Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 15, 2018 | Jun. 30, 2017 | |
Entity Information [Line Items] | |||
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 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 250,296,782 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,200,000,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 17.6 | $ 4.6 |
Receivables: | ||
Trade, net | 116.8 | 127.1 |
Other | 16.6 | 12.7 |
Gas transportation receivables | 4.6 | 8.2 |
Gas and liquids stored underground | 6.5 | 1.3 |
Prepayments | 17.9 | 17.7 |
Other current assets | 0.6 | 2.6 |
Total current assets | 180.6 | 174.2 |
Property, Plant and Equipment: | ||
Natural gas transmission and other plant | 10,467.1 | 9,958.8 |
Construction work in progress | 416.5 | 368.5 |
Property, plant and equipment, gross | 10,883.6 | 10,327.3 |
Less—accumulated depreciation and amortization | 2,621.1 | 2,333.8 |
Property, plant and equipment, net | 8,262.5 | 7,993.5 |
Other Assets: | ||
Goodwill | 237.4 | 237.4 |
Gas stored underground | 86.3 | 93.5 |
Other | 139.8 | 139.2 |
Total other assets | 463.5 | 470.1 |
Total Assets | 8,906.6 | 8,637.8 |
Payables: | ||
Trade | 76 | 113.8 |
Affiliates | 1.5 | 1.4 |
Other | 11.9 | 23.7 |
Gas payables | 5.7 | 6.7 |
Accrued taxes, other | 57.1 | 52.7 |
Accrued interest | 37.9 | 40.6 |
Accrued payroll and employee benefits | 33.7 | 38.5 |
Construction retainage | 32.4 | 19.6 |
Deferred income | 1.9 | 7.5 |
Other current liabilities | 22.3 | 28.4 |
Total current liabilities | 280.4 | 332.9 |
Long–term debt and capital lease obligation | 3,686.8 | 3,558 |
Other Liabilities and Deferred Credits: | ||
Pension liability | 21.8 | 22 |
Asset retirement obligation | 46 | 44.7 |
Provision for other asset retirement | 65.8 | 63.7 |
Payable to affiliate | 16 | 16 |
Other | 65 | 69.6 |
Total other liabilities and deferred credits | 214.6 | 216 |
Commitments and Contingencies | ||
Partners’ Capital: | ||
Common units – 250.3 million units issued and outstanding as of December 31, 2017 and 2016 | 4,713.1 | 4,522.2 |
General partner | 92.7 | 88.8 |
Accumulated other comprehensive loss | (81) | (80.1) |
Total partners’ capital | 4,724.8 | 4,530.9 |
Total Liabilities and Partners' Capital | $ 8,906.6 | $ 8,637.8 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Common Units Issued | 250.3 | 250.3 |
Common Units Outstanding | 250.3 | 250.3 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Revenues: | |||
Transportation | $ 1,180.7 | $ 1,142.4 | $ 1,091.1 |
Parking and lending | 20.2 | 18.2 | 11.4 |
Storage | 81.5 | 91.4 | 81.3 |
Other | 40.2 | 55.2 | 65.4 |
Total operating revenues | 1,322.6 | 1,307.2 | 1,249.2 |
Operating Costs and Expenses: | |||
Fuel and transportation | 54.8 | 70.8 | 99.3 |
Operation and maintenance | 204.2 | 199.9 | 209.5 |
Administrative and general | 126.5 | 142.2 | 130.4 |
Depreciation and amortization | 322.8 | 317.8 | 323.7 |
Loss (gain) on sale of assets and impairments | 49 | 3.7 | (0.1) |
Taxes other than income taxes | 98.8 | 95.3 | 90.6 |
Total operating costs and expenses | 856.1 | 829.7 | 853.4 |
Operating income | 466.5 | 477.5 | 395.8 |
Other Deductions (Income): | |||
Interest expense | 171 | 182.8 | 176.4 |
Interest income | (0.4) | (0.4) | (0.4) |
Miscellaneous other income, net | (2.1) | (7.7) | (2.7) |
Total other deductions | 168.5 | 174.7 | 173.3 |
Income before income taxes | 298 | 302.8 | 222.5 |
Income taxes | 1 | 0.6 | 0.5 |
Net income | $ 297 | $ 302.2 | $ 222 |
Net Income per Unit: | |||
Net income per common unit (in dollars per unit) | $ 1.16 | $ 1.18 | $ 0.87 |
Weighted-average number of common units outstanding (in units) | 250.3 | 250.3 | 248.8 |
Cash distribution declared and paid to common units per common unit (in dollars per unit) | $ 0.40 | $ 0.40 | $ 0.40 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 297 | $ 302.2 | $ 222 |
Other comprehensive income (loss): | |||
Loss on cash flow hedge | (1.5) | 0 | 0 |
Reclassification adjustment transferred to Net income from cash flow hedges | 2.5 | 2.4 | 2.4 |
Pension and other postretirement benefit costs | (1.9) | 1.8 | (13.9) |
Total Comprehensive Income | $ 296.1 | $ 306.4 | $ 210.5 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES: | |||
Net income | $ 297 | $ 302.2 | $ 222 |
Adjustments to reconcile net income to cash provided by operations: | |||
Depreciation and amortization | 322.8 | 317.8 | 323.7 |
Amortization of deferred costs and other | 8.1 | 2.1 | 7.7 |
Loss (gain) on sale of assets and impairments | 49 | 3.7 | (0.1) |
Changes in operating assets and liabilities: | |||
Trade and other receivables | 6.1 | (10.4) | (18.6) |
Gas receivables and storage assets | 5.6 | 10.9 | (14.3) |
Costs recoverable from customers | 3.8 | 0 | (0.3) |
Other assets | (3.8) | 0.8 | (3.2) |
Trade and other payables | (14) | (20) | 39.4 |
Other payables, affiliates | 0 | (0.1) | (0.7) |
Gas payables | (5.8) | 5.3 | (3.7) |
Accrued liabilities | (4.1) | 9.9 | 0.3 |
Other liabilities | (27.7) | (21.4) | 24.2 |
Net cash provided by operating activities | 637 | 600.8 | 576.4 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (708.4) | (590.4) | (374.5) |
Proceeds from sale of operating assets | 63.8 | 0.2 | 0.8 |
Proceeds from other recoveries | 0 | 0 | 6.2 |
Net cash used in investing activities | (644.6) | (590.2) | (367.5) |
FINANCING ACTIVITIES: | |||
Proceeds from long-term debt, net of issuance cost | 494 | 539.1 | 247.1 |
Repayment of borrowings from long-term debt and term loan | (575) | (250) | (725) |
Proceeds from borrowings on revolving credit agreement | 765 | 490 | 1,125 |
Repayment of borrowings on revolving credit agreement, including financing fees | (560.8) | (685.8) | (873.6) |
Principal payment of capital lease obligation | (0.5) | (0.5) | (0.4) |
Advances from affiliates | 0.1 | 0.3 | 0.6 |
Distributions paid | (102.2) | (102.2) | (101.5) |
Proceeds from sale of common units | 0 | 0 | 113.1 |
Capital contributions from general partner | 0 | 0 | 2.3 |
Net cash provided by (used in) financing activities | 20.6 | (9.1) | (212.4) |
Increase (decrease) in cash and cash equivalents | 13 | 1.5 | (3.5) |
Cash and cash equivalents at beginning of period | 4.6 | 3.1 | 6.6 |
Cash and cash equivalents at end of period | $ 17.6 | $ 4.6 | $ 3.1 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - USD ($) $ in Millions | Total | Accumulated Other Comp (Loss) Income | General Partner | Common UnitsLimited Partner |
Beginning Balance at Dec. 31, 2014 | $ 4,102.3 | $ (72.8) | $ 80 | $ 4,095.1 |
Add (deduct): | ||||
Net income | 222 | 4.5 | 217.5 | |
Distributions paid | (101.5) | (2) | (99.5) | |
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 | (11.5) | (11.5) | ||
Ending Balance at Dec. 31, 2015 | 4,326.7 | (84.3) | 84.8 | 4,326.2 |
Add (deduct): | ||||
Net income | 302.2 | 6 | 296.2 | |
Distributions paid | (102.2) | (2) | (100.2) | |
Other comprehensive income (loss), net of tax | 4.2 | 4.2 | ||
Ending Balance at Dec. 31, 2016 | 4,530.9 | (80.1) | 88.8 | 4,522.2 |
Add (deduct): | ||||
Net income | 297 | 5.9 | 291.1 | |
Distributions paid | (102.2) | (2) | (100.2) | |
Other comprehensive income (loss), net of tax | (0.9) | (0.9) | ||
Ending Balance at Dec. 31, 2017 | $ 4,724.8 | $ (81) | $ 92.7 | $ 4,713.1 |
Corporate Structure
Corporate Structure | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Corporate Structure | Corporate Structure Boardwalk Pipeline Partners, LP (the Partnership) is a Delaware limited partnership formed in 2005 to own and operate the business conducted by its primary subsidiary Boardwalk Pipelines, LP (Boardwalk Pipelines) and its operating subsidiaries, Gulf South Pipeline Company, LP (Gulf South), Texas Gas Transmission, LLC (Texas Gas), Gulf Crossing Pipeline Company LLC (Gulf Crossing), Boardwalk Louisiana Midstream, LLC (Louisiana Midstream), Boardwalk Petrochemical Pipeline, LLC and Boardwalk Texas Intrastate, LLC (together, the operating subsidiaries), which consists of integrated natural gas and natural gas liquids and other hydrocarbons (herein referred to together as NGLs) pipeline and storage systems. All of the Partnership’s operations are conducted by the operating subsidiaries. As of February 13, 2018 , 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 February 13, 2018 , the common units and general partner interest owned by BPHC represent approximately 51% |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | Basis of Presentation and Accounting Policies Basis of Presentation The accompanying consolidated financial statements of the Partnership were prepared in accordance with accounting principles generally accepted in the United States of America (U.S.) (GAAP). Principles of Consolidation The consolidated financial statements include the Partnership’s accounts and those of its wholly-owned subsidiaries after elimination of intercompany transactions. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities and the fair values of certain items. The Partnership bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from such estimates. Segment Information The Partnership operates in one reportable segment - the operation of interstate natural gas and NGLs pipeline systems and integrated storage facilities. This segment consists of interstate natural gas pipeline systems which are located in the Gulf Coast region, Oklahoma, Arkansas and the Midwestern states of Tennessee, Kentucky, Illinois, Indiana and Ohio, and the Partnership's NGLs pipelines and storage facilities in Louisiana and Texas. Regulatory Accounting Most of the Partnership's natural gas pipeline subsidiaries are regulated by the Federal Energy Regulatory Commission (FERC). When certain criteria are met, GAAP requires that certain rate-regulated entities account for and report assets and liabilities consistent with the economic effect of the manner in which independent third-party regulators establish rates (regulatory accounting). This basis of accounting is applicable to operations of the Partnership’s Texas Gas subsidiary, which records certain costs and benefits as regulatory assets and liabilities in order to provide for recovery from or refund to customers in future periods, but is not applicable to operations associated with the Fayetteville and Greenville Laterals due to rates charged under negotiated rate agreements and a portion of the storage capacity due to the regulatory treatment associated with the rates charged for that capacity. Effective April 1, 2016, the Partnership's Gulf South subsidiary implemented a fuel tracker as a result of a rate case settlement. The Partnership applies regulatory accounting for the fuel tracker, under which the value of fuel received from customers paying the maximum tariff rate and the related value of fuel used in transportation are 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. Other than as described for Texas Gas and Gulf South, regulatory accounting is not applicable to the Partnership’s other FERC-regulated operations. The Partnership monitors the regulatory and competitive environment in which it operates to determine whether its regulatory assets continue to be probable of recovery. If the Partnership were to determine that all or a portion of its regulatory assets no longer met the criteria for recognition as regulatory assets, that portion which was not recoverable would be written off, net of any regulatory liabilities. Note 9 contains more information regarding the Partnership’s regulatory assets and liabilities. Fair Value Measurements Fair value refers to an exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal market in which the reporting entity transacts based on the assumptions market participants would use when pricing the asset or liability assuming its highest and best use. A fair value hierarchy has been established that prioritizes the information used to develop those assumptions giving priority, from highest to lowest, to quoted prices in active markets for identical assets and liabilities (Level 1); observable inputs not included in Level 1, for example, quoted prices for similar assets and liabilities (Level 2); and unobservable data (Level 3), for example, a reporting entity’s own internal data based on the best information available in the circumstances. The Partnership uses fair value measurements to account for asset retirement obligations (ARO) and any impairment charges. Fair value measurements are also used to perform goodwill impairment testing and report fair values for certain items contained in this Report. The Partnership considers any transfers between levels within the fair value hierarchy to have occurred at the beginning of a quarterly reporting period. The Partnership did not recognize any transfers between Level 1 and Level 2 of the fair value hierarchy and did not change its valuation techniques or inputs during the year ended December 31, 2017 . Notes 5 and 11 contain more information regarding fair value measurements. Cash and Cash Equivalents Cash equivalents are highly liquid investments with an original maturity of three months or less and are stated at cost plus accrued interest, which approximates fair value. The Partnership had no restricted cash at December 31, 2017 and 2016 . Cash Management The operating subsidiaries participate in an intercompany cash management program with those that are FERC-regulated participating to the extent they are permitted under FERC regulations. Under the cash management program, depending on whether a participating subsidiary has short-term cash surpluses or cash requirements, Boardwalk Pipelines either provides cash to them or they provide cash to Boardwalk Pipelines. The transactions are represented by demand notes and are stated at historical carrying amounts. Interest income and expense are recognized on an accrual basis when collection is reasonably assured. The interest rate on intercompany demand notes is London Interbank Offered Rate (LIBOR) plus 1% and is adjusted every three months. Trade and Other Receivables Trade and other receivables are stated at their historical carrying amount, net of allowances for doubtful accounts. The Partnership establishes an allowance for doubtful accounts on a case-by-case basis when it believes the required payment of specific amounts owed is unlikely to occur. Uncollectible receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or a receivable amount is deemed otherwise unrealizable. Gas Stored Underground and Gas Receivables and Payables Certain of the Partnership's operating subsidiaries have underground gas in storage which is utilized for system management and operational balancing, as well as for services including firm and interruptible storage associated with certain no-notice (NNS) and parking and lending (PAL) services. Gas stored underground includes the historical cost of natural gas volumes owned by the operating subsidiaries, at times reduced by certain operational encroachments upon that gas. Current gas stored underground represents net retained fuel remaining after providing transportation and storage services which is available for resale and is valued at the lower of weighted-average cost or market. The operating subsidiaries provide storage services whereby they store natural gas or NGLs on behalf of customers and also periodically hold customer gas under PAL services. Since the customers retain title to the gas held by the Partnership in providing these services, the Partnership does not record the related gas on its balance sheet. Certain of the Partnership's operating subsidiaries also periodically lend gas and NGLs to customers. In the course of providing transportation and storage services to customers, the operating subsidiaries may receive different quantities of gas from shippers and operators than the quantities delivered on behalf of those shippers and operators. This results in transportation and exchange gas receivables and payables, commonly known as imbalances, which are primarily settled in cash or the receipt or delivery of gas in the future. Settlement of imbalances requires agreement between the pipelines and shippers or operators as to allocations of volumes to specific transportation contracts and timing of delivery of gas based on operational conditions. The receivables and payables are valued at market price for operations where regulatory accounting is not applicable and are valued at the historical value of gas in storage for operations where regulatory accounting is applicable. Materials and Supplies Materials and supplies are carried at average cost and are included in Other Assets on the Consolidated Balance Sheets. The Partnership expects its materials and supplies to be used for projects related to its property, plant and equipment (PPE) and for future growth projects. At December 31, 2017 and 2016 , the Partnership held approximately $20.1 million and $19.2 million of materials and supplies. Property, Plant and Equipment and Repair and Maintenance Costs PPE is recorded at its original cost of construction or fair value of assets purchased. Construction costs and expenditures for major renewals and improvements which extend the lives of the respective assets are capitalized. Construction work in progress is included in the financial statements as a component of PPE. Repair and maintenance costs are expensed as incurred. Depreciation of PPE related to operations for which regulatory accounting does not apply is provided for using the straight-line method of depreciation over the estimated useful lives of the assets, which range from 3 to 35 years. The ordinary sale or retirement of PPE for these assets could result in a gain or loss. Depreciation of PPE related to operations for which regulatory accounting is applicable is provided for primarily on the straight-line method at FERC-prescribed rates over estimated useful lives of 5 to 62 years. Reflecting the application of composite depreciation, gains and losses from the ordinary sale or retirement of PPE for these assets are not recognized in earnings and generally do not impact PPE, net. Note 6 contains more information regarding the Partnership’s PPE. Goodwill and Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of the net identifiable assets acquired and liabilities assumed. Goodwill is tested for impairment at the reporting unit level at least annually, as of November 30, or more frequently when events occur and circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. To test goodwill, a quantitative analysis is performed under a two-step impairment test to measure whether the fair value of the reporting unit is less than its carrying amount. If based upon a quantitative analysis the fair value of the reporting unit is less than its carrying amount, including goodwill, the Partnership performs an analysis of the fair value of all the assets and liabilities of the reporting unit. If the implied fair value of the reporting unit's goodwill is determined to be less than its carrying amount, an impairment loss is recognized for the difference. Intangible assets are those assets which provide future economic benefit but have no physical substance. The Partnership recorded intangible assets for customer relationships obtained through its acquisitions. The customer relationships, which are included in Other Assets on the Consolidated Balance Sheets, have a finite life and are being amortized over their estimated useful lives. Note 7 contains more information regarding the Partnership's goodwill and intangible assets. Impairment of Long-lived Assets (including Tangible and Definite-lived Intangible Assets) The Partnership evaluates its long-lived and intangible assets for impairment when, in management’s judgment, events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. When such a determination has been made, management’s estimate of undiscounted future cash flows attributable to the remaining economic useful life of the asset is compared to the carrying amount of the asset to determine whether an impairment has occurred. If an impairment of the carrying amount has occurred, the amount of impairment recognized in the financial statements is determined by estimating the fair value of the assets and recording a loss to the extent that the carrying amount exceeds the estimated fair value. Capitalized Interest and Allowance for Funds Used During Construction (AFUDC) The Partnership records capitalized interest, which represents the cost of borrowed funds used to finance construction activities for operations where regulatory accounting is not applicable. The Partnership records AFUDC, which represents the cost of funds, including equity funds, applicable to regulated natural gas transmission plant under construction as permitted by FERC regulatory practices, in connection with the Partnership’s operations where regulatory accounting is applicable. Capitalized interest and the allowance for borrowed funds used during construction are recognized as a reduction to Interest expense and the allowance for equity funds used during construction is included in Miscellaneous other income, net within the Consolidated Statements of Income. The following table summarizes capitalized interest and the allowance for borrowed funds and allowance for equity funds used during construction (in millions): For the Year Ended 2017 2016 2015 Capitalized interest and allowance for borrowed funds used during construction $ 19.2 $ 7.4 $ 3.4 Allowance for equity funds used during construction 1.9 7.9 2.7 Income Taxes The Partnership is not a taxable entity for federal income tax purposes. As such, it does not directly pay federal income tax. The Partnership’s taxable income or loss, which may vary substantially from the net income or loss reported in the Consolidated Statements of Income, is includable in the federal income tax returns of each partner. The aggregate difference in the basis of the Partnership’s net assets for financial and income tax purposes cannot be readily determined as the Partnership does not have access to the information about each partner’s tax attributes related to the Partnership. The subsidiaries of the Partnership directly incur some income-based state taxes which are presented in Income taxes on the Consolidated Statements of Income. Note 13 contains more information regarding the Partnership’s income taxes. Revenue Recognition The maximum rates that may be charged by the majority of the Partnership's operating subsidiaries for their services are established through the FERC’s cost-based rate-making process; however, rates actually charged by those operating subsidiaries may be less than those allowed by the FERC. Revenues from transportation and storage services are recognized in the period the service is provided based on contractual terms and the related volumes transported or stored. In connection with some PAL and interruptible storage service agreements, cash is received at the inception of the service period resulting in the recording of deferred revenues which are recognized in revenues over the period the services are provided. At December 31, 2017 and 2016 , the Partnership had deferred revenues of $1.8 million and $8.4 million , which are expected to be recognized through 2018. Retained fuel is recognized in revenues at market prices in the month of retention for operations where regulatory accounting is not applicable. The related fuel consumed in providing transportation services is recorded in Fuel and transportation expenses at market prices in the month consumed. In some cases, customers may elect to pay cash for the cost of fuel used in providing transportation services instead of having fuel retained in-kind. Retained fuel included in Transportation on the Consolidated Statements of Income for the years ended December 31, 2017 , 2016 and 2015 , was $28.0 million , $29.1 million and $53.2 million . As discussed under the Regulatory Accounting policy, Gulf South implemented a fuel tracker effective April 1, 2016, for customers paying the maximum tariff rate. 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 consumed was reflected in operating expenses. The Partnership has contractual retainage provisions in some of its ethylene storage contracts that provide for the Partnership to retain ownership of 0.5% of customer inventory volumes injected into storage wells. The Partnership may sell the retainage volumes if commercially marketable volumes are on hand. The Partnership recognizes revenue for ethylene retainage volumes upon the physical sale of such volumes. Under FERC regulations, certain revenues that the operating subsidiaries collect may be subject to possible refunds to customers. Accordingly, during a rate case, estimated refund liabilities are recorded considering regulatory proceedings, advice of counsel and estimated risk-adjusted total exposure, as well as other factors. At December 31, 2017 and 2016, the Partnership did not have a refund liability for any open rate case recorded on the Consolidated Balance Sheets. Asset Retirement Obligations The accounting requirements for existing legal obligations associated with the future retirement of long-lived assets require entities to record the fair value of a liability for an ARO in the period during which the liability is incurred. The liability is initially recognized at fair value and is increased with the passage of time as accretion expense is recorded, until the liability is ultimately settled. The accretion expense is included within Operation and maintenance costs within the Consolidated Statements of Income. An amount corresponding to the amount of the initial liability is capitalized as part of the carrying amount of the related long-lived asset and depreciated over the useful life of that asset. Note 8 contains more information regarding the Partnership’s ARO. Environmental Liabilities The Partnership records environmental liabilities based on management’s estimates of the undiscounted future obligation for probable costs associated with environmental assessment and remediation of operating sites. These estimates are based on evaluations and discussions with counsel and operating personnel and the current facts and circumstances related to these environmental matters. Note 4 contains more information regarding the Partnership’s environmental liabilities. Defined Benefit Plans The Partnership maintains postretirement benefit plans for certain employees. The Partnership funds these plans through periodic contributions which are invested until the benefits are paid out to the participants, and records an asset or liability based on the overfunded or underfunded status of the plan. The net benefit costs of the plans are recorded in the Consolidated Statements of Income. Any deferred amounts related to unrecognized gains and losses or changes in actuarial assumptions are recorded as either a regulatory asset or liability or recorded as a component of accumulated other comprehensive income (AOCI) until those gains or losses are recognized in the Consolidated Statements of Income. Note 11 contains more information regarding the Partnership’s pension and postretirement benefit obligations. Unit-Based and Other Long-Term Compensation The Partnership provides awards of phantom common units (Phantom Common Units) to certain employees under its Long-Term Incentive Plan (LTIP). The Partnership also provides to certain employees awards of long-term cash bonuses (Long-Term Cash Bonuses) under the Boardwalk Pipeline Partners Unit Appreciation Rights (UAR) and Cash Bonus Plan. The Partnership measures the cost of an award issued in exchange for employee services based on the grant-date fair value of the award, or the stated amount in the case of the Long-Term Cash Bonuses and amounts under retention payment agreements. All outstanding awards are required to be settled in cash and are classified as a liability until settlement. Unit-based compensation awards are remeasured each reporting period until the final amount of awards is determined. The related compensation expense, less an estimate of forfeitures, is recognized over the period that employees are required to provide services in exchange for the awards, usually the vesting period. Note 11 contains more information regarding the Partnership’s unit-based and other long-term compensation. Partner Capital Accounts For purposes of maintaining capital accounts, items of income and loss of the Partnership are allocated among the partners each period, or portion thereof, in accordance with the partnership agreement, based on their respective ownership interests, after deducting any priority allocations in the form of cash distributions paid to the general partner as the holder of IDRs. 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), (ASC 606) 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. ASC 606 also requires disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. The Partnership implemented ASC 606 effective January 1, 2018, applying ASC 606 to customer contracts which were not completed as of the effective date, on a modified retrospective basis, and recognized a cumulative reduction to partners' capital of $12.8 million . The adjustment to partners' capital as of January 1, 2018, resulted from two items: (i) contracts which had changes to the rates during the service period that were charged to the customer without corresponding changes in service levels that were being provided by the Partnership, and (ii) the de-recognition of gas stored underground available for sale from customers who elected to have fuel retained in-kind because under ASC 606, retained fuel is not considered additional consideration included in the transaction price. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842) |
