2015 Q2 Form 10-Q Financial Statement

#000111171115000030 Filed on August 03, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $884.6M $1.335B
YoY Change -33.74% 11.12%
Cost Of Revenue $250.0M $371.7M
YoY Change -32.74% 6.41%
Gross Profit $634.6M $963.4M
YoY Change -34.13% 13.05%
Gross Profit Margin 71.74% 72.16%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $133.5M $149.1M
YoY Change -10.46% 4.05%
% of Gross Profit 21.04% 15.48%
Operating Expenses $550.2M $754.9M
YoY Change -27.12% 13.31%
Operating Profit $84.40M $117.8M
YoY Change -28.35% -39.28%
Interest Expense $98.20M $109.1M
YoY Change -9.99% 6.96%
% of Operating Profit 116.35% 92.61%
Other Income/Expense, Net -$193.1M -$101.6M
YoY Change 90.06% 14.54%
Pretax Income -$108.7M $118.0M
YoY Change -192.12% 12.06%
Income Tax -$35.60M $39.50M
% Of Pretax Income 33.47%
Net Earnings -$27.70M $78.20M
YoY Change -135.42% 9.07%
Net Earnings / Revenue -3.13% 5.86%
Basic Earnings Per Share -$0.11 $0.25
Diluted Earnings Per Share -$0.11 $0.25
COMMON SHARES
Basic Shares Outstanding 317.5M shares 315.0M shares
Diluted Shares Outstanding 317.5M shares 316.1M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $497.0M $18.00M
YoY Change 2661.11% -60.0%
Cash & Equivalents $361.0M $18.00M
Short-Term Investments
Other Short-Term Assets $133.2M $320.9M
YoY Change -58.49% 43.0%
Inventory $468.0M $469.0M
Prepaid Expenses
Receivables $672.7M $824.0M
Other Receivables $57.00M $136.0M
Total Short-Term Assets $2.336B $2.055B
YoY Change 13.69% 20.32%
LONG-TERM ASSETS
Property, Plant & Equipment $16.91B $15.09B
YoY Change 12.06% 11.98%
Goodwill $3.666B $3.666B
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $653.0M $639.0M
YoY Change 2.19% 36.25%
Other Assets $5.710B $5.476B
YoY Change 4.28% -8.31%
Total Long-Term Assets $23.27B $21.20B
YoY Change 9.75% 6.47%
TOTAL ASSETS
Total Short-Term Assets $2.336B $2.055B
Total Long-Term Assets $23.27B $21.20B
Total Assets $25.61B $23.26B
YoY Change 10.1% 7.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $429.2M $459.6M
YoY Change -6.61% 16.95%
Accrued Expenses $608.0M $496.0M
YoY Change 22.58% 19.52%
Deferred Revenue
YoY Change
Short-Term Debt $161.8M $1.101B
YoY Change -85.31% 191.53%
Long-Term Debt Due $443.0M $530.0M
YoY Change -16.42% 646.48%
Total Short-Term Liabilities $2.524B $3.431B
YoY Change -26.44% 65.93%
LONG-TERM LIABILITIES
Long-Term Debt $8.881B $7.641B
YoY Change 16.23% 0.32%
Other Long-Term Liabilities $270.6M $224.3M
YoY Change 20.64% 3.65%
Total Long-Term Liabilities $6.746B $6.158B
YoY Change 9.55% -1.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.524B $3.431B
Total Long-Term Liabilities $6.746B $6.158B
Total Liabilities $9.270B $9.589B
YoY Change -3.33% 15.5%
SHAREHOLDERS EQUITY
Retained Earnings $1.561B $1.391B
YoY Change 12.26% 19.46%
Common Stock $5.068B $4.738B
YoY Change 6.97% 1.91%
Preferred Stock
YoY Change
Treasury Stock (at cost) $79.10M $58.80M
YoY Change 34.52% 21.24%
Treasury Stock Shares
Shareholders Equity $6.506B $6.028B
YoY Change
Total Liabilities & Shareholders Equity $25.61B $23.26B
YoY Change 10.1% 7.57%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$27.70M $78.20M
YoY Change -135.42% 9.07%
Depreciation, Depletion And Amortization $133.5M $149.1M
YoY Change -10.46% 4.05%
Cash From Operating Activities $511.2M $257.0M
YoY Change 98.91% -42.3%
INVESTING ACTIVITIES
Capital Expenditures -$747.6M -$466.6M
YoY Change 60.22% 7.91%
Acquisitions
YoY Change
Other Investing Activities -$357.4M -$23.10M
YoY Change 1447.19% -41.67%
Cash From Investing Activities -$1.105B -$489.7M
YoY Change 125.65% 3.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.048B 212.7M
YoY Change 392.81% -801.98%
NET CHANGE
Cash From Operating Activities 511.2M 257.0M
Cash From Investing Activities -1.105B -489.7M
Cash From Financing Activities 1.048B 212.7M
Net Change In Cash 454.4M -20.00M
YoY Change -2372.0% -64.85%
FREE CASH FLOW
Cash From Operating Activities $511.2M $257.0M
Capital Expenditures -$747.6M -$466.6M
Free Cash Flow $1.259B $723.6M
YoY Change 73.96% -17.57%

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us-gaap Depreciation Depletion And Amortization
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324900000 USD
us-gaap Dividends Common Stock Cash
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164900000 USD
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0.25
us-gaap Earnings Per Share Basic
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1.10
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us-gaap Earnings Per Share Basic
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0.25
us-gaap Earnings Per Share Diluted
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1.09
CY2015Q2 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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0.73
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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5000000 USD
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0.335
us-gaap Effective Income Tax Rate Continuing Operations
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0.370
CY2015Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.358
us-gaap Effective Income Tax Rate Continuing Operations
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0.354
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
CY2014Q2 us-gaap Electric Domestic Regulated Revenue
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404800000 USD
us-gaap Electric Domestic Regulated Revenue
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854800000 USD
CY2015Q2 us-gaap Electric Domestic Regulated Revenue
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375600000 USD
us-gaap Electric Domestic Regulated Revenue
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770300000 USD
CY2015Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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33900000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y3M
CY2014Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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1900000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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4100000 USD
CY2015Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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1000000 USD
CY2014Q4 us-gaap Energy Related Inventory Coal
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64800000 USD
CY2015Q2 us-gaap Energy Related Inventory Coal
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96500000 USD
CY2014Q4 us-gaap Energy Related Inventory Natural Gas In Storage
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445100000 USD
CY2015Q2 us-gaap Energy Related Inventory Natural Gas In Storage
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259200000 USD
us-gaap Equity Method Investment Dividends Or Distributions
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12900000 USD
us-gaap Equity Method Investment Dividends Or Distributions
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27900000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Net
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264700000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Net
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258400000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
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16400000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
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13500000 USD
CY2014Q2 us-gaap Gains Losses On Extinguishment Of Debt
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0 USD
us-gaap Gains Losses On Extinguishment Of Debt
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0 USD
CY2015Q2 us-gaap Gains Losses On Extinguishment Of Debt
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-97200000 USD
us-gaap Gains Losses On Extinguishment Of Debt
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-97200000 USD
CY2014Q2 us-gaap Gas Domestic Regulated Revenue
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423500000 USD
