Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Entity Information [Line Items] | |||
Entity Registrant Name | Boardwalk Pipeline Partners, LP | ||
Entity Central Index Key | 1336047 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 243,223,801 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $2,176,296,858 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $6.60 | $28.50 |
Receivables: | ||
Trade, net | 102.6 | 103.5 |
Affiliates | 0 | 1.1 |
Other | 8.3 | 15.7 |
Gas transportation receivables | 9.1 | 7.8 |
Gas and liquids stored underground | 4.1 | 0.7 |
Prepayments | 14.5 | 12.9 |
Other current assets | 4.4 | 6.9 |
Total current assets | 149.6 | 177.1 |
Property, Plant and Equipment: | ||
Natural gas transmission and other plant | 9,250.10 | 8,548.80 |
Construction work in progress | 105.5 | 174.5 |
Property, plant and equipment, gross | 9,355.60 | 8,723.30 |
Less—accumulated depreciation and amortization | 1,766.40 | 1,489.20 |
Property, plant and equipment, net | 7,589.20 | 7,234.10 |
Other Assets: | ||
Goodwill | 237.4 | 215.5 |
Gas stored underground | 86.4 | 79.7 |
Investment in unconsolidated affiliates | 0 | 78.6 |
Other | 144.2 | 129.5 |
Total other assets | 468 | 503.3 |
Total Assets | 8,206.80 | 7,914.50 |
Payables: | ||
Trade | 51.7 | 65.1 |
Affiliates | 1.5 | 1.2 |
Other | 10.4 | 5.7 |
Gas payables | 8.5 | 9 |
Accrued taxes, other | 47.1 | 46.1 |
Accrued interest | 47.4 | 45.4 |
Accrued payroll and employee benefits | 26.3 | 26.4 |
Deferred income | 1.9 | 9.3 |
Other current liabilities | 25.4 | 27.8 |
Total current liabilities | 220.2 | 236 |
Long–term debt and capital lease obligation | 3,689.70 | 3,424.40 |
Other Liabilities and Deferred Credits: | ||
Pension liability | 19.2 | 17.1 |
Asset retirement obligation | 39.9 | 39.3 |
Provision for other asset retirement | 60.5 | 57.6 |
Payable to affiliate | 16 | 16 |
Other | 59 | 60.7 |
Total other liabilities and deferred credits | 194.6 | 190.7 |
Commitments and Contingencies | ||
Equity: | ||
Common units – 243.3 million units issued and outstanding as of December 31, 2014 and 2013 | 4,095.10 | 3,963.40 |
General partner | 80 | 77.3 |
Accumulated other comprehensive loss | -72.8 | -63.8 |
Total partners’ capital | 4,102.30 | 3,976.90 |
Noncontrolling interest | 0 | 86.5 |
Total Equity | 4,102.30 | 4,063.40 |
Total Liabilities and Equity | $8,206.80 | $7,914.50 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Partners' Capital: | ||
Common Units Issued (in shares) | 243.3 | 243.3 |
Common Units Outstanding (in shares) | 243.3 | 243.3 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Revenues: | |||
Transportation | $1,065.10 | $1,028 | $1,058.30 |
Parking and lending | 23.3 | 23.9 | 28 |
Storage | 89.5 | 110.9 | 84.7 |
Other | 55.9 | 42.8 | 14 |
Total operating revenues | 1,233.80 | 1,205.60 | 1,185 |
Operating Costs and Expenses: | |||
Fuel and transportation | 120.7 | 93.4 | 79.4 |
Operation and maintenance | 198.8 | 186.5 | 167.2 |
Administrative and general | 125 | 117.4 | 115.3 |
Depreciation and amortization | 288.7 | 271.6 | 252.3 |
Asset impairment | 10.1 | 4.1 | 9.1 |
Goodwill impairment | 0 | 51.5 | 0 |
Net gain on sale of operating assets | -1.1 | -29.5 | -3.3 |
Taxes other than income taxes | 93.5 | 96.1 | 91.2 |
Total operating costs and expenses | 835.7 | 791.1 | 711.2 |
Operating income | 398.1 | 414.5 | 473.8 |
Other Deductions (Income): | |||
Interest expense | 165.5 | 163.4 | 161.5 |
Interest expense – affiliates | 0 | 0 | 6.9 |
Interest income | -0.6 | -0.5 | -0.7 |
Equity losses in unconsolidated affiliates | 86.5 | 1.2 | 0 |
Miscellaneous other income | -0.5 | -0.3 | -0.4 |
Total other deductions | 250.9 | 163.8 | 167.3 |
Income before income taxes | 147.2 | 250.7 | 306.5 |
Income taxes | 0.4 | 0.5 | 0.5 |
Net Income | 146.8 | 250.2 | 306 |
Net loss attributable to noncontrolling interests | -86.8 | -3.5 | 0 |
Net income attributable to controlling interests | $233.60 | $253.70 | $306 |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME Net Income Per Unit (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Common Units | |||
Basic net income per unit: | |||
Basic net income per unit | $0.94 | $1 | $1.37 |
Weighted-average number of units outstanding - basic | |||
Weighted-average number of units outstanding - basic | 243.3 | 220.5 | 191.9 |
Diluted net income per unit: | |||
Diluted net income per unit | $0.94 | $0.96 | $1.37 |
Weighted-average number of units outstanding - diluted | |||
Weighted-average number of units outstanding - diluted | 243.3 | 226.8 | 191.9 |
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $0.40 | $2.13 | $2.13 |
Class B Units | |||
Basic net income per unit: | |||
Basic net income per unit | $0 | $0.05 | $0.36 |
Weighted-average number of units outstanding - basic | |||
Weighted-average number of units outstanding - basic | 0 | 17.6 | 22.9 |
Diluted net income per unit: | |||
Diluted net income per unit | $0 | $0.48 | $0.36 |
Weighted-average number of units outstanding - diluted | |||
Weighted-average number of units outstanding - diluted | 0 | 11.3 | 22.9 |
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $0 | $0.90 | $1.20 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net Income | $36.90 | $28.40 | $55.90 | $25.60 | $16.70 | $61.70 | $70.40 | $101.40 | $146.80 | $250.20 | $306 |
Other comprehensive income (loss): | |||||||||||
(Loss) gain on cash flow hedges | -0.7 | 1.6 | -7.1 | ||||||||
Reclassification adjustment transferred to Net income from cash flow hedges | 2.6 | 1.2 | 2 | ||||||||
Pension and other postretirement benefit costs | -10.9 | 0.7 | -12.8 | ||||||||
Total Comprehensive Income | 137.8 | 253.7 | 288.1 | ||||||||
Comprehensive loss attributable to noncontrolling interests | -86.8 | -3.5 | 0 | ||||||||
Comprehensive income attributable to controlling interests | $224.60 | $257.20 | $288.10 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities: | |||
Net Income | $146.80 | $250.20 | $306 |
Adjustments to reconcile net income to cash provided by operations: | |||
Depreciation and amortization | 288.7 | 271.6 | 252.3 |
Amortization of deferred costs | 5.7 | 5.5 | 6.4 |
Asset impairment | 10.1 | 4.1 | 9.1 |
Goodwill impairment | 0 | 51.5 | 0 |
Net gain on sale of operating assets | -1.1 | -29.5 | -3.3 |
Equity losses in unconsolidated affiliates | 86.5 | 1.2 | 0 |
Changes in operating assets and liabilities: | |||
Trade and other receivables | 8.3 | -10 | 5.4 |
Other receivables, affiliates | 1 | 0.5 | 0.1 |
Gas receivables and storage assets | -11.5 | 18 | -10.4 |
Costs recoverable from customers | 0.5 | 2.6 | 6.5 |
Other assets | 5.8 | -10.7 | -1.7 |
Trade and other payables | -7.3 | -16.8 | 8.3 |
Other payables, affiliates | 0.2 | 0.7 | -3.1 |
Gas payables | -8.8 | 0.5 | 13.5 |
Accrued liabilities | 3.9 | 8.6 | -1.5 |
Other liabilities | -15.2 | -13.7 | -12.1 |
Net cash provided by operating activities | 513.6 | 534.3 | 575.5 |
INVESTING ACTIVITIES: | |||
Capital expenditures | -404.4 | -294.8 | -226.9 |
Proceeds from sale of operating assets | 2.9 | 60.7 | 5.9 |
Proceeds from insurance and other recoveries | 6.3 | 1.4 | 10.4 |
Advances to affiliates | 0.1 | 0 | 0 |
Investment in unconsolidated affiliates | -20.5 | -76.7 | 0 |
Distribution from unconsolidated affiliates | 11.1 | 0 | 0 |
Acquisition of businesses, net of cash acquired | -294.7 | 0 | -620.2 |
Net cash used in investing activities | -699.2 | -309.4 | -830.8 |
FINANCING ACTIVITIES: | |||
Proceeds from long-term debt | 342.9 | 0 | 818 |
Repayment of borrowings from long-term debt | 0 | 0 | -525 |
Proceeds from borrowings on revolving credit agreement | 665 | 1,128 | 2,135 |
Repayment of borrowings on revolving credit agreement, including financing costs | -720 | -1,255 | -2,295.30 |
Repayment of borrowings from term loan | -25 | 0 | 0 |
Principal payment of capital lease obligation | -0.4 | -0.2 | 0 |
Contribution received related to predecessor equity | 0 | 0 | 269.2 |
Repayment of contribution received related to predecessor equity | 0 | 0 | -554 |
Advances from affiliate | 0.1 | -2.8 | 2.6 |
Distributions paid | -99.2 | -533.9 | -478.9 |
Capital contributions from noncontrolling interests | 8.2 | 87.1 | 0 |
Proceeds from sale of common units | 0 | 368.7 | 847.7 |
Capital contribution from general partner | 0 | 7.8 | 18 |
Distributions paid to noncontrolling interests | -7.9 | 0 | 0 |
Net cash provided (used in) by financing activities | 163.7 | -200.3 | 237.3 |
(Decrease) increase in cash and cash equivalents | -21.9 | 24.6 | -18 |
Cash and cash equivalents at beginning of period | 28.5 | 3.9 | 21.9 |
Cash and cash equivalents at end of period | $6.60 | $28.50 | $3.90 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | General Partner | Limited Partner | Limited Partner | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Predecessor Equity |
In Millions, unless otherwise specified | Common Units | Class B Units | |||||
Beginning Balance at Dec. 31, 2011 | $3,487 | $62 | $2,514.10 | $678.70 | ($49.40) | $0 | $281.60 |
Add (deduct): | |||||||
Net income (loss) | 306 | 35.7 | 245 | 27.5 | 0 | 0 | -2.2 |
Distributions paid | -478.9 | -39.7 | -411.8 | -27.4 | 0 | 0 | 0 |
Sale of common units, net of related transaction costs | 847.7 | 0 | 847.7 | 0 | 0 | 0 | 0 |
Capital contribution from general partner | 18 | 18 | 0 | 0 | 0 | 0 | 0 |
Contribution received related to predecessor equity | 269.2 | 0 | 0 | 0 | 0 | 0 | 269.2 |
Predecessor equity carrying amount of acquired entities | -548.6 | 0 | 0 | 0 | 0 | 0 | -548.6 |
Excess purchase price over net acquired assets | -5.4 | -0.2 | -4.7 | -0.5 | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | -17.9 | 0 | 0 | 0 | -17.9 | 0 | 0 |
Ending Balance at Dec. 31, 2012 | 3,877.10 | 75.8 | 3,190.30 | 678.3 | -67.3 | 0 | 0 |
Add (deduct): | |||||||
Net income (loss) | 250.2 | 39 | 194.5 | 20.2 | 0 | -3.5 | 0 |
Distributions paid | -533.9 | -45.3 | -468 | -20.6 | 0 | 0 | 0 |
Sale of common units, net of related transaction costs | 368.7 | 0 | 368.7 | 0 | 0 | 0 | 0 |
Capital contribution from general partner | 7.8 | 7.8 | 0 | 0 | 0 | 0 | 0 |
Conversion of class B units to common units | 0 | 0 | 677.9 | -677.9 | 0 | 0 | 0 |
Contribution received related to predecessor equity | 0 | ||||||
Capital contributions from noncontrolling interests | 90 | 0 | 0 | 0 | 0 | 90 | 0 |
Other comprehensive income (loss), net of tax | 3.5 | 0 | 0 | 0 | 3.5 | 0 | 0 |
Ending Balance at Dec. 31, 2013 | 4,063.40 | 77.3 | 3,963.40 | 0 | -63.8 | 86.5 | 0 |
Add (deduct): | |||||||
Net income (loss) | 146.8 | 4.7 | 228.9 | 0 | 0 | -86.8 | 0 |
Distributions paid | -99.2 | -2 | -97.2 | 0 | 0 | 0 | 0 |
Contribution received related to predecessor equity | 0 | ||||||
Capital contributions from noncontrolling interests | 8.2 | 0 | 0 | 0 | 0 | 8.2 | 0 |
Distributions paid to noncontrolling interests | -7.9 | 0 | 0 | 0 | 0 | -7.9 | 0 |
Other comprehensive income (loss), net of tax | -9 | 0 | 0 | 0 | -9 | 0 | 0 |
Ending Balance at Dec. 31, 2014 | $4,102.30 | $80 | $4,095.10 | $0 | ($72.80) | $0 | $0 |
Corporate_Structure
Corporate Structure | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Corporate Structure | Note 1: Corporate Structure |
Boardwalk Pipeline Partners, LP (the Partnership) is a Delaware limited partnership formed in 2005 to own and operate the business conducted by its primary subsidiary Boardwalk Pipelines, LP (Boardwalk Pipelines) and its operating subsidiaries, Gulf South Pipeline Company, LP (Gulf South), Texas Gas Transmission, LLC (Texas Gas), Gulf Crossing Pipeline Company LLC (Gulf Crossing), Boardwalk Louisiana Midstream, LLC (Louisiana Midstream), Boardwalk Petrochemical Pipeline, LLC (Boardwalk Petrochemical) and Boardwalk Field Services, LLC (Field Services) (together, the operating subsidiaries), and consists of integrated natural gas and natural gas liquids (NGLs) pipeline and storage systems and natural gas gathering and processing. Petal Gas Storage, LLC (Petal) was merged into Gulf South effective January 1, 2015. All of the Partnership’s operations are conducted by its operating subsidiaries. | |
As of February 20, 2015, Boardwalk Pipelines Holding Corp. (BPHC), a wholly-owned subsidiary of Loews Corporation (Loews), owned 125.6 million of the Partnership’s common units, and, through Boardwalk GP, LP (Boardwalk GP), an indirect wholly-owned subsidiary of BPHC, holds the 2% general partner interest and all of the incentive distribution rights (IDRs). As of February 20, 2015, the common units and general partner interest owned by BPHC represent approximately 53% of the Partnership’s equity interests, excluding the IDRs. The Partnership's Class B limited partner interests converted to common units on a one-for-one basis on October 9, 2013. The Partnership’s common units are traded under the symbol “BWP” on the New York Stock Exchange. | |
Basis of Presentation | |
The accompanying consolidated financial statements of the Partnership were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). |
Accounting_Policies
Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Accounting Policies | Note 2: Accounting Policies | |||||||||||
Principles of Consolidation | ||||||||||||
The consolidated financial statements include the Partnership’s accounts and those of its wholly-owned subsidiaries after elimination of intercompany transactions. The Partnership also consolidates variable interest entities (VIEs) in which the Partnership is the primary beneficiary. Third party or affiliate ownership interests in the Partnership's subsidiaries and consolidated VIEs are presented as noncontrolling interests. | ||||||||||||
The Partnership applies the equity method of accounting for investments in unconsolidated affiliates in which it owns 20 percent to 50 percent of the voting interests or otherwise exercises significant influence, but not control, over operating and financial policies of the investee. Under this method, the carrying amounts of the Partnership's equity investments are increased by a proportionate share of the investee's net income and contributions made, and decreased by a proportionate share of the investee's net losses and distributions received. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities and the fair values of certain items. The Partnership bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from such estimates. | ||||||||||||
Segment Information | ||||||||||||
The Partnership operates in one reportable segment - the operation of interstate natural gas and NGLs pipeline systems including integrated storage facilities. This segment consists of interstate natural gas pipeline systems which originate in the Gulf Coast region, Oklahoma and Arkansas, and extend north and east through the Midwestern states of Tennessee, Kentucky, Illinois, Indiana and Ohio and NGLs pipelines and storage facilities in Louisiana and Texas. | ||||||||||||
Regulatory Accounting | ||||||||||||
Most of the Partnership's natural gas pipeline subsidiaries are regulated by the Federal Energy Regulatory Commission (FERC). When certain criteria are met, GAAP requires that certain rate-regulated entities account for and report assets and liabilities consistent with the economic effect of the manner in which independent third-party regulators establish rates (regulatory accounting). This basis of accounting is applicable to operations of the Partnership’s Texas Gas subsidiary which records certain costs and benefits as regulatory assets and liabilities in order to provide for recovery from or refund to customers in future periods, but is not applicable to operations associated with the Fayetteville and Greenville Laterals due to rates charged under negotiated rate agreements and a portion of the storage capacity due to the regulatory treatment associated with the rates charged for that capacity. Regulatory accounting is not applicable to the Partnership’s other FERC-regulated entities. | ||||||||||||
The Partnership monitors the regulatory and competitive environment in which it operates to determine that its regulatory assets continue to be probable of recovery. If the Partnership were to determine that all or a portion of its regulatory assets no longer met the criteria for recognition as regulatory assets, that portion which was not recoverable would be written off, net of any regulatory liabilities. | ||||||||||||
Note 10 contains more information regarding the Partnership’s regulatory assets and liabilities. | ||||||||||||
Fair Value Measurements | ||||||||||||
Fair value refers to an exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal market in which the reporting entity transacts based on the assumptions market participants would use when pricing the asset or liability assuming its highest and best use. A fair value hierarchy has been established that prioritizes the information used to develop those assumptions giving priority, from highest to lowest, to quoted prices in active markets for identical assets and liabilities (Level 1); observable inputs not included in Level 1, for example, quoted prices for similar assets and liabilities (Level 2); and unobservable data (Level 3), for example, a reporting entity’s own internal data based on the best information available in the circumstances. The Partnership uses fair value measurements to record derivatives, asset retirement obligations and impairments. Fair value measurements are also used to perform goodwill impairment testing and report fair values for certain items contained in this Report. The Partnership considers any transfers between levels within the fair value hierarchy to have occurred at the beginning of a quarterly reporting period. The Partnership did not recognize any transfers between Level 1 and Level 2 of the fair value hierarchy and did not change its valuation techniques or inputs during the year ended December 31, 2014. | ||||||||||||
Notes 6 and 12 contain more information regarding fair value measurements. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
Cash equivalents are highly liquid investments with an original maturity of three months or less and are stated at cost plus accrued interest, which approximates fair value. The Partnership had no restricted cash at December 31, 2014 and 2013. | ||||||||||||
Cash Management | ||||||||||||
The operating subsidiaries participate in an intercompany cash management program with those that are FERC-regulated participating to the extent they are permitted under FERC regulations. Under the cash management program, depending on whether a participating subsidiary has short-term cash surpluses or cash requirements, Boardwalk Pipelines either provides cash to them or they provide cash to Boardwalk Pipelines. The transactions are represented by demand notes and are stated at historical carrying amounts. Interest income and expense is recognized on an accrual basis when collection is reasonably assured. The interest rate on intercompany demand notes is London Interbank Offered Rate (LIBOR) plus one percent and is adjusted every three months. | ||||||||||||
Trade and Other Receivables | ||||||||||||
Trade and other receivables are stated at their historical carrying amount, net of allowances for doubtful accounts. The Partnership establishes an allowance for doubtful accounts on a case-by-case basis when it believes the required payment of specific amounts owed is unlikely to occur. Uncollectible receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or a receivable amount is deemed otherwise unrealizable. | ||||||||||||
Gas Stored Underground and Gas Receivables and Payables | ||||||||||||
Certain of the Partnership's operating subsidiaries have underground gas in storage which is utilized for system management and operational balancing, as well as for services including firm and interruptible storage associated with certain no-notice and parking and lending (PAL) services. Gas stored underground includes the historical cost of natural gas volumes owned by the operating subsidiaries, at times reduced by certain operational encroachments upon that gas. Current gas stored underground represents net retained fuel remaining after providing transportation and storage services which is available for resale and is valued at the lower of weighted-average cost or market. | ||||||||||||
The operating subsidiaries provide storage services whereby they store natural gas or NGLs on behalf of customers and also periodically hold customer gas under PAL services. Since the customers retain title to the gas held by the Partnership in providing these services, the Partnership does not record the related gas on its balance sheet. Certain of the Partnership's operating subsidiaries also periodically lend gas and NGLs to customers. | ||||||||||||
In the course of providing transportation and storage services to customers, the operating subsidiaries may receive different quantities of gas from shippers and operators than the quantities delivered on behalf of those shippers and operators. This results in transportation and exchange gas receivables and payables, commonly known as imbalances, which are settled in cash or the receipt or delivery of gas in the future. Settlement of imbalances requires agreement between the pipelines and shippers or operators as to allocations of volumes to specific transportation contracts and timing of delivery of gas based on operational conditions. The receivables and payables are valued at market price for operations where regulatory accounting is not applicable and are valued at the historical value of gas in storage for operations where regulatory accounting is applicable. | ||||||||||||
Materials and Supplies | ||||||||||||
Materials and supplies are carried at average cost and are included in Other Assets on the Consolidated Balance Sheets. The Partnership expects its materials and supplies to be used for capital projects related to its property, plant and equipment and for future growth projects. At December 31, 2014 and 2013, the Partnership held approximately $15.3 million and $12.8 million of materials and supplies which were reflected in Other Assets on the Consolidated Balance Sheets. | ||||||||||||
Property, Plant and Equipment (PPE) and Repair and Maintenance Costs | ||||||||||||
PPE is recorded at its original cost of construction or fair value of assets purchased. Construction costs and expenditures for major renewals and improvements which extend the lives of the respective assets are capitalized. Construction work in progress is included in the financial statements as a component of PPE. All repair and maintenance costs are expensed as incurred. | ||||||||||||
Depreciation of PPE related to operations for which regulatory accounting does not apply is provided for using the straight-line method of depreciation over the estimated useful lives of the assets, which range from 3 to 35 years. The ordinary sale or retirement of PPE for these assets could result in a gain or loss. Depreciation of PPE related to operations for which regulatory accounting is applicable is provided for primarily on the straight-line method at FERC-prescribed rates over estimated useful lives of 5 to 62 years. Reflecting the application of composite depreciation, gains and losses from the ordinary sale or retirement of PPE for these assets are not recognized in earnings and generally do not impact PPE, net. | ||||||||||||
Note 7 contains more information regarding the Partnership’s PPE. | ||||||||||||
Goodwill and Intangible Assets | ||||||||||||
Goodwill represents the excess of the cost of an acquisition over the fair value of the net identifiable assets acquired and liabilities assumed. Goodwill is tested for impairment at the reporting unit level at least annually, as of November 30, or more frequently when events occur and circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Accounting requirements provide that a reporting entity may perform an optional qualitative assessment on an annual basis to determine whether events occurred or circumstances changed that would more likely than not reduce the fair value of a reporting unit below its carrying amount. If an initial qualitative assessment identifies that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or the optional qualitative assessment is not performed, a quantitative analysis is performed under a two-step impairment test to measure whether the fair value of the reporting unit is less than its carrying amount. If based upon a quantitative analysis the fair value of the reporting unit is less than its carrying amount, including goodwill, the Partnership performs an analysis of the fair value of all the assets and liabilities of the reporting unit. If the implied fair value of the reporting unit's goodwill is determined to be less than its carrying amount, an impairment loss is recognized for the difference. | ||||||||||||
Intangible assets are those assets which provide future economic benefit but have no physical substance. The Partnership recorded intangible assets for customer relationships obtained through its acquisitions. The customer relationships, which are included in Other Assets on the Consolidated Balance Sheets, have a finite life and are being amortized in a systematic and rational manner over their estimated useful lives. | ||||||||||||
Note 8 contains additional information regarding the Partnership's goodwill and intangible assets. | ||||||||||||
Impairment of Long-lived Assets (including Tangible and Definite-lived Intangible Assets) | ||||||||||||
The Partnership evaluates its long-lived and intangible assets for impairment when, in management’s judgment, events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. When such a determination has been made, management’s estimate of undiscounted future cash flows attributable to the remaining economic useful life of the asset is compared to the carrying amount of the asset to determine whether an impairment has occurred. If an impairment of the carrying amount has occurred, the amount of impairment recognized in the financial statements is determined by estimating the fair value of the assets and recording a loss to the extent that the carrying amount exceeds the estimated fair value. | ||||||||||||
Capitalized Interest and Allowance for Funds Used During Construction (AFUDC) | ||||||||||||
The Partnership records capitalized interest, which represents the cost of borrowed funds used to finance construction activities for operations where regulatory accounting is not applicable. The Partnership records AFUDC, which represents the cost of funds, including equity funds, applicable to regulated natural gas transmission plant under construction as permitted by FERC regulatory practices, in connection with the Partnership’s operations where regulatory accounting is applicable. Capitalized interest and the allowance for borrowed funds used during construction are recognized as a reduction to Interest expense and the allowance for equity funds used during construction is included in Miscellaneous other income, net within the Consolidated Statements of Income. The following table summarizes capitalized interest and the allowance for borrowed funds and allowance for equity funds used during construction (in millions): | ||||||||||||
For the Year Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Capitalized interest and allowance for borrowed funds used during construction | $ | 6.8 | $ | 6.4 | $ | 4.7 | ||||||
Allowance for equity funds used during construction | 0.5 | 0.2 | 0.4 | |||||||||
Income Taxes | ||||||||||||
The Partnership is not a taxable entity for federal income tax purposes. As such, it does not directly pay federal income tax. The Partnership’s taxable income or loss, which may vary substantially from the net income or loss reported in the Consolidated Statements of Income, is includable in the federal income tax returns of each partner. The aggregate difference in the basis of the Partnership’s net assets for financial and income tax purposes cannot be readily determined as the Partnership does not have access to the information about each partner’s tax attributes related to the Partnership. The subsidiaries of the Partnership directly incur some income-based state taxes which are presented in Income taxes on the Consolidated Statements of Income. | ||||||||||||
Note 14 contains more information regarding the Partnership’s income taxes. | ||||||||||||
Revenue Recognition | ||||||||||||
The maximum rates that may be charged by the majority of the Partnership's operating subsidiaries for their services are established through FERC’s cost-based rate-making process; however, rates charged by those operating subsidiaries may be less than those allowed by FERC. Revenues from transportation and storage services are recognized in the period the service is provided based on contractual terms and the related volumes transported or stored. In connection with some PAL and interruptible storage service agreements, cash is received at inception of the service period resulting in the recording of deferred revenues which are recognized in revenues over the period the services are provided. At December 31, 2014 and 2013, the Partnership had deferred revenues of $1.0 million and $7.9 million related to PAL and interruptible storage services and $6.2 million and $4.6 million related to a firm transportation agreement that was paid in advance. At December 31, 2014, the Partnership had deferred revenues of $2.5 million related to a brine supply contract for which certain future minimum volumes will need to be supplied by the Partnership. The deferred revenues related to PAL and interruptible storage services will be recognized through 2017 and the deferred revenues related to the firm transportation agreement will be recognized through 2018. | ||||||||||||
Retained fuel is recognized in revenues at market prices in the month of retention for operations where regulatory accounting is not applicable. The related fuel consumed in providing transportation services is recorded in Fuel and transportation expenses at market prices in the month consumed. In some cases, customers may elect to pay cash for the cost of fuel used in providing transportation services instead of having fuel retained in-kind. Retained fuel included in Transportation on the Consolidated Statements of Income for the years ended December 31, 2014, 2013 and 2012 was $90.3 million, $76.9 million and $71.8 million. | ||||||||||||
The Partnership has contractual retainage provisions in some of its ethylene storage contracts that provide for the Partnership to retain ownership of 0.5% of customer inventory volumes injected into storage wells. The Partnership may sell the retainage volumes if commercially marketable volumes are on hand. The Partnership recognizes revenue for ethylene retainage volumes upon the physical sale of such volumes. | ||||||||||||
Under FERC regulations, certain revenues that the operating subsidiaries collect may be subject to possible refunds to customers. Accordingly, during a rate case, estimated refund liabilities are recorded considering regulatory proceedings, advice of counsel and estimated risk-adjusted total exposure, as well as other factors. At December 31, 2014 and 2013, there were no liabilities for any open rate case recorded on the Consolidated Balance Sheets. | ||||||||||||
Asset Retirement Obligations | ||||||||||||
The accounting requirements for existing legal obligations associated with the future retirement of long-lived assets require entities to record the fair value of a liability for an asset retirement obligation in the period during which the liability is incurred. The liability is initially recognized at fair value and is increased with the passage of time as accretion expense is recorded, until the liability is ultimately settled. The accretion expense is included within Operation and maintenance costs within the Consolidated Statements of Income. An amount corresponding to the amount of the initial liability is capitalized as part of the carrying amount of the related long-lived asset and depreciated over the useful life of that asset. | ||||||||||||
Note 9 contains more information regarding the Partnership’s asset retirement obligations. | ||||||||||||
Environmental Liabilities | ||||||||||||
The Partnership records environmental liabilities based on management’s estimate of the undiscounted future obligation for probable costs associated with environmental assessment and remediation of operating sites. These estimates are based on evaluations and discussions with counsel and operating personnel and the current facts and circumstances related to these environmental matters. | ||||||||||||
Note 5 contains more information regarding the Partnership’s environmental liabilities. | ||||||||||||
Defined Benefit Plans | ||||||||||||
The Partnership maintains certain postretirement benefit plans for certain employees. The Partnership funds these plans through periodic contributions which are invested until the benefits are paid out to the participants. The net benefit cost of the plan is recorded in the Consolidated Statements of Income. The Partnership records an asset or liability based on the overfunded or underfunded status of the plan. Any deferred amounts related to unrecognized gains and losses or changes in actuarial assumptions are recorded as either a regulatory asset or liability or recorded as a component of accumulated other comprehensive income (AOCI) until those gains or losses are recognized in the Consolidated Statements of Income. | ||||||||||||
Note 12 contains more information regarding the Partnership’s pension and postretirement benefit obligations. | ||||||||||||
Unit-Based and Other Long-Term Compensation | ||||||||||||
The Partnership provides awards of phantom common units (Phantom Common Units) to certain employees under its Long-Term Incentive Plan (LTIP). The Partnership also provides to certain employees awards of unit appreciation rights (UARs) and long-term cash bonuses (Long-Term Cash Bonuses) under the Boardwalk Pipeline Partners Unit Appreciation Rights and Cash Bonus Plan. In 2014, the Partnership entered into retention payment agreements with certain key employees. | ||||||||||||
The Partnership measures the cost of an award issued in exchange for employee services based on the grant-date fair value of the award, or the stated amount in the case of the Long-Term Cash Bonuses and amounts under retention payment agreements. All outstanding awards are either required or expected to be settled in cash and are classified as a liability until settlement. The unit-based compensation awards are remeasured each reporting period until the final amount of awards is determined. The related compensation expense, less applicable estimates of forfeitures, is recognized over the period that employees are required to provide services in exchange for the awards, usually the vesting period. | ||||||||||||
Note 12 contains additional information regarding the Partnership’s unit-based and other long-term compensation. | ||||||||||||
Partner Capital Accounts | ||||||||||||
For purposes of maintaining capital accounts, items of income and loss of the Partnership are allocated among the partners each year, or portion thereof, in accordance with the partnership agreement. Generally, net income for each period is allocated among the partners based on their respective ownership interests after deducting any priority allocations in the form of cash distributions paid to the general partner as the holder of IDRs. | ||||||||||||
Derivative Financial Instruments | ||||||||||||
The Partnership uses futures, swaps, and option contracts (collectively, derivatives) to hedge exposure to various risks, including natural gas commodity and interest rate risk. The effective portion of the related unrealized gains and losses resulting from changes in fair values of the derivatives contracts designated as cash flow hedges are deferred as a component of AOCI. The deferred gains and losses are recognized in earnings when the hedged anticipated transactions affect earnings. Changes in fair value of derivatives that are not designated as cash flow hedges are recognized in earnings in the periods that those changes in fair value occur. | ||||||||||||
The changes in fair values of the derivatives designated as cash flow hedges are expected to, and do, have a high correlation to changes in value of the anticipated transactions. Each reporting period the Partnership measures the effectiveness of the cash flow hedge contracts. To the extent the changes in the fair values of the hedge contracts do not effectively offset the changes in the estimated cash flows of the anticipated transactions, the ineffective portion of the hedge contracts is currently recognized in earnings. If it becomes probable that the anticipated transactions will not occur, hedge accounting would be terminated and changes in the fair values of the associated derivative financial instruments would be recognized currently in earnings. The Partnership discontinued an immaterial amount of cash flow hedges in 2014 and did not discontinue any cash flow hedges during 2013. | ||||||||||||
The effective component of gains and losses resulting from changes in fair values of the derivatives designated as cash flow hedges are deferred as a component of AOCI. The deferred gains and losses associated with the anticipated operational sale of gas reported as current Gas stored underground are recognized in operating revenues when the anticipated transactions affect earnings. In situations where continued reporting of a loss in AOCI would result in recognition of a future loss on the combination of the derivative and the hedged transaction, the loss is required to be immediately recognized in earnings for the amount that is not expected to be recovered. No such losses were recognized in the years ended December 31, 2014, 2013, and 2012. | ||||||||||||
Note 6 contains more information regarding the Partnership’s derivative financial instruments. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2014 | |
Investments [Abstract] | |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Note 3: Investments |
Bluegrass Pipeline, Moss Lake Fractionation and Moss Lake LPG Terminal Projects | |
In 2013, the Partnership executed an agreement with the Williams Companies, Inc (Williams) to develop the Bluegrass Pipeline, Moss Lake Fractionation and Moss Lake LPG Terminal Projects - projects that would transport NGLs from the Marcellus and Utica shale production areas to the Lake Charles, Louisiana area, and the construction of related fractionation, storage and liquefied petroleum gas terminal export facilities (collectively, the Bluegrass Project). In 2014, due to cost escalations, construction delays and lack of customer commitments, among other things, the Bluegrass Project entities expensed the previously capitalized project costs related to the development process resulting in a $92.9 million charge, which was reflected in Equity losses in unconsolidated affiliates and Asset impairment on the income statement. Net of noncontrolling interests of $82.9 million associated with the Bluegrass investment, these expenses reduced the Partnership’s Net income attributable to controlling interests by $10.0 million. In the fourth quarter 2014, the Partnership and Williams dissolved the Bluegrass Project entities. | |
At December 31, 2014, the Partnership had no remaining investment balance related to the Bluegrass Project entities. At December 31, 2013, the Partnership had included $15.0 million of cash, $78.6 million of investments in unconsolidated affiliates, $6.8 million of construction work in progress and $4.9 million of trade and other payables in its Consolidated Balance Sheet related to amounts recorded by Boardwalk Bluegrass Pipeline, LLC and Boardwalk Moss Lake LLC, which were consolidated by the Partnership in accordance with accounting requirements for VIEs. |
Acquisition_of_Boardwalk_Petro
Acquisition of Boardwalk Petrochemical | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Business Combination Disclosure [Text Block] | Note 4: Acquisition of Boardwalk Petrochemical | ||||
On October 8, 2014, the Partnership completed the acquisition of Boardwalk Petrochemical, formerly known as Chevron Petrochemical Pipeline, LLC, which owns and operates the Evangeline ethylene pipeline system (Evangeline), from Chevron Pipe Line Company for $294.7 million in cash, subject to customary adjustments. This acquisition was made as part of the Partnership's long-term growth and diversification strategy and to complement the Partnership's existing NGLs and ethylene midstream assets. The purchase price was funded through borrowings under the Partnership's revolving credit facility. | |||||
The acquisition of Evangeline was accounted for as a business combination using the acquisition method of accounting. The estimated fair values of the assets acquired and liabilities assumed related to the acquisition were as follows (in millions): | |||||
Evangeline Acquisition Date | |||||
Fair Value (3) | |||||
Plant, property and equipment | $ | 253.3 | |||
Customer-based intangibles (1) | 20 | ||||
Goodwill (2) | 21.9 | ||||
Total assets acquired | 295.2 | ||||
Current liabilities | (0.3 | ) | |||
Noncurrent liabilities | (0.2 | ) | |||
Total liabilities assumed | (0.5 | ) | |||
Net assets acquired | $ | 294.7 | |||
-1 | Customer-based intangibles are estimated to have a weighted-average useful life of 30 years. | ||||
-2 | Goodwill represents the excess of the purchase price over the estimated fair value of the assets acquired, net of the fair value of the liabilities assumed in the acquisition. | ||||
-3 | The purchase price allocation is preliminary and is subject to change based on the final working capital adjustments which are expected to be settled in the first quarter 2015. For the period from October 8, 2014 to December 31, 2014, Evangeline contributed $0.7 million to the Partnership’s revenues and decreased the Partnership's net income by $1.8 million, excluding acquisition costs. The Partnership incurred $2.6 million of costs related to the acquisition of Boardwalk Petrochemical, which were expensed as incurred and were recorded in Administrative and general expenses. Pro forma data is not provided because the impact of the acquisition on the Partnership’s revenues and net income was not material. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | Note 5: Commitments and Contingencies | |||
Legal Proceedings and Settlements | ||||
The Partnership's subsidiaries are parties to various legal actions arising in the normal course of business. Management believes the disposition of these outstanding legal actions will not have a material impact on the Partnership's financial condition, results of operations or cash flows. | ||||
Whistler Junction Matter | ||||
The Partnership's Gulf South subsidiary and several other defendants, including Mobile Gas Service Corporation (MGSC), have been named as defendants in ten lawsuits, including one purported class action suit, commenced by multiple plaintiffs in the Circuit Court of Mobile County, Alabama. The plaintiffs seek unspecified damages for personal injury and property damage related to an alleged release of mercaptan at the Whistler Junction facilities in Eight Mile, Alabama. Gulf South delivers natural gas to MGSC, the local distribution company for that region, at Whistler Junction where MGSC odorizes the gas prior to delivery to end user customers by injecting mercaptan into the gas stream, as required by law. The cases are: Parker, et al. v. MGSC, et al. (Case No. CV-12-900711), Crum, et al. v. MGSC, et al. (Case No. CV-12-901057), Austin, et al. v. MGSC, et al. (Case No. CV-12-901133), Moore, et al. v. MGSC, et al. (Case No. CV-12-901471), Davis, et al. v. MGSC, et al. (Case No. CV-12-901490), Joel G. Reed, et al. v. MGSC, et al. (Case No. CV-2013-922265), The Housing Authority of the City of Prichard, Alabama v. MGSC., et al. (Case No. CV-2013-901002), Robert Evans, et al. v. MGSC, et al. (Case No. CV-2013-902627), Devin Nobles, et al. v. MGSC, et al. (Case No. CV-2013-902786) and Richard Eldridge, et al. v. MGSC., et al. (Case No. CV-2014-903209). | ||||
