Delaware
|
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35-2108964
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(State or other jurisdiction of
incorporation or organization)
|
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(I.R.S. Employer
Identification No.)
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801 East 86th Avenue
Merrillville, Indiana
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46410
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(Address of principal executive offices)
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(Zip Code)
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Page
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PART I
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FINANCIAL INFORMATION
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Item 1.
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Financial Statements - unaudited
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Item 2.
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Item 3.
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Item 4.
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PART II
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OTHER INFORMATION
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Item 1.
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Item 1A.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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DEFINED TERMS
The following is a list of frequently used abbreviations or acronyms that are found in this report:
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NiSource Subsidiaries and Affiliates
|
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Capital Markets
|
NiSource Capital Markets, Inc.
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CER
|
Columbia Energy Resources, Inc.
|
CEVCO
|
Columbia Energy Ventures, LLC
|
CGORC
|
Columbia Gas of Ohio Receivables Corporation
|
Columbia
|
Columbia Energy Group
|
Columbia Gulf
|
Columbia Gulf Transmission Company, LLC
|
Columbia Midstream
|
Columbia Midstream Group, LLC
|
Columbia of Kentucky
|
Columbia Gas of Kentucky, Inc.
|
Columbia of Maryland
|
Columbia Gas of Maryland, Inc.
|
Columbia of Massachusetts
|
Bay State Gas Company
|
Columbia of Ohio
|
Columbia Gas of Ohio, Inc.
|
Columbia OpCo
|
CPG OpCo LP
|
Columbia of Pennsylvania
|
Columbia Gas of Pennsylvania, Inc.
|
Columbia of Virginia
|
Columbia Gas of Virginia, Inc.
|
Columbia Transmission
|
Columbia Gas Transmission, LLC
|
CPG
|
Columbia Pipeline Group
|
CPPL
|
Columbia Pipeline Partners LP
|
CPRC
|
Columbia Gas of Pennsylvania Receivables Corporation
|
Crossroads Pipeline
|
Crossroads Pipeline Company
|
Hardy Storage
|
Hardy Storage Company, LLC
|
Millennium
|
Millennium Pipeline Company, L.L.C.
|
NARC
|
NIPSCO Accounts Receivable Corporation
|
NDC Douglas Properties
|
NDC Douglas Properties, Inc.
|
NIPSCO
|
Northern Indiana Public Service Company
|
NiSource
|
NiSource Inc.
|
NiSource Corporate Services
|
NiSource Corporate Services Company
|
NiSource Development Company
|
NiSource Development Company, Inc.
|
NiSource Finance
|
NiSource Finance Corp.
|
Pennant
|
Pennant Midstream, LLC
|
|
|
Abbreviations
|
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AFUDC
|
Allowance for funds used during construction
|
AOC
|
Administrative Order by Consent
|
AOCI
|
Accumulated Other Comprehensive Income (Loss)
|
ASU
|
Accounting Standards Update
|
BBA
|
British Banker Association
|
Bcf
|
Billion cubic feet
|
BNS
|
Bank of Nova Scotia
|
BTMU
|
The Bank of Tokyo-Mitsubishi UFJ, LTD.
|
BTU
|
British Thermal Unit
|
CAA
|
Clean Air Act
|
CAIR
|
Clean Air Interstate Rule
|
DEFINED TERMS (continued)
|
|
CAMR
|
Clean Air Mercury Rule
|
CCRs
|
Coal Combustion Residuals
|
CCRM
|
Capital Cost Recovery Mechanism
|
CERCLA
|
Comprehensive Environmental Response Compensation and Liability Act (also known as Superfund)
|
CO
2
|
Carbon Dioxide
|
DEP
|
Department of Environmental Protection
|
DIMP
|
Distribution Integrity Management Program
|
DPU
|
Department of Public Utilities
|
DSM
|
Demand Side Management
|
Dth
|
Dekatherm
|
Dth/d
|
Dekatherm per day
|
ECR
|
Environmental Cost Recovery
|
ECRM
|
Environmental Cost Recovery Mechanism
|
ECT
|
Environmental Cost Tracker
|
EERM
|
Environmental Expense Recovery Mechanism
|
EPA
|
United States Environmental Protection Agency
|
EPS
|
Earnings per share
|
FAC
|
Fuel adjustment clause
|
FASB
|
Financial Accounting Standards Board
|
FERC
|
Federal Energy Regulatory Commission
|
FGD
|
Flue Gas Desulfurization
|
FTRs
|
Financial Transmission Rights
|
GAAP
|
Generally Accepted Accounting Principles
|
GAF
|
Gas Adjustment Factor
|
GCIM
|
Gas Cost Incentive Mechanism
|
GCR
|
Gas cost recovery
|
GHG
|
Greenhouse gases
|
gwh
|
Gigawatt hours
|
Hilcorp
|
Hilcorp Energy Company
|
hp
|
Horsepower
|
IDEM
|
Indiana Department of Environmental Management
|
IPO
|
Initial Public Offering
|
INDIEC
|
Indiana Industrial Energy Consumers, Inc.
|
IRP
|
Infrastructure Replacement Program
|
IURC
|
Indiana Utility Regulatory Commission
|
kV
|
Kilovolt
|
LDAF
|
Local Distribution Adjustment Factor
|
LDCs
|
Local distribution companies
|
LIBOR
|
London InterBank Offered Rate
|
LIFO
|
Last-in, first-out
|
LNG
|
Liquefied Natural Gas
|
MATS
|
Mercury and Air Toxics Standards
|
Mcf
|
Thousand cubic feet
|
MMcf
|
Million cubic feet
|
DEFINED TERMS (continued)
|
|
MGP
|
Manufactured Gas Plant
|
MISO
|
Midcontinent Independent System Operator
|
Mizuho
|
Mizuho Corporate Bank Ltd.
|
MLP
|
Master Limited Partnership
|
MMDth
|
Million dekatherms
|
mw
|
Megawatts
|
mwh
|
Megawatt hours
|
NAAQS
|
National Ambient Air Quality Standards
|
NGL
|
Natural Gas Liquids
|
NOV
|
Notice of Violation
|
NO
2
|
Nitrogen dioxide
|
NOx
|
Nitrogen oxide
|
NYMEX
|
New York Mercantile Exchange
|
OCI
|
Other Comprehensive Income (Loss)
|
OPEB
|
Other Postretirement Benefits
|
OUCC
|
Indiana Office of Utility Consumer Counselor
|
PEF
|
Pension Expense Factor
|
Piedmont
|
Piedmont Natural Gas Company, Inc.
