2015 Q1 Form 10-Q Financial Statement

#000111171115000022 Filed on April 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $1.852B $2.321B
YoY Change -20.18% 30.2%
Cost Of Revenue $848.2M $1.061B
YoY Change -20.08% 57.0%
Gross Profit $1.004B $1.259B
YoY Change -20.27% 13.83%
Gross Profit Margin 54.21% 54.26%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $125.0M $148.7M
YoY Change -15.94% 3.55%
% of Gross Profit 12.45% 11.81%
Operating Expenses $617.7M $735.3M
YoY Change -15.99% 7.44%
Operating Profit $386.3M $373.3M
YoY Change 3.48% -12.96%
Interest Expense $92.80M $109.1M
YoY Change -14.94% 10.65%
% of Operating Profit 24.02% 29.23%
Other Income/Expense, Net -$89.30M -$104.6M
YoY Change -14.63% 10.69%
Pretax Income $297.0M $429.1M
YoY Change -30.79% 28.32%
Income Tax $104.5M $162.7M
% Of Pretax Income 35.19% 37.92%
Net Earnings $275.3M $266.2M
YoY Change 3.42% 2.19%
Net Earnings / Revenue 14.86% 11.47%
Basic Earnings Per Share $0.85 $0.85
Diluted Earnings Per Share $0.85 $0.85
COMMON SHARES
Basic Shares Outstanding 316.6M shares 314.2M shares
Diluted Shares Outstanding 317.4M shares 315.1M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.00M $38.00M
YoY Change 10.53% -62.38%
Cash & Equivalents $34.90M $38.00M
Short-Term Investments
Other Short-Term Assets $187.3M $321.1M
YoY Change -41.67% 40.77%
Inventory $319.0M $226.0M
Prepaid Expenses
Receivables $1.152B $1.271B
Other Receivables $77.00M $166.0M
Total Short-Term Assets $2.261B $2.320B
YoY Change -2.55% 14.19%
LONG-TERM ASSETS
Property, Plant & Equipment $16.28B $14.66B
YoY Change 11.09% 11.73%
Goodwill $3.666B $3.666B
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $657.0M $610.0M
YoY Change 7.7% 35.25%
Other Assets $5.698B $5.519B
YoY Change 3.24% -8.54%
Total Long-Term Assets $22.64B $20.79B
YoY Change 8.9% 6.03%
TOTAL ASSETS
Total Short-Term Assets $2.261B $2.320B
Total Long-Term Assets $22.64B $20.79B
Total Assets $24.90B $23.11B
YoY Change 7.75% 6.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $563.9M $714.4M
YoY Change -21.07% 35.46%
Accrued Expenses $485.0M $405.0M
YoY Change 19.75% 17.73%
Deferred Revenue
YoY Change
Short-Term Debt $314.0M $812.5M
YoY Change -61.35% -28.17%
Long-Term Debt Due $463.0M $531.0M
YoY Change -12.81% 496.63%
Total Short-Term Liabilities $2.758B $3.341B
YoY Change -17.43% 12.32%
LONG-TERM LIABILITIES
Long-Term Debt $7.958B $7.639B
YoY Change 4.18% 12.27%
Other Long-Term Liabilities $294.0M $219.4M
YoY Change 34.0% -2.49%
Total Long-Term Liabilities $6.713B $6.116B
YoY Change 9.76% -0.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.758B $3.341B
Total Long-Term Liabilities $6.713B $6.116B
Total Liabilities $9.471B $9.457B
YoY Change 0.15% 3.44%
SHAREHOLDERS EQUITY
Retained Earnings $1.598B $1.394B
YoY Change 14.57% 19.13%
Common Stock $5.052B $4.719B
YoY Change 7.05% 1.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $79.00M $58.60M
YoY Change 34.81% 21.83%
Treasury Stock Shares
Shareholders Equity $6.524B $6.012B
YoY Change
Total Liabilities & Shareholders Equity $24.90B $23.11B
YoY Change 7.75% 6.8%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $275.3M $266.2M
YoY Change 3.42% 2.19%
Depreciation, Depletion And Amortization $125.0M $148.7M
YoY Change -15.94% 3.55%
Cash From Operating Activities $604.4M $394.0M
YoY Change 53.4% -12.27%
INVESTING ACTIVITIES
Capital Expenditures $243.5M $386.3M
YoY Change -36.97% 4.6%
Acquisitions
YoY Change
Other Investing Activities -$4.800M -$7.000M
YoY Change -31.43% -232.08%
Cash From Investing Activities $111.2M -$407.9M
YoY Change -127.26% 65.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $14.10M $1.100M
YoY Change 1181.82% -111.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$698.8M $25.10M
YoY Change -2884.06% -118.2%
NET CHANGE
Cash From Operating Activities $604.4M $394.0M
Cash From Investing Activities $111.2M -$407.9M
Cash From Financing Activities -$698.8M $25.10M
Net Change In Cash $16.80M $11.20M
YoY Change 50.0% -82.8%
FREE CASH FLOW
Cash From Operating Activities $604.4M $394.0M
Capital Expenditures $243.5M $386.3M
Free Cash Flow $360.9M $7.700M
YoY Change 4587.01% -90.35%

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445100000 USD
CY2015Q1 us-gaap Energy Related Inventory Natural Gas In Storage
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134400000 USD
CY2014Q1 us-gaap Equity Method Investment Dividends Or Distributions
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7600000 USD
CY2015Q1 us-gaap Equity Method Investment Dividends Or Distributions
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18300000 USD
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264700000 USD
CY2015Q1 us-gaap Finite Lived Intangible Assets Net
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261900000 USD
CY2014Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
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15700000 USD
CY2015Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
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5000000 USD
CY2014Q1 us-gaap Gas Domestic Regulated Revenue
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1215000000 USD
CY2015Q1 us-gaap Gas Domestic Regulated Revenue
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1080700000 USD
CY2014Q4 us-gaap Goodwill
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3666200000 USD
CY2015Q1 us-gaap Goodwill
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3666200000 USD
CY2014Q1 us-gaap Gross Profit
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1259200000 USD
CY2015Q1 us-gaap Gross Profit
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1343700000 USD
CY2015Q1 us-gaap Guarantee Obligations Maximum Exposure
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8452200000 USD
CY2014Q1 us-gaap Income Loss From Continuing Operations
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266400000 USD
CY2015Q1 us-gaap Income Loss From Continuing Operations
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268400000 USD
CY2015Q1 us-gaap Income Loss From Equity Method Investments
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15400000 USD
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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429100000 USD
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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426200000 USD
CY2014Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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266400000 USD
CY2015Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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275300000 USD
CY2014Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
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0.85
CY2015Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
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0.85
CY2014Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