In May 2014, Gulf South and MGSC reached an agreement whereby MGSC fully indemnified Gulf South against all liability related to this matter and the cross-claims between Gulf South and MGSC were settled. | ||||
Southeast Louisiana Flood Protection Litigation | ||||
The Partnership and its subsidiary, Gulf South, along with approximately 100 other energy companies operating in Southern Louisiana, have been named as defendants in a petition for damages and injunctive relief in state district court for Orleans Parish, Louisiana (Case No. 13-6911) by the Board of Commissioners of the Southeast Louisiana Flood Protection Authority - East (Flood Protection Authority). The case was filed in state court, but was removed to the United States District Court for the Eastern District of New Orleans (Court) in August 2013. The lawsuit claims include negligence, strict liability, public nuisance, private nuisance, breach of contract, and breach of the natural servitude of drain against the defendants, alleging that the defendants’ drilling, dredging, pipeline and industrial operations since the 1930s have caused increased storm surge risk, increased flood protection costs and unspecified damages to the Flood Protection Authority. In addition to attorney fees and unspecified monetary damages, the lawsuit seeks abatement and restoration of the coastal lands, including backfilling and revegetating of canals dredged and used by the defendants, and abatement and restoration activities such as wetlands creation, reef creation, land bridge construction, hydrologic restoration, shoreline protection, structural protection, bank stabilization, and ridge restoration. Motions to dismiss have been filed and are pending before the Court and on February 13, 2015, the court dismissed the case with prejudice. | ||||
Environmental and Safety Matters | ||||
The operating subsidiaries are subject to federal, state, and local environmental laws and regulations in connection with the operation and remediation of various operating sites. As of December 31, 2014, and 2013, the Partnership had an accrued liability of approximately $6.1 million and $6.5 million related to assessment and/or remediation costs associated with the historical use of polychlorinated biphenyls, petroleum hydrocarbons and mercury, groundwater protection measures and other costs. The liability represents management’s estimate of the undiscounted future obligations based on evaluations and discussions with counsel and operating personnel and the current facts and circumstances related to these matters. The related expenditures are expected to occur over the next seven years. As of December 31, 2014 and 2013, approximately $1.5 million was recorded in Other current liabilities and approximately $4.6 million and $5.0 million were recorded in Other Liabilities and Deferred Credits. | ||||
Clean Air Act | ||||
The Partnership’s pipelines are subject to the Clean Air Act, as amended, (CAA) and the CAA Amendments of 1990, as amended, (Amendments) which added significant provisions to the CAA. The Amendments require the Environmental Protection Agency (EPA) to promulgate new regulations pertaining to mobile sources, air toxics, areas of ozone non-attainment, greenhouse gases and regulations affecting reciprocating engines subject to Maximum Achievable Control Technology (MACT). The operating subsidiaries presently operate two facilities in areas affected by non-attainment requirements for the current ozone standard (8-hour ozone standard). If the EPA designates additional new non-attainment areas or promulgates new air regulations where the Partnership operates, the cost of additions to PPE is expected to increase. The Partnership has assessed the impact of the CAA on its facilities and does not believe compliance with these regulations will have a material impact on its financial condition, results of operations or cash flows. | ||||
On November 25, 2014, the EPA issued a proposed rulemaking that would lower the 8-hour ozone standard relevant to non-attainment areas. The EPA is proposing to lower the ozone standard to somewhere between 65 parts per billion (ppb) and 70 ppb for both the 8-hour primary and secondary standards that are protective of public health and public welfare. Also, the EPA requested public comments on whether the standard should be set as low as 60 ppb or whether the existing 75 ppb standard should be retained. Under the proposal, the EPA anticipates taking final action by October 1, 2015, designating new non-attainment areas by October 1, 2017, and requiring states to revise implementation plans by October 1, 2020, with compliance dates anticipated between 2021 and 2037 determined by the degree of non-attainment. If the EPA lowers the ozone standard, states could be required to implement new more stringent regulations, which could apply to our and our exploration and production customers’ operations. In particular, compliance with these or other new regulations could, among other things, require installation of new emission controls on some of our equipment, result in longer permitting timelines, and significantly increase our capital expenditures and operating costs, which could adversely impact our business. Since non-attainment area designations will likely be based on 2014-2016 air quality monitoring data and because states will likely pursue various means to achieve the necessary reductions, additional facility impacts cannot be determined at this time. The Partnership will continue to monitor the rulemaking process relative to potentially impacted facilities. | ||||
The Partnership is required to file annual reports with the EPA regarding greenhouse gas (GHG) emissions from its compressor stations, pursuant to final rules issued by the EPA regarding the reporting of greenhouse gas emissions from sources in the United States (U.S.) that annually emit 25,000 or more metric tons of greenhouse gases, including carbon dioxide, methane and others. Additionally, the Partnership is required to conduct periodic and various facility surveys across its entire system to comply with the EPA's GHG emission calculations and reporting regulations. On December 9, 2014, the EPA published a proposed rule that would expand the petroleum and natural gas system sources for which annual GHG emissions reporting is currently required to include GHG emissions reporting beginning in the 2016 reporting year for certain onshore gathering and boosting systems consisting primarily of gathering pipelines, compressors and process equipment used to perform natural gas compression, dehydration and acid gas removal. In addition, in January 2015, it was announced that the EPA is expected to propose in the summer of 2015 and finalize in 2016 new regulations that will set methane emission standards for new and modified oil and gas production and natural gas processing and transmission facilities as part of an effort to reduce methane emissions from the oil and gas sector by up to 45 percent from 2012 levels by 2025. Some states have also adopted laws regulating GHG emissions, although none of the states in which the Partnership operates have adopted such laws. The federal rules and determinations regarding GHG emissions have not had, and are not expected to have, a material effect on the Partnership's financial condition, results of operations or cash flows. | ||||
Lease Commitments | ||||
The Partnership has various operating lease commitments extending through the year 2024 generally covering office space and equipment rentals. Total lease expense for the years ended December 31, 2014, 2013 and 2012 was approximately $10.7 million, $8.6 million and $6.4 million. The following table summarizes minimum future commitments related to these items at December 31, 2014 (in millions): | ||||
2015 | $ | 4.7 | ||
2016 | 4.4 | |||
2017 | 3.9 | |||
2018 | 3.3 | |||
2019 | 2.9 | |||
Thereafter | 13.6 | |||
Total | $ | 32.8 | ||
Commitments for Construction | ||||
The Partnership’s future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received and firm commitments under binding construction service agreements. The commitments as of December 31, 2014, were approximately $61.9 million, all of which are expected to be settled in 2015. | ||||
Pipeline Capacity Agreements | ||||
The Partnership’s operating subsidiaries have entered into pipeline capacity agreements with third-party pipelines that allow the operating subsidiaries to transport gas to off-system markets on behalf of customers. The Partnership incurred expenses of $10.1 million, $9.8 million and $9.1 million related to pipeline capacity agreements for the years ended December 31, 2014, 2013 and 2012. The future commitments related to pipeline capacity agreements as of December 31, 2014, were (in millions): | ||||
2015 | $ | 6.9 | ||
2016 | 6.3 | |||
2017 | 6.2 | |||
2018 | 2 | |||
2019 | — | |||
Thereafter | — | |||
Total | $ | 21.4 | ||
Capital Lease | ||||
The Partnership entered into an agreement to lease an office building in Owensboro, Kentucky. The construction of the building was completed and the Partnership took possession of the building in the third quarter 2013, at which time the Partnership recorded a capital lease asset and obligation of $10.5 million. The office building lease has a term of fifteen years with two twenty-year renewal options. Future commitments under this capital lease are as follows (in millions): | ||||
2015 | $ | 1 | ||
2016 | 1 | |||
2017 | 1 | |||
2018 | 1 | |||
2019 | 1.1 | |||
Thereafter | 9.5 | |||
Total minimum lease payments | 14.6 | |||
Less amounts representing interest | (4.6 | ) | ||
Present value of obligation under capital lease | 10 | |||
Less: current portion of obligations under capital lease | (0.4 | ) | ||
(recorded in Other current liabilities) | ||||
Long-term obligations under capital lease | $ | 9.6 | ||
Amortization of the office building under the capital lease for the year ended December 31, 2014 and 2013 was $0.7 million and $0.3 million and was included in Depreciation and amortization. As of December 31, 2014 and 2013, assets recorded in Natural gas transmission and other plant under the capital lease were $10.5 million and the accumulated amortization was $1.0 million and $0.3 million. |
Fair_Value_Measurements_Deriva
Fair Value Measurements, Derivatives and Other Comprehensive Income (OCI) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 6: Fair Value Measurements, Derivatives and Other Comprehensive Income (OCI) | ||||||||||||||||||||
The Partnership’s assets and liabilities which are recorded at fair value on a recurring basis are related to outstanding derivatives. At December 31, 2014, the Partnership had no outstanding derivatives recorded in its Consolidated Balance Sheets. At December 31, 2013, the Partnership had $0.5 million of commodity-based derivatives that were recorded in Other current assets. The derivatives were measured using a Level 2 input under the fair value hierarchy. | |||||||||||||||||||||
In 2014, the assets related to the Bluegrass Project, which included assets held and used and Investment in unconsolidated affiliates, were determined to be impaired and were measured at fair value on a non-recurring basis. As a result, the Partnership recorded an asset impairment charge of $7.1 million and equity losses in unconsolidated affiliates of $85.8 million. Net of controlling interests of $82.9 million, the amount of the loss to the Partnership was $10.0 million. As of December 31, 2014, there was no carrying amounts recorded in the Consolidated Balance Sheets related to the Bluegrass Project. Refer to Note 3 for further information. | |||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | Other Comprehensive Income (OCI) | ||||||||||||||||||||
The Partnership estimates that approximately $3.5 million of net gains reported in AOCI as of December 31, 2014, are expected to be reclassified into earnings within the next twelve months. This amount is comprised of a $5.9 million increase to earnings related to net periodic benefit cost and a $2.4 million decrease to earnings related to cash flow hedges. The amount related to cash flow hedges are from treasury rate locks used in hedging interest payments associated with debt offerings that were settled in previous periods and are being amortized to earnings over the terms of the related interest payments, generally the terms of the related debt. The following table shows the components and reclassifications to net income of Accumulated other comprehensive loss which is included in Partners' Capital on the Consolidated Balance Sheets for the years ended December 31, 2012 through 2014 (in millions): | |||||||||||||||||||||
Cash Flow Hedges | Pension and Other Postretirement Benefit Costs | Total | |||||||||||||||||||
Beginning balance, January 1, 2012 | $ | (10.4 | ) | $ | (39.0 | ) | $ | (49.4 | ) | ||||||||||||
Loss recorded in accumulated other comprehensive loss | (7.1 | ) | — | (7.1 | ) | ||||||||||||||||
Reclassifications: | |||||||||||||||||||||
Other operating revenues | (0.1 | ) | — | (0.1 | ) | ||||||||||||||||
Interest expense (1) | 2.1 | — | 2.1 | ||||||||||||||||||
Pension and other postretirement benefit costs | — | (12.8 | ) | (12.8 | ) | ||||||||||||||||
Ending balance, December 31, 2012 | $ | (15.5 | ) | $ | (51.8 | ) | $ | (67.3 | ) | ||||||||||||
Gain recorded in accumulated other comprehensive loss | 1.6 | — | 1.6 | ||||||||||||||||||
Reclassifications: | |||||||||||||||||||||
Transportation operating revenues | 0.1 | — | 0.1 | ||||||||||||||||||
Other operating revenues | (0.1 | ) | — | (0.1 | ) | ||||||||||||||||
Disposal of operating assets | (1.2 | ) | — | (1.2 | ) | ||||||||||||||||
Interest expense (1) | 2.4 | — | 2.4 | ||||||||||||||||||
Pension and other postretirement benefit costs | — | 0.7 | 0.7 | ||||||||||||||||||
Ending balance, December 31, 2013 | $ | (12.7 | ) | $ | (51.1 | ) | $ | (63.8 | ) | ||||||||||||
Loss recorded in accumulated other comprehensive loss | (0.7 | ) | — | (0.7 | ) | ||||||||||||||||
Reclassifications: | |||||||||||||||||||||
Other operating revenues | 0.2 | — | 0.2 | ||||||||||||||||||
Interest expense (1) | 2.4 | — | 2.4 | ||||||||||||||||||
Pension and other postretirement benefit costs | — | (10.9 | ) | (10.9 | ) | ||||||||||||||||
Ending balance, December 31, 2014 | $ | (10.8 | ) | $ | (62.0 | ) | $ | (72.8 | ) | ||||||||||||
-1 | Related to amounts deferred in AOCI from Treasury rate locks described above. | ||||||||||||||||||||
Fair Value Disclosures [Text Block] | Financial Assets and Liabilities | ||||||||||||||||||||
The following methods and assumptions were used in estimating the fair value disclosure amounts for financial assets and liabilities: | |||||||||||||||||||||
Cash and Cash Equivalents: For cash and short-term financial assets, the carrying amount is a reasonable estimate of fair value due to the short maturity of those instruments. | |||||||||||||||||||||
Long-Term Debt: The estimated fair value of the Partnership's publicly traded debt is based on quoted market prices at December 31, 2014 and 2013. The fair market value of the debt that is not publicly traded is based on market prices of similar debt at December 31, 2014, and 2013. The carrying amount of the Partnership's variable-rate debt approximated fair value because the instruments bear a floating market-based interest rate. | |||||||||||||||||||||
The carrying amount and estimated fair values of the Partnership's financial assets and liabilities which were not recorded at fair value on the Consolidated Balance Sheets as of December 31, 2014, and 2013, were as follows (in millions): | |||||||||||||||||||||
As of December 31, 2014 | Estimated Fair Value | ||||||||||||||||||||
Financial Assets | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Cash and cash equivalents | $ | 6.6 | $ | 6.6 | $ | — | $ | — | $ | 6.6 | |||||||||||
Financial Liabilities | |||||||||||||||||||||
Long-term debt | $ | 3,680.10 | (1) | $ | — | $ | 3,787.40 | $ | — | $ | 3,787.40 | ||||||||||
(1) The carrying amount of long-term debt excludes a $9.6 million long-term capital lease obligation. | |||||||||||||||||||||
As of December 31, 2013 | Estimated Fair Value | ||||||||||||||||||||
Financial Assets | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Cash and cash equivalents | $ | 28.5 | $ | 28.5 | $ | — | $ | — | $ | 28.5 | |||||||||||
Financial Liabilities | |||||||||||||||||||||
Long-term debt | $ | 3,414.40 | (1) | $ | — | $ | 3,573.80 | $ | — | $ | 3,573.80 | ||||||||||
(1) The carrying amount of long-term debt excludes a $10.0 million long-term capital lease obligation. |
Property_Plant_and_Equipment_P
Property, Plant and Equipment (PPE) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||
Property, Plant and Equipment | Note 7: Property, Plant and Equipment (PPE) | |||||||||||||||
The following table presents the Partnership’s PPE as of December 31, 2014 and 2013 (in millions): | ||||||||||||||||
Category | 2014 | Weighted-Average | 2013 | Weighted-Average | ||||||||||||
Amount | Useful Lives | Amount | Useful Lives | |||||||||||||
(Years) | (Years) | |||||||||||||||
Depreciable plant: | ||||||||||||||||
Transmission | $ | 7,719.80 | 37 | $ | 7,067.70 | 37 | ||||||||||
Storage | 758.5 | 38 | 749.7 | 38 | ||||||||||||
Gathering | 336.7 | 27 | 326 | 27 | ||||||||||||
General | 170 | 14 | 160.3 | 13 | ||||||||||||
Rights of way and other | 114.9 | 36 | 111.1 | 35 | ||||||||||||
Total utility depreciable plant | 9,099.90 | 37 | 8,414.80 | 36 | ||||||||||||
Non-depreciable: | ||||||||||||||||
Construction work in progress | 105.5 | 174.5 | ||||||||||||||
Storage | 105.5 | 90.8 | ||||||||||||||
Land | 28.4 | 26.9 | ||||||||||||||
Other | 16.3 | 16.3 | ||||||||||||||
Total non-depreciable assets | 255.7 | 308.5 | ||||||||||||||
Total PPE | 9,355.60 | 8,723.30 | ||||||||||||||
Less: accumulated depreciation | 1,766.40 | 1,489.20 | ||||||||||||||
Total PPE, net | $ | 7,589.20 | $ | 7,234.10 | ||||||||||||
The non-depreciable assets were not included in the calculation of the weighted-average useful lives. | ||||||||||||||||
The Partnership holds undivided interests in certain assets, including the Bistineau storage facility of which the Partnership owns 92%, the Mobile Bay Pipeline of which the Partnership owns 64% and offshore and other assets, comprised of pipeline and gathering assets in which the Partnership holds various ownership interests. In addition, the Partnership owns 83% of two ethylene wells and supporting surface facilities in Choctaw, Louisiana, and certain ethylene and propylene pipelines connecting Louisiana Midstream’s storage facilities in Choctaw to chemical manufacturing plants in Geismar, Louisiana. | ||||||||||||||||
The proportionate share of investment associated with these interests has been recorded as PPE on the balance sheets. The Partnership records its portion of direct operating expenses associated with the assets in Operation and maintenance expense. The following table presents the gross PPE investment and related accumulated depreciation for the Partnership’s undivided interests as of December 31, 2014 and 2013 (in millions): | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Gross PPE | Accumulated Depreciation | Gross PPE | Accumulated Depreciation | |||||||||||||
Investment | Investment | |||||||||||||||
Bistineau storage | $ | 64.3 | $ | 17.5 | $ | 55.8 | $ | 15.1 | ||||||||
Mobile Bay Pipeline | 13 | 3.6 | 11.1 | 3.1 | ||||||||||||
NGL pipelines and facilities | 34.8 | 2.2 | 34.8 | 1.3 | ||||||||||||
Offshore and other assets | 18.8 | 13.7 | 19 | 13.4 | ||||||||||||
Total | $ | 130.9 | $ | 37 | $ | 120.7 | $ | 32.9 | ||||||||
Asset Impairment Charges | ||||||||||||||||
The Partnership recognized $10.1 million, $4.1 million and $9.1 million of asset impairment charges for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||
Gas Sales | ||||||||||||||||
In 2013, the Partnership recognized a gain of $29.9 million from the sale of approximately 14.9 billion cubic feet of natural gas stored underground with a carrying amount of $26.0 million. The gas was sold to provide capacity for additional parks of customer gas under PAL service as well as a result of a change in the storage gas needed to support operations and no-notice services. The gains related to these gas sales were recorded in Net gain on sale of operating assets. | ||||||||||||||||
Carthage Compressor Station Incident | ||||||||||||||||
In 2011, a fire occurred at one of the Partnership’s compressor stations near Carthage, Texas, which caused significant damage to the compressor building, the compressor units and related equipment housed in the building. The Partnership received a total of $12.3 million in insurance proceeds, of which $0.6 million, $1.7 million and $1.2 million were recorded as a reduction in Operation and maintenance expense for the years ended December 31, 2014, 2013 and 2012. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | Note 8: Goodwill and Intangible Assets | |||||||
Goodwill | ||||||||
The Partnership performed its annual goodwill impairment test for its reporting units as of November 30, 2014. The results of the quantitative goodwill impairment test indicated that the fair value of the Partnership’s reporting units significantly exceeded their carrying amounts. No impairment charge related to goodwill was recorded for any of the Partnership’s reporting units during 2014 or 2012. In 2013, the Partnership recognized a goodwill impairment charge of $51.5 million related to the goodwill associated with the Petal acquisition. The fair value of the reporting unit declined from the amount determined in 2012 due primarily to narrowing of natural gas price differentials between time periods, such as winter to summer (time period price spreads) and reduced volatility which negatively affected the value of the Partnership’s storage and PAL services and the cumulative effect of reduced gas price differentials between locations on the pipelines (basis spreads) on the value of the Partnership’s transportation services. | ||||||||
Changes in the gross amounts of goodwill for the Partnership are summarized as follows (in millions): | ||||||||
Balance as of January 1, 2013 | $ | 267 | ||||||
Goodwill impairment charge | (51.5 | ) | ||||||
Balance as of December 31, 2013 | 215.5 | |||||||
Acquisition of Boardwalk Petrochemical (1) | 21.9 | |||||||
Balance as of December 31, 2014 | $ | 237.4 | ||||||
(1) Refer to Note 4 for further information on the acquisition of Boardwalk Petrochemical. | ||||||||
Intangible Assets | ||||||||
The following table contains information regarding the Partnership's intangible assets, which includes customer relationships acquired as part of its acquisitions (in millions): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Gross carrying amount | $ | 59.4 | $ | 39.4 | ||||
Accumulated amortization | (3.5 | ) | (2.1 | ) | ||||
Net carrying amount | $ | 55.9 | $ | 37.3 | ||||
For the year ended December 31, 2014, 2013 and 2012 amortization expense for intangible assets totaled $1.4 million, $1.3 million and $0.8 million and was recorded in Depreciation and amortization on the Consolidated Statements of Income. Amortization expense for the next five years and in total thereafter as of December 31, 2014, is expected to be as follows (in millions): | ||||||||
2015 | $ | 2 | ||||||
2016 | 2 | |||||||
2017 | 2 | |||||||
2018 | 2 | |||||||
2019 | 2 | |||||||
Thereafter | 45.9 | |||||||
$ | 55.9 | |||||||
The weighted-average remaining useful life of the Partnership's intangible assets as of December 31, 2014 was 29 years. |
Asset_Retirement_Obligations_A
Asset Retirement Obligations (ARO) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ||||||||
Asset Retirement Obligations (ARO) | Note 9: Asset Retirement Obligations (ARO) | |||||||
The Partnership has identified and recorded legal obligations associated with the abandonment of certain pipeline and storage assets, brine ponds, offshore facilities and the abatement of asbestos consisting of removal, transportation and disposal when removed from certain compressor stations and meter station buildings. Legal obligations exist for the main pipeline and certain other Partnership assets; however, the fair value of the obligations cannot be determined because the lives of the assets are indefinite and therefore cash flows associated with retirement of the assets cannot be estimated with the degree of accuracy necessary to establish a liability for the obligations. | ||||||||
The following table summarizes the aggregate carrying amount of the Partnership’s ARO (in millions): | ||||||||
2014 | 2013 | |||||||
Balance at beginning of year | $ | 47.1 | $ | 39 | ||||
Liabilities recorded | 4.3 | 8 | ||||||
Liabilities settled | (6.9 | ) | (1.7 | ) | ||||
Accretion expense | 1.8 | 1.8 | ||||||
Balance at end of year | 46.3 | 47.1 | ||||||
Less: Current portion of asset retirement obligations | (6.4 | ) | (7.8 | ) | ||||
Long-term asset retirement obligations | $ | 39.9 | $ | 39.3 | ||||
For the Partnership’s operations where regulatory accounting is applicable, depreciation rates for PPE are comprised of two components. One component is based on economic service life (capital recovery) and the other is based on estimated costs of removal (as a component of negative salvage) which is collected in rates and does not represent an existing legal obligation. The Partnership has reflected $60.5 million and $57.6 million as of December 31, 2014 and 2013, in the accompanying Consolidated Balance Sheets as Provision for other asset retirement related to the estimated cost of removal collected in rates. |
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ||||||||
Regulatory Assets and Liabilities | Note 10: Regulatory Assets and Liabilities | |||||||
The amounts recorded as regulatory assets and liabilities in the Consolidated Balance Sheets as of December 31, 2014 and 2013, are summarized in the table below. The table also includes amounts related to unamortized debt expense and unamortized discount on long-term debt. While these amounts are not regulatory assets and liabilities, they are a critical component of the embedded cost of debt financing utilized in the Texas Gas rate proceedings. The tax effect of the equity component of AFUDC represents amounts recoverable from rate payers for the tax recorded in regulatory accounting. Certain amounts in the table are reflected as a negative, or a reduction, to be consistent with the regulatory books of account. The period of recovery for the regulatory assets included in rates varies from one to eighteen years. The remaining period of recovery for regulatory assets not yet included in rates would be determined in future rate proceedings. None of the regulatory assets shown below were earning a return as of December 31, 2014 and 2013 (in millions): | ||||||||
2014 | 2013 | |||||||
Regulatory Assets: | ||||||||
Pension | $ | 10.6 | $ | 10.6 | ||||
Tax effect of AFUDC equity | 3.5 | 3.9 | ||||||
Unamortized debt expense and premium on reacquired debt | 9.6 | 11.5 | ||||||
Fuel tracker | 0.2 | 0.8 | ||||||
Total regulatory assets | $ | 23.9 | $ | 26.8 | ||||
Regulatory Liabilities: | ||||||||
Cashout and fuel tracker | $ | 0.9 | $ | 1.1 | ||||
Provision for other asset retirement | 60.5 | 57.6 | ||||||
Unamortized discount on long-term debt | (1.5 | ) | (1.8 | ) | ||||
Postretirement benefits other than pension | 34.2 | 32.7 | ||||||
Total regulatory liabilities | $ | 94.1 | $ | 89.6 | ||||
Financing
Financing | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||
Financing | Note 11: Financing | |||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||||
The following table presents all long-term debt issues outstanding as of December 31, 2014 and 2013 (in millions): | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Notes and Debentures: | ||||||||||||||||||||||
Boardwalk Pipelines | ||||||||||||||||||||||
5.88% Notes due 2016 | $ | 250 | $ | 250 | ||||||||||||||||||
5.50% Notes due 2017 | 300 | 300 | ||||||||||||||||||||
5.20% Notes due 2018 | 185 | 185 | ||||||||||||||||||||
5.75% Notes due 2019 | 350 | 350 | ||||||||||||||||||||
3.375% Notes due 2023 | 300 | 300 | ||||||||||||||||||||
4.95% Notes due 2024 (Boardwalk Pipelines 2024 Notes) | 350 | — | ||||||||||||||||||||
Gulf South | ||||||||||||||||||||||
5.05% Notes due 2015 (Gulf South 2015 Notes) | 275 | 275 | ||||||||||||||||||||
6.30% Notes due 2017 | 275 | 275 | ||||||||||||||||||||
4.00% Notes due 2022 | 300 | 300 | ||||||||||||||||||||
Texas Gas | ||||||||||||||||||||||
4.60% Notes due 2015 (Texas Gas 2015 Notes) | 250 | 250 | ||||||||||||||||||||
4.50% Notes due 2021 | 440 | 440 | ||||||||||||||||||||
7.25% Debentures due 2027 | 100 | 100 | ||||||||||||||||||||
Total notes and debentures | 3,375.00 | 3,025.00 | ||||||||||||||||||||
Term Loan | 200 | 225 | ||||||||||||||||||||
Revolving Credit Facility: | ||||||||||||||||||||||
Gulf Crossing | 120 | 175 | ||||||||||||||||||||
Capital lease obligation | 9.6 | 10 | ||||||||||||||||||||
3,704.60 | 3,435.00 | |||||||||||||||||||||
Less: unamortized debt discount | (14.9 | ) | (10.6 | ) | ||||||||||||||||||
Total Long-Term Debt and Capital Lease Obligation | $ | 3,689.70 | $ | 3,424.40 | ||||||||||||||||||
Maturities of the Partnership’s long-term debt for the next five years and in total thereafter are as follows (in millions): | ||||||||||||||||||||||
2015 | $ | 525 | ||||||||||||||||||||
2016 | 250 | |||||||||||||||||||||
2017 | 895 | |||||||||||||||||||||
2018 | 185 | |||||||||||||||||||||
2019 | 350 | |||||||||||||||||||||
Thereafter | 1,490.00 | |||||||||||||||||||||
Total long-term debt | $ | 3,695.00 | ||||||||||||||||||||
The Partnership has included $525.0 million of debt which matures in less than one year as long-term debt on its balance sheet as of December 31, 2014. The Partnership refinanced the Gulf South 2015 Notes with the issuance of the Boardwalk Pipelines 2024 Notes, which proceeds were used to retire the Gulf South 2015 Notes on February 2, 2015. As of December 31, 2014, the proceeds of the Boardwalk Pipelines 2024 Notes were used to temporarily reduce borrowings under the revolving credit facility until the Gulf South 2015 Notes reached maturity. The Partnership intends to refinance the Texas Gas 2015 Notes due June 1, 2015 on a long-term basis and has adequate available capacity under its revolving credit facility to extend the amount that would otherwise come due in less than a year. | ||||||||||||||||||||||
Notes and Debentures | ||||||||||||||||||||||
As of December 31, 2014 and 2013, the weighted-average interest rate of the Partnership's notes and debentures was 5.31% and 5.32%. For the years ended December 31, 2014, 2013 and 2012, the Partnership completed the following debt issuances (in millions, except interest rates): | ||||||||||||||||||||||
Date of | Issuing Subsidiary | Amount of | Purchaser | Net | Interest | Maturity Date | Interest Payable | |||||||||||||||
Issuance | Issuance | Discounts | Proceeds | Rate | ||||||||||||||||||
and | ||||||||||||||||||||||
Expenses | ||||||||||||||||||||||
Nov-14 | Boardwalk Pipelines | $ | 350 | $ | 7.1 | $ | 342.9 | (1) | 4.95 | % | December 15, 2024 | June 15 and December 15 | ||||||||||
Nov-12 | Boardwalk Pipelines | $ | 300 | $ | 2.4 | $ | 297.6 | (2) | 3.375 | % | February 1, 2023 | February 1 and August 1 | ||||||||||
Jun-12 | Gulf South | $ | 300 | $ | 3.5 | $ | 296.5 | (3) | 4 | % | June 15, 2022 | June 15 and December 15 | ||||||||||
-1 | The net proceeds of this offering were used to retire all of the outstanding Gulf South 2015 Notes and the remainder of the net proceeds was used to reduce outstanding borrowings under the Partnership’s revolving credit facility. | |||||||||||||||||||||
-2 | The net proceeds of this offering were used to reduce borrowings under the Partnership’s revolving credit facility and repay all amounts outstanding under the subordinated loan agreement that was in place at that time, or $100.0 million. | |||||||||||||||||||||
-3 | The net proceeds of this offering were used to reduce borrowings under the Partnership’s revolving credit facility and to redeem $225.0 million of Gulf South's 5.75% notes due August 2012 (2012 Notes) discussed below. BPHC waived the prepayment provisions under the then existing subordinated loan agreement that would have required a prepayment under such agreement as a result of this offering. | |||||||||||||||||||||
The Partnership’s notes and debentures are redeemable, in whole or in part, at the Partnership’s option at any time, at a redemption price equal to the greater of 100% of the principal amount of the notes to be redeemed or a “make whole” redemption price based on the remaining scheduled payments of principal and interest discounted to the date of redemption at a rate equal to the Treasury rate plus 20 to 50 basis points depending upon the particular issue of notes, plus accrued and unpaid interest, if any. Other customary covenants apply, including those concerning events of default. | ||||||||||||||||||||||
The indentures governing the notes and debentures have restrictive covenants which provide that, with certain exceptions, neither the Partnership nor any of its subsidiaries may create, assume or suffer to exist any lien upon any property to secure any indebtedness unless the debentures and notes shall be equally and ratably secured. All of the Partnership's debt obligations are unsecured. At December 31, 2014, Boardwalk Pipelines and its operating subsidiaries were in compliance with their debt covenants. | ||||||||||||||||||||||
Redemption of Notes | ||||||||||||||||||||||
In February 2015, the Gulf South 2015 Notes matured and were retired in full. The retirement of this debt was financed through the issuance of the Boardwalk Pipelines 2024 Notes. In August 2012, the 2012 Notes matured and were retired in full. The retirement of this debt was financed through the issuance of the 4.00% Gulf South notes due 2022. | ||||||||||||||||||||||
Revolving Credit Facility | ||||||||||||||||||||||
The Partnership has a revolving credit facility which has aggregate lending commitments of $1.0 billion. Outstanding borrowings under the credit facility as of December 31, 2014, and 2013, were $120.0 million and $175.0 million with a weighted-average borrowing rate of 1.54% and 1.29%. As of February 18, 2015, the Partnership had outstanding borrowings of $460.0 million, resulting in available borrowing capacity of $540.0 million. | ||||||||||||||||||||||
In April 2012, the Partnership entered into a Second Amended and Restated Revolving Credit Agreement (Amended Credit Agreement) with Wells Fargo Bank, N.A., as Administrative Agent, having aggregate lending commitments of $1.0 billion, a maturity date of April 27, 2017, and including Gulf Crossing, Gulf South, Texas Gas, Boardwalk Pipelines and Boardwalk Midstream, LLC, as borrowers. Interest is determined, at the Partnership's election, by reference to (a) the base rate which is the highest of (1) the prime rate, (2) the federal funds rate plus 0.50%, and (3) the one month Eurodollar Rate plus 1.00%, plus an applicable margin, or (b) the LIBOR plus an applicable margin. The applicable margin ranges from 0.00% to 0.875% for loans bearing interest tied to the base rate and ranges from 1.00% to 1.875% for loans bearing interest based on the LIBOR rate, in each case determined based on the individual borrower's credit rating from time to time. The Amended Credit Agreement also provides for a quarterly commitment fee charged on the average daily unused amount of the revolving credit facility ranging from 0.125% to 0.30% and determined based on the individual borrower's credit rating from time to time. | ||||||||||||||||||||||
The credit facility contains various restrictive covenants and other usual and customary terms and conditions, including restrictions regarding the incurrence of additional debt, the sale of assets and sale-leaseback transactions. The financial covenants under the credit facility require the Partnership and its subsidiaries to maintain, among other things, a ratio of total consolidated debt to consolidated EBITDA (as defined in the credit agreement) measured for the previous twelve months of not more than 5.0 to 1.0, or up to 5.5 to 1.0 for the three quarters following an acquisition. The Partnership and its subsidiaries were in compliance with all covenant requirements under the credit facility as of December 31, 2014. | ||||||||||||||||||||||
Term Loan | ||||||||||||||||||||||
The Partnership has a $225.0 million variable-rate term loan due October 1, 2017 (Term Loan), which was used to fund the Louisiana Midstream acquisition. The Term Loan bears interest at a rate that is based on the one-month LIBOR plus an applicable margin. Outstanding borrowings as of December 31, 2014 and 2013, were $200.0 million and $225.0 million, with a weighted-average borrowing interest rate of 1.91% and 1.92%. No additional borrowing capacity is available under the Term Loan. | ||||||||||||||||||||||
Long-Term Debt - Affiliate | ||||||||||||||||||||||
In 2014, the Partnership entered into a Subordinated Loan Agreement with BPHC under which the Partnership can borrow up to $300.0 million (Subordinated Loan) through December 31, 2015. The Subordinated Loan bears interest at increasing rates, ranging 5.75% to 9.75%, payable semi-annually in June and December, commencing December 2014, and maturing in July 2024. The Subordinated Loan must be prepaid with the net cash proceeds from the issuance of additional equity securities by the Partnership or the incurrence of certain indebtedness by the Partnership or its subsidiaries, although BPHC may waive such prepayment. The Subordinated Loan is subordinated in right of payment to the Partnership’s obligations under its revolving credit facility pursuant to the terms of a Subordination Agreement between BPHC and Wells Fargo, N.A., as representative of the lenders under the revolving credit facility. Through the filing date of this Annual Report on Form 10-K, the Partnership has not borrowed any amounts under the Subordinated Loan. | ||||||||||||||||||||||
Common Unit Offering | ||||||||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, the Partnership completed the following issuances and sales of common units (in millions, except the issuance price): | ||||||||||||||||||||||
Month of Offering | Number of | Issuance | Less Underwriting Discounts and Expenses | Net Proceeds | Common Units Outstanding | Common Units Held by the Public | ||||||||||||||||
Common Units | Price | (including General Partner Contribution) | After Offering | After Offering | ||||||||||||||||||
May-13 | 12.7 | $30.12 | $12.30 | $376.50 | 220.3 | 117.6 | ||||||||||||||||
Oct-12 | (1) | 11.2 | $26.99 | $10.40 | $297.60 | 207.7 | 105 | |||||||||||||||
Aug-12 | (1) | 11.6 | $27.80 | $11.20 | $317.90 | 196.5 | 93.8 | |||||||||||||||
Feb-12 | (1) | 9.2 | $27.55 | $8.50 | $250.20 | 184.9 | 82.2 | |||||||||||||||
-1 | BPHC waived the prepayment provisions under the then existing subordinated loan agreement that would have required a prepayment under such agreement as a result of this offering. | |||||||||||||||||||||
The proceeds of the May 2013 and August 2012 offerings were used to reduce borrowings under the Partnership’s revolving credit facility; the proceeds of the February 2012 offering were used to purchase the remaining equity interests in Petal; and the proceeds of the October 2012 offering were used to purchase the remaining equity interests in Louisiana Midstream. In addition to funds received from the issuance and sale of common units, the general partner concurrently contributed amounts to maintain its 2% interest in the Partnership. | ||||||||||||||||||||||
Summary of Changes in Outstanding Units | ||||||||||||||||||||||
The following table summarizes changes in the Partnership’s common and class B units since January 1, 2012 (in millions): | ||||||||||||||||||||||
Common | Class B | |||||||||||||||||||||
Units | Units(1) | |||||||||||||||||||||
Balance, January 1, 2012 | 175.7 | 22.9 | ||||||||||||||||||||
Common units issued in connection with underwritten offerings | 32 | — | ||||||||||||||||||||
Balance, December 31, 2012 | 207.7 | 22.9 | ||||||||||||||||||||
Common units issued in connection with underwritten offerings | 12.7 | — | ||||||||||||||||||||
Conversion of class B units | 22.9 | (22.9 | ) | |||||||||||||||||||
Balance, December 31, 2013 and 2014 | 243.3 | — | ||||||||||||||||||||
-1 | On October 9, 2013, all of the 22.9 million class B units were converted into common units on a one-for-one basis, pursuant to the terms of the partnership agreement. | |||||||||||||||||||||
Registration Rights Agreement | ||||||||||||||||||||||
The Partnership has entered into an Amended and Restated Registration Rights Agreement with BPHC under which the Partnership has agreed to register the resale by BPHC of 27.9 million common units and to reimburse BPHC up to a maximum amount of $0.914 per common unit for underwriting discounts and commissions. As of December 31, 2014 and 2013, the Partnership had an accrued liability of approximately $16.0 million for future underwriting discounts and commissions that would be reimbursed to BPHC and other registration and offering costs that are expected to be incurred by the Partnership. |
Employee_Benefits
Employee Benefits | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Employee Benefits [Abstract] | ||||||||||||||||||||||||||
Employee Benefits | Note 12: Employee Benefits | |||||||||||||||||||||||||
Retirement Plans | ||||||||||||||||||||||||||
Defined Benefit Retirement Plans | ||||||||||||||||||||||||||
Texas Gas employees hired prior to November 1, 2006, are covered under a non-contributory, defined benefit pension plan (Pension Plan). The Texas Gas Supplemental Retirement Plan (SRP) provides pension benefits for the portion of an eligible employee’s pension benefit under the Pension Plan that becomes subject to compensation limitations under the Internal Revenue Code. Collectively, the Partnership refers to the Pension Plan and the SRP as Retirement Plans. The Partnership uses a measurement date of December 31 for its Retirement Plans. | ||||||||||||||||||||||||||
As a result of the Texas Gas rate case settlement in 2006, the Partnership is required to fund the amount of annual net periodic pension cost associated with the Pension Plan, including a minimum of $3.0 million which is the amount included in rates. In each of 2014 and 2013, the Partnership funded $3.0 million to the Pension Plan and expects to fund approximately $3.0 million to the plan in 2015. The Partnership does not anticipate that any Pension Plan assets will be returned to the Partnership during 2015. In 2014 and 2013, there were no payments made under the SRP. The Partnership does not expect to fund the SRP until such time as benefits are paid. | ||||||||||||||||||||||||||
The Partnership recognizes in expense each year the actuarially determined amount of net periodic pension cost associated with its Retirement Plans, including a minimum amount of $3.0 million related to its Pension Plan, in accordance with the 2006 rate case settlement. Texas Gas is permitted to seek future rate recovery for amounts of annual Pension Plan costs in excess of $6.0 million and is precluded from seeking future recovery of annual Pension Plan costs between $3.0 million and $6.0 million. As a result, the Partnership would recognize a regulatory asset for amounts of annual Pension Plan costs in excess of $6.0 million and would reduce its regulatory asset to the extent that annual Pension Plan costs are less than $3.0 million. Annual Pension Plan costs between $3.0 million and $6.0 million will be charged to expense. | ||||||||||||||||||||||||||
Postretirement Benefits Other Than Pension (PBOP) | ||||||||||||||||||||||||||
Texas Gas provides postretirement medical benefits and life insurance to retired employees who were employed full time, hired prior to January 1, 1996, and have met certain other requirements. In each of 2014 and 2013, the Partnership contributed $0.1 million to the PBOP plan. The PBOP plan is currently in an overfunded status; therefore, the Partnership does not expect to make any contributions to the plan in 2015. The Partnership does not anticipate that any plan assets will be returned to the Partnership during 2015. The Partnership uses a measurement date of December 31 for its PBOP plan. | ||||||||||||||||||||||||||
