Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 26, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-16189 | |
Entity Registrant Name | NiSource Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 35-2108964 | |
Entity Address, Address Line One | 801 East 86th Avenue | |
Entity Address, City or Town | Merrillville, | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 46410 | |
City Area Code | (877) | |
Local Phone Number | 647-5990 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 392,217,046 | |
Entity Central Index Key | 0001111711 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Series A Corporate Units | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series A Corporate Units | |
Trading Symbol | NIMC | |
Security Exchange Name | NYSE | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | NI | |
Security Exchange Name | NYSE | |
Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th ownership interest in a share of 6.50% Series B | |
Trading Symbol | NI PR B | |
Security Exchange Name | NYSE |
Statements Of Consolidated Inco
Statements Of Consolidated Income (Loss) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Revenues | ||
Customer revenues | $ 1,506.5 | $ 1,525.9 |
Other revenues | 39.1 | 79.6 |
Total Operating Revenues | 1,545.6 | 1,605.5 |
Operating Expenses | ||
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization | 476.8 | 462.4 |
Operation and maintenance | 361.5 | 444.6 |
Depreciation and amortization | 185 | 184.3 |
Loss on sale of assets, net | 8.1 | 280.1 |
Other taxes | 81 | 85.9 |
Operating Costs and Expenses | 1,112.4 | 1,457.3 |
Operating Income | 433.2 | 148.2 |
Other Income (Deductions) | ||
Interest expense, net | (84.6) | (92.9) |
Other, net | 10.5 | 5.4 |
Total Other Deductions, Net | (74.1) | (87.5) |
Income before Income Taxes | 359.1 | 60.7 |
Income Taxes | 62.6 | (14.9) |
Net Income | 296.5 | 75.6 |
Net income attributable to noncontrolling interest | 1 | 0 |
Net Income attributable to NiSource | 295.5 | 75.6 |
Preferred dividends | (13.8) | (13.8) |
Net Income Available to Common Shareholders | $ 281.7 | $ 61.8 |
Earnings Per Share | ||
Basic Earnings Per Share | $ 0.72 | $ 0.16 |
Diluted Earnings Per Share | $ 0.72 | $ 0.16 |
Basic Average Common Shares Outstanding | 392,657 | 383,062 |
Diluted Average Common Shares | 393,912 | 384,114 |
Statements of Consolidated Comp
Statements of Consolidated Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Net Income | $ 296.5 | $ 75.6 | |
Other comprehensive income (loss): | |||
Net unrealized loss on available-for-sale securities | [1] | (2.5) | (5.4) |
Net unrealized gain (loss) on cash flow hedges | [2] | 84.6 | (133.3) |
Unrecognized pension and OPEB benefit (costs) | [3] | (0.9) | 0.7 |
Total other comprehensive income (loss) | 81.2 | (138) | |
Comprehensive Income (Loss) | $ 377.7 | $ (62.4) | |
[1] | Net unrealized loss on available-for-sale debt securities, net of $0.7 million and $1.4 million tax benefit in the first quarter of 2021 and 2020, respectively. | ||
[2] | Net unrealized gain (loss) on cash flow hedges, net of $28.0 million tax expense and $44.1 million tax benefit in the first quarter of 2021 and 2020, respectively. | ||
[3] | Unrecognized pension and OPEB benefit (costs), net of $0.9 million tax expense and $0.3 million tax benefit in the first quarter of 2021 and 2020, respectively. |
Statements of Consolidated Co_2
Statements of Consolidated Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | $ (0.7) | $ (1.4) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 28 | (44.1) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (0.9) | $ 0.3 |
Statements of Consolidated Bala
Statements of Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment | |||
Plant | $ 24,524.7 | $ 24,179.9 | |
Accumulated depreciation and amortization | (7,688) | (7,560.4) | |
Net Property, Plant and Equipment | [1] | 16,836.7 | 16,619.5 |
Investments and Other Assets | |||
Available-for-sale debt securities (amortized cost of $163.8 and $163.9, allowance for credit losses of $0.3 and $0.5, respectively) | 167.9 | 170.9 | |
Other investments | 81.5 | 81.1 | |
Total Investments and Other Assets | 249.4 | 252 | |
Current Assets | |||
Cash and cash equivalents | 89.1 | 116.5 | |
Restricted Cash | 7.6 | 9.1 | |
Accounts receivable | 848.4 | 843.6 | |
Allowance for credit losses | (53.9) | (52.3) | |
Accounts receivable, net | 794.5 | 791.3 | |
Gas inventory | 48.1 | 191.2 | |
Materials and supplies, at average cost | 145.6 | 141.5 | |
Electric production fuel, at average cost | 52.5 | 68.4 | |
Exchange gas receivable | 53.7 | 34.1 | |
Regulatory assets | 188.9 | 135.7 | |
Deferred property taxes | 104.2 | 85.6 | |
Prepayments and other | 109.3 | 86 | |
Total Current Assets | [1] | 1,593.5 | 1,659.4 |
Other Assets | |||
Regulatory assets | 1,791.3 | 1,794.8 | |
Goodwill | 1,485.9 | 1,485.9 | |
Deferred charges and other | 237.7 | 228.9 | |
Total Other Assets | 3,514.9 | 3,509.6 | |
Total Assets | 22,194.5 | 22,040.5 | |
Stockholders' Equity | |||
Common stock - $0.01 par value, 600,000,000 shares authorized; 392,129,866 and 391,760,051 shares outstanding, respectively | 3.9 | 3.9 | |
Preferred stock - $0.01 par value, 20,000,000 shares authorized; 440,000 shares outstanding | 880 | 880 | |
Treasury stock | (99.9) | (99.9) | |
Additional paid-in capital | 6,892.9 | 6,890.1 | |
Retained deficit | (1,669.8) | (1,765.2) | |
Accumulated other comprehensive loss | (75.5) | (156.7) | |
Total NiSource Stockholders’ Equity | 5,931.6 | 5,752.2 | |
Noncontrolling interest in consolidated subsidiaries | 94.1 | 85.6 | |
Total Stockholders' Equity | 6,025.7 | 5,837.8 | |
Long-term debt, excluding amounts due within one year | 9,202.3 | 9,219.8 | |
Total Capitalization | 15,228 | 15,057.6 | |
Current Liabilities | |||
Current portion of long-term debt | 44.4 | 23.3 | |
Short-term borrowings | 520 | 503 | |
Accounts payable | 554.9 | 589 | |
Dividends payable - common stock | 86.3 | 0 | |
Dividends payable - preferred stock | 19.4 | 0 | |
Customer deposits and credits | 146.7 | 243.3 | |
Taxes accrued | 301.5 | 244.1 | |
Interest accrued | 94.6 | 104.7 | |
Exchange gas payable | 25.5 | 48.5 | |
Regulatory liabilities | 169.6 | 161.3 | |
Accrued compensation and employee benefits | 131.2 | 141.8 | |
Other accruals | 164.7 | 220.4 | |
Total Current Liabilities | 2,258.8 | 2,279.4 | |
Other Liabilities | |||
Deferred income taxes | 1,573.6 | 1,470.6 | |
Accrued liability for postretirement and postemployment benefits | 328.9 | 336.1 | |
Regulatory liabilities | 1,881 | 1,904.2 | |
Asset retirement obligations | 479.7 | 477.1 | |
Other noncurrent liabilities | 444.5 | 515.5 | |
Total Other Liabilities | 4,707.7 | 4,703.5 | |
Total Capitalization and Liabilities | $ 22,194.5 | $ 22,040.5 | |
[1] | (1) Includes $174.2 million and $175.6 million of net property, plant and equipment assets and $4.2 million and $1.7 million of current assets of a consolidated VIE as of March 31, 2021 and December 31, 2020 that may be used only to settle obligations of the consolidated VIE. Refer to Note 15 "Variable Interest Entities" for additional information. |
Statements of Consolidated Ba_2
Statements of Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | $ 163.8 | $ 163.9 |
Allowance for Credit Loss | $ 0.3 | $ 0.5 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 600,000,000 | 600,000,000 |
Common Stock, Shares, Outstanding | 392,129,866 | 391,760,051 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Outstanding | 440,000 | 440,000 |
Statements Of Consolidated Cash
Statements Of Consolidated Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities | ||
Net Income | $ 296.5 | $ 75.6 |
Adjustments to Reconcile Net Income to Net Cash from Operating Activities: | ||
Depreciation and amortization | 185 | 184.3 |
Deferred income taxes and investment tax credits | 55.2 | (19.9) |
Loss on sale of assets | 8.1 | 280.2 |
Other adjustments | 3.5 | 7.9 |
Changes in Assets and Liabilities: | ||
Components of working capital | (89.3) | (147.1) |
Regulatory assets/liabilities | 8.4 | 12.9 |
Deferred charges and other noncurrent assets | (10.7) | (12.1) |
Other noncurrent liabilities | (8.4) | (11.9) |
Net Cash Flows from Operating Activities | 448.3 | 369.9 |
Investing Activities | ||
Capital expenditures | (367) | (452.1) |
Cost of removal | (26.9) | (34.5) |
Purchases of available-for-sale securities | (16.6) | (43.5) |
Sales of available-for-sale securities | 16.9 | 45.4 |
Payment to renewable generation asset developer | (7.4) | 0 |
Other investing activities | (0.8) | 0.1 |
Net Cash Flows used for Investing Activities | (401.8) | (484.6) |
Financing Activities | ||
Repayments of long-term debt and finance lease obligations | (5.9) | (4.1) |
Issuance of short-term debt (maturity greater than 90 days) | 0 | 500 |
Change in short-term borrowings, net (maturity ≤ 90 days) | 17 | (226.8) |
Issuance of common stock, net of issuance costs | 2.8 | 3.7 |
Equity costs, premiums and other debt related costs | (2.5) | (5.1) |
Contributions from non-controlling interest, net of issuance costs | 7.5 | 0 |
Dividends paid - common stock | (86.2) | (80.3) |
Dividends paid - preferred stock | (8.1) | (8.1) |
Net Cash Flows (used for) from Financing Activities | (75.4) | 179.3 |
Change in cash, cash equivalents and restricted cash | (28.9) | 64.6 |
Cash, cash equivalents and restricted cash at beginning of period | 125.6 | 148.4 |
Cash, Cash Equivalents and Restricted Cash at End of Period | $ 96.7 | $ 213 |
Statements Of Consolidated Ca_2
Statements Of Consolidated Cash Flows (Supplemental Disclosures of Cash Flow Information) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Capital expenditures included in current liabilities | $ 155.6 | $ 150.5 |
Dividends declared but not paid | 105.7 | 99.8 |
Assets recorded for asset retirement obligations | 0 | 69.8 |
Obligation to developer at formation of joint venture | $ 6 | $ 0 |
Statements Of Consolidated Equi
Statements Of Consolidated Equity - USD ($) $ in Millions | Total | Common Stock | Preferred Stock | [1] | Treasury Stock | Additional Paid-in Capital | Retained Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
Beginning balance at Dec. 31, 2019 | $ 5,986.7 | $ 3.8 | $ 880 | $ (99.9) | $ 6,666.2 | $ (1,370.8) | $ (92.6) | $ 0 | |
Comprehensive Income: | |||||||||
Net Income | 75.6 | 0 | 0 | 0 | 0 | 75.6 | 0 | 0 | |
Other comprehensive income (loss), net of tax | (138) | 0 | 0 | 0 | 0 | 0 | (138) | 0 | |
Dividends: | |||||||||
Common stock | (160.7) | 0 | 0 | 0 | 0 | (160.7) | 0 | 0 | |
Preferred stock | (27.5) | 0 | 0 | 0 | 0 | (27.5) | 0 | 0 | |
Stock Issuances: | |||||||||
Employee stock purchase plan | 1.3 | 0 | 0 | 0 | 1.3 | 0 | 0 | 0 | |
Long-term incentive plan | (0.5) | 0 | 0 | 0 | (0.5) | 0 | 0 | 0 | |
401(k) and profit sharing | 4.5 | 0 | 0 | 0 | 4.5 | 0 | 0 | 0 | |
Ending balance at Mar. 31, 2020 | 5,741.4 | 3.8 | 880 | (99.9) | 6,671.5 | (1,483.4) | (230.6) | 0 | |
Beginning balance at Dec. 31, 2020 | 5,837.8 | 3.9 | 880 | (99.9) | 6,890.1 | (1,765.2) | (156.7) | 85.6 | |
Comprehensive Income: | |||||||||
Net Income | 296.5 | 0 | 0 | 0 | 0 | 295.5 | 0 | 1 | |
Other comprehensive income (loss), net of tax | 81.2 | 0 | 0 | 0 | 0 | 0 | 81.2 | 0 | |
Dividends: | |||||||||
Common stock | (172.6) | 0 | 0 | 0 | 0 | (172.6) | 0 | 0 | |
Preferred stock | (27.5) | 0 | 0 | 0 | 0 | (27.5) | 0 | 0 | |
Contribution from noncontrolling interest | 7.5 | 0 | 0 | 0 | 0 | 0 | 0 | 7.5 | |
Stock Issuances: | |||||||||
Employee stock purchase plan | 1.3 | 0 | 0 | 0 | 1.3 | 0 | 0 | 0 | |
Long-term incentive plan | (0.5) | 0 | 0 | 0 | (0.5) | 0 | 0 | 0 | |
401(k) and profit sharing | 2.3 | 0 | 0 | 0 | 2.3 | 0 | 0 | 0 | |
ATM program | (0.3) | 0 | 0 | 0 | (0.3) | 0 | 0 | 0 | |
Ending balance at Mar. 31, 2021 | $ 6,025.7 | $ 3.9 | $ 880 | $ (99.9) | $ 6,892.9 | $ (1,669.8) | $ (75.5) | $ 94.1 | |
[1] | (1) Series A and Series B shares have an aggregate liquidation preference of $400M and $500M, respectively. See Note 5, "Equity" for additional information. |
Statements of Consolidated Eq_2
Statements of Consolidated Equity (Shares) - shares shares in Thousands | Total | Preferred Stock | Common Stock | Treasury Stock |
Beginning balance at Dec. 31, 2019 | 382,136 | 440 | 386,099 | (3,963) |
Issued: | ||||
Employee stock purchase plan | 46 | 0 | 46 | 0 |
Long-term incentive plan | 347 | 0 | 347 | 0 |
401(k) and profit sharing | 165 | 0 | 165 | 0 |
Ending balance at Mar. 31, 2020 | 382,694 | 440 | 386,657 | (3,963) |
Beginning balance at Dec. 31, 2020 | 391,760 | 440 | 395,723 | (3,963) |
Issued: | ||||
Employee stock purchase plan | 55 | 0 | 55 | 0 |
Long-term incentive plan | 212 | 0 | 212 | 0 |
401(k) and profit sharing | 103 | 0 | 103 | 0 |
Ending balance at Mar. 31, 2021 | 392,130 | 440 | 396,093 | (3,963) |
Statements Of Consolidated Eq_3
Statements Of Consolidated Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Common Stock, Dividends, Per Share, Declared | $ 0.44 | $ 0.42 |
Series A Preferred Stock | ||
Preferred Stock, Liquidation Preference, Value | $ 400 | $ 400 |
Series B Preferred Stock | ||
Preferred Stock, Liquidation Preference, Value | $ 500 | $ 500 |
Basis of Accounting Presentatio
