Guarantee of Securities of Subsidiaries | 9 Months Ended |
Sep. 30, 2014 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
Guarantee of Securities of Subsidiaries | ' |
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Note 14: Guarantee of Securities of Subsidiaries |
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Boardwalk Pipelines (subsidiary issuer) has issued securities which have been fully and unconditionally guaranteed by the Partnership (parent guarantor). The Partnership's subsidiaries have no significant restrictions on their ability to pay distributions or make loans to the Partnership except as noted in the debt covenants and have no restricted assets at September 30, 2014, and December 31, 2013. Note 8 contains additional information regarding the Partnership's debt and related covenants. |
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The Partnership has provided the following condensed consolidating financial information in accordance with Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. |
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Condensed Consolidating Balance Sheets as of September 30, 2014 |
(Millions) |
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Assets | | Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated Boardwalk Pipeline Partners, LP |
Guarantor | Issuer |
Cash and cash equivalents | | $ | — | | | $ | 0.7 | | | $ | 5.5 | | | $ | — | | | $ | 6.2 | |
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Receivables | | — | | | — | | | 94.7 | | | (0.1 | ) | | 94.6 | |
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Receivables - affiliate | | — | | | — | | | 6.8 | | | (6.8 | ) | | — | |
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Gas and liquids stored underground | | — | | | — | | | 4.5 | | | — | | | 4.5 | |
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Prepayments | | 0.4 | | | — | | | 17.4 | | | — | | | 17.8 | |
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Advances to affiliates | | — | | | 2.4 | | | 42.1 | | | (44.5 | ) | | — | |
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Other current assets | | — | | | — | | | 22.9 | | | (7.5 | ) | | 15.4 | |
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Total current assets | | 0.4 | | | 3.1 | | | 193.9 | | | (58.9 | ) | | 138.5 | |
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Investment in consolidated subsidiaries | | 1,679.80 | | | 6,423.10 | | | — | | | (8,102.9 | ) | | — | |
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Property, plant and equipment, gross | | 0.6 | | | — | | | 9,023.10 | | | — | | | 9,023.70 | |
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Less–accumulated depreciation and | | 0.6 | | | — | | | 1,691.80 | | | — | | | 1,692.40 | |
amortization |
Property, plant and equipment, net | | — | | | — | | | 7,331.30 | | | — | | | 7,331.30 | |
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Other noncurrent assets | | — | | | 3 | | | 458.5 | | | (0.1 | ) | | 461.4 | |
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Advances to affiliates – noncurrent | | 2,431.40 | | | 201.2 | | | 1,082.40 | | | (3,715.0 | ) | | — | |
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Total other assets | | 2,431.40 | | | 204.2 | | | 1,540.90 | | | (3,715.1 | ) | | 461.4 | |
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Total Assets | | $ | 4,111.60 | | | $ | 6,630.40 | | | $ | 9,066.10 | | | $ | (11,876.9 | ) | | $ | 7,931.20 | |
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Liabilities and Equity | | Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated Boardwalk Pipeline Partners, LP |
Guarantor | Issuer |
Payables | | $ | — | | | $ | 0.1 | | | $ | 65.4 | | | $ | 0.1 | | | $ | 65.6 | |
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Payable to affiliates | | 0.8 | | | — | | | 6.8 | | | (6.8 | ) | | 0.8 | |
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Advances from affiliates | | — | | | 42.1 | | | 2.4 | | | (44.5 | ) | | — | |
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Other current liabilities | | — | | | 14 | | | 166.7 | | | (7.8 | ) | | 172.9 | |
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Total current liabilities | | 0.8 | | | 56.2 | | | 241.3 | | | (59.0 | ) | | 239.3 | |
