Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | BWP | |
Entity Registrant Name | BOARDWALK PIPELINE PARTNERS, LP | |
Entity Central Index Key | 1,336,047 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 250,296,782 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 111.4 | $ 3.1 |
Receivables: | ||
Trade, net | 105.3 | 117.2 |
Other | 14.2 | 12.3 |
Gas transportation receivables | (7) | (5.6) |
Gas and liquids stored underground | 12.4 | 10.7 |
Prepayments | 20.1 | 16.9 |
Other current assets | 1.9 | 4 |
Total current assets | 272.3 | 169.8 |
Property, Plant and Equipment: | ||
Natural gas transmission and other plant | 9,871.7 | 9,504.7 |
Construction work in progress | 284.5 | 201.9 |
Property, plant and equipment, gross | 10,156.2 | 9,706.6 |
Less—accumulated depreciation and amortization | 2,258 | 2,052.2 |
Property, plant and equipment, net | 7,898.2 | 7,654.4 |
Other Assets: | ||
Goodwill | 237.4 | 237.4 |
Gas stored underground | 94.6 | 97.6 |
Other | 140.2 | 141.1 |
Total other assets | 472.2 | 476.1 |
Total Assets | 8,642.7 | 8,300.3 |
Payables: | ||
Trade | 95.6 | 99.1 |
Affiliates | 1.4 | 1.3 |
Other | 22.6 | 19.5 |
Gas payables | 5.4 | 4.7 |
Accrued taxes, other | 73.2 | 47.3 |
Accrued interest | 45.5 | 39.7 |
Accrued payroll and employee benefits | 32.9 | 33.2 |
Construction retainage | 18.9 | 10.7 |
Deferred income | 8 | 6.9 |
Other current liabilities | 27.8 | 52 |
Total current liabilities | 331.3 | 314.4 |
Long-term debt and capital lease obligation | 3,626.8 | 3,459.3 |
Other Liabilities and Deferred Credits: | ||
Pension liability | 21.7 | 24.3 |
Asset retirement obligation | 44.6 | 38.1 |
Provision for other asset retirement | 62.2 | 57.2 |
Payable to affiliate | 16 | 16 |
Other | 72 | 64.3 |
Total other liabilities and deferred credits | 216.5 | 199.9 |
Commitments and Contingencies | ||
Partners’ Capital: | ||
Common units - 250.3 million units issued and outstanding as of September 30, 2016, and December 31, 2015 | 4,460.7 | 4,326.2 |
General partner | 87.6 | 84.8 |
Accumulated other comprehensive loss | (80.2) | (84.3) |
Total partners’ capital | 4,468.1 | 4,326.7 |
Total Liabilities and Partners' Capital | $ 8,642.7 | $ 8,300.3 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - shares shares in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Common units issued | 250.3 | 250.3 |
Common units outstanding | 250.3 | 250.3 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Revenues: | ||||
Transportation | $ 259.6 | $ 255.6 | $ 835.3 | $ 802.1 |
Parking and lending | 4.9 | 2.3 | 13.4 | 7.9 |
Storage | 23.4 | 20.4 | 68 | 60.6 |
Other | 15.4 | 15.8 | 37.9 | 51.8 |
Total operating revenues | 303.3 | 294.1 | 954.6 | 922.4 |
Operating Costs and Expenses: | ||||
Fuel and transportation | 19.1 | 25.1 | 51 | 78 |
Operation and maintenance | 52.1 | 54 | 143.8 | 148.7 |
Administrative and general | 34.4 | 31.7 | 104.6 | 94.1 |
Depreciation and amortization | 80.6 | 79.8 | 238.7 | 242.4 |
Asset impairment | 0 | 0 | 0 | 0.1 |
Net gain on sale of operating assets | (0.1) | (0.1) | (0.1) | (0.2) |
Taxes other than income taxes | 23.5 | 22.9 | 72 | 69.9 |
Total operating costs and expenses | 209.6 | 213.4 | 610 | 633 |
Operating income | 93.7 | 80.7 | 344.6 | 289.4 |
Other Deductions (Income): | ||||
Interest expense | 48.4 | 43.1 | 136.4 | 134.2 |
Interest income | (0.1) | (0.1) | (0.3) | (0.3) |
Miscellaneous other income, net | (1.9) | (0.7) | (5.9) | (1.3) |
Total other deductions | 46.4 | 42.3 | 130.2 | 132.6 |
Income before income taxes | 47.3 | 38.4 | 214.4 | 156.8 |
Income taxes | 0 | 0.1 | 0.4 | 0.4 |
Net Income | $ 47.3 | $ 38.3 | $ 214 | $ 156.4 |
Net Income per Unit: | ||||
Net income per common unit (in dollars per unit) | $ 0.19 | $ 0.15 | $ 0.84 | $ 0.62 |
Weighted-average number of common units outstanding (in units) | 250.3 | 250.3 | 250.3 | 248.3 |
Cash distribution declared and paid to common units (in dollars per unit) | $ 0.10 | $ 0.10 | $ 0.30 | $ 0.30 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 47.3 | $ 38.3 | $ 214 | $ 156.4 |
Other comprehensive income (loss): | ||||
Reclassification adjustment transferred to Net income from cash flow hedges | 0.6 | 0.6 | 1.8 | 1.8 |
Pension and other postretirement benefit costs | 0.6 | 0 | 2.3 | (4.3) |
Total Comprehensive Income | $ 48.5 | $ 38.9 | $ 218.1 | $ 153.9 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Activities: | ||
Net income | $ 214 | $ 156.4 |
Adjustments to reconcile net income to cash provided by operations: | ||
Depreciation and amortization | 238.7 | 242.4 |
Amortization of deferred costs | 4.3 | 6.3 |
Asset impairment | 0 | 0.1 |
Net gain on sale of operating assets | (0.1) | (0.2) |
Changes in operating assets and liabilities: | ||
Trade and other receivables | 10 | 7.2 |
Gas receivables and storage assets | 0 | (14.6) |
Costs recoverable from customers | 0 | 0.2 |
Other assets | (7.1) | (1.7) |
Trade and other payables | (27) | 8.1 |
Other payables, affiliates | (0.1) | (0.7) |
Gas payables | 2.9 | (0.7) |
Accrued liabilities | 28.7 | 5.8 |
Other liabilities | (10.1) | 21.6 |
Net cash provided by operating activities | 454.2 | 430.2 |
Investing Activities: | ||
Capital expenditures | (432.4) | (241.1) |
Proceeds from sale of operating assets | 0.2 | 0.3 |
Proceeds from other recoveries | 0 | 6.2 |
Net cash used in investing activities | (432.2) | (234.6) |
Financing Activities: | ||
Proceeds from long-term debt, net of issuance cost | 539.1 | 247.1 |
Repayment of borrowings from long-term debt and term loan | 0 | (725) |
Proceeds from borrowings on revolving credit agreement | 255 | 980 |
Repayment of borrowings on revolving credit agreement, including financing fees | (630.8) | (738.6) |
Principal payment of capital lease obligation | (0.3) | (0.3) |
Advances from affiliates | 0 | 0.6 |
Distributions paid | (76.7) | (76) |
Proceeds from sale of common units | 0 | 113.1 |
Capital contributions from general partner | 0 | 2.3 |
Net cash provided by (used in) financing activities | 86.3 | (196.8) |
Increase (decrease) in cash and cash equivalents | 108.3 | (1.2) |
Cash and cash equivalents at beginning of period | 3.1 | 6.6 |
Cash and cash equivalents at end of period | $ 111.4 | $ 5.4 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (Unaudited) - USD ($) $ in Millions | Total | Accumulated Other Comp Income (Loss) | Limited PartnerCommon Units | General Partner |
Beginning balance at Dec. 31, 2014 | $ 4,102.3 | $ (72.8) | $ 4,095.1 | $ 80 |
Add (deduct): | ||||
Net income | 156.4 | 153.3 | 3.1 | |
Distributions paid | (76) | (74.5) | (1.5) | |
Sale of common units, net of related transaction costs | 113.1 | 113.1 | ||
Capital contribution from general partner | 2.3 | 2.3 | ||
Other comprehensive income (loss), net of tax | (2.5) | (2.5) | ||
Ending balance at Sep. 30, 2015 | 4,295.6 | (75.3) | 4,287 | 83.9 |
Add (deduct): | ||||
Net income | 38.3 | |||
Ending balance at Sep. 30, 2015 | 4,295.6 | (75.3) | 4,287 | 83.9 |
Beginning balance at Dec. 31, 2015 | 4,326.7 | (84.3) | 4,326.2 | 84.8 |
Add (deduct): | ||||
Net income | 214 | 209.7 | 4.3 | |
Distributions paid | (76.7) | (75.2) | (1.5) | |
Other comprehensive income (loss), net of tax | 4.1 | 4.1 | ||
Ending balance at Sep. 30, 2016 | 4,468.1 | (80.2) | 4,460.7 | 87.6 |
Add (deduct): | ||||
Net income | 47.3 | |||
Ending balance at Sep. 30, 2016 | $ 4,468.1 | $ (80.2) | $ 4,460.7 | $ 87.6 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 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, which consists of pipeline and storage systems used to transport and store natural gas, and natural gas liquids and other hydrocarbons (herein referred to together as NGLs), as well as natural gas gathering and processing. As of October 31, 2016 , 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) of the Partnership. As of October 31, 2016 , 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. The accompanying unaudited condensed consolidated financial statements of the Partnership were prepared pursuant to the rules and regulations of the Securities and Exchange Commission. 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 unaudited condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Partnership's financial position as of September 30, 2016 , and December 31, 2015 , and its results of operations and comprehensive income for the three and nine months ended September 30, 2016 and 2015 , and changes in cash flows and changes in partners' capital for the nine months ended September 30, 2016 and 2015 . Reference is made to the Notes to Consolidated Financial Statements in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2015 ( 2015 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 the 2015 Annual Report on Form 10-K are the same used in preparing the accompanying unaudited condensed consolidated financial statements. |
Gas and Liquids Stored Undergro
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables | 9 Months Ended |
Sep. 30, 2016 | |
Gas Balancing Arrangements [Abstract] | |
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables | Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables The operating 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. The operating subsidiaries of the Partnership also periodically lend gas to customers under PAL and no-notice services (NNS), and gas or NGLs may be owed to the operating subsidiaries as a result of transportation imbalances. As of September 30, 2016 , the amount of gas owed to the operating subsidiaries of the Partnership due to gas imbalances and gas loaned under PAL and NNS was approximately 7.3 trillion British thermal units (TBtu). Assuming an average market price during September 2016 of $2.86 per million British thermal unit, the market value of that gas was approximately $20.9 million . As of September 30, 2016 , there were no outstanding NGLs imbalances owed to the operating subsidiaries. As of December 31, 2015 , the amount of gas owed to the operating subsidiaries of the Partnership due to gas imbalances and gas loaned under PAL and NNS was approximately 7.7 TBtu. As of December 31, 2015 , the amount of NGLs owed to the operating subsidiaries due to imbalances was less than 0.1 |
Other Comprehensive Income (OCI
Other Comprehensive Income (OCI) and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Derivatives and Fair Value | Other Comprehensive Income (OCI) and Fair Value Measurements OCI The Partnership had no outstanding derivatives at September 30, 2016 , and December 31, 2015 , but had $6.6 million and $8.4 million of Accumulated other comprehensive income (loss) (AOCI) related to cash flow hedges as of September 30, 2016 , and December 31, 2015 , 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 September 30, 2016 , 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 September 30, 2016 (in millions): Cash Flow Hedges Pension and Other Postretirement Costs Total Beginning balance, July 1, 2016 $ (7.2 ) $ (74.2 ) $ (81.4 ) Reclassifications: Interest expense 0.6 — 0.6 Pension and other postretirement benefit costs — 0.6 0.6 Ending balance, September 30, 2016 $ (6.6 ) $ (73.6 ) $ (80.2 ) 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 September 30, 2015 (in millions): Cash Flow Hedges Pension and Other Postretirement Costs Total Beginning balance, July 1, 2015 $ (9.6 ) $ (66.3 ) $ (75.9 ) Reclassifications: Interest expense 0.6 — 0.6 Ending balance, September 30, 2015 $ (9.0 ) $ (66.3 ) $ (75.3 ) 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 nine months ended September 30, 2016 (in millions): Cash Flow Hedges Pension and Other Postretirement Costs Total Beginning balance, January 1, 2016 $ (8.4 ) $ (75.9 ) $ (84.3 ) Reclassifications: Interest expense 1.8 — 1.8 Pension and other postretirement benefit costs — 2.3 2.3 Ending balance, September 30, 2016 $ (6.6 ) $ (73.6 ) $ (80.2 ) 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 nine months ended September 30, 2015 (in millions): Cash Flow Hedges Pension and Other Postretirement Costs Total Beginning balance, January 1, 2015 $ (10.8 ) $ (62.0 ) $ (72.8 ) Reclassifications: Interest expense 1.8 — 1.8 Pension