Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 5-May-15 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BWP | |
Entity Registrant Name | Boardwalk Pipeline Partners, LP | |
Entity Central Index Key | 1336047 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 250,296,782 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $28.80 | $6.60 |
Receivables: | ||
Trade | 103.2 | 102.6 |
Other | 31.9 | 8.3 |
Gas transportation receivables | 6.1 | 9.1 |
Gas and liquids stored underground | 5.3 | 4.1 |
Prepayments | 11.5 | 14.5 |
Other current assets | 5.3 | 4.4 |
Total current assets | 192.1 | 149.6 |
Property, Plant and Equipment: | ||
Natural gas transmission and other plant | 9,317.10 | 9,250.10 |
Construction work in progress | 95.5 | 105.5 |
Property, plant and equipment, gross | 9,412.60 | 9,355.60 |
Less—accumulated depreciation and amortization | 1,845.50 | 1,766.40 |
Property, plant and equipment, net | 7,567.10 | 7,589.20 |
Other Assets: | ||
Goodwill | 237.4 | 237.4 |
Gas stored underground | 88.6 | 86.4 |
Other | 142.9 | 144.2 |
Total other assets | 468.9 | 468 |
Total Assets | 8,228.10 | 8,206.80 |
Payables: | ||
Trade, net | 49.2 | 51.7 |
Affiliates | 0.8 | 1.5 |
Other | 25.7 | 10.4 |
Gas payables | 9.6 | 8.5 |
Accrued taxes, other | 31.8 | 47.1 |
Accrued interest | 39.4 | 47.4 |
Accrued payroll and employee benefits | 13.7 | 26.3 |
Deferred income | 3.9 | 1.9 |
Other current liabilities | 26.7 | 25.4 |
Total current liabilities | 200.8 | 220.2 |
Long-term debt and capital lease obligation | 3,568.10 | 3,689.70 |
Other Liabilities and Deferred Credits: | ||
Pension liability | 19.1 | 19.2 |
Asset retirement obligation | 39.9 | 39.9 |
Provision for other asset retirement | 61 | 60.5 |
Payable to affiliate | 16 | 16 |
Other | 60.1 | 59 |
Total other liabilities and deferred credits | 196.1 | 194.6 |
Commitments and Contingencies | ||
Partners’ Capital: | ||
Common units – 249.9 million units and 243.3 million units issued and outstanding as of March 31, 2015, and December 31, 2014 | 4,254.20 | 4,095.10 |
General partner | 83.2 | 80 |
Accumulated other comprehensive loss | -74.3 | -72.8 |
Total partners’ capital | 4,263.10 | 4,102.30 |
Total Liabilities and Partners' Capital | $8,228.10 | $8,206.80 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Common units issued | 249.9 | 243.3 |
Common units outstanding | 249.9 | 243.3 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Revenues: | ||
Transportation | $289.60 | $304.30 |
Parking and lending | 2.8 | 9.2 |
Storage | 19.3 | 28.8 |
Other | 18 | 14.6 |
Total operating revenues | 329.7 | 356.9 |
Operating Costs and Expenses: | ||
Fuel and transportation | 27 | 33 |
Operation and maintenance | 42.4 | 42.7 |
Administrative and general | 30.6 | 26.8 |
Depreciation and amortization | 81.6 | 69.2 |
Asset impairment | 0.1 | 7.2 |
Net gain on sale of operating assets | 0 | -0.4 |
Taxes other than income taxes | 25.2 | 25.8 |
Total operating costs and expenses | 206.9 | 204.3 |
Operating income | 122.8 | 152.6 |
Other Deductions (Income): | ||
Interest expense | 45.2 | 40.9 |
Interest income | -0.1 | -0.1 |
Equity losses in unconsolidated affiliates | 0 | 86.1 |
Miscellaneous other income | -0.2 | -0.1 |
Total other deductions | 44.9 | 126.8 |
Income before income taxes | 77.9 | 25.8 |
Income taxes | 0.2 | 0.2 |
Net income | 77.7 | 25.6 |
Net loss attributable to noncontrolling interests | 0 | -84.6 |
Net income attributable to controlling interests | $77.70 | $110.20 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME Net Income Per Unit: (Common Units, USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Common Units | ||
Net income per unit: | ||
Net income per unit (in units) | $0.31 | $0.44 |
Weighted-average number of units outstanding: | ||
Weighted-average number of units outstanding (in units) | 244.3 | 243.3 |
Net Income per Unit: | ||
Cash distribution declared and paid to common units (in units) | $0.10 | $0.10 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net Income | $77.70 | $25.60 |
Other comprehensive income (loss): | ||
Loss on cash flow hedges | 0 | -0.9 |
Reclassification adjustment transferred to Net Income from cash flow hedges | 0.6 | 0.9 |
Pension and other postretirement benefit costs | -2.1 | -1.9 |
Total Comprehensive Income | 76.2 | 23.7 |
Comprehensive loss attributable to noncontrolling interests | 0 | -84.6 |
Comprehensive income attributable to controlling interests | $76.20 | $108.30 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities: | ||
Net Income | $77.70 | $25.60 |
Adjustments to reconcile net income to cash provided by operations: | ||
Depreciation and amortization | 81.6 | 69.2 |
Amortization of deferred costs | 1.7 | 1.5 |
Asset impairment | 0.1 | 7.2 |
Net gain on sale of operating assets | 0 | -0.4 |
Equity losses in unconsolidated affiliates | 0 | 86.1 |
Changes in operating assets and liabilities: | ||
Trade and other receivables | -0.2 | -5 |
Other receivables, affiliates | 0 | 0.4 |
Gas receivables and storage assets | -0.4 | -4.3 |
Costs recoverable from customers | 1 | -0.4 |
Other assets | 2.9 | 4.2 |
Trade and other payables | 13.1 | -10.6 |
Other payables, affiliates | -0.7 | -1.4 |
Gas payables | 0.3 | 9.5 |
Accrued liabilities | -34.5 | -44.3 |
Other liabilities | 4.2 | -1.5 |
Net cash provided by operating activities | 146.8 | 135.8 |
Investing Activities: | ||
Capital expenditures | -62.2 | -66.1 |
Proceeds from sale of operating assets | 0 | 0.1 |
Advances to affiliates | 0 | -1.3 |
Investment in unconsolidated affiliates | 0 | -19.7 |
Distributions from unconsolidated affiliates | 0 | 9 |
Net cash used in investing activities | -62.2 | -78 |
Financing Activities: | ||
Proceeds from long-term debt | 247.1 | 0 |
Repayment of borrowings from long-term debt and term loan | -300 | 0 |
Proceeds from borrowings on revolving credit agreement | 340 | 155 |
Repayment of borrowings on revolving credit agreement | -410 | -205 |
Principal payment of capital lease obligation | -0.1 | -0.1 |
Distributions paid | -24.8 | -24.8 |
Proceeds from sale of common units | 83.2 | 0 |
Capital contributions from general partner | 2.2 | 0 |
Capital contributions from noncontrolling interests | 0 | 7.8 |
Distributions paid to noncontrolling interests | 0 | -7.1 |
Net cash used in financing activities | -62.4 | -74.2 |
Increase (decrease) in cash and cash equivalents | 22.2 | -16.4 |
Cash and cash equivalents at beginning of period | 6.6 | 28.5 |
Cash and cash equivalents at end of period | $28.80 | $12.10 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (USD $) | Total | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Limited Partner | General Partner |
In Millions, unless otherwise specified | Common Units | ||||
Beg Partners' Capital at Dec. 31, 2013 | $4,063.40 | ($63.80) | $86.50 | $3,963.40 | $77.30 |
Add (deduct): | |||||
Net income (loss) | 25.6 | 0 | -84.6 | 108 | 2.2 |
Distributions paid | -24.8 | 0 | 0 | -24.3 | -0.5 |
Capital contributions from noncontrolling interests | 7.8 | 0 | 7.8 | 0 | 0 |
Distributions paid to noncontrolling interests | -7.1 | 0 | -7.1 | 0 | 0 |
Other comprehensive loss | -1.9 | -1.9 | 0 | 0 | 0 |
End Partners' Capital at Mar. 31, 2014 | 4,063 | -65.7 | 2.6 | 4,047.10 | 79 |
Beg Partners' Capital at Dec. 31, 2014 | 4,102.30 | -72.8 | 0 | 4,095.10 | 80 |
Add (deduct): | |||||
Net income (loss) | 77.7 | 0 | 0 | 76.2 | 1.5 |
Distributions paid | -24.8 | 0 | 0 | -24.3 | -0.5 |
Sale of common units net of related transaction costs | 107.2 | 0 | 0 | 107.2 | 0 |
Capital contribution from general partner | 2.2 | 0 | 0 | 0 | 2.2 |
Other comprehensive loss | -1.5 | -1.5 | 0 | 0 | 0 |
End Partners' Capital at Mar. 31, 2015 | $4,263.10 | ($74.30) | $0 | $4,254.20 | $83.20 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation |
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 and consists of integrated natural gas and natural gas liquids (NGLs) pipeline and storage systems and natural gas gathering and processing. | |
As of May 5, 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 May 5, 2015, the common units and general partner interest owned by BPHC represent approximately 51% of the Partnership’s equity interests, excluding the IDRs. The Partnership’s common units are traded under the symbol “BWP” on the New York Stock Exchange (NYSE). | |
The accompanying unaudited condensed consolidated financial statements of the Partnership were prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of March 31, 2015, and December 31, 2014, and the results of operations and comprehensive income for three months ended March 31, 2015 and 2014, and changes in cash flows and changes in equity for the three months ended March 31, 2015 and 2014. Reference is made to the Notes to Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2014 (2014 Annual Report on Form 10-K), which should be read in conjunction with these unaudited condensed consolidated financial statements. The accounting policies described in Note 2 to the Consolidated Financial Statements included in such 2014 Annual Report on Form 10-K are the same used in preparing the accompanying unaudited condensed consolidated financial statements. Net income for interim periods may not necessarily be indicative of results for the full year. |
Gas_and_Liquids_Stored_Undergr
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables | 3 Months Ended |
Mar. 31, 2015 | |
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables [Abstract] | |
Gas Stored Underground and Gas and NGLs Receivables and Payables [Text Block] | Note 2: Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables |
Subsidiaries of the Partnership provide storage services whereby they store natural gas or NGLs on behalf of customers and also periodically hold customer gas under parking and lending (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. | |
Subsidiaries of the Partnership also periodically lend gas to customers under PAL and no-notice services. As of March 31, 2015, the amount of gas owed to the subsidiaries of the Partnership due to gas imbalances and gas loaned under PAL and no-notice services was approximately 31.2 trillion British thermal units (TBtu). Assuming an average market price during March 2015 of $2.75 per million British thermal unit, the market value of that gas was approximately $85.8 million. As of March 31, 2015, the amount of NGLs owed to the operating subsidiaries due to imbalances was less than 0.1 million barrels (MMBbls), which had a market value of approximately $0.6 million. As of December 31, 2014, the amount of gas owed to the subsidiaries of the Partnership due to gas imbalances and gas loaned under PAL and no-notice services was approximately 10.0 TBtu. As of December 31, 2014, the amount of NGLs owed to the operating subsidiaries due to imbalances was less than 0.1 MMBbls. 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. |
Fair_Values_Measurements_and_O
Fair Values Measurements and Other Comprehensive Income (OCI) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Disclosure Text Block [Abstract] | ||||||||||||||||||||||
Fair Value Measurements and Other Comprehensive Income (OCI) [Text Block] | Note 3: Fair Value Measurements and Other Comprehensive Income (OCI) | |||||||||||||||||||||
As discussed in Note 3 to the Partnership’s 2014 Annual Report on Form 10-K, the Partnership and the Williams Companies, Inc. formed joint ventures for the development of the Bluegrass project, a project between the Partnership, BPHC and The Williams Companies, Inc. (Bluegrass Project). In 2014, the assets related to the joint ventures were determined to be impaired and were measured at fair value on a non-recurring basis. As a result, in the first quarter 2014, the Bluegrass Project entities, which were dissolved in December 2014, expensed the previously capitalized project costs, 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 controlling interests of $82.9 million, these expenses reduced the Partnership's Net income attributable to controlling interests by $10.0 million. | ||||||||||||||||||||||
OCI | ||||||||||||||||||||||
The Partnership had no outstanding derivatives at March 31, 2015, and December 31, 2014, but had $10.2 million and $10.8 million of Accumulated other comprehensive loss (AOCI) related to cash flow hedges as of March 31, 2015, and December 31, 2014, which relate to previously settled treasury rate locks that are being amortized to earnings over the terms of the related interest payments, generally the terms of the related debt. The Partnership estimates that approximately $2.4 million of net losses from cash flow hedges reported in AOCI as of March 31, 2015, are expected to be reclassified into earnings within the next twelve months. The following table shows the components and reclassifications to net income of AOCI which is included in Partners' Capital on the Condensed Consolidated Balance Sheets for the three months ended March 31, 2015 (in millions): | ||||||||||||||||||||||
