Company Quick10K Filing
Quick10K
Nisource
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$27.51 373 $10,260
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-07-26 Other Events, Exhibits
8-K 2019-06-05 Officers, Exhibits
8-K 2019-05-07 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-04-17 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-03-04 Officers
8-K 2019-02-20 Earnings, Exhibits
8-K 2019-02-20 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-12-26 Shareholder Rights, Amend Bylaw, Exhibits
8-K 2018-12-12 Officers, Regulation FD, Exhibits
8-K 2018-11-30 Shareholder Rights, Amend Bylaw, Other Events, Exhibits
8-K 2018-11-28 Enter Agreement, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-11-01 Enter Agreement, Other Events, Exhibits
8-K 2018-10-12 Regulation FD, Exhibits
8-K 2018-09-26 Officers, Regulation FD, Exhibits
8-K 2018-09-05 Officers, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-06-06 Enter Agreement, Off-BS Arrangement, Sale of Shares, Shareholder Rights, Amend Bylaw, Regulation FD, Exhibits
8-K 2018-06-04 Regulation FD, Exhibits
8-K 2018-05-08 Shareholder Vote
8-K 2018-05-02 Sale of Shares
8-K 2018-04-18 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-03-26 Officers
8-K 2018-01-26 Amend Bylaw, Other Events, Exhibits
AABA Altaba 38,810
VTR Ventas 22,110
TREX Trex 3,650
JBSS Sanfilippo John B & Son 681
CUE Cue Biopharma 167
FBIO Fortress Biotech 103
LMB Limbach 67
CYTR Cytrx 18
ACUR Acura Pharmaceuticals 0
CCEL Cryo Cell 0
NI 2019-06-30
Part I
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ni-ex3112019630.htm
EX-31.2 ni-ex3122019630.htm
EX-32.1 ni-ex3212019630.htm
EX-32.2 ni-ex3222019630.htm

Nisource Earnings 2019-06-30

NI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
or
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 001-16189
NiSource Inc.
(Exact name of registrant as specified in its charter)
DE
 
35-2108964
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
801 East 86th Avenue
 
 
Merrillville,
Indiana
 
46410
(Address of principal executive offices)
 
(Zip Code)
(877) 647-5990
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading
Symbol(s)
Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share
NI
New York Stock Exchange
Depositary Shares, each representing a 1/1,000th ownership interest in a share of 6.50% Series B
NI PR B
New York Stock Exchange
Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share, liquidation preference $25,000 per share and a 1/1,000th ownership interest in a share of Series B-1 Preferred Stock, par value $0.01 per share, liquidation preference $0.01 per share
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes þ    No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)
Yes þ    No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ     Accelerated filer ¨     Emerging growth company      Non-accelerated filer ¨    Smaller reporting company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes     No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: Common Stock, $0.01 Par Value: 373,347,237 shares outstanding at July 24, 2019.



NISOURCE INC.
FORM 10-Q QUARTERLY REPORT
FOR THE QUARTER ENDED JUNE 30, 2019
Table of Contents
 
 
 
 
Page
 
 
 
 
 
 
 
PART I
FINANCIAL INFORMATION
 
 
 
 
 
 
Item 1.
Financial Statements - unaudited
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
Item 3.
 
 
 
 
 
Item 4.
 
 
 
PART II
OTHER INFORMATION
 
 
 
 
 
 
Item 1.
 
 
 
 
 
Item 1A.
 
 
 
 
 
Item 2.
 
 
 
 
 
Item 3.
 
 
 
 
 
Item 4.
 
 
 
 
 
Item 5.
 
 
 
 
 
Item 6.
 
 
 
 

2


DEFINED TERMS

The following is a list of frequently used abbreviations or acronyms that are found in this report:

 
NiSource Subsidiaries, Affiliates and Former Subsidiaries
Columbia of Kentucky
Columbia Gas of Kentucky, Inc.
Columbia of Maryland
Columbia Gas of Maryland, Inc.
Columbia of Massachusetts
Bay State Gas Company
Columbia of Ohio
Columbia Gas of Ohio, Inc.
Columbia of Pennsylvania
Columbia Gas of Pennsylvania, Inc.
Columbia of Virginia
Columbia Gas of Virginia, Inc.
NIPSCO
Northern Indiana Public Service Company LLC
NiSource ("we," "us" or “our”)
NiSource Inc.
 