and other postretirement benefit costs — (4.3 ) (4.3 ) Ending balance, September 30, 2015 $ (9.0 ) $ (66.3 ) $ (75.3 ) 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 2015 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 September 30, 2016 , and December 31, 2015 . The fair market value of the debt that is not publicly traded is based on market prices of similar debt at September 30, 2016 , and December 31, 2015 . The Partnership had no variable-rate debt outstanding as of September 30, 2016 . The carrying amount of the variable-rate debt at December 31, 2015 , approximated fair value. The carrying amount and estimated fair values of the Partnership's financial assets and liabilities which were not recorded at fair value on the Condensed Consolidated Balance Sheets as of September 30, 2016 , and December 31, 2015 , were as follows (in millions): As of September 30, 2016 Estimated Fair Value Financial Assets Carrying Amount Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 111.4 $ 111.4 $ — $ — $ 111.4 Financial Liabilities Long-term debt $ 3,628.0 (1) $ — $ 3,803.6 $ — $ 3,803.6 (1) The carrying amount of long-term debt excludes an $8.8 million long-term capital lease obligation and $10.0 million of unamortized debt issuance costs. As of December 31, 2015 Estimated Fair Value Financial Assets Carrying Amount Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 3.1 $ 3.1 $ — $ — $ 3.1 Financial Liabilities Long-term debt $ 3,460.6 (1) $ — $ 3,299.7 $ — $ 3,299.7 (1) The carrying amount of long-term debt excludes a $9.1 million long-term capital lease obligation and $10.4 million |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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. Refer to Note 4 of the Consolidated Financial Statements included in the 2015 Annual Report on Form 10-K for further information regarding the Partnership’s legal proceedings. Regulatory Matters In October 2014, Gulf South Pipeline Company, LP (Gulf South) filed a rate case with the Federal Energy Regulatory Commission (FERC) pursuant to Section 4 of the Natural Gas Act (Docket No. RP 15-65), requesting, among other things, a reconfiguration of the transportation rate zones on its system and, in general, an increase in its tariff rates for those customers whose agreements are at maximum tariff rates. An uncontested settlement was reached with Gulf South’s customers and FERC, which became final effective March 1, 2016. In April 2016, Gulf South settled a $16.6 million rate refund liability through a combination of cash payments and invoice credits. Also, as a result of the rate case, Gulf South implemented a fuel tracker which went into effect April 1, 2016. The Partnership applies regulatory accounting for the fuel tracker, under which the value of fuel received from customers paying the full tariff rate, and the related value of fuel used in transportation is recorded to a regulatory asset or liability depending on whether Gulf South uses more fuel than it collects from customers or collects more fuel than it uses. Prior to the implementation of the fuel tracker and the application of regulatory accounting, the value of fuel received from customers was reflected in operating revenues and the value of fuel used was reflected in operating expenses. All issues associated with the rate case have been resolved. Settlements and Insurance Proceeds For the nine months ended September 30, 2016 , the Partnership received $12.7 million in cash from the settlement of a legal claim which was recorded in Transportation revenues. For the three and nine months ended September 30, 2015 , the Partnership received $2.5 million and $8.8 million in insurance proceeds from a business interruption claim related to Boardwalk Louisiana Midstream, LLC, which were recorded in Transportation revenues. In early 2016 , the Partnership received $3.9 million related to a customer’s default of its obligations under a credit support agreement associated with the Northern Supply Access project. In October 2016, the default was remedied. 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 September 30, 2016 , and December 31, 2015 , the Partnership had an accrued liability of approximately $5.1 million and $5.6 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 six years . As of September 30, 2016 , and December 31, 2015 , $1.7 million was recorded in Other current liabilities for each period and approximately $3.4 million and $3.9 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 September 30, 2016 , were approximately $207.4 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 4 to the Partnership’s 2015 Annual Report on Form 10-K |
Cash Distributions and Net Inco
Cash Distributions and Net Income per Unit | 9 Months Ended |
Sep. 30, 2016 | |
Partners' Capital Notes [Abstract] | |
Cash Distributions and Net Income per Unit | Cash Distributions and Net Income per Unit Cash Distributions In the third quarters 2016 and 2015 , 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 October 2016 , 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 (or loss) 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 September 30, 2016 (in millions, except per unit data): Total Common Units General Partner and IDRs Net income $ 47.3 Declared distribution 25.5 $ 25.0 $ 0.5 Assumed allocation of undistributed net income 21.8 21.4 0.4 Assumed allocation of net income attributable to limited $ 47.3 $ 46.4 $ 0.9 Weighted-average units outstanding 250.3 Net income per unit $ 0.19 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 September 30, 2015 (in millions, except per unit data): Total Common Units General Partner and IDRs Net income $ 38.3 Declared distribution 25.5 $ 25.0 $ 0.5 Assumed allocation of undistributed net income 12.8 12.5 0.3 Assumed allocation of net income attributable to limited $ 38.3 $ 37.5 $ 0.8 Weighted-average units outstanding 250.3 Net income per unit $ 0.15 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 nine months ended September 30, 2016 (in millions, except per unit data): Total Common Units General Partner and IDRs Net income $ 214.0 Declared distribution 76.6 $ 75.1 $ 1.5 Assumed allocation of undistributed net income 137.4 134.7 2.7 Assumed allocation of net income attributable to limited $ 214.0 $ 209.8 $ 4.2 Weighted-average units outstanding 250.3 Net income per unit $ 0.84 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 nine months ended September 30, 2015 (in millions, except per unit data): Total Common Units General Partner and IDRs Net income $ 156.4 Declared distribution 76.6 $ 75.1 $ 1.5 Assumed allocation of undistributed net income 79.8 78.2 1.6 Assumed allocation of net income attributable to limited $ 156.4 $ 153.3 $ 3.1 Weighted-average units outstanding 248.3 Net income per unit $ 0.62 |
Financing
Financing | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Financing | Financing Notes and Debentures As of September 30, 2016 , and December 31, 2015 , the Partnership had notes and debentures outstanding of $3.7 billion and $3.1 billion with a weighted-average interest rates of 5.46% and 5.32% . The indentures governing the notes and debentures have restrictive covenants which provide that, with certain exceptions, neither the Partnership nor any of its subsidiaries may create, assume or suffer to exist any lien upon any property to secure any indebtedness unless the debentures and notes shall be equally and ratably secured. All of the Partnership's debt obligations are unsecured. At September 30, 2016 , the Partnership and its subsidiaries were in compliance with their debt covenants. Issuance of Notes For the nine months ended September 30, 2016 and 2015 , the Partnership completed the following debt issuances (in millions, except interest rates): Date of Issuing Subsidiary Amount of Purchaser Net Interest Maturity Date Interest Payable May 2016 Boardwalk Pipelines $ 550.0 $ 10.8 $ 539.1 (1) 5.95% June 1, 2026 June 1 and December 1 March 2015 Boardwalk Pipelines $ 250.0 $ 2.9 $ 247.1 (2) 4.95% December 15, 2024 June 15 and December 15 (1) The net proceeds of this offering will be used to retire the outstanding $250.0 million aggregate principal amount of Boardwalk Pipelines 5.875% notes due 2016 (Boardwalk Pipelines 2016 Notes) and the outstanding $300.0 million aggregate principal amount of Boardwalk Pipelines 5.50% notes due 2017 (Boardwalk Pipelines 2017 Notes). Initially, the Partnership used the net proceeds to reduce outstanding borrowings under its revolving credit facility. The Partnership expects to retire all of the outstanding aggregate principal amount of Boardwalk Pipelines 2016 Notes and Boardwalk Pipelines 2017 Notes, with borrowings under its revolving credit facility, at their maturity. (2) The net proceeds of this offering were 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 June 1, 2015, the Partnership retired the Texas Gas 2015 Notes with borrowings under its revolving credit facility. Redemption of Notes In 2015, the outstanding $275.0 million aggregate principal amount of Gulf South's 5.05% notes due 2015 and the Texas Gas 2015 Notes were retired at maturity with the proceeds received from the November 2014 and March 2015 issuances of Boardwalk Pipelines 4.95% notes due 2024. Revolving Credit Facility As of September 30, 2016 , and October 28, 2016 , the Partnership had no outstanding borrowings under its revolving credit facility and had available the full borrowing capacity of $1.5 billion . Outstanding borrowings under the Partnership’s revolving credit facility as of December 31, 2015 , were $375.0 million with a weighted-average borrowing rate of 1.67% . The Partnership and its subsidiaries were in compliance with all covenant requirements under the credit facility as of September 30, 2016 . Subordinated Debt Agreements with Affiliate The Partnership has in place a Subordinated Loan Agreement with BPHC under which the Partnership could borrow up to $300.0 million (Subordinated Loan). The borrowing period for the Subordinated Loan was recently extended until December 31, 2018 . As of September 30, 2016 , and October 28, 2016, the Partnership had no outstanding borrowings under the Subordinated Loan. Issuance of Common Units For the nine months ended September 30, 2015 , the Partnership sold 7.0 million common units under an equity distribution agreement and received net proceeds of $115.4 million , including a $2.3 million contribution received from its general partner to maintain its 2% |
Employee Benefits