Asset Disposition and Impairmen
Asset Disposition and Impairments | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Asset Disposition and Impairments | Asset Disposition and Impairments On May 9, 2017 , the Partnership sold its Flag City Processing Partners, LLC subsidiary, which owned the Flag City processing plant and related assets, to a third party for $63.6 million , including customary adjustments. The Partnership recognized losses and impairment charges, reported within Total operating costs and expenses , of $47.1 million |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
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. Southeast Louisiana Flood Protection Litigation The Partnership and its subsidiary, Gulf South, along with approximately 100 other energy companies operating in Southern Louisiana, have been named as defendants in a petition for damages and injunctive relief in state district court for Orleans Parish, Louisiana, (Case No. 13-6911) by the Board of Commissioners of the Southeast Louisiana Flood Protection Authority - East (Flood Protection Authority). The case was filed in state court, but was removed to the U.S. District Court for the Eastern District of New Orleans (Court) in August 2013. The lawsuit claims included negligence, strict liability, public nuisance, private nuisance, breach of contract and breach of the natural servitude of drain against the defendants, alleging that the defendants’ drilling, dredging, pipeline and industrial operations since the 1930s have caused increased storm surge risk, increased flood protection costs and unspecified damages to the Flood Protection Authority. In addition to attorney fees and unspecified monetary damages, the lawsuit sought abatement and restoration of the coastal lands, including backfilling and revegetating of canals dredged and used by the defendants, and abatement and restoration activities such as wetlands creation, reef creation, land bridge construction, hydrologic restoration, shoreline protection, structural protection, bank stabilization and ridge restoration. On February 13, 2015, the Court dismissed the case with prejudice. The Flood Protection Authority appealed the dismissal of the case to the U.S. Court of Appeals for the Fifth Circuit in May 2015 (Case No. 15-CV-30162). On March 3, 2017, the U.S. Court of Appeals for the Fifth Circuit upheld the Court’s dismissal. On April 12, 2017, the Fifth Circuit denied the Flood Protection Authorities' Petition for Rehearing En Banc. On July 11, 2017, the plaintiffs filed a writ of certiorari with the United States Supreme Court to review the case. On October 30, 2017, the United States Supreme Court denied a rehearing of the case. Settlements and Insurance Proceeds For the year ended December 31, 2016 , the Partnership received $12.7 million in cash from the settlement of a legal claim which was recorded in Transportation revenues. For the year ended December 31, 2015 , the Partnership received $8.8 million in insurance proceeds from a business interruption claim related to Louisiana Midstream, which was recorded in Transportation revenues. Environmental and Safety Matters The operating subsidiaries are subject to federal, state and local environmental laws and regulations in connection with the operation and remediation of various operating sites. As of December 31, 2017 and 2016 , the Partnership had an accrued liability of approximately $5.0 million related to assessment and/or remediation costs associated with the historical use of polychlorinated biphenyls, petroleum hydrocarbons and mercury. 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 four years . As of December 31, 2017 and 2016 , approximately $1.2 million and $1.7 million were recorded in Other current liabilities and approximately $3.8 million and $3.3 million were recorded in Other Liabilities and Deferred Credits . Clean Air Act and Climate Change The Partnership’s pipelines and associated facilities are subject to the federal Clean Air Act, as amended, (CAA) and comparable state laws and regulations, which regulate the emission of air pollutants from many sources and impose various compliance monitoring and reporting requirements. Under the CAA, the Partnership may be required to obtain pre-approval for the construction or modification of certain projects or facilities expected to produce or significantly increase air emissions, obtain and strictly comply with stringent air permit requirements or utilize specific equipment or technologies to control emissions. The need to obtain permits has the potential to delay the development or expansion of the Partnership’s projects. Over the next several years, the Partnership may be required to incur certain capital expenditures for air pollution control equipment or other air emissions related issues. For example, in 2015, the Environmental Protection Agency (EPA) issued a final rule under the CAA, lowering the National Ambient Air Quality Standard (NAAQS) for ground-level ozone to 70 parts per billion under both the primary and secondary standards to provide requisite protection of public health and welfare, respectively. The EPA published a final rule in November 2017 that issued area designations of either “attainment/unclassifiable” or “unclassifiable” with respect to ground-level ozone for approximately 85% of the U.S. counties and is expected to issue final non-attainment area requirements pursuant to this NAAQS rule by the second quarter 2018. States are also expected to implement more stringent regulations that could apply to the Partnership's operations. Compliance with this final rule could, among other things, require installation or new emission controls on some of the Partnership's equipment, result in longer permitting timelines and significantly increase its capital expenditures and operating costs. Additionally, the EPA has determined that greenhouse gas (GHG) emissions endanger public health and the environment because emissions of such gases are potentially contributing to warming of the earth’s atmosphere and other climatic changes. Based on these findings, the EPA has adopted regulations under the CAA related to GHG emissions. Additionally, many states have adopted regulations related to GHG emissions. Lease Commitments The Partnership has various operating lease commitments extending through the year 2028 generally covering office space and equipment rentals. Total lease expense for the years ended December 31, 2017 , 2016 and 2015 , was approximately $13.8 million , $13.2 million and $12.2 million . The following table summarizes minimum future commitments related to these items at December 31, 2017 (in millions): 2018 $ 4.3 2019 4.3 2020 4.2 2021 4.0 2022 4.0 Thereafter 5.6 Total $ 26.4 Commitments for Construction The Partnership’s future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received and firm commitments under binding construction service agreements. The commitments as of December 31, 2017 , were approximately $171.2 million , all of which are expected to be settled within the next twelve months. Pipeline Capacity Agreements The Partnership’s operating subsidiaries have entered into pipeline capacity agreements with third-party pipelines that allow the operating subsidiaries to transport gas to off-system markets on behalf of customers. The Partnership incurred expenses of $6.2 million , $6.5 million and $6.9 million related to pipeline capacity agreements for the years ended December 31, 2017 , 2016 and 2015 . The future commitments related to pipeline capacity agreements as of December 31, 2017 , were (in millions): 2018 $ 6.3 2019 5.5 2020 2.9 2021 1.7 2022 1.3 Thereafter — Total $ 17.7 |
Other Comprehensive Income and
Other Comprehensive Income and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income and Fair Value Measurements Other Comprehensive Income The Partnership estimates that approximately $2.8 million of net losses reported in AOCI as of December 31, 2017 , are expected to be reclassified into earnings within the next twelve months. This amount is comprised of a $1.6 million decrease to earnings related to net periodic benefit cost and a $1.2 million decrease to earnings related to cash flow hedges. The amounts related to cash flow hedges are from treasury rate locks used in hedging interest payments associated with debt offerings that were settled in previous periods and are being amortized to earnings over the terms of the related interest payments, generally the terms of the related debt. The following table shows the components and reclassifications to net income of Accumulated other comprehensive loss which is included in Partners' Capital for the years ended December 31, 2015 through 2017 (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) 2.4 — 2.4 Pension and other postretirement benefit costs — (13.9 ) (13.9 ) Ending balance, December 31, 2015 $ (8.4 ) $ (75.9 ) $ (84.3 ) Reclassifications: Interest expense (1) 2.4 — 2.4 Pension and other postretirement benefit costs — 1.8 1.8 Ending balance, December 31, 2016 $ (6.0 ) $ (74.1 ) $ (80.1 ) Loss recorded in AOCI (1.5 ) — (1.5 ) Reclassifications: Interest expense (1) 2.5 — 2.5 Pension and other postretirement benefit costs — (1.9 ) (1.9 ) Ending balance, December 31, 2017 $ (5.0 ) $ (76.0 ) $ (81.0 ) (1) |
Fair Value Measurements | Financial Assets and Liabilities As of December 31, 2017 and 2016 , the Partnership had no assets and liabilities which were recorded at fair value on a recurring basis. The following methods and assumptions were used in estimating the fair value amounts included in the disclosures for financial assets and liabilities: Cash and Cash Equivalents: For cash and short-term financial assets, the carrying amount is a reasonable estimate of fair value due to the short maturity of those instruments. Long-Term Debt: The estimated fair value of the Partnership's publicly traded debt is based on quoted market prices at December 31, 2017 and 2016 . The fair market value of the debt that is not publicly traded is based on market prices of similar debt at December 31, 2017 and 2016 . The carrying amount of the Partnership's variable-rate debt approximates fair value because the instruments bear a floating market-based interest rate. The carrying amounts and estimated fair values of the Partnership's financial assets and liabilities which were not recorded at fair value on the Consolidated Balance Sheets as of December 31, 2017 and 2016 , were as follows (in millions): As of December 31, 2017 Estimated Fair Value Financial Assets Carrying Amount Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 17.6 $ 17.6 $ — $ — $ 17.6 Financial Liabilities Long-term debt $ 3,687.5 (1) $ — $ 3,889.4 $ — $ 3,889.4 (1) The carrying amount of long-term debt excludes an $8.1 million long-term capital lease obligation and $8.8 million of unamortized debt issuance costs. As of December 31, 2016 Estimated Fair Value Financial Assets Carrying Amount Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 4.6 $ 4.6 $ — $ — $ 4.6 Financial Liabilities Long-term debt $ 3,558.9 (1) $ — $ 3,709.2 $ — $ 3,709.2 (1) The carrying amount of long-term debt excludes an $8.6 million long-term capital lease obligation and $9.5 million |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The following table presents the Partnership’s PPE as of December 31, 2017 and 2016 (in millions): Category 2017 Weighted-Average Useful Lives (Years) 2016 Weighted-Average Useful Lives (Years) Depreciable plant: Transmission $ 9,115.4 38 $ 8,337.1 38 Storage 776.7 38 779.2 38 Gathering 109.2 23 385.2 28 General 196.7 13 194.2 13 Rights of way and other 127.6 36 125.7 36 Total utility depreciable plant 10,325.6 37 9,821.4 37 Non-depreciable: Construction work in progress 416.5 368.5 Storage 105.5 105.5 Land 36.0 31.9 Total non-depreciable assets 558.0 505.9 Total PPE 10,883.6 10,327.3 Less: accumulated depreciation 2,621.1 2,333.8 Total PPE, net $ 8,262.5 $ 7,993.5 The non-depreciable assets were not included in the calculation of the weighted-average useful lives. The Partnership holds undivided interests in certain assets, including the Bistineau storage facility of which the Partnership owns 92% , the Mobile Bay Pipeline of which the Partnership owns 64% and offshore and other assets, comprised of pipeline and gathering assets in which the Partnership holds various ownership interests. In addition, the Partnership owns 83% of two ethylene wells and supporting surface facilities in Choctaw, Louisiana, and certain ethylene and propylene pipelines connecting Louisiana Midstream’s storage facilities in Choctaw to chemical manufacturing plants in Geismar, Louisiana. The proportionate share of investment associated with these interests has been recorded as PPE on the balance sheets. The Partnership records its portion of direct operating expenses associated with the assets in Operation and maintenance expense . The following table presents the gross PPE investment and related accumulated depreciation for the Partnership’s undivided interests as of December 31, 2017 and 2016 (in millions): 2017 2016 Gross PPE Investment Accumulated Depreciation Gross PPE Investment Accumulated Depreciation Bistineau storage $ 75.5 $ 24.0 $ 73.6 $ 21.8 Mobile Bay Pipeline 13.2 5.8 13.3 5.4 NGL pipelines and facilities 34.8 5.2 34.8 4.2 Offshore and other assets 16.2 12.7 15.1 11.8 Total $ 139.7 $ 47.7 $ 136.8 $ 43.2 Asset Impairment Charges The Partnership recognized $5.8 million , $3.8 million and $0.4 million of asset impairment charges for the years ended December 31, 2017 , 2016 and 2015 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill As of December 31, 2017 and 2016 , the Partnership had recorded in its Consolidated Balance Sheets $237.4 million of goodwill. The Partnership performed its annual goodwill impairment test for its reporting units as of November 30, 2017 . The results of the quantitative goodwill impairment test indicated that the fair value of the Partnership’s reporting units significantly exceeded their carrying amounts. No impairment charge related to goodwill was recorded for any of the Partnership’s reporting units during 2017 , 2016 or 2015 . Intangible Assets The following table contains information regarding the Partnership's intangible assets, which includes customer relationships acquired as part of its acquisitions (in millions): December 31, 2017 2016 Gross carrying amount $ 59.4 $ 59.4 Accumulated amortization (9.5 ) (7.5 ) Net carrying amount $ 49.9 $ 51.9 For each of the years ended December 31, 2017 , 2016 and 2015 , amortization expense for intangible assets was $2.0 million and was recorded in Depreciation and amortization on the Consolidated Statements of Income. Amortization expense for the next five years and in total thereafter as of December 31, 2017 , is expected to be as follows (in millions): 2018 $ 2.0 2019 2.0 2020 1.9 2021 1.9 2022 1.9 Thereafter 40.2 Total $ 49.9 The weighted-average remaining useful life of the Partnership's intangible assets as of December 31, 2017 , was 26 years |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The Partnership has identified and recorded legal obligations associated with the abandonment of certain pipeline and storage assets, brine ponds, offshore facilities and the abatement of asbestos consisting of removal, transportation and disposal when removed from certain compressor stations and meter station buildings. Legal obligations exist for the main pipeline and certain other Partnership assets; however, the fair value of the obligations cannot be determined because the lives of the assets are indefinite, therefore cash flows associated with retirement of the assets cannot be estimated with the degree of accuracy necessary to establish a liability for the obligations. The following table summarizes the aggregate carrying amount of the Partnership’s ARO as of December 31, 2017 and 2016 (in millions): 2017 2016 Balance at beginning of year $ 51.9 $ 52.6 Liabilities recorded 5.3 3.3 Liabilities settled (3.7 ) (5.7 ) Accretion expense 1.6 1.7 Balance at end of year 55.1 51.9 Less: Current portion of ARO (9.1 ) (7.2 ) Long-term ARO $ 46.0 $ 44.7 For the Partnership’s operations where regulatory accounting is applicable, depreciation rates for PPE are comprised of two components. One component is based on economic service life (capital recovery) and the other is based on estimated costs of removal (as a component of negative salvage) which is collected in rates and does not represent an existing legal obligation. The Partnership has reflected $65.8 million and $63.7 million as of December 31, 2017 and 2016 , in the accompanying Consolidated Balance Sheets as Provision for other asset retirement |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets and Liabilities | Regulatory Assets and Liabilities The amounts recorded as regulatory assets and liabilities in the Consolidated Balance Sheets as of December 31, 2017 and 2016 , are summarized in the table below. The table also includes amounts related to unamortized debt expense and unamortized discount on long-term debt, while not regulatory assets and liabilities, are a critical component of the embedded cost of debt financing utilized in Texas Gas' rate proceedings. The tax effect of the equity component of AFUDC represents amounts recoverable from rate payers for the tax recorded in regulatory accounting. Certain amounts in the table are reflected as a negative, or a reduction, to be consistent with the regulatory books of account. The period of recovery for the regulatory assets included in rates varies from one to eighteen years. The remaining period of recovery for regulatory assets not yet included in rates would be determined in future rate proceedings. None of the regulatory assets shown below were earning a return as of December 31, 2017 and 2016 (in millions): 2017 2016 Regulatory Assets: Pension $ 10.6 $ 10.6 Tax effect of AFUDC equity 2.3 2.7 Total regulatory assets $ 12.9 $ 13.3 Regulatory Liabilities: Cashout and fuel tracker $ 0.4 $ 10.1 Provision for other asset retirement 65.8 63.7 Unamortized debt expense and premium on reacquired debt (5.6 ) (6.8 ) Unamortized discount on long-term debt (0.8 ) (1.0 ) Postretirement benefits other than pension 48.9 45.9 Total regulatory liabilities $ 108.7 $ 111.9 |
Financing
Financing | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Financing | Financing Long-Term Debt The following table presents all long-term debt issues outstanding as of December 31, 2017 and 2016 (in millions): 2017 2016 Notes and Debentures: Boardwalk Pipelines 5.50% Notes due 2017 (Boardwalk Pipelines 2017 Notes) $ — $ 300.0 5.20% Notes due 2018 185.0 185.0 5.75% Notes due 2019 350.0 350.0 3.375% Notes due 2023 300.0 300.0 4.95% Notes due 2024 600.0 600.0 5.95% Notes due 2026 550.0 550.0 4.45% Notes due 2027 500.0 — Gulf South 6.30% Notes due 2017 (Gulf South 2017 Notes) — 275.0 4.00% Notes due 2022 300.0 300.0 Texas Gas 4.50% Notes due 2021 440.0 440.0 7.25% Debentures due 2027 100.0 100.0 Total notes and debentures 3,325.0 3,400.0 Revolving Credit Facility: Gulf Crossing 285.0 180.0 Gulf South 100.0 — Total revolving credit facility 385.0 180.0 Capital lease obligation 8.1 8.6 3,718.1 3,588.6 Less: Unamortized debt discount (22.5 ) (21.1 ) Unamortized debt issuance costs (8.8 ) (9.5 ) Total Long-Term Debt and Capital Lease Obligation $ 3,686.8 $ 3,558.0 Maturities of the Partnership’s long-term debt for the next five years and in total thereafter are as follows (in millions): 2018 $ 185.0 2019 350.0 2020 — 2021 440.0 2022 685.0 Thereafter 2,050.0 Total long-term debt $ 3,710.0 The Partnership has included $185.0 million of debt which matures in less than one year as long-term debt on its Consolidated Balance Sheets as of December 31, 2017 . The Partnership has the intent and the ability to refinance the notes through the available borrowing capacity under its revolving credit facility as of December 31, 2017 , and expects to retire the notes at their maturity. Notes and Debentures As of December 31, 2017 and 2016 , the weighted-average interest rate of the Partnership's notes and debentures was 5.18% and 5.46% . For the years ended December 31, 2017 , 2016 and 2015 , the Partnership completed the following debt issuances (in millions, except interest rates): Date of Issuance Issuing Subsidiary Amount of Issuance Purchaser Discounts and Expenses Net Proceeds Interest Rate Maturity Date Interest Payable January 2017 Boardwalk Pipelines $ 500.0 $ 6.0 $ 494.0 (1) 4.45 % July 15, 2027 January 15 and July 15 May 2016 Boardwalk Pipelines $ 550.0 $ 10.9 $ 539.1 (2) 5.95 % June 1, 2026 June 1 and December 1 March 2015 Boardwalk Pipelines $ 250.0 $ 2.9 $ 247.1 (3) 4.95 % December 15, 2024 June 15 and December 15 (1) The net proceeds of this offering were used to retire the outstanding $275.0 million aggregate principal amount of the Gulf South 2017 Notes and to fund growth capital expenditures. (2) The net proceeds of this offering were used to retire the outstanding $250.0 million aggregate principal amount of the Boardwalk Pipelines 5.875% notes due 2016 and the outstanding $300.0 million aggregate principal amount of the Boardwalk Pipelines 2017 Notes at their maturity. (3) The net proceeds of this offering were used to retire a portion of the outstanding $250.0 million aggregate principal amount of the Texas Gas 4.60% notes due 2015. The Partnership’s notes and debentures are redeemable, in whole or in part, at the Partnership’s option at any time, at a redemption price equal to the greater of 100% of the principal amount of the notes to be redeemed or a “make whole” redemption price based on the remaining scheduled payments of principal and interest discounted to the date of redemption at a rate equal to the Treasury rate plus 20 to 50 basis points depending upon the particular issue of notes, plus accrued and unpaid interest, if any. Other customary covenants apply, including those concerning events of default. The indentures governing the notes and debentures have restrictive covenants which provide that, with certain exceptions, neither the Partnership nor any of its subsidiaries may create, assume or suffer to exist any lien upon any property to secure any indebtedness unless the debentures and notes shall be equally and ratably secured. All of the Partnership's debt obligations are unsecured. At December 31, 2017 , Boardwalk Pipelines and its operating subsidiaries were in compliance with their debt covenants. Revolving Credit Facility The Partnership has a revolving credit facility having aggregate lending commitments of $1.5 billion and includes Boardwalk Pipelines, Texas Gas, Gulf South and Gulf Crossing as borrowers (Borrowers). Interest is determined, at the Partnership's election, by reference to (a) the base rate which is the highest of (1) the prime rate , (2) the federal funds rate plus 0.50% and (3) the one month Eurodollar Rate plus 1.00% , plus an applicable margin, or (b) the one-month LIBOR plus an applicable margin. The applicable margin ranges from 0.00% to 0.75% for loans bearing interest based on the base rate and ranges from 1.00% to 1.75% for loans bearing interest based on the LIBOR rate, in each case determined based on the individual Borrower's credit rating from time to time. The Third Amended and Restated Revolving Credit Agreement (amended credit agreement) provides for a quarterly commitment fee charged on the average daily unused amount of the revolving credit facility ranging from 0.10% to 0.275% which is determined based on the individual Borrower's credit rating from time to time. In 2017, the Partnership extended the maturity date of the revolving credit facility by one additional year to May 26, 2022 . The revolving credit facility has a borrowing capacity of $1.5 billion through May 26, 2020, and a borrowing capacity of $1.475 billion from May 27, 2020, to May 26, 2022. The revolving credit facility contains various restrictive covenants and other usual and customary terms and conditions, including restrictions regarding the incurrence of additional debt, the sale of assets and sale-leaseback transactions. The financial covenants under the revolving credit facility require the Partnership and its subsidiaries to maintain, among other things, a ratio of total consolidated debt to consolidated EBITDA (as defined in the amended credit agreement) measured for the previous twelve months of not more than 5.0 to 1.0 , or up to 5.5 to 1.0 for the three quarters following a qualified acquisition or series of acquisitions, where the purchase price exceeds $100.0 million over a rolling 12-month period. The Partnership and its subsidiaries were in compliance with all covenant requirements under the revolving credit facility as of December 31, 2017 . Outstanding borrowings under the Partnership's revolving credit facility as of December 31, 2017 and 2016 , were $385.0 million and $180.0 million with a weighted-average borrowing rate of 2.72% and 1.96% . As of February 13, 2018 , the Partnership had $445.0 million outstanding borrowings and approximately $1.1 billion of available borrowing capacity under the revolving credit facility. Subordinated Loan Agreement with Affiliate The Partnership has a Subordinated Loan Agreement with BPHC (Subordinated Loan) under which the Partnership can borrow up to $300.0 million through December 31, 2018. The Subordinated Loan bears interest at increasing rates, ranging from 5.75% to 9.75% , with the first increase occurring on May 1, 2018, to 7.75% , payable semi-annually in June and December, and matures in July 2024. The Subordinated Loan must be prepaid with the net cash proceeds from the issuance of additional equity securities by the Partnership or the incurrence of certain indebtedness by the Partnership or its subsidiaries, although BPHC may waive such prepayment. BPHC may also demand prepayment at any time, up to the full amount then outstanding, with 15-months' notice. The Subordinated Loan is subordinated in right of payment to the Partnership’s obligations under its revolving credit facility pursuant to the terms of a Subordination Agreement between BPHC and Wells Fargo, N.A., as representative of the lenders under the revolving credit facility. Through the filing date of this Report, the Partnership has not borrowed any amounts under the Subordinated Loan. Capital Lease The Partnership recorded a capital lease obligation of $10.5 million in 2013 related to the lease of an office building in Owensboro, Kentucky. The office building lease has a term of fifteen years with two twenty-year renewal options. Future commitments under the capital lease are $1.0 million for 2018 , $1.1 million for each year 2019 through 2022 and $6.2 million thereafter. After deducting $3.0 million for amounts representing interest, the present value of the capital lease obligation at December 31, 2017 , was $8.6 million , of which $0.5 million was recorded in Other current liabilities and $8.1 million was recorded in Long–term debt and capital lease obligation . Amortization of the office building under the capital lease for each of the years ended December 31, 2017 , 2016 and 2015 , was $0.7 million and was included in Depreciation and amortization . As of December 31, 2017 and 2016 , assets recorded in Natural gas transmission and other plant under the capital lease were $10.5 million and the accumulated amortization was $3.1 million and $2.4 million . Issuances of Common Units The Partnership had no common unit issuances for the years ended December 31, 2017 and 2016 . For the year ended December 31, 2015 , the Partnership completed the following issuances and sales of common units under an equity distribution agreement (in millions, except the issuance price): Month of Offering Number of Common Units Issuance Price Less Underwriting Discounts and Expenses Net Proceeds (including General Partner Contribution) Common Units Outstanding After Offering Common Units Held by the Public After Offering February 2015 - April 2015 7.0 $ 16.19 (1) $ 1.1 $ 115.4 250.3 124.6 (1) The issuance price represents the average issuance price