000111171112/312023Q3falseWe use both the LIFO inventory methodology and the weighted-average cost methodology to value natural gas in storage. Natural gas storage injections are priced at the average of the costs of natural gas supply purchased during the year. For interim periods, the difference in the cost of replacing the current portion of stored gas inventory compared to the amount stated on a LIFO basis is recorded within the Condensed Consolidated Balance Sheets (unaudited). Due to seasonality requirements, we expect interim variances in LIFO layers to be replenished by year end. The LIFO basis exceeded the cost of replacing the current portion of stored gas by zero for the periods ended September 30, 2023 and December 31, 2022, for certain gas distribution companies recorded within "Prepayments and other" on the Condensed Consolidated Balance Sheets 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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 September 30, 2023
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)
DE35-2108964
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
801 East 86th Avenue
Merrillville,IN46410
(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 ClassTrading
Symbol(s)
Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per shareNINYSE
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 BNYSE
Series A Corporate UnitsNIMCNYSE
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: 413,415,441 shares outstanding at October 24, 2023.



NISOURCE INC.
FORM 10-Q QUARTERLY REPORT
FOR THE QUARTER ENDED SEPTEMBER 30, 2023
Table of Contents 
   Page
PART IFINANCIAL INFORMATION
Item 1.Financial Statements - unaudited
Item 2.
Item 3.
Item 4.
PART IIOTHER 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 and Affiliates (not exhaustive)
Columbia of KentuckyColumbia Gas of Kentucky, Inc.
Columbia of MarylandColumbia Gas of Maryland, Inc.
Columbia of MassachusettsBay State Gas Company
Columbia of OhioColumbia Gas of Ohio, Inc.
Columbia of PennsylvaniaColumbia Gas of Pennsylvania, Inc.
Columbia of VirginiaColumbia Gas of Virginia, Inc.
NIPSCONorthern Indiana Public Service Company LLC
NIPSCO Holdings INIPSCO Holdings I LLC
NIPSCO Holdings IINIPSCO Holdings II LLC
NiSource ("we," "us" or "our")NiSource Inc.
RosewaterRosewater Wind Generation LLC and its wholly owned subsidiary, Rosewater Wind Farm LLC
Indiana Crossroads WindIndiana Crossroads Wind Generation LLC and its wholly owned subsidiary, Indiana Crossroads Wind Farm LLC
Indiana Crossroads SolarIndiana Crossroads Solar Generation LLC and its wholly owned subsidiary, Meadow Lake Solar Park LLC
Dunns Bridge I
Dunns Bridge I Solar Generation LLC and its wholly owned subsidiary, Dunns Bridge Solar Center, LLC
Dunns Bridge II
Dunns Bridge II Solar Generation LLC
Fairbanks
Fairbanks Solar Generation LLC
Cavalry
Cavalry Solar Generation LLC
Abbreviations and Other
AFUDCAllowance for funds used during construction
AOCIAccumulated Other Comprehensive Income (Loss)
ASCAccounting Standards Codification
ASUAccounting Standards Update
ATMAt-the-market
BIPBlackstone Infrastructure Partners L.P
BTABuild-transfer agreement
CCRsCoal Combustion Residuals
CEPCapital Expenditure Program
CERCLAComprehensive Environmental Response Compensation and Liability Act (also known as Superfund)
Corporate UnitsSeries 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
DPUDepartment of Public Utilities
EGUsElectric Utility Generating Units
EPAUnited States Environmental Protection Agency
EPSEarnings per share
Equity UnitsSeries A Equity Units
FACFuel adjustment clause
FASBFinancial Accounting Standards Board
3