Projected Benefit Obligation, Fair Value of Assets and Funded Status | ||||||||||||||||||||||||||
The projected benefit obligation, fair value of assets, funded status and the amounts not yet recognized as components of net periodic pension and postretirement benefits cost for the Retirement Plans and PBOP at December 31, 2014 and 2013, were as follows (in millions): | ||||||||||||||||||||||||||
Retirement Plans | PBOP | |||||||||||||||||||||||||
For the Year Ended | For the Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 148.5 | $ | 152.5 | $ | 50 | $ | 59.5 | ||||||||||||||||||
Service cost | 3.9 | 3.9 | 0.4 | 0.5 | ||||||||||||||||||||||
Interest cost | 5.8 | 5 | 2.2 | 2.1 | ||||||||||||||||||||||
Plan participants’ contributions | — | — | 0.9 | 0.8 | ||||||||||||||||||||||
Actuarial loss (gain) | 3.6 | (1.2 | ) | 5.2 | (8.3 | ) | ||||||||||||||||||||
Benefits paid | (0.5 | ) | (0.4 | ) | (3.6 | ) | (4.6 | ) | ||||||||||||||||||
Settlement | (11.4 | ) | (11.3 | ) | — | — | ||||||||||||||||||||
Benefit obligation at end of period | $ | 149.9 | $ | 148.5 | $ | 55.1 | $ | 50 | ||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 131.4 | $ | 125.7 | $ | 80.8 | $ | 86.7 | ||||||||||||||||||
Actual return on plan assets | 8.2 | 14.4 | 9.1 | (2.2 | ) | |||||||||||||||||||||
Benefits paid | (0.5 | ) | (0.4 | ) | (3.6 | ) | (4.6 | ) | ||||||||||||||||||
Settlement | (11.4 | ) | (11.3 | ) | — | — | ||||||||||||||||||||
Company contributions | 3 | 3 | 0.1 | 0.1 | ||||||||||||||||||||||
Plan participants’ contributions | — | — | 0.9 | 0.8 | ||||||||||||||||||||||
Fair value of plan assets at end of period | $ | 130.7 | $ | 131.4 | $ | 87.3 | $ | 80.8 | ||||||||||||||||||
Funded status | $ | (19.2 | ) | $ | (17.1 | ) | $ | 32.2 | $ | 30.8 | ||||||||||||||||
Items not recognized as components of net periodic cost: | ||||||||||||||||||||||||||
Prior service cost (credit) | $ | — | $ | — | $ | (8.6 | ) | $ | (16.4 | ) | ||||||||||||||||
Net actuarial loss | 26 | 24.4 | 10.7 | 10.6 | ||||||||||||||||||||||
Total | $ | 26 | $ | 24.4 | $ | 2.1 | $ | (5.8 | ) | |||||||||||||||||
At December 31, 2014 and 2013, the following aggregate information relates only to the underfunded plans (in millions): | ||||||||||||||||||||||||||
Retirement Plans | ||||||||||||||||||||||||||
For the Year Ended | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Projected benefit obligation | $ | 149.9 | $ | 148.5 | ||||||||||||||||||||||
Accumulated benefit obligation | 139.7 | 138.4 | ||||||||||||||||||||||||
Fair value of plan assets | 130.7 | 131.4 | ||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||||
Components of net periodic benefit cost for both the Retirement Plans and PBOP for the years ended December 31, 2014, 2013 and 2012 were as follows (in millions): | ||||||||||||||||||||||||||
Retirement Plans | PBOP | |||||||||||||||||||||||||
For the Year Ended | For the Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Service cost | $ | 3.9 | $ | 3.9 | $ | 4 | $ | 0.4 | $ | 0.5 | $ | 0.5 | ||||||||||||||
Interest cost | 5.8 | 5 | 5.8 | 2.2 | 2.1 | 2.4 | ||||||||||||||||||||
Expected return on plan assets | (9.5 | ) | (9.1 | ) | (8.6 | ) | (4.2 | ) | (4.5 | ) | (4.3 | ) | ||||||||||||||
Amortization of prior service credit | — | — | — | (7.8 | ) | (7.8 | ) | (7.8 | ) | |||||||||||||||||
Amortization of unrecognized net loss | 1.4 | 2.1 | 2.1 | 0.3 | — | 0.1 | ||||||||||||||||||||
Settlement charge | 1.9 | 1.7 | — | — | — | — | ||||||||||||||||||||
Net periodic benefit cost | $ | 3.5 | $ | 3.6 | $ | 3.3 | $ | (9.1 | ) | $ | (9.7 | ) | $ | (9.1 | ) | |||||||||||
Due to the Texas Gas rate case settlement in 2006, Texas Gas is permitted to seek future rate recovery for amounts of annual Pension Plan costs in excess of $6.0 million. | ||||||||||||||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||||||||||||||
The following table shows benefit payments, which reflect expected future service, as appropriate, which are expected to be paid for both the Retirement Plans and PBOP (in millions): | ||||||||||||||||||||||||||
Retirement Plans | PBOP | |||||||||||||||||||||||||
2015 | $ | 16.3 | $ | 3.1 | ||||||||||||||||||||||
2016 | 15 | 3.1 | ||||||||||||||||||||||||
2017 | 14.8 | 3.2 | ||||||||||||||||||||||||
2018 | 15 | 3.3 | ||||||||||||||||||||||||
2019 | 15.7 | 3.3 | ||||||||||||||||||||||||
2020-2024 | 67.1 | 16.5 | ||||||||||||||||||||||||
Weighted –Average Assumptions | ||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations for the years ended December 31, 2014 and 2013, were as follows: | ||||||||||||||||||||||||||
Retirement Plans | PBOP | |||||||||||||||||||||||||
For the Year Ended | For the Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Pension | SRP | Pension | SRP | |||||||||||||||||||||||
Discount rate | 3.35 | % | 3.75 | % | 4 | % | 4.25 | % | 3.9 | % | 4.5 | % | ||||||||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 7.5 | % | 7.5 | % | 5.3 | % | 5.3 | % | ||||||||||||||
Rate of compensation increase | 3.5 | % | 3.5 | % | 3.5 | % | 3.5 | % | — | % | — | % | ||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for the periods indicated were as follows: | ||||||||||||||||||||||||||
Retirement Plans | PBOP | |||||||||||||||||||||||||
For the Year Ended | For the Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Pension | SRP | Pension | SRP | Pension | SRP | |||||||||||||||||||||
Discount rate | 4 | % | 4.25 | % | 3.25%/4.10% | (1) | 3.5 | % | 4.25 | % | 4.25 | % | 4.5 | % | 3.9 | % | 4.7 | % | ||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 7.50% | 7.5 | % | 7.5 | % | 7.5 | % | 5.3 | % | 5.3 | % | 5.3 | % | |||||||||
Rate of compensation increase | 3.5 | % | 3.5 | % | 3.50% | 3.5 | % | 4 | % | 4 | % | — | % | — | % | — | % | |||||||||
(1) Pension expense was remeasured at September 30, 2013, to reflect a settlement. | ||||||||||||||||||||||||||
The long-term rate of return for plan assets was determined based on widely-accepted capital market principles, long-term return analysis for global fixed income and equity markets as well as the active total return oriented portfolio management style. Long-term trends are evaluated relative to market factors such as inflation, interest rates and fiscal and monetary policies, in order to assess the capital market assumptions as applied to the plan. Consideration of diversification needs and rebalancing is maintained. | ||||||||||||||||||||||||||
PBOP Assumed Health Care Cost Trends | ||||||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for PBOP. A one-percentage-point change in assumed trend rates for health care costs would have had the following effects on amounts reported for the year ended December 31, 2014 (in millions): | ||||||||||||||||||||||||||
Effect of 1% Increase: | 2014 | |||||||||||||||||||||||||
Benefit obligation at end of year | $ | 2.2 | ||||||||||||||||||||||||
Total of service and interest costs for year | 0.1 | |||||||||||||||||||||||||
Effect of 1% Decrease: | ||||||||||||||||||||||||||
Benefit obligation at end of year | $ | (1.9 | ) | |||||||||||||||||||||||
Total of service and interest costs for year | (0.1 | ) | ||||||||||||||||||||||||
For measurement purposes, for December 31, 2014, health care cost trend rates for the plans were assumed to remain at 8.0% for 2015-2016, grading down to 5.0% by 2022, assuming 0.5% annual increments for all participants. For December 31, 2013, health care cost trend rates for the plans were assumed to remain at 8.5% for 2014-2015, grading down to 5.0% by 2022, assuming 0.5% annual increments for all participants. | ||||||||||||||||||||||||||
Pension Plan and PBOP Asset Allocation and Investment Strategy | ||||||||||||||||||||||||||
Pension Plan | ||||||||||||||||||||||||||
The Pension Plan investments are held in a trust account and consist of an undivided interest in an investment account of the Loews Corporation Employees Retirement Trust (Master Trust), established by Loews and its participating subsidiaries. Use of the Master Trust permits the commingling of trust assets of the Pension Plan with the assets of the Loews Corporation Cash Balance Retirement Plan for investment and administrative purposes. Although assets of all plans are commingled in the Master Trust, the custodian maintains supporting records for the purpose of allocating the net gain or loss of the investment account to the participating plans. The net investment income of the investment assets is allocated by the custodian to each participating plan based on the relationship of the interest of each plan to the total of the interests of the participating plans. The Master Trust assets are measured at fair value. The fair value of the interest in the assets of the Master Trust associated with the Pension Plan as of December 31, 2014 and 2013, was $130.7 million (or 51.0%) and $131.4 million (or 51.0%), of the total Master Trust assets. | ||||||||||||||||||||||||||
Equity securities are publicly traded securities which are valued using quoted market prices and are considered a Level 1 investment under the fair value hierarchy. Short-term investments that are actively traded or have quoted prices, such as money market funds, are considered a Level 1 investment. Fixed income mutual funds are actively traded and valued using quoted market prices and are considered a Level 1 investment. Corporate and other taxable bonds and asset-backed securities are valued using pricing for similar securities, recently executed transactions, cash flow models with yield curves, broker/dealer quotes and other pricing models utilizing observable inputs and are considered Level 2 investments. The limited partnership and other invested assets consist primarily of hedge funds, whose fair value represents the Master Trust’s share of the net asset value of each company, as determined by the general partner. Level 2 limited partnership and other invested assets include investments which can be redeemed at net asset value in 90 days or less. The limited partnership investments that contain withdrawal provisions greater than 90 days or at the termination of the partnership are considered Level 3 investments. | ||||||||||||||||||||||||||
The following table sets forth by level within the fair value hierarchy a summary of the Master Trust’s investments measured at fair value on a recurring basis at December 31, 2014 (in millions): | ||||||||||||||||||||||||||
Master Trust Assets | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Equity securities | $ | 42.3 | $ | — | $ | — | $ | 42.3 | ||||||||||||||||||
Short-term investments | 11.8 | — | — | 11.8 | ||||||||||||||||||||||
Other assets | 1.1 | — | — | 1.1 | ||||||||||||||||||||||
Fixed income mutual funds | 98.7 | — | — | 98.7 | ||||||||||||||||||||||
Asset-backed securities | — | 6 | — | 6 | ||||||||||||||||||||||
Limited partnerships : | ||||||||||||||||||||||||||
Hedge funds | — | 56.7 | 29.5 | 86.2 | ||||||||||||||||||||||
Private equity | — | — | 10.1 | 10.1 | ||||||||||||||||||||||
Total investments | $ | 153.9 | $ | 62.7 | $ | 39.6 | $ | 256.2 | ||||||||||||||||||
The following table sets forth by level within the fair value hierarchy a summary of the Master Trust’s investments measured at fair value on a recurring basis at December 31, 2013 (in millions): | ||||||||||||||||||||||||||
Master Trust Assets | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Equity securities | $ | 44.6 | $ | — | $ | — | $ | 44.6 | ||||||||||||||||||
Short-term investments | 4.4 | — | — | 4.4 | ||||||||||||||||||||||
Other assets | — | 3.4 | — | 3.4 | ||||||||||||||||||||||
Fixed income mutual funds | 100.1 | 0.3 | — | 100.4 | ||||||||||||||||||||||
Asset-backed securities | — | 5.8 | — | 5.8 | ||||||||||||||||||||||
Limited partnerships: | ||||||||||||||||||||||||||
Hedge funds | — | 57.5 | 29.7 | 87.2 | ||||||||||||||||||||||
Private equity | — | — | 11.7 | 11.7 | ||||||||||||||||||||||
Total investments | $ | 149.1 | $ | 67 | $ | 41.4 | $ | 257.5 | ||||||||||||||||||
The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) for the Master Trust (in millions): | ||||||||||||||||||||||||||
Limited | Limited | |||||||||||||||||||||||||
Partnerships: | Partnerships: | |||||||||||||||||||||||||
Hedge Funds | Private Equity | |||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 32 | $ | 7.1 | ||||||||||||||||||||||
Actual return on assets still held | 6.2 | 2.1 | ||||||||||||||||||||||||
Actual return on assets sold | (0.3 | ) | (0.3 | ) | ||||||||||||||||||||||
Purchases, sales and settlements | (8.2 | ) | 2.8 | |||||||||||||||||||||||
Net transfers in/(out) of Level 3 | — | — | ||||||||||||||||||||||||
Balance, December 31, 2013 | 29.7 | 11.7 | ||||||||||||||||||||||||
Actual return on assets still held | 2.1 | 0.2 | ||||||||||||||||||||||||
Actual return on assets sold | 0.1 | 0.8 | ||||||||||||||||||||||||
Purchases, sales and settlements | (2.4 | ) | (2.6 | ) | ||||||||||||||||||||||
Net transfers in/(out) of Level 3 | — | — | ||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 29.5 | $ | 10.1 | ||||||||||||||||||||||
PBOP | ||||||||||||||||||||||||||
The PBOP plan assets are held in a trust and are measured at fair value. Short-term investments that are actively traded or have quoted prices, such as money market or mutual funds, are considered a Level 1 investment. Fixed income mutual funds are actively traded and valued using quoted market prices and are considered Level 1 investments. Tax exempt securities, consisting of municipal securities, corporate and other taxable bonds and asset-backed securities are valued using pricing for similar securities, recently executed transactions, cash flow models with yield curves, broker/dealer quotes and other pricing models utilizing observable inputs and are considered Level 2 investments. | ||||||||||||||||||||||||||
The following table sets forth by level within the fair value hierarchy a summary of the PBOP trust investments measured at fair value on a recurring basis at December 31, 2014 (in millions): | ||||||||||||||||||||||||||
PBOP Trust Assets | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Short-term investments | $ | 3.2 | $ | — | $ | — | $ | 3.2 | ||||||||||||||||||
Fixed income mutual funds | 3 | — | — | 3 | ||||||||||||||||||||||
Asset-backed securities | — | 20.4 | — | 20.4 | ||||||||||||||||||||||
Corporate bonds | — | 17.8 | — | 17.8 | ||||||||||||||||||||||
Tax exempt securities | — | 42.9 | — | 42.9 | ||||||||||||||||||||||
Total investments | $ | 6.2 | $ | 81.1 | $ | — | $ | 87.3 | ||||||||||||||||||
The following table sets forth by level within the fair value hierarchy a summary of the PBOP trust investments measured at fair value on a recurring basis at December 31, 2013 (in millions): | ||||||||||||||||||||||||||
PBOP Trust Assets | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Short-term investments | $ | 2.7 | $ | — | $ | — | $ | 2.7 | ||||||||||||||||||
Fixed income mutual funds | 2.8 | — | — | 2.8 | ||||||||||||||||||||||
Asset-backed securities | — | 19.8 | — | 19.8 | ||||||||||||||||||||||
Corporate bonds | — | 16.9 | — | 16.9 | ||||||||||||||||||||||
Tax exempt securities | — | 38.6 | — | 38.6 | ||||||||||||||||||||||
Total investments | $ | 5.5 | $ | 75.3 | $ | — | $ | 80.8 | ||||||||||||||||||
Investment strategy | ||||||||||||||||||||||||||
Pension Plan: The Partnership employs a total-return approach using a mix of equities and fixed income investments to maximize the long-term return on plan assets and generate cash flows adequate to meet plan requirements. The intent of this strategy is to minimize plan expenses by outperforming plan liabilities over the long run. Risk tolerance is established through careful consideration of the plan liabilities, plan funded status and corporate financial conditions. The investment strategy has been to allocate between 40% and 60% of the investment portfolio to equity and alternative investments, including limited partnerships, with consideration given to market conditions and target asset returns. The investment portfolio contains a diversified blend of fixed income, equity and short-term securities. Alternative investments, including limited partnerships, have been used to enhance risk adjusted long-term returns while improving portfolio diversification. At December 31, 2014, the pension trust had committed $8.1 million to future capital calls from various third party limited partnership investments in exchange for an ownership interest in the related partnerships. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset and liability studies and quarterly investment portfolio reviews. | ||||||||||||||||||||||||||
PBOP: The investment strategy for the PBOP assets is to reduce the volatility of plan investments while protecting the initial investment given the overfunded status of the plan. At December 31, 2014 and 2013, all of the PBOP investments were in fixed income securities. | ||||||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||||
Texas Gas employees hired on or after November 1, 2006, and other employees of the Partnership are provided retirement benefits under a defined contribution money purchase plan. The Partnership also provides 401(k) plan benefits to their employees. Costs related to the Partnership’s defined contribution plans were $9.0 million, $8.6 million and $8.0 million for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||||||||
Long-Term Incentive Compensation Plans | ||||||||||||||||||||||||||
The Partnership grants to selected employees long-term compensation awards under the LTIP, the Unit Appreciation Right (UAR) and Cash Bonus Plan, and previously made grants under the Strategic Long-Term Incentive Plan (SLTIP). These awards are intended to align the interests of the employees with those of the Partnership’s unitholders, encourage superior performance, attract and retain employees who are essential for the Partnership’s growth and profitability and to encourage employees to devote their best efforts to advancing the Partnership’s business over both long and short-term time horizons. The Partnership also makes annual grants of common units to certain of its directors under the LTIP. | ||||||||||||||||||||||||||
LTIP | ||||||||||||||||||||||||||
The Partnership reserved 3,525,000 common units for grants of units, restricted units, unit options and unit appreciation rights to officers and directors of the Partnership’s general partner and for selected employees under the LTIP. The Partnership has outstanding Phantom Common Units which were granted under the plan. Each such grant: includes a tandem grant of Distribution Equivalent Rights (DERs); vests on the third anniversary of the grant date; and will be payable to the grantee in cash, but may be settled in common units at the discretion of the Partnership’s Board of Directors, upon vesting in an amount equal to the sum of the fair market value of the units (as defined in the plan) that vest on the vesting date, less applicable taxes. The vested amount then credited to the grantee’s DER account is payable only in cash, less applicable taxes. The economic value of the Phantom Common Units is directly tied to the value of the Partnership’s common units, but these awards do not confer any rights of ownership to the grantee. The fair value of the awards will be recognized ratably over the vesting period and remeasured each quarter until settlement based on the market price of the Partnership’s common units and amounts credited under the DERs. The Partnership has not made any grants of units, restricted units, unit options or unit appreciation rights under the plan. | ||||||||||||||||||||||||||
A summary of the status of the Phantom Common Units granted under the Partnership’s LTIP as of December 31, 2014 and 2013, and changes during the years ended December 31, 2014 and 2013, is presented below: | ||||||||||||||||||||||||||
Phantom Common Units | Total Fair Value | Weighted-Average Vesting Period | ||||||||||||||||||||||||
(in millions) | (in years) | |||||||||||||||||||||||||
Outstanding at January 1, 2013 (1) | 192,595 | $ | 4.7 | 2 | ||||||||||||||||||||||
Granted | 220,808 | 5.7 | 2.8 | |||||||||||||||||||||||
Forfeited | (33,355 | ) | — | — | ||||||||||||||||||||||
Outstanding at December 31, 2013 (1) | 380,048 | 10.9 | 1.5 | |||||||||||||||||||||||
Paid | (171,411 | ) | (3.5 | ) | — | |||||||||||||||||||||
Forfeited | (8,968 | ) | — | — | ||||||||||||||||||||||
Outstanding at December 31, 2014 (1) | 199,669 | $ | 4.1 | 0.9 | ||||||||||||||||||||||
-1 | Represents fair value and remaining weighted-average vesting period of outstanding awards at the end of the period. | |||||||||||||||||||||||||
The fair value of the awards at the date of grant was based on the closing market price of the Partnership’s common units on or directly preceding the date of grant. The fair value of the awards at December 31, 2014 and 2013 was based on the closing market price of the common unit on those dates of $17.77 and $25.52 plus the accumulated value of the DERs. The fair value of the awards will be recognized ratably over the vesting period and remeasured each quarter until settlement in accordance with the treatment of awards classified as liabilities. The Partnership recorded $1.2 million, $3.2 million and $1.5 million in Administrative and general expenses during 2014, 2013 and 2012 for the ratable recognition of the fair value of the Phantom Common Unit awards. The total estimated remaining unrecognized compensation expense related to the Phantom Common Units outstanding at December 31, 2014 and 2013, was $1.6 million and $6.1 million. | ||||||||||||||||||||||||||
In 2014 and 2013, the general partner purchased 16,064 and 7,484 of the Partnership’s common units in the open market at a price of $12.51 and $26.72 per unit. These units were granted under the LTIP to the independent directors as part of their director compensation. At December 31, 2014, 3,490,160 units were available for grants under the LTIP. | ||||||||||||||||||||||||||
UAR and Cash Bonus Plan | ||||||||||||||||||||||||||
The UAR and Cash Bonus Plan provides for grants of UARs and Long-Term Cash Bonuses to selected employees of the Partnership. In 2014, the Partnership granted to certain employees $9.2 million of Long-Term Cash Bonuses under the UAR and Cash Bonus Plan. Each Long-Term Cash Bonus will become vested and payable to the holder in cash equal to the amount of the grant after the vesting date. Except in limited circumstances, upon termination of employment during the vesting period, any outstanding and unvested awards of Long-Term Cash Bonuses would be cancelled unpaid. The Partnership recorded compensation expense of $2.6 million, $0.5 million and $0.6 million for the years ended December 31, 2014, 2013 and 2012 related to the Long-Term Cash Bonuses. As of December 31, 2014, there was $6.6 million of total unrecognized compensation cost related to the Long-Term Cash Bonuses. | ||||||||||||||||||||||||||
The economic value of the UARs is tied to the value of the Partnership’s common units, but these awards do not confer any rights of ownership to the grantee. Under the terms of the UAR and Cash Bonus Plan, after the expiration of a restricted period (vesting period) each awarded UAR would become vested and payable in cash to the extent the fair market value (as defined in the plan) of a common unit on such date exceeds the exercise price. Each UAR includes a feature whereby the exercise price is reduced by the amount of any cash distributions made by the Partnership with respect to a common unit during the restricted period (DER Adjustment). Except in limited circumstances, upon termination of employment during the restricted period, any outstanding and unvested awards of UARs would be cancelled unpaid. The fair value of the UARs will be recognized ratably over the vesting period, and will be remeasured each quarter until settlement in accordance with the treatment of awards classified as liabilities. | ||||||||||||||||||||||||||
A summary of the outstanding UARs granted under the Partnership’s UAR and Cash Bonus Plan as of December 31, 2014 and 2013, and changes during 2014 and 2013 is presented below: | ||||||||||||||||||||||||||
UARs | Weighted- Average | Total Fair Value | Weighted-Average Vesting Period | |||||||||||||||||||||||
Exercise Price | (in millions) | (in years) | ||||||||||||||||||||||||
Outstanding at January 1, 2013 (1) | 605,747 | $ | 29.18 | $ | 1.7 | 1.4 | ||||||||||||||||||||
Paid | (359,148 | ) | ||||||||||||||||||||||||
Forfeited | (61,400 | ) | ||||||||||||||||||||||||
Granted (2) | 293,809 | 27.57 | 1.8 | 2.8 | ||||||||||||||||||||||
Outstanding at December 31, 2013 (1) | 479,008 | 27.47 | 1.9 | 1.5 | ||||||||||||||||||||||
Vested (3) | (203,168 | ) | ||||||||||||||||||||||||
Forfeited | (10,348 | ) | ||||||||||||||||||||||||
Outstanding at December 31, 2014 (1) | 265,492 | $ | 27.57 | $ | — | 0.9 | ||||||||||||||||||||
-1 | Represents weighted-average exercise price, remaining weighted-average vesting period and total fair value of outstanding awards at the end of the period. | |||||||||||||||||||||||||
-2 | Represents the weighted-average exercise price and weighted-average vesting period of awards at grant date. The exercise price for each UAR granted was set at $27.57, the closing price of the Partnership’s common units on the New York Stock Exchange on the grant date on February 7, 2013. | |||||||||||||||||||||||||
-3 | Units vested and expired with no value. | |||||||||||||||||||||||||
The fair value of the UARs was based on the computed value of a call on the Partnership’s common units at the exercise price. The following assumptions were used as inputs to the Black-Scholes valuation model for grants made during 2013. No UARs were granted in 2014. | ||||||||||||||||||||||||||
Grant Date Assumptions for Grants Made in 2013 | ||||||||||||||||||||||||||
Expected life (years) | 2.8 | |||||||||||||||||||||||||
Risk free interest rate (1) | 0.35% | |||||||||||||||||||||||||
Expected volatility (2) | 32% | |||||||||||||||||||||||||
-1 | Based on the U.S. Treasury yield curve corresponding to the remaining life of the UAR. | |||||||||||||||||||||||||
-2 | Based on the historical volatility of the Partnership’s common units. | |||||||||||||||||||||||||
Due to the significant decrease in the Partnership’s common unit price in 2014, the Partnership reversed a portion of the previously recognized compensation expense related to the UARs, which resulted in the Partnership recording compensation income of $0.7 million for the year ended December 31, 2014. The Partnership recorded compensation expense of $0.9 million and $0.3 million for the years ended December 31, 2013 and 2012 related to the UARs. As of December 31, 2014, the UARs had no value. As of December 31, 2013, there was $0.9 million of total unrecognized compensation cost related to the non-vested portion of the UARs. | ||||||||||||||||||||||||||
SLTIP | ||||||||||||||||||||||||||
The SLTIP provided for the issuance of up to 500 phantom general partner units (Phantom GP Units) to selected employees of the Partnership and its subsidiaries. The last grant of the Phantom GP Units was made in 2010, which vested and was settled in 2013. No additional grants of Phantom GP units are expected to be made under the SLTIP. The Partnership recorded $0.2 million and $2.3 million in Administrative and general expenses during 2013 and 2012 for the ratable recognition of the fair value of the GP Phantom Unit awards. | ||||||||||||||||||||||||||
A summary of the status of the Partnership’s SLTIP as of December 31, 2014 and 2013, and changes during the years ended December 31, 2014 and 2013, is presented below: | ||||||||||||||||||||||||||
Phantom GP Units | Total Fair Value | Weighted-Average Vesting Period | ||||||||||||||||||||||||
(in millions) | (in years) | |||||||||||||||||||||||||
Outstanding at January 1, 2013 (1) | 145 | $ | 6.9 | 0.2 | ||||||||||||||||||||||
Paid | (145 | ) | (7.2 | ) | — | |||||||||||||||||||||
Outstanding at December 31, 2013 and 2014 | — | $ | — | — | ||||||||||||||||||||||
-1 | Represents fair value and remaining weighted-average vesting period of outstanding awards at the end of the period. | |||||||||||||||||||||||||
Retention Payment Agreements | ||||||||||||||||||||||||||
In light of challenging market conditions, the need to execute on certain key initiatives and a highly competitive market for talent in the energy industry, in 2014, the Partnership entered into retention payment agreements with certain key employees. The total amount of cash payable under the program would be approximately $12.0 million, subject to the employees remaining employed by the Partnership over a period of three years and other conditions. Each retention payment agreement will vest and become payable in cash as follows: 25% vesting and becoming payable on February 28, 2015, 25% vesting and becoming payable on February 29, 2016, and the remaining 50% vesting and coming payable on February 28, 2017. Except in limited circumstances, upon termination of employment during the vesting period, any outstanding and unvested retention payments would be cancelled unpaid. The Partnership recorded compensation expense of $4.8 million for the year ended December 31, 2014 and as of December 31, 2014, there was $7.0 million of total unrecognized compensation expense related to the retention payment agreements. |
Cash_Distributions_and_Net_Inc
Cash Distributions and Net Income per Unit | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Partners' Capital Notes [Abstract] | |||||||||||||||||
Cash Distributions and Net Income per Unit | Note 13: Cash Distributions and Net Income per Unit | ||||||||||||||||
Cash Distributions | |||||||||||||||||
The Partnership’s cash distribution policy requires that the Partnership distribute to its various ownership interests on a quarterly basis all of its available cash, as defined in its partnership agreement. IDRs, which represent a limited partner ownership interest and are currently held by the Partnership’s general partner, represent the contractual right to receive an increasing percentage of quarterly distributions of available cash as follows: | |||||||||||||||||
Total Quarterly Distribution | Marginal Percentage | ||||||||||||||||
Interest in | |||||||||||||||||
Distributions | |||||||||||||||||
Target Amount | Limited Partner | General | |||||||||||||||
Unitholders (1) | Partner | ||||||||||||||||
and IDRs | |||||||||||||||||
First Target Distribution | up to $0.4025 | 98% | 2% | ||||||||||||||
Second Target Distribution | above $0.4025 up to $0.4375 | 85% | 15% | ||||||||||||||
Third Target Distribution | above $0.4375 up to $0.5250 | 75% | 25% | ||||||||||||||
Thereafter | above $0.5250 | 50% | 50% | ||||||||||||||
-1 | The class B unitholders participated in distributions on a pari passu basis with the Partnership’s common units up to $0.30 per unit per quarter. The class B units did not participate in quarterly distributions above $0.30 per unit and converted into common units on a one-for-one basis on October 9, 2013. | ||||||||||||||||
The Partnership has declared quarterly distributions per unit to unitholders of record, including holders of common and class B units (through October 9, 2013) and the 2% general partner interest and IDRs held by its general partner as follows (in millions, except distribution per unit): | |||||||||||||||||
Payment Date | Distribution | Amount Paid to Common | Amount Paid | Amount Paid to General Partner (Including IDRs) (1) | |||||||||||||
per Unit | Unitholders | to Class B | |||||||||||||||
Unitholder | |||||||||||||||||
November 20, 2014 | $ | 0.1 | $ | 24.3 | $ | — | $ | 0.5 | |||||||||
August 21, 2014 | 0.1 | 24.3 | — | 0.5 | |||||||||||||
May 15, 2014 | 0.1 | 24.3 | — | 0.5 | |||||||||||||
February 27, 2014 | 0.1 | 24.3 | — | 0.5 | |||||||||||||
November 14, 2013 | 0.5325 | 129.5 | — | (2) | 12.4 | ||||||||||||
August 15, 2013 | 0.5325 | 117.3 | 6.9 | 11.4 | |||||||||||||
May 16, 2013 | 0.5325 | 110.6 | 6.8 | 10.7 | |||||||||||||
February 28, 2013 | 0.5325 | 110.6 | 6.9 | 10.8 | |||||||||||||
November 15, 2012 | 0.5325 | 110.6 | 6.9 | 10.8 | |||||||||||||
August 16, 2012 | 0.5325 | 104.6 | 6.9 | 10.2 | |||||||||||||
May 17, 2012 | 0.5325 | 98.5 | 6.8 | 9.6 | |||||||||||||
February 23, 2012 | 0.53 | 98.1 | 6.8 | 9.1 | |||||||||||||
-1 | In February 2014, the Partnership decreased its distribution rate to $0.10 per common unit. As a result of the reduced distribution rate, the quarterly target distribution levels for IDR payout were not met and the Partnership paid no amounts with respect to the IDRs in 2014. In 2013 and 2012, the Partnership paid $34.6 million and $30.1 million in distributions on behalf of IDRs. | ||||||||||||||||
-2 | On October 9, 2013, all of the 22.9 million Class B units were converted into common units on a one-for-one basis, pursuant to the terms of the partnership agreement. | ||||||||||||||||
In February 2015, the Partnership declared a quarterly cash distribution to unitholders of record of $0.10 per common unit. | |||||||||||||||||
Net Income per Unit | |||||||||||||||||
For purposes of calculating net income per unit, net income for the current period is reduced by the amount of available cash that will be distributed with respect to that period. Any residual amount representing undistributed net income (or loss) is assumed to be allocated to the various ownership interests in accordance with the contractual provisions of the partnership agreement. | |||||||||||||||||
Under the Partnership’s partnership agreement, for any quarterly period, the IDRs participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in undistributed net income or losses. Accordingly, undistributed net income is assumed to be allocated to the other ownership interests on a pro rata basis, except that the class B units’ participation in net income was limited to $0.30 per unit per quarter. The Class B units were converted to common units on a one-for-one basis in October 2013. Payments made on account of the Partnership’s various ownership interests are determined in relation to actual declared distributions, and are not based on the assumed allocations required under GAAP. Unless noted otherwise, basic and diluted net income per unit are the same. | |||||||||||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the year ended December 31, 2014, (in millions, except per unit data): | |||||||||||||||||
Total | Common | General Partner and IDRs | |||||||||||||||
Units | |||||||||||||||||
Net income | $ | 146.8 | |||||||||||||||
Less: Net loss attributable to noncontrolling interests | (86.8 | ) | |||||||||||||||
Net income attributable to controlling interests | 233.6 | ||||||||||||||||
Declared distribution | 99.2 | $ | 97.2 | $ | 2 | ||||||||||||
Assumed allocation of undistributed net income | 134.4 | 131.7 | 2.7 | ||||||||||||||
Assumed allocation of net income attributable to limited | $ | 233.6 | $ | 228.9 | $ | 4.7 | |||||||||||
partner unitholders and general partner | |||||||||||||||||
Weighted-average units outstanding | 243.3 | ||||||||||||||||
Net income per unit | $ | 0.94 | |||||||||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common and class B units for purposes of computing net income per unit for the year ended December 31, 2013. Basic net income per unit is calculated based on the weighted average number of units outstanding for the period. Diluted net income per unit is calculated assuming that the class B units converted on the date that they became convertible, or July 1, 2013 (in millions, except per unit data): | |||||||||||||||||
Total | Common | Class B | General Partner and IDRs | ||||||||||||||
Units | Units | ||||||||||||||||
Net income | $ | 250.2 | |||||||||||||||
Less: Net loss attributable to noncontrolling interests | (3.5 | ) | |||||||||||||||
Net income attributable to controlling interests | 253.7 | ||||||||||||||||
Declared distribution | 430.5 | $ | 381.8 | $ | 13.7 | $ | 35 | ||||||||||
Assumed allocation of undistributed net loss (basic) | (176.8 | ) | (160.5 | ) | (12.8 | ) | (3.5 | ) | |||||||||
Assumed allocation of net income attributable to limited | 253.7 | 221.3 | 0.9 | 31.5 | |||||||||||||
partner unitholders and general partner — basic | |||||||||||||||||
Allocation for diluted earnings per unit | — | (4.6 | ) | 4.6 | — | ||||||||||||
Assumed allocation of net income attributable to limited | $ | 253.7 | $ | 216.7 | $ | 5.5 | $ | 31.5 | |||||||||
partner unitholders and general partner — diluted | |||||||||||||||||
Weighted-average units outstanding — basic | 220.5 | 17.6 | |||||||||||||||
Weighted-average units outstanding — diluted | 226.8 | 11.3 | |||||||||||||||
Net income per unit — basic | $ | 1 | $ | 0.05 | |||||||||||||
Net income per unit — diluted | $ | 0.96 | $ | 0.48 | |||||||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common and class B units for purposes of computing net income per unit for the year ended December 31, 2012 (in millions, except per unit data): | |||||||||||||||||
Total | Common | Class B | General Partner and IDRs | ||||||||||||||
Units | Units | ||||||||||||||||
Net income | $ | 306 | |||||||||||||||
Less: Net loss attributable to predecessor equity | (2.2 | ) | |||||||||||||||
Net income attributable to limited partner unitholders and | 308.2 | ||||||||||||||||
general partner | |||||||||||||||||
Declared distribution | 493.1 | $ | 424.3 | $ | 27.5 | $ | 41.3 | ||||||||||
Assumed allocation of undistributed net loss | (184.9 | ) | (162.0 | ) | (19.2 | ) | (3.7 | ) | |||||||||
Assumed allocation of net income attributable to limited | $ | 308.2 | $ | 262.3 | $ | 8.3 | $ | 37.6 | |||||||||
partner unitholders and general partner | |||||||||||||||||
Weighted-average units outstanding | 191.9 | 22.9 | |||||||||||||||
Net income per unit | $ | 1.37 | $ | 0.36 | |||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Note 14: Income Taxes | |||||||||||
The Partnership is not a taxable entity for federal income tax purposes. As such, it does not directly pay federal income tax. The Partnership’s taxable income or loss, which may vary substantially from the net income or loss reported in the Consolidated Statements of Income, is includable in the federal income tax returns of each partner. The aggregate difference in the basis of the Partnership’s net assets for financial and income tax purposes cannot be readily determined as the Partnership does not have access to the information about each partner’s tax attributes. The subsidiaries of the Partnership directly incur some income-based state taxes which are presented in Income taxes on the Consolidated Statements of Income. | ||||||||||||
Following is a summary of the provision for income taxes for the periods ended December 31, 2014, 2013 and 2012 (in millions): | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current expense: | ||||||||||||
State | $ | 0.3 | $ | 0.4 | $ | (0.2 | ) | |||||
Total | 0.3 | 0.4 | (0.2 | ) | ||||||||
Deferred provision: | ||||||||||||
State | 0.1 | 0.1 | 0.7 | |||||||||
Total | 0.1 | 0.1 | 0.7 | |||||||||
Income taxes | $ | 0.4 | $ | 0.5 | $ | 0.5 | ||||||
The Partnership’s tax years 2011 through 2014 remain subject to examination by the Internal Revenue Service and the states in which it operates. There were no differences between the provision at the statutory rate to the income tax provision at December 31, 2014, 2013 and 2012. As of December 31, 2014 and 2013, there were no significant deferred income tax assets or liabilities. |
Credit_Risk
Credit Risk | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Risks and Uncertainties [Abstract] | ||||||||||||||||||
Credit Risk | Note 15: Credit Risk | |||||||||||||||||
Major Customers | ||||||||||||||||||
Operating revenues received from the Partnership’s major customer (in millions) and the percentage of total operating revenues earned from that customer were: | ||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Revenue | % | Revenue | % | Revenue | % | |||||||||||||
Devon Gas Services, LP | $ | 120.5 | 10% | $ | 127.1 | 11% | $ | 133.3 | 12% | |||||||||
Gas Loaned to Customers | ||||||||||||||||||
Natural gas price volatility can cause changes in credit risk related to gas and NGLs loaned to customers. As of December 31, 2014, the amount of gas owed to the operating subsidiaries due to gas imbalances and gas loaned under PAL agreements was approximately 10.0 trillion British thermal units (TBtu). Assuming an average market price during December 2014 of $3.36 per million British thermal units (MMBtu), the market value of that gas was approximately $33.6 million. As of December 31, 2014, the amount of NGLs owed to the operating subsidiaries due to imbalances was less than 0.1 million barrels, which had a market value of approximately $0.6 million. As of December 31, 2013, the amount of gas owed to the operating subsidiaries due to gas imbalances and gas loaned under PAL agreements was approximately 19.6 TBtu. Assuming an average market price during December 2013 of $4.17 per MMBtu, the market value of this gas at December 31, 2013, would have been approximately $81.7 million. As of December 31, 2013, there were no outstanding imbalances owed to the operating subsidiaries from NGLs. If any significant customer should have credit or financial problems resulting in a delay or failure to repay the gas owed to the operating subsidiaries, it could have a material adverse effect on the Partnership’s financial condition, results of operations or cash flows. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 16: Related Party Transactions |
Loews provides a variety of corporate services to the Partnership under services agreements, including but not limited to, information technology, tax, risk management, internal audit and corporate development services, plus allocated overheads. The Partnership incurred charges related to these services of $8.8 million, $8.3 million and $8.3 million for the years ended December 31, 2014, 2013 and 2012. | |
Distributions paid related to limited partner units held by BPHC and the 2% general partner interest and IDRs held by Boardwalk GP were $52.0 million, $296.8 million and $285.7 million for the years ended December 31, 2014, 2013 and 2012. | |
In 2014, the Partnership and BPHC entered into a Subordinated Loan agreement whereby the Partnership can borrow up to $300.0 million. Note 11 contains more information related to the affiliated long-term debt. | |
In 2013, the Partnership entered into agreements with BPHC to form two entities for the purpose of investing in the Bluegrass Project. For the years ended December 31, 2014 and 2013, the Partnership contributed $0.8 million and $11.9 million and BPHC contributed $8.2 million and $90.0 million of cash and other assets to these entities. In 2014, the Partnership and BPHC dissolved these entities, resulting in the Partnership receiving $2.2 million in distributions and BPHC receiving $7.9 million in distributions. Refer to Note 3 for further information on the Bluegrass Project. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Note 17: Recently Issued Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09 (ASU 2014-09), Revenue from Contracts with Customers (Topic 606), which will require entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016. The Partnership is evaluating the impact, if any, that ASU 2014-09 will have on its financial statements. |
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||
Supplemental Disclosure of Cash Flow Information | Note 18: Supplemental Disclosure of Cash Flow Information (in millions): | |||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash paid during the period for: | ||||||||||||
Interest (net of amount capitalized) (1) | $ | 153 | $ | 151 | $ | 169.8 | ||||||
Income taxes, net | 0.1 | 0.3 | 0.2 | |||||||||
Non-cash adjustments: | ||||||||||||
Accounts payable and PPE | 36.9 | 38.1 | 37.9 | |||||||||
Capital lease obligations incurred | — | 10.5 | — | |||||||||
-1 | The 2012 period includes payments of $9.6 million related to the settlements of interest rate derivatives. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | Note 19: Selected Quarterly Financial Data (Unaudited) | |||||||||||||||