for the common units issued under an equity distribution agreement. Summary of Changes in Outstanding Units The following table summarizes changes in the Partnership’s common units since January 1, 2015 (in millions): Common Units Balance, January 1, 2015 243.3 Common units issued under an equity distribution agreement 7.0 Balance, December 31, 2015, 2016 and 2017 250.3 Registration Rights Agreement The Partnership entered into an Amended and Restated Registration Rights Agreement with BPHC under which the Partnership agreed to register the resale of up to 27.9 million common units by BPHC and to reimburse BPHC up to a maximum amount of $0.914 per common unit for underwriting discounts and commissions. As of December 31, 2017 and 2016 , the Partnership had an accrued liability of approximately $16.0 million |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Employee Benefits Retirement Plans Defined Benefit Retirement Plans Texas Gas employees hired prior to November 1, 2006, are covered under a non-contributory, defined benefit pension plan (Pension Plan). The Texas Gas Supplemental Retirement Plan (SRP) provides pension benefits for the portion of an eligible employee’s pension benefit under the Pension Plan that becomes subject to compensation limitations under the Internal Revenue Code. Collectively, the Partnership refers to the Pension Plan and the SRP as Retirement Plans. The Partnership uses a measurement date of December 31 for its Retirement Plans. As a result of the Texas Gas rate case settlement in 2006, the Partnership is required to fund the amount of annual net periodic pension cost associated with the Pension Plan, including a minimum of $3.0 million , which is the amount included in rates. In each of 2017 and 2016 , the Partnership funded $3.0 million to the Pension Plan and expects to fund an additional $3.0 million to the plan in 2018 . The Partnership does not anticipate that any Pension Plan assets will be returned to the Partnership during 2018 . In 2017 , there were no payments made under the SRP. In 2016 , payments of less than $0.1 million were made under the SRP. The Partnership does not expect to fund the SRP until such time as benefits are paid. The Partnership recognizes in expense each year the actuarially determined amount of net periodic pension cost associated with the Retirement Plans, including a minimum amount of $3.0 million related to its Pension Plan, in accordance with the 2006 rate case settlement. Texas Gas is permitted to seek future rate recovery for amounts of annual Pension Plan costs in excess of $6.0 million and is precluded from seeking future recovery of annual Pension Plan costs between $3.0 million and $6.0 million . As a result, the Partnership would recognize a regulatory asset for amounts of annual Pension Plan costs in excess of $6.0 million and would reduce its regulatory asset to the extent that annual Pension Plan costs are less than $3.0 million . Annual Pension Plan costs between $3.0 million and $6.0 million will be charged to expense. Postretirement Benefits Other Than Pension (PBOP) Texas Gas provides postretirement medical benefits and life insurance to retired employees who were employed full time, hired prior to January 1, 1996, and have met certain other requirements. In 2017 and 2016 , the Partnership contributed $0.1 million and $0.2 million to the PBOP plan. The PBOP plan is in an overfunded status; therefore, the Partnership does not expect to make any contributions to the plan in 2018 . The Partnership does not anticipate that any plan assets will be returned to the Partnership during 2018 . The Partnership uses a measurement date of December 31 for its PBOP plan. Projected Benefit Obligation, Fair Value of Assets and Funded Status The projected benefit obligation, fair value of assets, funded status and the amounts not yet recognized as components of net periodic pension and postretirement benefits cost for the Retirement Plans and PBOP at December 31, 2017 and 2016 , were as follows (in millions): Retirement Plans PBOP For the Year Ended For the Year Ended 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 137.7 $ 143.8 $ 42.1 $ 48.4 Service cost 3.5 3.6 0.1 0.3 Interest cost 4.4 4.4 1.6 2.0 Plan participants’ contributions — — 1.0 1.0 Actuarial loss (gain) 5.0 1.6 0.2 (5.6 ) Benefits paid (0.4 ) (0.5 ) (3.6 ) (4.0 ) Settlement (9.5 ) (15.2 ) — — Benefit obligation at end of period $ 140.7 $ 137.7 $ 41.4 $ 42.1 Change in plan assets: Fair value of plan assets at beginning of period $ 115.7 $ 119.5 $ 85.9 $ 86.4 Actual return on plan assets 10.1 8.9 4.9 2.3 Benefits paid (0.4 ) (0.5 ) (3.7 ) (4.0 ) Settlement (9.5 ) (15.2 ) — — Company contributions 3.0 3.0 0.1 0.2 Plan participants’ contributions — — 1.0 1.0 Fair value of plan assets at end of period $ 118.9 $ 115.7 $ 88.2 $ 85.9 Funded status $ (21.8 ) $ (22.0 ) $ 46.8 $ 43.8 Items not recognized as components of net periodic cost: Net actuarial loss $ 23.7 $ 24.6 $ 3.8 $ 4.0 At December 31, 2017 and 2016 , the following aggregate information relates only to the underfunded plans (in millions): Retirement Plans For the Year Ended 2017 2016 Projected benefit obligation $ 140.7 $ 137.7 Accumulated benefit obligation 130.3 128.2 Fair value of plan assets 118.9 115.7 Components of Net Periodic Benefit Cost Components of net periodic benefit cost for both the Retirement Plans and PBOP for the years ended December 31, 2017 , 2016 and 2015 , were as follows (in millions): Retirement Plans PBOP For the Year Ended For the Year Ended 2017 2016 2015 2017 2016 2015 Service cost $ 3.5 $ 3.6 $ 3.8 $ 0.1 $ 0.3 $ 0.3 Interest cost 4.4 4.4 4.9 1.6 2.0 2.0 Expected return on plan assets (7.8 ) (7.9 ) (9.1 ) (4.4 ) (4.6 ) (4.6 ) Amortization of prior service credit — — — — (0.9 ) (7.7 ) Amortization of unrecognized net loss 2.0 2.7 2.0 — — — Settlement charge 1.7 3.2 2.5 — — — Net periodic benefit cost $ 3.8 $ 6.0 $ 4.1 $ (2.7 ) $ (3.2 ) $ (10.0 ) Due to the Texas Gas rate case settlement in 2006, Texas Gas is permitted to seek future rate recovery for amounts of annual Pension Plan costs in excess of $6.0 million . Estimated Future Benefit Payments The following table shows benefit payments, which reflect expected future service, as appropriate, which are expected to be paid for both the Retirement Plans and PBOP (in millions): Retirement Plans PBOP 2018 $ 20.2 $ 2.7 2019 14.4 2.7 2020 13.8 2.7 2021 13.0 2.8 2022 14.0 2.6 2023-2027 61.1 12.2 Weighted–Average Assumptions Weighted-average assumptions used to determine benefit obligations for the years ended December 31, 2017 and 2016 , were as follows: Retirement Plans PBOP For the Year Ended For the Year Ended 2017 2016 2017 2016 Pension SRP Pension SRP Discount rate 3.25 % 3.40 % 3.60 % 3.85 % 3.70 % 4.20 % Expected return on plan assets 7.25 % 7.25 % 7.25 % 7.25 % 5.30 % 5.30 % Rate of compensation increase 3.86 % 3.86 % 3.86 % 3.86 % — — Weighted-average assumptions used to determine net periodic benefit cost for the periods indicated were as follows: Retirement Plans PBOP For the Year Ended For the Year Ended 2017 2016 2015 2017 2016 2015 Pension SRP Pension SRP Pension (2) SRP 3.35% Discount rate (1) 3.85 % (1) 4.00 % 3.60% 3.75 % 4.20 % 4.25 % 3.90 % Expected return on plan assets 7.25% 7.25 % 7.25% 7.25 % 7.50% 7.50 % 5.30 % 5.30 % 5.30 % Rate of compensation increase 3.86% 3.86 % 3.50% 3.50 % 3.50% 3.50 % — — — (1) Pension expense was remeasured quarterly in 2017 and 2016. The quarterly remeasurements for each quarter in 2017 and 2016 were as follows: Quarter 1: 3.45% and 3.45% ; Quarter 2: 3.30% and 3.00% ; Quarter 3: 3.20% and 2.85% ; and Quarter 4: 3.25% and 3.60% . (2) Pension expense was remeasured at August 31, 2015, to reflect a settlement. The long-term rate of return for plan assets was determined based on widely-accepted capital market principles, long-term return analysis for global fixed income and equity markets as well as the active total return oriented portfolio management style. Long-term trends are evaluated relative to market factors such as inflation, interest rates and fiscal and monetary policies, in order to assess the capital market assumptions as applied to the plan. Consideration of diversification needs and rebalancing is maintained. PBOP Assumed Health Care Cost Trends Assumed health care cost trend rates have a significant effect on the amounts reported for PBOP. A one-percentage-point change in assumed trend rates for health care costs would have had the following effects on amounts reported for the year ended December 31, 2017 (in millions): Effect of 1% Increase: 2017 Benefit obligation at end of year $ 1.9 Total of service and interest costs for year 0.1 Effect of 1% Decrease: Benefit obligation at end of year $ (1.6 ) Total of service and interest costs for year (0.1 ) For measurement purposes, for December 31, 2017 , health care cost trend rates for the plans were assumed to remain at 6.5% for 2018 - 2019 , grading down to 5.0% by 2021 , assuming 0.5% annual increments for all participants. For December 31, 2016 , health care cost trend rates for the plans were assumed to remain at 7.0% for 2017 - 2018 , grading down to 5.0% by 2021 , assuming 0.5% annual increments for all participants. Pension Plan and PBOP Asset Allocation and Investment Strategy Pension Plan The Pension Plan investments are held in a trust account and consist of an undivided interest in an investment account of the Loews Corporation Employees Retirement Trust (Master Trust), established by Loews and its participating subsidiaries. Use of the Master Trust permits the co-investing of trust assets of the Pension Plan with the assets of the Loews Corporation Cash Balance Retirement Plan for investment and administrative purposes. Although assets of all plans are co-invested in the Master Trust, the custodian maintains supporting records for the purpose of allocating the net gain or loss of the investment account to the participating plans. The net investment income of the investment assets is allocated by the custodian to each participating plan based on the relationship of the interest of each plan to the total of the interests of the participating plans. The Master Trust assets are measured at fair value. The fair value of the interest in the assets of the Master Trust associated with the Pension Plan as of December 31, 2017 and 2016 , was $118.9 million (or 50.8% ) and $115.7 million (or 50.3% ), of the total Master Trust assets. Equity securities are publicly traded securities which are valued using quoted market prices and are considered a Level 1 investment under the fair value hierarchy. Short-term investments that are actively traded or have quoted prices, such as money market funds, are considered Level 1 investments. Fixed income mutual funds are highly liquid and exchange traded, valued using quoted market prices, and are considered a Level 1 investment. Asset-backed securities are valued using pricing for similar securities, recently executed transactions, cash flow models with yield curves, broker/dealer quotes and other pricing models utilizing observable inputs, which include prepayment and default projections based on past performance of the underlying collateral and current market data, and are considered Level 2 investments. The limited partnership investments held within the Master Trust are recorded at fair value, which represents the Master Trust’s shares of the net asset value of each partnership, as determined by the general partner. The limited partnership and other invested assets consist primarily of hedge fund strategies that generate returns through investing in marketable securities in the public fixed income and equity markets. The following table sets forth, by level within the fair value hierarchy, a summary of the Master Trust’s investments measured at fair value on a recurring basis at December 31, 2017 (in millions): Master Trust Assets Measured under Fair Value Hierarchy Measured at Net Asset Value Total Master Trust Assets Level 1 Level 2 Level 3 Total Equity securities $ 44.0 $ — $ — $ 44.0 $ — $ 44.0 Short-term investments 6.2 — — 6.2 — 6.2 Fixed income mutual funds 96.2 — — 96.2 — 96.2 Asset-backed securities — 1.5 — 1.5 — 1.5 Total assets measured at fair value 146.4 1.5 — 147.9 — 147.9 Total limited partnerships measured at net asset value — — — — 86.3 86.3 Total $ 146.4 $ 1.5 $ — $ 147.9 $ 86.3 $ 234.2 The following table sets forth, by level within the fair value hierarchy, a summary of the Master Trust’s investments measured at fair value on a recurring basis at December 31, 2016 (in millions): Master Trust Assets Measured under Fair Value Hierarchy Measured at Net Asset Value Total Master Trust Assets Level 1 Level 2 Level 3 Total Equity securities $ 40.6 $ — $ — $ 40.6 $ — $ 40.6 Short-term investments 6.7 — — 6.7 — 6.7 Fixed income mutual funds 93.1 — — 93.1 — 93.1 Asset-backed securities — 7.1 — 7.1 — 7.1 Total assets measured at fair 140.4 7.1 — 147.5 — 147.5 Total limited partnerships — — — — 82.5 82.5 Total $ 140.4 $ 7.1 $ — $ 147.5 $ 82.5 $ 230.0 PBOP The PBOP plan assets are held in a trust and are measured at fair value. Short-term investments that are actively traded or have quoted prices, such as money market or mutual funds, are considered Level 1 investments. Fixed income mutual funds are actively traded and valued using quoted market prices and are considered Level 1 investments. Tax exempt securities, consisting of municipal securities, corporate and other taxable bonds and asset-backed securities are valued using pricing for similar securities, recently executed transactions, cash flow models with yield curves, broker/dealer quotes and other pricing models utilizing observable inputs and are considered Level 2 investments. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. The following table sets forth, by level within the fair value hierarchy, a summary of the PBOP trust investments measured at fair value on a recurring basis at December 31, 2017 (in millions): PBOP Trust Assets Level 1 Level 2 Level 3 Total Short-term investments $ 2.2 $ — $ — $ 2.2 Fixed income mutual funds 13.9 — — 13.9 Asset-backed securities — 11.5 — 11.5 Corporate bonds — 18.1 — 18.1 Tax exempt securities — 42.5 — 42.5 Total investments $ 16.1 $ 72.1 $ — $ 88.2 The following table sets forth, by level within the fair value hierarchy, a summary of the PBOP trust investments measured at fair value on a recurring basis at December 31, 2016 (in millions): PBOP Trust Assets Level 1 Level 2 Level 3 Total Short-term investments $ 3.2 $ — $ — $ 3.2 Fixed income mutual funds 4.9 — — 4.9 Asset-backed securities — 15.5 — 15.5 Corporate bonds — 18.6 — 18.6 Tax exempt securities — 43.7 — 43.7 Total investments $ 8.1 $ 77.8 $ — $ 85.9 Investment strategy Pension Plan: The Partnership employs a total-return approach using a mix of equities and fixed income investments to maximize the long-term return on plan assets for a prudent level of risk and generate cash flows adequate to meet plan requirements. The intent of this strategy is to minimize plan expenses by outperforming plan liabilities over the long run. Risk tolerance is established through careful consideration of the plan liabilities, plan funded status and corporate financial conditions. The investment strategy has been to allocate up to 60% of the investment portfolio to equity and alternative investments, including limited partnerships, with the remainder primarily invested in fixed income securities. The investment portfolio contains a diversified blend of fixed income, equity and short-term securities. Alternative investments, including limited partnerships, have been used to enhance risk adjusted long-term returns while improving portfolio diversification. At December 31, 2017 , the pension trust had committed $6.8 million to future capital calls from various third party limited partnership investments in exchange for an ownership interest in the related partnerships. Investment risk is monitored through annual liability measurements, periodic asset and liability studies and quarterly investment portfolio reviews. PBOP: The investment strategy for the PBOP assets is to reduce the volatility of plan investments while protecting the initial investment given the overfunded status of the plan. At December 31, 2017 and 2016 , all of the PBOP investments were in fixed income securities. Defined Contribution Plan Texas Gas employees hired on or after November 1, 2006, and all other employees of the Partnership are provided retirement benefits under a defined contribution plan, which also provides 401(k) plan benefits to its employees. Costs related to the Partnership’s defined contribution plan were $11.0 million , $10.7 million and $9.8 million for the years ended December 31, 2017 , 2016 and 2015 . Long-Term Incentive Compensation Plans The Partnership grants to selected employees long-term compensation awards under the LTIP and the UAR and Cash Bonus Plan. These awards are intended to align the interests of the employees with those of the Partnership’s unitholders, encourage superior performance, attract and retain employees who are essential for the Partnership’s growth and profitability and to encourage employees to devote their best efforts to advancing the Partnership’s business over both long and short-term time horizons. The Partnership also makes annual grants of common units to certain of its directors under the LTIP. LTIP The Partnership reserved 3,525,000 common units for grants of units, restricted units, unit options and UARs to officers and directors of the Partnership’s general partner and for selected employees under the LTIP. The Partnership has outstanding Phantom Common Units which were granted under the plan. Each outstanding Phantom Common Unit includes a tandem grant of Distribution Equivalent Rights (DERs). The grantee must select one of two irrevocable payment elections shortly after the award is granted. If the first payment election is selected, an amount equal to the fair market value of the vested portion of the Phantom Common Units (as defined in the plan) and associated DERs will become payable to the grantee in cash on each of the two vesting dates. If the second payment election option is selected, the Phantom Common Units and associated DERs will become payable in cash on the second vesting date. The economic value of the Phantom Common Units is directly tied to the value of the Partnership’s common units, but these awards do not confer any rights of ownership to the grantee. The fair value of the awards will be recognized ratably over the vesting period and remeasured each quarter until settlement based on the market price of the Partnership’s common units and amounts credited under the DERs. Except for the annual grants of common units to certain of its directors, the Partnership has not made any grants of units, restricted units or unit options under the plan. A summary of the status of the Phantom Common Units granted under the Partnership’s LTIP as of December 31, 2017 and 2016 , and changes during the years ended December 31, 2017 and 2016 , is presented below: Phantom Common Units Total Fair Value (in millions) Weighted-Average Vesting Period (in years) Outstanding at January 1, 2016 (1) 645,968 $ 8.7 1.5 Granted 865,091 10.2 2.3 Paid (237,972 ) (4.1 ) — Forfeited (15,462 ) — — Outstanding at December 31, 2016 (1) 1,257,625 22.5 1.2 Granted 487,142 8.1 2.3 Paid (735,231 ) (11.2 ) — Forfeited (36,641 ) — — Outstanding at December 31, 2017 (1) 972,895 $ 13.1 1.0 (1) Represents fair value and remaining weighted-average vesting period of outstanding awards at the end of the period. The fair value of the awards at the date of grant was based on the closing market price of the Partnership’s common units on or directly preceding the date of grant. The fair value of the awards at December 31, 2017 and 2016 , was based on the closing market price of the common unit on those dates of $12.91 and $17.36 plus the accumulated value of the DERs. The fair value of the awards will be recognized ratably over the vesting period and remeasured each quarter until settlement in accordance with the treatment of awards classified as liabilities, and taking into account the payment elections selected by the grantees. The Partnership recorded $7.8 million , $11.6 million and $3.6 million in Administrative and general expenses during 2017 , 2016 and 2015 for the Phantom Common Unit awards. The total estimated remaining unrecognized compensation expense related to the Phantom Common Units outstanding at December 31, 2017 and 2016 , was $6.0 million and $11.9 million . In 2017 and 2016 , the general partner purchased 10,812 and 17,108 of the Partnership’s common units in the open market at a price of $18.50 and $11.75 per unit. These units were granted under the LTIP to the independent directors as part of their director compensation. At December 31, 2017 , 3,450,060 units were available for grants under the LTIP. UAR and Cash Bonus Plan The UAR and Cash Bonus Plan provides for grants of UARs and Long-Term Cash Bonuses to selected employees of the Partnership. In 2017 , the Partnership granted to certain employees $2.7 million of Long-Term Cash Bonuses, which will vest and become payable to the holders in cash equal to the amount of the grant after the vesting dates and in 2014, had granted $9.2 million of Long-Term Cash Bonuses, which vested and were paid in 2016. The Partnership recorded compensation expense of $1.1 million , $3.5 million and $2.8 million for the years ended December 31, 2017 , 2016 and 2015 , related to the Long-Term Cash Bonuses. As of December 31, 2017 , the Partnership had $1.6 million remaining unrecognized compensation expense related to the Long-Term Cash Bonuses. Retention Payment Agreements In 2014, the Partnership entered into retention payment agreements with certain key employees, under which an employee would be entitled to a fixed amount of cash prepayments, subject to the employees remaining employed by the Partnership over a period of three years and other conditions. As of December 31, 2017, all amounts under the retention payment agreements had vested and had been paid. Retention payments of $5.8 million , $2.9 million and $2.9 million were made in 2017, 2016 and 2015. The Partnership recorded compensation expense of $0.9 million , $2.2 million and $3.8 million for the years ended December 31, 2017 , 2016 and 2015 |
Cash Distributions and Net Inco
Cash Distributions and Net Income per Unit | 12 Months Ended |
Dec. 31, 2017 | |
Partners' Capital Notes [Abstract] | |
Cash Distributions and Net Income per Unit | Cash Distributions and Net Income per Unit Cash Distributions The Partnership’s cash distribution policy requires that the Partnership distribute to its various ownership interests on a quarterly basis all of its available cash, as defined in its partnership agreement. IDRs, which represent a limited partner ownership interest and are currently held by the Partnership’s general partner, represent the contractual right to receive an increasing percentage of quarterly distributions of available cash as follows: Total Quarterly Distributions Marginal Percentage Interest in Distributions Target Amount Limited Partner Unitholders General Partner and IDRs First Target Distribution up to $0.4025 98% 2% Second Target Distribution above $0.4025 up to $0.4375 85% 15% Third Target Distribution above $0.4375 up to $0.5250 75% 25% Thereafter above $0.5250 50% 50% Since 2015, the Partnership has declared a quarterly distribution of $0.10 per unit with respect to its common units, resulting in quarterly payments of $25.1 million to its common unitholders and $0.5 million to its general partner. For 2017 , 2016 and 2015 , the Partnership paid no amounts with respect to the IDRs because the quarterly target distribution levels for IDR payout were not met. In February 2018 , the Partnership declared a quarterly cash distribution to unitholders of record of $0.10 per common unit. Net Income per Unit For purposes of calculating net income per unit, net income for the current period is reduced by the amount of available cash that will be distributed with respect to that period. Any residual amount representing undistributed net income (or loss) is assumed to be allocated to the various ownership interests in accordance with the contractual provisions of the partnership agreement. Under the Partnership’s partnership agreement, for any quarterly period, the IDRs participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in undistributed net income or losses. Accordingly, undistributed net income is assumed to be allocated to the other ownership interests on a pro rata basis. 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. The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the year ended December 31, 2017 (in millions, except per unit data): Total Common Units General Partner and IDRs Net income $ 297.0 Declared distribution 102.2 $ 100.2 $ 2.0 Assumed allocation of undistributed net income 194.8 190.9 3.9 Assumed allocation of net income attributable to limited partner unitholders and general partner $ 297.0 $ 291.1 $ 5.9 Weighted-average units outstanding 250.3 Net income per unit $ 1.16 The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the year ended December 31, 2016 (in millions, except per unit data): Total Common Units General Partner and IDRs Net income $ 302.2 Declared distribution 102.2 $ 100.2 $ 2.0 Assumed allocation of undistributed net income 200.0 196.0 4.0 Assumed allocation of net income attributable to limited partner unitholders and general partner $ 302.2 $ 296.2 $ 6.0 Weighted-average units outstanding 250.3 Net income per unit $ 1.18 The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the year ended December 31, 2015 (in millions, except per unit data): Total Common Units General Partner and IDRs Net income $ 222.0 Declared distribution 102.2 $ 100.2 $ 2.0 Assumed allocation of undistributed net income 119.8 117.3 2.5 Assumed allocation of net income attributable to limited partner unitholders and general partner $ 222.0 $ 217.5 $ 4.5 Weighted-average units outstanding 248.8 Net income per unit $ 0.87 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Partnership is not a taxable entity for federal income tax purposes. As such, it does not directly pay federal income tax. The Partnership’s taxable income or loss, which may vary substantially from the net income or loss reported in the Consolidated Statements of Income, is includable in the federal income tax returns of each partner. The aggregate difference in the basis of the Partnership’s net assets for financial and income tax purposes cannot be readily determined as the Partnership does not have access to the information about each partner’s tax attributes. The subsidiaries of the Partnership directly incur some income-based state taxes which are presented in Income taxes on the Consolidated Statements of Income. Following is a summary of the provision for income taxes for the periods ended December 31, 2017 , 2016 and 2015 (in millions): For the Year Ended December 31, 2017 2016 2015 Current expense: State $ 0.7 $ 0.4 $ 0.4 Total 0.7 0.4 0.4 Deferred provision: State 0.3 0.2 0.1 Total 0.3 0.2 0.1 Income taxes $ 1.0 $ 0.6 $ 0.5 The Partnership’s tax years 2014 through 2017 remain subject to examination by the Internal Revenue Service and the states in which it operates. There were no differences between the provision at the statutory rate to the income tax provision at December 31, 2017 , 2016 and 2015 . As of December 31, 2017 and 2016 |
Credit Risk