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Total long-term debt and capital lease | | — | | | 1,380.60 | | | 2,030.00 | | | — | | | 3,410.60 | |
obligation |
Payable to affiliate - noncurrent | | 16 | | | — | | | — | | | — | | | 16 | |
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Advances from affiliates - noncurrent | | — | | | 3,513.80 | | | 201.2 | | | (3,715.0 | ) | | — | |
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Other noncurrent liabilities | | — | | | — | | | 170.2 | | | — | | | 170.2 | |
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Total other liabilities and deferred | | 16 | | | 3,513.80 | | | 371.4 | | | (3,715.0 | ) | | 186.2 | |
credits |
Total partners' capital | | 4,094.80 | | | 1,679.80 | | | 6,423.10 | | | (8,102.9 | ) | | 4,094.80 | |
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Noncontrolling interest | | — | | | — | | | 0.3 | | | — | | | 0.3 | |
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Total Equity | | 4,094.80 | | | 1,679.80 | | | 6,423.40 | | | (8,102.9 | ) | | 4,095.10 | |
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Total Liabilities and Equity | | $ | 4,111.60 | | | $ | 6,630.40 | | | $ | 9,066.10 | | | $ | (11,876.9 | ) | | $ | 7,931.20 | |
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Condensed Consolidating Balance Sheets as of December 31, 2013 |
(Millions) |
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Assets | | Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated Boardwalk Pipeline Partners, LP |
Guarantor | Issuer |
Cash and cash equivalents | | $ | 0.2 | | | $ | 9.2 | | | $ | 19.1 | | | $ | — | | | $ | 28.5 | |
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Receivables | | — | | | — | | | 119.2 | | | — | | | 119.2 | |
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Receivables - affiliate | | 0.1 | | | 0.1 | | | 14.3 | | | (13.4 | ) | | 1.1 | |
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Gas and liquids stored underground | | — | | | — | | | 0.7 | | | — | | | 0.7 | |
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Prepayments | | 0.3 | | | — | | | 12.6 | | | — | | | 12.9 | |
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Advances to affiliates | | — | | | — | | | 194.4 | | | (194.4 | ) | | — | |
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Other current assets | | — | | | — | | | 23.8 | | | (9.1 | ) | | 14.7 | |
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Total current assets | | 0.6 | | | 9.3 | | | 384.1 | | | (216.9 | ) | | 177.1 | |
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Investment in consolidated subsidiaries | | 1,480.80 | | | 6,138.30 | | | — | | | (7,619.1 | ) | | — | |
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Property, plant and equipment, gross | | 0.6 | | | — | | | 8,722.70 | | | — | | | 8,723.30 | |
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Less–accumulated depreciation and | | 0.6 | | | — | | | 1,488.60 | | | — | | | 1,489.20 | |
amortization |
Property, plant and equipment, net | | — | | | — | | | 7,234.10 | | | — | | | 7,234.10 | |
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Other noncurrent assets | | 0.3 | | | 3.7 | | | 420.7 | | | — | | | 424.7 | |
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Advances to affiliates – noncurrent | | 2,512.10 | | | 168.7 | | | 733.1 | | | (3,413.9 | ) | | — | |
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Investment in unconsolidated affiliates | | — | | | — | | | 78.6 | | | — | | | 78.6 | |
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Total other assets | | 2,512.40 | | | 172.4 | | | 1,232.40 | | | (3,413.9 | ) | | 503.3 | |
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Total Assets | | $ | 3,993.80 | | | $ | 6,320.00 | | | $ | 8,850.60 | | | $ | (11,249.9 | ) | | $ | 7,914.50 | |
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Liabilities & Equity | | Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated Boardwalk Pipeline Partners, LP |
Guarantor | Issuer |
Payables | | $ | 0.2 | | | $ | — | | | $ | 70.6 | | | $ | — | | | $ | 70.8 | |
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Payable to affiliates | | 0.7 | | | — | | | 13.9 | | | (13.4 | ) | | 1.2 | |