Employee Benefits | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | Employee Benefits Defined Benefit Retirement Plans and Postretirement Benefits Other Than Pension (PBOP) Components of net periodic benefit cost for both the Retirement Plans and PBOP for the three months ended September 30, 2016 and 2015 , were as follows (in millions): Retirement Plans PBOP For the For the 2016 2015 2016 2015 Service cost $ 0.9 $ 0.9 $ 0.1 $ 0.1 Interest cost 1.2 1.3 0.5 0.5 Expected return on plan assets (2.0 ) (2.2 ) (1.2 ) (1.1 ) Amortization of prior service credit — — (0.2 ) (1.9 ) Amortization of unrecognized net loss 0.6 0.7 — — Settlement charge 0.7 1.7 — — Regulatory asset increase — (1.0 ) — — Net periodic benefit cost $ 1.4 $ 1.4 $ (0.8 ) $ (2.4 ) Components of net periodic benefit cost for both the Retirement Plans and PBOP for the nine months ended September 30, 2016 and 2015 , were as follows (in millions): Retirement Plans PBOP For the For the 2016 2015 2016 2015 Service cost $ 2.7 $ 2.9 $ 0.3 $ 0.3 Interest cost 3.6 3.7 1.5 1.5 Expected return on plan assets (6.0 ) (6.8 ) (3.6 ) (3.4 ) Amortization of prior service credit — — (0.7 ) (5.7 ) Amortization of unrecognized net loss 1.8 1.5 — — Settlement charge 2.7 1.7 — — Net periodic benefit cost $ 4.8 $ 3.0 $ (2.5 ) $ (7.3 ) The Partnership contributed $3.0 million to the pension plan in 2016 . 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 $2.7 million and $2.5 million for the three months ended September 30, 2016 and 2015 , and $7.8 million and $7.1 million for the nine months ended September 30, 2016 and 2015 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Loews provides a variety of corporate services to the Partnership under service agreements, including but not limited to, information technology, tax, risk management, internal audit and corporate development services and also charges the Partnership for allocated overheads. The Partnership incurred charges related to these services of $1.8 million and $2.2 million for the three months ended September 30, 2016 and 2015 , and $5.3 million and $6.6 million for the nine months ended September 30, 2016 and 2015 . Distributions paid related to limited partner units held by BPHC and the 2% general partner interest and IDRs held by Boardwalk GP were $13.2 million and $13.1 million for the three months ended September 30, 2016 and 2015 , and $39.5 million and $39.2 million for the nine months ended September 30, 2016 and 2015 |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 9 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information (in millions): For the 2016 2015 Cash paid during the period for: Interest (net of amount capitalized) $ 122.3 $ 137.5 Non-cash adjustments: Accounts payable and property, plant and equipment 81.0 52.7 |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), (ASU 2014-09) which will require entities to recognize revenue in an amount that reflects the transfer of promised goods or services to a customer in an amount based on the consideration the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 also requires disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. The amendments may be applied retrospectively to each prior period presented, or retrospectively with the cumulative effect recognized as of the date of initial application. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2017. The Partnership has initiated a project to evaluate the impact, if any, that ASU 2014-09 will have on its financial statements. However, no conclusions have been reached, including with regard to the application methodology. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842) |
Guarantee of Securities of Subs
Guarantee of Securities of Subsidiaries | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Guarantee of Securities of Subsidiaries | 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 Subsidiary Issuer is 100% owned by the Parent Guarantor. The Partnership's subsidiaries have no significant restrictions on their ability to pay distributions or make loans to the Partnership except as noted in the debt covenants and have no restricted assets at September 30, 2016 , and December 31, 2015 . 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 September 30, 2016 (Millions) Assets Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Cash and cash equivalents $ 0.3 $ 107.3 $ 3.8 $ — $ 111.4 Receivables — — 119.5 — 119.5 Receivables - affiliate — — 7.0 (7.0 ) — Gas and liquids stored underground — — 12.4 — 12.4 Prepayments 0.4 — 19.7 — 20.1 Advances to affiliates — — 127.7 (127.7 ) — Other current assets — — 20.7 (11.8 ) 8.9 Total current assets 0.7 107.3 310.8 (146.5 ) 272.3 Investment in consolidated subsidiaries 2,344.6 6,608.7 — (8,953.3 ) — Property, plant and equipment, gross 0.6 — 10,155.6 — 10,156.2 Less–accumulated depreciation and amortization 0.6 — 2,257.4 — 2,258.0 Property, plant and equipment, net — — 7,898.2 — 7,898.2 Other noncurrent assets — 3.4 471.5 (2.7 ) 472.2 Advances to affiliates – noncurrent 2,140.5 504.1 61.9 (2,706.5 ) — Total other assets 2,140.5 507.5 533.4 (2,709.2 ) 472.2 Total Assets $ 4,485.8 $ 7,223.5 $ 8,742.4 $ (11,809.0 ) $ 8,642.7 Liabilities and Partners' Capital Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Payables $ 0.3 $ 0.1 $ 117.8 $ — $ 118.2 Payable to affiliates 1.4 — 7.0 (7.0 ) 1.4 Advances from affiliates — 127.7 — (127.7 ) — Other current liabilities — 35.0 191.2 (14.5 ) 211.7 Total current liabilities 1.7 162.8 316.0 (149.2 ) 331.3 Long-term debt and capital lease obligation — 2,513.6 1,113.2 — 3,626.8 Payable to affiliate - noncurrent 16.0 — — — 16.0 Advances from affiliates - noncurrent — 2,202.4 504.1 (2,706.5 ) — Other noncurrent liabilities — 0.1 200.4 — 200.5 Total other liabilities and deferred credits 16.0 2,202.5 704.5 (2,706.5 ) 216.5 Total partners' capital 4,468.1 2,344.6 6,608.7 (8,953.3 ) 4,468.1 Total Liabilities and Partners' Capital $ 4,485.8 $ 7,223.5 $ 8,742.4 $ (11,809.0 ) $ 8,642.7 Condensed Consolidating Balance Sheets as of December 31, 2015 (Millions) Assets Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Cash and cash equivalents $ — $ 0.3 $ 2.8 $ — $ 3.1 Receivables — — 129.5 — 129.5 Receivables - affiliate — — 7.0 (7.0 ) — Gas and liquids stored underground — — 10.7 — 10.7 Prepayments 0.2 — 16.7 — 16.9 Advances to affiliates — 21.0 107.7 (128.7 ) — Other current assets — — 12.8 (3.2 ) 9.6 Total current assets 0.2 21.3 287.2 (138.9 ) 169.8 Investment in consolidated subsidiaries 2,153.5 7,067.6 — (9,221.1 ) — Property, plant and equipment, gross 0.6 — 9,706.0 — 9,706.6 Less–accumulated depreciation and amortization 0.6 — 2,051.6 — 2,052.2 Property, plant and equipment, net — — 7,654.4 — 7,654.4 Other noncurrent assets 0.4 3.0 472.7 — 476.1 Advances to affiliates – noncurrent 2,190.2 466.3 1,113.4 (3,769.9 ) — Total other assets 2,190.6 469.3 1,586.1 (3,769.9 ) 476.1 Total Assets $ 4,344.3 $ 7,558.2 $ 9,527.7 $ (13,129.9 ) $ 8,300.3 Liabilities and Partners' Capital Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Payables $ 0.3 $ 0.1 $ 118.2 $ — $ 118.6 Payable to affiliates 1.3 — 7.0 (7.0 ) 1.3 Advances from affiliates — 107.7 21.0 (128.7 ) — Other current liabilities — 20.9 176.8 (3.2 ) 194.5 Total current liabilities 1.6 128.7 323.0 (138.9 ) 314.4 Long-term debt and capital lease obligation — 1,972.4 1,486.9 — 3,459.3 Payable to affiliate - noncurrent 16.0 — — — 16.0 Advances from affiliates - noncurrent — 3,303.6 466.3 (3,769.9 ) — Other noncurrent liabilities — — 183.9 — 183.9 Total other liabilities and deferred credits 16.0 3,303.6 650.2 (3,769.9 ) 199.9 Total partners' capital 4,326.7 2,153.5 7,067.6 (9,221.1 ) 4,326.7 Total Liabilities and Partners' Capital $ 4,344.3 $ 7,558.2 $ 9,527.7 $ (13,129.9 ) $ 8,300.3 Condensed Consolidating Statements of Income for the Three Months Ended September 30, 2016 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 281.9 $ (22.3 ) $ 259.6 Parking and lending — — 5.1 (0.2 ) 4.9 Storage — — 23.4 — 23.4 Other — — 15.4 — 15.4 Total operating revenues — — 325.8 (22.5 ) 303.3 Operating Costs and Expenses: Fuel and transportation — — 41.6 (22.5 ) 19.1 Operation and maintenance — — 52.1 — 52.1 Administrative and general — — 34.4 — 34.4 Other operating costs and expenses 0.1 — 103.9 — 104.0 Total operating costs and expenses 0.1 — 232.0 (22.5 ) 209.6 Operating (loss) income (0.1 ) — 93.8 — 93.7 Other Deductions (Income): Interest expense — 34.6 13.8 — 48.4 Interest (income) expense - affiliates, net (9.7 ) 11.7 (2.0 ) — — Interest income — — (0.1 ) — (0.1 ) Equity in earnings of subsidiaries (37.7 ) (84.0 ) — 121.7 — Miscellaneous other income, net — — (1.9 ) — (1.9 ) Total other (income) deductions (47.4 ) (37.7 ) 9.8 121.7 46.4 Income (loss) before income taxes 47.3 37.7 84.0 (121.7 ) 47.3 Income taxes — — — — — Net income (loss) $ 47.3 $ 37.7 $ 84.0 $ (121.7 ) $ 47.3 Condensed Consolidating Statements of Income for the Three Months Ended September 30, 2015 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 277.1 $ (21.5 ) $ 255.6 Parking and lending — — 2.3 — 2.3 Storage — — 20.4 — 20.4 Other — — 15.8 — 15.8 Total operating revenues — — 315.6 (21.5 ) 294.1 Operating Costs and Expenses: Fuel and transportation — — 46.6 (21.5 ) 25.1 Operation and maintenance — — 54.0 — 54.0 Administrative and general 0.2 — 31.5 — 31.7 Other operating costs and expenses — — 102.6 — 102.6 Total operating costs and expenses 0.2 — 234.7 (21.5 ) 213.4 Operating (loss) income (0.2 ) — 80.9 — 80.7 Other Deductions (Income): Interest expense — 26.1 17.0 — 43.1 Interest (income) expense - affiliates, net (7.3 ) 9.7 (2.4 ) — — Interest income — — (0.1 ) — (0.1 ) Equity in earnings of subsidiaries (31.2 ) (67.0 ) — 98.2 — Miscellaneous other income, net — — (0.7 ) — (0.7 ) Total other (income) deductions (38.5 ) (31.2 ) 13.8 98.2 42.3 Income (loss) before income taxes 38.3 31.2 67.1 (98.2 ) 38.4 Income taxes — — 0.1 — 0.1 Net income (loss) $ 38.3 $ 31.2 $ 67.0 $ (98.2 ) $ 38.3 Condensed Consolidating Statements of Income for the Nine Months Ended September 30, 2016 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 901.0 $ (65.7 ) $ 835.3 Parking and lending — — 14.6 (1.2 ) 13.4 Storage — — 68.0 — 68.0 Other — — 37.9 — 37.9 Total operating revenues — — 1,021.5 (66.9 ) 954.6 Operating Costs and Expenses: Fuel and transportation — — 117.9 (66.9 ) 51.0 Operation and maintenance — — 143.8 — 143.8 Administrative and general 0.1 — 104.5 — 104.6 Other operating costs and expenses 0.3 — 310.3 — 310.6 Total operating costs and expenses 0.4 — 676.5 (66.9 ) 610.0 Operating (loss) income (0.4 ) — 345.0 — 344.6 Other Deductions (Income): Interest expense — 91.1 45.3 — 136.4 Interest (income) expense - affiliates, net (27.6 ) 35.2 (7.6 ) — — Interest income — — (0.3 ) — (0.3 ) Equity in earnings of subsidiaries (187.0 ) (313.3 ) — 500.3 — Miscellaneous other income, net 0.2 — (6.1 ) — (5.9 ) Total other (income) deductions (214.4 ) (187.0 ) 31.3 500.3 130.2 Income (loss) before income taxes 214.0 187.0 313.7 (500.3 ) 214.4 Income taxes — — 0.4 — 0.4 Net income (loss) $ 214.0 $ 187.0 $ 313.3 $ (500.3 ) $ 214.0 Condensed Consolidating Statements of Income for the Nine Months Ended September 30, 2015 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 867.3 $ (65.2 ) $ 802.1 Parking and lending — — 8.1 (0.2 ) 7.9 Storage — — 60.6 — 60.6 Other — — 51.8 — 51.8 Total operating revenues — — 987.8 (65.4 ) 922.4 Operating Costs and Expenses: Fuel and transportation — — 143.4 (65.4 ) 78.0 Operation and maintenance — — 148.7 — 148.7 Administrative and general — — 94.1 — 94.1 Other operating costs and expenses 0.2 — 312.0 — 312.2 Total operating costs and expenses 0.2 — 698.2 (65.4 ) 633.0 Operating (loss) income (0.2 ) — 289.6 — 289.4 Other Deductions (Income): Interest expense — 77.9 56.3 — 134.2 Interest (income) expense - affiliates, net (21.2 ) 28.3 (7.1 ) — — Interest income — — (0.3 ) — (0.3 ) Equity in earnings of subsidiaries (135.4 ) (241.6 ) — 377.0 — Miscellaneous other income, net — — (1.3 ) — (1.3 ) Total other (income) deductions (156.6 ) (135.4 ) 47.6 377.0 132.6 Income (loss) before income taxes 156.4 135.4 242.0 (377.0 ) 156.8 Income taxes — — 0.4 — 0.4 Net income (loss) $ 156.4 $ 135.4 $ 241.6 $ (377.0 ) $ 156.4 Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2016 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 47.3 $ 37.7 $ 84.0 $ (121.7 ) $ 47.3 Other comprehensive income (loss): Reclassification adjustment transferred to Net income from cash flow hedges 0.6 0.6 0.2 (0.8 ) 0.6 Pension and other postretirement benefit costs 0.6 0.6 0.6 (1.2 ) 0.6 Total Comprehensive Income (Loss) $ 48.5 $ 38.9 $ 84.8 $ (123.7 ) $ 48.5 Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2015 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 38.3 $ 31.2 $ 67.0 $ (98.2 ) $ 38.3 Other comprehensive income (loss): Reclassification adjustment transferred to Net income from cash flow hedges 0.6 0.6 0.2 (0.8 ) 0.6 Total Comprehensive Income (Loss) $ 38.9 $ 31.8 $ 67.2 $ (99.0 ) $ 38.9 Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2016 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 214.0 $ 187.0 $ 313.3 $ (500.3 ) $ 214.0 Other comprehensive income (loss): Reclassification adjustment transferred to Net income from cash flow hedges 1.8 1.8 0.6 (2.4 ) 1.8 Pension and other postretirement benefit costs 2.3 2.3 2.3 (4.6 ) 2.3 Total Comprehensive Income (Loss) $ 218.1 $ 191.1 $ 316.2 $ (507.3 ) $ 218.1 Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2015 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 156.4 $ 135.4 $ 241.6 $ (377.0 ) $ 156.4 Other comprehensive income (loss): Reclassification adjustment transferred to Net income from cash flow hedges 1.8 1.8 0.6 (2.4 ) 1.8 Pension and