 
Abbreviations and Other
 
ACE
Affordable Clean Energy
AFUDC
Allowance for funds used during construction
AMRP
Accelerated Main Replacement Program
AOCI
Accumulated Other Comprehensive Income (Loss)
ASC
Accounting Standards Codification
ASU
Accounting Standards Update
ATM
At-the-market
BTA
Build-transfer agreement
CCRs
Coal Combustion Residuals
CEP
Capital Expenditure Program
CERCLA
Comprehensive Environmental Response Compensation and Liability Act (also known as Superfund)
CPP
Clean Power Plan
DPU
Department of Public Utilities
ELG
Effluent limitations guidelines
EPA
United States Environmental Protection Agency
EPS
Earnings per share
FAC
Fuel adjustment clause
FASB
Financial Accounting Standards Board
FERC
Federal Energy Regulatory Commission
FMCA
Federally Mandated Cost Adjustment
GAAP
Generally Accepted Accounting Principles
GCA
Gas cost adjustment
GCR
Gas cost recovery
GHG
Greenhouse gases
GSEP
Gas System Enhancement Program
GWh
Gigawatt hours
IRP
Infrastructure Replacement Program
IT
Information technology
IURC
Indiana Utility Regulatory Commission
LIBOR
London InterBank Offered Rate
LIFO
Last In, First Out
MGP
Manufactured Gas Plant

3


DEFINED TERMS

MISO
Midcontinent Independent System Operator
MMDth
Million dekatherms
MW
Megawatts
NTSB
National Transportation Safety Board
NYMEX
New York Mercantile Exchange
OPEB
Other Postretirement Benefits
PHMSA
Pipeline and Hazardous Materials Safety Administration
PPA
Purchase power agreement
PTC
Production tax credit
RCRA
Resource Conservation and Recovery Act
ROU
Right of use
SAVE
Steps to Advance Virginia's Energy Plan
SEC
Securities and Exchange Commission
STRIDE
Strategic Infrastructure Development Enhancement
TCJA
An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018 (commonly known as the Tax Cuts and Jobs Act of 2017)
TDSIC
Transmission, Distribution and Storage System Improvement Charge
WCE
Whiting Clean Energy
Note regarding forward-looking statements
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Investors and prospective investors should understand that many factors govern whether any forward-looking statement contained herein will be or can be realized. Any one of those factors could cause actual results to differ materially from those projected. These forward-looking statements include, but are not limited to, statements concerning NiSource’s plans, strategies, objectives, expected performance, expenditures, recovery of expenditures through rates, stated on either a consolidated or segment basis, and any and all underlying assumptions and other statements that are other than statements of historical fact. All forward-looking statements are based on assumptions that management believes to be reasonable; however, there can be no assurance that actual results will not differ materially.
Factors that could cause actual results to differ materially from the projections, forecasts, estimates and expectations discussed in this Quarterly Report on Form 10-Q include, among other things, our debt obligations; any changes to the credit rating of our or certain of our subsidiaries; our ability to execute our growth strategy; changes in general economic, capital and commodity market conditions; pension funding obligations; economic regulation and the impact of regulatory rate reviews; our ability to obtain expected financial or regulatory outcomes; our ability to adapt to, and manage costs related to, advances in technology; any changes in our assumptions regarding the financial implications of the Greater Lawrence Incident; potential incidents and other operating risks associated with our business; our ability to obtain sufficient insurance coverage; the outcome of legal and regulatory proceedings, investigations, incidents, claims and litigation; any damage to our reputation, including in connection with the Greater Lawrence Incident; compliance with environmental laws and the costs of associated liabilities; fluctuations in demand from residential and commercial customers; economic conditions of certain industries; the success of NIPSCO's electric generation strategy; the price of energy commodities and related transportation costs; the reliability of customers and suppliers to fulfill their payment and contractual obligations; potential impairments of goodwill or definite-lived intangible assets; changes in taxation and accounting principles; the impact of an aging infrastructure; the impact of climate change; potential cyber-attacks; construction risks and natural gas costs and supply risks; extreme weather conditions; the attraction and retention of a qualified workforce; the ability of our subsidiaries to generate cash; uncertainties related to the expected benefits of the separation from Columbia Pipeline Group; our ability to manage new initiatives and organizational changes; the performance of third-party suppliers and service providers; the transition to a replacement for the LIBOR benchmark interest rate; and other matters in the “Risk Factors” section of this report and our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, many of which risks are beyond our control. In addition, the relative contributions to profitability by each business segment, and the assumptions underlying the forward-looking statements relating thereto, may change over time.
All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed