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Advances from affiliates | | — | | | 194.4 | | | — | | | (194.4 | ) | | — | |
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Other current liabilities | | — | | | 19.7 | | | 153.3 | | | (9.0 | ) | | 164 | |
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Total current liabilities | | 0.9 | | | 214.1 | | | 237.8 | | | (216.8 | ) | | 236 | |
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Total long-term debt and capital lease | | — | | | 1,379.90 | | | 2,044.50 | | | — | | | 3,424.40 | |
obligation |
Payable to affiliate - noncurrent | | 16 | | | — | | | — | | | — | | | 16 | |
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Advances from affiliates - noncurrent | | — | | | 3,245.20 | | | 168.7 | | | (3,413.9 | ) | | — | |
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Other noncurrent liabilities | | — | | | — | | | 174.8 | | | (0.1 | ) | | 174.7 | |
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Total other liabilities and deferred | | 16 | | | 3,245.20 | | | 343.5 | | | (3,414.0 | ) | | 190.7 | |
credits |
Total partners' capital | | 3,976.90 | | | 1,480.80 | | | 6,138.30 | | | (7,619.1 | ) | | 3,976.90 | |
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Noncontrolling interest | | — | | | — | | | 86.5 | | | — | | | 86.5 | |
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Total Equity | | 3,976.90 | | | 1,480.80 | | | 6,224.80 | | | (7,619.1 | ) | | 4,063.40 | |
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Total Liabilities and Equity | | $ | 3,993.80 | | | $ | 6,320.00 | | | $ | 8,850.60 | | | $ | (11,249.9 | ) | | $ | 7,914.50 | |
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Condensed Consolidating Statements of Income for the Three Months Ended September 30, 2014 |
(Millions) |
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| Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated Boardwalk Pipeline Partners, LP | |
Guarantor | Issuer | |
Operating Revenues: | | | | | | | | | | |
Transportation | $ | — | | | $ | — | | | $ | 261.3 | | | $ | (22.4 | ) | | $ | 238.9 | | |
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Parking and lending | — | | | — | | | 3 | | | — | | | 3 | | |
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Storage | — | | | — | | | 19.6 | | | (0.4 | ) | | 19.2 | | |
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Other | — | | | — | | | 17.8 | | | — | | | 17.8 | | |
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Total operating revenues | — | | | — | | | 301.7 | | | (22.8 | ) | | 278.9 | | |
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Operating Cost and Expenses: | | | | | | | | | | | | |
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Fuel and transportation | — | | | — | | | 54.7 | | | (22.8 | ) | | 31.9 | | |
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Operation and maintenance | — | | | — | | | 50.3 | | | — | | | 50.3 | | |
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Administrative and general | 0.2 | | | — | | | 31.6 | | | — | | | 31.8 | | |
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Other operating costs and expenses | 0.2 | | | — | | | 96.2 | | | — | | | 96.4 | | |
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Total operating costs and expenses | 0.4 | | | — | | | 232.8 | | | (22.8 | ) | | 210.4 | | |
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Operating (loss) income | (0.4 | ) | | — | | | 68.9 | | | — | | | 68.5 | | |
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Other Deductions (Income): | | | | | | | | | | | |
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Interest expense | — | | | 18.7 | | | 21.3 | | | — | | | 40 | | |
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Interest (income) expense - affiliates, net | (7.8 | ) | | 10.6 | | | (2.8 | ) | | — | | | — | | |
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Interest income | — | | | — | | | (0.1 | ) | | — | | | (0.1 | ) | |
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Equity in earnings of subsidiaries | (21.8 | ) | | (51.1 | ) | | — | | | 72.9 | | | — | | |