Credit Risk | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Credit Risk | Credit Risk Major Customers For the years ended December 31, 2017 , 2016 and 2015 , no customer comprised 10% or more of the Partnership’s operating revenues. Natural gas producers comprise a significant portion of the Partnership’s revenues and support several of the Partnership’s growth projects. In 2017 , approximately 46% of revenues were generated from contracts with natural gas producers. In periods of low or unstable natural gas and oil prices, the Partnership could be exposed to increased credit risk associated with its producer customer group. The Partnership actively monitors its customer credit profiles, as well as the portion of revenues generated from investment-grade and non-investment-grade customers. Gas Loaned to Customers Natural gas price volatility can cause changes in credit risk related to gas and NGLs loaned to customers. As of December 31, 2017 , the amount of gas owed to the operating subsidiaries due to gas imbalances and gas loaned under PAL and NNS agreements was approximately 12.3 trillion British thermal units (TBtu). Assuming an average market price during December 2017 of $2.76 per million British thermal units (MMBtu), the market value of that gas was approximately $34.0 million . As of December 31, 2017 , there were no outstanding NGL imbalances owed to the operating subsidiaries. As of December 31, 2016 , the amount of gas owed to the operating subsidiaries due to gas imbalances and gas loaned under PAL and NNS agreements was approximately 13.6 TBtu. Assuming an average market price during December 2016 of $3.47 per MMBtu, the market value of that gas at December 31, 2016 , would have been approximately $47.2 million . As of December 31, 2016 , the amount of NGLs owed to the operating subsidiaries due to imbalances was less than 0.1 MMBbls, which had a market value of approximately $0.4 million |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Loews provides a variety of corporate services to the Partnership under services agreements, including but not limited to, information technology, tax, risk management, internal audit and corporate development services and also charges the Partnership for allocated overheads. The Partnership incurred charges related to these services of $6.6 million , $7.1 million and $8.8 million for the years ended December 31, 2017 , 2016 and 2015 . Distributions paid related to limited partner units held by BPHC and the 2% general partner interest held by Boardwalk GP were $52.2 million for each of the years ended December 31, 2017 , 2016 and 2015 . In 2014, the Partnership and BPHC entered into a Subordinated Loan Agreement whereby the Partnership can borrow up to $300.0 million |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information (in millions): For the Year Ended December 31, 2017 2016 2015 Cash paid during the period for: Interest (net of amount capitalized) $ 163.7 $ 170.6 $ 170.6 Income taxes, net 0.5 0.7 0.3 Non-cash adjustments: Accounts payable and PPE 58.8 93.4 54.7 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) The following tables summarize selected quarterly financial data for 2017 and 2016 for the Partnership (in millions, except for earnings per unit): 2017 For the Quarter Ended: December 31 September 30 June 30 March 31 Operating revenues $ 337.5 $ 300.5 $ 317.6 $ 367.0 Operating expenses 213.8 189.7 250.4 202.2 Operating income 123.7 110.8 67.2 164.8 Interest expense, net 39.8 41.0 43.7 46.1 Other income (0.4 ) (0.3 ) (0.6 ) (0.8 ) Income before income taxes 84.3 70.1 24.1 119.5 Income taxes 0.1 0.3 0.4 0.2 Net income $ 84.2 $ 69.8 $ 23.7 $ 119.3 Net income per common unit $ 0.33 $ 0.27 $ 0.09 $ 0.47 2016 For the Quarter Ended: December 31 September 30 June 30 March 31 Operating revenues $ 352.6 $ 303.3 $ 306.3 $ 345.0 Operating expenses 219.7 209.6 197.0 203.4 Operating income 132.9 93.7 109.3 141.6 Interest expense, net 46.3 48.3 45.3 42.5 Other income (1.8 ) (1.9 ) (1.9 ) (2.1 ) Income before income taxes 88.4 47.3 65.9 101.2 Income taxes 0.2 — 0.2 0.2 Net income $ 88.2 $ 47.3 $ 65.7 $ 101.0 Net income per common unit $ 0.34 $ 0.19 $ 0.26 $ 0.40 |
Guarantee of Securities of Subs
Guarantee of Securities of Subsidiaries | 12 Months Ended |
Dec. 31, 2017 | |
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 had no significant restrictions on their ability to pay distributions or make loans to the Partnership except as noted in the debt covenants and had no restricted assets at December 31, 2017 and 2016 . Note 10 contains additional information regarding the Partnership's debt and related covenants. Condensed Consolidating Balance Sheets as of December 31, 2017 (Millions) Assets Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Cash and cash equivalents $ 0.3 $ 4.6 $ 12.7 $ — $ 17.6 Receivables — — 133.4 — 133.4 Receivables - affiliate — — 7.0 (7.0 ) — Gas and liquids stored underground — — 6.5 — 6.5 Prepayments 0.1 — 17.8 — 17.9 Advances to affiliates — — 2.3 (2.3 ) — Other current assets — — 7.0 (1.8 ) 5.2 Total current assets 0.4 4.6 186.7 (11.1 ) 180.6 Investment in consolidated subsidiaries 2,672.3 6,676.7 — (9,349.0 ) — Property, plant and equipment, gross 0.6 — 10,883.0 — 10,883.6 Less–accumulated depreciation and amortization 0.6 — 2,620.5 — 2,621.1 Property, plant and equipment, net — — 8,262.5 — 8,262.5 Advances to affiliates – noncurrent 2,070.1 923.7 376.5 (3,370.3 ) — Other noncurrent assets — 3.3 460.5 (0.3 ) 463.5 Total other assets 2,070.1 927.0 837.0 (3,370.6 ) 463.5 Total Assets $ 4,742.8 $ 7,608.3 $ 9,286.2 $ (12,730.7 ) $ 8,906.6 Liabilities and Partners' Capital Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Payables $ 0.5 $ 0.1 $ 87.3 $ — $ 87.9 Payable to affiliates 1.5 — 7.0 (7.0 ) 1.5 Advances from affiliates — 2.3 — (2.3 ) — Other current liabilities — 25.2 167.9 (2.1 ) 191.0 Total current liabilities 2.0 27.6 262.2 (11.4 ) 280.4 Long-term debt and capital lease obligation — 2,461.8 1,225.0 — 3,686.8 Payable to affiliate - noncurrent 16.0 — — — 16.0 Advances from affiliates - noncurrent — 2,446.6 923.7 (3,370.3 ) — Other noncurrent liabilities — — 198.6 — 198.6 Total other liabilities and deferred credits 16.0 2,446.6 1,122.3 (3,370.3 ) 214.6 Total partners’ capital 4,724.8 2,672.3 6,676.7 (9,349.0 ) 4,724.8 Total Liabilities and Partners' Capital $ 4,742.8 $ 7,608.3 $ 9,286.2 $ (12,730.7 ) $ 8,906.6 Condensed Consolidating Balance Sheets as of December 31, 2016 (Millions) Assets Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Cash and cash equivalents $ 0.6 $ 1.8 $ 2.2 $ — $ 4.6 Receivables — — 139.8 — 139.8 Receivables - affiliate — — 7.0 (7.0 ) — Gas and liquids stored underground — — 1.3 — 1.3 Prepayments 0.4 — 17.3 — 17.7 Advances to affiliates — 72.9 102.7 (175.6 ) — Other current assets — — 13.9 (3.1 ) 10.8 Total current assets 1.0 74.7 284.2 (185.7 ) 174.2 Investment in consolidated subsidiaries 2,423.2 6,653.6 — (9,076.8 ) — Property, plant and equipment, gross 0.6 — 10,326.7 — 10,327.3 Less–accumulated depreciation and amortization 0.6 — 2,333.2 — 2,333.8 Property, plant and equipment, net — — 7,993.5 — 7,993.5 Advances to affiliates – noncurrent 2,125.0 435.0 229.3 (2,789.3 ) — Other noncurrent assets — 3.3 466.8 — 470.1 Total other assets 2,125.0 438.3 696.1 (2,789.3 ) 470.1 Total Assets $ 4,549.2 $ 7,166.6 $ 8,973.8 $ (12,051.8 ) $ 8,637.8 Liabilities and Partners' Capital Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Payables $ 0.9 $ 0.2 $ 136.4 $ — $ 137.5 Payable to affiliates 1.4 — 7.0 (7.0 ) 1.4 Advances from affiliates — 102.7 72.9 (175.6 ) — Other current liabilities — 21.8 175.3 (3.1 ) 194.0 Total current liabilities 2.3 124.7 391.6 (185.7 ) 332.9 Long-term debt and capital lease obligation — 2,264.4 1,293.6 — 3,558.0 Payable to affiliate - noncurrent 16.0 — — — 16.0 Advances from affiliates - noncurrent — 2,354.3 435.0 (2,789.3 ) — Other noncurrent liabilities — — 200.0 — 200.0 Total other liabilities and deferred credits 16.0 2,354.3 635.0 (2,789.3 ) 216.0 Total partners’ capital 4,530.9 2,423.2 6,653.6 (9,076.8 ) 4,530.9 Total Liabilities and Partners' Capital $ 4,549.2 $ 7,166.6 $ 8,973.8 $ (12,051.8 ) $ 8,637.8 Condensed Consolidating Statements of Income for the Year Ended December 31, 2017 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 1,269.0 $ (88.3 ) $ 1,180.7 Parking and lending — — 20.5 (0.3 ) 20.2 Storage — — 81.5 — 81.5 Other — — 40.2 — 40.2 Total operating revenues — — 1,411.2 (88.6 ) 1,322.6 Operating Costs and Expenses: Fuel and transportation — — 143.4 (88.6 ) 54.8 Operation and maintenance — — 204.2 — 204.2 Administrative and general (0.3 ) — 126.8 — 126.5 Other operating costs and expenses 0.6 — 470.0 — 470.6 Total operating costs and expenses 0.3 — 944.4 (88.6 ) 856.1 Operating (loss) income (0.3 ) — 466.8 — 466.5 Other Deductions (Income): Interest expense — 129.6 41.4 — 171.0 Interest (income) expense-affiliates, net (47.3 ) 39.9 7.4 — — Interest income — (0.2 ) (0.2 ) — (0.4 ) Equity in earnings of subsidiaries (250.0 ) (419.3 ) — 669.3 — Miscellaneous other income, net — — (2.1 ) — (2.1 ) Total other (income) deductions (297.3 ) (250.0 ) 46.5 669.3 168.5 Income (loss) before income taxes 297.0 250.0 420.3 (669.3 ) 298.0 Income taxes — — 1.0 — 1.0 Net income (loss) $ 297.0 $ 250.0 $ 419.3 $ (669.3 ) $ 297.0 Condensed Consolidating Statements of Income for the Year Ended December 31, 2016 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 1,230.2 $ (87.8 ) $ 1,142.4 Parking and lending — — 20.1 (1.9 ) 18.2 Storage — — 91.4 — 91.4 Other — — 55.2 — 55.2 Total operating revenues — — 1,396.9 (89.7 ) 1,307.2 Operating Costs and Expenses: Fuel and transportation — — 160.5 (89.7 ) 70.8 Operation and maintenance — — 199.9 — 199.9 Administrative and general 0.5 — 141.7 — 142.2 Other operating costs and expenses 0.4 — 416.4 — 416.8 Total operating costs and expenses 0.9 — 918.5 (89.7 ) 829.7 Operating (loss) income (0.9 ) — 478.4 — 477.5 Other Deductions (Income): Interest expense — 123.8 59.0 — 182.8 Interest (income) expense - affiliates, net (37.8 ) 44.4 (6.6 ) — — Interest income — (0.1 ) (0.3 ) — (0.4 ) Equity in earnings of subsidiaries (265.5 ) (433.6 ) — 699.1 — Miscellaneous other expense (income), net 0.2 — (7.9 ) — (7.7 ) Total other (income) deductions (303.1 ) (265.5 ) 44.2 699.1 174.7 Income (loss) before income taxes 302.2 265.5 434.2 (699.1 ) 302.8 Income taxes — — 0.6 — 0.6 Net income (loss) $ 302.2 $ 265.5 $ 433.6 $ (699.1 ) $ 302.2 Condensed Consolidating Statements of Income for the Year Ended December 31, 2015 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 1,178.5 $ (87.4 ) $ 1,091.1 Parking and lending — — 11.6 (0.2 ) 11.4 Storage — — 81.3 — 81.3 Other — — 65.4 — 65.4 Total operating revenues — — 1,336.8 (87.6 ) 1,249.2 Operating Costs and Expenses: Fuel and transportation — — 186.9 (87.6 ) 99.3 Operation and maintenance — — 209.5 — 209.5 Administrative and general — — 130.4 — 130.4 Other operating costs and expenses 0.3 — 413.9 — 414.2 Total operating costs and expenses 0.3 — 940.7 (87.6 ) 853.4 Operating (loss) income (0.3 ) — 396.1 — 395.8 Other Deductions (Income): Interest expense — 104.0 72.4 — 176.4 Interest (income) expense - affiliates, net (28.8 ) 38.2 (9.4 ) — — Interest income — — (0.4 ) — (0.4 ) Equity in earnings of subsidiaries (193.5 ) (335.7 ) — 529.2 — Miscellaneous other income, net — — (2.7 ) — (2.7 ) Total other (income) deductions (222.3 ) (193.5 ) 59.9 529.2 173.3 Income (loss) before income taxes 222.0 193.5 336.2 (529.2 ) 222.5 Income taxes — — 0.5 — 0.5 Net income (loss) $ 222.0 $ 193.5 $ 335.7 $ (529.2 ) $ 222.0 Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2017 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 297.0 $ 250.0 $ 419.3 $ (669.3 ) $ 297.0 Other comprehensive income (loss): Loss on cash flow hedge (1.5 ) (1.5 ) — 1.5 (1.5 ) Reclassification adjustment transferred to Net income from cash flow hedges 2.5 2.5 0.7 (3.2 ) 2.5 Pension and other postretirement benefit costs (1.9 ) (1.9 ) (1.9 ) 3.8 (1.9 ) Total Comprehensive Income (Loss) $ 296.1 $ 249.1 $ 418.1 $ (667.2 ) $ 296.1 Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2016 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 302.2 $ 265.5 $ 433.6 $ (699.1 ) $ 302.2 Other comprehensive income (loss): Reclassification adjustment transferred to Net income from cash flow hedges 2.4 2.4 0.7 (3.1 ) 2.4 Pension and other postretirement benefit costs 1.8 1.8 1.8 (3.6 ) 1.8 Total Comprehensive Income (Loss) $ 306.4 $ 269.7 $ 436.1 $ (705.8 ) $ 306.4 Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2015 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 222.0 $ 193.5 $ 335.7 $ (529.2 ) $ 222.0 Other comprehensive income (loss): Reclassification adjustment transferred to Net Income from cash flow hedges 2.4 2.4 0.7 (3.1 ) 2.4 Pension and other postretirement benefit costs (13.9 ) (13.9 ) (13.9 ) 27.8 (13.9 ) Total Comprehensive Income (Loss) $ 210.5 $ 182.0 $ 322.5 $ (504.5 ) $ 210.5 Condensed Consolidating Statements of Cash Flow for the Year Ended December 31, 2017 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net cash provided by (used in) operating activities $ 46.9 $ (161.5 ) $ 751.6 $ — $ 637.0 INVESTING ACTIVITIES: Capital expenditures — — (708.4 ) — (708.4 ) Proceeds from sale of operating assets — — 63.8 — 63.8 Advances to affiliates, net 54.9 (434.4 ) (460.4 ) 839.9 — Net cash provided by (used in) investing activities 54.9 (434.4 ) (1,105.0 ) 839.9 (644.6 ) FINANCING ACTIVITIES: Proceeds from long-term debt, net of — 494.0 — — 494.0 Repayment of borrowings from long-term — (300.0 ) (275.0 ) — (575.0 ) Proceeds from borrowings on revolving credit agreement — — 765.0 — 765.0 Repayment of borrowings on revolving credit agreement, including financing fees — (0.8 ) (560.0 ) — (560.8 ) Principal payment of capital lease obligation — — (0.5 ) — (0.5 ) Advances from affiliates, net 0.1 405.5 434.4 (839.9 ) 0.1 Distributions paid (102.2 ) — — — (102.2 ) Net cash (used in) provided by financing activities (102.1 ) 598.7 363.9 (839.9 ) 20.6 (Decrease) increase in cash and cash equivalents (0.3 ) 2.8 10.5 — 13.0 Cash and cash equivalents at beginning of period 0.6 1.8 2.2 — 4.6 Cash and cash equivalents at end of period $ 0.3 $ 4.6 $ 12.7 $ — $ 17.6 Condensed Consolidating Statements of Cash Flow for the Year Ended December 31, 2016 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net cash provided by (used in) operating activities $ 37.3 $ (161.9 ) $ 725.4 $ — $ 600.8 INVESTING ACTIVITIES: Capital expenditures — — (590.4 ) — (590.4 ) Proceeds from sale of operating assets — — 0.2 — 0.2 Advances to affiliates, net 65.2 (20.6 ) 39.1 (83.7 ) — Net cash provided by (used in) investing activities 65.2 (20.6 ) (551.1 ) (83.7 ) (590.2 ) FINANCING ACTIVITIES: Proceeds from long-term debt, net of issuance cost — 539.1 — — 539.1 Repayment of borrowings from long-term debt — (250.0 ) — — (250.0 ) Proceeds from borrowings on revolving credit agreement — — 490.0 — 490.0 Repayment of borrowings on revolving credit agreement, including financing fees — (0.8 ) (685.0 ) — (685.8 ) Principal payment of capital lease obligation — — (0.5 ) — (0.5 ) Advances from affiliates, net 0.3 (104.3 ) 20.6 83.7 0.3 Distributions paid (102.2 ) — — — (102.2 ) Net cash (used in) provided by financing activities (101.9 ) 184.0 (174.9 ) 83.7 (9.1 ) Increase (decrease) in cash and cash equivalents 0.6 1.5 (0.6 ) — 1.5 Cash and cash equivalents at beginning of period — 0.3 2.8 — 3.1 Cash and cash equivalents at end of period $ 0.6 $ 1.8 $ 2.2 $ — $ 4.6 Condensed Consolidating Statements of Cash Flow for the Year Ended December 31, 2015 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net cash provided by (used in) operating activities $ 27.9 $ (136.3 ) $ 684.8 $ — $ 576.4 INVESTING ACTIVITIES: Capital expenditures (1.0 ) — (373.5 ) — (374.5 ) Proceeds from sale of operating assets — — 0.8 — 0.8 Proceeds from other recoveries — — 6.2 — 6.2 Advances to affiliates, net (41.9 ) (269.0 ) (118.4 ) 429.3 — Net cash (used in) provided by investing activities (42.9 ) (269.0 ) (484.9 ) 429.3 (367.5 ) FINANCING ACTIVITIES: Proceeds from long-term debt, net of — 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 — — 1,125.0 — 1,125.0 Repayment of borrowings on revolving credit agreement, including financing fees — (3.6 ) (870.0 ) — (873.6 ) Principal payment of capital lease obligation — — (0.4 ) — (0.4 ) Advances from affiliates, net 0.6 160.3 269.0 (429.3 ) 0.6 Distributions paid (101.5 ) — — — (101.5 ) 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 14.5 403.8 (201.4 ) (429.3 ) (212.4 ) Decrease in cash and cash equivalents (0.5 ) (1.5 ) (1.5 ) — (3.5 ) Cash and cash equivalents at beginning of period 0.5 1.8 4.3 — 6.6 Cash and cash equivalents at end of period $ — $ 0.3 $ 2.8 $ — $ 3.1 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements of the Partnership were prepared in accordance with accounting principles generally accepted in the United States of America (U.S.) (GAAP). |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the Partnership’s accounts and those of its wholly-owned subsidiaries after elimination of intercompany transactions. |
Use of Estimates | Use of Estimates |
Segment Information | Segment Information The Partnership operates in one |
Regulatory Accounting | Regulatory Accounting Most of the Partnership's natural gas pipeline subsidiaries are regulated by the Federal Energy Regulatory Commission (FERC). When certain criteria are met, GAAP requires that certain rate-regulated entities account for and report assets and liabilities consistent with the economic effect of the manner in which independent third-party regulators establish rates (regulatory accounting). This basis of accounting is applicable to operations of the Partnership’s Texas Gas subsidiary, which records certain costs and benefits as regulatory assets and liabilities in order to provide for recovery from or refund to customers in future periods, but is not applicable to operations associated with the Fayetteville and Greenville Laterals due to rates charged under negotiated rate agreements and a portion of the storage capacity due to the regulatory treatment associated with the rates charged for that capacity. Effective April 1, 2016, the Partnership's Gulf South subsidiary implemented a fuel tracker as a result of a rate case settlement. The Partnership applies regulatory accounting for the fuel tracker, under which the value of fuel received from customers paying the maximum tariff rate and the related value of fuel used in transportation are 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. Other than as described for Texas Gas and Gulf South, regulatory accounting is not applicable to the Partnership’s other FERC-regulated operations. The Partnership monitors the regulatory and competitive environment in which it operates to determine whether its regulatory assets continue to be probable of recovery. If the Partnership were to determine that all or a portion of its regulatory assets no longer met the criteria for recognition as regulatory assets, that portion which was not recoverable would be written off, net of any regulatory liabilities. Note 9 contains more information regarding the Partnership’s regulatory assets and liabilities. |
Fair Value Measurements | Fair Value Measurements Fair value refers to an exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal market in which the reporting entity transacts based on the assumptions market participants would use when pricing the asset or liability assuming its highest and best use. A fair value hierarchy has been established that prioritizes the information used to develop those assumptions giving priority, from highest to lowest, to quoted prices in active markets for identical assets and liabilities (Level 1); observable inputs not included in Level 1, for example, quoted prices for similar assets and liabilities (Level 2); and unobservable data (Level 3), for example, a reporting entity’s own internal data based on the best information available in the circumstances. The Partnership uses fair value measurements to account for asset retirement obligations (ARO) and any impairment charges. Fair value measurements are also used to perform goodwill impairment testing and report fair values for certain items contained in this Report. The Partnership considers any transfers between levels within the fair value hierarchy to have occurred at the beginning of a quarterly reporting period. The Partnership did not recognize any transfers between Level 1 and Level 2 of the fair value hierarchy and did not change its valuation techniques or inputs during the year ended December 31, 2017 . Notes 5 and 11 contain more information regarding fair value measurements. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are highly liquid investments with an original maturity of three months or less and are stated at cost plus accrued interest, which approximates fair value. The Partnership had no restricted cash at December 31, 2017 and 2016 |
Cash Management | Cash Management |
Trade and Other Receivables | Trade and Other Receivables |
Gas Stored Underground and Gas Receivables and Payables | Gas Stored Underground and Gas Receivables and Payables Certain of the Partnership's operating subsidiaries have underground gas in storage which is utilized for system management and operational balancing, as well as for services including firm and interruptible storage associated with certain no-notice (NNS) and parking and lending (PAL) services. Gas stored underground includes the historical cost of natural gas volumes owned by the operating subsidiaries, at times reduced by certain operational encroachments upon that gas. Current gas stored underground represents net retained fuel remaining after providing transportation and storage services which is available for resale and is valued at the lower of weighted-average cost or market. The operating subsidiaries provide storage services whereby they store natural gas or NGLs on behalf of customers and also periodically hold customer gas under PAL services. Since the customers retain title to the gas held by the Partnership in providing these services, the Partnership does not record the related gas on its balance sheet. Certain of the Partnership's operating subsidiaries also periodically lend gas and NGLs to customers. In the course of providing transportation and storage services to customers, the operating subsidiaries may receive different quantities of gas from shippers and operators than the quantities delivered on behalf of those shippers and operators. This results in transportation and exchange gas receivables and payables, commonly known as imbalances, which are primarily settled in cash or the receipt or delivery of gas in the future. Settlement of imbalances requires agreement between the pipelines and shippers or operators as to allocations of volumes to specific transportation contracts and timing of delivery of gas based on operational conditions. The receivables and payables are valued at market price for operations where regulatory accounting is not applicable and are valued at the historical value of gas in storage for operations where regulatory accounting is applicable. |
Materials and Supplies | Materials and Supplies Materials and supplies are carried at average cost and are included in Other Assets on the Consolidated Balance Sheets. The Partnership expects its materials and supplies to be used for projects related to its property, plant and equipment (PPE) and for future growth projects. At December 31, 2017 and 2016 , the Partnership held approximately $20.1 million and $19.2 million |
Property, Plant and Equipment and Repair and Maintenance Costs | Property, Plant and Equipment and Repair and Maintenance Costs PPE is recorded at its original cost of construction or fair value of assets purchased. Construction costs and expenditures for major renewals and improvements which extend the lives of the respective assets are capitalized. Construction work in progress is included in the financial statements as a component of PPE. Repair and maintenance costs are expensed as incurred. Depreciation of PPE related to operations for which regulatory accounting does not apply is provided for using the straight-line method of depreciation over the estimated useful lives of the assets, which range from 3 to 35 years. The ordinary sale or retirement of PPE for these assets could result in a gain or loss. Depreciation of PPE related to operations for which regulatory accounting is applicable is provided for primarily on the straight-line method at FERC-prescribed rates over estimated useful lives of 5 to 62 years. Reflecting the application of composite depreciation, gains and losses from the ordinary sale or retirement of PPE for these assets are not recognized in earnings and generally do not impact PPE, net. Note 6 contains more information regarding the Partnership’s PPE. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of the net identifiable assets acquired and liabilities assumed. Goodwill is tested for impairment at the reporting unit level at least annually, as of November 30, or more frequently when events occur and circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. To test goodwill, a quantitative analysis is performed under a two-step impairment test to measure whether the fair value of the reporting unit is less than its carrying amount. If based upon a quantitative analysis the fair value of the reporting unit is less than its carrying amount, including goodwill, the Partnership performs an analysis of the fair value of all the assets and liabilities of the reporting unit. If the implied fair value of the reporting unit's goodwill is determined to be less than its carrying amount, an impairment loss is recognized for the difference. Intangible assets are those assets which provide future economic benefit but have no physical substance. The Partnership recorded intangible assets for customer relationships obtained through its acquisitions. The customer relationships, which are included in Other Assets on the Consolidated Balance Sheets, have a finite life and are being amortized over their estimated useful lives. Note 7 |
Impairment of Long-Lived Assets (including Tangible and Definite-lived Intangible Assets) | Impairment of Long-lived Assets (including Tangible and Definite-lived Intangible Assets) |
Capitalized Interest and Allowance for Funds Used During Construction (AFUDC) | Capitalized Interest and Allowance for Funds Used During Construction (AFUDC) The Partnership records capitalized interest, which represents the cost of borrowed funds used to finance construction activities for operations where regulatory accounting is not applicable. The Partnership records AFUDC, which represents the cost of funds, including equity funds, applicable to regulated natural gas transmission plant under construction as permitted by FERC regulatory practices, in connection with the Partnership’s operations where regulatory accounting is applicable. Capitalized interest and the allowance for borrowed funds used during construction are recognized as a reduction to Interest expense and the allowance for equity funds used during construction is included in Miscellaneous other income, net within the Consolidated Statements of Income. The following table summarizes capitalized interest and the allowance for borrowed funds and allowance for equity funds used during construction (in millions): For the Year Ended 2017 2016 2015 Capitalized interest and allowance for borrowed funds used during construction $ 19.2 $ 7.4 $ 3.4 Allowance for equity funds used during construction 1.9 7.9 2.7 |
Income Taxes | Income Taxes The Partnership is not a taxable entity for federal income tax purposes. As such, it does not directly pay federal income tax. The Partnership’s taxable income or loss, which may vary substantially from the net income or loss reported in the Consolidated Statements of Income, is includable in the federal income tax returns of each partner. The aggregate difference in the basis of the Partnership’s net assets for financial and income tax purposes cannot be readily determined as the Partnership does not have access to the information about each partner’s tax attributes related to the Partnership. The subsidiaries of the Partnership directly incur some income-based state taxes which are presented in Income taxes on the Consolidated Statements of Income. Note 13 |
Revenue Recognition | Revenue Recognition The maximum rates that may be charged by the majority of the Partnership's operating subsidiaries for their services are established through the FERC’s cost-based rate-making process; however, rates actually charged by those operating subsidiaries may be less than those allowed by the FERC. Revenues from transportation and storage services are recognized in the period the service is provided based on contractual terms and the related volumes transported or stored. In connection with some PAL and interruptible storage service agreements, cash is received at the inception of the service period resulting in the recording of deferred revenues which are recognized in revenues over the period the services are provided. At December 31, 2017 and 2016 , the Partnership had deferred revenues of $1.8 million and $8.4 million , which are expected to be recognized through 2018. Retained fuel is recognized in revenues at market prices in the month of retention for operations where regulatory accounting is not applicable. The related fuel consumed in providing transportation services is recorded in Fuel and transportation expenses at market prices in the month consumed. In some cases, customers may elect to pay cash for the cost of fuel used in providing transportation services instead of having fuel retained in-kind. Retained fuel included in Transportation on the Consolidated Statements of Income for the years ended December 31, 2017 , 2016 and 2015 , was $28.0 million , $29.1 million and $53.2 million . As discussed under the Regulatory Accounting policy, Gulf South implemented a fuel tracker effective April 1, 2016, for customers paying the maximum tariff rate. 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 consumed was reflected in operating expenses. The Partnership has contractual retainage provisions in some of its ethylene storage contracts that provide for the Partnership to retain ownership of 0.5% of customer inventory volumes injected into storage wells. The Partnership may sell the retainage volumes if commercially marketable volumes are on hand. The Partnership recognizes revenue for ethylene retainage volumes upon the physical sale of such volumes. Under FERC regulations, certain revenues that the operating subsidiaries collect may be subject to possible refunds to customers. Accordingly, during a rate case, estimated refund liabilities are recorded considering regulatory proceedings, advice of counsel and estimated risk-adjusted total exposure, as well as other factors. At December 31, 2017 and 2016, the Partnership did not have a refund liability for any open rate case recorded on the Consolidated Balance Sheets. |
