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Recent Accounting Pronouncements | 9 Months Ended
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Sep. 30, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] |
New Accounting Pronouncements and Changes in Accounting Principles | Recent Accounting Pronouncements Recently Issued Accounting Pronouncements In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force). The pronouncement provides specific guidance on eight cash flow classification issues to reduce the diversity in practice. NiSource is required to adopt ASU 2016-15 for periods beginning after December 15, 2017, including interim periods therein. NiSource is currently evaluating the impact the adoption of ASU 2016-15 will have on the Condensed Consolidated Financial Statements (unaudited) or Notes to Condensed Consolidated Financial Statements (unaudited). In June 2016, the FASB issued ASU 2016-13, Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 changes the impairment model for most financial assets, replacing the current "incurred loss" model. ASU 2016-13 will require the use of an "expected loss" model for instruments measured at amortized cost and will also require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount. NiSource is required to adopt ASU 2016-13 for periods beginning after December 15, 2019, including interim periods therein. Early adoption is permitted for annual periods beginning after December 15, 2018. NiSource is currently evaluating the impact the adoption of ASU 2016-13 will have on the Condensed Consolidated Financial Statements (unaudited) or Notes to Condensed Consolidated Financial Statements (unaudited). In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The pronouncement clarifies implementation guidance in ASU 2014-09 on assessing collectability, noncash consideration and the presentation of sales and other similar taxes collected from customers. ASU 2016-12 has the same effective date and transition requirements as ASU 2015-14, Revenue from Contracts with Customers (Topic 606). NiSource is currently evaluating the impact the adoption of ASU 2016-12 will have on the Condensed Consolidated Financial Statements (unaudited) or Notes to Condensed Consolidated Financial Statements (unaudited). In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations. ASU 2016-08 clarifies the principal versus agent guidance in ASU 2014-09, the new revenue recognition standard. The amendment clarifies how an entity should identify the unit of accounting for the principal versus agent evaluation, and how it should apply the control principle to certain types of arrangements. ASU 2016-08 has the same effective date and transition requirements as ASU 2015-14. NiSource is currently evaluating the impact the adoption of ASU 2016-08 will have on the Condensed Consolidated Financial Statements (unaudited) or Notes to Condensed Consolidated Financial Statements (unaudited). In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 introduces a lessee model that brings most leases on the balance sheet. The standard requires that lessees recognize the following for all leases (with the exception of short-term leases, as that term is defined in the standard) at the lease commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. NiSource is required to adopt ASU 2016-02 for periods beginning after December 15, 2018, including interim periods therein, and the guidance is to be applied with a modified retrospective approach, with early adoption permitted. NiSource has formed an internal stakeholder group that meets periodically to share information and gather data related to leasing activity at NiSource. NiSource has compiled a list of all active leases, and is in the process of evaluating that list to determine the ultimate impact the new standard will have on NiSource’s financial statements. As of September 30, 2016, NiSource has not determined an adoption date for ASU 2016-02. Recently Issued Accounting Pronouncements - Progress Toward Adoption NiSource has progressed in its adoption efforts related to ASU 2014-09, Revenue from Contracts with Customers (Topic 606). An internal stakeholder group has been formed from the relevant departments at the Company to promote information sharing and communication of the new requirements. Additionally, NiSource participates in an informal forum of industry peers where questions can be asked and interpretations of the new standard can be shared. NiSource has separated its various revenue streams into high-level categories, which will serve as the basis for accounting analysis and documentation as it relates to ASU 2014-09’s impact on revenues at the Company. Substantially all of NiSource’s revenues are tariff based. As of September 30, 2016, NiSource has not concluded on an adoption date or a method of adoption for ASU 2014-09. Recently Adopted Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. Among other provisions, the standard requires that all excess-related income tax effects of awards are recognized in the income statement when the awards vest and are distributed and also allows an employer to make a policy election to account for forfeitures as they occur. NiSource elected to early adopt ASU 2016-09 during the third quarter of 2016. Upon adoption, NiSource elected to begin accounting for forfeitures of share-based