Statements of Consolidated Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating Activities
Net Income	$ 734.2	$ 600.4
Adjustments to Reconcile Net Income to Net Cash from Operating Activities:
Depreciation and amortization	852.2	765.1
Deferred income taxes and investment tax credits	153.5	109.1
Loss on sale of assets	0.2	1.1
Payments for asset retirement obligations	(50.0)	(55.0)
Other adjustments	22.5	(14.9)
Changes in Assets and Liabilities:
Components of working capital(1)	(26.0)	(85.8)
Regulatory assets/liabilities	(19.5)	(35.6)
Deferred charges and other noncurrent assets	(24.4)	(45.1)
Other noncurrent liabilities and deferred credits	7.0	2.4
Net Cash Flows from Operating Activities	1,649.7	1,241.7
Investing Activities
Capital expenditures	(1,936.0)	(1,854.0)
Payment to renewable generation asset developer	(1,091.7)	(478.8)
Advanced deposits	(161.3)	0.0
Other investing activities	(93.8)	27.2
Net Cash Flows used for Investing Activities	(3,396.6)	(2,414.5)
Financing Activities
Proceeds from issuance of long-term debt	2,362.0	2,229.6
Repayments of finance lease obligations	(17.3)	(20.4)
Repayments of Long-Term Debt	(1,250.0)	0.0
Repayment of short-term debt (maturity > 90 days)	0.0	(1,650.0)
Net change in commercial paper and other short-term borrowings	655.4	(1,141.6)
Issuance of common stock, net of issuance costs	259.1	507.9
Redemption of preferred stock	0.0	(486.1)
Preferred stock redemption premium	0.0	(14.0)
Equity costs, premiums and other debt related costs	(22.0)	(62.9)
Contributions from NIPSCO minority interest holders	145.3	99.5
Distributions to tax equity partners	(12.8)	(14.3)
Distribution to NIPSCO minority interest holders	(55.5)	(32.0)
Dividends paid - common stock	(396.4)	(357.0)
Dividends paid - preferred stock	0.0	(8.2)
Net Cash Flows from (used for) Financing Activities	1,667.8	(949.5)
Change in cash, cash equivalents and restricted cash	(79.1)	(2,122.3)
Cash, cash equivalents and restricted cash at beginning of period	198.6	2,281.1
Cash, Cash Equivalents and Restricted Cash at End of Period	119.5	158.8
Cost of removal	(113.8)	(108.9)
NIPSCO minority interest holders
Financing Activities
Contributions from NIPSCO minority interest holders	$ 145.3	$ 99.5

NISOURCE INC. 10-Q