4


assumptions, the occurrence of anticipated or unanticipated events or changes to the future results over time or otherwise, except as required by law.

5


Index
Page


6

Table of Contents

PART I

ITEM 1. FINANCIAL STATEMENTS
NiSource Inc.
Condensed Statements of Consolidated Income (unaudited)
  
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in millions, except per share amounts)
2019
 
2018
 
2019
 
2018
Operating Revenues
 
 
 
 
 
 
Customer revenues
$
969.2

 
$
982.1

 
$
2,803.7

 
$
2,699.3

Other revenues
41.2

 
24.9

 
76.5

 
58.5

Total Operating Revenues
1,010.4

 
1,007.0

 
2,880.2

 
2,757.8

Operating Expenses
 
 
 
 
 
 
 
Cost of sales (excluding depreciation and amortization)
253.5

 
313.3

 
933.8

 
1,037.7

Operation and maintenance
49.2

 
365.2

 
601.6

 
767.7

Depreciation and amortization
177.9

 
144.6

 
353.0

 
289.3

Loss (Gain) on sale of assets and impairments, net
(0.1
)
 

 
0.1

 
(0.3
)
Other taxes
66.4

 
65.5

 
154.0

 
144.4

Total Operating Expenses
546.9

 
888.6

 
2,042.5

 
2,238.8

Operating Income
463.5

 
118.4

 
837.7

 
519.0

Other Income (Deductions)
 
 
 
 
 
 
 
Interest expense, net
(94.1
)
 
(88.7
)
 
(189.7
)
 
(181.8
)
Other, net
(0.3
)
 
12.8

 
(1.0
)
 
44.1

Loss on early extinguishment of long-term debt

 
(12.5
)
 

 
(12.5
)
Total Other Deductions, Net
(94.4
)
 
(88.4
)
 
(190.7
)
 
(150.2
)
Income before Income Taxes
369.1


30.0


647.0


368.8

Income Taxes
72.2

 
5.5

 
131.2

 
68.2

Net Income
296.9

 
24.5

 
515.8

 
300.6

Preferred dividends
(13.8
)
 
(1.3
)
 
(27.6
)
 
(1.3
)
Net Income Available to Common Shareholders
283.1

 
23.2

 
488.2

 
299.3

Earnings Per Share
 
 
 
 
 
 
 
Basic Earnings Per Share
$
0.76


$
0.07


$
1.31


$
0.86

Diluted Earnings Per Share
$
0.75

 
$
0.07

 
$
1.30

 
$
0.86

Basic Average Common Shares Outstanding
373.9

 
354.2

 
373.6

 
346.2

Diluted Average Common Shares
375.2

 
355.2

 
374.9

 
347.1


The accompanying Notes to Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.