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Equity losses in unconsolidated | — | | | — | | | 0.3 | | | — | | | 0.3 | | |
affiliates | |
Miscellaneous other income, net | — | | | — | | | (0.2 | ) | | — | | | (0.2 | ) | |
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Total other (income) deductions | (29.6 | ) | | (21.8 | ) | | 18.5 | | | 72.9 | | | 40 | | |
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Income (loss) before income taxes | 29.2 | | | 21.8 | | | 50.4 | | | (72.9 | ) | | 28.5 | | |
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Income taxes | — | | | — | | | 0.1 | | | — | | | 0.1 | | |
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Net income (loss) | 29.2 | | | 21.8 | | | 50.3 | | | (72.9 | ) | | 28.4 | | |
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Net loss attributable to noncontrolling | — | | | — | | | (0.8 | ) | | — | | | (0.8 | ) | |
interests | |
Net income (loss) attributable to controlling | $ | 29.2 | | | $ | 21.8 | | | $ | 51.1 | | | $ | (72.9 | ) | | $ | 29.2 | | |
interests | |
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Condensed Consolidating Statements of Income for the Three Months Ended September 30, 2013 |
(Millions) |
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| Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated Boardwalk Pipeline Partners, LP | |
Guarantor | Issuer | |
Operating Revenues: | | | | | | | | | | |
Transportation | $ | — | | | $ | — | | | $ | 255.8 | | | $ | (22.3 | ) | | $ | 233.5 | | |
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Parking and lending | — | | | — | | | 4.9 | | | — | | | 4.9 | | |
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Storage | — | | | — | | | 27.4 | | | — | | | 27.4 | | |
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Other | — | | | — | | | 9.7 | | | — | | | 9.7 | | |
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Total operating revenues | — | | | — | | | 297.8 | | | (22.3 | ) | | 275.5 | | |
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Operating Cost and Expenses: | | | | | | | | | | | | | |
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Fuel and transportation | — | | | — | | | 40.8 | | | (22.3 | ) | | 18.5 | | |
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Operation and maintenance | — | | | — | | | 47 | | | — | | | 47 | | |
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Administrative and general | — | | | — | | | 29.1 | | | — | | | 29.1 | | |
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Other operating costs and expenses | 0.2 | | | — | | | 77.5 | | | — | | | 77.7 | | |
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Total operating costs and expenses | 0.2 | | | — | | | 194.4 | | | (22.3 | ) | | 172.3 | | |
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Operating (loss) income | (0.2 | ) | | — | | | 103.4 | | | — | | | 103.2 | | |
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Other Deductions (Income): | | | | | | | | | | | | | |
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Interest expense | — | | | 18.7 | | | 22.3 | | | — | | | 41 | | |
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Interest (income) expense - affiliates net | (8.8 | ) | | 10.4 | | | (1.6 | ) | | — | | | — | | |
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Interest income | — | | | — | | | (0.1 | ) | | — | | | (0.1 | ) | |
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Equity in earnings of subsidiaries | (53.7 | ) | | (82.8 | ) | | — | | | 136.5 | | | — | | |
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Equity losses in unconsolidated affiliates | — | | | — | | | 0.6 | | | — | | | 0.6 | | |
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Total other (income) deductions | (62.5 | ) | | (53.7 | ) | | 21.2 | | | 136.5 | | | 41.5 | | |
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Income (loss) before income taxes | 62.3 | | | 53.7 | | | 82.2 | | | (136.5 | ) | | 61.7 | | |
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Income taxes | — | | | — | | | — | | | — | | | — | | |
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Net income (loss) | 62.3 | | | 53.7 | | | 82.2 | | | (136.5 | ) | | 61.7 | | |