Cash Flow Hedges | Pension and Other | Total | ||||||||||||||||||||
Postretirement Costs | ||||||||||||||||||||||
Beginning balance, January 1, 2015 | $ | (10.8 | ) | $ | (62.0 | ) | $ | (72.8 | ) | |||||||||||||
Reclassifications: | ||||||||||||||||||||||
Interest expense | 0.6 | — | 0.6 | |||||||||||||||||||
Pension and other postretirement benefit costs | — | (2.1 | ) | (2.1 | ) | |||||||||||||||||
Ending balance, March 31, 2015 | $ | (10.2 | ) | $ | (64.1 | ) | $ | (74.3 | ) | |||||||||||||
The following table shows the components and reclassifications to net income of AOCI which is included in Partners' Capital on the Condensed Consolidated Balance Sheets for the three months ended March 31, 2014 (in millions): | ||||||||||||||||||||||
Cash Flow Hedges | Pension and Other Postretirement Costs | Total | ||||||||||||||||||||
Beginning balance, January 1, 2014 | $ | (12.7 | ) | $ | (51.1 | ) | $ | (63.8 | ) | |||||||||||||
Loss recorded in accumulated other comprehensive loss | (0.9 | ) | — | (0.9 | ) | |||||||||||||||||
Reclassifications: | ||||||||||||||||||||||
Transportation operating revenues | 0.1 | — | 0.1 | |||||||||||||||||||
Other operating revenues | 0.2 | — | 0.2 | |||||||||||||||||||
Interest expense | 0.6 | — | 0.6 | |||||||||||||||||||
Pension and other postretirement benefit costs | — | (1.9 | ) | (1.9 | ) | |||||||||||||||||
Ending balance, March 31, 2014 | $ | (12.7 | ) | $ | (53.0 | ) | $ | (65.7 | ) | |||||||||||||
Financial Assets and Liabilities | ||||||||||||||||||||||
The following methods and assumptions were used in estimating the fair value amounts included in the disclosures for financial assets and liabilities, which are consistent with those disclosed in the 2014 Annual Report on Form 10-K: | ||||||||||||||||||||||
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 March 31, 2015, and December 31, 2014. The fair market value of the debt that is not publicly traded is based on market prices of similar debt at March 31, 2015, and December 31, 2014. The carrying amount of the Partnership's variable rate debt approximates 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 are not recorded at fair value on the Condensed Consolidated Balance Sheets as of March 31, 2015, and December 31, 2014, were as follows (in millions): | ||||||||||||||||||||||
As of March 31, 2015 | Estimated Fair Value | |||||||||||||||||||||
Financial Assets | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Cash and cash equivalents | $ | 28.8 | $ | 28.8 | $ | — | $ | — | $ | 28.8 | ||||||||||||
Financial Liabilities | ||||||||||||||||||||||
Long-term debt | $ | 3,558.60 | (1) | $ | — | $ | 3,667.80 | $ | — | $ | 3,667.80 | |||||||||||
(1) The carrying amount of long-term debt excludes a $9.5 million capital lease obligation. | ||||||||||||||||||||||
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 capital lease obligation. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 4: 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. | |
Southeast Louisiana Flood Protection Litigation | |
The Partnership and its subsidiary, Gulf South Pipeline Company, LP, 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. On February 13, 2015, the Court dismissed the case with prejudice. The Flood Protection Authority has appealed the dismissal of the case to the U.S. Court of Appeals for the Fifth Circuit. | |
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 March 31, 2015, and December 31, 2014, the Partnership had an accrued liability of approximately $5.8 million and $6.1 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 March 31, 2015, and December 31, 2014, approximately $1.5 million was recorded in Other current liabilities and approximately $4.3 million and $4.6 million were recorded in Other Liabilities and Deferred Credits. | |
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 March 31, 2015, were approximately $109.9 million, all of which are expected to be settled within the next twelve months. | |
There were no substantial changes to the Partnership’s operating lease commitments, pipeline capacity agreements or capital lease obligation disclosed in Note 5 to the Partnership’s 2014 Annual Report on Form 10-K. |
Cash_Distributions_and_Net_Inc
Cash Distributions and Net Income per Unit | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Partners' Capital Notes [Abstract] | ||||||||||||
Cash Distributions and Net Income per Unit | Note 5: Cash Distributions and Net Income per Unit | |||||||||||
Cash Distributions | ||||||||||||
In the first quarters 2015 and 2014, the Partnership declared and paid quarterly distributions to its common unitholders of record of $0.10 per common unit and an amount to the general partner on behalf of its 2% general partner interest. In April 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. 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. Any residual amount representing undistributed net income is assumed to be allocated to the various ownership interests in accordance with the contractual provisions of the partnership agreement on a pro rata basis. Net income per unit is calculated based on the weighted-average number of units outstanding for the period. | ||||||||||||
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 three months ended March 31, 2015, (in millions, except per unit data): | ||||||||||||
Total | Common | General Partner | ||||||||||
Units | and IDRs | |||||||||||
Net income | $ | 77.7 | ||||||||||
Declared distribution | 25.5 | $ | 25 | $ | 0.5 | |||||||
Assumed allocation of undistributed net income | 52.2 | 51.1 | 1.1 | |||||||||
Assumed allocation of net income attributable to limited | $ | 77.7 | $ | 76.1 | $ | 1.6 | ||||||
partner unitholders and general partner | ||||||||||||
Weighted-average units outstanding | 244.3 | |||||||||||
Net income per unit | $ | 0.31 | ||||||||||
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 three months ended March 31, 2014, (in millions, except per unit data): | ||||||||||||
Total | Common | General Partner | ||||||||||
Units | and IDRs | |||||||||||
Net income | $ | 25.6 | ||||||||||
Less: Net loss attributable to noncontrolling interests | (84.6 | ) | ||||||||||
Net income attributable to controlling interests | 110.2 | |||||||||||
Declared distribution | 24.8 | $ | 24.3 | $ | 0.5 | |||||||
Assumed allocation of undistributed net income | 85.4 | 83.7 | 1.7 | |||||||||
Assumed allocation of net income attributable to limited | $ | 110.2 | $ | 108 | $ | 2.2 | ||||||
partner unitholders and general partner | ||||||||||||
Weighted-average units outstanding | 243.3 | |||||||||||
Net income per unit | $ | 0.44 | ||||||||||
Financing
Financing | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||
Financing | Note 6: Financing | ||||||||||||||||||||||||
Notes and Debentures | |||||||||||||||||||||||||
As of March 31, 2015, and December 31, 2014, the Partnership had notes and debentures outstanding of $3.4 billion with a weighted-average interest rate of 5.30% and 5.31%. | |||||||||||||||||||||||||
Issuance of Notes | |||||||||||||||||||||||||
During the three months ended March 31, 2015, the Partnership completed an additional issuance of its 4.95% senior notes due 2024 (Boardwalk Pipelines 2024 Notes), of which $350.0 million were originally issued in November 2014 (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 | |||||||||||||||||||||||||
Mar-15 | Boardwalk Pipelines | $ | 250 | $ | 2.9 | $ | 247.1 | (1) | 4.95% | December 15, 2024 | June 15 and December 15 | ||||||||||||||
-1 | The net proceeds of this offering will be used to retire a portion of the outstanding $250.0 million aggregate principal amount of Texas Gas Transmission, LLC's (Texas Gas) 4.60% notes due 2015 (Texas Gas 2015 Notes). Initially, the Partnership used the net proceeds to reduce outstanding borrowings under its revolving credit facility. Subsequently, on or prior to June 1, 2015, the Partnership expects to retire all of the outstanding $250.0 million aggregate principal amount of the Texas Gas 2015 Notes with borrowings under its revolving credit facility. | ||||||||||||||||||||||||
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 debt obligations are unsecured. At March 31, 2015, the Partnership and its subsidiaries were in compliance with their debt covenants. | |||||||||||||||||||||||||
Redemption of Notes | |||||||||||||||||||||||||
In February 2015, the outstanding $275.0 million aggregate principal amount of Gulf South Pipeline Company, LP's 5.05% notes due 2015 was retired at maturity with the proceeds received from the issuance of Boardwalk Pipelines 2024 Notes in November 2014. | |||||||||||||||||||||||||
Revolving Credit Facility | |||||||||||||||||||||||||
Outstanding borrowings under the Partnership’s revolving credit facility as of March 31, 2015, and December 31, 2014, were $50.0 million and $120.0 million, with a weighted-average borrowing rate of 1.55% and 1.54%. As of May 5, 2015, the Partnership had no outstanding borrowings under its revolving credit facility, resulting in an available borrowing capacity of $1.0 billion. | |||||||||||||||||||||||||
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 March 31, 2015. | |||||||||||||||||||||||||
Term Loan | |||||||||||||||||||||||||
The Partnership has a variable-rate term loan due October 1, 2017 (Term Loan), which bears interest at a rate that is based on the one-month London Interbank Offered Rate (LIBOR) plus an applicable margin. Outstanding borrowings as of March 31, 2015, and December 31, 2014, were $175.0 million and $200.0 million, with a weighted-average borrowing interest rate of 1.92% and 1.91%. 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 from 5.75% to 9.75%, payable semi-annually in June and December, and matures 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 Quarterly Report on Form 10-Q, the Partnership has not borrowed any amounts under the Subordinated Loan. | |||||||||||||||||||||||||
Issuance of Common Units | |||||||||||||||||||||||||
The Partnership has an effective registration statement on file with the SEC for the issuance of up to $500.0 million of the Partnership's common units. Under the registration statement, pursuant to an equity distribution agreement between the Partnership and certain broker-dealers, the Partnership may sell its common units from time to time through the broker-dealers as the Partnership’s sales agents. Sales of common units can be made by means of ordinary brokers’ transactions on the NYSE or as otherwise agreed by the Partnership and one or more of the broker-dealers. During the quarter ended March 31, 2015, the Partnership sold 6.6 million common units under its equity distribution agreement and received net proceeds of $85.4 million, including a $2.2 million contribution received from its general partner to maintain its 2% general partner interest. The Partnership recorded a $24.0 million receivable for common units sold, but not settled, as of March 31, 2015, for which proceeds were received in April 2015. The Partnership sold an additional 0.4 million common units in April 2015 and received net proceeds of $6.2 million, including amounts received from its general partner to maintain its 2% general partner interest. |
Employee_Benefits
Employee Benefits | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Employee Benefits | Note 7: Employee Benefits | |||||||||||||||
Defined Benefit Retirement Plans and Postretirement Benefits Other Than Pension (PBOP) | ||||||||||||||||
Texas Gas employees hired prior to November 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. Texas Gas provides postretirement medical benefits and life insurance to retired employees who were employed full time, hired prior to 1996, and met certain other requirements. | ||||||||||||||||
Components of net periodic benefit cost for both the Retirement Plans and PBOP for the three months ended March 31, 2015 and 2014 were as follows (in millions): | ||||||||||||||||
Retirement Plans | PBOP | |||||||||||||||
For the | For the | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost | $ | 1 | $ | 1 | $ | 0.1 | $ | 0.1 | ||||||||
Interest cost | 1.2 | 1.4 | 0.5 | 0.5 | ||||||||||||
Expected return on plan assets | (2.3 | ) | (2.3 | ) | (1.2 | ) | (1.1 | ) | ||||||||
Amortization of prior service credit | — | — | (1.9 | ) | (1.9 | ) | ||||||||||
Amortization of unrecognized net loss | 0.4 | 0.3 | 0.1 | 0.1 | ||||||||||||
Regulatory asset decrease | 0.5 | 0.4 | — | — | ||||||||||||