7

Table of Contents
ITEM 1. FINANCIAL STATEMENTS (continued)


NiSource Inc.
Condensed Statements of Consolidated Comprehensive Income (unaudited)

 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in millions, net of taxes)
2019
 
2018
 
2019
 
2018
Net Income
$
296.9

 
$
24.5

 
$
515.8

 
$
300.6

Other comprehensive income (loss):
 
 
 
 
 
 
 
 Net unrealized gain (loss) on available-for-sale securities(1)
2.1

 
(0.7
)
 
4.9

 
(2.4
)
Net unrealized gain (loss) on cash flow hedges(2)
(30.5
)
 
(1.4
)
 
(49.8
)
 
34.0

Unrecognized pension and OPEB benefit(3)
0.4

 
0.2

 
1.3

 
0.4

Total other comprehensive income (loss)
(28.0
)
 
(1.9
)
 
(43.6
)
 
32.0

Comprehensive Income
$
268.9

 
$
22.6


$
472.2


$
332.6


(1) Net unrealized gain (loss) on available-for-sale securities, net of $0.6 million tax expense and $0.2 million tax benefit in the second quarter of 2019 and 2018, respectively, and $1.3 million tax expense and $0.6 million tax benefit for the six months ended 2019 and 2018, respectively.
(2) Net unrealized gain (loss) on cash flow hedges, net of $10.0 million and $0.5 million tax benefit in the second quarter of 2019 and 2018, respectively, and $16.5 million tax benefit and $11.2 million tax expense for the six months ended 2019 and 2018, respectively.
(3) Unrecognized pension and OPEB benefit, net of $0.1 million tax expense in the second quarter of 2019 and 2018, and $0.5 million and $0.2 million tax expense for the six months ended 2019 and 2018, respectively.
The accompanying Notes to Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.

8

Table of Contents
ITEM 1. FINANCIAL STATEMENTS (continued)

NiSource Inc.
Condensed Consolidated Balance Sheets (unaudited)
(in millions)
June 30,
2019
 
December 31,
2018
ASSETS
 
 
 
Property, Plant and Equipment
 
 
 
Utility plant
$
23,576.5

 
$
22,780.8

Accumulated depreciation and amortization
(7,461.0
)
 
(7,257.9
)
Net utility plant
16,115.5

 
15,522.9

Other property, at cost, less accumulated depreciation
18.3

 
19.6

Net Property, Plant and Equipment
16,133.8

 
15,542.5

Investments and Other Assets
 
 
 
Unconsolidated affiliates
2.3

 
2.1

Other investments
215.3

 
204.0

Total Investments and Other Assets
217.6

 
206.1

Current Assets
 
 
 
Cash and cash equivalents
23.7

 
112.8

Restricted cash
8.7

 
8.3

Accounts receivable (less reserve of $28.1 and $21.1, respectively)
870.2

 
1,058.5

Gas inventory
179.3

 
286.8

Materials and supplies, at average cost
111.9

 
101.0

Electric production fuel, at average cost
27.4

 
34.7

Exchange gas receivable
41.5

 
88.4

Regulatory assets
212.2

 
235.4

Prepayments and other
103.1

 
129.5

Total Current Assets
1,578.0

 
2,055.4

Other Assets
 
 
 
Regulatory assets
1,992.1

 
2,002.1

Goodwill
1,690.7

 
1,690.7

Intangible assets, net
215.2

 
220.7

Deferred charges and other
146.8

 
86.5

Total Other Assets
4,044.8

 
4,000.0

Total Assets
$
21,974.2

 
$
21,804.0

 
The accompanying Notes to Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.
 

9

Table of Contents
ITEM 1. FINANCIAL STATEMENTS (continued)

NiSource Inc.
Condensed Consolidated Balance Sheets (unaudited) (continued)
(in millions, except share amounts)
June 30,
2019
 
December 31,
2018
CAPITALIZATION AND LIABILITIES
 
 
 
Capitalization
 
 
 
Stockholders’ Equity
 
 
 
Common stock - $0.01 par value, 600,000,000 shares authorized; 373,249,295 and 372,363,656 shares outstanding, respectively
$
3.8

 
$
3.8

Preferred stock - $0.01 par value, 20,000,000 shares authorized; 440,000 and 420,000 shares outstanding, respectively
880.0

 
880.0

Treasury stock
(99.9
)
 
(99.9
)
Additional paid-in capital
6,417.1

 
6,403.5

Retained deficit
(1,144.0
)
 
(1,399.3
)
Accumulated other comprehensive loss
(80.8
)
 
(37.2
)
Total Stockholders’ Equity
5,976.2

 
5,750.9

Long-term debt, excluding amounts due within one year
7,109.7

 
7,105.4

Total Capitalization
13,085.9


12,856.3

Current Liabilities
 
 
 