DEFINED TERMS
FERCFederal Energy Regulatory Commission
FMCAFederally Mandated Cost Adjustment
GAAPGenerally Accepted Accounting Principles
GCAGas cost adjustment
GHGGreenhouse gases
GWhGigawatt hours
IRAInflation Reduction Act of 2022
IRPInfrastructure Replacement Program
IURCIndiana Utility Regulatory Commission
JVJoint Venture
LIFOLast In, First Out
LIHEAPLow Income Heating Energy Assistance Programs
Massachusetts BusinessAll of the assets sold to, and liabilities assumed by, Eversource pursuant to the Asset Purchase Agreement
MGPManufactured Gas Plant
MISOMidcontinent Independent System Operator
MMDthMillion dekatherms
MWMegawatts
MWhMegawatt hours
NYMEXNew York Mercantile Exchange
OPEBOther Postemployment Benefits
PHMSAPipeline and Hazardous Materials Safety Administration
PPAPower Purchase Agreement
PUCOPublic Utilities Commission of Ohio
RNGRenewable Natural Gas
ROURight of use
SAVESteps to Advance Virginia's Energy Plan
Scope 1 GHG EmissionsDirect emissions from sources owned or controlled by us (e.g., emissions from our combustion of fuel, vehicles, and process emissions and fugitive emissions)
Scope 2 GHG EmissionsIndirect emissions from sources owned or controlled by us
SECSecurities 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
SMRPSafety Modification and Replacement Program
SMSSafety Management System
SOFRSecured Overnight Financing Rate
STRIDEStrategic Infrastructure Development Enhancement
TCJAAn 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)
TDSICTransmission, Distribution and Storage System Improvement Charge
VIEVariable 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"). Forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to,
4


statements regarding the ability to complete the NIPSCO Minority Equity Interest Sale (as defined below) on the anticipated timeline or at all; statements regarding the anticipated benefits of the NIPSCO Minority Equity Interest Sale if completed; statements regarding the projected impact of the NIPSCO Minority Equity Interest Sales on our performance or opportunities; any statements regarding our expectations, beliefs, plans, objectives or prospects or future performance or financial condition as a result of or in connection with the NIPSCO Minority Equity Interest Sale; 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. 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. 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, but are not limited to, risks and uncertainties relating to the timing and certainty of closing the NIPSCO Minority Equity Interest Sale; the ability to satisfy the conditions to closing the NIPSCO Minority Equity Interest Sale; the ability to achieve the anticipated benefits of the NIPSCO Minority Equity Interest Sale; the effects of transaction costs; the effects of the NIPSCO Minority Equity Interest Sale on industry, market, economic, political or regulatory conditions outside of NiSource’s control; any disruption to NiSource’s business from the NIPSCO Minority Equity Interest Sale, including the diversion of management time on NIPSCO Minority Equity Interest Sale-related issues; 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, or failures of, 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 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, including our Net-Zero Goal (as defined below); 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; recessions; 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; the outcome of legal and regulatory proceedings, investigations, incidents, claims and litigation; potential remaining liabilities related 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, 2022 and our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2023, 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


IndexPage
6

Table of Contents
PART I

ITEM 1. FINANCIAL STATEMENTS
NiSource Inc.
Condensed Statements of Consolidated Income (unaudited)
  
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions, except per share amounts)2023202220232022
Operating Revenues
Customer revenues$1,002.6 $1,058.2 $3,965.9 $4,055.0 
Other revenues24.8 31.3 117.5 91.0 
Total Operating Revenues1,027.4 1,089.5 4,083.4 4,146.0 
Operating Expenses
Cost of energy181.3 330.8 1,198.3 1,421.2 
Operation and maintenance341.2 347.9 1,101.9 1,124.1 
Depreciation and amortization210.9 203.2 650.9 604.6 
Gain on sale of assets, net(0.2)(0.3)(0.5)(105.3)
Other taxes61.2 51.2 199.9 201.1 
Total Operating Expenses794.4 932.8 3,150.5 3,245.7 
Operating Income233.0 156.7 932.9 900.3 
Other Income (Deductions)
Interest expense, net(129.2)(91.6)(348.6)(259.8)
Other, net(1.6)10.1 1.9 30.0 
Total Other Deductions, Net(130.8)(81.5)(346.7)(229.8)
Income before Income Taxes102.2 75.2 586.2 670.5 
Income Taxes3.8 11.7 103.7 119.9 
Net Income98.4 63.5 482.5 550.6 
Net income (loss) attributable to noncontrolling interest
13.3 (2.3)5.6 (9.0)
Net Income Attributable to NiSource85.1 65.8 476.9 559.6 
Preferred dividends(8.1)(13.8)(34.6)(41.4)
Preferred redemption premium  (6.2) 
Net Income Available to Common Shareholders77.0 52.0 436.1 518.2 
Earnings Per Share
Basic Earnings Per Share (1)
$0.19 $0.13 1.05$1.28 
Diluted Earnings Per Share$0.17 $0.12 $0.98 $1.18 
Basic Average Common Shares Outstanding413.5 406.5 413.2 406.3 
Diluted Average Common Shares448.3 443.4 447.4 441.7 
(1) Basic Earnings Per Share includes the incremental impact of participating securities under the Two-Class Method. See Note 4, "Earnings Per Share," for additional information.


