Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 12, 2019 | Jun. 29, 2018 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | NISOURCE INC/DE | ||
Entity Central Index Key | 1,111,711 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 9,506,346,286 | ||
Entity Common Stock, Shares Outstanding | 372,494,365 |
Statements Of Consolidated Inco
Statements Of Consolidated Income (Loss) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Operating Revenues | ||||
Customer revenues | $ 4,991.1 | [1] | $ 4,730.2 | $ 4,392.5 |
Other revenues | 123.4 | 144.4 | 100 | |
Total Operating Revenues | 5,114.5 | 4,874.6 | 4,492.5 | |
Operating Expenses | ||||
Cost of Sales (excluding depreciation and amortization) | 1,761.3 | 1,518.7 | 1,390.2 | |
Operation and maintenance | 2,352.9 | 1,601.7 | 1,445.8 | |
Depreciation and amortization | 599.6 | 570.3 | 547.1 | |
Loss (Gain) on sale of assets and impairments, net | 1.2 | 5.5 | (1) | |
Other taxes | 274.8 | 257.2 | 244.3 | |
Total Operating Expenses | 4,989.8 | 3,953.4 | 3,626.4 | |
Operating Income (Loss) | 124.7 | 921.2 | 866.1 | |
Other Income (Deductions) | ||||
Interest expense, net | (353.3) | (353.2) | (349.5) | |
Other, net | 43.5 | (13.5) | (3) | |
Loss on early extinguishment of long-term debt | (45.5) | (111.5) | 0 | |
Total Other Deductions, Net | (355.3) | (478.2) | (352.5) | |
Income (Loss) before Income Taxes | (230.6) | 443 | 513.6 | |
Income Taxes | (180) | 314.5 | 182.1 | |
Net Income (Loss) | (50.6) | 128.5 | 331.5 | |
Preferred dividends | (15) | 0 | 0 | |
Net Income (Loss) Available to Common Shareholders | $ (65.6) | $ 128.5 | $ 331.5 | |
Earnings Per Share | ||||
Basic Earnings (Loss) Per Share | $ (0.18) | $ 0.39 | $ 1.03 | |
Diluted Earnings (Loss) Per Share | $ (0.18) | $ 0.39 | $ 1.02 | |
Basic Average Common Shares Outstanding | 356,491 | 329,388 | 321,805 | |
Diluted Average Common Shares | 356,491 | 330,756 | 323,524 | |
[1] | Customer revenue amounts exclude intersegment revenues. See Note 22, "Segments of Business," for discussion of intersegment revenues. |
Statements of Consolidated Comp
Statements of Consolidated Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Net Income (Loss) | $ (50.6) | $ 128.5 | $ 331.5 | |
Other comprehensive income (loss): | ||||
Net unrealized gain (loss) on available-for-sale securities | [1] | (2.6) | 0.8 | (0.1) |
Net unrealized gain (loss) on cash flow hedges | [2] | 22.7 | (22.5) | 8.6 |
Unrecognized pension and OPEB benefit (costs) | [3] | (4.4) | 3.4 | 1.5 |
Total other comprehensive income (loss) | [4] | 15.7 | (18.3) | 10 |
Total Comprehensive Income | $ (34.9) | $ 110.2 | $ 341.5 | |
[1] | Net unrealized gain (loss) on available-for-sale securities, net of $0.6 million tax benefit, $0.4 million tax expense and $0.1 million tax benefit in 2018, 2017 and 2016, respectively. | |||
[2] | Net unrealized gain (loss) on derivatives qualifying as cash flow hedges, net of $7.5 million tax expense, $13.9 million tax benefit and $5.6 million tax expense in 2018, 2017 and 2016, respectively. | |||
[3] | Unrecognized pension and OPEB benefit (costs), net of $1.5 million tax benefit, $2.1 million tax expense and $0.1 million tax expense in 2018, 2017 and 2016, respectively. | |||
[4] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Statements of Consolidated Co_2
Statements of Consolidated Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | $ (0.6) | $ 0.4 | $ (0.1) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 7.5 | (13.9) | 5.6 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 1.5 | $ (2.1) | $ (0.1) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment | |||
Utility Plant | $ 22,780.8 | $ 21,026.6 | |
Accumulated depreciation and amortization | (7,257.9) | (6,953.6) | |
Net utility plant | 15,522.9 | 14,073 | |
Other property, at cost, less accumulated depreciation | 19.6 | 286.5 | |
Net Property, Plant and Equipment | 15,542.5 | 14,359.5 | |
Investments and Other Assets | |||
Unconsolidated affiliates | 2.1 | 5.5 | |
Other investments | 204 | 204.1 | |
Total Investments and Other Assets | 206.1 | 209.6 | |
Current Assets | |||
Cash and cash equivalents | 112.8 | 29 | |
Restricted cash | 8.3 | 9.4 | |
Accounts receivable (less reserve of $21.1 and $18.3, respectively) | 1,058.5 | 898.9 | |
Gas inventory | 286.8 | 285.1 | |
Materials and supplies, at average cost | 101 | 105.9 | |
Electric production fuel, at average cost | 34.7 | 80.1 | |
Exchange gas receivable | 88.4 | 45.8 | |
Regulatory assets | 235.4 | 176.3 | |
Prepayments and other | 129.5 | 132.8 | |
Total Current Assets | 2,055.4 | 1,763.3 | |
Other Assets | |||
Regulatory assets | 2,002.1 | 1,624.9 | |
Goodwill | 1,690.7 | 1,690.7 | |
Intangible assets | 220.7 | 231.7 | |
Deferred charges and other | 86.5 | 82 | |
Total Other Assets | 4,000 | 3,629.3 | |
Total Assets | 21,804 | 19,961.7 | |
Common Stockholders' Equity | |||
Common stock - $0.01 par value, 400,000,000 shares authorized; 372,363,656 and 337,015,806 shares outstanding, respectively | 3.8 | 3.4 | |
Preferred stock - $0.01 par value, 20,000,000 shares authorized; 420,000 shares outstanding | 880 | 0 | |
Treasury stock | (99.9) | (95.9) | |
Additional paid-in capital | 6,403.5 | 5,529.1 | |
Retained deficit | (1,399.3) | (1,073.1) | |
Accumulated other comprehensive loss | [1] | (37.2) | (43.4) |
Total Common Stockholders' Equity | 5,750.9 | 4,320.1 | |
Long-term debt, excluding amounts due within one year | 7,105.4 | 7,512.2 | |
Total Capitalization | 12,856.3 | 11,832.3 | |
Current Liabilities | |||
Current portion of long-term debt | 50 | 284.3 | |
Short-term borrowings | 1,977.2 | 1,205.7 | |
Accounts payable | 883.8 | 625.6 | |
Customer deposits and credits | 238.9 | 262.6 | |
Taxes accrued | 222.7 | 208.1 | |
Interest accrued | 90.7 | 112.3 | |
Risk management liabilities | 5 | 43.2 | |
Exchange gas payable | 85.5 | 59.6 | |
Regulatory liabilities | 140.9 | 58.7 | |
Legal and environmental | 18.9 | 32.1 | |
Accrued compensation and employee benefits | 149.7 | 195.4 | |
Claims accrued | 114.7 | 12.5 | |
Other accruals | 58.8 | 78.3 | |
Total Current Liabilities | 4,036.8 | 3,178.4 | |
Other Liabilities | |||
Risk management liabilities | 46.7 | 28.5 | |
Deferred income taxes | 1,330.5 | 1,292.9 | |
Deferred investment tax credits | 11.2 | 12.4 | |
Accrued insurance liabilities | 84.4 | 80.1 | |
Accrued liability for postretirement and postemployment benefits | 389.1 | 337.1 | |
Regulatory liabilities | 2,519.1 | 2,736.9 | |
Asset retirement obligations | 352 | 268.7 | |
Other noncurrent liabilities | 177.9 | 194.4 | |
Total Other Liabilities | 4,910.9 | 4,951 | |
Commitments and Contingencies (Refer to Note 18, Other Commitments and Contingencies) | 0 | 0 | |
Total Capitalization and Liabilities | $ 21,804 | $ 19,961.7 | |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts receivable less reserve | $ 21.1 | $ 18.3 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares outstanding | 372,363,656 | 337,015,806 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |
Preferred Stock, Shares Authorized | 20,000,000 | |
Preferred Stock, Shares Outstanding | 420,000 |
Statements Of Consolidated Cash
Statements Of Consolidated Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities | |||
Net Income (Loss) | $ (50.6) | $ 128.5 | $ 331.5 |
Adjustments to Reconcile Net Income (Loss) to Net Cash from Operating Actvities: | |||
Loss on early extinguishment of debt | 45.5 | 111.5 | 0 |
Depreciation and amortization | 599.6 | 570.3 | 547.1 |
Deferred income taxes and investment tax credits | (188.2) | 306.7 | 182.3 |
Stock compensation expense and 401(k) profit sharing contribution | 28.6 | 40.1 | 46.5 |
Amortization of discount/premium on debt | 7.5 | 7.4 | 7.6 |
AFUDC equity | (14.2) | (12.6) | (11.6) |
Other adjustments | 1.7 | 6.6 | (7.2) |
Changes in Assets and Liabilities: | |||
Accounts receivable | (186.2) | (52.3) | (188) |
Inventories | 41.4 | 19 | 38.9 |
Accounts payable | 268.4 | 49 | 108.8 |
Customer deposits and credits | (25.4) | (2.5) | (52.3) |
Taxes accrued | 20.2 | 10.2 | 12.1 |
Interest accrued | (21.7) | (33.9) | (8.7) |
Exchange gas receivable/payable | (21.5) | (64.5) | 36.9 |
Other accruals | 43.5 | 31.8 | (6) |
Prepayments and other current assets | (14.5) | (13.3) | (0.4) |
Regulatory assets/liabilities | (53.2) | 57.5 | (187.9) |
Postretirement and postemployment benefits | 58.2 | (380.9) | (44.8) |
Deferred charges and other noncurrent assets | 3.8 | (2) | (1.2) |
Other noncurrent liabilities | (2.8) | (34.4) | (0.3) |
Net Cash Flows from Operating Activities | 540.1 | 742.2 | 803.3 |
Investing Activities | |||
Capital expenditures | (1,818.2) | (1,695.8) | (1,475.2) |
Cost of removal | (104.3) | (109) | (110.1) |
Purchases of available-for-sale securities | (90) | (168.4) | (38.3) |
Sales of available-for-sale securities | 82.3 | 163.1 | 33 |
Other investing activities | 4.1 | 1.6 | (12.4) |
Net Cash Flows used for Investing Activities | (1,926.1) | (1,808.5) | (1,603) |
Financing Activities | |||
Issuance of long-term debt | 350 | 3,250 | 500 |
Repayments of long-term debt and capital lease obligations | (1,046.1) | (1,855) | (434.6) |
Premiums and other debt related costs | (46) | (144.3) | (3.7) |
Issuance of short-term debt (maturity 90 days) | 950 | 0 | 0 |
Change in short-term borrowings, net (maturity ≤ 90 days) | (178.5) | (282.4) | 920.6 |
Issuance of common stock, net of issuance costs | 848.2 | 336.7 | 23.1 |
Issuance of preferred stock, net of issuance costs | 880 | 0 | 0 |
Acquisition of treasury stock | (4) | (7.2) | (9.4) |
Dividends paid - common stock | (273.3) | (229.1) | (205.5) |
Dividends paid - preferred stock | (11.6) | 0 | 0 |
Net Cash Flows from Financing Activities | 1,468.7 | 1,068.7 | 790.5 |
Change in cash, cash equivalents and restricted cash | 82.7 | 2.4 | (9.2) |
Cash, cash equivalents and restricted cash at beginning of period | 38.4 | 36 | 45.2 |
Cash, Cash Equivalents and Restricted Cash at End of Period | $ 121.1 | $ 38.4 | $ 36 |
Statements Of Consolidated Stoc
Statements Of Consolidated Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock | Preferred Stock | Treasury Stock | Additional Paid-in Capital | Retained Deficit | Accumulated Other Comprehensive Loss | |
Dividends: | ||||||||
Cumulative effect of change in accounting principle | Accounting Standards Update 2016-09 | [1] | $ 0 | $ 0 | $ 0 | $ 25.3 | $ 0 | $ 25.3 | |
Beginning Balance at Dec. 31, 2015 | $ 3,843.5 | 3.2 | (79.3) | 5,078 | (1,123.3) | (35.1) | ||
Comprehensive Income (Loss): | ||||||||
Net Loss | 331.5 | 0 | 0 | 0 | 331.5 | 0 | ||
Other comprehensive loss, net of tax | 10 | 0 | 0 | 0 | 0 | 10 | ||
Dividends: | ||||||||
Common stock | (205.7) | 0 | 0 | 0 | (205.7) | 0 | ||
Treasury stock acquired | (9.4) | 0 | (9.4) | 0 | 0 | 0 | ||
Stock issuances: | ||||||||
Common stock | 0.1 | 0.1 | 0 | 0 | 0 | 0 | ||
Employee stock purchase plan | 4.7 | 0 | 0 | 4.7 | 0 | 0 | ||
Long-term incentive plan | 20.9 | 0 | 0 | 20.9 | 0 | 0 | ||
401(k) and profit sharing | 41.4 | 0 | 0 | 41.4 | 0 | 0 | ||
Dividend reinvestment plan | 8.9 | 0 | 0 | 8.9 | 0 | 0 | ||
Ending Balance at Dec. 31, 2016 | 4,071.2 | 3.3 | (88.7) | 5,153.9 | (972.2) | (25.1) | ||
Comprehensive Income (Loss): | ||||||||
Net Loss | 128.5 | 0 | 0 | 0 | 128.5 | 0 | ||
Other comprehensive loss, net of tax | (18.3) | 0 | 0 | 0 | 0 | (18.3) | ||
Dividends: | ||||||||
Common stock | (229.4) | 0 | 0 | 0 | (229.4) | 0 | ||
Treasury stock acquired | (7.2) | 0 | (7.2) | 0 | 0 | 0 | ||
Stock issuances: | ||||||||
Employee stock purchase plan | 5 | 0 | 0 | 5 | 0 | 0 | ||
Long-term incentive plan | 14.9 | 0 | 0 | 14.9 | 0 | 0 | ||
401(k) and profit sharing | 34.3 | 0 | 0 | 34.3 | 0 | 0 | ||
Dividend reinvestment plan | 6.4 | 0 | 0 | 6.4 | 0 | 0 | ||
ATM Program | 314.7 | 0.1 | 0 | 314.6 | 0 | 0 | ||
Ending Balance at Dec. 31, 2017 | 4,320.1 | 3.4 | 0 | (95.9) | 5,529.1 | (1,073.1) | (43.4) | |
Dividends: | ||||||||
Cumulative effect of change in accounting principle | Accounting Standards Update 2018-02 | [1] | 0 | 0 | 0 | 0 | 0 | 9.5 | (9.5) |
Net Loss | (50.6) | 0 | 0 | 0 | 0 | (50.6) | 0 | |
Other comprehensive loss, net of tax | 15.7 | 0 | 0 | 0 | 0 | 0 | 15.7 | |
Common stock | (273.5) | 0 | 0 | 0 | 0 | (273.5) | 0 | |
Preferred stock | 11.6 | 0 | 0 | 0 | 0 | 11.6 | 0 | |
Treasury stock acquired | (4) | 0 | 0 | (4) | 0 | 0 | 0 | |
Stock issuances: | ||||||||
Common stock | 599.6 | 0.3 | 0 | 0 | 599.3 | 0 | 0 | |
Preferred stock | 880 | 0 | 880 | 0 | 0 | 0 | 0 | |
Employee stock purchase plan | 5.5 | 0 | 0 | 0 | 5.5 | 0 | 0 | |
Long-term incentive plan | 15.4 | 0 | 0 | 0 | 15.4 | 0 | 0 | |
401(k) and profit sharing | 21.8 | 0 | 0 | 0 | 21.8 | 0 | 0 | |
ATM Program | 232.5 | 0.1 | 0 | 0 | 232.4 | 0 | 0 | |
Ending Balance at Dec. 31, 2018 | $ 5,750.9 | $ 3.8 | $ 880 | $ (99.9) | $ 6,403.5 | $ (1,399.3) | $ (37.2) | |
[1] | See Note 2, "Recent Accounting Pronouncements," for additional information. |
Statements Of Consolidated St_2
Statements Of Consolidated Stockholders' Equity (Shares) (Parenthetical) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.780 | $ 0.700 | $ 0.64 | |
Preferred Stock, Dividends Per Share, Declared | $ 28.88 | $ 0 | $ 0 | |
Beginning Balance | 337,016 | 323,160 | 319,110 | |
Treasury stock acquired | (166) | (293) | (433) | |
Issued: | ||||
Common stock - private placement | [1] | 24,964 | ||
Employee stock purchase plan | 223 | 207 | 201 | |
Long-term incentive plan | 561 | 351 | 2,103 | |
401(k) and profit sharing plan | 882 | 1,396 | 1,793 | |
Dividend reinvestment plan | 264 | 386 | ||
ATM Program | 8,883 | 11,931 | ||
Ending Balance | 372,363 | 337,016 | 323,160 | |
Common Stock | ||||
Beginning Balance | 340,813 | 326,664 | 322,181 | |
Issued: | ||||
Common stock - private placement | [1] | 24,964 | ||
Employee stock purchase plan | 223 | 207 | 201 | |
Long-term incentive plan | 561 | 351 | 2,103 | |
401(k) and profit sharing plan | 882 | 1,396 | 1,793 | |
Dividend reinvestment plan | 264 | 386 | ||
ATM Program | 8,883 | 11,931 | ||
Ending Balance | 376,326 | 340,813 | 326,664 | |
Treasury Stock | ||||
Beginning Balance | 3,797 | 3,504 | 3,071 | |
Treasury stock acquired | (166) | (293) | (433) | |
Issued: | ||||
Common stock - private placement | [1] | 0 | ||
Employee stock purchase plan | 0 | 0 | 0 | |
Long-term incentive plan | 0 | 0 | 0 | |
401(k) and profit sharing plan | 0 | 0 | 0 | |
Dividend reinvestment plan | 0 | 0 | ||
ATM Program | 0 | 0 | ||
Ending Balance | 3,963 | 3,797 | 3,504 | |
Preferred Stock | ||||
Beginning Balance | 0 | 0 | 0 | |
Issued: | ||||
Common stock - private placement | [1] | 0 | ||
Preferred | [1] | 420 | ||
Employee stock purchase plan | 0 | 0 | 0 | |
Long-term incentive plan | 0 | 0 | 0 | |
401(k) and profit sharing plan | 0 | 0 | 0 | |
Dividend reinvestment plan | 0 | 0 | ||
ATM Program | 0 | 0 | ||
Ending Balance | 420 | 0 | 0 | |
[1] | See Note 12, "Equity," for additional information. |
Nature of Operations And Summar
Nature of Operations And Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | Nature of Operations and Summary of Significant Accounting Policies A. Company Structure and Principles of Consolidation. We are an energy holding company incorporated in Delaware and headquartered in Merrillville, Indiana. Our subsidiaries are fully regulated natural gas and electric utility companies serving approximately 4.0 million customers in seven states. We generate substantially all of our operating income through these rate-regulated businesses. The consolidated financial statements include the accounts of us and our majority-owned subsidiaries after the elimination of all intercompany accounts and transactions. B. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. C. Cash, Cash Equivalents and Restricted Cash. We consider all highly liquid investments with original maturities of three months or less to be cash equivalents. We report amounts deposited in brokerage accounts for margin requirements as restricted cash. In addition, we have amounts deposited in trust to satisfy requirements for the provision of various property, liability, workers compensation, and long-term disability insurance, which is classified as restricted cash on the Consolidated Balance Sheets and disclosed with cash and cash equivalents on the Statements of Consolidated Cash Flows. D. Accounts Receivable and Unbilled Revenue. Accounts receivable on the Consolidated Balance Sheets includes both billed and unbilled amounts. Unbilled amounts of accounts receivable relate to a portion of a customer’s consumption of gas or electricity from the date of the last cycle billing date through the last day of the month (balance sheet date). Factors taken into consideration when estimating unbilled revenue include historical usage, customer rates and weather. Accounts receivable fluctuates from year to year depending in large part on weather impacts and price volatility. Our accounts receivable on the Consolidated Balance Sheets include unbilled revenue, less reserves, in the amounts of $324.2 million and $359.4 million as of December 31, 2018 and 2017 , respectively. The reserve for uncollectible receivables is our best estimate of the amount of probable credit losses in the existing accounts receivable. We determined the reserve based on historical experience and in consideration of current market conditions. Account balances are charged against the allowance when it is anticipated the receivable will not be recovered. Refer to Note 3, "Revenue Recognition," for additional information on customer-related accounts receivable. E. Investments in Debt Securities. Our investments in debt securities are carried at fair value and are designated as available-for-sale. These investments are included within “Other investments” on the Consolidated Balance Sheets. Unrealized gains and losses, net of deferred income taxes, are recorded to accumulated other comprehensive income or loss. These investments are monitored for other than temporary declines in market value. Realized gains and losses and permanent impairments are reflected in the Statements of Consolidated Income (Loss). No material impairment charges were recorded for the years ended December 31, 2018 , 2017 or 2016 . Refer to Note 16 , "Fair Value," for additional information. F. Basis of Accounting for Rate-Regulated Subsidiaries. Rate-regulated subsidiaries account for and report assets and liabilities consistent with the economic effect of the way in which regulators establish rates, if the rates established are designed to recover the costs of providing the regulated service and it is probable that such rates can be charged and collected. Certain expenses and credits subject to utility regulation or rate determination normally reflected in income are deferred on the Consolidated Balance Sheets and are later recognized in income as the related amounts are included in customer rates and recovered from or refunded to customers. In the event that regulation significantly changes the opportunity for us to recover our costs in the future, all or a portion of our regulated operations may no longer meet the criteria for regulatory accounting. In such an event, a write-down of all or a portion of our existing regulatory assets and liabilities could result. If transition cost recovery was approved by the appropriate regulatory bodies that would meet the requirements under GAAP for continued accounting as regulatory assets and liabilities during such recovery period, the regulatory assets and liabilities would be reported at the recoverable amounts. If unable to continue to apply the provisions of regulatory accounting, we would be required to apply the provisions of ASC 980-20, Discontinuation of Rate-Regulated Accounting . In management’s opinion, our regulated subsidiaries will be subject to regulatory accounting for the foreseeable future. Refer to Note 8 , "Regulatory Matters," for additional information. G. Plant and Other Property and Related Depreciation and Maintenance. Property, plant and equipment (principally utility plant) is stated at cost. The rate-regulated subsidiaries record depreciation using composite rates on a straight-line basis over the remaining service lives of the electric, gas and common properties as approved by the appropriate regulators. Non-utility property is generally depreciated on a straight-line basis over the life of the associated asset. Refer to Note 5 , "Property, Plant and Equipment," for additional information related to depreciation expense. For rate-regulated companies, AFUDC is capitalized on all classes of property except organization costs, land, autos, office equipment, tools and other general property purchases. The allowance is applied to construction costs for that period of time between the date of the expenditure and the date on which such project is placed in service. Our pre-tax rate for AFUDC was 3.5% in 2018 , 4.0% in 2017 and 4.5% in 2016 . Generally, our subsidiaries follow the practice of charging maintenance and repairs, including the cost of removal of minor items of property, to expense as incurred. When our subsidiaries retire regulated property, plant and equipment, original cost plus the cost of retirement, less salvage value, is charged to accumulated depreciation. However, when it becomes probable a regulated asset will be retired substantially in advance of its original expected useful life or is abandoned, the cost of the asset and the corresponding accumulated depreciation is recognized as a separate asset. If the asset is still in operation, the net amount is classified as "Other property, at cost, less accumulated depreciation" on the Consolidated Balance Sheets. If the asset is no longer operating, the net amount is classified in "Regulatory assets" on the Consolidated Balance Sheets. If we are able to recover a full return of and on investment, the carrying value of the asset is based on historical cost. If we are not able to recover a full return on investment, a loss on impairment is recognized to the extent the net book value of the asset exceeds the present value of future revenues discounted at the incremental borrowing rate. When our subsidiaries sell entire regulated operating units, or retire or sell nonregulated properties, the original cost and accumulated depreciation and amortization balances are removed from "Property, Plant and Equipment" on the Consolidated Balance Sheets. Any gain or loss is recorded in earnings, unless otherwise required by the applicable regulatory body. Refer to Note 5 , "Property, Plant and Equipment," for further information. External and internal costs associated with computer software developed for internal use are capitalized. Capitalization of such costs commences upon the completion of the preliminary stage of each project. Once the installed software is ready for its intended use, such capitalized costs are amortized on a straight-line basis generally over a period of five years, except for certain significant enterprise-wide technology investments which are amortized over a ten-year period. External and internal up-front implementation costs associated with cloud computing arrangements that are service contracts are deferred on the Consolidated Balance Sheets. Once the installed software is ready for its intended use, such deferred costs are amortized on a straight-line basis to "Operation and maintenance," over the minimum term of the contract plus contractually-provided renewal periods that are reasonable expected to be exercised -- generally up to a maximum of five years. H. Goodwill and Other Intangible Assets. Substantially all of our goodwill relates to the excess of cost over the fair value of the net assets acquired in the Columbia acquisition on November 1, 2000. We test our goodwill for impairment annually as of May 1, or more frequently if events and circumstances indicate that goodwill might be impaired. Fair value of our reporting units is determined using a combination of income and market approaches. We have other intangible assets consisting primarily of franchise rights apart from goodwill that were identified as part of the purchase price allocations associated with the acquisition of Columbia of Massachusetts which is being amortized on a straight-line basis over forty years from the date of acquisition. See Note 6 , "Goodwill and Other Intangible Assets," for additional information. I. Accounts Receivable Transfer Program. Certain of our subsidiaries have agreements with third parties to transfer certain accounts receivable without recourse. These transfers of accounts receivable are accounted for as secured borrowings. The entire gross receivables balance remains on the December 31, 2018 and 2017 Consolidated Balance Sheets and short-term debt is recorded in the amount of proceeds received from the transferees involved in the transactions. Refer to Note 17 , "Transfers of Financial Assets," for further information. J. Gas Cost and Fuel Adjustment Clause. Our regulated subsidiaries defer most differences between gas and fuel purchase costs and the recovery of such costs in revenues, and adjust future billings for such deferrals on a basis consistent with applicable state-approved tariff provisions. These deferred balances are recorded as "Regulatory assets" or "Regulatory liabilities," as appropriate, on the Consolidated Balance Sheets. Refer to Note 8 , "Regulatory Matters," for additional information. K. Inventory. Both the LIFO inventory methodology and the weighted average cost methodology are used to value natural gas in storage, as approved by regulators for all of our regulated subsidiaries. Inventory valued using LIFO was $47.5 million and $45.5 million at December 31, 2018 and 2017 , respectively. Based on the average cost of gas using the LIFO method, the estimated replacement cost of gas in storage was less than the stated LIFO cost by $12.2 million and $17.4 million at December 31, 2018 and 2017 , respectively. Gas inventory valued using the weighted average cost methodology was $239.3 million at December 31, 2018 and $239.6 million at December 31, 2017 . Electric production fuel is valued using the weighted average cost inventory methodology, as approved by NIPSCO's regulator. Materials and supplies are valued using the weighted average cost inventory methodology. L. Accounting for Exchange and Balancing Arrangements of Natural Gas. Our Gas Distribution Operations segment enters into balancing and exchange arrangements of natural gas as part of its operations and off-system sales programs. We record a receivable or payable for any of our respective cumulative gas imbalances, as well as for any gas inventory borrowed or lent under a Gas Distribution Operations exchange agreement. Exchange gas is valued based on individual regulatory jurisdiction requirements (for example, historical spot rate, spot at the beginning of the month). These receivables and payables are recorded as “Exchange gas receivable” or “Exchange gas payable” on our Consolidated Balance Sheets, as appropriate. M. Accounting for Risk Management Activities. We account for our derivatives and hedging activities in accordance with ASC 815. We recognize all derivatives as either assets or liabilities on the Consolidated Balance Sheets at fair value, unless such contracts are exempted as a normal purchase normal sale under the provisions of the standard. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and resulting designation. We have elected not to net fair value amounts for any of our derivative instruments or the fair value amounts recognized for the right to receive cash collateral or obligation to pay cash collateral arising from those derivative instruments recognized at fair value, which are executed with the same counterparty under a master netting arrangement. See Note 9 , "Risk Management Activities," for additional information. N. Income Taxes and Investment Tax Credits. We record income taxes to recognize full interperiod tax allocations. Under the asset and liability method, deferred income taxes are provided for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amount and the tax basis of existing assets and liabilities. Previously recorded investment tax credits of the regulated subsidiaries were deferred on the balance sheet and are being amortized to book income over the regulatory life of the related properties to conform to regulatory policy. To the extent certain deferred income taxes of the regulated companies are recoverable or payable through future rates, regulatory assets and liabilities have been established. Regulatory assets for income taxes are primarily attributable to property-related tax timing differences for which deferred taxes had not been provided in the past, when regulators did not recognize such taxes as costs in the rate-making process. Regulatory liabilities for income taxes are primarily attributable to the regulated companies’ obligation to refund to ratepayers deferred income taxes provided at rates higher than the current Federal income tax rate. Such property-related amounts are credited to ratepayers using either the average rate assumption method or the reverse South Georgia method. Non property-related amounts are credited to ratepayers consistent with state utility commission direction. Pursuant to the Internal Revenue Code and relevant state taxing authorities, we and our subsidiaries file consolidated income tax returns for federal and certain state jurisdictions. We and our subsidiaries are parties to an agreement (the “Intercompany Income Tax Allocation Agreement”) that provides for the allocation of consolidated tax liabilities. The Intercompany Income Tax Allocation Agreement generally provides that each party is allocated an amount of tax similar to that which would be owed had the party been separately subject to tax. O. Environmental Expenditures. We accrue for costs associated with environmental remediation obligations when the incurrence of such costs is probable and the amounts can be reasonably estimated, regardless of when the expenditures are actually made. The undiscounted estimated future expenditures are based on currently enacted laws and regulations, existing technology and estimated site-specific costs where assumptions may be made about the nature and extent of site contamination, the extent of cleanup efforts, costs of alternative cleanup methods and other variables. The liability is adjusted as further information is discovered or circumstances change. The accruals for estimated environmental expenditures are recorded on the Consolidated Balance Sheets in “Legal and environmental” for short-term portions of these liabilities and “Other noncurrent liabilities” for the respective long-term portions of these liabilities. Rate-regulated subsidiaries applying regulatory accounting establish regulatory assets on the Consolidated Balance Sheets to the extent that future recovery of environmental remediation costs is probable through the regulatory process. Refer to Note 18 , "Other Commitments and Contingencies," for further information. P. Excise Taxes. We account for excise taxes that are customer liabilities by separately stating on our invoices the tax to our customers and recording amounts invoiced as liabilities payable to the applicable taxing jurisdiction. Such balances are presented within "Other accruals" on the Consolidated Balance Sheets. These types of taxes collected from customers, comprised largely of sales taxes, are presented on a net basis affecting neither revenues nor cost of sales. We account for excise taxes for which we are liable by recording a liability for the expected tax with a corresponding charge to “Other taxes” expense on the Statements of Consolidated Income (Loss). Q. Accrued Insurance Liabilities. We accrue for insurance costs related to workers compensation, automobile, property, general and employment practices liabilities based on the most probable value of each claim. In general, claim values are determined by professional, licensed loss adjusters who consider the facts of the claim, anticipated indemnification and legal expenses, and respective state rules. Claims are reviewed by us at least quarterly and an adjustment is made to the accrual based on the most current information. Refer to Note 18 -E "Other Matters" for further information on accrued insurance liabilities related to the Greater Lawrence Incident. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles | Recent Accounting Pronouncements Recently Issued Accounting Pronouncements We are currently evaluating the impact of certain ASUs on our Consolidated Financial Statements or Notes to Consolidated Financial Statements, which are described below: Standard Description Effective Date Effect on the financial statements or other significant matters ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans The pronouncement modifies the disclosure requirements for defined benefit pension and other postretirement benefit plans. The guidance removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. The modifications affect annual period disclosures and must be applied on a retrospective basis to all periods presented. Annual periods ending after December 15, 2020. Early adoption is permitted. We are currently evaluating the effects of this pronouncement on our Notes to Consolidated Financial Statements. We tentatively expect to adopt this ASU on its effective date. ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) The pronouncement changes the impairment model for most financial assets, replacing the current "incurred loss" model. ASU 2016-13 will require the use of an "expected loss" model for instruments measured at amortized cost. It will also require entities to record allowances for available-for-sale debt securities rather than impair the carrying amount of the securities. Subsequent improvements to the estimated credit losses of available-for-sale securities will be recognized immediately in earnings instead of over time as they are under historic guidance. Annual periods beginning after December 15, 2019, including interim periods therein. Early adoption is permitted for annual or interim periods beginning after December 15, 2018. We maintain investments in U.S. Treasury, corporate and mortgage-backed debt securities, which are pledged as collateral for trust accounts related to our wholly-owned insurance company. These debt securities are classified as available for sale. We also have recorded balances for trade receivables that fall within the scope of the standard. We are currently evaluating the impact of adoption, if any, on our Consolidated Financial Statements and Notes to Consolidated Financial Statements. Recently Adopted Accounting Pronouncements Standard Adoption ASU 2018-15, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued this ASU, which amends current guidance to align the accounting for costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs associated with developing or obtaining internal-use software. We elected to early adopt the ASU on a prospective basis, effective October 1, 2018. As a result of adopting this ASU, we will defer onto the Consolidated Balance Sheets up-front implementation costs of cloud computing arrangements if they would have been capitalized in a similar on-premise software solution. ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income We adopted this ASU effective March 31, 2018. Upon adoption, $9.5 million of tax effects that were stranded in accumulated other comprehensive income (loss) as a result of the implementation of the TCJA were reclassified to retained deficit. This change is reflected on our Statements of Consolidated Stockholders' Equity. ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) We adopted this ASU effective January 1, 2018. The adoption of this standard did not have a material impact on our Consolidated Financial Statements or Notes to Consolidated Financial Statements. ASU 2018-11, Leases (Topic 842): Targeted Improvements We adopted the provisions of ASC 842 beginning on January 1, 2019, using the transition method provided in ASU 2018-11, which was applied to all existing leases at that date. As such, results for reporting periods beginning after January 1, 2019 will be presented under ASC 842, while prior period amounts will continue to be reported in accordance with ASC 840. To ease the process of implementing ASC 842, we elected a number of practical expedients, including the "practical expedient package" described in ASC 842-10-65-1 and the provisions of ASU 2018-01, which allows us to not evaluate existing land easements under ASC 842. We elected the short-term lease recognition exemption for all leases that qualify. As such, for those leases with terms less than 12 months, we will not recognize ROU assets or lease liabilities. Further, ASC 842 provides lessees the option of electing an accounting policy, by class of underlying asset, in which the lessee may choose not to separate nonlease components from lease components. We elected this practical expedient for our leases of fleet vehicles and railcars. We also elected to use a practical expedient that allows the use of hindsight in determining lease terms when evaluating leases that existed at the implementation date. We are the lessee for substantially all of our current leasing activity. Upon adopting ASC 842 we began recognizing right-of-use assets and liabilities associated with operating leases (other than short term operating leases) on our Consolidated Balance Sheets resulting in an increase in assets and liabilities of approximately $60 million. The adoption of ASC 842 did not have a material impact to our results of operations or cash flows. We have implemented key system functionality and internal controls to facilitate the preparation of financial information upon adoption. Our SEC filings will include expanded disclosures to comply with the provisions of ASC 842 beginning with our quarterly report on Form 10-Q for the first quarter of 2019. ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 ASU 2016-02, Leases (Topic 842) Standard Adoption ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients See Note 3, "Revenue Recognition," for our discussion of the effects of implementing these standards. ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations ASU 2014-09, Revenue from Contracts with Customers (Topic 606) We also adopted ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, effective January 1, 2018. We continue to present the service cost component of net periodic benefit cost within "Operation and maintenance;" however, other components of the net periodic benefit cost (including regulatory deferrals and settlement charges) are now presented separately within "Other, net" on our Statements of Consolidated Income (Loss). Changes in income statement presentation were implemented on a retrospective basis. The impact of this ASU on previously issued annual financial statements is summarized in the tables below: Year Ended December 31, 2016 (in millions) As Previously Reported Effect of Change (1) As Adjusted Operation and maintenance $ 1,453.7 $ (7.9 ) $ 1,445.8 Total Operating Expenses 3,634.3 (7.9 ) 3,626.4 Operating Income 858.2 7.9 866.1 Other Income (Deductions) Other, net 1.5 (7.9 ) (6.4 ) Total Other Deductions $ (348.0 ) $ (7.9 ) $ (355.9 ) (1) The effect of this change is attributable to our business segments: Gas Distribution Operations, Electric Operations, and Corporate and Other in the amounts of $4.3 million , $(9.8) million , and $(2.4) million , respectively. Year Ended December 31, 2017 (in millions) As Previously Reported Effect of Change (1) As Adjusted Operation and maintenance $ 1,612.3 $ (10.6 ) $ 1,601.7 Total Operating Expenses 3,964.0 (10.6 ) 3,953.4 Operating Income 910.6 10.6 921.2 Other Income (Deductions) Other, net (2.8 ) (10.6 ) (13.4 ) Total Other Deductions $ (467.5 ) $ (10.6 ) $ (478.1 ) (1) The effect of this change is attributable to our business segments: Gas Distribution Operations, Electric Operations, and Corporate and Other in the amounts of $(4.4) million , $(2.6) million , and $(3.6) million , respectively. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Revenue Recognition ASC 606 Adoption. In 2014 , the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASC 606). ASU 2014-09 outlines a single, comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In 2016 , the FASB issued ASU 2016-08, Revenue from Contracts with Customers (ASC 606): Principal versus Agent Considerations, and ASU 2016-12, Revenue from Contracts with Customers (ASC 606): Narrow-Scope Improvements and Practical Expedients. We adopted the provisions of ASC 606 beginning on January 1, 2018 using a modified retrospective method, which was applied to all contracts. No material adjustments were made to January 1, 2018 opening balances as a result of the adoption. As required under the modified retrospective method of adoption, results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with ASC 605. The table below provides results for the year ended December 31, 2018 as if it had been prepared under historic accounting guidance. We included operating revenue information for the years ended December 31, 2017 and 2016 for comparability. Year Ended December 31, (in millions) 2018 2017 2016 Operating Revenues Gas Distribution $ 2,348.4 $ 2,063.2 $ 1,850.9 Gas Transportation 1,055.2 1,021.5 964.6 Electric 1,707.4 1,785.5 1,660.8 Other 3.5 4.4 16.2 Total Operating Revenues $ 5,114.5 $ 4,874.6 $ 4,492.5 Beginning in 2018 with the adoption of ASC 606, the Statements of Consolidated Income (Loss) disaggregates “Customer revenues” (i.e. ASC 606 Revenues) from “Other revenues,” both of which are discussed in more detail below. Customer Revenues. Substantially all of our revenues are tariff-based, which we have concluded is within the scope of ASC 606. Under ASC 606, the recipients of our utility service meet the definition of a customer, while the operating company tariffs represent an agreement that meets the definition of a contract. ASC 606 defines a contract as an agreement between two or more parties, in this case us and the customer, which creates enforceable rights and obligations. In order to be considered a contract, we have determined that it is probable that substantially all of the consideration to which we are entitled from customers will be collected upon satisfaction of performance obligations. We maintain common utility credit risk mitigation practices, including requiring deposits and actively pursuing collection of past due amounts. In addition, our regulated operations utilize certain regulatory mechanisms that facilitate recovery of bad debt costs within tariff-based rates, which provides further evidence of collectibility. Customers in certain of our jurisdictions participate in programs that allow for a fixed payment each month regardless of usage. Payments received that exceed the value of gas or electricity actually delivered are recorded as a liability and presented in "Customer Deposits and Credits." Amounts in this account are reduced and revenue is recorded when customer usage begins to exceed payments received. We have identified our performance obligations created under tariff-based sales as 1) the commodity (natural gas or electricity, which includes generation and capacity) and 2) delivery. These commodities are sold and / or delivered to and generally consumed by customers simultaneously, leading to satisfaction of our performance obligations over time as gas or electricity is delivered to customers. Due to the at-will nature of utility customers, performance obligations are limited to the services requested and received to date. Once complete, we generally maintain no additional performance obligations. Transaction prices for each performance obligation are generally prescribed by each operating company’s respective tariff. Rates include provisions to adjust billings for fluctuations in fuel and purchased power costs and cost of natural gas. Revenues are adjusted for differences between actual costs subject to reconciliation and the amounts billed in current rates. Under or over recovered revenues related to these cost recovery mechanisms are included in regulatory assets or liabilities on the Consolidated Balance Sheets and are recovered from or returned to customers through adjustments to tariff rates. As we provide and deliver service to customers, revenue is recognized based on the transaction price allocated to each performance obligation. In general, revenue recognized from tariff-based sales is equivalent to the value of natural gas or electricity supplied and billed each period, in addition to an estimate for deliveries completed during the period but not yet billed to the customer. In addition to tariff-based sales, our Gas Distribution Operations segment enters into balancing and exchange arrangements of natural gas as part of our operations and off-system sales programs. We have concluded that these sales are within the scope of ASC 606. Performance obligations for these types of sales include transportation and storage of natural gas and can be satisfied at a point in time or over a period of time, depending on the specific transaction. For those transactions that span a period of time, we record a receivable or payable for any cumulative gas imbalances, as well as for any gas inventory borrowed or lent under a Gas Distributions Operations exchange agreement. Revenue Disaggregation and Reconciliation. We disaggregate revenue from contracts with customers based upon reportable segment as well as by customer class. As our revenues are primarily earned over a period of time, and we do not earn a material amount of revenues at a point in time, revenues are not disaggregated as such below. The Gas Distribution Operations segment provides natural gas service and transportation for residential, commercial and industrial customers in Ohio, Pennsylvania, Virginia, Kentucky, Maryland, Indiana and Massachusetts. The Electric Operations segment provides electric service in 20 counties in the northern part of Indiana. The table below reconciles revenue disaggregation by customer class to segment revenue as well as to revenues reflected on the Statements of Consolidated Income (Loss): Year Ended December 31, 2018 (in millions) Gas Distribution Operations Electric Operations Corporate and Other Total Customer Revenues (1) Residential $ 2,250.0 $ 494.7 $ — $ 2,744.7 Commercial 751.9 492.7 — 1,244.6 Industrial 228.0 613.6 — 841.6 Off-system 92.4 — — 92.4 Miscellaneous 49.7 17.4 0.7 67.8 Total Customer Revenues $ 3,372.0 $ 1,618.4 $ 0.7 $ 4,991.1 Other Revenues 34.4 89.0 — 123.4 Total Operating Revenues $ 3,406.4 $ 1,707.4 $ 0.7 $ 5,114.5 (1) Customer revenue amounts exclude intersegment revenues. See Note 22 , "Segments of Business," for discussion of intersegment revenues. Customer Accounts Receivable. Accounts receivable on our Consolidated Balance Sheets includes both billed and unbilled amounts, as well as certain amounts that are not related to customer revenues. Unbilled amounts of accounts receivable relate to a portion of a customer’s consumption of gas or electricity from the date of the last cycle billing through the last day of the month (balance sheet date). Factors taken into consideration when estimating unbilled revenue include historical usage, customer rates and weather. The opening and closing balances of customer receivables for the years ended December 31, 2018 and 2017 are presented in the table below. We had no significant contract assets or liabilities during the period. Additionally, we have not incurred any significant costs to obtain or fulfill contracts. (in millions) Customer Accounts Receivable, Billed (less reserve) (1) Customer Accounts Receivable, Unbilled (less reserve) (2) Balance as of December 31, 2017 $ 477.0 $ 378.6 Balance as of December 31, 2018 540.5 349.1 Increase (Decrease) $ 63.5 $ (29.5 ) (1) Customer billed receivables increased over the period due to November 2018 being colder than November 2017 , leading to more gas usage included in December bills. (2) Customer unbilled receivables decreased over the period due December 2018 being warmer than December 2017 , leading to less estimated gas usage. Utility revenues are billed to customers monthly on a cycle basis. We generally expect that substantially all customer accounts receivable will be collected within the month following customer billing, as this revenue consists primarily of monthly, tariff-based billings for service and usage. Other Revenues. As permitted by accounting principles generally accepted in the United States, regulated utilities have the ability to earn certain types of revenue that are outside the scope of ASC 606. These revenues primarily represent revenue earned under alternative revenue programs. Alternative revenue programs represent regulator-approved programs that allow for the adjustment of billings and revenue for certain broad, external factors, or for additional billings if the entity achieves certain objectives, such as a specified reduction of costs. We maintain a variety of these programs, including demand side management initiatives that recover costs associated with the implementation of energy efficiency programs, as well as normalization programs that adjust revenues for the effects of weather or other external factors. Additionally, we maintain certain programs with future test periods that operate similarly to FERC formula rate programs and allow for recovery of costs incurred to replace aging infrastructure. When the criteria to recognize Alternative Revenue have been met, we establish a regulatory asset and present revenue from alternative revenue programs on the Statements of Consolidated Income (Loss) as “Other revenues.” When amounts previously recognized under Alternative Revenue accounting guidance are billed, we reduce the regulatory asset and record a customer account receivable. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of shares of common stock outstanding for the period. The weighted-average shares outstanding for diluted EPS includes the incremental effects of the various long-term incentive compensation plans when the impact of such plans would be dilutive. The calculation of diluted earnings per share excludes the impact of forward agreements (see Note 12 , "Equity"), which had an anti-dilutive effect for the periods outstanding. The computation of diluted average common shares for the year ended December 31, 2018 is not presented as we are presenting a net loss on the Statements of Consolidated Income (Loss) for the period, and any incremental shares would have an anti-dilutive impact on EPS. The computation of diluted average common shares is as follows: Year Ended December 31, (in thousands) 2017 2016 Denominator Basic average common shares outstanding 329,388 321,805 Dilutive potential common shares: Shares contingently issuable under employee stock plans 547 165 Shares restricted under stock plans 821 1,554 Diluted Average Common Shares 330,756 323,524 |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | Property, Plant and Equipment Our property, plant and equipment on the Consolidated Balance Sheets are classified as follows: At December 31, (in millions) 2018 2017 Property, Plant and Equipment Gas Distribution Utility (1) $ 13,776.0 $ 12,531.0 Electric Utility (1) 8,374.2 7,403.8 Corporate 155.8 141.3 Construction Work in Process 474.8 950.5 Non-Utility and Other (2) 38.7 623.3 Total Property, Plant and Equipment $ 22,819.5 $ 21,649.9 Accumulated Depreciation and Amortization Gas Distribution Utility (1) $ (3,373.8 ) $ (3,227.8 ) Electric Utility (1) (3,809.5 ) (3,673.2 ) Corporate (74.6 ) (52.6 ) Non-Utility and Other (2) (19.1 ) (336.8 ) Total Accumulated Depreciation and Amortization $ (7,277.0 ) $ (7,290.4 ) Net Property, Plant and Equipment $ 15,542.5 $ 14,359.5 (1) NIPSCO’s common utility plant and associated accumulated depreciation and amortization are allocated between Gas Distribution Utility and Electric Utility Property, Plant and Equipment. (2) Non-Utility and Other as of December 31, 2017 includes net book value of $247.8 million related to Bailly Generating Station (Units 7 and 8) which was reclassified from Electric Utility in the fourth quarter of 2016. In May 2018 , Units 7 and 8 were retired from service and the remaining balance was reclassified to "Regulatory assets (noncurrent)" on the Consolidated Balance Sheets. See Note 18 -E, "Other Matters," and Note 8 , "Regulatory Matters," for additional information. The weighted average depreciation provisions for utility plant, as a percentage of the original cost, for the periods ended December 31, 2018 , 2017 and 2016 were as follows: 2018 2017 2016 Electric Operations (1) 2.9 % 3.4 % 3.3 % Gas Distribution Operations 2.2 % 2.1 % 2.1 % (1) Lower depreciation rate in 2018 due to reduced EERM-related depreciation expense and higher depreciable base from transmission assets being placed into service in 2018. We recognized depreciation expense of $ 503.4 million , $ 501.5 million and $ 475.1 million for the years ended 2018 , 2017 and 2016 , respectively. Amortization of Software Costs. We amortized $54.1 million in 2018 , $44.0 million in 2017 and $41.4 million in 2016 related to software costs. Our unamortized software balance was $159.5 million and $189.0 million at December 31, 2018 and 2017 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill. Substantially all of our goodwill relates to the excess of cost over the fair value of the net assets acquired in the Columbia acquisition on November 1, 2000. The following presents our goodwill balance allocated by segment as of December 31, 2018 : (in millions) Gas Distribution Operations Electric Operations Corporate and Other Total Goodwill $ 1,690.7 $ — $ — $ 1,690.7 We applied the qualitative "step 0" analysis to our reporting units for the annual impairment test performed as of May 1, 2018. For this test, we assessed various assumptions, events and circumstances that would have affected the estimated fair value of the reporting units as compared to their base line May 1, 2016 "step 1" fair value measurement. The results of this assessment indicated that it was not more likely than not that our reporting unit fair values were less than the reporting unit carrying values, accordingly, no "step 1" analysis was required. In the third quarter of 2018, we determined the Greater Lawrence Incident (see Note 18 , "Other Commitments and Contingencies") represented a triggering event that required an impairment analysis of goodwill. This incident specifically impacts our Columbia of Massachusetts reporting unit in which the associated goodwill totaled $204.8 million immediately prior to the incident. We performed a quantitative impairment analysis as of September 30, 2018 and determined that the fair value of the Columbia of Massachusetts reporting unit continues to exceed its carrying value. Therefore, no goodwill impairment charges were recorded in the third quarter of 2018 . This interim analysis was performed using then-current cash flow projections reflecting the estimated ongoing impacts of the Greater Lawrence Incident on Columbia of Massachusetts' operations. We also updated other significant inputs to the fair value calculation (e.g. discount rate, market multiples) to reflect then-current market conditions and increased risk and uncertainty resulting from the incident. No additional facts came to light since the third quarter impairment analysis was completed that would indicate it was more likely than not that the fair value of the Columbia of Massachusetts reporting unit would have decreased below its carrying value; therefore no goodwill impairment charges were recorded in the fourth quarter of 2018 . We will continue to monitor the impacts of the incident for events that could trigger a new impairment analysis including, but not limited to, unfavorable regulatory outcomes and NTSB investigation results. Intangible Assets. Our intangible assets, apart from goodwill, consist of franchise rights. Franchise rights were identified as part of the purchase price allocations associated with the acquisition in February 1999 of Columbia of Massachusetts. These amounts were $220.7 million and $231.7 million , net of accumulated amortization of $221.5 million and $210.5 million , at December 31, 2018 and 2017 , respectively, and are being amortized on a straight-line basis over forty years from the date of acquisition through 2039. NiSource recorded amortization expense of $11.0 million in 2018 , 2017 , and 2016 related to its franchise right intangible asset. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations We have recognized asset retirement obligations associated with various legal obligations including costs to remove and dispose of certain construction materials located within many of our facilities, certain costs to retire pipeline, removal costs for certain underground storage tanks, removal of certain pipelines known to contain PCB contamination, closure costs for certain sites including ash ponds, solid waste management units and a landfill, as well as some other nominal asset retirement obligations. We also have a significant obligation associated with the decommissioning of our two hydro facilities located in Indiana. These hydro facilities have an indeterminate life, and as such, no asset retirement obligation has been recorded. Changes in our liability for asset retirement obligations for the years 2018 and 2017 are presented in the table below: (in millions) 2018 2017 Beginning Balance $ 268.7 $ 262.6 Accretion recorded as a regulatory asset/liability 11.1 10.3 Additions 63.3 (1) 2.4 Settlements (5.9 ) (15.6 ) Change in estimated cash flows 14.8 (1) 9.0 (2) Ending Balance $ 352.0 $ 268.7 (1) In 2018, $59.8 million of additions and $17.7 million of the change in estimated cash flows are attributed to costs associated with refining the CCR compliance plan. See Note 18 -D, "Environmental Matters," for additional information on CCRs. (2) The change in estimated cash flows for 2017 is primarily attributed to changes in estimated costs and settlement timing for electric generating stations and the changes in estimated costs for retirement of gas mains. Certain non-legal costs of removal that have been, and continue to be, included in depreciation rates and collected in the customer rates of the rate-regulated subsidiaries are classified as "Regulatory liabilities" on the Consolidated Balance Sheets. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2018 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Matters | Regulatory Matters Regulatory Assets and Liabilities We follow the accounting and reporting requirements of ASC Topic 980, which provides that regulated entities account for and report assets and liabilities consistent with the economic effect of regulatory rate-making procedures if the rates established are designed to recover the costs of providing the regulated service and it is probable that such rates can be charged and collected from customers. Certain expenses and credits subject to utility regulation or rate determination normally reflected in income or expense are deferred on the balance sheet and are recognized in the income statement as the related amounts are included in customer rates and recovered from or refunded to customers. Regulatory assets were comprised of the following items: At December 31, (in millions) 2018 2017 Regulatory Assets Unrecognized pension and other postretirement benefit costs (see Note 11) $ 798.3 $ 733.5 Deferred pension and other postretirement benefit costs (see Note 11) 74.1 70.7 Environmental costs (see Note 18-D) 61.5 63.4 Regulatory effects of accounting for income taxes (see Note 1-N and Note 10) 233.1 238.8 Under-recovered gas and fuel costs (see Note 1-K) 34.7 25.5 Depreciation 209.6 181.0 Post-in-service carrying charges 206.6 173.3 Safety activity costs 91.7 66.5 DSM programs 45.5 40.0 Bailly Generating Station 244.3 — Other 238.1 208.5 Total Regulatory Assets $ 2,237.5 $ 1,801.2 Regulatory liabilities were comprised of the following items: At December 31, (in millions) 2018 2017 Regulatory Liabilities Over-recovered gas and fuel costs (see Note 1-K) $ 32.0 $ 27.6 Cost of removal (see Note 7) 1,076.0 1,096.8 Regulatory effects of accounting for income taxes (see Note 1-O and Note 10) 1,428.3 1,563.4 Deferred pension and other postretirement benefit costs (see Note 11) 62.7 59.0 Other 61.0 48.8 Total Regulatory Liabilities $ 2,660.0 $ 2,795.6 Regulatory assets, including under-recovered gas and fuel cost, of approximately $1,552.6 million as of December 31, 2018 are not earning a return on investment. These costs are recovered over a remaining life of up to 41 years. Regulatory assets of approximately $1,917.1 million include expenses that are recovered as components of the cost of service and are covered by regulatory orders. Regulatory assets of approximately $320.4 million at December 31, 2018 , require specific rate action. Assets: Unrecognized pension and other postretirement benefit costs. In 2007, we adopted certain updates of ASC 715 which required, among other things, the recognition in other comprehensive income or loss of the actuarial gains or losses and the prior service costs or credits that arise during the period but that are not immediately recognized as components of net periodic benefit costs. Certain subsidiaries defer these gains or losses as a regulatory asset in accordance with regulatory orders or as a result of regulatory precedent, to be recovered through base rates. Deferred pension and other postretirement benefit costs. Primarily relates to the difference between postretirement expense recorded by certain subsidiaries due to regulatory orders and the postretirement expense recorded in accordance with GAAP. These costs are expected to be collected through future base rates, revenue riders or tracking mechanisms. Environmental costs. Includes certain recoverable costs of investigating, testing, remediating and other costs related to gas plant sites, disposal sites or other sites onto which material may have migrated. Certain of our companies defer the costs as a regulatory asset in accordance with regulatory orders, to be recovered in future base rates, billing riders or tracking mechanisms. Regulatory effects of accounting for income taxes. Represents the deferral and under collection of deferred taxes in the rate making process. In prior years, we have lowered customer rates in certain jurisdictions for the benefits of accelerated tax deductions. Amounts are expensed for financial reporting purposes as we recover deferred taxes in the rate making process. Under-recovered gas and fuel costs. Represents the difference between the costs of gas and fuel and the recovery of such costs in revenue and is used to adjust future billings for such deferrals on a basis consistent with applicable state-approved tariff provisions. Recovery of these costs is achieved through tracking mechanisms. Depreciation. Represents differences between depreciation expense incurred on a GAAP basis and that prescribed through regulatory order. Significant components of this balance include: • Columbia of Ohio depreciation rates . Prior to 2005, the PUCO-approved depreciation rates for rate-making had been lower than those which would have been utilized if Columbia of Ohio were not subject to regulation resulting in the creation of a regulatory asset. In 2005, the PUCO authorized Columbia of Ohio to revise its depreciation accrual rates for the period beginning January 1, 2005. The revised depreciation rates are now higher than those which would have been utilized if Columbia of Ohio were not subject to regulation allowing for amortization of the previously created regulatory asset. The amount of depreciation that would have been recorded from 2005 through 2018 had Columbia of Ohio not been subject to rate regulation is a cumulative $806.8 million , $92.2 million less than that reflected in rates. The resulting regulatory asset balance was $39.5 million and $49.3 million as of December 31, 2018 and 2017 , respectively. • Columbia of Ohio IRP and CEP. Columbia of Ohio also has PUCO approval to defer depreciation and debt-based post-in-service carrying charges (see " Post-in-service carrying charges" below) associated with its IRP and CEP. As of December 31, 2018 , depreciation of $29.1 million and $76.0 million was deferred for the respective programs. Depreciation deferral balances for the respective programs as of December 31, 2017 were $ 26.5 million and $ 49.8 million . Recovery of the IRP depreciation is approved annually through the IRP rider. The equivalent of annual depreciation expense, based on the average life of the related assets, is included in the calculation of the IRP rider approved by the PUCO and billed to customers. Deferred depreciation expense is recognized as the IRP rider is billed to customers. The recovery mechanism for depreciation associated with the CEP is discussed in "Additional Regulatory Matters," below. • NIPSCO ECRM. NIPSCO obtained approval from the IURC to recover certain environmental related costs including operation and maintenance and depreciation expense once the environmental facilities become operational. The ECRM deferred charges represent expenses that will be recovered from customers through an annual ECRM Cost Tracker (ECT) which authorizes the collection of deferred balances over a six month period. Recovery of these costs will continue until such assets are included in rate base through an electric base rate case. Depreciation of $ 14.4 million and $ 13.9 million was deferred to a regulatory asset as of December 31, 2018 and 2017 , respectively. • NIPSCO TDSIC. NIPSCO obtained approval from the IURC to recover costs for certain system modernization projects outside of a base rate proceeding. Eighty percent of the related costs, including depreciation, property taxes, and debt and equity based carrying charges (see "Post-in-service carrying charges" below) are recovered through a semi-annual recovery mechanism. Recovery of these costs will continue through the TDSIC tracker until such assets are included in rate base through a gas or electric base rate case, respectively. The remaining twenty percent of the costs are deferred until the next base rate case. As of December 31, 2018 and 2017 , depreciation of $ 16.5 million and $ 10.3 million , respectively, was deferred as a regulatory asset. Post-in-service carrying charges. Represents deferred debt-based carrying charges incurred on certain assets placed into service but not yet included in customer rates. This balance includes: • Columbia of Ohio IRP and CEP. See description of IRP and CEP programs above under the heading " Depreciation ." As of December 31, 2018 and 2017 , Columbia of Ohio had deferred PISCC of $ 197.1 million and $ 164.6 million , respectively. • NIPSCO TDSIC. See description of TDSIC program above under the heading " Depreciation ." Deferral of equity-based carrying charges for the TDSIC program is allowed; however, such amounts are not reflected in regulatory asset balances for financial reporting as equity-based returns do not meet the definition of incurred costs under ASC 980. As of December 31, 2018 and 2017 , NIPSCO had deferred PISCC of $ 9.5 million and $ 8.7 million , respectively. Safety activity costs. Represents the difference between costs incurred in eligible safety programs in excess of those being recovered in rates. The eligible cost deferrals represent necessary business expenses incurred in compliance with PHMSA regulations and are targeted to enhance the safety of the pipeline systems. Certain subsidiaries defer the excess costs as a regulatory asset in accordance with regulatory orders and recovery of these costs will be address in future base rate proceedings. DSM programs. Represents costs associated with Gas Distribution Operations and Electric Operations segments' energy efficiency and conservation programs. Costs are recovered through tracking mechanisms. Bailly Generating Station. Represents the net book value of Units 7 and 8 of Bailly Generating Station that was retired during 2018. These amounts are currently being amortized at a rate consistent with their inclusion in customer rates. Liabilities: Over-recovered gas and fuel costs. Represents the difference between the cost of gas and fuel and the recovery of such costs in revenues, and is the basis to adjust future billings for such refunds on a basis consistent with applicable state-approved tariff provisions. Refunding of these revenues is achieved through tracking mechanisms. Cost of removal. Represents anticipated costs of removal that have been, and continue to be, included in depreciation rates and collected in customer rates of the rate-regulated subsidiaries for future costs to be incurred. Regulatory effects of accounting for income taxes. Represents amounts owed to customers for deferred taxes collected at a higher rate than the current statutory rates and liabilities associated with accelerated tax deductions owed to customers that are established during the rate making process. Balance includes excess deferred taxes recorded upon implementation of the TCJA in December 2017, net of amounts amortized during 2018. Deferred pension and other postretirement benefit costs. Primarily represents cash contributions in excess of postretirement benefit expense that is deferred as a regulatory liability by certain subsidiaries in accordance with regulatory orders. Cost Recovery and Trackers Comparability of our line item operating results is impacted by regulatory trackers that allow for the recovery in rates of certain costs such as those described below. Increases in the expenses that are the subject of trackers generally result in a corresponding increase in operating revenues and therefore have essentially no impact on total operating income results. Certain costs of our operating companies are significant, recurring in nature and generally outside the control of the operating companies. Some states allow the recovery of such costs through cost tracking mechanisms. Such tracking mechanisms allow for abbreviated regulatory proceedings in order for the operating companies to implement charges and recover appropriate costs. Tracking mechanisms allow for more timely recovery of such costs as compared with more traditional cost recovery mechanisms. Examples of such mechanisms include GCR adjustment mechanisms, tax riders, bad debt recovery mechanisms, electric energy efficiency programs, MISO non-fuel costs and revenues, resource capacity charges, federally mandated costs and environmental-related costs. A portion of the Gas Distribution revenue is related to the recovery of gas costs, the review and recovery of which occurs through standard regulatory proceedings. All states in our operating area require periodic review of actual gas procurement activity to determine prudence and to permit the recovery of prudently incurred costs related to the supply of gas for customers. Our distribution companies have historically been found prudent in the procurement of gas supplies to serve customers. A portion of the Electric Operations revenue is related to the recovery of fuel costs to generate power and the fuel costs related to purchased power. These costs are recovered through a FAC, a quarterly regulatory proceeding in Indiana. Infrastructure Replacement and Federally-Mandated Compliance Programs Certain of our operating companies have completed rate proceedings involving infrastructure replacement or enhancement or are embarking upon regulatory initiatives to replace significant portions of their operating systems that are nearing the end of their useful lives. Each operating company's approach to cost recovery may be unique, given the different laws, regulations and precedent that exist in each jurisdiction. Columbia of Ohio, IRP - On December 3, 2008, the PUCO issued an order which established Columbia of Ohio’s IRP. Pursuant to that order, the IRP provides for recovery of costs resulting from: (1) the maintenance, repair and replacement of customer-owned service lines that have been determined by Columbia of Ohio to present an existing or probable hazard to persons and property; (2) Columbia of Ohio’s replacement of cast iron, wrought iron, unprotected coated steel and bare steel pipe and associated company and customer-owned metallic service lines; (3) the replacement of customer-owned natural gas risers identified by the PUCO as prone to failure; and (4) the installation of AMR devices on all residential and commercial meters served by Columbia of Ohio. Recoverable costs include a return on investment, depreciation and property taxes, offset by specified cost savings. Columbia of Ohio’s five-year IRP plan renewal was last approved on January 31, 2018 for the years 2018-2022. NIPSCO Gas and Electric, TDSIC - On April 30, 2013, the Indiana Governor signed Senate Enrolled Act 560, known as the TDSIC statute, into law. Among other provisions, the TDSIC statute provides for cost recovery outside of a base rate proceeding for new or replacement electric and gas transmission, distribution, and storage projects that a public utility undertakes for the purposes of safety, reliability, system modernization or economic development. Provisions of the TDSIC statute require that, among other things, requests for recovery include a seven-year plan of eligible investments. Once the plan is approved by the IURC, eighty percent of eligible costs can be recovered using a periodic rate adjustment mechanism, known as the TDSIC mechanism. Recoverable costs include a return on the investment, including AFUDC, PISCC, operation and maintenance expenses, depreciation and property taxes. The remaining twenty percent of recoverable costs are deferred for future recovery in NIPSCO's next general rate case. The semi-annual rate adjustment mechanism is capped at an annual increase of two percent of total retail revenues. NIPSCO Electric, ECRM - NIPSCO has approval from the IURC to recover certain environmental related costs through an ECT (environmental cost tracker). Under the ECT, NIPSCO is permitted to recover (1) AFUDC and a return on the capital investment expended by NIPSCO to implement environmental compliance plan projects and (2) related operation and maintenance and depreciation expenses once the environmental facilities become operational. NIPSCO Gas and Electric, FMCA - The FMCA statute provides for cost recovery outside of a base rate proceeding for projected federally mandated costs. Once the plan is approved by the IURC, eighty percent of eligible costs can be recovered using a periodic rate adjustment mechanism, known as the FMCA mechanism. Recoverable costs include a return on the investment, including AFUDC, PISCC, mandated operation and maintenance expenses, depreciation and property taxes. The remaining twenty percent of recoverable costs are deferred for future recovery in NIPSCO's next general rate case. Actual costs that exceed the projected federally mandated costs of the approved compliance project by more than twenty-five percent shall require specific justification by NIPSCO and specific approval by the IURC before being authorized in the next general rate case. Columbia of Massachusetts, GSEP - On July 7, 2014, the Governor of Massachusetts signed into law Chapter 149 of the Acts of 2014, an Act Relative to Natural Gas Leaks (“the Act”). The Act authorizes natural gas distribution companies to file a GSEP for capital investments made on or after January 1, 2015, that are not included in the Company’s current rate base as determined in the most recent base rate case, with the Massachusetts DPU to (1) address the replacement or improvement of existing aging natural gas pipeline infrastructure to improve public safety or infrastructure reliability, and (2) reduce the lost and unaccounted for natural gas through a reduction in natural gas system leaks. In addition, the Act provides that the Massachusetts DPU may, after review of the plan, allow the proposed estimated costs of the plan into rates as of May 1 of the subsequent year. Recoverable costs include a return on investment, depreciation and property taxes, offset by identified operations and maintenance cost savings. Rates are subject to a capped annual revenue increase of one and a half percent of total annual delivery and cost of gas revenues from sales and transportation, including imputed gas revenues for transportation, for the calendar year preceding the projected GSEP calendar year being filed. At the end of each 12-month period, in May of the subsequent year, Columbia of Massachusetts must file a reconciliation of the amount collected and actual costs. Any over-collection or under-collection balance is passed back to, or recovered from, customers over a 12-month period beginning in November. Once new base rates are established under a base rate proceeding, the GSEP factor is re-set to remove the capital investment and associated revenue reflected in the base rates. Columbia of Pennsylvania, DSIC - On February 14, 2012, the Governor of Pennsylvania signed into law Act 11 of 2012, which provided a DSIC mechanism for certain utilities to recover costs related to repair, replacement or improvement of eligible distribution property that has not previously been reflected in rates or rate base. Through a DSIC, a utility may recover the fixed costs of eligible infrastructure incurred during the three months ended one month prior to the effective date of the charge, thereby reducing the historical regulatory lag associated with cost recovery through the traditional rate-making process. On March 14, 2013, the Pennsylvania PUC approved Columbia of Pennsylvania’s petition to implement a DSIC as of April 1, 2013. Accordingly, Columbia of Pennsylvania is authorized to recover the cost of eligible plant associated with repair, replacement or improvement that was not previously reflected in rate base and has been placed in service during the applicable three-month period. After the initial charge is established, the DSIC is updated quarterly to recover the cost of further plant additions and cannot exceed five percent of distribution revenues. Recoverable costs include a return on investment, exclusive of accumulated deferred income taxes from the calculation of rate base, and depreciation. Once new base rates are established under a base rate proceeding, the DSIC is set to zero. Additionally, the DSIC rate is also reset to zero if, in any quarter, the data reflected in the Columbia of Pennsylvania's most recent quarterly financial earnings report show that the utility will earn an overall rate of return that would exceed the allowable rate of return used to calculate its fixed costs under the DSIC mechanism. A utility is exempt from filing a quarterly financial earnings report when a base rate proceeding is pending before the Pennsylvania PUC. Columbia of Virginia, SAVE - On March 11, 2010, the Virginia Governor signed legislation into law that allows natural gas utilities to implement programs to replace qualifying infrastructure on an expedited basis and provides for timely cost recovery. Known as the SAVE Act, the law allows natural gas utilities to file programs with the VSCC providing a timeline and estimated costs for replacing eligible infrastructure. Eligible infrastructure replacement projects are those that (1) enhance safety or reliability by reducing system integrity risks associated with customer outages, corrosion, equipment failures, material failures, or natural forces; (2) do not increase revenues by directly connecting the infrastructure replacement to new customers; (3) reduce or have the potential to reduce greenhouse gas emissions; (4) are not included in the natural gas utility’s rate base in its most recent rate case; and (5) are commenced on or after January 1, 2010. The SAVE Act provides for recovery of costs associated with the eligible infrastructure through a rate rider. Recoverable costs include a return on investment, depreciation and property taxes. Columbia of Virginia’s current five year SAVE plan was approved by the VSCC in 2016 and amended in 2017 for the years 2016 through 2020. Columbia of Kentucky, AMRP - On October 26, 2009, the Kentucky PSC approved a mechanism for recovering the costs of Columbia of Kentucky’s AMRP not previously reflected in rate base through an annual fixed monthly rate rider filed in October. In its 2013 rate case, Columbia of Kentucky was allowed to base the AMRP rider on the expected annual cost of service. Recoverable costs include a return on investment, depreciation and property taxes, offset by specific cost savings. At the end of each 12-month period, Columbia of Kentucky must file a reconciliation of the amount collected and actual costs. Any over-collection or under-collection balance is passed back to, or recovered from, customers through the surcharge over a 12-month period beginning in June of the subsequent year. Once new base rates are established under a base rate proceeding, the AMRP rider is set to zero. Columbia of Maryland, STRIDE - On May 2, 2013, the Governor of Maryland signed Senate Bill 8 into law, authorizing gas companies to accelerate recovery of eligible infrastructure replacement, effective June 1, 2013. The STRIDE statute provides recovery for gas pipeline upgrades outside of the context of a base rate proceeding through an annual surcharge, IRIS, as approved by, Maryland PSC. The STRIDE statute directs gas utilities to file a plan to invest in eligible infrastructure replacement projects and to list the specific projects and elements in any such STRIDE plan with the Maryland PSC. The calendar year projected capital projects to be placed into plant in service and included in Columbia of Maryland's surcharge recovery request must satisfy a number of criteria per the statute, including a requirement that they be designed to improve public safety or infrastructure reliability. Columbia of Maryland’s five-year STRIDE Plan renewal for years 2019 through 2023, as with the preceding five years, is focused on replacing (1) existing cast iron and bare steel mains, (2) associated services and meters, and (3) identified prone-to-failure vintage plastic piping. Columbia of Maryland’s IRIS mechanism recovers a return on investment, depreciation and property taxes of the STRIDE-eligible capital infrastructure statutorily capped at $2 per month for residential customers, and proportionally capped for commercial and industrial customer classes, and is reconciled to actual costs on an annual basis. Any over-collection or under-collection balance is passed back to, or recovered from, customers through the surcharge effective in May of the subsequent year. The following table describes regulatory programs to recover infrastructure replacement and other federally-mandated compliance investments currently in rates and those pending commission approval: (in millions) Company Program Incremental Revenue Incremental Capital Investment Investment Period Filed Status Rates Effective Columbia of Ohio IRP - 2018 (1) $ 2.3 $ 207.0 1/17-12/17 February 27, 2018 Approved May 2018 NIPSCO - Gas TDSIC 7 $ 1.5 $ 59.0 1/17-6/17 August 31, 2017 Approved January 2018 NIPSCO - Gas TDSIC 8 $ 1.8 $ 54.0 7/17-12/17 February 27, 2018 Approved September 2018 NIPSCO - Gas TDSIC 9 (1)(2) $ (10.6 ) $ 54.4 1/18 - 6/18 August 28, 2018 Approved January 2019 NIPSCO - Gas FMCA 1 $ 9.9 $ 1.5 11/17-9/18 November 30, 2018 Order Expected April 2019 Columbia of Massachusetts GSEP - 2018 (1)(3) $ 6.5 $ 80.0 1/18-12/18 October 31, 2017 Approved May 2018 Columbia of Massachusetts GSEP - 2019 (4) $ 10.7 $ 64.0 1/19-12/19 October 31, 2018 Order expected May 2019 Columbia of Pennsylvania DSIC - 2018 $ 0.4 $ 14.8 12/17-2/18 March 22, 2018 Approved April 2018 Columbia of Pennsylvania DSIC - 2018 $ 0.9 $ 31.8 3/18-5/18 June 20, 2018 Approved July 2018 Columbia of Pennsylvania DSIC - 2018 $ 1.6 $ 55.4 6/18-8/18 September 20, 2018 Approved October 2018 Columbia of Virginia SAVE - 2018 $ 2.9 $ 33.3 1/18-12/18 August 18, 2017 Approved January 2018 Columbia of Virginia SAVE - 2019 $ 2.4 $ 36.0 1/19-12/19 August 17, 2018 Approved January 2019 Columbia of Kentucky AMRP - 2018 $ 4.5 $ 24.0 1/18-12/18 October 13, 2017 Approved January 2018 Columbia of Kentucky AMRP - 2019 $ 3.6 $ 30.1 1/19-12/19 October 15, 2018 Approved January 2019 Columbia of Maryland STRIDE - 2018 $ 1.2 $ 20.8 1/18-12/18 November 1, 2017 Approved January 2018 Columbia of Maryland STRIDE - 2019 $ 1.2 $ 19.7 1/19-12/19 November 1, 2018 Approved January 2019 NIPSCO - Electric TDSIC - 3 $ (2.0 ) $ 75.0 5/17-11/17 January 30, 2018 Approved June 2018 NIPSCO - Electric TDSIC - 4 (1) $ (11.8 ) $ 72.2 12/17-5/18 July 31, 2018 Approved December 2018 NIPSCO - Electric TDSIC - 5 (1) $ 15.9 $ 58.8 6/18-11/18 January 29, 2019 Order Expected June 2019 NIPSCO - Electric ECRM - 31 $ (2.1 ) $ 2.9 6/17-12/17 January 31, 2018 Approved May 2018 NIPSCO - Electric ECRM - 32 $ 1.0 $ — 1/18-6/18 July 31, 2018 Approved November 2018 NIPSCO - Electric FMCA - 8 $ 1.3 $ 4.4 4/17-9/17 November 1, 2017 Approved February 2018 NIPSCO - Electric FMCA - 9 $ 4.1 $ 90.2 10/17-3/18 April 27, 2018 Approved August 2018 NIPSCO - Electric FMCA - 10 $ 2.2 $ 45.7 4/18-8/18 October 18, 2018 Approved February 2019 (1) Incremental revenue is net of amounts due back to customers as a result of the TCJA. (2) Incremental revenue is net of $5.2 million of adjustments in the TDSIC-9 settlement. (3) A cap waiver was approved by the Massachusetts DPU on June 21, 2018 and related rates became effective July 2018. (4) The filing included a request for approval of a waiver to allow collection of the $2.9 million revenue requirement that exceeds the GSEP cap provision. Rate Case Actions The following table describes current rate case actions as applicable in each of our jurisdictions net of tracker impacts: (in millions) Company Requested Incremental Revenue Approved Incremental Revenue Filed Status Rates Effective NIPSCO - Gas (1) $ 138.1 $ 107.3 September 27, 2017 Approved October 2018 Columbia of Massachusetts $ 24.1 N/A April 13, 2018 Withdrawn N/A Columbia of Pennsylvania $ 46.9 $ 26.0 March 16, 2018 Approved December 2018 Columbia of Virginia (2) $ 14.2 In process August 28, 2018 Order expected February 2019 Columbia of Maryland $ 4.6 $ 2.2 April 13, 2018 Approved November 2018 NIPSCO - Electric $ 21.4 In process October 31, 2018 Order expected September 2019 (1) Rates will be implemented in three steps, with implementation of step 1 rates effective October 1, 2018. Step 2 rates will be effective on or about March 1, 2019, and step 3 rates will be effective on January 1, 2020. The IURC’s order also dismissed NIPSCO from phase 2 of the IURC’s TCJA investigation. (2) Rates implemented subject to refund pending a final order from the VSCC. Additional Regulatory Matters Columbia of Ohio. On December 1, 2017, Columbia of Ohio filed an application that requested authority to implement a rider to begin recovering plant and associated deferrals related to its CEP. The CEP was established in 2011 and allows for deferral of interest, depreciation and property taxes on certain plant investments not recovered through its IRP modernization tracker. The application requested authority to increase annual revenues, through the requested rider, by approximately $70 million , with biennial increases up to approximately $98 million in 2022. On May 9, 2018, the PUCO appointed an independent auditor to assist the PUCO with the review of the accounting accuracy, prudency and compliance of Columbia of Ohio with its PUCO-approved CEP deferrals. The independent audit report was filed on September 4, 2018 and the PUCO Staff's Report on the investigation was filed on September 14, 2018. On October 25, 2018, a joint stipulation and recommendation was filed recommending an initial revenue requirement of $74.5 million to recover CEP investments and deferrals through December 31, 2017, with annual adjustments for capital investments made in subsequent years. Additionally, the signatory parties to the stipulation agreed to a reduction in rates to adjust for the impacts of the TCJA and for a base rate case filing to be made by Columbia of Ohio with a test period of calendar year 2021. On November 28, 2018 the PUCO issued an order unanimously approving the settlement filed on October 25, 2018, without modification, for rates effective beginning November 29, 2018. This order finalizes Columbia of Ohio's TCJA resolution related to the CEP tracker, as well as base rates. NIPSCO Gas. On November 8, 2017, NIPSCO filed a petition with the IURC seeking approval of NIPSCO’s federally mandated pipeline safety compliance plan. As part of the settlement agreement filed in NIPSCO’s gas base rate case proceeding, NIPSCO and the parties to the settlement agreement settled all issues in this proceeding as well, including moving certain costs from the base rate proceeding to this pipeline safety compliance plan. The updated four year compliance plan includes a total estimated $91.5 million of capital costs and $35.5 million of expected operating and maintenance costs. NIPSCO received approval for accounting and rate-making relief, including establishment of a periodic rate adjustment mechanism. NIPSCO filed the first tracker proceeding in this case on November 30, 2018. On December 31, 2018, NIPSCO filed a petition with the IURC seeking approval of an additional PHMSA compliance plan including capital expenditures of $228.8 million . An IURC order is expected in the second half of 2019. On January 3, 2018, the IURC initiated an investigation to review and consider the possible implications of the TCJA on utility rates. The IURC ordered a two phase investigation. Phase 1 solely dealt with the prospective changes in rates to reflect the change in tax rates. In accordance with the procedural schedule, on March 26, 2018, NIPSCO filed revised gas tariffs reflecting the impact of the change in tax rate for its applicable rates and charges. The IURC approved NIPSCO's Phase 1 filing on April 26, 2018. The revised tariffs were effective May 1, 2018. The stipulation and settlement agreement filed on April 20, 2018, in NIPSCO’s gas rate case resolved all issues in Phase 2, including the return of excess income tax revenue recovered through its base rates and any applicable charges between January 1, 2018 and April 30, 2018. Beginning January 2019, and continuing through June 2019, NIPSCO is passing back the excess tax expense through the TDSIC mechanism. On December 27, 2018, the IURC issued an order for TDSIC-9 approving the settlement agreement filed on November 4, 2018. This order, along with the Court of Appeals dismissal on December 31, 2018 and January 8, 2019, resolved all outstanding issues related to the appeals of TDSIC-4 though TDSIC-8. Columbia of Massachusetts. On October 9, 2018, Columbia of Massachusetts filed an application with the Massachusetts DPU, seeking authority to pass back approximately $95.8 million in excess deferred taxes associated with T |
Risk Management Activities
Risk Management Activities | 12 Months Ended |
Dec. 31, 2018 | |
Risk Management Activities [Abstract] | |
Risk Management Activities | Risk Management Activities We are exposed to certain risks relating to ongoing business operations; namely commodity price risk and interest rate risk. We recognize that the prudent and selective use of derivatives may help to lower our cost of debt capital, manage interest rate exposure and limit volatility in the price of natural gas. Risk management assets and liabilities on our derivatives are presented on the Consolidated Balance Sheets as shown below: December 31, (in millions) 2018 2017 Risk Management Assets - Current (1) Interest rate risk programs $ — $ 14.0 Commodity price risk programs 1.1 0.5 Total $ 1.1 $ 14.5 Risk Management Assets - Noncurrent (2) Interest rate risk programs $ 18.5 $ 5.6 Commodity price risk programs 4.4 1.0 Total $ 22.9 $ 6.6 Risk Management Liabilities - Current Interest rate risk programs $ — $ 38.6 Commodity price risk programs 5.0 4.6 Total $ 5.0 $ 43.2 Risk Management Liabilities - Noncurrent Interest rate risk programs $ 9.5 $ — Commodity price risk programs 37.2 28.5 Total $ 46.7 $ 28.5 (1) Presented in "Prepayments and other" on the Consolidated Balance Sheets. (2) Presented in "Deferred charges and other" on the Consolidated Balance Sheets. Commodity Price Risk Management We, along with our utility customers, are exposed to variability in cash flows associated with natural gas purchases and volatility in natural gas prices. We purchase natural gas for sale and delivery to our retail, commercial and industrial customers, and for most customers the variability in the market price of gas is passed through in their rates. Some of our utility subsidiaries offer programs whereby variability in the market price of gas is assumed by the respective utility. The objective of our commodity price risk programs is to mitigate the gas cost variability, for us or on behalf of our customers, associated with natural gas purchases or sales by economically hedging the various gas cost components using a combination of futures, options, forwards or other derivative contracts. NIPSCO received IURC approval to lock in a fixed price for its natural gas customers using long-term forward purchase instruments. The term of these instruments range from five to ten years and is limited to twenty percent of NIPSCO’s average annual GCA purchase volume. Gains and losses on these derivative contracts are deferred as regulatory liabilities or assets and are remitted to or collected from customers through NIPSCO’s quarterly GCA mechanism. These instruments are not designated as accounting hedges. Interest Rate Risk Management As of December 31, 2018 , we have forward-starting interest rate swaps with an aggregate notional value totaling $500.0 million to hedge the variability in cash flows attributable to changes in the benchmark interest rate during the periods from the effective dates of the swaps to the anticipated dates of forecasted debt issuances, which are expected to take place by the end of 2024. These interest rate swaps are designated as cash flow hedges. The effective portions of the gains and losses related to these swaps are recorded to AOCI and are recognized in "Interest expense, net" concurrently with the recognition of interest expense on the associated debt, once issued. If it becomes probable that a hedged forecasted transaction will no longer occur, the accumulated gains or losses on the derivative will be recognized currently in "Other, net" in the Statements of Consolidated Income (Loss). The passage of the TCJA and Greater Lawrence Incident led to significant changes to our long-term financing plan. As a result, during 2018 , we settled forward-starting interest rate swaps with a notional value of $750.0 million . These derivative contracts were accounted for as cash flow hedges. As part of the transactions, the associated net unrealized gain of $46.2 million was recognized immediately in "Other, net" on the Statements of Consolidated Income (Loss) due to the probability associated with the forecasted borrowing transactions no longer occurring. There were no amounts excluded from effectiveness testing for derivatives in cash flow hedging relationships at December 31, 2018 , 2017 and 2016 . Our derivative instruments measured at fair value as of December 31, 2018 and 2017 do not contain any credit-risk-related contingent features. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 22, 2017, the President signed into law the TCJA, which, among other things, enacted significant changes to the Internal Revenue Code, as amended, including a reduction in the maximum U.S. federal corporate income tax rate from 35% to 21% , and certain other provisions related specifically to the public utility industry, including the continuation of certain interest expense deductibility. These changes were effective January 1, 2018. Under GAAP, the effects of a change in tax law are recorded as a discrete item in the period of enactment. Rates for our regulated customers include provisions for the collection of U.S. federal income taxes. Accordingly, accounting effects related to changes in tax rates here that would normally be recognized as a component of income tax expense may instead be deferred as a regulatory asset or liability and reflected in future rate-making. In December 2017, we remeasured our deferred tax assets and liabilities to the new federal corporate income tax rate. The result of this remeasurement was a reduction in the net deferred tax liability of approximately $1.3 billion , including approximately $0.4 billion of regulatory "gross up" to account for over-collection of past taxes from customers. Offsetting the reduction in net deferred tax liabilities was an increase in regulatory liabilities of approximately $1.5 billion and an increase in income tax expense of $0.2 billion . In 2018, we received regulatory orders from most of the jurisdictions in which we operate regarding the treatment and pass back of excess deferred taxes. As a result of these orders we reduced our regulatory liability related to excess deferred income taxes by $120.7 million (net of tax). This adjustment is reflected in "Income Taxes" on our Consolidated Statements of Income (Loss). On December 22, 2017, the SEC issued Staff Accounting Bulletin 118 (“SAB 118”), which provides guidance on accounting for tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting under ASC 740. There were no adjustments recorded in the SAB 118 remeasurement period in 2018. The components of income tax expense (benefit) were as follows: Year Ended December 31, (in millions) 2018 2017 2016 Income Taxes Current Federal $ — $ — $ — State 8.2 7.8 (0.1 ) Total Current 8.2 7.8 (0.1 ) Deferred Federal (209.4 ) 302.7 165.6 State 22.2 5.0 18.0 Total Deferred (187.2 ) 307.7 183.6 Deferred Investment Credits (1.0 ) (1.0 ) (1.4 ) Income Taxes $ (180.0 ) $ 314.5 $ 182.1 Total income taxes were different from the amount that would be computed by applying the statutory federal income tax rate to book income before income tax. The major reasons for this difference were as follows: Year Ended December 31, (in millions) 2018 2017 2016 Book income (loss) before income taxes $ (230.6 ) $ 443.0 $ 513.6 Tax expense (benefit) at statutory federal income tax rate (48.4 ) 21.0 % 155.0 35.0 % 179.8 35.0 % Increases (reductions) in taxes resulting from: State income taxes, net of federal income tax benefit 24.7 (10.7 ) 6.9 1.5 11.3 2.2 Amortization of regulatory liabilities (29.3 ) 12.7 (2.4 ) (0.5 ) (1.5 ) (0.3 ) Charitable contribution carryover — — (1.2 ) (0.3 ) 2.8 0.5 State regulatory proceedings (127.8 ) 55.4 — — — — Remeasurement due to TCJA — — 161.1 36.4 — — Employee stock ownership plan dividends and other compensation (2.2 ) 1.0 (6.5 ) (1.5 ) (9.5 ) (1.8 ) Other adjustments 3.0 (1.3 ) 1.6 0.4 (0.8 ) (0.1 ) Income Taxes $ (180.0 ) 78.1 % $ 314.5 71.0 % $ 182.1 35.5 % The effective income tax rates were 78.1% , 71.0% and 35.5% in 2018 , 2017 and 2016 , respectively. The 7.1% increase in the overall effective tax rate in 2018 versus 2017 was primarily the result of state regulatory proceedings which resulted in a $127.8 million decrease in federal income taxes offset by a related increase in state income taxes of $7.1 million . Additionally, the increase was driven by a $26.9 million decrease in income taxes related to amortization of the regulatory liability primarily associated with excess deferred taxes. The 35.5% increase in the overall effective tax rate in 2017 versus 2016 was primarily the result of a $161.1 million increase in income taxes related to implementing the provisions of the TCJA. The charge to income tax expense resulting from implementation of the TCJA relates primarily to remeasurement of parent company deferred tax assets for NOL carryforwards. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. Among other provisions, the standard requires that all income tax effects of awards are recognized in the income statement when the awards vest and are distributed. Deferred income taxes result from temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The principal components of our net deferred tax liability were as follows: At December 31, (in millions) 2018 2017 Deferred tax liabilities Accelerated depreciation and other property differences $ 2,458.0 $ 2,260.7 Other regulatory assets 375.4 309.5 Total Deferred Tax Liabilities 2,833.4 2,570.2 Deferred tax assets Other regulatory liabilities and deferred investment tax credits (including TCJA) 365.5 406.0 Pension and other postretirement/postemployment benefits 157.5 136.7 Net operating loss carryforward and AMT credit carryforward 849.8 576.0 Environmental liabilities 24.4 24.0 Other accrued liabilities 37.5 37.2 Other, net 68.2 97.4 Total Deferred Tax Assets 1,502.9 1,277.3 Net Deferred Tax Liabilities $ 1,330.5 $ 1,292.9 State income tax net operating loss benefits are recorded at their realizable value. We anticipate it is more likely than not that we will realize $88.5 million and $65.8 million of these tax benefits as of December 31, 2018 and 2017 , respectively, prior to their expiration. These tax benefits are primarily related to Indiana, Massachusetts and Pennsylvania. The remaining net operating loss carryforward tax benefits represent a federal carryforward of $759.6 million ( $508.5 million of which relates to years prior to the implementation of the TCJA) and an Alternative Minimum Tax credit of $1.7 million . The carryforward periods for pre-TCJA tax benefits expire in various tax years from 2028 to 2037 . Per the TCJA, federal NOL carryforwards generated after December 31, 2017 do not expire, but are limited to 80% of current year taxable income. Unrecognized tax benefits for the periods reported are immaterial. We present accrued interest on unrecognized tax benefits, accrued interest on other income tax liabilities and tax penalties in "Income Taxes" on our Statements of Consolidated Income (Loss). Interest expense recorded on unrecognized tax benefits and other income tax liabilities was immaterial for all periods presented. There were no accruals for penalties recorded in the Statements of Consolidated Income (Loss) for the years ended December 31, 2018 , 2017 and 2016 , and there were no balances for accrued penalties recorded on the Consolidated Balance Sheets as of December 31, 2018 and 2017 . We are subject to income taxation in the United States and various state jurisdictions; primarily Indiana, Pennsylvania, Kentucky, Massachusetts, Maryland and Virginia. We participate in the IRS CAP which provides the opportunity to resolve tax matters with the IRS before filing each year's consolidated federal income tax return. As of December 31, 2018 , tax years through 2017 have been audited and are effectively closed to further assessment. The audit of tax year 2018 under the CAP program is expected to be completed in 2019. The statute of limitations in each of the state jurisdictions in which we operate remains open until the years are settled for federal income tax purposes, at which time amended state income tax returns reflecting all federal income tax adjustments are filed. As of December 31, 2018 , there were no state income tax audits in progress that would have a material impact on the consolidated financial statements. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits We provide defined contribution plans and noncontributory defined benefit retirement plans that cover certain of our employees. Benefits under the defined benefit retirement plans reflect the employees’ compensation, years of service and age at retirement. Additionally, we provide health care and life insurance benefits for certain retired employees. The majority of employees may become eligible for these benefits if they reach retirement age while working for us. The expected cost of such benefits is accrued during the employees’ years of service. Current rates of rate-regulated companies include postretirement benefit costs, including amortization of the regulatory assets that arose prior to inclusion of these costs in rates. For most plans, cash contributions are remitted to grantor trusts. Our Pension and Other Postretirement Benefit Plans’ Asset Management . We employ a liability-driven investing strategy for the pension plan, as noted below. A mix of equities and fixed income investments are used to maximize the long-term return of plan assets and hedge the liabilities at a prudent level of risk. We utilize a total return investment approach for the other postretirement benefit plans. Risk tolerance is established through careful consideration of plan liabilities, plan funded status, and asset class volatility. The investment portfolio contains a diversified blend of equity and fixed income investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks, as well as growth, value, small and large capitalizations. Other assets such as private equity funds are used judiciously to enhance long-term returns while improving portfolio diversification. Derivatives may be used to gain market exposure in an efficient and timely manner; however, derivatives may not be used to leverage the portfolio beyond the market value of the underlying assets. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews, annual liability measurements, and periodic asset/liability studies. We utilize a building block approach with proper consideration of diversification and rebalancing in determining the long-term rate of return for plan assets. Historical markets are studied and long-term historical relationships between equities and fixed income are analyzed to ensure that they are consistent with the widely accepted capital market principle that assets with higher volatility generate greater return over the long run. Current market factors, such as inflation and interest rates, are evaluated before long-term capital market assumptions are determined. Peer data and historical returns are reviewed to check for reasonability and appropriateness. The most important component of an investment strategy is the portfolio asset mix, or the allocation between the various classes of securities available to the pension and other postretirement benefit plans for investment purposes. The asset mix and acceptable minimum and maximum ranges established for our plan assets represents a long-term view and are listed in the table below. In 2012, a dynamic asset allocation policy for the pension fund was approved. This policy calls for a gradual reduction in the allocation of return-seeking assets (equities, real estate and private equity) and a corresponding increase in the allocation of liability-hedging assets (fixed income) as the funded status of the plans increase above 90% (as measured by the market value of qualified pension plan assets divided by the projected benefit obligations of the qualified pension plans). During 2017, a $277 million discretionary contribution was made to the pension plans. A new asset-liability study was completed in 2018 resulting in a more conservative glide path and an increase in the allocation to liability-hedging assets held in the portfolio. As of December 31, 2018 , the asset mix and acceptable minimum and maximum ranges established by the policy for the pension and other postretirement benefit plans are as follows: Asset Mix Policy of Funds: Defined Benefit Pension Plan Postretirement Benefit Plan Asset Category Minimum Maximum Minimum Maximum Domestic Equities 12% 32% 0% 55% International Equities 6% 16% 0% 25% Fixed Income 59% 71% 20% 100% Real Estate 0% 7% 0% 0% Short-Term Investments/Other 0% 15% 0% 10% As of December 31, 2017 , the asset mix and acceptable minimum and maximum ranges established by the policy for the pension and other postretirement benefit plans were as follows: Asset Mix Policy of Funds: Defined Benefit Pension Plan Postretirement Benefit Plan Asset Category Minimum Maximum Minimum Maximum Domestic Equities 16% 36% 0% 55% International Equities 8% 18% 0% 25% Fixed Income 39% 51% 20% 100% Diversified Credit 0% 13% 0% 0% Real Estate 0% 13% 0% 0% Short-Term Investments 0% 10% 0% 10% Pension Plan and Postretirement Plan Asset Mix at December 31, 2018 and December 31, 2017 : Defined Benefit Pension Assets December 31, Postretirement December 31, Asset Class (in millions) Asset Value % of Total Assets Asset Value % of Total Assets Domestic Equities $ 355.5 19.0 % $ 78.8 36.4 % International Equities 165.5 8.9 % 17.5 8.1 % Fixed Income 1,241.9 66.5 % 115.1 53.2 % Real Estate 52.7 2.8 % — — Cash/Other 52.1 2.8 % 4.9 2.3 % Total $ 1,867.7 100.0 % $ 216.3 100.0 % Defined Benefit Pension Assets December 31, Postretirement Benefit Plan Assets December 31, Asset Class (in millions) Asset Value % of Total Assets Asset Value % of Total Assets Domestic Equities $ 698.2 32.3 % $ 96.0 36.6 % International Equities 351.0 16.2 % 39.8 15.2 % Fixed Income 977.6 45.3 % 117.5 44.8 % Real Estate 49.9 2.3 % — — Cash/Other 83.3 3.9 % 9.2 3.4 % Total $ 2,160.0 100.0 % $ 262.5 100.0 % The categorization of investments into the asset classes in the table above are based on definitions established by our Benefits Committee. Fair Value Measurements. The following table sets forth, by level within the fair value hierarchy, the Master Trust and other postretirement benefits investment assets at fair value as of December 31, 2018 and 2017 . Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Total Master Trust and other postretirement benefits investment assets at fair value classified within Level 3 were $86.1 million and $98.9 million as of December 31, 2018 and December 31, 2017 , respectively. Such amounts were approximately 4% of the Master Trust and other postretirement benefits’ total investments as reported on the statement of net assets available for benefits at fair value as of December 31, 2018 and 2017 . Valuation Techniques Used to Determine Fair Value: Level 1 Measurements Most common and preferred stocks are traded in active markets on national and international securities exchanges and are valued at closing prices on the last business day of each period presented. Cash is stated at cost which approximates fair value, with the exception of cash held in foreign currencies which fluctuates with changes in the exchange rates. Short-term bills and notes are priced based on quoted market values. Level 2 Measurements Most U.S. Government Agency obligations, mortgage/asset-backed securities, and corporate fixed income securities are generally valued by benchmarking model-derived prices to quoted market prices and trade data for identical or comparable securities. To the extent that quoted prices are not available, fair value is determined based on a valuation model that includes inputs such as interest rate yield curves and credit spreads. Securities traded in markets that are not considered active are valued based on quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. Other fixed income includes futures and options which are priced on bid valuation or settlement pricing. Level 3 Measurements Private equity investment strategies include buy-out, venture capital, growth equity, distressed debt, and mezzanine debt. Private equity investments are held through limited partnerships. Limited partnerships are valued at estimated fair market value based on their proportionate share of the partnership's fair value as recorded in the partnerships' audited financial statements. Partnership interests represent ownership interests in private equity funds and real estate funds. Real estate partnerships invest in natural resources, commercial real estate and distressed real estate. The fair value of these investments is determined by reference to the funds' underlying assets, which are principally securities, private businesses, and real estate properties. The value of interests held in limited partnerships, other than securities, is determined by the general partner, based upon third-party appraisals of the underlying assets, which include inputs such as cost, operating results, discounted cash flows and market based comparable data. Private equity and real estate limited partnerships typically call capital over a three to five year period and pay out distributions as the underlying investments are liquidated. The typical expected life of these limited partnerships is 10-15 years and these investments typically cannot be redeemed prior to liquidation. Not Classified Commingled funds that hold underlying investments that have prices which are derived from the quoted prices in active markets are not classified within the fair value hierarchy. Instead, these assets are measured at estimated fair value using the net asset value per share of the investments. The funds' underlying assets are principally marketable equity and fixed income securities. Units held in commingled funds are valued at the unit value as reported by the investment managers. For the year ended December 31, 2018 , there were no significant changes to valuation techniques to determine the fair value of our pension and other postretirement benefits' assets. Fair Value Measurements at December 31, 2018 : (in millions) December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant (Level 3) Pension plan assets: Cash $ 9.2 $ 8.8 $ 0.4 $ — Equity securities U.S. equities 0.2 0.2 — — Fixed income securities Government 250.2 — 250.2 — Corporate 442.8 — 442.8 — Mutual Funds U.S. multi-strategy 110.3 110.3 — — International equities 43.2 43.2 — — Fixed income 166.8 166.8 — — Private equity limited partnerships U.S. multi-strategy (1) 18.5 — — 18.5 International multi-strategy (2) 12.5 — — 12.5 Distressed opportunities 2.4 — — 2.4 Real estate 52.7 — — 52.7 Commingled funds (3) Short-term money markets 18.3 — — — U.S. equities 245.2 — — — International equities 122.3 — — — Fixed income 365.7 — — — Pension plan assets subtotal 1,860.3 329.3 693.4 86.1 Other postretirement benefit plan assets: Mutual funds U.S. equities 68.4 68.4 — — International equities 17.5 17.5 — — Fixed income 114.8 114.8 — — Commingled funds (3) Short-term money markets 5.2 — — — U.S. equities 10.4 — — — Other postretirement benefit plan assets subtotal 216.3 200.7 — — Due to brokers, net (4) (1.1 ) — (1.1 ) — Accrued income/dividends 8.6 8.6 — — Total pension and other postretirement benefit plan assets $ 2,084.1 $ 538.6 $ 692.3 $ 86.1 (1) This class includes limited partnerships/fund of funds that invest in a diverse portfolio of private equity strategies, including buy-outs, venture capital, growth capital, special situations and secondary markets, primarily inside the United States. (2) This class includes limited partnerships/fund of funds that invest in diverse portfolio of private equity strategies, including buy-outs, venture capital, growth capital, special situations and secondary markets, primarily outside the United States. (3) This class of investments is measured at fair value using the net asset value per share and has not been classified in the fair value hierarchy. (4) This class represents pending trades with brokers. The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 assets for the year ended December 31, 2018 : Balance at January 1, 2018 Total gains or losses (unrealized / realized) Purchases (Sales) Balance at December 31, 2018 Private equity limited partnerships U.S. multi-strategy 26.7 2.4 0.7 (11.3 ) 18.5 International multi-strategy 19.1 (0.6 ) — (6.0 ) 12.5 Distressed opportunities 3.2 (0.8 ) — — 2.4 Real estate 49.9 1.7 1.8 (0.7 ) 52.7 Total $ 98.9 $ 2.7 $ 2.5 $ (18.0 ) $ 86.1 The table below sets forth a summary of unfunded commitments, redemption frequency and redemption notice periods for certain investments that are measured at fair value using the net asset value per share for the year ended December 31, 2018 : (in millions) Fair Value Redemption Frequency Redemption Notice Period Commingled Funds Short-term money markets $ 23.5 Daily 1 day U.S. equities 255.6 Monthly 3 days International equities 122.3 Monthly 10-30 days Fixed income 365.7 Monthly 3 days Total $ 767.1 Fair Value Measurements at December 31, 2017 : (in millions) December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant (Level 3) Pension plan assets: Cash $ 9.7 $ 9.7 $ — $ — Equity securities U.S. equities 0.3 0.3 — — Fixed income securities Government 143.4 — 143.4 — Corporate 332.6 — 332.6 — Mutual Funds U.S. multi-strategy 231.5 231.5 — — International equities 85.8 85.8 — — Fixed income 242.3 242.3 — — Private equity limited partnerships U.S. multi-strategy (1) 26.7 — — 26.7 International multi-strategy (2) 19.1 — — 19.1 Distressed opportunities 3.2 — — 3.2 Real Estate 49.9 — — 49.9 Commingled funds (3) Short-term money markets 34.1 — — — U.S. equities 466.6 — — — International equities 265.1 — — — Fixed income 244.9 — — — Pension plan assets subtotal 2,155.2 569.6 476.0 98.9 Other postretirement benefit plan assets: Mutual funds U.S. equities 83.8 83.8 — — International equities 39.8 39.8 — — Fixed income 117.3 117.3 — — Commingled funds (3) Short-term money markets 9.4 — — — U.S. equities 12.2 — — — Other postretirement benefit plan assets subtotal 262.5 240.9 — — Due to brokers, net (4) (2.5 ) — — — Accrued investment income/dividends 7.3 — — — Total pension and other postretirement benefit plan assets $ 2,422.5 $ 810.5 $ 476.0 $ 98.9 (1) This class includes limited partnerships/fund of funds that invest in a diverse portfolio of private equity strategies, including buy-outs, venture capital, growth capital, special situations and secondary markets, primarily inside the United States. (2) This class includes limited partnerships/fund of funds that invest in a diverse portfolio of private equity strategies, including buy-outs, venture capital, growth capital, special situations and secondary markets, primarily outside the United States. (3) This class of investments is measured at fair value using the net asset value per share and has not been classified in the fair value hierarchy. (4) This class represents pending trades with brokers. The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 assets for the year ended December 31, 2017 : Balance at January 1, 2017 Total gains or losses (unrealized / realized) Purchases (Sales) Balance at December 31, 2017 Fixed income securities Other fixed income $ 0.1 $ (0.1 ) $ — $ — $ — Private equity limited partnerships U.S. multi-strategy 34.8 2.1 0.9 (11.1 ) 26.7 International multi-strategy 24.9 1.1 0.1 (7.0 ) 19.1 Distress opportunities 4.1 0.4 — (1.3 ) 3.2 Real estate 9.2 (0.6 ) 42.1 (0.8 ) 49.9 Total $ 73.1 $ 2.9 $ 43.1 $ (20.2 ) $ 98.9 The table below sets forth a summary of unfunded commitments, redemption frequency and redemption notice periods for certain investments that are measured at fair value using the net asset value per share for the year ended December 31, 2017 : (in millions) Fair Value Redemption Frequency Redemption Notice Period Commingled Funds Short-term money markets $ 43.5 Daily 1 day U.S. equities 478.8 Monthly 3 days International equities 265.1 Monthly 14-30 days Fixed income 244.9 Monthly 3 days Total $ 1,032.3 Our Pension and Other Postretirement Benefit Plans’ Funded Status and Related Disclosure . The following table provides a reconciliation of the plans’ funded status and amounts reflected in our Consolidated Balance Sheets at December 31 based on a December 31 measurement date: Pension Benefits Other Postretirement Benefits (in millions) 2018 2017 2018 2017 Change in projected benefit obligation (1) Benefit obligation at beginning of year $ 2,192.6 $ 2,165.8 $ 556.3 $ 529.0 Service cost 31.3 30.0 5.0 4.8 Interest cost 67.1 68.3 17.6 17.8 Plan participants’ contributions — — 5.7 5.7 Plan amendments 0.2 0.9 0.1 1.6 Actuarial (gain) loss (103.9 ) 98.3 (51.7 ) 36.2 Settlement loss 0.8 1.6 — — Benefits paid (206.8 ) (172.3 ) (41.1 ) (39.3 ) Estimated benefits paid by incurred subsidy — — 0.6 0.5 Projected benefit obligation at end of year $ 1,981.3 $ 2,192.6 $ 492.5 $ 556.3 Change in plan assets Fair value of plan assets at beginning of year $ 2,160.0 $ 1,750.9 $ 262.5 $ 231.4 Actual (loss) return on plan assets (88.4 ) 299.1 (31.8 ) 33.1 Employer contributions 2.9 282.3 21.0 31.6 Plan participants’ contributions — — 5.7 5.7 Benefits paid (206.8 ) (172.3 ) (41.1 ) (39.3 ) Fair value of plan assets at end of year $ 1,867.7 $ 2,160.0 $ 216.3 $ 262.5 Funded Status at end of year $ (113.6 ) $ (32.6 ) $ (276.2 ) $ (293.8 ) Amounts recognized in the statement of financial position consist of: Noncurrent assets — 9.8 — — Current liabilities (3.0 ) (2.8 ) (0.8 ) (0.7 ) Noncurrent liabilities (110.6 ) (39.6 ) (275.4 ) (293.1 ) Net amount recognized at end of year (2) $ (113.6 ) $ (32.6 ) $ (276.2 ) $ (293.8 ) Amounts recognized in accumulated other comprehensive income or regulatory asset/liability (3) Unrecognized prior service credit $ 3.2 $ 2.5 $ (19.0 ) $ (23.1 ) Unrecognized actuarial loss 761.2 692.9 75.3 84.2 Net amount recognized at end of year $ 764.4 $ 695.4 $ 56.3 $ 61.1 (1) The change in benefit obligation for Pension Benefits represents the change in Projected Benefit Obligation while the change in benefit obligation for Other Postretirement Benefits represents the change in accumulated postretirement benefit obligation. (2) We recognize our Consolidated Balance Sheets underfunded and overfunded status of our various defined benefit postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation. (3) We determined that for certain rate-regulated subsidiaries the future recovery of pension and other postretirement benefits costs is probable. These rate-regulated subsidiaries recorded regulatory assets and liabilities of $798.3 million and $0.1 million , respectively, as of December 31, 2018 , and $733.5 million and $0.1 million , respectively, as of December 31, 2017 that would otherwise have been recorded to accumulated other comprehensive loss. Our accumulated benefit obligation for our pension plans was $1,965.6 million and $2,170.4 million as of December 31, 2018 and 2017 , respectively. The accumulated benefit obligation as of a date is the actuarial present value of benefits attributed by the pension benefit formula to employee service rendered prior to that date and based on current and past compensation levels. The accumulated benefit obligation differs from the projected benefit obligation disclosed in the table above in that it includes no assumptions about future compensation levels. Our pension plans were underfunded by $113.6 million at December 31, 2018 compared to being underfunded, in aggregate, by $32.6 million at December 31, 2017 . The decline in the funded status was due primarily to unfavorable asset returns offset by an increase in discount rates. We contributed $2.9 million and $282.3 million to our pension plans in 2018 and 2017 , respectively. Our other postretirement benefit plans were underfunded by $276.2 million at December 31, 2018 compared to being underfunded by $293.8 million at December 31, 2017 . The improvement in funded status was primarily due to employer contributions and an increase in discount rates, offset by unfavorable asset returns. We contributed $21.0 million and $31.6 million to our other postretirement benefit plans in 2018 and 2017 , respectively. No amounts of our pension or other postretirement benefit plans’ assets are expected to be returned to us or any of our subsidiaries in 2018 . In 2018 and 2017 , some of our qualified pension plans paid lump sum payouts in excess of the respective plan's service cost plus interest cost, thereby meeting the requirement for settlement accounting. We recorded settlement charges of $18.5 million and $13.7 million in 2018 and 2017 , respectively. Net periodic pension benefit cost for 2018 was increased by $3.0 million as a result of the interim remeasurement. The following table provides the key assumptions that were used to calculate the pension and other postretirement benefits obligations for our various plans as of December 31: Pension Benefits Other Postretirement Benefits 2018 2017 2018 2017 Weighted-average assumptions to Determine Benefit Obligation Discount Rate 4.26 % 3.58 % 4.31 % 3.67 % Rate of Compensation Increases 4.00 % 4.00 % — — Health Care Trend Rates Trend for Next Year — — 8.48 % 8.52 % Ultimate Trend — — 4.50 % 4.50 % Year Ultimate Trend Reached — — 2026 2025 Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects: (in millions) 1% point increase 1% point decrease Effect on service and interest components of net periodic cost $ 1.3 $ (1.1 ) Effect on accumulated postretirement benefit obligation 25.0 (22.0 ) We expect to make contributions of approximately $3.0 million to our pension plans and approximately $20.6 million to our postretirement medical and life plans in 2018 . The following table provides benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five fiscal years thereafter. The expected benefits are estimated based on the same assumptions used to measure our benefit obligation at the end of the year and include benefits attributable to the estimated future service of employees: (in millions) Pension Benefits Other Federal Year(s) 2019 $ 177.4 $ 34.3 $ 0.5 2020 176.0 35.0 0.5 2021 176.5 35.7 0.5 2022 174.4 36.0 0.4 2023 166.5 35.8 0.4 2024-2028 748.7 171.8 1.7 The following table provides the components of the plans’ actuarially determined net periodic benefits cost for each of the three years ended December 31, 2018 , 2017 and 2016 : Pension Benefits Other Postretirement Benefits (in millions) 2018 2017 2016 2018 2017 2016 Components of Net Periodic Benefit Cost (1) Service cost $ 31.3 $ 30.0 $ 30.7 $ 5.0 $ 4.8 $ 5.0 Interest cost 67.1 68.3 89.7 17.6 17.8 22.0 Expected return on assets (142.3 ) (123.1 ) (132.9 ) (14.9 ) (15.9 ) (17.2 ) Amortization of prior service cost (credit) (0.4 ) (0.7 ) (0.2 ) (4.0 ) (4.4 ) (4.9 ) Recognized actuarial loss 40.6 52.9 61.2 3.8 3.0 3.1 Settlement loss 18.5 13.7 — — — — Total Net Periodic Benefits Cost $ 14.8 $ 41.1 $ 48.5 $ 7.5 $ 5.3 $ 8.0 (1) Service cost is presented in "Operation and maintenance" on the Statements of Consolidated Income (Loss). Non-service cost components are presented within "Other, net." The following table provides the key assumptions that were used to calculate the net periodic benefits cost for our various plans: Pension Benefits Other Postretirement Benefits 2018 2017 2016 2018 2017 2016 Weighted-average Assumptions to Determine Net Periodic Benefit Cost Discount rate - service cost (1) 3.79 % 4.40 % 4.24 % 3.89 % 4.58 % 4.33 % Discount rate - interest cost (1) 3.15 % 3.31 % 4.24 % 3.27 % 3.48 % 4.33 % Expected Long-Term Rate of Return on Plan Assets 7.00 % 7.25 % 8.00 % 5.80 % 6.99 % 7.85 % Rate of Compensation Increases 4.00 % 4.00 % 4.00 % — — — (1) In January 2017, we changed the method used to estimate the service and interest components of net periodic benefit cost for pension and other postretirement benefits. This change, compared to the previous method, resulted in a decrease in the actuarially-determined service and interest cost components. Historically, we estimated service and interest cost utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. For fiscal 2017 and beyond, we now utilize a full yield curve approach to estimate these components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. We believe it is appropriate to assume a 7.00% and 5.80% rate of return on pension and other postretirement plan assets, respectively, for our calculation of 2018 pension benefits cost. These rates are primarily based on asset mix and historical rates of return and were adjusted in the current year due to anticipated changes in asset allocation and projected market returns. The following table provides other changes in plan assets and projected benefit obligations recognized in other comprehensive income or regulatory asset or liability: Pension Benefits Other Postretirement Benefits (in millions) 2018 2017 2018 2017 Other Changes in Plan Assets and Projected Benefit Obligations Recognized in Other Comprehensive Income or Regulatory Asset or Liability Net prior service cost $ 0.2 $ 0.9 $ 0.1 $ 1.6 Net actuarial loss (gain) 127.5 (76.1 ) (5.0 ) 18.9 Settlements (18.5 ) (13.7 ) — — Less: amortization of prior service cost 0.4 0.7 4.0 4.4 Less: amortization of net actuarial loss (40.6 ) (52.9 ) (3.8 ) (3.0 ) Total Recognized in Other Comprehensive Income or Regulatory Asset or Liability $ 69.0 $ (141.1 ) $ (4.7 ) $ 21.9 Amount Recognized in Net Periodic Benefits Cost and Other Comprehensive Income or Regulatory Asset or Liability $ 83.8 $ (100.0 ) $ 2.8 $ 27.2 Based on a December 31 measurement date, the net unrecognized actuarial loss, unrecognized prior service cost (credit), and unrecognized transition obligation that will be amortized into net periodic benefit cost during 2019 for the pension plans are $45.5 million , $0.2 million and zero , respectively, and for other postretirement benefit plans are $2.4 million , $(3.2) million and zero , respectively. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Common Stock [Abstract] | |
Common Stock | We raise equity financing through a variety of programs including traditional common equity issuances, ATM issuances and preferred stock issuances. As of December 31, 2018 , we had 400,000,000 shares of common stock and 20,000,000 shares of preferred stock authorized for issuance, of which 372,363,656 shares of common stock and 420,000 shares of preferred stock are currently outstanding. Holders of shares of our common stock are entitled to receive dividends when, as and if declared by the Board out of funds legally available. The policy of the Board has been to declare cash dividends on a quarterly basis payable on or about the 20th day of February, May, August and November. We have paid quarterly common dividends totaling $0.78 , $0.70 and $0.64 per share for the years ended December 31, 2018 , 2017 and 2016 , respectively. Our Board declared a quarterly common dividend of $0.20 per share, payable on February 20, 2019 to holders of record on February 11, 2019 . We have certain debt covenants which could potentially limit the amount of dividends the Company could pay in order to maintain compliance with these covenants. Refer to Note 14 , "Long-Term Debt," for more information. As of December 31, 2018 , these covenants did not restrict the amount of dividends that were available to be paid. Dividends paid to preferred shareholders vary based on the series of preferred stock owned. Additional information is provided below. Holders of our shares of common stock are subject to the prior dividend rights of holders of our preferred stock or the depositary shares representing such preferred stock outstanding, and if full dividends have not been declared and paid on all outstanding shares of preferred stock in any dividend period, no dividend may be declared or paid or set aside for payment on our common stock. Common and preferred stock activity for 2018 and 2017 is described further below: ATM Program and Forward Sale Agreements. On May 3, 2017, we entered into four separate equity distribution agreements, pursuant to which we were able to sell up to an aggregate of $500.0 million of our common stock. On November 13, 2017, under the ATM program, we executed a forward agreement, which allowed us to issue a fixed number of shares at a price to be settled in the future. On November 6, 2018 the forward agreement was settled for $26.43 per share, resulting in $167.7 million of net proceeds. The equity distribution agreements entered into on May 3, 2017 expired December 31, 2018. On November 1, 2018, we entered into five separate equity distribution agreements, pursuant to which we may sell, from time to time, up to an aggregate of $500.0 million of our common stock. On December 6, 2018, under the ATM program described immediately above, we executed a forward agreement which allows us to issue a fixed number of shares at a price to be settled in the future. From December 6, 2018 to December 10, 2018, 4,708,098 shares were borrowed from third parties and sold by the dealer at a weighted average price of $26.55 per share. We may settle this agreement in shares, cash, or net shares by December 6, 2019. Had we settled all the shares under the forward agreement at December 31, 2018, we would have received approximately $124.8 million , based on a net price of $26.51 per share. As of December 31, 2018, the ATM program (including the impacts of the aforementioned forward sales agreement) had approximately $309.4 million of equity available for issuance. The program expires on December 31, 2020. The following table summarizes our activity under the ATM program: Year Ending December 31, 2018 2017 2016 Number of shares issued 8,883,014 11,931,376 — Average price per share $ 26.85 $ 26.58 $ — Proceeds, net of fees ( in millions) $ 232.5 $ 314.7 $ — Private Placement of Common Stock. On May 4, 2018, we completed the sale of 24,964,163 shares of $0.01 par value common stock at a price of $24.28 per share in a private placement to selected institutional and accredited investors. The private placement resulted in $606.0 million of gross proceeds or $599.6 million of net proceeds, after deducting commissions and sale expenses. The common stock issued in connection with the private placement was registered on Form S-1, filed with the SEC on May 11, 2018. Preferred Stock. On June 11, 2018, we completed the sale of 400,000 shares of 5.650% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock (the "Series A Preferred Stock") at a price of $1,000 per share. The transaction resulted in $400.0 million of gross proceeds or $393.9 million of net proceeds, after deducting commissions and sale expenses. The Series A Preferred Stock was issued in a private placement pursuant to SEC Rule 144A. On December 13, 2018, we filed a registration statement with the SEC enabling holders to exchange their unregistered shares of Series A Preferred Stock for publicly registered shares with substantially identical terms. Proceeds from the issuance of the Series A Preferred Stock were used to pay a portion of the notes tendered in June 2018 and the redemption of the remaining notes in July 2018. See Note 14 , “Long-term Debt” for additional information regarding the tender offer and redemption. Dividends on the Series A Preferred Stock accrue and are cumulative from the date the shares of Series A Preferred Stock were originally issued to, but not including, June 15, 2023 at a rate of 5.650% per annum of the $1,000 liquidation preference per share. On and after June 15, 2023, dividends on the Series A Preferred Stock will accumulate for each five year period at a percentage of the $1,000 liquidation preference equal to the five-year U.S. Treasury Rate plus (i) in respect of each five year period commencing on or after June 15, 2023 but before June 15, 2043, a spread of 2.843% (the “Initial Margin”), and (ii) in respect of each five year period commencing on or after June 15, 2043, the Initial Margin plus 1.000% . The Series A Preferred Stock may be redeemed by us at our option on June 15, 2023, or on each date falling on the fifth anniversary thereafter, or in connection with a ratings event (as defined in the Certificate of Designation of the Series A Preferred Stock). Holders of Series A Preferred Stock generally have no voting rights, except for limited voting rights with respect to (i) potential amendments to our certificate of incorporation that would have a material adverse effect on the existing preferences, rights, powers or duties of the Series A Preferred Stock, (ii) the creation or issuance of any security ranking on a parity with the Series A Preferred Stock if the cumulative dividends payable on then outstanding Series A Preferred Stock are in arrears, or (iii) the creation or issuance of any security ranking senior to the Series A Preferred Stock. The Series A Preferred Stock does not have a stated maturity and is not subject to mandatory redemption or any sinking fund. The Series A Preferred Stock will remain outstanding indefinitely unless repurchased or redeemed by us. Any such redemption would be effected only out of funds legally available for such purposes and will be subject to compliance with the provisions of our outstanding indebtedness. On December 5, 2018, we completed the sale of 20,000,000 depositary shares with an aggregate liquidation preference of $500,000,000 under the Company’s registration statement on Form S-3. Each depositary share represents 1/1,000th ownership interest in a share of our 6.500% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, liquidation preference $25,000 per share (equivalent to $25 per depositary share) (the “Series B Preferred Stock). The transaction resulted in $500.0 million of gross proceeds or $486.1 million of net proceeds, after deducting commissions and sale expenses. Dividends on the Series B Preferred Stock accrue and are cumulative from the date the shares of Series B Preferred Stock were originally issued to, but not including, March 15, 2024 at a rate of 6.500% per annum of the $25,000 liquidation preference per share. On and after March 15, 2024, dividends on the Series B Preferred Stock will accumulate for each five year period at a percentage of the $25,000 liquidation preference equal to the five-year U.S. Treasury Rate plus (i) in respect of each five year period commencing on or after March 15, 2024 but before March 15, 2044, a spread of 3.632% (the “Initial Margin”), and (ii) in respect of each five year period commencing on or after March 15, 2044, the Initial Margin plus 1.000% . The Series B Preferred Stock may be redeemed by us at our option on March 15, 2024, or on each date falling on the fifth anniversary thereafter, or in connection with a ratings event (as defined in the Certificate of Designation of the Series B Preferred Stock). On December 27, 2018, we issued 20,000 shares of “Series B-1 Preferred Stock”, par value $0.01 per share, liquidation preference $0.01 per share (“Series B-1 Preferred Stock”), as a distribution with respect to the Series B Preferred Stock. As a result, each of the depositary shares issued on December 5, 2018 now represents a 1/1,000th ownership interest in a share of Series B Preferred Stock and a 1/1,000th ownership interest in a share of Series B-1 Preferred Stock. The Company issued the Series B-1 Preferred Stock to enhance the voting rights of the Series B Preferred Stock to comply with the minimum voting rights policy of the New York Stock Exchange. The Series B-1 Preferred Stock is paired with the Series B Preferred Stock and may not be transferred, redeemed or repurchased except in connection with the simultaneous transfer, redemption or repurchase of a like number of shares of the underlying Series B Preferred Stock. Holders of Series B Preferred Stock generally have no voting rights, except for limited voting rights with respect to (i) potential amendments to our certificate of incorporation that would have a material adverse effect on the existing preferences, rights, powers or duties of the Series B Preferred Stock, (ii) the creation or issuance of any security ranking on a parity with the Series B Preferred Stock if the cumulative dividends payable on then outstanding Series B Preferred Stock are in arrears, or (iii) the creation or issuance of any security ranking senior to the Series B Preferred Stock. In addition, if and whenever dividends on any shares of Series B Preferred Stock shall not have been declared and paid for at least six dividend periods, whether or not consecutive, the number of directors then constituting our Board of Directors shall automatically be increased by two until all accumulated and unpaid dividends on the Series B Preferred Stock shall have been paid in full, and the holders of Series B-1 Preferred Stock, voting as a class together with the holders of any outstanding securities ranking on a parity with the Series B-1 Preferred Stock and having like voting rights that are exercisable at the time and entitled to vote thereon, shall be entitled to elect the two additional directors. The Series B Preferred Stock does not have a stated maturity and is not subject to mandatory redemption or any sinking fund. The Series B Preferred Stock will remain outstanding indefinitely unless repurchased or redeemed by us. Any such redemption would be effected only out of funds legally available for such purposes and will be subject to compliance with the provisions of our outstanding indebtedness. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | Share-Based Compensation Our stockholders most recently approved the NiSource Inc. 2010 Omnibus Incentive Plan (“Omnibus Plan”) at the Annual Meeting of Stockholders held on May 12, 2015. The Omnibus Plan provides for awards to employees and non-employee directors of incentive and nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, cash-based awards and other stock-based awards and supersedes the long-term incentive plan approved by stockholders on April 13, 1994 (“1994 Plan”) and the Director Stock Incentive Plan (“Director Plan”). The Omnibus Plan provides that the number of shares of common stock of NiSource available for awards is 8,000,000 plus the number of shares subject to outstanding awards that expire or terminate for any reason that were granted under either the 1994 Plan or the Director Plan, plus the number of shares that were awarded as a result of the Separation-related adjustments (discussed below). At December 31, 2018 , there were 3,793,557 shares reserved for future awards under the Omnibus Plan. We recognized stock-based employee compensation expense of $15.2 million , $15.3 million and $15.1 million , during 2018 , 2017 and 2016 , respectively, as well as related tax benefits of $3.7 million , $5.9 million and $5.8 million , respectively. Additionally, we adopted ASU 2016-09 in the third quarter of 2016. We recognized related excess tax benefits from the distribution of vested share-based employee compensation of $1.0 million , $4.4 million and $7.2 million in 2018 , 2017 and 2016 , respectively. As of December 31, 2018 , the total remaining unrecognized compensation cost related to non-vested awards amounted to $16.6 million , which will be amortized over the weighted-average remaining requisite service period of 1.7 years. Restricted Stock Units and Restricted Stock . In 2018 , we granted 158,689 restricted stock units and shares of restricted stock to employees, subject to service conditions. The total grant date fair value of the restricted stock units and shares of restricted stock was $3.5 million , based on the average market price of our common stock at the date of each grant less the present value of any dividends not received during the vesting period, which will be expensed over the vesting period which is generally three years. As of December 31, 2018 , 154,799 non-vested restricted stock units and shares of restricted stock granted in 2018 were outstanding as of December 31, 2018 . Restricted stock units and shares of restricted stock granted to employees in 2017 and 2016 were immaterial. If an employee terminates employment before the service conditions lapse under the 2016 , 2017 or 2018 awards due to (1) Retirement or Disability (as defined in the award agreement), or (2) death, the service conditions will lapse on the date of such termination with respect to a pro rata portion of the restricted stock units and shares of restricted stock based upon the percentage of the service period satisfied between the grant date and the date of the termination of employment. In the event of a change in control (as defined in the award agreement), all unvested shares of restricted stock and restricted stock units awarded will immediately vest upon termination of employment occurring in connection with a change in control. Termination due to any other reason will result in all unvested shares of restricted stock and restricted stock units awarded being forfeited effective on the employee’s date of termination. (shares) Restricted Stock Units Weighted Average Award Date Fair Value Per Unit ($) Non-vested at December 31, 2017 698,126 15.09 Granted 158,689 21.94 Forfeited (6,890 ) 21.42 Vested (671,247 ) 14.91 Non-vested at December 31, 2018 178,678 21.82 Performance Shares . In 2018 , we awarded 514,338 performance shares subject to service, performance and market conditions. The service conditions for these awards lapse on February 26, 2021. The performance period for the awards is the period beginning January 1, 2018 and ending December 31, 2020. The performance conditions are based on the achievement of one non-GAAP financial measure and additional operational measures as outlined below. The financial measure is cumulative net operating earnings per share ("NOEPS"), which we define as income from continuing operations adjusted for certain unusual or non-recurring items. The number of cumulative NOEPS shares determined using this measure shall be increased or decreased based on our relative total shareholder return, a market condition which we define as the annualized growth in dividends and share price of a share of our common stock (calculated using a 20 trading day average of our closing price beginning on December 31, 2017 and ending on December 31, 2020) compared to the total shareholder return of a predetermined peer group of companies. A relative shareholder return result within the first quartile will result in an increase to the NOEPS shares of 25% while a relative shareholder return result within the fourth quartile will result in a decrease of 25% . A Monte Carlo analysis was used to value the portion of these awards dependent on market conditions. The grant date fair value of the awards was $9.2 million , based on the average market price of NiSource’s common stock at the date of each grant less the present value of dividends not received during the vesting period which will be expensed over the three year requisite service period. As of December 31, 2018 , 405,255 of these non-vested performance shares granted in 2018 remained outstanding. If a threshold level of cumulative NOEPS financial performance is achieved, additional operational measures which we refer to as the customer value index, which consists of five equally weighted areas of focus including safety, customer satisfaction, financial, culture and environmental apply. Each area of focus represents 20% of the customer value index shares and the targets for all areas must be met for these awards to be eligible for 100% payout of these awards. Individual payout percentages for these shares may range from 0% - 200% as determined by the compensation committee in its sole discretion. Due to this discretion, these shares are not considered to be granted under ASC 718. The service inception date fair value of the awards was $2.4 million , based on the closing market price of our common stock on the service inception date of each award. This value will be reassessed at each reporting period to be based on our closing market price of our common stock at the reporting period date with adjustments to expense recorded as appropriate. As of December 31, 2018 , 93,522 of these awards that were issued in 2018 remained outstanding. The service conditions for these awards lapse on February 28, 2021. In 2017 , we granted 660,750 performance shares subject to service, performance and market conditions. The grant date fair value of the awards was $12.9 million , based on the average market price of our common stock at the date of each grant less the present value of dividends not received during the vesting period which will be expensed over the three year requisite service period. The performance conditions are based on achievement of non-GAAP financial measures similar to those discussed above: cumulative net operating earnings per share for the three-year period ending December 31, 2019 and relative total shareholder return (calculated using a 20 trading day average of our closing price beginning on December 31, 2016 and ending on December 31, 2019). As of December 31, 2018 , 579,292 non-vested performance shares granted in 2017 remained outstanding. The service conditions for these awards lapse on February 28, 2020. In 2016 , we granted 647,305 performance shares subject to service, performance and market conditions. The grant date fair value of the awards was $12.6 million , based on the average market price of our common stock at the date of each grant less the present value of dividends not received during the vesting period which will be expensed over the three year requisite service period. Similar to the above grants, performance conditions for these awards are based on achievement of certain non-GAAP financial measures: cumulative net operating earnings per share for the three-year period ending December 31, 2018 and relative total shareholder return (calculated using a 20 trading day average of our closing price beginning on December 31, 2015 and ending on December 31, 2018). As of December 31, 2018 , 556,649 non-vested performance shares granted in 2016 remained outstanding. The service conditions for these awards lapse on February 28, 2019. (shares) Performance Awards Weighted Average Grant Date Fair Value Per Unit ($) (1) Non-vested at December 31, 2017 1,184,773 19.52 Granted 514,338 22.51 Forfeited (64,393 ) 26.79 Vested — — Non-vested at December 31, 2018 1,634,718 20.45 (1) 2018 performance shares awarded based on the customer value index are included at reporting date fair value as these awards have not been granted under ASC 718 as discussed above. Non-employee Director Awards . As of May 11, 2010, awards to non-employee directors may be made only under the Omnibus Plan. Currently, restricted stock units are granted annually to non-employee directors, subject to a non-employee director’s election to defer receipt of such restricted stock unit award. The non-employee director’s annual award of restricted stock units vest on the first anniversary of the grant date subject to special pro-rata vesting rules in the event of retirement or disability (as defined in the award agreement), or death. The vested restricted stock units are payable as soon as practicable following vesting except as otherwise provided pursuant to the non-employee director’s election to defer. Certain restricted stock units remain outstanding from the Director Plan. All such awards are fully vested and shall be distributed to the directors upon their separation from the Board. As of December 31, 2018 , 142,414 restricted stock units are outstanding to non-employee directors under either the Omnibus Plan or the Director Plan. Of this amount, 53,422 restricted stock units are unvested and expected to vest. 401(k) Match, Profit Sharing and Company Contribution. We have a voluntary 401(k) savings plan covering eligible employees that allows for periodic discretionary matches as a percentage of each participant’s contributions payable in cash for nonunion employees and generally payable in shares of NiSource common stock for union employees, subject to collective bargaining. We also have a retirement savings plan that provides for discretionary profit sharing contributions similarly payable in cash or shares of NiSource common stock to eligible employees based on earnings results; and eligible employees hired after January 1, 2010 receive a non-elective company contribution of 3% of eligible pay similarly payable in cash or shares of NiSource common stock. For the years ended December 31, 2018 , 2017 and 2016 , we recognized 401(k) match, profit sharing and non-elective contribution expense of $37.6 million , $37.6 million and $32.3 million , respectively. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Long-term Debt, Current and Noncurrent [Abstract] | |
