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, 2022

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,	IN	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	NYSE
Depositary Shares, each representing a 1/1,000th ownership interest in a share of 6.50% Series B 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	NI PR B	NYSE
Series A Corporate Units	NIMC	NYSE

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: 405,952,999 shares outstanding at July 26, 2022.

NISOURCE INC.

FORM 10-Q QUARTERLY REPORT

FOR THE QUARTER ENDED JUNE 30, 2022

Table of Contents 

			Page
	Defined Terms		3
PART I	FINANCIAL INFORMATION
	Item 1.	Financial Statements - unaudited
		Condensed Statements of Consolidated Income (unaudited)	7
		Condensed Statements of Consolidated Comprehensive Income (unaudited)	8
		Condensed Consolidated Balance Sheets (unaudited)	9
		Condensed Statements of Consolidated Cash Flows (unaudited)	11
		Condensed Statements of Consolidated Equity (unaudited)	12
		Notes to Condensed Consolidated Financial Statements (unaudited)	15
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	56
	Item 4.	Controls and Procedures	56
PART II	OTHER INFORMATION
	Item 1.	Legal Proceedings	57
	Item 1A.	Risk Factors	57
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	57
	Item 3.	Defaults Upon Senior Securities	57
	Item 4.	Mine Safety Disclosures	57
	Item 5.	Other Information	57
	Item 6.	Exhibits	58
	Signature		59

2

DEFINED TERMS
The following is a list of frequently used abbreviations or acronyms that are found in this report:
NiSource Subsidiaries and Affiliates
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.
Rosewater	Rosewater Wind Generation LLC and its wholly owned subsidiary, Rosewater Wind Farm LLC
Indiana Crossroads Wind	Indiana Crossroads Wind Generation LLC and its wholly owned subsidiary, Indiana Crossroads Wind Farm LLC
Abbreviations and Other
AFUDC	Allowance for funds used during construction
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)
Corporate Units	Series A Corporate Units
COVID-19 ("the COVID-19 pandemic" or "the pandemic")	Novel Coronavirus 2019 and its variants, including the Delta and Omicron variants, and any other variant that may emerge
DPU	Department of Public Utilities
DSIC	Distribution System Improvement Charge
EPA	United States Environmental Protection Agency
EPS	Earnings per share
Equity Units	Series A Equity Units
FAC	Fuel adjustment clause
FASB	Financial Accounting Standards Board
FMCA	Federally Mandated Cost Adjustment
GAAP	Generally Accepted Accounting Principles
GCA	Gas cost adjustment
GHG	Greenhouse gases
GWh	Gigawatt hours
IRP	Infrastructure Replacement Program
IURC	Indiana Utility Regulatory Commission
LIBOR	London InterBank Offered Rate
LIHEAP	Low Income Heating Energy Assistance Programs

3

DEFINED TERMS
Massachusetts Business	All of the assets sold to, and liabilities assumed by, Eversource pursuant to the Asset Purchase Agreement
MGP	Manufactured Gas Plant
MISO	Midcontinent Independent System Operator
MMDth	Million dekatherms
MW	Megawatts
MWh	Megawatt hours
NTSB	National Transportation Safety Board
NYMEX	New York Mercantile Exchange
OPEB	Other Postemployment Benefits
PHMSA	Pipeline and Hazardous Materials Safety Administration
PPA	Power Purchase Agreement
PUCO	Public Utilities Commission of Ohio
RNG	Renewable Natural Gas
SAVE	Steps to Advance Virginia's Energy Plan
Scope 1 GHG Emissions	Direct emissions from sources owned or controlled by us (e.g., emissions from our combustion of fuel, vehicles, and process emissions and fugitive emissions)
SEC	Securities and Exchange Commission
Section 201 Tariffs	Tariffs imposed by Executive Order from the President of the U.S. on certain imported solar cells and modules at a rate of 15%, which were recently extended to 2026
SMRP	Safety Modification and Replacement Program
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
U.S. Attorney's Office	U.S. Attorney's Office for the District of Massachusetts
VIE	Variable Interest Entity

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 (the "Securities Act"), 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 our 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. Expressions of future goals and expectations and similar expressions, including "may," "will," "should," "could," "would," "aims," "seeks," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential," "targets," "forecast," and "continue," reflecting something other than historical fact are intended to identify forward-looking statements. 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 ability to execute our business plan or growth strategy, including utility infrastructure investments; potential incidents and other operating risks associated with our business; our ability to adapt to, and manage costs related to, advances in technology; impacts related to our aging infrastructure; our ability to obtain sufficient insurance coverage and whether such coverage will protect us against significant losses; the success of our electric generation strategy; construction risks and natural gas costs and supply risks; fluctuations in demand from residential and commercial customers; fluctuations in the price of energy commodities and related transportation costs or an inability to

