.9

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nisource-reports-first-quarter-2016-earnings-300261498.html

SOURCE NiSource Inc.

 

 

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By News Desk, NiSource

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