Long-Term Debt | Long-Term Debt Our long-term debt as of December 31, 2018 and 2017 is as follows: Long-term debt type Maturity as of December 31, Weighted average interest rate (%) Outstanding balance as of December 31, (in millions) 2018 2017 Senior notes: NiSource March 2018 6.40 % — 275.1 NiSource January 2019 6.80 % — 255.1 NiSource September 2020 5.45 % — 325.1 NiSource December 2021 4.45 % 63.6 63.6 NiSource March 2022 6.13 % — 180.0 NiSource November 2022 2.65 % 500.0 500.0 NiSource February 2023 3.85 % 250.0 250.0 NiSource June 2023 3.65 % 350.0 — NiSource November 2025 5.89 % 265.0 265.0 NiSource May 2027 3.49 % 1,000.0 1,000.0 NiSource December 2027 6.78 % 3.0 3.0 NiSource December 2040 6.25 % 250.0 250.0 NiSource June 2041 5.95 % 400.0 400.0 NiSource February 2042 5.80 % 250.0 250.0 NiSource February 2043 5.25 % 500.0 500.0 NiSource February 2044 4.80 % 750.0 750.0 NiSource February 2045 5.65 % 500.0 500.0 NiSource May 2047 4.38 % 1,000.0 1,000.0 NiSource March 2048 3.95 % 750.0 750.0 Total senior notes $ 6,831.6 $ 7,516.9 Medium term notes: NiSource April 2022 to May 2027 7.99 % $ 49.0 $ 49.0 NIPSCO August 2022 to August 2027 7.61 % 68.0 68.0 Columbia of Massachusetts December 2025 to February 2028 6.30 % 40.0 40.0 Total medium term notes $ 157.0 $ 157.0 Capital leases: NIPSCO May 2018 3.95 % $ — $ 3.8 NiSource Corporate Services January 2019 to October 2022 3.68 % 11.6 1.4 Columbia of Ohio October 2021 to June 2038 6.33 % 91.5 88.5 Columbia of Virginia July 2029 to December 2037 7.12 % 15.2 5.2 Columbia of Kentucky May 2027 3.79 % 0.3 0.4 Columbia of Pennsylvania August 2027 to June 2036 5.42 % 30.0 31.0 Columbia of Massachusetts December 2033 to November 2043 5.48 % 45.7 22.8 Total capital leases 194.3 153.1 Pollution control bonds - NIPSCO April 2019 5.85 % 41.0 41.0 Unamortized issuance costs and discounts (68.5 ) $ (71.5 ) Total Long-Term Debt $ 7,155.4 $ 7,796.5 Details of our 2018 long-term debt related activity are summarized below: • On March 15, 2018, we redeemed $275.1 million of 6.40% senior unsecured notes at maturity. • In June 2018, we executed a tender offer for $209.0 million of outstanding notes consisting of a combination of our 6.80% notes due 2019, 5.45% notes due 2020, and 6.125% notes due 2022. In conjunction with the debt retired, we recorded a $12.5 million loss on early extinguishment of long-term debt, primarily attributable to early redemption premiums. • On June 11, 2018, we closed our private placement of $350.0 million of 3.65% senior unsecured notes maturing in 2023 which resulted in approximately $346.6 million of net proceeds after deducting commissions and expenses. We used the net proceeds from this private placement to pay a portion of the redemption price for the notes subject to the tender offer described above. • In July 2018, we redeemed $551.1 million of outstanding notes representing the remainder of our 6.80% notes due 2019, 5.45% notes due 2020 and 6.125% notes due 2022. During the third quarter of 2018, we recorded a $33.0 million loss on early extinguishment of long-term debt, primarily attributable to early redemption premiums. Details of our 2017 long-term debt related activity are summarized below: • On March 27, 2017, we redeemed $30.0 million of 7.86% and $2.0 million of 7.85% medium-term notes at maturity. • On April 3, 2017, we redeemed $12.0 million of 7.82% , $10.0 million of 7.92% , $2.0 million of 7.93% and $1.0 million of 7.94% medium-term notes at maturity. • On May 22, 2017, we closed our placement of $2.0 billion in aggregate principal amount of our senior notes, comprised of $1.0 billion of 3.49% senior notes due 2027 and $1.0 billion of 4.375% senior notes due 2047. Related to this placement, we settled $950.0 million of aggregate notional value forward-starting interest rate swaps, originally entered into to mitigate interest risk associated with the planned issuance of these notes. Refer to Note 9 , "Risk Management Activities," for additional information. • During the second quarter of 2017, we executed a tender offer for $990.7 million of outstanding notes consisting of a combination of our 6.40% notes due 2018, 6.80% notes due 2019, 5.45% notes due 2020, and 6.125% notes due 2022. In conjunction with the debt retired, we recorded a $111.5 million loss on early extinguishment of long-term debt, primarily attributable to early redemption premiums. • On June 12, 2017, NIPSCO redeemed $22.5 million of 7.59% medium-term notes at maturity. • On July 1, 2017, NIPSCO redeemed $55.0 million of 5.70% pollution control bonds at maturity. • On August 4, 2017, NIPSCO redeemed $5.0 million of 7.02% medium-term notes at maturity. • On September 14, 2017, we closed our placement of $750.0 million of 3.95% senior notes due 2048. Related to this placement, we settled $750.0 million of aggregate notional value treasury lock agreements, originally entered into to mitigate the interest risk associated with the planned issuance of these notes. Refer to Note 9 , "Risk Management Activities," for additional information. • On September 15, 2017, we redeemed $210.4 million of 5.25% senior unsecured notes at maturity. • On November 17, 2017, we closed our placement of $500.0 million of 2.65% senior notes due 2022 to repay a $500.0 million variable-rate term loan due March 29, 2019. Related to this placement, we settled $250.0 million of aggregate notional value treasury lock agreements originally entered into to mitigate the interest risk associated with the planned issuance of these notes. Refer to Note 9 , “Risk Management Activities,” for additional information. See Note 18 -A, "Contractual Obligations," for the outstanding long-term debt maturities at December 31, 2018 . Unamortized debt expense, premium and discount on long-term debt applicable to outstanding bonds are being amortized over the life of such bonds. We are subject to a financial covenant under our revolving credit facility which requires us to maintain a debt to capitalization ratio that does not exceed 70% . A similar covenant in a 2005 private placement note purchase agreement requires us to maintain a debt to capitalization ratio that does not exceed 75% . As of December 31, 2018 , the ratio was 61.4% . We are also subject to certain other non-financial covenants under the revolving credit facility. Such covenants include a limitation on the creation or existence of new liens on our assets, generally exempting liens on utility assets, purchase money security interests, preexisting security interests and an additional subset of assets equal to $150 million . An asset sale covenant generally restricts the sale, conveyance, lease, transfer or other disposition of our assets to those dispositions that are for a price not materially less than fair market of such assets, that would not materially impair our ability to perform obligations under the revolving credit facility, and that together with all other such dispositions, would not have a material adverse effect. The covenant also restricts dispositions to no more than 10% of our consolidated total assets on December 31, 2015. The revolving credit facility also includes a cross-default provision, which triggers an event of default under the credit facility in the event of an uncured payment default relating to any indebtedness of us or any of our subsidiaries in a principal amount of $50.0 million or more. Our indentures generally do not contain any financial maintenance covenants. However, our indentures are generally subject to cross-default provisions ranging from uncured payment defaults of $5 million to $50 million , and limitations on the incurrence of liens on our assets, generally exempting liens on utility assets, purchase money security interests, preexisting security interests and an additional subset of assets capped at 10% of our consolidated net tangible assets. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Short-term Debt [Abstract] | |
Short-Term Borrowings | Short-Term Borrowings We generate short-term borrowings from our revolving credit facility, commercial paper program, letter of credit issuances, accounts receivable transfer programs and term loan borrowings. Each of these borrowing sources is described further below. We maintain a revolving credit facility to fund ongoing working capital requirements, including the provision of liquidity support for our commercial paper program, provide for issuance of letters of credit and also for general corporate purposes. Our revolving credit facility has a program limit of $1.85 billion and is comprised of a syndicate of banks led by Barclays. At December 31, 2018 and 2017, we had no outstanding borrowings under this facility. Our commercial paper program has a program limit of up to $1.5 billion with a dealer group comprised of Barclays, Citigroup, Credit Suisse and Wells Fargo. At December 31, 2018 and 2017 , we had $978.0 million and $869.0 million , respectively, of commercial paper outstanding. As of December 31, 2018 and 2017 , we had issued $10.2 million and $11.1 million of stand-by letters of credit, respectively. All stand-by letters of credit were under the revolving credit facility. Transfers of accounts receivable are accounted for as secured borrowings resulting in the recognition of short-term borrowings on the Consolidated Balance Sheets in the amount of $399.2 million and $336.7 million as of December 31, 2018 and 2017 , respectively. Refer to Note 17 , "Transfers of Financial Assets," for additional information. On April 18, 2018, we entered into a multiple-draw $600.0 million term loan agreement with a syndicate of banks led by MUFG Bank, Ltd. The term loan matures April 17, 2019, at which point any and all outstanding borrowings under the agreement are due. Interest charged on borrowings depends on the variable rate structure we elected at the time of each borrowing. Under the agreement, we borrowed an initial tranche of $150.0 million on April 18, 2018 with an interest rate of LIBOR plus 50 basis points and a second tranche of $450.0 million on May 31, 2018 with an interest rate of LIBOR plus 55 basis points. Short-term borrowings were as follows: At December 31, (in millions) 2018 2017 Commercial Paper weighted average interest rate of 2.96 % and 1.97% at December 31, 2018 and 2017, respectively. $ 978.0 $ 869.0 Accounts receivable securitization facility borrowings 399.2 336.7 Term loan weighted-average interest rate of 3.07% at December 31, 2018 600.0 — Total Short-Term Borrowings $ 1,977.2 $ 1,205.7 Other than for the term loan and certain commercial paper borrowings, cash flows related to the borrowings and repayments of the items listed above are presented net in the Statements of Consolidated Cash Flows as their maturities are less than 90 days. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value A. Fair Value Measurements Recurring Fair Value Measurements . The following tables present financial assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2018 and December 31, 2017 : Recurring Fair Value Measurements December 31, 2018 ( 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, 2018 Assets Risk management assets $ — $ 24.0 $ — $ 24.0 Available-for-sale securities — 138.3 — 138.3 Total $ — $ 162.3 $ — $ 162.3 Liabilities Risk management liabilities $ — $ 51.7 $ — $ 51.7 Total $ — $ 51.7 $ — $ 51.7 Recurring Fair Value Measurements December 31, 2017 ( 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, 2017 Assets Risk management assets $ — $ 21.1 $ — $ 21.1 Available-for-sale securities — 133.9 — 133.9 Total $ — $ 155.0 $ — $ 155.0 Liabilities Risk management liabilities $ — $ 71.4 $ 0.3 $ 71.7 Total $ — $ 71.4 $ 0.3 $ 71.7 Risk management assets and liabilities include interest rate swaps, exchange-traded NYMEX futures and NYMEX options and non-exchange-based forward purchase contracts. When utilized, exchange-traded derivative contracts are based on unadjusted quoted prices in active markets and are classified within Level 1. These financial assets and liabilities are secured with cash on deposit with the exchange; therefore, nonperformance risk has not been incorporated into these valuations. Certain non-exchange-traded derivatives are valued using broker or over-the-counter, on-line exchanges. In such cases, these non-exchange-traded derivatives are classified within Level 2. Non-exchange-based derivative instruments include swaps, forwards, options and treasury lock agreements. In certain instances, these instruments may utilize models to measure fair value. We use a similar model to value similar instruments. Valuation models utilize various inputs that include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, other observable inputs for the asset or liability and market-corroborated inputs, (i.e., inputs derived principally from or corroborated by observable market data by correlation or other means). Where observable inputs are available for substantially the full term of the asset or liability, the instrument is categorized within Level 2. Certain derivatives trade in less active markets with a lower availability of pricing information and models may be utilized in the valuation. When such inputs have a significant impact on the measurement of fair value, the instrument is categorized within Level 3. Credit risk is considered in the fair value calculation of derivative instruments that are not exchange-traded. Credit exposures are adjusted to reflect collateral agreements which reduce exposures. As of December 31, 2018 and 2017 , there were no material transfers between fair value hierarchies. Additionally, there were no changes in the method or significant assumptions used to estimate the fair value of our financial instruments. We have entered into forward-starting interest rate swaps to hedge the interest rate risk on coupon payments of forecasted issuances of long-term debt. These derivatives are designated as cash flow hedges. Credit risk is considered in the fair value calculation of each agreement. As they are based on observable data and valuations of similar instruments, the hedges are categorized within Level 2 of the fair value hierarchy. There was no exchange of premium at the initial date of the swaps and we can settle the contracts at any time. For additional information, see Note 9 , "Risk Management Activities." NIPSCO has entered into long-term forward natural gas purchase instruments that range from five to ten years to lock in a fixed price for its natural gas customers. We value these contracts using a pricing model that incorporates market-based information when available, as these instruments trade less frequently and are classified within Level 2 of the fair value hierarchy. For additional information see Note 9 , “Risk Management Activities.” Available-for-sale securities are investments pledged as collateral for trust accounts related to our wholly-owned insurance company. Available-for-sale securities are included within “Other investments” in the Consolidated Balance Sheets. We value U.S. Treasury, corporate debt and mortgage-backed securities using a matrix pricing model that incorporates market-based information. These securities trade less frequently and are classified within Level 2. Total unrealized gains and losses from available-for-sale securities are included in other comprehensive income. The amortized cost, gross unrealized gains and losses and fair value of available-for-sale securities at December 31, 2018 and 2017 were: December 31, 2018 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities U.S. Treasury debt securities $ 23.6 $ 0.1 $ (0.1 ) $ 23.6 Corporate/Other debt securities 117.7 0.4 (3.4 ) 114.7 Total $ 141.3 $ 0.5 $ (3.5 ) $ 138.3 December 31, 2017 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities U.S. Treasury debt securities $ 26.9 $ — $ (0.1 ) $ 26.8 Corporate/Other debt securities 106.8 0.9 (0.6 ) 107.1 Total $ 133.7 $ 0.9 $ (0.7 ) $ 133.9 Realized gains and losses on available-for-sale securities were immaterial for the year-ended December 31, 2018 and 2017 . The cost of maturities sold is based upon specific identification. At December 31, 2018 , approximately $2.9 million of U.S. Treasury debt securities and approximately $ 2.7 million of Corporate/Other debt securities have maturities of less than a year. There are no material items in the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2018 and 2017 . Non-recurring Fair Value Measurements . There were no significant non-recurring fair value measurements recorded during the twelve months ended December 31, 2018 . B. Other Fair Value Disclosures for Financial Instruments . The carrying amount of cash and cash equivalents, restricted cash, notes receivable, customer deposits and short-term borrowings is a reasonable estimate of fair value due to their liquid or short-term nature. Our long-term borrowings are recorded at historical amounts. The following method and assumptions were used to estimate the fair value of each class of financial instruments. Long-term debt . The fair value of outstanding long-term debt is estimated based on the quoted market prices for the same or similar securities. Certain premium costs associated with the early settlement of long-term debt are not taken into consideration in determining fair value. These fair value measurements are classified within Level 2 of the fair value hierarchy. For the years ended December 31, 2018 and 2017 , there was no change in the method or significant assumptions used to estimate the fair value of long-term debt. The carrying amount and estimated fair values of these financial instruments were as follows: At December 31, (in millions) Carrying Amount 2018 Estimated Fair Value 2018 Carrying Amount 2017 Estimated Fair Value 2017 Long-term debt (including current portion) $ 7,155.4 $ 7,228.3 $ 7,796.5 $ 8,603.4 |
Transfers Of Financial Assets
Transfers Of Financial Assets | 12 Months Ended |
Dec. 31, 2018 | |
Transfers and Servicing [Abstract] | |
Transfers Of Financial Assets | Transfers of Financial Assets Columbia of Ohio, NIPSCO and Columbia of Pennsylvania each maintain a receivables agreement whereby they transfer their customer accounts receivables to third party financial institutions through wholly-owned and consolidated special purpose entities. The three agreements expire between March 2019 and October 2019 and may be further extended if mutually agreed to by the parties thereto. All receivables transferred to third parties are valued at face value, which approximates fair value due to their short-term nature. The amount of the undivided percentage ownership interest in the accounts receivables transferred is determined in part by required loss reserves under the agreements. Transfers of accounts receivable are accounted for as secured borrowings resulting in the recognition of short-term borrowings on the Consolidated Balance Sheets. As of December 31, 2018 , the maximum amount of debt that could be recognized related to our accounts receivable programs is $455.0 million . The following table reflects the gross receivables balance and net receivables transferred as well as short-term borrowings related to the securitization transactions as of December 31, 2018 and 2017 : At December 31, (in millions) 2018 2017 Gross Receivables $ 694.4 $ 635.3 Less: Receivables not transferred 295.2 298.6 Net receivables transferred $ 399.2 $ 336.7 Short-term debt due to asset securitization $ 399.2 $ 336.7 During 2018 and 2017 , $62.5 million and $26.7 million , respectively, was recorded as cash flows from financing activities related to the change in short-term borrowings due to securitization transactions. Fees associated with the securitization transactions were $2.6 million , $2.5 million and $2.3 million for the years ended December 31, 2018 , 2017 and 2016, respectively. We remain responsible for collecting on the receivables securitized and the receivables cannot be transferred to another party. |
Other Commitments And Contingen
Other Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments And Contingencies | Other Commitments and Contingencies A. Contractual Obligations . We have certain contractual obligations requiring payments at specified periods. The obligations include long-term debt, lease obligations, energy commodity contracts and obligations for various services including pipeline capacity and outsourcing of IT services. The total contractual obligations in existence at December 31, 2018 and their maturities were: (in millions) Total 2019 2020 2021 2022 2023 After Long-term debt (1) $ 7,029.6 $ 41.0 $ — $ 63.6 $ 530.0 $ 600.0 $ 5,795.0 Capital leases (2) 322.4 23.0 22.5 22.6 22.1 19.8 212.4 Interest payments on long-term debt 6,311.7 319.8 318.6 318.6 315.0 289.0 4,750.7 Operating leases (3) 45.9 11.0 7.3 6.1 4.2 2.8 14.5 Energy commodity contracts 154.3 99.2 55.1 — — — — Service obligations: Pipeline service obligations 3,566.7 592.3 487.7 450.5 437.5 260.8 1,337.9 IT service obligations 211.0 68.3 60.0 47.1 35.6 — — Other service obligations 86.7 33.5 43.6 9.6 — — — Other liabilities 24.2 24.2 — — — — — Total contractual obligations $ 17,752.5 $ 1,212.3 $ 994.8 $ 918.1 $ 1,344.4 $ 1,172.4 $ 12,110.5 (1) Long-term debt balance excludes unamortized issuance costs and discounts of $68.5 million. (2) Capital lease payments shown above are inclusive of interest totaling $114.6 million. (3) Operating lease balances do not include amounts for fleet leases that can be renewed beyond the initial lease term. The Company anticipates renewing the leases beyond the initial term, but the anticipated payments associated with the renewals do not meet the definition of expected minimum lease payments and therefore are not included above. Expected payments are $26.7 million in 2019, $22.4 million in 2020, $16.6 million in 2021, $12.3 million in 2022, $9.3 million in 2023 and $8.8 million thereafter. Operating and Capital Lease Commitments. We lease assets in several areas of our operations including fleet vehicles and equipment, rail cars for coal delivery and certain operations centers. Payments made in connection with operating leases were $ 49.1 million in 2018 , $ 49.5 million in 2017 and $ 52.0 million in 2016 , and are primarily charged to operation and maintenance expense as incurred. Capital lease assets and related accumulated depreciation included in the Consolidated Balance Sheets were $ 213.9 million and $ 37.1 million at December 31, 2018 , and $ 171.2 million and $ 32.4 million at December 31, 2017 , respectively. Purchase and Service Obligations. We have entered into various purchase and service agreements whereby we are contractually obligated to make certain minimum payments in future periods. Our purchase obligations are for the purchase of physical quantities of natural gas, electricity and coal. Our service agreements encompass a broad range of business support and maintenance functions which are generally described below. Our subsidiaries have entered into various energy commodity contracts to purchase physical quantities of natural gas, electricity and coal. These amounts represent minimum quantities of these commodities we are obligated to purchase at both fixed and variable prices. To the extent contractual purchase prices are variable, obligations disclosed in the table above are valued at market prices as of December 31, 2018. In July 2008, the IURC issued an order approving NIPSCO’s purchase power agreements with subsidiaries of Iberdrola Renewables, Buffalo Ridge I LLC and Barton Windpower LLC. These agreements provide NIPSCO the opportunity and obligation to purchase up to 100 MW of wind power generated commencing in early 2009. The contracts extend 15 and 20 years, representing 50 MW of wind power each. No minimum quantities are specified within these agreements due to the variability of electricity generation from wind, so no amounts related to these contracts are included in the table above. Upon any termination of the agreements by NIPSCO for any reason (other than material breach by Buffalo Ridge I LLC or Barton Windpower LLC), NIPSCO may be required to pay a termination charge that could be material depending on the events giving rise to termination and the timing of the termination. NIPSCO began purchasing wind power in April 2009. We have pipeline service agreements that provide for pipeline capacity, transportation and storage services. These agreements, which have expiration dates ranging from 2019 to 2045 , require us to pay fixed monthly charges. NIPSCO has contracts with three major rail operators providing for coal transportation services for which there are certain minimum payments. These service contracts extend for various periods through 2021 . In May and June 2017, we executed agreements with three separate IT service providers. The new agreements have terms ending at various dates throughout 2022. Related to the NTSB's safety recommendations issued on November 14, 2018 (see "- C. Legal Proceedings" for further detail), we committed to the installation of over-pressurization protection devices at all of the remaining low pressure systems in our operating footprint. This installation is expected to result in a capital investment of approximately $150 million . This amount is not included in the table above. B. Guarantees and Indemnities . We and certain subsidiaries enter into various agreements providing financial or performance assurance to third parties on behalf of certain subsidiaries as part of normal business. Such agreements include guarantees and stand-by letters of credit. These agreements are entered into primarily to support or enhance the creditworthiness otherwise attributed to a subsidiary on a stand-alone basis, thereby facilitating the extension of sufficient credit to accomplish the subsidiaries’ intended commercial purposes. At December 31, 2018 and 2017, we had issued stand-by letters of credit of $10.2 million and $11.1 million , respectively, for the benefit of third parties. C. Legal Proceedings . On September 13, 2018, a series of fires and explosions occurred in Lawrence, Andover and North Andover, Massachusetts related to the delivery of natural gas by Columbia of Massachusetts. The Greater Lawrence Incident resulted in one fatality and a number of injuries, damaged multiple homes and businesses, and caused the temporary evacuation of significant portions of each municipality. The Massachusetts Governor’s Office declared a state of emergency, authorizing the Massachusetts DPU to order another utility company to coordinate the restoration of utility services in Lawrence, Andover and North Andover. The incident resulted in the interruption of gas for approximately 7,500 gas meters, the majority of which serve residences and of which approximately 700 serve businesses, and the interruption of other utility service more broadly in the area. Columbia of Massachusetts has replaced the cast iron and bare steel gas pipeline system in the affected area and restored service to nearly all of the gas meters. See “ - E. Other Matters - Greater Lawrence Pipeline Replacement” below for more information. We are subject to inquiries by federal and state government authorities and regulatory agencies regarding the Greater Lawrence Incident. The NTSB, the U.S Attorney’s office and the SEC have pending investigations related to the Greater Lawrence Incident, as described below. We are also subject to inquiries from the Massachusetts DPU and the Massachusetts Attorney General’s Office. We are cooperating with all inquiries and investigations. The outcomes and impacts of the current investigations and any future investigations that may be commenced related to such inquiries are uncertain at this time. NTSB Investigation. As noted above, the NTSB is investigating the Greater Lawrence Incident. The parties to the investigation include the PHMSA, the Massachusetts DPU, Columbia of Massachusetts, and police and fire first responders. We are cooperating with the NTSB and have provided information to assist in its ongoing investigation into relevant facts related to the event, the probable cause, and its development of safety recommendations. According to the preliminary public report that the NTSB issued on October 11, 2018, an over-pressurization of a low pressure gas distribution system occurred that was related to work being done on behalf of Columbia of Massachusetts on a pipeline replacement project in Lawrence. According to the report, sensing lines detected a drop in pressure in a portion of mainline that was being abandoned, causing a regulator to open up and increase pressure in the system to a level that exceeded the maximum allowable operating pressure of the distribution system. On November 14, 2018, the NTSB issued an urgent safety recommendation report regarding natural gas distribution system project development and review. In its report, the NTSB identified certain factors that it believes contributed to the Greater Lawrence Incident and made safety recommendations. The NTSB recommended that the Commonwealth of Massachusetts eliminate the professional engineer licensure exemption for public utility work and require a professional engineer’s seal on public utility engineering drawings, which is now law in Massachusetts. The NTSB also made recommendations to us related to engineering plan and constructability review processes, records and documentation, management of change processes, and control procedures during modifications to gas mains. We are in the process of implementing these recommendations. The NTSB investigation is ongoing. While the NTSB investigation is pending, we are prohibited from disclosing information related to the investigation without approval from the NTSB. Since the Greater Lawrence Incident, we have identified, and moved ahead with, new steps to enhance system safety and reliability and to safeguard against over-pressurization. Some of these measures have already been completed and others are in process. These Company-wide safety measures will include enhanced measures as called for in the NTSB’s recommendations. We have committed to a program to install over-pressurization protection devices on all of our low-pressure systems, the cost of which is described in “ - E. Other Matters.” Massachusetts Regulatory and Legislative Matters. The Massachusetts DPU has retained an independent evaluator to conduct a statewide examination of the safety of the natural gas distribution system and the operational and maintenance functions of natural gas companies in the Commonwealth of Massachusetts. Through authority granted by the Massachusetts Governor under the state of emergency, the Chair of the Massachusetts DPU will direct all natural gas distribution companies operating in the Commonwealth to fund the statewide examination. The statewide examination is underway and we are in the process of responding to the evaluator’s information requests. The independent evaluator is expected to produce a report with recommendations. The examination is expected to complement, but not duplicate, the NTSB’s investigation. On November 30, 2018, Columbia of Massachusetts entered into a consent order with the Massachusetts DPU in connection with a notice of probable violation issued in March 2018, stemming from a 2016 report. The Division found that Columbia of Massachusetts violated certain pipeline safety regulations related to pressure limiting and regulating stations in Taunton, Massachusetts. As part of the consent order, Columbia of Massachusetts was fined $75,000 and entered into a compliance agreement under which it agreed to take several actions related to its pressure regulator stations within various timeframes, including the adoption of a Pipeline Safety Management System ("SMS"), the American Petroleum Institute’s (API) Recommended Practice 1173. Columbia of Massachusetts is complying with the order. On December 18, 2018, the Massachusetts DPU issued an order requiring Columbia of Massachusetts to enter into an agreement with a Massachusetts-based engineering firm to monitor Columbia of Massachusetts’ remaining restoration and recovery work in the Greater Lawrence area. The order requires Columbia of Massachusetts to take measures to ensure that adequate heat and hot water and gas appliances are provided to all affected properties, repave all affected streets, roadways, sidewalks and other areas in accordance with applicable DPU standards and precedents, consult with the affected communities and discuss plans for restoring affected hard or soft surfaces, and replace all gas boilers and furnaces and other gas-fired equipment at affected residences. Under the order, all restoration work beginning in 2019 is required to be completed no later than October 31, 2019, unless an earlier or later date is agreed to with any of the affected communities. We have agreed to complete the work by September 15, 2019. Also, under the order, Columbia of Massachusetts will be required to maintain quantitative measures, which must be verified by officials of the affected communities, to track its progress in completing all of the remaining work. Estimates for the cost of this work are included in the estimated ranges of loss noted below, which is discussed in “- E. Other Matters - Greater Lawrence Incident Restoration" and " - Greater Lawrence Pipeline Replacement” below. Our failure to adhere to any of the requirements in the order may result in penalties of up to $1 million per violation. Under Massachusetts law, the DPU is authorized to investigate potential violations of pipeline safety regulations and to assess a civil penalty of up to $209,000 for a violation of federal pipeline safety regulations. A separate violation occurs for each day of violation up to $2.1 million for a related series of violations. The Massachusetts DPU also is authorized to investigate potential violations of the Columbia of Massachusetts emergency response plan and to assess penalties of up to $250,000 per violation, or up to $20 million per related series of violations. Further, as a result of the declaration of emergency by the Governor, the DPU is authorized to investigate potential violations of the DPU's operational directives during the restoration efforts and assess penalties of up to $1 million per violation. The timing and outcome of any such investigations are uncertain at this time. In December 2018, the President of Columbia of Massachusetts testified before a joint state legislative committee on telecommunications, utilities and energy with other industry officials about gas system safety in Massachusetts and regulatory oversight. Increased scrutiny related to these matters, including additional legislative oversight hearings and new legislative proposals, is expected during the current two-year legislative session. On December 31, 2018, the Massachusetts Governor signed into law legislation requiring a certified professional engineer to review and approve gas pipeline work that could pose a “material risk” to public safety, consistent with the NTSB’s recommendation. The Massachusetts DPU has issued interim guidelines and the existing moratorium has been lifted. U.S. Department of Justice Investigation. The Company and Columbia of Massachusetts are subject to a criminal investigation related to the Greater Lawrence Incident that is being conducted under the supervision of the U.S. Attorney's Office for the District of Massachusetts. The initial grand jury subpoenas were served on the Company and Columbia of Massachusetts on September 24, 2018. The Company and Columbia of Massachusetts are cooperating with the investigation. We are unable to estimate the amount (or range of amounts) of reasonably possible losses associated with any civil or criminal penalties that could be imposed on the Company or Columbia of Massachusetts. U.S. Congressional Hearing. In November 2018, executives of the Company and Columbia of Massachusetts testified at a U.S. Senate hearing regarding the Greater Lawrence Incident and natural gas pipeline safety. Increased scrutiny related to these matters, including additional federal congressional hearings and new legislative proposals, is expected in 2019. SEC Investigation. On February 11, 2019, the SEC notified the Company that it is conducting an investigation of the Company related to disclosures made prior to the Greater Lawrence Incident. We intend to cooperate with the investigation. Private Actions. Various lawsuits, including several purported class action lawsuits, have been filed by various affected residents or businesses in Massachusetts state courts against the Company and/or Columbia of Massachusetts in connection with the Greater Lawrence Incident. A special judge has been appointed to hear all pending and future cases and the class actions will be consolidated into one class action. On January 14, 2019, the special judge granted the parties’ joint motion to stay all cases for 90 days to allow mediation. The parties are in the process of filing a request with the special judge to extend this period. The class action lawsuits allege varying causes of action, including those for strict liability for ultra-hazardous activity, negligence, private nuisance, public nuisance, premises liability, trespass, breach of warranty, breach of contract, failure to warn, unjust enrichment, consumer protection act claims, negligent and reckless infliction of emotional distress, and gross negligence, and seek actual compensatory damages, plus treble damages, and punitive damages. Many residents and business owners have submitted individual damage claims to Columbia of Massachusetts. We also have received notice from three parties indicating an intent to assert wrongful death claims. In Massachusetts, punitive damages are available in a wrongful death action upon proof of gross negligence or willful or reckless conduct causing the death. In addition, the Commonwealth of Massachusetts and the municipalities of Lawrence, Andover and North Andover are seeking reimbursement from Columbia of Massachusetts for their respective expenses incurred in connection with the Greater Lawrence Incident. The outcomes and impacts of the private actions are uncertain at this time. Financial Impact. During the year ended December 31, 2018, we expensed approximately $757 million for estimated third-party claims related to the Greater Lawrence Incident, including, but not limited to, personal injury and property damage claims, damage to infrastructure, business interruption claims, and other damage claims, which include mutual aid payments to other utilities assisting with the restoration effort; gas-fueled appliance replacement, repair and related services for impacted customers; temporary lodging for displaced customers; evacuation expense claims; and claims-related legal fees. We estimate that total costs related to third-party claims resulting from the incident will range from $757 million to $790 million , depending on the final outcome of ongoing reviews and the number, nature, and value of third-party claims. The amounts set forth above do not include non-claims related expenses resulting from the incident or the estimated capital cost of the pipeline replacement, which is set forth in " - E. Other Matters - Greater Lawrence Incident Restoration" and " - Greater Lawrence Pipeline Replacement," respectively, below. The process for estimating costs associated with third-party claims relating to the Greater Lawrence Incident requires management to exercise significant judgment based on a number of assumptions and subjective factors. As more information becomes known, including additional information resulting from the NTSB investigation, management’s estimates and assumptions regarding the financial impact of the Greater Lawrence Incident may change. The increase in estimated total costs related to third-party claims from those disclosed in our Form 10-Q for the quarter ended September 30, 2018 resulted primarily from receiving additional information regarding the required scope of the restoration work inside the affected homes and the extended period of time over which the restoration work would take place. It is not possible at this time to reasonably estimate the total amount of any expenses associated with government investigations and fines, penalties or settlements with governmental authorities, including the Massachusetts DPU and other regulators, that we may incur in connection with the Greater Lawrence Incident. Therefore, the foregoing amounts do not include estimates of the total amount that we may incur for any such fines, penalties or settlements. Expenses described above are presented within “Operation and maintenance” in our Statements of Consolidated Income. We maintain liability insurance for damages in the approximate amount of $800 million and property insurance for gas pipelines and other applicable property in the approximate amount of $300 million . Total expenses related to the incident have exceeded the total amount of liability insurance coverage available under our policies. Certain of these expenses may be covered under our property insurance. While we believe that a substantial amount of expenses related to the Greater Lawrence Incident will be covered by insurance, insurers providing property and liability insurance to the Company or Columbia of Massachusetts may raise defenses to coverage under the terms and conditions of the respective insurance policies which contain various exclusions and conditions that could limit the amount of insurance proceeds to the Company or Columbia of Massachusetts. We are not able to estimate the amount of expenses that will not be covered or exceed insurance limits, but these amounts could be material to our financial statements. Certain types of damages, expenses or claimed costs, such as fines or penalties, may be excluded under the policies. An amount of $135 million for insurance recoveries was recorded through December 31, 2018. Of this amount, $5 million was collected during 2018. The remaining insurance receivable balance of $130 million is presented within “Accounts receivable.” To the extent that we are not successful in obtaining insurance recoveries in the amount recorded for such recoveries as of December 31, 2018, it could result in a charge against "Operation and maintenance" expense. We are currently unable to predict the amount and timing of additional future insurance recoveries. In addition, we are party to certain other claims and legal proceedings arising in the ordinary course of business, none of which is deemed to be individually material at this time. Due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding related to the Greater Lawrence Incident or otherwise would not have a material adverse effect on our results of operations, financial position or liquidity. If one or more of such matters were decided against us, the effects could be material to our results of operations in the period in which we would be required to record or adjust the related liability and could also be material to our cash flows in the periods that we would be required to pay such liability. D. Environmental Matters . Our operations are subject to environmental statutes and regulations related to air quality, water quality, hazardous waste and solid waste. We believe that we are in substantial compliance with the environmental regulations currently applicable to our operations. It is management's continued intent to address environmental issues in cooperation with regulatory authorities in such a manner as to achieve mutually acceptable compliance plans. However, there can be no assurance that fines and penalties will not be incurred. Management expects a significant portion of environmental assessment and remediation costs to be recoverable through rates for certain of our companies. As of December 31, 2018 and 2017 , we had recorded a liability of $101.2 million and $111.4 million , respectively, to cover environmental remediation at various sites. The current portion of this liability is included in "Legal and environmental" in the Consolidated Balance Sheets. The noncurrent portion is included in "Other noncurrent liabilities." We recognize costs associated with environmental remediation obligations when the incurrence of such costs is probable and the amounts can be reasonably estimated. The original estimates for remediation activities may differ materially from the amount ultimately expended. The actual future expenditures depend on many factors, including currently enacted laws and regulations, the nature and extent of impact and the method of remediation. These expenditures are not currently estimable at some sites. We periodically adjust our liability as information is collected and estimates become more refined. Electric Operations' compliance estimates disclosed below are reflective of NIPSCO's Integrated Resource Plan submitted to the IURC on October 31, 2018. See section " - E. Other Matters - NIPSCO 2018 Integrated Resource Plan," below for additional information. Air Future legislative and regulatory programs could significantly limit allowed GHG emissions or impose a cost or tax on GHG emissions. Additionally, rules that increase methane leak detection, require emission reductions or impose additional requirements for natural gas facilities could restrict GHG emissions and impose additional costs. NiSource will carefully monitor all GHG reduction proposals and regulations. CPP and ACE Rules. On October 23, 2015, the EPA issued the CPP to regulate CO 2 emissions from existing fossil-fuel EGUs under section 111(d) of the CAA. The U.S. Supreme Court has stayed implementation of the CPP until litigation is decided on its merits, and the EPA has proposed to repeal the CPP. On August 31, 2018, the EPA published a proposal to replace the CPP with the ACE rule, which establishes guidelines for states to use when developing plans to reduce CO 2 emissions from existing coal-fired EGUs. The proposal would provide states three years after a final rule is issued to develop state-specific plans, and the EPA would have twelve months to act on a complete state plan submittal. Within two years after a finding of failure to submit a complete plan, or disapproval of a state plan, the EPA would issue a federal plan. NIPSCO will continue to monitor this matter and cannot estimate its impact at this time. Waste CERCLA. Our subsidiaries are potentially responsible parties at waste disposal sites under the CERCLA (commonly known as Superfund) and similar state laws. Under CERCLA, each potentially responsible party can be held jointly, severally and strictly liable for the remediation costs as the EPA, or state, can allow the parties to pay for remedial action or perform remedial action themselves and request reimbursement from the potentially responsible parties. Our affiliates have retained CERCLA environmental liabilities, including remediation liabilities, associated with certain current and former operations. These liabilities are not material to the Consolidated Financial Statements. MGP. A program has been instituted to identify and investigate former MGP sites where Gas Distribution Operations subsidiaries or predecessors may have liability. The program has identified 63 such sites where liability is probable. Remedial actions at many of these sites are being overseen by state or federal environmental agencies through consent agreements or voluntary remediation agreements. We utilize a probabilistic model to estimate our future remediation costs related to MGP sites. The model was prepared with the assistance of a third party and incorporates our experience and general industry experience with remediating MGP sites. We complete an annual refresh of the model in the second quarter of each fiscal year. No material changes to the estimated future remediation costs were noted as a result of the refresh completed as of June 30, 2018. Our total estimated liability related to the facilities subject to remediation was $97.5 million and $106.9 million at December 31, 2018 and 2017 , respectively. The liability represents our best estimate of the probable cost to remediate the facilities. We believe that it is reasonably possible that remediation costs could vary by as much as $20 million in addition to the costs noted above. Remediation costs are estimated based on the best available information, applicable remediation standards at the balance sheet date, and experience with similar facilities. CCRs. On April 17, 2015, the EPA issued a final rule for regulation of CCRs. The rule regulates CCRs under the RCRA Subtitle D, which determines them to be nonhazardous. The rule is implemented in phases and requires increased groundwater monitoring, reporting, recordkeeping and posting of related information to the Internet. The rule also establishes requirements related to CCR management and disposal. The rule will allow NIPSCO to continue its byproduct beneficial use program. The publication of the CCR rule resulted in revisions to previously recorded legal obligations associated with the retirement of certain NIPSCO facilities. The actual asset retirement costs related to the CCR rule may vary substantially from the estimates used to record the increased asset retirement obligation due to the uncertainty about the compliance strategies that will be used and the preliminary nature of available data used to estimate costs. In addition, to comply with the rule, NIPSCO is incurring capital expenditures to modify its infrastructure and manage CCRs. Capital compliance costs are currently expected to total approximately $193 million . As allowed by the EPA, NIPSCO will continue to collect data over time to determine the specific compliance solutions and associated costs and, as a result, the actual costs may vary. NIPSCO filed a petition on November 1, 2016 with the IURC seeking approval of the projects and recovery of the costs associated with CCR compliance. On June 9, 2017, NIPSCO filed with the IURC a settlement reached with certain parties regarding the CCR projects and treatment of associated costs. The IURC approved the settlement in an order on December 13, 2017. Water ELG. On November 3, 2015, the EPA issued a final rule to amend the ELG and standards for the Steam Electric Power Generating category. The final rule became effective January 4, 2016. Based upon a preliminary study of the November 3, 2015 final rule, capital compliance costs were expected to be approximately $170.0 million . However, NIPSCO does not anticipate material ELG compliance costs based on the preferred option announced as part of NIPSCO's 2018 Integrated Resource Plan (discussed below). E. Other Matters. Bailly Generating Station. On February 1, 2018, as previously approved by MISO, NIPSCO commenced a four-month outage of Bailly Generating Station Unit 8 in order to begin work on converting the unit to a synchronous condenser (a piece of equipment designed to maintain voltage to ensure continued reliability on the transmission system). Approximately $15 million of net book value of Unit 8 remained in “Net Utility Plant” as it will remain used and useful after completion of the synchronous condenser, while the remaining net book value of approximately $142 million was reclassified to “Regulatory assets (noncurrent)” on the Consolidated Balance Sheets. On May 31, 2018, Units 7 and 8 were retired from service. These units had a combined generating capacity of approximately 460 MW. As a result of the retirement, the remaining net book value of Unit 7 of approximately $103 million was reclassified to “Regulatory assets (noncurrent)” on the Consolidated Balance Sheets.These amounts continue to be amortized at a rate consistent with their inclusion in customer rates. Refer to Note 8, "Regulatory Matters," for additional information. NIPSCO Pure Air. NIPSCO had a service agreement with Pure Air, a general partnership between Air Products and Chemicals, Inc. and First Air Partners LP, under which Pure Air provided scrubber services to reduce sulfur dioxide emissions for Units 7 and 8 at the Bailly Generating Station. Payments under this agreement were $ 8.3 million and $ 22.0 million for the years ended December 31, 2018 and 2017 , respectively. As discussed above in "Bailly Generating Station," NIPSCO retired the generation station units serviced by Pure Air on May 31, 2018. In December 2016, as allowed by the provisions of the service agreement, NIPSCO provided Pure Air formal notice of intent to terminate the s |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
Components of Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table displays the activity of Accumulated Other Comprehensive Loss, net of tax: (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, 2016 $ (0.5 ) $ (15.5 ) $ (19.1 ) $ (35.1 ) Other comprehensive loss before reclassifications — 7.1 0.5 7.6 Amounts reclassified from accumulated other comprehensive loss (0.1 ) 1.5 1.0 2.4 Net current-period other comprehensive loss (0.1 ) 8.6 1.5 10.0 Balance as of December 31, 2016 $ (0.6 ) $ (6.9 ) $ (17.6 ) $ (25.1 ) Other comprehensive income before reclassifications 0.6 (24.2 ) 1.9 (21.7 ) Amounts reclassified from accumulated other comprehensive loss 0.2 1.7 1.5 3.4 Net current-period other comprehensive income (loss) 0.8 (22.5 ) 3.4 (18.3 ) Balance as of December 31, 2017 $ 0.2 $ (29.4 ) $ (14.2 ) $ (43.4 ) Other comprehensive income (loss) before reclassifications (3.0 ) 55.8 (4.4 ) 48.4 Amounts reclassified from accumulated other comprehensive loss 0.4 (33.1 ) — (32.7 ) Net current-period other comprehensive income (loss) (2.6 ) 22.7 (4.4 ) 15.7 Reclassification due to adoption of ASU 2018-02 (Refer to Note 2) — (6.3 ) (3.2 ) (9.5 ) Balance as of December 31, 2018 $ (2.4 ) $ (13.0 ) $ (21.8 ) $ (37.2 ) (1) All amounts are net of tax. Amounts in parentheses indicate debits. |
Other, Net
Other, Net | 12 Months Ended |
Dec. 31, 2018 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other, Net | Other, Net Year Ended December 31, (in millions) 2018 2017 2016 Interest Income $ 6.6 $ 4.6 $ 3.4 AFUDC Equity 14.2 12.6 11.6 Charitable Contributions (1) (45.3 ) (19.9 ) (4.5 ) Pension and other postretirement non-service cost (2) 18.0 (10.6 ) (7.9 ) Interest rate swap settlement gain (3) 46.2 — — Miscellaneous 3.8 (0.2 ) (5.6 ) Total Other, net $ 43.5 $ (13.5 ) $ (3.0 ) (1) Includes $20.7 million related to the Greater Lawrence Incident. See Note 18 , "Other Commitments and Contingencies" for additional information. (2) See Note 11 , "Pension and Other Postretirement Benefits" for additional information. (3) See Note 9 , "Risk Management Activities" for additional information. |
