Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 05, 2018 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | BOARDWALK PIPELINE PARTNERS, LP | |
Entity Central Index Key | 1,336,047 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 27 | $ 17.6 |
Receivables: | ||
Trade, net | 89.4 | 116.8 |
Other | 32.9 | 16.6 |
Gas transportation receivables | 8.3 | 4.6 |
Costs recoverable from customers | 11.1 | 0 |
Prepayments | 25.9 | 17.9 |
Other current assets | 0.9 | 7.1 |
Total current assets | 195.5 | 180.6 |
Property, Plant and Equipment: | ||
Natural gas transmission and other plant | 10,952.6 | 10,467.1 |
Construction work in progress | 258.9 | 416.5 |
Property, plant and equipment, gross | 11,211.5 | 10,883.6 |
Less—accumulated depreciation and amortization | 2,863.3 | 2,621.1 |
Property, plant and equipment, net | 8,348.2 | 8,262.5 |
Other Assets: | ||
Goodwill | 237.4 | 237.4 |
Gas stored underground | 81.7 | 86.3 |
Other | 138.5 | 139.8 |
Total other assets | 457.6 | 463.5 |
Total Assets | 9,001.3 | 8,906.6 |
Payables: | ||
Trade | 65.4 | 76 |
Affiliates | 1.6 | 1.5 |
Other | 18.3 | 11.9 |
Gas payables | 8.2 | 5.7 |
Accrued taxes, other | 76.4 | 57.1 |
Accrued interest | 36.6 | 37.9 |
Accrued payroll and employee benefits | 27.9 | 33.7 |
Construction retainage | 17.6 | 32.4 |
Deferred income | 0.9 | 1.9 |
Other current liabilities | 19.9 | 22.3 |
Total current liabilities | 272.8 | 280.4 |
Long-term debt and capital lease obligation | 3,675.2 | 3,686.8 |
Other Liabilities and Deferred Credits: | ||
Pension liability | 19 | 21.8 |
Asset retirement obligation | 57.1 | 46 |
Provision for other asset retirement | 70.2 | 65.8 |
Payable to affiliate | 0 | 16 |
Other | 76 | 65 |
Total other liabilities and deferred credits | 222.3 | 214.6 |
Commitments and Contingencies | ||
Partners’ Capital: | ||
Common units - 250.3 million units issued and outstanding December 31, 2017 | 0 | 4,713.1 |
General partner | 0 | 92.7 |
Partners' capital | 4,909.6 | 0 |
Accumulated other comprehensive loss | (78.6) | (81) |
Total partners’ capital | 4,831 | 4,724.8 |
Total Liabilities and Partners' Capital | $ 9,001.3 | $ 8,906.6 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - shares shares in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Common units issued | 0 | 250.3 |
Common units outstanding | 0 | 250.3 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Revenues: | ||||
Transportation | $ 245.8 | $ 266.4 | $ 792.8 | $ 852 |
Storage, parking and lending | 21.1 | 23.2 | 67.8 | 79.8 |
Other | 11 | 10.9 | 38 | 53.3 |
Total operating revenues | 277.9 | 300.5 | 898.6 | 985.1 |
Operating Costs and Expenses: | ||||
Fuel and transportation | 3.5 | 9 | 12 | 42.7 |
Operation and maintenance | 46.9 | 49 | 144.2 | 141 |
Administrative and general | 32.8 | 27.1 | 100.6 | 96.9 |
Depreciation and amortization | 88.9 | 80.6 | 256.6 | 241.4 |
(Gain) loss on sale of assets and impairments | (0.2) | 0 | (0.7) | 47.1 |
Taxes other than income taxes | 25.2 | 24.8 | 78.7 | 75 |
Total operating costs and expenses | 197.1 | 190.5 | 591.4 | 644.1 |
Operating income | 80.8 | 110 | 307.2 | 341 |
Other Deductions (Income): | ||||
Interest expense | 43.5 | 41 | 130.9 | 131.1 |
Interest income | 0 | 0 | (0.1) | (0.3) |
Miscellaneous other income, net | (0.7) | (1.1) | (1.3) | (3.5) |
Total other deductions | 42.8 | 39.9 | 129.5 | 127.3 |
Income before income taxes | 38 | 70.1 | 177.7 | 213.7 |
Income taxes | 0.1 | 0.3 | 0.4 | 0.9 |
Net income | $ 37.9 | $ 69.8 | $ 177.3 | $ 212.8 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 37.9 | $ 69.8 | $ 177.3 | $ 212.8 |
Other comprehensive income (loss): | ||||
Loss on cash flow hedge | 0 | 0 | 0 | (1.5) |
Reclassification adjustment transferred to Net income from cash flow hedges | 0.2 | 0.6 | 1 | 1.9 |
Pension and other postretirement benefit costs | (0.1) | 0.1 | 1.4 | 0.8 |
Total Comprehensive Income | $ 38 | $ 70.5 | $ 179.7 | $ 214 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Activities: | ||
Net income | $ 177.3 | $ 212.8 |
Adjustments to reconcile net income to cash provided by operations: | ||
Depreciation and amortization | 256.6 | 241.4 |
Amortization of deferred costs and other | 8.8 | 4.9 |
(Gain) loss on sale of assets and impairments | (0.7) | 47.1 |
Changes in operating assets and liabilities: | ||
Trade and other receivables | 10.9 | 31.2 |
Gas receivables and storage assets | 0.6 | (1.3) |
Costs recoverable from customers | (11.1) | 3 |
Other assets | (7.9) | (4.4) |
Trade and other payables | 2.6 | (22) |
Gas payables | 1.2 | (5.4) |
Accrued liabilities | 16 | 9.5 |
Other liabilities | 1 | (13.6) |
Net cash provided by operating activities | 455.3 | 503.2 |
Investing Activities: | ||
Capital expenditures | (354.8) | (496) |
Proceeds from sale of operating assets | 0.9 | 63.7 |
Net cash used in investing activities | (353.9) | (432.3) |
Financing Activities: | ||
Proceeds from long-term debt, net of issuance cost | 0 | 494 |
Repayment of borrowings from long-term debt | (185) | (575) |
Proceeds from borrowings on revolving credit agreement | 525 | 505 |
Repayment of borrowings on revolving credit agreement | (355) | (400) |
Principal payment of capital lease obligation | (0.4) | (0.3) |
Advances from affiliates | 0.1 | 0.1 |
Distributions paid | (76.7) | (76.7) |
Net cash used in financing activities | (92) | (52.9) |
Increase in cash and cash equivalents | 9.4 | 18 |
Cash and cash equivalents at beginning of period | 17.6 | 4.6 |
Cash and cash equivalents at end of period | $ 27 | $ 22.6 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (Unaudited) - USD ($) $ in Millions | Total | Accumulated Other Comp Income (Loss) | Limited PartnerCommon Units | General Partner | Partners' Capital |
Beginning balance at Dec. 31, 2016 | $ 4,530.9 | $ (80.1) | $ 4,522.2 | $ 88.8 | |
Add (deduct): | |||||
Net income | 212.8 | 208.6 | 4.2 | ||
Distributions paid | (76.7) | (75.2) | (1.5) | ||
Other comprehensive income, net of tax | 1.2 | 1.2 | |||
Ending balance at Sep. 30, 2017 | 4,668.2 | (78.9) | 4,655.6 | 91.5 | |
Beginning balance at Dec. 31, 2017 | 4,724.8 | (81) | 4,713.1 | 92.7 | |
Add (deduct): | |||||
Net income | 177.3 | 136.6 | 2.8 | $ 37.9 | |
Distributions paid | (76.7) | (50.1) | (1) | (25.6) | |
Other comprehensive income, net of tax | 2.4 | 2.4 | |||
General Partner purchase of common units and conversion to partnership interests | 0 | (4,803) | (94.3) | 4,897.3 | |
Ending balance at Sep. 30, 2018 | 4,831 | $ (78.6) | 0 | 0 | $ 4,909.6 |
Add (deduct): | |||||
Cumulative effect adjustment from the implementation of ASC 606 | (12.8) | (12.6) | $ (0.2) | ||
Adjustment related to registration rights agreement | $ 16 | $ 16 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Boardwalk Pipeline Partners, LP (the Partnership) is a Delaware limited partnership formed in 2005 to own and operate the business conducted by its primary subsidiary Boardwalk Pipelines, LP (Boardwalk Pipelines) and its operating subsidiaries, which consists of integrated natural gas and natural gas liquids and other hydrocarbons (herein referred to together as NGLs) pipeline and storage systems. On June 29, 2018, Boardwalk GP, LP (Boardwalk GP) announced that it elected to exercise its right pursuant to Section 15.1(b) of the Partnership’s Third Amended and Restated Agreement of Limited Partnership, as amended (the Limited Partnership Agreement) to purchase all of the issued and outstanding common units representing limited partner interests in the Partnership (Common Units) not already owned by Boardwalk GP or its affiliates (Transaction Units) for a cash purchase price, determined in accordance with the Limited Partnership Agreement, of $12.06 per unit, or approximately $1.5 billion in the aggregate (Purchase Right). On July 18, 2018, Boardwalk GP purchased the Transaction Units. As a result of this transaction, the Partnership filed a Form 25 with the Securities and Exchange Commission (SEC) to voluntarily withdraw the Common Units from listing on the New York Stock Exchange (NYSE) and from registration under Section 12(b) of the Securities Exchange Act of 1934 and also deregistered all of its Common Units and related equity-like securities which were authorized for sale under its effective registration statements. Subsequently, the Limited Partnership Agreement was amended which converted the Partnership's Common Units to common unit equivalents in the form of partnership interests. The Partnership’s Common Units were traded on the NYSE through July 17, 2018, under the symbol “BWP”. As of September 30, 2018, Boardwalk Pipelines Holding Corp. (BPHC), a wholly-owned subsidiary of Loews Corporation (Loews), owned directly or indirectly, 100% of the Partnership’s capital. The accompanying unaudited condensed consolidated financial statements of the Partnership were prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Partnership's financial position as of September 30, 2018 , and December 31, 2017 , and its results of operations and comprehensive income for the three and nine months ended September 30, 2018 and 2017 , and changes in cash flows and changes in partners' capital for the nine months ended September 30, 2018 and 2017 . Reference is made to the Notes to the Consolidated Financial Statements in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2017 ( 2017 Annual Report on Form 10-K ), which should be read in conjunction with these unaudited condensed consolidated financial statements. The accounting policies described in Note 2 of Part II, Item 8 of the Partnership's 2017 Annual Report on Form 10-K are the same used in preparing the accompanying unaudited condensed consolidated financial statements, except for the changes described in Note 2 below. Certain amounts reported within Total operating revenues for the 2017 period have been reclassified to conform to the current presentation as a result of changes in accounting policies from the implementation of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers , which was codified in Accounting Standards Codification (ASC) Topic 606 (ASC 606) further described below. The effect of the reclassification decreased Transportation revenues and increased Other revenues by $6.5 million and $18.2 million for the three and nine months ended September 30, 2017 . Additionally, Storage, parking and lending (PAL) revenues are now reported combined. These reclassifications and combinations had no impact on Total operating revenues, Operating income or Net income |
Accounting Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles | Accounting Policies Accounting Pronouncements Adopted in 2018 - Revenue Recognition In May 2014, the Financial Accounting Standards Board (FASB) issued ASC 606. ASC 606 supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition (ASC 605), and requires the recognition of revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. Effective January 1, 2018, the Partnership implemented ASC 606 using the modified retrospective method, without adjustment to the comparative period information, which remains reported under ASC 605. Upon implementation, the Partnership recorded a cumulative reduction to partners’ capital of $12.8 million resulting from two items: (i) contracts which had changes to rates during the service period without corresponding changes in service levels provided by the Partnership, with an offsetting increase to other liabilities of $6.4 million , and (ii) the de-recognition of excess fuel received from customers which elected to have fuel retained in-kind, with an offsetting decrease to current gas stored underground of $6.4 million . Upon the implementation of ASC 606, most retained fuel was not considered additional consideration included in the transaction price. As a result, retained fuel is recorded as a reduction to fuel and transportation expense and will be recognized as Other revenue upon the physical sale of natural gas, when under ASC 605, fuel retained was recognized as part of Transportation revenue. The Partnership elected to apply ASC 606 to contracts with customers, and applicable amendments, which were not completed prior to the implementation date. The following table summarizes the effect on the Partnership’s condensed consolidated financial statements as of September 30, 2018 , and for the three and nine months ended September 30, 2018 , (in millions) had ASC 606 not been implemented on January 1, 2018: As Reported Adjustments Balance as if ASC 605 was in effect Condensed Consolidated Balance Sheet: Other current assets (gas stored underground) $ 0.4 $ 4.0 $ 4.4 Gas stored underground 81.7 0.3 82.0 Other assets 138.5 (0.1 ) 138.4 Other liabilities 76.0 (8.1 ) 67.9 Partners' Capital 4,831.0 12.2 4,843.2 As Reported Adjustments Balance as if ASC 605 was in effect Condensed Consolidated Income Statement: Transportation $ 245.8 $ 5.5 $ 251.3 Storage, parking and lending 21.1 0.1 21.2 Other 11.0 0.1 11.1 Total operating revenues 277.9 5.7 283.6 Fuel and transportation expense 3.5 4.6 8.1 Operating income 80.8 1.0 81.8 Net income 37.9 1.0 38.9 As Reported Adjustments Balance as if ASC 605 was in effect Condensed Consolidated Income Statement: Transportation $ 792.8 $ 17.5 $ 810.3 Storage, parking and lending 67.8 0.3 68.1 Other 38.0 (4.5 ) 33.5 Total operating revenues 898.6 13.3 911.9 Fuel and transportation expense 12.0 13.8 25.8 Operating income 307.2 (0.6 ) 306.6 Net income 177.3 (0.6 ) 176.7 The implementation of ASC 606 had no impact on the total operating, financing or investing activities of the Partnership’s Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2018 . Revenue Recognition Nature of Contracts The Partnership primarily earns revenues from contracts with customers by providing transportation and storage services for natural gas and NGLs on a firm and interruptible basis. The Partnership also provides interruptible natural gas PAL services. The Partnership’s customers choose, based upon their particular needs, the applicable mix of services depending upon availability of pipeline and storage capacity, the price of services and the volume and timing of customer requirements. The maximum rates that may be charged by the majority of the Partnership’s operating subsidiaries are established through the Federal Energy Regulatory Commission's (FERC) cost-based rate-making process; however, rates actually charged by those operating subsidiaries may be less than those allowed by the FERC. Under the FERC regulations, certain revenues that the Partnership's 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. The Partnership's service contracts can range from one to twenty years although the Partnership may enter into shorter- or longer-term contracts, and services are invoiced monthly with payment from the customer generally expected within ten to thirty days, depending on the terms of the contract. Firm Service Contracts : The Partnership offers firm services to its customers. The Partnership’s customers can reserve a specific amount of pipeline capacity at specified receipt and delivery points on the Partnership’s pipeline system (transportation service) or can reserve a specific amount of storage capacity at specified injection and withdrawal points at the Partnership’s storage facilities (storage service). The Partnership accounts for firm services as a single promise to stand ready each month of the contract term to provide the committed capacity for either transportation or storage services when needed by the customer, which represents a series of distinct monthly services that are substantially the same with the same pattern of transfer to the customer. Although several activities may be required to provide the firm service, the individual activities do not represent distinct performance obligations because all of the activities must be performed in combination in order for the Partnership to provide the firm service. The transaction price for firm service contracts is comprised of a fixed fee based on the quantity of capacity reserved, regardless of use (capacity reservation fee), plus variable fees in the form of a usage fee paid on the volume of commodity actually transported or injected and withdrawn from storage. Both the fixed and usage fees are allocated to the single performance obligation of providing transportation or storage service and recognized over time based upon the output measure of time as the Partnership completes its stand-ready obligation to provide contracted capacity and the customer receives and consumes the benefit of the reserved capacity, which corresponds with the transfer of control to the customer. The fixed fee is recognized ratably over the contract term, representative of the proportion of the committed stand-ready capacity obligation that has been fulfilled to date, and the usage fee is recognized upon satisfaction of each distinct monthly performance obligation, consistent with the allocation objective and based upon the level of effort required to satisfy the stand-ready obligation in a given month. Capacity reservation revenues derived from a firm service contract are generally consistent during the contract term, but can be higher in winter periods than the rest of the year based upon seasonal rates. Interruptible Service Contracts : In providing interruptible services to customers, the Partnership agrees to transport natural gas or NGLs for a customer when capacity is available. The Partnership does not account for interruptible services with a customer as a contract until the customer nominates for service and the Partnership accepts the nomination based upon available pipeline or storage capacity because there are no enforceable rights and obligations until that time. The nomination and acceptance process is a daily activity and acceptance is granted based upon priority of service and availability of capacity. Upon acceptance, the Partnership accounts for interruptible services similarly to its firm services. The transaction price for interruptible service contracts is comprised of a variable fee in the form of a usage fee paid on the volume of commodity actually transported or