Net periodic benefit cost | $ | 0.8 | $ | 0.8 | $ | (2.4 | ) | $ | (2.3 | ) | ||||||
Through the date of this filing, the Partnership has not made contributions to the Pension Plan in 2015, but expects to fund $3.0 million in 2015. | ||||||||||||||||
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 its employees. Costs related to the Partnership’s defined contribution plans were $2.2 million and $2.0 million for the three months ended March 31, 2015 and 2014. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 8: 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 $2.2 million for each of the three months ended March 31, 2015 and 2014. | |
Distributions paid related to limited partner units held by BPHC and the 2% general partner interest held by Boardwalk GP were $13.0 million for each of the three months ended March 31, 2015 and 2014. | |
In 2013, the Partnership entered into agreements with BPHC to form two entities for the purpose of investing in the Bluegrass Project. For the first quarter 2014, the Partnership contributed $0.8 million and BPHC contributed $7.8 million of cash to these entities and the Partnership and BPHC received a $1.9 million and $7.1 million distribution from these entities. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Recently Issued Accounting Pronouncements [Text Block] | Note 9: 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 | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||
Supplemental Disclosure of Cash Flow Information | Note 10: Supplemental Disclosure of Cash Flow Information (in millions): | |||||||
For the | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Cash paid during the period for: | ||||||||
Interest (net of amount capitalized) | $ | 54.2 | $ | 52.6 | ||||
Non-cash adjustments: | ||||||||
Accounts receivable for common units sold, but not settled | 24 | — | ||||||
Guarantee_of_Securities_of_Sub
Guarantee of Securities of Subsidiaries | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||||
Guarantee of Securities of Subsidiaries | Note 11: 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 March 31, 2015, and December 31, 2014. Note 6 contains additional information regarding the Partnership's debt and related covenants. | ||||||||||||||||||||||||
The Partnership has provided the following condensed consolidating financial information in accordance with Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets as of March 31, 2015 | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Assets | Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||||
Guarantor | Issuer | |||||||||||||||||||||||
Cash and cash equivalents | $ | 6.6 | $ | 15.4 | $ | 6.8 | $ | — | $ | 28.8 | ||||||||||||||
Receivables | 24 | — | 111.1 | — | 135.1 | |||||||||||||||||||
Receivables - affiliate | — | — | 7.1 | (7.1 | ) | — | ||||||||||||||||||
Gas and liquids stored underground | — | — | 5.3 | — | 5.3 | |||||||||||||||||||
Prepayments | 0.4 | — | 11.1 | — | 11.5 | |||||||||||||||||||
Advances to affiliates | — | 68.4 | 107 | (175.4 | ) | — | ||||||||||||||||||
Other current assets | — | — | 16.3 | (4.9 | ) | 11.4 | ||||||||||||||||||
Total current assets | 31 | 83.8 | 264.7 | (187.4 | ) | 192.1 | ||||||||||||||||||
Investment in consolidated subsidiaries | 2,040.00 | 6,846.50 | — | (8,886.5 | ) | — | ||||||||||||||||||
Property, plant and equipment, gross | 0.6 | — | 9,412.00 | — | 9,412.60 | |||||||||||||||||||
Less–accumulated depreciation and | 0.6 | — | 1,844.90 | — | 1,845.50 | |||||||||||||||||||
amortization | ||||||||||||||||||||||||
Property, plant and equipment, net | — | — | 7,567.10 | — | 7,567.10 | |||||||||||||||||||
Other noncurrent assets | — | 3.9 | 465.5 | (0.5 | ) | 468.9 | ||||||||||||||||||
Advances to affiliates – noncurrent | 2,209.00 | 289.7 | 870.2 | (3,368.9 | ) | — | ||||||||||||||||||
Total other assets | 2,209.00 | 293.6 | 1,335.70 | (3,369.4 | ) | 468.9 | ||||||||||||||||||
Total Assets | $ | 4,280.00 | $ | 7,223.90 | $ | 9,167.50 | $ | (12,443.3 | ) | $ | 8,228.10 | |||||||||||||
Liabilities and Partners' Capital | Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||||
Guarantor | Issuer | |||||||||||||||||||||||
Payables | $ | 0.1 | $ | 0.3 | $ | 74.5 | $ | — | $ | 74.9 | ||||||||||||||
Payable to affiliates | 0.8 | — | 7.1 | (7.1 | ) | 0.8 | ||||||||||||||||||
Advances from affiliates | — | 107 | 68.4 | (175.4 | ) | — | ||||||||||||||||||
Other current liabilities | — | 24.7 | 105.7 | (5.3 | ) | 125.1 | ||||||||||||||||||
Total current liabilities | 0.9 | 132 | 255.7 | (187.8 | ) | 200.8 | ||||||||||||||||||
Total long-term debt and capital lease | — | 1,972.70 | 1,595.40 | — | 3,568.10 | |||||||||||||||||||
obligation | ||||||||||||||||||||||||
Payable to affiliate - noncurrent | 16 | — | — | — | 16 | |||||||||||||||||||
Advances from affiliates - noncurrent | — | 3,079.20 | 289.7 | (3,368.9 | ) | — | ||||||||||||||||||
Other noncurrent liabilities | — | — | 180.2 | (0.1 | ) | 180.1 | ||||||||||||||||||
Total other liabilities and deferred | 16 | 3,079.20 | 469.9 | (3,369.0 | ) | 196.1 | ||||||||||||||||||
credits | ||||||||||||||||||||||||
Total partners' capital | 4,263.10 | 2,040.00 | 6,846.50 | (8,886.5 | ) | 4,263.10 | ||||||||||||||||||
Total Liabilities and Partners' | $ | 4,280.00 | $ | 7,223.90 | $ | 9,167.50 | $ | (12,443.3 | ) | $ | 8,228.10 | |||||||||||||
Capital | ||||||||||||||||||||||||
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 Partners' Capital | Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||||
Guarantor | Issuer | |||||||||||||||||||||||
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 | ||||||||||||||||||
Total Liabilities and Partners' | $ | 4,120.00 | $ | 6,967.60 | $ | 9,319.00 | $ | (12,199.8 | ) | $ | 8,206.80 | |||||||||||||
Capital | ||||||||||||||||||||||||
Condensed Consolidating Statements of Income for the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | ||||||||||||||||||||
Guarantor | Issuer | |||||||||||||||||||||||
Operating Revenues: | ||||||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 311.6 | $ | (22.0 | ) | $ | 289.6 | |||||||||||||
Parking and lending | — | — | 2.8 | — | 2.8 | |||||||||||||||||||
Storage | — | — | 19.3 | — | 19.3 | |||||||||||||||||||
Other | — | — | 18 | — | 18 | |||||||||||||||||||
Total operating revenues | — | — | 351.7 | (22.0 | ) | 329.7 | ||||||||||||||||||
Operating Cost and Expenses: | ||||||||||||||||||||||||
Fuel and transportation | — | — | 49 | (22.0 | ) | 27 | ||||||||||||||||||
Operation and maintenance | — | — | 42.4 | — | 42.4 | |||||||||||||||||||
Administrative and general | — | — | 30.6 | — | 30.6 | |||||||||||||||||||
Other operating costs and expenses | — | — | 106.9 | — | 106.9 | |||||||||||||||||||
Total operating costs and expenses | — | — | 228.9 | (22.0 | ) | 206.9 | ||||||||||||||||||
Operating (loss) income | — | — | 122.8 | — | 122.8 | |||||||||||||||||||
Other Deductions (Income): | ||||||||||||||||||||||||
Interest expense | — | 23.9 | 21.3 | — | 45.2 | |||||||||||||||||||
Interest (income) expense - affiliates, net | (6.7 | ) | 9.5 | (2.8 | ) | — | — | |||||||||||||||||
Interest income | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||
Equity in earnings of subsidiaries | (71.0 | ) | (104.4 | ) | — | 175.4 | — | |||||||||||||||||
Miscellaneous other income, net | — | — | (0.2 | ) | — | (0.2 | ) | |||||||||||||||||
Total other (income) deductions | (77.7 | ) | (71.0 | ) | 18.2 | 175.4 | 44.9 | |||||||||||||||||
Income (loss) before income taxes | 77.7 | 71 | 104.6 | (175.4 | ) | 77.9 | ||||||||||||||||||
Income taxes | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Net income (loss) | $ | 77.7 | $ | 71 | $ | 104.4 | $ | (175.4 | ) | $ | 77.7 | |||||||||||||
Condensed Consolidating Statements of Income for the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | ||||||||||||||||||||
Guarantor | Issuer | |||||||||||||||||||||||
Operating Revenues: | ||||||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 327.1 | $ | (22.8 | ) | $ | 304.3 | |||||||||||||
Parking and lending | — | — | 9.2 | — | 9.2 | |||||||||||||||||||
Storage | — | — | 28.8 | — | 28.8 | |||||||||||||||||||
Other | — | — | 14.6 | — | 14.6 | |||||||||||||||||||
Total operating revenues | — | — | 379.7 | (22.8 | ) | 356.9 | ||||||||||||||||||
Operating Cost and Expenses: | ||||||||||||||||||||||||
Fuel and transportation | — | — | 55.8 | (22.8 | ) | 33 | ||||||||||||||||||
Operation and maintenance | — | — | 42.7 | — | 42.7 | |||||||||||||||||||
Administrative and general | (0.1 | ) | — | 26.9 | — | 26.8 | ||||||||||||||||||
Other operating costs and expenses | 0.1 | — | 101.7 | — | 101.8 | |||||||||||||||||||
Total operating costs and expenses | — | — | 227.1 | (22.8 | ) | 204.3 | ||||||||||||||||||
Operating income | — | — | 152.6 | — | 152.6 | |||||||||||||||||||
Other Deductions (Income): | ||||||||||||||||||||||||
Interest expense | — | 18.7 | 22.2 | — | 40.9 | |||||||||||||||||||
Interest (income) expense - affiliates, net | (7.8 | ) | 10.2 | (2.4 | ) | — | — | |||||||||||||||||
Interest income | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||
Equity in earnings of subsidiaries | (102.4 | ) | (131.3 | ) | — | 233.7 | — | |||||||||||||||||
Equity losses in unconsolidated affiliates | — | — | 86.1 | — | 86.1 | |||||||||||||||||||
Miscellaneous other income, net | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||
Total other (income) deductions | (110.2 | ) | (102.4 | ) | 105.7 | 233.7 | 126.8 | |||||||||||||||||
Income (loss) before income taxes | 110.2 | 102.4 | 46.9 | (233.7 | ) | 25.8 | ||||||||||||||||||
Income taxes | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Net income (loss) | 110.2 | 102.4 | 46.7 | (233.7 | ) | 25.6 | ||||||||||||||||||
Net loss attributable to noncontrolling | — | — | (84.6 | ) | — | (84.6 | ) | |||||||||||||||||
interests | ||||||||||||||||||||||||
Net income (loss) attributable to controlling | $ | 110.2 | $ | 102.4 | $ | 131.3 | $ | (233.7 | ) | $ | 110.2 | |||||||||||||
interests | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | ||||||||||||||||||||
Guarantor | Issuer | |||||||||||||||||||||||
Net income (loss) | $ | 77.7 | $ | 71 | $ | 104.4 | $ | (175.4 | ) | $ | 77.7 | |||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||
Reclassification adjustment transferred | 0.6 | 0.6 | 0.2 | (0.8 | ) | 0.6 | ||||||||||||||||||
to Net Income from cash flow hedges | ||||||||||||||||||||||||
Pension and other postretirement | (2.1 | ) | (2.1 | ) | (2.1 | ) | 4.2 | (2.1 | ) | |||||||||||||||
benefit costs | ||||||||||||||||||||||||
Total Comprehensive Income (Loss) | $ | 76.2 | $ | 69.5 | $ | 102.5 | $ | (172.0 | ) | $ | 76.2 | |||||||||||||
Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | ||||||||||||||||||||
Guarantor | Issuer | |||||||||||||||||||||||
Net income (loss) | $ | 110.2 | $ | 102.4 | $ | 46.7 | $ | (233.7 | ) | $ | 25.6 | |||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||
(Loss) gain on cash flow hedges | (0.9 | ) | (0.9 | ) | (0.9 | ) | 1.8 | (0.9 | ) | |||||||||||||||
Reclassification adjustment transferred | 0.9 | 0.9 | 0.5 | (1.4 | ) | 0.9 | ||||||||||||||||||
to Net Income from cash flow hedges | ||||||||||||||||||||||||
Pension and other postretirement | (1.9 | ) | (1.9 | ) | (1.9 | ) | 3.8 | (1.9 | ) | |||||||||||||||
benefit costs | ||||||||||||||||||||||||
Total Comprehensive Income (Loss) | 108.3 | 100.5 | 44.4 | (229.5 | ) | 23.7 | ||||||||||||||||||
Comprehensive loss attributable to | — | — | (84.6 | ) | — | (84.6 | ) | |||||||||||||||||
noncontrolling interests | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to | $ | 108.3 | $ | 100.5 | $ | 129 | $ | (229.5 | ) | $ | 108.3 | |||||||||||||
controlling interests | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flow for the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | ||||||||||||||||||||
Guarantor | Issuer | |||||||||||||||||||||||
Net cash provided by (used in) | $ | 6.2 | $ | (28.9 | ) | $ | 169.5 | $ | — | $ | 146.8 | |||||||||||||
operating activities | ||||||||||||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Capital expenditures | — | — | (62.2 | ) | — | (62.2 | ) | |||||||||||||||||
Advances to affiliates, net | (60.7 | ) | (139.8 | ) | 125.5 | 75 | — | |||||||||||||||||
Net cash (used in) provided by | (60.7 | ) | (139.8 | ) | 63.3 | 75 | (62.2 | ) | ||||||||||||||||
investing activities | ||||||||||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from long-term debt | — | 247.1 | — | — | 247.1 | |||||||||||||||||||
Repayment of borrowings from long-term | — | — | (300.0 | ) | — | (300.0 | ) | |||||||||||||||||
debt and term loan | ||||||||||||||||||||||||
Proceeds from borrowings on revolving | — | — | 340 | — | 340 | |||||||||||||||||||
credit agreement | ||||||||||||||||||||||||