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
September 30,
Nine Months Ended
September 30,
(in millions, net of taxes)2023202220232022
Net Income$98.4 $63.5 $482.5 $550.6 
Other comprehensive income:
 Net unrealized loss on available-for-sale debt securities(1)
(1.7)(4.5)(0.9)(14.1)
Reclassification adjustment for cash flow hedges(2)
(0.1)16.2 (0.2)119.2 
Unrecognized pension and OPEB benefit (costs)(3)
0.7 0.6 1.3 (1.8)
Total other comprehensive income (loss)(1.1)12.3 0.2 103.3 
Comprehensive Income$97.3 $75.8 $482.7 $653.9 
(1)Net unrealized loss on available-for-sale debt securities, net of $0.4 million tax benefit and $1.1 million tax benefit in the third quarter of 2023 and 2022, respectively, and $0.2 million of tax benefit and $3.7 million tax benefit for the nine months ended 2023 and 2022, respectively.
(2)Reclassification adjustment for cash flow hedges, net of $0.0 million tax expense and $5.3 million tax expense in the third quarter of 2023 and 2022, respectively , and $0.1 million of tax benefit and $39.4 million tax expense for the nine months ended 2023 and 2022, respectively.
(3)Unrecognized pension and OPEB benefit (costs), net of $0.3 million of tax expense and $0.2 million tax expense in the third quarter of 2023 and 2022, respectively, and $0.5 million of tax expense and $0.6 million tax benefit for the nine months ended 2023 and 2022, 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)September 30,
2023
December 31,
2022
ASSETS
Property, Plant and Equipment
Plant$29,816.1 $27,551.3 
Accumulated depreciation and amortization(8,104.1)(7,708.7)
Net Property, Plant and Equipment(1)
21,712.0 19,842.6 
Investments and Other Assets
Unconsolidated affiliates5.2 1.6 
Available-for-sale debt securities (amortized cost of $178.2 and $166.7, allowance for credit losses of $0.9 and $0.9, respectively)
161.9 151.6 
Other investments76.4 71.0 
Total Investments and Other Assets243.5 224.2 
Current Assets
Cash and cash equivalents56.0 40.8 
Restricted cash50.6 34.6 
Accounts receivable585.1 1,065.8 
Allowance for credit losses(15.5)(23.9)
Accounts receivable, net569.6 1,041.9 
Gas inventory297.8 531.7 
Materials and supplies, at average cost183.7 151.4 
Electric production fuel, at average cost60.0 68.8 
Exchange gas receivable37.8 128.1 
Regulatory assets217.8 233.2 
Deposits to renewable generation asset developer179.5 143.8 
Prepayments and other162.6 210.0 
Total Current Assets(1)
1,815.4 2,584.3 
Other Assets
Regulatory assets2,277.5 2,347.6 
Goodwill1,485.9 1,485.9 
Deferred charges and other293.9 252.0 
Total Other Assets4,057.3 4,085.5 
Total Assets$27,828.2 $26,736.6 
(1)Includes $1,338.6 million and $978.5 million at September 30, 2023 and December 31, 2022, respectively, of net property, plant and equipment assets and $65.5 million and $25.7 million at September 30, 2023 and December 31, 2022, respectively, of current assets of consolidated VIEs that may be used only to settle obligations of the consolidated VIEs. Refer to Note 11, "Variable Interest Entities," for additional information.
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)September 30,
2023
December 31,
2022
CAPITALIZATION AND LIABILITIES
Capitalization
Stockholders’ Equity
Common stock - $0.01 par value, 600,000,000 shares authorized; 413,324,607 and 412,142,602 shares outstanding, respectively
$4.2 $4.2 
Preferred stock - $0.01 par value, 20,000,000 shares authorized; 902,500 and 1,302,500 shares outstanding, respectively
1,152.6 1,546.5 
Treasury stock(99.9)(99.9)
Additional paid-in capital7,393.0 7,375.3 
Retained deficit(1,200.6)(1,213.6)
Accumulated other comprehensive loss(36.9)(37.1)
Total NiSource Stockholders’ Equity7,212.4 7,575.4 
Noncontrolling interest in consolidated subsidiaries556.9 326.4 