Asset Retirement Obligations | Asset Retirement Obligations The accounting requirements for existing legal obligations associated with the future retirement of long-lived assets require entities to record the fair value of a liability for an ARO in the period during which the liability is incurred. The liability is initially recognized at fair value and is increased with the passage of time as accretion expense is recorded, until the liability is ultimately settled. The accretion expense is included within Operation and maintenance costs within the Consolidated Statements of Income. An amount corresponding to the amount of the initial liability is capitalized as part of the carrying amount of the related long-lived asset and depreciated over the useful life of that asset. Note 8 |
Environmental Liabilities | Environmental Liabilities The Partnership records environmental liabilities based on management’s estimates of the undiscounted future obligation for probable costs associated with environmental assessment and remediation of operating sites. These estimates are based on evaluations and discussions with counsel and operating personnel and the current facts and circumstances related to these environmental matters. Note 4 contains more information regarding the Partnership’s environmental liabilities. |
Defined Benefit Plans | Defined Benefit Plans The Partnership maintains postretirement benefit plans for certain employees. The Partnership funds these plans through periodic contributions which are invested until the benefits are paid out to the participants, and records an asset or liability based on the overfunded or underfunded status of the plan. The net benefit costs of the plans are recorded in the Consolidated Statements of Income. Any deferred amounts related to unrecognized gains and losses or changes in actuarial assumptions are recorded as either a regulatory asset or liability or recorded as a component of accumulated other comprehensive income (AOCI) until those gains or losses are recognized in the Consolidated Statements of Income. Note 11 |
Unit-Based and Other Long-Term Compensation | Unit-Based and Other Long-Term Compensation The Partnership provides awards of phantom common units (Phantom Common Units) to certain employees under its Long-Term Incentive Plan (LTIP). The Partnership also provides to certain employees awards of long-term cash bonuses (Long-Term Cash Bonuses) under the Boardwalk Pipeline Partners Unit Appreciation Rights (UAR) and Cash Bonus Plan. The Partnership measures the cost of an award issued in exchange for employee services based on the grant-date fair value of the award, or the stated amount in the case of the Long-Term Cash Bonuses and amounts under retention payment agreements. All outstanding awards are required to be settled in cash and are classified as a liability until settlement. Unit-based compensation awards are remeasured each reporting period until the final amount of awards is determined. The related compensation expense, less an estimate of forfeitures, is recognized over the period that employees are required to provide services in exchange for the awards, usually the vesting period. Note 11 |
Partner Capital Accounts | Partner Capital Accounts |
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), (ASC 606) 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. ASC 606 also requires disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. The Partnership implemented ASC 606 effective January 1, 2018, applying ASC 606 to customer contracts which were not completed as of the effective date, on a modified retrospective basis, and recognized a cumulative reduction to partners' capital of $12.8 million . The adjustment to partners' capital as of January 1, 2018, resulted from two items: (i) contracts which had changes to the rates during the service period that were charged to the customer without corresponding changes in service levels that were being provided by the Partnership, and (ii) the de-recognition of gas stored underground available for sale from customers who elected to have fuel retained in-kind because under ASC 606, retained fuel is not considered additional consideration included in the transaction price. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842) |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Capitalized Interest and Allowance for Borrowed Funds | The following table summarizes capitalized interest and the allowance for borrowed funds and allowance for equity funds used during construction (in millions): For the Year Ended 2017 2016 2015 Capitalized interest and allowance for borrowed funds used during construction $ 19.2 $ 7.4 $ 3.4 Allowance for equity funds used during construction 1.9 7.9 2.7 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases of Lessee | The following table summarizes minimum future commitments related to these items at December 31, 2017 (in millions): 2018 $ 4.3 2019 4.3 2020 4.2 2021 4.0 2022 4.0 Thereafter 5.6 Total $ 26.4 |
Pipeline Capacity Agreements | The future commitments related to pipeline capacity agreements as of December 31, 2017 , were (in millions): 2018 $ 6.3 2019 5.5 2020 2.9 2021 1.7 2022 1.3 Thereafter — Total $ 17.7 |
Other Comprehensive Income an29
Other Comprehensive Income and Fair Value Measurements Accumulated Other Comprehensive Income (Loss) Net of Tax (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 Accumulated other comprehensive loss which is included in Partners' Capital for the years ended December 31, 2015 through 2017 (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) 2.4 — 2.4 Pension and other postretirement benefit costs — (13.9 ) (13.9 ) Ending balance, December 31, 2015 $ (8.4 ) $ (75.9 ) $ (84.3 ) Reclassifications: Interest expense (1) 2.4 — 2.4 Pension and other postretirement benefit costs — 1.8 1.8 Ending balance, December 31, 2016 $ (6.0 ) $ (74.1 ) $ (80.1 ) Loss recorded in AOCI (1.5 ) — (1.5 ) Reclassifications: Interest expense (1) 2.5 — 2.5 Pension and other postretirement benefit costs — (1.9 ) (1.9 ) Ending balance, December 31, 2017 $ (5.0 ) $ (76.0 ) $ (81.0 ) (1) |
Other Comprehensive Income an30
Other Comprehensive Income and Fair Value Measurements Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The carrying amounts and estimated fair values of the Partnership's financial assets and liabilities which were not recorded at fair value on the Consolidated Balance Sheets as of December 31, 2017 and 2016 , were as follows (in millions): As of December 31, 2017 Estimated Fair Value Financial Assets Carrying Amount Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 17.6 $ 17.6 $ — $ — $ 17.6 Financial Liabilities Long-term debt $ 3,687.5 (1) $ — $ 3,889.4 $ — $ 3,889.4 (1) The carrying amount of long-term debt excludes an $8.1 million long-term capital lease obligation and $8.8 million of unamortized debt issuance costs. As of December 31, 2016 Estimated Fair Value Financial Assets Carrying Amount Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 4.6 $ 4.6 $ — $ — $ 4.6 Financial Liabilities Long-term debt $ 3,558.9 (1) $ — $ 3,709.2 $ — $ 3,709.2 (1) The carrying amount of long-term debt excludes an $8.6 million long-term capital lease obligation and $9.5 million |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The following table presents the Partnership’s PPE as of December 31, 2017 and 2016 (in millions): Category 2017 Weighted-Average Useful Lives (Years) 2016 Weighted-Average Useful Lives (Years) Depreciable plant: Transmission $ 9,115.4 38 $ 8,337.1 38 Storage 776.7 38 779.2 38 Gathering 109.2 23 385.2 28 General 196.7 13 194.2 13 Rights of way and other 127.6 36 125.7 36 Total utility depreciable plant 10,325.6 37 9,821.4 37 Non-depreciable: Construction work in progress 416.5 368.5 Storage 105.5 105.5 Land 36.0 31.9 Total non-depreciable assets 558.0 505.9 Total PPE 10,883.6 10,327.3 Less: accumulated depreciation 2,621.1 2,333.8 Total PPE, net $ 8,262.5 $ 7,993.5 |
Gross PPE Investments and Related Accumulated Depreciation | The following table presents the gross PPE investment and related accumulated depreciation for the Partnership’s undivided interests as of December 31, 2017 and 2016 (in millions): 2017 2016 Gross PPE Investment Accumulated Depreciation Gross PPE Investment Accumulated Depreciation Bistineau storage $ 75.5 $ 24.0 $ 73.6 $ 21.8 Mobile Bay Pipeline 13.2 5.8 13.3 5.4 NGL pipelines and facilities 34.8 5.2 34.8 4.2 Offshore and other assets 16.2 12.7 15.1 11.8 Total $ 139.7 $ 47.7 $ 136.8 $ 43.2 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table contains information regarding the Partnership's intangible assets, which includes customer relationships acquired as part of its acquisitions (in millions): December 31, 2017 2016 Gross carrying amount $ 59.4 $ 59.4 Accumulated amortization (9.5 ) (7.5 ) Net carrying amount $ 49.9 $ 51.9 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Amortization expense for the next five years and in total thereafter as of December 31, 2017 , is expected to be as follows (in millions): 2018 $ 2.0 2019 2.0 2020 1.9 2021 1.9 2022 1.9 Thereafter 40.2 Total $ 49.9 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | The following table summarizes the aggregate carrying amount of the Partnership’s ARO as of December 31, 2017 and 2016 (in millions): 2017 2016 Balance at beginning of year $ 51.9 $ 52.6 Liabilities recorded 5.3 3.3 Liabilities settled (3.7 ) (5.7 ) Accretion expense 1.6 1.7 Balance at end of year 55.1 51.9 Less: Current portion of ARO (9.1 ) (7.2 ) Long-term ARO $ 46.0 $ 44.7 |
Regulatory Assets and Liabili34
Regulatory Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Schedule of Regulatory Assets | The amounts recorded as regulatory assets and liabilities in the Consolidated Balance Sheets as of December 31, 2017 and 2016 , are summarized in the table below. The table also includes amounts related to unamortized debt expense and unamortized discount on long-term debt, while not regulatory assets and liabilities, are a critical component of the embedded cost of debt financing utilized in Texas Gas' rate proceedings. The tax effect of the equity component of AFUDC represents amounts recoverable from rate payers for the tax recorded in regulatory accounting. Certain amounts in the table are reflected as a negative, or a reduction, to be consistent with the regulatory books of account. The period of recovery for the regulatory assets included in rates varies from one to eighteen years. The remaining period of recovery for regulatory assets not yet included in rates would be determined in future rate proceedings. None of the regulatory assets shown below were earning a return as of December 31, 2017 and 2016 (in millions): 2017 2016 Regulatory Assets: Pension $ 10.6 $ 10.6 Tax effect of AFUDC equity 2.3 2.7 Total regulatory assets $ 12.9 $ 13.3 |
Schedule of Regulatory Liabilities | Regulatory Liabilities: Cashout and fuel tracker $ 0.4 $ 10.1 Provision for other asset retirement 65.8 63.7 Unamortized debt expense and premium on reacquired debt (5.6 ) (6.8 ) Unamortized discount on long-term debt (0.8 ) (1.0 ) Postretirement benefits other than pension 48.9 45.9 Total regulatory liabilities $ 108.7 $ 111.9 |
Financing (Tables)
Financing (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table presents all long-term debt issues outstanding as of December 31, 2017 and 2016 (in millions): 2017 2016 Notes and Debentures: Boardwalk Pipelines 5.50% Notes due 2017 (Boardwalk Pipelines 2017 Notes) $ — $ 300.0 5.20% Notes due 2018 185.0 185.0 5.75% Notes due 2019 350.0 350.0 3.375% Notes due 2023 300.0 300.0 4.95% Notes due 2024 600.0 600.0 5.95% Notes due 2026 550.0 550.0 4.45% Notes due 2027 500.0 — Gulf South 6.30% Notes due 2017 (Gulf South 2017 Notes) — 275.0 4.00% Notes due 2022 300.0 300.0 Texas Gas 4.50% Notes due 2021 440.0 440.0 7.25% Debentures due 2027 100.0 100.0 Total notes and debentures 3,325.0 3,400.0 Revolving Credit Facility: Gulf Crossing 285.0 180.0 Gulf South 100.0 — Total revolving credit facility 385.0 180.0 Capital lease obligation 8.1 8.6 3,718.1 3,588.6 Less: Unamortized debt discount (22.5 ) (21.1 ) Unamortized debt issuance costs (8.8 ) (9.5 ) Total Long-Term Debt and Capital Lease Obligation $ 3,686.8 $ 3,558.0 December 31, 2017 , 2016 and 2015 , the Partnership completed the following debt issuances (in millions, except interest rates): Date of Issuance Issuing Subsidiary Amount of Issuance Purchaser Discounts and Expenses Net Proceeds Interest Rate Maturity Date Interest Payable January 2017 Boardwalk Pipelines $ 500.0 $ 6.0 $ 494.0 (1) 4.45 % July 15, 2027 January 15 and July 15 May 2016 Boardwalk Pipelines $ 550.0 $ 10.9 $ 539.1 (2) 5.95 % June 1, 2026 June 1 and December 1 March 2015 Boardwalk Pipelines $ 250.0 $ 2.9 $ 247.1 (3) 4.95 % December 15, 2024 June 15 and December 15 (1) The net proceeds of this offering were used to retire the outstanding $275.0 million aggregate principal amount of the Gulf South 2017 Notes and to fund growth capital expenditures. (2) The net proceeds of this offering were used to retire the outstanding $250.0 million aggregate principal amount of the Boardwalk Pipelines 5.875% notes due 2016 and the outstanding $300.0 million aggregate principal amount of the Boardwalk Pipelines 2017 Notes at their maturity. (3) The net proceeds of this offering were used to retire a portion of the outstanding $250.0 million aggregate principal amount of the Texas Gas 4.60% notes due 2015. |
Schedule of Maturities of Long-term Debt | Maturities of the Partnership’s long-term debt for the next five years and in total thereafter are as follows (in millions): 2018 $ 185.0 2019 350.0 2020 — 2021 440.0 2022 685.0 Thereafter 2,050.0 Total long-term debt $ 3,710.0 The Partnership has included $185.0 million of debt which matures in less than one year as long-term debt on its Consolidated Balance Sheets as of December 31, 2017 . The Partnership has the intent and the ability to refinance the notes through the available borrowing capacity under its revolving credit facility as of December 31, 2017 |
Equity Issuance | For the year ended December 31, 2015 , the Partnership completed the following issuances and sales of common units under an equity distribution agreement (in millions, except the issuance price): Month of Offering Number of Common Units Issuance Price Less Underwriting Discounts and Expenses Net Proceeds (including General Partner Contribution) Common Units Outstanding After Offering Common Units Held by the Public After Offering February 2015 - April 2015 7.0 $ 16.19 (1) $ 1.1 $ 115.4 250.3 124.6 (1) The issuance price represents the average issuance price for the common units issued under an equity distribution agreement. |
Summary of Changes in Partnership Capital | The following table summarizes changes in the Partnership’s common units since January 1, 2015 (in millions): Common Units Balance, January 1, 2015 243.3 Common units issued under an equity distribution agreement 7.0 Balance, December 31, 2015, 2016 and 2017 250.3 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Projected Benefit Obligation, Fair Value of Assets, Funded Status and the Amounts Not Yet Recognized As Components of Net Periodic Pension and Postretirement Benefits Cost | Projected Benefit Obligation, Fair Value of Assets and Funded Status The projected benefit obligation, fair value of assets, funded status and the amounts not yet recognized as components of net periodic pension and postretirement benefits cost for the Retirement Plans and PBOP at December 31, 2017 and 2016 , were as follows (in millions): Retirement Plans PBOP For the Year Ended For the Year Ended 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 137.7 $ 143.8 $ 42.1 $ 48.4 Service cost 3.5 3.6 0.1 0.3 Interest cost 4.4 4.4 1.6 2.0 Plan participants’ contributions — — 1.0 1.0 Actuarial loss (gain) 5.0 1.6 0.2 (5.6 ) Benefits paid (0.4 ) (0.5 ) (3.6 ) (4.0 ) Settlement (9.5 ) (15.2 ) — — Benefit obligation at end of period $ 140.7 $ 137.7 $ 41.4 $ 42.1 Change in plan assets: Fair value of plan assets at beginning of period $ 115.7 $ 119.5 $ 85.9 $ 86.4 Actual return on plan assets 10.1 8.9 4.9 2.3 Benefits paid (0.4 ) (0.5 ) (3.7 ) (4.0 ) Settlement (9.5 ) (15.2 ) — — Company contributions 3.0 3.0 0.1 0.2 Plan participants’ contributions — — 1.0 1.0 Fair value of plan assets at end of period $ 118.9 $ 115.7 $ 88.2 $ 85.9 Funded status $ (21.8 ) $ (22.0 ) $ 46.8 $ 43.8 Items not recognized as components of net periodic cost: Net actuarial loss $ 23.7 $ 24.6 $ 3.8 $ 4.0 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | At December 31, 2017 and 2016 , the following aggregate information relates only to the underfunded plans (in millions): Retirement Plans For the Year Ended 2017 2016 Projected benefit obligation $ 140.7 $ 137.7 Accumulated benefit obligation 130.3 128.2 Fair value of plan assets 118.9 115.7 |
Schedule of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost Components of net periodic benefit cost for both the Retirement Plans and PBOP for the years ended December 31, 2017 , 2016 and 2015 , were as follows (in millions): Retirement Plans PBOP For the Year Ended For the Year Ended 2017 2016 2015 2017 2016 2015 Service cost $ 3.5 $ 3.6 $ 3.8 $ 0.1 $ 0.3 $ 0.3 Interest cost 4.4 4.4 4.9 1.6 2.0 2.0 Expected return on plan assets (7.8 ) (7.9 ) (9.1 ) (4.4 ) (4.6 ) (4.6 ) Amortization of prior service credit — — — — (0.9 ) (7.7 ) Amortization of unrecognized net loss 2.0 2.7 2.0 — — — Settlement charge 1.7 3.2 2.5 — — — Net periodic benefit cost $ 3.8 $ 6.0 $ 4.1 $ (2.7 ) $ (3.2 ) $ (10.0 ) |
Schedule of Expected Benefit Payments | Estimated Future Benefit Payments The following table shows benefit payments, which reflect expected future service, as appropriate, which are expected to be paid for both the Retirement Plans and PBOP (in millions): Retirement Plans PBOP 2018 $ 20.2 $ 2.7 2019 14.4 2.7 2020 13.8 2.7 2021 13.0 2.8 2022 14.0 2.6 2023-2027 61.1 12.2 |
Weighted-Average Assumptions Used to Determine Benefit Obligations | Weighted–Average Assumptions Weighted-average assumptions used to determine benefit obligations for the years ended December 31, 2017 and 2016 , were as follows: Retirement Plans PBOP For the Year Ended For the Year Ended 2017 2016 2017 2016 Pension SRP Pension SRP Discount rate 3.25 % 3.40 % 3.60 % 3.85 % 3.70 % 4.20 % Expected return on plan assets 7.25 % 7.25 % 7.25 % 7.25 % 5.30 % 5.30 % Rate of compensation increase 3.86 % 3.86 % 3.86 % 3.86 % — — |
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost | Weighted-average assumptions used to determine net periodic benefit cost for the periods indicated were as follows: Retirement Plans PBOP For the Year Ended For the Year Ended 2017 2016 2015 2017 2016 2015 Pension SRP Pension SRP Pension (2) SRP 3.35% Discount rate (1) 3.85 % (1) 4.00 % 3.60% 3.75 % 4.20 % 4.25 % 3.90 % Expected return on plan assets 7.25% 7.25 % 7.25% 7.25 % 7.50% 7.50 % 5.30 % 5.30 % 5.30 % Rate of compensation increase 3.86% 3.86 % 3.50% 3.50 % 3.50% 3.50 % — — — (1) Pension expense was remeasured quarterly in 2017 and 2016. The quarterly remeasurements for each quarter in 2017 and 2016 were as follows: Quarter 1: 3.45% and 3.45% ; Quarter 2: 3.30% and 3.00% ; Quarter 3: 3.20% and 2.85% ; and Quarter 4: 3.25% and 3.60% . |
Schedule of Effect of One-Percentage-Point Change in Assumed Trend Rates for Health Care Costs | PBOP Assumed Health Care Cost Trends Assumed health care cost trend rates have a significant effect on the amounts reported for PBOP. A one-percentage-point change in assumed trend rates for health care costs would have had the following effects on amounts reported for the year ended December 31, 2017 (in millions): Effect of 1% Increase: 2017 Benefit obligation at end of year $ 1.9 Total of service and interest costs for year 0.1 Effect of 1% Decrease: Benefit obligation at end of year $ (1.6 ) Total of service and interest costs for year (0.1 ) |
Fair Values of Pension Plan Assets By Asset Class Master Trust | The following table sets forth, by level within the fair value hierarchy, a summary of the Master Trust’s investments measured at fair value on a recurring basis at December 31, 2017 (in millions): Master Trust Assets Measured under Fair Value Hierarchy Measured at Net Asset Value Total Master Trust Assets Level 1 Level 2 Level 3 Total Equity securities $ 44.0 $ — $ — $ 44.0 $ — $ 44.0 Short-term investments 6.2 — — 6.2 — 6.2 Fixed income mutual funds 96.2 — — 96.2 — 96.2 Asset-backed securities — 1.5 — 1.5 — 1.5 Total assets measured at fair value 146.4 1.5 — 147.9 — 147.9 Total limited partnerships measured at net asset value — — — — 86.3 86.3 Total $ 146.4 $ 1.5 $ — $ 147.9 $ 86.3 $ 234.2 The following table sets forth, by level within the fair value hierarchy, a summary of the Master Trust’s investments measured at fair value on a recurring basis at December 31, 2016 (in millions): Master Trust Assets Measured under Fair Value Hierarchy Measured at Net Asset Value Total Master Trust Assets Level 1 Level 2 Level 3 Total Equity securities $ 40.6 $ — $ — $ 40.6 $ — $ 40.6 Short-term investments 6.7 — — 6.7 — 6.7 Fixed income mutual funds 93.1 — — 93.1 — 93.1 Asset-backed securities — 7.1 — 7.1 — 7.1 Total assets measured at fair 140.4 7.1 — 147.5 — 147.5 Total limited partnerships — — — — 82.5 82.5 Total $ 140.4 $ 7.1 $ — $ 147.5 $ 82.5 $ 230.0 |
Fair Values of Pension Plan Assets By Asset Class | The following table sets forth, by level within the fair value hierarchy, a summary of the PBOP trust investments measured at fair value on a recurring basis at December 31, 2017 (in millions): PBOP Trust Assets Level 1 Level 2 Level 3 Total Short-term investments $ 2.2 $ — $ — $ 2.2 Fixed income mutual funds 13.9 — — 13.9 Asset-backed securities — 11.5 — 11.5 Corporate bonds — 18.1 — 18.1 Tax exempt securities — 42.5 — 42.5 Total investments $ 16.1 $ 72.1 $ — $ 88.2 The following table sets forth, by level within the fair value hierarchy, a summary of the PBOP trust investments measured at fair value on a recurring basis at December 31, 2016 (in millions): PBOP Trust Assets Level 1 Level 2 Level 3 Total Short-term investments $ 3.2 $ — $ — $ 3.2 Fixed income mutual funds 4.9 — — 4.9 Asset-backed securities — 15.5 — 15.5 Corporate bonds — 18.6 — 18.6 Tax exempt securities — 43.7 — 43.7 Total investments $ 8.1 $ 77.8 $ — $ 85.9 |
Disclosure of Share Based Compensation Arrangements by Share Based Payment Award LTIP | A summary of the status of the Phantom Common Units granted under the Partnership’s LTIP as of December 31, 2017 and 2016 , and changes during the years ended December 31, 2017 and 2016 , is presented below: Phantom Common Units Total Fair Value (in millions) Weighted-Average Vesting Period (in years) Outstanding at January 1, 2016 (1) 645,968 $ 8.7 1.5 Granted 865,091 10.2 2.3 Paid (237,972 ) (4.1 ) — Forfeited (15,462 ) — — Outstanding at December 31, 2016 (1) 1,257,625 22.5 1.2 Granted 487,142 8.1 2.3 Paid (735,231 ) (11.2 ) — Forfeited (36,641 ) — — Outstanding at December 31, 2017 (1) 972,895 $ 13.1 1.0 (1) Represents fair value and remaining weighted-average vesting period of outstanding awards at the end of the period. |
Cash Distributions and Net In37
Cash Distributions and Net Income per Unit (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Partners' Capital Notes [Abstract] | |
Schedule of partnership quarterly distribution allocation | IDRs, which represent a limited partner ownership interest and are currently held by the Partnership’s general partner, represent the contractual right to receive an increasing percentage of quarterly distributions of available cash as follows: Total Quarterly Distributions Marginal Percentage Interest in Distributions Target Amount Limited Partner Unitholders General Partner and IDRs First Target Distribution up to $0.4025 98% 2% Second Target Distribution above $0.4025 up to $0.4375 85% 15% Third Target Distribution above $0.4375 up to $0.5250 75% 25% Thereafter above $0.5250 50% 50% |
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 year ended December 31, 2017 (in millions, except per unit data): Total Common Units General Partner and IDRs Net income $ 297.0 Declared distribution 102.2 $ 100.2 $ 2.0 Assumed allocation of undistributed net income 194.8 190.9 3.9 Assumed allocation of net income attributable to limited partner unitholders and general partner $ 297.0 $ 291.1 $ 5.9 Weighted-average units outstanding 250.3 Net income per unit $ 1.16 The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the year ended December 31, 2016 (in millions, except per unit data): Total Common Units General Partner and IDRs Net income $ 302.2 Declared distribution 102.2 $ 100.2 $ 2.0 Assumed allocation of undistributed net income 200.0 196.0 4.0 Assumed allocation of net income attributable to limited partner unitholders and general partner $ 302.2 $ 296.2 $ 6.0 Weighted-average units outstanding 250.3 Net income per unit $ 1.18 The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the year ended December 31, 2015 (in millions, except per unit data): Total Common Units General Partner and IDRs Net income $ 222.0 Declared distribution 102.2 $ 100.2 $ 2.0 Assumed allocation of undistributed net income 119.8 117.3 2.5 Assumed allocation of net income attributable to limited partner unitholders and general partner $ 222.0 $ 217.5 $ 4.5 Weighted-average units outstanding 248.8 Net income per unit $ 0.87 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Following is a summary of the provision for income taxes for the periods ended December 31, 2017 , 2016 and 2015 (in millions): For the Year Ended December 31, 2017 2016 2015 Current expense: State $ 0.7 $ 0.4 $ 0.4 Total 0.7 0.4 0.4 Deferred provision: State 0.3 0.2 0.1 Total 0.3 0.2 0.1 Income taxes $ 1.0 $ 0.6 $ 0.5 |
Supplemental Disclosure of Ca39
Supplemental Disclosure of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental Disclosure of Cash Flow Information (in millions): For the Year Ended December 31, 2017 2016 2015 Cash paid during the period for: Interest (net of amount capitalized) $ 163.7 $ 170.6 $ 170.6 Income taxes, net 0.5 0.7 0.3 Non-cash adjustments: Accounts payable and PPE 58.8 93.4 54.7 |
Selected Quarterly Financial 40
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | The following tables summarize selected quarterly financial data for 2017 and 2016 for the Partnership (in millions, except for earnings per unit): 2017 For the Quarter Ended: December 31 September 30 June 30 March 31 Operating revenues $ 337.5 $ 300.5 $ 317.6 $ 367.0 Operating expenses 213.8 189.7 250.4 202.2 Operating income 123.7 110.8 67.2 164.8 Interest expense, net 39.8 41.0 43.7 46.1 Other income (0.4 ) (0.3 ) (0.6 ) (0.8 ) Income before income taxes 84.3 70.1 24.1 119.5 Income taxes 0.1 0.3 0.4 0.2 Net income $ 84.2 $ 69.8 $ 23.7 $ 119.3 Net income per common unit $ 0.33 $ 0.27 $ 0.09 $ 0.47 2016 For the Quarter Ended: December 31 September 30 June 30 March 31 Operating revenues $ 352.6 $ 303.3 $ 306.3 $ 345.0 Operating expenses 219.7 209.6 197.0 203.4 Operating income 132.9 93.7 109.3 141.6 Interest expense, net 46.3 48.3 45.3 42.5 Other income (1.8 ) (1.9 ) (1.9 ) (2.1 ) Income before income taxes 88.4 47.3 65.9 101.2 Income taxes 0.2 — 0.2 0.2 Net income $ 88.2 $ 47.3 $ 65.7 $ 101.0 Net income per common unit $ 0.34 $ 0.19 $ 0.26 $ 0.40 |
Guarantee of Securities of Su41