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Net loss attributable to noncontrolling | — | | | — | | | (0.6 | ) | | — | | | (0.6 | ) | |
interests | |
Net income (loss) attributable to controlling | $ | 62.3 | | | $ | 53.7 | | | $ | 82.8 | | | $ | (136.5 | ) | | $ | 62.3 | | |
interests | |
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Condensed Consolidating Statements of Income for the Nine Months Ended September 30, 2014 |
(Millions) |
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| Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated Boardwalk Pipeline Partners, LP | |
Guarantor | Issuer | |
Operating Revenues: | | | | | | | | | | |
Transportation | $ | — | | | $ | — | | | $ | 856.9 | | | $ | (68.0 | ) | | $ | 788.9 | | |
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Parking and lending | — | | | — | | | 21.4 | | | — | | | 21.4 | | |
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Storage | — | | | — | | | 70.6 | | | (0.5 | ) | | 70.1 | | |
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Other | — | | | — | | | 48.8 | | | — | | | 48.8 | | |
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Total operating revenues | — | | | — | | | 997.7 | | | (68.5 | ) | | 929.2 | | |
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Operating Cost and Expenses: | | | | | | | | | | | | |
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Fuel and transportation | — | | | — | | | 163.3 | | | (68.5 | ) | | 94.8 | | |
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Operation and maintenance | — | | | — | | | 136.9 | | | — | | | 136.9 | | |
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Administrative and general | 0.1 | | | — | | | 89 | | | — | | | 89.1 | | |
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Other operating costs and expenses | 0.3 | | | — | | | 290.5 | | | — | | | 290.8 | | |
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Total operating costs and expenses | 0.4 | | | — | | | 679.7 | | | (68.5 | ) | | 611.6 | | |
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Operating (loss) income | (0.4 | ) | | — | | | 318 | | | — | | | 317.6 | | |
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Other Deductions (Income): | | | | | | | | | | | |
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Interest expense | — | | | 56.1 | | | 65 | | | — | | | 121.1 | | |
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Interest (income) expense - affiliates, net | (23.2 | ) | | 31 | | | (7.8 | ) | | — | | | — | | |
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Interest income | — | | | — | | | (0.4 | ) | | — | | | (0.4 | ) | |
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Equity in earnings of subsidiaries | (174.0 | ) | | (261.1 | ) | | — | | | 435.1 | | | — | | |
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Equity losses in unconsolidated | — | | | — | | | 86.9 | | | — | | | 86.9 | | |
affiliates | |
Miscellaneous other income, net | — | | | — | | | (0.3 | ) | | — | | | (0.3 | ) | |
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Total other (income) deductions | (197.2 | ) | | (174.0 | ) | | 143.4 | | | 435.1 | | | 207.3 | | |
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Income (loss) before income taxes | 196.8 | | | 174 | | | 174.6 | | | (435.1 | ) | | 110.3 | | |
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Income taxes | — | | | — | | | 0.4 | | | — | | | 0.4 | | |
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Net income (loss) | 196.8 | | | 174 | | | 174.2 | | | (435.1 | ) | | 109.9 | | |
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Net loss attributable to noncontrolling | — | | | — | | | (86.9 | ) | | — | | | (86.9 | ) | |
interests | |
Net income (loss) attributable to controlling | $ | 196.8 | | | $ | 174 | | | $ | 261.1 | | | $ | (435.1 | ) | | $ | 196.8 | | |
interests | |
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Condensed Consolidating Statements of Income for the Nine Months Ended September 30, 2013 |
(Millions) |
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| Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated Boardwalk Pipeline Partners, LP | |
Guarantor | Issuer | |
Operating Revenues: | | | | | | | | | | |
Transportation | $ | — | | | $ | — | | | $ | 826.2 | | | $ | (66.3 | ) | | $ | 759.9 | | |