|
PM
|
Particulate matter
|
PNC
|
PNC Bank, N.A.
|
Proposed Separation
|
On September 28, 2014, NiSource announced that its Board of Directors had approved in principle plans to separate its natural gas pipeline and related businesses into a stand-alone publicly traded company.
|
PUC
|
Public Utility Commission
|
PUCO
|
Public Utilities Commission of Ohio
|
RA
|
Resource Adequacy
|
RAAF
|
Residential Assistance Adjustment Factor
|
RACT
|
Reasonably Available Control Technology
|
RBS
|
Royal Bank of Scotland, PLC
|
RTO
|
Regional Transmission Organization
|
SAVE
|
Steps to Advance Virginia’s Energy
|
SEC
|
Securities and Exchange Commission
|
SIP
|
State Implementation Plan
|
SO
2
|
Sulfur dioxide
|
TDSIC
|
Transmission, Distribution and Storage System Improvement Charge
|
TUAs
|
Transmission Upgrade Agreements
|
VIE
|
Variable Interest Entities
|
VSCC
|
Virginia State Corporation Commission
|
|
Three Months Ended
March 31, |
||||||
(in millions, except per share amounts)
|
2015
|
|
2014
|
||||
Net Revenues
|
|
|
|||||
Gas Distribution
|
$
|
1,080.7
|
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$
|
1,215.0
|
|
Gas Transportation and Storage
|
628.0
|
|
|
578.5
|
|
||
Electric
|
394.7
|
|
|
450.0
|
|
||
Other
|
46.3
|
|
|
77.0
|
|
||
Gross Revenues
|
2,149.7
|
|
|
2,320.5
|
|
||
Cost of Sales (excluding depreciation and amortization)
|
806.0
|
|
|
1,061.3
|
|
||
Total Net Revenues
|
1,343.7
|
|
|
1,259.2
|
|
||
Operating Expenses
|
|
|
|
||||
Operation and maintenance
|
574.1
|
|
|
501.2
|
|
||
Depreciation and amortization
|
157.5
|
|
|
148.7
|
|
||
Gain on sale of assets
|
(5.0
|
)
|
|
(15.7
|
)
|
||
Other taxes
|
102.4
|
|
|
101.1
|
|
||
Total Operating Expenses
|
829.0
|
|
|
735.3
|
|
||
Equity Earnings in Unconsolidated Affiliates
|
15.4
|
|
|
9.8
|
|
||
Operating Income
|
530.1
|
|
|
533.7
|
|
||
Other Income (Deductions)
|
|
|
|
||||
Interest expense, net
|
(111.0
|
)
|
|
(109.1
|
)
|
||
Other, net
|
7.1
|
|
|
4.5
|
|
||
Total Other Deductions
|
(103.9
|
)
|
|
(104.6
|
)
|
||
Income from Continuing Operations before Income Taxes
|
426.2
|
|
|
429.1
|
|
||
Income Taxes
|
150.9
|
|
|
162.7
|
|
||
Income from Continuing Operations
|
275.3
|
|
|
266.4
|
|
||
Loss from Discontinued Operations - net of taxes
|
—
|
|
|
(0.2
|
)
|
||
Net Income
|
275.3
|
|
|
266.2
|
|
||
Less: Net income attributable to noncontrolling interest
|
6.9
|
|
|
—
|
|
||
Net Income attributable to NiSource
|
$
|
268.4
|
|
|
$
|
266.2
|
|
Amounts attributable to NiSource:
|
|
|
|
||||
Income from continuing operations
|
$
|
268.4
|
|
|
$
|
266.4
|
|
Loss from discontinued operations
|
—
|
|
|
(0.2
|
)
|
||
Net Income attributable to NiSource
|
$
|
268.4
|
|
|
$
|
266.2
|
|
Basic Earnings Per Share
|
|
|
|
||||
Continuing operations
|
$
|
0.85
|
|
|
$
|
0.85
|
|
Discontinued operations
|
—
|
|
|
—
|
|
||
Basic Earnings Per Share
|
$
|
0.85
|
|
|
$
|
0.85
|
|
Diluted Earnings Per Share
|
|
|
|
||||
Continuing operations
|
$
|
0.85
|
|
|
$
|
0.85
|
|
Discontinued operations
|
—
|
|
|
—
|
|
||
Diluted Earnings Per Share
|
$
|
0.85
|
|
|
$
|
0.85
|
|
Dividends Declared Per Common Share
|
$
|
0.52
|
|
|
$
|
0.50
|
|
Basic Average Common Shares Outstanding
|
316.6
|
|
|
314.2
|
|
||
Diluted Average Common Shares
|
317.4
|
|
|
315.1
|
|
|
Three Months Ended
March 31, |
||||||
(in millions, net of taxes)
|
2015
|
|
2014
|
||||
Net Income
|
$
|
275.3
|
|
|
$
|
266.2
|
|
Other comprehensive income
|
|
|
|
||||
Net unrealized gain on available-for-sale securities
(1)
|
0.9
|
|
|
0.3
|
|
||
Net unrealized gain on cash flow hedges
(2)
|
0.9
|
|
|
0.6
|
|
||
Unrecognized pension and OPEB benefit
(3)
|
0.2
|
|
|
0.2
|
|
||
Total other comprehensive income
|
2.0
|
|
|
1.1
|
|
||
Comprehensive Income
|
$
|
277.3
|
|
|
$
|
267.3
|
|
Less: Comprehensive income attributable to noncontrolling interest
|
6.9
|
|
|
—
|
|
||
Comprehensive Income attributable to NiSource
|
$
|
270.4
|
|
|
$
|
267.3
|
|
NiSource Inc.
