Segment and Financial Information Third Quarter 2021
Supplement to NiSource Third Quarter 2021
Earnings Presentation
NiSource Inc.
Consolidated Income Statements (GAAP)
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
(in millions, except per share amounts) | 2021 | 2020 | 2021 | 2020 | ||||
Operating Revenues | ||||||||
Customer revenues | $ | 918.8 | $ | 861.5 | $ | 3,377.7 | $ | 3,320.1 |
Other revenues | 40.6 | 41.0 | 113.3 | 150.6 | ||||
Total Operating Revenues | 959.4 | 902.5 | 3,491.0 | 3,470.7 | ||||
Operating Expenses | ||||||||
Cost of energy | 208.3 | 143.1 | 913.4 | 793.9 | ||||
Operation and maintenance | 351.1 | 379.9 | 1,075.4 | 1,177.6 | ||||
Depreciation and amortization | 188.9 | 180.6 | 560.2 | 542.4 | ||||
Loss (gain) on sale of assets, net | (1.1) | 35.9 | 6.9 | 399.8 | ||||
Other taxes | 65.1 | 70.2 | 212.6 | 224.3 | ||||
Total Operating Expenses | 812.3 | 809.7 | 2,768.5 | 3,138.0 | ||||
Operating Income | 147.1 | 92.8 | 722.5 | 332.7 | ||||
Other Income (Deductions) | ||||||||
Interest expense, net | (84.4) | (95.2) | (253.5) | (285.1) | ||||
Other, net | 14.3 | 8.0 | 37.2 | 19.9 | ||||
Loss on early extinguishment of long-term debt | - | (243.4) | - | (243.4) | ||||
Total Other Deductions, Net | (70.1) | (330.6) | (216.3) | (508.6) | ||||
Income (Loss) before Income Taxes | 77.0 | (237.8) | 506.2 | (175.9) | ||||
Income Taxes | 14.8 | (64.9) | 90.6 | (73.9) | ||||
Net Income (Loss) | 62.2 | (172.9) | 415.6 | (102.0) | ||||
Net loss attributable to noncontrolling interest | (1.0) | - | (3.4) | - | ||||
Net Income (Loss) Attributable to NiSource | 63.2 | (172.9) | 419.0 | (102.0) | ||||
Preferred dividends | (13.8) | (13.8) | (41.4) | (41.4) | ||||
Net Income (Loss) Available to Common Shareholders | 49.4 | (186.7) | 377.6 | (143.4) | ||||
Earnings (Loss) Per Share | ||||||||
Basic Earnings (Loss) Per Share | $ | 0.13 | $ | (0.49) | $ | 0.96 | $ | (0.37) |
Diluted Earnings (Loss) Per Share | $ | 0.12 | $ | (0.49) | $ | 0.91 | $ | (0.37) |
Basic Average Common Shares Outstanding | 393.2 | 383.8 | 392.9 | 383.5 | ||||
Diluted Average Common Shares | 430.3 | 383.8 | 415.8 | 383.5 |
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NiSource Inc.
Consolidated Balance Sheets (GAAP)
(in millions) | September 30, | December 31, | |||
2021 | 2020 | ||||
ASSETS | |||||
Property, Plant and Equipment | |||||
Plant | $ | 25,438.2 | $ | 24,179.9 | |
Accumulated depreciation and amortization | (7,917.1) | (7,560.4) | |||
Net Property, Plant and Equipment(1) | 17,521.1 | 16,619.5 | |||
Investments and Other Assets | |||||
Available-for-sale debt securities (amortized cost of $164.6 and $163.9, allowance | 168.9 | 170.9 | |||
for credit losses of $0.2 and $0.5, respectively) | |||||
Other investments | 84.4 | 81.1 | |||
Total Investments and Other Assets | 253.3 | 252.0 | |||
Current Assets | |||||
Cash and cash equivalents | 38.5 | 116.5 | |||
Restricted cash | 17.8 | 9.1 | |||
Accounts receivable | 555.1 | 843.6 | |||
Allowance for credit losses | (28.3) | (52.3) | |||
Accounts receivable, net | 526.8 | 791.3 | |||
Gas inventory | 311.1 | 191.2 | |||
Materials and supplies, at average cost | 137.1 | 141.5 | |||
Electric production fuel, at average cost | 23.2 | 68.4 | |||
Exchange gas receivable | 59.1 | 34.1 | |||
Regulatory assets | 198.5 | 135.7 | |||
Prepayments and other | 159.3 | 171.6 | |||
Total Current Assets(1) | 1,471.4 | 1,659.4 | |||
Other Assets | |||||
Regulatory assets | 1,755.4 | 1,794.8 | |||
Goodwill | 1,485.9 | 1,485.9 | |||
Deferred charges and other | 291.5 | 228.9 | |||
Total Other Assets(1) | 3,532.8 | 3,509.6 | |||
Total Assets | $ | 22,778.6 | $ | 22,040.5 |
(1)Includes $171.6 million and $175.6 million of net property, plant and equipment assets and $5.3 million and $1.7 million of current assets of a consolidated VIE as of September 30, 2021 and December 31, 2020 that may be used only to settle obligations of the consolidated VIE.
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NiSource Inc.