Total Equity7,769.3 7,901.8 
Long-term debt, excluding amounts due within one year11,011.3 9,523.6 
Total Capitalization18,780.6 17,425.4 
Current Liabilities
Current portion of long-term debt26.8 30.0 
Short-term borrowings2,219.9 1,761.9 
Accounts payable648.2 899.5 
Dividends payable - common stock103.8  
Dividends payable - preferred stock8.1  
Customer deposits and credits286.6 324.7 
Taxes accrued176.1 246.2 
Interest accrued150.4 138.4 
Exchange gas payable44.1 147.6 
Regulatory liabilities320.2 236.8 
Asset retirement obligations57.1 35.5 
Accrued compensation and employee benefits183.3 167.5 
Obligations to renewable generation asset developer 347.2 
Other accruals170.8 325.2 
Total Current Liabilities(1)
4,395.4 4,660.5 
Other Liabilities
Deferred income taxes2,011.4 1,854.5 
Accrued liability for postretirement and postemployment benefits236.0 245.5 
Regulatory liabilities1,643.5 1,775.8 
Asset retirement obligations469.8 478.1 
Other noncurrent liabilities and deferred credits291.5 296.8 
Total Other Liabilities(1)
4,652.2 4,650.7 
Commitments and Contingencies (Refer to Note 14, "Other Commitments and Contingencies")
Total Capitalization and Liabilities$27,828.2 $26,736.6 
(1)Includes $41.0 million and $128.2 million at September 30, 2023 and December 31, 2022, respectively, of current liabilities and $55.0 million and $30.6 million at September 30, 2023 and December 31, 2022, respectively, of other liabilities of consolidated VIEs that creditors do not have recourse to our general credit. Refer to Note 11, "Variable Interest Entities," for additional information.
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)
Nine Months Ended September 30, (in millions)
20232022
Operating Activities
Net Income$482.5 $550.6 
Adjustments to Reconcile Net Income to Net Cash from Operating Activities:
Depreciation and amortization650.9 604.6 
Deferred income taxes and investment tax credits102.1 118.3 
Gain on sale of assets(0.5)(105.3)
Other adjustments12.0 27.7 
Changes in Assets and Liabilities:
Components of working capital323.6 (115.2)
Regulatory assets/liabilities15.1 (17.4)
Deferred charges and other noncurrent assets(11.8)(16.8)
Other noncurrent liabilities and deferred credits(38.0)(10.3)
Net Cash Flows from Operating Activities1,535.9 1,036.2 
Investing Activities
Capital expenditures(1,885.6)(1,523.0)
Insurance recoveries 105.0 
Cost of removal(118.7)(108.6)
Payment to renewable generation asset developer(486.7)(150.9)
Other investing activities(12.3)(5.2)
Net Cash Flows used for Investing Activities(2,503.3)(1,682.7)
Financing Activities
Proceeds from Issuance of long-term debt1,488.7 345.6 
Repayments of long-term debt and finance lease obligations
(24.1)(52.5)
Change in short-term borrowings, net (maturity ≤ 90 days)457.8 714.2 
Issuance of common stock, net of issuance costs9.6 9.1 
Redemption of preferred stock(393.9) 
Preferred stock redemption premium(6.2) 
Equity costs, grant withholdings, and debt related costs
(19.3)(10.1)
Contributions from noncontrolling interest240.9  
Distributions to noncontrolling interest(12.0)(4.8)
Dividends paid - common stock(310.1)(286.0)
Dividends paid - preferred stock(35.7)(35.7)
Contract liability payment(49.9)(49.6)
Payment of financing obligation to renewable generation asset developer
(347.2) 
Net Cash Flows from Financing Activities998.6 630.2 
Change in cash, cash equivalents and restricted cash 31.2 (16.3)
Cash, cash equivalents and restricted cash at beginning of period75.4 94.9 
Cash, Cash Equivalents and Restricted Cash at End of Period$106.6 $78.6 
Reconciliation to Balance Sheet
Nine Months Ended September 30, (in millions)
2023
Cash and cash equivalents56.0
Restricted Cash50.6
Total Cash, Cash Equivalents and Restricted Cash106.6
11