Condensed Consolidated Balance Sheets (unaudited)
|
|||||||
(in millions)
|
March 31,
2015 |
|
December 31,
2014 |
||||
ASSETS
|
|
|
|
||||
Property, Plant and Equipment
|
|
|
|
||||
Utility plant
|
$
|
25,593.9
|
|
|
$
|
25,234.8
|
|
Accumulated depreciation and amortization
|
(9,686.7
|
)
|
|
(9,578.6
|
)
|
||
Net utility plant
|
15,907.2
|
|
|
15,656.2
|
|
||
Other property, at cost, less accumulated depreciation
|
376.2
|
|
|
360.9
|
|
||
Net Property, Plant and Equipment
|
16,283.4
|
|
|
16,017.1
|
|
||
Investments and Other Assets
|
|
|
|
||||
Unconsolidated affiliates
|
447.9
|
|
|
452.6
|
|
||
Other investments
|
208.7
|
|
|
210.4
|
|
||
Total Investments and Other Assets
|
656.6
|
|
|
663.0
|
|
||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
42.0
|
|
|
25.4
|
|
||
Restricted cash
|
21.6
|
|
|
24.9
|
|
||
Accounts receivable (less reserve of $40.3 and $25.2, respectively)
|
1,152.0
|
|
|
1,070.1
|
|
||
Gas inventory
|
134.4
|
|
|
445.1
|
|
||
Underrecovered gas and fuel costs
|
25.5
|
|
|
32.0
|
|
||
Materials and supplies, at average cost
|
109.0
|
|
|
106.0
|
|
||
Electric production fuel, at average cost
|
75.5
|
|
|
64.8
|
|
||
Exchange gas receivable
|
77.0
|
|
|
63.1
|
|
||
Regulatory assets
|
159.5
|
|
|
193.5
|
|
||
Deferred income taxes
|
277.2
|
|
|
272.1
|
|
||
Prepayments and other
|
187.3
|
|
|
169.5
|
|
||
Total Current Assets
|
2,261.0
|
|
|
2,466.5
|
|
||
Other Assets
|
|
|
|
||||
Regulatory assets
|
1,683.2
|
|
|
1,696.4
|
|
||
Goodwill
|
3,666.2
|
|
|
3,666.2
|
|
||
Intangible assets
|
261.9
|
|
|
264.7
|
|
||
Deferred charges and other
|
86.6
|
|
|
92.4
|
|
||
Total Other Assets
|
5,697.9
|
|
|
5,719.7
|
|
||
Total Assets
|
$
|
24,898.9
|
|
|
$
|
24,866.3
|
|
NiSource Inc.
Condensed Consolidated Balance Sheets (unaudited) (continued)
|
|||||||
(in millions, except share amounts)
|
March 31,
2015 |
|
December 31,
2014 |
||||
CAPITALIZATION AND LIABILITIES
|
|
|
|
||||
Capitalization
|
|
|
|
||||
NiSource Common Stockholders’ Equity
|
|
|
|
||||
Common stock - $0.01 par value, 400,000,000 shares authorized; 317,281,405 and 316,037,421 shares outstanding, respectively
|
$
|
3.2
|
|
|
$
|
3.2
|
|
Additional paid-in capital
|
5,048.4
|
|
|
4,787.6
|
|
||
Retained earnings
|
1,597.5
|
|
|
1,494.0
|
|
||
Accumulated other comprehensive loss
|
(46.6
|
)
|
|
(50.6
|
)
|
||
Treasury stock
|
(79.0
|
)
|
|
(58.9
|
)
|
||
Total NiSource Common Stockholders’ Equity
|
6,523.5
|
|
|
6,175.3
|
|
||
Noncontrolling interest in consolidated subsidiaries
|
946.2
|
|
|
—
|
|
||
Total Equity
|
7,469.7
|
|
|
6,175.3
|
|
||
Long-term debt, excluding amounts due within one year
|
7,957.9
|
|
|
8,155.9
|
|
||
Total Capitalization
|
15,427.6
|
|
|
14,331.2
|
|
||
Current Liabilities
|
|
|
|
||||
Current portion of long-term debt
|
462.7
|
|
|
266.6
|
|
||
Short-term borrowings
|
314.0
|
|
|
1,576.9
|
|
||
Accounts payable
|
563.9
|
|
|
670.6
|
|
||
Dividends payable
|
82.4
|
|
|
—
|
|
||
Customer deposits and credits
|
172.6
|
|
|
294.3
|
|
||
Taxes accrued
|
287.1
|
|
|
266.7
|
|
||
Interest accrued
|
81.4
|
|
|
140.7
|
|
||
Overrecovered gas and fuel costs
|
172.3
|
|
|
45.6
|
|
||
Exchange gas payable
|
65.8
|
|
|
136.2
|
|
||
Deferred revenue
|
25.5
|
|
|
25.6
|
|
||
Regulatory liabilities
|
102.0
|
|
|
62.4
|
|
||
Accrued capital expenditures
|
80.3
|
|
|
61.1
|
|
||
Accrued liability for postretirement and postemployment benefits
|
5.9
|
|
|
5.9
|
|
||
Legal and environmental
|
25.4
|
|
|
24.2
|
|
||
Other accruals
|
317.1
|
|
|
378.1
|
|
||
Total Current Liabilities
|
2,758.4
|
|
|
3,954.9
|
|
||
Other Liabilities and Deferred Credits
|
|
|
|
||||
Deferred income taxes
|
3,803.5
|
|
|
3,661.6
|
|
||
Deferred investment tax credits
|
16.7
|
|
|
17.3
|
|
||
Deferred credits
|
105.5
|
|
|
101.1
|
|
||
Accrued liability for postretirement and postemployment benefits
|
653.7
|
|
|
675.9
|
|
||
Regulatory liabilities
|
1,678.6
|
|
|
1,673.8
|
|
||
Asset retirement obligations
|
160.9
|
|
|
159.4
|
|
||
Other noncurrent liabilities
|
294.0
|
|
|
291.1
|
|
||
Total Other Liabilities and Deferred Credits
|
6,712.9
|
|
|
6,580.2
|
|
||
Commitments and Contingencies (Refer to Note 16)
|
—
|
|
|
—
|
|
||
Total Capitalization and Liabilities
|
$
|
24,898.9
|
|
|
$
|
24,866.3
|
|
NiSource Inc.