other postretirement benefit costs (4.3 ) (4.3 ) (4.3 ) 8.6 (4.3 ) Total Comprehensive Income (Loss) $ 153.9 $ 132.9 $ 237.9 $ (370.8 ) $ 153.9 Condensed Consolidating Statements of Cash Flow for the Nine Months Ended September 30, 2016 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net cash provided by (used in) operating activities $ 27.3 $ (108.3 ) $ 535.2 $ — $ 454.2 INVESTING ACTIVITIES: Capital expenditures — — (432.4 ) — (432.4 ) Proceeds from sale of operating assets — — 0.2 — 0.2 Advances to affiliates, net 49.7 (16.8 ) 256.5 (289.4 ) — Net cash provided by (used in) investing activities 49.7 (16.8 ) (175.7 ) (289.4 ) (432.2 ) FINANCING ACTIVITIES: Proceeds from long-term debt, net of issuance cost — 539.1 — — 539.1 Proceeds from borrowings on revolving credit agreement — — 255.0 — 255.0 Repayment of borrowings on revolving credit agreement, including financing fees — (0.8 ) (630.0 ) — (630.8 ) Principal payment of capital lease obligation — — (0.3 ) — (0.3 ) Advances from affiliates, net — (306.2 ) 16.8 289.4 — Distributions paid (76.7 ) — — — (76.7 ) Net cash (used in) provided by financing activities (76.7 ) 232.1 (358.5 ) 289.4 86.3 Increase in cash and cash equivalents 0.3 107.0 1.0 — 108.3 Cash and cash equivalents at beginning of period — 0.3 2.8 — 3.1 Cash and cash equivalents at end of period $ 0.3 $ 107.3 $ 3.8 $ — $ 111.4 Condensed Consolidating Statements of Cash Flow for the Nine Months Ended September 30, 2015 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net cash provided by (used in) operating activities $ 20.4 $ (99.5 ) $ 509.3 $ — $ 430.2 INVESTING ACTIVITIES: Capital expenditures — — (241.1 ) — (241.1 ) Proceeds from sale of operating assets — — 0.3 — 0.3 Proceeds from other recoveries — — 6.2 — 6.2 Advances to affiliates, net (60.9 ) (276.5 ) (71.4 ) 408.8 — Net cash (used in) provided by investing activities (60.9 ) (276.5 ) (306.0 ) 408.8 (234.6 ) FINANCING ACTIVITIES: Proceeds from long-term debt, net of issuance cost — 247.1 — — 247.1 Repayment of borrowings from long-term debt and term loan — — (725.0 ) — (725.0 ) Proceeds from borrowings on revolving credit agreement — — 980.0 — 980.0 Repayment of borrowings on revolving credit agreement, including financing fees — (3.6 ) (735.0 ) — (738.6 ) Principal payment of capital lease obligation — — (0.3 ) — (0.3 ) Advances from affiliates, net 0.6 132.3 276.5 (408.8 ) 0.6 Distributions paid (76.0 ) — — — (76.0 ) Proceeds from sale of common units 113.1 — — — 113.1 Capital contributions from general partner 2.3 — — — 2.3 Net cash provided by (used in) financing activities 40.0 375.8 (203.8 ) (408.8 ) (196.8 ) Decrease in cash and cash equivalents (0.5 ) (0.2 ) (0.5 ) — (1.2 ) Cash and cash equivalents at beginning of period 0.5 1.8 4.3 — 6.6 Cash and cash equivalents at end of period $ — $ 1.6 $ 3.8 $ — $ 5.4 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy | The accompanying unaudited condensed consolidated financial statements of the Partnership were prepared pursuant to the rules and regulations of the Securities and Exchange Commission. 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 unaudited condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Partnership's financial position as of September 30, 2016 , and December 31, 2015 , and its results of operations and comprehensive income for the three and nine months ended September 30, 2016 and 2015 , and changes in cash flows and changes in partners' capital for the nine months ended September 30, 2016 and 2015 . Reference is made to the Notes to Consolidated Financial Statements in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2015 ( 2015 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 the 2015 Annual Report on Form 10-K are the same used in preparing the accompanying unaudited condensed consolidated financial statements. |
Gas and Liquids Stored Underg20
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Gas Balancing Arrangements [Abstract] | |
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables, Policy | The operating 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. |
Other Comprehensive Income (O21
Other Comprehensive Income (OCI) and Fair Value Measurements (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy | 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 2015 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 September 30, 2016 , and December 31, 2015 . The fair market value of the debt that is not publicly traded is based on market prices of similar debt at September 30, 2016 , and December 31, 2015 . The Partnership had no variable-rate debt outstanding as of September 30, 2016 . The carrying amount of the variable-rate debt at December 31, 2015 |
Commitments and Contingencies (
Commitments and Contingencies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental Costs, Policy | 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. |
Cash Distributions and Net In23
Cash Distributions and Net Income per Unit (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Partners' Capital Notes [Abstract] | |
Net Income Per Unit, Policy | Net Income per Unit |
Other Comprehensive Income (O24
Other Comprehensive Income (OCI) and Fair Value Measurements OCI (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | 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 September 30, 2016 (in millions): Cash Flow Hedges Pension and Other Postretirement Costs Total Beginning balance, July 1, 2016 $ (7.2 ) $ (74.2 ) $ (81.4 ) Reclassifications: Interest expense 0.6 — 0.6 Pension and other postretirement benefit costs — 0.6 0.6 Ending balance, September 30, 2016 $ (6.6 ) $ (73.6 ) $ (80.2 ) 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 September 30, 2015 (in millions): Cash Flow Hedges Pension and Other Postretirement Costs Total Beginning balance, July 1, 2015 $ (9.6 ) $ (66.3 ) $ (75.9 ) Reclassifications: Interest expense 0.6 — 0.6 Ending balance, September 30, 2015 $ (9.0 ) $ (66.3 ) $ (75.3 ) 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 nine months ended September 30, 2016 (in millions): Cash Flow Hedges Pension and Other Postretirement Costs Total Beginning balance, January 1, 2016 $ (8.4 ) $ (75.9 ) $ (84.3 ) Reclassifications: Interest expense 1.8 — 1.8 Pension and other postretirement benefit costs — 2.3 2.3 Ending balance, September 30, 2016 $ (6.6 ) $ (73.6 ) $ (80.2 ) 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 nine months ended September 30, 2015 (in millions): Cash Flow Hedges Pension and Other Postretirement Costs Total Beginning balance, January 1, 2015 $ (10.8 ) $ (62.0 ) $ (72.8 ) Reclassifications: Interest expense 1.8 — 1.8 Pension and other postretirement benefit costs — (4.3 ) (4.3 ) Ending balance, September 30, 2015 $ (9.0 ) $ (66.3 ) $ (75.3 ) |
Other Comprehensive Income (O25
Other Comprehensive Income (OCI) and Fair Value Measurements Financial Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The carrying amount and estimated fair values of the Partnership's financial assets and liabilities which were not recorded at fair value on the Condensed Consolidated Balance Sheets as of September 30, 2016 , and December 31, 2015 , were as follows (in millions): As of September 30, 2016 Estimated Fair Value Financial Assets Carrying Amount Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 111.4 $ 111.4 $ — $ — $ 111.4 Financial Liabilities Long-term debt $ 3,628.0 (1) $ — $ 3,803.6 $ — $ 3,803.6 (1) The carrying amount of long-term debt excludes an $8.8 million long-term capital lease obligation and $10.0 million of unamortized debt issuance costs. As of December 31, 2015 Estimated Fair Value Financial Assets Carrying Amount Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 3.1 $ 3.1 $ — $ — $ 3.1 Financial Liabilities Long-term debt $ 3,460.6 (1) $ — $ 3,299.7 $ — $ 3,299.7 (1) The carrying amount of long-term debt excludes a $9.1 million long-term capital lease obligation and $10.4 million |
Cash Distributions and Net In26
Cash Distributions and Net Income per Unit (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Partners' Capital Notes [Abstract] | |
Distributions Made to Limited Partner, by Distribution | 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 September 30, 2016 (in millions, except per unit data): Total Common Units General Partner and IDRs Net income $ 47.3 Declared distribution 25.5 $ 25.0 $ 0.5 Assumed allocation of undistributed net income 21.8 21.4 0.4 Assumed allocation of net income attributable to limited $ 47.3 $ 46.4 $ 0.9 Weighted-average units outstanding 250.3 Net income per unit $ 0.19 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 September 30, 2015 (in millions, except per unit data): Total Common Units General Partner and IDRs Net income $ 38.3 Declared distribution 25.5 $ 25.0 $ 0.5 Assumed allocation of undistributed net income 12.8 12.5 0.3 Assumed allocation of net income attributable to limited $ 38.3 $ 37.5 $ 0.8 Weighted-average units outstanding 250.3 Net income per unit $ 0.15 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 nine months ended September 30, 2016 (in millions, except per unit data): Total Common Units General Partner and IDRs Net income $ 214.0 Declared distribution 76.6 $ 75.1 $ 1.5 Assumed allocation of undistributed net income 137.4 134.7 2.7 Assumed allocation of net income attributable to limited $ 214.0 $ 209.8 $ 4.2 Weighted-average units outstanding 250.3 Net income per unit $ 0.84 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 nine months ended September 30, 2015 (in millions, except per unit data): Total Common Units General Partner and IDRs Net income $ 156.4 Declared distribution 76.6 $ 75.1 $ 1.5 Assumed allocation of undistributed net income 79.8 78.2 1.6 Assumed allocation of net income attributable to limited $ 156.4 $ 153.3 $ 3.1 Weighted-average units outstanding 248.3 Net income per unit $ 0.62 |
Financing Financing (Tables)
Financing Financing (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Issuances | For the nine months ended September 30, 2016 and 2015 , the Partnership completed the following debt issuances (in millions, except interest rates): Date of Issuing Subsidiary Amount of Purchaser Net Interest Maturity Date Interest Payable May 2016 Boardwalk Pipelines $ 550.0 $ 10.8 $ 539.1 (1) 5.95% June 1, 2026 June 1 and December 1 March 2015 Boardwalk Pipelines $ 250.0 $ 2.9 $ 247.1 (2) 4.95% December 15, 2024 June 15 and December 15 (1) The net proceeds of this offering will be used to retire the outstanding $250.0 million aggregate principal amount of Boardwalk Pipelines 5.875% notes due 2016 (Boardwalk Pipelines 2016 Notes) and the outstanding $300.0 million aggregate principal amount of Boardwalk Pipelines 5.50% notes due 2017 (Boardwalk Pipelines 2017 Notes). Initially, the Partnership used the net proceeds to reduce outstanding borrowings under its revolving credit facility. The Partnership expects to retire all of the outstanding aggregate principal amount of Boardwalk Pipelines 2016 Notes and Boardwalk Pipelines 2017 Notes, with borrowings under its revolving credit facility, at their maturity. (2) The net proceeds of this offering were used to retire a portion of the outstanding $250.0 million aggregate principal amount of Texas Gas Transmission, LLC's (Texas Gas) 4.60% |
Employee Benefits (Tables)
Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs | Components of net periodic benefit cost for both the Retirement Plans and PBOP for the three months ended September 30, 2016 and 2015 , were as follows (in millions): Retirement Plans PBOP For the For the 2016 2015 2016 2015 Service cost $ 0.9 $ 0.9 $ 0.1 $ 0.1 Interest cost 1.2 1.3 0.5 0.5 Expected return on plan assets (2.0 ) (2.2 ) (1.2 ) (1.1 ) Amortization of prior service credit — — (0.2 ) (1.9 ) Amortization of unrecognized net loss 0.6 0.7 — — Settlement charge 0.7 1.7 — — Regulatory asset increase — (1.0 ) — — Net periodic benefit cost $ 1.4 $ 1.4 $ (0.8 ) $ (2.4 ) Components of net periodic benefit cost for both the Retirement Plans and PBOP for the nine months ended September 30, 2016 and 2015 , were as follows (in millions): Retirement Plans PBOP For the For the 2016 2015 2016 2015 Service cost $ 2.7 $ 2.9 $ 0.3 $ 0.3 Interest cost 3.6 3.7 1.5 1.5 Expected return on plan assets (6.0 ) (6.8 ) (3.6 ) (3.4 ) Amortization of prior service credit — — (0.7 ) (5.7 ) Amortization of unrecognized net loss 1.8 1.5 — — Settlement charge 2.7 1.7 — — Net periodic benefit cost $ 4.8 $ 3.0 $ (2.5 ) $ (7.3 ) |