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0.85
CY2015Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
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0.85
CY2014Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
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-200000 USD
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0 USD
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200000 USD
CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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0 USD
CY2014Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.00
CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.00
CY2014Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.00
CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.00
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9800000 USD
CY2014Q1 us-gaap Income Tax Expense Benefit
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162700000 USD
CY2015Q1 us-gaap Income Tax Expense Benefit
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150900000 USD
CY2014Q1 us-gaap Income Taxes Paid
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6800000 USD
CY2015Q1 us-gaap Income Taxes Paid
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4300000 USD
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
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126500000 USD
CY2015Q1 us-gaap Increase Decrease In Accounts Payable
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-84200000 USD
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265100000 USD
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93800000 USD
CY2014Q1 us-gaap Increase Decrease In Customer Deposits
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-23100000 USD
CY2015Q1 us-gaap Increase Decrease In Customer Deposits
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-121700000 USD
CY2014Q1 us-gaap Increase Decrease In Deferred Gas Cost
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74200000 USD
CY2015Q1 us-gaap Increase Decrease In Deferred Gas Cost
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-133200000 USD
CY2014Q1 us-gaap Increase Decrease In Deferred Liabilities
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8400000 USD
CY2015Q1 us-gaap Increase Decrease In Deferred Liabilities
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5800000 USD
CY2014Q1 us-gaap Increase Decrease In Employee Related Liabilities
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-19300000 USD
CY2015Q1 us-gaap Increase Decrease In Employee Related Liabilities
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-21600000 USD
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-900000 USD
CY2015Q1 us-gaap Increase Decrease In Income Taxes Receivable
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0 USD
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-274000000 USD
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-297200000 USD
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4000000 USD
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4300000 USD
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19300000 USD
CY2015Q1 us-gaap Increase Decrease In Property And Other Taxes Payable
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22000000 USD
CY2014Q1 us-gaap Increase Decrease In Regulatory Assets And Liabilities
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-90600000 USD
CY2014Q1 us-gaap Increase Decrease In Restricted Cash
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2900000 USD
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-3300000 USD
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-800000 USD
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500000 USD
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399000 shares
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335000 shares
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442000 shares
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468000 shares
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109000000 USD
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452600000 USD
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447900000 USD
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25300000 USD
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9300000 USD
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2018-09-28
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266600000 USD
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462700000 USD
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25100000 USD
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394000000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
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604300000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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394400000 USD
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604300000 USD
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51600000 USD
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4800000 USD
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300000 USD
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900000 USD
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2000000 USD
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CY2015Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2014Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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100000 USD
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400000 USD
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400000 USD
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200000 USD
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500000 USD
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CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
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407500000 USD
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653700000 USD
CY2015Q1 us-gaap Proceeds From Issuance Initial Public Offering
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CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
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5900000 USD
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5300000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Productive Assets
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11700000 USD
CY2014Q1 us-gaap Profit Loss
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CY2015Q1 us-gaap Profit Loss
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CY2014Q1 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
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CY2015Q1 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
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9686700000 USD