The following tables summarize selected quarterly financial data for 2014 and 2013 for the Partnership (in millions, except for earnings per unit): | ||||||||||||||||
2014 | ||||||||||||||||
For the Quarter Ended: | ||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
Operating revenues | $ | 304.6 | $ | 278.9 | $ | 293.4 | $ | 356.9 | ||||||||
Operating expenses | 224.1 | 210.4 | 196.9 | 204.3 | ||||||||||||
Operating income | 80.5 | 68.5 | 96.5 | 152.6 | ||||||||||||
Interest expense, net | 44.2 | 39.9 | 40 | 40.8 | ||||||||||||
Other (income) expense | (0.6 | ) | 0.1 | 0.5 | 86 | |||||||||||
Income before income taxes | 36.9 | 28.5 | 56 | 25.8 | ||||||||||||
Income taxes | — | 0.1 | 0.1 | 0.2 | ||||||||||||
Net income | 36.9 | 28.4 | 55.9 | 25.6 | ||||||||||||
Net earnings (loss) attributable to | 0.1 | (0.8 | ) | (1.5 | ) | (84.6 | ) | |||||||||
noncontrolling interests | ||||||||||||||||
Net income attributable to | $ | 36.8 | $ | 29.2 | $ | 57.4 | $ | 110.2 | ||||||||
controlling interests | ||||||||||||||||
Net income per unit: | $ | 0.15 | $ | 0.12 | $ | 0.23 | $ | 0.44 | ||||||||
2013 | ||||||||||||||||
For the Quarter Ended: | ||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
Operating revenues | $ | 312.9 | $ | 275.5 | $ | 288.7 | $ | 328.5 | ||||||||
Operating expenses | 254.4 | 172.3 | 177.6 | 186.8 | ||||||||||||
Operating income | 58.5 | 103.2 | 111.1 | 141.7 | ||||||||||||
Interest expense, net | 41.1 | 40.9 | 40.6 | 40.3 | ||||||||||||
Other expense (income) | 0.5 | 0.6 | — | (0.2 | ) | |||||||||||
Income before income taxes | 16.9 | 61.7 | 70.5 | 101.6 | ||||||||||||
Income taxes | 0.2 | — | 0.1 | 0.2 | ||||||||||||
Net income | 16.7 | 61.7 | 70.4 | 101.4 | ||||||||||||
Net loss attributable to | (2.8 | ) | (0.6 | ) | (0.1 | ) | — | |||||||||
noncontrolling interests | ||||||||||||||||
Net income attributable to | $ | 19.5 | $ | 62.3 | $ | 70.5 | $ | 101.4 | ||||||||
controlling interests | ||||||||||||||||
Basic net income per unit: | ||||||||||||||||
Common units | $ | 0.08 | $ | 0.27 | $ | 0.28 | $ | 0.42 | ||||||||
Class B units | $ | (0.02 | ) | $ | (0.32 | ) | $ | 0.03 | $ | 0.19 | ||||||
Diluted net income per unit: | ||||||||||||||||
Common units | $ | 0.08 | $ | 0.21 | $ | 0.28 | $ | 0.42 | ||||||||
Class B units | $ | — | $ | — | $ | 0.03 | $ | 0.19 | ||||||||
Guarantee_of_Securities_of_Sub
Guarantee of Securities of Subsidiaries | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||
Guarantee of Securities of Subsidiaries | Note 20: Guarantee of Securities of Subsidiaries | ||||||||||||||||||||
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 December 31, 2014 and 2013. Note 11 contains additional information regarding the Partnership's debt and related covenants. | |||||||||||||||||||||
Condensed Consolidating Balance Sheets as of December 31, 2014 | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Assets | Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | ||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Cash and cash equivalents | $ | 0.5 | $ | 1.8 | $ | 4.3 | $ | — | $ | 6.6 | |||||||||||
Receivables | — | — | 110.9 | — | 110.9 | ||||||||||||||||
Receivables - affiliate | — | — | 9 | (9.0 | ) | — | |||||||||||||||
Gas and liquids stored underground | — | — | 4.1 | — | 4.1 | ||||||||||||||||
Prepayments | 0.1 | — | 14.4 | — | 14.5 | ||||||||||||||||
Advances to affiliates | — | 6.3 | 106.2 | (112.5 | ) | — | |||||||||||||||
Other current assets | 0.5 | — | 19.2 | (6.2 | ) | 13.5 | |||||||||||||||
Total current assets | 1.1 | 8.1 | 268.1 | (127.7 | ) | 149.6 | |||||||||||||||
Investment in consolidated subsidiaries | 1,970.60 | 6,744.10 | — | (8,714.7 | ) | — | |||||||||||||||
Property, plant and equipment, gross | 0.6 | — | 9,355.00 | — | 9,355.60 | ||||||||||||||||
Less–accumulated depreciation and | 0.6 | — | 1,765.80 | — | 1,766.40 | ||||||||||||||||
amortization | |||||||||||||||||||||
Property, plant and equipment, net | — | — | 7,589.20 | — | 7,589.20 | ||||||||||||||||
Other noncurrent assets | — | 3.4 | 465.2 | (0.6 | ) | 468 | |||||||||||||||
Advances to affiliates – noncurrent | 2,148.30 | 212 | 996.5 | (3,356.8 | ) | — | |||||||||||||||
Total other assets | 2,148.30 | 215.4 | 1,461.70 | (3,357.4 | ) | 468 | |||||||||||||||
Total Assets | $ | 4,120.00 | $ | 6,967.60 | $ | 9,319.00 | $ | (12,199.8 | ) | $ | 8,206.80 | ||||||||||
Liabilities and Equity | Parent | Subsidiary | Non-guarantor | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | |||||||||||||||||||
Payables | $ | 0.2 | $ | 0.1 | $ | 61.8 | $ | — | $ | 62.1 | |||||||||||
Payable to affiliates | 1.5 | — | 9 | (9.0 | ) | 1.5 | |||||||||||||||
Advances from affiliates | — | 106.2 | 6.3 | (112.5 | ) | — | |||||||||||||||
Other current liabilities | — | 21.4 | 141.7 | (6.5 | ) | 156.6 | |||||||||||||||
Total current liabilities | 1.7 | 127.7 | 218.8 | (128.0 | ) | 220.2 | |||||||||||||||
Total long-term debt and capital lease | — | 1,724.50 | 1,965.20 | — | 3,689.70 | ||||||||||||||||
obligation | |||||||||||||||||||||
Payable to affiliate - noncurrent | 16 | — | — | — | 16 | ||||||||||||||||
Advances from affiliates - noncurrent | — | 3,144.80 | 212 | (3,356.8 | ) | — | |||||||||||||||
Other noncurrent liabilities | — | — | 178.9 | (0.3 | ) | 178.6 | |||||||||||||||
Total other liabilities and deferred | 16 | 3,144.80 | 390.9 | (3,357.1 | ) | 194.6 | |||||||||||||||
credits | |||||||||||||||||||||
Total partners’ capital | 4,102.30 | 1,970.60 | 6,744.10 | (8,714.7 | ) | 4,102.30 | |||||||||||||||
Noncontrolling interest | — | — | — | — | — | ||||||||||||||||
Total Equity | 4,102.30 | 1,970.60 | 6,744.10 | (8,714.7 | ) | 4,102.30 | |||||||||||||||
Total Liabilities and Equity | $ | 4,120.00 | $ | 6,967.60 | $ | 9,319.00 | $ | (12,199.8 | ) | $ | 8,206.80 | ||||||||||
Condensed Consolidating Balance Sheets as of December 31, 2013 | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
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 | |||||||||||
Receivables | — | — | 119.2 | — | 119.2 | ||||||||||||||||
Receivables - affiliate | 0.1 | 0.1 | 14.3 | (13.4 | ) | 1.1 | |||||||||||||||
Gas and liquids stored underground | — | — | 0.7 | — | 0.7 | ||||||||||||||||
Prepayments | 0.3 | — | 12.6 | — | 12.9 | ||||||||||||||||
Advances to affiliates | — | — | 194.4 | (194.4 | ) | — | |||||||||||||||
Other current assets | — | — | 23.8 | (9.1 | ) | 14.7 | |||||||||||||||
Total current assets | 0.6 | 9.3 | 384.1 | (216.9 | ) | 177.1 | |||||||||||||||
Investment in consolidated subsidiaries | 1,480.80 | 6,138.30 | — | (7,619.1 | ) | — | |||||||||||||||
Property, plant and equipment, gross | 0.6 | — | 8,722.70 | — | 8,723.30 | ||||||||||||||||
Less–accumulated depreciation | 0.6 | — | 1,488.60 | — | 1,489.20 | ||||||||||||||||
and amortization | |||||||||||||||||||||
Property, plant and equipment, net | — | — | 7,234.10 | — | 7,234.10 | ||||||||||||||||
Other noncurrent assets | 0.3 | 3.7 | 420.7 | — | 424.7 | ||||||||||||||||
Advances to affiliates – noncurrent | 2,512.10 | 168.7 | 733.1 | (3,413.9 | ) | — | |||||||||||||||
Investment in unconsolidated affiliates | — | — | 78.6 | — | 78.6 | ||||||||||||||||
Total other assets | 2,512.40 | 172.4 | 1,232.40 | (3,413.9 | ) | 503.3 | |||||||||||||||
Total Assets | $ | 3,993.80 | $ | 6,320.00 | $ | 8,850.60 | $ | (11,249.9 | ) | $ | 7,914.50 | ||||||||||
Liabilities and Equity | Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | ||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Payables | $ | 0.2 | $ | — | $ | 70.6 | $ | — | $ | 70.8 | |||||||||||
Payable to affiliates | 0.7 | — | 13.9 | (13.4 | ) | 1.2 | |||||||||||||||
Advances from affiliates | — | 194.4 | — | (194.4 | ) | — | |||||||||||||||
Other current liabilities | — | 19.7 | 153.3 | (9.0 | ) | 164 | |||||||||||||||
Total current liabilities | 0.9 | 214.1 | 237.8 | (216.8 | ) | 236 | |||||||||||||||
Total long-term debt and capital lease | — | 1,379.90 | 2,044.50 | — | 3,424.40 | ||||||||||||||||
obligation | |||||||||||||||||||||
Payable to affiliate - noncurrent | 16 | — | — | — | 16 | ||||||||||||||||
Advances from affiliates - noncurrent | — | 3,245.20 | 168.7 | (3,413.9 | ) | — | |||||||||||||||
Other noncurrent liabilities | — | — | 174.8 | (0.1 | ) | 174.7 | |||||||||||||||
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 | |||||||||||||||
Noncontrolling interest | — | — | 86.5 | — | 86.5 | ||||||||||||||||
Total Equity | 3,976.90 | 1,480.80 | 6,224.80 | (7,619.1 | ) | 4,063.40 | |||||||||||||||
Total Liabilities and Equity | $ | 3,993.80 | $ | 6,320.00 | $ | 8,850.60 | $ | (11,249.9 | ) | $ | 7,914.50 | ||||||||||
Condensed Consolidating Statements of Income for the Year Ended December 31, 2014 | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 1,157.90 | $ | (92.8 | ) | $ | 1,065.10 | ||||||||||
Parking and lending | — | — | 23.3 | — | 23.3 | ||||||||||||||||
Storage | — | — | 90.4 | (0.9 | ) | 89.5 | |||||||||||||||
Other | — | — | 55.9 | — | 55.9 | ||||||||||||||||
Total operating revenues | — | — | 1,327.50 | (93.7 | ) | 1,233.80 | |||||||||||||||
Operating Costs and Expenses: | |||||||||||||||||||||
Fuel and transportation | — | — | 214.4 | (93.7 | ) | 120.7 | |||||||||||||||
Operation and maintenance | — | — | 198.8 | — | 198.8 | ||||||||||||||||
Administrative and general | 0.2 | — | 124.8 | — | 125 | ||||||||||||||||
Other operating costs and expenses | 0.2 | — | 391 | — | 391.2 | ||||||||||||||||
Total operating costs and expenses | 0.4 | — | 929 | (93.7 | ) | 835.7 | |||||||||||||||
Operating (loss) income | (0.4 | ) | — | 398.5 | — | 398.1 | |||||||||||||||
Other Deductions (Income): | |||||||||||||||||||||
Interest expense | — | 76.5 | 89 | — | 165.5 | ||||||||||||||||
Interest (income) expense - affiliates, net | (30.0 | ) | 41.2 | (11.2 | ) | — | — | ||||||||||||||
Interest income | — | — | (0.6 | ) | — | (0.6 | ) | ||||||||||||||
Equity in earnings of subsidiaries | (204.0 | ) | (321.7 | ) | — | 525.7 | — | ||||||||||||||
Equity losses in unconsolidated | — | — | 86.5 | — | 86.5 | ||||||||||||||||
affiliates | |||||||||||||||||||||
Miscellaneous other income, net | — | — | (0.5 | ) | — | (0.5 | ) | ||||||||||||||
Total other (income) deductions | (234.0 | ) | (204.0 | ) | 163.2 | 525.7 | 250.9 | ||||||||||||||
Income (loss) before income taxes | 233.6 | 204 | 235.3 | (525.7 | ) | 147.2 | |||||||||||||||
Income taxes | — | — | 0.4 | — | 0.4 | ||||||||||||||||
Net income (loss) | 233.6 | 204 | 234.9 | (525.7 | ) | 146.8 | |||||||||||||||
Net loss attributable to noncontrolling | — | — | (86.8 | ) | — | (86.8 | ) | ||||||||||||||
interests | |||||||||||||||||||||
Net income (loss) attributable to controlling | $ | 233.6 | $ | 204 | $ | 321.7 | $ | (525.7 | ) | $ | 233.6 | ||||||||||
interests | |||||||||||||||||||||
Condensed Consolidating Statements of Income for the Year Ended December 31, 2013 | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 1,116.40 | $ | (88.4 | ) | $ | 1,028.00 | ||||||||||
Parking and lending | — | — | 24 | (0.1 | ) | 23.9 | |||||||||||||||
Storage | — | — | 111 | (0.1 | ) | 110.9 | |||||||||||||||
Other | — | — | 42.8 | — | 42.8 | ||||||||||||||||
Total operating revenues | — | — | 1,294.20 | (88.6 | ) | 1,205.60 | |||||||||||||||
Operating Costs and Expenses: | |||||||||||||||||||||
Fuel and transportation | — | — | 182 | (88.6 | ) | 93.4 | |||||||||||||||
Operation and maintenance | — | 0.3 | 186.2 | — | 186.5 | ||||||||||||||||
Administrative and general | (0.1 | ) | 0.8 | 116.7 | — | 117.4 | |||||||||||||||
Other operating costs and expenses | 0.3 | 0.1 | 393.4 | — | 393.8 | ||||||||||||||||
Total operating costs and expenses | 0.2 | 1.2 | 878.3 | (88.6 | ) | 791.1 | |||||||||||||||
Operating (loss) income | (0.2 | ) | (1.2 | ) | 415.9 | — | 414.5 | ||||||||||||||
Other Deductions (Income): | |||||||||||||||||||||
Interest expense | — | 72.7 | 90.7 | — | 163.4 | ||||||||||||||||
Interest (income) expense - affiliates, net | (33.6 | ) | 41.3 | (7.7 | ) | — | — | ||||||||||||||
Interest income | — | — | (0.5 | ) | — | (0.5 | ) | ||||||||||||||
Equity in earnings of subsidiaries | (220.3 | ) | (335.5 | ) | — | 555.8 | — | ||||||||||||||
Equity losses in unconsolidated affiliates | — | — | 1.2 | — | 1.2 | ||||||||||||||||
Miscellaneous other income, net | — | — | (0.3 | ) | — | (0.3 | ) | ||||||||||||||
Total other (income) deductions | (253.9 | ) | (221.5 | ) | 83.4 | 555.8 | 163.8 | ||||||||||||||
Income (loss) before income taxes | 253.7 | 220.3 | 332.5 | (555.8 | ) | 250.7 | |||||||||||||||
Income taxes | — | — | 0.5 | — | 0.5 | ||||||||||||||||
Net income (loss) | 253.7 | 220.3 | 332 | (555.8 | ) | 250.2 | |||||||||||||||
Net loss attributable to noncontrolling | — | — | (3.5 | ) | — | (3.5 | ) | ||||||||||||||
interests | |||||||||||||||||||||
Net income (loss) attributable to controlling | $ | 253.7 | $ | 220.3 | $ | 335.5 | $ | (555.8 | ) | $ | 253.7 | ||||||||||
interests | |||||||||||||||||||||
Condensed Consolidating Statements of Income for the Year Ended December 31, 2012 | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 1,147.50 | $ | (89.2 | ) | $ | 1,058.30 | ||||||||||
Parking and lending | — | — | 28.7 | (0.7 | ) | 28 | |||||||||||||||
Storage | — | — | 85.4 | (0.7 | ) | 84.7 | |||||||||||||||
Other | — | — | 14 | — | 14 | ||||||||||||||||
Total operating revenues | — | — | 1,275.60 | (90.6 | ) | 1,185.00 | |||||||||||||||
Operating Costs and Expenses: | |||||||||||||||||||||
Fuel and transportation | — | — | 170 | (90.6 | ) | 79.4 | |||||||||||||||
Operation and maintenance | — | — | 167.2 | — | 167.2 | ||||||||||||||||
Administrative and general | 0.5 | — | 114.8 | — | 115.3 | ||||||||||||||||
Other operating costs and expenses | 0.3 | — | 349 | — | 349.3 | ||||||||||||||||
Total operating costs and expenses | 0.8 | — | 801 | (90.6 | ) | 711.2 | |||||||||||||||
Operating (loss) income | (0.8 | ) | — | 474.6 | — | 473.8 | |||||||||||||||
Other Deductions (Income): | |||||||||||||||||||||
Interest expense | — | 63.1 | 98.4 | — | 161.5 | ||||||||||||||||
Interest (income) expense - affiliates, net | (35.6 | ) | 52.9 | (10.4 | ) | — | 6.9 | ||||||||||||||
Interest income | — | — | (0.7 | ) | — | (0.7 | ) | ||||||||||||||
Equity in earnings of subsidiaries | (271.2 | ) | (387.2 | ) | — | 658.4 | — | ||||||||||||||
Miscellaneous other income, net | — | — | (0.4 | ) | — | (0.4 | ) | ||||||||||||||
Total other (income) deductions | (306.8 | ) | (271.2 | ) | 86.9 | 658.4 | 167.3 | ||||||||||||||
Income (loss) before income taxes | 306 | 271.2 | 387.7 | (658.4 | ) | 306.5 | |||||||||||||||
Income taxes | — | — | 0.5 | — | 0.5 | ||||||||||||||||
Net income (loss) | 306 | 271.2 | 387.2 | (658.4 | ) | 306 | |||||||||||||||
Net loss attributable to noncontrolling | — | — | — | — | — | ||||||||||||||||
interests | |||||||||||||||||||||
Net income (loss) attributable to controlling | $ | 306 | $ | 271.2 | $ | 387.2 | $ | (658.4 | ) | $ | 306 | ||||||||||
interests | |||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2014 | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Net income (loss) | $ | 233.6 | $ | 204 | $ | 234.9 | $ | (525.7 | ) | $ | 146.8 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
(Loss) gain on cash flow hedges | (0.7 | ) | (0.7 | ) | (0.7 | ) | 1.4 | (0.7 | ) | ||||||||||||
Reclassification adjustment transferred to | 2.6 | 2.6 | 0.9 | (3.5 | ) | 2.6 | |||||||||||||||
Net income from cash flow hedges | |||||||||||||||||||||
Pension and other postretirement | (10.9 | ) | (10.9 | ) | (10.9 | ) | 21.8 | (10.9 | ) | ||||||||||||
benefit costs | |||||||||||||||||||||
Total Comprehensive Income (Loss) | 224.6 | 195 | 224.2 | (506.0 | ) | 137.8 | |||||||||||||||
Comprehensive loss attributable to | — | — | (86.8 | ) | — | (86.8 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
Comprehensive income (loss) | $ | 224.6 | $ | 195 | $ | 311 | $ | (506.0 | ) | $ | 224.6 | ||||||||||
attributable to controlling interests | |||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2013 | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Net income (loss) | $ | 253.7 | $ | 220.3 | $ | 332 | $ | (555.8 | ) | $ | 250.2 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Gain (loss) on cash flow hedges | 1.6 | 1.6 | 1.6 | (3.2 | ) | 1.6 | |||||||||||||||
Reclassification adjustment transferred to | 1.2 | 1.2 | (0.5 | ) | (0.7 | ) | 1.2 | ||||||||||||||
Net income from cash flow hedges | |||||||||||||||||||||
Pension and other postretirement | 0.7 | 0.7 | 0.7 | (1.4 | ) | 0.7 | |||||||||||||||
benefit costs | |||||||||||||||||||||
Total Comprehensive Income (Loss) | 257.2 | 223.8 | 333.8 | (561.1 | ) | 253.7 | |||||||||||||||
Comprehensive loss attributable to | — | — | (3.5 | ) | — | (3.5 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
Comprehensive income (loss) | $ | 257.2 | $ | 223.8 | $ | 337.3 | $ | (561.1 | ) | $ | 257.2 | ||||||||||
attributable to controlling interests | |||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2012 | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Net income (loss) | $ | 306 | $ | 271.2 | $ | 387.2 | $ | (658.4 | ) | $ | 306 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
(Loss) gain on cash flow hedges | (7.1 | ) | (7.1 | ) | (6.7 | ) | 13.8 | (7.1 | ) | ||||||||||||
Reclassification adjustment transferred to | 2 | 2 | 0.3 | (2.3 | ) | 2 | |||||||||||||||
Net Income from cash flow hedges | |||||||||||||||||||||
Pension and other postretirement | (12.8 | ) | (12.8 | ) | (12.8 | ) | 25.6 | (12.8 | ) | ||||||||||||
benefit costs | |||||||||||||||||||||
Total Comprehensive Income (Loss) | 288.1 | 253.3 | 368 | (621.3 | ) | 288.1 | |||||||||||||||
Comprehensive loss attributable to | — | — | — | — | — | ||||||||||||||||
noncontrolling interests | |||||||||||||||||||||
Comprehensive income (loss) attributable to | $ | 288.1 | $ | 253.3 | $ | 368 | $ | (621.3 | ) | $ | 288.1 | ||||||||||
controlling interests | |||||||||||||||||||||
Condensed Consolidating Statements of Cash Flow for the Year Ended December 31, 2014 | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Net cash provided by (used in) | $ | 30.2 | $ | (112.1 | ) | $ | 595.5 | $ | — | $ | 513.6 | ||||||||||
operating activities | |||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures | — | — | (404.4 | ) | — | (404.4 | ) | ||||||||||||||
Proceeds from sale of operating assets | — | — | 2.9 | — | 2.9 | ||||||||||||||||
Proceeds from insurance and other | — | — | 6.3 | — | 6.3 | ||||||||||||||||
recoveries | |||||||||||||||||||||
Advances to affiliates, net | 363.9 | (49.6 | ) | (175.2 | ) | (139.0 | ) | 0.1 | |||||||||||||
Investment in unconsolidated affiliates | — | — | (20.5 | ) | — | (20.5 | ) | ||||||||||||||
Distribution from unconsolidated | — | — | 11.1 | — | 11.1 | ||||||||||||||||
affiliates | |||||||||||||||||||||
Acquisition of businesses, net of cash | (294.7 | ) | — | — | — | (294.7 | ) | ||||||||||||||
acquired | |||||||||||||||||||||
Net cash provided by (used in) | 69.2 | (49.6 | ) | (579.8 | ) | (139.0 | ) | (699.2 | ) | ||||||||||||
investing activities | |||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||
Proceeds from long-term debt, net of issuance cost | — | 342.9 | — | — | 342.9 | ||||||||||||||||
Proceeds from borrowings on revolving | — | — | 665 | — | 665 | ||||||||||||||||
credit agreement | |||||||||||||||||||||
Repayment of borrowings on revolving | — | — | (720.0 | ) | — | (720.0 | ) | ||||||||||||||
credit agreement | |||||||||||||||||||||
Repayment of borrowings from term | — | — | (25.0 | ) | — | (25.0 | ) | ||||||||||||||
loan | |||||||||||||||||||||
Principal payment of capital lease | — | — | (0.4 | ) | — | (0.4 | ) | ||||||||||||||
obligation | |||||||||||||||||||||
Advances from affiliates, net | 0.1 | (188.6 | ) | 49.6 | 139 | 0.1 | |||||||||||||||
Distributions paid | (99.2 | ) | — | — | — | (99.2 | ) | ||||||||||||||
Capital contribution from noncontrolling | — | — | 8.2 | — | 8.2 | ||||||||||||||||
interests | |||||||||||||||||||||
Distributions paid to noncontrolling | — | — | (7.9 | ) | — | (7.9 | ) | ||||||||||||||
interests | |||||||||||||||||||||
Net cash (used in) provided by | (99.1 | ) | 154.3 | (30.5 | ) | 139 | 163.7 | ||||||||||||||
financing activities | |||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 0.3 | (7.4 | ) | (14.8 | ) | — | (21.9 | ) | |||||||||||||
Cash and cash equivalents at | 0.2 | 9.2 | 19.1 | — | 28.5 | ||||||||||||||||
beginning of period | |||||||||||||||||||||
Cash and cash equivalents at | $ | 0.5 | $ | 1.8 | $ | 4.3 | $ | — | $ | 6.6 | |||||||||||
end of period | |||||||||||||||||||||
Condensed Consolidating Statements of Cash Flow for the Year Ended December 31, 2013 | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Net cash provided by (used in) | $ | 33.9 | $ | (108.8 | ) | $ | 609.2 | $ | — | $ | 534.3 | ||||||||||
operating activities | |||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures | — | — | (294.8 | ) | — | (294.8 | ) | ||||||||||||||
Proceeds from sale of operating assets | — | — | 60.7 | — | 60.7 | ||||||||||||||||
Proceeds from insurance and other | — | — | 1.4 | — | 1.4 | ||||||||||||||||
recoveries | |||||||||||||||||||||
Advances to affiliates, net | 126.4 | (84.3 | ) | (342.8 | ) | 300.7 | — | ||||||||||||||
Investment in consolidated affiliates | — | (15.1 | ) | — | 15.1 | — | |||||||||||||||
Investment in unconsolidated affiliates | — | — | (76.7 | ) | — | (76.7 | ) | ||||||||||||||
Net cash provided by (used in) | 126.4 | (99.4 | ) | (652.2 | ) | 315.8 | (309.4 | ) | |||||||||||||
investing activities | |||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||
Proceeds from borrowings on revolving | — | — | 1,128.00 | — | 1,128.00 | ||||||||||||||||
credit agreement | |||||||||||||||||||||
Repayment of borrowings on revolving | — | — | (1,255.0 | ) | — | (1,255.0 | ) | ||||||||||||||
credit agreement | |||||||||||||||||||||
Contribution from parent | — | — | 15.1 | (15.1 | ) | — | |||||||||||||||
Principal payment of capital lease | — | — | (0.2 | ) | — | (0.2 | ) | ||||||||||||||
obligation | |||||||||||||||||||||
Advances from affiliates, net | (2.8 | ) | 216.4 | 84.3 | (300.7 | ) | (2.8 | ) | |||||||||||||
Distributions paid | (533.9 | ) | — | — | — | (533.9 | ) | ||||||||||||||
Capital contribution from noncontrolling | — | — | 87.1 | — | 87.1 | ||||||||||||||||
interests | |||||||||||||||||||||
Proceeds from sale of common units | 368.7 | — | — | — | 368.7 | ||||||||||||||||
Capital contribution from general partner | 7.8 | — | — | — | 7.8 | ||||||||||||||||
Net cash (used in) provided by | (160.2 | ) | 216.4 | 59.3 | (315.8 | ) | (200.3 | ) | |||||||||||||
financing activities | |||||||||||||||||||||
Increase in cash and cash equivalents | 0.1 | 8.2 | 16.3 | — | 24.6 | ||||||||||||||||
Cash and cash equivalents at | 0.1 | 1 | 2.8 | — | 3.9 | ||||||||||||||||
beginning of period | |||||||||||||||||||||
Cash and cash equivalents at | $ | 0.2 | $ | 9.2 | $ | 19.1 | $ | — | $ | 28.5 | |||||||||||
end of period | |||||||||||||||||||||
Condensed Consolidating Statements of Cash Flow for the Year Ended December 31, 2012 | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Net cash provided by (used in) | $ | 31.4 | $ | 577.9 | $ | 655.7 | $ | (689.5 | ) | $ | 575.5 | ||||||||||
operating activities | |||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures | — | — | (226.9 | ) | — | (226.9 | ) | ||||||||||||||
Proceeds from sale of operating assets | — | — | 5.9 | — | 5.9 | ||||||||||||||||
Proceeds from insurance and other | — | — | 10.4 | — | 10.4 | ||||||||||||||||
recoveries | |||||||||||||||||||||
Advances to affiliates, net | (404.2 | ) | (84.4 | ) | 66.2 | 422.4 | — | ||||||||||||||
Investment in consolidated affiliates | (17.0 | ) | (398.0 | ) | — | 415 | — | ||||||||||||||
Acquisition of businesses, net of cash | — | — | (620.2 | ) | — | (620.2 | ) | ||||||||||||||
acquired | |||||||||||||||||||||
Net cash (used in) provided by | (421.2 | ) | (482.4 | ) | (764.6 | ) | 837.4 | (830.8 | ) | ||||||||||||
investing activities | |||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||
Proceeds from long-term debt and term | — | 297.6 | 520.4 | — | 818 | ||||||||||||||||
loans | |||||||||||||||||||||
Repayment of borrowings from | — | (100.0 | ) | (425.0 | ) | — | (525.0 | ) | |||||||||||||
long-term debt, term loans and | |||||||||||||||||||||
subordinated debt | |||||||||||||||||||||
Proceeds from borrowings on revolving | — | 300 | 1,835.00 | — | 2,135.00 | ||||||||||||||||
credit agreement | |||||||||||||||||||||
Repayment of borrowings on revolving | — | (403.8 | ) | (1,891.5 | ) | — | (2,295.3 | ) | |||||||||||||
credit agreement including financing | |||||||||||||||||||||
costs | |||||||||||||||||||||
Contribution from parent | — | 17 | 398 | (415.0 | ) | — | |||||||||||||||
Contribution received related to | — | — | 269.2 | — | 269.2 | ||||||||||||||||
predecessor equity | |||||||||||||||||||||
Repayment of contribution received | — | (554.0 | ) | — | — | (554.0 | ) | ||||||||||||||
related to predecessor equity | |||||||||||||||||||||
Advances from affiliate | 2.6 | 338 | 84.4 | (422.4 | ) | 2.6 | |||||||||||||||
Distributions paid | (478.9 | ) | — | (689.5 | ) | 689.5 | (478.9 | ) | |||||||||||||
Proceeds from sale of common units | 847.7 | — | — | — | 847.7 | ||||||||||||||||
Capital contribution from general | 18 | — | — | — | 18 | ||||||||||||||||
partner | |||||||||||||||||||||
Net cash provided by (used in) | 389.4 | (105.2 | ) | 101 | (147.9 | ) | 237.3 | ||||||||||||||
financing activities | |||||||||||||||||||||
Decrease in cash and cash equivalents | (0.4 | ) | (9.7 | ) | (7.9 | ) | — | (18.0 | ) | ||||||||||||
Cash and cash equivalents at | 0.5 | 10.7 | 10.7 | — | 21.9 | ||||||||||||||||
beginning of period | |||||||||||||||||||||
Cash and cash equivalents at | $ | 0.1 | $ | 1 | $ | 2.8 | $ | — | $ | 3.9 | |||||||||||
end of period | |||||||||||||||||||||
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Valuation and Qualifying Accounts | ||||||||||||||||||||
The following table presents those accounts that have a reserve as of December 31, 2014, 2013 and 2012 and are not included in specific schedules herein. These amounts have been deducted from the respective assets on the Consolidated Balance Sheets (in millions): | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Description | Balance at | Charged to Costs and Expenses | Other Additions | Deductions | Balance at | ||||||||||||||||
Beginning of Period | End of Period | ||||||||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||||||
2014 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
2013 | 0.2 | (0.2 | ) | — | — | — | |||||||||||||||
2012 | 0.2 | — | — | — | 0.2 | ||||||||||||||||
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation | |||||||||||
The consolidated financial statements include the Partnership’s accounts and those of its wholly-owned subsidiaries after elimination of intercompany transactions. The Partnership also consolidates variable interest entities (VIEs) in which the Partnership is the primary beneficiary. Third party or affiliate ownership interests in the Partnership's subsidiaries and consolidated VIEs are presented as noncontrolling interests. | ||||||||||||
The Partnership applies the equity method of accounting for investments in unconsolidated affiliates in which it owns 20 percent to 50 percent of the voting interests or otherwise exercises significant influence, but not control, over operating and financial policies of the investee. Under this method, the carrying amounts of the Partnership's equity investments are increased by a proportionate share of the investee's net income and contributions made, and decreased by a proportionate share of the investee's net losses and distributions received. | ||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | |||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities and the fair values of certain items. The Partnership bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from such estimates. | ||||||||||||
Segment Reporting, Policy [Policy Text Block] | Segment Information | |||||||||||
The Partnership operates in one reportable segment - the operation of interstate natural gas and NGLs pipeline systems including integrated storage facilities. This segment consists of interstate natural gas pipeline systems which originate in the Gulf Coast region, Oklahoma and Arkansas, and extend north and east through the Midwestern states of Tennessee, Kentucky, Illinois, Indiana and Ohio and NGLs pipelines and storage facilities in Louisiana and Texas. | ||||||||||||
Public Utilities, Policy [Policy Text Block] | Regulatory Accounting | |||||||||||
Most of the Partnership's natural gas pipeline subsidiaries are regulated by the Federal Energy Regulatory Commission (FERC). When certain criteria are met, GAAP requires that certain rate-regulated entities account for and report assets and liabilities consistent with the economic effect of the manner in which independent third-party regulators establish rates (regulatory accounting). This basis of accounting is applicable to operations of the Partnership’s Texas Gas subsidiary which records certain costs and benefits as regulatory assets and liabilities in order to provide for recovery from or refund to customers in future periods, but is not applicable to operations associated with the Fayetteville and Greenville Laterals due to rates charged under negotiated rate agreements and a portion of the storage capacity due to the regulatory treatment associated with the rates charged for that capacity. Regulatory accounting is not applicable to the Partnership’s other FERC-regulated entities. | ||||||||||||
The Partnership monitors the regulatory and competitive environment in which it operates to determine that its regulatory assets continue to be probable of recovery. If the Partnership were to determine that all or a portion of its regulatory assets no longer met the criteria for recognition as regulatory assets, that portion which was not recoverable would be written off, net of any regulatory liabilities. | ||||||||||||
Note 10 contains more information regarding the Partnership’s regulatory assets and liabilities. | ||||||||||||
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements | |||||||||||
Fair value refers to an exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal market in which the reporting entity transacts based on the assumptions market participants would use when pricing the asset or liability assuming its highest and best use. A fair value hierarchy has been established that prioritizes the information used to develop those assumptions giving priority, from highest to lowest, to quoted prices in active markets for identical assets and liabilities (Level 1); observable inputs not included in Level 1, for example, quoted prices for similar assets and liabilities (Level 2); and unobservable data (Level 3), for example, a reporting entity’s own internal data based on the best information available in the circumstances. The Partnership uses fair value measurements to record derivatives, asset retirement obligations and impairments. Fair value measurements are also used to perform goodwill impairment testing and report fair values for certain items contained in this Report. The Partnership considers any transfers between levels within the fair value hierarchy to have occurred at the beginning of a quarterly reporting period. The Partnership did not recognize any transfers between Level 1 and Level 2 of the fair value hierarchy and did not change its valuation techniques or inputs during the year ended December 31, 2014. | ||||||||||||
Notes 6 and 12 contain more information regarding fair value measurements. | ||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | |||||||||||
Cash equivalents are highly liquid investments with an original maturity of three months or less and are stated at cost plus accrued interest, which approximates fair value. The Partnership had no restricted cash at December 31, 2014 and 2013. | ||||||||||||
Cash Management [Policy Text Block] | Cash Management | |||||||||||
The operating subsidiaries participate in an intercompany cash management program with those that are FERC-regulated participating to the extent they are permitted under FERC regulations. Under the cash management program, depending on whether a participating subsidiary has short-term cash surpluses or cash requirements, Boardwalk Pipelines either provides cash to them or they provide cash to Boardwalk Pipelines. The transactions are represented by demand notes and are stated at historical carrying amounts. Interest income and expense is recognized on an accrual basis when collection is reasonably assured. The interest rate on intercompany demand notes is London Interbank Offered Rate (LIBOR) plus one percent and is adjusted every three months. | ||||||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Trade and Other Receivables | |||||||||||
Trade and other receivables are stated at their historical carrying amount, net of allowances for doubtful accounts. The Partnership establishes an allowance for doubtful accounts on a case-by-case basis when it believes the required payment of specific amounts owed is unlikely to occur. Uncollectible receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or a receivable amount is deemed otherwise unrealizable. | ||||||||||||
Gas Stored Underground and Gas Receivables and Payables [Policy Text Block] | Gas Stored Underground and Gas Receivables and Payables | |||||||||||
Certain of the Partnership's operating subsidiaries have underground gas in storage which is utilized for system management and operational balancing, as well as for services including firm and interruptible storage associated with certain no-notice and parking and lending (PAL) services. Gas stored underground includes the historical cost of natural gas volumes owned by the operating subsidiaries, at times reduced by certain operational encroachments upon that gas. Current gas stored underground represents net retained fuel remaining after providing transportation and storage services which is available for resale and is valued at the lower of weighted-average cost or market. | ||||||||||||
The operating subsidiaries provide storage services whereby they store natural gas or NGLs on behalf of customers and also periodically hold customer gas under PAL services. Since the customers retain title to the gas held by the Partnership in providing these services, the Partnership does not record the related gas on its balance sheet. Certain of the Partnership's operating subsidiaries also periodically lend gas and NGLs to customers. | ||||||||||||
In the course of providing transportation and storage services to customers, the operating subsidiaries may receive different quantities of gas from shippers and operators than the quantities delivered on behalf of those shippers and operators. This results in transportation and exchange gas receivables and payables, commonly known as imbalances, which are settled in cash or the receipt or delivery of gas in the future. Settlement of imbalances requires agreement between the pipelines and shippers or operators as to allocations of volumes to specific transportation contracts and timing of delivery of gas based on operational conditions. The receivables and payables are valued at market price for operations where regulatory accounting is not applicable and are valued at the historical value of gas in storage for operations where regulatory accounting is applicable. | ||||||||||||
Materials and Supplies [Policy Text Block] | Materials and Supplies | |||||||||||
Materials and supplies are carried at average cost and are included in Other Assets on the Consolidated Balance Sheets. The Partnership expects its materials and supplies to be used for capital projects related to its property, plant and equipment and for future growth projects. At December 31, 2014 and 2013, the Partnership held approximately $15.3 million and $12.8 million of materials and supplies which were reflected in Other Assets on the Consolidated Balance Sheets. | ||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment (PPE) and Repair and Maintenance Costs | |||||||||||
PPE is recorded at its original cost of construction or fair value of assets purchased. Construction costs and expenditures for major renewals and improvements which extend the lives of the respective assets are capitalized. Construction work in progress is included in the financial statements as a component of PPE. All repair and maintenance costs are expensed as incurred. | ||||||||||||
Depreciation of PPE related to operations for which regulatory accounting does not apply is provided for using the straight-line method of depreciation over the estimated useful lives of the assets, which range from 3 to 35 years. The ordinary sale or retirement of PPE for these assets could result in a gain or loss. Depreciation of PPE related to operations for which regulatory accounting is applicable is provided for primarily on the straight-line method at FERC-prescribed rates over estimated useful lives of 5 to 62 years. Reflecting the application of composite depreciation, gains and losses from the ordinary sale or retirement of PPE for these assets are not recognized in earnings and generally do not impact PPE, net. | ||||||||||||
Note 7 contains more information regarding the Partnership’s PPE. | ||||||||||||
Goodwill [Policy Text Block] | Goodwill and Intangible Assets | |||||||||||
Goodwill represents the excess of the cost of an acquisition over the fair value of the net identifiable assets acquired and liabilities assumed. Goodwill is tested for impairment at the reporting unit level at least annually, as of November 30, or more frequently when events occur and circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Accounting requirements provide that a reporting entity may perform an optional qualitative assessment on an annual basis to determine whether events occurred or circumstances changed that would more likely than not reduce the fair value of a reporting unit below its carrying amount. If an initial qualitative assessment identifies that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or the optional qualitative assessment is not performed, a quantitative analysis is performed under a two-step impairment test to measure whether the fair value of the reporting unit is less than its carrying amount. If based upon a quantitative analysis the fair value of the reporting unit is less than its carrying amount, including goodwill, the Partnership performs an analysis of the fair value of all the assets and liabilities of the reporting unit. If the implied fair value of the reporting unit's goodwill is determined to be less than its carrying amount, an impairment loss is recognized for the difference. | ||||||||||||
Intangible assets are those assets which provide future economic benefit but have no physical substance. The Partnership recorded intangible assets for customer relationships obtained through its acquisitions. The customer relationships, which are included in Other Assets on the Consolidated Balance Sheets, have a finite life and are being amortized in a systematic and rational manner over their estimated useful lives. | ||||||||||||
Note 8 contains additional information regarding the Partnership's goodwill and intangible assets. | ||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets (including Tangible and Definite-lived Intangible Assets) | |||||||||||
The Partnership evaluates its long-lived and intangible assets for impairment when, in management’s judgment, events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. When such a determination has been made, management’s estimate of undiscounted future cash flows attributable to the remaining economic useful life of the asset is compared to the carrying amount of the asset to determine whether an impairment has occurred. If an impairment of the carrying amount has occurred, the amount of impairment recognized in the financial statements is determined by estimating the fair value of the assets and recording a loss to the extent that the carrying amount exceeds the estimated fair value. | ||||||||||||
Interest Expense, Policy [Policy Text Block] | Capitalized Interest and Allowance for Funds Used During Construction (AFUDC) | |||||||||||
The Partnership records capitalized interest, which represents the cost of borrowed funds used to finance construction activities for operations where regulatory accounting is not applicable. The Partnership records AFUDC, which represents the cost of funds, including equity funds, applicable to regulated natural gas transmission plant under construction as permitted by FERC regulatory practices, in connection with the Partnership’s operations where regulatory accounting is applicable. Capitalized interest and the allowance for borrowed funds used during construction are recognized as a reduction to Interest expense and the allowance for equity funds used during construction is included in Miscellaneous other income, net within the Consolidated Statements of Income. The following table summarizes capitalized interest and the allowance for borrowed funds and allowance for equity funds used during construction (in millions): | ||||||||||||
For the Year Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Capitalized interest and allowance for borrowed funds used during construction | $ | 6.8 | $ | 6.4 | $ | 4.7 | ||||||
Allowance for equity funds used during construction | 0.5 | 0.2 | 0.4 | |||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes | |||||||||||
The Partnership is not a taxable entity for federal income tax purposes. As such, it does not directly pay federal income tax. The Partnership’s taxable income or loss, which may vary substantially from the net income or loss reported in the Consolidated Statements of Income, is includable in the federal income tax returns of each partner. The aggregate difference in the basis of the Partnership’s net assets for financial and income tax purposes cannot be readily determined as the Partnership does not have access to the information about each partner’s tax attributes related to the Partnership. The subsidiaries of the Partnership directly incur some income-based state taxes which are presented in Income taxes on the Consolidated Statements of Income. | ||||||||||||
Note 14 contains more information regarding the Partnership’s income taxes. | ||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | |||||||||||
The maximum rates that may be charged by the majority of the Partnership's operating subsidiaries for their services are established through FERC’s cost-based rate-making process; however, rates charged by those operating subsidiaries may be less than those allowed by FERC. Revenues from transportation and storage services are recognized in the period the service is provided based on contractual terms and the related volumes transported or stored. In connection with some PAL and interruptible storage service agreements, cash is received at inception of the service period resulting in the recording of deferred revenues which are recognized in revenues over the period the services are provided. At December 31, 2014 and 2013, the Partnership had deferred revenues of $1.0 million and $7.9 million related to PAL and interruptible storage services and $6.2 million and $4.6 million related to a firm transportation agreement that was paid in advance. At December 31, 2014, the Partnership had deferred revenues of $2.5 million related to a brine supply contract for which certain future minimum volumes will need to be supplied by the Partnership. The deferred revenues related to PAL and interruptible storage services will be recognized through 2017 and the deferred revenues related to the firm transportation agreement will be recognized through 2018. | ||||||||||||
Retained fuel is recognized in revenues at market prices in the month of retention for operations where regulatory accounting is not applicable. The related fuel consumed in providing transportation services is recorded in Fuel and transportation expenses at market prices in the month consumed. In some cases, customers may elect to pay cash for the cost of fuel used in providing transportation services instead of having fuel retained in-kind. Retained fuel included in Transportation on the Consolidated Statements of Income for the years ended December 31, 2014, 2013 and 2012 was $90.3 million, $76.9 million and $71.8 million. | ||||||||||||