injected and withdrawn from storage. The usage fee is allocated to the single performance obligation of providing interruptible service. Interruptible service revenues are generally recognized over time based on the output measure of volume transported or stored when services are rendered upon the successful allocation of the services provided to the customer’s account, which best depicts the transfer of control to the customer and satisfaction of the promised service. Interruptible services are recognized in the month services are provided because the Partnership has a right to consideration from customers in amounts that correspond directly to the value that the customer receives from the Partnership's performance. The rates charged may vary on a daily, monthly or seasonal basis. Minimum Volume Commitment (MVC) Contracts : Certain of the Partnership’s transportation or storage contracts require customers to transport or store a minimum volume of commodity over a specified time period. If a customer fails to meet its MVC for the specified time period, the customer is obligated to pay a contractually-determined deficiency fee based upon the shortfall between the actual volumes transported or stored and the MVC for that period. MVC contracts are similar in nature to a firm service contract where the performance obligation is a stand-ready obligation that is a series of distinct services that are substantially the same with the same pattern of transfer to the customer. The transaction price for an MVC is a fee for the volume of commodity actually transported or stored, which is allocated to each distinct monthly performance obligation, consistent with the allocation objective and based upon the level of effort required to satisfy the obligation of the transacted service in a given month. Revenues are generally recognized over time based on the output measure of volume transported or stored, with the recognition of the deficiency fee in the period when it is known the customer cannot make up the deficient volume in the specified period. Other : Periodically, the Partnership may enter into contracts with customers for the sale of natural gas or NGLs. The Partnership recognizes revenues for these transactions at the point in time of the physical sale of the commodity, which corresponds with the transfer of control of the commodity to the customer and the consideration is measured as the stated sales price in the contract. Contract Balances The Partnership records contract assets primarily related to performance obligations completed but not billed as of the reporting date. The Partnership records contract liabilities, or deferred income, when payment is received in advance of satisfying its performance obligations. Accounting Pronouncements Adopted in 2018 - Retirement Benefits In March 2017, the FASB issued ASU 2017-07, Retirement Benefits - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (ASU 2017-07), which required entities to retroactively present the service cost component of net periodic postretirement benefit cost with other employee compensation costs in the income statement and present all other net periodic pension costs as a component of non-operating income. Effective January 1, 2018, the Partnership implemented ASU 2017-07 and reclassified $0.8 million and $1.8 million of other components of net periodic benefit cost for the three and nine months ended September 30, 2017 , which resulted in an increase to Miscellaneous other income, net and Administrative and general expense in the Condensed Consolidated Statements of Income, with no impact on Net income . Other Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (ASU 2016-02), which will require, among other things, the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under current GAAP. The amendments are to be applied at the beginning of the earliest period presented using a modified retrospective approach, but include an elective transition method that allows entities to initially apply the updated guidance as of the adoption date. The Partnership has elected to apply this elective transition method |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Revenues The Partnership operates in one reportable segment and contracts directly with producers of natural gas and with end-use customers, including local distribution companies, marketers, electric power generators, industrial users and interstate and intrastate pipelines, who, in turn, provide transportation and storage services for end-users. The following table presents the Partnership's revenues disaggregated by type of service for the three and nine months ended September 30, 2018 (in millions): For the For the Revenues from Contracts with Customers Firm Service (1) $ 264.5 $ 850.9 Interruptible Service 7.7 25.0 Other revenues 1.2 9.7 Total revenues from contracts with customers 273.4 885.6 Other operating revenues (2) 4.5 13.0 Total Operating Revenues $ 277.9 $ 898.6 ( 1) Revenues earned from contracts with MVCs are included in firm service given the stand-ready nature of the performance obligation and the guaranteed nature of the fees over the contract term. (2) Other operating revenues include certain revenues earned from operating leases, pipeline management fees and other activities that are not considered central and ongoing major business operations of the Partnership and do not represent revenues earned from contracts with customers. Contract Balances As of September 30, 2018 , the Partnership had receivables recorded in Trade Receivables , contract assets recorded in Other current assets, and contract liabilities recorded in Other liabilities, from contracts with customers of $89.4 million , $17.1 million and $9.1 million . The contract asset is a result of the Partnership recognizing revenue related to a stand-ready performance obligation for transportation and storage services which will be invoiced per the contractual terms of the agreement, but within the next nine months. Contract liabilities are expected to be recognized through 2026. Significant changes in the contract liabilities balances during the nine months ended September 30, 2018 , are as follows (in millions): Contract Liabilities Balance as of December 31, 2017 $ 1.9 Cumulative effect adjustment from the implementation of ASC 606 6.4 Revenues recognized that were included in the contract liability balance at the beginning of the period (2.3 ) Increases due to cash received, excluding amounts recognized as revenues during the period 3.1 Balance as of September 30, 2018 $ 9.1 Performance Obligations The following table includes estimated operating revenues expected to be recognized in the future related to agreements that contain performance obligations that were unsatisfied as of September 30, 2018 , as well as actual fixed fee revenues recognized for the fulfillment of performance obligations for the 2018 period for those same agreements. The amounts presented primarily consist of fixed fees or MVCs which are typically recognized over time as the performance obligation is satisfied, as in accordance with firm service contracts. Additionally, for the Partnership’s customers that are charged maximum tariff rates related to its FERC-regulated operating subsidiaries, the amounts below reflect the current tariff rate for such services for the term of the agreements; however, the tariff rates may be subject to future adjustment. The Partnership has elected to exclude the following from the table: (a) unsatisfied performance obligations from usage fees associated with its firm services because of the stand-ready nature of such services; (b) consideration in contracts that are recognized in revenue as invoiced, such as for interruptible services; and (c) consideration that was received prior to September 30, 2018 , that will be recognized in future periods, such as recorded in contract liabilities. As of September 30, 2018 (in millions) 2018 (1) 2019 Thereafter Total Estimated revenues from contracts with customers from unsatisfied performance obligations as of September 30, 2018 $ 1,065.0 $ 1,038.0 $ 7,630.0 $ 9,733.0 Operating revenues which are fixed and determinable (operating leases) 13.5 18.0 230.5 262.0 Total projected operating revenues under committed firm agreements $ 1,078.5 $ 1,056.0 $ 7,860.5 $ 9,995.0 (1) For the 2018 period, $797.0 million represents actual fixed fee revenues recognized for the fulfillment of performance obligations during the nine months ended September 30, 2018 |
Asset Disposition and Impairmen
Asset Disposition and Impairments | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Asset Disposition and Impairments | Asset Disposition and Impairments In May 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 |
Gas and Liquids Stored Undergro
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables | 9 Months Ended |
Sep. 30, 2018 | |
Gas Balancing Arrangements [Abstract] | |