Basis of Accounting Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting Presentation | Basis of Accounting Presentation Our accompanying Condensed Consolidated Financial Statements (unaudited) reflect all normal recurring adjustments that are necessary, in the opinion of management, to present fairly the results of operations in accordance with GAAP in the United States of America. The accompanying financial statements include the accounts of us, our majority-owned subsidiaries, and VIEs of which we are the primary beneficiary after the elimination of all intercompany accounts and transactions. The accompanying financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Income for interim periods may not be indicative of results for the calendar year due to weather variations and other factors. The Condensed Consolidated Financial Statements (unaudited) have been prepared pursuant to the rules and regulations of the SEC. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made in this Quarterly Report on Form 10-Q are adequate to make the information herein not misleading. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Issued Accounting Pronouncements We are currently evaluating the impact of certain ASUs on our Condensed Consolidated Financial Statements (unaudited) and Notes to Condensed Consolidated Financial Statements (unaudited), which are described below: Standard Description Effective Date Effect on the financial statements or other significant matters ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Statement This pronouncement provides Upon issuance on We continue to evaluate the temporary expedients and options available under this guidance, and the effects of this pronouncement on our Condensed Consolidated Financial Statements (unaudited) and Notes to Condensed Consolidated Financial Statements (unaudited). We are currently identifying and evaluating contracts that may be impacted. As of March 31, 2021, we have not applied any expedients and options available under this ASU. ASU 2021-01, Reference Rate Reform (Topic 848): Scope ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivative and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity This pronouncement simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity's own equity. Specifically, the ASU "simplifies accounting for convertible instruments by removing major separation models required under current GAAP." In addition, the ASU "removes certain settlement conditions that are required for equity contracts to qualify for it" and "simplifies the diluted earnings per share (EPS) calculations in certain areas." Annual period beginning after December 15, 2021, and interim periods within those fiscal years. We continue to evaluate the effects of this pronouncement on our Condensed Consolidated Financial Statements (unaudited) and Notes to Condensed Consolidated Financial Statements (unaudited) as it pertains to any relevant future activity. We expect to adopt this ASU on its effective date. Recently Adopted Accounting Pronouncements Standard Adoption ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes This pronouncement simplifies the accounting for income taxes by eliminating certain exceptions to the general principles in ASC 740, income taxes. It also improves consistency of application for other areas of the guidance by clarifying and amending existing guidance. We adopted the amendments of this pronouncement as of January 1, 2021 with no material impact to the Condensed Consolidated Financial Statements (unaudited). |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Revenue Recognition 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, and Indiana. We completed the sale of the Massachusetts Business on October 9, 2020. The Electric Operations segment provides electric service in 20 counties in the northern part of Indiana. The tables below reconcile revenue disaggregation by customer class to segment revenue, as well as to revenues reflected on the Condensed Statements of Consolidated Income (unaudited) for the three months ended March 31, 2021 and March 31, 2020: Three Months Ended March 31, 2021 (in millions) Gas Distribution Operations Electric Operations Corporate and Other (2) Total Customer Revenues (1) Residential $ 773.5 $ 129.2 $ — $ 902.7 Commercial 271.4 122.9 — 394.3 Industrial 57.9 122.9 — 180.8 Off-system 14.4 — — 14.4 Miscellaneous 9.9 4.2 0.2 14.3 Total Customer Revenues $ 1,127.1 $ 379.2 $ 0.2 $ 1,506.5 Other Revenues 8.7 23.3 7.1 39.1 Total Operating Revenues $ 1,135.8 $ 402.5 $ 7.3 $ 1,545.6 (1) Customer revenue amounts exclude intersegment revenues. See Note 20, "Business Segment Information," for discussion of intersegment revenues. (2) Other revenues related to the Transition Services Agreement entered into in connection with the sale of the Massachusetts Business. Three Months Ended March 31, 2020 (in millions) Gas Distribution Operations Electric Operations Corporate and Other Total Customer Revenues (1) Residential $ 796.5 $ 119.2 $ — $ 915.7 Commercial 269.4 120.2 — 389.6 Industrial 74.2 109.1 — 183.3 Off-system 18.7 — — 18.7 Miscellaneous 12.5 5.9 0.2 18.6 Total Customer Revenues $ 1,171.3 $ 354.4 $ 0.2 $ 1,525.9 Other Revenues 56.7 22.9 — 79.6 Total Operating Revenues $ 1,228.0 $ 377.3 $ 0.2 $ 1,605.5 (1) Customer revenue amounts exclude intersegment revenues. See Note 20, "Business Segment Information," for discussion of intersegment revenues. Customer Accounts Receivable. Accounts receivable on our Condensed Consolidated Balance Sheets (unaudited) 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 three months ended March 31, 2021 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) Customer Accounts Receivable, Unbilled (less reserve) Balance as of December 31, 2020 $ 400.0 $ 327.2 Balance as of March 31, 2021 507.4 244.3 Increase (Decrease) $ 107.4 $ (82.9) Utility revenues are billed to customers monthly on a cycle basis. We expect that substantially all customer accounts receivable will be collected following customer billing, as this revenue consists primarily of periodic, tariff-based billings for service and usage. We maintain common utility credit risk mitigation practices, including requiring deposits and actively pursuing collection of past due amounts. Our regulated operations also utilize certain regulatory mechanisms that facilitate recovery of bad debt costs within tariff-based rates, which provides further evidence of collectibility. In connection with the COVID-19 pandemic, certain state regulatory commissions instituted regulatory moratoriums that impacted our ability to pursue our standard credit risk mitigation practices. Following the issuance of these moratoriums, certain of our regulated operations have been authorized to recognize a regulatory asset for bad debt costs above levels currently in rates. We have reinstated our common credit mitigation practices where moratoriums have expired (see Note 8, "Regulatory Matters," for additional information on regulatory moratoriums and regulatory assets). It is probable that substantially all of the consideration to which we are entitled from customers will be collected upon satisfaction of performance obligations. Allowance for Credit Losses. To evaluate for expected credit losses, customer account receivables are pooled based on similar risk characteristics, such as customer type, geography, payment terms, and related macro-economic risks. Expected credit losses are established using a model that considers historical collections experience, current information, and reasonable and supportable forecasts. Relevant and reliable internal and external inputs used in the model include, but are not limited to, energy consumption trends, revenue projections, actual charge-offs data, recoveries data, shut-off orders executed data, and final bill data. We continuously evaluate available reasonable and supportable information relevant to assessing collectability of current and future receivables. We evaluate creditworthiness of specific customers periodically or when required by changes in facts and circumstances. When we become aware of a specific commercial or industrial customer's inability to pay, an allowance for expected credit losses is recorded for the relevant amount. We also monitor other circumstances that could affect our overall expected credit losses; these include, but are not limited to, creditworthiness of overall population in service territories, adverse conditions impacting an industry sector, and current economic conditions. At each reporting period, we record expected credit losses using an allowance for credit losses account. When deemed to be uncollectible, customer accounts are written-off. A rollforward of our allowance for credit losses for the three months ended March 31, 2021 are presented in the table below: Three Months Ended March 31, 2021 ( in millions ) Gas Distribution Operations Electric Operations Corporate and Other Total Beginning balance $ 41.8 $ 9.7 $ 0.8 $ 52.3 Current period provisions 5.9 2.9 — 8.8 Write-offs charged against allowance (9.0) (2.4) — (11.4) Recoveries of amounts previously written off 4.1 0.1 — 4.2 Ending balance of the allowance for credit losses $ 42.8 $ 10.3 $ 0.8 $ 53.9 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic EPS is computed by dividing net income available 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 and an ATM forward agreement under the Treasury Stock Method when the impact would be dilutive (See Note 5 "Equity"). The computation of diluted average common shares is as follows: Three Months Ended March 31, (in thousands) 2021 2020 Basic average common shares outstanding 392,657 383,062 Dilutive potential common shares: Shares contingently issuable under employee stock plans 630 845 Shares restricted under employee stock plans 288 207 Forward Agreement 337 — Diluted Average Common Shares 393,912 384,114 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Equity | Equity ATM Program and Forward Sale Agreement. On February 22, 2021, we entered into six separate equity distribution agreements pursuant to which we are able to sell up to an aggregate of $750.0 million of our common stock. On February 23, 2021, under the ATM program, 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 February 24, 2021 to March 17, 2021, we borrowed 6,672,740 shares from third parties, which the dealer sold at a weighted average price of $22.48 per share. We may settle this agreement in shares, cash, or net shares by December 15, 2021. Had we settled all the shares under the forward agreement at March 31, 2021, we would have received approximately $148.5 million, based on a net price of $22.25 per share. As of March 31, 2021, the ATM program (including the impacts of the forward sale agreement discussed above) had approximately $600.0 million of equity available for issuance. The program expires on December 31, 2023. Preferred Stock . As of March 31, 2021, we had 20,000,000 shares of preferred stock authorized for issuance, of which 440,000 shares of preferred stock in the aggregate for all series were outstanding. The following table displays preferred dividends declared for the period by outstanding series of shares: Three Months Ended March December 31, 2021 2020 2021 2020 (in millions except shares and per share amounts) Liquidation Preference Per Share Shares Dividends Declared Per Share Outstanding 5.650% Series A $ 1,000.00 400,000 28.25 28.25 $ 393.9 $ 393.9 6.500% Series B $ 25,000.00 20,000 812.50 812.50 $ 486.1 $ 486.1 In addition, 20,000 shares of Series B–1 Preferred Stock, par value $0.01 per share, were outstanding as of March 31, 2021. Holders of Series B–1 Preferred Stock are not entitled to receive dividend payments and have no conversion rights. 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 the underlying Series B Preferred Stock. As of March 31, 2021 and 2020, Series A Preferred Stock had $6.7 million of cumulative preferred dividends in arrears, or $16.63 per share, and Series B Preferred Stock had $1.4 million of cumulative preferred dividends in arrears, or $72.23 per share. |
Gas in Storage
Gas in Storage | 3 Months Ended |
Mar. 31, 2021 | |
Gas in Storage [Abstract] | |
Gas in Storage | Gas in StorageWe use both the LIFO inventory methodology and the weighted-average cost methodology to value natural gas in storage. Gas Distribution Operations prices natural gas storage injections at the average of the costs of natural gas supply purchased during the year. For interim periods, the difference between current projected replacement cost and the LIFO cost for quantities of gas temporarily withdrawn from storage is recorded as a temporary LIFO liquidation credit or debit within the Condensed Consolidated Balance Sheets (unaudited). Due to seasonality requirements, we expect interim variances in LIFO layers to be replenished by year end. We had a temporary LIFO liquidation debit of $22.3 million and zero as of March 31, 2021 and December 31, 2020, respectively, for certain gas distribution companies recorded within “Prepayments and other,” on the Condensed Consolidated Balance Sheets (unaudited). |
Property, Plant, and Equipment
Property, Plant, and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | Property, Plant and Equipment In 2020, the MISO approved NIPSCO's plan to retire the R.M. Schahfer Generating Station in 2023. The December 2019 NIPSCO electric rate case order included approval to create a regulatory asset upon the retirement of the R.M. Schahfer Generating Station. The order allows for the recovery of and on the net book value of the station by the end of 2032. In connection with the MISO's approval of NIPSCO's planned retirement of the R.M. Schahfer Generating Station, we recorded plant retirement-related charges during 2020 comprised of write downs of certain capital projects that have been cancelled and materials and supplies inventory balances deemed obsolete due to the planned retirement. As more information becomes available, the retirement date of the R.M. Schahfer Generating Station will be finalized, and additional plant retirement-related charges may be incurred. An immaterial amount of plant retirement-related charges were included within "Operation and maintenance" in the Condensed Statement of Consolidated Income (unaudited) during the three months ended March 31, 2021. On March 11, 2021, NIPSCO submitted modified Attachment Y Notices to MISO requesting an updated retirement date for two of the four coal fired units at R.M. Schahfer Generating Station. The two units are now expected to be retired by the end of 2021, with the remaining two units still scheduled to be retired in 2023. At retirement, the net book value of the retired units will be reclassified from "Net Property, Plant and Equipment", to current and long-term “Regulatory Assets.” The total net book value of R.M. Schahfer Generating Station's coal units and other associated plant was $861.6 million at March 31, 2021. On April 28, 2021, in response to a Motion filed by certain parties in NIPSCO's quarterly FAC proceeding, the IURC created a sub-docket proceeding in order to receive additional information related to the planned retirements of Units 14 and 15 by the end of 2021 and any resulting cost impacts to customers. NIPSCO does not anticipate that the sub-docket proceeding will impact the planned timing of end of year 2021 for the unit retirements. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2021 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Matters | Regulatory Matters COVID-19 Regulatory Filings In response to COVID-19, we received approvals or directives from the regulatory commissions in the states in which we operate. The ongoing impacts of these approvals or directives are described in the table below: Jurisdiction Moratorium in Place? Regulatory Asset balance as of March 31, 2021 (in millions) Deferred COVID-19 Costs Columbia of Ohio No $ 2.0 Incremental operation and maintenance expenses NIPSCO No $ 12.0 Incremental bad debt expense and the costs to implement the requirements of the COVID-19 related order Columbia of Pennsylvania No $ 7.1 Incremental bad debt expense incurred since March 13, 2020 above levels currently in rates Columbia of Virginia Yes $ 0.1 Incremental incurred costs, subject to an earnings test review Columbia of Maryland No $ 1.1 Incremental costs (including incremental bad debt expense) incurred to ensure that customers have essential utility service during the state of emergency in Maryland. Such incremental costs must be offset by any benefit received in connection with the pandemic On March 11, 2021, the Pennsylvania PUC adopted an order, which lifted its prior pandemic-related moratorium on service terminations for non-payments of utility bills beginning April 1, 2021. Pursuant to that order, Pennsylvania utilities are required to offer payment plans on billing arrearages, with the length of such payment plans depending on customers' income levels. The longest such payment plan would be a minimum of five years for residential customers with incomes below 250% of the Federal Poverty Level. |