Repayment of borrowings on revolving | — | — | (410.0 | ) | — | (410.0 | ) | |||||||||||||||||
credit agreement | ||||||||||||||||||||||||
Principal payment of capital lease | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||
obligation | ||||||||||||||||||||||||
Advances from affiliates, net | — | (64.8 | ) | 139.8 | (75.0 | ) | — | |||||||||||||||||
Distributions paid | (24.8 | ) | — | — | — | (24.8 | ) | |||||||||||||||||
Proceeds from sale of common units | 83.2 | — | — | — | 83.2 | |||||||||||||||||||
Capital contributions from general | 2.2 | — | — | — | 2.2 | |||||||||||||||||||
partner | ||||||||||||||||||||||||
Net cash provided by (used in) | 60.6 | — | 182.3 | — | (230.3 | ) | — | (75.0 | ) | — | (62.4 | ) | ||||||||||||
financing activities | ||||||||||||||||||||||||
Increase in cash and cash | 6.1 | 13.6 | 2.5 | — | 22.2 | |||||||||||||||||||
equivalents | ||||||||||||||||||||||||
Cash and cash equivalents at | 0.5 | 1.8 | 4.3 | — | 6.6 | |||||||||||||||||||
beginning of period | ||||||||||||||||||||||||
Cash and cash equivalents at | $ | 6.6 | $ | 15.4 | $ | 6.8 | $ | — | $ | 28.8 | ||||||||||||||
end of period | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flow for the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | ||||||||||||||||||||
Guarantor | Issuer | |||||||||||||||||||||||
Net cash provided by (used in) | $ | 7.4 | $ | (33.5 | ) | $ | 161.9 | $ | — | $ | 135.8 | |||||||||||||
operating activities | ||||||||||||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Capital expenditures | — | — | (66.1 | ) | — | (66.1 | ) | |||||||||||||||||
Proceeds from sale of operating assets | — | — | 0.1 | — | 0.1 | |||||||||||||||||||
Advances to affiliates, net | 17.3 | (8.3 | ) | (56.4 | ) | 46.1 | (1.3 | ) | ||||||||||||||||
Investment in unconsolidated affiliates | — | — | (19.7 | ) | — | (19.7 | ) | |||||||||||||||||
Distribution from unconsolidated | — | — | 9 | — | 9 | |||||||||||||||||||
affiliates | ||||||||||||||||||||||||
Net cash provided by (used in) | 17.3 | (8.3 | ) | (133.1 | ) | 46.1 | (78.0 | ) | ||||||||||||||||
investing activities | ||||||||||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from borrowings on revolving | — | — | 155 | — | 155 | |||||||||||||||||||
credit agreement | ||||||||||||||||||||||||
Repayment of borrowings on revolving | — | — | (205.0 | ) | — | (205.0 | ) | |||||||||||||||||
credit agreement | ||||||||||||||||||||||||
Principal payment of capital lease | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||
obligation | ||||||||||||||||||||||||
Advances from affiliates, net | — | 37.8 | 8.3 | (46.1 | ) | — | ||||||||||||||||||
Distributions paid | (24.8 | ) | — | — | — | (24.8 | ) | |||||||||||||||||
Capital contribution from | — | — | 7.8 | — | 7.8 | |||||||||||||||||||
noncontrolling interests | ||||||||||||||||||||||||
Distributions paid to noncontrolling | — | — | (7.1 | ) | — | (7.1 | ) | |||||||||||||||||
interests | ||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (24.8 | ) | 37.8 | (41.1 | ) | (46.1 | ) | (74.2 | ) | |||||||||||||||
Decrease in cash and cash | (0.1 | ) | (4.0 | ) | (12.3 | ) | — | (16.4 | ) | |||||||||||||||
equivalents | ||||||||||||||||||||||||
Cash and cash equivalents at | 0.2 | 9.2 | 19.1 | — | 28.5 | |||||||||||||||||||
beginning of period | ||||||||||||||||||||||||
Cash and cash equivalents at | $ | 0.1 | $ | 5.2 | $ | 6.8 | $ | — | $ | 12.1 | ||||||||||||||
end of period | ||||||||||||||||||||||||
Basis_of_Presentation_Basis_of
Basis of Presentation Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The accompanying unaudited condensed consolidated financial statements of the Partnership were prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of March 31, 2015, and December 31, 2014, and the results of operations and comprehensive income for three months ended March 31, 2015 and 2014, and changes in cash flows and changes in equity for the three months ended March 31, 2015 and 2014. Reference is made to the Notes to Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2014 (2014 Annual Report on Form 10-K), which should be read in conjunction with these unaudited condensed consolidated financial statements. The accounting policies described in Note 2 to the Consolidated Financial Statements included in such 2014 Annual Report on Form 10-K are the same used in preparing the accompanying unaudited condensed consolidated financial statements. Net income for interim periods may not necessarily be indicative of results for the full year. |
Gas_and_Liquids_Stored_Undergr1
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables, Policy [Policy Text Block] | Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables |
Subsidiaries of the Partnership provide storage services whereby they store natural gas or NGLs on behalf of customers and also periodically hold customer gas under parking and lending (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. | |
Subsidiaries of the Partnership also periodically lend gas to customers under PAL and no-notice services. |
Fair_Value_Measurements_and_Ot
Fair Value Measurements and Other Comprehensive Income (OCI) Fair Value Measurements and Other Comprehensive Income (OCI) (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Fair Value Measurements, Policy [Policy Text Block] | Financial Assets and Liabilities |
The following methods and assumptions were used in estimating the fair value amounts included in the disclosures for financial assets and liabilities, which are consistent with those disclosed in the 2014 Annual Report on Form 10-K: | |
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 March 31, 2015, and December 31, 2014. The fair market value of the debt that is not publicly traded is based on market prices of similar debt at March 31, 2015, and December 31, 2014. The carrying amount of the Partnership's variable rate debt approximates fair value because the instruments bear a floating market-based interest rate. |
Cash_Distributions_and_Net_Inc1
Cash Distributions and Net Income per Unit Cash Distributions and Net Income per Unit (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Net Income Per Unit, Policy [Policy Text Block] | 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. 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. Any residual amount representing undistributed net income is assumed to be allocated to the various ownership interests in accordance with the contractual provisions of the partnership agreement on a pro rata basis. Net income per unit is calculated based on the weighted-average number of units outstanding for the period. | |
Fair_Value_Measurements_and_Ot1
Fair Value Measurements and Other Comprehensive Income (OCI) Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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 AOCI which is included in Partners' Capital on the Condensed Consolidated Balance Sheets for the three months ended March 31, 2015 (in millions): | |||||||||||
Cash Flow Hedges | Pension and Other | Total | ||||||||||
Postretirement Costs | ||||||||||||
Beginning balance, January 1, 2015 | $ | (10.8 | ) | $ | (62.0 | ) | $ | (72.8 | ) | |||
Reclassifications: | ||||||||||||
Interest expense | 0.6 | — | 0.6 | |||||||||
Pension and other postretirement benefit costs | — | (2.1 | ) | (2.1 | ) | |||||||
Ending balance, March 31, 2015 | $ | (10.2 | ) | $ | (64.1 | ) | $ | (74.3 | ) | |||
The following table shows the components and reclassifications to net income of AOCI which is included in Partners' Capital on the Condensed Consolidated Balance Sheets for the three months ended March 31, 2014 (in millions): | ||||||||||||
Cash Flow Hedges | Pension and Other Postretirement Costs | Total | ||||||||||
Beginning balance, January 1, 2014 | $ | (12.7 | ) | $ | (51.1 | ) | $ | (63.8 | ) | |||
Loss recorded in accumulated other comprehensive loss | (0.9 | ) | — | (0.9 | ) | |||||||
Reclassifications: | ||||||||||||
Transportation operating revenues | 0.1 | — | 0.1 | |||||||||
Other operating revenues | 0.2 | — | 0.2 | |||||||||
Interest expense | 0.6 | — | 0.6 | |||||||||
Pension and other postretirement benefit costs | — | (1.9 | ) | (1.9 | ) | |||||||
Ending balance, March 31, 2014 | $ | (12.7 | ) | $ | (53.0 | ) | $ | (65.7 | ) |
Financial_Assets_and_Liabiliti
Financial Assets and Liabilities (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
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 are not recorded at fair value on the Condensed Consolidated Balance Sheets as of March 31, 2015, and December 31, 2014, were as follows (in millions): | |||||||||||||||||||||
As of March 31, 2015 | Estimated Fair Value | |||||||||||||||||||||
Financial Assets | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Cash and cash equivalents | $ | 28.8 | $ | 28.8 | $ | — | $ | — | $ | 28.8 | ||||||||||||
Financial Liabilities | ||||||||||||||||||||||
Long-term debt | $ | 3,558.60 | (1) | $ | — | $ | 3,667.80 | $ | — | $ | 3,667.80 | |||||||||||
(1) The carrying amount of long-term debt excludes a $9.5 million capital lease obligation. | ||||||||||||||||||||||
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 capital lease obligation. |
Cash_Distributions_and_Net_Inc2
Cash Distributions and Net Income per Unit (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Partners' Capital Notes [Abstract] | ||||||||||||
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 three months ended March 31, 2015, (in millions, except per unit data): | |||||||||||
Total | Common | General Partner | ||||||||||
Units | and IDRs | |||||||||||
Net income | $ | 77.7 | ||||||||||
Declared distribution | 25.5 | $ | 25 | $ | 0.5 | |||||||
Assumed allocation of undistributed net income | 52.2 | 51.1 | 1.1 | |||||||||
Assumed allocation of net income attributable to limited | $ | 77.7 | $ | 76.1 | $ | 1.6 | ||||||
partner unitholders and general partner | ||||||||||||
Weighted-average units outstanding | 244.3 | |||||||||||
Net income per unit | $ | 0.31 | ||||||||||
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 three months ended March 31, 2014, (in millions, except per unit data): | ||||||||||||
Total | Common | General Partner | ||||||||||
Units | and IDRs | |||||||||||
Net income | $ | 25.6 | ||||||||||
Less: Net loss attributable to noncontrolling interests | (84.6 | ) | ||||||||||
Net income attributable to controlling interests | 110.2 | |||||||||||
Declared distribution | 24.8 | $ | 24.3 | $ | 0.5 | |||||||
Assumed allocation of undistributed net income | 85.4 | 83.7 | 1.7 | |||||||||
Assumed allocation of net income attributable to limited | $ | 110.2 | $ | 108 | $ | 2.2 | ||||||
partner unitholders and general partner | ||||||||||||
Weighted-average units outstanding | 243.3 | |||||||||||
Net income per unit | $ | 0.44 | ||||||||||
Financing_Tables
Financing (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||
Debt Issuances [Table Text Block] | During the three months ended March 31, 2015, the Partnership completed an additional issuance of its 4.95% senior notes due 2024 (Boardwalk Pipelines 2024 Notes), of which $350.0 million were originally issued in November 2014 (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 | |||||||||||||||||||||||||
Mar-15 | Boardwalk Pipelines | $ | 250 | $ | 2.9 | $ | 247.1 | (1) | 4.95% | December 15, 2024 | June 15 and December 15 | ||||||||||||||
-1 | The net proceeds of this offering will be used to retire a portion of the outstanding $250.0 million aggregate principal amount of Texas Gas Transmission, LLC's (Texas Gas) 4.60% notes due 2015 (Texas Gas 2015 Notes). Initially, the Partnership used the net proceeds to reduce outstanding borrowings under its revolving credit facility. Subsequently, on or prior to June 1, 2015, the Partnership expects to retire all of the outstanding $250.0 million aggregate principal amount of the Texas Gas 2015 Notes with borrowings under its revolving credit facility. |
Employee_Benefits_Tables
Employee Benefits (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | Components of net periodic benefit cost for both the Retirement Plans and PBOP for the three months ended March 31, 2015 and 2014 were as follows (in millions): | |||||||||||||||
Retirement Plans | PBOP | |||||||||||||||
For the | For the | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost | $ | 1 | $ | 1 | $ | 0.1 | $ | 0.1 | ||||||||
Interest cost | 1.2 | 1.4 | 0.5 | 0.5 | ||||||||||||
Expected return on plan assets | (2.3 | ) | (2.3 | ) | (1.2 | ) | (1.1 | ) | ||||||||
Amortization of prior service credit | — | — | (1.9 | ) | (1.9 | ) | ||||||||||
Amortization of unrecognized net loss | 0.4 | 0.3 | 0.1 | 0.1 | ||||||||||||
Regulatory asset decrease | 0.5 | 0.4 | — | — | ||||||||||||
Net periodic benefit cost | $ | 0.8 | $ | 0.8 | $ | (2.4 | ) | $ | (2.3 | ) | ||||||