us-gaap Gas Domestic Regulated Revenue
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1638500000 USD
CY2015Q2 us-gaap Gas Domestic Regulated Revenue
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305900000 USD
us-gaap Gas Domestic Regulated Revenue
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1386600000 USD
CY2014Q4 us-gaap Goodwill
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3666200000 USD
CY2015Q2 us-gaap Goodwill
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3666200000 USD
us-gaap Goodwill Impairment Loss
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0 USD
CY2014Q2 us-gaap Gross Profit
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963400000 USD
us-gaap Gross Profit
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2222600000 USD
CY2015Q2 us-gaap Gross Profit
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950400000 USD
us-gaap Gross Profit
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2294100000 USD
CY2015Q2 us-gaap Guarantee Obligations Maximum Exposure
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6411300000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations
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78500000 USD
us-gaap Income Loss From Continuing Operations
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344900000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations
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CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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118000000 USD
us-gaap Income Loss From Continuing Operations
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232300000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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547100000 USD
us-gaap Income Loss From Continuing Operations Per Basic Share
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0.73
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0.25
us-gaap Income Loss From Continuing Operations Per Diluted Share
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1.09
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us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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383500000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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78500000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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344900000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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247900000 USD
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0.25
us-gaap Income Loss From Continuing Operations Per Basic Share
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1.10
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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0.73
CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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300000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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500000 USD
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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300000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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300000 USD
CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.00
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.00
CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.00
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2014Q2 us-gaap Income Loss From Equity Method Investments
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11100000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
20900000 USD
CY2015Q2 us-gaap Income Loss From Equity Method Investments
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13700000 USD
us-gaap Income Loss From Equity Method Investments
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29100000 USD
CY2014Q2 us-gaap Income Tax Expense Benefit
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39500000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
202200000 USD
CY2015Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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135600000 USD
us-gaap Income Taxes Paid
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9600000 USD
us-gaap Income Taxes Paid
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12700000 USD
us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accounts Receivable
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-176400000 USD
us-gaap Increase Decrease In Accounts Receivable
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-385600000 USD
us-gaap Increase Decrease In Customer Deposits
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-20900000 USD
us-gaap Increase Decrease In Customer Deposits
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us-gaap Increase Decrease In Deferred Gas Cost
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11600000 USD
us-gaap Number Of Reportable Segments
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3
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us-gaap Increase Decrease In Deferred Liabilities
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11100000 USD
us-gaap Increase Decrease In Deferred Liabilities
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3700000 USD
us-gaap Increase Decrease In Employee Related Liabilities
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-61800000 USD
us-gaap Increase Decrease In Employee Related Liabilities
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-41500000 USD
us-gaap Increase Decrease In Income Taxes Receivable
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-1000000 USD
us-gaap Increase Decrease In Income Taxes Receivable
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200000 USD
us-gaap Increase Decrease In Interest Payable Net
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5500000 USD
us-gaap Increase Decrease In Interest Payable Net
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900000 USD
us-gaap Increase Decrease In Inventories
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-28200000 USD
us-gaap Increase Decrease In Inventories
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-146800000 USD
us-gaap Increase Decrease In Other Operating Liabilities
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7800000 USD
us-gaap Increase Decrease In Other Operating Liabilities
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12000000 USD
us-gaap Increase Decrease In Property And Other Taxes Payable
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-43200000 USD
us-gaap Increase Decrease In Property And Other Taxes Payable
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-44700000 USD
us-gaap Increase Decrease In Regulatory Assets And Liabilities
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-14800000 USD
us-gaap Increase Decrease In Regulatory Assets And Liabilities
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us-gaap Increase Decrease In Restricted Cash
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1800000 USD
us-gaap Increase Decrease In Restricted Cash
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300000 USD
us-gaap Increase Decrease In Risk Management Assets And Liabilities
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-1400000 USD
us-gaap Increase Decrease In Risk Management Assets And Liabilities
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CY2014Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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616000 shares
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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580000 shares
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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513000 shares