Risk Management Activities
Risk Management Activities | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management Activities | Risk Management ActivitiesWe are exposed to certain risks relating to our 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 our interest rate exposure and limit volatility in the price of natural gas. Risk management assets and liabilities on our derivatives are presented on the Condensed Consolidated Balance Sheets (unaudited) as shown below: (in millions) March 31, 2021 December 31, 2020 Risk Management Assets - Current (1) Interest rate risk programs $ — $ — Commodity price risk programs 1.0 10.4 Total $ 1.0 $ 10.4 Risk Management Assets - Noncurrent (2) Interest rate risk programs $ — $ — Commodity price risk programs 3.2 2.8 Total $ 3.2 $ 2.8 Risk Management Liabilities - Current (3) Interest rate risk programs $ 17.1 $ 70.9 Commodity price risk programs 5.0 7.3 Total $ 22.1 $ 78.2 Risk Management Liabilities - Noncurrent (4) Interest rate risk programs $ 40.6 $ 99.5 Commodity price risk programs 38.3 45.1 Total $ 78.9 $ 144.6 (1) Presented in "Prepayments and other" on the Condensed Consolidated Balance Sheets (unaudited). (2) Presented in "Deferred charges and other" on the Condensed Consolidated Balance Sheets (unaudited). (3) Presented in "Other accruals" on the Condensed Consolidated Balance Sheets (unaudited). (4) Presented in "Other noncurrent liabilities" on the Condensed Consolidated Balance Sheets (unaudited). 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 to certain customers 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 may range from five Interest Rate Risk Management As of March 31, 2021, we have two 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 2024. These interest rate swaps are designated as cash flow hedges. The gains and losses related to these swaps are recorded to AOCI and will be 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 Condensed Statements of Consolidated Income (unaudited). There were no amounts excluded from effectiveness testing for derivatives in cash flow hedging relationships at March 31, 2021 and December 31, 2020. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
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 Condensed Consolidated Balance Sheets (unaudited) on a recurring basis and their level within the fair value hierarchy as of March 31, 2021 and December 31, 2020: Recurring Fair Value Measurements (in millions) Quoted Prices in Significant Significant Balance as of March 31, 2021 Assets Risk management assets $ — $ 4.2 $ — $ 4.2 Available-for-sale debt securities — 167.9 — 167.9 Total $ — $ 172.1 $ — $ 172.1 Liabilities Risk management liabilities $ — $ 101.0 $ — $ 101.0 Total $ — $ 101.0 $ — $ 101.0 Recurring Fair Value Measurements (in millions) Quoted Prices in Significant Significant Balance as of December 31, 2020 Assets Risk management assets $ — $ 13.2 $ — $ 13.2 Available-for-sale debt securities — 170.9 — 170.9 Total $ — $ 184.1 $ — $ 184.1 Liabilities Risk management liabilities $ — $ 222.8 $ — $ 222.8 Total $ — $ 222.8 $ — $ 222.8 Risk Management Assets and Liabilities. 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, and options. 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 March 31, 2021 and December 31, 2020, 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. Credit risk is considered in the fair value calculation of each of our forward-starting interest rate swaps, as described in Note 9, "Risk Management Activities." 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. NIPSCO has entered into long-term forward natural gas purchase instruments 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 Debt Securities. Available-for-sale debt securities are investments pledged as collateral for trust accounts related to our wholly owned insurance company. 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. At each reporting date, we quantitatively and qualitatively assess available-for-sale debt securities for impairment. For securities in a loss position that we intend to hold, we perform an analysis to determine whether the unrealized loss is related to credit factors. The analysis focuses on a variety of factors that include, but are not limited to, downgrade on ratings of the security, defaults in the current reporting period or projected defaults in the future, the security's yield spread over treasuries, and other relevant market data. If the unrealized loss is not related to credit factors, it is included in other comprehensive income. If the unrealized loss is related to credit factors, the loss is recognized as credit loss expense in earnings during the period, with an offsetting entry to the allowance for credit losses. The amount of the credit loss recorded to the allowance account is limited by the amount at which the security's fair value is less than its amortized cost basis. If the credit losses in the allowance for credit losses are deemed uncollectible, the allowance on the uncollectible portion is charged off, with an offsetting entry to the carrying value of the security. Subsequent improvements to the estimated credit losses of available-for-sale debt securities are recognized immediately in earnings. As of March 31, 2021 and December 31, 2020, we recorded $0.3 million and $0.5 million, respectively, as an allowance for credit losses on available-for-sale debt securities as a result of the analysis described above. Continuous credit monitoring and portfolio credit balancing mitigates our risk of credit losses on our available-for-sale debt securities. The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of available-for-sale securities at March 31, 2021 and December 31, 2020 were: March 31, 2021 (in millions) Amortized Gross Unrealized Gains Gross Unrealized Losses (1) Allowance for Credit Losses Fair Available-for-sale debt securities U.S. Treasury debt securities $ 37.1 $ 0.2 $ (0.3) $ — $ 37.0 Corporate/Other debt securities 126.7 5.3 (0.8) (0.3) 130.9 Total $ 163.8 $ 5.5 $ (1.1) $ (0.3) $ 167.9 December 31, 2020 (in millions) Amortized Gross Unrealized Gains Gross Unrealized Losses (2) Allowance for Credit Losses Fair Available-for-sale debt securities U.S. Treasury debt securities $ 33.7 $ 0.3 $ — $ — $ 34.0 Corporate/Other debt securities 130.2 7.7 (0.5) (0.5) 136.9 Total $ 163.9 $ 8.0 $ (0.5) $ (0.5) $ 170.9 (1) Fair value of U.S. Treasury debt securities and Corporate/Other debt securities in an unrealized loss position without an allowance for credit losses is $22.1 and $25.7 million, respectively, at March 31, 2021. (2) Fair value of U.S. Treasury debt securities and Corporate/Other debt securities in an unrealized loss position without an allowance for credit losses is $0 million and $13.2 million, respectively, at December 31, 2020. Realized gains and losses on available-for-sale securities were immaterial for the three months ended March 31, 2021 and 2020. The cost of maturities sold is based upon specific identification. At March 31, 2021, approximately $6.2 million of U.S. Treasury debt securities and approximately $3.9 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 as of March 31, 2021 and December 31, 2020. Non-recurring Fair Value Measurements We measure the fair value of certain assets, including goodwill, on a non-recurring basis, typically annually or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In March 2021, we reached an agreement with Eversource regarding the final purchase price, including net working capital adjustments to the October 9, 2020 purchase price. The working capital amounts were measured at fair value, less costs to sell. B. Other Fair Value Disclosures for Financial Instruments. The carrying amount of cash and cash equivalents, restricted cash, 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. As of March 31, 2021, 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: (in millions) Carrying Amount as of March 31, 2021 Estimated Fair Value as of March 31, 2021 Carrying Estimated Fair Long-term debt (including current portion) $ 9,246.7 $ 10,178.0 $ 9,243.1 $ 11,034.2 |
Transfers Of Financial Assets
Transfers Of Financial Assets | 3 Months Ended |
Mar. 31, 2021 | |
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 August 2021 and May 2022 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 Condensed Consolidated Balance Sheets (unaudited). As of March 31, 2021, the maximum amount of debt that could be recognized related to our accounts receivable programs is $510.0 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 March 31, 2021 and December 31, 2020: (in millions) March 31, 2021 December 31, 2020 Gross receivables $ 630.8 $ 607.7 Less: Receivables not transferred 630.8 607.7 Net receivables transferred $ — $ — Short-term debt due to asset securitization $ — $ — For the three months ended March 31, 2021 and 2020, zero and $106.2 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 $0.4 million and $0.7 million for the three months ended March 31, 2021 and 2020, |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The following presents our goodwill balance allocated by segment as of March 31, 2021: (in millions) Gas Distribution Operations Electric Operations Corporate and Other Total Goodwill $ 1,485.9 $ — $ — $ 1,485.9 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our interim effective tax rates reflect the estimated annual effective tax rates for 2021 and 2020, adjusted for tax expense associated with certain discrete items. The effective tax rates for the three months ended March 31, 2021 and 2020 were 17.4% and (24.5)%, respectively. These effective tax rates differ from the federal statutory tax rate of 21% primarily due to increased amortization of excess deferred federal income tax liabilities, as specified in the TCJA, tax credits, state income taxes and other permanent book-to-tax differences. These adjustments have a relative impact on the effective tax rate proportionally to pretax income or loss. The increase in the three month effective tax rate of 41.9% in 2021 compared to 2020 is primarily attributed to a discrete item related to the pre-tax book loss recorded for the classification as held for sale of the Massachusetts Business tax effected at statutory tax rates in 2020 offset by an increase in amortization of excess deferred federal income tax liabilities and deduction for AFUDC equity. There were no material changes recorded in 2021 to our uncertain tax positions recorded as of December 31, 2020. |
Pension And Other Postretiremen
Pension And Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2021 | |
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. We determined that, for certain rate-regulated subsidiaries, the future recovery of postretirement benefit costs is probable, and we record regulatory assets and liabilities for amounts that would otherwise have been recorded to expense or accumulated other comprehensive loss. Current rates of rate-regulated companies include postretirement benefit costs, including amortization of the regulatory assets and liabilities that arose prior to inclusion of these costs in rates. For most plans, cash contributions are remitted to grantor trusts. For the three months ended March 31, 2021, we contributed $0.7 million to our pension plans and $5.1 million to our other postretirement benefit plans. The following table provides the components of the plans’ actuarially determined net periodic benefit cost for the three months ended March 31, 2021 and 2020: Pension Benefits Other Postretirement Three Months Ended March 31, (in millions) 2021 2020 2021 2020 Components of Net Periodic Benefit (Income) Cost (1) Service cost $ 7.6 $ 8.0 $ 1.5 $ 1.6 Interest cost 7.7 13.5 2.5 3.9 Expected return on assets (25.8) (28.4) (3.8) (3.6) Amortization of prior service credit — 0.2 (0.6) (0.5) Recognized actuarial loss 5.3 8.7 1.2 1.3 Settlement loss 3.3 — — — Total Net Periodic Benefit (Income) Cost $ (1.9) $ 2.0 $ 0.8 $ 2.7 (1) The service cost component and all non-service cost components of net periodic benefit (income) cost are presented in "Operation and maintenance" and "Other, net", respectively, on the Condensed Statements of Consolidated Income (unaudited). During the first quarter of 2021, one of our qualified pension plans met the requirement for settlement accounting. A settlement charge of $3.3 million was recorded during the first quarter of 2021. As a result of the settlement, the pension plan was remeasured, resulting in a decrease to the net pension asset of $5.8 million, a net increase to regulatory assets of $2.1 million, and a net debit to accumulated other comprehensive loss of $0.4 million. Net periodic pension benefit cost for 2021 increased by $4.0 million as a result of the interim