Table of Contents
ITEM 1. FINANCIAL STATEMENTS (continued)
Supplemental Disclosures of Cash Flow Information
Nine Months Ended September 30, (in millions)
20232022
Non-cash transactions:
Capital expenditures included in current liabilities$389.0 $280.4 
Dividends declared but not paid111.9 115.0 
Purchase contract liability(1)
16.4 81.1 
(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.
12

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
Noncontrolling Interest in Consolidated Subsidiaries
Total
Balance as of July 1, 2023$4.2 $1,152.6 $(99.9)$7,383.1 $(1,173.8)$(35.8)$341.0 $7,571.4 
Comprehensive Income:
Net income
    85.1  13.3 98.4 
Other comprehensive loss, net of tax
     (1.1) (1.1)
Dividends:
Common stock ($0.25 per share)
    (103.8)  (103.8)
Preferred stock (See Note 5)
    (8.1)  (8.1)
Contributions from noncontrolling interest(2)
      204.6 204.6 
Distributions to noncontrolling interests      (2.0)(2.0)
Stock issuances:
Employee stock purchase plan   1.5    1.5 
Long-term incentive plan   6.0    6.0 
401(k) and profit sharing    2.4    2.4 
Balance as of September 30, 2023$4.2 $1,152.6 $(99.9)$7,393.0 $(1,200.6)$(36.9)$556.9 $7,769.3 
(1) See Note 5, "Equity," for additional information.
(2) Contributions from noncontrolling interest is net of commitment and consulting fees and other legal costs related to the substantial completion closing of Dunns Bridge I of $0.2 million and Indiana Crossroads Solar of $1.1 million.
(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, 2023$4.2 $1,546.5 $(99.9)$7,375.3 $(1,213.6)$(37.1)$326.4 $7,901.8 
Comprehensive Income:
Net income
    476.9  5.6 482.5 
Other comprehensive income, net of tax     0.2  0.2 
Dividends:
Common stock ($1.00 per share)
    (413.9)  (413.9)
Preferred stock (See Note 5)
    (43.8)  (43.8)
Preferred stock redemption (393.9)     (393.9)
Preferred stock redemption premium    (6.2)  (6.2)
Contributions from noncontrolling interest(2)
      236.9 236.9 
Distributions to noncontrolling interests      (12.0)(12.0)
Stock issuances:
Employee stock purchase plan   4.3    4.3 
Long-term incentive plan   5.9    5.9 
401(k) and profit sharing    7.5    7.5 
Balance as of September 30, 2023$4.2 $1,152.6 $(99.9)$7,393.0 $(1,200.6)$(36.9)$556.9 $7,769.3 
(1) See Note 5, "Equity," for additional information.
(2) Contributions from noncontrolling interest is net of commitment and consulting fees and other legal costs related to the mechanical completion closing of Dunns Bridge I of $2.7 million. Contributions from noncontrolling interest is net of commitment and consulting fees and other legal costs related to the substantial completion closing of Dunns Bridge I of $0.2 million and Indiana Crossroads Solar of $1.1 million.