Current portion of long-term debt
10.7

 
50.0

Short-term borrowings
2,081.0

 
1,977.2

Accounts payable
552.2

 
883.8

Dividends payable - common stock
74.6

 

Dividends payable - preferred stock
8.2

 

Customer deposits and credits
159.1

 
238.9

Taxes accrued
167.3

 
222.7

Interest accrued
90.4

 
90.7

Exchange gas payable
42.3

 
85.5

Regulatory liabilities
150.5

 
140.9

Legal and environmental
21.8

 
18.9

Accrued compensation and employee benefits
134.3

 
149.7

Claims accrued
235.1

 
114.7

Other accruals
86.2

 
63.8

Total Current Liabilities
3,813.7

 
4,036.8

Other Liabilities
 
 
 
Risk management liabilities
80.7

 
46.7

Deferred income taxes
1,472.9

 
1,330.5

Deferred investment tax credits
10.5

 
11.2

Accrued insurance liabilities
82.9

 
84.4

Accrued liability for postretirement and postemployment benefits
372.1

 
389.1

Regulatory liabilities
2,465.1

 
2,519.1

Asset retirement obligations
367.6

 
352.0

Other noncurrent liabilities
222.8

 
177.9

Total Other Liabilities
5,074.6

 
4,910.9

Commitments and Contingencies (Refer to Note 17, "Other Commitments and Contingencies")

 

Total Capitalization and Liabilities
$
21,974.2

 
$
21,804.0

The accompanying Notes to Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.

10

Table of Contents
ITEM 1. FINANCIAL STATEMENTS (continued)

NiSource Inc.
Condensed Statements of Consolidated Cash Flows (unaudited)

Six Months Ended June 30, (in millions)
2019
 
2018
Operating Activities
 
 
 
Net Income
$
515.8

 
$
300.6

Adjustments to Reconcile Net Income to Net Cash from Operating Activities:
 
 
 
Loss on early extinguishment of debt

 
12.5

Depreciation and amortization
353.0

 
289.3

Deferred income taxes and investment tax credits
126.5

 
66.3

Other adjustments
13.6

 
11.3

Changes in Assets and Liabilities:
 
 
 
Components of working capital
(9.0
)
 
12.4

Regulatory assets/liabilities
(40.9
)
 
141.7

Deferred charges and other noncurrent assets
(68.4
)
 
1.2

Other noncurrent liabilities
35.6

 
(25.8
)
Net Cash Flows from Operating Activities
926.2

 
809.5

Investing Activities
 
 
 
Capital expenditures
(843.5
)
 
(832.5
)
Cost of removal
(55.7
)
 
(46.1
)
Other investing activities
1.2

 
7.5

Net Cash Flows used for Investing Activities
(898.0
)
 
(871.1
)
Financing Activities
 
 
 
Issuance of long-term debt

 
350.0

Repayments of long-term debt and capital lease obligations
(46.0
)
 
(491.2
)
Premiums and other debt related costs
(4.2
)
 
(15.2
)
Issuance of short-term debt (maturity > 90 days)
500.0

 
600.0

Repayment of short-term debt (maturity > 90 days)
(350.0
)
 

Change in short-term borrowings, net (maturity ≤ 90 days)
(46.2
)
 
(1,205.7
)
Issuance of common stock, net of issuance costs
7.1

 
607.7

Issuance of preferred stock, net of issuance costs

 
394.4

Acquisition of treasury stock

 
(4.0
)
Dividends paid - common stock
(149.1
)
 
(131.7
)
Dividends paid - preferred stock
(28.5
)
 

Net Cash Flows from (used for) Financing Activities
(116.9
)
 
104.3

Change in cash, cash equivalents and restricted cash
(88.7
)
 
42.7

Cash, cash equivalents and restricted cash at beginning of period
121.1

 
38.4

Cash, Cash Equivalents and Restricted Cash at End of Period
$
32.4

 
$
81.1


Supplemental Disclosures of Cash Flow Information
Six Months Ended June 30, (in millions)
2019
 
2018
Non-cash transactions:
 
 
 
Capital expenditures included in current liabilities
$
169.3

 
$
191.9

Dividends declared but not paid
82.7

 
70.8

Reclassification of other property to regulatory assets

 
245.3

Assets recorded for asset retirement obligations
$
12.8

 
$
64.7



The accompanying Notes to Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.