Guarantee of Securities of Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidated Balance Sheets | Condensed Consolidating Balance Sheets as of December 31, 2017 (Millions) Assets Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Cash and cash equivalents $ 0.3 $ 4.6 $ 12.7 $ — $ 17.6 Receivables — — 133.4 — 133.4 Receivables - affiliate — — 7.0 (7.0 ) — Gas and liquids stored underground — — 6.5 — 6.5 Prepayments 0.1 — 17.8 — 17.9 Advances to affiliates — — 2.3 (2.3 ) — Other current assets — — 7.0 (1.8 ) 5.2 Total current assets 0.4 4.6 186.7 (11.1 ) 180.6 Investment in consolidated subsidiaries 2,672.3 6,676.7 — (9,349.0 ) — Property, plant and equipment, gross 0.6 — 10,883.0 — 10,883.6 Less–accumulated depreciation and amortization 0.6 — 2,620.5 — 2,621.1 Property, plant and equipment, net — — 8,262.5 — 8,262.5 Advances to affiliates – noncurrent 2,070.1 923.7 376.5 (3,370.3 ) — Other noncurrent assets — 3.3 460.5 (0.3 ) 463.5 Total other assets 2,070.1 927.0 837.0 (3,370.6 ) 463.5 Total Assets $ 4,742.8 $ 7,608.3 $ 9,286.2 $ (12,730.7 ) $ 8,906.6 Liabilities and Partners' Capital Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Payables $ 0.5 $ 0.1 $ 87.3 $ — $ 87.9 Payable to affiliates 1.5 — 7.0 (7.0 ) 1.5 Advances from affiliates — 2.3 — (2.3 ) — Other current liabilities — 25.2 167.9 (2.1 ) 191.0 Total current liabilities 2.0 27.6 262.2 (11.4 ) 280.4 Long-term debt and capital lease obligation — 2,461.8 1,225.0 — 3,686.8 Payable to affiliate - noncurrent 16.0 — — — 16.0 Advances from affiliates - noncurrent — 2,446.6 923.7 (3,370.3 ) — Other noncurrent liabilities — — 198.6 — 198.6 Total other liabilities and deferred credits 16.0 2,446.6 1,122.3 (3,370.3 ) 214.6 Total partners’ capital 4,724.8 2,672.3 6,676.7 (9,349.0 ) 4,724.8 Total Liabilities and Partners' Capital $ 4,742.8 $ 7,608.3 $ 9,286.2 $ (12,730.7 ) $ 8,906.6 Condensed Consolidating Balance Sheets as of December 31, 2016 (Millions) Assets Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Cash and cash equivalents $ 0.6 $ 1.8 $ 2.2 $ — $ 4.6 Receivables — — 139.8 — 139.8 Receivables - affiliate — — 7.0 (7.0 ) — Gas and liquids stored underground — — 1.3 — 1.3 Prepayments 0.4 — 17.3 — 17.7 Advances to affiliates — 72.9 102.7 (175.6 ) — Other current assets — — 13.9 (3.1 ) 10.8 Total current assets 1.0 74.7 284.2 (185.7 ) 174.2 Investment in consolidated subsidiaries 2,423.2 6,653.6 — (9,076.8 ) — Property, plant and equipment, gross 0.6 — 10,326.7 — 10,327.3 Less–accumulated depreciation and amortization 0.6 — 2,333.2 — 2,333.8 Property, plant and equipment, net — — 7,993.5 — 7,993.5 Advances to affiliates – noncurrent 2,125.0 435.0 229.3 (2,789.3 ) — Other noncurrent assets — 3.3 466.8 — 470.1 Total other assets 2,125.0 438.3 696.1 (2,789.3 ) 470.1 Total Assets $ 4,549.2 $ 7,166.6 $ 8,973.8 $ (12,051.8 ) $ 8,637.8 Liabilities and Partners' Capital Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Payables $ 0.9 $ 0.2 $ 136.4 $ — $ 137.5 Payable to affiliates 1.4 — 7.0 (7.0 ) 1.4 Advances from affiliates — 102.7 72.9 (175.6 ) — Other current liabilities — 21.8 175.3 (3.1 ) 194.0 Total current liabilities 2.3 124.7 391.6 (185.7 ) 332.9 Long-term debt and capital lease obligation — 2,264.4 1,293.6 — 3,558.0 Payable to affiliate - noncurrent 16.0 — — — 16.0 Advances from affiliates - noncurrent — 2,354.3 435.0 (2,789.3 ) — Other noncurrent liabilities — — 200.0 — 200.0 Total other liabilities and deferred credits 16.0 2,354.3 635.0 (2,789.3 ) 216.0 Total partners’ capital 4,530.9 2,423.2 6,653.6 (9,076.8 ) 4,530.9 Total Liabilities and Partners' Capital $ 4,549.2 $ 7,166.6 $ 8,973.8 $ (12,051.8 ) $ 8,637.8 |
Condensed Consolidating Statements of Income | Condensed Consolidating Statements of Income for the Year Ended December 31, 2017 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 1,269.0 $ (88.3 ) $ 1,180.7 Parking and lending — — 20.5 (0.3 ) 20.2 Storage — — 81.5 — 81.5 Other — — 40.2 — 40.2 Total operating revenues — — 1,411.2 (88.6 ) 1,322.6 Operating Costs and Expenses: Fuel and transportation — — 143.4 (88.6 ) 54.8 Operation and maintenance — — 204.2 — 204.2 Administrative and general (0.3 ) — 126.8 — 126.5 Other operating costs and expenses 0.6 — 470.0 — 470.6 Total operating costs and expenses 0.3 — 944.4 (88.6 ) 856.1 Operating (loss) income (0.3 ) — 466.8 — 466.5 Other Deductions (Income): Interest expense — 129.6 41.4 — 171.0 Interest (income) expense-affiliates, net (47.3 ) 39.9 7.4 — — Interest income — (0.2 ) (0.2 ) — (0.4 ) Equity in earnings of subsidiaries (250.0 ) (419.3 ) — 669.3 — Miscellaneous other income, net — — (2.1 ) — (2.1 ) Total other (income) deductions (297.3 ) (250.0 ) 46.5 669.3 168.5 Income (loss) before income taxes 297.0 250.0 420.3 (669.3 ) 298.0 Income taxes — — 1.0 — 1.0 Net income (loss) $ 297.0 $ 250.0 $ 419.3 $ (669.3 ) $ 297.0 Condensed Consolidating Statements of Income for the Year Ended December 31, 2016 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 1,230.2 $ (87.8 ) $ 1,142.4 Parking and lending — — 20.1 (1.9 ) 18.2 Storage — — 91.4 — 91.4 Other — — 55.2 — 55.2 Total operating revenues — — 1,396.9 (89.7 ) 1,307.2 Operating Costs and Expenses: Fuel and transportation — — 160.5 (89.7 ) 70.8 Operation and maintenance — — 199.9 — 199.9 Administrative and general 0.5 — 141.7 — 142.2 Other operating costs and expenses 0.4 — 416.4 — 416.8 Total operating costs and expenses 0.9 — 918.5 (89.7 ) 829.7 Operating (loss) income (0.9 ) — 478.4 — 477.5 Other Deductions (Income): Interest expense — 123.8 59.0 — 182.8 Interest (income) expense - affiliates, net (37.8 ) 44.4 (6.6 ) — — Interest income — (0.1 ) (0.3 ) — (0.4 ) Equity in earnings of subsidiaries (265.5 ) (433.6 ) — 699.1 — Miscellaneous other expense (income), net 0.2 — (7.9 ) — (7.7 ) Total other (income) deductions (303.1 ) (265.5 ) 44.2 699.1 174.7 Income (loss) before income taxes 302.2 265.5 434.2 (699.1 ) 302.8 Income taxes — — 0.6 — 0.6 Net income (loss) $ 302.2 $ 265.5 $ 433.6 $ (699.1 ) $ 302.2 Condensed Consolidating Statements of Income for the Year Ended December 31, 2015 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 1,178.5 $ (87.4 ) $ 1,091.1 Parking and lending — — 11.6 (0.2 ) 11.4 Storage — — 81.3 — 81.3 Other — — 65.4 — 65.4 Total operating revenues — — 1,336.8 (87.6 ) 1,249.2 Operating Costs and Expenses: Fuel and transportation — — 186.9 (87.6 ) 99.3 Operation and maintenance — — 209.5 — 209.5 Administrative and general — — 130.4 — 130.4 Other operating costs and expenses 0.3 — 413.9 — 414.2 Total operating costs and expenses 0.3 — 940.7 (87.6 ) 853.4 Operating (loss) income (0.3 ) — 396.1 — 395.8 Other Deductions (Income): Interest expense — 104.0 72.4 — 176.4 Interest (income) expense - affiliates, net (28.8 ) 38.2 (9.4 ) — — Interest income — — (0.4 ) — (0.4 ) Equity in earnings of subsidiaries (193.5 ) (335.7 ) — 529.2 — Miscellaneous other income, net — — (2.7 ) — (2.7 ) Total other (income) deductions (222.3 ) (193.5 ) 59.9 529.2 173.3 Income (loss) before income taxes 222.0 193.5 336.2 (529.2 ) 222.5 Income taxes — — 0.5 — 0.5 Net income (loss) $ 222.0 $ 193.5 $ 335.7 $ (529.2 ) $ 222.0 |
Condensed Consolidating Statements of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2017 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 297.0 $ 250.0 $ 419.3 $ (669.3 ) $ 297.0 Other comprehensive income (loss): Loss on cash flow hedge (1.5 ) (1.5 ) — 1.5 (1.5 ) Reclassification adjustment transferred to Net income from cash flow hedges 2.5 2.5 0.7 (3.2 ) 2.5 Pension and other postretirement benefit costs (1.9 ) (1.9 ) (1.9 ) 3.8 (1.9 ) Total Comprehensive Income (Loss) $ 296.1 $ 249.1 $ 418.1 $ (667.2 ) $ 296.1 Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2016 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 302.2 $ 265.5 $ 433.6 $ (699.1 ) $ 302.2 Other comprehensive income (loss): Reclassification adjustment transferred to Net income from cash flow hedges 2.4 2.4 0.7 (3.1 ) 2.4 Pension and other postretirement benefit costs 1.8 1.8 1.8 (3.6 ) 1.8 Total Comprehensive Income (Loss) $ 306.4 $ 269.7 $ 436.1 $ (705.8 ) $ 306.4 Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2015 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 222.0 $ 193.5 $ 335.7 $ (529.2 ) $ 222.0 Other comprehensive income (loss): Reclassification adjustment transferred to Net Income from cash flow hedges 2.4 2.4 0.7 (3.1 ) 2.4 Pension and other postretirement benefit costs (13.9 ) (13.9 ) (13.9 ) 27.8 (13.9 ) Total Comprehensive Income (Loss) $ 210.5 $ 182.0 $ 322.5 $ (504.5 ) $ 210.5 |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flow for the Year Ended December 31, 2017 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net cash provided by (used in) operating activities $ 46.9 $ (161.5 ) $ 751.6 $ — $ 637.0 INVESTING ACTIVITIES: Capital expenditures — — (708.4 ) — (708.4 ) Proceeds from sale of operating assets — — 63.8 — 63.8 Advances to affiliates, net 54.9 (434.4 ) (460.4 ) 839.9 — Net cash provided by (used in) investing activities 54.9 (434.4 ) (1,105.0 ) 839.9 (644.6 ) FINANCING ACTIVITIES: Proceeds from long-term debt, net of — 494.0 — — 494.0 Repayment of borrowings from long-term — (300.0 ) (275.0 ) — (575.0 ) Proceeds from borrowings on revolving credit agreement — — 765.0 — 765.0 Repayment of borrowings on revolving credit agreement, including financing fees — (0.8 ) (560.0 ) — (560.8 ) Principal payment of capital lease obligation — — (0.5 ) — (0.5 ) Advances from affiliates, net 0.1 405.5 434.4 (839.9 ) 0.1 Distributions paid (102.2 ) — — — (102.2 ) Net cash (used in) provided by financing activities (102.1 ) 598.7 363.9 (839.9 ) 20.6 (Decrease) increase in cash and cash equivalents (0.3 ) 2.8 10.5 — 13.0 Cash and cash equivalents at beginning of period 0.6 1.8 2.2 — 4.6 Cash and cash equivalents at end of period $ 0.3 $ 4.6 $ 12.7 $ — $ 17.6 Condensed Consolidating Statements of Cash Flow for the Year Ended December 31, 2016 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net cash provided by (used in) operating activities $ 37.3 $ (161.9 ) $ 725.4 $ — $ 600.8 INVESTING ACTIVITIES: Capital expenditures — — (590.4 ) — (590.4 ) Proceeds from sale of operating assets — — 0.2 — 0.2 Advances to affiliates, net 65.2 (20.6 ) 39.1 (83.7 ) — Net cash provided by (used in) investing activities 65.2 (20.6 ) (551.1 ) (83.7 ) (590.2 ) FINANCING ACTIVITIES: Proceeds from long-term debt, net of issuance cost — 539.1 — — 539.1 Repayment of borrowings from long-term debt — (250.0 ) — — (250.0 ) Proceeds from borrowings on revolving credit agreement — — 490.0 — 490.0 Repayment of borrowings on revolving credit agreement, including financing fees — (0.8 ) (685.0 ) — (685.8 ) Principal payment of capital lease obligation — — (0.5 ) — (0.5 ) Advances from affiliates, net 0.3 (104.3 ) 20.6 83.7 0.3 Distributions paid (102.2 ) — — — (102.2 ) Net cash (used in) provided by financing activities (101.9 ) 184.0 (174.9 ) 83.7 (9.1 ) Increase (decrease) in cash and cash equivalents 0.6 1.5 (0.6 ) — 1.5 Cash and cash equivalents at beginning of period — 0.3 2.8 — 3.1 Cash and cash equivalents at end of period $ 0.6 $ 1.8 $ 2.2 $ — $ 4.6 Condensed Consolidating Statements of Cash Flow for the Year Ended December 31, 2015 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net cash provided by (used in) operating activities $ 27.9 $ (136.3 ) $ 684.8 $ — $ 576.4 INVESTING ACTIVITIES: Capital expenditures (1.0 ) — (373.5 ) — (374.5 ) Proceeds from sale of operating assets — — 0.8 — 0.8 Proceeds from other recoveries — — 6.2 — 6.2 Advances to affiliates, net (41.9 ) (269.0 ) (118.4 ) 429.3 — Net cash (used in) provided by investing activities (42.9 ) (269.0 ) (484.9 ) 429.3 (367.5 ) FINANCING ACTIVITIES: Proceeds from long-term debt, net of — 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 — — 1,125.0 — 1,125.0 Repayment of borrowings on revolving credit agreement, including financing fees — (3.6 ) (870.0 ) — (873.6 ) Principal payment of capital lease obligation — — (0.4 ) — (0.4 ) Advances from affiliates, net 0.6 160.3 269.0 (429.3 ) 0.6 Distributions paid (101.5 ) — — — (101.5 ) 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 14.5 403.8 (201.4 ) (429.3 ) (212.4 ) Decrease in cash and cash equivalents (0.5 ) (1.5 ) (1.5 ) — (3.5 ) Cash and cash equivalents at beginning of period 0.5 1.8 4.3 — 6.6 Cash and cash equivalents at end of period $ — $ 0.3 $ 2.8 $ — $ 3.1 |
Corporate Structure (Details)
Corporate Structure (Details) - shares shares in Millions | Feb. 13, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Percent of General Partner Interest Owned by Holding Company (in hundredths) | 2.00% | 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% | |||
Percent of Partnership's Equity Interests Owned by Holding Company (in hundredths) | 51.00% |
Accounting Policies (Details)
Accounting Policies (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)segments | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Accounting Policies [Abstract] | |||
Number of Reportable Segments (in ones) | segments | 1 | ||
Restricted Cash and Cash Equivalents | $ 0 | $ 0 | |
Materials And Supplies Held In Other Assets | 20.1 | 19.2 | |
Capitalized interest and allowance for borrowed funds used during construction | 19.2 | 7.4 | $ 3.4 |
Allowance for equity funds used during construction | 1.9 | 7.9 | 2.7 |
Deferred Revenue | 1.8 | 8.4 | |
Retained fuel included in Transportation | $ 28 | 29.1 | $ 53.2 |
Contractual Retainage Provision (Percentage) | 0.50% | ||
Customer Refund Liability, Current | $ 0 | $ 0 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies Property, Plant and Equipment (PPE) and Repair and Maintenance Costs (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Depreciation range for PPE related to operations for which regulatory accounting does not apply | 3 years |
Depreciation range for PPE related to operations for which regulatory accounting is applicable | 5 years |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Depreciation range for PPE related to operations for which regulatory accounting does not apply | 35 years |
Depreciation range for PPE related to operations for which regulatory accounting is applicable | 62 years |
Basis of Presentation and Acc45
Basis of Presentation and Accounting Policies Recently Issued Accounting Pronouncements (Details) $ in Millions | Jan. 01, 2018USD ($) |
Subsequent Event | Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Cumulative reduction to Partners' Capital | $ 12.8 |
Asset Disposition and Impairm46
Asset Disposition and Impairments (Details) - USD ($) $ in Millions | May 09, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 63.6 | |||
Loss on sale of assets and impairment charges | $ 47.1 | $ 49 | $ 3.7 | $ (0.1) |
Commitments and Contingencies L
Commitments and Contingencies Legal Proceedings and Settlements (Details) | 12 Months Ended |
Dec. 31, 2017defendant | |
Southeast Louisiana Flood Protection Litigation | |
Loss Contingencies [Line Items] | |
Loss Contingency, Approximate Number of Defendants (in ones) | 100 |
Commitments and Contingencies S
Commitments and Contingencies Settlements and Insurance Proceeds (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Litigation Settlement, Amount | $ 12.7 | |
Gain on Business Interruption Insurance Recovery | $ 8.8 |
Commitments and Contingencies E
Commitments and Contingencies Environmental and Safety Matters (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 5 | $ 5 |
Number of years the related expenditures are expected to cover assessment and remediation costs (in years) | 4 years | |
Accrued Environmental Loss Contingencies, Current | $ 1.2 | 1.7 |
Accrued Environmental Loss Contingencies, Noncurrent | $ 3.8 | $ 3.3 |
Commitments and Contingencies50
Commitments and Contingencies Lease Commitments (Details) - Office Space and Equipment Rentals - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense | $ 13.8 | $ 13.2 | $ 12.2 |
2,018 | 4.3 | ||
2,019 | 4.3 | ||
2,020 | 4.2 | ||
2,021 | 4 | ||
2,022 | 4 | ||
Thereafter | 5.6 | ||
Total | $ 26.4 |
Commitments and Contingencies C
Commitments and Contingencies Commitments for Construction (Details) $ in Millions | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 171.2 |
Commitments and Contingencies P
Commitments and Contingencies Pipeline Capacity Agreements (Details) - Pipeline Capacity Agreements - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Recorded Unconditional Purchase Obligation [Line Items] | |||
Expenses related to pipeline capacity agreements | $ 6.2 | $ 6.5 | $ 6.9 |
2,018 | 6.3 | ||
2,019 | 5.5 | ||
2,020 | 2.9 | ||
2,021 | 1.7 | ||
2,022 | 1.3 | ||
Thereafter | 0 | ||
Total | $ 17.7 |
Other Comprehensive Income an53
Other Comprehensive Income and Fair Value Measurements Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cash Flow Hedge Loss to be Reclassified within Twelve Months | $ (2.8) | |||
Accumulated other comprehensive income (loss) (beginning) | (80.1) | |||
Loss recorded in AOCI | (1.5) | $ 0 | $ 0 | |
Interest expense | 171 | 182.8 | 176.4 | |
Pension and other postretirement benefit costs | (1.9) | 1.8 | (13.9) | |
Accumulated other comprehensive income (loss) (ending) | (81) | (80.1) | ||
Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense | [1] | 2.5 | 2.4 | 2.4 |
Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cash Flow Hedge Loss to be Reclassified within Twelve Months | (1.2) | |||
Accumulated other comprehensive income (loss) (beginning) | (6) | (8.4) | (10.8) | |
Loss recorded in AOCI | (1.5) | |||
Accumulated other comprehensive income (loss) (ending) | (5) | (6) | (8.4) | |
Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense | [1] | 2.5 | 2.4 | 2.4 |
Pension and Other Postretirement Costs | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cash Flow Hedge Loss to be Reclassified within Twelve Months | (1.6) | |||
Accumulated other comprehensive income (loss) (beginning) | (74.1) | (75.9) | (62) | |
Pension and other postretirement benefit costs | (1.9) | 1.8 | (13.9) | |
Accumulated other comprehensive income (loss) (ending) | (76) | (74.1) | (75.9) | |
Total | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) (beginning) | (80.1) | (84.3) | (72.8) | |
Pension and other postretirement benefit costs | (1.9) | 1.8 | (13.9) | |
Accumulated other comprehensive income (loss) (ending) | $ (81) | $ (80.1) | $ (84.3) | |
[1] | Related to amounts deferred in AOCI from the treasury rate locks described above. |
Other Comprehensive Income an54
Other Comprehensive Income and Fair Value Measurements Financial Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | ||
Fair Value Disclosures [Abstract] | ||||
Assets, Fair Value Disclosure, Recurring | $ 0 | $ 0 | ||
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and Cash Equivalents, Fair Value | 17.6 | 4.6 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Debt Instrument, Fair Value Disclosure | 3,889.4 | 3,709.2 | ||
Capital Lease Obligations, Noncurrent | 8.1 | 8.6 | ||
Unamortized debt issuance costs | 8.8 | 9.5 | ||
Carrying Value | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and Cash Equivalents, Fair Value | 17.6 | 4.6 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Debt Instrument, Fair Value Disclosure | 3,687.5 | [1] | 3,558.9 | [2] |
Fair Value | Fair Value, Inputs, Level 1 | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and Cash Equivalents, Fair Value | 17.6 | 4.6 | ||
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 | 3,889.4 | 3,709.2 | ||
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 $8.1 million long-term capital lease obligation and $8.8 million of unamortized debt issuance costs. | |||
[2] | The carrying amount of long-term debt excludes an $8.6 million long-term capital lease obligation and $9.5 million |
Property, Plant and Equipment P
Property, Plant and Equipment Property, Plant and Equipment Class and Useful Life (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Total PPE | $ 10,883.6 | $ 10,327.3 |
Less—accumulated depreciation | 2,621.1 | 2,333.8 |
Total PPE, net | 8,262.5 | 7,993.5 |
Depreciable plant: | ||
Property, Plant and Equipment [Line Items] | ||
Total PPE | $ 10,325.6 | $ 9,821.4 |
Weighted-Average Useful Lives (Years) | 37 years | 37 years |
Depreciable plant: | Transmission | ||
Property, Plant and Equipment [Line Items] | ||
Total PPE | $ 9,115.4 | $ 8,337.1 |
Weighted-Average Useful Lives (Years) | 38 years | 38 years |
Depreciable plant: | Storage | ||
Property, Plant and Equipment [Line Items] | ||
Total PPE | $ 776.7 | $ 779.2 |
Weighted-Average Useful Lives (Years) | 38 years | 38 years |
Depreciable plant: | Gathering | ||
Property, Plant and Equipment [Line Items] | ||
Total PPE | $ 109.2 | $ 385.2 |
Weighted-Average Useful Lives (Years) | 23 years | 28 years |
Depreciable plant: | General | ||
Property, Plant and Equipment [Line Items] | ||
Total PPE | $ 196.7 | $ 194.2 |
Weighted-Average Useful Lives (Years) | 13 years | 13 years |
Depreciable plant: | Rights of way and other | ||
Property, Plant and Equipment [Line Items] | ||
Total PPE | $ 127.6 | $ 125.7 |
Weighted-Average Useful Lives (Years) | 36 years | 36 years |
Non-depreciable: | ||
Property, Plant and Equipment [Line Items] | ||
Total PPE | $ 558 | $ 505.9 |
Non-depreciable: | Storage | ||
Property, Plant and Equipment [Line Items] | ||
Total PPE | 105.5 | 105.5 |
Non-depreciable: | Construction work in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total PPE | 416.5 | 368.5 |
Non-depreciable: | Land | ||
Property, Plant and Equipment [Line Items] | ||
Total PPE | $ 36 | $ 31.9 |
Property, Plant and Equipment U
Property, Plant and Equipment Undivided Interests (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Undivided Interest Property [Line Items] | ||
Gross PPE Investment | $ 139.7 | $ 136.8 |
Accumulated Depreciation | $ 47.7 | 43.2 |
Bistineau storage | ||
Undivided Interest Property [Line Items] | ||
Undivided interests in storage facility | 92.00% | |
Gross PPE Investment | $ 75.5 | 73.6 |
Accumulated Depreciation | $ 24 | 21.8 |
Mobile Bay Pipeline | ||
Undivided Interest Property [Line Items] | ||
Undivided interest in pipeline | 64.00% | |
Gross PPE Investment | $ 13.2 | 13.3 |
Accumulated Depreciation | $ 5.8 | 5.4 |
NGL pipelines and facilities | ||
Undivided Interest Property [Line Items] | ||
Undivided interest in two ethylene wells | 83.00% | |
Gross PPE Investment | $ 34.8 | 34.8 |
Accumulated Depreciation | 5.2 | 4.2 |
Offshore and other assets | ||
Undivided Interest Property [Line Items] | ||
Gross PPE Investment | 16.2 | 15.1 |
Accumulated Depreciation | $ 12.7 | $ 11.8 |
Property, Plant and Equipment57
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Asset Impairment Charges [Abstract] | |||
Asset impairment | $ 5.8 | $ 3.8 | $ 0.4 |
Goodwill and Intangible Asset58
Goodwill and Intangible Assets Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Goodwill | $ 237.4 | $ 237.4 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Goodwill and Intangible Asset59
Goodwill and Intangible Assets Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 59.4 | $ 59.4 | |
Accumulated amortization | (9.5) | (7.5) | |
Net carrying amount | 49.9 | 51.9 | |
Amortization of Intangible Assets | 2 | $ 2 | $ 2 |
2,018 | 2 | ||
2,019 | 2 | ||
2,020 | 1.9 | ||
2,021 | 1.9 | ||
2,022 | 1.9 | ||
Thereafter | $ 40.2 | ||
Finite-Lived Intangible Asset, Useful Life | 26 years |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at beginning of year | $ 51.9 | $ 52.6 |
Liabilities recorded | 5.3 | 3.3 |
Liabilities settled | (3.7) | (5.7) |
Accretion expense | 1.6 | 1.7 |
Balance at end of year | 55.1 | 51.9 |
Less: Current portion of ARO | (9.1) | (7.2) |
Long-term ARO | 46 | 44.7 |
Provision for other asset retirement | $ 65.8 | $ 63.7 |
Regulatory Assets (Details)
Regulatory Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | ||
Period of recovery-minimum (in years) | 1 year | |
Period of recovery-maximum (in years) | 18 years | |
Regulatory Assets [Line Items] | ||
Regulatory Assets | $ 12.9 | $ 13.3 |
Pension | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 10.6 | 10.6 |
Tax effect of AFUDC equity | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | $ 2.3 | $ 2.7 |
Regulatory Assets and Liabili62
Regulatory Assets and Liabilities Regulatory Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | $ 108.7 | $ 111.9 |
Cashout and fuel tracker | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | 0.4 | 10.1 |
Provision for other asset retirement | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | 65.8 | 63.7 |
Unamortized debt expense and premium on reacquired debt | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | (5.6) | (6.8) |
Unamortized discount on long-term debt | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | (0.8) | (1) |
Postretirement benefits other than pension | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | $ 48.9 | $ 45.9 |
Financing - Debt (Details)
Financing - Debt (Details) - USD ($) $ in Millions | May 01, 2018 | Feb. 01, 2017 | Nov. 15, 2016 | Jun. 01, 2015 | Aug. 31, 2017 | Jan. 31, 2017 | May 31, 2016 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 15, 2018 | Feb. 13, 2018 | |
Debt Instruments [Abstract] | ||||||||||||||
Capital Lease Obligations, Noncurrent | $ 8.1 | $ 8.6 | ||||||||||||
Debt and Capital Lease Obligations | 3,718.1 | 3,588.6 | ||||||||||||
Unamortized debt discount | (22.5) | (21.1) | ||||||||||||
Unamortized debt issuance costs | (8.8) | (9.5) | ||||||||||||
Long-term debt and capital lease obligation | 3,686.8 | 3,558 | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Repayments of Unsecured Debt | 575 | $ 250 | $ 725 | |||||||||||
Unsecured Debt | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
2,018 | 185 | |||||||||||||
2,019 | 350 | |||||||||||||
2,020 | 0 | |||||||||||||
2,021 | 440 | |||||||||||||
2,022 | 685 | |||||||||||||
Thereafter | 2,050 | |||||||||||||
Total long-term debt | 3,710 | |||||||||||||
Short-term Debt, Refinanced, Amount | $ 185 | |||||||||||||
Short-term Debt, Refinanced, Description | The Partnership has included $185.0 million of debt which matures in less than one year as long-term debt on its Consolidated Balance Sheets as of December?31, 2017. The Partnership has the intent and the ability to refinance the notes through the available borrowing capacity under its revolving credit facility as of December?31, 2017, and expects to retire the notes at their maturity. | |||||||||||||
Debt, Weighted-Average Interest Rate | 5.18% | 5.46% | ||||||||||||
Debt Instrument, Redemption Price, Percentage - equal to the greater of | 100.00% | |||||||||||||
Debt Instrument, Redemption, Description | The Partnership's notes?and debentures are redeemable, in whole or in part, at the Partnership's option at any time, at a redemption price equal to the greater of 100% of the principal amount of the notes to be redeemed or a "make whole" redemption price based on the remaining scheduled payments of principal and interest discounted to the date of redemption at a rate equal to the Treasury rate plus 20 to 50 basis points depending upon the particular issue of notes, plus accrued and unpaid interest, if any.?Other customary covenants apply, including those concerning events of default. | |||||||||||||
Debt Instrument, Covenant Description | The indentures governing the notes and debentures have restrictive covenants which provide that, with certain exceptions, neither the Partnership nor any of its subsidiaries may create, assume or suffer to exist any lien upon any property to secure any indebtedness unless the debentures and notes shall be equally and ratably secured. All of the Partnership's debt obligations are unsecured. | |||||||||||||
Debt Instrument, Covenant Compliance | At December 31, 2017, Boardwalk Pipelines and its operating subsidiaries were in compliance with their debt covenants. | |||||||||||||
Unsecured Debt | Boardwalk Pipelines 5.50% Notes Due 2017 | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Total long-term debt | $ 0 | $ 300 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||||||
Repayments of Unsecured Debt | $ 300 | |||||||||||||
Unsecured Debt | Boardwalk Pipelines 5.20% Notes Due 2018 | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Total long-term debt | $ 185 | 185 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | |||||||||||||
Unsecured Debt | Boardwalk Pipelines 5.75% Notes Due 2019 | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Total long-term debt | $ 350 | 350 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||||||||||||
Unsecured Debt | Boardwalk Pipelines 3.375% Notes Due 2023 | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Total long-term debt | $ 300 | 300 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.375% | |||||||||||||
Unsecured Debt | Boardwalk Pipelines 4.95% Notes Due 2024 | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Total long-term debt | $ 600 | 600 | ||||||||||||
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 | [1] | $ 247.1 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.95% | 4.95% | ||||||||||||
Debt Instrument, Maturity Date | Dec. 15, 2024 | |||||||||||||
Unsecured Debt | Boardwalk Pipelines 5.95% Notes Due 2026 | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Total long-term debt | $ 550 | 550 | ||||||||||||
Debt Instrument, Issuance Date | May 31, 2016 | |||||||||||||
Debt Instrument, Face Amount | $ 550 | |||||||||||||
Payments of Debt Issuance Costs | 10.9 | |||||||||||||
Proceeds from Debt, Net of Issuance Costs | [2] | $ 539.1 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | 5.95% | ||||||||||||