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables | Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables The operating subsidiaries of the Partnership provide storage services whereby they store natural gas or NGLs on behalf of customers and also periodically hold customer gas under PAL services. Since the customers retain title to the gas held by the Partnership in providing these services, the Partnership does not record the related gas on its balance sheet. The operating subsidiaries of the Partnership also periodically lend gas to customers under PAL and certain firm services, and gas or NGLs may be owed to the operating subsidiaries as a result of transportation imbalances. As of September 30, 2018 , the amount of gas owed to the operating subsidiaries of the Partnership due to gas imbalances and gas loaned under PAL and certain firm service agreements was approximately 7.9 trillion British thermal units (TBtu). Assuming an average market price during September 2018 of $2.83 per million British thermal unit, the market value of that gas was approximately $22.4 million . As of September 30, 2018 , the amount of NGLs owed to the Partnership's operating subsidiaries due to imbalances was less than 0.1 million barrels, which had a market value of approximately $1.1 million dollars. As of December 31, 2017 , the amount of gas owed to the operating subsidiaries of the Partnership due to gas imbalances and gas loaned under PAL and certain firm service agreements was approximately 12.3 TBtu. As of December 31, 2017 , there were no |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (AOCI) and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Other Comprehensive Income (OCI) and Fair Value Measurements | Accumulated Other Comprehensive Income (AOCI) and Fair Value Measurements AOCI The Partnership had no outstanding derivatives at September 30, 2018 , and December 31, 2017 , but had $4.0 million and $5.0 million of AOCI related to cash flow hedges as of September 30, 2018 , and December 31, 2017 , which relate to settled treasury rate locks that are being amortized to earnings over the terms of the related interest payments, generally the terms of the related debt. The Partnership estimates that approximately $0.9 million of net losses from cash flow hedges reported in AOCI as of September 30, 2018 , are expected to be reclassified into earnings within the next twelve months. Financial Assets and Liabilities The following methods and assumptions were used in estimating the fair value amounts included in the disclosures for financial assets and liabilities, which are consistent with those disclosed in the 2017 Annual Report on Form 10-K : Cash and Cash Equivalents: For cash and short-term financial assets, the carrying amount is a reasonable estimate of fair value due to the short maturity of those instruments. Long-Term Debt: The estimated fair value of the Partnership's publicly traded debt is based on quoted market prices at September 30, 2018 , and December 31, 2017 . The fair market value of the debt that is not publicly traded is based on market prices of similar debt at September 30, 2018 , and December 31, 2017 . The carrying amount of the Partnership's variable-rate debt at September 30, 2018 , and December 31, 2017 , approximated fair value. The carrying amounts and estimated fair values of the Partnership's financial assets and liabilities which were not recorded at fair value on the Condensed Consolidated Balance Sheets as of September 30, 2018 , and December 31, 2017 , were as follows (in millions): As of September 30, 2018 Estimated Fair Value Financial Assets Carrying Amount Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 27.0 $ 27.0 $ — $ — $ 27.0 Financial Liabilities Long-term debt $ 3,675.1 (1) $ — $ 3,731.1 $ — $ 3,731.1 (1) The carrying amount of long-term debt excludes a $7.6 million long-term capital lease obligation and $7.5 million of unamortized debt issuance costs. 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 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
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. Mishal and Berger Litigation On May 25, 2018, plaintiffs Tsemach Mishal and Paul Berger (on behalf of themselves and the purported class, Plaintiffs) initiated a purported class action in the Court of Chancery of the State of Delaware (the Court) against the following defendants: the Partnership, Boardwalk GP, Boardwalk GP, LLC and BPHC (together, Defendants), regarding the potential exercise by Boardwalk GP of its Purchase Right. On June 25, 2018, Plaintiffs and Defendants entered into a Stipulation and Agreement of Compromise and Settlement, subject to the approval of the Court (the Proposed Settlement). Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the general partner of Boardwalk GP, elected to cause Boardwalk GP to exercise the Purchase Right and gave notice of such election as provided in the Limited Partnership Agreement within a period specified by the Proposed Settlement. On June 29, 2018, Boardwalk GP elected to exercise the Purchase Right and gave notice within the period specified by the Proposed Settlement. On July 18, 2018, Boardwalk GP completed the purchase of the Common Units pursuant to the Purchase Right as further described in Note 1. On September 27, 2018, the Court denied approval of the Proposed Settlement. The Court has not set a schedule for further proceedings in the case. Commitments for Construction The Partnership’s future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received and firm commitments under binding construction service agreements. The commitments as of September 30, 2018 , were approximately $162.5 million , all of which are expected to be settled within the next twelve months. There were no substantial changes to the Partnership’s operating lease commitments, pipeline capacity agreements or capital lease obligation disclosed in Notes 4 and 10 of Part II, Item 8 of the Partnership’s 2017 Annual Report on Form 10-K |
Financing
Financing | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Financing | Financing Notes and Debentures As of September 30, 2018 , and December 31, 2017 , the Partnership had notes and debentures outstanding of $3.1 billion and $3.3 billion with weighted-average interest rates of 5.17% and 5.18% . The indentures governing the notes and debentures have restrictive covenants which provide that, with certain exceptions, neither the Partnership nor any of its subsidiaries may create, assume or suffer to exist any lien upon any property to secure any indebtedness unless the debentures and notes shall be equally and ratably secured. All of the Partnership's debt obligations are unsecured. At September 30, 2018 , Boardwalk Pipelines and its operating subsidiaries were in compliance with their debt covenants. The Partnership has included $350.0 million of notes which mature in less than one year as long-term debt on its Condensed Consolidated Balance Sheet as of September 30, 2018 . The Partnership has the intent and the ability to refinance the notes through the available borrowing capacity under its revolving credit facility as of September 30, 2018 . The Partnership expects to retire these notes at their maturity. Issuance of Notes The Partnership had no debt issuances for the nine months ended September 30, 2018 . During the nine months ended September 30, 2017 , the Partnership completed the following debt issuance (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 (1) The net proceeds of this offering were used to retire the outstanding $275.0 million aggregate principal amount of Gulf South Pipeline Company, LP's 6.30% notes due 2017 and to fund growth capital expenditures. Redemption of Notes On June 1, 2018, the Partnership retired the Boardwalk Pipelines $185.0 million 5.20% notes at maturity with borrowings under its revolving credit facility. Revolving Credit Facility Outstanding borrowings under the Partnership’s revolving credit facility as of September 30, 2018 , and December 31, 2017 , were $555.0 million and $385.0 million , with weighted-average borrowing rates of 3.42% and 2.72% . The Partnership and its subsidiaries were in compliance with all covenant requirements under the revolving credit facility as of September 30, 2018 . 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. Subordinated Loan Agreement with Affiliate The Partnership has in place a Subordinated Loan Agreement with BPHC (Subordinated Loan) under which the Partnership can borrow up to $300.0 million through December 31, 2018 . Through the date of this Quarterly Report on Form 10-Q, the Partnership had no outstanding borrowings under the Subordinated Loan. Registration Rights Agreement The Partnership had previously 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, the Partnership had a $16.0 million accrued liability for future underwriting discounts and commissions that would be reimbursed to BPHC. However, due to the purchase of the Transaction Units by Boardwalk GP described in Note 1, the $16.0 million |
Employee Benefits