The Partnership has contractual retainage provisions in some of its ethylene storage contracts that provide for the Partnership to retain ownership of 0.5% of customer inventory volumes injected into storage wells. The Partnership may sell the retainage volumes if commercially marketable volumes are on hand. The Partnership recognizes revenue for ethylene retainage volumes upon the physical sale of such volumes. | ||||||||||||
Under FERC regulations, certain revenues that the operating subsidiaries collect may be subject to possible refunds to customers. Accordingly, during a rate case, estimated refund liabilities are recorded considering regulatory proceedings, advice of counsel and estimated risk-adjusted total exposure, as well as other factors. At December 31, 2014 and 2013, there were no liabilities for any open rate case recorded on the Consolidated Balance Sheets. | ||||||||||||
Asset Retirement Obligations, Policy [Policy Text Block] | Asset Retirement Obligations | |||||||||||
The accounting requirements for existing legal obligations associated with the future retirement of long-lived assets require entities to record the fair value of a liability for an asset retirement obligation in the period during which the liability is incurred. The liability is initially recognized at fair value and is increased with the passage of time as accretion expense is recorded, until the liability is ultimately settled. The accretion expense is included within Operation and maintenance costs within the Consolidated Statements of Income. An amount corresponding to the amount of the initial liability is capitalized as part of the carrying amount of the related long-lived asset and depreciated over the useful life of that asset. | ||||||||||||
Note 9 contains more information regarding the Partnership’s asset retirement obligations. | ||||||||||||
Environmental Costs, Policy [Policy Text Block] | Environmental Liabilities | |||||||||||
The Partnership records environmental liabilities based on management’s estimate of the undiscounted future obligation for probable costs associated with environmental assessment and remediation of operating sites. These estimates are based on evaluations and discussions with counsel and operating personnel and the current facts and circumstances related to these environmental matters. | ||||||||||||
Note 5 contains more information regarding the Partnership’s environmental liabilities. | ||||||||||||
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Defined Benefit Plans | |||||||||||
The Partnership maintains certain postretirement benefit plans for certain employees. The Partnership funds these plans through periodic contributions which are invested until the benefits are paid out to the participants. The net benefit cost of the plan is recorded in the Consolidated Statements of Income. The Partnership records an asset or liability based on the overfunded or underfunded status of the plan. Any deferred amounts related to unrecognized gains and losses or changes in actuarial assumptions are recorded as either a regulatory asset or liability or recorded as a component of accumulated other comprehensive income (AOCI) until those gains or losses are recognized in the Consolidated Statements of Income. | ||||||||||||
Note 12 contains more information regarding the Partnership’s pension and postretirement benefit obligations. | ||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Unit-Based and Other Long-Term Compensation | |||||||||||
The Partnership provides awards of phantom common units (Phantom Common Units) to certain employees under its Long-Term Incentive Plan (LTIP). The Partnership also provides to certain employees awards of unit appreciation rights (UARs) and long-term cash bonuses (Long-Term Cash Bonuses) under the Boardwalk Pipeline Partners Unit Appreciation Rights and Cash Bonus Plan. In 2014, the Partnership entered into retention payment agreements with certain key employees. | ||||||||||||
The Partnership measures the cost of an award issued in exchange for employee services based on the grant-date fair value of the award, or the stated amount in the case of the Long-Term Cash Bonuses and amounts under retention payment agreements. All outstanding awards are either required or expected to be settled in cash and are classified as a liability until settlement. The unit-based compensation awards are remeasured each reporting period until the final amount of awards is determined. The related compensation expense, less applicable estimates of forfeitures, is recognized over the period that employees are required to provide services in exchange for the awards, usually the vesting period. | ||||||||||||
Note 12 contains additional information regarding the Partnership’s unit-based and other long-term compensation. | ||||||||||||
Partner Capital Accounts [Policy Text Block] | Partner Capital Accounts | |||||||||||
For purposes of maintaining capital accounts, items of income and loss of the Partnership are allocated among the partners each year, or portion thereof, in accordance with the partnership agreement. Generally, net income for each period is allocated among the partners based on their respective ownership interests after deducting any priority allocations in the form of cash distributions paid to the general partner as the holder of IDRs. | ||||||||||||
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments | |||||||||||
The Partnership uses futures, swaps, and option contracts (collectively, derivatives) to hedge exposure to various risks, including natural gas commodity and interest rate risk. The effective portion of the related unrealized gains and losses resulting from changes in fair values of the derivatives contracts designated as cash flow hedges are deferred as a component of AOCI. The deferred gains and losses are recognized in earnings when the hedged anticipated transactions affect earnings. Changes in fair value of derivatives that are not designated as cash flow hedges are recognized in earnings in the periods that those changes in fair value occur. | ||||||||||||
The changes in fair values of the derivatives designated as cash flow hedges are expected to, and do, have a high correlation to changes in value of the anticipated transactions. Each reporting period the Partnership measures the effectiveness of the cash flow hedge contracts. To the extent the changes in the fair values of the hedge contracts do not effectively offset the changes in the estimated cash flows of the anticipated transactions, the ineffective portion of the hedge contracts is currently recognized in earnings. If it becomes probable that the anticipated transactions will not occur, hedge accounting would be terminated and changes in the fair values of the associated derivative financial instruments would be recognized currently in earnings. The Partnership discontinued an immaterial amount of cash flow hedges in 2014 and did not discontinue any cash flow hedges during 2013. | ||||||||||||
The effective component of gains and losses resulting from changes in fair values of the derivatives designated as cash flow hedges are deferred as a component of AOCI. The deferred gains and losses associated with the anticipated operational sale of gas reported as current Gas stored underground are recognized in operating revenues when the anticipated transactions affect earnings. In situations where continued reporting of a loss in AOCI would result in recognition of a future loss on the combination of the derivative and the hedged transaction, the loss is required to be immediately recognized in earnings for the amount that is not expected to be recovered. No such losses were recognized in the years ended December 31, 2014, 2013, and 2012. | ||||||||||||
Note 6 contains more information regarding the Partnership’s derivative financial instruments. |
Accounting_Policies_Tables
Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Summary of Capitalized Interest and Allowance for borrowed Funds | The following table summarizes capitalized interest and the allowance for borrowed funds and allowance for equity funds used during construction (in millions): | |||||||||||
For the Year Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Capitalized interest and allowance for borrowed funds used during construction | $ | 6.8 | $ | 6.4 | $ | 4.7 | ||||||
Allowance for equity funds used during construction | 0.5 | 0.2 | 0.4 | |||||||||
Acquisition_of_Boardwalk_Petro1
Acquisition of Boardwalk Petrochemical (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The acquisition of Evangeline was accounted for as a business combination using the acquisition method of accounting. The estimated fair values of the assets acquired and liabilities assumed related to the acquisition were as follows (in millions): | ||||
Evangeline Acquisition Date | |||||
Fair Value (3) | |||||
Plant, property and equipment | $ | 253.3 | |||
Customer-based intangibles (1) | 20 | ||||
Goodwill (2) | 21.9 | ||||
Total assets acquired | 295.2 | ||||
Current liabilities | (0.3 | ) | |||
Noncurrent liabilities | (0.2 | ) | |||
Total liabilities assumed | (0.5 | ) | |||
Net assets acquired | $ | 294.7 | |||
-1 | Customer-based intangibles are estimated to have a weighted-average useful life of 30 years. | ||||
-2 | Goodwill represents the excess of the purchase price over the estimated fair value of the assets acquired, net of the fair value of the liabilities assumed in the acquisition. | ||||
-3 | The purchase price allocation is preliminary and is subject to change based on the final working capital adjustments which are expected to be settled in the first quarter 2015. For the period from October 8, 2014 to December 31, 2014, Evangeline contributed $0.7 million to the Partnership’s revenues and decreased the Partnership's net income by $1.8 million, excluding acquisition costs. The Partnership incurred $2.6 million of costs related to the acquisition of Boardwalk Petrochemical, which were expensed as incurred and were recorded in Administrative and general expenses. Pro forma data is not provided because the impact of the acquisition on the Partnership’s revenues and net income was not material. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating Leases of Lessee Disclosure [Table Text Block] | Lease Commitments | |||
The Partnership has various operating lease commitments extending through the year 2024 generally covering office space and equipment rentals. Total lease expense for the years ended December 31, 2014, 2013 and 2012 was approximately $10.7 million, $8.6 million and $6.4 million. The following table summarizes minimum future commitments related to these items at December 31, 2014 (in millions): | ||||
2015 | $ | 4.7 | ||
2016 | 4.4 | |||
2017 | 3.9 | |||
2018 | 3.3 | |||
2019 | 2.9 | |||
Thereafter | 13.6 | |||
Total | $ | 32.8 | ||
Pipeline Capacity Agreements [Table Text Block] | Pipeline Capacity Agreements | |||
The Partnership’s operating subsidiaries have entered into pipeline capacity agreements with third-party pipelines that allow the operating subsidiaries to transport gas to off-system markets on behalf of customers. The Partnership incurred expenses of $10.1 million, $9.8 million and $9.1 million related to pipeline capacity agreements for the years ended December 31, 2014, 2013 and 2012. The future commitments related to pipeline capacity agreements as of December 31, 2014, were (in millions): | ||||
2015 | $ | 6.9 | ||
2016 | 6.3 | |||
2017 | 6.2 | |||
2018 | 2 | |||
2019 | — | |||
Thereafter | — | |||
Total | $ | 21.4 | ||
Capital Lease [Table Text Block] | Capital Lease | |||
The Partnership entered into an agreement to lease an office building in Owensboro, Kentucky. The construction of the building was completed and the Partnership took possession of the building in the third quarter 2013, at which time the Partnership recorded a capital lease asset and obligation of $10.5 million. The office building lease has a term of fifteen years with two twenty-year renewal options. Future commitments under this capital lease are as follows (in millions): | ||||
2015 | $ | 1 | ||
2016 | 1 | |||
2017 | 1 | |||
2018 | 1 | |||
2019 | 1.1 | |||
Thereafter | 9.5 | |||
Total minimum lease payments | 14.6 | |||
Less amounts representing interest | (4.6 | ) | ||
Present value of obligation under capital lease | 10 | |||
Less: current portion of obligations under capital lease | (0.4 | ) | ||
(recorded in Other current liabilities) | ||||
Long-term obligations under capital lease | $ | 9.6 | ||
Amortization of the office building under the capital lease for the year ended December 31, 2014 and 2013 was $0.7 million and $0.3 million and was included in Depreciation and amortization. As of December 31, 2014 and 2013, assets recorded in Natural gas transmission and other plant under the capital lease were $10.5 million and the accumulated amortization was $1.0 million and $0.3 million. |
Fair_Value_Measurements_Deriva1
Fair Value Measurements, Derivatives and Other Comprehensive Income (OCI) Accumulated Other Comprehensive Income (Loss) Net of Tax (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table shows the components and reclassifications to net income of Accumulated other comprehensive loss which is included in Partners' Capital on the Consolidated Balance Sheets for the years ended December 31, 2012 through 2014 (in millions): | |||||||||||
Cash Flow Hedges | Pension and Other Postretirement Benefit Costs | Total | ||||||||||
Beginning balance, January 1, 2012 | $ | (10.4 | ) | $ | (39.0 | ) | $ | (49.4 | ) | |||
Loss recorded in accumulated other comprehensive loss | (7.1 | ) | — | (7.1 | ) | |||||||
Reclassifications: | ||||||||||||
Other operating revenues | (0.1 | ) | — | (0.1 | ) | |||||||
Interest expense (1) | 2.1 | — | 2.1 | |||||||||
Pension and other postretirement benefit costs | — | (12.8 | ) | (12.8 | ) | |||||||
Ending balance, December 31, 2012 | $ | (15.5 | ) | $ | (51.8 | ) | $ | (67.3 | ) | |||
Gain recorded in accumulated other comprehensive loss | 1.6 | — | 1.6 | |||||||||
Reclassifications: | ||||||||||||
Transportation operating revenues | 0.1 | — | 0.1 | |||||||||
Other operating revenues | (0.1 | ) | — | (0.1 | ) | |||||||
Disposal of operating assets | (1.2 | ) | — | (1.2 | ) | |||||||
Interest expense (1) | 2.4 | — | 2.4 | |||||||||
Pension and other postretirement benefit costs | — | 0.7 | 0.7 | |||||||||
Ending balance, December 31, 2013 | $ | (12.7 | ) | $ | (51.1 | ) | $ | (63.8 | ) | |||
Loss recorded in accumulated other comprehensive loss | (0.7 | ) | — | (0.7 | ) | |||||||
Reclassifications: | ||||||||||||
Other operating revenues | 0.2 | — | 0.2 | |||||||||
Interest expense (1) | 2.4 | — | 2.4 | |||||||||
Pension and other postretirement benefit costs | — | (10.9 | ) | (10.9 | ) | |||||||
Ending balance, December 31, 2014 | $ | (10.8 | ) | $ | (62.0 | ) | $ | (72.8 | ) | |||
-1 | Related to amounts deferred in AOCI from Treasury rate locks described above. |
Fair_Value_Measurements_Deriva2
Fair Value Measurements, Derivatives and Other Comprehensive Income (OCI) Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying amount and estimated fair values of the Partnership's financial assets and liabilities which were not recorded at fair value on the Consolidated Balance Sheets as of December 31, 2014, and 2013, were as follows (in millions): | ||||||||||||||||||||
As of December 31, 2014 | Estimated Fair Value | ||||||||||||||||||||
Financial Assets | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Cash and cash equivalents | $ | 6.6 | $ | 6.6 | $ | — | $ | — | $ | 6.6 | |||||||||||
Financial Liabilities | |||||||||||||||||||||
Long-term debt | $ | 3,680.10 | (1) | $ | — | $ | 3,787.40 | $ | — | $ | 3,787.40 | ||||||||||
(1) The carrying amount of long-term debt excludes a $9.6 million long-term capital lease obligation. | |||||||||||||||||||||
As of December 31, 2013 | Estimated Fair Value | ||||||||||||||||||||
Financial Assets | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Cash and cash equivalents | $ | 28.5 | $ | 28.5 | $ | — | $ | — | $ | 28.5 | |||||||||||
Financial Liabilities | |||||||||||||||||||||
Long-term debt | $ | 3,414.40 | (1) | $ | — | $ | 3,573.80 | $ | — | $ | 3,573.80 | ||||||||||
(1) The carrying amount of long-term debt excludes a $10.0 million long-term capital lease obligation. |
Property_Plant_and_Equipment_P1
Property, Plant and Equipment (PPE) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||
Property, Plant and Equipment [Table Text Block] | The following table presents the Partnership’s PPE as of December 31, 2014 and 2013 (in millions): | |||||||||||||||
Category | 2014 | Weighted-Average | 2013 | Weighted-Average | ||||||||||||
Amount | Useful Lives | Amount | Useful Lives | |||||||||||||
(Years) | (Years) | |||||||||||||||
Depreciable plant: | ||||||||||||||||
Transmission | $ | 7,719.80 | 37 | $ | 7,067.70 | 37 | ||||||||||
Storage | 758.5 | 38 | 749.7 | 38 | ||||||||||||
Gathering | 336.7 | 27 | 326 | 27 | ||||||||||||
General | 170 | 14 | 160.3 | 13 | ||||||||||||
Rights of way and other | 114.9 | 36 | 111.1 | 35 | ||||||||||||
Total utility depreciable plant | 9,099.90 | 37 | 8,414.80 | 36 | ||||||||||||
Non-depreciable: | ||||||||||||||||
Construction work in progress | 105.5 | 174.5 | ||||||||||||||
Storage | 105.5 | 90.8 | ||||||||||||||
Land | 28.4 | 26.9 | ||||||||||||||
Other | 16.3 | 16.3 | ||||||||||||||
Total non-depreciable assets | 255.7 | 308.5 | ||||||||||||||
Total PPE | 9,355.60 | 8,723.30 | ||||||||||||||
Less: accumulated depreciation | 1,766.40 | 1,489.20 | ||||||||||||||
Total PPE, net | $ | 7,589.20 | $ | 7,234.10 | ||||||||||||
The non-depreciable assets were not included in the calculation of the weighted-average useful lives. | ||||||||||||||||
Gross PPE Investments and Related Accumulated Depreciation | The following table presents the gross PPE investment and related accumulated depreciation for the Partnership’s undivided interests as of December 31, 2014 and 2013 (in millions): | |||||||||||||||
2014 | 2013 | |||||||||||||||
Gross PPE | Accumulated Depreciation | Gross PPE | Accumulated Depreciation | |||||||||||||
Investment | Investment | |||||||||||||||
Bistineau storage | $ | 64.3 | $ | 17.5 | $ | 55.8 | $ | 15.1 | ||||||||
Mobile Bay Pipeline | 13 | 3.6 | 11.1 | 3.1 | ||||||||||||
NGL pipelines and facilities | 34.8 | 2.2 | 34.8 | 1.3 | ||||||||||||
Offshore and other assets | 18.8 | 13.7 | 19 | 13.4 | ||||||||||||
Total | $ | 130.9 | $ | 37 | $ | 120.7 | $ | 32.9 | ||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule of Goodwill [Table Text Block] | Changes in the gross amounts of goodwill for the Partnership are summarized as follows (in millions): | |||||||
Balance as of January 1, 2013 | $ | 267 | ||||||
Goodwill impairment charge | (51.5 | ) | ||||||
Balance as of December 31, 2013 | 215.5 | |||||||
Acquisition of Boardwalk Petrochemical (1) | 21.9 | |||||||
Balance as of December 31, 2014 | $ | 237.4 | ||||||
(1) Refer to Note 4 for further information on the acquisition of Boardwalk Petrochemical. | ||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table contains information regarding the Partnership's intangible assets, which includes customer relationships acquired as part of its acquisitions (in millions): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Gross carrying amount | $ | 59.4 | $ | 39.4 | ||||
Accumulated amortization | (3.5 | ) | (2.1 | ) | ||||
Net carrying amount | $ | 55.9 | $ | 37.3 | ||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For the year ended December 31, 2014, 2013 and 2012 amortization expense for intangible assets totaled $1.4 million, $1.3 million and $0.8 million and was recorded in Depreciation and amortization on the Consolidated Statements of Income. Amortization expense for the next five years and in total thereafter as of December 31, 2014, is expected to be as follows (in millions): | |||||||
2015 | $ | 2 | ||||||
2016 | 2 | |||||||
2017 | 2 | |||||||
2018 | 2 | |||||||
2019 | 2 | |||||||
Thereafter | 45.9 | |||||||
$ | 55.9 | |||||||
Asset_Retirement_Obligations_A1
Asset Retirement Obligations (ARO) (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ||||||||
Asset Retirement Obligation | The following table summarizes the aggregate carrying amount of the Partnership’s ARO (in millions): | |||||||
2014 | 2013 | |||||||
Balance at beginning of year | $ | 47.1 | $ | 39 | ||||
Liabilities recorded | 4.3 | 8 | ||||||
Liabilities settled | (6.9 | ) | (1.7 | ) | ||||
Accretion expense | 1.8 | 1.8 | ||||||
Balance at end of year | 46.3 | 47.1 | ||||||
Less: Current portion of asset retirement obligations | (6.4 | ) | (7.8 | ) | ||||
Long-term asset retirement obligations | $ | 39.9 | $ | 39.3 | ||||
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ||||||||
Schedule of Regulatory Assets and Liabilities | The amounts recorded as regulatory assets and liabilities in the Consolidated Balance Sheets as of December 31, 2014 and 2013, are summarized in the table below. The table also includes amounts related to unamortized debt expense and unamortized discount on long-term debt. While these amounts are not regulatory assets and liabilities, they are a critical component of the embedded cost of debt financing utilized in the Texas Gas rate proceedings. The tax effect of the equity component of AFUDC represents amounts recoverable from rate payers for the tax recorded in regulatory accounting. Certain amounts in the table are reflected as a negative, or a reduction, to be consistent with the regulatory books of account. The period of recovery for the regulatory assets included in rates varies from one to eighteen years. The remaining period of recovery for regulatory assets not yet included in rates would be determined in future rate proceedings. None of the regulatory assets shown below were earning a return as of December 31, 2014 and 2013 (in millions): | |||||||
2014 | 2013 | |||||||
Regulatory Assets: | ||||||||
Pension | $ | 10.6 | $ | 10.6 | ||||
Tax effect of AFUDC equity | 3.5 | 3.9 | ||||||
Unamortized debt expense and premium on reacquired debt | 9.6 | 11.5 | ||||||
Fuel tracker | 0.2 | 0.8 | ||||||
Total regulatory assets | $ | 23.9 | $ | 26.8 | ||||
Regulatory Liabilities: | ||||||||
Cashout and fuel tracker | $ | 0.9 | $ | 1.1 | ||||
Provision for other asset retirement | 60.5 | 57.6 | ||||||
Unamortized discount on long-term debt | (1.5 | ) | (1.8 | ) | ||||
Postretirement benefits other than pension | 34.2 | 32.7 | ||||||
Total regulatory liabilities | $ | 94.1 | $ | 89.6 | ||||
Financing_Tables
Financing (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | The following table presents all long-term debt issues outstanding as of December 31, 2014 and 2013 (in millions): | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Notes and Debentures: | ||||||||||||||||||||||
Boardwalk Pipelines | ||||||||||||||||||||||
5.88% Notes due 2016 | $ | 250 | $ | 250 | ||||||||||||||||||
5.50% Notes due 2017 | 300 | 300 | ||||||||||||||||||||
5.20% Notes due 2018 | 185 | 185 | ||||||||||||||||||||
5.75% Notes due 2019 | 350 | 350 | ||||||||||||||||||||
3.375% Notes due 2023 | 300 | 300 | ||||||||||||||||||||
4.95% Notes due 2024 (Boardwalk Pipelines 2024 Notes) | 350 | — | ||||||||||||||||||||
Gulf South | ||||||||||||||||||||||
5.05% Notes due 2015 (Gulf South 2015 Notes) | 275 | 275 | ||||||||||||||||||||
6.30% Notes due 2017 | 275 | 275 | ||||||||||||||||||||
4.00% Notes due 2022 | 300 | 300 | ||||||||||||||||||||
Texas Gas | ||||||||||||||||||||||
4.60% Notes due 2015 (Texas Gas 2015 Notes) | 250 | 250 | ||||||||||||||||||||
4.50% Notes due 2021 | 440 | 440 | ||||||||||||||||||||
7.25% Debentures due 2027 | 100 | 100 | ||||||||||||||||||||
Total notes and debentures | 3,375.00 | 3,025.00 | ||||||||||||||||||||
Term Loan | 200 | 225 | ||||||||||||||||||||
Revolving Credit Facility: | ||||||||||||||||||||||
Gulf Crossing | 120 | 175 | ||||||||||||||||||||
Capital lease obligation | 9.6 | 10 | ||||||||||||||||||||
3,704.60 | 3,435.00 | |||||||||||||||||||||
Less: unamortized debt discount | (14.9 | ) | (10.6 | ) | ||||||||||||||||||
Total Long-Term Debt and Capital Lease Obligation | $ | 3,689.70 | $ | 3,424.40 | ||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Maturities of the Partnership’s long-term debt for the next five years and in total thereafter are as follows (in millions): | |||||||||||||||||||||
2015 | $ | 525 | ||||||||||||||||||||
2016 | 250 | |||||||||||||||||||||
2017 | 895 | |||||||||||||||||||||
2018 | 185 | |||||||||||||||||||||
2019 | 350 | |||||||||||||||||||||
Thereafter | 1,490.00 | |||||||||||||||||||||
Total long-term debt | $ | 3,695.00 | ||||||||||||||||||||
Debt Issuances | For the years ended December 31, 2014, 2013 and 2012, the Partnership completed the following debt issuances (in millions, except interest rates): | |||||||||||||||||||||
Date of | Issuing Subsidiary | Amount of | Purchaser | Net | Interest | Maturity Date | Interest Payable | |||||||||||||||
Issuance | Issuance | Discounts | Proceeds | Rate | ||||||||||||||||||
and | ||||||||||||||||||||||
Expenses | ||||||||||||||||||||||
Nov-14 | Boardwalk Pipelines | $ | 350 | $ | 7.1 | $ | 342.9 | (1) | 4.95 | % | December 15, 2024 | June 15 and December 15 | ||||||||||
Nov-12 | Boardwalk Pipelines | $ | 300 | $ | 2.4 | $ | 297.6 | (2) | 3.375 | % | February 1, 2023 | February 1 and August 1 | ||||||||||
Jun-12 | Gulf South | $ | 300 | $ | 3.5 | $ | 296.5 | (3) | 4 | % | June 15, 2022 | June 15 and December 15 | ||||||||||
-1 | The net proceeds of this offering were used to retire all of the outstanding Gulf South 2015 Notes and the remainder of the net proceeds was used to reduce outstanding borrowings under the Partnership’s revolving credit facility. | |||||||||||||||||||||
-2 | The net proceeds of this offering were used to reduce borrowings under the Partnership’s revolving credit facility and repay all amounts outstanding under the subordinated loan agreement that was in place at that time, or $100.0 million. | |||||||||||||||||||||
-3 | The net proceeds of this offering were used to reduce borrowings under the Partnership’s revolving credit facility and to redeem $225.0 million of Gulf South's 5.75% notes due August 2012 (2012 Notes) discussed below. BPHC waived the prepayment provisions under the then existing subordinated loan agreement that would have required a prepayment under such agreement as a result of this offering. | |||||||||||||||||||||
Equity Issuance | For the years ended December 31, 2014, 2013 and 2012, the Partnership completed the following issuances and sales of common units (in millions, except the issuance price): | |||||||||||||||||||||
Month of Offering | Number of | Issuance | Less Underwriting Discounts and Expenses | Net Proceeds | Common Units Outstanding | Common Units Held by the Public | ||||||||||||||||
Common Units | Price | (including General Partner Contribution) | After Offering | After Offering | ||||||||||||||||||
May-13 | 12.7 | $30.12 | $12.30 | $376.50 | 220.3 | 117.6 | ||||||||||||||||
Oct-12 | (1) | 11.2 | $26.99 | $10.40 | $297.60 | 207.7 | 105 | |||||||||||||||
Aug-12 | (1) | 11.6 | $27.80 | $11.20 | $317.90 | 196.5 | 93.8 | |||||||||||||||
Feb-12 | (1) | 9.2 | $27.55 | $8.50 | $250.20 | 184.9 | 82.2 | |||||||||||||||
-1 | BPHC waived the prepayment provisions under the then existing subordinated loan agreement that would have required a prepayment under such agreement as a result of this offering. | |||||||||||||||||||||
Summary of Changes in Partnership Capital | The following table summarizes changes in the Partnership’s common and class B units since January 1, 2012 (in millions): | |||||||||||||||||||||
Common | Class B | |||||||||||||||||||||
Units | Units(1) | |||||||||||||||||||||
Balance, January 1, 2012 | 175.7 | 22.9 | ||||||||||||||||||||
Common units issued in connection with underwritten offerings | 32 | — | ||||||||||||||||||||
Balance, December 31, 2012 | 207.7 | 22.9 | ||||||||||||||||||||
Common units issued in connection with underwritten offerings | 12.7 | — | ||||||||||||||||||||
Conversion of class B units | 22.9 | (22.9 | ) | |||||||||||||||||||
Balance, December 31, 2013 and 2014 | 243.3 | — | ||||||||||||||||||||
-1 | On October 9, 2013, all of the 22.9 million class B units were converted into common units on a one-for-one basis, pursuant to the terms of the partnership agreement. |
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Employee Benefits [Abstract] | ||||||||||||||||||||||||||
Projected Benefit Obligation, Fair Value of Assets, Funded Status and the Amounts Not Yet Recognized As Components of Net Periodic Pension and Postretirement Benefits Cost [Table Text Block] | Projected Benefit Obligation, Fair Value of Assets and Funded Status | |||||||||||||||||||||||||
The projected benefit obligation, fair value of assets, funded status and the amounts not yet recognized as components of net periodic pension and postretirement benefits cost for the Retirement Plans and PBOP at December 31, 2014 and 2013, were as follows (in millions): | ||||||||||||||||||||||||||
Retirement Plans | PBOP | |||||||||||||||||||||||||
For the Year Ended | For the Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 148.5 | $ | 152.5 | $ | 50 | $ | 59.5 | ||||||||||||||||||
Service cost | 3.9 | 3.9 | 0.4 | 0.5 | ||||||||||||||||||||||
Interest cost | 5.8 | 5 | 2.2 | 2.1 | ||||||||||||||||||||||
Plan participants’ contributions | — | — | 0.9 | 0.8 | ||||||||||||||||||||||
Actuarial loss (gain) | 3.6 | (1.2 | ) | 5.2 | (8.3 | ) | ||||||||||||||||||||
Benefits paid | (0.5 | ) | (0.4 | ) | (3.6 | ) | (4.6 | ) | ||||||||||||||||||
Settlement | (11.4 | ) | (11.3 | ) | — | — | ||||||||||||||||||||
Benefit obligation at end of period | $ | 149.9 | $ | 148.5 | $ | 55.1 | $ | 50 | ||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 131.4 | $ | 125.7 | $ | 80.8 | $ | 86.7 | ||||||||||||||||||
Actual return on plan assets | 8.2 | 14.4 | 9.1 | (2.2 | ) | |||||||||||||||||||||
Benefits paid | (0.5 | ) | (0.4 | ) | (3.6 | ) | (4.6 | ) | ||||||||||||||||||
Settlement | (11.4 | ) | (11.3 | ) | — | — | ||||||||||||||||||||
Company contributions | 3 | 3 | 0.1 | 0.1 | ||||||||||||||||||||||
Plan participants’ contributions | — | — | 0.9 | 0.8 | ||||||||||||||||||||||
Fair value of plan assets at end of period | $ | 130.7 | $ | 131.4 | $ | 87.3 | $ | 80.8 | ||||||||||||||||||
Funded status | $ | (19.2 | ) | $ | (17.1 | ) | $ | 32.2 | $ | 30.8 | ||||||||||||||||
Items not recognized as components of net periodic cost: | ||||||||||||||||||||||||||
Prior service cost (credit) | $ | — | $ | — | $ | (8.6 | ) | $ | (16.4 | ) | ||||||||||||||||
Net actuarial loss | 26 | 24.4 | 10.7 | 10.6 | ||||||||||||||||||||||
Total | $ | 26 | $ | 24.4 | $ | 2.1 | $ | (5.8 | ) | |||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | At December 31, 2014 and 2013, the following aggregate information relates only to the underfunded plans (in millions): | |||||||||||||||||||||||||
Retirement Plans | ||||||||||||||||||||||||||
For the Year Ended | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Projected benefit obligation | $ | 149.9 | $ | 148.5 | ||||||||||||||||||||||
Accumulated benefit obligation | 139.7 | 138.4 | ||||||||||||||||||||||||
Fair value of plan assets | 130.7 | 131.4 | ||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||
Components of net periodic benefit cost for both the Retirement Plans and PBOP for the years ended December 31, 2014, 2013 and 2012 were as follows (in millions): | ||||||||||||||||||||||||||
Retirement Plans | PBOP | |||||||||||||||||||||||||
For the Year Ended | For the Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Service cost | $ | 3.9 | $ | 3.9 | $ | 4 | $ | 0.4 | $ | 0.5 | $ | 0.5 | ||||||||||||||
Interest cost | 5.8 | 5 | 5.8 | 2.2 | 2.1 | 2.4 | ||||||||||||||||||||
Expected return on plan assets | (9.5 | ) | (9.1 | ) | (8.6 | ) | (4.2 | ) | (4.5 | ) | (4.3 | ) | ||||||||||||||
Amortization of prior service credit | — | — | — | (7.8 | ) | (7.8 | ) | (7.8 | ) | |||||||||||||||||
Amortization of unrecognized net loss | 1.4 | 2.1 | 2.1 | 0.3 | — | 0.1 | ||||||||||||||||||||
Settlement charge | 1.9 | 1.7 | — | — | — | — | ||||||||||||||||||||
Net periodic benefit cost | $ | 3.5 | $ | 3.6 | $ | 3.3 | $ | (9.1 | ) | $ | (9.7 | ) | $ | (9.1 | ) | |||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments | |||||||||||||||||||||||||
The following table shows benefit payments, which reflect expected future service, as appropriate, which are expected to be paid for both the Retirement Plans and PBOP (in millions): | ||||||||||||||||||||||||||
Retirement Plans | PBOP | |||||||||||||||||||||||||
2015 | $ | 16.3 | $ | 3.1 | ||||||||||||||||||||||
2016 | 15 | 3.1 | ||||||||||||||||||||||||
2017 | 14.8 | 3.2 | ||||||||||||||||||||||||
2018 | 15 | 3.3 | ||||||||||||||||||||||||
2019 | 15.7 | 3.3 | ||||||||||||||||||||||||
2020-2024 | 67.1 | 16.5 | ||||||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations | Weighted –Average Assumptions | |||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations for the years ended December 31, 2014 and 2013, were as follows: | ||||||||||||||||||||||||||
Retirement Plans | PBOP | |||||||||||||||||||||||||
For the Year Ended | For the Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Pension | SRP | Pension | SRP | |||||||||||||||||||||||
Discount rate | 3.35 | % | 3.75 | % | 4 | % | 4.25 | % | 3.9 | % | 4.5 | % | ||||||||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 7.5 | % | 7.5 | % | 5.3 | % | 5.3 | % | ||||||||||||||
Rate of compensation increase | 3.5 | % | 3.5 | % | 3.5 | % | 3.5 | % | — | % | — | % | ||||||||||||||
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost | Weighted-average assumptions used to determine net periodic benefit cost for the periods indicated were as follows: | |||||||||||||||||||||||||
Retirement Plans | PBOP | |||||||||||||||||||||||||
For the Year Ended | For the Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Pension | SRP | Pension | SRP | Pension | SRP | |||||||||||||||||||||
Discount rate | 4 | % | 4.25 | % | 3.25%/4.10% | (1) | 3.5 | % | 4.25 | % | 4.25 | % | 4.5 | % | 3.9 | % | 4.7 | % | ||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 7.50% | 7.5 | % | 7.5 | % | 7.5 | % | 5.3 | % | 5.3 | % | 5.3 | % | |||||||||
Rate of compensation increase | 3.5 | % | 3.5 | % | 3.50% | 3.5 | % | 4 | % | 4 | % | — | % | — | % | — | % | |||||||||
(1) Pension expense was remeasured at September 30, 2013, to reflect a settlement. | ||||||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | PBOP Assumed Health Care Cost Trends | |||||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for PBOP. A one-percentage-point change in assumed trend rates for health care costs would have had the following effects on amounts reported for the year ended December 31, 2014 (in millions): | ||||||||||||||||||||||||||
Effect of 1% Increase: | 2014 | |||||||||||||||||||||||||
Benefit obligation at end of year | $ | 2.2 | ||||||||||||||||||||||||
Total of service and interest costs for year | 0.1 | |||||||||||||||||||||||||
Effect of 1% Decrease: | ||||||||||||||||||||||||||
Benefit obligation at end of year | $ | (1.9 | ) | |||||||||||||||||||||||
Total of service and interest costs for year | (0.1 | ) | ||||||||||||||||||||||||
Fair Values of Pension Plan Assets By Asset Class Master Trust [Table Text Block] | The following table sets forth by level within the fair value hierarchy a summary of the Master Trust’s investments measured at fair value on a recurring basis at December 31, 2014 (in millions): | |||||||||||||||||||||||||
Master Trust Assets | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Equity securities | $ | 42.3 | $ | — | $ | — | $ | 42.3 | ||||||||||||||||||
Short-term investments | 11.8 | — | — | 11.8 | ||||||||||||||||||||||
Other assets | 1.1 | — | — | 1.1 | ||||||||||||||||||||||
Fixed income mutual funds | 98.7 | — | — | 98.7 | ||||||||||||||||||||||
Asset-backed securities | — | 6 | — | 6 | ||||||||||||||||||||||
Limited partnerships : | ||||||||||||||||||||||||||
Hedge funds | — | 56.7 | 29.5 | 86.2 | ||||||||||||||||||||||
Private equity | — | — | 10.1 | 10.1 | ||||||||||||||||||||||
Total investments | $ | 153.9 | $ | 62.7 | $ | 39.6 | $ | 256.2 | ||||||||||||||||||
The following table sets forth by level within the fair value hierarchy a summary of the Master Trust’s investments measured at fair value on a recurring basis at December 31, 2013 (in millions): | ||||||||||||||||||||||||||
Master Trust Assets | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Equity securities | $ | 44.6 | $ | — | $ | — | $ | 44.6 | ||||||||||||||||||
Short-term investments | 4.4 | — | — | 4.4 | ||||||||||||||||||||||
Other assets | — | 3.4 | — | 3.4 | ||||||||||||||||||||||
Fixed income mutual funds | 100.1 | 0.3 | — | 100.4 | ||||||||||||||||||||||
Asset-backed securities | — | 5.8 | — | 5.8 | ||||||||||||||||||||||
Limited partnerships: | ||||||||||||||||||||||||||
Hedge funds | — | 57.5 | 29.7 | 87.2 | ||||||||||||||||||||||
Private equity | — | — | 11.7 | 11.7 | ||||||||||||||||||||||
Total investments | $ | 149.1 | $ | 67 | $ | 41.4 | $ | 257.5 | ||||||||||||||||||
Fair Value Measurement Using Significant Unobservable Inputs Master Trust [Table Text Block] | The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) for the Master Trust (in millions): | |||||||||||||||||||||||||
Limited | Limited | |||||||||||||||||||||||||
Partnerships: | Partnerships: | |||||||||||||||||||||||||
Hedge Funds | Private Equity | |||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 32 | $ | 7.1 | ||||||||||||||||||||||
Actual return on assets still held | 6.2 | 2.1 | ||||||||||||||||||||||||
Actual return on assets sold | (0.3 | ) | (0.3 | ) | ||||||||||||||||||||||
Purchases, sales and settlements | (8.2 | ) | 2.8 | |||||||||||||||||||||||
Net transfers in/(out) of Level 3 | — | — | ||||||||||||||||||||||||
Balance, December 31, 2013 | 29.7 | 11.7 | ||||||||||||||||||||||||
Actual return on assets still held | 2.1 | 0.2 | ||||||||||||||||||||||||
Actual return on assets sold | 0.1 | 0.8 | ||||||||||||||||||||||||
Purchases, sales and settlements | (2.4 | ) | (2.6 | ) | ||||||||||||||||||||||
Net transfers in/(out) of Level 3 | — | — | ||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 29.5 | $ | 10.1 | ||||||||||||||||||||||
Fair Values of Pension Plan Assets By Asset Class [Table Text Block] | The following table sets forth by level within the fair value hierarchy a summary of the PBOP trust investments measured at fair value on a recurring basis at December 31, 2014 (in millions): | |||||||||||||||||||||||||
PBOP Trust Assets | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Short-term investments | $ | 3.2 | $ | — | $ | — | $ | 3.2 | ||||||||||||||||||
Fixed income mutual funds | 3 | — | — | 3 | ||||||||||||||||||||||
Asset-backed securities | — | 20.4 | — | 20.4 | ||||||||||||||||||||||
Corporate bonds | — | 17.8 | — | 17.8 | ||||||||||||||||||||||
Tax exempt securities | — | 42.9 | — | 42.9 | ||||||||||||||||||||||
Total investments | $ | 6.2 | $ | 81.1 | $ | — | $ | 87.3 | ||||||||||||||||||
The following table sets forth by level within the fair value hierarchy a summary of the PBOP trust investments measured at fair value on a recurring basis at December 31, 2013 (in millions): | ||||||||||||||||||||||||||
PBOP Trust Assets | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Short-term investments | $ | 2.7 | $ | — | $ | — | $ | 2.7 | ||||||||||||||||||
Fixed income mutual funds | 2.8 | — | — | 2.8 | ||||||||||||||||||||||
Asset-backed securities | — | 19.8 | — | 19.8 | ||||||||||||||||||||||
Corporate bonds | — | 16.9 | — | 16.9 | ||||||||||||||||||||||
Tax exempt securities | — | 38.6 | — | 38.6 | ||||||||||||||||||||||
Total investments | $ | 5.5 | $ | 75.3 | $ | — | $ | 80.8 | ||||||||||||||||||
Disclosure of Share Based Compensation Arrangements by Share Based Payment Award LTIP [Table Text Block] | A summary of the status of the Phantom Common Units granted under the Partnership’s LTIP as of December 31, 2014 and 2013, and changes during the years ended December 31, 2014 and 2013, is presented below: | |||||||||||||||||||||||||
Phantom Common Units | Total Fair Value | Weighted-Average Vesting Period | ||||||||||||||||||||||||
(in millions) | (in years) | |||||||||||||||||||||||||
Outstanding at January 1, 2013 (1) | 192,595 | $ | 4.7 | 2 | ||||||||||||||||||||||
Granted | 220,808 | 5.7 | 2.8 | |||||||||||||||||||||||
Forfeited | (33,355 | ) | — | — | ||||||||||||||||||||||
Outstanding at December 31, 2013 (1) | 380,048 | 10.9 | 1.5 | |||||||||||||||||||||||
Paid | (171,411 | ) | (3.5 | ) | — | |||||||||||||||||||||
Forfeited | (8,968 | ) | — | — | ||||||||||||||||||||||
Outstanding at December 31, 2014 (1) | 199,669 | $ | 4.1 | 0.9 | ||||||||||||||||||||||
-1 | Represents fair value and remaining weighted-average vesting period of outstanding awards at the end of the period. | |||||||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | A summary of the outstanding UARs granted under the Partnership’s UAR and Cash Bonus Plan as of December 31, 2014 and 2013, and changes during 2014 and 2013 is presented below: | |||||||||||||||||||||||||
UARs | Weighted- Average | Total Fair Value | Weighted-Average Vesting Period | |||||||||||||||||||||||
Exercise Price | (in millions) | (in years) | ||||||||||||||||||||||||
Outstanding at January 1, 2013 (1) | 605,747 | $ | 29.18 | $ | 1.7 | 1.4 | ||||||||||||||||||||
Paid | (359,148 | ) | ||||||||||||||||||||||||
Forfeited | (61,400 | ) | ||||||||||||||||||||||||
Granted (2) | 293,809 | 27.57 | 1.8 | 2.8 | ||||||||||||||||||||||
Outstanding at December 31, 2013 (1) | 479,008 | 27.47 | 1.9 | 1.5 | ||||||||||||||||||||||
Vested (3) | (203,168 | ) | ||||||||||||||||||||||||
Forfeited | (10,348 | ) | ||||||||||||||||||||||||
Outstanding at December 31, 2014 (1) | 265,492 | $ | 27.57 | $ | — | 0.9 | ||||||||||||||||||||
-1 | Represents weighted-average exercise price, remaining weighted-average vesting period and total fair value of outstanding awards at the end of the period. | |||||||||||||||||||||||||
-2 | Represents the weighted-average exercise price and weighted-average vesting period of awards at grant date. The exercise price for each UAR granted was set at $27.57, the closing price of the Partnership’s common units on the New York Stock Exchange on the grant date on February 7, 2013. | |||||||||||||||||||||||||
-3 | Units vested and expired with no value. | |||||||||||||||||||||||||
Valuation Assumptions Under Unit Appreciation Rights [Table Text Block] | The fair value of the UARs was based on the computed value of a call on the Partnership’s common units at the exercise price. The following assumptions were used as inputs to the Black-Scholes valuation model for grants made during 2013. No UARs were granted in 2014. | |||||||||||||||||||||||||
Grant Date Assumptions for Grants Made in 2013 | ||||||||||||||||||||||||||
Expected life (years) | 2.8 | |||||||||||||||||||||||||
Risk free interest rate (1) | 0.35% | |||||||||||||||||||||||||
Expected volatility (2) | 32% | |||||||||||||||||||||||||
-1 | Based on the U.S. Treasury yield curve corresponding to the remaining life of the UAR. | |||||||||||||||||||||||||
-2 | Based on the historical volatility of the Partnership’s common units. | |||||||||||||||||||||||||
Disclosure of Share Based Compensation Arrangements By Share Based Payment Award SLTIP [Table Text Block] | A summary of the status of the Partnership’s SLTIP as of December 31, 2014 and 2013, and changes during the years ended December 31, 2014 and 2013, is presented below: | |||||||||||||||||||||||||
Phantom GP Units | Total Fair Value | Weighted-Average Vesting Period | ||||||||||||||||||||||||
(in millions) | (in years) | |||||||||||||||||||||||||
Outstanding at January 1, 2013 (1) | 145 | $ | 6.9 | 0.2 | ||||||||||||||||||||||
Paid | (145 | ) | (7.2 | ) | — | |||||||||||||||||||||