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Supplemental Disclosure of Cash Flow Information (in millions): | |||||||
For the | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Cash paid during the period for: | ||||||||
Interest (net of amount capitalized) | $ | 54.2 | $ | 52.6 | ||||
Non-cash adjustments: | ||||||||
Accounts receivable for common units sold, but not settled | 24 | — | ||||||
Guarantee_of_Securities_of_Sub1
Guarantee of Securities of Subsidiaries (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheets as of March 31, 2015 | |||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Assets | Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||||
Guarantor | Issuer | |||||||||||||||||||||||
Cash and cash equivalents | $ | 6.6 | $ | 15.4 | $ | 6.8 | $ | — | $ | 28.8 | ||||||||||||||
Receivables | 24 | — | 111.1 | — | 135.1 | |||||||||||||||||||
Receivables - affiliate | — | — | 7.1 | (7.1 | ) | — | ||||||||||||||||||
Gas and liquids stored underground | — | — | 5.3 | — | 5.3 | |||||||||||||||||||
Prepayments | 0.4 | — | 11.1 | — | 11.5 | |||||||||||||||||||
Advances to affiliates | — | 68.4 | 107 | (175.4 | ) | — | ||||||||||||||||||
Other current assets | — | — | 16.3 | (4.9 | ) | 11.4 | ||||||||||||||||||
Total current assets | 31 | 83.8 | 264.7 | (187.4 | ) | 192.1 | ||||||||||||||||||
Investment in consolidated subsidiaries | 2,040.00 | 6,846.50 | — | (8,886.5 | ) | — | ||||||||||||||||||
Property, plant and equipment, gross | 0.6 | — | 9,412.00 | — | 9,412.60 | |||||||||||||||||||
Less–accumulated depreciation and | 0.6 | — | 1,844.90 | — | 1,845.50 | |||||||||||||||||||
amortization | ||||||||||||||||||||||||
Property, plant and equipment, net | — | — | 7,567.10 | — | 7,567.10 | |||||||||||||||||||
Other noncurrent assets | — | 3.9 | 465.5 | (0.5 | ) | 468.9 | ||||||||||||||||||
Advances to affiliates – noncurrent | 2,209.00 | 289.7 | 870.2 | (3,368.9 | ) | — | ||||||||||||||||||
Total other assets | 2,209.00 | 293.6 | 1,335.70 | (3,369.4 | ) | 468.9 | ||||||||||||||||||
Total Assets | $ | 4,280.00 | $ | 7,223.90 | $ | 9,167.50 | $ | (12,443.3 | ) | $ | 8,228.10 | |||||||||||||
Liabilities and Partners' Capital | Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||||
Guarantor | Issuer | |||||||||||||||||||||||
Payables | $ | 0.1 | $ | 0.3 | $ | 74.5 | $ | — | $ | 74.9 | ||||||||||||||
Payable to affiliates | 0.8 | — | 7.1 | (7.1 | ) | 0.8 | ||||||||||||||||||
Advances from affiliates | — | 107 | 68.4 | (175.4 | ) | — | ||||||||||||||||||
Other current liabilities | — | 24.7 | 105.7 | (5.3 | ) | 125.1 | ||||||||||||||||||
Total current liabilities | 0.9 | 132 | 255.7 | (187.8 | ) | 200.8 | ||||||||||||||||||
Total long-term debt and capital lease | — | 1,972.70 | 1,595.40 | — | 3,568.10 | |||||||||||||||||||
obligation | ||||||||||||||||||||||||
Payable to affiliate - noncurrent | 16 | — | — | — | 16 | |||||||||||||||||||
Advances from affiliates - noncurrent | — | 3,079.20 | 289.7 | (3,368.9 | ) | — | ||||||||||||||||||
Other noncurrent liabilities | — | — | 180.2 | (0.1 | ) | 180.1 | ||||||||||||||||||
Total other liabilities and deferred | 16 | 3,079.20 | 469.9 | (3,369.0 | ) | 196.1 | ||||||||||||||||||
credits | ||||||||||||||||||||||||
Total partners' capital | 4,263.10 | 2,040.00 | 6,846.50 | (8,886.5 | ) | 4,263.10 | ||||||||||||||||||
Total Liabilities and Partners' | $ | 4,280.00 | $ | 7,223.90 | $ | 9,167.50 | $ | (12,443.3 | ) | $ | 8,228.10 | |||||||||||||
Capital | ||||||||||||||||||||||||
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 Partners' Capital | Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | |||||||||||||||||||
Guarantor | Issuer | |||||||||||||||||||||||
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 | ||||||||||||||||||
Total Liabilities and Partners' | $ | 4,120.00 | $ | 6,967.60 | $ | 9,319.00 | $ | (12,199.8 | ) | $ | 8,206.80 | |||||||||||||
Capital | ||||||||||||||||||||||||
Condensed Consolidating Statements of Income | Condensed Consolidating Statements of Income for the Three Months Ended March 31, 2015 | |||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | ||||||||||||||||||||
Guarantor | Issuer | |||||||||||||||||||||||
Operating Revenues: | ||||||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 311.6 | $ | (22.0 | ) | $ | 289.6 | |||||||||||||
Parking and lending | — | — | 2.8 | — | 2.8 | |||||||||||||||||||
Storage | — | — | 19.3 | — | 19.3 | |||||||||||||||||||
Other | — | — | 18 | — | 18 | |||||||||||||||||||
Total operating revenues | — | — | 351.7 | (22.0 | ) | 329.7 | ||||||||||||||||||
Operating Cost and Expenses: | ||||||||||||||||||||||||
Fuel and transportation | — | — | 49 | (22.0 | ) | 27 | ||||||||||||||||||
Operation and maintenance | — | — | 42.4 | — | 42.4 | |||||||||||||||||||
Administrative and general | — | — | 30.6 | — | 30.6 | |||||||||||||||||||
Other operating costs and expenses | — | — | 106.9 | — | 106.9 | |||||||||||||||||||
Total operating costs and expenses | — | — | 228.9 | (22.0 | ) | 206.9 | ||||||||||||||||||
Operating (loss) income | — | — | 122.8 | — | 122.8 | |||||||||||||||||||
Other Deductions (Income): | ||||||||||||||||||||||||
Interest expense | — | 23.9 | 21.3 | — | 45.2 | |||||||||||||||||||
Interest (income) expense - affiliates, net | (6.7 | ) | 9.5 | (2.8 | ) | — | — | |||||||||||||||||
Interest income | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||
Equity in earnings of subsidiaries | (71.0 | ) | (104.4 | ) | — | 175.4 | — | |||||||||||||||||
Miscellaneous other income, net | — | — | (0.2 | ) | — | (0.2 | ) | |||||||||||||||||
Total other (income) deductions | (77.7 | ) | (71.0 | ) | 18.2 | 175.4 | 44.9 | |||||||||||||||||
Income (loss) before income taxes | 77.7 | 71 | 104.6 | (175.4 | ) | 77.9 | ||||||||||||||||||
Income taxes | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Net income (loss) | $ | 77.7 | $ | 71 | $ | 104.4 | $ | (175.4 | ) | $ | 77.7 | |||||||||||||
Condensed Consolidating Statements of Income for the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | ||||||||||||||||||||
Guarantor | Issuer | |||||||||||||||||||||||
Operating Revenues: | ||||||||||||||||||||||||
Transportation | $ | — | $ | — | $ | 327.1 | $ | (22.8 | ) | $ | 304.3 | |||||||||||||
Parking and lending | — | — | 9.2 | — | 9.2 | |||||||||||||||||||
Storage | — | — | 28.8 | — | 28.8 | |||||||||||||||||||
Other | — | — | 14.6 | — | 14.6 | |||||||||||||||||||
Total operating revenues | — | — | 379.7 | (22.8 | ) | 356.9 | ||||||||||||||||||
Operating Cost and Expenses: | ||||||||||||||||||||||||
Fuel and transportation | — | — | 55.8 | (22.8 | ) | 33 | ||||||||||||||||||
Operation and maintenance | — | — | 42.7 | — | 42.7 | |||||||||||||||||||
Administrative and general | (0.1 | ) | — | 26.9 | — | 26.8 | ||||||||||||||||||
Other operating costs and expenses | 0.1 | — | 101.7 | — | 101.8 | |||||||||||||||||||
Total operating costs and expenses | — | — | 227.1 | (22.8 | ) | 204.3 | ||||||||||||||||||
Operating income | — | — | 152.6 | — | 152.6 | |||||||||||||||||||
Other Deductions (Income): | ||||||||||||||||||||||||
Interest expense | — | 18.7 | 22.2 | — | 40.9 | |||||||||||||||||||
Interest (income) expense - affiliates, net | (7.8 | ) | 10.2 | (2.4 | ) | — | — | |||||||||||||||||
Interest income | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||
Equity in earnings of subsidiaries | (102.4 | ) | (131.3 | ) | — | 233.7 | — | |||||||||||||||||
Equity losses in unconsolidated affiliates | — | — | 86.1 | — | 86.1 | |||||||||||||||||||
Miscellaneous other income, net | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||
Total other (income) deductions | (110.2 | ) | (102.4 | ) | 105.7 | 233.7 | 126.8 | |||||||||||||||||
Income (loss) before income taxes | 110.2 | 102.4 | 46.9 | (233.7 | ) | 25.8 | ||||||||||||||||||
Income taxes | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Net income (loss) | 110.2 | 102.4 | 46.7 | (233.7 | ) | 25.6 | ||||||||||||||||||
Net loss attributable to noncontrolling | — | — | (84.6 | ) | — | (84.6 | ) | |||||||||||||||||
interests | ||||||||||||||||||||||||
Net income (loss) attributable to controlling | $ | 110.2 | $ | 102.4 | $ | 131.3 | $ | (233.7 | ) | $ | 110.2 | |||||||||||||
interests | ||||||||||||||||||||||||
Condensed Consolidating Statements Of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2015 | |||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | ||||||||||||||||||||
Guarantor | Issuer | |||||||||||||||||||||||
Net income (loss) | $ | 77.7 | $ | 71 | $ | 104.4 | $ | (175.4 | ) | $ | 77.7 | |||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||
Reclassification adjustment transferred | 0.6 | 0.6 | 0.2 | (0.8 | ) | 0.6 | ||||||||||||||||||
to Net Income from cash flow hedges | ||||||||||||||||||||||||
Pension and other postretirement | (2.1 | ) | (2.1 | ) | (2.1 | ) | 4.2 | (2.1 | ) | |||||||||||||||
benefit costs | ||||||||||||||||||||||||
Total Comprehensive Income (Loss) | $ | 76.2 | $ | 69.5 | $ | 102.5 | $ | (172.0 | ) | $ | 76.2 | |||||||||||||
Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | ||||||||||||||||||||
Guarantor | Issuer | |||||||||||||||||||||||
Net income (loss) | $ | 110.2 | $ | 102.4 | $ | 46.7 | $ | (233.7 | ) | $ | 25.6 | |||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||
(Loss) gain on cash flow hedges | (0.9 | ) | (0.9 | ) | (0.9 | ) | 1.8 | (0.9 | ) | |||||||||||||||
Reclassification adjustment transferred | 0.9 | 0.9 | 0.5 | (1.4 | ) | 0.9 | ||||||||||||||||||
to Net Income from cash flow hedges | ||||||||||||||||||||||||
Pension and other postretirement | (1.9 | ) | (1.9 | ) | (1.9 | ) | 3.8 | (1.9 | ) | |||||||||||||||
benefit costs | ||||||||||||||||||||||||
Total Comprehensive Income (Loss) | 108.3 | 100.5 | 44.4 | (229.5 | ) | 23.7 | ||||||||||||||||||
Comprehensive loss attributable to | — | — | (84.6 | ) | — | (84.6 | ) | |||||||||||||||||
noncontrolling interests | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to | $ | 108.3 | $ | 100.5 | $ | 129 | $ | (229.5 | ) | $ | 108.3 | |||||||||||||
controlling interests | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flow for the Three Months Ended March 31, 2015 | |||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | ||||||||||||||||||||
Guarantor | Issuer | |||||||||||||||||||||||
Net cash provided by (used in) | $ | 6.2 | $ | (28.9 | ) | $ | 169.5 | $ | — | $ | 146.8 | |||||||||||||
operating activities | ||||||||||||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Capital expenditures | — | — | (62.2 | ) | — | (62.2 | ) | |||||||||||||||||
Advances to affiliates, net | (60.7 | ) | (139.8 | ) | 125.5 | 75 | — | |||||||||||||||||
Net cash (used in) provided by | (60.7 | ) | (139.8 | ) | 63.3 | 75 | (62.2 | ) | ||||||||||||||||
investing activities | ||||||||||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from long-term debt | — | 247.1 | — | — | 247.1 | |||||||||||||||||||
Repayment of borrowings from long-term | — | — | (300.0 | ) | — | (300.0 | ) | |||||||||||||||||
debt and term loan | ||||||||||||||||||||||||
Proceeds from borrowings on revolving | — | — | 340 | — | 340 | |||||||||||||||||||
credit agreement | ||||||||||||||||||||||||
Repayment of borrowings on revolving | — | — | (410.0 | ) | — | (410.0 | ) | |||||||||||||||||
credit agreement | ||||||||||||||||||||||||
Principal payment of capital lease | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||
obligation | ||||||||||||||||||||||||
Advances from affiliates, net | — | (64.8 | ) | 139.8 | (75.0 | ) | — | |||||||||||||||||
Distributions paid | (24.8 | ) | — | — | — | (24.8 | ) | |||||||||||||||||
Proceeds from sale of common units | 83.2 | — | — | — | 83.2 | |||||||||||||||||||
Capital contributions from general | 2.2 | — | — | — | 2.2 | |||||||||||||||||||
partner | ||||||||||||||||||||||||
Net cash provided by (used in) | 60.6 | — | 182.3 | — | (230.3 | ) | — | (75.0 | ) | — | (62.4 | ) | ||||||||||||
financing activities | ||||||||||||||||||||||||
Increase in cash and cash | 6.1 | 13.6 | 2.5 | — | 22.2 | |||||||||||||||||||
equivalents | ||||||||||||||||||||||||
Cash and cash equivalents at | 0.5 | 1.8 | 4.3 | — | 6.6 | |||||||||||||||||||
beginning of period | ||||||||||||||||||||||||
Cash and cash equivalents at | $ | 6.6 | $ | 15.4 | $ | 6.8 | $ | — | $ | 28.8 | ||||||||||||||
end of period | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flow for the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Parent | Subsidiary | Non-guarantor Subsidiaries | Eliminations | Consolidated Boardwalk Pipeline Partners, LP | ||||||||||||||||||||
Guarantor | Issuer | |||||||||||||||||||||||
Net cash provided by (used in) | $ | 7.4 | $ | (33.5 | ) | $ | 161.9 | $ | — | $ | 135.8 | |||||||||||||