Condensed Statements of Consolidated Cash Flows (unaudited)
|
|||||||
Three Months Ended March 31,
(in millions)
|
2015
|
|
2014
|
||||
Operating Activities
|
|
|
|
||||
Net Income
|
$
|
275.3
|
|
|
$
|
266.2
|
|
Adjustments to Reconcile Net Income to Net Cash from Continuing Operations:
|
|
|
|
||||
Depreciation and amortization
|
157.5
|
|
|
148.7
|
|
||
Net changes in price risk management assets and liabilities
|
(0.5
|
)
|
|
0.8
|
|
||
Deferred income taxes and investment tax credits
|
135.1
|
|
|
148.9
|
|
||
Deferred revenue
|
5.3
|
|
|
1.8
|
|
||
Stock compensation expense and 401(k) profit sharing contribution
|
19.4
|
|
|
13.9
|
|
||
Gain on sale of assets
|
(5.0
|
)
|
|
(15.7
|
)
|
||
Income from unconsolidated affiliates
|
(14.5
|
)
|
|
(9.6
|
)
|
||
Loss from discontinued operations - net of taxes
|
—
|
|
|
0.2
|
|
||
Amortization of debt related costs
|
2.5
|
|
|
2.4
|
|
||
AFUDC equity
|
(6.0
|
)
|
|
(4.0
|
)
|
||
Distributions of earnings received from equity investees
|
18.3
|
|
|
7.6
|
|
||
Changes in Assets and Liabilities
|
|
|
|
||||
Accounts receivable
|
(93.8
|
)
|
|
(265.1
|
)
|
||
Income tax receivable
|
—
|
|
|
0.9
|
|
||
Inventories
|
297.2
|
|
|
274.0
|
|
||
Accounts payable
|
(84.2
|
)
|
|
126.5
|
|
||
Customer deposits and credits
|
(121.7
|
)
|
|
(23.1
|
)
|
||
Taxes accrued
|
22.0
|
|
|
19.3
|
|
||
Interest accrued
|
(59.3
|
)
|
|
(61.1
|
)
|
||
Over (Under) recovered gas and fuel costs
|
133.2
|
|
|
(74.2
|
)
|
||
Exchange gas receivable/payable
|
(84.3
|
)
|
|
(134.2
|
)
|
||
Other accruals
|
(60.3
|
)
|
|
(30.1
|
)
|
||
Prepayments and other current assets
|
(16.2
|
)
|
|
4.5
|
|
||
Regulatory assets/liabilities
|
90.6
|
|
|
2.9
|
|
||
Postretirement and postemployment benefits
|
(21.6
|
)
|
|
(19.3
|
)
|
||
Deferred credits
|
5.8
|
|
|
8.4
|
|
||
Deferred charges and other noncurrent assets
|
5.2
|
|
|
(0.2
|
)
|
||
Other noncurrent liabilities
|
4.3
|
|
|
4.0
|
|
||
Net Operating Activities from Continuing Operations
|
604.3
|
|
|
394.4
|
|
||
Net Operating Activities from (used for) Discontinued Operations
|
—
|
|
|
(0.4
|
)
|
||
Net Cash Flows from Operating Activities
|
604.3
|
|
|
394.0
|
|
||
Investing Activities
|
|
|
|
||||
Capital expenditures
|
(407.5
|
)
|
|
(386.3
|
)
|
||
Proceeds from disposition of assets
|
11.7
|
|
|
5.3
|
|
||
Restricted cash withdrawals (deposits)
|
3.3
|
|
|
(2.9
|
)
|
||
Distributions from (contributions to) equity investees
|
1.2
|
|
|
(31.0
|
)
|
||
Other investing activities
|
2.4
|
|
|
7.0
|
|
||
Net Cash Flows used for Investing Activities
|
(388.9
|
)
|
|
(407.9
|
)
|
||
Financing Activities
|
|
|
|
||||
Issuance of common units of CPPL, net of issuance costs
|
1,168.4
|
|
|
—
|
|
||
Repayments of long-term debt and capital lease obligations
|
(8.0
|
)
|
|
(9.1
|
)
|
||
Change in short-term borrowings, net
|
(1,262.9
|
)
|
|
113.8
|
|
||
Issuance of common stock
|
5.9
|
|
|
8.9
|
|
||
Acquisition of treasury stock
|
(20.1
|
)
|
|
(10.0
|
)
|
||
Dividends paid - common stock
|
(82.1
|
)
|
|
(78.5
|
)
|
||
Net Cash Flows (used for) from Financing Activities
|
(198.8
|
)
|
|
25.1
|
|
||
Change in cash and cash equivalents from continuing operations
|
16.6
|
|
|
11.6
|
|
||
Change in cash and cash equivalents from (used for) discontinued operations
|
—
|
|
|
(0.4
|
)
|
||
Cash and cash equivalents at beginning of period
|
25.4
|
|
|
26.8
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
42.0
|
|
|
$
|
38.0
|
|
(in millions)
|
Common
Stock
|
|
Treasury
Stock
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income/(Loss)
|
|
Noncontrolling Interest in Consolidated Subsidiaries
|
|
Total
|
||||||||||||||
Balance as of January 1, 2015
|
$
|
3.2
|
|
|
$
|
(58.9
|
)
|
|
$
|
4,787.6
|
|
|
$
|
1,494.0
|
|
|
$
|
(50.6
|
)
|
|
$
|
—
|
|
|
$
|
6,175.3
|
|
Comprehensive Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
268.4
|
|
|
—
|
|
|
6.9
|
|
|
275.3
|
|
|||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.0
|
|
|
—
|
|
|
2.0
|
|
|||||||
Allocation of AOCI to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.0
|
|
|
(2.0
|
)
|
|
—
|
|
|||||||
Common stock dividends ($0.52 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(164.9
|
)
|
|
—
|
|
|
—
|
|
|
(164.9
|
)
|
|||||||
Treasury stock acquired
|
—
|
|
|
(20.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20.1
|
)
|
|||||||
Issued:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Common units of CPPL
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,168.4
|
|
|
1,168.4
|
|
|||||||
Employee stock purchase plan
|
—
|
|
|
—
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
|||||||
Long-term incentive plan
|
—
|
|
|
—
|
|
|
11.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.0
|
|
|||||||
401(k) and profit sharing issuance
|
—
|
|
|
—
|
|
|
19.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19.6
|
|
|||||||
Dividend reinvestment plan
|
—
|
|
|
—
|
|
|
1.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.9
|
|
|||||||
Sale of interest in Columbia OpCo to CPPL
(1)
|
—
|
|
|
—
|
|
|
227.1
|
|
|
—
|
|
|
—
|
|
|
(227.1
|
)
|
|
—
|
|
|||||||
Balance as of March 31, 2015