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Table of Contents
ITEM 1. FINANCIAL STATEMENTS (continued)
(in millions)Common
Stock
Preferred Stock(1)
Treasury
Stock
Additional
Paid-In
Capital
Retained
Deficit
Accumulated
Other
Comprehensive
Loss
Noncontrolling Interest in Consolidated SubsidiariesTotal
Balance as of July 1, 2022$4.1 $1,546.5 $(99.9)$7,218.6 $(1,408.9)$(35.8)$315.8 $7,540.4 
Comprehensive Income:
Net income (loss)
    65.8  (2.3)63.5 
Other comprehensive income, net of tax     12.3  12.3 
Dividends:
Common stock ($0.24 per share)
    (95.6)  (95.6)
Preferred stock (See Note 5)
    (19.4)  (19.4)
Distributions to noncontrolling interest      (1.7)(1.7)
Stock issuances:
Employee stock purchase plan   1.3    1.3 
Long-term incentive plan   2.6    2.6 
401(k) and profit sharing    2.4    2.4 
ATM program   (0.1)   (0.1)
Balance as of September 30, 2022$4.1 $1,546.5 $(99.9)$7,224.8 $(1,458.1)$(23.5)$311.8 $7,505.7 
(1) 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 SubsidiariesTotal
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 (loss)
    559.6  (9.0)550.6 
Other comprehensive income, net of tax     103.3  103.3 
Dividends:
Common stock ($0.94 per share)
    (381.7)  (381.7)
Preferred stock (See Note 5)
    (55.1)  (55.1)
Distributions to noncontrolling interest      (4.8)(4.8)
Stock issuances:
Employee stock purchase plan   3.8    3.8 
Long-term incentive plan   9.5    9.5 
401(k) and profit sharing    7.3    7.3 
ATM program   (0.1)  (0.1)
Balance as of September 30, 2022$4.1 $1,546.5 $(99.9)$7,224.8 $(1,458.1)$(23.5)$311.8 $7,505.7 
(1) See Note 5, "Equity," for additional information.


14

Table of Contents
ITEM 1. FINANCIAL STATEMENTS (continued)
NiSource Inc.
Condensed Statements of Consolidated Equity (unaudited) (continued)
PreferredCommon
Shares (in thousands)
SharesSharesTreasuryOutstanding
Balance as of July 1, 2023903 417,112 (3,963)413,149 
Issued:
Employee stock purchase plan 54  54 
Long-term incentive plan 33  33 
401(k) and profit sharing  89  89 
Redeemed:
Preferred Stock    
Balance as of September 30, 2023903 417,288 (3,963)413,325 
PreferredCommon
Shares (in thousands)
SharesSharesTreasuryOutstanding
Balance as of January 1, 20231,303 416,106 (3,963)412,143 
Issued:
Employee stock purchase plan 155  155 
Long-term incentive plan 754  754 
401(k) and profit sharing  273  273 
Redeemed:
Preferred Stock(400)   
Balance as of September 30, 2023903 417,288 (3,963)413,325 
PreferredCommon
Shares (in thousands)
SharesSharesTreasuryOutstanding
Balance as of July 1, 20221,303 409,841 (3,963)405,878 
Issued:
Employee stock purchase plan 46  46 
Long-term incentive plan 45  45 
401(k) and profit sharing 81  81 
Balance as of September 30, 20221,303 410,013 (3,963)406,050 
PreferredCommon
Shares (in thousands)
SharesSharesTreasuryOutstanding
Balance as of January 1, 20221,303 409,266 (3,963)405,303 
Issued:
Employee stock purchase plan 129  129 
Long-term incentive plan 373  373 
401(k) and profit sharing 245  245 
Balance as of September 30, 20221,303 410,013 (3,963)406,050 
The accompanying Notes to Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.