operating activities | ||||||||||||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Capital expenditures | — | — | (66.1 | ) | — | (66.1 | ) | |||||||||||||||||
Proceeds from sale of operating assets | — | — | 0.1 | — | 0.1 | |||||||||||||||||||
Advances to affiliates, net | 17.3 | (8.3 | ) | (56.4 | ) | 46.1 | (1.3 | ) | ||||||||||||||||
Investment in unconsolidated affiliates | — | — | (19.7 | ) | — | (19.7 | ) | |||||||||||||||||
Distribution from unconsolidated | — | — | 9 | — | 9 | |||||||||||||||||||
affiliates | ||||||||||||||||||||||||
Net cash provided by (used in) | 17.3 | (8.3 | ) | (133.1 | ) | 46.1 | (78.0 | ) | ||||||||||||||||
investing activities | ||||||||||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from borrowings on revolving | — | — | 155 | — | 155 | |||||||||||||||||||
credit agreement | ||||||||||||||||||||||||
Repayment of borrowings on revolving | — | — | (205.0 | ) | — | (205.0 | ) | |||||||||||||||||
credit agreement | ||||||||||||||||||||||||
Principal payment of capital lease | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||
obligation | ||||||||||||||||||||||||
Advances from affiliates, net | — | 37.8 | 8.3 | (46.1 | ) | — | ||||||||||||||||||
Distributions paid | (24.8 | ) | — | — | — | (24.8 | ) | |||||||||||||||||
Capital contribution from | — | — | 7.8 | — | 7.8 | |||||||||||||||||||
noncontrolling interests | ||||||||||||||||||||||||
Distributions paid to noncontrolling | — | — | (7.1 | ) | — | (7.1 | ) | |||||||||||||||||
interests | ||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (24.8 | ) | 37.8 | (41.1 | ) | (46.1 | ) | (74.2 | ) | |||||||||||||||
Decrease in cash and cash | (0.1 | ) | (4.0 | ) | (12.3 | ) | — | (16.4 | ) | |||||||||||||||
equivalents | ||||||||||||||||||||||||
Cash and cash equivalents at | 0.2 | 9.2 | 19.1 | — | 28.5 | |||||||||||||||||||
beginning of period | ||||||||||||||||||||||||
Cash and cash equivalents at | $ | 0.1 | $ | 5.2 | $ | 6.8 | $ | — | $ | 12.1 | ||||||||||||||
end of period | ||||||||||||||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) | 5-May-15 | Mar. 31, 2015 | Mar. 31, 2014 |
In Millions, unless otherwise specified | |||
Boardwalk Pipelines Holding Company | Subsequent Event | |||
Basis of Presentation [Line Items] | |||
Number Of Partnerships Common Units Owned By Holding Company | 125.6 | ||
Percentage of Partnership's equity interests owned by holding company (in hundredths) | 51.00% | ||
Boardwalk GP, LP | |||
Basis of Presentation [Line Items] | |||
Percent of general partner interest owned by holding company | 2.00% | 2.00% | |
Boardwalk GP, LP | Subsequent Event | |||
Basis of Presentation [Line Items] | |||
Percent of general partner interest owned by holding company | 2.00% |
Gas_and_Liquids_Stored_Undergr2
Gas and Liquids Stored Underground And Gas and NGLs Receivables And Payables (Details) (Gas Imbalances and Gas Loaned, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | MMBTU | MMBTU |
MMBbls | MMBbls | |
Gas Imbalances and Gas Loaned | ||
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables [Line Items] | ||
Gas Balancing Volume Amount (in MMBtu) | 31,200,000 | 10,000,000 |
Average market price per million British thermal units | 2.75 | |
Market value of gas owed to operating subsidiaries due to gas imbalances and gas loaned under PAL and no-notice services | $85.80 | |
Natural Gas Liquids Balancing Volume (in MMBbls) (less than) | 0.1 | 0.1 |
Natural Gas Liquids Imbalance to Subsidiaries Asset Liability | $0.60 |
Fair_Value_Measurements_and_Ot2
Fair Value Measurements and Other Comprehensive Income (OCI) Fair Value Measurements Assets and Liabilities Measured on Recurring and Nonrecurring (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Fair Value, Measurements, Nonrecurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Project Related Impairment | $92.90 |
Income (Loss) from Impairment Attributable to Noncontrolling Interest | -82.9 |
Income (Loss) from Impairments Attributable to Parent | ($10) |
Fair_Value_Measurements_and_Ot3
Fair Value Measurements and Other Comprehensive Income (OCI) Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Beginning balance | ($72.80) | ($63.80) |
Gain (loss) recorded in accumulated other comprehensive loss | 0 | -0.9 |
Transportation operating revenues | 289.6 | 304.3 |
Interest expense | 45.2 | 40.9 |
Pension and other postretirement benefit costs | -2.1 | -1.9 |
Ending balance | -74.3 | -65.7 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Transportation operating revenues | 0.1 | |
Other operating revenues | 0.2 | |
Interest expense | 0.6 | 0.6 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 2.4 | |
Beginning balance | -10.8 | -12.7 |
Gain (loss) recorded in accumulated other comprehensive loss | -0.9 | |
Pension and other postretirement benefit costs | 0 | 0 |
Ending balance | -10.2 | -12.7 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Transportation operating revenues | 0.1 | |
Other operating revenues | 0.2 | |
Interest expense | 0.6 | 0.6 |
Accumulated Defined Benefit Plans Adjustment | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Beginning balance | -62 | -51.1 |
Gain (loss) recorded in accumulated other comprehensive loss | 0 | |
Pension and other postretirement benefit costs | -2.1 | -1.9 |
Ending balance | -64.1 | -53 |
Accumulated Defined Benefit Plans Adjustment | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Transportation operating revenues | 0 | |
Other operating revenues | 0 | |
Interest expense | $0 | $0 |
Financial_Assets_and_Liabiliti1
Financial Assets and Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Cash and cash equivalents | $28.80 | $6.60 | $12.10 | $28.50 | ||
Capital Lease Obligations, Noncurrent | 9.5 | 9.6 | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||||
Cash and Cash Equivalents - Fair Value | 28.8 | 6.6 | ||||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||||
Long-term Debt - Fair Value | 3,667.80 | 3,787.40 | ||||
Carrying Amount | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Cash and cash equivalents | 28.8 | 6.6 | ||||
Long-term Debt | 3,558.60 | [1] | 3,680.10 | [2] | ||
Fair Value | Fair Value, Inputs, Level 1 | ||||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||||
Cash and Cash Equivalents - Fair Value | 28.8 | 6.6 | ||||
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 | 3,667.80 | 3,787.40 | ||||
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 $9.5 million capital lease obligation. | |||||
[2] | The carrying amount of long-term debt excludes a $9.6 million capital lease obligation. |
Commitments_and_Contingencies_
Commitments and Contingencies Legal Proceedings and Settlements (Details) (Southeast Louisiana Flood Protection Litigation) | 3 Months Ended |
Mar. 31, 2015 | |
defendant | |
Southeast Louisiana Flood Protection Litigation | |
Loss Contingencies [Line Items] | |
Loss Contingency, Number of Defendants | 100 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Environmental and Safety Matters [Abstract] | ||
Accrual for Environmental Loss Contingencies | $5.80 | $6.10 |
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 | 4.3 | 4.6 |
Commitments for Construction [Abstract] | ||
Purchase Commitment, Remaining Minimum Amount Committed | $109.90 |
Cash_Distributions_and_Net_Inc3
Cash Distributions and Net Income per Unit (Details) (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 30, 2015 | 5-May-15 |
Reconciliation And Allocation of Net Income By Class of Stock [Line Items] | ||||
Net Income | $77.70 | $25.60 | ||
Less: Net loss attributable to noncontrolling interests | 0 | -84.6 | ||
Net income attributable to controlling interests | 77.7 | 110.2 | ||
Declared distribution | 25.5 | 24.8 | ||
Assumed allocation of undistributed net income | 52.2 | 85.4 | ||
Assumed allocation of net income attributable to limited partner unitholders and general partner | 77.7 | 110.2 | ||
Common Units | ||||
Reconciliation And Allocation of Net Income By Class of Stock [Line Items] | ||||
Declared distribution | 25 | 24.3 | ||
Assumed allocation of undistributed net income | 51.1 | 83.7 | ||
Assumed allocation of net income attributable to limited partner unitholders and general partner | 76.1 | 108 | ||
Weighted-average number of units outstanding (in units) | 244.3 | 243.3 | ||
Net income per unit (in units) | $0.31 | $0.44 | ||
General Partner and IDRs | ||||
Reconciliation And Allocation of Net Income By Class of Stock [Line Items] | ||||
Declared distribution | 0.5 | 0.5 | ||
Assumed allocation of undistributed net income | 1.1 | 1.7 | ||
Assumed allocation of net income attributable to limited partner unitholders and general partner | $1.60 | $2.20 | ||
Common Units | ||||
Reconciliation And Allocation of Net Income By Class of Stock [Line Items] | ||||
Cash distribution declared and paid to common units (in units) | $0.10 | $0.10 | ||
Weighted-average number of units outstanding (in units) | 244.3 | 243.3 | ||
Net income per unit (in units) | $0.31 | $0.44 | ||
Common Units | Subsequent Event | ||||
Reconciliation And Allocation of Net Income By Class of Stock [Line Items] | ||||
Dividends Payable, Amount Per Share | $0.10 | |||
Boardwalk GP, LP | ||||
Reconciliation And Allocation of Net Income By Class of Stock [Line Items] | ||||
Percent of general partner interest owned by holding company | 2.00% | 2.00% | ||
Boardwalk GP, LP | Subsequent Event | ||||
Reconciliation And Allocation of Net Income By Class of Stock [Line Items] | ||||
Percent of general partner interest owned by holding company | 2.00% |
Financing_Details
Financing (Details) (USD $) | 3 Months Ended | 0 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 10, 2015 | Nov. 19, 2014 | Feb. 02, 2015 | Dec. 31, 2014 | 5-May-15 | |
Debt Instruments [Abstract] | |||||||
Repayments of Unsecured Debt | $300,000,000 | $0 | |||||
Unsecured Debt | |||||||
Debt Instruments [Abstract] | |||||||
Long-term Debt, Gross | 3,400,000,000 | 3,400,000,000 | |||||
Debt, Weighted Average Interest Rate | 5.30% | 5.31% | |||||
Debt Instrument, Covenant Compliance | The Partnership and its subsidiaries were in compliance with their debt covenants. | ||||||
Line of Credit | |||||||
Debt Instruments [Abstract] | |||||||
Debt, Weighted Average Interest Rate | 1.55% | 1.54% | |||||
Line of Credit Facility [Abstract] | |||||||
Long-term Line of Credit | 50,000,000 | 120,000,000 | |||||
Covenant terms | 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. | ||||||
Maximum Ratio of Debt to EBITDA | 5.0 to 1.0 | ||||||
Maximum Ratio of Debt to EBITDA after Acquisition | 5.5 to 1.0 | ||||||
Subordinated Debt | |||||||
Debt Instruments [Abstract] | |||||||
Debt Instrument, Maturity Date | 31-Jul-24 | ||||||
Subordinated Loan Agreement Maximum Borrowing Capacity | 300,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 5.75% | ||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 9.75% | ||||||
Subordinated Borrowing Terms and Conditions | The Subordinated Loan bears interest at increasing rates, ranging from 5.75% to 9.75%, payable semi-annually in June and December, and matures in July 2024. | ||||||
Boardwalk Pipelines 4.95% Notes Due 2024 [Member] | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Issuance Date | 10-Mar-15 | 19-Nov-14 | |||||
Debt Instruments [Abstract] | |||||||
Debt Instrument, Face Amount | 250,000,000 | 350,000,000 | |||||
Payments of Debt Issuance Costs | 2,900,000 | ||||||
Proceeds from Debt, Net of Issuance Costs | 247,100,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.95% | ||||||
Debt Instrument, Maturity Date | 15-Dec-24 | ||||||
Gulf South Notes Due 2015 | Unsecured Debt | |||||||
Debt Instruments [Abstract] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.05% | ||||||
Repayments of Unsecured Debt | 275,000,000 | ||||||
Texas Gas Notes Due 2015 | Unsecured Debt | |||||||
Debt Instruments [Abstract] | |||||||
Long-term Debt, Gross | 250,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.60% | ||||||
Term Loan Boardwalk Acquisition Company | Unsecured Debt | |||||||
Debt Instruments [Abstract] | |||||||
Long-term Debt, Gross | 175,000,000 | 200,000,000 | |||||
Debt, Weighted Average Interest Rate | 1.92% | 1.91% | |||||
Debt Instrument, Maturity Date | 1-Oct-17 | ||||||
Debt Instrument, Covenant Description | The Term Loan bears interest at a rate that is based on the one-month London Interbank Offered Rate (LIBOR) plus an applicable margin. | ||||||
Subsequent Event | Line of Credit | |||||||
Line of Credit Facility [Abstract] | |||||||
Long-term Line of Credit | 0 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $1,000,000,000 |
Financing_Equity_Offering_Deta
Financing Equity Offering (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Apr. 02, 2015 | Mar. 31, 2014 | 5-May-15 |
Equity Distribution Agreement | ||||