Interest Expense, Net
Interest Expense, Net | 12 Months Ended |
Dec. 31, 2018 | |
Interest Expense [Abstract] | |
Interest Expense, Net | Interest Expense, Net Year Ended December 31, (in millions) 2018 2017 2016 Interest on long-term debt $ 342.2 $ 354.8 $ 352.3 Interest on short-term borrowings 31.8 14.9 9.2 Debt discount/cost amortization 7.7 7.2 7.6 Accounts receivable securitization fees 2.6 2.5 2.3 Allowance for borrowed funds used and interest capitalized during construction (9.1 ) (6.2 ) (5.6 ) Debt-based post-in-service carrying charges (35.0 ) (36.4 ) (35.1 ) Other 13.1 16.4 18.8 Total Interest Expense, net $ 353.3 $ 353.2 $ 349.5 |
Segments Of Business
Segments Of Business | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segments Of Business | Segments of Business At December 31, 2018 , our operations are divided into two primary reportable segments. The Gas Distribution Operations segment provides natural gas service and transportation for residential, commercial and industrial customers in Ohio, Pennsylvania, Virginia, Kentucky, Maryland, Indiana and Massachusetts. The Electric Operations segment provides electric service in 20 counties in the northern part of Indiana. The following table provides information about our reportable segments. We use operating income as our primary measurement for each of the reported segments and make decisions on finance, dividends and taxes at the corporate level on a consolidated basis. Segment revenues include intersegment sales to affiliated subsidiaries, which are eliminated in consolidation. Affiliated sales are recognized on the basis of prevailing market, regulated prices or at levels provided for under contractual agreements. Operating income is derived from revenues and expenses directly associated with each segment. Year Ended December 31, (in millions) 2018 2017 2016 Operating Revenues Gas Distribution Operations Unaffiliated $ 3,406.4 $ 3,087.9 $ 2,818.2 Intersegment 13.1 14.2 12.4 Total 3,419.5 3,102.1 2,830.6 Electric Operations Unaffiliated 1,707.4 1,785.7 1,660.8 Intersegment 0.8 0.8 0.8 Total 1,708.2 1,786.5 1,661.6 Corporate and Other Unaffiliated 0.7 1.0 13.5 Intersegment 517.6 510.8 413.3 Total 518.3 511.8 426.8 Eliminations (531.5 ) (525.8 ) (426.5 ) Consolidated Operating Revenues $ 5,114.5 $ 4,874.6 $ 4,492.5 Year Ended December 31, (in millions) 2018 2017 2016 Operating Income (Loss) Gas Distribution Operations $ (254.1 ) $ 550.1 $ 569.7 Electric Operations 386.1 367.4 301.3 Corporate and Other (7.3 ) 3.7 (4.9 ) Consolidated Operating Income $ 124.7 $ 921.2 $ 866.1 Depreciation and Amortization Gas Distribution Operations $ 301.0 $ 269.3 $ 252.9 Electric Operations 262.9 277.8 274.5 Corporate and Other 35.7 23.2 19.7 Consolidated Depreciation and Amortization $ 599.6 $ 570.3 $ 547.1 Assets Gas Distribution Operations $ 13,527.0 $ 12,048.8 $ 11,096.4 Electric Operations 5,735.2 5,478.6 5,233.3 Corporate and Other 2,541.8 2,434.3 2,362.2 Consolidated Assets $ 21,804.0 $ 19,961.7 $ 18,691.9 Capital Expenditures (1) Gas Distribution Operations $ 1,315.3 $ 1,125.6 $ 1,054.4 Electric Operations 499.3 592.4 420.6 Corporate and Other — 35.8 15.4 Consolidated Capital Expenditures $ 1,814.6 $ 1,753.8 $ 1,490.4 (1 Amounts differ from those presented on the Statements of Consolidated Cash Flows primarily due to the inclusion of capital expenditures included in current liabilities and AFUDC Equity. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Quarterly financial data does not always reveal the trend of our business operations due to nonrecurring items and seasonal weather patterns, which affect earnings and related components of revenue and operating income. (in millions, except per share data) First Quarter (1) Second Quarter (2) Third Quarter (3) Fourth Quarter (4) 2018 Operating Revenues $ 1,750.8 $ 1,007.0 $ 895.0 $ 1,461.7 Operating Income (Loss) 400.6 118.4 (315.9 ) (78.4 ) Net Income (Loss) 276.1 24.5 (339.5 ) (11.7 ) Preferred Dividends — (1.3 ) (5.6 ) (8.1 ) Net Income (Loss) Available to Common Shareholders 276.1 23.2 (345.1 ) (19.8 ) Earnings (Loss) Per Share Basic Earnings (Loss) Per Share $ 0.82 $ 0.07 $ (0.95 ) $ (0.05 ) Diluted Earnings (Loss) Per Share $ 0.81 $ 0.07 $ (0.95 ) $ (0.05 ) 2017 Operating Revenues $ 1,598.6 $ 990.7 $ 917.0 $ 1,368.3 Operating Income 415.4 124.0 111.2 270.6 Net Income (Loss) 211.3 (44.4 ) 14.0 (52.4 ) Earnings (Loss) Per Share Basic Earnings (Loss) Per Share $ 0.65 $ (0.14 ) $ 0.04 $ (0.16 ) Diluted Earnings (Loss) Per Share $ 0.65 $ (0.14 ) $ 0.04 $ (0.16 ) (1) Net income for the first quarter of 2018 was impacted by an interest rate swap settlement gain of $21.2 million (pretax). See Note 9 , "Risk Management Activities" for additional information. (2) Net income for the second quarter of 2017 was impacted by a $111.5 million loss (pretax) on an early extinguishment of long-term debt. See Note 14 , "Long-Term Debt" for additional information. (3) Net income for the third quarter of 2018 was impacted by approximately $462 million in expenses (pretax) related to the Greater Lawrence Incident restoration and a $33.0 million loss (pretax) on an early extinguishment of long-term debt. See Note 18 -E, "Other Matters" and Note 14 , "Long-Term Debt" for additional information. (4) Net income for the fourth quarter of 2018 was impacted by approximately $426 million in expenses (pretax, net of insurance recoveries) related to the Greater Lawrence Incident restoration, partially offset by an interest rate swap settlement gain of $25.0 million (pretax) and a $120.7 million income tax benefit from true-ups to reflect regulatory outcomes associated with excess deferred income taxes. Net income for the fourth quarter of 2017 was impacted by a $161.1 million increase in tax expense as a result of implementing the provisions of the TCJA. See Note 18 -E, "Other Matters," Note 9 , "Risk Management Activities" and Note 10 , "Income Taxes" for additional information. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table provides additional information regarding our Consolidated Statements of Cash Flows for the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, (in millions) 2018 2017 2016 Supplemental Disclosures of Cash Flow Information Non-cash transactions: Capital expenditures included in current liabilities $ 152.0 $ 173.0 $ 125.3 Assets acquired under a capital lease 54.6 11.5 4.0 Reclassification of other property to regulatory assets (1) 245.3 — — Assets recorded for asset retirement obligations (2) 78.1 11.4 6.9 Schedule of interest and income taxes paid: Cash paid for interest, net of interest capitalized amounts $ 354.2 $ 339.9 $ 337.8 Cash paid for income taxes, net of refunds 3.3 5.5 8.0 (1) See Note 8 "Regulatory Matters" for additional information. (2) See Note 7 "Asset Retirement Obligations" for additional information. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | NISOURCE INC. SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS Twelve months ended December 31, 2018 Additions ($ in millions) Balance Jan. 1, 2018 Charged to Costs and Expenses Charged to Other Account (1) Deductions for Purposes for which Reserves were Created Balance Dec. 31, 2018 Reserves Deducted in Consolidated Balance Sheet from Assets to Which They Apply: Reserve for accounts receivable $ 18.3 $ 20.2 $ 43.7 $ 61.1 $ 21.1 Reserve for other investments 3.0 — — — 3.0 Twelve months ended December 31, 2017 Additions ($ in millions) Balance Charged to Costs and Expenses Charged to Other Account (1) Deductions for Purposes for which Reserves were Created Balance Reserves Deducted in Consolidated Balance Sheet from Assets to Which They Apply: Reserve for accounts receivable $ 23.3 $ 14.8 $ 39.1 $ 58.9 $ 18.3 Reserve for other investments 3.0 — — — 3.0 Twelve months ended December 31, 2016 Additions ($ in millions) Balance Charged to Costs and Expenses Charged to Other Account (1) Deductions for Purposes for which Reserves were Created Balance Reserves Deducted in Consolidated Balance Sheet from Assets to Which They Apply: Reserve for accounts receivable $ 20.3 $ 19.7 $ 48.5 $ 65.2 $ 23.3 Reserve for other investments 3.0 — — — 3.0 (1) Charged to Other Accounts reflects the deferral of bad debt expense to a regulatory asset. |
Nature of Operations And Summ_2
Nature of Operations And Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company Structure And Principles Of Consolidation | Company Structure and Principles of Consolidation. We are an energy holding company incorporated in Delaware and headquartered in Merrillville, Indiana. Our subsidiaries are fully regulated natural gas and electric utility companies serving approximately 4.0 million customers in seven states. We generate substantially all of our operating income through these rate-regulated businesses. The consolidated financial statements include the accounts of us and our majority-owned subsidiaries after the elimination of all intercompany accounts and transactions. |
Use Of Estimates | Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash, Cash Equivalents, And Restricted Cash | Cash, Cash Equivalents and Restricted Cash. We consider all highly liquid investments with original maturities of three months or less to be cash equivalents. We report amounts deposited in brokerage accounts for margin requirements as restricted cash. In addition, we have amounts deposited in trust to satisfy requirements for the provision of various property, liability, workers compensation, and long-term disability insurance, which is classified as restricted cash on the Consolidated Balance Sheets and disclosed with cash and cash equivalents on the Statements of Consolidated Cash Flows. |
Accounts Receivable And Unbilled Revenue | Accounts Receivable and Unbilled Revenue. Accounts receivable on the Consolidated Balance Sheets includes both billed and unbilled amounts. Unbilled amounts of accounts receivable relate to a portion of a customer’s consumption of gas or electricity from the date of the last cycle billing date through the last day of the month (balance sheet date). Factors taken into consideration when estimating unbilled revenue include historical usage, customer rates and weather. Accounts receivable fluctuates from year to year depending in large part on weather impacts and price volatility. Our accounts receivable on the Consolidated Balance Sheets include unbilled revenue, less reserves, in the amounts of $324.2 million and $359.4 million as of December 31, 2018 and 2017 , respectively. The reserve for uncollectible receivables is our best estimate of the amount of probable credit losses in the existing accounts receivable. We determined the reserve based on historical experience and in consideration of current market conditions. Account balances are charged against the allowance when it is anticipated the receivable will not be recovered. Refer to Note 3, "Revenue Recognition," for additional information on customer-related accounts receivable. |
Investments In Debt And Equity Securities | Investments in Debt Securities. Our investments in debt securities are carried at fair value and are designated as available-for-sale. These investments are included within “Other investments” on the Consolidated Balance Sheets. Unrealized gains and losses, net of deferred income taxes, are recorded to accumulated other comprehensive income or loss. These investments are monitored for other than temporary declines in market value. Realized gains and losses and permanent impairments are reflected in the Statements of Consolidated Income (Loss). No material impairment charges were recorded for the years ended December 31, 2018 , 2017 or 2016 . Refer to Note 16 , "Fair Value," for additional information. |
Basis Of Accounting For Rate-Regulated Subsidiaries | Basis of Accounting for Rate-Regulated Subsidiaries. Rate-regulated subsidiaries account for and report assets and liabilities consistent with the economic effect of the way in which regulators establish rates, if the rates established are designed to recover the costs of providing the regulated service and it is probable that such rates can be charged and collected. Certain expenses and credits subject to utility regulation or rate determination normally reflected in income are deferred on the Consolidated Balance Sheets and are later recognized in income as the related amounts are included in customer rates and recovered from or refunded to customers. In the event that regulation significantly changes the opportunity for us to recover our costs in the future, all or a portion of our regulated operations may no longer meet the criteria for regulatory accounting. In such an event, a write-down of all or a portion of our existing regulatory assets and liabilities could result. If transition cost recovery was approved by the appropriate regulatory bodies that would meet the requirements under GAAP for continued accounting as regulatory assets and liabilities during such recovery period, the regulatory assets and liabilities would be reported at the recoverable amounts. If unable to continue to apply the provisions of regulatory accounting, we would be required to apply the provisions of ASC 980-20, Discontinuation of Rate-Regulated Accounting . In management’s opinion, our regulated subsidiaries will be subject to regulatory accounting for the foreseeable future. Refer to Note 8 , "Regulatory Matters," for additional information. |
Utility Plant And Other Property And Related Depreciation And Maintenance | Plant and Other Property and Related Depreciation and Maintenance. Property, plant and equipment (principally utility plant) is stated at cost. The rate-regulated subsidiaries record depreciation using composite rates on a straight-line basis over the remaining service lives of the electric, gas and common properties as approved by the appropriate regulators. Non-utility property is generally depreciated on a straight-line basis over the life of the associated asset. Refer to Note 5 , "Property, Plant and Equipment," for additional information related to depreciation expense. For rate-regulated companies, AFUDC is capitalized on all classes of property except organization costs, land, autos, office equipment, tools and other general property purchases. The allowance is applied to construction costs for that period of time between the date of the expenditure and the date on which such project is placed in service. Our pre-tax rate for AFUDC was 3.5% in 2018 , 4.0% in 2017 and 4.5% in 2016 . Generally, our subsidiaries follow the practice of charging maintenance and repairs, including the cost of removal of minor items of property, to expense as incurred. When our subsidiaries retire regulated property, plant and equipment, original cost plus the cost of retirement, less salvage value, is charged to accumulated depreciation. However, when it becomes probable a regulated asset will be retired substantially in advance of its original expected useful life or is abandoned, the cost of the asset and the corresponding accumulated depreciation is recognized as a separate asset. If the asset is still in operation, the net amount is classified as "Other property, at cost, less accumulated depreciation" on the Consolidated Balance Sheets. If the asset is no longer operating, the net amount is classified in "Regulatory assets" on the Consolidated Balance Sheets. If we are able to recover a full return of and on investment, the carrying value of the asset is based on historical cost. If we are not able to recover a full return on investment, a loss on impairment is recognized to the extent the net book value of the asset exceeds the present value of future revenues discounted at the incremental borrowing rate. When our subsidiaries sell entire regulated operating units, or retire or sell nonregulated properties, the original cost and accumulated depreciation and amortization balances are removed from "Property, Plant and Equipment" on the Consolidated Balance Sheets. Any gain or loss is recorded in earnings, unless otherwise required by the applicable regulatory body. Refer to Note 5 , "Property, Plant and Equipment," for further information. External and internal costs associated with computer software developed for internal use are capitalized. Capitalization of such costs commences upon the completion of the preliminary stage of each project. Once the installed software is ready for its intended use, such capitalized costs are amortized on a straight-line basis generally over a period of five years, except for certain significant enterprise-wide technology investments which are amortized over a ten-year period. External and internal up-front implementation costs associated with cloud computing arrangements that are service contracts are deferred on the Consolidated Balance Sheets. Once the installed software is ready for its intended use, such deferred costs are amortized on a straight-line basis to "Operation and maintenance," over the minimum term of the contract plus contractually-provided renewal periods that are reasonable expected to be exercised -- generally up to a maximum of five years. |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets. Substantially all of our goodwill relates to the excess of cost over the fair value of the net assets acquired in the Columbia acquisition on November 1, 2000. We test our goodwill for impairment annually as of May 1, or more frequently if events and circumstances indicate that goodwill might be impaired. Fair value of our reporting units is determined using a combination of income and market approaches. We have other intangible assets consisting primarily of franchise rights apart from goodwill that were identified as part of the purchase price allocations associated with the acquisition of Columbia of Massachusetts which is being amortized on a straight-line basis over forty years from the date of acquisition. See Note 6 , "Goodwill and Other Intangible Assets," for additional information. |
Accounts Receivable Transfer Program | Accounts Receivable Transfer Program. Certain of our subsidiaries have agreements with third parties to transfer certain accounts receivable without recourse. These transfers of accounts receivable are accounted for as secured borrowings. The entire gross receivables balance remains on the December 31, 2018 and 2017 Consolidated Balance Sheets and short-term debt is recorded in the amount of proceeds received from the transferees involved in the transactions. Refer to Note 17 , "Transfers of Financial Assets," for further information. |
Fuel Adjustment Clause | Gas Cost and Fuel Adjustment Clause. Our regulated subsidiaries defer most differences between gas and fuel purchase costs and the recovery of such costs in revenues, and adjust future billings for such deferrals on a basis consistent with applicable state-approved tariff provisions. These deferred balances are recorded as "Regulatory assets" or "Regulatory liabilities," as appropriate, on the Consolidated Balance Sheets. Refer to Note 8 , "Regulatory Matters," for additional information. |
Gas Inventory | Inventory. Both the LIFO inventory methodology and the weighted average cost methodology are used to value natural gas in storage, as approved by regulators for all of our regulated subsidiaries. Inventory valued using LIFO was $47.5 million and $45.5 million at December 31, 2018 and 2017 , respectively. Based on the average cost of gas using the LIFO method, the estimated replacement cost of gas in storage was less than the stated LIFO cost by $12.2 million and $17.4 million at December 31, 2018 and 2017 , respectively. Gas inventory valued using the weighted average cost methodology was $239.3 million at December 31, 2018 and $239.6 million at December 31, 2017 . Electric production fuel is valued using the weighted average cost inventory methodology, as approved by NIPSCO's regulator. Materials and supplies are valued using the weighted average cost inventory methodology. |
Accounting For Exchange And Balancing Arrangements Of Natural Gas | Accounting for Exchange and Balancing Arrangements of Natural Gas. Our Gas Distribution Operations segment enters into balancing and exchange arrangements of natural gas as part of its operations and off-system sales programs. We record a receivable or payable for any of our respective cumulative gas imbalances, as well as for any gas inventory borrowed or lent under a Gas Distribution Operations exchange agreement. Exchange gas is valued based on individual regulatory jurisdiction requirements (for example, historical spot rate, spot at the beginning of the month). These receivables and payables are recorded as “Exchange gas receivable” or “Exchange gas payable” on our Consolidated Balance Sheets, as appropriate. |
Accounting For Risk Management Activities | Accounting for Risk Management Activities. We account for our derivatives and hedging activities in accordance with ASC 815. We recognize all derivatives as either assets or liabilities on the Consolidated Balance Sheets at fair value, unless such contracts are exempted as a normal purchase normal sale under the provisions of the standard. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and resulting designation. We have elected not to net fair value amounts for any of our derivative instruments or the fair value amounts recognized for the right to receive cash collateral or obligation to pay cash collateral arising from those derivative instruments recognized at fair value, which are executed with the same counterparty under a master netting arrangement. See Note 9 , "Risk Management Activities," for additional information. |
Income Taxes And Investment Tax Credits | Income Taxes and Investment Tax Credits. We record income taxes to recognize full interperiod tax allocations. Under the asset and liability method, deferred income taxes are provided for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amount and the tax basis of existing assets and liabilities. Previously recorded investment tax credits of the regulated subsidiaries were deferred on the balance sheet and are being amortized to book income over the regulatory life of the related properties to conform to regulatory policy. To the extent certain deferred income taxes of the regulated companies are recoverable or payable through future rates, regulatory assets and liabilities have been established. Regulatory assets for income taxes are primarily attributable to property-related tax timing differences for which deferred taxes had not been provided in the past, when regulators did not recognize such taxes as costs in the rate-making process. Regulatory liabilities for income taxes are primarily attributable to the regulated companies’ obligation to refund to ratepayers deferred income taxes provided at rates higher than the current Federal income tax rate. Such property-related amounts are credited to ratepayers using either the average rate assumption method or the reverse South Georgia method. Non property-related amounts are credited to ratepayers consistent with state utility commission direction. Pursuant to the Internal Revenue Code and relevant state taxing authorities, we and our subsidiaries file consolidated income tax returns for federal and certain state jurisdictions. We and our subsidiaries are parties to an agreement (the “Intercompany Income Tax Allocation Agreement”) that provides for the allocation of consolidated tax liabilities. The Intercompany Income Tax Allocation Agreement generally provides that each party is allocated an amount of tax similar to that which would be owed had the party been separately subject to tax. |
Environmental Expenditures | Environmental Expenditures. We accrue for costs associated with environmental remediation obligations when the incurrence of such costs is probable and the amounts can be reasonably estimated, regardless of when the expenditures are actually made. The undiscounted estimated future expenditures are based on currently enacted laws and regulations, existing technology and estimated site-specific costs where assumptions may be made about the nature and extent of site contamination, the extent of cleanup efforts, costs of alternative cleanup methods and other variables. The liability is adjusted as further information is discovered or circumstances change. The accruals for estimated environmental expenditures are recorded on the Consolidated Balance Sheets in “Legal and environmental” for short-term portions of these liabilities and “Other noncurrent liabilities” for the respective long-term portions of these liabilities. Rate-regulated subsidiaries applying regulatory accounting establish regulatory assets on the Consolidated Balance Sheets to the extent that future recovery of environmental remediation costs is probable through the regulatory process. Refer to Note 18 , "Other Commitments and Contingencies," for further information. |
Excise Taxes | Excise Taxes. We account for excise taxes that are customer liabilities by separately stating on our invoices the tax to our customers and recording amounts invoiced as liabilities payable to the applicable taxing jurisdiction. Such balances are presented within "Other accruals" on the Consolidated Balance Sheets. These types of taxes collected from customers, comprised largely of sales taxes, are presented on a net basis affecting neither revenues nor cost of sales. We account for excise taxes for which we are liable by recording a liability for the expected tax with a corresponding charge to “Other taxes” expense on the Statements of Consolidated Income (Loss). |
Accrued Insurance Liabilities | Accrued Insurance Liabilities. We accrue for insurance costs related to workers compensation, automobile, property, general and employment practices liabilities based on the most probable value of each claim. In general, claim values are determined by professional, licensed loss adjusters who consider the facts of the claim, anticipated indemnification and legal expenses, and respective state rules. Claims are reviewed by us at least quarterly and an adjustment is made to the accrual based on the most current information. Refer to Note 18 -E "Other Matters" for further information on accrued insurance liabilities related to the Greater Lawrence Incident. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recently Issued Accounting Pronouncements We are currently evaluating the impact of certain ASUs on our Consolidated Financial Statements or Notes to Consolidated Financial Statements, which are described below: Standard Description Effective Date Effect on the financial statements or other significant matters ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans The pronouncement modifies the disclosure requirements for defined benefit pension and other postretirement benefit plans. The guidance removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. The modifications affect annual period disclosures and must be applied on a retrospective basis to all periods presented. Annual periods ending after December 15, 2020. Early adoption is permitted. We are currently evaluating the effects of this pronouncement on our Notes to Consolidated Financial Statements. We tentatively expect to adopt this ASU on its effective date. ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) The pronouncement changes the impairment model for most financial assets, replacing the current "incurred loss" model. ASU 2016-13 will require the use of an "expected loss" model for instruments measured at amortized cost. It will also require entities to record allowances for available-for-sale debt securities rather than impair the carrying amount of the securities. Subsequent improvements to the estimated credit losses of available-for-sale securities will be recognized immediately in earnings instead of over time as they are under historic guidance. Annual periods beginning after December 15, 2019, including interim periods therein. Early adoption is permitted for annual or interim periods beginning after December 15, 2018. We maintain investments in U.S. Treasury, corporate and mortgage-backed debt securities, which are pledged as collateral for trust accounts related to our wholly-owned insurance company. These debt securities are classified as available for sale. We also have recorded balances for trade receivables that fall within the scope of the standard. We are currently evaluating the impact of adoption, if any, on our Consolidated Financial Statements and Notes to Consolidated Financial Statements. |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Recently Adopted Accounting Pronouncements Standard Adoption ASU 2018-15, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued this ASU, which amends current guidance to align the accounting for costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs associated with developing or obtaining internal-use software. We elected to early adopt the ASU on a prospective basis, effective October 1, 2018. As a result of adopting this ASU, we will defer onto the Consolidated Balance Sheets up-front implementation costs of cloud computing arrangements if they would have been capitalized in a similar on-premise software solution. ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income We adopted this ASU effective March 31, 2018. Upon adoption, $9.5 million of tax effects that were stranded in accumulated other comprehensive income (loss) as a result of the implementation of the TCJA were reclassified to retained deficit. This change is reflected on our Statements of Consolidated Stockholders' Equity. ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) We adopted this ASU effective January 1, 2018. The adoption of this standard did not have a material impact on our Consolidated Financial Statements or Notes to Consolidated Financial Statements. ASU 2018-11, Leases (Topic 842): Targeted Improvements We adopted the provisions of ASC 842 beginning on January 1, 2019, using the transition method provided in ASU 2018-11, which was applied to all existing leases at that date. As such, results for reporting periods beginning after January 1, 2019 will be presented under ASC 842, while prior period amounts will continue to be reported in accordance with ASC 840. To ease the process of implementing ASC 842, we elected a number of practical expedients, including the "practical expedient package" described in ASC 842-10-65-1 and the provisions of ASU 2018-01, which allows us to not evaluate existing land easements under ASC 842. We elected the short-term lease recognition exemption for all leases that qualify. As such, for those leases with terms less than 12 months, we will not recognize ROU assets or lease liabilities. Further, ASC 842 provides lessees the option of electing an accounting policy, by class of underlying asset, in which the lessee may choose not to separate nonlease components from lease components. We elected this practical expedient for our leases of fleet vehicles and railcars. We also elected to use a practical expedient that allows the use of hindsight in determining lease terms when evaluating leases that existed at the implementation date. We are the lessee for substantially all of our current leasing activity. Upon adopting ASC 842 we began recognizing right-of-use assets and liabilities associated with operating leases (other than short term operating leases) on our Consolidated Balance Sheets resulting in an increase in assets and liabilities of approximately $60 million. The adoption of ASC 842 did not have a material impact to our results of operations or cash flows. We have implemented key system functionality and internal controls to facilitate the preparation of financial information upon adoption. Our SEC filings will include expanded disclosures to comply with the provisions of ASC 842 beginning with our quarterly report on Form 10-Q for the first quarter of 2019. ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 ASU 2016-02, Leases (Topic 842) Standard Adoption ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients See Note 3, "Revenue Recognition," for our discussion of the effects of implementing these standards. ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations ASU 2014-09, Revenue from Contracts with Customers (Topic 606) We also adopted ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, effective January 1, 2018. We continue to present the service cost component of net periodic benefit cost within "Operation and maintenance;" however, other components of the net periodic benefit cost (including regulatory deferrals and settlement charges) are now presented separately within "Other, net" on our Statements of Consolidated Income (Loss). Changes in income statement presentation were implemented on a retrospective basis. The impact of this ASU on previously issued annual financial statements is summarized in the tables below: Year Ended December 31, 2016 (in millions) As Previously Reported Effect of Change (1) As Adjusted Operation and maintenance $ 1,453.7 $ (7.9 ) $ 1,445.8 Total Operating Expenses 3,634.3 (7.9 ) 3,626.4 Operating Income 858.2 7.9 866.1 Other Income (Deductions) Other, net 1.5 (7.9 ) (6.4 ) Total Other Deductions $ (348.0 ) $ (7.9 ) $ (355.9 ) (1) The effect of this change is attributable to our business segments: Gas Distribution Operations, Electric Operations, and Corporate and Other in the amounts of $4.3 million , $(9.8) million , and $(2.4) million , respectively. Year Ended December 31, 2017 (in millions) As Previously Reported Effect of Change (1) As Adjusted Operation and maintenance $ 1,612.3 $ (10.6 ) $ 1,601.7 Total Operating Expenses 3,964.0 (10.6 ) 3,953.4 Operating Income 910.6 10.6 921.2 Other Income (Deductions) Other, net (2.8 ) (10.6 ) (13.4 ) Total Other Deductions $ (467.5 ) $ (10.6 ) $ (478.1 ) (1) The effect of this change is attributable to our business segments: Gas Distribution Operations, Electric Operations, and Corporate and Other in the amounts of $(4.4) million , $(2.6) million , and $(3.6) million , respectively. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition Under Previous Guidance | The table below provides results for the year ended December 31, 2018 as if it had been prepared under historic accounting guidance. We included operating revenue information for the years ended December 31, 2017 and 2016 for comparability. Year Ended December 31, (in millions) 2018 2017 2016 Operating Revenues Gas Distribution $ 2,348.4 $ 2,063.2 $ 1,850.9 Gas Transportation 1,055.2 1,021.5 964.6 Electric 1,707.4 1,785.5 1,660.8 Other 3.5 4.4 16.2 Total Operating Revenues $ 5,114.5 $ 4,874.6 $ 4,492.5 |
Disaggregation of Revenue | The table below reconciles revenue disaggregation by customer class to segment revenue as well as to revenues reflected on the Statements of Consolidated Income (Loss): Year Ended December 31, 2018 (in millions) Gas Distribution Operations Electric Operations Corporate and Other Total Customer Revenues (1) Residential $ 2,250.0 $ 494.7 $ — $ 2,744.7 Commercial 751.9 492.7 — 1,244.6 Industrial 228.0 613.6 — 841.6 Off-system 92.4 — — 92.4 Miscellaneous 49.7 17.4 0.7 67.8 Total Customer Revenues $ 3,372.0 $ 1,618.4 $ 0.7 $ 4,991.1 Other Revenues 34.4 89.0 — 123.4 Total Operating Revenues $ 3,406.4 $ 1,707.4 $ 0.7 $ 5,114.5 (1) Customer revenue amounts exclude intersegment revenues. See Note 22 , "Segments of Business," for discussion of intersegment revenues. |
Customer Accounts Receivable | The opening and closing balances of customer receivables for the years ended December 31, 2018 and 2017 are presented in the table below. We had no significant contract assets or liabilities during the period. Additionally, we have not incurred any significant costs to obtain or fulfill contracts. (in millions) Customer Accounts Receivable, Billed (less reserve) (1) Customer Accounts Receivable, Unbilled (less reserve) (2) Balance as of December 31, 2017 $ 477.0 $ 378.6 Balance as of December 31, 2018 540.5 349.1 Increase (Decrease) $ 63.5 $ (29.5 ) (1) Customer billed receivables increased over the period due to November 2018 being colder than November 2017 , leading to more gas usage included in December bills. (2) Customer unbilled receivables decreased over the period due December 2018 being warmer than December 2017 , leading to less estimated gas usage |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | The computation of diluted average common shares is as follows: Year Ended December 31, (in thousands) 2017 2016 Denominator Basic average common shares outstanding 329,388 321,805 Dilutive potential common shares: Shares contingently issuable under employee stock plans 547 165 Shares restricted under stock plans 821 1,554 Diluted Average Common Shares 330,756 323,524 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | property, plant and equipment on the Consolidated Balance Sheets are classified as follows: At December 31, (in millions) 2018 2017 Property, Plant and Equipment Gas Distribution Utility (1) $ 13,776.0 $ 12,531.0 Electric Utility (1) 8,374.2 7,403.8 Corporate 155.8 141.3 Construction Work in Process 474.8 950.5 Non-Utility and Other (2) 38.7 623.3 Total Property, Plant and Equipment $ 22,819.5 $ 21,649.9 Accumulated Depreciation and Amortization Gas Distribution Utility (1) $ (3,373.8 ) $ (3,227.8 ) Electric Utility (1) (3,809.5 ) (3,673.2 ) Corporate (74.6 ) (52.6 ) Non-Utility and Other (2) (19.1 ) (336.8 ) Total Accumulated Depreciation and Amortization $ (7,277.0 ) $ (7,290.4 ) Net Property, Plant and Equipment $ 15,542.5 $ 14,359.5 (1) NIPSCO’s common utility plant and associated accumulated depreciation and amortization are allocated between Gas Distribution Utility and Electric Utility Property, Plant and Equipment. (2) Non-Utility and Other as of December 31, 2017 includes net book value of $247.8 million related to Bailly Generating Station (Units 7 and 8) which was reclassified from Electric Utility in the fourth quarter of 2016. In May 2018 , Units 7 and 8 were retired from service and the remaining balance was reclassified to "Regulatory assets (noncurrent)" on the Consolidated Balance Sheets. See Note 18 -E, "Other Matters," and Note 8 , "Regulatory Matters," for additional information. |
Schedule Of Depreciation Provisions For Utility Plant As A Percentage Of The Original Cost | The weighted average depreciation provisions for utility plant, as a percentage of the original cost, for the periods ended December 31, 2018 , 2017 and 2016 were as follows: 2018 2017 2016 Electric Operations (1) 2.9 % 3.4 % 3.3 % Gas Distribution Operations 2.2 % 2.1 % 2.1 % |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following presents our goodwill balance allocated by segment as of December 31, 2018 : (in millions) Gas Distribution Operations Electric Operations Corporate and Other Total Goodwill $ 1,690.7 $ — $ — $ 1,690.7 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation [Abstract] | |
Changes In Liability For Asset Retirement Obligations | Changes in our liability for asset retirement obligations for the years 2018 and 2017 are presented in the table below: (in millions) 2018 2017 Beginning Balance $ 268.7 $ 262.6 Accretion recorded as a regulatory asset/liability 11.1 10.3 Additions 63.3 (1) 2.4 Settlements (5.9 ) (15.6 ) Change in estimated cash flows 14.8 (1) 9.0 (2) Ending Balance $ 352.0 $ 268.7 (1) In 2018, $59.8 million of additions and $17.7 million of the change in estimated cash flows are attributed to costs associated with refining the CCR compliance plan. See Note 18 -D, "Environmental Matters," for additional information on CCRs. (2) The change in estimated cash flows for 2017 is primarily attributed to changes in estimated costs and settlement timing for electric generating stations and the changes in estimated costs for retirement of gas mains. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets | Regulatory assets were comprised of the following items: At December 31, (in millions) 2018 2017 Regulatory Assets Unrecognized pension and other postretirement benefit costs (see Note 11) $ 798.3 $ 733.5 Deferred pension and other postretirement benefit costs (see Note 11) 74.1 70.7 Environmental costs (see Note 18-D) 61.5 63.4 Regulatory effects of accounting for income taxes (see Note 1-N and Note 10) 233.1 238.8 Under-recovered gas and fuel costs (see Note 1-K) 34.7 25.5 Depreciation 209.6 181.0 Post-in-service carrying charges 206.6 173.3 Safety activity costs 91.7 66.5 DSM programs 45.5 40.0 Bailly Generating Station 244.3 — Other 238.1 208.5 Total Regulatory Assets $ 2,237.5 $ 1,801.2 |
Regulatory Liabilities | Regulatory liabilities were comprised of the following items: At December 31, (in millions) 2018 2017 Regulatory Liabilities Over-recovered gas and fuel costs (see Note 1-K) $ 32.0 $ 27.6 Cost of removal (see Note 7) 1,076.0 1,096.8 Regulatory effects of accounting for income taxes (see Note 1-O and Note 10) 1,428.3 1,563.4 Deferred pension and other postretirement benefit costs (see Note 11) 62.7 59.0 Other 61.0 48.8 Total Regulatory Liabilities $ 2,660.0 $ 2,795.6 |
Schedule of Regulatory Programs | The following table describes regulatory programs to recover infrastructure replacement and other federally-mandated compliance investments currently in rates and those pending commission approval: (in millions) Company Program Incremental Revenue Incremental Capital Investment Investment Period Filed Status Rates Effective Columbia of Ohio IRP - 2018 (1) $ 2.3 $ 207.0 1/17-12/17 February 27, 2018 Approved May 2018 NIPSCO - Gas TDSIC 7 $ 1.5 $ 59.0 1/17-6/17 August 31, 2017 Approved January 2018 NIPSCO - Gas TDSIC 8 $ 1.8 $ 54.0 7/17-12/17 February 27, 2018 Approved September 2018 NIPSCO - Gas TDSIC 9 (1)(2) $ (10.6 ) $ 54.4 1/18 - 6/18 August 28, 2018 Approved January 2019 NIPSCO - Gas FMCA 1 $ 9.9 $ 1.5 11/17-9/18 November 30, 2018 Order Expected April 2019 Columbia of Massachusetts GSEP - 2018 (1)(3) $ 6.5 $ 80.0 1/18-12/18 October 31, 2017 Approved May 2018 Columbia of Massachusetts GSEP - 2019 (4) $ 10.7 $ 64.0 1/19-12/19 October 31, 2018 Order expected May 2019 Columbia of Pennsylvania DSIC - 2018 $ 0.4 $ 14.8 12/17-2/18 March 22, 2018 Approved April 2018 Columbia of Pennsylvania DSIC - 2018 $ 0.9 $ 31.8 3/18-5/18 June 20, 2018 Approved July 2018 Columbia of Pennsylvania DSIC - 2018 $ 1.6 $ 55.4 6/18-8/18 September 20, 2018 Approved October 2018 Columbia of Virginia SAVE - 2018 $ 2.9 $ 33.3 1/18-12/18 August 18, 2017 Approved January 2018 Columbia of Virginia SAVE - 2019 $ 2.4 $ 36.0 1/19-12/19 August 17, 2018 Approved January 2019 Columbia of Kentucky AMRP - 2018 $ 4.5 $ 24.0 1/18-12/18 October 13, 2017 Approved January 2018 Columbia of Kentucky AMRP - 2019 $ 3.6 $ 30.1 1/19-12/19 October 15, 2018 Approved January 2019 Columbia of Maryland STRIDE - 2018 $ 1.2 $ 20.8 1/18-12/18 November 1, 2017 Approved January 2018 Columbia of Maryland STRIDE - 2019 $ 1.2 $ 19.7 1/19-12/19 November 1, 2018 Approved January 2019 NIPSCO - Electric TDSIC - 3 $ (2.0 ) $ 75.0 5/17-11/17 January 30, 2018 Approved June 2018 NIPSCO - Electric TDSIC - 4 (1) $ (11.8 ) $ 72.2 12/17-5/18 July 31, 2018 Approved December 2018 NIPSCO - Electric TDSIC - 5 (1) $ 15.9 $ 58.8 6/18-11/18 January 29, 2019 Order Expected June 2019 NIPSCO - Electric ECRM - 31 $ (2.1 ) $ 2.9 6/17-12/17 January 31, 2018 Approved May 2018 NIPSCO - Electric ECRM - 32 $ 1.0 $ — 1/18-6/18 July 31, 2018 Approved November 2018 NIPSCO - Electric FMCA - 8 $ 1.3 $ 4.4 4/17-9/17 November 1, 2017 Approved February 2018 NIPSCO - Electric FMCA - 9 $ 4.1 $ 90.2 10/17-3/18 April 27, 2018 Approved August 2018 NIPSCO - Electric FMCA - 10 $ 2.2 $ 45.7 4/18-8/18 October 18, 2018 Approved February 2019 (1) Incremental revenue is net of amounts due back to customers as a result of the TCJA. (2) Incremental revenue is net of $5.2 million of adjustments in the TDSIC-9 settlement. (3) A cap waiver was approved by the Massachusetts DPU on June 21, 2018 and related rates became effective July 2018. (4) The filing included a request for approval of a waiver to allow collection of the $2.9 million revenue requirement that exceeds the GSEP cap provision. |
Rate Case Action | The following table describes current rate case actions as applicable in each of our jurisdictions net of tracker impacts: (in millions) Company Requested Incremental Revenue Approved Incremental Revenue Filed Status Rates Effective NIPSCO - Gas (1) $ 138.1 $ 107.3 September 27, 2017 Approved October 2018 Columbia of Massachusetts $ 24.1 N/A April 13, 2018 Withdrawn N/A Columbia of Pennsylvania $ 46.9 $ 26.0 March 16, 2018 Approved December 2018 Columbia of Virginia (2) $ 14.2 In process August 28, 2018 Order expected February 2019 Columbia of Maryland $ 4.6 $ 2.2 April 13, 2018 Approved November 2018 NIPSCO - Electric $ 21.4 In process October 31, 2018 Order expected September 2019 (1) Rates will be implemented in three steps, with implementation of step 1 rates effective October 1, 2018. Step 2 rates will be effective on or about March 1, 2019, and step 3 rates will be effective on January 1, 2020. The IURC’s order also dismissed NIPSCO from phase 2 of the IURC’s TCJA investigation. (2) Rates implemented subject to refund pending a final order from the VSCC. |
Risk Management Activities (Tab
Risk Management Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Risk Management Activities [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Risk management assets and liabilities on our derivatives are presented on the Consolidated Balance Sheets as shown below: December 31, (in millions) 2018 2017 Risk Management Assets - Current (1) Interest rate risk programs $ — $ 14.0 Commodity price risk programs 1.1 0.5 Total $ 1.1 $ 14.5 Risk Management Assets - Noncurrent (2) Interest rate risk programs $ 18.5 $ 5.6 Commodity price risk programs 4.4 1.0 Total $ 22.9 $ 6.6 Risk Management Liabilities - Current Interest rate risk programs $ — $ 38.6 Commodity price risk programs 5.0 4.6 Total $ 5.0 $ 43.2 Risk Management Liabilities - Noncurrent Interest rate risk programs $ 9.5 $ — Commodity price risk programs 37.2 28.5 Total $ 46.7 $ 28.5 (1) Presented in "Prepayments and other" on the Consolidated Balance Sheets. (2) Presented in "Deferred charges and other" on the Consolidated Balance Sheets. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Components Of Income Tax Expense | The components of income tax expense (benefit) were as follows: Year Ended December 31, (in millions) 2018 2017 2016 Income Taxes Current Federal $ — $ — $ — State 8.2 7.8 (0.1 ) Total Current 8.2 7.8 (0.1 ) Deferred Federal (209.4 ) 302.7 165.6 State 22.2 5.0 18.0 Total Deferred (187.2 ) 307.7 183.6 Deferred Investment Credits (1.0 ) (1.0 ) (1.4 ) Income Taxes $ (180.0 ) $ 314.5 $ 182.1 |
Schedule Of Reasons Behind Differences In Computation Of Total Income Taxes | Total income taxes were different from the amount that would be computed by applying the statutory federal income tax rate to book income before income tax. The major reasons for this difference were as follows: Year Ended December 31, (in millions) 2018 2017 2016 Book income (loss) before income taxes $ (230.6 ) $ 443.0 $ 513.6 Tax expense (benefit) at statutory federal income tax rate (48.4 ) 21.0 % 155.0 35.0 % 179.8 35.0 % Increases (reductions) in taxes resulting from: State income taxes, net of federal income tax benefit 24.7 (10.7 ) 6.9 1.5 11.3 2.2 Amortization of regulatory liabilities (29.3 ) 12.7 (2.4 ) (0.5 ) (1.5 ) (0.3 ) Charitable contribution carryover — — (1.2 ) (0.3 ) 2.8 0.5 State regulatory proceedings (127.8 ) 55.4 — — — — Remeasurement due to TCJA — — 161.1 36.4 — — Employee stock ownership plan dividends and other compensation (2.2 ) 1.0 (6.5 ) (1.5 ) (9.5 ) (1.8 ) Other adjustments 3.0 (1.3 ) 1.6 0.4 (0.8 ) (0.1 ) Income Taxes $ (180.0 ) 78.1 % $ 314.5 71.0 % $ 182.1 35.5 % |
Schedule Of Principal Components Of Net Deferred Tax Liability | Deferred income taxes result from temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The principal components of our net deferred tax liability were as follows: At December 31, (in millions) 2018 2017 Deferred tax liabilities Accelerated depreciation and other property differences $ 2,458.0 $ 2,260.7 Other regulatory assets 375.4 309.5 Total Deferred Tax Liabilities 2,833.4 2,570.2 Deferred tax assets Other regulatory liabilities and deferred investment tax credits (including TCJA) 365.5 406.0 Pension and other postretirement/postemployment benefits 157.5 136.7 Net operating loss carryforward and AMT credit carryforward 849.8 576.0 Environmental liabilities 24.4 24.0 Other accrued liabilities 37.5 37.2 Other, net 68.2 97.4 Total Deferred Tax Assets 1,502.9 1,277.3 Net Deferred Tax Liabilities $ 1,330.5 $ 1,292.9 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule Of Allocation of Plan Assets | Asset Mix Policy of Funds: Defined Benefit Pension Plan Postretirement Benefit Plan Asset Category Minimum Maximum Minimum Maximum Domestic Equities 12% 32% 0% 55% International Equities 6% 16% 0% 25% Fixed Income 59% 71% 20% 100% Real Estate 0% 7% 0% 0% Short-Term Investments/Other 0% 15% 0% 10% As of December 31, 2017 , the asset mix and acceptable minimum and maximum ranges established by the policy for the pension and other postretirement benefit plans were as follows: Asset Mix Policy of Funds: Defined Benefit Pension Plan Postretirement Benefit Plan Asset Category Minimum Maximum Minimum Maximum Domestic Equities 16% 36% 0% 55% International Equities 8% 18% 0% 25% Fixed Income 39% 51% 20% 100% Diversified Credit 0% 13% 0% 0% Real Estate 0% 13% 0% 0% Short-Term Investments 0% 10% 0% 10% Pension Plan and Postretirement Plan Asset Mix at December 31, 2018 and December 31, 2017 : Defined Benefit Pension Assets December 31, Postretirement December 31, Asset Class (in millions) Asset Value % of Total Assets Asset Value % of Total Assets Domestic Equities $ 355.5 19.0 % $ 78.8 36.4 % International Equities 165.5 8.9 % 17.5 8.1 % Fixed Income 1,241.9 66.5 % 115.1 53.2 % Real Estate 52.7 2.8 % — — Cash/Other 52.1 2.8 % 4.9 2.3 % Total $ 1,867.7 100.0 % $ 216.3 100.0 % Defined Benefit Pension Assets December 31, Postretirement Benefit Plan Assets December 31, Asset Class (in millions) Asset Value % of Total Assets Asset Value % of Total Assets Domestic Equities $ 698.2 32.3 % $ 96.0 36.6 % International Equities 351.0 16.2 % 39.8 15.2 % Fixed Income 977.6 45.3 % 117.5 44.8 % Real Estate 49.9 2.3 % — — Cash/Other 83.3 3.9 % 9.2 3.4 % Total $ 2,160.0 100.0 % $ 262.5 100.0 % |