Supplemental Disclosure of Ca29
Supplemental Disclosure of Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental Disclosure of Cash Flow Information (in millions): For the 2016 2015 Cash paid during the period for: Interest (net of amount capitalized) $ 122.3 $ 137.5 Non-cash adjustments: Accounts payable and property, plant and equipment 81.0 52.7 |
Guarantee of Securities of Su30
Guarantee of Securities of Subsidiaries (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheets as of September 30, 2016 (Millions) Assets Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Cash and cash equivalents $ 0.3 $ 107.3 $ 3.8 $ — $ 111.4 Receivables — — 119.5 — 119.5 Receivables - affiliate — — 7.0 (7.0 ) — Gas and liquids stored underground — — 12.4 — 12.4 Prepayments 0.4 — 19.7 — 20.1 Advances to affiliates — — 127.7 (127.7 ) — Other current assets — — 20.7 (11.8 ) 8.9 Total current assets 0.7 107.3 310.8 (146.5 ) 272.3 Investment in consolidated subsidiaries 2,344.6 6,608.7 — (8,953.3 ) — Property, plant and equipment, gross 0.6 — 10,155.6 — 10,156.2 Less–accumulated depreciation and amortization 0.6 — 2,257.4 — 2,258.0 Property, plant and equipment, net — — 7,898.2 — 7,898.2 Other noncurrent assets — 3.4 471.5 (2.7 ) 472.2 Advances to affiliates – noncurrent 2,140.5 504.1 61.9 (2,706.5 ) — Total other assets 2,140.5 507.5 533.4 (2,709.2 ) 472.2 Total Assets $ 4,485.8 $ 7,223.5 $ 8,742.4 $ (11,809.0 ) $ 8,642.7 Liabilities and Partners' Capital Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Payables $ 0.3 $ 0.1 $ 117.8 $ — $ 118.2 Payable to affiliates 1.4 — 7.0 (7.0 ) 1.4 Advances from affiliates — 127.7 — (127.7 ) — Other current liabilities — 35.0 191.2 (14.5 ) 211.7 Total current liabilities 1.7 162.8 316.0 (149.2 ) 331.3 Long-term debt and capital lease obligation — 2,513.6 1,113.2 — 3,626.8 Payable to affiliate - noncurrent 16.0 — — — 16.0 Advances from affiliates - noncurrent — 2,202.4 504.1 (2,706.5 ) — Other noncurrent liabilities — 0.1 200.4 — 200.5 Total other liabilities and deferred credits 16.0 2,202.5 704.5 (2,706.5 ) 216.5 Total partners' capital 4,468.1 2,344.6 6,608.7 (8,953.3 ) 4,468.1 Total Liabilities and Partners' Capital $ 4,485.8 $ 7,223.5 $ 8,742.4 $ (11,809.0 ) $ 8,642.7 Condensed Consolidating Balance Sheets as of December 31, 2015 (Millions) Assets Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Cash and cash equivalents $ — $ 0.3 $ 2.8 $ — $ 3.1 Receivables — — 129.5 — 129.5 Receivables - affiliate — — 7.0 (7.0 ) — Gas and liquids stored underground — — 10.7 — 10.7 Prepayments 0.2 — 16.7 — 16.9 Advances to affiliates — 21.0 107.7 (128.7 ) — Other current assets — — 12.8 (3.2 ) 9.6 Total current assets 0.2 21.3 287.2 (138.9 ) 169.8 Investment in consolidated subsidiaries 2,153.5 7,067.6 — (9,221.1 ) — Property, plant and equipment, gross 0.6 — 9,706.0 — 9,706.6 Less–accumulated depreciation and amortization 0.6 — 2,051.6 — 2,052.2 Property, plant and equipment, net — — 7,654.4 — 7,654.4 Other noncurrent assets 0.4 3.0 472.7 — 476.1 Advances to affiliates – noncurrent 2,190.2 466.3 1,113.4 (3,769.9 ) — Total other assets 2,190.6 469.3 1,586.1 (3,769.9 ) 476.1 Total Assets $ 4,344.3 $ 7,558.2 $ 9,527.7 $ (13,129.9 ) $ 8,300.3 Liabilities and Partners' Capital Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Payables $ 0.3 $ 0.1 $ 118.2 $ — $ 118.6 Payable to affiliates 1.3 — 7.0 (7.0 ) 1.3 Advances from affiliates — 107.7 21.0 (128.7 ) — Other current liabilities — 20.9 176.8 (3.2 ) 194.5 Total current liabilities 1.6 128.7 323.0 (138.9 ) 314.4 Long-term debt and capital lease obligation — 1,972.4 1,486.9 — 3,459.3 Payable to affiliate - noncurrent 16.0 — — — 16.0 Advances from affiliates - noncurrent — 3,303.6 466.3 (3,769.9 ) — Other noncurrent liabilities — — 183.9 — 183.9 Total other liabilities and deferred credits 16.0 3,303.6 650.2 (3,769.9 ) 199.9 Total partners' capital 4,326.7 2,153.5 7,067.6 (9,221.1 ) 4,326.7 Total Liabilities and Partners' Capital $ 4,344.3 $ 7,558.2 $ 9,527.7 $ (13,129.9 ) $ 8,300.3 |
Condensed Consolidating Statements of Income | Condensed Consolidating Statements of Income for the Three Months Ended September 30, 2016 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 281.9 $ (22.3 ) $ 259.6 Parking and lending — — 5.1 (0.2 ) 4.9 Storage — — 23.4 — 23.4 Other — — 15.4 — 15.4 Total operating revenues — — 325.8 (22.5 ) 303.3 Operating Costs and Expenses: Fuel and transportation — — 41.6 (22.5 ) 19.1 Operation and maintenance — — 52.1 — 52.1 Administrative and general — — 34.4 — 34.4 Other operating costs and expenses 0.1 — 103.9 — 104.0 Total operating costs and expenses 0.1 — 232.0 (22.5 ) 209.6 Operating (loss) income (0.1 ) — 93.8 — 93.7 Other Deductions (Income): Interest expense — 34.6 13.8 — 48.4 Interest (income) expense - affiliates, net (9.7 ) 11.7 (2.0 ) — — Interest income — — (0.1 ) — (0.1 ) Equity in earnings of subsidiaries (37.7 ) (84.0 ) — 121.7 — Miscellaneous other income, net — — (1.9 ) — (1.9 ) Total other (income) deductions (47.4 ) (37.7 ) 9.8 121.7 46.4 Income (loss) before income taxes 47.3 37.7 84.0 (121.7 ) 47.3 Income taxes — — — — — Net income (loss) $ 47.3 $ 37.7 $ 84.0 $ (121.7 ) $ 47.3 Condensed Consolidating Statements of Income for the Three Months Ended September 30, 2015 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 277.1 $ (21.5 ) $ 255.6 Parking and lending — — 2.3 — 2.3 Storage — — 20.4 — 20.4 Other — — 15.8 — 15.8 Total operating revenues — — 315.6 (21.5 ) 294.1 Operating Costs and Expenses: Fuel and transportation — — 46.6 (21.5 ) 25.1 Operation and maintenance — — 54.0 — 54.0 Administrative and general 0.2 — 31.5 — 31.7 Other operating costs and expenses — — 102.6 — 102.6 Total operating costs and expenses 0.2 — 234.7 (21.5 ) 213.4 Operating (loss) income (0.2 ) — 80.9 — 80.7 Other Deductions (Income): Interest expense — 26.1 17.0 — 43.1 Interest (income) expense - affiliates, net (7.3 ) 9.7 (2.4 ) — — Interest income — — (0.1 ) — (0.1 ) Equity in earnings of subsidiaries (31.2 ) (67.0 ) — 98.2 — Miscellaneous other income, net — — (0.7 ) — (0.7 ) Total other (income) deductions (38.5 ) (31.2 ) 13.8 98.2 42.3 Income (loss) before income taxes 38.3 31.2 67.1 (98.2 ) 38.4 Income taxes — — 0.1 — 0.1 Net income (loss) $ 38.3 $ 31.2 $ 67.0 $ (98.2 ) $ 38.3 Condensed Consolidating Statements of Income for the Nine Months Ended September 30, 2016 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 901.0 $ (65.7 ) $ 835.3 Parking and lending — — 14.6 (1.2 ) 13.4 Storage — — 68.0 — 68.0 Other — — 37.9 — 37.9 Total operating revenues — — 1,021.5 (66.9 ) 954.6 Operating Costs and Expenses: Fuel and transportation — — 117.9 (66.9 ) 51.0 Operation and maintenance — — 143.8 — 143.8 Administrative and general 0.1 — 104.5 — 104.6 Other operating costs and expenses 0.3 — 310.3 — 310.6 Total operating costs and expenses 0.4 — 676.5 (66.9 ) 610.0 Operating (loss) income (0.4 ) — 345.0 — 344.6 Other Deductions (Income): Interest expense — 91.1 45.3 — 136.4 Interest (income) expense - affiliates, net (27.6 ) 35.2 (7.6 ) — — Interest income — — (0.3 ) — (0.3 ) Equity in earnings of subsidiaries (187.0 ) (313.3 ) — 500.3 — Miscellaneous other income, net 0.2 — (6.1 ) — (5.9 ) Total other (income) deductions (214.4 ) (187.0 ) 31.3 500.3 130.2 Income (loss) before income taxes 214.0 187.0 313.7 (500.3 ) 214.4 Income taxes — — 0.4 — 0.4 Net income (loss) $ 214.0 $ 187.0 $ 313.3 $ (500.3 ) $ 214.0 Condensed Consolidating Statements of Income for the Nine Months Ended September 30, 2015 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 867.3 $ (65.2 ) $ 802.1 Parking and lending — — 8.1 (0.2 ) 7.9 Storage — — 60.6 — 60.6 Other — — 51.8 — 51.8 Total operating revenues — — 987.8 (65.4 ) 922.4 Operating Costs and Expenses: Fuel and transportation — — 143.4 (65.4 ) 78.0 Operation and maintenance — — 148.7 — 148.7 Administrative and general — — 94.1 — 94.1 Other operating costs and expenses 0.2 — 312.0 — 312.2 Total operating costs and expenses 0.2 — 698.2 (65.4 ) 633.0 Operating (loss) income (0.2 ) — 289.6 — 289.4 Other Deductions (Income): Interest expense — 77.9 56.3 — 134.2 Interest (income) expense - affiliates, net (21.2 ) 28.3 (7.1 ) — — Interest income — — (0.3 ) — (0.3 ) Equity in earnings of subsidiaries (135.4 ) (241.6 ) — 377.0 — Miscellaneous other income, net — — (1.3 ) — (1.3 ) Total other (income) deductions (156.6 ) (135.4 ) 47.6 377.0 132.6 Income (loss) before income taxes 156.4 135.4 242.0 (377.0 ) 156.8 Income taxes — — 0.4 — 0.4 Net income (loss) $ 156.4 $ 135.4 $ 241.6 $ (377.0 ) $ 156.4 |
Condensed Consolidating Statements Of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2016 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 47.3 $ 37.7 $ 84.0 $ (121.7 ) $ 47.3 Other comprehensive income (loss): Reclassification adjustment transferred to Net income from cash flow hedges 0.6 0.6 0.2 (0.8 ) 0.6 Pension and other postretirement benefit costs 0.6 0.6 0.6 (1.2 ) 0.6 Total Comprehensive Income (Loss) $ 48.5 $ 38.9 $ 84.8 $ (123.7 ) $ 48.5 Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2015 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 38.3 $ 31.2 $ 67.0 $ (98.2 ) $ 38.3 Other comprehensive income (loss): Reclassification adjustment transferred to Net income from cash flow hedges 0.6 0.6 0.2 (0.8 ) 0.6 Total Comprehensive Income (Loss) $ 38.9 $ 31.8 $ 67.2 $ (99.0 ) $ 38.9 Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2016 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 214.0 $ 187.0 $ 313.3 $ (500.3 ) $ 214.0 Other comprehensive income (loss): Reclassification adjustment transferred to Net income from cash flow hedges 1.8 1.8 0.6 (2.4 ) 1.8 Pension and other postretirement benefit costs 2.3 2.3 2.3 (4.6 ) 2.3 Total Comprehensive Income (Loss) $ 218.1 $ 191.1 $ 316.2 $ (507.3 ) $ 218.1 Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2015 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 156.4 $ 135.4 $ 241.6 $ (377.0 ) $ 156.4 Other comprehensive income (loss): Reclassification adjustment transferred to Net income from cash flow hedges 1.8 1.8 0.6 (2.4 ) 1.8 Pension and other postretirement benefit costs (4.3 ) (4.3 ) (4.3 ) 8.6 (4.3 ) Total Comprehensive Income (Loss) $ 153.9 $ 132.9 $ 237.9 $ (370.8 ) $ 153.9 |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flow for the Nine Months Ended September 30, 2016 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net cash provided by (used in) operating activities $ 27.3 $ (108.3 ) $ 535.2 $ — $ 454.2 INVESTING ACTIVITIES: Capital expenditures — — (432.4 ) — (432.4 ) Proceeds from sale of operating assets — — 0.2 — 0.2 Advances to affiliates, net 49.7 (16.8 ) 256.5 (289.4 ) — Net cash provided by (used in) investing activities 49.7 (16.8 ) (175.7 ) (289.4 ) (432.2 ) FINANCING ACTIVITIES: Proceeds from long-term debt, net of issuance cost — 539.1 — — 539.1 Proceeds from borrowings on revolving credit agreement — — 255.0 — 255.0 Repayment of borrowings on revolving credit agreement, including financing fees — (0.8 ) (630.0 ) — (630.8 ) Principal payment of capital lease obligation — — (0.3 ) — (0.3 ) Advances from affiliates, net — (306.2 ) 16.8 289.4 — Distributions paid (76.7 ) — — — (76.7 ) Net cash (used in) provided by financing activities (76.7 ) 232.1 (358.5 ) 289.4 86.3 Increase in cash and cash equivalents 0.3 107.0 1.0 — 108.3 Cash and cash equivalents at beginning of period — 0.3 2.8 — 3.1 Cash and cash equivalents at end of period $ 0.3 $ 107.3 $ 3.8 $ — $ 111.4 Condensed Consolidating Statements of Cash Flow for the Nine Months Ended September 30, 2015 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net cash provided by (used in) operating activities $ 20.4 $ (99.5 ) $ 509.3 $ — $ 430.2 INVESTING ACTIVITIES: Capital expenditures — — (241.1 ) — (241.1 ) Proceeds from sale of operating assets — — 0.3 — 0.3 Proceeds from other recoveries — — 6.2 — 6.2 Advances to affiliates, net (60.9 ) (276.5 ) (71.4 ) 408.8 — Net cash (used in) provided by investing activities (60.9 ) (276.5 ) (306.0 ) 408.8 (234.6 ) FINANCING ACTIVITIES: Proceeds from long-term debt, net of issuance cost — 247.1 — — 247.1 Repayment of borrowings from long-term debt and term loan — — (725.0 ) — (725.0 ) Proceeds from borrowings on revolving credit agreement — — 980.0 — 980.0 Repayment of borrowings on revolving credit agreement, including financing fees — (3.6 ) (735.0 ) — (738.6 ) Principal payment of capital lease obligation — — (0.3 ) — (0.3 ) Advances from affiliates, net 0.6 132.3 276.5 (408.8 ) 0.6 Distributions paid (76.0 ) — — — (76.0 ) Proceeds from sale of common units 113.1 — — — 113.1 Capital contributions from general partner 2.3 — — — 2.3 Net cash provided by (used in) financing activities 40.0 375.8 (203.8 ) (408.8 ) (196.8 ) Decrease in cash and cash equivalents (0.5 ) (0.2 ) (0.5 ) — (1.2 ) Cash and cash equivalents at beginning of period 0.5 1.8 4.3 — 6.6 Cash and cash equivalents at end of period $ — $ 1.6 $ 3.8 $ — $ 5.4 |