4

obtain an adequate, reliable and cost-effective fuel supply to meet customer demands; the attraction and retention of a qualified, diverse workforce and ability to maintain good labor relations; our ability to manage new initiatives and organizational changes; the actions of activist stockholders; the performance of third-party suppliers and service providers; potential cybersecurity attacks; increased requirements and costs related to cybersecurity; any damage to our reputation; any remaining liabilities or impact related to the sale of the Massachusetts Business; the impacts of natural disasters, potential terrorist attacks or other catastrophic events; the physical impacts of climate change and the transition to a lower carbon future; our ability to manage the financial and operational risks related to achieving our carbon emission reduction goals; our debt obligations; any changes to our credit rating or the credit rating of certain of our subsidiaries; any adverse effects related to our equity units; adverse economic and capital market conditions or increases in interest rates; inflation; economic regulation and the impact of regulatory rate reviews; our ability to obtain expected financial or regulatory outcomes; continuing and potential future impacts from the COVID-19 pandemic; economic conditions in certain industries; the reliability of customers and suppliers to fulfill their payment and contractual obligations; the ability of our subsidiaries to generate cash; pension funding obligations; potential impairments of goodwill; changes in the method for determining LIBOR and the potential replacement of the LIBOR benchmark interest rate; the outcome of legal and regulatory proceedings, investigations, incidents, claims and litigation; potential remaining liabilities related to the Greater Lawrence Incident; compliance with the agreements entered into with the U.S. Attorney's Office to settle the U.S. Attorney's Office's investigation relating to the Greater Lawrence Incident; compliance with applicable laws, regulations and tariffs; compliance with environmental laws and the costs of associated liabilities; changes in taxation; other matters in the "Risk Factors" section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, 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 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
Condensed Statements of Consolidated Income (unaudited)	7
Condensed Statements of Consolidated Comprehensive Income (unaudited)	8
Condensed Consolidated Balance Sheets (unaudited)	9
Condensed Statements of Consolidated Cash Flows (unaudited)	11
Condensed Statements of Consolidated Equity (unaudited)	12
Notes to Condensed Consolidated Financial Statements (unaudited)	15
1. Basis of Accounting Presentation	15
2. Recent Accounting Pronouncements	15
3. Revenue Recognition	15
4. Earnings Per Share	19
5. Equity	20
6. Regulatory Matters	21
7. Risk Management Activities	22
8. Fair Value	24
9. Goodwill	27
10. Income Taxes	27
11. Pension and Other Postretirement Benefits	27
12. Variable Interest Entities	28
13. Long-Term Debt	30
14. Short-Term Borrowings	30
15. Other Commitments and Contingencies	30
16. Accumulated Other Comprehensive Loss	34
17. Other, Net	35
18. Business Segment Information	35

6

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)	2022		2021		2022		2021
Operating Revenues
Customer revenues	$	1,156.5	$	952.4	$	2,996.8	$	2,458.9
Other revenues	26.7		33.6		59.7		72.7
Total Operating Revenues	1,183.2		986.0		3,056.5		2,531.6
Operating Expenses
Cost of energy	383.7		228.3		1,090.4		705.1
Operation and maintenance	381.9		362.8		776.2		724.3
Depreciation and amortization	208.7		186.3		401.4		371.3
Loss (gain) on sale of assets, net	—		(0.1)		(105.0)		8.0
Other taxes	65.6		66.5		149.9		147.5
Total Operating Expenses	1,039.9		843.8		2,312.9		1,956.2
Operating Income	143.3		142.2		743.6		575.4
Other Income (Deductions)
Interest expense, net	(84.5)		(84.5)		(168.2)		(169.1)
Other, net	9.0		12.4		19.9		22.9
Total Other Deductions, Net	(75.5)		(72.1)		(148.3)		(146.2)
Income before Income Taxes	67.8		70.1		595.3		429.2
Income Taxes	12.0		13.2		108.2		75.8
Net Income	55.8		56.9		487.1		353.4
Net loss attributable to noncontrolling interest	(11.2)		(3.4)		(6.7)		(2.4)
Net Income Attributable to NiSource	67.0		60.3		493.8		355.8
Preferred dividends	(13.8)		(13.8)		(27.6)		(27.6)
Net Income Available to Common Shareholders	53.2		46.5		466.2		328.2
Earnings Per Share
Basic Earnings Per Share	$	0.13	$	0.12	$	1.15	$	0.84
Diluted Earnings Per Share	$	0.12	$	0.11	$	1.06	$	0.80
Basic Average Common Shares Outstanding	406.4		393.0		406.2		392.8
Diluted Average Common Shares	440.2		422.9		440.8		408.5