Capital Unit [Line Items] | ||||
Limited Partners Capital Account Units Authorized Dollars | $500 | |||
Partners' Capital Account, Units, Sold in Public Offering | 6.6 | |||
Proceeds from Issuance or Sale of Equity | 85.4 | |||
General Partners' Contributed Capital | 2.2 | |||
Receivable from Sale of Limited Partner Units | 24 | 0 | ||
Boardwalk GP, LP | ||||
Capital Unit [Line Items] | ||||
Percent of general partner interest owned by holding company | 2.00% | 2.00% | ||
Boardwalk GP, LP | Equity Distribution Agreement | ||||
Capital Unit [Line Items] | ||||
Percent of general partner interest owned by holding company | 2.00% | |||
Subsequent Event | Equity Distribution Agreement | ||||
Capital Unit [Line Items] | ||||
Partners' Capital Account, Units, Sold in Public Offering | 0.4 | |||
Proceeds from Issuance or Sale of Equity | $6.20 | |||
Subsequent Event | Boardwalk GP, LP | ||||
Capital Unit [Line Items] | ||||
Percent of general partner interest owned by holding company | 2.00% | |||
Subsequent Event | Boardwalk GP, LP | Equity Distribution Agreement | ||||
Capital Unit [Line Items] | ||||
Percent of general partner interest owned by holding company | 2.00% |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | 5-May-15 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Defined Contribution Plan, Cost Recognized | $2.20 | $2 | |
Retirement Plans | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 1 | 1 | |
Interest cost | 1.2 | 1.4 | |
Expected return on plan assets | -2.3 | -2.3 | |
Amortization of prior service credit | 0 | 0 | |
Amortization of unrecognized net loss | 0.4 | 0.3 | |
Regulatory asset decrease | 0.5 | 0.4 | |
Net periodic benefit cost | 0.8 | 0.8 | |
PBOP | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 0.1 | 0.1 | |
Interest cost | 0.5 | 0.5 | |
Expected return on plan assets | -1.2 | -1.1 | |
Amortization of prior service credit | -1.9 | -1.9 | |
Amortization of unrecognized net loss | 0.1 | 0.1 | |
Regulatory asset decrease | 0 | 0 | |
Net periodic benefit cost | -2.4 | -2.3 | |
Subsequent Event | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Contribution to defined benefit pension plan | 0 | ||
Scenario, Forecast | Subsequent Event | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Defined benefit plan, estimated future employer contributions in current fiscal year | $3 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Related Party Transaction [Line Items] | ||
Related Party Transaction, Expenses from Transactions with Related Party | $2.20 | $2.20 |
Distributions from unconsolidated affiliates | 0 | 9 |
Payments of Ordinary Dividends, Noncontrolling Interest | 0 | 7.1 |
Boardwalk GP, LP | ||
Related Party Transaction [Line Items] | ||
Percent of general partner interest owned by holding company | 2.00% | 2.00% |
Cash dividends paid to parent company | 13 | 13 |
Boardwalk Bluegrass and Boardwalk Moss Lake [Member] | Boardwalk Pipeline Partners, LP [Member] | ||
Related Party Transaction [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0.8 | |
Boardwalk Bluegrass and Boardwalk Moss Lake [Member] | Boardwalk Pipelines Holding Company | ||
Related Party Transaction [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 7.8 | |
Boardwalk Moss Lake [Member] | Boardwalk Pipeline Partners, LP [Member] | ||
Related Party Transaction [Line Items] | ||
Distributions from unconsolidated affiliates | 1.9 | |
Boardwalk Moss Lake [Member] | Boardwalk Pipelines Holding Company | ||
Related Party Transaction [Line Items] | ||
Payments of Ordinary Dividends, Noncontrolling Interest | $7.10 |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash Flow Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash paid during the period for: | ||
Interest (net of amount capitalized) | $54.20 | $52.60 |
Equity Distribution Agreement | ||
Cash paid during the period for: | ||
Receivable from Sale of Limited Partner Units | $24 | $0 |
Guarantee_of_Securities_of_Sub2
Guarantee of Securities of Subsidiaries Balance Sheets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $28.80 | $6.60 | $12.10 | $28.50 |
Receivables | 135.1 | 110.9 | ||
Receivables - affiliate | 0 | 0 | ||
Gas and liquids stored underground | 5.3 | 4.1 | ||
Prepayments | 11.5 | 14.5 | ||
Advances to affiliates | 0 | 0 | ||
Other current assets | 11.4 | 13.5 | ||
Total current assets | 192.1 | 149.6 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Property, plant and equipment, gross | 9,412.60 | 9,355.60 | ||
Less—accumulated depreciation and amortization | 1,845.50 | 1,766.40 | ||
Property, plant and equipment, net | 7,567.10 | 7,589.20 | ||
Other noncurrent assets | 468.9 | 468 | ||
Advances to affiliates - noncurrent | 0 | 0 | ||
Total other assets | 468.9 | 468 | ||
Total Assets | 8,228.10 | 8,206.80 | ||
Liabilities and Partners' Capital | ||||
Payables | 74.9 | 62.1 | ||
Payable to affiliates | 0.8 | 1.5 | ||
Advances from affiliates | 0 | 0 | ||
Other current liabilities | 125.1 | 156.6 | ||
Total current liabilities | 200.8 | 220.2 | ||
Total long-term debt and capital lease obligation | 3,568.10 | 3,689.70 | ||
Payable to affiliate - noncurrent | 16 | 16 | ||
Advances from affiliates - noncurrent | 0 | 0 | ||
Other noncurrent liabilities | 180.1 | 178.6 | ||
Total other liabilities and deferred credits | 196.1 | 194.6 | ||
Total partners' capital | 4,263.10 | 4,102.30 | ||
Total Liabilities and Partners' Capital | 8,228.10 | 8,206.80 | ||
Eliminations | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | 0 | 0 | ||
Receivables - affiliate | -7.1 | -9 | ||
Gas and liquids stored underground | 0 | 0 | ||
Prepayments | 0 | 0 | ||
Advances to affiliates | -175.4 | -112.5 | ||
Other current assets | -4.9 | -6.2 | ||
Total current assets | -187.4 | -127.7 | ||
Investment in consolidated subsidiaries | -8,886.50 | -8,714.70 | ||
Property, plant and equipment, gross | 0 | 0 | ||
Less—accumulated depreciation and amortization | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Other noncurrent assets | -0.5 | -0.6 | ||
Advances to affiliates - noncurrent | -3,368.90 | -3,356.80 | ||
Total other assets | -3,369.40 | -3,357.40 | ||
Total Assets | -12,443.30 | -12,199.80 | ||
Liabilities and Partners' Capital | ||||
Payables | 0 | 0 | ||
Payable to affiliates | -7.1 | -9 | ||
Advances from affiliates | -175.4 | -112.5 | ||
Other current liabilities | -5.3 | -6.5 | ||
Total current liabilities | -187.8 | -128 | ||
Total long-term debt and capital lease obligation | 0 | 0 | ||
Payable to affiliate - noncurrent | 0 | 0 | ||
Advances from affiliates - noncurrent | -3,368.90 | -3,356.80 | ||
Other noncurrent liabilities | -0.1 | -0.3 | ||
Total other liabilities and deferred credits | -3,369 | -3,357.10 | ||
Total partners' capital | -8,886.50 | -8,714.70 | ||
Total Liabilities and Partners' Capital | -12,443.30 | -12,199.80 | ||
Parent Guarantor | Reportable Legal Entities [Member] | ||||
Assets | ||||
Cash and cash equivalents | 6.6 | 0.5 | 0.1 | 0.2 |
Receivables | 24 | 0 | ||
Receivables - affiliate | 0 | 0 | ||
Gas and liquids stored underground | 0 | 0 | ||
Prepayments | 0.4 | 0.1 | ||
Advances to affiliates | 0 | 0 | ||
Other current assets | 0 | 0.5 | ||
Total current assets | 31 | 1.1 | ||
Investment in consolidated subsidiaries | 2,040 | 1,970.60 | ||
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 | ||
Advances to affiliates - noncurrent | 2,209 | 2,148.30 | ||
Total other assets | 2,209 | 2,148.30 | ||
Total Assets | 4,280 | 4,120 | ||
Liabilities and Partners' Capital | ||||
Payables | 0.1 | 0.2 | ||
Payable to affiliates | 0.8 | 1.5 | ||
Advances from affiliates | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 0.9 | 1.7 | ||
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 | 4,263.10 | 4,102.30 | ||
Total Liabilities and Partners' Capital | 4,280 | 4,120 | ||
Subsidiary Issuer | Reportable Legal Entities [Member] | ||||
Assets | ||||
Cash and cash equivalents | 15.4 | 1.8 | 5.2 | 9.2 |
Receivables | 0 | 0 | ||
Receivables - affiliate | 0 | 0 | ||
Gas and liquids stored underground | 0 | 0 | ||
Prepayments | 0 | 0 | ||
Advances to affiliates | 68.4 | 6.3 | ||
Other current assets | 0 | 0 | ||
Total current assets | 83.8 | 8.1 | ||
Investment in consolidated subsidiaries | 6,846.50 | 6,744.10 | ||
Property, plant and equipment, gross | 0 | 0 | ||
Less—accumulated depreciation and amortization | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Other noncurrent assets | 3.9 | 3.4 | ||
Advances to affiliates - noncurrent | 289.7 | 212 | ||
Total other assets | 293.6 | 215.4 | ||
Total Assets | 7,223.90 | 6,967.60 | ||
Liabilities and Partners' Capital | ||||
Payables | 0.3 | 0.1 | ||
Payable to affiliates | 0 | 0 | ||
Advances from affiliates | 107 | 106.2 | ||
Other current liabilities | 24.7 | 21.4 | ||
Total current liabilities | 132 | 127.7 | ||
Total long-term debt and capital lease obligation | 1,972.70 | 1,724.50 | ||
Payable to affiliate - noncurrent | 0 | 0 | ||
Advances from affiliates - noncurrent | 3,079.20 | 3,144.80 | ||
Other noncurrent liabilities | 0 | 0 | ||
Total other liabilities and deferred credits | 3,079.20 | 3,144.80 | ||
Total partners' capital | 2,040 | 1,970.60 | ||
Total Liabilities and Partners' Capital | 7,223.90 | 6,967.60 | ||
Non-Guarantor Subsidiaries | Reportable Legal Entities [Member] | ||||
Assets | ||||
Cash and cash equivalents | 6.8 | 4.3 | 6.8 | 19.1 |
Receivables | 111.1 | 110.9 | ||
Receivables - affiliate | 7.1 | 9 | ||
Gas and liquids stored underground | 5.3 | 4.1 | ||
Prepayments | 11.1 | 14.4 | ||
Advances to affiliates | 107 | 106.2 | ||
Other current assets | 16.3 | 19.2 | ||
Total current assets | 264.7 | 268.1 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Property, plant and equipment, gross | 9,412 | 9,355 | ||
Less—accumulated depreciation and amortization | 1,844.90 | 1,765.80 | ||
Property, plant and equipment, net | 7,567.10 | 7,589.20 | ||
Other noncurrent assets | 465.5 | 465.2 | ||
Advances to affiliates - noncurrent | 870.2 | 996.5 | ||
Total other assets | 1,335.70 | 1,461.70 | ||
Total Assets | 9,167.50 | 9,319 | ||
Liabilities and Partners' Capital | ||||
Payables | 74.5 | 61.8 | ||
Payable to affiliates | 7.1 | 9 | ||
Advances from affiliates | 68.4 | 6.3 | ||
Other current liabilities | 105.7 | 141.7 | ||
Total current liabilities | 255.7 | 218.8 | ||
Total long-term debt and capital lease obligation | 1,595.40 | 1,965.20 | ||
Payable to affiliate - noncurrent | 0 | 0 | ||
Advances from affiliates - noncurrent | 289.7 | 212 | ||
Other noncurrent liabilities | 180.2 | 178.9 | ||
Total other liabilities and deferred credits | 469.9 | 390.9 | ||
Total partners' capital | 6,846.50 | 6,744.10 | ||
Total Liabilities and Partners' Capital | $9,167.50 | $9,319 |
Guarantee_of_Securities_of_Sub3
Guarantee of Securities of Subsidiaries Guarantee of Securities of Subsidiaries Statements of Income (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Revenues: | ||
Transportation | $289.60 | $304.30 |
Parking and lending | 2.8 | 9.2 |
Storage | 19.3 | 28.8 |
Other | 18 | 14.6 |
Total operating revenues | 329.7 | 356.9 |
Operating Costs and Expenses: | ||
Fuel and transportation | 27 | 33 |
Operation and maintenance | 42.4 | 42.7 |
Administrative and general | 30.6 | 26.8 |
Other operating costs and expenses | 106.9 | 101.8 |
Total operating costs and expenses | 206.9 | 204.3 |
Operating (loss) income | 122.8 | 152.6 |
Other Deductions (Income): | ||
Interest expense | 45.2 | 40.9 |
Interest expense - affiliates | 0 | 0 |
Interest income | -0.1 | -0.1 |
Equity in earnings of subsidiaries | 0 | 0 |
Equity losses in unconsolidated affiliates | 0 | 86.1 |
Miscellaneous other income, net | -0.2 | -0.1 |
Total other deductions | 44.9 | 126.8 |
Income (loss) before income taxes | 77.9 | 25.8 |
Income taxes | 0.2 | 0.2 |
Net income (loss) | 77.7 | 25.6 |
Net loss attributable to noncontrolling interests | 0 | -84.6 |
Net income (loss) attributable to controlling interests | 77.7 | 110.2 |
Eliminations | ||
Operating Revenues: | ||
Transportation | -22 | -22.8 |
Parking and lending | 0 | 0 |
Storage | 0 | 0 |
Other | 0 | 0 |
Total operating revenues | -22 | -22.8 |
Operating Costs and Expenses: | ||
Fuel and transportation | -22 | -22.8 |
Operation and maintenance | 0 | 0 |
Administrative and general | 0 | 0 |
Other operating costs and expenses | 0 | 0 |
Total operating costs and expenses | -22 | -22.8 |
Operating (loss) income | 0 | 0 |
Other Deductions (Income): | ||
Interest expense | 0 | 0 |
Interest expense - affiliates | 0 | 0 |
Interest income | 0 | 0 |
Equity in earnings of subsidiaries | 175.4 | 233.7 |
Equity losses in unconsolidated affiliates | 0 | |
Miscellaneous other income, net | 0 | 0 |
Total other deductions | 175.4 | 233.7 |
Income (loss) before income taxes | -175.4 | -233.7 |