15

Table of Contents`
ITEM 1. FINANCIAL STATEMENTS (continued)
NiSource Inc.
Notes to Condensed Consolidated Financial Statements (unaudited) (continued)
1.    Basis of Accounting Presentation
Our accompanying Condensed Consolidated Financial Statements (unaudited) reflect all normal recurring adjustments that are necessary, in the opinion of management, to present fairly the results of operations in accordance with GAAP in the United States of America. The accompanying financial statements include the accounts of us, our majority-owned subsidiaries, and VIEs of which we are the primary beneficiary after the elimination of all intercompany accounts and transactions.
The accompanying financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Income for interim periods may not be indicative of results for the calendar year due to weather variations and other factors.
The Condensed Consolidated Financial Statements (unaudited) have been prepared pursuant to the rules and regulations of the SEC. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made in this Quarterly Report on Form 10-Q are adequate to make the information herein not misleading.
2.    Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In August 2023, the FASB issued ASU 2023-05, Business Combinations- Joint Venture Formations. This pronouncement codifies ASU 805-60 to provide guidance for the recognition and initial measurement of joint venture formations. This guidance requires that the initial assets contributed and liabilities assumed be recognized and measured at fair value, with additional disclosure requirements during the period a joint venture is formed. The pronouncement is effective for joint ventures formed on or after January 1, 2025. We are currently evaluating the impact of this pronouncement on the formation of future joint ventures.

3.    Revenue Recognition
Revenue Disaggregation and Reconciliation. We disaggregate revenue from contracts with customers based upon reportable segment, as well as by customer class. The Gas Distribution Operations segment provides natural gas service and transportation for residential, commercial and industrial customers in Ohio, Pennsylvania, Virginia, Kentucky, Maryland, and Indiana. The Electric Operations segment provides electric service in 20 counties in the northern part of Indiana.
The tables below reconcile revenue disaggregation by customer class to segment revenue, as well as to revenues reflected on the Condensed Statements of Consolidated Income (unaudited):
Three Months Ended September 30, 2023
(in millions)
Gas Distribution Operations(2)
Electric Operations(3)
Corporate and OtherTotal
Customer Revenues(1)
Residential$351.7 $176.0 $ $527.7 
Commercial108.5 156.6  265.1 
Industrial46.3 115.9  162.2 
Off-system9.8   9.8 
Miscellaneous8.6 29.2  37.8 
Total Customer Revenues$524.9 $477.7 $ $1,002.6 
Other Revenues3.6 21.0 0.2 24.8 
Total Operating Revenues$528.5 $498.7 $0.2 $1,027.4 
(1)Customer revenue amounts exclude intersegment revenues. See Note 17, "Business Segment Information," for discussion of intersegment revenues.
(2)Amounts included in Gas Distributions Operations Other revenues primarily relate to weather normalization adjustment mechanisms.
(3)Amounts included in Electric Operations Other revenues primarily relate to MISO multi-value projects and revenue from non-jurisdictional transmission assets.


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Table of Contents`
ITEM 1. FINANCIAL STATEMENTS (continued)
NiSource Inc.
Notes to Condensed Consolidated Financial Statements (unaudited) (continued)
Three Months Ended September 30, 2022
(in millions)
Gas Distribution Operations(2)
Electric Operations(3)
Corporate and Other(4)
Total
Customer Revenues(1)
Residential$330.1 $178.8 $ $508.9 
Commercial114.6 158.9  273.5 
Industrial42.6 151.9  194.5 
Off-system72.7   72.7 
Miscellaneous7.3 1.3  8.6 
Total Customer Revenues$567.3 $490.9 $ $1,058.2 
Other Revenues5.1 25.4 0.8 31.3 
Total Operating Revenues$572.4 $516.3 $0.8 $1,089.5