remeasurement. The following table provides the key assumptions that were used to calculate the pension benefit obligation and the net periodic benefit cost at the interim remeasurement date for the plan that triggered settlement accounting: February 28, 2021 Weighted-average Assumption to Determine Benefit Obligation Discount rate 2.57 % Weighted-average Assumptions to Determine Net Periodic Benefit Costs for the period ended Discount rate - service cost 2.81 % Discount rate - interest cost 1.57 % Expected return on assets 4.80 % |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2021 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities A VIE is an entity in which the controlling interest is determined through means other than a majority voting interest. The primary beneficiary of a VIE is the business enterprise which has the power to direct the activities that most significantly impact the VIE’s economic performance. Also, the primary beneficiary either absorbs a significant amount of the VIE’s losses or has the right to receive benefits that could be significant to the VIE. We consider these qualitative elements in determining whether we are the primary beneficiary of a VIE, and we consolidate those VIEs for which we are determined to be the primary beneficiary. Rosewater (a joint venture) owns and operates 102 MW of nameplate capacity wind generation assets. Members of the joint venture are NIPSCO (who is the managing member) and a tax equity partner. Earnings, tax attributes and cash flows are allocated to both NIPSCO and the tax equity partner in varying percentages by category and over the life of the partnership. Once the tax equity partner has earned their negotiated rate of return and we have reached the agreed upon contractual date, NIPSCO has the option to purchase at fair market value from the tax equity partner the remaining interest in the aforementioned joint venture. NIPSCO has an obligation to purchase, through a PPA at established market rates, 100% of the electricity generated by Rosewater. As the managing member of Rosewater, we control decisions that are significant to its ongoing operations and economic results. Therefore, we have concluded that we are the primary beneficiary of Rosewater and have consolidated Rosewater even though we own less than 100% of the total equity membership interest. We have determined that the use of HLBV accounting is reasonable and appropriate in order to attribute income and loss to the noncontrolling interest held by the tax equity partner. HLBV accounting was selected as the allocation of Rosewater's economic results to members differ from the members' relative ownership percentages. Using the HLBV method, our earnings are calculated based on how the partnership would distribute its cash if it were to hypothetically sell all of its assets for their carrying amounts and liquidate at each reporting period. Under HLBV, we calculate the liquidation value allocable to each partner at the beginning and end of each period based on the contractual terms of the related entity's operating agreement and adjust our income for the period to reflect the change in our associated book value. In March 2021, in exchange for additional respective membership interests in Rosewater, NIPSCO contributed $0.1 million in cash, and the tax equity partner contributed $7.5 million in cash, the second of two contractual cash contributions for each partner, per the equity capital contribution agreement. NIPSCO also assumed an additional obligation of $6.0 million to the developer, which comes due in 2023 and is included in "Other noncurrent liabilities" in the Condensed Consolidated Balance Sheets (unaudited). From the contributed funds, Rosewater paid $7.4 million to the developer of the wind generation assets. The developer of the facility is not a partner in the joint venture for federal income tax purposes and does not receive any share of earnings, tax attributes, or cash flows of Rosewater. With asset construction now complete, NIPSCO and the tax equity partner have made total cash contributions of $0.8 million and $93.6 million, respectively, and NIPSCO has assumed an obligation to the developer of $75.7 million, totaling contributions of $170.1 million for both partners. We did not provide any financial or other support during the year that was not previously contractually required, nor do we expect to provide such support in the future. At March 31, 2021 and December 31, 2020, $170.0 million and $156.4 million, respectively, in net assets (as detailed in the table below) related to Rosewater and the non-controlling interest attributable to the unrelated tax equity partner of $94.1 million and $85.6 million, respectively, were included in the Condensed Consolidated Balance Sheets (unaudited). For the quarters ended March 31, 2021 and 2020, $1.0 million and zero were allocated to the tax equity partner and is included in "Net income attributable to non-controlling interest" on the Condensed Statements of Consolidated Income. Our Condensed Consolidated Balance Sheets (unaudited) included the following assets and liabilities associated with Rosewater: (in millions) March 31, December 31, Net Property, Plant and Equipment $ 174.2 $ 175.6 Current assets 4.2 1.7 Total assets (1) $ 178.4 $ 177.3 Current liabilities $ 2.8 $ 15.3 Asset retirement obligations 5.5 5.5 Other noncurrent liabilities 0.1 0.1 Total liabilities $ 8.4 $ 20.9 (1) The assets of Rosewater represent assets of a consolidated VIE that can be used only to settle obligations of the consolidated VIE. |
Short-Term Borrowings
Short-Term Borrowings | 3 Months Ended |
Mar. 31, 2021 | |
Short-term Debt [Abstract] | |
Short-Term Borrowings | Short-Term Borrowings We generate short-term borrowings from our revolving credit facility, commercial paper program and accounts receivable transfer programs. 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. We had no outstanding borrowings under this facility as of March 31, 2021 and December 31, 2020. 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. We had $520.0 million of commercial paper outstanding as of March 31, 2021 and $503.0 million of commercial paper outstanding as of December 31, 2020. Refer to Note 11, "Transfers of Financial Assets," for additional information on our accounts receivable transfer programs. Short-term borrowings were as follows: (in millions) March 31, December 31, Commercial paper weighted-average interest rate of 0.19% and 0.27% at March 31, 2021 and December 31, 2020, respectively 520.0 503.0 Total Short-Term Borrowings $ 520.0 $ 503.0 Items listed above are presented net in the Condensed Statements of Consolidated Cash Flows (unaudited) as their maturities are less than 90 days. |
Other Commitments And Contingen
Other Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Other Commitments and Contingencies A. Guarantees and Indemnities. We and certain of our subsidiaries enter into various agreements providing financial or performance assurance to third parties on behalf of certain subsidiaries as a 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. As of March 31, 2021 and December 31, 2020, we had issued stand-by letters of credit of $15.2 million. We provide guarantees related to our future performance under BTAs for our renewable generation projects. At March 31, 2021, our guarantees for the Rosewater and Indiana Crossroads BTAs totaled $34.0 million. The amount of each guaranty will fluctuate upon the completion of the various steps outlined in each BTA. See “- D. Other Matters - Generation Transition,” below for more information. B. 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"). 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 served residences and approximately 700 of which served businesses, and the interruption of other utility service more broadly in the area. Columbia of Massachusetts replaced the cast iron and bare steel gas pipeline system in the affected area and restored service. See “- D. Other Matters - Greater Lawrence Pipeline Replacement” below for more information. On September 1, 2020, the Massachusetts Governor terminated the state of emergency declared following the Greater Lawrence Incident. We have been subject to inquiries and investigations by government authorities and regulatory agencies regarding the Greater Lawrence Incident, including the Massachusetts DPU and the Massachusetts Attorney General's Office. On February 26, 2020, the Company and Columbia of Massachusetts entered into agreements with the U.S. Attorney’s Office for the District of Massachusetts to resolve the U.S. Attorney’s Office’s investigation relating to the Greater Lawrence Incident, as described below. The Company and Columbia of Massachusetts entered into an agreement with the Massachusetts Attorney General’s Office (among other parties) to resolve the Massachusetts DPU and the Massachusetts Attorney General’s Office investigations, that was approved by the Massachusetts DPU on October 7, 2020 as part of the sale of the Massachusetts Business to Eversource. NTSB Investigation . As previously disclosed, the NTSB concluded its investigation into the Greater Lawrence Incident. On November 24, 2020, the NTSB closed NiSource’s one remaining open safety recommendation. U.S. Department of Justice Investigation. On February 26, 2020, the Company and Columbia of Massachusetts entered into agreements with the U.S. Attorney’s Office to resolve the U.S. Attorney’s Office’s investigation relating to the Greater Lawrence Incident. Columbia of Massachusetts agreed to plead guilty in the United States District Court for the District of Massachusetts (the “Court”) to violating the Natural Gas Pipeline Safety Act (the “Plea Agreement”), and the Company entered into a Deferred Prosecution Agreement (the “DPA”). On March 9, 2020, Columbia of Massachusetts entered its guilty plea pursuant to the Plea Agreement, which the Court accepted. Subsequently, Columbia of Massachusetts and the U.S. Attorney’s Office modified the Plea Agreement. On June 23, 2020, the Court sentenced Columbia of Massachusetts in accordance with the terms of the modified Plea Agreement. Under the modified Plea Agreement, Columbia of Massachusetts is subject to the following terms, among others: (i) a criminal fine in the amount of $53,030,116, which has been paid; (ii) a three year probationary period that will terminate early upon a sale of Columbia of Massachusetts or a sale of its gas distribution business to a qualified third-party buyer consistent with certain requirements, but in no event before the end of the one-year mandatory period of probation; (iii) compliance with each of the NTSB recommendations stemming from the Greater Lawrence Incident; and (iv) employment of an in-house monitor until the end of the term of probation or until the sale of Columbia of Massachusetts or its gas distribution business, whichever is earlier. On October 13, 2020, the Court, upon agreement of the U.S. Attorney's Office and Columbia Gas of Massachusetts, modified the terms of probation by ending the term of the in-house monitor. Under the DPA, the U.S. Attorney’s Office agreed to defer prosecution of the Company in connection with the Greater Lawrence Incident for a three-year period (which three-year period may be extended for twelve (12) months upon the U.S. Attorney’s Office’s determination of a breach of the DPA) subject to certain obligations of the Company, including, but not limited to, the following: (i) the Company will use reasonable best efforts to sell Columbia of Massachusetts or Columbia of Massachusetts’ gas distribution business to a qualified third-party buyer consistent with certain requirements, and, upon the completion of any such sale, the Company will cease and desist any and all gas pipeline and distribution activities in the District of Massachusetts; (ii) the Company will forfeit and pay, within 30 days of the later of the sale becoming final or the date on which post-closing adjustments to the purchase price are finally determined in accordance with the agreement to sell Columbia of Massachusetts or its gas distribution business, a fine equal to the total amount of the profit or gain, if any, from any sale of Columbia of Massachusetts or its gas distribution business, with the amount of profit or gain determined as provided in the DPA; and (iii) the Company agrees as to each of the Company’s subsidiaries involved in the distribution of gas through pipeline facilities in Massachusetts, Indiana, Ohio, Pennsylvania, Maryland, Kentucky and Virginia to implement and adhere to each of the recommendations from the NTSB stemming from the Greater Lawrence Incident. Pursuant to the DPA, if the Company complies with all of its obligations under the DPA, including, but not limited to those identified above, the U.S. Attorney’s Office will not file any criminal charges against the Company related to the Greater Lawrence Incident. If Columbia of Massachusetts withdraws its plea for any reason, if the Court rejects any aspect of the Plea Agreement, or if Columbia of Massachusetts should fail to perform an obligation under the Plea Agreement prior to the sale of Columbia of Massachusetts or its gas distribution business, the U.S. Attorney's Office may, at its sole option, render the DPA null and void. The sale of the Massachusetts Business was completed on October 9, 2020. The Company was not required to forfeit or pay any funds because the Company did not realize a profit or gain from the sale as provided in the DPA. 