NISOURCE INC.
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
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. Property, Plant and Equipment
- Property, Plant and Equipment
Our property, plant and equipment on the Consolidated Balance Sheets are classified as follows:
| At December 31, (in millions) | 2025 | 2024 |
|---|---|---|
| Property, Plant and Equipment | ||
| Gas distribution utility | $21,509.4 | $20,007.2 |
| Electric utility | 11,420.7 | 8,666.8 |
| Corporate | 236.4 | 248.1 |
| Construction work in process | 1,700.7 | 2,084.7 |
| JV renewable generation assets(1) | 1,429.3 | 1,434.2 |
| Non-utility and other | 1,762.3 | 1,711.9 |
| Total Property, Plant and Equipment | $38,058.8 | $34,152.9 |
| Accumulated Depreciation and Amortization | ||
| Gas distribution utility | $(4,427.3) | $(4,166.8) |
| Electric utility | (2,987.0) | (2,707.8) |
| Corporate | (156.1) | (163.4) |
| JV renewable generation assets(1) | (156.3) | (110.4) |
| Non-utility and other | (1,643.9) | (1,550.6) |
| Total Accumulated Depreciation and Amortization | $(9,370.6) | $(8,699.0) |
| Net Property, Plant and Equipment | $28,688.2 | $25,453.9 |
(1)These JV renewable generation assets owned and operated by JVs between NIPSCO and unrelated tax equity partners represent Non-Utility Property, are depreciated straight-line over 30 years and are part of our NIPSCO Operations segment. Refer to Note 4, "Noncontrolling Interests," for additional information.
The weighted average depreciation provisions for utility plant, as a percentage of the original cost, for the periods ended December 31, 2025, 2024 and 2023 were as follows:
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| NIPSCO Operations | 3.0% | 3.0% | 3.0% |
| Columbia Operations | 2.6% | 2.6% | 2.5% |
We recognized depreciation expense of $1,008.9 million, $820.4 million and $756.9 million for the years ended 2025, 2024 and 2023, respectively. The 2025, 2024 and 2023, depreciation expense includes $62.4 million, $58.9 million, and $12.5 million related to the regulatory deferral of income associated with our JVs. See Note 1, "Nature of Operations and Summary of Significant Accounting Policies - S. Noncontrolling Interest," for additional details.
Amortization of on-premises Software Costs. We amortized $76.0 million, $85.2 million and $77.5 million in 2025, 2024 and 2023, respectively, related to software recorded as intangible assets. Our unamortized software balance was $390.3 million and $236.1 million at December 31, 2025 and 2024, respectively.
Amortization of Cloud Computing Costs. We amortized $27.0 million, $17.7 million and $12.6 million in 2025, 2024 and 2023, respectively, related to cloud computing costs to "Operation and maintenance" expense. Our unamortized cloud computing balance was $165.1 million and $77.5 million at December 31, 2025 and 2024, respectively.
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