Debt Instrument, Maturity Date | Jun. 1, 2026 | |||||||||||||
Unsecured Debt | Boardwalk Pipelines 4.45% Notes Due 2027 | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Total long-term debt | $ 500 | 0 | ||||||||||||
Debt Instrument, Issuance Date | Jan. 31, 2017 | |||||||||||||
Debt Instrument, Face Amount | $ 500 | |||||||||||||
Payments of Debt Issuance Costs | 6 | |||||||||||||
Proceeds from Debt, Net of Issuance Costs | [3] | $ 494 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | 4.45% | ||||||||||||
Debt Instrument, Maturity Date | Jul. 15, 2027 | |||||||||||||
Unsecured Debt | Gulf South 6.30% Notes Due 2017 | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Total long-term debt | $ 0 | 275 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | |||||||||||||
Repayments of Unsecured Debt | $ 275 | |||||||||||||
Unsecured Debt | Gulf South 4.00% Notes Due 2022 | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Total long-term debt | $ 300 | 300 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||||||||||||
Unsecured Debt | Texas Gas 4.50% Notes Due 2021 | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Total long-term debt | $ 440 | 440 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||||||||||||
Unsecured Debt | Texas Gas 7.25% Debentures Due 2027 | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Total long-term debt | $ 100 | 100 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |||||||||||||
Unsecured Debt | Total Notes and Debentures | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Total long-term debt | $ 3,325 | $ 3,400 | ||||||||||||
Unsecured Debt | Boardwalk Pipelines Notes Due 2016 | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||||||||||||
Repayments of Unsecured Debt | $ 250 | |||||||||||||
Unsecured Debt | Texas Gas 4.60% Notes Due 2015 | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.60% | |||||||||||||
Repayments of Unsecured Debt | $ 250 | |||||||||||||
Line of Credit | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Debt, Weighted-Average Interest Rate | 2.72% | 1.96% | ||||||||||||
Line of Credit Facility [Abstract] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500 | |||||||||||||
Maximum Ratio of Debt to EBITDA | 5.0 to 1.0 | |||||||||||||
Maximum Ratio of Debt to EBITDA after Acquisition | 5.5 to 1.0 | |||||||||||||
Qualified Acquisition Purchase Price Target (greater than) | $ 100 | |||||||||||||
Long-term Line of Credit | $ 385 | $ 180 | ||||||||||||
Line of Credit Facility, Covenant Terms | The revolving credit facility contains various restrictive covenants and other usual and customary terms and conditions, including restrictions regarding the incurrence of additional debt, the sale of assets and sale-leaseback transactions. The financial covenants under the revolving credit facility require the Partnership and its subsidiaries to maintain, among other things, a ratio of total consolidated debt to consolidated EBITDA (as defined in the amended credit agreement) measured for the previous twelve months of not more than 5.0 to 1.0, or up to 5.5 to 1.0 for the three quarters following a qualified acquisition or series of acquisitions, where the purchase price exceeds $100.0 million over a rolling 12-month period. | |||||||||||||
Line of Credit Facility, Covenant Compliance | The Partnership and its subsidiaries were in compliance with all covenant requirements under the revolving credit facility as of December?31, 2017. | |||||||||||||
Line of Credit | Subsequent Event | ||||||||||||||
Line of Credit Facility [Abstract] | ||||||||||||||
Long-term Line of Credit | $ 445 | |||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,100 | |||||||||||||
Line of Credit | Minimum | ||||||||||||||
Line of Credit Facility [Abstract] | ||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.10% | |||||||||||||
Line of Credit | Maximum | ||||||||||||||
Line of Credit Facility [Abstract] | ||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.275% | |||||||||||||
Line of Credit | Base Rate | ||||||||||||||
Line of Credit Facility [Abstract] | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | base rate | |||||||||||||
Line of Credit | Base Rate | Minimum | ||||||||||||||
Line of Credit Facility [Abstract] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |||||||||||||
Line of Credit | Base Rate | Maximum | ||||||||||||||
Line of Credit Facility [Abstract] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||||||||
Line of Credit | Prime Rate | ||||||||||||||
Line of Credit Facility [Abstract] | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | prime rate | |||||||||||||
Line of Credit | Federal Funds Effective Swap Rate | ||||||||||||||
Line of Credit Facility [Abstract] | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | federal funds | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||||||
Line of Credit | Eurodollar | ||||||||||||||
Line of Credit Facility [Abstract] | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | one month Eurodollar Rate | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||||
Line of Credit | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Line of Credit Facility [Abstract] | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||
Line of Credit | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||
Line of Credit Facility [Abstract] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||||
Line of Credit | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||||
Line of Credit Facility [Abstract] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||||
Line of Credit | Gulf Crossing Revolving Credit Facility | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Total long-term debt | $ 285 | 180 | ||||||||||||
Line of Credit | Gulf South Revolving Credit Facility | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Total long-term debt | 100 | 0 | ||||||||||||
Line of Credit | Amended Credit Agreement 2016 | ||||||||||||||
Line of Credit Facility [Abstract] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500 | |||||||||||||
Line of Credit | Amendment No. 2 Credit Agreement - 2017 | ||||||||||||||
Line of Credit Facility [Abstract] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,475 | |||||||||||||
Line of Credit Facility, Expiration Date | May 26, 2022 | |||||||||||||
Capital Lease Obligations | ||||||||||||||
Debt Instruments [Abstract] | ||||||||||||||
Capital Lease Obligations, Noncurrent | $ 8.1 | $ 8.6 | ||||||||||||
Subordinated Debt | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Debt Instrument, Maturity Date | Jul. 31, 2024 | |||||||||||||
Subordinated Loan Agreement Maximum Borrowing Capacity | $ 300 | |||||||||||||
Subordinated Borrowing Terms and Conditions | The Partnership has a Subordinated Loan Agreement with BPHC (Subordinated Loan) under which the Partnership can borrow up to $300.0 million through December?31, 2018. The Subordinated Loan bears interest at increasing rates, ranging from 5.75% to 9.75%, with the first increase occurring on May 1, 2018, to 7.75%, payable semi-annually in June and December, and matures in July 2024. The Subordinated Loan must be prepaid with the net cash proceeds from the issuance of additional equity securities by the Partnership or the incurrence of certain indebtedness by the Partnership or its subsidiaries, although BPHC may waive such prepayment. BPHC may also demand prepayment at any time, up to the full amount then outstanding, with 15-months' notice. The Subordinated Loan is subordinated in right of payment to the Partnership?s obligations under its revolving credit facility pursuant to the terms of a Subordination Agreement between BPHC and Wells Fargo, N.A., as representative of the lenders under the revolving credit facility. | |||||||||||||
Subordinated Debt | Subsequent Event | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Subordinated Debt | $ 0 | |||||||||||||
Subordinated Debt | Minimum | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Subordinated Borrowing, Interest Rate | 5.75% | |||||||||||||
Subordinated Debt | Maximum | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Subordinated Borrowing, Interest Rate | 9.75% | |||||||||||||
Scenario, Forecast | Subordinated Debt | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
Subordinated Borrowing, Interest Rate | 7.75% | |||||||||||||
[1] | The net proceeds of this offering were used to retire a portion of the outstanding $250.0 million aggregate principal amount of the Texas Gas 4.60% | |||||||||||||
[2] | The net proceeds of this offering were used to retire the outstanding $250.0 million aggregate principal amount of the Boardwalk Pipelines 5.875% notes due 2016 and the outstanding $300.0 million | |||||||||||||
[3] | The net proceeds of this offering were used to retire the outstanding $275.0 million |
Financing Capital Lease (Detail
Financing Capital Lease (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2013 | |
Capital Leased Assets [Line Items] | ||||
Long-term obligations under capital lease | $ 8.1 | $ 8.6 | ||
Office Building | ||||
Capital Leased Assets [Line Items] | ||||
Capital Lease Obligations Incurred | $ 10.5 | |||
Description of Lessee Leasing Arrangements, Capital Leases | The office building lease has a term of fifteen years with two twenty-year renewal options. | |||
2,018 | $ 1 | |||
2,019 | 1.1 | |||
2,020 | 1.1 | |||
2,021 | 1.1 | |||
2,022 | 1.1 | |||
Thereafter | 6.2 | |||
Less amounts representing interest | 3 | |||
Present value of obligation under capital lease | 8.6 | |||
Current portion of obligations under capital lease (recorded in Other current liabilities) | 0.5 | |||
Long-term obligations under capital lease | 8.1 | |||
Capital Leases, Income Statement, Amortization Expense | 0.7 | 0.7 | $ 0.7 | |
Capital Leased Assets, Gross | 10.5 | 10.5 | ||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Amortization | $ 3.1 | $ 2.4 |
Financing - Equity (Details)
Financing - Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Capital Unit [Line Items] | |||||
Number of common units registered for resale under Amended and Restated Registration Rights Agreement (in number of units) | 27,900,000 | ||||
Maximum amount Partnership must pay for reimbursement of underwriting discounts and commissions (in dollars per unit) | $ 0.914 | ||||
Accrued liability for future underwriting discounts and commissions | $ 16 | $ 16 | |||
Common units | |||||
Capital Unit [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 0 | 0 | 0 | ||
Number of Common Units | 7,000,000 | 0 | 0 | 7,000,000 | |
Issuance Price (in dollars per share) | [1] | $ 16.19 | |||
Less Underwriting Discounts and Expenses | $ 1.1 | ||||
Net Proceeds (Including General Partner Contribution) | $ 115.4 | ||||
Common Units Outstanding After Offering | 250,300,000 | ||||
Common Units Held by the Public After Offering | 124,600,000 | ||||
[1] | The issuance price represents the average issuance price for the common units issued under an equity distribution agreement. |
Financing Summary of Changes in
Financing Summary of Changes in Outstanding Units (Details) - Common Units - shares shares in Millions | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance, Beginning (in units) | 250.3 | 250.3 | 243.3 | |
Common units issued under an equity distribution agreement | 7 | 0 | 0 | 7 |
Balance, Ending (in units) | 250.3 | 250.3 | 250.3 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Cost | $ 11 | $ 10.7 | $ 9.8 |
Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Required amount of funding of periodic pension cost | 3 | ||
Contribution to defined benefit pension plan (less than) | 3 | 3 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 3 | ||
Minimum amount of recognized expense each year associated with retirement plan | $ 3 | ||
Future rate recovery | in excess of $6.0 million | ||
Precluded future recovery of annual pension costs, lower range | $ 3 | ||
Precluded future recovery of annual pension costs, upper range | $ 6 | ||
Recognition of regulatory assets (in excess of) | in excess of $6.0 million | ||
Reduction of regulatory assets (less than) | less than $3.0 million | ||
Pension plan costs charged to expense, lower range | $ 3 | ||
Pension plan costs charged to expense, upper range | 6 | ||
PBOP | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contribution to defined benefit pension plan (less than) | 0.1 | 0.2 | |
SRP | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contribution to defined benefit pension plan (less than) | $ 0 | $ 0.1 |
Employee Benefits, Projected Be
Employee Benefits, Projected Benefit Obligation, Fair Value of Assets, Funded Status and the Amounts Not Yet Recognized As Components of Net Periodic Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of period | $ 137.7 | $ 143.8 | |
Service cost | 3.5 | 3.6 | $ 3.8 |
Interest cost | 4.4 | 4.4 | 4.9 |
Plan participants’ contributions | 0 | 0 | |
Actuarial loss (gain) | 5 | 1.6 | |
Benefits paid | (0.4) | (0.5) | |
Settlement | (9.5) | (15.2) | |
Benefit obligation at end of period | 140.7 | 137.7 | 143.8 |
Change in Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of period | 115.7 | 119.5 | |
Actual return on plan assets | 10.1 | 8.9 | |
Benefits paid | (0.4) | (0.5) | |
Settlement | (9.5) | (15.2) | |
Company contributions | 3 | 3 | |
Plan participants’ contributions | 0 | 0 | |
Fair value of plan assets at end of period | 118.9 | 115.7 | 119.5 |
Funded status | (21.8) | (22) | |
Items Not Recognized As Components Of Net Periodic Cost [Abstract] | |||
Net actuarial loss | 23.7 | 24.6 | |
PBOP | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of period | 42.1 | 48.4 | |
Service cost | 0.1 | 0.3 | 0.3 |
Interest cost | 1.6 | 2 | 2 |
Plan participants’ contributions | 1 | 1 | |
Actuarial loss (gain) | 0.2 | (5.6) | |
Benefits paid | (3.6) | (4) | |
Settlement | 0 | 0 | |
Benefit obligation at end of period | 41.4 | 42.1 | 48.4 |
Change in Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of period | 85.9 | 86.4 | |
Actual return on plan assets | 4.9 | 2.3 | |
Benefits paid | (3.7) | (4) | |
Settlement | 0 | 0 | |
Company contributions | 0.1 | 0.2 | |
Plan participants’ contributions | 1 | 1 | |
Fair value of plan assets at end of period | 88.2 | 85.9 | $ 86.4 |
Funded status | 46.8 | 43.8 | |
Items Not Recognized As Components Of Net Periodic Cost [Abstract] | |||
Net actuarial loss | $ 3.8 | $ 4 |
Employee Benefits, Aggregate In
Employee Benefits, Aggregate Information Related Only to the Underfunded Plans (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 140.7 | $ 137.7 |
Accumulated benefit obligation | 130.3 | 128.2 |
Fair value of plan assets | $ 118.9 | $ 115.7 |
Employee Benefits, Components o
Employee Benefits, Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Plans | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | $ 3.5 | $ 3.6 | $ 3.8 |
Interest cost | 4.4 | 4.4 | 4.9 |
Expected return on plan assets | (7.8) | (7.9) | (9.1) |
Amortization of prior service credit | 0 | 0 | 0 |
Amortization of unrecognized net loss | 2 | 2.7 | 2 |
Settlement charge | 1.7 | 3.2 | 2.5 |
Net periodic benefit cost | $ 3.8 | 6 | 4.1 |
Future rate recovery | in excess of $6.0 million | ||
PBOP | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | $ 0.1 | 0.3 | 0.3 |
Interest cost | 1.6 | 2 | 2 |
Expected return on plan assets | (4.4) | (4.6) | (4.6) |
Amortization of prior service credit | 0 | (0.9) | (7.7) |
Amortization of unrecognized net loss | 0 | 0 | 0 |
Settlement charge | 0 | 0 | 0 |
Net periodic benefit cost | $ (2.7) | $ (3.2) | $ (10) |
Employee Benefits, Estimated Fu
Employee Benefits, Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2017USD ($) |
Retirement Plans | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2,018 | $ 20.2 |
2,019 | 14.4 |
2,020 | 13.8 |
2,021 | 13 |
2,022 | 14 |
2023-2027 | 61.1 |
PBOP | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2,018 | 2.7 |
2,019 | 2.7 |
2,020 | 2.7 |
2,021 | 2.8 |
2,022 | 2.6 |
2023-2027 | $ 12.2 |
Employee Benefits, Weighted-Ave
Employee Benefits, Weighted-Average Assumptions Used to Determine Benefit Obligations (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate (percent) | 3.25% | 3.60% | |
Expected return on plan assets (percent) | 7.25% | 7.25% | 7.50% |
Rate of compensation increase (percent) | 3.86% | 3.86% | |
SRP | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate (percent) | 3.40% | 3.85% | |
Expected return on plan assets (percent) | 7.25% | 7.25% | 7.50% |
Rate of compensation increase (percent) | 3.86% | 3.86% | |
PBOP | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate (percent) | 3.70% | 4.20% | |
Expected return on plan assets (percent) | 5.30% | 5.30% | 5.30% |
Employee Benefits, Weighted-A73
Employee Benefits, Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Details) | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2017 | [1] | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [2] | Aug. 31, 2015 | [2] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan | |||||||||||||||||||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||||||||||||||||||
Discount rate (percent) | 3.25% | 3.20% | 3.30% | 3.45% | 3.60% | 2.85% | 3.00% | 3.45% | 3.60% | 3.35% | |||||||||||||
Expected return on plan assets (percent) | 7.25% | 7.25% | 7.50% | ||||||||||||||||||||
Rate of compensation increase (percent) | 3.86% | 3.50% | 3.50% | ||||||||||||||||||||
SRP | |||||||||||||||||||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||||||||||||||||||
Discount rate (percent) | 3.85% | 4.00% | 3.75% | ||||||||||||||||||||
Expected return on plan assets (percent) | 7.25% | 7.25% | 7.50% | ||||||||||||||||||||
Rate of compensation increase (percent) | 3.86% | 3.50% | 3.50% | ||||||||||||||||||||
PBOP | |||||||||||||||||||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||||||||||||||||||
Discount rate (percent) | 4.20% | 4.25% | 3.90% | ||||||||||||||||||||
Expected return on plan assets (percent) | 5.30% | 5.30% | 5.30% | ||||||||||||||||||||
[1] | Pension expense was remeasured quarterly in 2017 and 2016. The quarterly remeasurements for each quarter in 2017 and 2016 were as follows: Quarter 1: 3.45% and 3.45% ; Quarter 2: 3.30% and 3.00% ; Quarter 3: 3.20% and 2.85% ; and Quarter 4: 3.25% and 3.60% | ||||||||||||||||||||||
[2] | Pension expense was remeasured at August 31, 2015, to reflect a settlement. |
Employee Benefits, Effect of On
Employee Benefits, Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) - PBOP - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [Abstract] | ||
Benefit obligation at end of year - effect of 1% increase | $ 1.9 | |
Total of service and interest costs for year - effect of 1% increase | 0.1 | |
Benefit obligation at end of year - effect of 1% decrease | (1.6) | |
Total of service and interest costs for year - effect of 1% decrease | $ (0.1) | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6.50% | 7.00% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% |
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2,021 | 2,021 |
Annual increments for change | 0.50% | 0.50% |
Employee Benefits, Master Trust
Employee Benefits, Master Trust Pension and PBOP Fair Value Hierarchy (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 118.9 | $ 115.7 | $ 119.5 |
Master Trust percentage of pension plan assets | 50.80% | 50.30% | |
Amount committed to future capital calls in exchange for an ownership interest | $ 6.8 | ||
PBOP | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 88.2 | $ 85.9 | $ 86.4 |
Allocation to fixed income securities | 100.00% | 100.00% | |
PBOP | Short-term investments | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 2.2 | $ 3.2 | |
PBOP | Fixed income mutual funds | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13.9 | 4.9 | |
PBOP | Asset-backed securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11.5 | 15.5 | |
PBOP | Corporate Bond Securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18.1 | 18.6 | |
PBOP | Tax Exempt Securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 42.5 | 43.7 | |
Fair Value, Measurements, Recurring | Pension Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 147.9 | 147.5 | |
Investments, Excluding Net Asset Value, Fair Value Disclosure | 147.9 | 147.5 | |
Alternative Investment, Fair Value Disclosure | 86.3 | 82.5 | |
Investments, Fair Value Disclosure | 234.2 | 230 | |
Fair Value, Measurements, Recurring | Pension Plan | Fair Value, Inputs, Level 1 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 146.4 | 140.4 | |
Fair Value, Measurements, Recurring | Pension Plan | Fair Value, Inputs, Level 2 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.5 | 7.1 | |
Fair Value, Measurements, Recurring | Pension Plan | Fair Value, Inputs, Level 3 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Equity securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 44 | 40.6 | |
Fair Value, Measurements, Recurring | Pension Plan | Equity securities | Fair Value, Inputs, Level 1 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 44 | 40.6 | |
Fair Value, Measurements, Recurring | Pension Plan | Equity securities | Fair Value, Inputs, Level 2 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Equity securities | Fair Value, Inputs, Level 3 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Short-term investments | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6.2 | 6.7 | |
Fair Value, Measurements, Recurring | Pension Plan | Short-term investments | Fair Value, Inputs, Level 1 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6.2 | 6.7 | |
Fair Value, Measurements, Recurring | Pension Plan | Short-term investments | Fair Value, Inputs, Level 2 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Short-term investments | Fair Value, Inputs, Level 3 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Fixed income mutual funds | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 96.2 | 93.1 | |
Fair Value, Measurements, Recurring | Pension Plan | Fixed income mutual funds | Fair Value, Inputs, Level 1 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 96.2 | 93.1 | |
Fair Value, Measurements, Recurring | Pension Plan | Fixed income mutual funds | Fair Value, Inputs, Level 2 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Fixed income mutual funds | Fair Value, Inputs, Level 3 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Asset-backed securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.5 | 7.1 | |
Fair Value, Measurements, Recurring | Pension Plan | Asset-backed securities | Fair Value, Inputs, Level 1 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Asset-backed securities | Fair Value, Inputs, Level 2 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.5 | 7.1 | |
Fair Value, Measurements, Recurring | Pension Plan | Asset-backed securities | Fair Value, Inputs, Level 3 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | PBOP | Fair Value, Inputs, Level 1 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16.1 | 8.1 | |
Fair Value, Measurements, Recurring | PBOP | Fair Value, Inputs, Level 2 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 72.1 | 77.8 | |
Fair Value, Measurements, Recurring | PBOP | Fair Value, Inputs, Level 3 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | PBOP | Short-term investments | Fair Value, Inputs, Level 1 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.2 | 3.2 | |
Fair Value, Measurements, Recurring | PBOP | Short-term investments | Fair Value, Inputs, Level 2 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | PBOP | Short-term investments | Fair Value, Inputs, Level 3 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | PBOP | Fixed income mutual funds | Fair Value, Inputs, Level 1 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13.9 | 4.9 | |
Fair Value, Measurements, Recurring | PBOP | Fixed income mutual funds | Fair Value, Inputs, Level 2 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | PBOP | Fixed income mutual funds | Fair Value, Inputs, Level 3 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | PBOP | Asset-backed securities | Fair Value, Inputs, Level 1 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | PBOP | Asset-backed securities | Fair Value, Inputs, Level 2 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11.5 | 15.5 | |
Fair Value, Measurements, Recurring | PBOP | Asset-backed securities | Fair Value, Inputs, Level 3 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | PBOP | Corporate Bond Securities | Fair Value, Inputs, Level 1 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | PBOP | Corporate Bond Securities | Fair Value, Inputs, Level 2 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18.1 | 18.6 | |
Fair Value, Measurements, Recurring | PBOP | Corporate Bond Securities | Fair Value, Inputs, Level 3 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | PBOP | Tax Exempt Securities | Fair Value, Inputs, Level 1 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | PBOP | Tax Exempt Securities | Fair Value, Inputs, Level 2 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | 42.5 | 43.7 | |
Fair Value, Measurements, Recurring | PBOP | Tax Exempt Securities | Fair Value, Inputs, Level 3 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 | |
Maximum | Pension Plan | Equity securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations Range (up to) | 60.00% | ||
Maximum | Pension Plan | Alternative Investments | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations Range (up to) | 60.00% |
Employee Benefits, Summary of A
Employee Benefits, Summary of Activity in LTIP Incentive Compensation Plan (Details) - LTIP - Phantom Share Units (PSUs) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($)yr$ / sharesshares | Dec. 31, 2016USD ($)yr$ / sharesshares | Dec. 31, 2015USD ($)yrshares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Outstanding balance, beginning (in units) | 1,257,625 | 645,968 | ||
Granted (in units) | 487,142 | 865,091 | ||
Paid (in units) | (735,231) | (237,972) | ||
Forfeited (in units) | (36,641) | (15,462) | ||
Outstanding balance, ending (in units) | 972,895 | 1,257,625 | 645,968 | |
Unit Appreciation Rights and All Unit-Based Incentive Compensation Plans, Units, Fair Value [Abstract] | ||||
Outstanding balance, beginning | $ | [1] | $ 22.5 | $ 8.7 | |
Granted | $ | 8.1 | 10.2 | ||
Paid | $ | (11.2) | (4.1) | ||
Forfeited | $ | 0 | 0 | ||
Outstanding balance, ending | $ | [1] | $ 13.1 | $ 22.5 | $ 8.7 |
Unit Appreciation Rights and All Unit-Based Incentive Compensation Plans, Units, Weighted-Average Vesting Period [Abstract] | ||||
Outstanding balance, beginning | yr | [1] | 1.2 | 1.5 | |
Granted | yr | 2.3 | 2.3 | ||
Outstanding balance, ending | yr | [1] | 1 | 1.2 | 1.5 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,525,000 | |||
Closing market price of the common unit | $ / shares | $ 12.91 | $ 17.36 | ||
Compensation expense | $ | $ 7.8 | $ 11.6 | $ 3.6 | |
Total estimated remaining unrecognized compensation expense related to the Phantom Common Units | $ | $ 6 | $ 11.9 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 10,812 | 17,108 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ / shares | $ 18.50 | $ 11.75 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,450,060 | |||
[1] | Represents fair value and remaining weighted-average vesting period of outstanding awards at the end of the period. |
Employee Benefits, Valuation As
Employee Benefits, Valuation Assumptions Under Unit Appreciation Rights (Details) - Long-Term Cash Bonus Plan - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 2.7 | |||
Cash Bonus Granted During Period | $ 9.2 | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | 1.1 | $ 3.5 | $ 2.8 | |
Unrecognized compensation cost | $ 1.6 |
Employee Benefits Employee Bene
Employee Benefits Employee Benefits, Retention Payment Agreements (Details) - Retention Payment Agreements - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 3 years | |||
Deferred Compensation Arrangement with Individual, Distribution Paid | $ 5.8 | $ 2.9 | $ 2.9 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 0.9 | $ 2.2 | $ 3.8 |
Cash Distributions and Net In79
Cash Distributions and Net Income per Unit (Details) | 12 Months Ended |
Dec. 31, 2017$ / shares | |
First Target Distribution Range | |
Cash Distribution [Abstract] | |
Maximum target distribution amount (in dollars per share) | $ 0.4025 |
Marginal Percentage Interest in Distributions - Limited Partner Unitholders | 98.00% |
Marginal Percentage Interest in Distributions - General Partner and IDRs Unitholders | 2.00% |
Second Target Distribution Range | |
Cash Distribution [Abstract] | |
Minimum target distribution over this amount (in dollars per share) | $ 0.4025 |
Maximum target distribution amount (in dollars per share) | $ 0.4375 |
Marginal Percentage Interest in Distributions - Limited Partner Unitholders | 85.00% |
Marginal Percentage Interest in Distributions - General Partner and IDRs Unitholders | 15.00% |