Consolidated Balance Sheets (GAAP) (continued)
(in millions, except share amounts) | September 30, | December 31, | ||
2021 | 2020 | |||
CAPITALIZATION AND LIABILITIES | ||||
Capitalization | ||||
Stockholders' Equity | ||||
Common stock - $0.01 par value, 600,000,000 shares authorized; 392,628,625 and | ||||
391,760,051 shares outstanding, respectively | $ | 3.9 | $ | 3.9 |
Preferred stock - $0.01 par value, 20,000,000 shares authorized; 1,302,500 and | ||||
440,000 shares outstanding, respectively | 1,719.8 | 880.0 | ||
Treasury stock | (99.9) | (99.9) | ||
Additional paid-in capital | 6,735.3 | 6,890.1 | ||
Retained deficit | (1,746.8) | (1,765.2) | ||
Accumulated other comprehensive loss | (117.4) | (156.7) | ||
Total NiSource Stockholders' Equity | 6,494.9 | 5,752.2 | ||
Noncontrolling interest in consolidated subsidiaries | 89.2 | 85.6 | ||
Total Stockholders' Equity | 6,584.1 | 5,837.8 | ||
Long-term debt, excluding amounts due within one year | 9,188.2 | 9,219.8 | ||
Total Capitalization | 15,772.3 | 15,057.6 | ||
Current Liabilities | ||||
Current portion of long-term debt | 55.7 | 23.3 | ||
Short-term borrowings | 380.0 | 503.0 | ||
Accounts payable | 487.2 | 589.0 | ||
Dividends payable - common stock | 86.4 | - | ||
Dividends payable - preferred stock | 19.4 | - | ||
Customer deposits and credits | 232.5 | 243.3 | ||
Taxes accrued | 199.6 | 244.1 | ||
Interest accrued | 94.1 | 104.7 | ||
Exchange gas payable | 73.2 | 48.5 | ||
Regulatory liabilities | 173.2 | 161.3 | ||
Accrued compensation and employee benefits | 178.4 | 141.8 | ||
Other accruals | 266.9 | 220.4 | ||
Total Current Liabilities | 2,246.6 | 2,279.4 | ||
Other Liabilities | ||||
Deferred income taxes | 1,620.8 | 1,470.6 | ||
Accrued liability for postretirement and postemployment benefits | 308.8 | 336.1 | ||
Regulatory liabilities | 1,874.8 | 1,904.2 | ||
Asset retirement obligations | 427.9 | 477.1 | ||
Other noncurrent liabilities | 527.4 | 515.5 | ||
Total Other Liabilities | 4,759.7 | 4,703.5 | ||
Commitments and Contingencies | - | - | ||
Total Capitalization and Liabilities | $ | 22,778.6 | $ | 22,040.5 |
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NiSource Inc.
Statements of Consolidated Cash Flows (GAAP)
Nine Months Ended September 30, (in millions) | 2021 | 2020 | ||
Operating Activities | ||||
Net Income (Loss) | $ | 415.6 | $ | (102.0) |
Adjustments to Reconcile Net Income (Loss) to Net Cash from Operating | ||||
Loss on early extinguishment of debt | - | 243.4 | ||
Depreciation and amortization | 560.2 | 542.4 | ||
Deferred income taxes and investment tax credits | 89.0 | (70.8) | ||
Loss on sale of assets | 6.4 | 399.4 | ||
Other adjustments | 17.3 | 14.1 | ||
Changes in Assets and Liabilities: | ||||
Components of working capital | (154.4) | (148.6) | ||
Regulatory assets/liabilities | 54.8 | 9.9 | ||
Other noncurrent liabilities | (49.6) | (29.2) | ||
Net Cash Flows from Operating Activities | 939.3 | 858.6 | ||
Investing Activities | ||||
Capital expenditures | (1,292.8) | (1,292.2) | ||
Cost of removal | (94.0) | (102.1) | ||
Payment to renewable generation asset developer | (7.4) | - | ||
Other investing activities | - | (5.6) | ||
Net Cash Flows used for Investing Activities | (1,394.2) | (1,399.9) | ||
Financing Activities | ||||
Proceeds from issuance of long-term debt | - | 2,974.0 | ||
Repayments of long-term debt and finance lease obligations | (18.7) | (1,616.4) | ||
Issuance of short-term debt (maturity > 90 days) | - | 1,350.0 | ||
Repayment of short-term debt (maturity > 90 days) | - | (1,350.0) | ||
Change in short-term borrowings, net (maturity ≤ 90 days) | (123.0) | (385.0) | ||
Issuance of common stock, net of issuance costs | 8.8 | 11.2 | ||
Equity costs, premiums and other debt related costs | (9.7) | (246.5) | ||
Contributions from non-controlling interest, net of distributions | 7.0 | - | ||
Issuance of equity units, net of underwriting costs | 839.9 | - | ||
Dividends paid - common stock | (258.8) | (241.1) | ||
Dividends paid - preferred stock | (35.7) | (35.7) | ||
Contract liability payment | (24.2) | - | ||
Net Cash Flows from Financing Activities | 385.6 | 460.5 | ||
Change in cash, cash equivalents and restricted cash | (69.3) | (80.8) | ||
Cash, cash equivalents and restricted cash at beginning of period | 125.6 | 148.4 | ||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 56.3 | $ | 67.6 |
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NiSource Inc. published this content on 03 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2021 16:14:02 UTC.