Schedule Of Fair Value and Changes In The Fair Value Of The Plan Assets | Fair Value Measurements at December 31, 2018 : (in millions) December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant (Level 3) Pension plan assets: Cash $ 9.2 $ 8.8 $ 0.4 $ — Equity securities U.S. equities 0.2 0.2 — — Fixed income securities Government 250.2 — 250.2 — Corporate 442.8 — 442.8 — Mutual Funds U.S. multi-strategy 110.3 110.3 — — International equities 43.2 43.2 — — Fixed income 166.8 166.8 — — Private equity limited partnerships U.S. multi-strategy (1) 18.5 — — 18.5 International multi-strategy (2) 12.5 — — 12.5 Distressed opportunities 2.4 — — 2.4 Real estate 52.7 — — 52.7 Commingled funds (3) Short-term money markets 18.3 — — — U.S. equities 245.2 — — — International equities 122.3 — — — Fixed income 365.7 — — — Pension plan assets subtotal 1,860.3 329.3 693.4 86.1 Other postretirement benefit plan assets: Mutual funds U.S. equities 68.4 68.4 — — International equities 17.5 17.5 — — Fixed income 114.8 114.8 — — Commingled funds (3) Short-term money markets 5.2 — — — U.S. equities 10.4 — — — Other postretirement benefit plan assets subtotal 216.3 200.7 — — Due to brokers, net (4) (1.1 ) — (1.1 ) — Accrued income/dividends 8.6 8.6 — — Total pension and other postretirement benefit plan assets $ 2,084.1 $ 538.6 $ 692.3 $ 86.1 (1) This class includes limited partnerships/fund of funds that invest in a diverse portfolio of private equity strategies, including buy-outs, venture capital, growth capital, special situations and secondary markets, primarily inside the United States. (2) This class includes limited partnerships/fund of funds that invest in diverse portfolio of private equity strategies, including buy-outs, venture capital, growth capital, special situations and secondary markets, primarily outside the United States. (3) This class of investments is measured at fair value using the net asset value per share and has not been classified in the fair value hierarchy. (4) This class represents pending trades with brokers. The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 assets for the year ended December 31, 2018 : Balance at January 1, 2018 Total gains or losses (unrealized / realized) Purchases (Sales) Balance at December 31, 2018 Private equity limited partnerships U.S. multi-strategy 26.7 2.4 0.7 (11.3 ) 18.5 International multi-strategy 19.1 (0.6 ) — (6.0 ) 12.5 Distressed opportunities 3.2 (0.8 ) — — 2.4 Real estate 49.9 1.7 1.8 (0.7 ) 52.7 Total $ 98.9 $ 2.7 $ 2.5 $ (18.0 ) $ 86.1 The table below sets forth a summary of unfunded commitments, redemption frequency and redemption notice periods for certain investments that are measured at fair value using the net asset value per share for the year ended December 31, 2018 : (in millions) Fair Value Redemption Frequency Redemption Notice Period Commingled Funds Short-term money markets $ 23.5 Daily 1 day U.S. equities 255.6 Monthly 3 days International equities 122.3 Monthly 10-30 days Fixed income 365.7 Monthly 3 days Total $ 767.1 Fair Value Measurements at December 31, 2017 : (in millions) December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant (Level 3) Pension plan assets: Cash $ 9.7 $ 9.7 $ — $ — Equity securities U.S. equities 0.3 0.3 — — Fixed income securities Government 143.4 — 143.4 — Corporate 332.6 — 332.6 — Mutual Funds U.S. multi-strategy 231.5 231.5 — — International equities 85.8 85.8 — — Fixed income 242.3 242.3 — — Private equity limited partnerships U.S. multi-strategy (1) 26.7 — — 26.7 International multi-strategy (2) 19.1 — — 19.1 Distressed opportunities 3.2 — — 3.2 Real Estate 49.9 — — 49.9 Commingled funds (3) Short-term money markets 34.1 — — — U.S. equities 466.6 — — — International equities 265.1 — — — Fixed income 244.9 — — — Pension plan assets subtotal 2,155.2 569.6 476.0 98.9 Other postretirement benefit plan assets: Mutual funds U.S. equities 83.8 83.8 — — International equities 39.8 39.8 — — Fixed income 117.3 117.3 — — Commingled funds (3) Short-term money markets 9.4 — — — U.S. equities 12.2 — — — Other postretirement benefit plan assets subtotal 262.5 240.9 — — Due to brokers, net (4) (2.5 ) — — — Accrued investment income/dividends 7.3 — — — Total pension and other postretirement benefit plan assets $ 2,422.5 $ 810.5 $ 476.0 $ 98.9 (1) This class includes limited partnerships/fund of funds that invest in a diverse portfolio of private equity strategies, including buy-outs, venture capital, growth capital, special situations and secondary markets, primarily inside the United States. (2) This class includes limited partnerships/fund of funds that invest in a diverse portfolio of private equity strategies, including buy-outs, venture capital, growth capital, special situations and secondary markets, primarily outside the United States. (3) This class of investments is measured at fair value using the net asset value per share and has not been classified in the fair value hierarchy. (4) This class represents pending trades with brokers. The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 assets for the year ended December 31, 2017 : Balance at January 1, 2017 Total gains or losses (unrealized / realized) Purchases (Sales) Balance at December 31, 2017 Fixed income securities Other fixed income $ 0.1 $ (0.1 ) $ — $ — $ — Private equity limited partnerships U.S. multi-strategy 34.8 2.1 0.9 (11.1 ) 26.7 International multi-strategy 24.9 1.1 0.1 (7.0 ) 19.1 Distress opportunities 4.1 0.4 — (1.3 ) 3.2 Real estate 9.2 (0.6 ) 42.1 (0.8 ) 49.9 Total $ 73.1 $ 2.9 $ 43.1 $ (20.2 ) $ 98.9 The table below sets forth a summary of unfunded commitments, redemption frequency and redemption notice periods for certain investments that are measured at fair value using the net asset value per share for the year ended December 31, 2017 : (in millions) Fair Value Redemption Frequency Redemption Notice Period Commingled Funds Short-term money markets $ 43.5 Daily 1 day U.S. equities 478.8 Monthly 3 days International equities 265.1 Monthly 14-30 days Fixed income 244.9 Monthly 3 days Total $ 1,032.3 |
Schedule Of Reconciliation Of The Plan Funded Status | The following table provides a reconciliation of the plans’ funded status and amounts reflected in our Consolidated Balance Sheets at December 31 based on a December 31 measurement date: Pension Benefits Other Postretirement Benefits (in millions) 2018 2017 2018 2017 Change in projected benefit obligation (1) Benefit obligation at beginning of year $ 2,192.6 $ 2,165.8 $ 556.3 $ 529.0 Service cost 31.3 30.0 5.0 4.8 Interest cost 67.1 68.3 17.6 17.8 Plan participants’ contributions — — 5.7 5.7 Plan amendments 0.2 0.9 0.1 1.6 Actuarial (gain) loss (103.9 ) 98.3 (51.7 ) 36.2 Settlement loss 0.8 1.6 — — Benefits paid (206.8 ) (172.3 ) (41.1 ) (39.3 ) Estimated benefits paid by incurred subsidy — — 0.6 0.5 Projected benefit obligation at end of year $ 1,981.3 $ 2,192.6 $ 492.5 $ 556.3 Change in plan assets Fair value of plan assets at beginning of year $ 2,160.0 $ 1,750.9 $ 262.5 $ 231.4 Actual (loss) return on plan assets (88.4 ) 299.1 (31.8 ) 33.1 Employer contributions 2.9 282.3 21.0 31.6 Plan participants’ contributions — — 5.7 5.7 Benefits paid (206.8 ) (172.3 ) (41.1 ) (39.3 ) Fair value of plan assets at end of year $ 1,867.7 $ 2,160.0 $ 216.3 $ 262.5 Funded Status at end of year $ (113.6 ) $ (32.6 ) $ (276.2 ) $ (293.8 ) Amounts recognized in the statement of financial position consist of: Noncurrent assets — 9.8 — — Current liabilities (3.0 ) (2.8 ) (0.8 ) (0.7 ) Noncurrent liabilities (110.6 ) (39.6 ) (275.4 ) (293.1 ) Net amount recognized at end of year (2) $ (113.6 ) $ (32.6 ) $ (276.2 ) $ (293.8 ) Amounts recognized in accumulated other comprehensive income or regulatory asset/liability (3) Unrecognized prior service credit $ 3.2 $ 2.5 $ (19.0 ) $ (23.1 ) Unrecognized actuarial loss 761.2 692.9 75.3 84.2 Net amount recognized at end of year $ 764.4 $ 695.4 $ 56.3 $ 61.1 (1) The change in benefit obligation for Pension Benefits represents the change in Projected Benefit Obligation while the change in benefit obligation for Other Postretirement Benefits represents the change in accumulated postretirement benefit obligation. (2) We recognize our Consolidated Balance Sheets underfunded and overfunded status of our various defined benefit postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation. (3) We determined that for certain rate-regulated subsidiaries the future recovery of pension and other postretirement benefits costs is probable. These rate-regulated subsidiaries recorded regulatory assets and liabilities of $798.3 million and $0.1 million , respectively, as of December 31, 2018 , and $733.5 million and $0.1 million , respectively, as of December 31, 2017 that would otherwise have been recorded to accumulated other comprehensive loss. |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | |
Schedule Of Significant Actuarial Assumptions In Determining Funded Status Plan | The following table provides the key assumptions that were used to calculate the pension and other postretirement benefits obligations for our various plans as of December 31: Pension Benefits Other Postretirement Benefits 2018 2017 2018 2017 Weighted-average assumptions to Determine Benefit Obligation Discount Rate 4.26 % 3.58 % 4.31 % 3.67 % Rate of Compensation Increases 4.00 % 4.00 % — — Health Care Trend Rates Trend for Next Year — — 8.48 % 8.52 % Ultimate Trend — — 4.50 % 4.50 % Year Ultimate Trend Reached — — 2026 2025 The following table provides the key assumptions that were used to calculate the net periodic benefits cost for our various plans: Pension Benefits Other Postretirement Benefits 2018 2017 2016 2018 2017 2016 Weighted-average Assumptions to Determine Net Periodic Benefit Cost Discount rate - service cost (1) 3.79 % 4.40 % 4.24 % 3.89 % 4.58 % 4.33 % Discount rate - interest cost (1) 3.15 % 3.31 % 4.24 % 3.27 % 3.48 % 4.33 % Expected Long-Term Rate of Return on Plan Assets 7.00 % 7.25 % 8.00 % 5.80 % 6.99 % 7.85 % Rate of Compensation Increases 4.00 % 4.00 % 4.00 % — — — |
Schedule Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects: (in millions) 1% point increase 1% point decrease Effect on service and interest components of net periodic cost $ 1.3 $ (1.1 ) Effect on accumulated postretirement benefit obligation 25.0 (22.0 ) |
Schedule Of Expected Payments To Participants In Pension Plan | The expected benefits are estimated based on the same assumptions used to measure our benefit obligation at the end of the year and include benefits attributable to the estimated future service of employees: (in millions) Pension Benefits Other Federal Year(s) 2019 $ 177.4 $ 34.3 $ 0.5 2020 176.0 35.0 0.5 2021 176.5 35.7 0.5 2022 174.4 36.0 0.4 2023 166.5 35.8 0.4 2024-2028 748.7 171.8 1.7 |
Components Of The Plans' Net Periodic Benefits Cost | The following table provides the components of the plans’ actuarially determined net periodic benefits cost for each of the three years ended December 31, 2018 , 2017 and 2016 : Pension Benefits Other Postretirement Benefits (in millions) 2018 2017 2016 2018 2017 2016 Components of Net Periodic Benefit Cost (1) Service cost $ 31.3 $ 30.0 $ 30.7 $ 5.0 $ 4.8 $ 5.0 Interest cost 67.1 68.3 89.7 17.6 17.8 22.0 Expected return on assets (142.3 ) (123.1 ) (132.9 ) (14.9 ) (15.9 ) (17.2 ) Amortization of prior service cost (credit) (0.4 ) (0.7 ) (0.2 ) (4.0 ) (4.4 ) (4.9 ) Recognized actuarial loss 40.6 52.9 61.2 3.8 3.0 3.1 Settlement loss 18.5 13.7 — — — — Total Net Periodic Benefits Cost $ 14.8 $ 41.1 $ 48.5 $ 7.5 $ 5.3 $ 8.0 (1) Service cost is presented in "Operation and maintenance" on the Statements of Consolidated Income (Loss). Non-service cost components are presented within "Other, net." |
Schedule Of Changes In Plan Assets And Projected Benefit Obligations Recognized In Other Comprehensive Income | The following table provides other changes in plan assets and projected benefit obligations recognized in other comprehensive income or regulatory asset or liability: Pension Benefits Other Postretirement Benefits (in millions) 2018 2017 2018 2017 Other Changes in Plan Assets and Projected Benefit Obligations Recognized in Other Comprehensive Income or Regulatory Asset or Liability Net prior service cost $ 0.2 $ 0.9 $ 0.1 $ 1.6 Net actuarial loss (gain) 127.5 (76.1 ) (5.0 ) 18.9 Settlements (18.5 ) (13.7 ) — — Less: amortization of prior service cost 0.4 0.7 4.0 4.4 Less: amortization of net actuarial loss (40.6 ) (52.9 ) (3.8 ) (3.0 ) Total Recognized in Other Comprehensive Income or Regulatory Asset or Liability $ 69.0 $ (141.1 ) $ (4.7 ) $ 21.9 Amount Recognized in Net Periodic Benefits Cost and Other Comprehensive Income or Regulatory Asset or Liability $ 83.8 $ (100.0 ) $ 2.8 $ 27.2 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Common Stock [Abstract] | |
Schedule Of Stock Offering Program | The following table summarizes our activity under the ATM program: Year Ending December 31, 2018 2017 2016 Number of shares issued 8,883,014 11,931,376 — Average price per share $ 26.85 $ 26.58 $ — Proceeds, net of fees ( in millions) $ 232.5 $ 314.7 $ — |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Transactions Of Share Based Compensation Other Than Stock Options | (shares) Restricted Stock Units Weighted Average Award Date Fair Value Per Unit ($) Non-vested at December 31, 2017 698,126 15.09 Granted 158,689 21.94 Forfeited (6,890 ) 21.42 Vested (671,247 ) 14.91 Non-vested at December 31, 2018 178,678 21.82 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Transactions Of Share Based Compensation Other Than Stock Options | (shares) Performance Awards Weighted Average Grant Date Fair Value Per Unit ($) (1) Non-vested at December 31, 2017 1,184,773 19.52 Granted 514,338 22.51 Forfeited (64,393 ) 26.79 Vested — — Non-vested at December 31, 2018 1,634,718 20.45 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Long-term Debt, Current and Noncurrent [Abstract] | |
Schedule of Long-Term Debt | Our long-term debt as of December 31, 2018 and 2017 is as follows: Long-term debt type Maturity as of December 31, Weighted average interest rate (%) Outstanding balance as of December 31, (in millions) 2018 2017 Senior notes: NiSource March 2018 6.40 % — 275.1 NiSource January 2019 6.80 % — 255.1 NiSource September 2020 5.45 % — 325.1 NiSource December 2021 4.45 % 63.6 63.6 NiSource March 2022 6.13 % — 180.0 NiSource November 2022 2.65 % 500.0 500.0 NiSource February 2023 3.85 % 250.0 250.0 NiSource June 2023 3.65 % 350.0 — NiSource November 2025 5.89 % 265.0 265.0 NiSource May 2027 3.49 % 1,000.0 1,000.0 NiSource December 2027 6.78 % 3.0 3.0 NiSource December 2040 6.25 % 250.0 250.0 NiSource June 2041 5.95 % 400.0 400.0 NiSource February 2042 5.80 % 250.0 250.0 NiSource February 2043 5.25 % 500.0 500.0 NiSource February 2044 4.80 % 750.0 750.0 NiSource February 2045 5.65 % 500.0 500.0 NiSource May 2047 4.38 % 1,000.0 1,000.0 NiSource March 2048 3.95 % 750.0 750.0 Total senior notes $ 6,831.6 $ 7,516.9 Medium term notes: NiSource April 2022 to May 2027 7.99 % $ 49.0 $ 49.0 NIPSCO August 2022 to August 2027 7.61 % 68.0 68.0 Columbia of Massachusetts December 2025 to February 2028 6.30 % 40.0 40.0 Total medium term notes $ 157.0 $ 157.0 Capital leases: NIPSCO May 2018 3.95 % $ — $ 3.8 NiSource Corporate Services January 2019 to October 2022 3.68 % 11.6 1.4 Columbia of Ohio October 2021 to June 2038 6.33 % 91.5 88.5 Columbia of Virginia July 2029 to December 2037 7.12 % 15.2 5.2 Columbia of Kentucky May 2027 3.79 % 0.3 0.4 Columbia of Pennsylvania August 2027 to June 2036 5.42 % 30.0 31.0 Columbia of Massachusetts December 2033 to November 2043 5.48 % 45.7 22.8 Total capital leases 194.3 153.1 Pollution control bonds - NIPSCO April 2019 5.85 % 41.0 41.0 Unamortized issuance costs and discounts (68.5 ) $ (71.5 ) Total Long-Term Debt $ 7,155.4 $ 7,796.5 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Short-term Debt [Abstract] | |
Schedule Of Short-Term Borrowings | Short-term borrowings were as follows: At December 31, (in millions) 2018 2017 Commercial Paper weighted average interest rate of 2.96 % and 1.97% at December 31, 2018 and 2017, respectively. $ 978.0 $ 869.0 Accounts receivable securitization facility borrowings 399.2 336.7 Term loan weighted-average interest rate of 3.07% at December 31, 2018 600.0 — Total Short-Term Borrowings $ 1,977.2 $ 1,205.7 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present financial assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2018 and December 31, 2017 : Recurring Fair Value Measurements December 31, 2018 ( 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, 2018 Assets Risk management assets $ — $ 24.0 $ — $ 24.0 Available-for-sale securities — 138.3 — 138.3 Total $ — $ 162.3 $ — $ 162.3 Liabilities Risk management liabilities $ — $ 51.7 $ — $ 51.7 Total $ — $ 51.7 $ — $ 51.7 Recurring Fair Value Measurements December 31, 2017 ( 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, 2017 Assets Risk management assets $ — $ 21.1 $ — $ 21.1 Available-for-sale securities — 133.9 — 133.9 Total $ — $ 155.0 $ — $ 155.0 Liabilities Risk management liabilities $ — $ 71.4 $ 0.3 $ 71.7 Total $ — $ 71.4 $ 0.3 $ 71.7 |
Available-For-Sale Debt Securities | The amortized cost, gross unrealized gains and losses and fair value of available-for-sale securities at December 31, 2018 and 2017 were: December 31, 2018 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities U.S. Treasury debt securities $ 23.6 $ 0.1 $ (0.1 ) $ 23.6 Corporate/Other debt securities 117.7 0.4 (3.4 ) 114.7 Total $ 141.3 $ 0.5 $ (3.5 ) $ 138.3 December 31, 2017 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities U.S. Treasury debt securities $ 26.9 $ — $ (0.1 ) $ 26.8 Corporate/Other debt securities 106.8 0.9 (0.6 ) 107.1 Total $ 133.7 $ 0.9 $ (0.7 ) $ 133.9 |
Carrying Amount And Estimated Fair Values Of Financial Instruments | The carrying amount and estimated fair values of these financial instruments were as follows: At December 31, (in millions) Carrying Amount 2018 Estimated Fair Value 2018 Carrying Amount 2017 Estimated Fair Value 2017 Long-term debt (including current portion) $ 7,155.4 $ 7,228.3 $ 7,796.5 $ 8,603.4 |
Transfers Of Financial Assets (
Transfers Of Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Transfers and Servicing [Abstract] | |
Schedule of Assets and Associated Liabilities Accounted for as Secured Borrowings | The following table reflects the gross receivables balance and net receivables transferred as well as short-term borrowings related to the securitization transactions as of December 31, 2018 and 2017 : At December 31, (in millions) 2018 2017 Gross Receivables $ 694.4 $ 635.3 Less: Receivables not transferred 295.2 298.6 Net receivables transferred $ 399.2 $ 336.7 Short-term debt due to asset securitization $ 399.2 $ 336.7 |
Other Commitments And Conting_2
Other Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Contractual Obligations . We have certain contractual obligations requiring payments at specified periods. The obligations include long-term debt, lease obligations, energy commodity contracts and obligations for various services including pipeline capacity and outsourcing of IT services. The total contractual obligations in existence at December 31, 2018 and their maturities were: (in millions) Total 2019 2020 2021 2022 2023 After Long-term debt (1) $ 7,029.6 $ 41.0 $ — $ 63.6 $ 530.0 $ 600.0 $ 5,795.0 Capital leases (2) 322.4 23.0 22.5 22.6 22.1 19.8 212.4 Interest payments on long-term debt 6,311.7 319.8 318.6 318.6 315.0 289.0 4,750.7 Operating leases (3) 45.9 11.0 7.3 6.1 4.2 2.8 14.5 Energy commodity contracts 154.3 99.2 55.1 — — — — Service obligations: Pipeline service obligations 3,566.7 592.3 487.7 450.5 437.5 260.8 1,337.9 IT service obligations 211.0 68.3 60.0 47.1 35.6 — — Other service obligations 86.7 33.5 43.6 9.6 — — — Other liabilities 24.2 24.2 — — — — — Total contractual obligations $ 17,752.5 $ 1,212.3 $ 994.8 $ 918.1 $ 1,344.4 $ 1,172.4 $ 12,110.5 (1) Long-term debt balance excludes unamortized issuance costs and discounts of $68.5 million. (2) Capital lease payments shown above are inclusive of interest totaling $114.6 million. (3) Operating lease balances do not include amounts for fleet leases that can be renewed beyond the initial lease term. The Company anticipates renewing the leases beyond the initial term, but the anticipated payments associated with the renewals do not meet the definition of expected minimum lease payments and therefore are not included above. Expected payments are $26.7 million in 2019, $22.4 million in 2020, $16.6 million in 2021, $12.3 million in 2022, $9.3 million in 2023 and $8.8 million thereafter. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Components of Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table displays the activity of Accumulated Other Comprehensive Loss, net of tax: (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, 2016 $ (0.5 ) $ (15.5 ) $ (19.1 ) $ (35.1 ) Other comprehensive loss before reclassifications — 7.1 0.5 7.6 Amounts reclassified from accumulated other comprehensive loss (0.1 ) 1.5 1.0 2.4 Net current-period other comprehensive loss (0.1 ) 8.6 1.5 10.0 Balance as of December 31, 2016 $ (0.6 ) $ (6.9 ) $ (17.6 ) $ (25.1 ) Other comprehensive income before reclassifications 0.6 (24.2 ) 1.9 (21.7 ) Amounts reclassified from accumulated other comprehensive loss 0.2 1.7 1.5 3.4 Net current-period other comprehensive income (loss) 0.8 (22.5 ) 3.4 (18.3 ) Balance as of December 31, 2017 $ 0.2 $ (29.4 ) $ (14.2 ) $ (43.4 ) Other comprehensive income (loss) before reclassifications (3.0 ) 55.8 (4.4 ) 48.4 Amounts reclassified from accumulated other comprehensive loss 0.4 (33.1 ) — (32.7 ) Net current-period other comprehensive income (loss) (2.6 ) 22.7 (4.4 ) 15.7 Reclassification due to adoption of ASU 2018-02 (Refer to Note 2) — (6.3 ) (3.2 ) (9.5 ) Balance as of December 31, 2018 $ (2.4 ) $ (13.0 ) $ (21.8 ) $ (37.2 ) (1) All amounts are net of tax. Amounts in parentheses indicate debits. |
Other, Net (Tables)
Other, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule Of Other, Net | Year Ended December 31, (in millions) 2018 2017 2016 Interest Income $ 6.6 $ 4.6 $ 3.4 AFUDC Equity 14.2 12.6 11.6 Charitable Contributions (1) (45.3 ) (19.9 ) (4.5 ) Pension and other postretirement non-service cost (2) 18.0 (10.6 ) (7.9 ) Interest rate swap settlement gain (3) 46.2 — — Miscellaneous 3.8 (0.2 ) (5.6 ) Total Other, net $ 43.5 $ (13.5 ) $ (3.0 ) (1) Includes $20.7 million related to the Greater Lawrence Incident. See Note 18 , "Other Commitments and Contingencies" for additional information. (2) See Note 11 , "Pension and Other Postretirement Benefits" for additional information. (3) See Note 9 , "Risk Management Activities" for additional information. |
Interest Expense, Net (Tables)
Interest Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Interest Expense [Abstract] | |
Schedule Of Interest Expense, Net | Year Ended December 31, (in millions) 2018 2017 2016 Interest on long-term debt $ 342.2 $ 354.8 $ 352.3 Interest on short-term borrowings 31.8 14.9 9.2 Debt discount/cost amortization 7.7 7.2 7.6 Accounts receivable securitization fees 2.6 2.5 2.3 Allowance for borrowed funds used and interest capitalized during construction (9.1 ) (6.2 ) (5.6 ) Debt-based post-in-service carrying charges (35.0 ) (36.4 ) (35.1 ) Other 13.1 16.4 18.8 Total Interest Expense, net $ 353.3 $ 353.2 $ 349.5 |
Segments Of Business (Tables)
Segments Of Business (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule Of Operating Income Derived From Revenues And Expenses By Segment | Year Ended December 31, (in millions) 2018 2017 2016 Operating Revenues Gas Distribution Operations Unaffiliated $ 3,406.4 $ 3,087.9 $ 2,818.2 Intersegment 13.1 14.2 12.4 Total 3,419.5 3,102.1 2,830.6 Electric Operations Unaffiliated 1,707.4 1,785.7 1,660.8 Intersegment 0.8 0.8 0.8 Total 1,708.2 1,786.5 1,661.6 Corporate and Other Unaffiliated 0.7 1.0 13.5 Intersegment 517.6 510.8 413.3 Total 518.3 511.8 426.8 Eliminations (531.5 ) (525.8 ) (426.5 ) Consolidated Operating Revenues $ 5,114.5 $ 4,874.6 $ 4,492.5 Year Ended December 31, (in millions) 2018 2017 2016 Operating Income (Loss) Gas Distribution Operations $ (254.1 ) $ 550.1 $ 569.7 Electric Operations 386.1 367.4 301.3 Corporate and Other (7.3 ) 3.7 (4.9 ) Consolidated Operating Income $ 124.7 $ 921.2 $ 866.1 Depreciation and Amortization Gas Distribution Operations $ 301.0 $ 269.3 $ 252.9 Electric Operations 262.9 277.8 274.5 Corporate and Other 35.7 23.2 19.7 Consolidated Depreciation and Amortization $ 599.6 $ 570.3 $ 547.1 Assets Gas Distribution Operations $ 13,527.0 $ 12,048.8 $ 11,096.4 Electric Operations 5,735.2 5,478.6 5,233.3 Corporate and Other 2,541.8 2,434.3 2,362.2 Consolidated Assets $ 21,804.0 $ 19,961.7 $ 18,691.9 Capital Expenditures (1) Gas Distribution Operations $ 1,315.3 $ 1,125.6 $ 1,054.4 Electric Operations 499.3 592.4 420.6 Corporate and Other — 35.8 15.4 Consolidated Capital Expenditures $ 1,814.6 $ 1,753.8 $ 1,490.4 (1 Amounts differ from those presented on the Statements of Consolidated Cash Flows primarily due to the inclusion of capital expenditures included in current liabilities and AFUDC Equity. |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Schedule Of Quarterly Financial Data | (in millions, except per share data) First Quarter (1) Second Quarter (2) Third Quarter (3) Fourth Quarter (4) 2018 Operating Revenues $ 1,750.8 $ 1,007.0 $ 895.0 $ 1,461.7 Operating Income (Loss) 400.6 118.4 (315.9 ) (78.4 ) Net Income (Loss) 276.1 24.5 (339.5 ) (11.7 ) Preferred Dividends — (1.3 ) (5.6 ) (8.1 ) Net Income (Loss) Available to Common Shareholders 276.1 23.2 (345.1 ) (19.8 ) Earnings (Loss) Per Share Basic Earnings (Loss) Per Share $ 0.82 $ 0.07 $ (0.95 ) $ (0.05 ) Diluted Earnings (Loss) Per Share $ 0.81 $ 0.07 $ (0.95 ) $ (0.05 ) 2017 Operating Revenues $ 1,598.6 $ 990.7 $ 917.0 $ 1,368.3 Operating Income 415.4 124.0 111.2 270.6 Net Income (Loss) 211.3 (44.4 ) 14.0 (52.4 ) Earnings (Loss) Per Share Basic Earnings (Loss) Per Share $ 0.65 $ (0.14 ) $ 0.04 $ (0.16 ) Diluted Earnings (Loss) Per Share $ 0.65 $ (0.14 ) $ 0.04 $ (0.16 ) (1) Net income for the first quarter of 2018 was impacted by an interest rate swap settlement gain of $21.2 million (pretax). See Note 9 , "Risk Management Activities" for additional information. (2) Net income for the second quarter of 2017 was impacted by a $111.5 million loss (pretax) on an early extinguishment of long-term debt. See Note 14 , "Long-Term Debt" for additional information. (3) Net income for the third quarter of 2018 was impacted by approximately $462 million in expenses (pretax) related to the Greater Lawrence Incident restoration and a $33.0 million loss (pretax) on an early extinguishment of long-term debt. See Note 18 -E, "Other Matters" and Note 14 , "Long-Term Debt" for additional information. (4) Net income for the fourth quarter of 2018 was impacted by approximately $426 million in expenses (pretax, net of insurance recoveries) related to the Greater Lawrence Incident restoration, partially offset by an interest rate swap settlement gain of $25.0 million (pretax) and a $120.7 million income tax benefit from true-ups to reflect regulatory outcomes associated with excess deferred income taxes. Net income for the fourth quarter of 2017 was impacted by a $161.1 million increase in tax expense as a result of implementing the provisions of the TCJA. See Note 18 -E, "Other Matters," Note 9 , "Risk Management Activities" and Note 10 , "Income Taxes" for additional information. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table provides additional information regarding our Consolidated Statements of Cash Flows for the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, (in millions) 2018 2017 2016 Supplemental Disclosures of Cash Flow Information Non-cash transactions: Capital expenditures included in current liabilities $ 152.0 $ 173.0 $ 125.3 Assets acquired under a capital lease 54.6 11.5 4.0 Reclassification of other property to regulatory assets (1) 245.3 — — Assets recorded for asset retirement obligations (2) 78.1 11.4 6.9 Schedule of interest and income taxes paid: Cash paid for interest, net of interest capitalized amounts $ 354.2 $ 339.9 $ 337.8 Cash paid for income taxes, net of refunds 3.3 5.5 8.0 (1) See Note 8 "Regulatory Matters" for additional information. (2) See Note 7 "Asset Retirement Obligations" for additional information. |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | NISOURCE INC. SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS Twelve months ended December 31, 2018 Additions ($ in millions) Balance Jan. 1, 2018 Charged to Costs and Expenses Charged to Other Account (1) Deductions for Purposes for which Reserves were Created Balance Dec. 31, 2018 Reserves Deducted in Consolidated Balance Sheet from Assets to Which They Apply: Reserve for accounts receivable $ 18.3 $ 20.2 $ 43.7 $ 61.1 $ 21.1 Reserve for other investments 3.0 — — — 3.0 Twelve months ended December 31, 2017 Additions ($ in millions) Balance Charged to Costs and Expenses Charged to Other Account (1) Deductions for Purposes for which Reserves were Created Balance Reserves Deducted in Consolidated Balance Sheet from Assets to Which They Apply: Reserve for accounts receivable $ 23.3 $ 14.8 $ 39.1 $ 58.9 $ 18.3 Reserve for other investments 3.0 — — — 3.0 Twelve months ended December 31, 2016 Additions ($ in millions) Balance Charged to Costs and Expenses Charged to Other Account (1) Deductions for Purposes for which Reserves were Created Balance Reserves Deducted in Consolidated Balance Sheet from Assets to Which They Apply: Reserve for accounts receivable $ 20.3 $ 19.7 $ 48.5 $ 65.2 $ 23.3 Reserve for other investments 3.0 — — — 3.0 (1) Charged to Other Accounts reflects the deferral of bad debt expense to a regulatory asset. |
Nature of Operations And Summ_3
Nature of Operations And Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016 | |
Basis Of Accounting Presentation [Line Items] | |||
Number of customers | 4,000,000 | ||
Unbilled revenue, less reserves | $ 324.2 | $ 359.4 | |
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | |
Pre-tax rate for allowance for funds used during construction | 3.50% | 4.00% | 4.50% |
Inventory valued using LIFO | $ 47.5 | $ 45.5 | |
Excess of replacement over LIFO value | (12.2) | (17.4) | |
Inventory valued using the weighted average cost methodology | $ 239.3 | $ 239.6 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Schedule of Prospective Adoption of New Accounting Pronouncements) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Accounting Standards Update 2018-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 9.5 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | $ 0 | ||
Subsequent Event | Accounting Standards Update 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 60 | |||
[1] | See Note 2, "Recent Accounting Pronouncements," for additional information. |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncements (Schedule of New Accounting Pronouncements and Changes in Accounting Principles) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Operation and maintenance | $ 2,352.9 | $ 1,601.7 | $ 1,445.8 | ||||||||||
Total Operating Expenses | 4,989.8 | 3,953.4 | 3,626.4 | ||||||||||
Operating Income | $ (78.4) | $ (315.9) | $ 118.4 | $ 400.6 | $ 270.6 | $ 111.2 | $ 124 | $ 415.4 | 124.7 | 921.2 | 866.1 | ||
Other Income (Deductions) | |||||||||||||
Other, net | 43.5 | (13.5) | (3) | ||||||||||
Total Other Deductions | (355.3) | (478.2) | (352.5) | ||||||||||
Previously Reported [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Operation and maintenance | 1,612.3 | 1,453.7 | |||||||||||
Total Operating Expenses | 3,964 | 3,634.3 | |||||||||||
Operating Income | 910.6 | 858.2 | |||||||||||
Other Income (Deductions) | |||||||||||||
Other, net | (2.8) | 1.5 | |||||||||||
Total Other Deductions | (467.5) | (348) | |||||||||||
Restatement Adjustment [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Operation and maintenance | 1,601.7 | 1,445.8 | |||||||||||
Total Operating Expenses | 3,953.4 | 3,626.4 | |||||||||||
Operating Income | 921.2 | 866.1 | |||||||||||
Other Income (Deductions) | |||||||||||||
Other, net | (13.4) | (6.4) | |||||||||||
Total Other Deductions | (478.1) | (355.9) | |||||||||||
Accounting Standards Update 2017-07 [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Operation and maintenance | (10.6) | [1] | (7.9) | [2] | |||||||||
Total Operating Expenses | (10.6) | [1] | (7.9) | [2] | |||||||||
Operating Income | 10.6 | [1] | 7.9 | [2] | |||||||||
Other Income (Deductions) | |||||||||||||
Other, net | (10.6) | [1] | (7.9) | [2] | |||||||||
Total Other Deductions | (10.6) | [1] | (7.9) | [2] | |||||||||
Gas Distribution Operations | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Operating Income | (254.1) | 550.1 | 569.7 | ||||||||||
Other Income (Deductions) | |||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | (4.4) | 4.3 | |||||||||||
Electric Operations | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Operating Income | 386.1 | 367.4 | 301.3 | ||||||||||
Other Income (Deductions) | |||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | (2.6) | (9.8) | |||||||||||
Corporate and Other | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Operating Income | $ (7.3) | 3.7 | (4.9) | ||||||||||
Other Income (Deductions) | |||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | $ (3.6) | $ (2.4) | |||||||||||
[1] | The effect of this change is attributable to our business segments: Gas Distribution Operations, Electric Operations, and Corporate and Other in the amounts of $(4.4) million, $(2.6) million, and $(3.6) million, respectively. | ||||||||||||
[2] | The effect of this change is attributable to our business segments: Gas Distribution Operations, Electric Operations, and Corporate and Other in the amounts of $4.3 million, $(9.8) million, and $(2.4) million, respectively. |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Service Area By County | 20 |
Revenue Recognition (Revenue Re
Revenue Recognition (Revenue Recognition Under Previous Guidance) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue Recognition Under Previous Guidance [Line Items] | |||
Total Operating Revenues | $ 5,114.5 | $ 4,874.6 | $ 4,492.5 |
Previous Accounting Guidance | Gas Distribution [Member] | |||
Revenue Recognition Under Previous Guidance [Line Items] | |||
Total Operating Revenues | 2,348.4 | 2,063.2 | 1,850.9 |
Previous Accounting Guidance | Gas Transportation [Member] | |||
Revenue Recognition Under Previous Guidance [Line Items] | |||
Total Operating Revenues | 1,055.2 | 1,021.5 | 964.6 |
Previous Accounting Guidance | Electric [Member] | |||
Revenue Recognition Under Previous Guidance [Line Items] | |||
Total Operating Revenues | 1,707.4 | 1,785.5 | 1,660.8 |
Previous Accounting Guidance | Other [Member] | |||
Revenue Recognition Under Previous Guidance [Line Items] | |||
Total Operating Revenues | $ 3.5 | $ 4.4 | $ 16.2 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | $ 4,991.1 | [1] | $ 4,730.2 | $ 4,392.5 | |
Other revenues | 123.4 | 144.4 | 100 | ||
Total Operating Revenues | 5,114.5 | $ 4,874.6 | $ 4,492.5 | ||
Gas Distribution Operations | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 3,372 | |||
Other revenues | 34.4 | ||||
Total Operating Revenues | 3,406.4 | ||||
Electric Operations | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 1,618.4 | |||
Other revenues | 89 | ||||
Total Operating Revenues | 1,707.4 | ||||
Corporate and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 0.7 | |||
Other revenues | 0 | ||||
Total Operating Revenues | 0.7 | ||||
Residential | Gas Distribution Operations | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 2,250 | |||
Residential | Electric Operations | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 494.7 | |||
Residential | Corporate and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 0 | |||
Commercial | Gas Distribution Operations | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 751.9 | |||
Commercial | Electric Operations | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 492.7 | |||
Commercial | Corporate and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 0 | |||
Industrial | Gas Distribution Operations | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 228 | |||
Industrial | Electric Operations | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 613.6 | |||
Industrial | Corporate and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 0 | |||
Off-system | Gas Distribution Operations | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 92.4 | |||
Off-system | Electric Operations | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 0 | |||
Off-system | Corporate and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 0 | |||
Miscellaneous | Gas Distribution Operations | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 49.7 | |||
Miscellaneous | Electric Operations | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 17.4 | |||
Miscellaneous | Corporate and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 0.7 | |||
Residential | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 2,744.7 | |||
Commercial | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 1,244.6 | |||
Industrial | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 841.6 | |||
Off-system | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | 92.4 | |||
Miscellaneous | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer revenues | [1] | $ 67.8 | |||
[1] | Customer revenue amounts exclude intersegment revenues. See Note 22, "Segments of Business," for discussion of intersegment revenues. |
Revenue Recognition (Customer A
Revenue Recognition (Customer Accounts Receivable) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenue Recognition [Abstract] | |||
Customer Accounts Receivable, Billed (Less Reserve) | [1] | $ 540.5 | $ 477 |
Customer Accounts Receivable, Unbilled (Less Reserve) | [2] | 349.1 | $ 378.6 |
Increase (Decrease) in Customer Accounts Receivable, Billed (Less Reserve) | [1] | 63.5 | |
Increase (Decrease) in Customer Accounts Receivable, Unbilled (Less Reserve) | [2] | $ (29.5) | |
[1] | Customer billed receivables increased over the period due to November 2018 being colder than November 2017, leading to more gas usage included in December bills. | ||
[2] | Customer unbilled receivables decreased over the period due December 2018 being warmer than December 2017, leading to less estimated gas usage. |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Basic Average Common Shares Outstanding | 356,491 | 329,388 | 321,805 |
Shares contingently issuable under employee stock plans | 547 | 165 | |
Shares restricted under stock plans | 821 | 1,554 | |
Weighted Average Number of Shares Outstanding, Diluted | 356,491 | 330,756 | 323,524 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Non Utility Plant Net Book Value | $ 247.8 | ||
Depreciation | 503.4 | $ 501.5 | $ 475.1 |
Capitalized Computer Software, Gross | 159.5 | 189 | |
Capitalized Computer Software, Amortization | $ 54.1 | $ 44 | $ 41.4 |
Property, Plant And Equipment_3
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property Plant and Equipment | $ 22,819.5 | $ 21,649.9 | |
Accumulated Depreciation and Amortization | (7,277) | (7,290.4) | |
Net Property, Plant and Equipment | 15,542.5 | 14,359.5 | |
Gas Distribution Utility | |||
Property, Plant and Equipment [Line Items] | |||
Property Plant and Equipment | [1] | 13,776 | 12,531 |
Accumulated Depreciation and Amortization | [1] | (3,373.8) | (3,227.8) |
Electric Utility | |||
Property, Plant and Equipment [Line Items] | |||
Property Plant and Equipment | [1],[2] | 8,374.2 | 7,403.8 |
Accumulated Depreciation and Amortization | [1],[2] | (3,809.5) | (3,673.2) |
Common Utility | |||
Property, Plant and Equipment [Line Items] | |||
Property Plant and Equipment | 155.8 | 141.3 | |
Accumulated Depreciation and Amortization | (74.6) | (52.6) | |
Construction Work In Process | |||
Property, Plant and Equipment [Line Items] | |||
Property Plant and Equipment | 474.8 | 950.5 | |
Non-Utility And Other | |||
Property, Plant and Equipment [Line Items] | |||
Property Plant and Equipment | [2] | 38.7 | 623.3 |
Accumulated Depreciation and Amortization | [2] | $ (19.1) | $ (336.8) |
[1] | NIPSCO’s common utility plant and associated accumulated depreciation and amortization are allocated between Gas Distribution Utility and Electric Utility Property, Plant and Equipment. | ||
[2] | Non-Utility and Other as of December 31, 2017 includes net book value of $247.8 million related to Bailly Generating Station (Units 7 and 8) which was reclassified from Electric Utility in the fourth quarter of 2016. In May 2018, Units 7 and 8 were retired from service and the remaining balance was reclassified to "Regulatory assets (noncurrent)" on the Consolidated Balance Sheets. See Note 18-E, "Other Matters," and Note 8, "Regulatory Matters," for additional information. |
Property, Plant And Equipment P
Property, Plant And Equipment Property, Plant and Equipment (Schedule of Depreciation Provisions For Utility Plant as a Percentage of the Original Cost) (Details) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Electric Operations | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation Provisions For Utility Plant Percentage | 2.90% | [1] | 3.40% | 3.30% |
Gas Distribution Operations | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation Provisions For Utility Plant Percentage | 2.20% | 2.10% | 2.10% | |
[1] | Lower depreciation rate in 2018 due to reduced EERM-related depreciation expense and higher depreciable base from transmission assets being placed into service in 2018. |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill | $ 1,690.7 | $ 1,690.7 | |
Intangible assets excluding goodwill | 220.7 | 231.7 | |
Amortization | 221.5 | 210.5 | |
Amortization of Intangible Assets | $ 11 | $ 11 | $ 11 |
Finite-Lived Intangible Asset, Useful Life | 40 years | ||
Finite-Lived Intangible Assets, Amortization End Date | 2,039 | ||
Gas Distribution Operations | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill | $ 1,690.7 | ||
Electric Operations | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill | 0 | ||
Corporate and Other | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill | 0 | ||
Columbia Of Massachusetts | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill | $ 204.8 |
Asset Retirement Obligations (C
Asset Retirement Obligations (Changes In Company's Liability For Asset Retirement Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | |||
Beginning Balance | $ 268.7 | $ 262.6 | ||
Accretion recorded as a regulatory asset | 11.1 | 10.3 | ||
Additions | 63.3 | [1] | 2.4 | |
Settlements | (5.9) | (15.6) | ||
Change in estimated cash flows | 14.8 | [1] | 9 | [2] |
Ending Balance | 352 | $ 268.7 | ||
CCR | ||||
Additions | 59.8 | |||
Change in estimated cash flows | $ 17.7 | |||
[1] | In 2018, $59.8 million of additions and $17.7 million of the change in estimated cash flows are attributed to costs associated with refining the CCR compliance plan. See Note 18-D, "Environmental Matters," for additional information on CCRs. | |||
[2] | The change in estimated cash flows for 2017 is primarily attributed to changes in estimated costs and settlement timing for electric generating stations and the changes in estimated costs for retirement of gas mains. |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) - USD ($) $ in Millions | Oct. 31, 2018 | Oct. 25, 2018 | Oct. 09, 2018 | Aug. 28, 2018 | Apr. 18, 2018 | Apr. 13, 2018 | Feb. 13, 2018 | Nov. 08, 2017 | Dec. 27, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Regulatory Matters [Line Items] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Adjustment | $ 5.2 | |||||||||||
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 41 years | |||||||||||
Regulatory asset not earning return on investment | $ 1,552.6 | |||||||||||
Expenses recovered as components of cost of service and regulatory orders | 1,917.1 | |||||||||||
Regulatory assets Requiring Specific Rate Action | 320.4 | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Waiver Amount in excess of Cap | $ 2.9 | |||||||||||
Columbia Of Ohio | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 74.5 | $ 70 | ||||||||||
Public Utilities, Requested Biennial Rate Increase (Decrease), Amount increases | $ 98 | |||||||||||
Depreciation Before Rate Regulation | $ 806.8 | |||||||||||
Decrease In Depreciation And Amortization Over That Reflected In Rates | 92.2 | |||||||||||
Depreciation Regulatory Asset | 39.5 | 49.3 | ||||||||||
Requested IRP Extension | 5 years | |||||||||||
Columbia Of Virginia | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | [1] | $ 14.2 | ||||||||||
NIPSCO | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 91.5 | |||||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 35.5 | |||||||||||
Public Utilities, Requested Incremental Capital Investment | 228.8 | |||||||||||
Columbia Of Massachusetts | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 24.1 | |||||||||||
Public Utilities, Customer Refund for Tax Rate Change Due to TCJA | $ 95.8 | |||||||||||
Columbia Of Maryland | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 4.6 | |||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 2.2 | $ (1.3) | ||||||||||
IRP | Columbia Of Ohio | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
Deferred Depreciation | 29.1 | 26.5 | ||||||||||
Capital Expenditure Program | Columbia Of Ohio | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
Deferred Depreciation | 76 | 49.8 | ||||||||||
EERM [Domain] | NIPSCO | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
Deferred Depreciation | 14.4 | 13.9 | ||||||||||
TDSIC [Domain] | NIPSCO | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
Deferred Depreciation | 16.5 | 10.3 | ||||||||||
Deferred Post-in-Service Carrying Charges | 9.5 | 8.7 | ||||||||||
IRP and CEP [Domain] | Columbia Of Ohio | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
Deferred Post-in-Service Carrying Charges | $ 197.1 | $ 164.6 | ||||||||||
[1] | Rates implemented subject to refund pending a final order from the VSCC. |
Regulatory Matters (Regulatory
Regulatory Matters (Regulatory Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Regulatory Assets [Line Items] | ||
Total Assets | $ 2,237.5 | $ 1,801.2 |
Unrecognized Pension Benefit And Other Postretirement Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Assets | 798.3 | 733.5 |
Other Postretirement Costs | ||
Regulatory Assets [Line Items] | ||
Total Assets | 74.1 | 70.7 |
Environmental Costs | ||
Regulatory Assets [Line Items] | ||
Total Assets | 61.5 | 63.4 |
Regulatory Effects Of Accounting For Income Taxes | ||
Regulatory Assets [Line Items] | ||
Total Assets | 233.1 | 238.8 |
Underrecovered Gas And Fuel Costs | ||
Regulatory Assets [Line Items] | ||
Total Assets | 34.7 | 25.5 |
Depreciation | ||
Regulatory Assets [Line Items] | ||
Total Assets | 209.6 | 181 |
Post-In Service Carrying Charges | ||
Regulatory Assets [Line Items] | ||
Total Assets | 206.6 | 173.3 |
Safety Activity Costs | ||
Regulatory Assets [Line Items] | ||
Total Assets | 91.7 | 66.5 |
DSM Program | ||
Regulatory Assets [Line Items] | ||
Total Assets | 45.5 | 40 |
Bailly Generating Station [Member] | ||
Regulatory Assets [Line Items] | ||
Total Assets | 244.3 | 0 |
Other Assets | ||
Regulatory Assets [Line Items] | ||
Total Assets | $ 238.1 | $ 208.5 |
Regulatory Matters (Regulator_2
Regulatory Matters (Regulatory Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | $ 2,660 | $ 2,795.6 |
Overrecovered Gas And Fuel Costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | 32 | 27.6 |
Cost Of Removal | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | 1,076 | 1,096.8 |
Regulatory Effects Of Accounting For Income Taxes | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | 1,428.3 | 1,563.4 |
Other Postretirement Costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | 62.7 | 59 |
Other Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | $ 61 | $ 48.8 |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of Regulatory Programs) (Details) - USD ($) $ in Millions | Jan. 31, 2019 | Nov. 30, 2018 | Nov. 01, 2018 | Oct. 31, 2018 | Oct. 25, 2018 | Oct. 18, 2018 | Oct. 15, 2018 | Sep. 20, 2018 | Aug. 28, 2018 | Aug. 17, 2018 | Jul. 31, 2018 | Jun. 20, 2018 | Apr. 27, 2018 | Apr. 18, 2018 | Apr. 13, 2018 | Mar. 22, 2018 | Mar. 16, 2018 | Feb. 27, 2018 | Feb. 13, 2018 | Jan. 31, 2018 | Jan. 30, 2018 | Nov. 01, 2017 | Oct. 31, 2017 | Oct. 13, 2017 | Sep. 27, 2017 | Aug. 31, 2017 | Aug. 18, 2017 | Jan. 29, 2019 | Dec. 31, 2018 | |
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Adjustment | $ 5.2 | |||||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Waiver Amount in excess of Cap | $ 2.9 | |||||||||||||||||||||||||||||
Columbia Of Ohio | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 74.5 | $ 70 | ||||||||||||||||||||||||||||
NIPSCO - Gas | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | [1] | $ 107.3 | ||||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | [1] | $ 138.1 | ||||||||||||||||||||||||||||
Columbia Of Massachusetts | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 24.1 | |||||||||||||||||||||||||||||
Columbia Of Pennsylvania | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 26 | |||||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 46.9 | |||||||||||||||||||||||||||||
Columbia Of Virginia | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | [2] | 14.2 | ||||||||||||||||||||||||||||
Columbia Of Maryland | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 2.2 | $ (1.3) | ||||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 4.6 | |||||||||||||||||||||||||||||
NIPSCO - Electric | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 21.4 | |||||||||||||||||||||||||||||
IRP | Columbia Of Ohio | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | [3] | $ 2.3 | ||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | [3] | 207 | ||||||||||||||||||||||||||||
TDSIC 7 | NIPSCO - Gas | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 1.5 | |||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 59 | |||||||||||||||||||||||||||||
TDSIC 8 | NIPSCO - Gas | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 1.8 | |||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 54 | |||||||||||||||||||||||||||||
TDSIC 9 | NIPSCO - Gas | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | [3],[4] | (10.6) | ||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | [3],[4] | $ 54.4 | ||||||||||||||||||||||||||||
FMCA 1 | NIPSCO - Gas | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 9.9 | |||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 1.5 | |||||||||||||||||||||||||||||
2018 GSEP | Columbia Of Massachusetts | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | [3],[5] | $ 6.5 | ||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | [3],[5] | $ 80 | ||||||||||||||||||||||||||||
2019 GSEP | Columbia Of Massachusetts | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | [6] | 10.7 | ||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | [6] | $ 64 | ||||||||||||||||||||||||||||
2018 DSIC | Columbia Of Pennsylvania | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 1.6 | $ 0.9 | $ 0.4 | |||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 55.4 | $ 31.8 | $ 14.8 | |||||||||||||||||||||||||||
2018 SAVE | Columbia Of Virginia | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 2.9 | |||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 33.3 | |||||||||||||||||||||||||||||
2019 SAVE | Columbia Of Virginia | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 2.4 | |||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 36 | |||||||||||||||||||||||||||||
2018 AMRP | Columbia Of Kentucky | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 4.5 | |||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 24 | |||||||||||||||||||||||||||||
2019 AMRP | Columbia Of Kentucky | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 3.6 | |||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 30.1 | |||||||||||||||||||||||||||||
2018 STRIDE | Columbia Of Maryland | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 1.2 | |||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | 20.8 | |||||||||||||||||||||||||||||
2019 STRIDE | Columbia Of Maryland | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 1.2 | |||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 19.7 | |||||||||||||||||||||||||||||
TDSIC 3 | NIPSCO - Electric | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ (2) | |||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 75 | |||||||||||||||||||||||||||||