Employee Benefits | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Employee Benefits Defined Benefit Retirement Plans and Postretirement Benefits Other Than Pension (PBOP) Components of net periodic benefit cost for both the Retirement Plans and PBOP for the three months ended September 30, 2018 and 2017 , were as follows (in millions): Retirement Plans PBOP For the For the 2018 2017 2018 2017 Service cost $ 0.7 $ 0.8 $ — $ — Interest cost 1.2 1.2 0.4 0.4 Expected return on plan assets (1.7 ) (2.0 ) (1.2 ) (1.1 ) Amortization of unrecognized net loss 0.3 0.4 — — Settlement charge 0.4 0.4 — — Net periodic benefit cost $ 0.9 $ 0.8 $ (0.8 ) $ (0.7 ) Components of net periodic benefit cost for both the Retirement Plans and PBOP for the nine months ended September 30, 2018 and 2017 , were as follows (in millions): Retirement Plans PBOP For the For the 2018 2017 2018 2017 Service cost $ 2.5 $ 2.6 $ 0.1 $ 0.1 Interest cost 3.4 3.5 1.1 1.2 Expected return on plan assets (5.7 ) (5.9 ) (3.5 ) (3.3 ) Amortization of unrecognized net loss 1.1 1.3 — — Settlement charge 2.6 1.5 — — Net periodic benefit cost $ 3.9 $ 3.0 $ (2.3 ) $ (2.0 ) The components of net periodic benefit cost, other than the service cost component, are included in Miscellaneous other income, net and the service cost component is included in Administrative and general on the Condensed Consolidated Statements of Income. The Partnership contributed $3.0 million to the defined benefit pension plan in the third quarter 2018 . Defined Contribution Plans Texas Gas Transmission, LLC employees hired on or after November 1, 2006, and all other employees of the Partnership are provided retirement benefits under a defined contribution money purchase plan. The Partnership also provides 401(k) plan benefits to its employees. Costs related to the Partnership’s defined contribution plans were $2.7 million for the three months ended September 30, 2018 and 2017 , and $8.0 million and $8.1 million for the nine months ended September 30, 2018 and 2017 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Loews provides a variety of corporate services to the Partnership under service agreements, including but not limited to, information technology, tax, risk management, internal audit and corporate development services and also charges the Partnership for allocated overheads. The Partnership incurred charges related to these services of $1.6 million and $1.7 million for the three months ended September 30, 2018 and 2017 , and $4.6 million and $5.0 million for the nine months ended September 30, 2018 and 2017 . As described in Note 1, Boardwalk GP purchased the Partnership’s outstanding Common Units not already owned by Boardwalk GP or its affiliates on July 18, 2018. As a result of this transaction, the Partnership became an indirect and direct wholly-owned subsidiary of BPHC as of July 18, 2018. Distributions paid to BPHC and Boardwalk GP were $25.6 million and $13.1 million for the three months ended September 30, 2018 and 2017, and $51.7 million and $39.2 million |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information (in millions): For the 2018 2017 Cash paid during the period for: Interest (net of amount capitalized) $ 124.9 $ 125.8 Non-cash adjustments: Accounts payable and property, plant and equipment 51.9 66.6 |
Guarantee of Securities of Subs
Guarantee of Securities of Subsidiaries | 9 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information 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 September 30, 2018 , and December 31, 2017 . Note 8 contains additional information regarding the Partnership's debt and related covenants. The Partnership has provided the following condensed consolidating financial information in accordance with Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered . Condensed Consolidating Balance Sheets as of September 30, 2018 (Millions) Assets Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Cash and cash equivalents $ 0.2 $ 15.6 $ 11.2 $ — $ 27.0 Receivables — — 122.3 — 122.3 Receivables - affiliate — — 6.7 (6.7 ) — Costs recoverable from customers — — 11.1 — 11.1 Prepayments 0.1 — 25.8 — 25.9 Advances to affiliates — 15.3 2.1 (17.4 ) — Other current assets — — 12.4 (3.2 ) 9.2 Total current assets 0.3 30.9 191.6 (27.3 ) 195.5 Investment in consolidated subsidiaries 2,790.0 6,653.9 — (9,443.9 ) — Property, plant and equipment, gross 0.6 — 11,210.9 — 11,211.5 Less–accumulated depreciation and amortization 0.6 — 2,862.7 — 2,863.3 Property, plant and equipment, net — — 8,348.2 — 8,348.2 Advances to affiliates – noncurrent 2,042.4 864.1 410.7 (3,317.2 ) — Other noncurrent assets 0.1 2.6 454.4 0.5 457.6 Total other assets 2,042.5 866.7 865.1 (3,316.7 ) 457.6 Total Assets $ 4,832.8 $ 7,551.5 $ 9,404.9 $ (12,787.9 ) $ 9,001.3 Liabilities and Partners' Capital Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Payables $ 0.2 $ 0.1 $ 83.4 $ — $ 83.7 Payable to affiliates 1.6 — 6.7 (6.7 ) 1.6 Advances from affiliates — 2.1 15.3 (17.4 ) — Other current liabilities — 26.7 163.5 (2.7 ) 187.5 Total current liabilities 1.8 28.9 268.9 (26.8 ) 272.8 Long-term debt and capital lease obligation — 2,279.3 1,395.9 — 3,675.2 Advances from affiliates - noncurrent — 2,453.1 864.1 (3,317.2 ) — Other noncurrent liabilities — 0.2 222.1 — 222.3 Total other liabilities and deferred credits — 2,453.3 1,086.2 (3,317.2 ) 222.3 Total partners' capital 4,831.0 2,790.0 6,653.9 (9,443.9 ) 4,831.0 Total Liabilities and Partners' Capital $ 4,832.8 $ 7,551.5 $ 9,404.9 $ (12,787.9 ) $ 9,001.3 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 ) — Prepayments 0.1 — 17.8 — 17.9 Advances to affiliates — — 2.3 (2.3 ) — Other current assets — — 13.5 (1.8 ) 11.7 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 Statements of Income for the Three Months Ended September 30, 2018 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 266.5 $ (20.7 ) $ 245.8 Storage, parking and lending — — 21.1 — 21.1 Other — — 11.0 — 11.0 Total operating revenues — — 298.6 (20.7 ) 277.9 Operating Costs and Expenses: Fuel and transportation — — 24.2 (20.7 ) 3.5 Operation and maintenance — — 46.9 — 46.9 Administrative and general (0.1 ) — 32.9 — 32.8 Other operating costs and expenses 0.1 — 113.8 — 113.9 Total operating costs and expenses — — 217.8 (20.7 ) 197.1 Operating income — — 80.8 — 80.8 Other Deductions (Income): Interest expense — 29.2 14.3 — 43.5 Interest (income) expense - affiliates, net (17.5 ) 14.0 3.5 — — Equity in earnings of subsidiaries (20.4 ) (63.6 ) — 84.0 — Miscellaneous other income, net — — (0.7 ) — (0.7 ) Total other (income) deductions (37.9 ) (20.4 ) 17.1 84.0 42.8 Income (loss) before income taxes 37.9 20.4 63.7 (84.0 ) 38.0 Income taxes — — 0.1 — 0.1 Net income (loss) $ 37.9 $ 20.4 $ 63.6 $ (84.0 ) $ 37.9 Condensed Consolidating Statements of Income for the Three Months Ended September 30, 2017 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 288.9 $ (22.5 ) $ 266.4 Storage, parking and lending — — 23.2 — 23.2 Other — — 10.9 — 10.9 Total operating revenues — — 323.0 (22.5 ) 300.5 Operating Costs and Expenses: Fuel and transportation — — 31.5 (22.5 ) 9.0 Operation and maintenance — — 49.0 — 49.0 Administrative and general (0.3 ) — 27.4 — 27.1 Other operating costs and expenses 0.4 — 105.0 — 105.4 Total operating costs and expenses 0.1 — 212.9 (22.5 ) 190.5 Operating (loss) income (0.1 ) — 110.1 — 110.0 Other Deductions (Income): Interest expense — 32.2 8.8 — 41.0 Interest (income) expense - affiliates, net (12.4 ) 11.0 1.4 — — Equity in earnings of subsidiaries (57.5 ) (100.7 ) — 158.2 — Miscellaneous other income, net — — (1.1 ) — (1.1 ) Total other (income) deductions (69.9 ) (57.5 ) 9.1 158.2 39.9 Income (loss) before income taxes 69.8 57.5 101.0 (158.2 ) 70.1 Income taxes — — 0.3 — 0.3 Net income (loss) $ 69.8 $ 57.5 $ 100.7 $ (158.2 ) $ 69.8 Condensed Consolidating Statements of Income for the Nine Months Ended September 30, 2018 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 854.7 $ (61.9 ) $ 792.8 Storage, parking and lending — — 68.1 (0.3 ) 67.8 Other — — 38.0 — 38.0 Total operating revenues — — 960.8 (62.2 ) 898.6 Operating Costs and Expenses: Fuel and transportation — — 74.2 (62.2 ) 12.0 Operation and maintenance — — 144.2 — 144.2 Administrative and general (0.2 ) — 100.8 — 100.6 Other operating costs and expenses 0.3 — 334.3 — 334.6 Total operating costs and expenses 0.1 — 653.5 (62.2 ) 591.4 Operating (loss) income (0.1 ) — 307.3 — 307.2 Other Deductions (Income): Interest expense — 91.8 39.1 — 130.9 Interest (income) expense - affiliates, net (49.3 ) 38.1 11.2 — — Interest income — — (0.1 ) — (0.1 ) Equity in earnings of subsidiaries (128.1 ) (258.0 ) — 386.1 — Miscellaneous other income, net — — (1.3 ) — (1.3 ) Total other (income) deductions (177.4 ) (128.1 ) 48.9 386.1 129.5 Income (loss) before income taxes 177.3 128.1 258.4 (386.1 ) 177.7 Income taxes — — 0.4 — 0.4 Net income (loss) $ 177.3 $ 128.1 $ 258.0 $ (386.1 ) $ 177.3 Condensed Consolidating Statements of Income for the Nine Months Ended September 30, 2017 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 918.3 $ (66.3 ) $ 852.0 Storage, parking and lending — — 80.0 (0.2 ) 79.8 Other — — 53.3 — 53.3 Total operating revenues — — 1,051.6 (66.5 ) 985.1 Operating Costs and Expenses: Fuel and transportation — — 109.2 (66.5 ) 42.7 Operation and maintenance — — 141.0 — 141.0 Administrative and general (0.3 ) — 97.2 — 96.9 Other operating costs and expenses 0.5 — 363.0 — 363.5 Total operating costs and expenses 0.2 — 710.4 (66.5 ) 644.1 Operating (loss) income (0.2 ) — 341.2 — 341.0 Other Deductions (Income): Interest expense — 97.6 33.5 — 131.1 Interest (income) expense - affiliates, net (34.6 ) 30.1 4.5 — — Interest income — (0.2 ) (0.1 ) — (0.3 ) Equity in earnings of subsidiaries (178.4 ) (305.9 ) — 484.3 — Miscellaneous other income, net — — (3.5 ) — (3.5 ) Total other (income) deductions (213.0 ) (178.4 ) 34.4 484.3 127.3 Income (loss) before income taxes 212.8 178.4 306.8 (484.3 ) 213.7 Income taxes — — 0.9 — 0.9 Net income (loss) $ 212.8 $ 178.4 $ 305.9 $ (484.3 ) $ 212.8 Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2018 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 37.9 $ 20.4 $ 63.6 $ (84.0 ) $ 37.9 Other comprehensive income (loss): Reclassification adjustment transferred to Net income from cash flow hedges 0.2 0.2 0.1 (0.3 ) 0.2 Pension and other postretirement benefit costs (0.1 ) (0.1 ) (0.1 ) 0.2 (0.1 ) Total Comprehensive Income (Loss) $ 38.0 $ 20.5 $ 63.6 $ (84.1 ) $ 38.0 Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2017 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 69.8 $ 57.5 $ 100.7 $ (158.2 ) $ 69.8 Other comprehensive income (loss): Reclassification adjustment transferred to Net income from cash flow hedges 0.6 0.6 0.2 (0.8 ) 0.6 Pension and other postretirement benefit costs 0.1 0.1 0.1 (0.2 ) 0.1 Total Comprehensive Income (Loss) $ 70.5 $ 58.2 $ 101.0 $ (159.2 ) $ 70.5 Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2018 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 177.3 $ 128.1 $ 258.0 $ (386.1 ) $ 177.3 Other comprehensive income (loss): Reclassification adjustment transferred to Net income from cash flow hedges 1.0 1.0 0.5 (1.5 ) 1.0 Pension and other postretirement benefit costs 1.4 1.4 1.4 (2.8 ) 1.4 Total Comprehensive Income (Loss) $ 179.7 $ 130.5 $ 259.9 $ (390.4 ) $ 179.7 Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2017 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 212.8 $ 178.4 $ 305.9 $ (484.3 ) $ 212.8 Other comprehensive income (loss): (Loss) gain on cash flow hedge (1.5 ) (1.5 ) — 1.5 (1.5 ) Reclassification adjustment transferred to Net income from cash flow hedges 1.9 1.9 0.5 (2.4 ) 1.9 Pension and other postretirement benefit costs 0.8 0.8 0.8 (1.6 ) 0.8 Total Comprehensive Income (Loss) $ 214.0 $ 179.6 $ 307.2 $ (486.8 ) $ 214.0 Condensed Consolidating Statements of Cash Flow for the Nine Months Ended September 30, 2018 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net cash provided by (used in) operating activities $ 48.8 $ (124.6 ) $ 531.1 $ — $ 455.3 INVESTING ACTIVITIES: Capital expenditures — — (354.8 ) — (354.8 ) Proceeds from sale of operating assets — — 0.9 — 0.9 Advances to affiliates, net 27.7 44.3 (303.7 ) 231.7 — Net cash provided by (used in) investing activities 27.7 44.3 (657.6 ) 231.7 (353.9 ) FINANCING ACTIVITIES: Repayment of borrowings from long-term — (185.0 ) — — (185.0 ) Proceeds from borrowings on revolving credit agreement — — 525.0 — 525.0 Repayment of borrowings on revolving credit agreement — — (355.0 ) — (355.0 ) Principal payment of capital lease obligation — — (0.4 ) — (0.4 ) Advances from affiliates, net 0.1 276.3 (44.6 ) (231.7 ) 0.1 Distributions paid (76.7 ) — — — (76.7 ) Net cash (used in) provided by financing activities (76.6 ) 91.3 125.0 (231.7 ) (92.0 ) (Decrease) increase in cash and cash equivalents (0.1 ) 11.0 (1.5 ) — 9.4 Cash and cash equivalents at beginning of period 0.3 4.6 12.7 — 17.6 Cash and cash equivalents at end of period $ 0.2 $ 15.6 $ 11.2 $ — $ 27.0 Condensed Consolidating Statements of Cash Flow for the Nine Months Ended September 30, 2017 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net cash provided by (used in) operating activities $ 33.8 $ (117.0 ) $ 586.4 $ — $ 503.2 INVESTING ACTIVITIES: Capital expenditures — — (496.0 ) — (496.0 ) Proceeds from sale of operating assets — — 63.7 — 63.7 Advances to affiliates, net 42.6 (398.5 ) (377.4 ) 733.3 — Net cash provided by (used in) investing activities 42.6 (398.5 ) (809.7 ) 733.3 (432.3 ) FINANCING ACTIVITIES: Proceeds from long-term debt, net of issuance cost — 494.0 — — 494.0 Repayment of borrowings from long-term debt — (300.0 ) (275.0 ) — (575.0 ) Proceeds from borrowings on revolving credit agreement — — 505.0 — 505.0 Repayment of borrowings on revolving credit agreement — — (400.0 ) — (400.0 ) Principal payment of capital lease obligation — — (0.3 ) — (0.3 ) Advances from affiliates, net 0.1 334.8 398.5 (733.3 ) 0.1 Distributions paid (76.7 ) — — — (76.7 ) Net cash (used in) provided by financing activities (76.6 ) 528.8 228.2 (733.3 ) (52.9 ) (Decrease) increase in cash and cash equivalents (0.2 ) 13.3 4.9 — 18.0 Cash and cash equivalents at beginning of period 0.6 1.8 2.2 — 4.6 Cash and cash equivalents at end of period $ 0.4 $ 15.1 $ 7.1 $ — $ 22.6 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy | The accompanying unaudited condensed consolidated financial statements of the Partnership were prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Partnership's financial position as of September 30, 2018 , and December 31, 2017 , and its results of operations and comprehensive income for the three and nine months ended September 30, 2018 and 2017 , and changes in cash flows and changes in partners' capital for the nine months ended September 30, 2018 and 2017 . Reference is made to the Notes to the Consolidated Financial Statements in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2017 ( 2017 Annual Report on Form 10-K ), which should be read in conjunction with these unaudited condensed consolidated financial statements. The accounting policies described in Note 2 of Part II, Item 8 of the Partnership's 2017 Annual Report on Form 10-K are the same used in preparing the accompanying unaudited condensed consolidated financial statements, except for the changes described in Note 2 below. Certain amounts reported within Total operating revenues for the 2017 period have been reclassified to conform to the current presentation as a result of changes in accounting policies from the implementation of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers , which was codified in Accounting Standards Codification (ASC) Topic 606 (ASC 606) further described below. The effect of the reclassification decreased Transportation revenues and increased Other revenues by $6.5 million and $18.2 million for the three and nine months ended September 30, 2017 . Additionally, Storage, parking and lending (PAL) revenues are now reported combined. These reclassifications and combinations had no impact on Total operating revenues, Operating income or Net income |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Policy | Revenue Recognition Nature of Contracts The Partnership primarily earns revenues from contracts with customers by providing transportation and storage services for natural gas and NGLs on a firm and interruptible basis. The Partnership also provides interruptible natural gas PAL services. The Partnership’s customers choose, based upon their particular needs, the applicable mix of services depending upon availability of pipeline and storage capacity, the price of services and the volume and timing of customer requirements. The maximum rates that may be charged by the majority of the Partnership’s operating subsidiaries are established through the Federal Energy Regulatory Commission's (FERC) cost-based rate-making process; however, rates actually charged by those operating subsidiaries may be less than those allowed by the FERC. Under the FERC regulations, certain revenues that the Partnership's 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. The Partnership's service contracts can range from one to twenty years although the Partnership may enter into shorter- or longer-term contracts, and services are invoiced monthly with payment from the customer generally expected within ten to thirty days, depending on the terms of the contract. Firm Service Contracts : The Partnership offers firm services to its customers. The Partnership’s customers can reserve a specific amount of pipeline capacity at specified receipt and delivery points on the Partnership’s pipeline system (transportation service) or can reserve a specific amount of storage capacity at specified injection and withdrawal points at the Partnership’s storage facilities (storage service). The Partnership accounts for firm services as a single promise to stand ready each month of the contract term to provide the committed capacity for either transportation or storage services when needed by the customer, which represents a series of distinct monthly services that are substantially the same with the same pattern of transfer to the customer. Although