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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431000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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427000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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483000 shares
CY2014Q2 us-gaap Interest Expense
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109100000 USD
us-gaap Interest Expense
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218200000 USD
CY2015Q2 us-gaap Interest Expense
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117100000 USD
us-gaap Interest Expense
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228100000 USD
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207600000 USD
us-gaap Interest Paid Net
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225200000 USD
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140700000 USD
CY2015Q2 us-gaap Interest Payable Current
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CY2014Q4 us-gaap Inventory Raw Materials And Supplies
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106000000 USD
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112400000 USD
CY2014Q4 us-gaap Investments And Other Noncurrent Assets
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663000000 USD
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653000000 USD
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452600000 USD
CY2015Q2 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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452300000 USD
CY2014Q4 us-gaap Lifo Inventory Amount
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0 USD
CY2015Q2 us-gaap Lifo Inventory Amount
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9800000 USD
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CY2015Q2 us-gaap Liabilities And Stockholders Equity
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us-gaap Number Of Reporting Units
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CY2014Q4 us-gaap Liabilities Fair Value Disclosure Recurring
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14300000 USD
CY2015Q2 us-gaap Liabilities Fair Value Disclosure Recurring
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8300000 USD
CY2014Q4 us-gaap Liabilities Noncurrent
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CY2015Q2 us-gaap Liabilities Noncurrent
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CY2015Q1 us-gaap Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners Ownership Interest
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us-gaap Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners Ownership Interest
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CY2014Q4 us-gaap Line Of Credit
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CY2015Q2 us-gaap Line Of Credit
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us-gaap Line Of Credit Facility Expiration Date1
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2018-09-28
us-gaap Line Of Credit Facility Expiration Period
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P5Y
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CY2014Q4 us-gaap Long Term Debt And Capital Lease Obligations
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266600000 USD
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442600000 USD
CY2014Q4 us-gaap Long Term Debt Fair Value
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CY2014Q4 us-gaap Minority Interest
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CY2015Q2 us-gaap Minority Interest
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950000000 USD
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us-gaap Minority Interest Decrease From Redemptions
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0 USD
CY2014Q2 us-gaap Natural Gas Midstream Revenue
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390100000 USD
us-gaap Natural Gas Midstream Revenue
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968600000 USD
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427400000 USD
us-gaap Natural Gas Midstream Revenue
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1055400000 USD
us-gaap Net Cash Provided By Used In Discontinued Operations
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us-gaap Net Cash Provided By Used In Discontinued Operations
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us-gaap Net Cash Provided By Used In Financing Activities
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237800000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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349400000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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651000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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652000000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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1115700000 USD
CY2014Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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5500000 USD
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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us-gaap Nonoperating Income Expense
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us-gaap Operating Income Loss
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CY2014Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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500000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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800000 USD
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2014Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2015Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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2300000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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700000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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1300000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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1600000 USD
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us-gaap Other Comprehensive Income Loss Net Of Tax
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2200000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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2200000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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0 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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0 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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8700000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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15600000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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4200000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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100000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
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CY2015Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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<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%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying Condensed Consolidated Financial Statements (unaudited) for NiSource Inc. ("NiSource" or 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 Columbia Pipeline Group, Inc. ("CPG"). Refer to Note 21 for further information regarding the Separation of CPG from the Company, which was completed on July 1, 2015. Beginning with NiSource's Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2015, CPG will be reported as discontinued operations.</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 in this quarterly report on Form 10-Q are adequate to make the information herein not misleading.</font></div></div>

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