Basis of Presentation (Details)
Basis of Presentation (Details) - shares shares in Millions | Oct. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
Percent of General Partner Interest Owned by Holding Company (in hundredths) | 2.00% | 2.00% | |
Subsequent Event | |||
Number of the Partnership's common units owned by holding company (in units) | 125.6 | ||
Percent of General Partner Interest Owned by Holding Company (in hundredths) | 2.00% | ||
Percentage of Partnership's Equity Interests Owned by Holding Company (in hundredths) | 51.00% |
Gas and Liquids Stored Underg32
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables (Details) MMBbls in Millions, MMBTU in Millions, $ in Millions | Sep. 30, 2016USD ($)$ / MMBTUMMBTUMMBbls | Dec. 31, 2015MMBTUMMBbls |
Gas Balancing Arrangements [Abstract] | ||
Gas Balancing Volume Amount (in MMBtu) | MMBTU | 7.3 | 7.7 |
Average Market Price of Gas Assumed | $ / MMBTU | 2.86 | |
Gas Imbalance to Subsidiaries Asset Liability | $ | $ 20.9 | |
Natural Gas Liquids Balancing Volume (in MMBbls) (Less than) | MMBbls | 0 | 0.1 |
Other Comprehensive Income (O33
Other Comprehensive Income (OCI) and Fair Value Measurements OCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Assets, Fair Value Disclosure, Recurring | $ 0 | $ 0 | $ 0 | ||
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 | $ 0 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | 4,326.7 | $ 4,102.3 | |||
Interest expense | 48.4 | $ 43.1 | 136.4 | 134.2 | |
Pension and other postretirement benefit costs | 0.6 | 0 | 2.3 | (4.3) | |
Ending balance | 4,468.1 | 4,295.6 | 4,468.1 | 4,295.6 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (7.2) | (9.6) | (8.4) | (10.8) | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | (2.4) | ||||
Pension and other postretirement benefit costs | 0 | 0 | 0 | ||
Ending balance | (6.6) | (9) | (6.6) | (9) | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest expense | 0.6 | 0.6 | 1.8 | 1.8 | |
Accumulated Defined Benefit Plans Adjustment | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (74.2) | (66.3) | (75.9) | (62) | |
Pension and other postretirement benefit costs | 0.6 | 2.3 | (4.3) | ||
Ending balance | (73.6) | (66.3) | (73.6) | (66.3) | |
Accumulated Defined Benefit Plans Adjustment | Reclassification out of Accumulated Other Comprehensive Income | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest expense | 0 | 0 | 0 | 0 | |
AOCI Attributable to Parent | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (81.4) | (75.9) | (84.3) | (72.8) | |
Pension and other postretirement benefit costs | 0.6 | 2.3 | (4.3) | ||
Ending balance | (80.2) | (75.3) | (80.2) | (75.3) | |
AOCI Attributable to Parent | Reclassification out of Accumulated Other Comprehensive Income | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest expense | $ 0.6 | $ 0.6 | $ 1.8 | $ 1.8 |
Other Comprehensive Income (O34
Other Comprehensive Income (OCI) and Fair Value Measurements Financial Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term Line of Credit | $ 0 | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and Cash Equivalents - Fair Value | 111.4 | $ 3.1 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Debt Instrument, Fair Value Disclosure | 3,803.6 | 3,299.7 | ||
Capital Lease Obligations, Noncurrent | 8.8 | 9.1 | ||
Unamortized Debt Issuance Expense | 10 | 10.4 | ||
Carrying Amount | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and Cash Equivalents - Fair Value | 111.4 | 3.1 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Debt Instrument, Fair Value Disclosure | 3,628 | [1] | 3,460.6 | [2] |
Fair Value | Fair Value, Inputs, Level 1 | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and Cash Equivalents - Fair Value | 111.4 | 3.1 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Debt Instrument, Fair Value Disclosure | 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] | ||||
Debt Instrument, Fair Value Disclosure | 3,803.6 | 3,299.7 | ||
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] | ||||
Debt Instrument, Fair Value Disclosure | $ 0 | $ 0 | ||
[1] | The carrying amount of long-term debt excludes an $8.8 million long-term capital lease obligation and $10.0 million of unamortized debt issuance costs. | |||
[2] | The carrying amount of long-term debt excludes a $9.1 million long-term capital lease obligation and $10.4 million of unamortized debt issuance costs. |
Commitments and Contingencies R
Commitments and Contingencies Regulatory Matters (Details) $ in Millions | 1 Months Ended |
Apr. 30, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Customer Refund Payments | $ 16.6 |
Commitments and Contingencies S
Commitments and Contingencies Settlements and Insurance Proceeds (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Litigation Settlement, Amount | $ 12.7 | |||
Gain on Business Interruption Insurance Recovery | $ 2.5 | $ 8.8 | ||
Deferred Revenue | $ 3.9 |
Environmental and Safety Matter
Environmental and Safety Matters (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 5.1 | $ 5.6 |
Number of years the related expenditures are expected to cover assessment and remediation costs (in years) | 6 years | |
Accrued Environmental Loss Contingencies, Current | $ 1.7 | 1.7 |
Accrued Environmental Loss Contingencies, Noncurrent | $ 3.4 | $ 3.9 |
Commitments and Contingencies C
Commitments and Contingencies Commitments for Construction (Details) $ in Millions | Sep. 30, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 207.4 |
Cash Distributions and Net In39
Cash Distributions and Net Income per Unit (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Oct. 31, 2016 | |
Reconciliation And Allocation of Net Income By Class of Stock [Line Items] | |||||
Cash distribution declared and paid to common units (in dollars per unit) | $ 0.10 | $ 0.10 | $ 0.30 | $ 0.30 | |
Percent of General Partner Interest Owned by Holding Company (in hundredths) | 2.00% | 2.00% | 2.00% | 2.00% | |
Net income | $ 47.3 | $ 38.3 | $ 214 | $ 156.4 | |
Declared distribution | 25.5 | 25.5 | 76.6 | 76.6 | |
Assumed allocation of undistributed net income | 21.8 | 12.8 | 137.4 | 79.8 | |
Assumed allocation of net income attributable to limited partner unitholders and general partner | $ 47.3 | $ 38.3 | $ 214 | $ 156.4 | |
Weighted-average units outstanding (in units) | 250.3 | 250.3 | 250.3 | 248.3 | |
Net income per unit (in dollars per unit) | $ 0.19 | $ 0.15 | $ 0.84 | $ 0.62 | |
Common Units | |||||
Reconciliation And Allocation of Net Income By Class of Stock [Line Items] | |||||
Declared distribution | $ 25 | $ 25 | $ 75.1 | $ 75.1 | |
Assumed allocation of undistributed net income | 21.4 | 12.5 | 134.7 | 78.2 | |
Assumed allocation of net income attributable to limited partner unitholders and general partner | $ 46.4 | $ 37.5 | $ 209.8 | $ 153.3 | |
Weighted-average units outstanding (in units) | 250.3 | 250.3 | 250.3 | 248.3 | |
Net income per unit (in dollars per unit) | $ 0.19 | $ 0.15 | $ 0.84 | $ 0.62 | |
General Partner and IDRs | |||||
Reconciliation And Allocation of Net Income By Class of Stock [Line Items] | |||||
Declared distribution | $ 0.5 | $ 0.5 | $ 1.5 | $ 1.5 | |
Assumed allocation of undistributed net income | 0.4 | 0.3 | 2.7 | 1.6 | |
Assumed allocation of net income attributable to limited partner unitholders and general partner | $ 0.9 | $ 0.8 | $ 4.2 | $ 3.1 | |
Subsequent Event | |||||
Reconciliation And Allocation of Net Income By Class of Stock [Line Items] | |||||
Percent of General Partner Interest Owned by Holding Company (in hundredths) | 2.00% | ||||
Dividends Payable, Amount Per Share | $ 0.10 |
Financing - Debt (Details)
Financing - Debt (Details) - USD ($) $ in Millions | May 31, 2016 | Jun. 01, 2015 | Feb. 01, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Oct. 28, 2016 | Dec. 31, 2015 | |
Debt Instruments [Abstract] | |||||||||
Repayments of Unsecured Debt | $ 0 | $ 725 | |||||||
Unsecured Debt | |||||||||
Debt Instruments [Abstract] | |||||||||
Long-term Debt, Gross | $ 3,700 | $ 3,100 | |||||||
Debt, Weighted-Average Interest Rate | 5.46% | 5.32% | |||||||
Debt Instrument, Covenant Compliance | At September 30, 2016, Boardwalk Pipelines and its subsidiaries were in compliance with their debt covenants. | ||||||||
Unsecured Debt | Boardwalk Pipelines 5.95% Notes Due 2026 | |||||||||
Debt Instruments [Abstract] | |||||||||
Debt Instrument, Issuance Date | May 31, 2016 | ||||||||
Debt Instrument, Face Amount | $ 550 | ||||||||
Payments of Debt Issuance Costs | 10.8 | ||||||||
Proceeds from Debt, Net of Issuance Costs | [1] | $ 539.1 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | ||||||||
Debt Instrument, Maturity Date | Jun. 1, 2026 | ||||||||
Unsecured Debt | Boardwalk Pipelines 4.95% Notes Due 2024 | |||||||||
Debt Instruments [Abstract] | |||||||||
Debt Instrument, Issuance Date | Mar. 31, 2015 | ||||||||
Debt Instrument, Face Amount | $ 250 | ||||||||
Payments of Debt Issuance Costs | 2.9 | ||||||||
Proceeds from Debt, Net of Issuance Costs | [2] | $ 247.1 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.95% | ||||||||
Debt Instrument, Maturity Date | Dec. 15, 2024 | ||||||||
Unsecured Debt | Boardwalk Pipelines Notes Due 2016 | |||||||||
Debt Instruments [Abstract] | |||||||||
Long-term Debt, Gross | $ 250 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||||||||
Unsecured Debt | Boardwalk Pipelines Notes Due 2017 | |||||||||
Debt Instruments [Abstract] | |||||||||
Long-term Debt, Gross | $ 300 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ||||||||
Unsecured Debt | Texas Gas Notes Due 2015 | |||||||||
Debt Instruments [Abstract] | |||||||||
Repayments of Unsecured Debt | $ 250 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.60% | ||||||||
Unsecured Debt | Gulf South Notes Due 2015 | |||||||||
Debt Instruments [Abstract] | |||||||||
Repayments of Unsecured Debt | $ 275 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.05% | ||||||||
Line of Credit | |||||||||
Debt Instruments [Abstract] | |||||||||
Debt, Weighted-Average Interest Rate | 1.67% | ||||||||
Line of Credit Facility [Abstract] | |||||||||
Long-term Line of Credit | $ 0 | $ 375 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,500 | ||||||||
Line of Credit Facility, Covenant Compliance | The Partnership and its subsidiaries were in compliance with all covenant requirements under the credit facility as of September 30, 2016. | ||||||||
Line of Credit | Subsequent Event | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Long-term Line of Credit | $ 0 | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 1,500 | ||||||||
Subordinated Debt | |||||||||
Debt Instruments [Abstract] | |||||||||
Debt Instrument, Maturity Date | Dec. 31, 2018 | ||||||||
Subordinated Loan Agreement Maximum Borrowing Capacity | $ 300 | ||||||||
Subordinated Debt | $ 0 | ||||||||
Subordinated Debt | Subsequent Event | |||||||||
Debt Instruments [Abstract] | |||||||||
Subordinated Debt | $ 0 | ||||||||