11

Table of Contents
ITEM 1. FINANCIAL STATEMENTS (continued)

NiSource Inc.
Condensed Statements of Consolidated Equity (unaudited)
(in millions)
Common
Stock
 
Preferred Stock(1)
 
Treasury
Stock
 
Additional
Paid-In
Capital
 
Retained
Deficit
 
Accumulated
Other
Comprehensive
Loss
 
Total
Balance as of April 1, 2019
$
3.8

 
$
880.0

 
$
(99.9
)
 
$
6,406.5

 
$
(1,358.0
)
 
$
(52.8
)
 
$
5,779.6

Comprehensive Income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income

 

 

 

 
296.9

 

 
296.9

Other comprehensive loss, net of tax

 

 

 

 

 
(28.0
)
 
(28.0
)
Dividends:
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock ($0.20 per share)

 

 

 

 
(74.7
)
 

 
(74.7
)
Preferred stock (See Note 5)

 

 

 

 
(8.2
)
 

 
(8.2
)
Stock issuances:
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee stock purchase plan

 

 

 
1.4

 

 

 
1.4

Long-term incentive plan

 

 

 
4.8

 

 

 
4.8

401(k) and profit sharing

 

 

 
4.4

 

 

 
4.4

Balance as of June 30, 2019
$
3.8

 
$
880.0

 
$
(99.9
)
 
$
6,417.1

 
$
(1,144.0
)
 
$
(80.8
)
 
$
5,976.2

(1)Series A and Series B shares have an aggregate liquidation preference of $400M and $500M, respectively. See Note 5, "Equity" for additional information.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in millions)
Common
Stock
 
Preferred Stock(1)
 
Treasury
Stock
 
Additional
Paid-In
Capital
 
Retained
Deficit
 
Accumulated
Other
Comprehensive
Loss
 
Total
Balance as of January 1, 2019
$
3.8

 
$
880.0

 
$
(99.9
)
 
$
6,403.5

 
$
(1,399.3
)
 
$
(37.2
)
 
$
5,750.9

Comprehensive Income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income

 

 

 

 
515.8

 

 
515.8

Other comprehensive loss, net of tax

 

 

 

 

 
(43.6
)
 
(43.6
)
Dividends:
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock ($0.60 per share)

 

 

 

 
(223.8
)
 

 
(223.8
)
Preferred stock (See Note 5)

 

 

 

 
(36.7
)
 

 
(36.7
)
Stock issuances:
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee stock purchase plan

 

 

 
2.7

 

 

 
2.7

Long-term incentive plan

 

 

 
2.1

 

 

 
2.1

401(k) and profit sharing

 

 

 
8.8

 

 

 
8.8

Balance as of June 30, 2019
$
3.8

 
$
880.0

 
$
(99.9
)
 
$
6,417.1

 
$
(1,144.0
)
 
$
(80.8
)
 
$
5,976.2


(1)Series A and Series B shares have an aggregate liquidation preference of $400M and $500M, respectively. See Note 5, "Equity" for additional information.

12

Table of Contents
ITEM 1. FINANCIAL STATEMENTS (continued)

NiSource Inc.
Condensed Statements of Consolidated Equity (unaudited) (continued)
(in millions)
Common
Stock
 
Preferred Stock
 
Treasury
Stock
 
Additional
Paid-In
Capital
 
Retained
Deficit
 
Accumulated
Other
Comprehensive
Loss
 
Total
Balance as of April 1, 2018
$
3.4

 
$

 
$
(99.5
)
 
$
5,540.5

 
$
(919.2
)
 
$
(19.0
)
 
$
4,506.2

Comprehensive Income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income

 

 

 

 
24.5

 

 
24.5

Other comprehensive loss, net of tax