awards as they occur. The impact of this change was not material. Additionally, NiSource recorded an adjustment to beginning retained deficit of $25.3 million. This adjustment represents excess tax benefits generated in years prior to 2016 that were previously not recognized in stockholders' equity due to NOLs in those years. Both of these adjustments were adopted on a modified retrospective basis. Lastly, NiSource recorded income tax benefits of $7.2 million related to excess tax benefits generated in 2016. These benefits were adopted on a prospective basis. However, because NiSource adopted the standard during an interim period, the standard required this $7.2 million benefit be reflected as though it was adopted as of January 1, 2016. The impact of these benefits on previously issued financial statements is summarized in the tables below:
(in millions, except per share amounts) |  | As Previously Reported |  | Effect of Change |  | As Adjusted
Three Months Ended March 31, 2016 |  |  |  |  |  |
Income from Continuing Operations before Income Taxes |  | $ | 291.6 |  |  | $ | — |  |  | $ | 291.6 |
Income Taxes |  | 111.9 |  |  | (6.9 | ) |  | 105.0 |
Income from Continuing Operations |  | 179.7 |  |  | 6.9 |  |  | 186.6 |
Income from Discontinued Operations - net of taxes |  | — |  |  | — |  |  | — |
Net Income |  | $ | 179.7 |  |  | $ | 6.9 |  |  | $ | 186.6 |
Basic Earnings Per Share |  |  |  |  |  |
Continuing operations |  | $ | 0.56 |  |  | $ | 0.02 |  |  | $ | 0.58 |
Discontinued operations |  | — |  |  | — |  |  | — |
Basic Earnings Per Share |  | $ | 0.56 |  |  | $ | 0.02 |  |  | $ | 0.58 |
Diluted Earnings Per Share |  |  |  |  |  |
Continuing operations |  | $ | 0.56 |  |  | $ | 0.02 |  |  | $ | 0.58 |
Discontinued operations |  | — |  |  | — |  |  | — |
Diluted Earnings Per Share |  | $ | 0.56 |  |  | $ | 0.02 |  |  | $ | 0.58 |
Basic Average Common Shares Outstanding |  | 320.3 |  |  | — |  |  | 320.3 |
Diluted Average Common Shares |  | 322.0 |  |  | 0.5 |  |  | 322.5 |
(in millions, except per share amounts) |  | As Previously Reported |  | Effect of Change |  | As Adjusted
Three Months Ended June 30, 2016 |  |  |  |  |  |
Income from Continuing Operations before Income Taxes |  | $ | 46.1 |  |  | $ | — |  |  | $ | 46.1 |
Income Taxes |  | 17.4 |  |  | (0.3 | ) |  | 17.1 |
Income from Continuing Operations |  | 28.7 |  |  | 0.3 |  |  | 29.0 |
Loss from Discontinued Operations - net of taxes |  | (0.1 | ) |  | — |  |  | (0.1 | )
Net Income |  | $ | 28.6 |  |  | $ | 0.3 |  |  | $ | 28.9 |
Basic Earnings Per Share |  |  |  |  |  |
Continuing operations |  | $ | 0.09 |  |  | $ | — |  |  | $ | 0.09 |
Discontinued operations |  | — |  |  | — |  |  | — |
Basic Earnings Per Share |  | $ | 0.09 |  |  | $ | — |  |  | $ | 0.09 |
Diluted Earnings Per Share |  |  |  |  |  |
Continuing operations |  | $ | 0.09 |  |  | $ | — |  |  | $ | 0.09 |
Discontinued operations |  | — |  |  | — |  |  | — |
Diluted Earnings Per Share |  | $ | 0.09 |  |  | $ | — |  |  | $ | 0.09 |
Basic Average Common Shares Outstanding |  | 321.7 |  |  | — |  |  | 321.7 |
Diluted Average Common Shares |  | 322.9 |  |  | 0.3 |  |  | 323.2 |
(in millions, except per share amounts) |  | As Previously Reported |  | Effect of Change |  | As Adjusted
Six Months Ended June 30, 2016 |  |  |  |  |  |
Income from Continuing Operations before Income Taxes |  | $ | 337.7 |  |  | $ | — |  |  | $ | 337.7 |
Income Taxes |  | 129.3 |  |  | (7.2 | ) |  | 122.1 |
Income from Continuing Operations |  | 208.4 |  |  | 7.2 |  |  | 215.6 |
Loss from Discontinued Operations - net of taxes |  | (0.1 | ) |  | — |  |  | (0.1 | )
Net Income |  | $ | 208.3 |  |  | $ | 7.2 |  |  | $ | 215.5 |
Basic Earnings Per Share |  |  |  |  |  |
Continuing operations |  | $ | 0.65 |  |  | $ | 0.02 |  |  | $ | 0.67 |
Discontinued operations |  | — |  |  | — |  |  | — |
Basic Earnings Per Share |  | $ | 0.65 |  |  | $ | 0.02 |  |  | $ | 0.67 |
Diluted Earnings Per Share |  |  |  |  |  |
Continuing operations |  | $ | 0.65 |  |  | $ | 0.02 |  |  | $ | 0.67 |
Discontinued operations |  | — |  |  | — |  |  | — |
Diluted Earnings Per Share |  | $ | 0.65 |  |  | $ | 0.02 |  |  | $ | 0.67 |
Basic Average Common Shares Outstanding |  | 321.0 |  |  | — |  |  | 321.0 |
Diluted Average Common Shares |  | 322.5 |  |  | 0.3 |  |  | 322.8 |
None of the other provisions of this standard materially impacted NiSource's Condensed Consolidated Financial Statements (unaudited) or Notes to Condensed Consolidated Financial Statements (unaudited).

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- Definition The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Change in Accounting Principle -URI http://asc.fasb.org/extlink&oid=6507316 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Direct Effects of a Change in Accounting Principle -URI http://asc.fasb.org/extlink&oid=66092750 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Indirect Effects of a Change in Accounting Principle -URI http://asc.fasb.org/extlink&oid=6515603 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Accounting Change -URI http://asc.fasb.org/extlink&oid=6503790 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Retrospective Application -URI http://asc.fasb.org/extlink&oid=6523989 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305 + Details
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