Outstanding at December 31, 2013 and 2014 | — | $ | — | — | ||||||||||||||||||||||
-1 | Represents fair value and remaining weighted-average vesting period of outstanding awards at the end of the period. |
Cash_Distributions_and_Net_Inc1
Cash Distributions and Net Income per Unit (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Partners' Capital Notes [Abstract] | |||||||||||||||||
Schedule of partnership quarterly distribution allocation | The Partnership’s cash distribution policy requires that the Partnership distribute to its various ownership interests on a quarterly basis all of its available cash, as defined in its partnership agreement. IDRs, which represent a limited partner ownership interest and are currently held by the Partnership’s general partner, represent the contractual right to receive an increasing percentage of quarterly distributions of available cash as follows: | ||||||||||||||||
Total Quarterly Distribution | Marginal Percentage | ||||||||||||||||
Interest in | |||||||||||||||||
Distributions | |||||||||||||||||
Target Amount | Limited Partner | General | |||||||||||||||
Unitholders (1) | Partner | ||||||||||||||||
and IDRs | |||||||||||||||||
First Target Distribution | up to $0.4025 | 98% | 2% | ||||||||||||||
Second Target Distribution | above $0.4025 up to $0.4375 | 85% | 15% | ||||||||||||||
Third Target Distribution | above $0.4375 up to $0.5250 | 75% | 25% | ||||||||||||||
Thereafter | above $0.5250 | 50% | 50% | ||||||||||||||
-1 | The class B unitholders participated in distributions on a pari passu basis with the Partnership’s common units up to $0.30 per unit per quarter. The class B units did not participate in quarterly distributions above $0.30 per unit and converted into common units on a one-for-one basis on October 9, 2013. | ||||||||||||||||
Dividends Declared [Table Text Block] | The Partnership has declared quarterly distributions per unit to unitholders of record, including holders of common and class B units (through October 9, 2013) and the 2% general partner interest and IDRs held by its general partner as follows (in millions, except distribution per unit): | ||||||||||||||||
Payment Date | Distribution | Amount Paid to Common | Amount Paid | Amount Paid to General Partner (Including IDRs) (1) | |||||||||||||
per Unit | Unitholders | to Class B | |||||||||||||||
Unitholder | |||||||||||||||||
November 20, 2014 | $ | 0.1 | $ | 24.3 | $ | — | $ | 0.5 | |||||||||
August 21, 2014 | 0.1 | 24.3 | — | 0.5 | |||||||||||||
May 15, 2014 | 0.1 | 24.3 | — | 0.5 | |||||||||||||
February 27, 2014 | 0.1 | 24.3 | — | 0.5 | |||||||||||||
November 14, 2013 | 0.5325 | 129.5 | — | (2) | 12.4 | ||||||||||||
August 15, 2013 | 0.5325 | 117.3 | 6.9 | 11.4 | |||||||||||||
May 16, 2013 | 0.5325 | 110.6 | 6.8 | 10.7 | |||||||||||||
February 28, 2013 | 0.5325 | 110.6 | 6.9 | 10.8 | |||||||||||||
November 15, 2012 | 0.5325 | 110.6 | 6.9 | 10.8 | |||||||||||||
August 16, 2012 | 0.5325 | 104.6 | 6.9 | 10.2 | |||||||||||||
May 17, 2012 | 0.5325 | 98.5 | 6.8 | 9.6 | |||||||||||||
February 23, 2012 | 0.53 | 98.1 | 6.8 | 9.1 | |||||||||||||
-1 | In February 2014, the Partnership decreased its distribution rate to $0.10 per common unit. As a result of the reduced distribution rate, the quarterly target distribution levels for IDR payout were not met and the Partnership paid no amounts with respect to the IDRs in 2014. In 2013 and 2012, the Partnership paid $34.6 million and $30.1 million in distributions on behalf of IDRs. | ||||||||||||||||
-2 | On October 9, 2013, all of the 22.9 million Class B units were converted into common units on a one-for-one basis, pursuant to the terms of the partnership agreement. | ||||||||||||||||
Distributions Made to Limited Partner, by Distribution [Table Text Block] | The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the year ended December 31, 2014, (in millions, except per unit data): | ||||||||||||||||
Total | Common | General Partner and IDRs | |||||||||||||||
Units | |||||||||||||||||
Net income | $ | 146.8 | |||||||||||||||
Less: Net loss attributable to noncontrolling interests | (86.8 | ) | |||||||||||||||
Net income attributable to controlling interests | 233.6 | ||||||||||||||||
Declared distribution | 99.2 | $ | 97.2 | $ | 2 | ||||||||||||
Assumed allocation of undistributed net income | 134.4 | 131.7 | 2.7 | ||||||||||||||
Assumed allocation of net income attributable to limited | $ | 233.6 | $ | 228.9 | $ | 4.7 | |||||||||||
partner unitholders and general partner | |||||||||||||||||
Weighted-average units outstanding | 243.3 | ||||||||||||||||
Net income per unit | $ | 0.94 | |||||||||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common and class B units for purposes of computing net income per unit for the year ended December 31, 2013. Basic net income per unit is calculated based on the weighted average number of units outstanding for the period. Diluted net income per unit is calculated assuming that the class B units converted on the date that they became convertible, or July 1, 2013 (in millions, except per unit data): | |||||||||||||||||
Total | Common | Class B | General Partner and IDRs | ||||||||||||||
Units | Units | ||||||||||||||||
Net income | $ | 250.2 | |||||||||||||||
Less: Net loss attributable to noncontrolling interests | (3.5 | ) | |||||||||||||||
Net income attributable to controlling interests | 253.7 | ||||||||||||||||
Declared distribution | 430.5 | $ | 381.8 | $ | 13.7 | $ | 35 | ||||||||||
Assumed allocation of undistributed net loss (basic) | (176.8 | ) | (160.5 | ) | (12.8 | ) | (3.5 | ) | |||||||||
Assumed allocation of net income attributable to limited | 253.7 | 221.3 | 0.9 | 31.5 | |||||||||||||
partner unitholders and general partner — basic | |||||||||||||||||
Allocation for diluted earnings per unit | — | (4.6 | ) | 4.6 | — | ||||||||||||
Assumed allocation of net income attributable to limited | $ | 253.7 | $ | 216.7 | $ | 5.5 | $ | 31.5 | |||||||||
partner unitholders and general partner — diluted | |||||||||||||||||
Weighted-average units outstanding — basic | 220.5 | 17.6 | |||||||||||||||
Weighted-average units outstanding — diluted | 226.8 | 11.3 | |||||||||||||||
Net income per unit — basic | $ | 1 | $ | 0.05 | |||||||||||||
Net income per unit — diluted | $ | 0.96 | $ | 0.48 | |||||||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common and class B units for purposes of computing net income per unit for the year ended December 31, 2012 (in millions, except per unit data): | |||||||||||||||||
Total | Common | Class B | General Partner and IDRs | ||||||||||||||
Units | Units | ||||||||||||||||
Net income | $ | 306 | |||||||||||||||
Less: Net loss attributable to predecessor equity | (2.2 | ) | |||||||||||||||
Net income attributable to limited partner unitholders and | 308.2 | ||||||||||||||||
general partner | |||||||||||||||||
Declared distribution | 493.1 | $ | 424.3 | $ | 27.5 | $ | 41.3 | ||||||||||
Assumed allocation of undistributed net loss | (184.9 | ) | (162.0 | ) | (19.2 | ) | (3.7 | ) | |||||||||
Assumed allocation of net income attributable to limited | $ | 308.2 | $ | 262.3 | $ | 8.3 | $ | 37.6 | |||||||||
partner unitholders and general partner | |||||||||||||||||
Weighted-average units outstanding | 191.9 | 22.9 | |||||||||||||||
Net income per unit | $ | 1.37 | $ | 0.36 | |||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Following is a summary of the provision for income taxes for the periods ended December 31, 2014, 2013 and 2012 (in millions): | |||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current expense: | ||||||||||||
State | $ | 0.3 | $ | 0.4 | $ | (0.2 | ) | |||||
Total | 0.3 | 0.4 | (0.2 | ) | ||||||||
Deferred provision: | ||||||||||||
State | 0.1 | 0.1 | 0.7 | |||||||||
Total | 0.1 | 0.1 | 0.7 | |||||||||
Income taxes | $ | 0.4 | $ | 0.5 | $ | 0.5 | ||||||
Credit_Risk_Tables
Credit Risk (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Risks and Uncertainties [Abstract] | ||||||||||||||||||
Operating revenues received from the partnership's major customer and percentage of total operating revenues earned | Operating revenues received from the Partnership’s major customer (in millions) and the percentage of total operating revenues earned from that customer were: | |||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Revenue | % | Revenue | % | Revenue | % | |||||||||||||
Devon Gas Services, LP | $ | 120.5 | 10% | $ | 127.1 | 11% | $ | 133.3 | 12% | |||||||||
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Supplemental Disclosure of Cash Flow Information (in millions): | |||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash paid during the period for: | ||||||||||||
Interest (net of amount capitalized) (1) | $ | 153 | $ | 151 | $ | 169.8 | ||||||
Income taxes, net | 0.1 | 0.3 | 0.2 | |||||||||
Non-cash adjustments: | ||||||||||||
Accounts payable and PPE | 36.9 | 38.1 | 37.9 | |||||||||
Capital lease obligations incurred | — | 10.5 | — | |||||||||
-1 | The 2012 period includes payments of $9.6 million related to the settlements of interest rate derivatives. |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | The following tables summarize selected quarterly financial data for 2014 and 2013 for the Partnership (in millions, except for earnings per unit): | |||||||||||||||
2014 | ||||||||||||||||
For the Quarter Ended: | ||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
Operating revenues | $ | 304.6 | $ | 278.9 | $ | 293.4 | $ | 356.9 | ||||||||
Operating expenses | 224.1 | 210.4 | 196.9 | 204.3 | ||||||||||||
Operating income | 80.5 | 68.5 | 96.5 | 152.6 | ||||||||||||
Interest expense, net | 44.2 | 39.9 | 40 | 40.8 | ||||||||||||
Other (income) expense | (0.6 | ) | 0.1 | 0.5 | 86 | |||||||||||
Income before income taxes | 36.9 | 28.5 | 56 | 25.8 | ||||||||||||
Income taxes | — | 0.1 | 0.1 | 0.2 | ||||||||||||
Net income | 36.9 | 28.4 | 55.9 | 25.6 | ||||||||||||
Net earnings (loss) attributable to | 0.1 | (0.8 | ) | (1.5 | ) | (84.6 | ) | |||||||||
noncontrolling interests | ||||||||||||||||
Net income attributable to | $ | 36.8 | $ | 29.2 | $ | 57.4 | $ | 110.2 | ||||||||
controlling interests | ||||||||||||||||
Net income per unit: | $ | 0.15 | $ | 0.12 | $ | 0.23 | $ | 0.44 | ||||||||
2013 | ||||||||||||||||
For the Quarter Ended: | ||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
Operating revenues | $ | 312.9 | $ | 275.5 | $ | 288.7 | $ | 328.5 | ||||||||
Operating expenses | 254.4 | 172.3 | 177.6 | 186.8 | ||||||||||||
Operating income | 58.5 | 103.2 | 111.1 | 141.7 | ||||||||||||
Interest expense, net | 41.1 | 40.9 | 40.6 | 40.3 | ||||||||||||
Other expense (income) | 0.5 | 0.6 | — | (0.2 | ) | |||||||||||
Income before income taxes | 16.9 | 61.7 | 70.5 | 101.6 | ||||||||||||
Income taxes | 0.2 | — | 0.1 | 0.2 | ||||||||||||
Net income | 16.7 | 61.7 | 70.4 | 101.4 | ||||||||||||
Net loss attributable to | (2.8 | ) | (0.6 | ) | (0.1 | ) | — | |||||||||
noncontrolling interests | ||||||||||||||||
Net income attributable to | $ | 19.5 | $ | 62.3 | $ | 70.5 | $ | 101.4 | ||||||||
controlling interests | ||||||||||||||||
Basic net income per unit: | ||||||||||||||||
Common units | $ | 0.08 | $ | 0.27 | $ | 0.28 | $ | 0.42 | ||||||||
Class B units | $ | (0.02 | ) | $ | (0.32 | ) | $ | 0.03 | $ | 0.19 | ||||||
Diluted net income per unit: | ||||||||||||||||
Common units | $ | 0.08 | $ | 0.21 | $ | 0.28 | $ | 0.42 | ||||||||
Class B units | $ | — | $ | — | $ | 0.03 | $ | 0.19 | ||||||||
Guarantee_of_Securities_of_Sub1
Guarantee of Securities of Subsidiaries (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||
Condensed Consolidated Balance Sheet | Condensed Consolidating Balance Sheets as of December 31, 2014 | ||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Assets | Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | ||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Cash and cash equivalents | $ | 0.5 | $ | 1.8 | $ | 4.3 | $ | — | $ | 6.6 | |||||||||||
Receivables | — | — | 110.9 | — | 110.9 | ||||||||||||||||
Receivables - affiliate | — | — | 9 | (9.0 | ) | — | |||||||||||||||
Gas and liquids stored underground | — | — | 4.1 | — | 4.1 | ||||||||||||||||
Prepayments | 0.1 | — | 14.4 | — | 14.5 | ||||||||||||||||
Advances to affiliates | — | 6.3 | 106.2 | (112.5 | ) | — | |||||||||||||||
Other current assets | 0.5 | — | 19.2 | (6.2 | ) | 13.5 | |||||||||||||||
Total current assets | 1.1 | 8.1 | 268.1 | (127.7 | ) | 149.6 | |||||||||||||||
Investment in consolidated subsidiaries | 1,970.60 | 6,744.10 | — | (8,714.7 | ) | — | |||||||||||||||
Property, plant and equipment, gross | 0.6 | — | 9,355.00 | — | 9,355.60 | ||||||||||||||||
Less–accumulated depreciation and | 0.6 | — | 1,765.80 | — | 1,766.40 | ||||||||||||||||
amortization | |||||||||||||||||||||
Property, plant and equipment, net | — | — | 7,589.20 | — | 7,589.20 | ||||||||||||||||
Other noncurrent assets | — | 3.4 | 465.2 | (0.6 | ) | 468 | |||||||||||||||
Advances to affiliates – noncurrent | 2,148.30 | 212 | 996.5 | (3,356.8 | ) | — | |||||||||||||||
Total other assets | 2,148.30 | 215.4 | 1,461.70 | (3,357.4 | ) | 468 | |||||||||||||||
Total Assets | $ | 4,120.00 | $ | 6,967.60 | $ | 9,319.00 | $ | (12,199.8 | ) | $ | 8,206.80 | ||||||||||
Liabilities and Equity | Parent | Subsidiary | Non-guarantor | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | |||||||||||||||||||
Payables | $ | 0.2 | $ | 0.1 | $ | 61.8 | $ | — | $ | 62.1 | |||||||||||
Payable to affiliates | 1.5 | — | 9 | (9.0 | ) | 1.5 | |||||||||||||||
Advances from affiliates | — | 106.2 | 6.3 | (112.5 | ) | — | |||||||||||||||
Other current liabilities | — | 21.4 | 141.7 | (6.5 | ) | 156.6 | |||||||||||||||
Total current liabilities | 1.7 | 127.7 | 218.8 | (128.0 | ) | 220.2 | |||||||||||||||
Total long-term debt and capital lease | — | 1,724.50 | 1,965.20 | — | 3,689.70 | ||||||||||||||||
obligation | |||||||||||||||||||||
Payable to affiliate - noncurrent | 16 | — | — | — | 16 | ||||||||||||||||
Advances from affiliates - noncurrent | — | 3,144.80 | 212 | (3,356.8 | ) | — | |||||||||||||||
Other noncurrent liabilities | — | — | 178.9 | (0.3 | ) | 178.6 | |||||||||||||||
Total other liabilities and deferred | 16 | 3,144.80 | 390.9 | (3,357.1 | ) | 194.6 | |||||||||||||||
credits | |||||||||||||||||||||
Total partners’ capital | 4,102.30 | 1,970.60 | 6,744.10 | (8,714.7 | ) | 4,102.30 | |||||||||||||||
Noncontrolling interest | — | — | — | — | — | ||||||||||||||||
Total Equity | 4,102.30 | 1,970.60 | 6,744.10 | (8,714.7 | ) | 4,102.30 | |||||||||||||||
Total Liabilities and Equity | $ | 4,120.00 | $ | 6,967.60 | $ | 9,319.00 | $ | (12,199.8 | ) | $ | 8,206.80 | ||||||||||
Condensed Consolidating Balance Sheets as of December 31, 2013 | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
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 | |||||||||||
Receivables | — | — | 119.2 | — | 119.2 | ||||||||||||||||
Receivables - affiliate | 0.1 | 0.1 | 14.3 | (13.4 | ) | 1.1 | |||||||||||||||
Gas and liquids stored underground | — | — | 0.7 | — | 0.7 | ||||||||||||||||
Prepayments | 0.3 | — | 12.6 | — | 12.9 | ||||||||||||||||
Advances to affiliates | — | — | 194.4 | (194.4 | ) | — | |||||||||||||||
Other current assets | — | — | 23.8 | (9.1 | ) | 14.7 | |||||||||||||||
Total current assets | 0.6 | 9.3 | 384.1 | (216.9 | ) | 177.1 | |||||||||||||||
Investment in consolidated subsidiaries | 1,480.80 | 6,138.30 | — | (7,619.1 | ) | — | |||||||||||||||
Property, plant and equipment, gross | 0.6 | — | 8,722.70 | — | 8,723.30 | ||||||||||||||||
Less–accumulated depreciation | 0.6 | — | 1,488.60 | — | 1,489.20 | ||||||||||||||||
and amortization | |||||||||||||||||||||
Property, plant and equipment, net | — | — | 7,234.10 | — | 7,234.10 | ||||||||||||||||
Other noncurrent assets | 0.3 | 3.7 | 420.7 | — | 424.7 | ||||||||||||||||
Advances to affiliates – noncurrent | 2,512.10 | 168.7 | 733.1 | (3,413.9 | ) | — | |||||||||||||||
Investment in unconsolidated affiliates | — | — | 78.6 | — | 78.6 | ||||||||||||||||
Total other assets | 2,512.40 | 172.4 | 1,232.40 | (3,413.9 | ) | 503.3 | |||||||||||||||
Total Assets | $ | 3,993.80 | $ | 6,320.00 | $ | 8,850.60 | $ | (11,249.9 | ) | $ | 7,914.50 | ||||||||||
Liabilities and Equity | Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | ||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Payables | $ | 0.2 | $ | — | $ | 70.6 | $ | — | $ | 70.8 | |||||||||||
Payable to affiliates | 0.7 | — | 13.9 | (13.4 | ) | 1.2 | |||||||||||||||
Advances from affiliates | — | 194.4 | — | (194.4 | ) | — | |||||||||||||||
Other current liabilities | — | 19.7 | 153.3 | (9.0 | ) | 164 | |||||||||||||||
Total current liabilities | 0.9 | 214.1 | 237.8 | (216.8 | ) | 236 | |||||||||||||||
Total long-term debt and capital lease | — | 1,379.90 | 2,044.50 | — | 3,424.40 | ||||||||||||||||
obligation | |||||||||||||||||||||
Payable to affiliate - noncurrent | 16 | — | — | — | 16 | ||||||||||||||||
Advances from affiliates - noncurrent | — | 3,245.20 | 168.7 | (3,413.9 | ) | — | |||||||||||||||
Other noncurrent liabilities | — | — | 174.8 | (0.1 | ) | 174.7 | |||||||||||||||
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 | |||||||||||||||
Noncontrolling interest | — | — | 86.5 | — | 86.5 | ||||||||||||||||
Total Equity | 3,976.90 | 1,480.80 | 6,224.80 | (7,619.1 | ) | 4,063.40 | |||||||||||||||
Total Liabilities and Equity | $ | 3,993.80 | $ | 6,320.00 | $ | 8,850.60 | $ | (11,249.9 | ) | $ | 7,914.50 | ||||||||||
Condensed Consolidating Statements of Income | Condensed Consolidating Statements of Income for the Year Ended December 31, 2014 | ||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 1,157.90 | $ | (92.8 | ) | $ | 1,065.10 | ||||||||||
Parking and lending | — | — | 23.3 | — | 23.3 | ||||||||||||||||
Storage | — | — | 90.4 | (0.9 | ) | 89.5 | |||||||||||||||
Other | — | — | 55.9 | — | 55.9 | ||||||||||||||||
Total operating revenues | — | — | 1,327.50 | (93.7 | ) | 1,233.80 | |||||||||||||||
Operating Costs and Expenses: | |||||||||||||||||||||
Fuel and transportation | — | — | 214.4 | (93.7 | ) | 120.7 | |||||||||||||||
Operation and maintenance | — | — | 198.8 | — | 198.8 | ||||||||||||||||
Administrative and general | 0.2 | — | 124.8 | — | 125 | ||||||||||||||||
Other operating costs and expenses | 0.2 | — | 391 | — | 391.2 | ||||||||||||||||
Total operating costs and expenses | 0.4 | — | 929 | (93.7 | ) | 835.7 | |||||||||||||||
Operating (loss) income | (0.4 | ) | — | 398.5 | — | 398.1 | |||||||||||||||
Other Deductions (Income): | |||||||||||||||||||||
Interest expense | — | 76.5 | 89 | — | 165.5 | ||||||||||||||||
Interest (income) expense - affiliates, net | (30.0 | ) | 41.2 | (11.2 | ) | — | — | ||||||||||||||
Interest income | — | — | (0.6 | ) | — | (0.6 | ) | ||||||||||||||
Equity in earnings of subsidiaries | (204.0 | ) | (321.7 | ) | — | 525.7 | — | ||||||||||||||
Equity losses in unconsolidated | — | — | 86.5 | — | 86.5 | ||||||||||||||||
affiliates | |||||||||||||||||||||
Miscellaneous other income, net | — | — | (0.5 | ) | — | (0.5 | ) | ||||||||||||||
Total other (income) deductions | (234.0 | ) | (204.0 | ) | 163.2 | 525.7 | 250.9 | ||||||||||||||
Income (loss) before income taxes | 233.6 | 204 | 235.3 | (525.7 | ) | 147.2 | |||||||||||||||
Income taxes | — | — | 0.4 | — | 0.4 | ||||||||||||||||
Net income (loss) | 233.6 | 204 | 234.9 | (525.7 | ) | 146.8 | |||||||||||||||
Net loss attributable to noncontrolling | — | — | (86.8 | ) | — | (86.8 | ) | ||||||||||||||
interests | |||||||||||||||||||||
Net income (loss) attributable to controlling | $ | 233.6 | $ | 204 | $ | 321.7 | $ | (525.7 | ) | $ | 233.6 | ||||||||||
interests | |||||||||||||||||||||
Condensed Consolidating Statements of Income for the Year Ended December 31, 2013 | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 1,116.40 | $ | (88.4 | ) | $ | 1,028.00 | ||||||||||
Parking and lending | — | — | 24 | (0.1 | ) | 23.9 | |||||||||||||||
Storage | — | — | 111 | (0.1 | ) | 110.9 | |||||||||||||||
Other | — | — | 42.8 | — | 42.8 | ||||||||||||||||
Total operating revenues | — | — | 1,294.20 | (88.6 | ) | 1,205.60 | |||||||||||||||
Operating Costs and Expenses: | |||||||||||||||||||||
Fuel and transportation | — | — | 182 | (88.6 | ) | 93.4 | |||||||||||||||
Operation and maintenance | — | 0.3 | 186.2 | — | 186.5 | ||||||||||||||||
Administrative and general | (0.1 | ) | 0.8 | 116.7 | — | 117.4 | |||||||||||||||
Other operating costs and expenses | 0.3 | 0.1 | 393.4 | — | 393.8 | ||||||||||||||||
Total operating costs and expenses | 0.2 | 1.2 | 878.3 | (88.6 | ) | 791.1 | |||||||||||||||
Operating (loss) income | (0.2 | ) | (1.2 | ) | 415.9 | — | 414.5 | ||||||||||||||
Other Deductions (Income): | |||||||||||||||||||||
Interest expense | — | 72.7 | 90.7 | — | 163.4 | ||||||||||||||||
Interest (income) expense - affiliates, net | (33.6 | ) | 41.3 | (7.7 | ) | — | — | ||||||||||||||
Interest income | — | — | (0.5 | ) | — | (0.5 | ) | ||||||||||||||
Equity in earnings of subsidiaries | (220.3 | ) | (335.5 | ) | — | 555.8 | — | ||||||||||||||
Equity losses in unconsolidated affiliates | — | — | 1.2 | — | 1.2 | ||||||||||||||||
Miscellaneous other income, net | — | — | (0.3 | ) | — | (0.3 | ) | ||||||||||||||
Total other (income) deductions | (253.9 | ) | (221.5 | ) | 83.4 | 555.8 | 163.8 | ||||||||||||||
Income (loss) before income taxes | 253.7 | 220.3 | 332.5 | (555.8 | ) | 250.7 | |||||||||||||||
Income taxes | — | — | 0.5 | — | 0.5 | ||||||||||||||||
Net income (loss) | 253.7 | 220.3 | 332 | (555.8 | ) | 250.2 | |||||||||||||||
Net loss attributable to noncontrolling | — | — | (3.5 | ) | — | (3.5 | ) | ||||||||||||||
interests | |||||||||||||||||||||
Net income (loss) attributable to controlling | $ | 253.7 | $ | 220.3 | $ | 335.5 | $ | (555.8 | ) | $ | 253.7 | ||||||||||
interests | |||||||||||||||||||||
Condensed Consolidating Statements of Income for the Year Ended December 31, 2012 | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 1,147.50 | $ | (89.2 | ) | $ | 1,058.30 | ||||||||||
Parking and lending | — | — | 28.7 | (0.7 | ) | 28 | |||||||||||||||
Storage | — | — | 85.4 | (0.7 | ) | 84.7 | |||||||||||||||
Other | — | — | 14 | — | 14 | ||||||||||||||||
Total operating revenues | — | — | 1,275.60 | (90.6 | ) | 1,185.00 | |||||||||||||||
Operating Costs and Expenses: | |||||||||||||||||||||
Fuel and transportation | — | — | 170 | (90.6 | ) | 79.4 | |||||||||||||||
Operation and maintenance | — | — | 167.2 | — | 167.2 | ||||||||||||||||
Administrative and general | 0.5 | — | 114.8 | — | 115.3 | ||||||||||||||||
Other operating costs and expenses | 0.3 | — | 349 | — | 349.3 | ||||||||||||||||
Total operating costs and expenses | 0.8 | — | 801 | (90.6 | ) | 711.2 | |||||||||||||||
Operating (loss) income | (0.8 | ) | — | 474.6 | — | 473.8 | |||||||||||||||
Other Deductions (Income): | |||||||||||||||||||||
Interest expense | — | 63.1 | 98.4 | — | 161.5 | ||||||||||||||||
Interest (income) expense - affiliates, net | (35.6 | ) | 52.9 | (10.4 | ) | — | 6.9 | ||||||||||||||
Interest income | — | — | (0.7 | ) | — | (0.7 | ) | ||||||||||||||
Equity in earnings of subsidiaries | (271.2 | ) | (387.2 | ) | — | 658.4 | — | ||||||||||||||
Miscellaneous other income, net | — | — | (0.4 | ) | — | (0.4 | ) | ||||||||||||||
Total other (income) deductions | (306.8 | ) | (271.2 | ) | 86.9 | 658.4 | 167.3 | ||||||||||||||
Income (loss) before income taxes | 306 | 271.2 | 387.7 | (658.4 | ) | 306.5 | |||||||||||||||
Income taxes | — | — | 0.5 | — | 0.5 | ||||||||||||||||
Net income (loss) | 306 | 271.2 | 387.2 | (658.4 | ) | 306 | |||||||||||||||
Net loss attributable to noncontrolling | — | — | — | — | — | ||||||||||||||||
interests | |||||||||||||||||||||
Net income (loss) attributable to controlling | $ | 306 | $ | 271.2 | $ | 387.2 | $ | (658.4 | ) | $ | 306 | ||||||||||
interests | |||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2014 | ||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Net income (loss) | $ | 233.6 | $ | 204 | $ | 234.9 | $ | (525.7 | ) | $ | 146.8 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
(Loss) gain on cash flow hedges | (0.7 | ) | (0.7 | ) | (0.7 | ) | 1.4 | (0.7 | ) | ||||||||||||
Reclassification adjustment transferred to | 2.6 | 2.6 | 0.9 | (3.5 | ) | 2.6 | |||||||||||||||
Net income from cash flow hedges | |||||||||||||||||||||
Pension and other postretirement | (10.9 | ) | (10.9 | ) | (10.9 | ) | 21.8 | (10.9 | ) | ||||||||||||
benefit costs | |||||||||||||||||||||
Total Comprehensive Income (Loss) | 224.6 | 195 | 224.2 | (506.0 | ) | 137.8 | |||||||||||||||
Comprehensive loss attributable to | — | — | (86.8 | ) | — | (86.8 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
Comprehensive income (loss) | $ | 224.6 | $ | 195 | $ | 311 | $ | (506.0 | ) | $ | 224.6 | ||||||||||
attributable to controlling interests | |||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2013 | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Net income (loss) | $ | 253.7 | $ | 220.3 | $ | 332 | $ | (555.8 | ) | $ | 250.2 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Gain (loss) on cash flow hedges | 1.6 | 1.6 | 1.6 | (3.2 | ) | 1.6 | |||||||||||||||
Reclassification adjustment transferred to | 1.2 | 1.2 | (0.5 | ) | (0.7 | ) | 1.2 | ||||||||||||||
Net income from cash flow hedges | |||||||||||||||||||||
Pension and other postretirement | 0.7 | 0.7 | 0.7 | (1.4 | ) | 0.7 | |||||||||||||||
benefit costs | |||||||||||||||||||||
Total Comprehensive Income (Loss) | 257.2 | 223.8 | 333.8 | (561.1 | ) | 253.7 | |||||||||||||||
Comprehensive loss attributable to | — | — | (3.5 | ) | — | (3.5 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
Comprehensive income (loss) | $ | 257.2 | $ | 223.8 | $ | 337.3 | $ | (561.1 | ) | $ | 257.2 | ||||||||||
attributable to controlling interests | |||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2012 | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Net income (loss) | $ | 306 | $ | 271.2 | $ | 387.2 | $ | (658.4 | ) | $ | 306 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
(Loss) gain on cash flow hedges | (7.1 | ) | (7.1 | ) | (6.7 | ) | 13.8 | (7.1 | ) | ||||||||||||
Reclassification adjustment transferred to | 2 | 2 | 0.3 | (2.3 | ) | 2 | |||||||||||||||
Net Income from cash flow hedges | |||||||||||||||||||||
Pension and other postretirement | (12.8 | ) | (12.8 | ) | (12.8 | ) | 25.6 | (12.8 | ) | ||||||||||||
benefit costs | |||||||||||||||||||||
Total Comprehensive Income (Loss) | 288.1 | 253.3 | 368 | (621.3 | ) | 288.1 | |||||||||||||||
Comprehensive loss attributable to | — | — | — | — | — | ||||||||||||||||
noncontrolling interests | |||||||||||||||||||||
Comprehensive income (loss) attributable to | $ | 288.1 | $ | 253.3 | $ | 368 | $ | (621.3 | ) | $ | 288.1 | ||||||||||
controlling interests | |||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flow for the Year Ended December 31, 2014 | ||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Net cash provided by (used in) | $ | 30.2 | $ | (112.1 | ) | $ | 595.5 | $ | — | $ | 513.6 | ||||||||||
operating activities | |||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures | — | — | (404.4 | ) | — | (404.4 | ) | ||||||||||||||
Proceeds from sale of operating assets | — | — | 2.9 | — | 2.9 | ||||||||||||||||
Proceeds from insurance and other | — | — | 6.3 | — | 6.3 | ||||||||||||||||
recoveries | |||||||||||||||||||||
Advances to affiliates, net | 363.9 | (49.6 | ) | (175.2 | ) | (139.0 | ) | 0.1 | |||||||||||||
Investment in unconsolidated affiliates | — | — | (20.5 | ) | — | (20.5 | ) | ||||||||||||||
Distribution from unconsolidated | — | — | 11.1 | — | 11.1 | ||||||||||||||||
affiliates | |||||||||||||||||||||
Acquisition of businesses, net of cash | (294.7 | ) | — | — | — | (294.7 | ) | ||||||||||||||
acquired | |||||||||||||||||||||
Net cash provided by (used in) | 69.2 | (49.6 | ) | (579.8 | ) | (139.0 | ) | (699.2 | ) | ||||||||||||
investing activities | |||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||
Proceeds from long-term debt, net of issuance cost | — | 342.9 | — | — | 342.9 | ||||||||||||||||
Proceeds from borrowings on revolving | — | — | 665 | — | 665 | ||||||||||||||||
credit agreement | |||||||||||||||||||||
Repayment of borrowings on revolving | — | — | (720.0 | ) | — | (720.0 | ) | ||||||||||||||
credit agreement | |||||||||||||||||||||
Repayment of borrowings from term | — | — | (25.0 | ) | — | (25.0 | ) | ||||||||||||||
loan | |||||||||||||||||||||
Principal payment of capital lease | — | — | (0.4 | ) | — | (0.4 | ) | ||||||||||||||
obligation | |||||||||||||||||||||
Advances from affiliates, net | 0.1 | (188.6 | ) | 49.6 | 139 | 0.1 | |||||||||||||||
Distributions paid | (99.2 | ) | — | — | — | (99.2 | ) | ||||||||||||||
Capital contribution from noncontrolling | — | — | 8.2 | — | 8.2 | ||||||||||||||||
interests | |||||||||||||||||||||
Distributions paid to noncontrolling | — | — | (7.9 | ) | — | (7.9 | ) | ||||||||||||||
interests | |||||||||||||||||||||
Net cash (used in) provided by | (99.1 | ) | 154.3 | (30.5 | ) | 139 | 163.7 | ||||||||||||||
financing activities | |||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 0.3 | (7.4 | ) | (14.8 | ) | — | (21.9 | ) | |||||||||||||
Cash and cash equivalents at | 0.2 | 9.2 | 19.1 | — | 28.5 | ||||||||||||||||
beginning of period | |||||||||||||||||||||
Cash and cash equivalents at | $ | 0.5 | $ | 1.8 | $ | 4.3 | $ | — | $ | 6.6 | |||||||||||
end of period | |||||||||||||||||||||
Condensed Consolidating Statements of Cash Flow for the Year Ended December 31, 2013 | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Net cash provided by (used in) | $ | 33.9 | $ | (108.8 | ) | $ | 609.2 | $ | — | $ | 534.3 | ||||||||||
operating activities | |||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures | — | — | (294.8 | ) | — | (294.8 | ) | ||||||||||||||
Proceeds from sale of operating assets | — | — | 60.7 | — | 60.7 | ||||||||||||||||
Proceeds from insurance and other | — | — | 1.4 | — | 1.4 | ||||||||||||||||
recoveries | |||||||||||||||||||||
Advances to affiliates, net | 126.4 | (84.3 | ) | (342.8 | ) | 300.7 | — | ||||||||||||||
Investment in consolidated affiliates | — | (15.1 | ) | — | 15.1 | — | |||||||||||||||
Investment in unconsolidated affiliates | — | — | (76.7 | ) | — | (76.7 | ) | ||||||||||||||
Net cash provided by (used in) | 126.4 | (99.4 | ) | (652.2 | ) | 315.8 | (309.4 | ) | |||||||||||||
investing activities | |||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||
Proceeds from borrowings on revolving | — | — | 1,128.00 | — | 1,128.00 | ||||||||||||||||
credit agreement | |||||||||||||||||||||
Repayment of borrowings on revolving | — | — | (1,255.0 | ) | — | (1,255.0 | ) | ||||||||||||||
credit agreement | |||||||||||||||||||||
Contribution from parent | — | — | 15.1 | (15.1 | ) | — | |||||||||||||||
Principal payment of capital lease | — | — | (0.2 | ) | — | (0.2 | ) | ||||||||||||||
obligation | |||||||||||||||||||||
Advances from affiliates, net | (2.8 | ) | 216.4 | 84.3 | (300.7 | ) | (2.8 | ) | |||||||||||||
Distributions paid | (533.9 | ) | — | — | — | (533.9 | ) | ||||||||||||||
Capital contribution from noncontrolling | — | — | 87.1 | — | 87.1 | ||||||||||||||||
interests | |||||||||||||||||||||
Proceeds from sale of common units | 368.7 | — | — | — | 368.7 | ||||||||||||||||
Capital contribution from general partner | 7.8 | — | — | — | 7.8 | ||||||||||||||||
Net cash (used in) provided by | (160.2 | ) | 216.4 | 59.3 | (315.8 | ) | (200.3 | ) | |||||||||||||
financing activities | |||||||||||||||||||||
Increase in cash and cash equivalents | 0.1 | 8.2 | 16.3 | — | 24.6 | ||||||||||||||||
Cash and cash equivalents at | 0.1 | 1 | 2.8 | — | 3.9 | ||||||||||||||||
beginning of period | |||||||||||||||||||||
Cash and cash equivalents at | $ | 0.2 | $ | 9.2 | $ | 19.1 | $ | — | $ | 28.5 | |||||||||||
end of period | |||||||||||||||||||||
Condensed Consolidating Statements of Cash Flow for the Year Ended December 31, 2012 | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||
Guarantor | Issuer | ||||||||||||||||||||
Net cash provided by (used in) | $ | 31.4 | $ | 577.9 | $ | 655.7 | $ | (689.5 | ) | $ | 575.5 | ||||||||||
operating activities | |||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures | — | — | (226.9 | ) | — | (226.9 | ) | ||||||||||||||
Proceeds from sale of operating assets | — | — | 5.9 | — | 5.9 | ||||||||||||||||
Proceeds from insurance and other | — | — | 10.4 | — | 10.4 | ||||||||||||||||
recoveries | |||||||||||||||||||||
Advances to affiliates, net | (404.2 | ) | (84.4 | ) | 66.2 | 422.4 | — | ||||||||||||||
Investment in consolidated affiliates | (17.0 | ) | (398.0 | ) | — | 415 | — | ||||||||||||||
Acquisition of businesses, net of cash | — | — | (620.2 | ) | — | (620.2 | ) | ||||||||||||||
acquired | |||||||||||||||||||||
Net cash (used in) provided by | (421.2 | ) | (482.4 | ) | (764.6 | ) | 837.4 | (830.8 | ) | ||||||||||||
investing activities | |||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||
Proceeds from long-term debt and term | — | 297.6 | 520.4 | — | 818 | ||||||||||||||||
loans | |||||||||||||||||||||
Repayment of borrowings from | — | (100.0 | ) | (425.0 | ) | — | (525.0 | ) | |||||||||||||
long-term debt, term loans and | |||||||||||||||||||||
subordinated debt | |||||||||||||||||||||
Proceeds from borrowings on revolving | — | 300 | 1,835.00 | — | 2,135.00 | ||||||||||||||||
credit agreement | |||||||||||||||||||||
Repayment of borrowings on revolving | — | (403.8 | ) | (1,891.5 | ) | — | (2,295.3 | ) | |||||||||||||
credit agreement including financing | |||||||||||||||||||||
costs | |||||||||||||||||||||
Contribution from parent | — | 17 | 398 | (415.0 | ) | — | |||||||||||||||
Contribution received related to | — | — | 269.2 | — | 269.2 | ||||||||||||||||
predecessor equity | |||||||||||||||||||||
Repayment of contribution received | — | (554.0 | ) | — | — | (554.0 | ) | ||||||||||||||
related to predecessor equity | |||||||||||||||||||||
Advances from affiliate | 2.6 | 338 | 84.4 | (422.4 | ) | 2.6 | |||||||||||||||
Distributions paid | (478.9 | ) | — | (689.5 | ) | 689.5 | (478.9 | ) | |||||||||||||
Proceeds from sale of common units | 847.7 | — | — | — | 847.7 | ||||||||||||||||
Capital contribution from general | 18 | — | — | — | 18 | ||||||||||||||||
partner | |||||||||||||||||||||
Net cash provided by (used in) | 389.4 | (105.2 | ) | 101 | (147.9 | ) | 237.3 | ||||||||||||||
financing activities | |||||||||||||||||||||
Decrease in cash and cash equivalents | (0.4 | ) | (9.7 | ) | (7.9 | ) | — | (18.0 | ) | ||||||||||||
Cash and cash equivalents at | 0.5 | 10.7 | 10.7 | — | 21.9 | ||||||||||||||||
beginning of period | |||||||||||||||||||||
Cash and cash equivalents at | $ | 0.1 | $ | 1 | $ | 2.8 | $ | — | $ | 3.9 | |||||||||||
end of period | |||||||||||||||||||||
Corporate_Structure_Details
Corporate Structure (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 20, 2015 |
In Millions, unless otherwise specified | ||||
Corporate Structure [Line Items] | ||||
Percent of General Partner Interest Owned by Holding Company | 2.00% | 2.00% | 2.00% | |
Subsequent Event | Boardwalk Pipelines Holding Company | ||||
Corporate Structure [Line Items] | ||||
Number of the Partnership's common units owned by holding company (in units) | 125.6 | |||
Percentage of Partnership's equity interests owned by holding company (in hundredths) | 53.00% | |||
Subsequent Event | Boardwalk GP, LP | ||||
Corporate Structure [Line Items] | ||||
Percent of General Partner Interest Owned by Holding Company | 2.00% |
Accounting_Policies_Details
Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
segments | |||
Accounting Policies [Line Items] | |||
Restricted Cash and Cash Equivalents | $0 | $0 | |
Materials And Supplies Held In Other Assets | 15.3 | 12.8 | |
Number of Reportable Segments (in ones) | 1 | ||
Capitalized interest and allowance for borrowed funds used during construction | 6.8 | 6.4 | 4.7 |
Allowance for equity funds used during construction | 0.5 | 0.2 | 0.4 |
Deferred revenues related to PAL and interruptible storage services | 1 | 7.9 | |
Deferred revenues related to a firm transportation agreement | 6.2 | 4.6 | |
Deferred revenues related to a brine supply contract | 2.5 | ||
Retained fuel included in Transportation | 90.3 | 76.9 | 71.8 |
Contractual Retainage Provision (Percentage) | 0.50% | ||
Customer Refund Liability, Current | 0 | 0 | |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $0 | $0 | $0 |
Minimum [Member] | |||
Accounting Policies [Line Items] | |||
Equity Method Investment, Ownership Percentage | 20.00% | ||
Maximum [Member] | |||
Accounting Policies [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% |
Accounting_Policies_Schedule_o
Accounting Policies Schedule of Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation range for PPE related to operations for which regulatory accounting does not apply (in years) | 3 years |
Depreciation range for PPE related to operations for which regulatory accounting is applicable (in years) | 5 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation range for PPE related to operations for which regulatory accounting does not apply (in years) | 35 years |
Depreciation range for PPE related to operations for which regulatory accounting is applicable (in years) | 62 years |
Investments_Details
Investments (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Variable Interest Entity [Line Items] | ||||||||||||
Income (Loss) from Equity Method Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ($86.50) | ($1.20) | $0 | |
Cash and Cash Equivalents, at Carrying Value | 6.6 | 28.5 | 6.6 | 28.5 | 3.9 | 21.9 | ||||||
Investment in unconsolidated affiliates | 0 | 78.6 | 0 | 78.6 | ||||||||
Construction work in progress | 105.5 | 174.5 | 105.5 | 174.5 | ||||||||
Payables | 62.1 | 70.8 | 62.1 | 70.8 | ||||||||
Boardwalk Bluegrass and Boardwalk Moss Lake, Bluegrass Pipeline, Moss Lake Fractionation and Moss Lake LPG [Member] | Boardwalk Pipeline Partners, LP | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Total Project Related Impairment | 92.9 | |||||||||||
Income (Loss) from Impairment Attributable to Noncontrolling Interest | -82.9 | |||||||||||
Income (Loss) from Equity Method Investments | -10 | |||||||||||
Bluegrass Pipeline, Moss Lake Fractionation and Moss Lake LPG [Member] | Boardwalk Bluegrass and Boardwalk Moss Lake | ||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||
Cash and Cash Equivalents, at Carrying Value | 15 | 15 | ||||||||||
Investment in unconsolidated affiliates | 0 | 78.6 | 0 | 78.6 | ||||||||
Construction work in progress | 6.8 | 6.8 | ||||||||||
Payables | $4.90 | $4.90 |
Acquisition_of_Boardwalk_Petro2
Acquisition of Boardwalk Petrochemical (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 08, 2014 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||||||||||||||
Goodwill | $237.40 | $215.50 | $237.40 | $215.50 | $267 | $237.40 | ||||||||
Revenues | 304.6 | 278.9 | 293.4 | 356.9 | 312.9 | 275.5 | 288.7 | 328.5 | 1,233.80 | 1,205.60 | 1,185 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -36.9 | -28.4 | -55.9 | -25.6 | -16.7 | -61.7 | -70.4 | -101.4 | -146.8 | -250.2 | -306 | |||
Boardwalk Petrochemical/Evangeline [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition, Date of Acquisition Agreement | 8-Oct-14 | |||||||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 294.7 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 253.3 | [1] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 20 | [1],[2] | ||||||||||||
Goodwill | 21.9 | [1],[3] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 295.2 | [1] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | -0.3 | [1] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | -0.2 | [1] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | -0.5 | [1] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 294.7 | [1] | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 30 years | |||||||||||||
Revenues | 0.7 | |||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 1.8 | |||||||||||||
Business Combination, Acquisition Related Costs | $2.60 | |||||||||||||
[1] | The purchase price allocation is preliminary and is subject to change based on the final working capital adjustments which are expected to be settled in the first quarter 2015. For the period from October 8, 2014 to December 31, 2014, Evangeline contributed $0.7 million to the Partnership’s revenues and decreased the Partnership's net income by $1.8 million, excluding acquisition costs. The Partnership incurred $2.6 million of costs related to the acquisition of Boardwalk Petrochemical, which were expensed as incurred and were recorded in Administrative and general expenses. Pro forma data is not provided because the impact of the acquisition on the Partnership’s revenues and net income was not material. | |||||||||||||
[2] | Customer-based intangibles are estimated to have a weighted-average useful life of 30 years. | |||||||||||||
[3] | Goodwill represents the excess of the purchase price over the estimated fair value of the assets acquired, net of the fair value of the liabilities assumed in the acquisition. |
Commitments_and_Contingencies_1
Commitments and Contingencies Legal Proceedings and Settlements (Details) | 12 Months Ended |
Dec. 31, 2014 | |
class_action_suit | |
lawsuits | |
Whistler Junction Matter | |
Loss Contingencies [Line Items] | |
Number of Lawsuits Filed (in ones) | 10 |
Number of Class Action Lawsuits Filed (in ones) | 1 |
Southeast Louisiana Flood Protection Litigation | |
Loss Contingencies [Line Items] | |
Loss Contingency, Number of Defendants (in ones) | 100 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
t | ||
facilities | ||
Environmental and Safety Matters [Line Items] | ||
Accrual for Environmental Loss Contingencies | $6.10 | $6.50 |
Number of years the related expenditures are expected to cover assessment and remediation costs (in years) | 7 | |
Accrued Environmental Loss Contingencies, Current | 1.5 | 1.5 |
Accrued Environmental Loss Contingencies, Noncurrent | 4.6 | 5 |
Number of facilities operated affected by non-attainment requirements | 2 | |
Minimum volume of annual greenhouse gas emissions to be reported (in tons) | 25,000 | |
Target Methane Reductions | 45.00% | |
Commitments for Construction [Abstract] | ||
Purchase Commitment, Remaining Minimum Amount Committed | $61.90 |
Commitments_and_Contingencies_3
Commitments and Contingencies Schedule of Operating Leased Assets (Details) (Office Space and Equipment Rentals [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Office Space and Equipment Rentals [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense | $10.70 | $8.60 | $6.40 |
2015 | 4.7 | ||
2016 | 4.4 | ||
2017 | 3.9 | ||
2018 | 3.3 | ||
2019 | 2.9 | ||
Thereafter | 13.6 | ||
Total | $32.80 |
Commitments_and_Contingencies_4
Commitments and Contingencies Schedule of Pipeline Capacity Agreements (Details) (Pipeline Capacity Agreements [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pipeline Capacity Agreements [Member] | |||
Recorded Unconditional Purchase Obligation [Line Items] | |||
Expenses related to pipeline capacity agreements | $10.10 | $9.80 | $9.10 |
2015 | 6.9 | ||
2016 | 6.3 | ||
2017 | 6.2 | ||
2018 | 2 | ||
2019 | 0 | ||
Thereafter | 0 | ||
Total | $21.40 |
Commitments_and_Contingencies_5
Commitments and Contingencies Schedule of Capital Leased Assets (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Capital Leased Assets [Line Items] | ||||
Capital Lease Obligations Incurred | $0 | $10.50 | $0 | |
Long-term obligations under capital lease | 9.6 | 10 | ||
Office Building [Member] | ||||
Capital Leased Assets [Line Items] | ||||
Description of Lessee Leasing Arrangements, Capital Leases | The office building lease has a term of fifteen years with two twenty year renewal options. | |||
Capital Lease Obligations Incurred | 10.5 | |||
2015 | 1 | |||
2016 | 1 | |||
2017 | 1 | |||
2018 | 1 | |||
2019 | 1.1 | |||
Thereafter | 9.5 | |||
Total minimum lease payments | 14.6 | |||
Less amounts representing interest | -4.6 | |||
Present value of obligation under capital lease | 10 | |||
Less: current portion of obligations under capital lease (recorded in Other current liabilities) | -0.4 | |||
Long-term obligations under capital lease | 9.6 | |||
Capital Leases, Income Statement, Amortization Expense | 0.7 | 0.3 | ||