TDSIC 4 | NIPSCO - Electric | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ (11.8) | |||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | 72.2 | |||||||||||||||||||||||||||||
ECRM 31 | NIPSCO - Electric | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ (2.1) | |||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 2.9 | |||||||||||||||||||||||||||||
ECRM 32 | NIPSCO - Electric | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 1 | |||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 0 | |||||||||||||||||||||||||||||
FMCA 8 | NIPSCO - Electric | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 1.3 | |||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 4.4 | |||||||||||||||||||||||||||||
FMCA 9 | NIPSCO - Electric | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 4.1 | |||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 90.2 | |||||||||||||||||||||||||||||
FMCA 10 | NIPSCO - Electric | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 2.2 | |||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 45.7 | |||||||||||||||||||||||||||||
Subsequent Event | TDSIC 5 | NIPSCO - Electric | ||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ||||||||||||||||||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 15.9 | |||||||||||||||||||||||||||||
Regulatory Net Capital Expenditures Included In Filing | $ 58.8 | |||||||||||||||||||||||||||||
[1] | Rates will be implemented in three steps, with implementation of step 1 rates effective October 1, 2018. Step 2 rates will be effective on or about March 1, 2019, and step 3 rates will be effective on January 1, 2020. The IURC’s order also dismissed NIPSCO from phase 2 of the IURC’s TCJA investigation. | |||||||||||||||||||||||||||||
[2] | Rates implemented subject to refund pending a final order from the VSCC. | |||||||||||||||||||||||||||||
[3] | Incremental revenue is net of amounts due back to customers as a result of the TCJA. | |||||||||||||||||||||||||||||
[4] | Incremental revenue is net of $5.2 million of adjustments in the TDSIC-9 settlement. | |||||||||||||||||||||||||||||
[5] | A cap waiver was approved by the Massachusetts DPU on June 21, 2018 and related rates became effective July 2018. | |||||||||||||||||||||||||||||
[6] | The filing included a request for approval of a waiver to allow collection of the $2.9 million revenue requirement that exceeds the GSEP cap provision. |
Regulatory Matters (Rate Case A
Regulatory Matters (Rate Case Action) (Details) - USD ($) $ in Millions | Oct. 31, 2018 | Aug. 28, 2018 | Apr. 13, 2018 | Mar. 16, 2018 | Feb. 13, 2018 | Sep. 27, 2017 | |
NIPSCO - Gas | |||||||
Regulatory Matters [Line Items] | |||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | [1] | $ 138.1 | |||||
Public Utilities, Approved Rate Increase (Decrease), Amount | [1] | $ 107.3 | |||||
Columbia Of Pennsylvania | |||||||
Regulatory Matters [Line Items] | |||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 46.9 | ||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 26 | ||||||
Columbia Of Virginia | |||||||
Regulatory Matters [Line Items] | |||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | [2] | $ 14.2 | |||||
Columbia Of Maryland | |||||||
Regulatory Matters [Line Items] | |||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 4.6 | ||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 2.2 | $ (1.3) | |||||
Columbia Of Massachusetts | |||||||
Regulatory Matters [Line Items] | |||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 24.1 | ||||||
NIPSCO - Electric | |||||||
Regulatory Matters [Line Items] | |||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 21.4 | ||||||
[1] | Rates will be implemented in three steps, with implementation of step 1 rates effective October 1, 2018. Step 2 rates will be effective on or about March 1, 2019, and step 3 rates will be effective on January 1, 2020. The IURC’s order also dismissed NIPSCO from phase 2 of the IURC’s TCJA investigation. | ||||||
[2] | Rates implemented subject to refund pending a final order from the VSCC. |
Risk Management Activities (Nar
Risk Management Activities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 22, 2017 | ||
Derivative [Line Items] | |||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | $ 0 | $ 0 | ||||
Interest Rate Swap | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 500 | 500 | $ 950 | ||||
Interest Rate Swap Settled | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | 750 | 750 | |||||
Derivative, Gain (Loss) on Derivative, Net | [1] | $ 25 | $ 21.2 | $ 46.2 | |||
[1] | See Note 9, "Risk Management Activities" for additional information. |
Risk Management Activities (Sch
Risk Management Activities (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | $ 24 | $ 21.1 | |
Derivative Liability | 51.7 | 71.7 | |
Risk Management Assets Current | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [1] | 1.1 | 14.5 |
Risk Management Assets Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | [2] | 22.9 | 6.6 |
Risk Management Liabilities Current | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | 5 | 43.2 | |
Risk Management Liabilities Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | 46.7 | 28.5 | |
Interest rate risk programs | Risk Management Assets Current | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 0 | 14 | |
Interest rate risk programs | Risk Management Assets Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 18.5 | 5.6 | |
Interest rate risk programs | Risk Management Liabilities Current | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | 0 | 38.6 | |
Interest rate risk programs | Risk Management Liabilities Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | 9.5 | 0 | |
Commodity price risk programs | Risk Management Assets Current | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 1.1 | 0.5 | |
Commodity price risk programs | Risk Management Assets Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset | 4.4 | 1 | |
Commodity price risk programs | Risk Management Liabilities Current | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | 5 | 4.6 | |
Commodity price risk programs | Risk Management Liabilities Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | $ 37.2 | $ 28.5 | |
[1] | Presented in "Prepayments and other" on the Consolidated Balance Sheets. | ||
[2] | Presented in "Deferred charges and other" on the Consolidated Balance Sheets. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | ||||
Tax expense at statutory federal income tax rate, rate | 21.00% | 35.00% | 35.00% | |
Effective income tax rate | 78.10% | 71.00% | 35.50% | |
Increase (Decrease) in Effective Tax Rate | 7.10% | 35.50% | ||
State regulatory proceedings, value | $ 127.8 | $ 0 | $ 0 | |
Increase in State Income Taxes | 7.1 | |||
Tax Benefit From Excess Deferred Tax Amortization Related To Regulatory LIabilities | 26.9 | |||
Expected benefits to be realized | $ 65.8 | $ 88.5 | $ 65.8 | |
Income Tax Rate Change Period | 6 years | |||
Operating Loss Carryforwards, Limitations on Use | 80.00% | |||
Operating Loss Carryforwards, Valuation Allowance | $ 759.6 | |||
Operating Loss Carryforwards, Valuation Allowance, years prior to TCJA | 508.5 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 1.7 | |||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | 0 | $ 0 | 0 |
Reduction in Deferred Tax Liability Due To Tax Law Change | 1,300 | |||
Reduction in Regulatory Deferred tax Liabilities | 400 | |||
Increase in Regulatory Liability Due to Tax Law Change | 1,500 | |||
Increase in Tax Expense Due to Tax Law Change | 200 | |||
Remeasurement due to TCJA, value | $ 161.1 | $ 0 | $ 161.1 | $ 0 |
Minimum | ||||
Income Taxes [Line Items] | ||||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2028 | |||
Maximum | ||||
Income Taxes [Line Items] | ||||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2037 | |||
Federal tax on excess stock compensation [Domain] | ||||
Income Taxes [Line Items] | ||||
Change in tax expense | $ 120.7 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current | |||
State | $ 8.2 | $ 7.8 | $ (0.1) |
Federal | 0 | 0 | 0 |
Total Current | 8.2 | 7.8 | (0.1) |
Deferred | |||
Federal | (209.4) | 302.7 | 165.6 |
State | 22.2 | 5 | 18 |
Total Deferred | (187.2) | 307.7 | 183.6 |
Deferred Investment Credits | (1) | (1) | (1.4) |
Income Taxes | $ (180) | $ 314.5 | $ 182.1 |
Income Taxes (Schedule Of Reaso
Income Taxes (Schedule Of Reasons Behind Differences In Computation Of Total Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Reasons Behind Differences in Computation of Total Income Taxes [Line Items] | ||||
Book income (loss) before income taxes | $ (230.6) | $ 443 | $ 513.6 | |
Tax expense (benefit) at statutory federal income tax rate, value | $ (48.4) | $ 155 | $ 179.8 | |
Tax expense (benefit) at statutory federal income tax rate, rate | 21.00% | 35.00% | 35.00% | |
Increases (reductions) in taxes resulting from: | ||||
State income taxes, net of federal income tax benefit, value | $ 24.7 | $ 6.9 | $ 11.3 | |
State income taxes, net of federal income tax benefit, rate | (10.70%) | 1.50% | 2.20% | |
Regulatory treatment of depreciation differences, value | $ (29.3) | $ (2.4) | $ (1.5) | |
Regulatory treatment of depreciation differences, rate | 12.70% | (0.50%) | (0.30%) | |
Charitable contribution carryover, value | $ 0 | $ (1.2) | $ (2.8) | |
Charitable contribution carryover, rate | (0.00%) | (0.30%) | (0.50%) | |
State regulatory proceedings, value | $ (127.8) | $ 0 | $ 0 | |
State regulatory proceedings, rate | 55.40% | 0.00% | 0.00% | |
Remeasurement due to TCJA, value | $ 161.1 | $ 0 | $ 161.1 | $ 0 |
Remeasurement due to TCJA, rate | 0.00% | 36.40% | 0.00% | |
Employee stock ownership plan dividends and other compensation, value | $ (2.2) | $ (6.5) | $ (9.5) | |
Employee stock ownership plan dividends and other compensation, rate | 1.00% | (1.50%) | (1.80%) | |
Other adjustments, value | $ 3 | $ 1.6 | $ (0.8) | |
Other adjustments, rate | (1.30%) | 0.40% | (0.10%) | |
Income Taxes | $ (180) | $ 314.5 | $ 182.1 | |
Income Taxes, rate | 78.10% | 71.00% | 35.50% |
Income Taxes (Schedule Of Princ
Income Taxes (Schedule Of Principal Components Of Net Deferred Tax Liability) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Liabilities | ||
Accelerated depreciation and other property differences | $ 2,458 | $ 2,260.7 |
Other regulatory assets | 375.4 | 309.5 |
Total Deferred Tax Liabilities | 2,833.4 | 2,570.2 |
Deferred Tax Assets | ||
Deferred investment tax credits and other regulatory liabilities | 365.5 | 406 |
Pension and other postretirement/postemployment benefits | 157.5 | 136.7 |
Net operating loss carryforward | 849.8 | 576 |
Environmental liabilities | 24.4 | 24 |
Other accrued liabilities | 37.5 | 37.2 |
Other, net | 68.2 | 97.4 |
Total Deferred Tax Assets | 1,502.9 | 1,277.3 |
Net Deferred Tax Liabilities | $ 1,330.5 | $ 1,292.9 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Benefit Plan, Plan Assets, Amount | $ 2,084.1 | $ 2,422.5 | ||||||||
Regulatory assets | 2,237.5 | 1,801.2 | ||||||||
Regulatory Liabilities | $ 2,660 | 2,795.6 | ||||||||
Expected return on plan assets | 7.00% | |||||||||
Pension Plan | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Benefit Plan, Plan Assets, Amount | $ 1,867.7 | 2,160 | $ 1,750.9 | |||||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (127.5) | 76.1 | ||||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | $ (0.4) | $ (0.7) | (0.4) | (0.7) | (0.2) | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 14.8 | 41.1 | $ 48.5 | |||||||
Employer contributions | $ 277 | 2.9 | 282.3 | |||||||
Expected contribution | 3 | |||||||||
Defined Benefit Plan, Accumulated Benefit Obligation | 1,965.6 | 2,170.4 | ||||||||
Funded status of plan | 113.6 | 32.6 | ||||||||
Liability, Defined Benefit Plan | [1] | $ 113.6 | $ 32.6 | |||||||
Expected return on plan assets | 7.00% | 7.25% | 8.00% | |||||||
Settlement loss | 18.5 | 13.7 | $ 18.5 | $ 13.7 | $ 0 | |||||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Remeasurement due to Settlement | 3 | |||||||||
Other Postretirement Benefits | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Benefit Plan, Plan Assets, Amount | 216.3 | 262.5 | 231.4 | |||||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 5 | (18.9) | ||||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (4) | (4.4) | (4) | (4.4) | (4.9) | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 7.5 | 5.3 | $ 8 | |||||||
Employer contributions | 21 | 31.6 | ||||||||
Expected contribution | 20.6 | |||||||||
Funded status of plan | 276.2 | 293.8 | ||||||||
Liability, Defined Benefit Plan | [1] | $ 276.2 | $ 293.8 | |||||||
Expected return on plan assets | 5.80% | 6.99% | 7.85% | |||||||
Settlement loss | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Significant Unobservable Inputs (Level 3) [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Benefit Plan, Plan Assets, Amount | $ 86.1 | 98.9 | $ 73.1 | |||||||
Percentage of investments | 4.00% | |||||||||
Significant Unobservable Inputs (Level 3) [Member] | Other Postretirement Benefits | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | |||||||||
Scenario, Forecast | Pension Plan | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ 45.5 | |||||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (0.2) | |||||||||
Amortization of transition obligation | 0 | |||||||||
Scenario, Forecast | Other Postretirement Benefits | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 2.4 | |||||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 3.2 | |||||||||
Amortization of transition obligation | $ 0 | |||||||||
Unrecognized Pension Benefit And Other Postretirement Benefit Costs | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Regulatory assets | $ 798.3 | 733.5 | ||||||||
Regulatory Liabilities | 0.1 | 0.1 | ||||||||
International Equities | Pension Plan | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Benefit Plan, Plan Assets, Amount | 165.5 | 351 | ||||||||
International Equities | Other Postretirement Benefits | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Benefit Plan, Plan Assets, Amount | 17.5 | 39.8 | ||||||||
Commingled Funds | Short-Term Money Markets | Pension Plan | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Benefit Plan, Plan Assets, Amount | 18.3 | [2] | 34.1 | [3] | ||||||
Commingled Funds | Short-Term Money Markets | Other Postretirement Benefits | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Benefit Plan, Plan Assets, Amount | 5.2 | [2] | 9.4 | [3] | ||||||
Commingled Funds | United States Equities | Pension Plan | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Benefit Plan, Plan Assets, Amount | 245.2 | [2] | 466.6 | [3] | ||||||
Commingled Funds | United States Equities | Other Postretirement Benefits | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Benefit Plan, Plan Assets, Amount | 10.4 | [2] | 12.2 | [3] | ||||||
Commingled Funds | International Equities | Pension Plan | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Benefit Plan, Plan Assets, Amount | $ 122.3 | [2] | $ 265.1 | [3] | ||||||
[1] | recognize our Consolidated Balance Sheets underfunded and overfunded status of our various defined benefit postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation. | |||||||||
[2] | This class of investments is measured at fair value using the net asset value per share and has not been classified in the fair value hierarchy. | |||||||||
[3] | This class of investments is measured at fair value using the net asset value per share and has not been classified in the fair value hierarchy. |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits (Schedule Of Portfolio Asset Mix) (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Minimum | Domestic Equities | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 12.00% | 16.00% |
Minimum | Domestic Equities | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | 0.00% |
Minimum | International Equities | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 6.00% | 8.00% |
Minimum | International Equities | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | 0.00% |
Minimum | Fixed Income | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 59.00% | |
Minimum | Fixed Income | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% | |
Minimum | Diversified Credit [Member] | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Minimum | Diversified Credit [Member] | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Minimum | Real Estate [Member] | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Minimum | Real Estate [Member] | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Minimum | Real Estate | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Minimum | Real Estate | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Minimum | Short-Term Investments | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | 0.00% |
Minimum | Short-Term Investments | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | 0.00% |
Maximum | Domestic Equities | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 32.00% | 36.00% |
Maximum | Domestic Equities | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55.00% | 55.00% |
Maximum | International Equities | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 16.00% | 18.00% |
Maximum | International Equities | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25.00% | 25.00% |
Maximum | Fixed Income | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 71.00% | |
Maximum | Fixed Income | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | |
Maximum | Diversified Credit [Member] | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 13.00% | |
Maximum | Diversified Credit [Member] | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Maximum | Real Estate [Member] | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 7.00% | |
Maximum | Real Estate [Member] | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Maximum | Real Estate | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 13.00% | |
Maximum | Real Estate | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Maximum | Short-Term Investments | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 15.00% | 10.00% |
Maximum | Short-Term Investments | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | 10.00% |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits (Schedule of Plan Asset Mix Prior Year) (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Plan | Domestic Equities | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 12.00% | 16.00% |
Pension Plan | Domestic Equities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 32.00% | 36.00% |
Pension Plan | International Equities | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 6.00% | 8.00% |
Pension Plan | International Equities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 16.00% | 18.00% |
Pension Plan | Fixed Income | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 39.00% | |
Pension Plan | Fixed Income | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 51.00% | |
Pension Plan | Diversified Credit [Member] | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Pension Plan | Diversified Credit [Member] | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 13.00% | |
Pension Plan | Real Estate | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Pension Plan | Real Estate | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 13.00% | |
Pension Plan | Short-Term Investments | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | 0.00% |
Pension Plan | Short-Term Investments | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 15.00% | 10.00% |
Other Postretirement Benefits | Domestic Equities | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | 0.00% |
Other Postretirement Benefits | Domestic Equities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55.00% | 55.00% |
Other Postretirement Benefits | International Equities | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | 0.00% |
Other Postretirement Benefits | International Equities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25.00% | 25.00% |
Other Postretirement Benefits | Fixed Income | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% | |
Other Postretirement Benefits | Fixed Income | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | |
Other Postretirement Benefits | Diversified Credit [Member] | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Other Postretirement Benefits | Diversified Credit [Member] | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Other Postretirement Benefits | Real Estate | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Other Postretirement Benefits | Real Estate | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Other Postretirement Benefits | Short-Term Investments | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | 0.00% |
Other Postretirement Benefits | Short-Term Investments | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | 10.00% |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits (Schedule Of Pension Plan And Postretirement Plan Asset Mix) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 2,084.1 | $ 2,422.5 | |||
Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 1,867.7 | $ 2,160 | $ 1,750.9 | ||
Percentage of total asset | 100.00% | 100.00% | |||
Other Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 216.3 | $ 262.5 | $ 231.4 | ||
Percentage of total asset | 100.00% | 100.00% | |||
Domestic Equities | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 355.5 | $ 698.2 | |||
Percentage of total asset | 19.00% | 32.30% | |||
Domestic Equities | Other Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 78.8 | $ 96 | |||
Percentage of total asset | 36.40% | 36.60% | |||
International Equities | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 165.5 | $ 351 | |||
Percentage of total asset | 8.90% | 16.20% | |||
International Equities | Other Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 17.5 | $ 39.8 | |||
Percentage of total asset | 8.10% | 15.20% | |||
Fixed Income | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 1,241.9 | $ 977.6 | |||
Percentage of total asset | 66.50% | 45.30% | |||
Fixed Income | Other Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 115.1 | $ 117.5 | |||
Percentage of total asset | 53.20% | 44.80% | |||
Real Estate | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 52.7 | $ 49.9 | |||
Percentage of total asset | 2.80% | 2.30% | |||
Real Estate | Other Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 | |||
Percentage of total asset | 0.00% | 0.00% | |||
Cash/Other [Member] | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 52.1 | $ 83.3 | |||
Percentage of total asset | 2.80% | 3.90% | |||
Cash/Other [Member] | Other Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 4.9 | $ 9.2 | |||
Percentage of total asset | 2.30% | 3.40% | |||
Commingled Funds | Short-Term Money Markets | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 18.3 | [1] | $ 34.1 | [2] | |
Commingled Funds | Short-Term Money Markets | Other Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | 5.2 | [1] | 9.4 | [2] | |
Commingled Funds | International Equities | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | 122.3 | [1] | 265.1 | [2] | |
Commingled Funds | Fixed Income | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | 365.7 | [1] | 244.9 | [2] | |
Commingled Funds | United States Equities | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | 245.2 | [1] | 466.6 | [2] | |
Commingled Funds | United States Equities | Other Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 10.4 | [1] | $ 12.2 | [2] | |
[1] | This class of investments is measured at fair value using the net asset value per share and has not been classified in the fair value hierarchy. | ||||
[2] | This class of investments is measured at fair value using the net asset value per share and has not been classified in the fair value hierarchy. |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits (Schedule Of Fair Value Of Pension Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | $ 2,084.1 | $ 2,422.5 | ||||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 538.6 | 810.5 | ||||
Significant Other Observable Inputs (Level 2) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 692.3 | 476 | ||||
Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 86.1 | 98.9 | $ 73.1 | |||
Due To Brokers Net [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | (1.1) | [1] | (2.5) | [2] | ||
Due To Brokers Net [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 0 | ||||
Due To Brokers Net [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | [1] | (1.1) | ||||
Due To Brokers Net [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 0 | ||||
Accrued Investment Income Dividends [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 7.3 | |||||
Receivables/Payables [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 8.6 | |||||
Receivables/Payables [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 8.6 | |||||
Receivables/Payables [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | |||||
Receivables/Payables [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | |||||
Fixed Income Securities [Member] | Other Fixed Income [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0.1 | ||||
Private Equity Limited Partnerships [Member] | U.S. Multi-Strategy [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 18.5 | 26.7 | 34.8 | |||
Private Equity Limited Partnerships [Member] | International Multi-Strategy [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 12.5 | 19.1 | 24.9 | |||
Private Equity Limited Partnerships [Member] | Distressed Opportunities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 2.4 | 3.2 | 4.1 | |||
Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 1,867.7 | 2,160 | 1,750.9 | |||
Defined Benefit Plan Fair Value Of Plan Assets Before Pending Items | 1,860.3 | 2,155.2 | ||||
Pension Plan | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets Before Pending Items | 329.3 | 569.6 | ||||
Pension Plan | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets Before Pending Items | 693.4 | 476 | ||||
Pension Plan | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets Before Pending Items | 86.1 | 98.9 | ||||
Pension Plan | Cash [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 9.2 | 9.7 | ||||
Pension Plan | Cash [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 8.8 | 9.7 | ||||
Pension Plan | Cash [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0.4 | 0 | ||||
Pension Plan | Cash [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||
Pension Plan | International Equities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 165.5 | 351 | ||||
Pension Plan | Fixed Income | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 1,241.9 | 977.6 | ||||
Pension Plan | Equity Securities [Member] | United States Equities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0.3 | |||||
Pension Plan | Equity Securities [Member] | United States Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0.3 | |||||
Pension Plan | Equity Securities [Member] | United States Equities | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | |||||
Pension Plan | Equity Securities [Member] | United States Equities | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | |||||
Pension Plan | Fixed Income Securities [Member] | Government | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 250.2 | 143.4 | ||||
Pension Plan | Fixed Income Securities [Member] | Government | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||
Pension Plan | Fixed Income Securities [Member] | Government | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 250.2 | 143.4 | ||||
Pension Plan | Fixed Income Securities [Member] | Government | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||
Pension Plan | Fixed Income Securities [Member] | Corporate [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 442.8 | 332.6 | ||||
Pension Plan | Fixed Income Securities [Member] | Corporate [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||
Pension Plan | Fixed Income Securities [Member] | Corporate [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 442.8 | 332.6 | ||||
Pension Plan | Fixed Income Securities [Member] | Corporate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||
Pension Plan | Commingled Funds | International Equities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 122.3 | [3] | 265.1 | [4] | ||
Pension Plan | Commingled Funds | Fixed Income | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 365.7 | [3] | 244.9 | [4] | ||
Pension Plan | Commingled Funds | United States Equities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 245.2 | [3] | 466.6 | [4] | ||
Pension Plan | Commingled Funds | Short-Term Money Markets | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 18.3 | [3] | 34.1 | [4] | ||
Pension Plan | Private Equity Limited Partnerships [Member] | U.S. Multi-Strategy [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 18.5 | [5] | 26.7 | [6] | ||
Pension Plan | Private Equity Limited Partnerships [Member] | U.S. Multi-Strategy [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | [5] | 0 | [6] | ||
Pension Plan | Private Equity Limited Partnerships [Member] | U.S. Multi-Strategy [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | [5] | 0 | [6] | ||
Pension Plan | Private Equity Limited Partnerships [Member] | U.S. Multi-Strategy [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 18.5 | [5] | 26.7 | [6] | ||
Pension Plan | Private Equity Limited Partnerships [Member] | International Multi-Strategy [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 12.5 | [7] | 19.1 | [8] | ||
Pension Plan | Private Equity Limited Partnerships [Member] | International Multi-Strategy [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | [7] | 0 | [8] | ||
Pension Plan | Private Equity Limited Partnerships [Member] | International Multi-Strategy [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | [7] | 0 | [8] | ||
Pension Plan | Private Equity Limited Partnerships [Member] | International Multi-Strategy [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 12.5 | [7] | 19.1 | [8] | ||
Pension Plan | Private Equity Limited Partnerships [Member] | Distressed Opportunities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 2.4 | 3.2 | ||||
Pension Plan | Private Equity Limited Partnerships [Member] | Distressed Opportunities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||
Pension Plan | Private Equity Limited Partnerships [Member] | Distressed Opportunities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||
Pension Plan | Private Equity Limited Partnerships [Member] | Distressed Opportunities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 2.4 | 3.2 | ||||
Pension Plan | Real Estate [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 52.7 | 49.9 | ||||
Pension Plan | Real Estate [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||
Pension Plan | Real Estate [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||
Pension Plan | Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 52.7 | 49.9 | ||||
Pension Plan | Mutual Funds [Member] | International Equities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 43.2 | 85.8 | ||||
Pension Plan | Mutual Funds [Member] | International Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 43.2 | 85.8 | ||||
Pension Plan | Mutual Funds [Member] | U.S. Multi-Strategy [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 110.3 | 231.5 | ||||
Pension Plan | Mutual Funds [Member] | U.S. Multi-Strategy [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 110.3 | 231.5 | ||||
Pension Plan | Mutual Funds [Member] | Fixed Income | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 166.8 | 242.3 | ||||
Pension Plan | Mutual Funds [Member] | Fixed Income | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 166.8 | 242.3 | ||||
Other Postretirement Benefits | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 216.3 | 262.5 | $ 231.4 | |||
Defined Benefit Plan Fair Value Of Plan Assets Before Pending Items | 216.3 | 262.5 | ||||
Other Postretirement Benefits | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 240.9 | |||||
Defined Benefit Plan Fair Value Of Plan Assets Before Pending Items | 200.7 | |||||
Other Postretirement Benefits | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | |||||
Defined Benefit Plan Fair Value Of Plan Assets Before Pending Items | 0 | |||||
Other Postretirement Benefits | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | |||||
Defined Benefit Plan Fair Value Of Plan Assets Before Pending Items | 0 | |||||
Other Postretirement Benefits | International Equities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 17.5 | 39.8 | ||||
Other Postretirement Benefits | Fixed Income | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 115.1 | 117.5 | ||||
Other Postretirement Benefits | Commingled Funds | United States Equities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 10.4 | [3] | 12.2 | [4] | ||
Other Postretirement Benefits | Commingled Funds | Short-Term Money Markets | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 5.2 | [3] | 9.4 | [4] | ||
Other Postretirement Benefits | Mutual Funds [Member] | International Equities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 17.5 | 39.8 | ||||
Other Postretirement Benefits | Mutual Funds [Member] | International Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 17.5 | 39.8 | ||||
Other Postretirement Benefits | Mutual Funds [Member] | International Equities | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||
Other Postretirement Benefits | Mutual Funds [Member] | International Equities | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||
Other Postretirement Benefits | Mutual Funds [Member] | Fixed Income | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 114.8 | 117.3 | ||||
Other Postretirement Benefits | Mutual Funds [Member] | Fixed Income | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 114.8 | 117.3 | ||||
Other Postretirement Benefits | Mutual Funds [Member] | Fixed Income | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||
Other Postretirement Benefits | Mutual Funds [Member] | Fixed Income | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||
Other Postretirement Benefits | Mutual Funds [Member] | United States Equities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 68.4 | 83.8 | ||||
Other Postretirement Benefits | Mutual Funds [Member] | United States Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 68.4 | 83.8 | ||||
Other Postretirement Benefits | Mutual Funds [Member] | United States Equities | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||
Other Postretirement Benefits | Mutual Funds [Member] | United States Equities | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 | ||||
[1] | This class represents pending trades with brokers. | |||||
[2] | This class represents pending trades with brokers. | |||||
[3] | This class of investments is measured at fair value using the net asset value per share and has not been classified in the fair value hierarchy. | |||||
[4] | This class of investments is measured at fair value using the net asset value per share and has not been classified in the fair value hierarchy. | |||||
[5] | This class includes limited partnerships/fund of funds that invest in a diverse portfolio of private equity strategies, including buy-outs, venture capital, growth capital, special situations and secondary markets, primarily inside the United States. | |||||
[6] | This class includes limited partnerships/fund of funds that invest in a diverse portfolio of private equity strategies, including buy-outs, venture capital, growth capital, special situations and secondary markets, primarily inside the United States. | |||||
[7] | This class includes limited partnerships/fund of funds that invest in diverse portfolio of private equity strategies, including buy-outs, venture capital, growth capital, special situations and secondary markets, primarily outside the United States. | |||||
[8] | This class includes limited partnerships/fund of funds that invest in a diverse portfolio of private equity strategies, including buy-outs, venture capital, growth capital, special situations and secondary markets, primarily outside the United States. |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefits (Schedule Of Changes In The Fair Value Of The Plan Level Three Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 2,422.5 | |
Fair value of plan assets at end of year | 2,084.1 | $ 2,422.5 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 98.9 | 73.1 |
Total gains or losses (unrealized / realized) | 2.7 | 2.9 |
Purchases | 2.5 | 43.1 |
(Sales) | (18) | (20.2) |
Fair value of plan assets at end of year | 86.1 | 98.9 |
Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 49.9 | 9.2 |
Total gains or losses (unrealized / realized) | 1.7 | (0.6) |
Purchases | 1.8 | 42.1 |
(Sales) | (0.7) | (0.8) |
Fair value of plan assets at end of year | 52.7 | 49.9 |
Private Equity Limited Partnerships [Member] | U.S. Multi-Strategy [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 26.7 | 34.8 |
Total gains or losses (unrealized / realized) | 2.4 | 2.1 |
Purchases | 0.7 | 0.9 |
(Sales) | (11.3) | (11.1) |
Fair value of plan assets at end of year | 18.5 | 26.7 |
Private Equity Limited Partnerships [Member] | International Multi-Strategy [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 19.1 | 24.9 |
Total gains or losses (unrealized / realized) | (0.6) | 1.1 |
Purchases | 0 | 0.1 |
(Sales) | (6) | (7) |
Fair value of plan assets at end of year | 12.5 | 19.1 |
Private Equity Limited Partnerships [Member] | Distressed Opportunities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 3.2 | 4.1 |
Total gains or losses (unrealized / realized) | (0.8) | 0.4 |
Purchases | 0 | 0 |
(Sales) | 0 | (1.3) |
Fair value of plan assets at end of year | 2.4 | 3.2 |
Fixed Income Securities [Member] | Other Fixed Income [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 0 | 0.1 |
Total gains or losses (unrealized / realized) | (0.1) | |
Purchases | 0 | |
(Sales) | 0 | |
Fair value of plan assets at end of year | $ 0 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefits (Schedule of Net Asset Value Per Share) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Net Asset Value Excluded From Fair Value By Input | $ 767.1 | $ 1,032.3 |
Commingled Funds | Short-Term Money Markets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net Asset Value Excluded From Fair Value By Input | $ 23.5 | $ 43.5 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Daily | Daily |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period | 1 day | 1 day |
Commingled Funds | United States Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net Asset Value Excluded From Fair Value By Input | $ 255.6 | $ 478.8 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Monthly | Monthly |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period | 3 days | 3 days |
Commingled Funds | International Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net Asset Value Excluded From Fair Value By Input | $ 122.3 | $ 265.1 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Monthly | Monthly |
Commingled Funds | Fixed Income Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net Asset Value Excluded From Fair Value By Input | $ 365.7 | $ 244.9 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Monthly | Monthly |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period | 3 days | 3 days |
Minimum | Commingled Funds | International Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period | 10 days | 14 days |
Maximum | Commingled Funds | International Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period | 30 days | 30 days |
Pension and Other Postretire_10
Pension and Other Postretirement Benefits (Schedule Of Reconciliation Of The Plans Funded Status And Amounts Reflected) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Fair value of plan assets at beginning of year | $ 2,422.5 | $ 2,422.5 | |||||||
Fair value of plan assets at end of year | 2,084.1 | $ 2,422.5 | |||||||
Noncurrent liabilities | (275.4) | (293.1) | |||||||
Pension Plan | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Benefit obligation at beginning of year | [1] | 2,192.6 | 2,192.6 | 2,165.8 | |||||
Service cost | $ 31.3 | $ 30 | 31.3 | 30 | $ 30.7 | ||||
Interest cost | 67.1 | 68.3 | 67.1 | 68.3 | 89.7 | ||||
Plan participants' contributions | 0 | 0 | |||||||
Plan amendments | 0.2 | 0.9 | |||||||
Actuarial loss (gain) | (103.9) | 98.3 | |||||||
Settlement Loss | 0.8 | 1.6 | |||||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 206.8 | 172.3 | |||||||
Benefits paid | (206.8) | (172.3) | |||||||
Estimated benefits paid by incurred subsidy | 0 | 0 | |||||||
Projected benefit obligation at end of year | 1,981.3 | 2,192.6 | [1] | 2,165.8 | [1] | ||||
Fair value of plan assets at beginning of year | 2,160 | 2,160 | 1,750.9 | ||||||
Actual return on plan assets | (88.4) | 299.1 | |||||||
Employer contributions | 277 | 2.9 | 282.3 | ||||||
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0 | 0 | |||||||
Fair value of plan assets at end of year | 1,867.7 | 2,160 | 1,750.9 | ||||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (113.6) | (32.6) | |||||||
Noncurrent assets | 0 | 9.8 | |||||||
Current liabilities | (3) | (2.8) | |||||||
Noncurrent liabilities | (110.6) | (39.6) | |||||||
Net amount recognized at end of year | [2] | (113.6) | (32.6) | ||||||
Unrecognized prior service cost | [3] | 3.2 | 2.5 | ||||||
Unrecognized actuarial loss | [3] | 761.2 | 692.9 | ||||||
Defined Benefit Plan Amounts Recognized In Other Comprehensive Income Or Regulatory Asset Or Liability | [3] | 764.4 | 695.4 | ||||||
Other Postretirement Benefits | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Benefit obligation at beginning of year | [1] | 556.3 | 556.3 | 529 | |||||
Service cost | 5 | 4.8 | 5 | 4.8 | 5 | ||||
Interest cost | $ 17.6 | $ 17.8 | 17.6 | 17.8 | 22 | ||||
Plan participants' contributions | 5.7 | 5.7 | |||||||
Plan amendments | 0.1 | 1.6 | |||||||
Actuarial loss (gain) | (51.7) | 36.2 | |||||||
Settlement Loss | 0 | 0 | |||||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 41.1 | 39.3 | |||||||
Benefits paid | (41.1) | (39.3) | |||||||
Estimated benefits paid by incurred subsidy | 0.6 | 0.5 | |||||||
Projected benefit obligation at end of year | 492.5 | 556.3 | [1] | 529 | [1] | ||||
Fair value of plan assets at beginning of year | $ 262.5 | 262.5 | 231.4 | ||||||
Actual return on plan assets | (31.8) | 33.1 | |||||||
Employer contributions | 21 | 31.6 | |||||||
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 5.7 | 5.7 | |||||||
Fair value of plan assets at end of year | 216.3 | 262.5 | $ 231.4 | ||||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (276.2) | (293.8) | |||||||
Noncurrent assets | 0 | 0 | |||||||
Current liabilities | (0.8) | (0.7) | |||||||
Net amount recognized at end of year | [2] | (276.2) | (293.8) | ||||||
Unrecognized prior service cost | [3] | (19) | (23.1) | ||||||
Unrecognized actuarial loss | [3] | 75.3 | 84.2 | ||||||
Defined Benefit Plan Amounts Recognized In Other Comprehensive Income Or Regulatory Asset Or Liability | [3] | $ 56.3 | $ 61.1 | ||||||
[1] | The change in benefit obligation for Pension Benefits represents the change in Projected Benefit Obligation while the change in benefit obligation for Other Postretirement Benefits represents the change in accumulated postretirement benefit obligation. | ||||||||
[2] | recognize our Consolidated Balance Sheets underfunded and overfunded status of our various defined benefit postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation. | ||||||||
[3] | determined that for certain rate-regulated subsidiaries the future recovery of pension and other postretirement benefits costs is probable. These rate-regulated subsidiaries recorded regulatory assets and liabilities of $798.3 million and $0.1 million, respectively, as of December 31, 2018, and $733.5 million and $0.1 million, respectively, as of December 31, 2017 that would otherwise have been recorded to accumulated other comprehensive loss. |
Pension and Other Postretire_11
Pension and Other Postretirement Benefits (Schedule of Benefit Obligations in Excess of Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 2,084.1 | $ 2,422.5 | |||
Pension Plan | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Accumulated Benefit Obligation | 1,965.6 | 2,170.4 | |||
Defined Benefit Plan, Benefit Obligation | 1,981.3 | 2,192.6 | [1] | $ 2,165.8 | [1] |
Defined Benefit Plan, Plan Assets, Amount | 1,867.7 | 2,160 | $ 1,750.9 | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (113.6) | $ (32.6) | |||
[1] | The change in benefit obligation for Pension Benefits represents the change in Projected Benefit Obligation while the change in benefit obligation for Other Postretirement Benefits represents the change in accumulated postretirement benefit obligation. |
Pension and Other Postretire_12
Pension and Other Postretirement Benefits (Schedule Of Significant Actuarial Assumptions In Determining Funded Status Plan) (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 4.26% | 3.58% |
Rate of Compensation Increases | 4.00% | 4.00% |
Trend for Next Year | 0.00% | 0.00% |
Ultimate Trend | 0.00% | 0.00% |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 4.31% | 3.67% |
Rate of Compensation Increases | 0.00% | 0.00% |
Trend for Next Year | 8.48% | 8.52% |
Ultimate Trend | 4.50% | 4.50% |
Year Ultimate Trend Reached | 2,026 | 2,025 |
Pension and Other Postretire_13
Pension and Other Postretirement Benefits (Schedule Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on service and interest components of net periodic cost, 1% point increase | $ 1.3 |
Effect on service and interest components of net periodic cost, 1% point decrease | (1.1) |
Effect on accumulated postretirement benefit obligation, 1% point increase | 25 |
Effect on accumulated postretirement benefit obligation, 1% point decrease | $ (22) |
Pension and Other Postretire_14
Pension and Other Postretirement Benefits (Schedule Of Expected Payments To Participants In Pension Plan) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 177.4 |
2,018 | 176 |
2,019 | 176.5 |
2,020 | 174.4 |
2,021 | 166.5 |
2022-2026 | 748.7 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 34.3 |
2,018 | 35 |
2,019 | 35.7 |
2,020 | 36 |
2,021 | 35.8 |
2022-2026 | 171.8 |
Postretirement Health Coverage [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 0.5 |
2,018 | 0.5 |
2,019 | 0.5 |
2,020 | 0.4 |
2,021 | 0.4 |
2022-2026 | $ 1.7 |
Pension and Other Postretire_15
Pension and Other Postretirement Benefits (Components Of The Plans' Net Periodic Benefits Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service Cost | $ 31.3 | $ 30 | $ 31.3 | $ 30 | $ 30.7 |
Interest cost | 67.1 | 68.3 | 67.1 | 68.3 | 89.7 |
Expected return on assets | (142.3) | (123.1) | (132.9) | ||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (0.4) | (0.7) | (0.4) | (0.7) | (0.2) |
Recognized actuarial loss | 40.6 | 52.9 | 40.6 | 52.9 | 61.2 |
Settlement loss | 18.5 | 13.7 | 18.5 | 13.7 | 0 |
Total Net Periodic Benefits Cost | 14.8 | 41.1 | 48.5 | ||
Other Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service Cost | 5 | 4.8 | 5 | 4.8 | 5 |
Interest cost | 17.6 | 17.8 | 17.6 | 17.8 | 22 |
Expected return on assets | (14.9) | (15.9) | (17.2) | ||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (4) | (4.4) | (4) | (4.4) | (4.9) |
Recognized actuarial loss | 3.8 | 3 | 3.8 | 3 | 3.1 |
Settlement loss | $ 0 | $ 0 | 0 | 0 | 0 |
Total Net Periodic Benefits Cost | $ 7.5 | $ 5.3 | $ 8 |
Pension and Other Postretire_16
Pension and Other Postretirement Benefits (Schedule Of Key Assumptions That Were Used To Calculate The Net Periodic Benefits Cost) (Details) | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Expected Long-Term Rate of Return on Plan Assets | 7.00% | |||||
Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount Rate | 3.79% | [1] | 4.40% | 4.24% | [1] | |
Defined Benefit Plan Assumptions Used In Calculating Net Periodic Cost Discount Rate for Interest Cost | 3.15% | [1] | 3.31% | 4.24% | [1] | |
Expected Long-Term Rate of Return on Plan Assets | 7.00% | 7.25% | 8.00% | |||
Rate of Compensation Increases | 4.00% | 4.00% | 4.00% | |||
Other Postretirement Benefits | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount Rate | [1] | 3.89% | 4.58% | 4.33% | ||
Defined Benefit Plan Assumptions Used In Calculating Net Periodic Cost Discount Rate for Interest Cost | [1] | 3.27% | 3.48% | 4.33% | ||
Expected Long-Term Rate of Return on Plan Assets | 5.80% | 6.99% | 7.85% | |||
Rate of Compensation Increases | 0.00% | 0.00% | 0.00% | |||
[1] | In January 2017, we changed the method used to estimate the service and interest components of net periodic benefit cost for pension and other postretirement benefits. This change, compared to the previous method, resulted in a decrease in the actuarially-determined service and interest cost components. Historically, we estimated service and interest cost utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. For fiscal 2017 and beyond, we now utilize a full yield curve approach to estimate these components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. |
Pension and Other Postretire_17
Pension and Other Postretirement Benefits (Schedule Of Changes In Plan Assets And Projected Benefit Obligations Recognized In Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plan | |||||
Net prior service cost/(credit) | $ 0.2 | $ 0.9 | |||
Net actuarial (gain)/loss | 127.5 | (76.1) | |||
Settlements | $ (18.5) | $ (13.7) | (18.5) | (13.7) | $ 0 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0.4 | 0.7 | 0.4 | 0.7 | 0.2 |
Less: amortization of net actuarial (gain) loss | (40.6) | (52.9) | (40.6) | (52.9) | (61.2) |
Total Recognized in Other Comprehensive Income or Regulatory Asset or Liability | 69 | (141.1) | |||
Amount Recognized in Net Periodic Benefits Cost and Other Comprehensive Income or Regulatory Asset or Liability | 83.8 | (100) | |||
Other Postretirement Benefits | |||||
Net prior service cost/(credit) | 0.1 | 1.6 | |||
Net actuarial (gain)/loss | (5) | 18.9 | |||
Settlements | 0 | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 4 | 4.4 | 4 | 4.4 | 4.9 |
Less: amortization of net actuarial (gain) loss | $ (3.8) | $ (3) | (3.8) | (3) | $ (3.1) |
Total Recognized in Other Comprehensive Income or Regulatory Asset or Liability | (4.7) | 21.9 | |||
Amount Recognized in Net Periodic Benefits Cost and Other Comprehensive Income or Regulatory Asset or Liability | $ 2.8 | $ 27.2 |
Equity (Details)
Equity (Details) - USD ($) | Feb. 20, 2019 | Dec. 10, 2018 | Nov. 06, 2018 | Jun. 11, 2018 | May 04, 2018 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 15, 2023 | Dec. 27, 2018 | Dec. 05, 2018 | Nov. 01, 2018 | Dec. 31, 2015 |
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 880,000,000 | $ 0 | $ 0 | |||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||
Common stock, shares authorized | 400,000,000 | 400,000,000 | 400,000,000 | |||||||||||
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 | ||||||||||||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||
Common Stock Aggregate Sale Price | $ 500,000,000 | |||||||||||||
Shares, Issued | 372,363,000 | 372,363,000 | 337,016,000 | 323,160,000 | 319,110,000 | |||||||||
Dividends, Common Stock, Cash | $ 273,500,000 | $ 229,400,000 | $ 205,700,000 | |||||||||||
Dividends Payable, Date to be Paid | Feb. 20, 2019 | |||||||||||||
Dividends Payable, Date of Record | Feb. 11, 2019 | |||||||||||||