|
$
|
3.2
|
|
|
$
|
(79.0
|
)
|
|
$
|
5,048.4
|
|
|
$
|
1,597.5
|
|
|
$
|
(46.6
|
)
|
|
$
|
946.2
|
|
|
$
|
7,469.7
|
|
(in millions)
|
Three Months Ended March 31, 2015
|
|
Net income attributable to NiSource
|
268.4
|
|
Increase in NiSource's paid-in capital for the sale of 8.4% of Columbia OpCo
|
227.1
|
|
Change from net income attributable to NiSource and transfers to noncontrolling interest
|
495.5
|
|
|
Three Months Ended
March 31, |
||||
(in thousands)
|
2015
|
|
2014
|
||
Denominator
|
|
|
|
||
Basic average common shares outstanding
|
316,587
|
|
|
314,222
|
|
Dilutive potential common shares:
|
|
|
|
||
Stock options
|
—
|
|
|
59
|
|
Shares contingently issuable under employee stock plans
|
335
|
|
|
399
|
|
Shares restricted under stock plans
|
468
|
|
|
442
|
|
Diluted Average Common Shares
|
317,390
|
|
|
315,122
|
|
(in millions)
|
2015
|
|
2014
|
||||
Balance as of January 1,
|
$
|
159.4
|
|
|
$
|
174.4
|
|
Accretion expense
|
0.4
|
|
|
0.4
|
|
||
Accretion recorded as a regulatory asset/liability
|
1.9
|
|
|
2.1
|
|
||
Additions
|
—
|
|
|
0.1
|
|
||
Settlements
|
(0.7
|
)
|
|
(0.5
|
)
|
||
Change in estimated cash flows
|
(0.1
|
)
|
|
—
|
|
||
Balance as of March 31,
|
$
|
160.9
|
|
|
$
|
176.5
|
|
Recurring Fair Value Measurements
March 31, 2015
(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 March 31, 2015
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Price risk management assets:
|
|
|
|
|
|
|
|
||||||||
Commodity financial price risk programs
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.2
|
|
|
$
|
0.2
|
|
Available-for-sale securities
|
30.5
|
|
|
100.9
|
|
|
—
|
|
|
131.4
|
|
||||
Total
|
$
|
30.5
|
|
|
$
|
100.9
|
|
|
$
|
0.2
|
|
|
$
|
131.6
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Price risk management liabilities:
|
|
|
|
|
|
|
|
||||||||
Commodity financial price risk programs
|
$
|
9.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9.3
|
|
Total
|
$
|
9.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9.3
|
|
Recurring Fair Value Measurements
December 31, 2014 (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, 2014
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Price risk management assets:
|
|
|
|
|
|
|
|
||||||||
Commodity financial price risk programs
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
Available-for-sale securities
|
28.4
|
|
|
103.5
|
|
|
—
|
|
|
131.9
|
|
||||
Total
|
$
|
28.5
|
|
|
$
|
103.5
|
|
|
$
|
—
|
|
|
$
|
132.0
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Price risk management liabilities:
|
|
|
|
|
|
|
|
||||||||
Commodity financial price risk programs
|
$
|
14.2
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
14.3
|
|
Total
|
$
|
14.2
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
14.3
|
|
March 31, 2015
(in millions)
|
Amortized
Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair
Value
|
||||||||
Available-for-sale debt securities
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
$
|
32.5
|
|
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
33.1
|
|
Corporate/Other bonds
|
97.0
|
|
|
1.5
|
|
|
(0.2
|
)
|
|
98.3
|
|
||||
Total Available-for-sale debt securities
|
$
|
129.5
|
|
|
$
|
2.1
|
|
|
$
|
(0.2
|
)
|
|
$
|
131.4
|
|
December 31, 2014
(in millions)
|
Amortized
Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair
Value
|
||||||||
Available-for-sale debt securities
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
$
|
30.8
|
|
|
$
|
0.3
|
|
|
$
|
(0.2
|
)
|
|
$
|
30.9
|
|
Corporate/Other bonds
|
100.6
|
|
|
1.0
|
|
|
(0.6
|
)
|
|
101.0
|
|
||||
Total Available-for-sale debt securities
|
$
|
131.4
|
|
|
$
|
1.3
|
|
|
$
|
(0.8
|
)
|
|
$
|
131.9
|
|
|
|
(in millions)
|
Carrying
Amount as of
March 31, 2015
|
|
Estimated Fair
Value as of
March 31, 2015
|
|
Carrying
Amount as of
Dec. 31, 2014
|
|
Estimated Fair
Value as of
Dec. 31, 2014
|
||||||||
Long-term debt (including current portion)
|
$
|
8,420.6
|
|
|
$
|
9,637.7
|
|
|
$
|
8,422.5
|
|
|
$
|
9,505.7
|
|
(in millions)
|
March 31, 2015
|
|
December 31, 2014
|
||||
Gross Receivables
|
$
|
755.1
|
|
|
$
|
611.7
|
|
Less: Receivables not transferred
|
480.1
|
|
|
327.4
|
|
||
Net receivables transferred
|
$
|
275.0
|
|
|
$
|
284.3
|
|
Short-term debt due to asset securitization
|
$
|
275.0
|
|
|
$
|
284.3
|
|
|
Pension Benefits
|
|
Other Postretirement
Benefits
|
||||||||||||
Three Months Ended March 31,
(in millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Components of Net Periodic Benefit Cost
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
9.5
|
|
|
$
|
8.7
|
|
|
$
|
1.8
|
|
|
$
|
2.3
|
|
Interest cost
|
25.2
|
|
|
27.3
|
|
|
6.8
|
|
|
8.2
|
|
||||
Expected return on assets
|
(46.2
|
)
|
|
(45.3
|
)
|
|
(9.3
|
)
|
|
(9.1
|
)
|
||||
Amortization of prior service credit
|
(0.1
|
)
|
|
—
|
|
|
(1.4
|
)
|
|
(0.6
|
)
|
||||
Recognized actuarial loss
|
15.9
|
|
|
11.9
|
|
|
1.1
|
|
|
—
|
|
||||
Total Net Periodic Benefit Cost (Credit)
|
$
|
4.3
|
|
|
$
|
2.6
|
|
|
$
|
(1.0
|
)
|
|
$
|
0.8
|
|
|
|
|
|
|
|
|
|
(in millions)
|
March 31,
2015 |
|
December 31,
2014 |
||||