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. On July 26, 2019, the Company, Columbia of Massachusetts and NiSource Corporate Services Company, a subsidiary of the Company, entered into a term sheet with the class action plaintiffs under which they agreed to settle the class action claims in connection with the Greater Lawrence Incident. Columbia of Massachusetts agreed to pay $143 million into a settlement fund to compensate the settlement class and the settlement class agreed to release Columbia of Massachusetts and affiliates from all claims arising out of or related to the Greater Lawrence Incident. The following claims are not covered under the proposed settlement because they are not part of the consolidated class action: (1) physical bodily injury and wrongful death; (2) insurance subrogation, whether equitable, contractual or otherwise; and (3) claims arising out of appliances that are subject to the Massachusetts DPU orders. Emotional distress and similar claims are covered under the proposed settlement unless they are secondary to a physical bodily injury. The settlement class is defined under the term sheet as all persons and businesses in the three municipalities of Lawrence, Andover and North Andover, Massachusetts, subject to certain limited exceptions. The motion for preliminary approval and the settlement documents were filed on September 25, 2019. The preliminary approval court hearing was held on October 7, 2019 and the court issued an order granting preliminary approval of the settlement on October 11, 2019. The Court granted final approval of the settlement on March 12, 2020. With respect to claims not included in the consolidated class action, many of the asserted wrongful death and bodily injury claims have settled, and we continue to discuss potential settlements with remaining claimants. The outcomes and impacts of such private actions are uncertain at this time. Shareholder Derivative Lawsuit. On April 28, 2020, a shareholder derivative lawsuit was filed by the City of Detroit Police and Fire Retirement System in the United States District Court for the District of Delaware against certain of the Company’s current and former directors, alleging state-law claims for breaches of fiduciary duty with respect to the pipeline safety management systems relating to the distribution of natural gas prior to the Greater Lawrence Incident and also including federal-law claims related to our proxy statement disclosures regarding our safety systems. The remedies sought included damages for the alleged breaches of fiduciary duty, corporate governance reforms, and restitution of any unjust enrichment. The defendants filed a motion to dismiss the lawsuit, and oral argument was held on March 2, 2021. On March 9, 2021, the district court granted the defendants’ motion to dismiss. It dismissed the federal-law claims with prejudice for failure to state a claim on which relief can be granted and declined to exercise jurisdiction over the state-law claims, which were dismissed without prejudice. Following the dismissal of the federal court action, on April 29, 2021, the same plaintiff filed a shareholder derivative lawsuit in the Delaware Court of Chancery against certain of our current and former directors. The new complaint alleges a single count for breach of fiduciary duty, and no longer alleges disclosure violations or breaches of federal securities laws. The complaint relates to substantially the same matters as those alleged in the dismissed federal derivative complaint. The remedies sought include damages for the alleged breaches of fiduciary duty, corporate governance reforms, and restitution of compensation by the individual defendants. The case is at an early stage, and a schedule has not yet been entered. Because of the preliminary nature of this lawsuit, we are not able to estimate a loss or range of loss, if any, that may be incurred in connection with this matter at this time. Financial Impact. Since the Greater Lawrence Incident, we have recorded expenses of approximately $1,040 million for third-party claims and fines, penalties and settlements associated with government investigations. These costs do not include the capital cost of the pipeline replacement. Refer to " - D. Other Matters - Greater Lawrence Incident Restoration," and "- Greater Lawrence Incident Pipeline Replacement," for additional information. 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, management’s estimates and assumptions regarding the financial impact of the Greater Lawrence Incident may change. We are also party to certain other claims, regulatory and legal proceedings arising in the ordinary course of business in each state in which we have operations, none of which we believe to be individually material at this time. Due to the inherent uncertainty of litigation, there can be no assurance that the outcome or resolution of any particular claim, proceeding or investigation related to the Greater Lawrence Incident or otherwise would not have a material adverse effect on our results of operations, financial position or liquidity. Certain matters in connection with the Greater Lawrence Incident have had or may have a material impact as described above. If one or more of such additional or other 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. C. 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 majority of environmental assessment and remediation costs to be recoverable through rates for certain of our companies. As of March 31, 2021 and December 31, 2020, we had recorded a liability of $90.6 million and $92.6 million, respectively, to cover environmental remediation at various sites. The current portion of this liability is included in "Other accruals" in the Condensed Consolidated Balance Sheets (unaudited). 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 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. 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 Condensed Consolidated Financial Statements (unaudited). MGP. We maintain a program to identify and investigate former MGP sites where Gas Distribution Operations subsidiaries or predecessors may have liability. The program has identified 54 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, 2020. Our total estimated liability related to the facilities subject to remediation was $84.3 million and $85.0 million at March 31, 2021 and December 31, 2020, respectively. The liability represents our best estimate of the probable cost to remediate the MGP sites. 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 allows NIPSCO to continue its byproduct beneficial use program. To comply with the rule, NIPSCO completed capital expenditures in 2019 to modify its infrastructure and manage CCRs. The CCR rule also 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 requirements that will be established by environmental authorities, compliance strategies that will be used and the preliminary nature of available data used to estimate costs. As allowed by the rule, 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 will also continue to work with EPA and the Indiana Department of Environmental Management to obtain administrative approvals associated with the CCR rule. In the event that the approvals are not obtained, future operations could be impacted. We believe the possibility of such an outcome is remote. D. Other Matters. Generation Transition. NIPSCO has executed several PPAs to purchase 100% of the output from renewable generation facilities at a fixed price per MWh. Each facility supplying the energy will have an associated nameplate capacity, and payments under the PPAs will not begin until the associated generation facility is constructed by the owner/seller. NIPSCO has also executed several BTAs with developers to construct renewable generation facilities. NIPSCO's purchase requirement under the BTAs is dependent on satisfactory approval of the BTA by the IURC, successful execution of an agreement with a tax equity partner and timely completion of construction. NIPSCO and the tax equity partner are obligated to make cash contributions to the partnership at the date construction is substantially complete. Once the tax equity partner has earned their negotiated rate of return and we have reached the agreed upon contractual date, NIPSCO has the option to purchase at fair market value from the tax equity partner the remaining interest in the aforementioned joint venture. Greater Lawrence Incident Restoration . In addition to the amounts estimated for third-party claims and fines, penalties and settlements associated with government investigations described above, we have recorded expenses for other incident-related costs. Such costs include certain consulting costs, legal costs, vendor costs, claims center costs, labor and related expenses incurred in connection with the incident, and insurance-related loss surcharges. These costs were immaterial for the three months ended March 31, 2021. Greater Lawrence Pipeline Replacement . In connection with the Greater Lawrence Incident, Columbia of Massachusetts, in cooperation with the Massachusetts Governor’s office, replaced the entire affected pipeline system. We invested approximately $258 million of capital spend for the pipeline replacement; this work was completed in 2019. We maintain property insurance for gas pipelines and other applicable property. Columbia of Massachusetts has filed a proof of loss with its property insurer for the pipeline replacement. In January 2020, we filed a lawsuit against the property insurer, seeking payment of our property claim. We are currently unable to predict the timing or amount of any insurance recovery under the property policy. State Income Taxes Related to Greater Lawrence Incident Expenses . As of December 31, 2018, expenses related to the Greater Lawrence Incident were $1,023 million. In the fourth quarter of 2019, we filed an application for Alternative Apportionment with the MA DOR to request an allocable approach to these expenses for purposes of Massachusetts state income taxes, which, if approved, would result in a state deferred tax asset of approximately $50 million, net. The MA DOR issued a denial during the first quarter of 2020. We filed an application for abatement in the second quarter of 2020, which resulted in a denial from the MA DOR in April 2021. We have 60 days to submit an appeal for this decision. One-Time Employee Separation Benefits. On August 5, 2020, we commenced a voluntary separation program for certain employees. Expense for the voluntary separation program was predominantly recognized in the third quarter of 2020, when the employees accepted the offer, absent a retention period. In addition, we have continued to evaluate our organizational structure under the auspices of NiSource Next, which has resulted in additional separations under our existing severance policies. For employees that have a retention period, expense will be recognized over the remaining service period. The total estimated severance expense for employees is approximately $40 million, with $38.1 million incurred to date. A rollforward of the one-time employee separation benefits accrual for the three months ended March 31, 2021 is presented below: (in millions) Balance as of January 1, 2021 Changes Attributable to Costs Incurred (1) Costs Paid Adjustments Balance as of March 31, 2021 (2) One-time Employee Separation Benefits 11.1 4.6 (8.4) — 7.3 (1) This activity is presented within "Operation and maintenance" in our Condensed Statements of Consolidated Income (unaudited). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2021 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following tables display the components of Accumulated Other Comprehensive Loss: (in millions) Gains and Losses on Securities (1) Gains and Losses on Cash Flow Hedges (1) Pension and OPEB Items (1) Accumulated (1) Balance as of January 1, 2021 $ 6.0 $ (147.9) $ (14.8) $ (156.7) Other comprehensive income (loss) before reclassifications (2.2) 84.6 (1.4) 81.0 Amounts reclassified from accumulated other comprehensive income (loss) (0.3) — 0.5 0.2 Net current-period other comprehensive income (loss) (2.5) 84.6 (0.9) 81.2 Balance as of March 31, 2021 $ 3.5 $ (63.3) $ (15.7) $ (75.5) (1) All amounts are net of tax. Amounts in parentheses indicate debits. (in millions) Gains and Losses on Securities (1) Gains and Losses on Cash Flow Hedges (1) Pension and OPEB Items (1) Accumulated (1) Balance as of January 1, 2020 $ 3.3 $ (77.2) $ (18.7) $ (92.6) Other comprehensive income (loss) before reclassifications (5.2) (133.3) 0.4 (138.1) Amounts reclassified from accumulated other comprehensive income (loss) (0.2) — 0.3 0.1 Net current-period other comprehensive income (loss) (5.4) (133.3) 0.7 (138.0) Balance as of March 31, 2020 $ (2.1) $ (210.5) $ (18.0) $ (230.6) (1) All amounts are net of tax. Amounts in parentheses indicate debits. |
Other, Net
Other, Net | 3 Months Ended |
Mar. 31, 2021 | |
Other, Net [Abstract] | |
Other, Net | Other, Net Three Months Ended March 31, (in millions) 2021 2020 Interest income $ 0.9 $ 1.7 AFUDC equity 1.5 1.7 Pension and other postretirement non-service benefit 8.5 2.7 Miscellaneous (0.4) (0.7) Total Other, net $ 10.5 $ 5.4 |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information At March 31, 2021, our operations are divided into two primary reportable segments, the Gas Distribution Operations and Electric Operations segments. Corporate costs and other activities that are not significant on a stand-alone basis to warrant treatment as an operating segment and that do not fit into one of our two segments are aggregated as "Corporate and Other" in the disclosures below. Refer to Note 3, "Revenue Recognition," for additional information on our segments and their sources of revenues. The following table provides information about our business 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. Three Months Ended (in millions) 2021 2020 Operating Revenues Gas Distribution Operations Unaffiliated $ 1,135.8 $ 1,228.0 Intersegment 3.1 3.0 Total 1,138.9 1,231.0 Electric Operations Unaffiliated 402.5 377.3 Intersegment 0.2 0.2 Total 402.7 377.5 Corporate and Other Unaffiliated 7.3 0.2 Intersegment 103.9 106.7 Total 111.2 106.9 Eliminations (107.2) (109.9) Consolidated Operating Revenues $ 1,545.6 $ 1,605.5 Operating Income (Loss) Gas Distribution Operations $ 346.9 $ 78.5 Electric Operations 87.9 78.5 Corporate and Other (1.6) (8.8) Consolidated Operating Income $ 433.2 $ 148.2 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On April 19, 2021, we completed the sale of 8.625 million Series A Equity Units (“Equity Units”), initially consisting of Series A Corporate Units (“Corporate Units”), each with a stated amount of $100. The offering generated net proceeds of $835.5 million , after underwriting and estimated issuance expenses. Each Corporate Unit consists of a forward contract to purchase shares of our common stock in the future and a 1/10th, or 10%, undivided beneficial ownership interest in one share of Series C Mandatory Convertible Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share. The Mandatory Convertible Preferred Stock initially will not bear any dividends. Total annual distributions of the Corporate Units will be 7.75%, consisting of quarterly contract adjustment payments under the forward contract. We may pay the contract adjustment payments in cash, shares of common stock or a combination of cash and shares of common stock, at our election. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted | Recently Issued Accounting Pronouncements We are currently evaluating the impact of certain ASUs on our Condensed Consolidated Financial Statements (unaudited) and Notes to Condensed Consolidated Financial Statements (unaudited), which are described below: Standard Description Effective Date Effect on the financial statements or other significant matters ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Statement This pronouncement provides Upon issuance on We continue to evaluate the temporary expedients and options available under this guidance, and the effects of this pronouncement on our Condensed Consolidated Financial Statements (unaudited) and Notes to Condensed Consolidated Financial Statements (unaudited). We are currently identifying and evaluating contracts that may be impacted. As of March 31, 2021, we have not applied any expedients and options available under this ASU. ASU 2021-01, Reference Rate Reform (Topic 848): Scope ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivative and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity This pronouncement simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity's own equity. Specifically, the ASU "simplifies accounting for convertible instruments by removing major separation models required under current GAAP." In addition, the ASU "removes certain settlement conditions that are required for equity contracts to qualify for it" and "simplifies the diluted earnings per share (EPS) calculations in certain areas." Annual period beginning after December 15, 2021, and interim periods within those fiscal years. We continue to evaluate the effects of this pronouncement on our Condensed Consolidated Financial Statements (unaudited) and Notes to Condensed Consolidated Financial Statements (unaudited) as it pertains to any relevant future activity. We expect to adopt this ASU on its effective date. |
Schedule of Prospective Adoption of New Accounting Pronouncements | Recently Adopted Accounting Pronouncements Standard Adoption ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes This pronouncement simplifies the accounting for income taxes by eliminating certain exceptions to the general principles in ASC 740, income taxes. It also improves consistency of application for other areas of the guidance by clarifying and amending existing guidance. We adopted the amendments of this pronouncement as of January 1, 2021 with no material impact to the Condensed Consolidated Financial Statements (unaudited). |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The tables below reconcile revenue disaggregation by customer class to segment revenue, as well as to revenues reflected on the Condensed Statements of Consolidated Income (unaudited) for the three months ended March 31, 2021 and March 31, 2020: Three Months Ended March 31, 2021 (in millions) Gas Distribution Operations Electric Operations Corporate and Other (2) Total Customer Revenues (1) Residential $ 773.5 $ 129.2 $ — $ 902.7 Commercial 271.4 122.9 — 394.3 Industrial 57.9 122.9 — 180.8 Off-system 14.4 — — 14.4 Miscellaneous 9.9 4.2 0.2 14.3 Total Customer Revenues $ 1,127.1 $ 379.2 $ 0.2 $ 1,506.5 Other Revenues 8.7 23.3 7.1 39.1 Total Operating Revenues $ 1,135.8 $ 402.5 $ 7.3 $ 1,545.6 (1) Customer revenue amounts exclude intersegment revenues. See Note 20, "Business Segment Information," for discussion of intersegment revenues. (2) Other revenues related to the Transition Services Agreement entered into in connection with the sale of the Massachusetts Business. Three Months Ended March 31, 2020 (in millions) Gas Distribution Operations Electric Operations Corporate and Other Total Customer Revenues (1) Residential $ 796.5 $ 119.2 $ — $ 915.7 Commercial 269.4 120.2 — 389.6 Industrial 74.2 109.1 — 183.3 Off-system 18.7 — — 18.7 Miscellaneous 12.5 5.9 0.2 18.6 Total Customer Revenues $ 1,171.3 $ 354.4 $ 0.2 $ 1,525.9 Other Revenues 56.7 22.9 — 79.6 Total Operating Revenues $ 1,228.0 $ 377.3 $ 0.2 $ 1,605.5 |
Customer Accounts Receivable | The opening and closing balances of customer receivables for the three months ended March 31, 2021 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) Customer Accounts Receivable, Unbilled (less reserve) Balance as of December 31, 2020 $ 400.0 $ 327.2 Balance as of March 31, 2021 507.4 244.3 Increase (Decrease) $ 107.4 $ (82.9) |
Financing Receivable, Allowance for Credit Loss | A rollforward of our allowance for credit losses for the three months ended March 31, 2021 are presented in the table below: Three Months Ended March 31, 2021 ( in millions ) Gas Distribution Operations Electric Operations Corporate and Other Total Beginning balance $ 41.8 $ 9.7 $ 0.8 $ 52.3 Current period provisions 5.9 2.9 — 8.8 Write-offs charged against allowance (9.0) (2.4) — (11.4) Recoveries of amounts previously written off 4.1 0.1 — 4.2 Ending balance of the allowance for credit losses $ 42.8 $ 10.3 $ 0.8 $ 53.9 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation Of Diluted Average Common Shares | The computation of diluted average common shares is as follows: Three Months Ended March 31, (in thousands) 2021 2020 Basic average common shares outstanding 392,657 383,062 Dilutive potential common shares: Shares contingently issuable under employee stock plans 630 845 Shares restricted under employee stock plans 288 207 Forward Agreement 337 — Diluted Average Common Shares 393,912 384,114 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Stock by Class - Preferred | The following table displays preferred dividends declared for the period by outstanding series of shares: Three Months Ended March December 31, 2021 2020 2021 2020 (in millions except shares and per share amounts) Liquidation Preference Per Share Shares Dividends Declared Per Share Outstanding 5.650% Series A $ 1,000.00 400,000 28.25 28.25 $ 393.9 $ 393.9 6.500% Series B $ 25,000.00 20,000 812.50 812.50 $ 486.1 $ 486.1 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Schedule of COVID-19 Regulatory Impact | The ongoing impacts of these approvals or directives are described in the table below: Jurisdiction Moratorium in Place? Regulatory Asset balance as of March 31, 2021 (in millions) Deferred COVID-19 Costs Columbia of Ohio No $ 2.0 Incremental operation and maintenance expenses NIPSCO No $ 12.0 Incremental bad debt expense and the costs to implement the requirements of the COVID-19 related order Columbia of Pennsylvania No $ 7.1 Incremental bad debt expense incurred since March 13, 2020 above levels currently in rates Columbia of Virginia Yes $ 0.1 Incremental incurred costs, subject to an earnings test review Columbia of Maryland No $ 1.1 Incremental costs (including incremental bad debt expense) incurred to ensure that customers have essential utility service during the state of emergency in Maryland. Such incremental costs must be offset by any benefit received in connection with the pandemic |
Risk Management Activities (Tab
Risk Management Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Risk management assets and liabilities on our derivatives are presented on the Condensed Consolidated Balance Sheets (unaudited) as shown below: (in millions) March 31, 2021 December 31, 2020 Risk Management Assets - Current (1) Interest rate risk programs $ — $ — Commodity price risk programs 1.0 10.4 Total $ 1.0 $ 10.4 Risk Management Assets - Noncurrent (2) Interest rate risk programs $ — $ — Commodity price risk programs 3.2 2.8 Total $ 3.2 $ 2.8 Risk Management Liabilities - Current (3) Interest rate risk programs $ 17.1 $ 70.9 Commodity price risk programs 5.0 7.3 Total $ 22.1 $ 78.2 Risk Management Liabilities - Noncurrent (4) Interest rate risk programs $ 40.6 $ 99.5 Commodity price risk programs 38.3 45.1 Total $ 78.9 $ 144.6 (1) Presented in "Prepayments and other" on the Condensed Consolidated Balance Sheets (unaudited). (2) Presented in "Deferred charges and other" on the Condensed Consolidated Balance Sheets (unaudited). (3) Presented in "Other accruals" on the Condensed Consolidated Balance Sheets (unaudited). |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 Condensed Consolidated Balance Sheets (unaudited) on a recurring basis and their level within the fair value hierarchy as of March 31, 2021 and December 31, 2020: Recurring Fair Value Measurements (in millions) Quoted Prices in Significant Significant Balance as of March 31, 2021 Assets Risk management assets $ — $ 4.2 $ — $ 4.2 Available-for-sale debt securities — 167.9 — 167.9 Total $ — $ 172.1 $ — $ 172.1 Liabilities Risk management liabilities $ — $ 101.0 $ — $ 101.0 Total $ — $ 101.0 $ — $ 101.0 Recurring Fair Value Measurements (in millions) Quoted Prices in Significant Significant Balance as of December 31, 2020 Assets Risk management assets $ — $ 13.2 $ — $ 13.2 Available-for-sale debt securities — 170.9 — 170.9 Total $ — $ 184.1 $ — $ 184.1 Liabilities Risk management liabilities $ — $ 222.8 $ — $ 222.8 Total $ — $ 222.8 $ — $ 222.8 |
Schedule of Available-For-Sale Securities | The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of available-for-sale securities at March 31, 2021 and December 31, 2020 were: March 31, 2021 (in millions) Amortized Gross Unrealized Gains Gross Unrealized Losses (1) Allowance for Credit Losses Fair Available-for-sale debt securities U.S. Treasury debt securities $ 37.1 $ 0.2 $ (0.3) $ — $ 37.0 Corporate/Other debt securities 126.7 5.3 (0.8) (0.3) 130.9 Total $ 163.8 $ 5.5 $ (1.1) $ (0.3) $ 167.9 December 31, 2020 (in millions) Amortized Gross Unrealized Gains Gross Unrealized Losses (2) Allowance for Credit Losses Fair Available-for-sale debt securities U.S. Treasury debt securities $ 33.7 $ 0.3 $ — $ — $ 34.0 Corporate/Other debt securities 130.2 7.7 (0.5) (0.5) 136.9 Total $ 163.9 $ 8.0 $ (0.5) $ (0.5) $ 170.9 (1) Fair value of U.S. Treasury debt securities and Corporate/Other debt securities in an unrealized loss position without an allowance for credit losses is $22.1 and $25.7 million, respectively, at March 31, 2021. (2) Fair value of U.S. Treasury debt securities and Corporate/Other debt securities in an unrealized loss position without an allowance for credit losses is $0 million and $13.2 million, respectively, at December 31, 2020. |
Carrying Amount And Estimated Fair Values Of Financial Instruments | The carrying amount and estimated fair values of these financial instruments were as follows: (in millions) Carrying Amount as of March 31, 2021 Estimated Fair Value as of March 31, 2021 Carrying Estimated Fair Long-term debt (including current portion) $ 9,246.7 $ 10,178.0 $ 9,243.1 $ 11,034.2 |
Transfers Of Financial Assets (
Transfers Of Financial Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Transfers and Servicing [Abstract] | |
Schedule Of Gross And Net Receivables Transferred As Well As Short-Term Borrowings Related To The Securitization Transactions | 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 March 31, 2021 and December 31, 2020: (in millions) March 31, 2021 December 31, 2020 Gross receivables $ 630.8 $ 607.7 Less: Receivables not transferred 630.8 607.7 Net receivables transferred $ — $ — Short-term debt due to asset securitization $ — $ — |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following presents our goodwill balance allocated by segment as of March 31, 2021: (in millions) Gas Distribution Operations Electric Operations Corporate and Other Total Goodwill $ 1,485.9 $ — $ — $ 1,485.9 |
Pension And Other Postretirem_2
Pension And Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Components Of The Plans' Net Periodic Benefits Cost | The following table provides the components of the plans’ actuarially determined net periodic benefit cost for the three months ended March 31, 2021 and 2020: Pension Benefits Other Postretirement Three Months Ended March 31, (in millions) 2021 2020 2021 2020 Components of Net Periodic Benefit (Income) Cost (1) Service cost $ 7.6 $ 8.0 $ 1.5 $ 1.6 Interest cost 7.7 13.5 2.5 3.9 Expected return on assets (25.8) (28.4) (3.8) (3.6) Amortization of prior service credit — 0.2 (0.6) (0.5) Recognized actuarial loss 5.3 8.7 1.2 1.3 Settlement loss 3.3 — — — Total Net Periodic Benefit (Income) Cost $ (1.9) $ 2.0 $ 0.8 $ 2.7 (1) The service cost component and all non-service cost components of net periodic benefit (income) cost are presented in "Operation and maintenance" and "Other, net", respectively, on the Condensed Statements of Consolidated Income (unaudited). |
Schedule of Defined Benefit Plans Disclosures | The following table provides the key assumptions that were used to calculate the pension benefit obligation and the net periodic benefit cost at the interim remeasurement date for the plan that triggered settlement accounting: February 28, 2021 Weighted-average Assumption to Determine Benefit Obligation Discount rate 2.57 % Weighted-average Assumptions to Determine Net Periodic Benefit Costs for the period ended Discount rate - service cost 2.81 % Discount rate - interest cost 1.57 % Expected return on assets 4.80 % |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities Assets and Liabilities | Our Condensed Consolidated Balance Sheets (unaudited) included the following assets and liabilities associated with Rosewater: (in millions) March 31, December 31, Net Property, Plant and Equipment $ 174.2 $ 175.6 Current assets 4.2 1.7 Total assets (1) $ 178.4 $ 177.3 Current liabilities $ 2.8 $ 15.3 Asset retirement obligations 5.5 5.5 Other noncurrent liabilities 0.1 0.1 Total liabilities $ 8.4 $ 20.9 (1) The assets of Rosewater represent assets of a consolidated VIE that can be used only to settle obligations of the consolidated VIE. |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Short-term Debt [Abstract] | |
Schedule Of Short-Term Borrowings | Short-term borrowings were as follows: (in millions) March 31, December 31, Commercial paper weighted-average interest rate of 0.19% and 0.27% at March 31, 2021 and December 31, 2020, respectively 520.0 503.0 Total Short-Term Borrowings $ 520.0 $ 503.0 |
