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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule Of Components Of Income Tax Expense

The components of income tax expense (benefit) were as follows: 

Year Ended December 31, (in millions)			2024						2023						2022
Income Taxes
Current
Federal			$	(19.3)					$	—					$	0.4
State			9.4						5.3						7.3
Total Current (Benefit) Expense			(9.9)						5.3						7.7
Deferred
Federal
Taxes before operating loss carryforwards and investment credits			105.9						49.7						87.9
Tax utilization expense of operating loss carryforwards			60.4						65.1						93.1
Investment tax credits			(0.1)						(2.1)						—
State			2.6						22.5						(23.0)
Total Deferred Expense			168.8						135.2						158.0
Deferred Investment Tax Credits			(0.8)						(1.0)						(1.1)
Income Taxes from Continuing Operations			$	158.1					$	139.5					$	164.6

In connection with the NIPSCO Minority Interest Transaction during 2023, NiSource recognized a $63.5 million income tax benefit in additional paid in capital related to 19.9% of NIPSCO’s excess deferred income taxes attributable to Blackstone’s noncontrolling interest. This benefit does not impact NIPSCO’s regulatory books or the excess deferred taxes that will benefit customers through lower future rates in accordance with applicable regulatory orders. See Note 4, "Noncontrolling Interests," for further discussion of the NIPSCO Minority Interest Transaction.

Schedule Of Reasons Behind Differences In Computation Of Total Income Taxes

The following table represents a reconciliation of income tax expense at the statutory federal income tax rate to the actual income tax expense from continuing operations:

Year Ended December 31, (in millions)			2024												2023												2022
Book income before income taxes			$	1,002.8											$	813.9											$	956.4
Tax expense at statutory federal income tax rate			210.6						21.0		%				170.8						21.0		%				200.8						21.0		%
Increases (reductions) in taxes resulting from:
State income taxes, net of federal income tax benefit			11.7						1.2						13.7						1.7						4.5						0.5
Amortization of regulatory liabilities			(11.1)						(1.1)						(38.2)						(4.7)						(38.5)						(4.0)
Employee stock ownership plan dividends and other compensation			(1.3)						(0.1)						(1.3)						(0.2)						(1.2)						(0.1)
Federal tax credits			(23.3)						(2.3)						(4.9)						(0.6)						(2.3)						(0.2)
Tax effect of non-controlling Interest			(27.3)						(2.7)						—						—						—						—
Other adjustments			(1.2)						(0.2)						(0.6)						(0.1)						1.3						—
Income Taxes			$	158.1					15.8		%				$	139.5					17.1		%				$	164.6					17.2		%

Schedule Of Principal Components Of Net Deferred Tax Liability

Deferred income taxes result from temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The principal components of our net deferred tax liabilities were as follows:

At December 31, (in millions)			2024						2023
Deferred tax liabilities
Accelerated depreciation and other property differences			$	1,419.4					$	1,384.8
Partnership basis differences			1,328.6						1,241.9
Other regulatory assets			210.1						212.1
Total Deferred Tax Liabilities			2,958.1						2,838.8
Deferred tax assets
Other regulatory liabilities and deferred investment tax credits (including TCJA)			170.4						182.2
Pension and other postretirement/postemployment benefits			58.8						58.6
Loss and credit carryforwards			369.4						422.9
Environmental liabilities			12.2						10.1
Other accrued liabilities			43.4						40.3
Other, net			28.7						50.7
Total Deferred Tax Assets			682.9						764.8
Valuation Allowance			(6.4)						(6.4)
Net Deferred Tax Assets			676.5						758.4
Net Deferred Tax Liabilities			$	2,281.6					$	2,080.4

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

At December 31, 2024(in millions)			2024						2023						2022
Opening Balance			$	21.7					$	21.7					$	21.7
Gross decreases - tax positions in prior period			—						—						—
Gross increases - current period tax positions			—						—						—
Ending Balance			$	21.7					$	21.7					$	21.7
Offset for net operating loss carryforwards			(21.7)						(21.7)						(21.7)
Balance, Less Net Operating Loss Carryforwards			$	—					$	—					$	—

Summary of Tax Credit Carryforwards

At December 31, 2024 (in millions)			Deductible Amount						Deferred Tax Asset						Valuation Allowance						Expiration Period
Federal losses			$	1,369.1					$	287.5					$	—					2037
Federal investment tax credits			—						2.2						—						2043
Federal production tax credits			—						1.0						—						2040-2043
Federal other credit			—						17.3						—						2029-2043
State losses			2,024.4						81.9						(6.4)						2031-2037
Total									$	389.9					$	(6.4)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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