Commercial Paper weighted average interest rate of 0.96% and 0.82% at March 31, 2015 and December 31, 2014, respectively
|
$
|
39.0
|
|
|
$
|
792.6
|
|
Credit facilities borrowings weighted average interest rate of 1.44% at December 31, 2014
|
—
|
|
|
500.0
|
|
||
Accounts receivable securitization facility borrowings
|
275.0
|
|
|
284.3
|
|
||
Total Short-Term Borrowings
|
$
|
314.0
|
|
|
$
|
1,576.9
|
|
(in millions)
|
Total
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
After
|
||||||||||||||
Guarantees of subsidiaries debt
|
$
|
7,960.5
|
|
|
$
|
230.0
|
|
|
$
|
616.5
|
|
|
$
|
1,257.0
|
|
|
$
|
800.0
|
|
|
$
|
500.0
|
|
|
$
|
4,557.0
|
|
Accounts receivable securitization
|
275.0
|
|
|
275.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Lines of credit
|
39.0
|
|
|
39.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Letters of credit
|
30.9
|
|
|
30.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other guarantees
|
146.8
|
|
|
26.1
|
|
|
3.4
|
|
|
—
|
|
|
—
|
|
|
1.7
|
|
|
115.6
|
|
|||||||
Total commercial commitments
|
$
|
8,452.2
|
|
|
$
|
601.0
|
|
|
$
|
619.9
|
|
|
$
|
1,257.0
|
|
|
$
|
800.0
|
|
|
$
|
501.7
|
|
|
$
|
4,672.6
|
|
Three Months Ended March 31, 2015
(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, 2015
|
$
|
0.3
|
|
|
$
|
(23.6
|
)
|
|
$
|
(27.3
|
)
|
|
$
|
(50.6
|
)
|
Other comprehensive income before reclassifications
|
1.0
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
||||
Amounts reclassified from accumulated other comprehensive income
|
(0.1
|
)
|
|
0.9
|
|
|
0.2
|
|
|
1.0
|
|
||||
Net current-period other comprehensive income
|
0.9
|
|
|
0.9
|
|
|
0.2
|
|
|
2.0
|
|
||||
Allocation of AOCI to noncontrolling interest
|
$
|
—
|
|
|
$
|
2.0
|
|
|
$
|
—
|
|
|
$
|
2.0
|
|
Balance as of March 31, 2015
|
$
|
1.2
|
|
|
$
|
(20.7
|
)
|
|
$
|
(27.1
|
)
|
|
$
|
(46.6
|
)
|
|
|
|
|
|
|
|
|
||||||||
Three Months Ended March 31, 2014
(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, 2014
|
$
|
(0.3
|
)
|
|
$
|
(25.8
|
)
|
|
$
|
(17.5
|
)
|
|
$
|
(43.6
|
)
|
Other comprehensive income before reclassifications
|
0.5
|
|
|
0.1
|
|
|
—
|
|
|
0.6
|
|
||||
Amounts reclassified from accumulated other comprehensive income
|
(0.2
|
)
|
|
0.5
|
|
|
0.2
|
|
|
0.5
|
|
||||
Net current-period other comprehensive income
|
0.3
|
|
|
0.6
|
|
|
0.2
|
|
|
1.1
|
|
||||
Balance as of March 31, 2014
|
$
|
—
|
|
|
$
|
(25.2
|
)
|
|
$
|
(17.3
|
)
|
|
$
|
(42.5
|
)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
||||||
(in millions)
|
2015
|
|
2014
|
||||
Revenues
|
|
|
|
||||
Gas Distribution Operations
|
|
|
|
||||
Unaffiliated
|
$
|
1,456.2
|
|
|
$
|
1,565.4
|
|
Intersegment
|
0.1
|
|
|
0.2
|
|
||
Total
|
1,456.3
|
|
|
1,565.6
|
|
||
Columbia Pipeline Group Operations
|
|
|
|
||||
Unaffiliated
|
297.4
|
|
|
303.2
|
|
||
Intersegment
|
42.4
|
|
|
42.4
|
|
||
Total
|
339.8
|
|
|
345.6
|
|
||
Electric Operations
|
|
|
|
||||
Unaffiliated
|
395.6
|
|
|
450.2
|
|
||
Intersegment
|
0.2
|
|
|
0.2
|
|
||
Total
|
395.8
|
|
|
450.4
|
|
||
Corporate and Other
|
|
|
|
||||
Unaffiliated
|
0.5
|
|
|
1.7
|
|
||
Intersegment
|
129.9
|
|
|
126.8
|
|
||
Total
|
130.4
|
|
|
128.5
|
|
||
Eliminations
|
(172.6
|
)
|
|
(169.6
|
)
|
||
Consolidated Gross Revenues
|
$
|
2,149.7
|
|
|
$
|
2,320.5
|
|
Operating Income (Loss)
|
|
|
|
||||
Gas Distribution Operations
|
$
|
325.2
|
|
|
$
|
301.8
|
|
Columbia Pipeline Group Operations
|
163.0
|
|
|
158.9
|
|
||
Electric Operations
|
70.0
|
|
|
78.9
|
|
||
Corporate and Other
(1)
|
(28.1
|
)
|
|
(5.9
|
)
|
||
Consolidated Operating Income
|
$
|
530.1
|
|
|
$
|
533.7
|
|
|
Three Months Ended March 31,
|
||||||
(in millions)
|
2015
|
|
2014
|
||||
Supplemental Disclosures of Cash Flow Information
|
|
|
|
||||
Non-cash transactions:
|
|
|
|
||||
Capital expenditures included in current liabilities
|
$
|
189.3
|
|
|
$
|
131.4
|
|
Assets acquired under a capital lease
|
4.8
|
|
|
51.6
|
|
||
Schedule of interest and income taxes paid:
|
|
|
|
||||
Cash paid for interest, net of interest capitalized amounts
|
$
|
167.7
|
|
|
$
|
167.7
|
|
Cash paid for income taxes
|
4.3
|
|
|
6.8
|
|
•
|
Regulatory and service programs at Gas Distribution Operations increased net revenues by $33.2 million primarily due to the impacts of the rate cases at Columbia of Pennsylvania, Columbia of Virginia and Columbia of Massachusetts, as well as the implementation of rates under Columbia of Ohio's approved infrastructure replacement program. Refer to Note 7, “Regulatory Matters,” in the Notes to Consolidated Financial Statements included in NiSource's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 for more information.
|
•
|
Demand margin revenue increased by $30.7 million at Columbia Pipeline Group Operations primarily as a result of growth projects placed in service. Refer to the Columbia Pipeline Group Operations' segment discussion for further information on growth projects.
|
•
|
Outside service costs increased by $26.2 million primarily due to costs associated with the Proposed Separation.
|
•
|
Employee and administrative expense increased by $20.4 million due primarily to greater labor expense due to a growing workforce.