[1] | The net proceeds of this offering will be used to retire the outstanding $250.0 million aggregate principal amount of Boardwalk Pipelines 5.875% notes due 2016 (Boardwalk Pipelines 2016 Notes) and the outstanding $300.0 million aggregate principal amount of Boardwalk Pipelines 5.50% notes due 2017 (Boardwalk Pipelines 2017 Notes). Initially, the Partnership used the net proceeds to reduce outstanding borrowings under its revolving credit facility. The Partnership expects to retire all of the outstanding aggregate principal amount of Boardwalk Pipelines 2016 Notes and Boardwalk Pipelines 2017 Notes, with borrowings under its revolving credit facility, at their maturity. | ||||||||
[2] | The net proceeds of this offering were used to retire a portion of the outstanding $250.0 million aggregate principal amount of Texas Gas Transmission, LLC's (Texas Gas) 4.60% notes due 2015 (Texas Gas 2015 Notes). Initially, the Partnership used the net proceeds to reduce outstanding borrowings under its revolving credit facility. Subsequently, on June 1, 2015, the Partnership retired the Texas Gas 2015 Notes with borrowings under its revolving credit facility. |
Financing - Equity (Details)
Financing - Equity (Details) - USD ($) shares in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2015 | Oct. 31, 2016 | Sep. 30, 2016 | |
Capital Unit [Line Items] | |||
Percent of General Partner Interest Owned by Holding Company (in hundredths) | 2.00% | 2.00% | |
Equity Distribution Agreement | |||
Capital Unit [Line Items] | |||
Common units issued under an equity distribution agreement | 7 | ||
Proceeds from Issuance or Sale of Equity | $ 115.4 | ||
General Partners' Contributed Capital | $ 2.3 | ||
Percent of General Partner Interest Owned by Holding Company (in hundredths) | 2.00% | ||
Subsequent Event | |||
Capital Unit [Line Items] | |||
Percent of General Partner Interest Owned by Holding Company (in hundredths) | 2.00% |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Defined Benefit Plan, Contributions by Employer | $ 3 | |||
Defined Contribution Plan, Cost Recognized | $ 2.7 | $ 2.5 | 7.8 | $ 7.1 |
Retirement Plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 0.9 | 0.9 | 2.7 | 2.9 |
Interest cost | 1.2 | 1.3 | 3.6 | 3.7 |
Expected return on plan assets | (2) | (2.2) | (6) | (6.8) |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Amortization of unrecognized net loss | 0.6 | 0.7 | 1.8 | 1.5 |
Settlement charge | 0.7 | 1.7 | 2.7 | 1.7 |
Regulatory asset increase | 0 | (1) | ||
Net periodic benefit cost | 1.4 | 1.4 | 4.8 | 3 |
PBOP | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 0.1 | 0.1 | 0.3 | 0.3 |
Interest cost | 0.5 | 0.5 | 1.5 | 1.5 |
Expected return on plan assets | (1.2) | (1.1) | (3.6) | (3.4) |
Amortization of prior service credit | (0.2) | (1.9) | (0.7) | (5.7) |
Amortization of unrecognized net loss | 0 | 0 | 0 | 0 |
Settlement charge | 0 | 0 | 0 | 0 |
Regulatory asset increase | 0 | 0 | ||
Net periodic benefit cost | $ (0.8) | $ (2.4) | $ (2.5) | $ (7.3) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 1.8 | $ 2.2 | $ 5.3 | $ 6.6 |
Percent of General Partner Interest Owned by Holding Company (in hundredths) | 2.00% | 2.00% | 2.00% | 2.00% |
Boardwalk GP, LP | ||||
Related Party Transaction [Line Items] | ||||
Cash dividends paid to parent company | $ 13.2 | $ 13.1 | $ 39.5 | $ 39.2 |
Supplemental Disclosure of Ca44
Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash paid during the period for: | ||
Interest (net of amount capitalized) | $ 122.3 | $ 137.5 |
Non-cash adjustments: | ||
Accounts payable and property, plant and equipment | $ 81 | $ 52.7 |
Guarantee of Securities of Su45
Guarantee of Securities of Subsidiaries Balance Sheets (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% | |||
Equity Restrictions | $ 0 | $ 0 | ||
Other Restricted Assets | $ 0 | 0 | ||
Restriction to Transfer Funds | Boardwalk Pipelines (Subsidiary Issuer) has issued securities which have been fully and unconditionally guaranteed by the Partnership (Parent Guarantor). The Subsidiary Issuer is 100% owned by the Parent Guarantor. The Partnership's subsidiaries have no significant restrictions on their ability to pay distributions or make loans to the Partnership except as noted in the debt covenants and have no restricted assets at September 30, 2016, and December 31, 2015. | |||
Assets | ||||
Cash and cash equivalents | $ 111.4 | 3.1 | $ 5.4 | $ 6.6 |
Receivables | 119.5 | 129.5 | ||
Receivables - affiliate | 0 | 0 | ||
Gas and liquids stored underground | 12.4 | 10.7 | ||
Prepayments | 20.1 | 16.9 | ||
Advances to affiliates | 0 | 0 | ||
Other current assets | 8.9 | 9.6 | ||
Total current assets | 272.3 | 169.8 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Property, plant and equipment, gross | 10,156.2 | 9,706.6 | ||
Less—accumulated depreciation and amortization | 2,258 | 2,052.2 | ||
Property, plant and equipment, net | 7,898.2 | 7,654.4 | ||
Other noncurrent assets | 472.2 | 476.1 | ||
Advances to affiliates - noncurrent | 0 | 0 | ||
Total other assets | 472.2 | 476.1 | ||
Total Assets | 8,642.7 | 8,300.3 | ||
Liabilities and Partners' Capital | ||||
Payables | 118.2 | 118.6 | ||
Payable to affiliates | 1.4 | 1.3 | ||
Advances from affiliates | 0 | 0 | ||
Other current liabilities | 211.7 | 194.5 | ||
Total current liabilities | 331.3 | 314.4 | ||
Long-term debt and capital lease obligation | 3,626.8 | 3,459.3 | ||
Payable to affiliate - noncurrent | 16 | 16 | ||
Advances from affiliates - noncurrent | 0 | 0 | ||
Other noncurrent liabilities | 200.5 | 183.9 | ||
Total other liabilities and deferred credits | 216.5 | 199.9 | ||
Total partners' capital | 4,468.1 | 4,326.7 | ||
Total Liabilities and Partners' Capital | 8,642.7 | 8,300.3 | ||
Reportable Legal Entities | Parent Guarantor | ||||
Assets | ||||
Cash and cash equivalents | 0.3 | 0 | 0 | 0.5 |
Receivables | 0 | 0 | ||
Receivables - affiliate | 0 | 0 | ||
Gas and liquids stored underground | 0 | 0 | ||
Prepayments | 0.4 | 0.2 | ||
Advances to affiliates | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0.7 | 0.2 | ||
Investment in consolidated subsidiaries | 2,344.6 | 2,153.5 | ||
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 | 0.4 | ||
Advances to affiliates - noncurrent | 2,140.5 | 2,190.2 | ||
Total other assets | 2,140.5 | 2,190.6 | ||
Total Assets | 4,485.8 | 4,344.3 | ||
Liabilities and Partners' Capital | ||||
Payables | 0.3 | 0.3 | ||
Payable to affiliates | 1.4 | 1.3 | ||
Advances from affiliates | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 1.7 | 1.6 | ||
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 | 4,468.1 | 4,326.7 | ||
Total Liabilities and Partners' Capital | 4,485.8 | 4,344.3 | ||
Reportable Legal Entities | Subsidiary Issuer | ||||
Assets | ||||
Cash and cash equivalents | 107.3 | 0.3 | 1.6 | 1.8 |
Receivables | 0 | 0 | ||
Receivables - affiliate | 0 | 0 | ||
Gas and liquids stored underground | 0 | 0 | ||
Prepayments | 0 | 0 | ||
Advances to affiliates | 0 | 21 | ||
Other current assets | 0 | 0 | ||
Total current assets | 107.3 | 21.3 | ||
Investment in consolidated subsidiaries | 6,608.7 | 7,067.6 | ||
Property, plant and equipment, gross | 0 | 0 | ||
Less—accumulated depreciation and amortization | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Other noncurrent assets | 3.4 | 3 | ||
Advances to affiliates - noncurrent | 504.1 | 466.3 | ||
Total other assets | 507.5 | 469.3 | ||
Total Assets | 7,223.5 | 7,558.2 | ||
Liabilities and Partners' Capital | ||||
Payables | 0.1 | 0.1 | ||
Payable to affiliates | 0 | 0 | ||
Advances from affiliates | 127.7 | 107.7 | ||
Other current liabilities | 35 | 20.9 | ||
Total current liabilities | 162.8 | 128.7 | ||
Long-term debt and capital lease obligation | 2,513.6 | 1,972.4 | ||
Payable to affiliate - noncurrent | 0 | 0 | ||
Advances from affiliates - noncurrent | 2,202.4 | 3,303.6 | ||
Other noncurrent liabilities | 0.1 | 0 | ||
Total other liabilities and deferred credits | 2,202.5 | 3,303.6 | ||
Total partners' capital | 2,344.6 | 2,153.5 | ||
Total Liabilities and Partners' Capital | 7,223.5 | 7,558.2 | ||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Assets | ||||
Cash and cash equivalents | 3.8 | 2.8 | 3.8 | 4.3 |
Receivables | 119.5 | 129.5 | ||
Receivables - affiliate | 7 | 7 | ||
Gas and liquids stored underground | 12.4 | 10.7 | ||
Prepayments | 19.7 | 16.7 | ||
Advances to affiliates | 127.7 | 107.7 | ||
Other current assets | 20.7 | 12.8 | ||
Total current assets | 310.8 | 287.2 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Property, plant and equipment, gross | 10,155.6 | 9,706 | ||
Less—accumulated depreciation and amortization | 2,257.4 | 2,051.6 | ||
Property, plant and equipment, net | 7,898.2 | 7,654.4 | ||
Other noncurrent assets | 471.5 | 472.7 | ||
Advances to affiliates - noncurrent | 61.9 | 1,113.4 | ||
Total other assets | 533.4 | 1,586.1 | ||
Total Assets | 8,742.4 | 9,527.7 | ||
Liabilities and Partners' Capital | ||||
Payables | 117.8 | 118.2 | ||
Payable to affiliates | 7 | 7 | ||
Advances from affiliates | 0 | 21 | ||
Other current liabilities | 191.2 | 176.8 | ||
Total current liabilities | 316 | 323 | ||
Long-term debt and capital lease obligation | 1,113.2 | 1,486.9 | ||
Payable to affiliate - noncurrent | 0 | 0 | ||
Advances from affiliates - noncurrent | 504.1 | 466.3 | ||
Other noncurrent liabilities | 200.4 | 183.9 | ||
Total other liabilities and deferred credits | 704.5 | 650.2 | ||
Total partners' capital | 6,608.7 | 7,067.6 | ||
Total Liabilities and Partners' Capital | 8,742.4 | 9,527.7 | ||
Eliminations | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Receivables | 0 | 0 | ||
Receivables - affiliate | (7) | (7) | ||
Gas and liquids stored underground | 0 | 0 | ||
Prepayments | 0 | 0 | ||
Advances to affiliates | (127.7) | (128.7) | ||
Other current assets | (11.8) | (3.2) | ||
Total current assets | (146.5) | (138.9) | ||
Investment in consolidated subsidiaries | (8,953.3) | (9,221.1) | ||
Property, plant and equipment, gross | 0 | 0 | ||
Less—accumulated depreciation and amortization | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Other noncurrent assets | (2.7) | 0 | ||
Advances to affiliates - noncurrent | (2,706.5) | (3,769.9) | ||
Total other assets | (2,709.2) | (3,769.9) | ||
Total Assets | (11,809) | (13,129.9) | ||
Liabilities and Partners' Capital | ||||
Payables | 0 | 0 | ||
Payable to affiliates | (7) | (7) | ||
Advances from affiliates | (127.7) | (128.7) | ||
Other current liabilities | (14.5) | (3.2) | ||
Total current liabilities | (149.2) | (138.9) | ||
Long-term debt and capital lease obligation | 0 | 0 | ||
Payable to affiliate - noncurrent | 0 | 0 | ||
Advances from affiliates - noncurrent | (2,706.5) | (3,769.9) | ||
Other noncurrent liabilities | 0 | 0 | ||
Total other liabilities and deferred credits | (2,706.5) | (3,769.9) | ||
Total partners' capital | (8,953.3) | (9,221.1) | ||
Total Liabilities and Partners' Capital | $ (11,809) | $ (13,129.9) |
Guarantee of Securities of Su46
Guarantee of Securities of Subsidiaries Guarantee of Securities of Subsidiaries Statements of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Revenues: | ||||
Transportation | $ 259.6 | $ 255.6 | $ 835.3 | $ 802.1 |
Parking and lending | 4.9 | 2.3 | 13.4 | 7.9 |
Storage | 23.4 | 20.4 | 68 | 60.6 |
Other | 15.4 | 15.8 | 37.9 | 51.8 |
Total operating revenues | 303.3 | 294.1 | 954.6 | 922.4 |
Operating Costs and Expenses: | ||||
Fuel and transportation | 19.1 | 25.1 | 51 | 78 |
Operation and maintenance | 52.1 | 54 | 143.8 | 148.7 |
Administrative and general | 34.4 | 31.7 | 104.6 | 94.1 |
Other operating costs and expenses | 104 | 102.6 | 310.6 | 312.2 |
Total operating costs and expenses | 209.6 | 213.4 | 610 | 633 |
Operating (loss) income | 93.7 | 80.7 | 344.6 | 289.4 |
Other Deductions (Income): | ||||
Interest expense | 48.4 | 43.1 | 136.4 | 134.2 |
Interest expense - affiliates, net | 0 | 0 | 0 | 0 |
Interest income | (0.1) | (0.1) | (0.3) | (0.3) |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Miscellaneous other income, net | (1.9) | (0.7) | (5.9) | (1.3) |
Total other (income) deductions | 46.4 | 42.3 | 130.2 | 132.6 |