Common Stock, Shares, Outstanding | 372,363,656 | 372,363,656 | 337,015,806 | |||||||||||
Preferred Stock, Shares Outstanding | 420,000 | 420,000 | ||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.780 | $ 0.700 | $ 0.64 | |||||||||||
Series A Preferred Stock | ||||||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 5.65% | |||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | |||||||||||||
Preferred Stock, Shares Issued | 400,000 | |||||||||||||
Preferred Stock, Dividend Rate, Initial Margin | 2.843% | |||||||||||||
Preferred Stock, Dividend Rate, Initial Margin Plus 1.000% | 1.00% | |||||||||||||
Series B Preferred Stock | ||||||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 3.632% | |||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | 25,000 | $ 0.01 | |||||||||||
Depositary Stock Liquidation Preference | $ 25 | $ 25 | ||||||||||||
Preferred Stock, Shares Issued | 20,000 | |||||||||||||
Preferred Stock, Dividend Rate, Initial Margin | 6.50% | |||||||||||||
Preferred Stock, Dividend Rate, Initial Margin Plus 1.000% | 1.00% | |||||||||||||
Preferred Stock Depositary Shares Issued | 20,000,000 | |||||||||||||
Preferred Stock, Liquidation Preference, Value | $ 500,000,000 | $ 500,000,000 | ||||||||||||
Gross Proceeds | Series A Preferred Stock | ||||||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||||||
Proceeds from Issuance of Private Placement | $ 400,000,000 | |||||||||||||
Gross Proceeds | Series B Preferred Stock | ||||||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 500,000,000 | |||||||||||||
Net Proceeds | Series A Preferred Stock | ||||||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||||||
Proceeds from Issuance of Private Placement | $ 393,900,000 | |||||||||||||
Net Proceeds | Series B Preferred Stock | ||||||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 486,100,000 | |||||||||||||
Common Stock | ||||||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||||||
Sale of Stock, Price Per Share | $ 24.28 | |||||||||||||
Common stock, par value | $ 0.01 | |||||||||||||
Shares, Issued | 24,964,163 | 376,326,000 | 376,326,000 | 340,813,000 | 326,664,000 | 322,181,000 | ||||||||
Dividends, Common Stock, Cash | $ 0 | $ 0 | $ 0 | |||||||||||
Common Stock | Gross Proceeds | ||||||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||||||
Proceeds from Issuance of Private Placement | $ 606,000,000 | |||||||||||||
Common Stock | Net Proceeds | ||||||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||||||
Proceeds from Issuance of Private Placement | $ 599,600,000 | |||||||||||||
At The Market Program | ||||||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||||||
Forward Contract Indexed to Issuer's Equity, Shares | 4,708,098 | |||||||||||||
Common Stock Aggregate Sale Price | $ 500,000,000 | 500,000,000 | ||||||||||||
ATM Program Equity Remaining Available for Issuance | $ 309,400,000 | |||||||||||||
Derivative, Forward Price | $ 26.55 | $ 26.51 | ||||||||||||
Option Indexed to Issuer's Equity, Settlement Alternatives, Cash, at Fair Value | $ 124,800,000 | $ 124,800,000 | ||||||||||||
Forward Agreement | ||||||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||||||
Forward Contract Indexed to Issuer's Equity, Settlement Alternatives, Cash, at Fair Value | $ 167,700,000 | |||||||||||||
Derivative, Forward Price | $ 26.43 | |||||||||||||
Subsequent Event | ||||||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||||||
Dividends, Common Stock, Cash | $ 0.20 | |||||||||||||
Subsequent Event | Series A Preferred Stock | ||||||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 |
Equity (Schedule of Stock Offer
Equity (Schedule of Stock Offering Program) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
At The Market Stock Offering [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | [1] | 24,964,000 | ||
Proceeds, net of fees (in millions) | $ 848.2 | $ 336.7 | $ 23.1 | |
At The Market Program | ||||
At The Market Stock Offering [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 8,883,014 | 11,931,376 | 0 | |
Common Stock Issued Average Price Per Share | $ 26.85 | $ 26.58 | $ 0 | |
Proceeds, net of fees (in millions) | $ 232.5 | $ 314.7 | $ 0 | |
[1] | See Note 12, "Equity," for additional information. |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 12, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock available for awards, shares | 8,000,000 | |||
Common stock reserved for future awards, shares | 3,793,557 | |||
Stock-based employee compensation expense | $ 15.2 | $ 15.3 | $ 15.1 | |
Related tax benefits | 3.7 | 5.9 | 5.8 | |
Excess Tax Benefit from Share-based Compensation, Operating Activities | 1 | 4.4 | 7.2 | |
Unrecognized compensation cost related to nonvested awards | $ 16.6 | |||
Weighted-average remaining requisite service period, years | 1 year 8 months | |||
401(k) match, profit sharing and non-elective expense | $ 37.6 | $ 37.6 | $ 32.3 | |
RTSR Modifier | 25.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 158,689 | |||
Shares vesting period, (years) | 3 years | |||
Shares nonvested | 178,678 | 698,126 | ||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 514,338 | 660,750 | 647,305 | |
Fair value of shares granted | $ 12.9 | $ 12.6 | ||
Shares nonvested | 1,634,718 | 1,184,773 | ||
Performance Shares | NOEPS [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of shares granted | $ 9.2 | |||
Performance Shares | CVI [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of shares granted | $ 2.4 | |||
Omnibus Plan | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units issued | 142,414 | |||
Director Plan | Non-Employee Director Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares nonvested | 53,422 | |||
2018 Performance Awards | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 158,689 | |||
Fair value of shares granted | $ 3.5 | |||
Shares nonvested | 154,799 | |||
2018 Performance Awards | Performance Shares | NOEPS [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares nonvested | 405,255 | |||
2018 Performance Awards | Performance Shares | CVI [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares nonvested | 93,522 | |||
2017 Performance Awards | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares nonvested | 579,292 | |||
2016 Performance Awards | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares nonvested | 556,649 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Transactions Of Restricted Stock Unit) (Details) - Restricted Stock Units (RSUs) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested, Other Than Options | 698,126 |
Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 15.09 |
Granted, Other Than Options | 158,689 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 21.94 |
Forfeited, Other Than Options | (6,890) |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | $ 21.42 |
Vested, Other Than Options | (671,247) |
Vested, Weighted Average Grant Date Fair Value | $ / shares | $ 14.91 |
Nonvested, Other Than Options | 178,678 |
Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 21.82 |
2018 Performance Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Other Than Options | 158,689 |
Nonvested, Other Than Options | 154,799 |
Share-Based Compensation (Sch_2
Share-Based Compensation (Schedule Of Transactions Of Contingent Awards) (Details) - Performance Shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested, Other Than Options | 1,184,773 | ||
Nonvested, Weighted Average Grant Date Fair Value | $ 19.52 | ||
Granted, Other Than Options | 514,338 | 660,750 | 647,305 |
Granted, Weighted Average Grant Date Fair Value | $ 22.51 | ||
Forfeited, Other Than Options | (64,393) | ||
Forfeited, Weighted Average Grant Date Fair Value | $ 26.79 | ||
Vested, Other Than Options | 0 | ||
Vested, Weighted Average Grant Date Fair Value | $ 0 | ||
Nonvested, Other Than Options | 1,634,718 | 1,184,773 | |
Nonvested, Weighted Average Grant Date Fair Value | $ 20.45 | $ 19.52 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | Jul. 16, 2018 | Sep. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 11, 2018 | Mar. 15, 2018 | Nov. 17, 2017 | Sep. 15, 2017 | Sep. 14, 2017 | Aug. 04, 2017 | Jul. 01, 2017 | Jun. 12, 2017 | May 22, 2017 | Apr. 03, 2017 | Mar. 27, 2017 |
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 61.4 | |||||||||||||||||
Face amount of notes | $ 500 | |||||||||||||||||
Debt Instrument Tendered | $ 209 | $ 990.7 | ||||||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 45.5 | 111.5 | $ 0 | |||||||||||||||
Loss on early extinguishment of long-term debt | $ 33 | $ 111.5 | $ 12.5 | (45.5) | $ (111.5) | $ 0 | ||||||||||||
Cross default provision on default relating to any indebtedness | 50 | |||||||||||||||||
Security interest and other subset of asset | $ 150 | |||||||||||||||||
Asset sale covenant percentage of consolidated total assets | 10.00% | |||||||||||||||||
Percentage of additional subset of assets capped | 10.00% | |||||||||||||||||
Senior Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Face amount of notes | $ 2,000 | |||||||||||||||||
Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Cross default provision on default relating to any indebtedness | 50 | |||||||||||||||||
Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Cross default provision on default relating to any indebtedness | 5 | |||||||||||||||||
Interest Rate Swap | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | $ 500 | $ 950 | ||||||||||||||||
Treasury Lock | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | 250 | $ 750 | ||||||||||||||||
Senior Note Redeemed 2018 Note 2 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Loss on early extinguishment of long-term debt | $ 33 | |||||||||||||||||
3.65% Notes Due 2023 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate on debt | 3.65% | |||||||||||||||||
3.65% Notes Due 2023 | Senior Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Face amount of notes | $ 350 | |||||||||||||||||
Proceeds from Issuance of Debt | $ 346.6 | |||||||||||||||||
6.80% Notes Due 2019 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Repurchased Face Amount | 551.1 | |||||||||||||||||
Interest rate on debt | 6.80% | |||||||||||||||||
Medium Term Note Redeemed 2017 Note 9 | Medium-term Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 210.4 | |||||||||||||||||
Medium Term Note Redeemed 2017 Note 9 | NIPSCO | Medium-term Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 5 | |||||||||||||||||
Debt, Weighted Average Interest Rate | 5.25% | 7.02% | ||||||||||||||||
3.95% Notes Due 2048 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate on debt | 3.95% | |||||||||||||||||
3.95% Notes Due 2048 | Senior Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Face amount of notes | $ 750 | |||||||||||||||||
Medium Term Note Redeemed 2017 Note 7 | NIPSCO | Medium-term Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 22.5 | |||||||||||||||||
Debt, Weighted Average Interest Rate | 7.59% | |||||||||||||||||
5.45% Notes due 2020 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate on debt | 5.45% | |||||||||||||||||
6.40% Notes Due 2018 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 275.1 | |||||||||||||||||
Interest rate on debt | 6.40% | 6.40% | ||||||||||||||||
4.375% Notes due 2047 | Senior Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Face amount of notes | $ 1,000 | |||||||||||||||||
Interest rate on debt | 4.375% | |||||||||||||||||
Senior Notes Redeemed 2018 Note 1 | Medium-term Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 30 | |||||||||||||||||
Interest rate on debt | 7.86% | |||||||||||||||||
Medium Term Note Redeemed 2017 Note 2 | Medium-term Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 2 | |||||||||||||||||
Interest rate on debt | 7.85% | |||||||||||||||||
Medium Term Note Redeemed 2017 Note 3 | Medium-term Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 12 | |||||||||||||||||
Interest rate on debt | 7.82% | |||||||||||||||||
Medium Term Note Redeemed 2017 Note 4 | Medium-term Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 10 | |||||||||||||||||
Interest rate on debt | 7.92% | |||||||||||||||||
Medium Term Note Redeemed 2017 Note 5 | Medium-term Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 2 | |||||||||||||||||
Interest rate on debt | 7.93% | |||||||||||||||||
Medium Term Note Redeemed 2017 Note 6 | Medium-term Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 1 | |||||||||||||||||
Interest rate on debt | 7.94% | |||||||||||||||||
6.13% Notes Due 2022 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate on debt | 6.125% | |||||||||||||||||
Medium Term Note Redeemed 2017 Note 8 | NIPSCO | Medium-term Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 55 | |||||||||||||||||
Debt, Weighted Average Interest Rate | 5.70% | |||||||||||||||||
3.49% Notes due 2027 | Senior Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Face amount of notes | $ 1,000 | |||||||||||||||||
Interest rate on debt | 3.49% | |||||||||||||||||
2.65% Notes Due 2022 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Face amount of notes | $ 500 | |||||||||||||||||
Interest rate on debt | 2.65% | |||||||||||||||||
Revolving Credit Facility | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 70 | |||||||||||||||||
Private Placement [Member] | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 75 |
Long-Term Debt (Schedule of Con
Long-Term Debt (Schedule of Consolidated Long-Term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Senior Notes | $ 6,831.6 | $ 7,516.9 |
Medium-Term Notes | 157 | 157 |
Capital Lease Obligations | 194.3 | 153.1 |
Long-term Debt, Excluding Current Maturities | 7,155.4 | 7,796.5 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (68.5) | (71.5) |
4.375% Notes due 2047 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Dec. 31, 2027 | |
3.68% Notes Due 2019 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Oct. 31, 2022 | |
NiSource Finance | 6.40% Notes Due 2018 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 275.1 | |
NiSource Finance | 6.80% Notes Due 2019 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 255.1 | |
NiSource Finance | 5.45% Notes due 2020 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 325.1 | |
NiSource Finance | 4.45% Notes Due 2021 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 63.6 | |
NiSource Finance | 6.13% Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 180 | |
NiSource Finance | 2.65% Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 500 | |
NiSource Finance | 3.85% Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 250 | |
NiSource Finance | 3.65% Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 0 | |
NiSource Finance | 5.89% Notes Due 2025 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 265 | |
NiSource Finance | 3.49% Notes due 2027 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 1,000 | |
NiSource Finance | 6.25% Notes Due 2040 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 250 | |
NiSource Finance | 5.95% Notes Due 2041 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 400 | |
NiSource Finance | 5.80% Notes Due 2042 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 250 | |
NiSource Finance | 5.25% Notes Due 2043 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 500 | |
NiSource Finance | 4.80% Notes due 2044 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 750 | |
NiSource Finance | 5.65% Notes Due 2045 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 500 | |
Nisource Capital Markets Inc | 6.78% Notes Due 2027 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 3 | |
Nisource Capital Markets Inc | 4.375% Notes due 2047 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 1,000 | |
Nisource Capital Markets Inc | 3.95% Notes Due 2048 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 750 | |
NiSource | 6.40% Notes Due 2018 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Mar. 31, 2018 | |
Debt, Weighted Average Interest Rate | 6.40% | |
Senior Notes | $ 0 | |
NiSource | 6.80% Notes Due 2019 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 31, 2019 | |
Debt, Weighted Average Interest Rate | 6.80% | |
Senior Notes | $ 0 | |
NiSource | 5.45% Notes due 2020 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Sep. 30, 2020 | |
Debt, Weighted Average Interest Rate | 5.45% | |
Senior Notes | $ 0 | |
NiSource | 4.45% Notes Due 2021 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Dec. 31, 2021 | |
Debt, Weighted Average Interest Rate | 4.45% | |
Senior Notes | $ 63.6 | |
NiSource | 6.13% Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Mar. 31, 2022 | |
Debt, Weighted Average Interest Rate | 6.13% | |
Senior Notes | $ 0 | |
NiSource | 2.65% Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Nov. 30, 2022 | |
Debt, Weighted Average Interest Rate | 2.65% | |
Senior Notes | $ 500 | |
NiSource | 3.85% Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Feb. 28, 2023 | |
Debt, Weighted Average Interest Rate | 3.85% | |
Senior Notes | $ 250 | |
NiSource | 3.65% Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 3.65% | |
Senior Notes | $ 350 | |
NiSource | 5.89% Notes Due 2025 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Nov. 30, 2025 | |
Debt, Weighted Average Interest Rate | 5.89% | |
Senior Notes | $ 265 | |
NiSource | 3.49% Notes due 2027 | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 3.49% | |
Senior Notes | $ 1,000 | |
NiSource | 6.78% Notes Due 2027 | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 6.78% | |
Senior Notes | $ 3 | |
NiSource | 6.25% Notes Due 2040 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Dec. 31, 2040 | |
Debt, Weighted Average Interest Rate | 6.25% | |
Senior Notes | $ 250 | |
NiSource | 5.95% Notes Due 2041 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jun. 30, 2041 | |
Debt, Weighted Average Interest Rate | 5.95% | |
Senior Notes | $ 400 | |
NiSource | 5.80% Notes Due 2042 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Feb. 28, 2042 | |
Debt, Weighted Average Interest Rate | 5.80% | |
Senior Notes | $ 250 | |
NiSource | 5.25% Notes Due 2043 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Feb. 28, 2043 | |
Debt, Weighted Average Interest Rate | 5.25% | |
Senior Notes | $ 500 | |
NiSource | 4.80% Notes due 2044 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Feb. 29, 2044 | |
Debt, Weighted Average Interest Rate | 4.80% | |
Senior Notes | $ 750 | |
NiSource | 5.65% Notes Due 2045 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Feb. 28, 2045 | |
Debt, Weighted Average Interest Rate | 5.65% | |
Senior Notes | $ 500 | |
NiSource | 4.375% Notes due 2047 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | May 31, 2047 | |
Debt, Weighted Average Interest Rate | 4.38% | |
Senior Notes | $ 1,000 | |
NiSource | 3.95% Notes Due 2048 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Mar. 31, 2048 | |
Debt, Weighted Average Interest Rate | 3.95% | |
Senior Notes | $ 750 | |
NiSource | 7.99% Notes Due 2027 | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 7.99% | |
Medium-Term Notes | $ 49 | 49 |
NiSource | 7.99% Notes Due 2027 | Maximum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | May 31, 2027 | |
NiSource | 7.99% Notes Due 2027 | Minimum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Apr. 30, 2022 | |
NiSource | 3.95% Notes Due 2018 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | May 31, 2018 | |
Columbia Of Massachusetts | 6.30% Notes Due 2028 | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 6.30% | |
Medium-Term Notes | $ 40 | 40 |
Columbia Of Massachusetts | 6.30% Notes Due 2028 | Maximum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Dec. 31, 2025 | |
Columbia Of Massachusetts | 6.30% Notes Due 2028 | Minimum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Feb. 28, 2028 | |
Columbia Of Massachusetts | 5.48% notes Due 2043 | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 5.48% | |
Capital Lease Obligations | $ 45.7 | 22.8 |
Columbia Of Massachusetts | 5.48% notes Due 2043 | Maximum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Nov. 30, 2043 | |
Columbia Of Massachusetts | 5.48% notes Due 2043 | Minimum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Dec. 31, 2033 | |
NIPSCO | 7.61% Notes Due 2027 | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 7.61% | |
Medium-Term Notes | $ 68 | 68 |
NIPSCO | 7.61% Notes Due 2027 | Maximum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Aug. 31, 2027 | |
NIPSCO | 7.61% Notes Due 2027 | Minimum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Aug. 31, 2022 | |
NIPSCO | 3.95% Notes Due 2018 | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 3.95% | |
Capital Lease Obligations | $ 0 | 3.8 |
NIPSCO | 5.85% Notes Due 2019 | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 5.85% | |
Long-term Pollution Control Bond | $ 41 | 41 |
NIPSCO | 5.85% Notes Due 2019 | Maximum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Apr. 30, 2019 | |
NIPSCO | 5.85% Notes Due 2019 | Minimum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jul. 31, 2017 | |
Columbia Of Ohio | 6.33% Notes Due 2038 | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 6.33% | |
Capital Lease Obligations | $ 91.5 | 88.5 |
Columbia Of Ohio | 6.33% Notes Due 2038 | Maximum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jun. 30, 2038 | |
Columbia Of Ohio | 6.33% Notes Due 2038 | Minimum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Oct. 31, 2021 | |
NiSource Corporate Services | 3.68% Notes Due 2019 | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 3.68% | |
Capital Lease Obligations | $ 11.6 | 1.4 |
Columbia Of Virginia | 7.12% Notes Due 2037 | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 7.12% | |
Capital Lease Obligations | $ 15.2 | 5.2 |
Columbia Of Virginia | 7.12% Notes Due 2037 | Maximum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Dec. 31, 2037 | |
Columbia Of Virginia | 7.12% Notes Due 2037 | Minimum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jul. 31, 2029 | |
Columbia Of Kentucky | 3.79% Notes Due 2027 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | May 31, 2027 | |
Debt, Weighted Average Interest Rate | 3.79% | |
Capital Lease Obligations | $ 0.3 | 0.4 |
Columbia Of Pennsylvania | 5.42% Notes Due 2036 | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 5.42% | |
Capital Lease Obligations | $ 30 | $ 31 |
Columbia Of Pennsylvania | 5.42% Notes Due 2036 | Maximum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jun. 30, 2036 | |
Columbia Of Pennsylvania | 5.42% Notes Due 2036 | Minimum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Aug. 31, 2027 |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) - USD ($) $ in Millions | May 31, 2018 | Apr. 18, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Short-term Debt [Line Items] | ||||
Commercial paper outstanding | $ 978 | $ 869 | ||
Line of Credit Facility, Amount Outstanding | 0 | |||
Accounts receivable securitization facility borrowings | 399.2 | 336.7 | ||
Term Loan | 600 | 0 | ||
Commercial Paper | ||||
Short-term Debt [Line Items] | ||||
Revolving credit facility, maximum | 1,500 | |||
Revolving Credit Facility | ||||
Short-term Debt [Line Items] | ||||
Revolving credit facility, maximum | 1,850 | |||
Standby Letters of Credit | ||||
Short-term Debt [Line Items] | ||||
Line of Credit Facility, Amount Outstanding | $ 10.2 | $ 11.1 | ||
Term Loan | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.55% | 0.50% | ||
Maximum | Term Loan | ||||
Short-term Debt [Line Items] | ||||
Term Loan | $ 600 | |||
Debt Outstanding | Term Loan | ||||
Short-term Debt [Line Items] | ||||
Term Loan | $ 450 | $ 150 |
Short-Term Borrowings (Schedule
Short-Term Borrowings (Schedule Of Short-Term Borrowings) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Short-term Debt [Line Items] | ||
Commercial Paper weighted average interest rate of 2.96% and 1.97% at December 31, 2018 and 2017, respectively. | $ 978 | $ 869 |
Accounts receivable securitization facility borrowings | 399.2 | 336.7 |
Term loan weighted-average interest rate of 3.07% at December 31, 2018 | 600 | 0 |
Total short-term borrowings | $ 1,977.2 | $ 1,205.7 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Commercial Paper/credit facilities borrowings, weighted average interest rate | 2.96% | 1.97% |
Term Loan | ||
Short-term Debt [Line Items] | ||
Commercial Paper/credit facilities borrowings, weighted average interest rate | 3.07% | 0.00% |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Fair Value Disclosure [Line Items] | |
Transfers between Fair Value Hierarchies | 0 |
Fair Value, Assets and Liabilities Measured on a Non-Recurring Basis | 0 |
U.S. Treasury debt securities | |
Fair Value Disclosure [Line Items] | |
Available-for-sale securities, maturities of less than a year | $ 2.9 |
Corporate/Other debt securities | |
Fair Value Disclosure [Line Items] | |
Available-for-sale securities, maturities of less than a year | $ 2.7 |
Fair Value (Fair Value Of Finan
Fair Value (Fair Value Of Financial Assets And Liabilities Measured On A Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Risk management assets | $ 24 | $ 21.1 |
Available-for-sale securities | 138.3 | 133.9 |
Total | 162.3 | 155 |
Risk management liabilities | 51.7 | 71.7 |
Total | 51.7 | 71.7 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Risk management assets | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Total | 0 | 0 |
Risk management liabilities | 0 | 0 |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Risk management assets | 24 | 21.1 |
Available-for-sale securities | 138.3 | 133.9 |
Total | 162.3 | 155 |
Risk management liabilities | 51.7 | 71.4 |
Total | 51.7 | 71.4 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Risk management assets | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Total | 0 | 0 |
Risk management liabilities | 0 | 0.3 |
Total | $ 0 | $ 0.3 |
Fair Value (Available-For-Sale
Fair Value (Available-For-Sale Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Disclosure [Line Items] | ||
Amortized Cost | $ 141.3 | $ 133.7 |
Gross Unrealized Gains | 0.5 | 0.9 |
Gross Unrealized Losses | 3.5 | 0.7 |
Fair Value | 138.3 | 133.9 |
U.S. Treasury debt securities | ||
Fair Value Disclosure [Line Items] | ||
Amortized Cost | 23.6 | 26.9 |
Gross Unrealized Gains | 0.1 | 0 |
Gross Unrealized Losses | 0.1 | 0.1 |
Fair Value | 23.6 | 26.8 |
Corporate/Other debt securities | ||
Fair Value Disclosure [Line Items] | ||
Amortized Cost | 117.7 | 106.8 |
Gross Unrealized Gains | 0.4 | 0.9 |
Gross Unrealized Losses | 3.4 | 0.6 |
Fair Value | $ 114.7 | $ 107.1 |
Fair Value (Carrying Amount And
Fair Value (Carrying Amount And Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Long-term debt (including current portion), Carrying Amount | $ 7,155.4 | $ 7,796.5 |
Long-term debt (including current portion), Estimated Fair Value | $ 7,228.3 | $ 8,603.4 |
Transfers Of Financial Assets_2
Transfers Of Financial Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Cash from financing activities | $ 62.5 | $ 26.7 | |
Securitization transaction fees | 2.6 | $ 2.5 | $ 2.3 |
Accounts Receivable Program | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Seasonal Limit | $ 455 |
Transfers Of Financial Assets_3
Transfers Of Financial Assets (Schedule Of Gross And Net Receivables Transferred As Well As Short-Term Borrowings Related To The Securitization Transactions) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Transfers and Servicing [Abstract] | ||
Gross Receivables interest | $ 694.4 | $ 635.3 |
Less: Receivables not transferred | 295.2 | 298.6 |
Net receivables transferred | 399.2 | 336.7 |
Accounts receivable securitization agreements outstanding | $ 399.2 | $ 336.7 |
Other Commitments And Conting_3
Other Commitments And Contingencies (Narrative) (Details) $ in Thousands | Nov. 30, 2018USD ($) | Jul. 31, 2008MW | Sep. 30, 2018 | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | May 31, 2018USD ($) | Feb. 01, 2018USD ($) |
Other Commitments And Contingencies [Line Items] | ||||||||
Payments made in connection with operating leases | $ 49,100 | $ 49,500 | $ 52,000 | |||||
Capital lease payments | 213,900 | 171,200 | ||||||
Capital leases related accumulated depreciation | 37,100 | 32,400 | ||||||
Wind power purchase agreement capacity | MW | 100 | |||||||
Each wind power purchase agreement capacity | MW | 50 | |||||||
Capital Investment Program to Install Over-Pressurization Protection Devices | 150,000 | |||||||
Line of Credit Facility, Amount Outstanding | 0 | |||||||
Liability Insurance | 800,000 | |||||||
Property Insurance | 300,000 | |||||||
Insurance Recoveries | 135,000 | |||||||
Proceeds From Insurance Settlement | 5,000 | |||||||
Estimated Third-Party Claims | 292,000 | |||||||
Insurance Settlements Receivable | 130,000 | |||||||
Recorded reserves to cover environmental remediation at various sites | 101,200 | 111,400 | ||||||
Payments Pure Air | $ 8,300 | 22,000 | ||||||
Liability Associated with Bailly Generating Station Retirement - Pure Air Contract Termination Portion | $ 16,000 | |||||||
MGP Sites | ||||||||
Other Commitments And Contingencies [Line Items] | ||||||||
Number of waste disposal sites identified by program | 63 | |||||||
Liability for estimated remediation costs | $ 97,500 | 106,900 | ||||||
Reasonably possible remediation costs variance from reserve | 20,000 | |||||||
NIPSCO | ||||||||
Other Commitments And Contingencies [Line Items] | ||||||||
Estimated Cost of Compliance with Coal Combustion Residuals, Maximum | 193,000 | |||||||
Bailly Unit 8 Portion of Net Book Value in Net Utility Plant | $ 15,000 | |||||||
Estimated Cost of Compliance with Effluent Limitations Guidelines | $ 170,000 | |||||||
Regulatory Asset Associated with Bailly Generating Station Retirement | $ 103,000 | $ 142,000 | ||||||
Columbia Of Massachusetts | ||||||||
Other Commitments And Contingencies [Line Items] | ||||||||
Gas Meters Affected | 7,500 | |||||||
Businesses Impacted by Incident | 700 | |||||||
Consent Order Fine | $ 75 | |||||||
Pipeline Replacement Expenses | $ 167,000 | |||||||
Expenses Related to Third Party Claims, Other | 266,000 | |||||||
Miles of Affected Cast Iron and Bare Steel Pipeline System | 45 | |||||||
Loss Recorded During Period | $ 1,023,000 | |||||||
Maximum | ||||||||
Other Commitments And Contingencies [Line Items] | ||||||||
Long term purchase commitment time period | 20 years | |||||||
Maximum | Columbia Of Massachusetts | ||||||||
Other Commitments And Contingencies [Line Items] | ||||||||
Penalty Per Violation of Operational Directives During Restoration Efforts | $ 1,000 | |||||||
Civil Penalty Assessed for Violation of Federal Pipeline Safety Regulations | 209 | |||||||
Civil Penalty Assessed for Series of Violations of Federal Pipeline Safety Regulations | 2,100 | |||||||
Penalty Per Violation of Emergency Response Plan | 250 | |||||||
Penalty for Violations of Emergency Response Plan | 20,000 | |||||||
Expenses Related to Third-Party Claims | 790,000 | |||||||
Incident-Related Costs | 345,000 | |||||||
Estimated Capital Cost of the Pipeline Replacement | $ 230,000 | |||||||
Minimum | ||||||||
Other Commitments And Contingencies [Line Items] | ||||||||
Long term purchase commitment time period | 15 years | |||||||
Minimum | Columbia Of Massachusetts | ||||||||
Other Commitments And Contingencies [Line Items] | ||||||||
Expenses Related to Third-Party Claims | $ 757,000 | |||||||
Incident-Related Costs | 330,000 | |||||||
Estimated Capital Cost of the Pipeline Replacement | $ 220,000 | |||||||
Pipeline Capacity Transportation And Storage | Maximum | ||||||||
Other Commitments And Contingencies [Line Items] | ||||||||
Long Term Purchase Commitment Expiration Year | 2,045 | |||||||
Pipeline Capacity Transportation And Storage | Minimum | ||||||||
Other Commitments And Contingencies [Line Items] | ||||||||
Long Term Purchase Commitment Expiration Year | 2,019 | |||||||
Coal Transportation | Maximum | ||||||||
Other Commitments And Contingencies [Line Items] | ||||||||
Long Term Purchase Commitment Expiration Year | 2,021 | |||||||
Standby Letters of Credit | ||||||||
Other Commitments And Contingencies [Line Items] | ||||||||
Line of Credit Facility, Amount Outstanding | $ 10,200 | $ 11,100 |
Other Commitments And Conting_4
Other Commitments And Contingencies Other Commitments and Contingencies (Contractual Obligation, Fiscal Year Maturity Schedule) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Long-term Purchase Commitment [Line Items] | |||
Long-term Debt, Future Minimum Payments Due | [1] | $ 7,029.6 | |
Long-term Debt, Future Minimum Payments Due, Next Twelve Months | [1] | 41 | |
Long-term Debt, Future Minimum Payments, Due in Two Years | [1] | 0 | |
Long-term Debt, Future Minimum Payments, Due in Three Years | [1] | 63.6 | |
Long-term Debt, Future Minimum Payments, Due in Four Years | [1] | 530 | |
Long-term Debt, Future Minimum Payments, Due in Five Years | [1] | 600 | |
Long-term Debt, Future Minimum Payments, Due Thereafter | [1] | 5,795 | |
Capital Leases, Future Minimum Payments Due | [2] | 322.4 | |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | [2] | 23 | |
Capital Leases, Future Minimum Payments Due in Two Years | [2] | 22.5 | |
Capital Leases, Future Minimum Payments Due in Three Years | [2] | 22.6 | |
Capital Leases, Future Minimum Payments Due in Four Years | [2] | 22.1 | |
Capital Leases, Future Minimum Payments Due in Five Years | [2] | 19.8 | |
Capital Leases, Future Minimum Payments Due Thereafter | [2] | 212.4 | |
Interest Payments on Long-term Debt, Future Minimum Payments Due | 6,311.7 | ||
Interest Payments on Long-term Debt, Future Minimum Payments Due, Next Twelve Months | 319.8 | ||
Interest Payments on Long-term Debt, Future Minimum Payments, Due in Two Years | 318.6 | ||
Interest Payments on Long-term Debt, Future Minimum Payments, Due in Three Years | 318.6 | ||
Interest Payments on Long-term Debt, Future Minimum Payments, Due in Four Years | 315 | ||
Interest Payments on Long-term Debt, Future Minimum Payments, Due in Five Years | 289 | ||
Interest Payments on Long-term Debt, Future Minimum Payments, Due Thereafter | 4,750.7 | ||
Operating Leases, Future Minimum Payments Due | [3] | 45.9 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | [3] | 11 | |
Operating Leases, Future Minimum Payments, Due in Two Years | [3] | 7.3 | |
Operating Leases, Future Minimum Payments, Due in Three Years | [3] | 6.1 | |
Operating Leases, Future Minimum Payments, Due in Four Years | [3] | 4.2 | |
Operating Leases, Future Minimum Payments, Due in Five Years | [3] | 2.8 | |
Operating Leases, Future Minimum Payments, Due Thereafter | [3] | 14.5 | |
Energy Commodity Contracts, Future Minimum Payments Due | 154.3 | ||
Energy Commodity Contracts, Future Minimum Payments Due, Next Twelve Months | 99.2 | ||
Energy Commodity Contracts, Future Minimum Payments, Due in Two Years | 55.1 | ||
Energy Commodity Contracts, Future Minimum Payments, Due in Three Years | 0 | ||
Energy Commodity Contracts, Future Minimum Payments, Due in Four Years | 0 | ||
Energy Commodity Contracts, Future Minimum Payments, Due in Five Years | 0 | ||
Energy Commodity Contracts, Future Minimum Payments, Due Thereafter | 0 | ||
Service Obligations, Pipeline Service Obligations, Future Minimum Payments Due | 3,566.7 | ||
Service Obligations, Pipeline Service Obligations, Future Minimum Payments Due, Next Twelve Months | 592.3 | ||
Service Obligations, Pipeline Service Obligations, Future Minimum Payments, Due in Two Years | 487.7 | ||
Service Obligations, Pipeline Service Obligations, Future Minimum Payments, Due in Three Years | 450.5 | ||
Service Obligations, Pipeline Service Obligations, Future Minimum Payments, Due in Four Years | 437.5 | ||
Service Obligations, Pipeline Service Obligations, Future Minimum Payments, Due in Five Years | 260.8 | ||
Service Obligations, Pipeline Service Obligations, Future Minimum Payments, Due Thereafter | 1,337.9 | ||
Service Obligations, IBM Service Obligations, Future Minimum Payments Due | 211 | ||
Service Obligations, IBM Service Obligations, Future Minimum Payments Due, Next Twelve Months | 68.3 | ||
Service Obligations, IBM Service Obligations, Future Minimum Payments, Due in Two Years | 60 | ||
Service Obligations, IBM Service Obligations, Future Minimum Payments, Due in Three Years | 47.1 | ||
Service Obligations, IBM Service Obligations, Future Minimum Payments, Due in Four Years | 35.6 | ||
Service Obligations, IBM Service Obligations, Future Minimum Payments, Due in Five Years | 0 | ||
Service Obligations, IBM Service Obligations, Future Minimum Payments, Due Thereafter | 0 | ||
Service Obligations, Other Service Obligations, Future Minimum Payments Due | 86.7 | ||
Service Obligations, Other Service Obligations, Future Minimum Payments Due, Next Twelve Months | 33.5 | ||
Service Obligations, Other Service Obligations, Future Minimum Payments, Due in Two Years | 43.6 | ||
Service Obligations, Other Service Obligations, Future Minimum Payments, Due in Three Years | 9.6 | ||
Service Obligations, Other Service Obligations, Future Minimum Payments, Due in Four Years | 0 | ||
Service Obligations, Other Service Obligations, Future Minimum Payments, Due in Five Years | 0 | ||
Service Obligations, Other Service Obligations, Future Minimum Payments, Due Thereafter | 0 | ||
Other Liabilities, Future Minimum Payments Due | 24.2 | ||
Other Liabilities, Future Minimum Payments Due, Next Twelve Months | 24.2 | ||
Other Liabilities, Future Minimum Payments, Due in Two Years | 0 | ||
Other Liabilities, Future Minimum Payments, Due in Three Years | 0 | ||
Other Liabilities, Future Minimum Payments, Due in Four Years | 0 | ||
Other Liabilities, Future Minimum Payments, Due in Five Years | 0 | ||
Other Liabilities, Future Minimum Payments, Due Thereafter | 0 | ||
Total Future Minimum Lease Payments Due | 17,752.5 | ||
Total Future Minimum Lease Payments Due, Next Twelve Months | 1,212.3 | ||
Total Future Minimum Lease Payments, Due in Two Years | 994.8 | ||
Total Future Minimum Lease Payments, Due in Three Years | 918.1 | ||
Total Future Minimum Lease Payments, Due in Four Years | 1,344.4 | ||
Total Future Minimum Lease Payments, Due in Five Years | 1,172.4 | ||
Total Future Minimum Lease Payments, Due Thereafter | 12,110.5 | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (68.5) | $ (71.5) | |
Capital Leases, Future Minimum Payments, Interest Included in Payments | 114.6 | ||
Accrual for Environmental Loss Contingencies | 101.2 | $ 111.4 | |
Fleet Lease | |||
Long-term Purchase Commitment [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 26.7 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 22.4 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 16.6 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 12.3 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 9.3 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | $ 8.8 | ||
[1] | Long-term debt balance excludes unamortized issuance costs and discounts of $68.5 million. | ||
[2] | Capital lease payments shown above are inclusive of interest totaling $114.6 million. | ||
[3] | Operating lease balances do not include amounts for fleet leases that can be renewed beyond the initial lease term. The Company anticipates renewing the leases beyond the initial term, but the anticipated payments associated with the renewals do not meet the definition of expected minimum lease payments and therefore are not included above. Expected payments are $26.7 million in 2019, $22.4 million in 2020, $16.6 million in 2021, $12.3 million in 2022, $9.3 million in 2023 and $8.8 million thereafter. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Components Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | [1] | $ 48.4 | $ (21.7) | $ 7.6 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | (32.7) | 3.4 | 2.4 | |
Net current-period other comprehensive income (loss) | [1] | 15.7 | (18.3) | 10 | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | [1] | (9.5) | |||
Accumulated other comprehensive loss | [1] | (37.2) | (43.4) | (25.1) | $ (35.1) |
Gains and Losses on Securities | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | [1] | (3) | 0.6 | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 0.4 | 0.2 | (0.1) | |
Net current-period other comprehensive income (loss) | [1] | (2.6) | 0.8 | (0.1) | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | [1] | 0 | |||
Accumulated other comprehensive loss | [1] | (2.4) | 0.2 | (0.6) | (0.5) |
Gains and Losses on Cash Flow Hedges | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | [1] | 55.8 | (24.2) | 7.1 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | (33.1) | 1.7 | 1.5 | |
Net current-period other comprehensive income (loss) | [1] | 22.7 | (22.5) | 8.6 | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | [1] | (6.3) | |||
Accumulated other comprehensive loss | [1] | (13) | (29.4) | (6.9) | (15.5) |
Pension and OPEB Items | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | [1] | (4.4) | 1.9 | 0.5 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 0 | 1.5 | 1 | |
Net current-period other comprehensive income (loss) | [1] | (4.4) | 3.4 | 1.5 | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | [1] | (3.2) | |||
Accumulated other comprehensive loss | [1] | $ (21.8) | $ (14.2) | $ (17.6) | $ (19.1) |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Other, Net (Schedule Of Other N
Other, Net (Schedule Of Other Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Other Nonoperating Income (Expense) [Abstract] | ||||||||
Interest income | $ 6.6 | $ 4.6 | $ 3.4 | |||||
AFUDC Equity | 14.2 | 12.6 | 11.6 | |||||
Charitable Contributions | $ 20.7 | (45.3) | [1] | (19.9) | [1] | (4.5) | [1] | |
Pension and Other Postretirement Non Service Cost | [2] | 18 | (10.6) | (7.9) | ||||
Interest rate swap settlement gain | [3] | 0 | 0 | |||||
Miscellaneous | 3.8 | (0.2) | (5.6) | |||||
Total Other, net | $ 43.5 | $ (13.5) | $ (3) | |||||
[1] | Includes $20.7 million related to the Greater Lawrence Incident. See Note 18, "Other Commitments and Contingencies" for additional information. | |||||||
[2] | See Note 11, "Pension and Other Postretirement Benefits" for additional information. | |||||||
[3] | See Note 9, "Risk Management Activities" for additional information. |
Interest Expense, Net (Details)
Interest Expense, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Expense [Abstract] | |||
Interest on long-term debt | $ 342.2 | $ 354.8 | $ 352.3 |
Interest on short-term borrowings | 31.8 | 14.9 | 9.2 |
Debt discount/cost amortization | 7.7 | 7.2 | 7.6 |
Accounts receivable securitization fees | 2.6 | 2.5 | 2.3 |
Allowance for borrowed funds used and interest capitalized during construction | (9.1) | (6.2) | (5.6) |
Debt-based post-in-service carrying charges | (35) | (36.4) | (35.1) |
Other | 13.1 | 16.4 | 18.8 |
Total Interest Expense, net | $ 353.3 | $ 353.2 | $ 349.5 |
Segments Of Business (Narrative
Segments Of Business (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
Number of counties in which electric service provided by Electric Operations | 20 |
Segments Of Business (Schedule
Segments Of Business (Schedule Of Operating Income Derived From Revenues And Expenses By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Operating Revenues | $ 5,114.5 | $ 4,874.6 | $ 4,492.5 | |||||||||
Operating Income (Loss) | $ (78.4) | $ (315.9) | $ 118.4 | $ 400.6 | $ 270.6 | $ 111.2 | $ 124 | $ 415.4 | 124.7 | 921.2 | 866.1 | |
Consolidated Depreciation and Amortization | 599.6 | 570.3 | 547.1 | |||||||||
Consolidated Assets | 21,804 | 19,961.7 | 21,804 | 19,961.7 | 18,691.9 | |||||||
Payments to Acquire Property Plant and Equipment Including Captial Expenditures From Current Liabilities And Equity Method Investments | [1] | 1,814.6 | 1,753.8 | 1,490.4 | ||||||||
Gas Distribution Operations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating Revenues | 3,406.4 | |||||||||||
Intersegment | 3,419.5 | 3,102.1 | 2,830.6 | |||||||||
Operating Income (Loss) | (254.1) | 550.1 | 569.7 | |||||||||
Consolidated Depreciation and Amortization | 301 | 269.3 | 252.9 | |||||||||
Consolidated Assets | 13,527 | 12,048.8 | 13,527 | 12,048.8 | 11,096.4 | |||||||
Payments to Acquire Property Plant and Equipment Including Captial Expenditures From Current Liabilities And Equity Method Investments | [1] | 1,315.3 | 1,125.6 | 1,054.4 | ||||||||
Electric Operations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating Revenues | 1,707.4 | |||||||||||
Intersegment | 1,708.2 | 1,786.5 | 1,661.6 | |||||||||
Operating Income (Loss) | 386.1 | 367.4 | 301.3 | |||||||||
Consolidated Depreciation and Amortization | 262.9 | 277.8 | 274.5 | |||||||||
Consolidated Assets | 5,735.2 | 5,478.6 | 5,735.2 | 5,478.6 | 5,233.3 | |||||||
Payments to Acquire Property Plant and Equipment Including Captial Expenditures From Current Liabilities And Equity Method Investments | [1] | 499.3 | 592.4 | 420.6 | ||||||||
Corporate and Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating Revenues | 0.7 | |||||||||||
Intersegment | 518.3 | 511.8 | 426.8 | |||||||||
Operating Income (Loss) | (7.3) | 3.7 | (4.9) | |||||||||
Consolidated Depreciation and Amortization | 35.7 | 23.2 | 19.7 | |||||||||
Consolidated Assets | $ 2,541.8 | $ 2,434.3 | 2,541.8 | 2,434.3 | 2,362.2 | |||||||
Payments to Acquire Property Plant and Equipment Including Captial Expenditures From Current Liabilities And Equity Method Investments | [1] | 0 | 35.8 | 15.4 | ||||||||
Eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Intersegment | (531.5) | (525.8) | (426.5) | |||||||||
Unaffiliated | Gas Distribution Operations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating Revenues | 3,406.4 | 3,087.9 | 2,818.2 | |||||||||
Unaffiliated | Electric Operations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating Revenues | 1,707.4 | 1,785.7 | 1,660.8 | |||||||||
Unaffiliated | Corporate and Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating Revenues | 0.7 | 1 | 13.5 | |||||||||
Intersegment | Gas Distribution Operations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Intersegment | 13.1 | 14.2 | 12.4 | |||||||||
Intersegment | Electric Operations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Intersegment | 0.8 | 0.8 | 0.8 | |||||||||
Intersegment | Corporate and Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Intersegment | $ 517.6 | $ 510.8 | $ 413.3 | |||||||||
[1] | Amounts differ from those presented on the Statements of Consolidated Cash Flows primarily due to the inclusion of capital expenditures included in current liabilities and AFUDC Equity. |
Quarterly Financial Data (Narra
Quarterly Financial Data (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Quarterly Financial Data [Line Items] | ||||||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 161.1 | $ 0 | $ 161.1 | $ 0 | ||||||
Loss on early extinguishment of long-term debt | $ 33 | $ 111.5 | $ 12.5 | (45.5) | $ (111.5) | $ 0 | ||||
Interest Rate Swap Settled | ||||||||||
Quarterly Financial Data [Line Items] | ||||||||||
Derivative, Gain (Loss) on Derivative, Net | [1] | $ 25 | $ 21.2 | 46.2 | ||||||
Columbia Of Massachusetts | ||||||||||
Quarterly Financial Data [Line Items] | ||||||||||
Expenses Related to Third Party Claims and Other Expenses | $ 426 | $ 462 | ||||||||
Federal tax on excess stock compensation [Domain] | ||||||||||
Quarterly Financial Data [Line Items] | ||||||||||
Increase (Decrease) in Income Taxes | $ 120.7 | |||||||||
[1] | See Note 9, "Risk Management Activities" for additional information. |
Quarterly Financial Data (Sched
Quarterly Financial Data (Schedule Of Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||
Operating Revenues | $ 1,461.7 | $ 895 | $ 1,007 | $ 1,750.8 | $ 1,368.3 | $ 917 | $ 990.7 | $ 1,598.6 | $ 5,114.5 | $ 4,874.6 | $ 4,492.5 | |||||
Operating Income (Loss) | (78.4) | (315.9) | 118.4 | 400.6 | 270.6 | 111.2 | 124 | 415.4 | 124.7 | 921.2 | 866.1 | |||||
Net Income (Loss) | (11.7) | [1] | (339.5) | [2] | 24.5 | 276.1 | [3] | $ (52.4) | [1] | $ 14 | $ (44.4) | [4] | $ 211.3 | (50.6) | 128.5 | 331.5 |
Preferred Dividends | (8.1) | (5.6) | (1.3) | 0 | (15) | 0 | 0 | |||||||||
Net Income (Loss) Available to Common Stockholders | $ (19.8) | [1] | $ (345.1) | [2] | $ 23.2 | $ 276.1 | [3] | $ (65.6) | $ 128.5 | $ 331.5 | ||||||
Basic Earnings (Loss) Per Share | $ (0.05) | $ (0.95) | $ 0.07 | $ 0.82 | $ (0.16) | $ 0.04 | $ (0.14) | $ 0.65 | $ (0.18) | $ 0.39 | $ 1.03 | |||||
Diluted Earnings (Loss) Per Share | $ (0.05) | $ (0.95) | $ 0.07 | $ 0.81 | $ (0.16) | $ 0.04 | $ (0.14) | $ 0.65 | $ (0.18) | $ 0.39 | $ 1.02 | |||||
[1] | Net income for the fourth quarter of 2018 was impacted by approximately $426 million in expenses (pretax, net of insurance recoveries) related to the Greater Lawrence Incident restoration, partially offset by an interest rate swap settlement gain of $25.0 million (pretax) and a $120.7 million income tax benefit from true-ups to reflect regulatory outcomes associated with excess deferred income taxes. Net income for the fourth quarter of 2017 was impacted by a $161.1 million increase in tax expense as a result of implementing the provisions of the TCJA. See Note 18-E, "Other Matters," Note 9, "Risk Management Activities" and Note 10, "Income Taxes" for additional information. | |||||||||||||||
[2] | Net income for the third quarter of 2018 was impacted by approximately $462 million in expenses (pretax) related to the Greater Lawrence Incident restoration and a $33.0 million loss (pretax) on an early extinguishment of long-term debt. See Note 18-E, "Other Matters" and Note 14, "Long-Term Debt" for additional information. | |||||||||||||||
[3] | Net income for the first quarter of 2018 was impacted by an interest rate swap settlement gain of $21.2 million (pretax). See Note 9, "Risk Management Activities" for additional information. | |||||||||||||||
[4] | Net income for the second quarter of 2017 was impacted by a $111.5 million loss (pretax) on an early extinguishment of long-term debt. See Note 14, "Long-Term Debt" for additional information. |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Non-cash transactions: | ||||
Capital expenditures included in current liabilities | $ 152 | $ 173 | $ 125.3 | |
Assets acquired under a capital lease | 54.6 | 11.5 | 4 | |
Reclassification of Other Property to Regulatory Assets | [1] | 245.3 | 0 | 0 |
Assets recorded for asset retirement obligations | [2] | 78.1 | 11.4 | 6.9 |
Schedule of interest and income taxes paid: | ||||
Cash paid for interest, net of interest capitalized amounts | 354.2 | 339.9 | 337.8 | |
Cash paid for income taxes, net of refunds | $ 3.3 | $ 5.5 | $ 8 | |
[1] | See Note 8 "Regulatory Matters" for additional information. | |||
[2] | See Note 7 "Asset Retirement Obligations" for additional information. |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Reserve For Accounts Receivable [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Beginning Balance | $ 18.3 | $ 23.3 | $ 20.3 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | 20.2 | 14.8 | 19.7 | |
Valuation Allowances and Reserves, Charged to Other Accounts | [1] | 43.7 | 39.1 | 48.5 |
Deductions for Purposes for which Reserves were Created | 61.1 | 58.9 | 65.2 | |
Ending Balance | 21.1 | 18.3 | 23.3 | |
Reserve For Other Investments [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Beginning Balance | 3 | 3 | 3 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | 0 | 0 | 0 | |
Valuation Allowances and Reserves, Charged to Other Accounts | [1] | 0 | 0 | 0 |
Deductions for Purposes for which Reserves were Created | 0 | 0 | 0 | |
Ending Balance | $ 3 | $ 3 | $ 3 | |
[1] | Charged to Other Accounts reflects the deferral of bad debt expense to a regulatory asset. |