Income taxes | 0 | 0 |
Net income (loss) | -175.4 | -233.7 |
Net loss attributable to noncontrolling interests | 0 | |
Net income (loss) attributable to controlling interests | -175.4 | -233.7 |
Parent Guarantor | Reportable Legal Entities [Member] | ||
Operating Revenues: | ||
Transportation | 0 | 0 |
Parking and lending | 0 | 0 |
Storage | 0 | 0 |
Other | 0 | 0 |
Total operating revenues | 0 | 0 |
Operating Costs and Expenses: | ||
Fuel and transportation | 0 | 0 |
Operation and maintenance | 0 | 0 |
Administrative and general | 0 | -0.1 |
Other operating costs and expenses | 0 | 0.1 |
Total operating costs and expenses | 0 | 0 |
Operating (loss) income | 0 | 0 |
Other Deductions (Income): | ||
Interest expense | 0 | 0 |
Interest income - affiliates | -6.7 | -7.8 |
Interest income | 0 | 0 |
Equity in earnings of subsidiaries | -71 | -102.4 |
Equity losses in unconsolidated affiliates | 0 | |
Miscellaneous other income, net | 0 | 0 |
Total other deductions | -77.7 | -110.2 |
Income (loss) before income taxes | 77.7 | 110.2 |
Income taxes | 0 | 0 |
Net income (loss) | 77.7 | 110.2 |
Net loss attributable to noncontrolling interests | 0 | |
Net income (loss) attributable to controlling interests | 77.7 | 110.2 |
Subsidiary Issuer | Reportable Legal Entities [Member] | ||
Operating Revenues: | ||
Transportation | 0 | 0 |
Parking and lending | 0 | 0 |
Storage | 0 | 0 |
Other | 0 | 0 |
Total operating revenues | 0 | 0 |
Operating Costs and Expenses: | ||
Fuel and transportation | 0 | 0 |
Operation and maintenance | 0 | 0 |
Administrative and general | 0 | 0 |
Other operating costs and expenses | 0 | 0 |
Total operating costs and expenses | 0 | 0 |
Operating (loss) income | 0 | 0 |
Other Deductions (Income): | ||
Interest expense | 23.9 | 18.7 |
Interest expense - affiliates | 9.5 | 10.2 |
Interest income | 0 | 0 |
Equity in earnings of subsidiaries | -104.4 | -131.3 |
Equity losses in unconsolidated affiliates | 0 | |
Miscellaneous other income, net | 0 | 0 |
Total other deductions | -71 | -102.4 |
Income (loss) before income taxes | 71 | 102.4 |
Income taxes | 0 | 0 |
Net income (loss) | 71 | 102.4 |
Net loss attributable to noncontrolling interests | 0 | |
Net income (loss) attributable to controlling interests | 71 | 102.4 |
Non-Guarantor Subsidiaries | Reportable Legal Entities [Member] | ||
Operating Revenues: | ||
Transportation | 311.6 | 327.1 |
Parking and lending | 2.8 | 9.2 |
Storage | 19.3 | 28.8 |
Other | 18 | 14.6 |
Total operating revenues | 351.7 | 379.7 |
Operating Costs and Expenses: | ||
Fuel and transportation | 49 | 55.8 |
Operation and maintenance | 42.4 | 42.7 |
Administrative and general | 30.6 | 26.9 |
Other operating costs and expenses | 106.9 | 101.7 |
Total operating costs and expenses | 228.9 | 227.1 |
Operating (loss) income | 122.8 | 152.6 |
Other Deductions (Income): | ||
Interest expense | 21.3 | 22.2 |
Interest income - affiliates | -2.8 | -2.4 |
Interest income | -0.1 | -0.1 |
Equity in earnings of subsidiaries | 0 | 0 |
Equity losses in unconsolidated affiliates | 86.1 | |
Miscellaneous other income, net | -0.2 | -0.1 |
Total other deductions | 18.2 | 105.7 |
Income (loss) before income taxes | 104.6 | 46.9 |
Income taxes | 0.2 | 0.2 |
Net income (loss) | 104.4 | 46.7 |
Net loss attributable to noncontrolling interests | -84.6 | |
Net income (loss) attributable to controlling interests | $104.40 | $131.30 |
Guarantee_of_Securities_of_Sub4
Guarantee of Securities of Subsidiaries Guarantee of Securities of Subsidiaries Statements of Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | $77.70 | $25.60 |
Other comprehensive income (loss): | ||
Loss on cash flow hedges | 0 | -0.9 |
Reclassification adjustment transferred to Net Income from cash flow hedges | 0.6 | 0.9 |
Pension and other postretirement benefit costs | -2.1 | -1.9 |
Total Comprehensive Income (Loss) | 76.2 | 23.7 |
Comprehensive loss attributable to noncontrolling interests | 0 | -84.6 |
Comprehensive income (loss) attributable to controlling interests | 76.2 | 108.3 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | -175.4 | -233.7 |
Other comprehensive income (loss): | ||
Loss on cash flow hedges | 1.8 | |
Reclassification adjustment transferred to Net Income from cash flow hedges | -0.8 | -1.4 |
Pension and other postretirement benefit costs | 4.2 | 3.8 |
Total Comprehensive Income (Loss) | -229.5 | |
Comprehensive loss attributable to noncontrolling interests | 0 | |
Comprehensive income (loss) attributable to controlling interests | -172 | -229.5 |
Parent Guarantor | Reportable Legal Entities [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | 77.7 | 110.2 |
Other comprehensive income (loss): | ||
Loss on cash flow hedges | -0.9 | |
Reclassification adjustment transferred to Net Income from cash flow hedges | 0.6 | 0.9 |
Pension and other postretirement benefit costs | -2.1 | -1.9 |
Total Comprehensive Income (Loss) | 108.3 | |
Comprehensive loss attributable to noncontrolling interests | 0 | |
Comprehensive income (loss) attributable to controlling interests | 76.2 | 108.3 |
Subsidiary Issuer | Reportable Legal Entities [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | 71 | 102.4 |
Other comprehensive income (loss): | ||
Loss on cash flow hedges | -0.9 | |
Reclassification adjustment transferred to Net Income from cash flow hedges | 0.6 | 0.9 |
Pension and other postretirement benefit costs | -2.1 | -1.9 |
Total Comprehensive Income (Loss) | 100.5 | |
Comprehensive loss attributable to noncontrolling interests | 0 | |
Comprehensive income (loss) attributable to controlling interests | 69.5 | 100.5 |
Non-Guarantor Subsidiaries | Reportable Legal Entities [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | 104.4 | 46.7 |
Other comprehensive income (loss): | ||
Loss on cash flow hedges | -0.9 | |
Reclassification adjustment transferred to Net Income from cash flow hedges | 0.2 | 0.5 |
Pension and other postretirement benefit costs | -2.1 | -1.9 |
Total Comprehensive Income (Loss) | 44.4 | |
Comprehensive loss attributable to noncontrolling interests | -84.6 | |
Comprehensive income (loss) attributable to controlling interests | $102.50 | $129 |
Guarantee_of_Securities_of_Sub5
Guarantee of Securities of Subsidiaries Guarantee of Securities of Subsidiaries Statements of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Cash Flows | ||
Net cash provided by (used in) operating activities | $146.80 | $135.80 |
Investing Activities: | ||
Capital expenditures | -62.2 | -66.1 |
Proceeds from sale of operating assets | 0 | 0.1 |
Advances to affiliates, net | 0 | -1.3 |
Investment in unconsolidated affiliates | 0 | -19.7 |
Distributions from unconsolidated affiliates | 0 | 9 |
Net cash (used in) provided by investing activities | -62.2 | -78 |
Financing Activities: | ||
Proceeds from long-term debt | 247.1 | 0 |
Repayment of borrowings from long-term debt and term loan | -300 | 0 |
Proceeds from borrowings on revolving credit agreement | 340 | 155 |
Repayment of borrowings on revolving credit agreement | -410 | -205 |
Principal payment of capital lease obligation | -0.1 | -0.1 |
Advances from affiliates, net | 0 | 0 |
Distributions paid | -24.8 | -24.8 |
Proceeds from sale of common units | 83.2 | 0 |
Capital contributions from general partner | 2.2 | 0 |
Capital contributions from noncontrolling interests | 0 | 7.8 |
Distributions paid to noncontrolling interests | 0 | -7.1 |
Net cash used in financing activities | -62.4 | -74.2 |
Increase (decrease) in cash and cash equivalents | 22.2 | -16.4 |
Cash and cash equivalents at beginning of period | 6.6 | 28.5 |
Cash and cash equivalents at end of period | 28.8 | 12.1 |
Eliminations | ||
Statement of Cash Flows | ||
Net cash provided by (used in) operating activities | 0 | 0 |
Investing Activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of operating assets | 0 | |
Advances to affiliates, net | 75 | 46.1 |
Investment in unconsolidated affiliates | 0 | |
Distributions from unconsolidated affiliates | 0 | |
Net cash (used in) provided by investing activities | 75 | 46.1 |
Financing Activities: | ||
Proceeds from long-term debt | 0 | |
Repayment of borrowings from long-term debt and term loan | 0 | |
Proceeds from borrowings on revolving credit agreement | 0 | 0 |
Repayment of borrowings on revolving credit agreement | 0 | 0 |
Principal payment of capital lease obligation | 0 | 0 |
Advances from affiliates, net | -75 | -46.1 |
Distributions paid | 0 | 0 |
Proceeds from sale of common units | 0 | |
Capital contributions from general partner | 0 | |
Capital contributions from noncontrolling interests | 0 | |
Distributions paid to noncontrolling interests | 0 | |
Net cash used in financing activities | -75 | -46.1 |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Parent Guarantor | Reportable Legal Entities [Member] | ||
Statement of Cash Flows | ||
Net cash provided by (used in) operating activities | 6.2 | 7.4 |
Investing Activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of operating assets | 0 | |
Advances to affiliates, net | -60.7 | 17.3 |
Investment in unconsolidated affiliates | 0 | |
Distributions from unconsolidated affiliates | 0 | |
Net cash (used in) provided by investing activities | -60.7 | 17.3 |
Financing Activities: | ||
Proceeds from long-term debt | 0 | |
Repayment of borrowings from long-term debt and term loan | 0 | |
Proceeds from borrowings on revolving credit agreement | 0 | 0 |
Repayment of borrowings on revolving credit agreement | 0 | 0 |
Principal payment of capital lease obligation | 0 | 0 |
Advances from affiliates, net | 0 | 0 |
Distributions paid | -24.8 | -24.8 |
Proceeds from sale of common units | 83.2 | |
Capital contributions from general partner | 2.2 | |
Capital contributions from noncontrolling interests | 0 | |
Distributions paid to noncontrolling interests | 0 | |
Net cash used in financing activities | 60.6 | -24.8 |
Increase (decrease) in cash and cash equivalents | 6.1 | -0.1 |
Cash and cash equivalents at beginning of period | 0.5 | 0.2 |
Cash and cash equivalents at end of period | 6.6 | 0.1 |
Subsidiary Issuer | Reportable Legal Entities [Member] | ||
Statement of Cash Flows | ||
Net cash provided by (used in) operating activities | -28.9 | -33.5 |
Investing Activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of operating assets | 0 | |
Advances to affiliates, net | -139.8 | -8.3 |
Investment in unconsolidated affiliates | 0 | |
Distributions from unconsolidated affiliates | 0 | |
Net cash (used in) provided by investing activities | -139.8 | -8.3 |
Financing Activities: | ||
Proceeds from long-term debt | 247.1 | |
Repayment of borrowings from long-term debt and term loan | 0 | |
Proceeds from borrowings on revolving credit agreement | 0 | 0 |
Repayment of borrowings on revolving credit agreement | 0 | 0 |
Principal payment of capital lease obligation | 0 | 0 |
Advances from affiliates, net | -64.8 | 37.8 |
Distributions paid | 0 | 0 |
Proceeds from sale of common units | 0 | |
Capital contributions from general partner | 0 | |
Capital contributions from noncontrolling interests | 0 | |
Distributions paid to noncontrolling interests | 0 | |
Net cash used in financing activities | 182.3 | 37.8 |
Increase (decrease) in cash and cash equivalents | 13.6 | -4 |
Cash and cash equivalents at beginning of period | 1.8 | 9.2 |
Cash and cash equivalents at end of period | 15.4 | 5.2 |
Non-Guarantor Subsidiaries | Reportable Legal Entities [Member] | ||
Statement of Cash Flows | ||
Net cash provided by (used in) operating activities | 169.5 | 161.9 |
Investing Activities: | ||
Capital expenditures | -62.2 | -66.1 |
Proceeds from sale of operating assets | 0.1 | |
Advances to affiliates, net | 125.5 | -56.4 |
Investment in unconsolidated affiliates | -19.7 | |
Distributions from unconsolidated affiliates | 9 | |
Net cash (used in) provided by investing activities | 63.3 | -133.1 |
Financing Activities: | ||
Proceeds from long-term debt | 0 | |
Repayment of borrowings from long-term debt and term loan | -300 | |
Proceeds from borrowings on revolving credit agreement | 340 | 155 |
Repayment of borrowings on revolving credit agreement | -410 | -205 |
Principal payment of capital lease obligation | -0.1 | -0.1 |
Advances from affiliates, net | 139.8 | 8.3 |
Distributions paid | 0 | 0 |
Proceeds from sale of common units | 0 | |
Capital contributions from general partner | 0 | |
Capital contributions from noncontrolling interests | 7.8 | |
Distributions paid to noncontrolling interests | -7.1 | |
Net cash used in financing activities | -230.3 | -41.1 |
Increase (decrease) in cash and cash equivalents | 2.5 | -12.3 |
Cash and cash equivalents at beginning of period | 4.3 | 19.1 |
Cash and cash equivalents at end of period | $6.80 | $6.80 |