|
•
|
NIPSCO remains on schedule and on budget with its FGD unit at its Michigan City Generating Station. The approximately $264.8 million project is expected to be placed in service by the end of 2015 along with an additional $80 million in environmental investments at NIPSCO’s coal-fired generating facilities. These investments, supported with cost recovery, help improve air quality and ensure NIPSCO’s generation fleet remains in compliance with current environmental regulations. These investments also help ensure that NIPSCO can continue offering low-cost, reliable and efficient generating capacity for its customers.
|
•
|
Progress also continued on two major NIPSCO electric transmission projects designed to enhance system flexibility and reliability. The Greentown-Reynolds project is a 70-mile, 765-kV line being constructed in a joint development agreement with Pioneer Transmission, and the Reynolds-Topeka project is a 100-mile, 345-kV line. Right-of-way acquisition and permitting are under way for both projects and construction has begun on the Reynolds-Topeka line. The projects involve a NIPSCO investment of approximately $500 million and are anticipated to be in service by the end of 2018.
|
•
|
On March 19, 2015, Columbia of Pennsylvania filed a base rate case with the Pennsylvania PUC to support continuation of Columbia of Pennsylvania’s infrastructure modernization and safety programs. If approved as filed, the case would increase annual revenues by $46.2 million. New rates are expected to go into effect during the fourth quarter of 2015.
|
•
|
On April 16, 2015, Columbia of Massachusetts filed a base rate case with the Massachusetts DPU. The case, which seeks increased annual revenues of approximately $49.0 million, is designed to support the company's continued focus on providing safe and reliable service in compliance with increasing state and federal regulations and oversight and recovery of associated increased operations and maintenance costs. An order in the proceeding is expected on February 29, 2016 with new rates effective March 1, 2016.
|
•
|
Columbia of Virginia’s base rate case remains pending with the VSCC. The case is expected to provide a base rate increase of $25.2 million, including recovery of pipeline safety program costs.
|
•
|
In January 2015, Columbia Pipeline Group Operations commenced the third year of the Columbia Transmission long-term system modernization program. The Columbia Pipeline Group Operations segment expects to invest approximately $300 million in modernization investments during 2015. Recovery of approximately $320 million of investments made in 2014 began on February 1, 2015. A settlement with the company's customers, approved in early 2013, addresses the initial five years of an expected 10 to 15 year program that is expected to exceed $4 billion in investment.
|
•
|
Columbia Pipeline Group Operations segment’s East Side Expansion project will be placed in service in the fourth quarter of 2015. The $275 million project will provide up to 312,000 Dth/d of additional capacity for Marcellus Shale supplies to reach growing and capacity constrained northeastern and mid-Atlantic markets.
|
•
|
Progress continues on several other major growth projects, including Columbia Pipeline Group Operations' approximately $1.8 billion combined investment in the Leach and Rayne XPress projects, the approximate $850 million WB XPress project, the $310 million Cameron Access project, the $50 million Utica Access project, the $33 million Chesapeake LNG project, and the $24 million Kentucky Power Plant project. Together these projects will entail approximately 4 billion cubic feet of new capacity commitments across the Columbia Pipeline Group Operations' system, including access to LNG export facilities in Louisiana and Maryland.
|
•
|
NiSource Midstream also is on budget and schedule with the first phase of its $120 million Washington County Gathering project and its approximately $65 million Big Pine Expansion project. Both are expected to be in service in the third quarter of 2015.
|
•
|
Gas Distribution Operations’ net revenues increased due primarily to an increase in regulatory and tax trackers, which are offset in expense, of $50.6 million and an increase of $33.2 million for regulatory and service programs, including the impacts of rate cases at Columbia of Pennsylvania, Columbia of Virginia and Columbia of Massachusetts, as well as the implementation of rates under Columbia of Ohio's approved infrastructure replacement program. Additionally, there was higher revenue of $5.3 million resulting from the prior year reduction in revenue from NIPSCO's GCIM.
|
•
|
Columbia Pipeline Group Operations’ net revenues decreased due primarily to lower regulatory trackers, which are offset in expense, of $27.4 million and other miscellaneous decreases of $9.1 million. These decreases were partially offset by increased demand margin revenue of $30.7 million as a result of growth projects placed in service and new firm contracts.
|
|
Three Months Ended
March 31, |
||||||
(in millions)
|
2015
|
|
2014
|
||||
Net Revenues
|
|
|
|
||||
Sales revenues
|
$
|
1,456.3
|
|
|
$
|
1,565.6
|
|
Less: Cost of gas sold (excluding depreciation and amortization)
|
722.6
|
|
|
923.0
|
|
||
Net Revenues
|
733.7
|
|
|
642.6
|
|
||
Operating Expenses
|
|
|
|
||||
Operation and maintenance
|
291.8
|
|
|
228.8
|
|
||
Depreciation and amortization
|
56.1
|
|
|
52.2
|
|
||
Other taxes
|
60.6
|
|
|
59.8
|
|
||
Total Operating Expenses
|
408.5
|
|
|
340.8
|
|
||
Operating Income
|
$
|
325.2
|
|
|
$
|
301.8
|
|
Revenues ($ in millions)
|
|
|
|
||||
Residential
|
$
|
1,014.9
|
|
|
$
|
1,005.8
|
|
Commercial
|
369.4
|
|
|
366.3
|
|
||
Industrial
|
88.0
|
|
|
84.3
|
|
||
Off System
|
38.8
|
|
|
71.9
|
|
||
Other
|
(54.8
|
)
|
|
37.3
|
|
||
Total
|
$
|
1,456.3
|
|
|
$
|
1,565.6
|
|
Sales and Transportation (MMDth)
|
|
|
|
||||
Residential
|
153.1
|
|
|
156.5
|
|
||
Commercial
|
88.7
|
|
|
90.1
|
|
||
Industrial
|
146.8
|
|
|
136.8
|
|
||
Off System
|
13.5
|
|
|
14.3
|
|
||
Other
|
—
|
|
|
0.2
|
|
||
Total
|
402.1
|
|
|
397.9
|
|
||
Heating Degree Days
|
3,404
|
|
|
3,437
|
|
||
Normal Heating Degree Days
|
2,892
|
|
|
2,892
|
|
||
% Colder than Normal
|
18
|
%
|
|
19
|
%
|
||
Customers
|
|
|
|
||||
Residential
|
3,111,880
|
|
|
3,094,353
|
|
||
Commercial
|
284,081
|
|
|
283,000
|
|
||
Industrial
|
7,641
|
|
|
7,570
|
|
||
Other
|
15
|
|
|
20
|
|
||
Total
|
3,403,617
|
|
|
3,384,943
|
|
|
Three Months Ended
March 31, |
||||||
(in millions)
|
2015
|
|
2014
|
||||
Net Revenues
|
|
|
|
||||
Transportation revenues
|
$
|
251.1
|
|
|
$
|
222.3
|
|
Storage revenues
|
50.0
|
|
|
49.9
|
|
||
Other revenues
|
38.7
|
|
|
73.4
|
|
||
Total Sales Revenues
|
339.8
|
|
|
345.6
|
|
||
Less: Cost of sales (excluding depreciation and amortization)