Third Target Distribution Range | |
Cash Distribution [Abstract] | |
Minimum target distribution over this amount (in dollars per share) | $ 0.4375 |
Maximum target distribution amount (in dollars per share) | $ 0.5250 |
Marginal Percentage Interest in Distributions - Limited Partner Unitholders | 75.00% |
Marginal Percentage Interest in Distributions - General Partner and IDRs Unitholders | 25.00% |
Thereafter Target Distribution Range | |
Cash Distribution [Abstract] | |
Minimum target distribution over this amount (in dollars per share) | $ 0.5250 |
Marginal Percentage Interest in Distributions - Limited Partner Unitholders | 50.00% |
Marginal Percentage Interest in Distributions - General Partner and IDRs Unitholders | 50.00% |
Cash Distributions and Net In80
Cash Distributions and Net Income per Unit Distributions Made to Members or Limited Partners (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Distributions Made to Members or Limited Partners [Abstract] | ||||||||||||
Distribution per Unit | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 |
Amount Paid to Common Unitholders | $ 25.1 | $ 25.1 | $ 25.1 | $ 25.1 | $ 25.1 | $ 25.1 | $ 25.1 | $ 25.1 | $ 25.1 | $ 25.1 | $ 25.1 | $ 25.1 |
Amount Paid to General Partner (Including IDRs) | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
Incentive Distribution, Distribution | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Cash Distributions and Net In81
Cash Distributions and Net Income per Unit Reconciliation of Net Income and the Assumed Allocation of Net Income (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income per unit [Abstract] | |||||||||||
Net income | $ 84.2 | $ 69.8 | $ 23.7 | $ 119.3 | $ 88.2 | $ 47.3 | $ 65.7 | $ 101 | $ 297 | $ 302.2 | $ 222 |
Declared distribution | 102.2 | 102.2 | 102.2 | ||||||||
Assumed allocation of undistributed net income | 194.8 | 200 | 119.8 | ||||||||
Assumed allocation of net income attributable to limited partner unitholders and general partner | $ 297 | $ 302.2 | $ 222 | ||||||||
Weighted-average units outstanding | 250.3 | 250.3 | 248.8 | ||||||||
Net income per unit | $ 0.33 | $ 0.27 | $ 0.09 | $ 0.47 | $ 0.34 | $ 0.19 | $ 0.26 | $ 0.40 | $ 1.16 | $ 1.18 | $ 0.87 |
Common Units | |||||||||||
Net income per unit [Abstract] | |||||||||||
Declared distribution | $ 100.2 | $ 100.2 | $ 100.2 | ||||||||
Assumed allocation of undistributed net income | 190.9 | 196 | 117.3 | ||||||||
Assumed allocation of net income attributable to limited partner unitholders and general partner | $ 291.1 | $ 296.2 | $ 217.5 | ||||||||
Weighted-average units outstanding | 250.3 | 250.3 | 248.8 | ||||||||
Net income per unit | $ 1.16 | $ 1.18 | $ 0.87 | ||||||||
General Partner and IDRs | |||||||||||
Net income per unit [Abstract] | |||||||||||
Declared distribution | $ 2 | $ 2 | $ 2 | ||||||||
Assumed allocation of undistributed net income | 3.9 | 4 | 2.5 | ||||||||
Assumed allocation of net income attributable to limited partner unitholders and general partner | $ 5.9 | $ 6 | $ 4.5 |
Cash Distributions and Net In82
Cash Distributions and Net Income per Unit Subsequent Event (Details) | Feb. 15, 2018$ / shares |
Subsequent Event | |
Subsequent Event [Line Items] | |
Dividends Payable, Amount Per Share | $ 0.10 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
State and Local Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||||||
Current expense: State | $ 0.7 | $ 0.4 | $ 0.4 | ||||||||
Total | 0.7 | 0.4 | 0.4 | ||||||||
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||||||
Deferred provision: State | 0.3 | 0.2 | 0.1 | ||||||||
Total | 0.3 | 0.2 | 0.1 | ||||||||
Income taxes | $ 0.1 | $ 0.3 | $ 0.4 | $ 0.2 | $ 0.2 | $ 0 | $ 0.2 | $ 0.2 | 1 | 0.6 | 0.5 |
Summary of the Provision for Income Taxes [Line Items] | |||||||||||
Deferred Tax Assets, Net | $ 0 | $ 0 | 0 | 0 | |||||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 0 | $ 0 | $ 0 | ||||||||
Earliest Tax Year | |||||||||||
Summary of the Provision for Income Taxes [Line Items] | |||||||||||
Open Tax Year | 2,014 | ||||||||||
Latest Tax Year | |||||||||||
Summary of the Provision for Income Taxes [Line Items] | |||||||||||
Open Tax Year | 2,017 |
Credit Risk (Details)
Credit Risk (Details) MMBbls in Millions, MMBTU in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)$ / MMBTUMMBTUMMBbls | Dec. 31, 2016USD ($)$ / MMBTUMMBTUMMBbls | |
Gas loaned to customers [Abstract] | ||
Gas Balancing Volume Amount (in MMBtu) | MMBTU | 12.3 | 13.6 |
Average Market Price Of Gas Assumed | $ / MMBTU | 2.76 | 3.47 |
Gas Imbalance To Subsidiaries Asset Liability | $ 34 | $ 47.2 |
Natural Gas Liquids Balancing Volume (in MMBbls) (Less than) | MMBbls | 0 | 0.1 |
Natural Gas Liquids Imbalance to Subsidiaries Asset Liability | $ 0 | $ 0.4 |
Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Benchmark Description | no customer comprised 10% or more of the Partnership?s operating revenues | |
Revenue | Natural Gas Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 46.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 6.6 | $ 7.1 | $ 8.8 |
Percent of General Partner Interest Owned by Holding Company (in hundredths) | 2.00% | 2.00% | 2.00% |
Subordinated Debt | |||
Related Party Transaction [Line Items] | |||
Subordinated Loan Agreement Maximum Borrowing Capacity | $ 300 | ||
Boardwalk GP, LP | |||
Related Party Transaction [Line Items] | |||
Cash dividends paid to Parent Company | $ 52.2 | $ 52.2 | $ 52.2 |
Supplemental Disclosure of Ca86
Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash paid during the period for: | |||
Interest (net of amount capitalized) | $ 163.7 | $ 170.6 | $ 170.6 |
Income taxes, net | 0.5 | 0.7 | 0.3 |
Non-cash adjustments: | |||
Accounts payable and PPE | $ 58.8 | $ 93.4 | $ 54.7 |
Selected Quarterly Financial 87
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |||||||||||
Operating revenues | $ 337.5 | $ 300.5 | $ 317.6 | $ 367 | $ 352.6 | $ 303.3 | $ 306.3 | $ 345 | $ 1,322.6 | $ 1,307.2 | $ 1,249.2 |
Operating expenses | 213.8 | 189.7 | 250.4 | 202.2 | 219.7 | 209.6 | 197 | 203.4 | 856.1 | 829.7 | 853.4 |
Operating income | 123.7 | 110.8 | 67.2 | 164.8 | 132.9 | 93.7 | 109.3 | 141.6 | 466.5 | 477.5 | 395.8 |
Interest expense, net | 39.8 | 41 | 43.7 | 46.1 | 46.3 | 48.3 | 45.3 | 42.5 | |||
Other income | (0.4) | (0.3) | (0.6) | (0.8) | (1.8) | (1.9) | (1.9) | (2.1) | |||
Income before income taxes | 84.3 | 70.1 | 24.1 | 119.5 | 88.4 | 47.3 | 65.9 | 101.2 | 298 | 302.8 | 222.5 |
Income taxes | 0.1 | 0.3 | 0.4 | 0.2 | 0.2 | 0 | 0.2 | 0.2 | 1 | 0.6 | 0.5 |
Net income | $ 84.2 | $ 69.8 | $ 23.7 | $ 119.3 | $ 88.2 | $ 47.3 | $ 65.7 | $ 101 | $ 297 | $ 302.2 | $ 222 |
Net income per common unit (in dollars per unit) | $ 0.33 | $ 0.27 | $ 0.09 | $ 0.47 | $ 0.34 | $ 0.19 | $ 0.26 | $ 0.40 | $ 1.16 | $ 1.18 | $ 0.87 |
Guarantee of Securities of Su88
Guarantee of Securities of Subsidiaries Balance Sheets (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 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 had no significant restrictions on their ability to pay distributions or make loans to the Partnership except as noted in the debt covenants and had no restricted assets at December?31, 2017 and 2016. | |||
Assets | ||||
Cash and cash equivalents | $ 17.6 | 4.6 | $ 3.1 | $ 6.6 |
Receivables | 133.4 | 139.8 | ||
Receivables - affiliate | 0 | 0 | ||
Gas and liquids stored underground | 6.5 | 1.3 | ||
Prepayments | 17.9 | 17.7 | ||
Advances to affiliates | 0 | 0 | ||
Other current assets | 5.2 | 10.8 | ||
Total current assets | 180.6 | 174.2 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Property, plant and equipment, gross | 10,883.6 | 10,327.3 | ||
Less—accumulated depreciation and amortization | 2,621.1 | 2,333.8 | ||
Property, plant and equipment, net | 8,262.5 | 7,993.5 | ||
Advances to affiliates – noncurrent | 0 | 0 | ||
Other noncurrent assets | 463.5 | 470.1 | ||
Total other assets | 463.5 | 470.1 | ||
Total Assets | 8,906.6 | 8,637.8 | ||
Liabilities and Partners' Capital | ||||
Payables | 87.9 | 137.5 | ||
Payable to affiliates | 1.5 | 1.4 | ||
Advances from affiliates | 0 | 0 | ||
Other current liabilities | 191 | 194 | ||
Total current liabilities | 280.4 | 332.9 | ||
Long-term debt and capital lease obligation | 3,686.8 | 3,558 | ||
Payable to affiliate - noncurrent | 16 | 16 | ||
Advances from affiliates - noncurrent | 0 | 0 | ||
Other noncurrent liabilities | 198.6 | 200 | ||
Total other liabilities and deferred credits | 214.6 | 216 | ||
Total partners’ capital | 4,724.8 | 4,530.9 | ||
Total Liabilities and Partners' Capital | 8,906.6 | 8,637.8 | ||
Reportable Legal Entities | Parent Guarantor | ||||
Assets | ||||
Cash and cash equivalents | 0.3 | 0.6 | 0 | 0.5 |
Receivables | 0 | 0 | ||
Receivables - affiliate | 0 | 0 | ||
Gas and liquids stored underground | 0 | 0 | ||
Prepayments | 0.1 | 0.4 | ||
Advances to affiliates | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0.4 | 1 | ||
Investment in consolidated subsidiaries | 2,672.3 | 2,423.2 | ||
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 | ||
Advances to affiliates – noncurrent | 2,070.1 | 2,125 | ||
Other noncurrent assets | 0 | 0 | ||
Total other assets | 2,070.1 | 2,125 | ||
Total Assets | 4,742.8 | 4,549.2 | ||
Liabilities and Partners' Capital | ||||
Payables | 0.5 | 0.9 | ||
Payable to affiliates | 1.5 | 1.4 | ||
Advances from affiliates | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 2 | 2.3 | ||
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 | 4,724.8 | 4,530.9 | ||
Total Liabilities and Partners' Capital | 4,742.8 | 4,549.2 | ||
Reportable Legal Entities | Subsidiary Issuer | ||||
Assets | ||||
Cash and cash equivalents | 4.6 | 1.8 | 0.3 | 1.8 |
Receivables | 0 | 0 | ||
Receivables - affiliate | 0 | 0 | ||
Gas and liquids stored underground | 0 | 0 | ||
Prepayments | 0 | 0 | ||
Advances to affiliates | 0 | 72.9 | ||
Other current assets | 0 | 0 | ||
Total current assets | 4.6 | 74.7 | ||
Investment in consolidated subsidiaries | 6,676.7 | 6,653.6 | ||
Property, plant and equipment, gross | 0 | 0 | ||
Less—accumulated depreciation and amortization | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Advances to affiliates – noncurrent | 923.7 | 435 | ||
Other noncurrent assets | 3.3 | 3.3 | ||
Total other assets | 927 | 438.3 | ||
Total Assets | 7,608.3 | 7,166.6 | ||
Liabilities and Partners' Capital | ||||
Payables | 0.1 | 0.2 | ||
Payable to affiliates | 0 | 0 | ||
Advances from affiliates | 2.3 | 102.7 | ||
Other current liabilities | 25.2 | 21.8 | ||
Total current liabilities | 27.6 | 124.7 | ||
Long-term debt and capital lease obligation | 2,461.8 | 2,264.4 | ||
Payable to affiliate - noncurrent | 0 | 0 | ||
Advances from affiliates - noncurrent | 2,446.6 | 2,354.3 | ||
Other noncurrent liabilities | 0 | 0 | ||
Total other liabilities and deferred credits | 2,446.6 | 2,354.3 | ||
Total partners’ capital | 2,672.3 | 2,423.2 | ||
Total Liabilities and Partners' Capital | 7,608.3 | 7,166.6 | ||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Assets | ||||
Cash and cash equivalents | 12.7 | 2.2 | 2.8 | 4.3 |
Receivables | 133.4 | 139.8 | ||
Receivables - affiliate | 7 | 7 | ||
Gas and liquids stored underground | 6.5 | 1.3 | ||
Prepayments | 17.8 | 17.3 | ||
Advances to affiliates | 2.3 | 102.7 | ||
Other current assets | 7 | 13.9 | ||
Total current assets | 186.7 | 284.2 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Property, plant and equipment, gross | 10,883 | 10,326.7 | ||
Less—accumulated depreciation and amortization | 2,620.5 | 2,333.2 | ||
Property, plant and equipment, net | 8,262.5 | 7,993.5 | ||
Advances to affiliates – noncurrent | 376.5 | 229.3 | ||
Other noncurrent assets | 460.5 | 466.8 | ||
Total other assets | 837 | 696.1 | ||
Total Assets | 9,286.2 | 8,973.8 | ||
Liabilities and Partners' Capital | ||||
Payables | 87.3 | 136.4 | ||
Payable to affiliates | 7 | 7 | ||
Advances from affiliates | 0 | 72.9 | ||
Other current liabilities | 167.9 | 175.3 | ||
Total current liabilities | 262.2 | 391.6 | ||
Long-term debt and capital lease obligation | 1,225 | 1,293.6 | ||
Payable to affiliate - noncurrent | 0 | 0 | ||
Advances from affiliates - noncurrent | 923.7 | 435 | ||
Other noncurrent liabilities | 198.6 | 200 | ||
Total other liabilities and deferred credits | 1,122.3 | 635 | ||
Total partners’ capital | 6,676.7 | 6,653.6 | ||
Total Liabilities and Partners' Capital | 9,286.2 | 8,973.8 | ||
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 | (2.3) | (175.6) | ||
Other current assets | (1.8) | (3.1) | ||
Total current assets | (11.1) | (185.7) | ||
Investment in consolidated subsidiaries | (9,349) | (9,076.8) | ||
Property, plant and equipment, gross | 0 | 0 | ||
Less—accumulated depreciation and amortization | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Advances to affiliates – noncurrent | (3,370.3) | (2,789.3) | ||
Other noncurrent assets | (0.3) | 0 | ||
Total other assets | (3,370.6) | (2,789.3) | ||
Total Assets | (12,730.7) | (12,051.8) | ||
Liabilities and Partners' Capital | ||||
Payables | 0 | 0 | ||
Payable to affiliates | (7) | (7) | ||
Advances from affiliates | (2.3) | (175.6) | ||
Other current liabilities | (2.1) | (3.1) | ||
Total current liabilities | (11.4) | (185.7) | ||
Long-term debt and capital lease obligation | 0 | 0 | ||
Payable to affiliate - noncurrent | 0 | 0 | ||
Advances from affiliates - noncurrent | (3,370.3) | (2,789.3) | ||
Other noncurrent liabilities | 0 | 0 | ||
Total other liabilities and deferred credits | (3,370.3) | (2,789.3) | ||
Total partners’ capital | (9,349) | (9,076.8) | ||
Total Liabilities and Partners' Capital | $ (12,730.7) | $ (12,051.8) |
Guarantee of Securities of Su89
Guarantee of Securities of Subsidiaries Statements of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Revenues: | |||||||||||
Transportation | $ 1,180.7 | $ 1,142.4 | $ 1,091.1 | ||||||||
Parking and lending | 20.2 | 18.2 | 11.4 | ||||||||
Storage | 81.5 | 91.4 | 81.3 | ||||||||
Other | 40.2 | 55.2 | 65.4 | ||||||||
Total operating revenues | $ 337.5 | $ 300.5 | $ 317.6 | $ 367 | $ 352.6 | $ 303.3 | $ 306.3 | $ 345 | 1,322.6 | 1,307.2 | 1,249.2 |
Operating Costs and Expenses: | |||||||||||
Fuel and transportation | 54.8 | 70.8 | 99.3 | ||||||||
Operation and maintenance | 204.2 | 199.9 | 209.5 | ||||||||
Administrative and general | 126.5 | 142.2 | 130.4 | ||||||||
Other operating costs and expenses | 470.6 | 416.8 | 414.2 | ||||||||
Total operating costs and expenses | 213.8 | 189.7 | 250.4 | 202.2 | 219.7 | 209.6 | 197 | 203.4 | 856.1 | 829.7 | 853.4 |
Operating (loss) income | 123.7 | 110.8 | 67.2 | 164.8 | 132.9 | 93.7 | 109.3 | 141.6 | 466.5 | 477.5 | 395.8 |
Other Deductions (Income): | |||||||||||
Interest expense | 171 | 182.8 | 176.4 | ||||||||
Interest expense - affiliates | 0 | 0 | 0 | ||||||||
Interest income | (0.4) | (0.4) | (0.4) | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Miscellaneous other income, net | (2.1) | (7.7) | (2.7) | ||||||||
Total other (income) deductions | 168.5 | 174.7 | 173.3 | ||||||||
Income (loss) before income taxes | 84.3 | 70.1 | 24.1 | 119.5 | 88.4 | 47.3 | 65.9 | 101.2 | 298 | 302.8 | 222.5 |
Income taxes | 0.1 | 0.3 | 0.4 | 0.2 | 0.2 | 0 | 0.2 | 0.2 | 1 | 0.6 | 0.5 |
Net income (loss) | $ 84.2 | $ 69.8 | $ 23.7 | $ 119.3 | $ 88.2 | $ 47.3 | $ 65.7 | $ 101 | 297 | 302.2 | 222 |
Reportable Legal Entities | Parent Guarantor | |||||||||||
Operating Revenues: | |||||||||||
Transportation | 0 | 0 | 0 | ||||||||
Parking and lending | 0 | 0 | 0 | ||||||||
Storage | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Total operating revenues | 0 | 0 | 0 | ||||||||
Operating Costs and Expenses: | |||||||||||
Fuel and transportation | 0 | 0 | 0 | ||||||||
Operation and maintenance | 0 | 0 | 0 | ||||||||
Administrative and general | (0.3) | 0.5 | 0 | ||||||||
Other operating costs and expenses | 0.6 | 0.4 | 0.3 | ||||||||
Total operating costs and expenses | 0.3 | 0.9 | 0.3 | ||||||||
Operating (loss) income | (0.3) | (0.9) | (0.3) | ||||||||
Other Deductions (Income): | |||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest Income - affiliates | (47.3) | (37.8) | (28.8) | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Equity in earnings of subsidiaries | (250) | (265.5) | (193.5) | ||||||||
Miscellaneous other income, net | 0 | 0.2 | 0 | ||||||||
Total other (income) deductions | (297.3) | (303.1) | (222.3) | ||||||||
Income (loss) before income taxes | 297 | 302.2 | 222 | ||||||||
Income taxes | 0 | 0 | 0 | ||||||||
Net income (loss) | 297 | 302.2 | 222 | ||||||||
Reportable Legal Entities | Subsidiary Issuer | |||||||||||
Operating Revenues: | |||||||||||
Transportation | 0 | 0 | 0 | ||||||||
Parking and lending | 0 | 0 | 0 | ||||||||
Storage | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Total operating revenues | 0 | 0 | 0 | ||||||||
Operating Costs and Expenses: | |||||||||||
Fuel and transportation | 0 | 0 | 0 | ||||||||
Operation and maintenance | 0 | 0 | 0 | ||||||||
Administrative and general | 0 | 0 | 0 | ||||||||
Other operating costs and expenses | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 0 | 0 | 0 | ||||||||
Operating (loss) income | 0 | 0 | 0 | ||||||||
Other Deductions (Income): | |||||||||||
Interest expense | 129.6 | 123.8 | 104 | ||||||||
Interest expense - affiliates | 39.9 | 44.4 | 38.2 | ||||||||
Interest income | (0.2) | (0.1) | 0 | ||||||||
Equity in earnings of subsidiaries | (419.3) | (433.6) | (335.7) | ||||||||
Miscellaneous other income, net | 0 | 0 | 0 | ||||||||
Total other (income) deductions | (250) | (265.5) | (193.5) | ||||||||
Income (loss) before income taxes | 250 | 265.5 | 193.5 | ||||||||
Income taxes | 0 | 0 | 0 | ||||||||
Net income (loss) | 250 | 265.5 | 193.5 | ||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||||||||
Operating Revenues: | |||||||||||
Transportation | 1,269 | 1,230.2 | 1,178.5 | ||||||||
Parking and lending | 20.5 | 20.1 | 11.6 | ||||||||
Storage | 81.5 | 91.4 | 81.3 | ||||||||
Other | 40.2 | 55.2 | 65.4 | ||||||||
Total operating revenues | 1,411.2 | 1,396.9 | 1,336.8 | ||||||||
Operating Costs and Expenses: | |||||||||||
Fuel and transportation | 143.4 | 160.5 | 186.9 | ||||||||
Operation and maintenance | 204.2 | 199.9 | 209.5 | ||||||||
Administrative and general | 126.8 | 141.7 | 130.4 | ||||||||
Other operating costs and expenses | 470 | 416.4 | 413.9 | ||||||||
Total operating costs and expenses | 944.4 | 918.5 | 940.7 | ||||||||
Operating (loss) income | 466.8 | 478.4 | 396.1 | ||||||||
Other Deductions (Income): | |||||||||||
Interest expense | 41.4 | 59 | 72.4 | ||||||||
Interest Income - affiliates | (6.6) | (9.4) | |||||||||
Interest expense - affiliates | 7.4 | ||||||||||
Interest income | (0.2) | (0.3) | (0.4) | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Miscellaneous other income, net | (2.1) | (7.9) | (2.7) | ||||||||
Total other (income) deductions | 46.5 | 44.2 | 59.9 | ||||||||
Income (loss) before income taxes | 420.3 | 434.2 | 336.2 | ||||||||
Income taxes | 1 | 0.6 | 0.5 | ||||||||
Net income (loss) | 419.3 | 433.6 | 335.7 | ||||||||
Eliminations | |||||||||||
Operating Revenues: | |||||||||||
Transportation | (88.3) | (87.8) | (87.4) | ||||||||
Parking and lending | (0.3) | (1.9) | (0.2) | ||||||||
Storage | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Total operating revenues | (88.6) | (89.7) | (87.6) | ||||||||
Operating Costs and Expenses: | |||||||||||
Fuel and transportation | (88.6) | (89.7) | (87.6) | ||||||||
Operation and maintenance | 0 | 0 | 0 | ||||||||
Administrative and general | 0 | 0 | 0 | ||||||||
Other operating costs and expenses | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | (88.6) | (89.7) | (87.6) | ||||||||
Operating (loss) income | 0 | 0 | 0 | ||||||||
Other Deductions (Income): | |||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest expense - affiliates | 0 | 0 | 0 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Equity in earnings of subsidiaries | 669.3 | 699.1 | 529.2 | ||||||||
Miscellaneous other income, net | 0 | 0 | 0 | ||||||||
Total other (income) deductions | 669.3 | 699.1 | 529.2 | ||||||||
Income (loss) before income taxes | (669.3) | (699.1) | (529.2) | ||||||||
Income taxes | 0 | 0 | 0 | ||||||||
Net income (loss) | $ (669.3) | $ (699.1) | $ (529.2) |
Guarantee of Securities of Su90
Guarantee of Securities of Subsidiaries Statements of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | $ 84.2 | $ 69.8 | $ 23.7 | $ 119.3 | $ 88.2 | $ 47.3 | $ 65.7 | $ 101 | $ 297 | $ 302.2 | $ 222 |
Other comprehensive income (loss): | |||||||||||
Loss on cash flow hedge | (1.5) | 0 | 0 | ||||||||
Reclassification adjustment transferred to Net income from cash flow hedges | 2.5 | 2.4 | 2.4 | ||||||||
Pension and other postretirement benefit costs | (1.9) | 1.8 | (13.9) | ||||||||
Total Comprehensive Income (Loss) | 296.1 | 306.4 | 210.5 | ||||||||
Reportable Legal Entities | Parent Guarantor | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | 297 | 302.2 | 222 | ||||||||
Other comprehensive income (loss): | |||||||||||
Loss on cash flow hedge | (1.5) | ||||||||||
Reclassification adjustment transferred to Net income from cash flow hedges | 2.5 | 2.4 | 2.4 | ||||||||
Pension and other postretirement benefit costs | (1.9) | 1.8 | (13.9) | ||||||||
Total Comprehensive Income (Loss) | 296.1 | 306.4 | 210.5 | ||||||||
Reportable Legal Entities | Subsidiary Issuer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | 250 | 265.5 | 193.5 | ||||||||
Other comprehensive income (loss): | |||||||||||
Loss on cash flow hedge | (1.5) | ||||||||||
Reclassification adjustment transferred to Net income from cash flow hedges | 2.5 | 2.4 | 2.4 | ||||||||
Pension and other postretirement benefit costs | (1.9) | 1.8 | (13.9) | ||||||||
Total Comprehensive Income (Loss) | 249.1 | 269.7 | 182 | ||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | 419.3 | 433.6 | 335.7 | ||||||||
Other comprehensive income (loss): | |||||||||||
Loss on cash flow hedge | 0 | ||||||||||
Reclassification adjustment transferred to Net income from cash flow hedges | 0.7 | 0.7 | 0.7 | ||||||||
Pension and other postretirement benefit costs | (1.9) | 1.8 | (13.9) | ||||||||
Total Comprehensive Income (Loss) | 418.1 | 436.1 | 322.5 | ||||||||
Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | (669.3) | (699.1) | (529.2) | ||||||||
Other comprehensive income (loss): | |||||||||||
Loss on cash flow hedge | 1.5 | ||||||||||
Reclassification adjustment transferred to Net income from cash flow hedges | (3.2) | (3.1) | (3.1) | ||||||||
Pension and other postretirement benefit costs | 3.8 | (3.6) | 27.8 | ||||||||
Total Comprehensive Income (Loss) | $ (667.2) | $ (705.8) | $ (504.5) |
Guarantee of Securities of Su91
Guarantee of Securities of Subsidiaries Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $ 637 | $ 600.8 | $ 576.4 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (708.4) | (590.4) | (374.5) |
Proceeds from sale of operating assets | 63.8 | 0.2 | 0.8 |
Proceeds from other recoveries | 0 | 0 | 6.2 |
Advances to affiliates, net | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | (644.6) | (590.2) | (367.5) |
FINANCING ACTIVITIES: | |||
Proceeds from long-term debt, net of issuance cost | 494 | 539.1 | 247.1 |
Repayment of borrowings from long-term debt and term loan | (575) | (250) | (725) |
Proceeds from borrowings on revolving credit agreement | 765 | 490 | 1,125 |
Repayment of borrowings on revolving credit agreement, including financing fees | (560.8) | (685.8) | (873.6) |
Principal payment of capital lease obligation | (0.5) | (0.5) | (0.4) |
Advances from affiliates, net | 0.1 | 0.3 | 0.6 |
Distributions paid | (102.2) | (102.2) | (101.5) |
Proceeds from sale of common units | 0 | 0 | 113.1 |
Capital contributions from general partner | 0 | 0 | 2.3 |
Net cash (used in) provided by financing activities | 20.6 | (9.1) | (212.4) |
Increase (decrease) in cash and cash equivalents | 13 | 1.5 | (3.5) |
Cash and cash equivalents at beginning of period | 4.6 | 3.1 | 6.6 |
Cash and cash equivalents at end of period | 17.6 | 4.6 | 3.1 |
Reportable Legal Entities | Parent Guarantor | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 46.9 | 37.3 | 27.9 |
INVESTING ACTIVITIES: | |||
Capital expenditures | 0 | 0 | (1) |
Proceeds from sale of operating assets | 0 | 0 | 0 |
Proceeds from other recoveries | 0 | ||
Advances to affiliates, net | 54.9 | 65.2 | (41.9) |
Net cash provided by (used in) investing activities | 54.9 | 65.2 | (42.9) |
FINANCING ACTIVITIES: | |||
Proceeds from long-term debt, net of issuance cost | 0 | 0 | 0 |
Repayment of borrowings from long-term debt and term loan | 0 | 0 | 0 |
Proceeds from borrowings on revolving credit agreement | 0 | 0 | 0 |
Repayment of borrowings on revolving credit agreement, including financing fees | 0 | 0 | 0 |
Principal payment of capital lease obligation | 0 | 0 | 0 |
Advances from affiliates, net | 0.1 | 0.3 | 0.6 |
Distributions paid | (102.2) | (102.2) | (101.5) |
Proceeds from sale of common units | 113.1 | ||
Capital contributions from general partner | 2.3 | ||
Net cash (used in) provided by financing activities | (102.1) | (101.9) | 14.5 |
Increase (decrease) in cash and cash equivalents | (0.3) | 0.6 | (0.5) |
Cash and cash equivalents at beginning of period | 0.6 | 0 | 0.5 |
Cash and cash equivalents at end of period | 0.3 | 0.6 | 0 |
Reportable Legal Entities | Subsidiary Issuer | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | (161.5) | (161.9) | (136.3) |
INVESTING ACTIVITIES: | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from sale of operating assets | 0 | 0 | 0 |
Proceeds from other recoveries | 0 | ||
Advances to affiliates, net | (434.4) | (20.6) | (269) |
Net cash provided by (used in) investing activities | (434.4) | (20.6) | (269) |
FINANCING ACTIVITIES: | |||
Proceeds from long-term debt, net of issuance cost | 494 | 539.1 | 247.1 |
Repayment of borrowings from long-term debt and term loan | (300) | (250) | 0 |
Proceeds from borrowings on revolving credit agreement | 0 | 0 | 0 |
Repayment of borrowings on revolving credit agreement, including financing fees | (0.8) | (0.8) | (3.6) |
Principal payment of capital lease obligation | 0 | 0 | 0 |
Advances from affiliates, net | 405.5 | (104.3) | 160.3 |
Distributions paid | 0 | 0 | 0 |
Proceeds from sale of common units | 0 | ||
Capital contributions from general partner | 0 | ||
Net cash (used in) provided by financing activities | 598.7 | 184 | 403.8 |
Increase (decrease) in cash and cash equivalents | 2.8 | 1.5 | (1.5) |
Cash and cash equivalents at beginning of period | 1.8 | 0.3 | 1.8 |
Cash and cash equivalents at end of period | 4.6 | 1.8 | 0.3 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 751.6 | 725.4 | 684.8 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (708.4) | (590.4) | (373.5) |
Proceeds from sale of operating assets | 63.8 | 0.2 | 0.8 |
Proceeds from other recoveries | 6.2 | ||
Advances to affiliates, net | (460.4) | 39.1 | (118.4) |
Net cash provided by (used in) investing activities | (1,105) | (551.1) | (484.9) |
FINANCING ACTIVITIES: | |||
Proceeds from long-term debt, net of issuance cost | 0 | 0 | 0 |
Repayment of borrowings from long-term debt and term loan | (275) | 0 | (725) |
Proceeds from borrowings on revolving credit agreement | 765 | 490 | 1,125 |
Repayment of borrowings on revolving credit agreement, including financing fees | (560) | (685) | (870) |
Principal payment of capital lease obligation | (0.5) | (0.5) | (0.4) |
Advances from affiliates, net | 434.4 | 20.6 | 269 |
Distributions paid | 0 | 0 | 0 |
Proceeds from sale of common units | 0 | ||
Capital contributions from general partner | 0 | ||
Net cash (used in) provided by financing activities | 363.9 | (174.9) | (201.4) |
Increase (decrease) in cash and cash equivalents | 10.5 | (0.6) | (1.5) |
Cash and cash equivalents at beginning of period | 2.2 | 2.8 | 4.3 |
Cash and cash equivalents at end of period | 12.7 | 2.2 | 2.8 |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
INVESTING ACTIVITIES: | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from sale of operating assets | 0 | 0 | 0 |
Proceeds from other recoveries | 0 | ||
Advances to affiliates, net | 839.9 | (83.7) | 429.3 |
Net cash provided by (used in) investing activities | 839.9 | (83.7) | 429.3 |
FINANCING ACTIVITIES: | |||
Proceeds from long-term debt, net of issuance cost | 0 | 0 | 0 |
Repayment of borrowings from long-term debt and term loan | 0 | 0 | 0 |
Proceeds from borrowings on revolving credit agreement | 0 | 0 | 0 |
Repayment of borrowings on revolving credit agreement, including financing fees | 0 | 0 | 0 |
Principal payment of capital lease obligation | 0 | 0 | 0 |
Advances from affiliates, net | (839.9) | 83.7 | (429.3) |
Distributions paid | 0 | 0 | 0 |
Proceeds from sale of common units | 0 | ||
Capital contributions from general partner | 0 | ||
Net cash (used in) provided by financing activities | (839.9) | 83.7 | (429.3) |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | $ 0 | $ 0 | $ 0 |