Other Commitments And Conting_2
Other Commitments And Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | A rollforward of the one-time employee separation benefits accrual for the three months ended March 31, 2021 is presented below: (in millions) Balance as of January 1, 2021 Changes Attributable to Costs Incurred (1) Costs Paid Adjustments Balance as of March 31, 2021 (2) One-time Employee Separation Benefits 11.1 4.6 (8.4) — 7.3 (1) This activity is presented within "Operation and maintenance" in our Condensed Statements of Consolidated Income (unaudited). |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |
Components Of Accumulated Other Comprehensive Loss | The following tables display the components of Accumulated Other Comprehensive Loss: (in millions) Gains and Losses on Securities (1) Gains and Losses on Cash Flow Hedges (1) Pension and OPEB Items (1) Accumulated (1) Balance as of January 1, 2021 $ 6.0 $ (147.9) $ (14.8) $ (156.7) Other comprehensive income (loss) before reclassifications (2.2) 84.6 (1.4) 81.0 Amounts reclassified from accumulated other comprehensive income (loss) (0.3) — 0.5 0.2 Net current-period other comprehensive income (loss) (2.5) 84.6 (0.9) 81.2 Balance as of March 31, 2021 $ 3.5 $ (63.3) $ (15.7) $ (75.5) (1) All amounts are net of tax. Amounts in parentheses indicate debits. (in millions) Gains and Losses on Securities (1) Gains and Losses on Cash Flow Hedges (1) Pension and OPEB Items (1) Accumulated (1) Balance as of January 1, 2020 $ 3.3 $ (77.2) $ (18.7) $ (92.6) Other comprehensive income (loss) before reclassifications (5.2) (133.3) 0.4 (138.1) Amounts reclassified from accumulated other comprehensive income (loss) (0.2) — 0.3 0.1 Net current-period other comprehensive income (loss) (5.4) (133.3) 0.7 (138.0) Balance as of March 31, 2020 $ (2.1) $ (210.5) $ (18.0) $ (230.6) (1) All amounts are net of tax. Amounts in parentheses indicate debits. |
Other, Net (Tables)
Other, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other, Net [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Three Months Ended March 31, (in millions) 2021 2020 Interest income $ 0.9 $ 1.7 AFUDC equity 1.5 1.7 Pension and other postretirement non-service benefit 8.5 2.7 Miscellaneous (0.4) (0.7) Total Other, net $ 10.5 $ 5.4 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule Of Operating Income Derived From Revenues And Expenses By Segment | At March 31, 2021, our operations are divided into two primary reportable segments, the Gas Distribution Operations and Electric Operations segments. Corporate costs and other activities that are not significant on a stand-alone basis to warrant treatment as an operating segment and that do not fit into one of our two segments are aggregated as "Corporate and Other" in the disclosures below. Refer to Note 3, "Revenue Recognition," for additional information on our segments and their sources of revenues. The following table provides information about our business 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. Three Months Ended (in millions) 2021 2020 Operating Revenues Gas Distribution Operations Unaffiliated $ 1,135.8 $ 1,228.0 Intersegment 3.1 3.0 Total 1,138.9 1,231.0 Electric Operations Unaffiliated 402.5 377.3 Intersegment 0.2 0.2 Total 402.7 377.5 Corporate and Other Unaffiliated 7.3 0.2 Intersegment 103.9 106.7 Total 111.2 106.9 Eliminations (107.2) (109.9) Consolidated Operating Revenues $ 1,545.6 $ 1,605.5 Operating Income (Loss) Gas Distribution Operations $ 346.9 $ 78.5 Electric Operations 87.9 78.5 Corporate and Other (1.6) (8.8) Consolidated Operating Income $ 433.2 $ 148.2 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Service Area By County | 20 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Customer revenues | $ 1,506.5 | $ 1,525.9 |
Other revenues | 39.1 | 79.6 |
Total Operating Revenues | 1,545.6 | 1,605.5 |
Gas Distribution Operations | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 1,127.1 | 1,171.3 |
Other revenues | 8.7 | 56.7 |
Total Operating Revenues | 1,135.8 | 1,228 |
Electric Operations | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 379.2 | 354.4 |
Other revenues | 23.3 | 22.9 |
Total Operating Revenues | 402.5 | 377.3 |
Corporate and Other | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 0.2 | 0.2 |
Other revenues | 7.1 | 0 |
Total Operating Revenues | 7.3 | 0.2 |
Residential | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 902.7 | 915.7 |
Residential | Gas Distribution Operations | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 773.5 | 796.5 |
Residential | Electric Operations | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 129.2 | 119.2 |
Residential | Corporate and Other | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 0 | 0 |
Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 394.3 | 389.6 |
Commercial | Gas Distribution Operations | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 271.4 | 269.4 |
Commercial | Electric Operations | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 122.9 | 120.2 |
Commercial | Corporate and Other | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 0 | 0 |
Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 180.8 | 183.3 |
Industrial | Gas Distribution Operations | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 57.9 | 74.2 |
Industrial | Electric Operations | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 122.9 | 109.1 |
Industrial | Corporate and Other | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 0 | 0 |
Off-system | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 14.4 | 18.7 |
Off-system | Gas Distribution Operations | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 14.4 | 18.7 |
Off-system | Electric Operations | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 0 | 0 |
Off-system | Corporate and Other | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 0 | 0 |
Miscellaneous | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 14.3 | 18.6 |
Miscellaneous | Gas Distribution Operations | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 9.9 | 12.5 |
Miscellaneous | Electric Operations | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | 4.2 | 5.9 |
Miscellaneous | Corporate and Other | ||
Disaggregation of Revenue [Line Items] | ||
Customer revenues | $ 0.2 | $ 0.2 |
Revenue Recognition (Customer A
Revenue Recognition (Customer Accounts Receivable) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Customer Accounts Receivable, Billed (Less Reserve) | $ 507.4 | $ 400 |
Customer Accounts Receivable, Unbilled (Less Reserve) | 244.3 | $ 327.2 |
Increase (Decrease) in Customer Accounts Receivable, Billed (Less Reserve) | 107.4 | |
Increase (Decrease) in Customer Accounts Receivable, Unbilled (Less Reserve) | $ (82.9) |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Allowance for Credit Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for Credit Loss | $ 53.9 | $ 52.3 |
Current period provisions | 8.8 | |
Write-offs charged against allowance | (11.4) | |
Recoveries of amounts previously written off | 4.2 | |
Gas Distribution Operations | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for Credit Loss | 42.8 | 41.8 |
Current period provisions | 5.9 | |
Write-offs charged against allowance | (9) | |
Recoveries of amounts previously written off | 4.1 | |
Electric Operations | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for Credit Loss | 10.3 | 9.7 |
Current period provisions | 2.9 | |
Write-offs charged against allowance | (2.4) | |
Recoveries of amounts previously written off | 0.1 | |
Corporate and Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for Credit Loss | 0.8 | $ 0.8 |
Current period provisions | 0 | |
Write-offs charged against allowance | 0 | |
Recoveries of amounts previously written off | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Denominator | ||
Basic Average Common Shares Outstanding | 392,657 | 383,062 |
Dilutive potential common shares | ||
Shares contingently issuable under employee stock plans | 630 | 845 |
Shares restricted under stock plans | 288 | 207 |
Forward agreements | 337 | 0 |
Diluted Average Common Shares | 393,912 | 384,114 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 | |
Preferred Stock, Shares Outstanding | 440,000 | 440,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
At The Market Program | |||
Common Stock Aggregate Sale Price | $ 750 | ||
ATM Program Equity Remaining Available for Issuance | $ 600 | ||
Forward February 21 Member | |||
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share | $ 22.48 | ||
Forward Contract Indexed to Issuer's Equity, Shares | 6,672,740 | ||
Forward Contract Indexed to Issuer's Equity, Settlement Alternatives, Shares, at Fair Value | $ 148.5 | ||
Forward Contract Indexed to Issuers Equity, Forward Rate Per Share, at Fair Value | $ 22.25 | ||
Series A Preferred Stock | |||
Preferred Stock, Shares Outstanding | 400,000 | ||
Preferred Stock, Amount of Preferred Dividends in Arrears | $ 6.7 | $ 6.7 | |
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears | $ 16.63 | $ 16.63 | |
Series B Preferred Stock | |||
Preferred Stock, Shares Outstanding | 20,000 | ||
Preferred Stock, Amount of Preferred Dividends in Arrears | $ 1.4 | $ 1.4 | |
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears | $ 72.23 | $ 72.23 | |
Series B-1 Preferred Stock | |||
Preferred Stock, Shares Outstanding | 20,000 |
Equity Schedule of Stock by Cla
Equity Schedule of Stock by Class - Preferred (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||
Preferred Stock, Shares Outstanding | 440,000 | 440,000 | |
Shares outstanding | $ 5,931.6 | $ 5,752.2 | |
Series A Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||
Preferred Stock, Shares Outstanding | 400,000 | ||
Dividends Declared Per Share | $ 28.25 | $ 28.25 | |
Series B Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | ||
Preferred Stock, Shares Outstanding | 20,000 | ||
Dividends Declared Per Share | $ 812.50 | $ 812.50 | |
Series B-1 Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Outstanding | 20,000 | ||
Preferred Stock | Series A Preferred Stock | |||
Class of Stock [Line Items] | |||
Shares outstanding | $ 393.9 | 393.9 | |
Preferred Stock | Series B Preferred Stock | |||
Class of Stock [Line Items] | |||
Shares outstanding | $ 486.1 | $ 486.1 |
Gas in Storage (Narrative) (Det
Gas in Storage (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Gas in Storage [Abstract] | ||
LIFO Inventory Amount | $ 22.3 | $ 0 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Narrative) (Details) $ in Millions | Mar. 31, 2021USD ($) |
Property, Plant and Equipment [Abstract] | |
Plant and Equipment associated with Schahfer Generating Station Retirement | $ 861.6 |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of COVID-19 Regulatory Impact) (Details) $ in Millions | Mar. 31, 2021USD ($) |
Incremental O&M - COVID | Columbia Of Ohio | |
Regulated Operations | |
Regulatory Assets | $ 2 |
Incremental O&M - COVID | Columbia Of Virginia | |
Regulated Operations | |
Regulatory Assets | 0.1 |
Incremental O&M and Bad Debt - COVID | NIPSCO | |
Regulated Operations | |
Regulatory Assets | 12 |
Incremental O&M and Bad Debt - COVID | Columbia Of Maryland | |
Regulated Operations | |
Regulatory Assets | 1.1 |
Incremental Bad Debt - COVID | Columbia Of Pennsylvania | |
Regulated Operations | |
Regulatory Assets | $ 7.1 |
Risk Management Activities (Nar
Risk Management Activities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Limit of GCA Volumes | 20.00% | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | $ 0 |
Minimum | ||
Derivative [Line Items] | ||
Commodity Contract Length | 5 years | |
Maximum | ||
Derivative [Line Items] | ||
Commodity Contract Length | 10 years | |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 500 |
Risk Management Activities (Sch
Risk Management Activities (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Risk Management Assets Current | ||
Derivatives, Fair Value [Line Items] | ||
Risk management assets | $ 1 | $ 10.4 |
Risk Management Assets Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Risk management assets | 3.2 | 2.8 |
Risk Management Liabilities Current | ||
Derivatives, Fair Value [Line Items] | ||
Risk management liabilities | 22.1 | 78.2 |
Risk Management Liabilities Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Risk management liabilities | 78.9 | 144.6 |
Interest Rate Risk | Risk Management Assets Current | ||
Derivatives, Fair Value [Line Items] | ||
Risk management assets | 0 | 0 |
Interest Rate Risk | Risk Management Assets Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Risk management assets | 0 | 0 |
Interest Rate Risk | Risk Management Liabilities Current | ||
Derivatives, Fair Value [Line Items] | ||
Risk management liabilities | 17.1 | 70.9 |
Interest Rate Risk | Risk Management Liabilities Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Risk management liabilities | 40.6 | 99.5 |
Commodity Price Risk Programs | Risk Management Assets Current | ||
Derivatives, Fair Value [Line Items] | ||
Risk management assets | 1 | 10.4 |
Commodity Price Risk Programs | Risk Management Assets Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Risk management assets | 3.2 | 2.8 |
Commodity Price Risk Programs | Risk Management Liabilities Current | ||
Derivatives, Fair Value [Line Items] | ||
Risk management liabilities | 5 | 7.3 |
Commodity Price Risk Programs | Risk Management Liabilities Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Risk management liabilities | $ 38.3 | $ 45.1 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosure [Line Items] | ||
Transfers between Fair Value Hierarchies | $ 0 | $ 0 |
Material Level 3 Changes | 0 | 0 |
Allowance for Credit Loss | (0.3) | (0.5) |
U.S. Treasury debt securities | ||
Fair Value Disclosure [Line Items] | ||
Available-for-sale Securities, Maturities, Next Twelve Months, Fair Value | 6.2 | |
Allowance for Credit Loss | 0 | 0 |
Corporate/Other debt securities | ||
Fair Value Disclosure [Line Items] | ||
Available-for-sale Securities, Maturities, Next Twelve Months, Fair Value | 3.9 | |
Allowance for Credit Loss | $ (0.3) | $ (0.5) |
Fair Value (Fair Value Of Finan
Fair Value (Fair Value Of Financial Assets And Liabilities Measured On A Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Total | $ 172.1 | $ 184.1 |