Capital Leased Assets, Gross | 10.5 | 10.5 | ||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | $1 | $0.30 |
Fair_Value_Measurements_Deriva3
Fair Value Measurements, Derivatives and Other Comprehensive Income (OCI) Fair Value Measurements Assets and Liabilities Measured on Recurring and Nonrecurring (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment in unconsolidated affiliates | $0 | $78.60 | |
Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | 7.1 | ||
Equity Method Investment, Other than Temporary Impairment | 85.8 | ||
Income (Loss) from Impairment Attributable to Noncontrolling Interest | -82.9 | ||
Income (Loss) from Impairments Attributable to Parent | -10 | ||
Fair Value, Inputs, Level 2 | Commodity Contract | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | 0.5 | |
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 | |
Bluegrass Pipeline, Moss Lake Fractionation and Moss Lake LPG [Member] | Boardwalk Bluegrass and Boardwalk Moss Lake | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment in unconsolidated affiliates | $0 | $78.60 |
Fair_Value_Measurements_Deriva4
Fair Value Measurements, Derivatives and Other Comprehensive Income (OCI) Other Comprehensive Income (OCI) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $3.50 | |||||
Accumulated other comprehensive income (loss) (beginning) | -63.8 | -67.3 | -49.4 | |||
Gain (loss) recorded in accumulated other comprehensive income | -0.7 | 1.6 | -7.1 | |||
Transportation operating revenues | -1,065.10 | -1,028 | -1,058.30 | |||
Interest Expense | 165.5 | 163.4 | 161.5 | |||
Pension and other postretirement benefit costs | -10.9 | 0.7 | -12.8 | |||
Accumulated other comprehensive income (loss) (ending) | -72.8 | -63.8 | -67.3 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Transportation operating revenues | 0.1 | |||||
Other operating revenues | 0.2 | -0.1 | -0.1 | |||
Disposal of assets | -1.2 | |||||
Interest Expense | 2.4 | [1] | 2.4 | [1] | 2.1 | [1] |
Net gain on disposal of operating assets | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -2.4 | |||||
Accumulated other comprehensive income (loss) (beginning) | -12.7 | -15.5 | -10.4 | |||
Gain (loss) recorded in accumulated other comprehensive income | -0.7 | 1.6 | -7.1 | |||
Pension and other postretirement benefit costs | 0 | 0 | 0 | |||
Accumulated other comprehensive income (loss) (ending) | -10.8 | -12.7 | -15.5 | |||
Net gain on disposal of operating assets | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Transportation operating revenues | 0.1 | |||||
Other operating revenues | 0.2 | -0.1 | -0.1 | |||
Disposal of assets | -1.2 | |||||
Interest Expense | 2.4 | [1] | 2.4 | [1] | 2.1 | [1] |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 5.9 | |||||
Accumulated other comprehensive income (loss) (beginning) | -51.1 | -51.8 | -39 | |||
Gain (loss) recorded in accumulated other comprehensive income | 0 | 0 | 0 | |||
Pension and other postretirement benefit costs | -10.9 | 0.7 | -12.8 | |||
Accumulated other comprehensive income (loss) (ending) | -62 | -51.1 | -51.8 | |||
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Transportation operating revenues | 0 | |||||
Other operating revenues | 0 | 0 | 0 | |||
Disposal of assets | 0 | |||||
Interest Expense | $0 | [1] | $0 | [1] | $0 | [1] |
[1] | Related to amounts deferred in AOCI from Treasury rate locks described above. |
Fair_Value_Measurements_Deriva5
Fair Value Measurements, Derivatives and Other Comprehensive Income (OCI) Financial Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Cash and Cash Equivalents, at Carrying Value | $6.60 | $28.50 | $3.90 | $21.90 | ||
Capital Lease Obligations, Noncurrent | 9.6 | 10 | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||||
Cash and Cash Equivalents, Fair Value | 6.6 | 28.5 | ||||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||||
Long-term Debt, Fair Value | 3,787.40 | 3,573.80 | ||||
Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Cash and Cash Equivalents, at Carrying Value | 6.6 | 28.5 | ||||
Long-term Debt | 3,680.10 | [1] | 3,414.40 | [2] | ||
Fair Value | Fair Value, Inputs, Level 1 | ||||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||||
Cash and Cash Equivalents, Fair Value | 6.6 | 28.5 | ||||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||||
Long-term Debt, Fair Value | 0 | 0 | ||||
Fair Value | Fair Value, Inputs, Level 2 | ||||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||||
Cash and Cash Equivalents, Fair Value | 0 | 0 | ||||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||||
Long-term Debt, Fair Value | 3,787.40 | 3,573.80 | ||||
Fair Value | Fair Value, Inputs, Level 3 | ||||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||||
Cash and Cash Equivalents, Fair Value | 0 | 0 | ||||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||||
Long-term Debt, Fair Value | $0 | $0 | ||||
[1] | The carrying amount of long-term debt excludes a $9.6 million long-term capital lease obligation. | |||||
[2] | The carrying amount of long-term debt excludes a $10.0 million long-term capital lease obligation. |
Property_Plant_and_Equipment_P2
Property, Plant and Equipment (PPE) Property, Plant and Equipment Class and Useful Life (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Total PPE | $9,355.60 | $8,723.30 |
Less: accumulated depreciation | 1,766.40 | 1,489.20 |
Total PPE, net | 7,589.20 | 7,234.10 |
Depreciable plant: | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Weighted-Average Useful Life | 37 years | 36 years |
Total PPE | 9,099.90 | 8,414.80 |
Depreciable plant: | Transmission | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Weighted-Average Useful Life | 37 years | 37 years |
Total PPE | 7,719.80 | 7,067.70 |
Depreciable plant: | Storage | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Weighted-Average Useful Life | 38 years | 38 years |
Total PPE | 758.5 | 749.7 |
Depreciable plant: | Gathering | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Weighted-Average Useful Life | 27 years | 27 years |
Total PPE | 336.7 | 326 |
Depreciable plant: | General | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Weighted-Average Useful Life | 14 years | 13 years |
Total PPE | 170 | 160.3 |
Depreciable plant: | Rights of way and other | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Weighted-Average Useful Life | 36 years | 35 years |
Total PPE | 114.9 | 111.1 |
Non-depreciable: | ||
Property, Plant and Equipment [Line Items] | ||
Total PPE | 255.7 | 308.5 |
Non-depreciable: | Storage | ||
Property, Plant and Equipment [Line Items] | ||
Total PPE | 105.5 | 90.8 |
Non-depreciable: | Construction work in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total PPE | 105.5 | 174.5 |
Non-depreciable: | Land | ||
Property, Plant and Equipment [Line Items] | ||
Total PPE | 28.4 | 26.9 |
Non-depreciable: | Other | ||
Property, Plant and Equipment [Line Items] | ||
Total PPE | $16.30 | $16.30 |
Property_Plant_and_Equipment_P3
Property, Plant and Equipment (PPE) Undivided Interests (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Undivided Interest Property [Line Items] | ||
Gross PPE Investment | $130.90 | $120.70 |
Accumulated Depreciation | 37 | 32.9 |
Bistineau Storage | ||
Undivided Interest Property [Line Items] | ||
Undivided interests in storage facility | 92.00% | |
Gross PPE Investment | 64.3 | 55.8 |
Accumulated Depreciation | 17.5 | 15.1 |
Mobile Bay Pipeline | ||
Undivided Interest Property [Line Items] | ||
Undivided interest in pipeline | 64.00% | |
Gross PPE Investment | 13 | 11.1 |
Accumulated Depreciation | 3.6 | 3.1 |
NGL pipelines and facilities | ||
Undivided Interest Property [Line Items] | ||
Undivided interest in Ethylene Wells | 83.00% | |
Gross PPE Investment | 34.8 | 34.8 |
Accumulated Depreciation | 2.2 | 1.3 |
Offshore and Other Assets | ||
Undivided Interest Property [Line Items] | ||
Gross PPE Investment | 18.8 | 19 |
Accumulated Depreciation | $13.70 | $13.40 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Dispositions and Impairments [Abstract] | |||
Asset impairment | $10.10 | $4.10 | $9.10 |
Gas Storage Sale | |||
Gas Sales [Abstract] | |||
Gain (Loss) on Disposition of Other Assets | 29.9 | ||
Volume Of Gas Sold (in MMcf) | 14,900 | ||
Carrying Value Before Sale or Impairment | 26 | ||
Carthage Compressor Station Incident | |||
Compressor Station Fire [Abstract] | |||
Recovery of Direct Costs | 12.3 | ||
Insured Event, Gain (Loss) | $0.60 | $1.70 | $1.20 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets Goodwill (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill [Roll Forward] | ||||
Goodwill Period Start | $215.50 | $267 | ||
Goodwill, Impairment Loss | 0 | -51.5 | 0 | |
Goodwill, Acquired During Period | 21.9 | [1] | ||
Goodwill Period End | $237.40 | $215.50 | $267 | |
[1] | Refer to Note 4 for further information on the acquisition of Boardwalk Petrochemical. |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $59.40 | $39.40 | |
Accumulated amortization | -3.5 | -2.1 | |
Net carrying amount | 55.9 | 37.3 | |
Amortization of Intangible Assets | 1.4 | 1.3 | 0.8 |
2015 | 2 | ||
2016 | 2 | ||
2017 | 2 | ||
2018 | 2 | ||
2019 | 2 | ||
Thereafter | $45.90 | ||
Finite-Lived Intangible Asset, Useful Life | 29 years |
Asset_Retirement_Obligations_A2
Asset Retirement Obligations (ARO) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at beginning of year | $47.10 | $39 |
Liabilities recorded | 4.3 | 8 |
Liabilities settled | -6.9 | -1.7 |
Accretion expense | 1.8 | 1.8 |
Balance at end of year | 46.3 | 47.1 |
Less: Current portion of asset retirement obligations | -6.4 | -7.8 |
Long-term asset retirement obligations | 39.9 | 39.3 |
Provision for other asset retirement | $60.50 | $57.60 |
Regulatory_Assets_and_Liabilit2
Regulatory Assets and Liabilities (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Regulatory Assets and Liabilities Disclosure [Abstract] | ||
Period of recovery-minimum (in years) | 1 year | |
Period of recovery-maximum (in years) | 18 years | |
Regulatory Assets [Line Items] | ||
Regulatory Assets | $23.90 | $26.80 |
Pension | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 10.6 | 10.6 |
Tax effect of AFUDC equity | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 3.5 | 3.9 |
Unamortized debt expense and premium on reacquired debt | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 9.6 | 11.5 |
Fuel tracker | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | $0.20 | $0.80 |
Regulatory_Assets_and_Liabilit3
Regulatory Assets and Liabilities Regulatory Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | $94.10 | $89.60 |
Cashout and fuel tracker | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | 0.9 | 1.1 |
Provision for other asset retirement | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | 60.5 | 57.6 |
Unamortized discount on long-term debt | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | -1.5 | -1.8 |
Postretirement benefits other than pension | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | $34.20 | $32.70 |
Financing_Details
Financing (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2014 | Jun. 30, 2012 | Sep. 30, 2012 | |||
Debt Instruments [Abstract] | ||||||||||
Capital Lease Obligations, Noncurrent | $9.60 | $10 | $9.60 | |||||||
Debt and Capital Lease Obligations | 3,704.60 | 3,435 | 3,704.60 | |||||||
Less: unamortized debt discount | -14.9 | -10.6 | -14.9 | |||||||
Total long-term debt and capital lease obligation | 3,689.70 | 3,424.40 | 3,689.70 | |||||||
Repayments of Unsecured Debt | 0 | 0 | 525 | |||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||
Amended Credit Agreement 2012 | Federal Funds Effective Swap Rate | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | federal funds | |||||||||
Amended Credit Agreement 2012 | Eurodollar | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | one month Eurodollar Rate | |||||||||
Amended Credit Agreement 2012 | Base Rate | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | base rate | |||||||||
Amended Credit Agreement 2012 | Prime Rate | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | prime rate | |||||||||
Amended Credit Agreement 2012 | London Interbank Offered Rate (LIBOR) | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||
Unsecured Debt | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||
2015 | 525 | 525 | ||||||||
2016 | 250 | 250 | ||||||||
2017 | 895 | 895 | ||||||||
2018 | 185 | 185 | ||||||||
2019 | 350 | 350 | ||||||||
Thereafter | 1,490 | 1,490 | ||||||||
Total long-term debt | 3,695 | 3,695 | ||||||||
Debt Instruments [Abstract] | ||||||||||
Debt, Weighted Average Interest Rate | 5.31% | 5.32% | 5.31% | |||||||
Debt Instrument, Redemption, Description | The Partnerships notes and debentures are redeemable, in whole or in part, at the Partnerships option at any time, at a redemption price equal to the greater of 100% of the principal amount of the notes to be redeemed or a make whole redemption price based on the remaining scheduled payments of principal and interest discounted to the date of redemption at a rate equal to the Treasury rate plus 20 to 50 basis points depending upon the particular issue of notes, plus accrued and unpaid interest, if any. Other customary covenants apply, including those concerning events of default. | |||||||||
Debt Instrument, Covenant Description | The indentures governing the notes and debentures have restrictive covenants which provide that, with certain exceptions, neither the Partnership nor any of its subsidiaries may create, assume or suffer to exist any lien upon any property to secure any indebtedness unless the debentures and notes shall be equally and ratably secured. All of the Partnership's debt obligations are unsecured. | |||||||||
Debt Instrument, Covenant Compliance | At December 31, 2014, Boardwalk Pipelines and its operating subsidiaries were in compliance with their debt covenants. | |||||||||
Unsecured Debt | Boardwalk Pipelines 5.88% Notes Due 2016 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||
Total long-term debt | 250 | 250 | 250 | |||||||
Debt Instruments [Abstract] | ||||||||||
Interest Rate (in hundredths) | 5.88% | 5.88% | ||||||||
Unsecured Debt | Boardwalk Pipelines 5.50% Notes Due 2017 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||
Total long-term debt | 300 | 300 | 300 | |||||||
Debt Instruments [Abstract] | ||||||||||
Interest Rate (in hundredths) | 5.50% | 5.50% | ||||||||
Unsecured Debt | Boardwalk Pipelines 5.20% Notes Due 2018 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||
Total long-term debt | 185 | 185 | 185 | |||||||
Debt Instruments [Abstract] | ||||||||||
Interest Rate (in hundredths) | 5.20% | 5.20% | ||||||||
Unsecured Debt | Boardwalk Pipelines 5.75% Notes Due 2019 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||
Total long-term debt | 350 | 350 | 350 | |||||||
Debt Instruments [Abstract] | ||||||||||
Interest Rate (in hundredths) | 5.75% | 5.75% | ||||||||
Unsecured Debt | Boardwalk Pipelines 3.375% Notes Due 2023 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||
Total long-term debt | 300 | 300 | 300 | |||||||
Debt Instruments [Abstract] | ||||||||||
Debt Instrument, Date of Issuance | 5-Nov-12 | |||||||||
Debt Instrument, Amount of Issuance | 300 | 300 | ||||||||
Purchaser Discounts and Expenses | 2.4 | |||||||||
Net Proceeds | 297.6 | [1] | ||||||||
Interest Rate (in hundredths) | 3.38% | 3.38% | 3.38% | 3.38% | ||||||
Maturity Date | 1-Feb-23 | |||||||||
Unsecured Debt | Boardwalk Pipelines 4.95% Notes Due 2024 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||
Total long-term debt | 350 | 0 | 350 | |||||||
Debt Instruments [Abstract] | ||||||||||
Debt Instrument, Date of Issuance | 19-Nov-14 | |||||||||
Debt Instrument, Amount of Issuance | 350 | 350 | ||||||||
Purchaser Discounts and Expenses | 7.1 | |||||||||
Net Proceeds | 342.9 | [2] | ||||||||
Interest Rate (in hundredths) | 4.95% | 4.95% | ||||||||
Maturity Date | 15-Dec-24 | |||||||||
Unsecured Debt | Gulf South 5.05% Notes Due 2015 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||
Total long-term debt | 275 | 275 | 275 | |||||||
Debt Instruments [Abstract] | ||||||||||
Interest Rate (in hundredths) | 5.05% | 5.05% | ||||||||
Unsecured Debt | Gulf South 6.30% Notes Due 2017 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||
Total long-term debt | 275 | 275 | 275 | |||||||
Debt Instruments [Abstract] | ||||||||||
Interest Rate (in hundredths) | 6.30% | 6.30% | ||||||||
Unsecured Debt | Gulf South 4.00% Notes Due 2022 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||
Total long-term debt | 300 | 300 | 300 | |||||||
Debt Instruments [Abstract] | ||||||||||
Debt Instrument, Date of Issuance | 15-Jun-12 | |||||||||
Debt Instrument, Amount of Issuance | 300 | |||||||||
Purchaser Discounts and Expenses | 3.5 | |||||||||
Net Proceeds | 296.5 | [3] | ||||||||
Interest Rate (in hundredths) | 4.00% | 4.00% | 4.00% | |||||||
Maturity Date | 15-Jun-22 | |||||||||
Unsecured Debt | Texas Gas 4.60% Notes Due 2015 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||
Total long-term debt | 250 | 250 | 250 | |||||||
Debt Instruments [Abstract] | ||||||||||
Interest Rate (in hundredths) | 4.60% | 4.60% | ||||||||
Unsecured Debt | Texas Gas 4.50% Notes Due 2021 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||
Total long-term debt | 440 | 440 | 440 | |||||||
Debt Instruments [Abstract] | ||||||||||
Interest Rate (in hundredths) | 4.50% | 4.50% | ||||||||
Unsecured Debt | Texas Gas 7.25% Debentures Due 2027 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||
Total long-term debt | 100 | 100 | 100 | |||||||
Debt Instruments [Abstract] | ||||||||||
Interest Rate (in hundredths) | 7.25% | 7.25% | ||||||||
Unsecured Debt | Total Notes and Debentures | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||
Total long-term debt | 3,375 | 3,025 | 3,375 | |||||||
Unsecured Debt | Term Loan | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||
Total long-term debt | 200 | 225 | 200 | |||||||
Debt Instruments [Abstract] | ||||||||||
Debt, Weighted Average Interest Rate | 1.91% | 1.92% | 1.91% | |||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 0 | 0 | ||||||||
Debt Instrument, Amount of Issuance | 225 | 225 | ||||||||
Maturity Date | 1-Oct-17 | |||||||||
Unsecured Debt | Gulf South Notes Due 2012 | ||||||||||
Debt Instruments [Abstract] | ||||||||||
Repayments of Unsecured Debt | 225 | |||||||||
Interest Rate (in hundredths) | 5.75% | |||||||||
Maturity Date | 15-Aug-12 | |||||||||
Line of Credit | ||||||||||
Debt Instruments [Abstract] | ||||||||||
Debt, Weighted Average Interest Rate | 1.54% | 1.29% | 1.54% | |||||||
Line of Credit Facility [Abstract] | ||||||||||
Long-term Line of Credit | 120 | 175 | 120 | |||||||
Line of Credit Facility, Covenant Terms | The credit facility contains various restrictive covenants and other usual and customary terms and conditions, including restrictions regarding the incurrence of additional debt, the sale of assets and sale-leaseback transactions. The financial covenants under the credit facility require the Partnership and its subsidiaries to maintain, among other things, a ratio of total consolidated debt to consolidated EBITDA (as defined in the credit agreement) measured for the previous twelve months of not more than 5.0 to 1.0, or up to 5.5 to 1.0 for the three quarters following an acquisition. | |||||||||
Line of Credit Facility, Covenant Compliance | The Partnership and its subsidiaries were in compliance with all covenant requirements under the credit facility as of December 31, 2014. | |||||||||
Maximum Ratio of Debt to EBITDA | 5.0 to 1.0 | |||||||||
Maximum Ratio of Debt to EBITDA after Acquisition | 5.5 to 1.0 | |||||||||
Line of Credit | Gulf Crossing Revolving Credit Facility | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||
Total long-term debt | 120 | 175 | 120 | |||||||
Line of Credit | Amended Credit Agreement 2012 | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | 1,000 | ||||||||
Line of Credit Facility, Expiration Date | 27-Apr-17 | |||||||||
Line of Credit | Amended Credit Agreement 2012 | Minimum [Member] | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.13% | |||||||||
Line of Credit | Amended Credit Agreement 2012 | Maximum [Member] | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |||||||||
Line of Credit | Amended Credit Agreement 2012 | Federal Funds Effective Swap Rate | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||
Line of Credit | Amended Credit Agreement 2012 | Eurodollar | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||
Line of Credit | Amended Credit Agreement 2012 | Base Rate | Minimum [Member] | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |||||||||
Line of Credit | Amended Credit Agreement 2012 | Base Rate | Maximum [Member] | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.88% | |||||||||
Line of Credit | Amended Credit Agreement 2012 | London Interbank Offered Rate (LIBOR) | Minimum [Member] | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||
Line of Credit | Amended Credit Agreement 2012 | London Interbank Offered Rate (LIBOR) | Maximum [Member] | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.88% | |||||||||
Subordinated Debt | ||||||||||
Debt Instruments [Abstract] | ||||||||||
Maturity Date | 31-Jul-24 | |||||||||
Line of Credit Facility [Abstract] | ||||||||||
Subordinated Loan Agreement Maximum Borrowing Capacity | 300 | 300 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 5.75% | |||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 9.75% | |||||||||
Subordinated Debt | Subordinated Loan Agreement with BPHC | ||||||||||
Debt Instruments [Abstract] | ||||||||||
Repayments of Subordinated Debt | 100 | |||||||||
Capital Lease Obligations | ||||||||||
Debt Instruments [Abstract] | ||||||||||
Capital Lease Obligations, Noncurrent | $9.60 | $10 | $9.60 | |||||||
[1] | The net proceeds of this offering were used to reduce borrowings under the Partnership’s revolving credit facility and repay all amounts outstanding under the subordinated loan agreement that was in place at that time, or $100.0 million. | |||||||||
[2] | The net proceeds of this offering were used to retire all of the outstanding Gulf South 2015 Notes and the remainder of the net proceeds was used to reduce outstanding borrowings under the Partnership’s revolving credit facility. | |||||||||
[3] | The net proceeds of this offering were used to reduce borrowings under the Partnership’s revolving credit facility and to redeem $225.0 million of Gulf South's 5.75% notes due August 2012 (2012 Notes) discussed below. BPHC waived the prepayment provisions under the then existing subordinated loan agreement that would have required a prepayment under such agreement as a result of this offering. |
Financing_Schedule_of_Capital_
Financing Schedule of Capital Units (Details) (USD $) | 3 Months Ended | ||||||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Capital Unit [Line Items] | |||||||||
Percent of General Partner Interest Owned by Holding Company | 2.00% | 2.00% | 2.00% | ||||||
Common Units | Second Quarter 2013 Offering | |||||||||
Capital Unit [Line Items] | |||||||||
Month of Offering | 29-May-13 | ||||||||
Partners' Capital Account, Units, Sold in Public Offering | 12.7 | ||||||||
Issuance Price (in dollars per share) | $30.12 | ||||||||
Less Underwriting Discounts and Expenses | $12.30 | ||||||||
Proceeds from Issuance or Sale of Equity | 376.5 | ||||||||
Common Units Outstanding After Offering | 220.3 | ||||||||
Common Units Held by the Public After Offering | 117.6 | ||||||||
Percent of General Partner Interest Owned by Holding Company | 2.00% | ||||||||
Common Units | Fourth Quarter 2012 Offering | |||||||||
Capital Unit [Line Items] | |||||||||
Month of Offering | 5-Oct-12 | [1] | |||||||
Partners' Capital Account, Units, Sold in Public Offering | 11.2 | ||||||||
Issuance Price (in dollars per share) | $26.99 | ||||||||
Less Underwriting Discounts and Expenses | 10.4 | ||||||||
Proceeds from Issuance or Sale of Equity | 297.6 | ||||||||
Common Units Outstanding After Offering | 207.7 | ||||||||
Common Units Held by the Public After Offering | 105 | ||||||||
Percent of General Partner Interest Owned by Holding Company | 2.00% | ||||||||
Common Units | Third Quarter 2012 Offering | |||||||||
Capital Unit [Line Items] | |||||||||
Month of Offering | 2-Aug-12 | [1] | |||||||
Partners' Capital Account, Units, Sold in Public Offering | 11.6 | ||||||||
Issuance Price (in dollars per share) | $27.80 | ||||||||
Less Underwriting Discounts and Expenses | 11.2 | ||||||||
Proceeds from Issuance or Sale of Equity | 317.9 | ||||||||
Common Units Outstanding After Offering | 196.5 | ||||||||
Common Units Held by the Public After Offering | 93.8 | ||||||||
Percent of General Partner Interest Owned by Holding Company | 2.00% | ||||||||
Common Units | First Quarter 2012 Offering | |||||||||
Capital Unit [Line Items] | |||||||||
Month of Offering | 1-Feb-12 | [1] | |||||||
Partners' Capital Account, Units, Sold in Public Offering | 9.2 | ||||||||
Issuance Price (in dollars per share) | $27.55 | ||||||||
Less Underwriting Discounts and Expenses | 8.5 | ||||||||
Proceeds from Issuance or Sale of Equity | $250.20 | ||||||||
Common Units Outstanding After Offering | 184.9 | ||||||||
Common Units Held by the Public After Offering | 82.2 | ||||||||
Percent of General Partner Interest Owned by Holding Company | 2.00% | ||||||||
[1] | BPHC waived the prepayment provisions under the then existing subordinated loan agreement that would have required a prepayment under such agreement as a result of this offering. |
Financing_Summary_of_Changes_i
Financing Summary of Changes in Outstanding Units (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Oct. 09, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | ||||
Registration Rights Agreement [Abstract] | ||||||||
Number of common units registered for resale under Amended and Restated Registration Rights Agreement (in number of units) | 27.9 | |||||||
Maximum amount Partnership must pay for reimbursement of underwriting discounts and commissions (in dollars per unit) | 0.914 | |||||||
Accrued liability for future underwriting discounts and commissions | 16 | 16 | ||||||
Statement [Line Items] | ||||||||
Conversion of Stock, Shares Converted (Class B) | 22.9 | |||||||
Common Units | ||||||||
Statement [Line Items] | ||||||||
Balance, Beginning (in units) | 207.7 | 175.7 | 243.3 | |||||
Common units issued in connection with underwritten offerings | 12.7 | 32 | ||||||
Conversion of Stock, Shares Converted (Class B) | 22.9 | |||||||
Balance, Ending (in units) | 243.3 | 207.7 | 243.3 | |||||
Class B Units | ||||||||
Statement [Line Items] | ||||||||
Balance, Beginning (in units) | 22.9 | [1] | 22.9 | [1] | 0 | [1] | ||
Common units issued in connection with underwritten offerings | 0 | [1] | 0 | [1] | ||||
Conversion of Stock, Shares Converted (Class B) | -22.9 | [1] | ||||||
Balance, Ending (in units) | 0 | [1] | 22.9 | [1] | 0 | [1] | ||
[1] | On October 9, 2013, all of the 22.9 million class B units were converted into common units on a one-for-one basis, pursuant to the terms of the partnership agreement. |
Financing_Subsequent_Event_Det
Financing Subsequent Event (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 02, 2015 | Feb. 18, 2015 |
Subsequent Event [Line Items] | |||||
Repayments of Unsecured Debt | $0 | $0 | $525 | ||
Line of Credit | |||||
Subsequent Event [Line Items] | |||||
Line of Credit Facility, Amount Outstanding | 120 | 175 | |||
Line of Credit | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Line of Credit Facility, Amount Outstanding | 460 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 540 | ||||
Gulf South 5.05% Notes Due 2015 | Unsecured Debt | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Repayments of Unsecured Debt | $275 |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $9 | $8.60 | $8 |
PBOP | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contribution to defined benefit pension plan | 0.1 | 0.1 | |
Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Required amount of funding of periodic pension cost | 3 | ||
Contribution to defined benefit pension plan | 3 | 3 | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 3 | ||
Minimum amount of recognize expense each year associated with retirement plan | 3 | ||
Future rate recovery | in excess of $6.0 million | ||
Precluded future recovery of annual pension costs, lower range | 3 | ||
Precluded future recovery of annual pension costs, upper range | 6 | ||
Recognition of regulatory assets | in excess of $6.0 million | ||
Reduction of regulatory assets | less than $3.0 million | ||
Pension plan costs charged to expense, lower range | 3 | ||
Pension plan costs charged to expense, upper range | 6 | ||
SRP | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contribution to defined benefit pension plan | $0 | $0 |
Employee_Benefits_Projected_Be
Employee Benefits, Projected Benefit Obligation, Fair Value of Assets, Funded Status and the Amounts Not Yet Recognized As Components of Net Periodic Pension and Postretirement Benefits Cost (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Retirement Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of period | $148.50 | $152.50 | |
Service cost | 3.9 | 3.9 | 4 |
Interest cost | 5.8 | 5 | 5.8 |
Plan participants’ contributions | 0 | 0 | |
Actuarial loss (gain) | 3.6 | -1.2 | |
Benefits paid | -0.5 | -0.4 | |
Settlement | -11.4 | -11.3 | |
Benefit obligation at end of period | 149.9 | 148.5 | 152.5 |
Change in Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of period | 131.4 | 125.7 | |
Actual return on plan assets | 8.2 | 14.4 | |
Benefits paid | -0.5 | -0.4 | |
Settlement | -11.4 | -11.3 | |
Company contributions | 3 | 3 | |
Plan participants’ contributions | 0 | 0 | |
Fair value of plan assets at end of period | 130.7 | 131.4 | 125.7 |
Funded status | -19.2 | -17.1 | |
Items Not Recognized As Components Of Net Periodic Cost [Abstract] | |||
Prior service cost (credit) | 0 | 0 | |
Net actuarial loss | 26 | 24.4 | |
Total | 26 | 24.4 | |
PBOP | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of period | 50 | 59.5 | |
Service cost | 0.4 | 0.5 | 0.5 |
Interest cost | 2.2 | 2.1 | 2.4 |
Plan participants’ contributions | 0.9 | 0.8 | |
Actuarial loss (gain) | 5.2 | -8.3 | |
Benefits paid | -3.6 | -4.6 | |
Settlement | 0 | 0 | |
Benefit obligation at end of period | 55.1 | 50 | 59.5 |
Change in Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of period | 80.8 | 86.7 | |
Actual return on plan assets | 9.1 | -2.2 | |
Benefits paid | -3.6 | -4.6 | |
Settlement | 0 | 0 | |
Company contributions | 0.1 | 0.1 | |
Plan participants’ contributions | 0.9 | 0.8 | |
Fair value of plan assets at end of period | 87.3 | 80.8 | 86.7 |
Funded status | 32.2 | 30.8 | |
Items Not Recognized As Components Of Net Periodic Cost [Abstract] | |||
Prior service cost (credit) | -8.6 | -16.4 | |
Net actuarial loss | 10.7 | 10.6 | |
Total | $2.10 | ($5.80) |
Employee_Benefits_Aggregate_In
Employee Benefits, Aggregate Information Related Only to the Underfunded Plans (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $149.90 | $148.50 |
Accumulated benefit obligation | 139.7 | 138.4 |
Fair value of plan assets | $130.70 | $131.40 |
Employee_Benefits_Components_o
Employee Benefits, Components of Net Periodic Benefit Cost (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Retirement Plans | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | $3.90 | $3.90 | $4 |
Interest cost | 5.8 | 5 | 5.8 |
Expected return on plan assets | -9.5 | -9.1 | -8.6 |
Amortization of prior service credit | 0 | 0 | 0 |
Amortization of unrecognized net loss | 1.4 | 2.1 | 2.1 |
Settlement charge | 1.9 | 1.7 | 0 |
Net periodic benefit cost | 3.5 | 3.6 | 3.3 |
PBOP | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 0.4 | 0.5 | 0.5 |
Interest cost | 2.2 | 2.1 | 2.4 |
Expected return on plan assets | -4.2 | -4.5 | -4.3 |
Amortization of prior service credit | -7.8 | -7.8 | -7.8 |
Amortization of unrecognized net loss | 0.3 | 0 | 0.1 |
Settlement charge | 0 | 0 | 0 |
Net periodic benefit cost | ($9.10) | ($9.70) | ($9.10) |
Pension Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Future rate recovery | in excess of $6.0 million |
Employee_Benefits_Estimated_Fu
Employee Benefits, Estimated Future Benefit Payments (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Retirement Plans | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2015 | $16.30 |
2016 | 15 |
2017 | 14.8 |
2018 | 15 |
2019 | 15.7 |
2020-2024 | 67.1 |
PBOP | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2015 | 3.1 |
2016 | 3.1 |
2017 | 3.2 |
2018 | 3.3 |
2019 | 3.3 |
2020-2024 | $16.50 |
Employee_Benefits_WeightedAver
Employee Benefits, Weighted-Average Assumptions Used to Determine Benefit Obligations (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate (percent) | 3.35% | 4.00% | |
Expected return on plan assets (percent) | 7.50% | 7.50% | 7.50% |
Rate of compensation increase (percent) | 3.50% | 3.50% | |
SRP | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate (percent) | 3.75% | 4.25% | |
Expected return on plan assets (percent) | 7.50% | 7.50% | 7.50% |
Rate of compensation increase (percent) | 3.50% | 3.50% | |
PBOP | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate (percent) | 3.90% | 4.50% | |
Expected return on plan assets (percent) | 5.30% | 5.30% | 5.30% |
Rate of compensation increase (percent) | 0.00% | 0.00% |
Employee_Benefits_WeightedAver1
Employee Benefits, Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Pension Plan | |||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Discount rate (percent) | 4.10% | [1] | 3.25% | [1] | 4.00% | 4.25% | |
Expected return on plan assets (percent) | 7.50% | 7.50% | 7.50% | ||||
Rate of compensation increase (percent) | 3.50% | 3.50% | 4.00% | ||||
SRP | |||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Discount rate (percent) | 4.25% | 3.50% | 4.25% | ||||
Expected return on plan assets (percent) | 7.50% | 7.50% | 7.50% | ||||
Rate of compensation increase (percent) | 3.50% | 3.50% | 4.00% | ||||
PBOP | |||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Discount rate (percent) | 4.50% | 3.90% | 4.70% | ||||
Expected return on plan assets (percent) | 5.30% | 5.30% | 5.30% | ||||
Rate of compensation increase (percent) | 0.00% | 0.00% | 0.00% | ||||
[1] | Pension expense was remeasured at September 30, 2013, to reflect a settlement. |
Employee_Benefits_Effect_of_On
Employee Benefits, Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2022 | 2022 |
Annual increments for change | 0.50% | 0.50% |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 8.00% | 8.50% |
PBOP | ||
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 2.2 | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | 0.1 | |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | -1.9 | |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | -0.1 |
Employee_Benefits_Master_Trust
Employee Benefits, Master Trust Pension and PBOP Fair Value Hierarchy (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | $256.20 | $257.50 | |
Master Trust percentage of pension plan assets | 51.00% | 51.00% | |
Amount committed to future capital calls in exchange for an ownership interest | 8.1 | ||
Pension Plan | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 153.9 | 149.1 | |
Pension Plan | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 62.7 | 67 | |
Pension Plan | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 39.6 | 41.4 | |
Pension Plan | Equity securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 42.3 | 44.6 | |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 40.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 60.00% | ||
Pension Plan | Equity securities | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 42.3 | 44.6 | |
Pension Plan | Equity securities | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan | Equity securities | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan | Short-term investments | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11.8 | 4.4 | |
Pension Plan | Short-term investments | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11.8 | 4.4 | |
Pension Plan | Short-term investments | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan | Short-term investments | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan | Other assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.1 | 3.4 | |
Pension Plan | Other assets | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.1 | 0 | |
Pension Plan | Other assets | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 3.4 | |
Pension Plan | Other assets | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan | Fixed income mutual funds | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 98.7 | 100.4 | |
Pension Plan | Fixed income mutual funds | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 98.7 | 100.1 | |
Pension Plan | Fixed income mutual funds | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0.3 | |
Pension Plan | Fixed income mutual funds | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan | Asset-backed securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 5.8 | |
Pension Plan | Asset-backed securities | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan | Asset-backed securities | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 5.8 | |
Pension Plan | Asset-backed securities | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan | Hedge Funds | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 86.2 | 87.2 | |
Pension Plan | Hedge Funds | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan | Hedge Funds | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 56.7 | 57.5 | |
Pension Plan | Hedge Funds | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 29.5 | 29.7 | |
Pension Plan | Private Equity Funds | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10.1 | 11.7 | |
Pension Plan | Private Equity Funds | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan | Private Equity Funds | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan | Private Equity Funds | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10.1 | 11.7 | |
Pension Plan | Alternative Investments | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 40.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 60.00% | ||
Retirement Plans | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 130.7 | 131.4 | 125.7 |
PBOP | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 87.3 | 80.8 | 86.7 |
Allocation to fixed income securities | 100.00% | 100.00% | |
PBOP | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6.2 | 5.5 | |
PBOP | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 81.1 | 75.3 | |
PBOP | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PBOP | Short-term investments | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3.2 | 2.7 | |
PBOP | Short-term investments | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3.2 | 2.7 | |
PBOP | Short-term investments | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PBOP | Short-term investments | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PBOP | Fixed income mutual funds | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 2.8 | |
PBOP | Fixed income mutual funds | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 2.8 | |
PBOP | Fixed income mutual funds | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PBOP | Fixed income mutual funds | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PBOP | Asset-backed securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20.4 | 19.8 | |
PBOP | Asset-backed securities | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PBOP | Asset-backed securities | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20.4 | 19.8 | |
PBOP | Asset-backed securities | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PBOP | Corporate Bond Securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17.8 | 16.9 | |
PBOP | Corporate Bond Securities | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PBOP | Corporate Bond Securities | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17.8 | 16.9 | |
PBOP | Corporate Bond Securities | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PBOP | Tax exempt securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 42.9 | 38.6 | |
PBOP | Tax exempt securities | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PBOP | Tax exempt securities | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 42.9 | 38.6 | |
PBOP | Tax exempt securities | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | $0 | $0 |
Employee_Benefits_Fair_Value_M
Employee Benefits, Fair Value Measurement Using Significant Unobservable Inputs, Master Trust (Details) (Pension Plan, Fair Value, Inputs, Level 3, Fair Value, Measurements, Recurring, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Limited Partnership: Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of period | $29.70 | $32 |
Actual return on assets still held | 2.1 | 6.2 |
Actual return on assets sold | 0.1 | -0.3 |
Purchases, sales and settlements | -2.4 | -8.2 |
Net transfers in/(out) of Level 3 | 0 | 0 |
Fair value of plan assets at end of period | 29.5 | 29.7 |
Limited Partnership: Private equity | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of period | 11.7 | 7.1 |
Actual return on assets still held | 0.2 | 2.1 |
Actual return on assets sold | 0.8 | -0.3 |
Purchases, sales and settlements | -2.6 | 2.8 |
Net transfers in/(out) of Level 3 | 0 | 0 |
Fair value of plan assets at end of period | $10.10 | $11.70 |
Employee_Benefits_Summary_of_A
Employee Benefits, Summary of Activity in Unit Appreciation Rights and All Unit-Based Incentive Compensation Plans (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Feb. 07, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Y | Y | Y | Y | |||||
LTIP | Phantom Share Units (PSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Outstanding balance, beginning (in units) | 380,048 | [1] | 192,595 | [1] | ||||
Granted (in units) | 220,808 | |||||||
Paid (in units) | -171,411 | |||||||
Forfeited (in units) | -8,968 | -33,355 | ||||||
Outstanding balance, ending (in units) | 199,669 | [1] | 380,048 | [1] | 192,595 | [1] | ||
Unit Appreciation Rights and All Unit-Based Incentive Compensation Plans, Units, Fair Value [Abstract] | ||||||||
Outstanding balance, beginning | $10.90 | [1] | $4.70 | [1] | ||||
Granted | 5.7 | |||||||
Paid | -3.5 | |||||||
Forfeited | 0 | 0 | ||||||
Outstanding balance, ending | 4.1 | [1] | 10.9 | [1] | 4.7 | [1] | ||
Unit Appreciation Rights and All Unit-Based Incentive Compensation Plans, Units, Weighted-Average Vesting Period [Abstract] | ||||||||
Outstanding balance, beginning (in years) | 1.5 | [1] | 2 | [1] | ||||
Granted (in years) | 2.8 | |||||||
Outstanding balance, ending (in years) | 0.9 | [1] | 1.5 | [1] | 2 | [1] | ||
Unit Appreciation Rights, Weighted-Average Exercise Price [Abstract] | ||||||||
Compensation expense | 1.2 | 3.2 | 1.5 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,525,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 16,064 | 7,484 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $12.51 | $26.72 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,490,160 | |||||||
Closing market price of the common unit | $17.77 | $25.52 | ||||||
Total estimated remaining unrecognized compensation expense related to the Phantom Common Units outstanding | 1.6 | 6.1 | ||||||
Cash Bonus Plan | ||||||||
Unit Appreciation Rights, Weighted-Average Exercise Price [Abstract] | ||||||||
Cash Bonus Granted During Period | 9.2 | |||||||
Compensation expense under cash bonus plan | 2.6 | 0.5 | 0.6 | |||||
Unrecognized compensation cost | 6.6 | |||||||
Unit Appreciation Rights | Stock Appreciation Rights (SARs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Outstanding balance, beginning (in units) | 479,008 | [2] | 605,747 | [2] | ||||
Granted (in units) | 293,809 | [3] | ||||||
Paid (in units) | -359,148 | |||||||
Vested (in units) | -203,168 | [4] | ||||||
Forfeited (in units) | -10,348 | -61,400 | ||||||
Outstanding balance, ending (in units) | 265,492 | [2] | 479,008 | [2] | 605,747 | [2] | ||
Unit Appreciation Rights and All Unit-Based Incentive Compensation Plans, Units, Fair Value [Abstract] | ||||||||