several activities may be required to provide the firm service, the individual activities do not represent distinct performance obligations because all of the activities must be performed in combination in order for the Partnership to provide the firm service. The transaction price for firm service contracts is comprised of a fixed fee based on the quantity of capacity reserved, regardless of use (capacity reservation fee), plus variable fees in the form of a usage fee paid on the volume of commodity actually transported or injected and withdrawn from storage. Both the fixed and usage fees are allocated to the single performance obligation of providing transportation or storage service and recognized over time based upon the output measure of time as the Partnership completes its stand-ready obligation to provide contracted capacity and the customer receives and consumes the benefit of the reserved capacity, which corresponds with the transfer of control to the customer. The fixed fee is recognized ratably over the contract term, representative of the proportion of the committed stand-ready capacity obligation that has been fulfilled to date, and the usage fee is recognized upon satisfaction of each distinct monthly performance obligation, consistent with the allocation objective and based upon the level of effort required to satisfy the stand-ready obligation in a given month. Capacity reservation revenues derived from a firm service contract are generally consistent during the contract term, but can be higher in winter periods than the rest of the year based upon seasonal rates. Interruptible Service Contracts : In providing interruptible services to customers, the Partnership agrees to transport natural gas or NGLs for a customer when capacity is available. The Partnership does not account for interruptible services with a customer as a contract until the customer nominates for service and the Partnership accepts the nomination based upon available pipeline or storage capacity because there are no enforceable rights and obligations until that time. The nomination and acceptance process is a daily activity and acceptance is granted based upon priority of service and availability of capacity. Upon acceptance, the Partnership accounts for interruptible services similarly to its firm services. The transaction price for interruptible service contracts is comprised of a variable fee in the form of a usage fee paid on the volume of commodity actually transported or injected and withdrawn from storage. The usage fee is allocated to the single performance obligation of providing interruptible service. Interruptible service revenues are generally recognized over time based on the output measure of volume transported or stored when services are rendered upon the successful allocation of the services provided to the customer’s account, which best depicts the transfer of control to the customer and satisfaction of the promised service. Interruptible services are recognized in the month services are provided because the Partnership has a right to consideration from customers in amounts that correspond directly to the value that the customer receives from the Partnership's performance. The rates charged may vary on a daily, monthly or seasonal basis. Minimum Volume Commitment (MVC) Contracts : Certain of the Partnership’s transportation or storage contracts require customers to transport or store a minimum volume of commodity over a specified time period. If a customer fails to meet its MVC for the specified time period, the customer is obligated to pay a contractually-determined deficiency fee based upon the shortfall between the actual volumes transported or stored and the MVC for that period. MVC contracts are similar in nature to a firm service contract where the performance obligation is a stand-ready obligation that is a series of distinct services that are substantially the same with the same pattern of transfer to the customer. The transaction price for an MVC is a fee for the volume of commodity actually transported or stored, which is allocated to each distinct monthly performance obligation, consistent with the allocation objective and based upon the level of effort required to satisfy the obligation of the transacted service in a given month. Revenues are generally recognized over time based on the output measure of volume transported or stored, with the recognition of the deficiency fee in the period when it is known the customer cannot make up the deficient volume in the specified period. Other : Periodically, the Partnership may enter into contracts with customers for the sale of natural gas or NGLs. The Partnership recognizes revenues for these transactions at the point in time of the physical sale of the commodity, which corresponds with the transfer of control of the commodity to the customer and the consideration is measured as the stated sales price in the contract. Contract Balances |
New Accounting Pronouncements, Policy | Accounting Pronouncements Adopted in 2018 - Retirement Benefits In March 2017, the FASB issued ASU 2017-07, Retirement Benefits - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (ASU 2017-07), which required entities to retroactively present the service cost component of net periodic postretirement benefit cost with other employee compensation costs in the income statement and present all other net periodic pension costs as a component of non-operating income. Effective January 1, 2018, the Partnership implemented ASU 2017-07 and reclassified $0.8 million and $1.8 million of other components of net periodic benefit cost for the three and nine months ended September 30, 2017 , which resulted in an increase to Miscellaneous other income, net and Administrative and general expense in the Condensed Consolidated Statements of Income, with no impact on Net income . Other Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (ASU 2016-02), which will require, among other things, the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under current GAAP. The amendments are to be applied at the beginning of the earliest period presented using a modified retrospective approach, but include an elective transition method that allows entities to initially apply the updated guidance as of the adoption date. The Partnership has elected to apply this elective transition method In May 2014, the Financial Accounting Standards Board (FASB) issued ASC 606. ASC 606 supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition (ASC 605), and requires the recognition of revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. Effective January 1, 2018, the Partnership implemented ASC 606 using the modified retrospective method, without adjustment to the comparative period information, which remains reported under ASC 605. Upon implementation, the Partnership recorded a cumulative reduction to partners’ capital of $12.8 million resulting from two items: (i) contracts which had changes to rates during the service period without corresponding changes in service levels provided by the Partnership, with an offsetting increase to other liabilities of $6.4 million , and (ii) the de-recognition of excess fuel received from customers which elected to have fuel retained in-kind, with an offsetting decrease to current gas stored underground of $6.4 million . Upon the implementation of ASC 606, most retained fuel was not considered additional consideration included in the transaction price. As a result, retained fuel is recorded as a reduction to fuel and transportation expense and will be recognized as Other revenue upon the physical sale of natural gas, when under ASC 605, fuel retained was recognized as part of Transportation revenue. The Partnership elected to apply ASC 606 to contracts with customers, and applicable amendments, which were not completed prior to the implementation date. The following table summarizes the effect on the Partnership’s condensed consolidated financial statements as of September 30, 2018 , and for the three and nine months ended September 30, 2018 , (in millions) had ASC 606 not been implemented on January 1, 2018: As Reported Adjustments Balance as if ASC 605 was in effect Condensed Consolidated Balance Sheet: Other current assets (gas stored underground) $ 0.4 $ 4.0 $ 4.4 Gas stored underground 81.7 0.3 82.0 Other assets 138.5 (0.1 ) 138.4 Other liabilities 76.0 (8.1 ) 67.9 Partners' Capital 4,831.0 12.2 4,843.2 As Reported Adjustments Balance as if ASC 605 was in effect Condensed Consolidated Income Statement: Transportation $ 245.8 $ 5.5 $ 251.3 Storage, parking and lending 21.1 0.1 21.2 Other 11.0 0.1 11.1 Total operating revenues 277.9 5.7 283.6 Fuel and transportation expense 3.5 4.6 8.1 Operating income 80.8 1.0 81.8 Net income 37.9 1.0 38.9 As Reported Adjustments Balance as if ASC 605 was in effect Condensed Consolidated Income Statement: Transportation $ 792.8 $ 17.5 $ 810.3 Storage, parking and lending 67.8 0.3 68.1 Other 38.0 (4.5 ) 33.5 Total operating revenues 898.6 13.3 911.9 Fuel and transportation expense 12.0 13.8 25.8 Operating income 307.2 (0.6 ) 306.6 Net income 177.3 (0.6 ) 176.7 The implementation of ASC 606 had no impact on the total operating, financing or investing activities of the Partnership’s Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2018 . |