Liabilities | ||
Total | 101 | 222.8 |
Fair Value, Inputs, Level 1 | ||
Assets | ||
Risk management assets | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Total | 0 | 0 |
Liabilities | ||
Risk management liabilities | 0 | 0 |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Risk management assets | 4.2 | 13.2 |
Available-for-sale securities | 167.9 | 170.9 |
Total | 172.1 | 184.1 |
Liabilities | ||
Risk management liabilities | 101 | 222.8 |
Total | 101 | 222.8 |
Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Risk management assets | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Total | 0 | 0 |
Liabilities | ||
Risk management liabilities | 0 | 0 |
Total | 0 | 0 |
Available-for-sale Securities | ||
Assets | ||
Available-for-sale securities | 167.9 | 170.9 |
Risk management assets | ||
Assets | ||
Risk management assets | 4.2 | 13.2 |
Liabilities | ||
Risk management liabilities | $ 101 | $ 222.8 |
Fair Value (Available-For-Sale
Fair Value (Available-For-Sale Securities) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosure [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 22.1 | $ 0 |
Amortized Cost | 163.8 | 163.9 |
Gross Unrealized Gains | 5.5 | 8 |
Gross Unrealized Losses | (1.1) | (0.5) |
Allowance for Credit Loss | (0.3) | (0.5) |
Fair Value | 167.9 | 170.9 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 25.7 | 13.2 |
U.S. Treasury debt securities | ||
Fair Value Disclosure [Line Items] | ||
Amortized Cost | 37.1 | 33.7 |
Gross Unrealized Gains | 0.2 | 0.3 |
Gross Unrealized Losses | (0.3) | 0 |
Allowance for Credit Loss | 0 | 0 |
Fair Value | 37 | 34 |
Corporate/Other debt securities | ||
Fair Value Disclosure [Line Items] | ||
Amortized Cost | 126.7 | 130.2 |
Gross Unrealized Gains | 5.3 | 7.7 |
Gross Unrealized Losses | (0.8) | (0.5) |
Allowance for Credit Loss | (0.3) | (0.5) |
Fair Value | $ 130.9 | $ 136.9 |
Fair Value (Carrying Amount And
Fair Value (Carrying Amount And Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Long-term Debt (including current portion), Carrying Amount | $ 9,246.7 | $ 9,243.1 |
Long-term debt (including current portion), Estimated Fair Value | $ 10,178 | $ 11,034.2 |
Transfers Of Financial Assets_2
Transfers Of Financial Assets (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Number of Agreements | 3 | |
Cash From Financing Activities Related To The Change In Short-Term Borrowings Due To The Securitization Transactions | $ 0 | $ 106.2 |
Securitization Transaction Fees | 0.4 | $ 0.7 |
Accounts Receivable Program | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Seasonal Limit | $ 510 |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Gross Receivables | $ 630.8 | $ 607.7 |
Less: Receivables not transferred | 630.8 | 607.7 |
Net receivables transferred | 0 | 0 |
Short-term debt due to asset securitization | $ 0 | $ 0 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | ||
Goodwill | $ 1,485.9 | $ 1,485.9 |
Goodwill (Schedule of Goodwill)
Goodwill (Schedule of Goodwill) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | ||
Goodwill | $ 1,485.9 | $ 1,485.9 |
Gas Distribution Operations | ||
Goodwill [Line Items] | ||
Goodwill | 1,485.9 | |
Electric Operations | ||
Goodwill [Line Items] | ||
Goodwill | 0 | |
Corporate and Other | ||
Goodwill [Line Items] | ||
Goodwill | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rates | 17.40% | (24.50%) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 21.00% | |
Increase (Decrease) in Effective Tax Rate | 41.90% | |
Changes to Liability for Uncertain Tax Positions | $ 0 |
Pension And Other Postretirem_3
Pension And Other Postretirement Benefits (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | $ 0.7 |
Defined Benefit Plan, Pension Asset, (Increase)Decrease For Remeasurement Due To Settlement | (5.8) |
Change in Regulatory Assets Due to Interim Measurement | 2.1 |
Change in Accumulated Other Comprehensive Income Due to Interim Measurement | 0.4 |
Change to Defined Benefit Plan Net Periodic Costs Due to Interim Measurement | 4 |
Other Postretirement Benefit Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | $ 5.1 |
Pension And Other Postretirem_4
Pension And Other Postretirement Benefits (Components Of The Plans' Net Periodic Benefits Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | $ 7.6 | $ 8 |
Interest cost | 7.7 | 13.5 |
Expected return on assets | (25.8) | (28.4) |
Amortization of prior service credit | 0 | 0.2 |
Recognized actuarial loss | 5.3 | 8.7 |
Settlement loss | (3.3) | 0 |
Total Net Periodic Benefits Cost | (1.9) | 2 |
Other Postretirement Benefit Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | 1.5 | 1.6 |
Interest cost | 2.5 | 3.9 |
Expected return on assets | (3.8) | (3.6) |
Amortization of prior service credit | (0.6) | (0.5) |
Recognized actuarial loss | 1.2 | 1.3 |
Settlement loss | 0 | 0 |
Total Net Periodic Benefits Cost | $ 0.8 | $ 2.7 |
Pension And Other Postretirem_5
Pension And Other Postretirement Benefits Schedule of Assumptions Used (Details) - Pension Plan | 3 Months Ended |
Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate | 2.57% |
Discount rate- service cost | 2.81% |
Discount rate - interest cost | 1.57% |
Expected return on assets | 4.80% |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) | 3 Months Ended | 4 Months Ended | ||
Mar. 31, 2021USD ($)RateMW | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($)RateMW | Dec. 31, 2020USD ($) | |
Variable Interest Entity [Line Items] | ||||
Nameplate Capacity | MW | 102 | 102 | ||
Wind Power Purchase Agreement, Purchase Percentage | Rate | 100.00% | 100.00% | ||
Total Equity Membership Interest | 100.00% | 100.00% | ||
Additional Obligation to the Developer | $ 6,000,000 | $ 6,000,000 | ||
Payment to renewable generation asset developer | (7,400,000) | $ 0 | ||
Total Obligation to the Developer | 75,700,000 | 75,700,000 | ||
Total Contributions | 170,100,000 | 170,100,000 | ||
VIE Net Assets | 170,000,000 | 170,000,000 | $ 156,400,000 | |
Noncontrolling interest in consolidated subsidiaries | 94,100,000 | $ 94,100,000 | $ 85,600,000 | |
Net income attributable to noncontrolling interest | $ 1,000,000 | $ 0 | ||
Rosewater Wind Farm | ||||
Variable Interest Entity [Line Items] | ||||
Wind Power Purchase Agreement, Purchase Percentage | Rate | 100.00% | 100.00% | ||
NIPSCO | ||||
Variable Interest Entity [Line Items] | ||||
Cash Contribution | $ 100,000 | $ 800,000 | ||
Tax Equity Partner | ||||
Variable Interest Entity [Line Items] | ||||
Cash Contribution | $ 7,500,000 | $ 93,600,000 |
Variable Interest Entities (Sch
Variable Interest Entities (Schedule of VIE Assets and Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | |||
Current assets | [1] | $ 1,593.5 | $ 1,659.4 |
Total Assets | 22,194.5 | 22,040.5 | |
Current liabilities | 2,258.8 | 2,279.4 | |
Asset retirement obligations | 479.7 | 477.1 | |
Other noncurrent liabilities | 444.5 | 515.5 | |
Rosewater | |||
Variable Interest Entity [Line Items] | |||
Net Property, Plant and Equipment | 174.2 | 175.6 | |
Current assets | 4.2 | 1.7 | |
Total Assets | 178.4 | 177.3 | |
Current liabilities | 2.8 | 15.3 | |
Asset retirement obligations | 5.5 | 5.5 | |
Other noncurrent liabilities | 0.1 | 0.1 | |
Total liabilities | $ 8.4 | $ 20.9 | |
[1] | (1) Includes $174.2 million and $175.6 million of net property, plant and equipment assets and $4.2 million and $1.7 million of current assets of a consolidated VIE as of March 31, 2021 and December 31, 2020 that may be used only to settle obligations of the consolidated VIE. Refer to Note 15 "Variable Interest Entities" for additional information. |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Commercial paper outstanding | $ 520 | $ 503 |
Revolving Credit Facility | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,850 | |
Long-term Line of Credit | 0 | $ 0 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500 |
Short-Term Borrowings (Schedule
Short-Term Borrowings (Schedule Of Short-Term Borrowings) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Commercial paper weighted-average interest rate of 0.19% and 0.27% at March 31, 2021 and December 31, 2020, respectively | $ 520 | $ 503 |
Total short-term borrowings | $ 520 | $ 503 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 0.19% | 0.27% |
Other Commitments And Conting_3
Other Commitments And Contingencies (Narrative) (Details) | 3 Months Ended | 4 Months Ended | 31 Months Ended | ||
Mar. 31, 2021USD ($)Rate | Dec. 31, 2018USD ($) | Mar. 31, 2021USD ($)Rate | Dec. 31, 2020USD ($) | Jul. 26, 2019USD ($) | |
Other Commitments And Contingencies [Line Items] | |||||
Guaranty Liabilities | $ 34,000,000 | $ 34,000,000 | |||
Litigation Settlement, Amount Awarded to Other Party | $ 143,000,000 | ||||
Recorded reserves to cover environmental remediation at various sites | $ 90,600,000 | $ 90,600,000 | $ 92,600,000 | ||
Wind Power Purchase Agreement, Purchase Percentage | Rate | 100.00% | 100.00% | |||
Costs Resulting from the Greater Lawrence Incident | $ 1,023,000,000 | ||||
Restructuring and Related Cost, Expected Cost | $ 40,000,000 | $ 40,000,000 | |||
Restructuring and Related Cost, Cost Incurred to Date | $ 38,100,000 | $ 38,100,000 | |||
MGP Sites | |||||
Other Commitments And Contingencies [Line Items] | |||||
Number of waste disposal sites identified by program | 54 | 54 | |||
Liability for Estimated Remediation Costs | $ 84,300,000 | $ 84,300,000 | 85,000,000 | ||
Reasonably possible remediation costs variance from reserve | $ 20,000,000 | 20,000,000 | |||
Columbia Of Massachusetts | |||||
Other Commitments And Contingencies [Line Items] | |||||
Gas Meters Affected | 7,500 | ||||
Businesses Impacted by Incident | 700 | ||||
Plea Agreement Criminal Fine | $ 53,030,116 | ||||
Pipeline Replacement Expenses | 258,000,000 | ||||
Deferred Tax Assets, Net | 50,000,000 | 50,000,000 | |||
Minimum | Columbia Of Massachusetts | |||||
Other Commitments And Contingencies [Line Items] | |||||
Expenses Related to Third-Party Claims | 1,040,000,000 | ||||
Standby Letters of Credit | |||||
Other Commitments And Contingencies [Line Items] | |||||
Long-term Line of Credit | $ 15,200,000 | $ 15,200,000 | $ 15,200,000 |
Other Commitments And Conting_4
Other Commitments And Contingencies (Restructuring) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | $ 7.3 | $ 11.1 |
Restructuring Reserve, Period Increase (Decrease) | 4.6 | |
Payments for Restructuring | (8.4) | |
Restructuring Reserve, Accrual Adjustment | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Components Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (156.7) | $ (92.6) |
Other Comprehensive Income (Loss) before reclassifications | 81 | (138.1) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.2 | 0.1 |
Net current-period other comprehensive income (loss) | 81.2 | (138) |
Ending Balance | (75.5) | (230.6) |
Gains and Losses on Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 6 | 3.3 |
Other Comprehensive Income (Loss) before reclassifications | (2.2) | (5.2) |
Amounts reclassified from accumulated other comprehensive income (loss) | (0.3) | (0.2) |
Net current-period other comprehensive income (loss) | (2.5) | (5.4) |
Ending Balance | 3.5 | (2.1) |
Gains and Losses on Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (147.9) | (77.2) |
Other Comprehensive Income (Loss) before reclassifications | 84.6 | (133.3) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Net current-period other comprehensive income (loss) | 84.6 | (133.3) |
Ending Balance | (63.3) | (210.5) |
Pension and OPEB Items | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (14.8) | (18.7) |
Other Comprehensive Income (Loss) before reclassifications | (1.4) | 0.4 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.5 | 0.3 |
Net current-period other comprehensive income (loss) | (0.9) | 0.7 |
Ending Balance | $ (15.7) | $ (18) |
Other, Net (Details)
Other, Net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other, Net [Abstract] | ||
Interest income | $ 0.9 | $ 1.7 |
AFUDC equity | 1.5 | 1.7 |
Pension and other postretirement non-service benefit | 8.5 | 2.7 |
Miscellaneous | (0.4) | (0.7) |
Other, net | $ 10.5 | $ 5.4 |
Business Segment Information (N
Business Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Primary business segments | 2 |
Business Segment Information (S
Business Segment Information (Schedule Of Operating Income Derived From Revenues And Expenses By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 1,545.6 | $ 1,605.5 |
Consolidated Operating Income (Loss) | 433.2 | 148.2 |
Eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenues | (107.2) | (109.9) |
Gas Distribution Operations | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,138.9 | 1,231 |
Consolidated Operating Income (Loss) | 346.9 | 78.5 |
Gas Distribution Operations | Unaffiliated | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,135.8 | 1,228 |
Gas Distribution Operations | Intersegment | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3.1 | 3 |
Electric Operations | ||
Segment Reporting Information [Line Items] | ||
Revenues | 402.7 | 377.5 |
Consolidated Operating Income (Loss) | 87.9 | 78.5 |
Electric Operations | Unaffiliated | ||
Segment Reporting Information [Line Items] | ||
Revenues | 402.5 | 377.3 |
Electric Operations | Intersegment | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0.2 | 0.2 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | 111.2 | 106.9 |
Consolidated Operating Income (Loss) | (1.6) | (8.8) |
Corporate and Other | Unaffiliated | ||
Segment Reporting Information [Line Items] | ||
Revenues | 7.3 | 0.2 |
Corporate and Other | Intersegment | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 103.9 | $ 106.7 |
Subsequent Event (Narrative) (D
Subsequent Event (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Apr. 19, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Subsequent Event [Line Items] | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Subsequent Event | Series C Preferred Stock | |||
Subsequent Event [Line Items] | |||
Undivided Beneficial Ownership Interest, Percent | 10.00% | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||
Subsequent Event | Series A Corporate Units | |||
Subsequent Event [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 8,625 | ||
Shares Issued, Price Per Share | $ 100 | ||
Net Proceeds from Sale | $ 835.5 | ||
Corporate Units Contract Annual Rate | 7.75% |