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

1

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.

2

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

3

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

4

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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.