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CY2015Q1 us-gaap Public Utilities Property Plant And Equipment Net
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CY2014Q4 us-gaap Public Utilities Property Plant And Equipment Plant In Service
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25234800000 USD
CY2015Q1 us-gaap Public Utilities Property Plant And Equipment Plant In Service
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CY2014Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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500000 USD
CY2015Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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1000000 USD
CY2014Q1 us-gaap Recognition Of Deferred Revenue
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CY2015Q1 us-gaap Recognition Of Deferred Revenue
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CY2014Q4 us-gaap Regulatory Assets Current
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CY2014Q1 us-gaap Sales Revenue Net
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CY2015Q1 us-gaap Sales Revenue Net
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CY2015Q1 us-gaap Regulatory Assets Noncurrent
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CY2014Q4 us-gaap Regulatory Liability Current
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62400000 USD
CY2015Q1 us-gaap Regulatory Liability Current
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CY2015Q1 us-gaap Regulatory Liability Noncurrent
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CY2014Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
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9100000 USD
CY2015Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
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8000000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
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24900000 USD
CY2015Q1 us-gaap Restricted Cash And Cash Equivalents
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21600000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
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1494000000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
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1597500000 USD
CY2014Q1 us-gaap Revenues
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2320500000 USD
CY2015Q1 us-gaap Revenues
Revenues
2149700000 USD
CY2014Q1 us-gaap Share Based Compensation
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13900000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
19400000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
5785224 shares
CY2010Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
8000000 shares
CY2014Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
1576900000 USD
CY2015Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
314000000 USD
CY2015Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
1900000 USD
CY2015Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1200000 USD
CY2015Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
11000000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
6175300000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
6523500000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6175300000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7469700000 USD
CY2015Q1 us-gaap Subsidiary Of Limited Liability Company Or Limited Partnership Ownership Interest
SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest
0.535
CY2014Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
101100000 USD
CY2015Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
102400000 USD
CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
266700000 USD
CY2015Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
287100000 USD
CY2014Q4 us-gaap Transfers Accounted For As Secured Borrowings Associated Liabilities Carrying Amount
TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount
284300000 USD
CY2015Q1 us-gaap Transfers Accounted For As Secured Borrowings Associated Liabilities Carrying Amount
TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount
275000000 USD
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
58900000 USD
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
79000000 USD
CY2015Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
-20100000 USD
CY2014Q1 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
501200000 USD
CY2015Q1 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
574100000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
315122000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
317390000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
314222000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
316587000 shares
CY2015Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Accounting Presentation</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying Condensed Consolidated Financial Statements (unaudited) for NiSource (the &#8220;Company&#8221;) 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 contain the accounts of the Company and its majority-owned or controlled subsidiaries, including CPPL (see Note 3).</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in NiSource&#8217;s Annual Report on Form 10-K for the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">. Income for interim periods may not be indicative of results for the calendar year due to weather variations and other factors.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 NiSource believes that the disclosures made are adequate to make the information not misleading.</font><font style="font-family:inherit;font-size:9pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Planned Separation of Columbia Pipeline Group</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On September 28, 2014, NiSource announced that its Board of Directors had approved in principle plans to separate its natural gas pipeline and related businesses into a stand-alone publicly traded company (the &#8220;Proposed Separation&#8221;). If completed, the Proposed Separation will result in two energy infrastructure companies: NiSource Inc., a fully regulated natural gas and electric utilities company, and Columbia Pipeline Group Inc., a natural gas pipeline, midstream and storage company (&#8220;CPG&#8221;). The Proposed Separation is expected to occur on July 1, 2015. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Under the plan for the Proposed Separation, NiSource shareholders would retain their current shares of NiSource stock and receive a </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">pro rata</font><font style="font-family:inherit;font-size:10pt;"> distribution of shares of CPG stock in a transaction that is expected to be tax-free to NiSource and its shareholders.</font></div></div>

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