NISOURCE INC. PP&E Disclosure
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 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 12, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 20, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 18, 2016 | |
About PP&E Disclosures
The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.
Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.