Income (loss) before income taxes | 47.3 | 38.4 | 214.4 | 156.8 |
Income taxes | 0 | 0.1 | 0.4 | 0.4 |
Net income (loss) | 47.3 | 38.3 | 214 | 156.4 |
Reportable Legal Entities | Parent Guarantor | ||||
Operating Revenues: | ||||
Transportation | 0 | 0 | 0 | 0 |
Parking and lending | 0 | 0 | 0 | 0 |
Storage | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Costs and Expenses: | ||||
Fuel and transportation | 0 | 0 | 0 | 0 |
Operation and maintenance | 0 | 0 | 0 | 0 |
Administrative and general | 0 | 0.2 | 0.1 | 0 |
Other operating costs and expenses | 0.1 | 0 | 0.3 | 0.2 |
Total operating costs and expenses | 0.1 | 0.2 | 0.4 | 0.2 |
Operating (loss) income | (0.1) | (0.2) | (0.4) | (0.2) |
Other Deductions (Income): | ||||
Interest expense | 0 | 0 | 0 | 0 |
Interest income - affiliates, net | (9.7) | (7.3) | (27.6) | (21.2) |
Interest income | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | (37.7) | (31.2) | (187) | (135.4) |
Miscellaneous other income, net | 0 | 0 | 0.2 | 0 |
Total other (income) deductions | (47.4) | (38.5) | (214.4) | (156.6) |
Income (loss) before income taxes | 47.3 | 38.3 | 214 | 156.4 |
Income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | 47.3 | 38.3 | 214 | 156.4 |
Reportable Legal Entities | Subsidiary Issuer | ||||
Operating Revenues: | ||||
Transportation | 0 | 0 | 0 | 0 |
Parking and lending | 0 | 0 | 0 | 0 |
Storage | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Costs and Expenses: | ||||
Fuel and transportation | 0 | 0 | 0 | 0 |
Operation and maintenance | 0 | 0 | 0 | 0 |
Administrative and general | 0 | 0 | 0 | 0 |
Other operating costs and expenses | 0 | 0 | 0 | 0 |
Total operating costs and expenses | 0 | 0 | 0 | 0 |
Operating (loss) income | 0 | 0 | 0 | 0 |
Other Deductions (Income): | ||||
Interest expense | 34.6 | 26.1 | 91.1 | 77.9 |
Interest expense - affiliates, net | 11.7 | 9.7 | 35.2 | 28.3 |
Interest income | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | (84) | (67) | (313.3) | (241.6) |
Miscellaneous other income, net | 0 | 0 | 0 | 0 |
Total other (income) deductions | (37.7) | (31.2) | (187) | (135.4) |
Income (loss) before income taxes | 37.7 | 31.2 | 187 | 135.4 |
Income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | 37.7 | 31.2 | 187 | 135.4 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Operating Revenues: | ||||
Transportation | 281.9 | 277.1 | 901 | 867.3 |
Parking and lending | 5.1 | 2.3 | 14.6 | 8.1 |
Storage | 23.4 | 20.4 | 68 | 60.6 |
Other | 15.4 | 15.8 | 37.9 | 51.8 |
Total operating revenues | 325.8 | 315.6 | 1,021.5 | 987.8 |
Operating Costs and Expenses: | ||||
Fuel and transportation | 41.6 | 46.6 | 117.9 | 143.4 |
Operation and maintenance | 52.1 | 54 | 143.8 | 148.7 |
Administrative and general | 34.4 | 31.5 | 104.5 | 94.1 |
Other operating costs and expenses | 103.9 | 102.6 | 310.3 | 312 |
Total operating costs and expenses | 232 | 234.7 | 676.5 | 698.2 |
Operating (loss) income | 93.8 | 80.9 | 345 | 289.6 |
Other Deductions (Income): | ||||
Interest expense | 13.8 | 17 | 45.3 | 56.3 |
Interest income - affiliates, net | (2) | (2.4) | (7.6) | (7.1) |
Interest income | (0.1) | (0.1) | (0.3) | (0.3) |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Miscellaneous other income, net | (1.9) | (0.7) | (6.1) | (1.3) |
Total other (income) deductions | 9.8 | 13.8 | 31.3 | 47.6 |
Income (loss) before income taxes | 84 | 67.1 | 313.7 | 242 |
Income taxes | 0 | 0.1 | 0.4 | 0.4 |
Net income (loss) | 84 | 67 | 313.3 | 241.6 |
Eliminations | ||||
Operating Revenues: | ||||
Transportation | (22.3) | (21.5) | (65.7) | (65.2) |
Parking and lending | (0.2) | 0 | (1.2) | (0.2) |
Storage | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Total operating revenues | (22.5) | (21.5) | (66.9) | (65.4) |
Operating Costs and Expenses: | ||||
Fuel and transportation | (22.5) | (21.5) | (66.9) | (65.4) |
Operation and maintenance | 0 | 0 | 0 | 0 |
Administrative and general | 0 | 0 | 0 | 0 |
Other operating costs and expenses | 0 | 0 | 0 | 0 |
Total operating costs and expenses | (22.5) | (21.5) | (66.9) | (65.4) |
Operating (loss) income | 0 | 0 | 0 | 0 |
Other Deductions (Income): | ||||
Interest expense | 0 | 0 | 0 | 0 |
Interest expense - affiliates, net | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | 121.7 | 98.2 | 500.3 | 377 |
Miscellaneous other income, net | 0 | 0 | 0 | 0 |
Total other (income) deductions | 121.7 | 98.2 | 500.3 | 377 |
Income (loss) before income taxes | (121.7) | (98.2) | (500.3) | (377) |
Income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | $ (121.7) | $ (98.2) | $ (500.3) | $ (377) |
Guarantee of Securities of Su47
Guarantee of Securities of Subsidiaries Guarantee of Securities of Subsidiaries Statements of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | $ 47.3 | $ 38.3 | $ 214 | $ 156.4 |
Other comprehensive income (loss): | ||||
Reclassification adjustment transferred to Net income from cash flow hedges | 0.6 | 0.6 | 1.8 | 1.8 |
Pension and other postretirement benefit costs | 0.6 | 0 | 2.3 | (4.3) |
Total Comprehensive Income (Loss) | 48.5 | 38.9 | 218.1 | 153.9 |
Reportable Legal Entities | Parent Guarantor | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 47.3 | 38.3 | 214 | 156.4 |
Other comprehensive income (loss): | ||||
Reclassification adjustment transferred to Net income from cash flow hedges | 0.6 | 0.6 | 1.8 | 1.8 |
Pension and other postretirement benefit costs | 0.6 | 2.3 | (4.3) | |
Total Comprehensive Income (Loss) | 48.5 | 38.9 | 218.1 | 153.9 |
Reportable Legal Entities | Subsidiary Issuer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 37.7 | 31.2 | 187 | 135.4 |
Other comprehensive income (loss): | ||||
Reclassification adjustment transferred to Net income from cash flow hedges | 0.6 | 0.6 | 1.8 | 1.8 |
Pension and other postretirement benefit costs | 0.6 | 2.3 | (4.3) | |
Total Comprehensive Income (Loss) | 38.9 | 31.8 | 191.1 | 132.9 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 84 | 67 | 313.3 | 241.6 |
Other comprehensive income (loss): | ||||
Reclassification adjustment transferred to Net income from cash flow hedges | 0.2 | 0.2 | 0.6 | 0.6 |
Pension and other postretirement benefit costs | 0.6 | 2.3 | (4.3) | |
Total Comprehensive Income (Loss) | 84.8 | 67.2 | 316.2 | 237.9 |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (121.7) | (98.2) | (500.3) | (377) |
Other comprehensive income (loss): | ||||
Reclassification adjustment transferred to Net income from cash flow hedges | (0.8) | (0.8) | (2.4) | (2.4) |
Pension and other postretirement benefit costs | (1.2) | (4.6) | 8.6 | |
Total Comprehensive Income (Loss) | $ (123.7) | $ (99) | $ (507.3) | $ (370.8) |
Guarantee of Securities of Su48
Guarantee of Securities of Subsidiaries Guarantee of Securities of Subsidiaries Statements of Cash Flows (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Cash Flows | ||
Net cash provided by (used in) operating activities | $ 454.2 | $ 430.2 |
Investing Activities: | ||
Capital expenditures | (432.4) | (241.1) |
Proceeds from sale of operating assets | 0.2 | 0.3 |
Proceeds from other recoveries | 0 | 6.2 |
Advances to affiliates, net | 0 | 0 |
Net cash provided by (used in) investing activities | (432.2) | (234.6) |
Financing Activities: | ||
Proceeds from long-term debt, net of issuance cost | 539.1 | 247.1 |
Repayment of borrowings from long-term debt and term loan | 0 | (725) |
Proceeds from borrowings on revolving credit agreement | 255 | 980 |
Repayment of borrowings on revolving credit agreement, including financing fees | (630.8) | (738.6) |
Principal payment of capital lease obligation | (0.3) | (0.3) |
Advances from affiliates, net | 0 | 0.6 |
Distributions paid | (76.7) | (76) |
Proceeds from sale of common units | 0 | 113.1 |
Capital contributions from general partner | 0 | 2.3 |
Net cash (used in) provided by financing activities | 86.3 | (196.8) |
Increase (decrease) in cash and cash equivalents | 108.3 | (1.2) |
Cash and cash equivalents at beginning of period | 3.1 | 6.6 |
Cash and cash equivalents at end of period | 111.4 | 5.4 |
Reportable Legal Entities | Parent Guarantor | ||
Statement of Cash Flows | ||
Net cash provided by (used in) operating activities | 27.3 | 20.4 |
Investing Activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of operating assets | 0 | 0 |
Proceeds from other recoveries | 0 | |
Advances to affiliates, net | 49.7 | (60.9) |
Net cash provided by (used in) investing activities | 49.7 | (60.9) |
Financing Activities: | ||
Proceeds from long-term debt, net of issuance cost | 0 | 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, including financing fees | 0 | 0 |
Principal payment of capital lease obligation | 0 | 0 |
Advances from affiliates, net | 0 | 0.6 |
Distributions paid | (76.7) | (76) |
Proceeds from sale of common units | 113.1 | |
Capital contributions from general partner | 2.3 | |
Net cash (used in) provided by financing activities | (76.7) | 40 |
Increase (decrease) in cash and cash equivalents | 0.3 | (0.5) |
Cash and cash equivalents at beginning of period | 0 | 0.5 |
Cash and cash equivalents at end of period | 0.3 | 0 |
Reportable Legal Entities | Subsidiary Issuer | ||
Statement of Cash Flows | ||
Net cash provided by (used in) operating activities | (108.3) | (99.5) |
Investing Activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of operating assets | 0 | 0 |
Proceeds from other recoveries | 0 | |
Advances to affiliates, net | (16.8) | (276.5) |
Net cash provided by (used in) investing activities | (16.8) | (276.5) |
Financing Activities: | ||
Proceeds from long-term debt, net of issuance cost | 539.1 | 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, including financing fees | (0.8) | (3.6) |
Principal payment of capital lease obligation | 0 | 0 |
Advances from affiliates, net | (306.2) | 132.3 |
Distributions paid | 0 | 0 |
Proceeds from sale of common units | 0 | |
Capital contributions from general partner | 0 | |
Net cash (used in) provided by financing activities | 232.1 | 375.8 |
Increase (decrease) in cash and cash equivalents | 107 | (0.2) |
Cash and cash equivalents at beginning of period | 0.3 | 1.8 |
Cash and cash equivalents at end of period | 107.3 | 1.6 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
Statement of Cash Flows | ||
Net cash provided by (used in) operating activities | 535.2 | 509.3 |
Investing Activities: | ||
Capital expenditures | (432.4) | (241.1) |
Proceeds from sale of operating assets | 0.2 | 0.3 |
Proceeds from other recoveries | 6.2 | |
Advances to affiliates, net | 256.5 | (71.4) |
Net cash provided by (used in) investing activities | (175.7) | (306) |
Financing Activities: | ||
Proceeds from long-term debt, net of issuance cost | 0 | 0 |
Repayment of borrowings from long-term debt and term loan | (725) | |
Proceeds from borrowings on revolving credit agreement | 255 | 980 |
Repayment of borrowings on revolving credit agreement, including financing fees | (630) | (735) |
Principal payment of capital lease obligation | (0.3) | (0.3) |
Advances from affiliates, net | 16.8 | 276.5 |
Distributions paid | 0 | 0 |
Proceeds from sale of common units | 0 | |
Capital contributions from general partner | 0 | |
Net cash (used in) provided by financing activities | (358.5) | (203.8) |
Increase (decrease) in cash and cash equivalents | 1 | (0.5) |
Cash and cash equivalents at beginning of period | 2.8 | 4.3 |
Cash and cash equivalents at end of period | 3.8 | 3.8 |
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 | 0 |
Proceeds from other recoveries | 0 | |
Advances to affiliates, net | (289.4) | 408.8 |
Net cash provided by (used in) investing activities | (289.4) | 408.8 |
Financing Activities: | ||
Proceeds from long-term debt, net of issuance cost | 0 | 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, including financing fees | 0 | 0 |
Principal payment of capital lease obligation | 0 | 0 |
Advances from affiliates, net | 289.4 | (408.8) |
Distributions paid | 0 | 0 |
Proceeds from sale of common units | 0 | |
Capital contributions from general partner | 0 | |
Net cash (used in) provided by financing activities | 289.4 | (408.8) |
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 |