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

7

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)	2022		2021		2022		2021
Net Income	$	55.8	$	56.9	$	487.1	$	353.4
Other comprehensive income:
Net unrealized gain (loss) on available-for-sale debt securities(1)	(3.9)		0.9		(9.6)		(1.6)
Net unrealized gain (loss) on cash flow hedges(2)	56.0		(49.8)		103.0		34.8
Unrecognized pension and OPEB benefit (costs)(3)	(2.5)		0.8		(2.4)		(0.1)
Total other comprehensive income (loss)	49.6		(48.1)		91.0		33.1
Comprehensive Income	$	105.4	$	8.8	$	578.1	$	386.5

(1)Net unrealized gain (loss) on available-for-sale debt securities, net of $1.1 million tax benefit and $0.3 million tax expense in the second quarter of 2022 and 2021, respectively and $2.6 million and $0.4 million tax benefit for the six months ended 2022 and 2021, respectively.

(2)Net unrealized gain (loss) on cash flow hedges, net of $12.8 million tax expense and $16.5 million tax benefit in the second quarter of 2022 and 2021, respectively, and $34.1 million and $11.5 million tax expense for the six months ended 2022 and 2021, respectively.

(3)Unrecognized pension and OPEB benefit (costs), net of $0.8 million tax benefit and $0.2 million tax expense in the second quarter of 2022 and 2021, respectively, and $0.8 million tax benefit and $1.1 million tax expense for the six months ended 2022 and 2021, respectively.

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

8

ITEM 1. FINANCIAL STATEMENTS (continued)

NiSource Inc.

Condensed Consolidated Balance Sheets (unaudited)

(in millions)	June 30, 2022		December 31, 2021
ASSETS
Property, Plant and Equipment
Plant	$	26,046.1	$	25,171.3
Accumulated depreciation and amortization	(7,534.4)		(7,289.5)
Net Property, Plant and Equipment(1)	18,511.7		17,881.8
Investments and Other Assets
Unconsolidated affiliates	0.8		0.8
Available-for-sale debt securities (amortized cost of $160.2 and $169.3, allowance for credit losses of $1.0 and $0.2, respectively)	149.8		171.8
Other investments	73.5		87.1
Total Investments and Other Assets	224.1		259.7
Current Assets
Cash and cash equivalents	77.8		84.2
Restricted cash	21.7		10.7
Accounts receivable	740.7		849.1
Allowance for credit losses	(26.1)		(23.5)
Accounts receivable, net	714.6		825.6
Gas inventory	307.5		327.4
Materials and supplies, at average cost	142.9		139.1
Electric production fuel, at average cost	41.2		32.2
Exchange gas receivable	134.6		99.6
Regulatory assets	179.7		206.2
Prepayments and other	291.7		195.8
Total Current Assets(1)	1,911.7		1,920.8
Other Assets
Regulatory assets	2,308.8		2,286.0
Goodwill	1,485.9		1,485.9
Deferred charges and other	371.6		322.7
Total Other Assets	4,166.3		4,094.6
Total Assets	$	24,813.8	$	24,156.9

(1)Includes $684.6 million and $695.9 million at June 30, 2022 and December 31, 2021, respectively, of net property, plant and equipment assets and $20.4 million and $14.3 million at June 30, 2022 and December 31, 2021, respectively, of current assets of consolidated VIEs that may be used only to settle obligations of the consolidated VIEs. Refer to Note 12, "Variable Interest Entities" for additional information.

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

9

ITEM 1. FINANCIAL STATEMENTS (continued)

NiSource Inc.