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Parking and lending | — | | | — | | | 19.9 | | | — | | | 19.9 | | |
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Storage | — | | | — | | | 83 | | | (0.1 | ) | | 82.9 | | |
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Other | — | | | — | | | 30 | | | — | | | 30 | | |
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Total operating revenues | — | | | — | | | 959.1 | | | (66.4 | ) | | 892.7 | | |
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Operating Cost and Expenses: | | | | | | | | | | | | | |
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Fuel and transportation | — | | | — | | | 135 | | | (66.4 | ) | | 68.6 | | |
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Operation and maintenance | — | | | 0.3 | | | 130.7 | | | — | | | 131 | | |
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Administrative and general | — | | | 0.8 | | | 88.6 | | | — | | | 89.4 | | |
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Other operating costs and expenses | 0.3 | | | 0.1 | | | 247.3 | | | — | | | 247.7 | | |
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Total operating costs and expenses | 0.3 | | | 1.2 | | | 601.6 | | | (66.4 | ) | | 536.7 | | |
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Operating (loss) income | (0.3 | ) | | (1.2 | ) | | 357.5 | | | — | | | 356 | | |
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Other Deductions (Income): | | | | | | | | | | | | | |
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Interest expense | — | | | 53.9 | | | 68.3 | | | — | | | 122.2 | | |
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Interest (income) expense - affiliates net | (25.4 | ) | | 30.9 | | | (5.5 | ) | | — | | | — | | |
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Interest income | — | | | — | | | (0.4 | ) | | — | | | (0.4 | ) | |
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Equity in earnings of subsidiaries | (209.1 | ) | | (295.1 | ) | | — | | | 504.2 | | | — | | |
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Equity losses in unconsolidated affiliates | — | | | — | | | 0.6 | | | — | | | 0.6 | | |
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Miscellaneous other income, net | — | | | — | | | (0.2 | ) | | — | | | (0.2 | ) | |
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Total other (income) deductions | (234.5 | ) | | (210.3 | ) | | 62.8 | | | 504.2 | | | 122.2 | | |
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Income (loss) before income taxes | 234.2 | | | 209.1 | | | 294.7 | | | (504.2 | ) | | 233.8 | | |
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Income taxes | — | | | — | | | 0.3 | | | — | | | 0.3 | | |
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Net income (loss) | 234.2 | | | 209.1 | | | 294.4 | | | (504.2 | ) | | 233.5 | | |
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Net loss attributable to noncontrolling | — | | | — | | | (0.7 | ) | | — | | | (0.7 | ) | |
interests | |
Net income (loss) attributable to controlling | $ | 234.2 | | | $ | 209.1 | | | $ | 295.1 | | | $ | (504.2 | ) | | $ | 234.2 | | |
interests | |
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Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2014 |
(Millions) |
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| Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated Boardwalk Pipeline Partners, LP | |
Guarantor | Issuer | |
Net income (loss) | $ | 29.2 | | | $ | 21.8 | | | $ | 50.3 | | | $ | (72.9 | ) | | $ | 28.4 | | |
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Other comprehensive income (loss): | | | | | | | | | | | | | |
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Gain (loss) on cash flow hedges | 0.2 | | | 0.2 | | | 0.2 | | | (0.4 | ) | | 0.2 | | |
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Reclassification adjustment transferred | 0.5 | | | 0.5 | | | 0.1 | | | (0.6 | ) | | 0.5 | | |
to Net Income from cash flow hedges | |
Pension and other postretirement | (2.0 | ) | | (2.0 | ) | | (2.0 | ) | | 4 | | | (2.0 | ) | |
benefit costs | |
Total Comprehensive Income (Loss) | 27.9 | | | 20.5 | | | 48.6 | | | (69.9 | ) | | 27.1 | | |