|
0.1
|
|
|
0.1
|
|
||
Net Revenues
|
339.7
|
|
|
345.5
|
|
||
Operating Expenses
|
|
|
|
||||
Operation and maintenance
|
145.8
|
|
|
165.7
|
|
||
Depreciation and amortization
|
32.5
|
|
|
29.7
|
|
||
Gain on sale of assets
|
(5.3
|
)
|
|
(17.5
|
)
|
||
Other taxes
|
19.1
|
|
|
18.5
|
|
||
Total Operating Expenses
|
192.1
|
|
|
196.4
|
|
||
Equity Earnings in Unconsolidated Affiliates
|
15.4
|
|
|
9.8
|
|
||
Operating Income
|
$
|
163.0
|
|
|
$
|
158.9
|
|
Throughput (MMDth)
|
|
|
|
||||
Columbia Transmission
|
497.3
|
|
|
459.5
|
|
||
Columbia Gulf
|
145.7
|
|
|
184.9
|
|
||
Crossroads Pipeline
|
5.1
|
|
|
5.7
|
|
||
Intrasegment eliminations
|
(28.7
|
)
|
|
(61.6
|
)
|
||
Total
|
619.4
|
|
|
588.5
|
|
|
Three Months Ended
March 31, |
||||||
(in millions)
|
2015
|
|
2014
|
||||
Net Revenues
|
|
|
|
||||
Sales revenues
|
$
|
395.8
|
|
|
$
|
450.4
|
|
Less: Cost of sales (excluding depreciation and amortization)
|
125.7
|
|
|
180.4
|
|
||
Net Revenues
|
270.1
|
|
|
270.0
|
|
||
Operating Expenses
|
|
|
|
||||
Operation and maintenance
|
120.2
|
|
|
112.5
|
|
||
Depreciation and amortization
|
62.2
|
|
|
60.4
|
|
||
Other taxes
|
17.7
|
|
|
18.2
|
|
||
Total Operating Expenses
|
200.1
|
|
|
191.1
|
|
||
Operating Income
|
$
|
70.0
|
|
|
$
|
78.9
|
|
Revenues ($ in millions)
|
|
|
|
||||
Residential
|
$
|
113.6
|
|
|
$
|
113.2
|
|
Commercial
|
110.5
|
|
|
106.2
|
|
||
Industrial
|
175.0
|
|
|
179.7
|
|
||
Wholesale
|
6.3
|
|
|
21.4
|
|
||
Other
|
(9.6
|
)
|
|
29.9
|
|
||
Total
|
$
|
395.8
|
|
|
$
|
450.4
|
|
Sales (Gigawatt Hours)
|
|
|
|
||||
Residential
|
865.8
|
|
|
896.2
|
|
||
Commercial
|
940.0
|
|
|
935.5
|
|
||
Industrial
|
2,425.4
|
|
|
2,607.1
|
|
||
Wholesale
|
116.9
|
|
|
311.8
|
|
||
Other
|
34.6
|
|
|
33.4
|
|
||
Total
|
4,382.7
|
|
|
4,784.0
|
|
||
Electric Customers
|
|
|
|
||||
Residential
|
403,409
|
|
|
402,676
|
|
||
Commercial
|
54,695
|
|
|
54,378
|
|
||
Industrial
|
2,354
|
|
|
2,370
|
|
||
Wholesale
|
747
|
|
|
724
|
|
||
Other
|
5
|
|
|
5
|
|
||
Total
|
461,210
|
|
|
460,153
|
|
(10.1)
|
Letter Agreement between NiSource Inc. and Donald Brown dated March 17, 2015. **
|
|
|
(31.1)
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. **
|
|
|
(31.2)
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. **
|
|
|
(32.1)
|
Certification of Chief Executive Officer pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). **
|
|
|
(32.2)
|
Certification of Chief Financial Officer pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). **
|
|
|
(101.INS)
|
XBRL Instance Document
|
|
|
(101.SCH)
|
XBRL Schema Document
|
|
|
(101.CAL)
|
XBRL Calculation Linkbase Document
|
|
|
(101.LAB)
|
XBRL Labels Linkbase Document
|
|
|
(101.PRE)
|
XBRL Presentation Linkbase Document
|
|
|
(101.DEF)
|
XBRL Definition Linkbase Document
|
**
|
Exhibit filed herewith.
|
|
|
|
NiSource Inc.
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
Date:
|
April 30, 2015
|
By:
|
/s/ Joseph W. Mulpas
|
|
|
|
|
Joseph W. Mulpas
|
|
|
|
|
Vice President and Chief Accounting Officer
(Principal Accounting Officer
and Duly Authorized Officer)
|
|
|
|
|
Sincerely,
|
|
|
|
|
|
|
|
|
|
/s/ Robert D. Campbell
|
|
|
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Robert D. Campbell
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Sr. Vice President
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Human Resources
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/s/ Donald Brown
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3/17/2015
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Donald Brown
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Date
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1.
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I have reviewed this Quarterly Report of NiSource Inc. on Form 10-Q for the quarter ended
March 31, 2015
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a.
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b.
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c.
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d.
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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a.
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b.
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date:
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April 30, 2015
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By:
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/s/ Robert C. Skaggs, Jr.
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Robert C. Skaggs, Jr.
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Chief Executive Officer
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1.
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I have reviewed this Quarterly Report of NiSource Inc. on Form 10-Q for the quarter ended
March 31, 2015
;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a.
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b.
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c.
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d.
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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a.
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b.
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date:
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April 30, 2015
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By:
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/s/ Stephen P. Smith
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Stephen P. Smith
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Executive Vice President and Chief Financial Officer
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(1)
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The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
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/s/ Robert C. Skaggs, Jr.
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Robert C. Skaggs, Jr.
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Chief Executive Officer
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Date:
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April 30, 2015
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(1)
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The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
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/s/ Stephen P. Smith
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Stephen P. Smith
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Executive Vice President and Chief Financial Officer
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Date:
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April 30, 2015
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