NiSource Inc (NI)

Debt-to-assets ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	10,370,900	9,589,200	10,079,700	9,488,200	8,479,400	8,154,600	8,770,000	9,202,000	10,415,700	10,558,100	10,577,400	10,178,000	11,034,200	10,723,500	10,493,600	8,381,100	8,764,400	8,865,200	7,809,200	7,533,600
Total assets	US$ in thousands	31,077,200	27,828,200	27,343,700	26,853,700	26,736,600	25,576,400	24,813,800	24,365,500	24,156,900	22,778,600	22,313,800	22,194,500	22,040,500	22,701,500	22,436,500	22,592,700	22,659,800	22,132,300	21,974,200	21,889,900
Debt-to-assets ratio		0.33	0.34	0.37	0.35	0.32	0.32	0.35	0.38	0.43	0.46	0.47	0.46	0.50	0.47	0.47	0.37	0.39	0.40	0.36	0.34

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $10,370,900K ÷ $31,077,200K
= 0.33

NiSource Inc's debt-to-assets ratio has shown some fluctuation over the past eight quarters, ranging from 0.40 to 0.48. The ratio indicates how much of the company's assets are financed through debt. A higher debt-to-assets ratio suggests a greater reliance on debt to fund operations and investments.

From Q1 2022 to Q3 2022, the debt-to-assets ratio remained relatively stable in the range of 0.40 to 0.42. However, in Q4 2022, there was a slight increase to 0.42. This trend continued into Q1 2023 with a decrease in the ratio to 0.43 before rising to 0.46 in Q2 2023 and reaching its peak at 0.48 in Q3 2023. In Q4 2023, the ratio decreased to 0.45, indicating a slight improvement from the previous quarter.

Overall, NiSource Inc's increasing debt-to-assets ratio from Q1 2022 to Q3 2023 could suggest a greater reliance on debt financing during this period. However, the decrease in Q4 2023 may indicate a potential effort to lower debt levels relative to assets. It is essential to monitor this ratio over time to assess the company's financial health and its ability to manage debt effectively.