|
Comprehensive loss attributable to | — | | | — | | | (0.8 | ) | | — | | | (0.8 | ) | |
noncontrolling interests | |
Comprehensive income (loss) attributable to | $ | 27.9 | | | $ | 20.5 | | | $ | 49.4 | | | $ | (69.9 | ) | | $ | 27.9 | | |
controlling interests | |
|
Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2013 |
(Millions) |
|
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated Boardwalk Pipeline Partners, LP | |
Guarantor | Issuer | |
Net income (loss) | $ | 62.3 | | | $ | 53.7 | | | $ | 82.2 | | | $ | (136.5 | ) | | $ | 61.7 | | |
|
Other comprehensive income (loss): | | | | | | | | | | | | | |
|
Reclassification adjustment transferred | (0.6 | ) | | (0.6 | ) | | (1.0 | ) | | 1.6 | | | (0.6 | ) | |
to Net Income from cash flow hedges | |
Pension and other postretirement | (0.4 | ) | | (0.4 | ) | | (0.4 | ) | | 0.8 | | | (0.4 | ) | |
benefit costs | |
Total Comprehensive Income (Loss) | 61.3 | | | 52.7 | | | 80.8 | | | (134.1 | ) | | 60.7 | | |
|
Comprehensive loss attributable to | — | | | — | | | (0.6 | ) | | — | | | (0.6 | ) | |
noncontrolling interests | |
Comprehensive income (loss) attributable to | $ | 61.3 | | | $ | 52.7 | | | $ | 81.4 | | | $ | (134.1 | ) | | $ | 61.3 | | |
controlling interests | |
|
|
Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2014 |
(Millions) |
|
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated Boardwalk Pipeline Partners, LP | |
Guarantor | Issuer | |
Net income (loss) | $ | 196.8 | | | $ | 174 | | | $ | 174.2 | | | $ | (435.1 | ) | | $ | 109.9 | | |
|
Other comprehensive income (loss): | | | | | | | | | | | | | |
|
(Loss) gain on cash flow hedges | (0.7 | ) | | (0.7 | ) | | (0.7 | ) | | 1.4 | | | (0.7 | ) | |
|
Reclassification adjustment transferred | 2.1 | | | 2.1 | | | 0.8 | | | (2.9 | ) | | 2.1 | | |
to Net Income from cash flow hedges | |
Pension and other postretirement | (5.9 | ) | | (5.9 | ) | | (5.9 | ) | | 11.8 | | | (5.9 | ) | |
benefit costs | |
Total Comprehensive Income (Loss) | 192.3 | | | 169.5 | | | 168.4 | | | (424.8 | ) | | 105.4 | | |
|
Comprehensive loss attributable to | — | | | — | | | (86.9 | ) | | — | | | (86.9 | ) | |
noncontrolling interests | |
Comprehensive income (loss) attributable to | $ | 192.3 | | | $ | 169.5 | | | $ | 255.3 | | | $ | (424.8 | ) | | $ | 192.3 | | |
controlling interests | |
|
Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2013 |
(Millions) |
|
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated Boardwalk Pipeline Partners, LP | |
Guarantor | Issuer | |
Net income (loss) | $ | 234.2 | | | $ | 209.1 | | | $ | 294.4 | | | $ | (504.2 | ) | | $ | 233.5 | | |
|
Other comprehensive income (loss): | | | | | | | | | | | | | |
|
Gain (loss) on cash flow hedges | 2.5 | | | 2.5 | | | 2.5 | | | (5.0 | ) | | 2.5 | | |
|
Reclassification adjustment transferred | 0.5 | | | 0.5 | | | (0.8 | ) | | 0.3 | | | 0.5 | | |
to Net Income from cash flow hedges | |
Pension and other postretirement | (4.0 | ) | | (4.0 | ) | | (4.0 | ) | | 8 | | | (4.0 | ) | |
benefit costs | |
Total Comprehensive Income (Loss) | 233.2 | | | 208.1 | | | 292.1 | | | (500.9 | ) | | 232.5 | | |
|
Comprehensive loss attributable to | — | | | — | | | (0.7 | ) | | — | | | (0.7 | ) | |
noncontrolling interests | |
Comprehensive income (loss) attributable to | $ | 233.2 | | | $ | 208.1 | | | $ | 292.8 | | | $ | (500.9 | ) | | $ | 233.2 | | |
controlling interests | |
|
|
|
Condensed Consolidating Statements of Cash Flow for the Nine Months Ended September 30, 2014 |
(Millions) |
|
|
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated Boardwalk Pipeline Partners, LP |
Guarantor | Issuer |
Net cash provided by (used in) | $ | 22.8 | | | $ | (89.9 | ) | | $ | 479.6 | | | $ | — | | | $ | 412.5 | |
operating activities |
| | | | | | | | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | |
|
Capital expenditures | — | | | — | | | (315.9 | ) | | — | | | (315.9 | ) |
|
Proceeds from sale of operating assets | — | | | — | | | 2.9 | | | — | | | 2.9 | |
|
Proceeds from insurance and other | — | | | — | | | 6.3 | | | — | | | 6.3 | |
recoveries |
Advances to affiliates, net | 80.8 | | | (34.9 | ) | | (197.0 | ) | | 151.2 | | | 0.1 | |
|
