v3.25.4
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The tables below reconcile revenue disaggregation by customer class to segment revenue, as well as to revenues reflected on the Statements of Consolidated Income:
Year Ended December 31, 2025 (in millions)
Columbia Operations
NIPSCO Operations
Corporate and OtherTotal
Gas Distribution
Residential$2,279.9 $708.0 $— $2,987.9 
Commercial763.7 270.0 — 1,033.7 
Industrial167.4 100.2 — 267.6 
Off-system75.8 — — 75.8 
Wholesale2.1 — — 2.1 
Miscellaneous(1)
35.9 13.5 — 49.4 
Subtotal
$3,324.8 $1,091.7 $— $4,416.5 
Electric Generation and Power Delivery
Residential$— $768.4 $— $768.4 
Commercial— 713.9 — 713.9 
Industrial— 578.3 — 578.3 
Wholesale
— 45.1 — 45.1 
Public Authority
— 9.5 — 9.5 
Miscellaneous(1)
— (8.9)— (8.9)
Subtotal$— $2,106.3 $— $2,106.3 
Total Customer Revenues(2)
3,324.8 3,198.0 — 6,522.8 
Other Revenues(3)
5.2 109.3 4.9 119.4 
Total Operating Revenues$3,330.0 $3,307.3 $4.9 $6,642.2 
(1)Amounts included in Columbia Operations are primarily related to earnings sharing mechanisms and late fees. Amounts included in NIPSCO Operations are primarily related to revenue refunds, public repairs and property rentals.
(2)Customer revenue amounts exclude intersegment revenues. See Note 21, "Business Segment Information," for discussion of intersegment revenues.
(3)Amounts included in Columbia Operations primarily relate to alternate revenue programs, including weather normalization adjustment mechanisms. Amounts included in NIPSCO Operations primarily relate to weather normalization adjustment mechanisms, MISO multi-value projects and revenue from non-jurisdictional transmission assets. Amounts included in Corporate and Other primarily relate to products and services revenue.
Year Ended December 31, 2024 (in millions)
Columbia Operations
NIPSCO Operations
Corporate and Other
Total
Gas Distribution
Residential$1,833.8 $531.4 $— $2,365.2 
Commercial580.3 199.2 — 779.5 
Industrial144.2 79.0 — 223.2 
Off-system42.6 — — 42.6 
Wholesale1.2 — — 1.2 
Miscellaneous(1)
26.3 15.4 — 41.7 
Subtotal
$2,628.4 $825.0 $— $3,453.4 
Electric Generation and Power Delivery
Residential— 649.9 — 649.9 
Commercial— 620.4 — 620.4 
Industrial— 499.1 — 499.1 
Wholesale— 38.3 — 38.3 
Public Authority
— 8.1 — 8.1 
Miscellaneous(1)
— 13.7 — 13.7 
Subtotal$— $1,829.5 $— $1,829.5 
Total Customer Revenues(2)
$2,628.4 $2,654.5 $— $5,282.9 
Other Revenues(3)
74.8 96.5 0.9 172.2 
Total Operating Revenues$2,703.2 $2,751.0 $0.9 $5,455.1 
(1)Amounts included in Columbia Operations are primarily related to earnings sharing mechanisms and late fees. Amounts included in NIPSCO Operations are primarily related to revenue refunds, public repairs and property rentals.
(2)Customer revenue amounts exclude intersegment revenues. See Note 21, "Business Segment Information," for discussion of intersegment revenues.
(3)Amounts included in Columbia Operations primarily related to weather normalization adjustment mechanisms. Amounts included in NIPSCO Operations primarily relate to weather normalization adjustment mechanisms, MISO multi-value projects and revenue from non-jurisdictional transmission assets.
Year Ended December 31, 2023 (in millions)
Columbia Operations
NIPSCO Operations
Corporate and Other
Total
Gas Distribution
Residential$1,827.5 $635.0 $— $2,462.5 
Commercial598.9 249.0 — 847.9 
Industrial139.0 87.0 — 226.0 
Off-system60.6 — — 60.6 
Wholesale1.6 — — 1.6 
Miscellaneous(1)
33.4 14.8 — 48.2 
Subtotal
$2,661.0 $985.8 $— $3,646.8 
Electric Generation and Power Delivery
Residential$— $583.9 $— $583.9 
Commercial— 578.1 — 578.1 
Industrial— 474.1 — 474.1 
Wholesale— 32.0 — 32.0 
Public Authority— 11.5 — 11.5 
Miscellaneous(1)
— 21.4 — 21.4 
Subtotal$— $1,701.0 $— $1,701.0 
Total Customer Revenues(2)
$2,661.0 $2,686.8 $— $5,347.8 
Other Revenues(3)
72.9 83.9 0.8 157.6 
Total Operating Revenues$2,733.9 $2,770.7 $0.8 $5,505.4 
(1)Amounts included in Columbia Operations are primarily related to earnings share mechanisms and late fees. Amounts included in NIPSCO Operations are primarily related to late fees, property rentals, revenue refunds and adjustments.
(2)Customer revenue amounts exclude intersegment revenues. See Note 21, "Business Segment Information," for discussion of intersegment revenues.
(3)Amounts included in Columbia Operations primarily related to weather normalization adjustment mechanisms. Amounts included in NIPSCO Operations primarily related to MISO multi-value projects and revenue from non-jurisdictional transmission assets.
Customer Accounts Receivable The opening and closing balances of customer receivables for the year ended December 31, 2025, are presented in the table below. We had no significant contract assets or liabilities during the period. Additionally, we have not incurred any significant costs to obtain or fulfill contracts.
(in millions)Customer Accounts Receivable, Billed (less reserve)Customer Accounts Receivable, Unbilled (less reserve)
Balance as of December 31, 2024$525.1 $408.1 
Balance as of December 31, 2025698.8 465.2 
Utility revenues are billed to customers monthly on a cycle basis. We expect that substantially all customer accounts receivable will be collected following customer billing, as this revenue consists primarily of periodic, tariff-based billings for service and usage. We maintain common utility credit risk mitigation practices, including requiring deposits and actively pursuing collection of past due amounts. Our regulated operations also utilize certain regulatory mechanisms that facilitate recovery of bad debt costs within tariff-based rates, which provides further evidence of collectability. It is probable that substantially all of the consideration to which we are entitled from customers will be collected upon satisfaction of performance obligations.
Financing Receivable, Allowance for Credit Loss A rollforward of our allowance for credit losses as of December 31, 2025 and December 31, 2024, are presented in the tables below:
(in millions)
Columbia Operations
NIPSCO OperationsCorporate and OtherTotal
Balance as of December 31, 2024
$9.8 $13.9 $— $23.7 
Current period provisions42.3 25.0 — 67.3 
Write-offs charged against allowance(50.8)(15.0)— (65.8)
Recoveries of amounts previously written off14.3 1.1 — 15.4 
Balance as of December 31, 2025
$15.6 $25.0 $— $40.6 
(in millions)
Columbia Operations
NIPSCO OperationsCorporate and OtherTotal
Balance as of December 31, 2023
$10.2 $11.9 $0.8 $22.9 
Current period provisions26.7 12.1 — 38.8 
Write-offs charged against allowance(43.9)(11.0)(0.8)(55.7)
Recoveries of amounts previously written off16.8 0.9 — 17.7 
Balance as of December 31, 2024
$9.8 $13.9 $— $23.7