NISOURCE INC
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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Summary of Consolidated Financial Results
A summary of our consolidated financial results for the years ended December 31, 2023, 2022 and 2021, are presented below:
| Favorable (Unfavorable) | |||||
|---|---|---|---|---|---|
| Year Ended December 31, (in millions, except per share amounts) | 2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 |
| Operating Revenues | $5,505.4 | $5,850.6 | $4,899.6 | $(345.2) | $951.0 |
| Operating Expenses | |||||
| Cost of energy | 1,533.3 | 2,110.5 | 1,392.3 | 577.2 | (718.2) |
| Other Operating Expenses | 2,676.6 | 2,474.3 | 2,500.4 | (202.3) | 26.1 |
| Total Operating Expenses | 4,209.9 | 4,584.8 | 3,892.7 | 374.9 | (692.1) |
| Operating Income | 1,295.5 | 1,265.8 | 1,006.9 | 29.7 | 258.9 |
| Total Other Deductions, Net | (481.6) | (309.4) | (300.3) | (172.2) | (9.1) |
| Income Taxes | 139.5 | 164.6 | 117.8 | 25.1 | (46.8) |
| Net Income | 674.4 | 791.8 | 588.8 | (117.4) | 203.0 |
| Net (loss) income attributable to noncontrolling interest | (39.9) | (12.3) | 3.9 | 27.6 | 16.2 |
| Net Income attributable to NiSource | 714.3 | 804.1 | 584.9 | (89.8) | 219.2 |
| Preferred dividends and redemption premium | (52.6) | (55.1) | (55.1) | 2.5 | — |
| Net Income Available to Common Shareholders | 661.7 | 749.0 | 529.8 | (87.3) | 219.2 |
| Basic Earnings Per Share | $1.59 | $1.84 | $1.35 | $(0.25) | $0.49 |
| Diluted Earnings Per Share | $1.48 | $1.70 | $1.27 | $(0.22) | $0.43 |
The majority of the costs of energy in both segments are tracked costs that are passed through directly to the customer, resulting in an equal and offsetting amount reflected in operating revenues.
The decrease in net income available to common shareholders during 2023 was primarily due to lower revenue resulting from the effects of weather, the receipt of the insurance settlement related to the Greater Lawrence Incident in 2022, higher other deductions due to higher interest expense in 2023, partially offset by lower tax expense and favorable impact from net loss attributable to noncontrolling interest. The decrease in preferred dividends during 2023 was due primarily to the redemption of Series A Preferred Stock in the second quarter 2023. See Note 6, "Equity," for additional information.
For additional information on operating income variance drivers see "Results and Discussion of Operations" for Gas and Electric Operations in this Management's Discussion.
Other Deductions, Net
The change in Other deductions, net in 2023 compared to 2022 is primarily driven by higher long-term and short-term debt interest in 2023 and higher non-service pension costs offset by increases in AFUDC. See Note 7, "Short-Term Borrowings," Note 8, "Long-Term Debt," and Note 16, "Pension and Other Postemployment Benefits," in the Notes to Consolidated Financial Statements for additional information.
Income Taxes
The decrease in income tax expense in 2023 compared to the same period in 2022 is primarily attributable to lower pre-tax income.
Refer to Note 15, "Income Taxes," in the Notes to Consolidated Financial Statements for additional information on income taxes and the change in the effective tax rate.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.