Outstanding balance, beginning | 1.9 | [2] | 1.7 | [2] | ||||
Granted | 1.8 | [3] | ||||||
Outstanding balance, ending | 0 | [2] | 1.9 | [2] | 1.7 | [2] | ||
Unit Appreciation Rights and All Unit-Based Incentive Compensation Plans, Units, Weighted-Average Vesting Period [Abstract] | ||||||||
Outstanding balance, beginning (in years) | 1.5 | [2] | 1.4 | [2] | ||||
Granted (in years) | 2.8 | [3] | ||||||
Outstanding balance, ending (in years) | 0.9 | [2] | 1.5 | [2] | 1.4 | [2] | ||
Unit Appreciation Rights, Weighted-Average Exercise Price [Abstract] | ||||||||
Outstanding balance, beginning (in dollars per unit) | $27.47 | [2] | $29.18 | [2] | ||||
Granted (in dollars per unit) | $27.57 | [3] | ||||||
Outstanding balance, ending (in dollars per unit) | $27.57 | [2] | $27.47 | [2] | $29.18 | [2] | ||
Compensation expense | -0.7 | 0.9 | 0.3 | |||||
Unrecognized compensation cost | 0 | 0.9 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 0 | |||||||
SLTIP | Phantom Share Units (PSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Outstanding balance, beginning (in units) | 0 | 145 | [1] | |||||
Paid (in units) | -145 | |||||||
Outstanding balance, ending (in units) | 0 | 0 | 145 | [1] | ||||
Unit Appreciation Rights and All Unit-Based Incentive Compensation Plans, Units, Fair Value [Abstract] | ||||||||
Outstanding balance, beginning | 0 | 6.9 | [1] | |||||
Paid | -7.2 | |||||||
Outstanding balance, ending | 0 | 0 | 6.9 | [1] | ||||
Unit Appreciation Rights and All Unit-Based Incentive Compensation Plans, Units, Weighted-Average Vesting Period [Abstract] | ||||||||
Outstanding balance, beginning (in years) | 0 | 0.2 | [1] | |||||
Outstanding balance, ending (in years) | 0 | 0 | 0.2 | [1] | ||||
Unit Appreciation Rights, Weighted-Average Exercise Price [Abstract] | ||||||||
Compensation expense | $0 | $0.20 | $2.30 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | |||||||
[1] | Represents fair value and remaining weighted-average vesting period of outstanding awards at the end of the period. | |||||||
[2] | Represents weighted-average exercise price, remaining weighted-average vesting period and total fair value of outstanding awards at the end of the period. | |||||||
[3] | Represents the weighted-average exercise price and weighted-average vesting period of awards at grant date. The exercise price for each UAR granted was set at $27.57, the closing price of the Partnership’s common units on the New York Stock Exchange on the grant date on February 7, 2013. | |||||||
[4] | Units vested and expired with no value. |
Employee_Benefits_Valuation_As
Employee Benefits, Valuation Assumptions Under Unit Appreciation Rights (Details) (Unit Appreciation Rights, Stock Appreciation Rights (SARs)) | 12 Months Ended | |
Dec. 31, 2013 | ||
Unit Appreciation Rights | Stock Appreciation Rights (SARs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 2 years 9 months 18 days | |
Risk Free Interest Rate (percent) | 0.35% | [1] |
Expected volatility (percent) | 32.00% | [2] |
[1] | Based on the U.S. Treasury yield curve corresponding to the remaining life of the UAR. | |
[2] | Based on the historical volatility of the Partnership’s common units. |
Employee_Benefits_Employee_Ben
Employee Benefits Employee Benefits, Retention Payment Agreements (Details) (Retention Payment Agreements, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Retention Payment Agreements | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $12 |
25% Vesting on February 28, 2015 | 25.00% |
25% Vesting on February 29, 2016 | 25.00% |
50% Vesting on February 28, 2017 | 50.00% |
Deferred Compensation Arrangement with Individual, Compensation Expense | 4.8 |
Unrecognized Compensation Cost for Retention Payments | $7 |
Cash_Distributions_and_Net_Inc2
Cash Distributions and Net Income per Unit (Details) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Oct. 09, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | |
Cash Distribution [Abstract] | ||||
Class B unitholders maximum quarterly distribution per unit (in dollars per unit) | $0.30 | |||
Conversion of Stock, Shares Converted (Class B) | 22.9 | |||
First Target Distribution Range [Member] | ||||
Cash Distribution [Abstract] | ||||
Maximum target distribution amount (in dollars per share) | $0.40 | |||
Marginal Percentage Interest in Distributions - Limited Partner Unitholders | 98.00% | [1] | ||
Marginal Percentage Interest in Distributions - General Partner and IDRs Unitholders | 2.00% | |||
Second Target Distribution Range [Member] [Member] | ||||
Cash Distribution [Abstract] | ||||
Minimum target distribution amount (in dollars per share) | $0.40 | |||
Maximum target distribution amount (in dollars per share) | $0.44 | |||
Marginal Percentage Interest in Distributions - Limited Partner Unitholders | 85.00% | [1] | ||
Marginal Percentage Interest in Distributions - General Partner and IDRs Unitholders | 15.00% | |||
Third Target Distribution Range [Member] | ||||
Cash Distribution [Abstract] | ||||
Minimum target distribution amount (in dollars per share) | $0.44 | |||
Maximum target distribution amount (in dollars per share) | $0.53 | |||
Marginal Percentage Interest in Distributions - Limited Partner Unitholders | 75.00% | [1] | ||
Marginal Percentage Interest in Distributions - General Partner and IDRs Unitholders | 25.00% | |||
Thereafter Target Distribution Range [Member] | ||||
Cash Distribution [Abstract] | ||||
Minimum target distribution amount (in dollars per share) | $0.53 | |||
Marginal Percentage Interest in Distributions - Limited Partner Unitholders | 50.00% | [1] | ||
Marginal Percentage Interest in Distributions - General Partner and IDRs Unitholders | 50.00% | |||
[1] | The class B unitholders participated in distributions on a pari passu basis with the Partnership’s common units up to $0.30 per unit per quarter. The class B units did not participate in quarterly distributions above $0.30 per unit and converted into common units on a one-for-one basis on October 9, 2013. |
Cash_Distributions_and_Net_Inc3
Cash Distributions and Net Income per Unit Distributions Made to Members or Limited Partners (Details) (USD $) | 0 Months Ended | 3 Months Ended | |||||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Oct. 09, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | ||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||||||
Payment Date | 20-Nov-14 | 21-Aug-14 | 15-May-14 | 27-Feb-14 | 14-Nov-13 | 15-Aug-13 | 16-May-13 | 28-Feb-13 | 15-Nov-12 | 16-Aug-12 | 17-May-12 | 23-Feb-12 | |||||||||||||
Distribution per Unit | $0.10 | $0.10 | $0.10 | $0.10 | $0.53 | $0.53 | $0.53 | $0.53 | $0.53 | $0.53 | $0.53 | $0.53 | |||||||||||||
Amount Paid to Common Unitholders | $24.30 | $24.30 | $24.30 | $24.30 | $129.50 | $117.30 | $110.60 | $110.60 | $110.60 | $104.60 | $98.50 | $98.10 | |||||||||||||
Amount Paid to Class B Unitholder | 0 | 0 | 0 | 0 | 0 | [1] | 6.9 | 6.8 | 6.9 | 6.9 | 6.9 | 6.8 | 6.8 | ||||||||||||
Amount Paid to General Partner (Including IDRs) | 0.5 | [2] | 0.5 | [2] | 0.5 | [2] | 0.5 | [2] | 12.4 | [2] | 11.4 | [2] | 10.7 | [2] | 10.8 | [2] | 10.8 | [2] | 10.2 | [2] | 9.6 | [2] | 9.1 | [2] | |
General partner interest (percent) | 2.00% | 2.00% | 2.00% | ||||||||||||||||||||||
Distributions paid on behalf of IDRs | $0 | $34.60 | $30.10 | ||||||||||||||||||||||
Conversion of Stock, Shares Converted (Class B) | 22.9 | ||||||||||||||||||||||||
[1] | On October 9, 2013, all of the 22.9 million Class B units were converted into common units on a one-for-one basis, pursuant to the terms of the partnership agreement. | ||||||||||||||||||||||||
[2] | In February 2014, the Partnership decreased its distribution rate to $0.10 per common unit. As a result of the reduced distribution rate, the quarterly target distribution levels for IDR payout were not met and the Partnership paid no amounts with respect to the IDRs in 2014. In 2013 and 2012, the Partnership paid $34.6 million and $30.1 million in distributions on behalf of IDRs. |
Cash_Distributions_and_Net_Inc4
Cash Distributions and Net Income per Unit Reconciliation of Net Income and the Assumed Allocation of Net Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation And Allocation of Net Income By Class of Stock [Line Items] | ||||||||||||
Class B unitholders' maximum quarterly distribution per unit | $0.30 | |||||||||||
Net income per unit [Abstract] | ||||||||||||
Net Income | $36.90 | $28.40 | $55.90 | $25.60 | $16.70 | $61.70 | $70.40 | $101.40 | $146.80 | $250.20 | $306 | |
Net loss attributable to noncontrolling interests | 0.1 | -0.8 | -1.5 | -84.6 | -2.8 | -0.6 | -0.1 | 0 | -86.8 | -3.5 | 0 | |
Less: Net loss attributable to predecessor equity | -2.2 | |||||||||||
Net income attributable to controlling interests | 36.8 | 29.2 | 57.4 | 110.2 | 19.5 | 62.3 | 70.5 | 101.4 | 233.6 | 253.7 | 306 | |
Net Income Attributable To Limited Partner Unitholders And General Partner | 308.2 | |||||||||||
Declared distribution | 99.2 | 430.5 | 493.1 | |||||||||
Assumed allocation of undistributed net income (loss) | 134.4 | -176.8 | -184.9 | |||||||||
Assumed allocation of net income attributable to limited partner unitholders and general partner | 233.6 | 253.7 | 308.2 | |||||||||
Allocation for diluted earnings per unit | 0 | |||||||||||
Assumed allocation of net income attributable to limited partner unitholders and general partner - diluted | 253.7 | |||||||||||
Common Units | ||||||||||||
Net income per unit [Abstract] | ||||||||||||
Declared distribution | 97.2 | 381.8 | 424.3 | |||||||||
Assumed allocation of undistributed net income (loss) | 131.7 | -160.5 | -162 | |||||||||
Assumed allocation of net income attributable to limited partner unitholders and general partner | 228.9 | 221.3 | 262.3 | |||||||||
Allocation for diluted earnings per unit | -4.6 | |||||||||||
Assumed allocation of net income attributable to limited partner unitholders and general partner - diluted | 216.7 | |||||||||||
Weighted-average units outstanding | 243.3 | 220.5 | 191.9 | |||||||||
Weighted-average units outstanding - diluted | 226.8 | |||||||||||
Net income per unit | $0.94 | $1 | $1.37 | |||||||||
Diluted net income per unit: | $0.96 | |||||||||||
Class B Units | ||||||||||||
Net income per unit [Abstract] | ||||||||||||
Declared distribution | 13.7 | 27.5 | ||||||||||
Assumed allocation of undistributed net income (loss) | -12.8 | -19.2 | ||||||||||
Assumed allocation of net income attributable to limited partner unitholders and general partner | 0.9 | 8.3 | ||||||||||
Allocation for diluted earnings per unit | 4.6 | |||||||||||
Assumed allocation of net income attributable to limited partner unitholders and general partner - diluted | 5.5 | |||||||||||
Weighted-average units outstanding | 17.6 | 22.9 | ||||||||||
Weighted-average units outstanding - diluted | 11.3 | |||||||||||
Net income per unit | $0.05 | $0.36 | ||||||||||
Diluted net income per unit: | $0.48 | |||||||||||
General Partner And IDRS | ||||||||||||
Net income per unit [Abstract] | ||||||||||||
Declared distribution | 2 | 35 | 41.3 | |||||||||
Assumed allocation of undistributed net income (loss) | 2.7 | -3.5 | -3.7 | |||||||||
Assumed allocation of net income attributable to limited partner unitholders and general partner | 4.7 | 31.5 | 37.6 | |||||||||
Allocation for diluted earnings per unit | 0 | |||||||||||
Assumed allocation of net income attributable to limited partner unitholders and general partner - diluted | $31.50 |
Cash_Distributions_and_Net_Inc5
Cash Distributions and Net Income per Unit Subsequent Event (Details) (Subsequent Event, USD $) | Feb. 09, 2015 |
Subsequent Event | |
Subsequent Event [Line Items] | |
Dividends Payable, Amount Per Share | $0.10 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of the Provision for Income Taxes [Line Items] | |||||||||||
Deferred Tax Assets, Net | $0 | $0 | $0 | $0 | |||||||
State and Local Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||||||
State | 0.3 | 0.4 | -0.2 | ||||||||
Total | 0.3 | 0.4 | -0.2 | ||||||||
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||||||
Deferred State and Local Income Tax Expense (Benefit) | 0.1 | 0.1 | 0.7 | ||||||||
Total | 0.1 | 0.1 | 0.7 | ||||||||
Income taxes | $0 | $0.10 | $0.10 | $0.20 | $0.20 | $0 | $0.10 | $0.20 | $0.40 | $0.50 | $0.50 |
Credit_Risk_Details
Credit Risk (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Concentration Risk [Line Items] | |||||||||||
Operating revenues | $304.60 | $278.90 | $293.40 | $356.90 | $312.90 | $275.50 | $288.70 | $328.50 | $1,233.80 | $1,205.60 | $1,185 |
Gas Imbalances and Gas Loaned to Customers | |||||||||||
Gas loaned to customers [Abstract] | |||||||||||
Gas Balancing Volume Amount (in MMbtu) | 10,000,000 | 19,600,000 | 10,000,000 | 19,600,000 | |||||||
Average Market Price Of Gas Assumed | 3.36 | 4.17 | 3.36 | 4.17 | |||||||
Gas Imbalance To Subsidiaries Asset Liability | 33.6 | 81.7 | 33.6 | 81.7 | |||||||
Natural Gas Liquids Balancing Volume (in MMbbls) (Less than) | 100,000 | 0 | 100,000 | 0 | |||||||
Natural Gas Liquids Imbalance to Subsidiaries Asset Liability | 0.6 | 0 | 0.6 | 0 | |||||||
Devon Gas Services, LP [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Operating revenues | $120.50 | $127.10 | $133.30 | ||||||||
Major customer revenue as a percentage of total revenue (in hundredths) | 10.00% | 11.00% | 12.00% |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $8.80 | $8.30 | $8.30 |
Percent of General Partner Interest Owned by Holding Company | 2.00% | 2.00% | 2.00% |
Cash dividends paid to Parent Company | 52 | 296.8 | 285.7 |
Investment in unconsolidated affiliates | 0 | 78.6 | |
Distribution from unconsolidated affiliates | 11.1 | 0 | 0 |
Payments of Ordinary Dividends, Noncontrolling Interest | 7.9 | 0 | 0 |
Boardwalk Pipelines Holding Company | Boardwalk Bluegrass and Boardwalk Moss Lake | |||
Related Party Transaction [Line Items] | |||
Investment in unconsolidated affiliates | 8.2 | 90 | |
Payments of Ordinary Dividends, Noncontrolling Interest | 7.9 | ||
Boardwalk Pipeline Partners, LP | Boardwalk Bluegrass and Boardwalk Moss Lake | |||
Related Party Transaction [Line Items] | |||
Investment in unconsolidated affiliates | 0.8 | 11.9 | |
Distribution from unconsolidated affiliates | 2.2 | ||
Subordinated Debt | |||
Related Party Transaction [Line Items] | |||
Subordinated Loan Agreement Maximum Borrowing Capacity | $300 |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash Flow Information (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash paid during the period for: | ||||
Interest (net of amount capitalized) | $153 | $151 | $169.80 | [1] |
Income taxes, net | 0.1 | 0.3 | 0.2 | |
Non-cash adjustments: | ||||
Accounts payable and PPE | 36.9 | 38.1 | 37.9 | |
Capital lease obligations incurred | 0 | 10.5 | 0 | |
Payments for (Proceeds from) Derivative Instrument, Financing Activities | $9.60 | |||
[1] | The 2012 period includes payments of $9.6 million related to the settlements of interest rate derivatives. |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating revenues | $304.60 | $278.90 | $293.40 | $356.90 | $312.90 | $275.50 | $288.70 | $328.50 | $1,233.80 | $1,205.60 | $1,185 |
Operating expenses | 224.1 | 210.4 | 196.9 | 204.3 | 254.4 | 172.3 | 177.6 | 186.8 | 835.7 | 791.1 | 711.2 |
Operating income | 80.5 | 68.5 | 96.5 | 152.6 | 58.5 | 103.2 | 111.1 | 141.7 | 398.1 | 414.5 | 473.8 |
Interest expense, net | 44.2 | 39.9 | 40 | 40.8 | 41.1 | 40.9 | 40.6 | 40.3 | |||
Other (income) expense | -0.6 | 0.1 | 0.5 | 86 | 0.5 | 0.6 | 0 | -0.2 | |||
Income before income taxes | 36.9 | 28.5 | 56 | 25.8 | 16.9 | 61.7 | 70.5 | 101.6 | 147.2 | 250.7 | 306.5 |
Income taxes | 0 | 0.1 | 0.1 | 0.2 | 0.2 | 0 | 0.1 | 0.2 | 0.4 | 0.5 | 0.5 |
Net Income | 36.9 | 28.4 | 55.9 | 25.6 | 16.7 | 61.7 | 70.4 | 101.4 | 146.8 | 250.2 | 306 |
Net earnings (loss) attributable to noncontrolling interests | 0.1 | -0.8 | -1.5 | -84.6 | -2.8 | -0.6 | -0.1 | 0 | -86.8 | -3.5 | 0 |
Net income attributable to controlling interests | $36.80 | $29.20 | $57.40 | $110.20 | $19.50 | $62.30 | $70.50 | $101.40 | $233.60 | $253.70 | $306 |
Common Units | |||||||||||
Basic net income per unit: | |||||||||||
Basic net income per unit: | $0.15 | $0.12 | $0.23 | $0.44 | $0.08 | $0.27 | $0.28 | $0.42 | |||
Diluted net income per unit: | |||||||||||
Diluted net income per unit: | $0.08 | $0.21 | $0.28 | $0.42 | $0.94 | $0.96 | $1.37 | ||||
Class B Units | |||||||||||
Basic net income per unit: | |||||||||||
Basic net income per unit: | ($0.02) | ($0.32) | $0.03 | $0.19 | |||||||
Diluted net income per unit: | |||||||||||
Diluted net income per unit: | $0 | $0 | $0.03 | $0.19 | $0 | $0.48 | $0.36 |
Guarantee_of_Securities_of_Sub2
Guarantee of Securities of Subsidiaries Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Equity Restrictions | $0 | $0 | ||
Other Restricted Assets | 0 | 0 | ||
Cash and cash equivalents | 6.6 | 28.5 | 3.9 | 21.9 |
Receivables | 110.9 | 119.2 | ||
Receivables - affiliate | 0 | 1.1 | ||
Gas and liquids stored underground | 4.1 | 0.7 | ||
Prepayments | 14.5 | 12.9 | ||
Advances to affiliates | 0 | 0 | ||
Other current assets | 13.5 | 14.7 | ||
Total current assets | 149.6 | 177.1 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Property, plant and equipment, gross | 9,355.60 | 8,723.30 | ||
Less—accumulated depreciation and amortization | 1,766.40 | 1,489.20 | ||
Property, plant and equipment, net | 7,589.20 | 7,234.10 | ||
Other noncurrent assets | 468 | 424.7 | ||
Advances to affiliates – noncurrent | 0 | 0 | ||
Investment in unconsolidated affiliates | 0 | 78.6 | ||
Total other assets | 468 | 503.3 | ||
Total Assets | 8,206.80 | 7,914.50 | ||
Payables | 62.1 | 70.8 | ||
Payable to affiliates | 1.5 | 1.2 | ||
Advances from affiliates | 0 | 0 | ||
Other current liabilities | 156.6 | 164 | ||
Total current liabilities | 220.2 | 236 | ||
Total long-term debt and capital lease obligation | 3,689.70 | 3,424.40 | ||
Payable to affiliate - noncurrent | 16 | 16 | ||
Advances from affiliates - noncurrent | 0 | 0 | ||
Other noncurrent liabilities | 178.6 | 174.7 | ||
Total other liabilities and deferred credits | 194.6 | 190.7 | ||
Total partners’ capital | 4,102.30 | 3,976.90 | ||
Noncontrolling interest | 0 | 86.5 | ||
Total Equity | 4,102.30 | 4,063.40 | 3,877.10 | 3,487 |
Total Liabilities and Equity | 8,206.80 | 7,914.50 | ||
Reportable Legal Entities | Parent Guarantor | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0.5 | 0.2 | 0.1 | 0.5 |
Receivables | 0 | 0 | ||
Receivables - affiliate | 0 | 0.1 | ||
Gas and liquids stored underground | 0 | 0 | ||
Prepayments | 0.1 | 0.3 | ||
Advances to affiliates | 0 | 0 | ||
Other current assets | 0.5 | 0 | ||
Total current assets | 1.1 | 0.6 | ||
Investment in consolidated subsidiaries | 1,970.60 | 1,480.80 | ||
Property, plant and equipment, gross | 0.6 | 0.6 | ||
Less—accumulated depreciation and amortization | 0.6 | 0.6 | ||
Property, plant and equipment, net | 0 | 0 | ||
Other noncurrent assets | 0 | 0.3 | ||
Advances to affiliates – noncurrent | 2,148.30 | 2,512.10 | ||
Investment in unconsolidated affiliates | 0 | |||
Total other assets | 2,148.30 | 2,512.40 | ||
Total Assets | 4,120 | 3,993.80 | ||
Payables | 0.2 | 0.2 | ||
Payable to affiliates | 1.5 | 0.7 | ||
Advances from affiliates | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 1.7 | 0.9 | ||
Total long-term debt and capital lease obligation | 0 | 0 | ||
Payable to affiliate - noncurrent | 16 | 16 | ||
Advances from affiliates - noncurrent | 0 | 0 | ||
Other noncurrent liabilities | 0 | 0 | ||
Total other liabilities and deferred credits | 16 | 16 | ||
Total partners’ capital | 4,102.30 | 3,976.90 | ||
Noncontrolling interest | 0 | 0 | ||
Total Equity | 4,102.30 | 3,976.90 | ||
Total Liabilities and Equity | 4,120 | 3,993.80 | ||
Reportable Legal Entities | Subsidiary Issuer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 1.8 | 9.2 | 1 | 10.7 |
Receivables | 0 | 0 | ||
Receivables - affiliate | 0 | 0.1 | ||
Gas and liquids stored underground | 0 | 0 | ||
Prepayments | 0 | 0 | ||
Advances to affiliates | 6.3 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 8.1 | 9.3 | ||
Investment in consolidated subsidiaries | 6,744.10 | 6,138.30 | ||
Property, plant and equipment, gross | 0 | 0 | ||
Less—accumulated depreciation and amortization | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Other noncurrent assets | 3.4 | 3.7 | ||
Advances to affiliates – noncurrent | 212 | 168.7 | ||
Investment in unconsolidated affiliates | 0 | |||
Total other assets | 215.4 | 172.4 | ||
Total Assets | 6,967.60 | 6,320 | ||
Payables | 0.1 | 0 | ||
Payable to affiliates | 0 | 0 | ||
Advances from affiliates | 106.2 | 194.4 | ||
Other current liabilities | 21.4 | 19.7 | ||
Total current liabilities | 127.7 | 214.1 | ||
Total long-term debt and capital lease obligation | 1,724.50 | 1,379.90 | ||
Payable to affiliate - noncurrent | 0 | 0 | ||
Advances from affiliates - noncurrent | 3,144.80 | 3,245.20 | ||
Other noncurrent liabilities | 0 | 0 | ||
Total other liabilities and deferred credits | 3,144.80 | 3,245.20 | ||
Total partners’ capital | 1,970.60 | 1,480.80 | ||
Noncontrolling interest | 0 | 0 | ||
Total Equity | 1,970.60 | 1,480.80 | ||
Total Liabilities and Equity | 6,967.60 | 6,320 | ||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 4.3 | 19.1 | 2.8 | 10.7 |
Receivables | 110.9 | 119.2 | ||
Receivables - affiliate | 9 | 14.3 | ||
Gas and liquids stored underground | 4.1 | 0.7 | ||
Prepayments | 14.4 | 12.6 | ||
Advances to affiliates | 106.2 | 194.4 | ||
Other current assets | 19.2 | 23.8 | ||
Total current assets | 268.1 | 384.1 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Property, plant and equipment, gross | 9,355 | 8,722.70 | ||
Less—accumulated depreciation and amortization | 1,765.80 | 1,488.60 | ||
Property, plant and equipment, net | 7,589.20 | 7,234.10 | ||
Other noncurrent assets | 465.2 | 420.7 | ||
Advances to affiliates – noncurrent | 996.5 | 733.1 | ||
Investment in unconsolidated affiliates | 78.6 | |||
Total other assets | 1,461.70 | 1,232.40 | ||
Total Assets | 9,319 | 8,850.60 | ||
Payables | 61.8 | 70.6 | ||
Payable to affiliates | 9 | 13.9 | ||
Advances from affiliates | 6.3 | 0 | ||
Other current liabilities | 141.7 | 153.3 | ||
Total current liabilities | 218.8 | 237.8 | ||
Total long-term debt and capital lease obligation | 1,965.20 | 2,044.50 | ||
Payable to affiliate - noncurrent | 0 | 0 | ||
Advances from affiliates - noncurrent | 212 | 168.7 | ||
Other noncurrent liabilities | 178.9 | 174.8 | ||
Total other liabilities and deferred credits | 390.9 | 343.5 | ||
Total partners’ capital | 6,744.10 | 6,138.30 | ||
Noncontrolling interest | 0 | 86.5 | ||
Total Equity | 6,744.10 | 6,224.80 | ||
Total Liabilities and Equity | 9,319 | 8,850.60 | ||
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | 0 | 0 | ||
Receivables - affiliate | -9 | -13.4 | ||
Gas and liquids stored underground | 0 | 0 | ||
Prepayments | 0 | 0 | ||
Advances to affiliates | -112.5 | -194.4 | ||
Other current assets | -6.2 | -9.1 | ||
Total current assets | -127.7 | -216.9 | ||
Investment in consolidated subsidiaries | -8,714.70 | -7,619.10 | ||
Property, plant and equipment, gross | 0 | 0 | ||
Less—accumulated depreciation and amortization | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Other noncurrent assets | -0.6 | 0 | ||
Advances to affiliates – noncurrent | -3,356.80 | -3,413.90 | ||
Investment in unconsolidated affiliates | 0 | |||
Total other assets | -3,357.40 | -3,413.90 | ||
Total Assets | -12,199.80 | -11,249.90 | ||
Payables | 0 | 0 | ||
Payable to affiliates | -9 | -13.4 | ||
Advances from affiliates | -112.5 | -194.4 | ||
Other current liabilities | -6.5 | -9 | ||
Total current liabilities | -128 | -216.8 | ||
Total long-term debt and capital lease obligation | 0 | 0 | ||
Payable to affiliate - noncurrent | 0 | 0 | ||
Advances from affiliates - noncurrent | -3,356.80 | -3,413.90 | ||
Other noncurrent liabilities | -0.3 | -0.1 | ||
Total other liabilities and deferred credits | -3,357.10 | -3,414 | ||
Total partners’ capital | -8,714.70 | -7,619.10 | ||
Noncontrolling interest | 0 | 0 | ||
Total Equity | -8,714.70 | -7,619.10 | ||
Total Liabilities and Equity | ($12,199.80) | ($11,249.90) |
Guarantee_of_Securities_of_Sub3
Guarantee of Securities of Subsidiaries Statements of Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Revenues: | |||||||||||
Transportation | $1,065.10 | $1,028 | $1,058.30 | ||||||||
Parking and lending | 23.3 | 23.9 | 28 | ||||||||
Storage | 89.5 | 110.9 | 84.7 | ||||||||
Other | 55.9 | 42.8 | 14 | ||||||||
Total operating revenues | 304.6 | 278.9 | 293.4 | 356.9 | 312.9 | 275.5 | 288.7 | 328.5 | 1,233.80 | 1,205.60 | 1,185 |
Operating Costs and Expenses: | |||||||||||
Fuel and transportation | 120.7 | 93.4 | 79.4 | ||||||||
Operation and maintenance | 198.8 | 186.5 | 167.2 | ||||||||
Administrative and general | 125 | 117.4 | 115.3 | ||||||||
Other operating costs and expenses | 391.2 | 393.8 | 349.3 | ||||||||
Total operating costs and expenses | 224.1 | 210.4 | 196.9 | 204.3 | 254.4 | 172.3 | 177.6 | 186.8 | 835.7 | 791.1 | 711.2 |
Operating (loss) income | 80.5 | 68.5 | 96.5 | 152.6 | 58.5 | 103.2 | 111.1 | 141.7 | 398.1 | 414.5 | 473.8 |
Other Deductions (Income): | |||||||||||
Interest expense | 165.5 | 163.4 | 161.5 | ||||||||
Interest (income) expense - affiliates, net | 0 | 0 | 6.9 | ||||||||
Interest income | -0.6 | -0.5 | -0.7 | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Equity losses in unconsolidated affiliates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 86.5 | 1.2 | 0 |
Miscellaneous other income | -0.5 | -0.3 | -0.4 | ||||||||
Total other deductions | 250.9 | 163.8 | 167.3 | ||||||||
Income (loss) before income taxes | 36.9 | 28.5 | 56 | 25.8 | 16.9 | 61.7 | 70.5 | 101.6 | 147.2 | 250.7 | 306.5 |
Income taxes | 0 | 0.1 | 0.1 | 0.2 | 0.2 | 0 | 0.1 | 0.2 | 0.4 | 0.5 | 0.5 |
Net income (loss) | 36.9 | 28.4 | 55.9 | 25.6 | 16.7 | 61.7 | 70.4 | 101.4 | 146.8 | 250.2 | 306 |
Net loss attributable to noncontrolling interests | 0.1 | -0.8 | -1.5 | -84.6 | -2.8 | -0.6 | -0.1 | 0 | -86.8 | -3.5 | 0 |
Net income (loss) attributable to controlling interests | 36.8 | 29.2 | 57.4 | 110.2 | 19.5 | 62.3 | 70.5 | 101.4 | 233.6 | 253.7 | 306 |
Reportable Legal Entities | Parent Guarantor | |||||||||||
Operating Revenues: | |||||||||||
Transportation | 0 | 0 | 0 | ||||||||
Parking and lending | 0 | 0 | 0 | ||||||||
Storage | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Total operating revenues | 0 | 0 | 0 | ||||||||
Operating Costs and Expenses: | |||||||||||
Fuel and transportation | 0 | 0 | 0 | ||||||||
Operation and maintenance | 0 | 0 | 0 | ||||||||
Administrative and general | 0.2 | -0.1 | 0.5 | ||||||||
Other operating costs and expenses | 0.2 | 0.3 | 0.3 | ||||||||
Total operating costs and expenses | 0.4 | 0.2 | 0.8 | ||||||||
Operating (loss) income | -0.4 | -0.2 | -0.8 | ||||||||
Other Deductions (Income): | |||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest (income) expense - affiliates, net | -30 | -33.6 | -35.6 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Equity in earnings of subsidiaries | -204 | -220.3 | -271.2 | ||||||||
Equity losses in unconsolidated affiliates | 0 | 0 | |||||||||
Miscellaneous other income | 0 | 0 | 0 | ||||||||
Total other deductions | -234 | -253.9 | -306.8 | ||||||||
Income (loss) before income taxes | 233.6 | 253.7 | 306 | ||||||||
Income taxes | 0 | 0 | 0 | ||||||||
Net income (loss) | 233.6 | 253.7 | 306 | ||||||||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to controlling interests | 233.6 | 253.7 | 306 | ||||||||
Reportable Legal Entities | Subsidiary Issuer | |||||||||||
Operating Revenues: | |||||||||||
Transportation | 0 | 0 | 0 | ||||||||
Parking and lending | 0 | 0 | 0 | ||||||||
Storage | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Total operating revenues | 0 | 0 | 0 | ||||||||
Operating Costs and Expenses: | |||||||||||
Fuel and transportation | 0 | 0 | 0 | ||||||||
Operation and maintenance | 0 | 0.3 | 0 | ||||||||
Administrative and general | 0 | 0.8 | 0 | ||||||||
Other operating costs and expenses | 0 | 0.1 | 0 | ||||||||
Total operating costs and expenses | 0 | 1.2 | 0 | ||||||||
Operating (loss) income | 0 | -1.2 | 0 | ||||||||
Other Deductions (Income): | |||||||||||
Interest expense | 76.5 | 72.7 | 63.1 | ||||||||
Interest (income) expense - affiliates, net | 41.2 | 41.3 | 52.9 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Equity in earnings of subsidiaries | -321.7 | -335.5 | -387.2 | ||||||||
Equity losses in unconsolidated affiliates | 0 | 0 | |||||||||
Miscellaneous other income | 0 | 0 | 0 | ||||||||
Total other deductions | -204 | -221.5 | -271.2 | ||||||||
Income (loss) before income taxes | 204 | 220.3 | 271.2 | ||||||||
Income taxes | 0 | 0 | 0 | ||||||||
Net income (loss) | 204 | 220.3 | 271.2 | ||||||||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to controlling interests | 204 | 220.3 | 271.2 | ||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||||||||
Operating Revenues: | |||||||||||
Transportation | 1,157.90 | 1,116.40 | 1,147.50 | ||||||||
Parking and lending | 23.3 | 24 | 28.7 | ||||||||
Storage | 90.4 | 111 | 85.4 | ||||||||
Other | 55.9 | 42.8 | 14 | ||||||||
Total operating revenues | 1,327.50 | 1,294.20 | 1,275.60 | ||||||||
Operating Costs and Expenses: | |||||||||||
Fuel and transportation | 214.4 | 182 | 170 | ||||||||
Operation and maintenance | 198.8 | 186.2 | 167.2 | ||||||||
Administrative and general | 124.8 | 116.7 | 114.8 | ||||||||
Other operating costs and expenses | 391 | 393.4 | 349 | ||||||||
Total operating costs and expenses | 929 | 878.3 | 801 | ||||||||
Operating (loss) income | 398.5 | 415.9 | 474.6 | ||||||||
Other Deductions (Income): | |||||||||||
Interest expense | 89 | 90.7 | 98.4 | ||||||||
Interest (income) expense - affiliates, net | -11.2 | -7.7 | -10.4 | ||||||||
Interest income | -0.6 | -0.5 | -0.7 | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Equity losses in unconsolidated affiliates | 86.5 | 1.2 | |||||||||
Miscellaneous other income | -0.5 | -0.3 | -0.4 | ||||||||
Total other deductions | 163.2 | 83.4 | 86.9 | ||||||||
Income (loss) before income taxes | 235.3 | 332.5 | 387.7 | ||||||||
Income taxes | 0.4 | 0.5 | 0.5 | ||||||||
Net income (loss) | 234.9 | 332 | 387.2 | ||||||||
Net loss attributable to noncontrolling interests | -86.8 | -3.5 | 0 | ||||||||
Net income (loss) attributable to controlling interests | 321.7 | 335.5 | 387.2 | ||||||||
Eliminations | |||||||||||
Operating Revenues: | |||||||||||
Transportation | -92.8 | -88.4 | -89.2 | ||||||||
Parking and lending | 0 | -0.1 | -0.7 | ||||||||
Storage | -0.9 | -0.1 | -0.7 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Total operating revenues | -93.7 | -88.6 | -90.6 | ||||||||
Operating Costs and Expenses: | |||||||||||
Fuel and transportation | -93.7 | -88.6 | -90.6 | ||||||||
Operation and maintenance | 0 | 0 | 0 | ||||||||
Administrative and general | 0 | 0 | 0 | ||||||||
Other operating costs and expenses | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | -93.7 | -88.6 | -90.6 | ||||||||
Operating (loss) income | 0 | 0 | 0 | ||||||||
Other Deductions (Income): | |||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest (income) expense - affiliates, net | 0 | 0 | 0 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Equity in earnings of subsidiaries | 525.7 | 555.8 | 658.4 | ||||||||
Equity losses in unconsolidated affiliates | 0 | 0 | |||||||||
Miscellaneous other income | 0 | 0 | 0 | ||||||||
Total other deductions | 525.7 | 555.8 | 658.4 | ||||||||
Income (loss) before income taxes | -525.7 | -555.8 | -658.4 | ||||||||
Income taxes | 0 | 0 | 0 | ||||||||
Net income (loss) | -525.7 | -555.8 | -658.4 | ||||||||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to controlling interests | ($525.70) | ($555.80) | ($658.40) |
Guarantee_of_Securities_of_Sub4
Guarantee of Securities of Subsidiaries Statements of Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | $36.90 | $28.40 | $55.90 | $25.60 | $16.70 | $61.70 | $70.40 | $101.40 | $146.80 | $250.20 | $306 |
Other comprehensive income (loss): | |||||||||||
(Loss) gain on cash flow hedges | -0.7 | 1.6 | -7.1 | ||||||||
Reclassification adjustment transferred to Net income from cash flow hedges | 2.6 | 1.2 | 2 | ||||||||
Pension and other postretirement benefit costs | -10.9 | 0.7 | -12.8 | ||||||||
Total Comprehensive Income (Loss) | 137.8 | 253.7 | 288.1 | ||||||||
Comprehensive loss attributable to noncontrolling interests | -86.8 | -3.5 | 0 | ||||||||
Comprehensive income (loss) attributable to controlling interests | 224.6 | 257.2 | 288.1 | ||||||||
Reportable Legal Entities | Parent Guarantor | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | 233.6 | 253.7 | 306 | ||||||||
Other comprehensive income (loss): | |||||||||||
(Loss) gain on cash flow hedges | -0.7 | 1.6 | -7.1 | ||||||||
Reclassification adjustment transferred to Net income from cash flow hedges | 2.6 | 1.2 | 2 | ||||||||
Pension and other postretirement benefit costs | -10.9 | 0.7 | -12.8 | ||||||||
Total Comprehensive Income (Loss) | 224.6 | 257.2 | 288.1 | ||||||||
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to controlling interests | 224.6 | 257.2 | 288.1 | ||||||||
Reportable Legal Entities | Subsidiary Issuer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | 204 | 220.3 | 271.2 | ||||||||
Other comprehensive income (loss): | |||||||||||
(Loss) gain on cash flow hedges | -0.7 | 1.6 | -7.1 | ||||||||
Reclassification adjustment transferred to Net income from cash flow hedges | 2.6 | 1.2 | 2 | ||||||||
Pension and other postretirement benefit costs | -10.9 | 0.7 | -12.8 | ||||||||
Total Comprehensive Income (Loss) | 195 | 223.8 | 253.3 | ||||||||
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to controlling interests | 195 | 223.8 | 253.3 | ||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | 234.9 | 332 | 387.2 | ||||||||
Other comprehensive income (loss): | |||||||||||
(Loss) gain on cash flow hedges | -0.7 | 1.6 | -6.7 | ||||||||
Reclassification adjustment transferred to Net income from cash flow hedges | 0.9 | -0.5 | 0.3 | ||||||||
Pension and other postretirement benefit costs | -10.9 | 0.7 | -12.8 | ||||||||
Total Comprehensive Income (Loss) | 224.2 | 333.8 | 368 | ||||||||
Comprehensive loss attributable to noncontrolling interests | -86.8 | -3.5 | 0 | ||||||||
Comprehensive income (loss) attributable to controlling interests | 311 | 337.3 | 368 | ||||||||
Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | -525.7 | -555.8 | -658.4 | ||||||||
Other comprehensive income (loss): | |||||||||||
(Loss) gain on cash flow hedges | 1.4 | -3.2 | 13.8 | ||||||||
Reclassification adjustment transferred to Net income from cash flow hedges | -3.5 | -0.7 | -2.3 | ||||||||
Pension and other postretirement benefit costs | 21.8 | -1.4 | 25.6 | ||||||||
Total Comprehensive Income (Loss) | -506 | -561.1 | -621.3 | ||||||||
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to controlling interests | ($506) | ($561.10) | ($621.30) |
Guarantee_of_Securities_of_Sub5
Guarantee of Securities of Subsidiaries Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | $513.60 | $534.30 | $575.50 |
INVESTING ACTIVITIES: | |||
Capital expenditures | -404.4 | -294.8 | -226.9 |
Proceeds from sale of operating assets | 2.9 | 60.7 | 5.9 |
Proceeds from insurance and other recoveries | 6.3 | 1.4 | 10.4 |
Advances to affiliates, net | 0.1 | 0 | 0 |
Investment in consolidated affiliates | 0 | 0 | |
Investment in unconsolidated affiliates | -20.5 | -76.7 | 0 |
Distribution from unconsolidated affiliates | 11.1 | 0 | 0 |
Acquisition of businesses, net of cash acquired | -294.7 | 0 | -620.2 |
Net cash used in investing activities | -699.2 | -309.4 | -830.8 |
FINANCING ACTIVITIES: | |||
Proceeds from long-term debt | 342.9 | 0 | 818 |
Repayment of borrowings from long-term debt | 0 | 0 | -525 |
Proceeds from borrowings on revolving credit agreement | 665 | 1,128 | 2,135 |
Repayment of borrowings on revolving credit agreement, including financing costs | -720 | -1,255 | -2,295.30 |
Repayment of borrowings from term loan | -25 | 0 | 0 |
Principal payment of capital lease obligation | -0.4 | -0.2 | 0 |
Contribution from parent | 0 | 0 | |
Contribution received related to predecessor equity | 0 | 0 | 269.2 |
Repayment of contribution received related to predecessor equity | 0 | 0 | -554 |
Advances from affiliates, net | 0.1 | -2.8 | 2.6 |
Distributions paid | -99.2 | -533.9 | -478.9 |
Capital contributions from noncontrolling interests | 8.2 | 87.1 | 0 |
Distributions paid to noncontrolling interests | -7.9 | 0 | 0 |
Proceeds from sale of common units | 0 | 368.7 | 847.7 |
Capital contribution from general partner | 0 | 7.8 | 18 |
Net cash provided (used in) by financing activities | 163.7 | -200.3 | 237.3 |
(Decrease) increase in cash and cash equivalents | -21.9 | 24.6 | -18 |
Cash and cash equivalents at beginning of period | 28.5 | 3.9 | 21.9 |
Cash and cash equivalents at end of period | 6.6 | 28.5 | 3.9 |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | -689.5 |
INVESTING ACTIVITIES: | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from sale of operating assets | 0 | 0 | 0 |
Proceeds from insurance and other recoveries | 0 | 0 | 0 |
Advances to affiliates, net | -139 | 300.7 | 422.4 |
Investment in consolidated affiliates | 15.1 | 415 | |
Investment in unconsolidated affiliates | 0 | 0 | |
Distribution from unconsolidated affiliates | 0 | ||
Acquisition of businesses, net of cash acquired | 0 | 0 | |
Net cash used in investing activities | -139 | 315.8 | 837.4 |
FINANCING ACTIVITIES: | |||
Proceeds from long-term debt | 0 | 0 | |
Repayment of borrowings from long-term debt | 0 | ||
Proceeds from borrowings on revolving credit agreement | 0 | 0 | 0 |
Repayment of borrowings on revolving credit agreement, including financing costs | 0 | 0 | 0 |
Repayment of borrowings from term loan | 0 | ||
Principal payment of capital lease obligation | 0 | 0 | |
Contribution from parent | -15.1 | -415 | |
Contribution received related to predecessor equity | 0 | ||
Repayment of contribution received related to predecessor equity | 0 | ||
Advances from affiliates, net | 139 | -300.7 | -422.4 |
Distributions paid | 0 | 0 | 689.5 |
Capital contributions from noncontrolling interests | 0 | 0 | |
Distributions paid to noncontrolling interests | 0 | ||
Proceeds from sale of common units | 0 | 0 | |
Capital contribution from general partner | 0 | 0 | |
Net cash provided (used in) by financing activities | 139 | -315.8 | -147.9 |
(Decrease) increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 | 0 |
Parent Guarantor | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | 30.2 | 33.9 | 31.4 |
INVESTING ACTIVITIES: | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from sale of operating assets | 0 | 0 | 0 |
Proceeds from insurance and other recoveries | 0 | 0 | 0 |
Advances to affiliates, net | 363.9 | 126.4 | -404.2 |
Investment in consolidated affiliates | 0 | -17 | |
Investment in unconsolidated affiliates | 0 | 0 | |
Distribution from unconsolidated affiliates | 0 | ||
Acquisition of businesses, net of cash acquired | -294.7 | 0 | |
Net cash used in investing activities | 69.2 | 126.4 | -421.2 |
FINANCING ACTIVITIES: | |||
Proceeds from long-term debt | 0 | 0 | |
Repayment of borrowings from long-term debt | 0 | ||
Proceeds from borrowings on revolving credit agreement | 0 | 0 | 0 |
Repayment of borrowings on revolving credit agreement, including financing costs | 0 | 0 | 0 |
Repayment of borrowings from term loan | 0 | ||
Principal payment of capital lease obligation | 0 | 0 | |
Contribution from parent | 0 | 0 | |
Contribution received related to predecessor equity | 0 | ||
Repayment of contribution received related to predecessor equity | 0 | ||
Advances from affiliates, net | 0.1 | -2.8 | 2.6 |
Distributions paid | -99.2 | -533.9 | -478.9 |
Capital contributions from noncontrolling interests | 0 | 0 | |
Distributions paid to noncontrolling interests | 0 | ||
Proceeds from sale of common units | 368.7 | 847.7 | |
Capital contribution from general partner | 7.8 | 18 | |
Net cash provided (used in) by financing activities | -99.1 | -160.2 | 389.4 |
(Decrease) increase in cash and cash equivalents | 0.3 | 0.1 | -0.4 |
Cash and cash equivalents at beginning of period | 0.2 | 0.1 | 0.5 |
Cash and cash equivalents at end of period | 0.5 | 0.2 | 0.1 |
Subsidiary Issuer | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | -112.1 | -108.8 | 577.9 |
INVESTING ACTIVITIES: | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from sale of operating assets | 0 | 0 | 0 |
Proceeds from insurance and other recoveries | 0 | 0 | 0 |
Advances to affiliates, net | -49.6 | -84.3 | -84.4 |
Investment in consolidated affiliates | -15.1 | -398 | |
Investment in unconsolidated affiliates | 0 | 0 | |
Distribution from unconsolidated affiliates | 0 | ||
Acquisition of businesses, net of cash acquired | 0 | 0 | |
Net cash used in investing activities | -49.6 | -99.4 | -482.4 |
FINANCING ACTIVITIES: | |||
Proceeds from long-term debt | 342.9 | 297.6 | |
Repayment of borrowings from long-term debt | -100 | ||
Proceeds from borrowings on revolving credit agreement | 0 | 0 | 300 |
Repayment of borrowings on revolving credit agreement, including financing costs | 0 | 0 | -403.8 |
Repayment of borrowings from term loan | 0 | ||
Principal payment of capital lease obligation | 0 | 0 | |
Contribution from parent | 0 | 17 | |
Contribution received related to predecessor equity | 0 | ||
Repayment of contribution received related to predecessor equity | -554 | ||
Advances from affiliates, net | -188.6 | 216.4 | 338 |
Distributions paid | 0 | 0 | 0 |
Capital contributions from noncontrolling interests | 0 | 0 | |
Distributions paid to noncontrolling interests | 0 | ||
Proceeds from sale of common units | 0 | 0 | |
Capital contribution from general partner | 0 | 0 | |
Net cash provided (used in) by financing activities | 154.3 | 216.4 | -105.2 |
(Decrease) increase in cash and cash equivalents | -7.4 | 8.2 | -9.7 |
Cash and cash equivalents at beginning of period | 9.2 | 1 | 10.7 |
Cash and cash equivalents at end of period | 1.8 | 9.2 | 1 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | 595.5 | 609.2 | 655.7 |
INVESTING ACTIVITIES: | |||
Capital expenditures | -404.4 | -294.8 | -226.9 |
Proceeds from sale of operating assets | 2.9 | 60.7 | 5.9 |
Proceeds from insurance and other recoveries | 6.3 | 1.4 | 10.4 |
Advances to affiliates, net | -175.2 | -342.8 | 66.2 |
Investment in consolidated affiliates | 0 | 0 | |
Investment in unconsolidated affiliates | -20.5 | -76.7 | |
Distribution from unconsolidated affiliates | 11.1 | ||
Acquisition of businesses, net of cash acquired | 0 | -620.2 | |
Net cash used in investing activities | -579.8 | -652.2 | -764.6 |
FINANCING ACTIVITIES: | |||
Proceeds from long-term debt | 0 | 520.4 | |
Repayment of borrowings from long-term debt | -425 | ||
Proceeds from borrowings on revolving credit agreement | 665 | 1,128 | 1,835 |
Repayment of borrowings on revolving credit agreement, including financing costs | -720 | -1,255 | -1,891.50 |
Repayment of borrowings from term loan | -25 | ||
Principal payment of capital lease obligation | -0.4 | -0.2 | |
Contribution from parent | 15.1 | 398 | |
Contribution received related to predecessor equity | 269.2 | ||
Repayment of contribution received related to predecessor equity | 0 | ||
Advances from affiliates, net | 49.6 | 84.3 | 84.4 |
Distributions paid | 0 | 0 | -689.5 |
Capital contributions from noncontrolling interests | 8.2 | 87.1 | |
Distributions paid to noncontrolling interests | -7.9 | ||
Proceeds from sale of common units | 0 | 0 | |
Capital contribution from general partner | 0 | 0 | |
Net cash provided (used in) by financing activities | -30.5 | 59.3 | 101 |
(Decrease) increase in cash and cash equivalents | -14.8 | 16.3 | -7.9 |
Cash and cash equivalents at beginning of period | 19.1 | 2.8 | 10.7 |
Cash and cash equivalents at end of period | $4.30 | $19.10 | $2.80 |
Schedule_II_Valuation_and_Qual1
Schedule II Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $0 | $0.20 | $0.20 |
Additions: | |||
Charged to Costs and Expenses | 0 | -0.2 | 0 |
Other Additions | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Balance at End of Period | $0 | $0 | $0.20 |