Condensed Consolidated Balance Sheets (unaudited) (continued)

(in millions, except share amounts)	June 30, 2022		December 31, 2021
CAPITALIZATION AND LIABILITIES
Capitalization
Stockholders’ Equity
Common stock - $0.01 par value, 600,000,000 shares authorized; 405,878,297 and 405,303,023 shares outstanding, respectively	$	4.1	$	4.1
Preferred stock - $0.01 par value, 20,000,000 shares authorized; 1,302,500 shares outstanding	1,546.5		1,546.5
Treasury stock	(99.9)		(99.9)
Additional paid-in capital	7,218.6		7,204.3
Retained deficit	(1,408.9)		(1,580.9)
Accumulated other comprehensive loss	(35.8)		(126.8)
Total NiSource Stockholders’ Equity	7,224.6		6,947.3
Noncontrolling interest in consolidated subsidiaries	315.8		325.6
Total Equity	7,540.4		7,272.9
Long-term debt, excluding amounts due within one year	9,520.2		9,183.4
Total Capitalization	17,060.6		16,456.3
Current Liabilities
Current portion of long-term debt	37.3		58.1
Short-term borrowings	555.0		560.0
Accounts payable	650.3		697.8
Dividends payable - common stock	95.4		—
Dividends payable - preferred stock	8.2		—
Customer deposits and credits	184.7		237.9
Taxes accrued	232.3		277.1
Interest accrued	124.4		105.5
Exchange gas payable	91.2		107.7
Regulatory liabilities	300.4		137.4
Accrued compensation and employee benefits	142.9		182.7
Other accruals	592.9		382.0
Total Current Liabilities(1)	3,015.0		2,746.2
Other Liabilities
Deferred income taxes	1,830.9		1,659.4
Accrued liability for postretirement and postemployment benefits	280.5		292.5
Regulatory liabilities	1,833.0		1,842.6
Asset retirement obligations	464.1		469.7
Other noncurrent liabilities	329.7		690.2
Total Other Liabilities(1)	4,738.2		4,954.4
Commitments and Contingencies (Refer to Note 15, "Other Commitments and Contingencies")
Total Capitalization and Liabilities	$	24,813.8	$	24,156.9

(1)Includes $7.5 million and $10.0 million at June 30, 2022 and December 31, 2021, respectively, of current liabilities and $20.8 million and $20.5 million at June 30, 2022 and December 31, 2021, respectively, of other liabilities of consolidated VIEs that creditors do not have recourse to our general credit. Refer to Note 12, "Variable Interest Entities," for additional information.

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

10

ITEM 1. FINANCIAL STATEMENTS (continued)

NiSource Inc.

Condensed Statements of Consolidated Cash Flows (unaudited)

Six Months Ended June 30, (in millions)	2022		2021
Operating Activities
Net Income	$	487.1	$	353.4
Adjustments to Reconcile Net Income to Net Cash from Operating Activities:
Depreciation and amortization	401.4		371.3
Deferred income taxes and investment tax credits	100.8		70.8
Loss (gain) on sale of assets	(105.0)		8.0
Other adjustments	14.1		8.9
Changes in Assets and Liabilities:
Components of working capital	2.4		(106.2)
Regulatory assets/liabilities	(8.2)		21.5
Deferred charges and other noncurrent assets	(16.1)		(2.5)
Other noncurrent liabilities	30.7		(22.2)
Net Cash Flows from Operating Activities	907.2		703.0
Investing Activities
Capital expenditures	(917.0)		(798.1)
Insurance recoveries	105.0		—
Payment to renewable generation asset developer	(79.0)		(7.4)
Other investing activities	(60.1)		(56.9)
Net Cash Flows used for Investing Activities	(951.1)		(862.4)
Financing Activities
Issuance of long-term debt, net of discount and underwriting costs	345.6		—
Repayments of long-term debt and finance lease obligations	(34.7)		(12.2)
Change in short-term borrowings, net (maturity ≤ 90 days)	(5.0)		(503.0)
Issuance of common stock, net of issuance costs	5.9		6.0
Equity costs, premiums and other debt related costs	(9.1)		(5.9)
Contributions from noncontrolling interest	—		7.4
Distributions to noncontrolling interest	(3.0)		(0.2)
Issuance of equity units, net of underwriting costs	—		839.9
Dividends paid - common stock	(190.6)		(172.5)
Dividends paid - preferred stock	(27.6)		(27.6)
Contract liability payment	(33.0)		(7.7)
Net Cash Flows from Financing Activities	48.5		124.2
Change in cash, cash equivalents and restricted cash	4.6		(35.2)
Cash, cash equivalents and restricted cash at beginning of period	94.9		125.6
Cash, Cash Equivalents and Restricted Cash at End of Period	$	99.5	$	90.4

Reconciliation to Balance Sheet

Six Months Ended June 30, (in millions)	2022
Cash and cash equivalents	77.8
Restricted Cash	21.7
Total Cash, Cash Equivalents and Restricted Cash	99.5

Supplemental Disclosures of Cash Flow Information

Six Months Ended June 30, (in millions)	2022		2021
Non-cash transactions:
Capital expenditures included in current liabilities	$	252.6	$	193.0
Dividends declared but not paid	103.6		94.4
Purchase contract liability(1)	97.3		161.5
Obligation to developer at formation of joint venture	$	—	$	6.0

(1)Refer to Note 5, "Equity," for additional information.