Investment in unconsolidated affiliates | — | | | — | | | (20.5 | ) | | — | | | (20.5 | ) |
|
Distribution from unconsolidated | — | | | — | | | 10.7 | | | — | | | 10.7 | |
affiliates |
Acquisition-related deposit | (29.5 | ) | | — | | | — | | | — | | | (29.5 | ) |
|
Net cash provided by (used in) | 51.3 | | | (34.9 | ) | | (513.5 | ) | | 151.2 | | | (345.9 | ) |
investing activities |
| | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | |
|
Proceeds from borrowings on revolving | — | | | — | | | 340 | | | — | | | 340 | |
credit agreement |
Repayment of borrowings on revolving | — | | | — | | | (330.0 | ) | | — | | | (330.0 | ) |
credit agreement |
Principal payment of capital lease | — | | | — | | | (0.3 | ) | | — | | | (0.3 | ) |
obligation |
Repayment of borrowings from term | — | | | — | | | (25.0 | ) | | — | | | (25.0 | ) |
loan |
Advances from affiliates, net | 0.1 | | | 116.3 | | | 34.9 | | | (151.2 | ) | | 0.1 | |
|
Distributions paid | (74.4 | ) | | — | | | — | | | — | | | (74.4 | ) |
|
Capital contributions from | — | | | — | | | 8.2 | | | — | | — | | 8.2 | |
noncontrolling interests |
Distributions paid to noncontrolling | — | | | — | | | (7.5 | ) | | — | | | (7.5 | ) |
interests |
Net cash (used in) provided by | (74.3 | ) | | 116.3 | | | 20.3 | | | (151.2 | ) | | (88.9 | ) |
financing activities |
| | | | | | | | | |
Decrease in cash and cash | (0.2 | ) | | (8.5 | ) | | (13.6 | ) | | — | | | (22.3 | ) |
equivalents |
Cash and cash equivalents at | 0.2 | | | 9.2 | | | 19.1 | | | — | | | 28.5 | |
beginning of period |
Cash and cash equivalents at | $ | — | | | $ | 0.7 | | | $ | 5.5 | | | $ | — | | | $ | 6.2 | |
end of period |
|
Condensed Consolidating Statements of Cash Flow for the Nine Months Ended September 30, 2013 |
(Millions) |
|
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Subsidiary | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated Boardwalk Pipeline Partners, LP | |
Guarantor | Issuer | |
Net cash provided by (used in) | $ | 26 | | | $ | (86.3 | ) | | $ | 462.3 | | | $ | — | | | $ | 402 | | |
operating activities | |
| | | | | | | | | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | | |
|
Capital expenditures | — | | | — | | | (204.3 | ) | | — | | | (204.3 | ) | |
|
Proceeds from sale of operating assets | — | | | — | | | 48.6 | | | — | | | 48.6 | | |
|
Proceeds from insurance and other | — | | | — | | | 1.4 | | | — | | | 1.4 | | |
recoveries | |
Advances to affiliates, net | (7.6 | ) | | (71.0 | ) | | (168.7 | ) | | 244.5 | | | (2.8 | ) | |
|
Investment in consolidated subsidiary | — | | | (15.1 | ) | | — | | | 15.1 | | | — | | |
|
Investment in unconsolidated affiliates | — | | | — | | | (25.6 | ) | | — | | | (25.6 | ) | |
|
Net cash (used in) provided by | (7.6 | ) | | (86.1 | ) | | (348.6 | ) | | 259.6 | | | (182.7 | ) | |
investing activities | |
| | | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | |
|
Proceeds from borrowings on revolving | — | | | — | | | 813 | | | — | | | 813 | | |
credit agreement | |
Repayment of borrowings on revolving | — | | | — | | | (1,030.0 | ) | | — | | | (1,030.0 | ) | |
credit agreement | |
Contribution from parent | — | | | — | | | 15.1 | | | (15.1 | ) | | — | | |
|
Principal payment of capital lease | — | | | — | | | (0.1 | ) | | — | | | (0.1 | ) | |
obligation | |
Advances from affiliates, net | (2.8 | ) | | 173.5 | | | 71 | | | (244.5 | ) | | (2.8 | ) | |
|
Distributions paid | (392.0 | ) | | — | | | — | | | — | | | (392.0 | ) | |
|
Capital contribution from | — | | | — | | | 37.2 | | | — | | | 37.2 | | |
noncontrolling interests | |
Proceeds from sale of common units | 368.7 | | | — | | | — | | | — | | | 368.7 | | |
|
Capital contributions from general | 7.8 | | | — | | | — | | | — | | | 7.8 | | |
partner | |
Net cash (used in) provided by | (18.3 | ) | | 173.5 | | | (93.8 | ) | | (259.6 | ) | | (198.2 | ) | |
financing activities | |
| | | | | | | | | | |
Increase in cash and cash | 0.1 | | | 1.1 | | | 19.9 | | | — | | | 21.1 | | |
equivalents | |
Cash and cash equivalents at | 0.1 | | | 1 | | | 2.8 | | | — | | | 3.9 | | |
beginning of period | |
Cash and cash equivalents at | $ | 0.2 | | | $ | 2.1 | | | $ | 22.7 | | | $ | — | | | $ | 25 | | |
end of period | |
| | | | | | | | | | | | | | | | | | | | | |