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

11

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		Noncontrolling Interest in Consolidated Subsidiaries		Total
Balance as of April 1, 2022	$	4.1	$	1,546.5	$	(99.9)	$	7,208.9	$	(1,372.3)	$	(85.4)	$	329.5	$	7,531.4
Comprehensive Income:
Net income	—		—		—		—		67.0		—		(11.2)		55.8
Other comprehensive income, net of tax	—		—		—		—		—		49.6		—		49.6
Dividends:
Common stock ($0.24 per share)	—		—		—		—		(95.4)		—		—		(95.4)
Preferred stock (See Note 5)	—		—		—		—		(8.2)		—		—		(8.2)
Distributions to noncontrolling interests	—		—		—		—		—		—		(2.5)		(2.5)
Stock issuances:
Employee stock purchase plan	—		—		—		1.3		—		—		—		1.3
Long-term incentive plan	—		—		—		6.0		—		—		—		6.0
401(k) and profit sharing	—		—		—		2.4		—		—		—		2.4
Balance as of June 30, 2022	$	4.1	$	1,546.5	$	(99.9)	$	7,218.6	$	(1,408.9)	$	(35.8)	$	315.8	$	7,540.4
(1)Series A, Series B, and Series C shares have an aggregate liquidation preference of $400M, $500M, and $863M, 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		Noncontrolling Interest in Consolidated Subsidiaries		Total
Balance as of January 1, 2022	$	4.1	$	1,546.5	$	(99.9)	$	7,204.3	$	(1,580.9)	$	(126.8)	$	325.6	$	7,272.9
Comprehensive Income:
Net income	—		—		—		—		493.8		—		(6.7)		487.1
Other comprehensive income, net of tax	—		—		—		—		—		91.0		—		91.0
Dividends:
Common stock ($0.71 per share)	—		—		—		—		(286.1)		—		—		(286.1)
Preferred stock (See Note 5)	—		—		—		—		(35.7)		—		—		(35.7)
Distributions to noncontrolling interests	—		—		—		—		—		—		(3.1)		(3.1)
Stock issuances:
Employee stock purchase plan	—		—		—		2.5		—		—		—		2.5
Long-term incentive plan	—		—		—		6.9		—		—		—		6.9
401(k) and profit sharing	—		—		—		4.9		—		—		—		4.9
Balance as of June 30, 2022	$	4.1	$	1,546.5	$	(99.9)	$	7,218.6	$	(1,408.9)	$	(35.8)	$	315.8	$	7,540.4

(1)Series A, Series B, and Series C shares have an aggregate liquidation preference of $400M, $500M, and $863M, respectively. See Note 5, "Equity" for additional information.

12

ITEM 1. FINANCIAL STATEMENTS (continued)

NiSource Inc.

Condensed Statements of Consolidated Equity (unaudited) (continued)

(in millions)	Common Stock		Preferred Stock(1)		Treasury Stock		Additional Paid-In Capital		Retained Deficit		Accumulated Other Comprehensive Loss		Noncontrolling Interest in Consolidated Subsidiaries		Total
Balance as of April 1, 2021	$	3.9	$	880.0	$	(99.9)	$	6,892.9	$	(1,669.8)	$	(75.5)	$	94.1	$	6,025.7
Comprehensive Income:
Net income (loss)	—		—		—		—		60.3		—		(3.4)		56.9
Other comprehensive loss, net of tax	—		—		—		—		—		(48.1)		—		(48.1)
Dividends:
Common stock ($0.22 per share)	—		—		—		—		(86.4)		—		—		(86.4)
Preferred stock (See Note 5)	—		—		—		—		(8.2)		—		—		(8.2)
Distribution to noncontrolling interest	—		—		—		—		—		—		(0.3)		(0.3)
Stock issuances:
Equity Units	—		838.8		—		(173.3)		—		—		—		665.5
Employee stock purchase plan	—		—		—		1.2		—		—		—		1.2