Gas and Liquids Stored Underg_2
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Gas Balancing Arrangements [Abstract] | |
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables, Policy | The operating subsidiaries of the Partnership provide storage services whereby they store natural gas or NGLs on behalf of customers and also periodically hold customer gas under 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. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (AOCI) and Fair Value Measurements (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy | Financial Assets and Liabilities The following methods and assumptions were used in estimating the fair value amounts included in the disclosures for financial assets and liabilities, which are consistent with those disclosed in the 2017 Annual Report on Form 10-K : Cash and Cash Equivalents: For cash and short-term financial assets, the carrying amount is a reasonable estimate of fair value due to the short maturity of those instruments. Long-Term Debt: The estimated fair value of the Partnership's publicly traded debt is based on quoted market prices at September 30, 2018 , and December 31, 2017 . The fair market value of the debt that is not publicly traded is based on market prices of similar debt at September 30, 2018 , and December 31, 2017 . The carrying amount of the Partnership's variable-rate debt at September 30, 2018 , and December 31, 2017 |
Accounting Policies (Tables)
Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table summarizes the effect on the Partnership’s condensed consolidated financial statements as of September 30, 2018 , and for the three and nine months ended September 30, 2018 , (in millions) had ASC 606 not been implemented on January 1, 2018: As Reported Adjustments Balance as if ASC 605 was in effect Condensed Consolidated Balance Sheet: Other current assets (gas stored underground) $ 0.4 $ 4.0 $ 4.4 Gas stored underground 81.7 0.3 82.0 Other assets 138.5 (0.1 ) 138.4 Other liabilities 76.0 (8.1 ) 67.9 Partners' Capital 4,831.0 12.2 4,843.2 As Reported Adjustments Balance as if ASC 605 was in effect Condensed Consolidated Income Statement: Transportation $ 245.8 $ 5.5 $ 251.3 Storage, parking and lending 21.1 0.1 21.2 Other 11.0 0.1 11.1 Total operating revenues 277.9 5.7 283.6 Fuel and transportation expense 3.5 4.6 8.1 Operating income 80.8 1.0 81.8 Net income 37.9 1.0 38.9 As Reported Adjustments Balance as if ASC 605 was in effect Condensed Consolidated Income Statement: Transportation $ 792.8 $ 17.5 $ 810.3 Storage, parking and lending 67.8 0.3 68.1 Other 38.0 (4.5 ) 33.5 Total operating revenues 898.6 13.3 911.9 Fuel and transportation expense 12.0 13.8 25.8 Operating income 307.2 (0.6 ) 306.6 Net income 177.3 (0.6 ) 176.7 |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Partnership's revenues disaggregated by type of service for the three and nine months ended September 30, 2018 (in millions): For the For the Revenues from Contracts with Customers Firm Service (1) $ 264.5 $ 850.9 Interruptible Service 7.7 25.0 Other revenues 1.2 9.7 Total revenues from contracts with customers 273.4 885.6 Other operating revenues (2) 4.5 13.0 Total Operating Revenues $ 277.9 $ 898.6 ( 1) Revenues earned from contracts with MVCs are included in firm service given the stand-ready nature of the performance obligation and the guaranteed nature of the fees over the contract term. |
Contract with Customer, Asset and Liability | Significant changes in the contract liabilities balances during the nine months ended September 30, 2018 , are as follows (in millions): Contract Liabilities Balance as of December 31, 2017 $ 1.9 Cumulative effect adjustment from the implementation of ASC 606 6.4 Revenues recognized that were included in the contract liability balance at the beginning of the period (2.3 ) Increases due to cash received, excluding amounts recognized as revenues during the period 3.1 Balance as of September 30, 2018 $ 9.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | As of September 30, 2018 (in millions) 2018 (1) 2019 Thereafter Total Estimated revenues from contracts with customers from unsatisfied performance obligations as of September 30, 2018 $ 1,065.0 $ 1,038.0 $ 7,630.0 $ 9,733.0 Operating revenues which are fixed and determinable (operating leases) 13.5 18.0 230.5 262.0 Total projected operating revenues under committed firm agreements $ 1,078.5 $ 1,056.0 $ 7,860.5 $ 9,995.0 (1) For the 2018 period, $797.0 million represents actual fixed fee revenues recognized for the fulfillment of performance obligations during the nine months ended September 30, 2018 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (AOCI) and Fair Value Measurements Financial Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 Condensed Consolidated Balance Sheets as of September 30, 2018 , and December 31, 2017 , were as follows (in millions): As of September 30, 2018 Estimated Fair Value Financial Assets Carrying Amount Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 27.0 $ 27.0 $ — $ — $ 27.0 Financial Liabilities Long-term debt $ 3,675.1 (1) $ — $ 3,731.1 $ — $ 3,731.1 (1) The carrying amount of long-term debt excludes a $7.6 million long-term capital lease obligation and $7.5 million of unamortized debt issuance costs. 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 |
Financing (Tables)
Financing (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | During the nine months ended September 30, 2017 , the Partnership completed the following debt issuance (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 (1) The net proceeds of this offering were used to retire the outstanding $275.0 million aggregate principal amount of Gulf South Pipeline Company, LP's 6.30% |
Employee Benefits (Tables)
Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | Components of net periodic benefit cost for both the Retirement Plans and PBOP for the three months ended September 30, 2018 and 2017 , were as follows (in millions): Retirement Plans PBOP For the For the 2018 2017 2018 2017 Service cost $ 0.7 $ 0.8 $ — $ — Interest cost 1.2 1.2 0.4 0.4 Expected return on plan assets (1.7 ) (2.0 ) (1.2 ) (1.1 ) Amortization of unrecognized net loss 0.3 0.4 — — Settlement charge 0.4 0.4 — — Net periodic benefit cost $ 0.9 $ 0.8 $ (0.8 ) $ (0.7 ) Components of net periodic benefit cost for both the Retirement Plans and PBOP for the nine months ended September 30, 2018 and 2017 , were as follows (in millions): Retirement Plans PBOP For the For the 2018 2017 2018 2017 Service cost $ 2.5 $ 2.6 $ 0.1 $ 0.1 Interest cost 3.4 3.5 1.1 1.2 Expected return on plan assets (5.7 ) (5.9 ) (3.5 ) (3.3 ) Amortization of unrecognized net loss 1.1 1.3 — — Settlement charge 2.6 1.5 — — Net periodic benefit cost $ 3.9 $ 3.0 $ (2.3 ) $ (2.0 ) The components of net periodic benefit cost, other than the service cost component, are included in Miscellaneous other income, net and the service cost component is included in Administrative and general |
Supplemental Disclosure of Ca_2
Supplemental Disclosure of Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental Disclosure of Cash Flow Information (in millions): For the 2018 2017 Cash paid during the period for: Interest (net of amount capitalized) $ 124.9 $ 125.8 Non-cash adjustments: Accounts payable and property, plant and equipment 51.9 66.6 |
Guarantee of Securities of Su_2
Guarantee of Securities of Subsidiaries (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | The Partnership has provided the following condensed consolidating financial information in accordance with Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered . Condensed Consolidating Balance Sheets as of September 30, 2018 (Millions) Assets Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Cash and cash equivalents $ 0.2 $ 15.6 $ 11.2 $ — $ 27.0 Receivables — — 122.3 — 122.3 Receivables - affiliate — — 6.7 (6.7 ) — Costs recoverable from customers — — 11.1 — 11.1 Prepayments 0.1 — 25.8 — 25.9 Advances to affiliates — 15.3 2.1 (17.4 ) — Other current assets — — 12.4 (3.2 ) 9.2 Total current assets 0.3 30.9 191.6 (27.3 ) 195.5 Investment in consolidated subsidiaries 2,790.0 6,653.9 — (9,443.9 ) — Property, plant and equipment, gross 0.6 — 11,210.9 — 11,211.5 Less–accumulated depreciation and amortization 0.6 — 2,862.7 — 2,863.3 Property, plant and equipment, net — — 8,348.2 — 8,348.2 Advances to affiliates – noncurrent 2,042.4 864.1 410.7 (3,317.2 ) — Other noncurrent assets 0.1 2.6 454.4 0.5 457.6 Total other assets 2,042.5 866.7 865.1 (3,316.7 ) 457.6 Total Assets $ 4,832.8 $ 7,551.5 $ 9,404.9 $ (12,787.9 ) $ 9,001.3 Liabilities and Partners' Capital Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Payables $ 0.2 $ 0.1 $ 83.4 $ — $ 83.7 Payable to affiliates 1.6 — 6.7 (6.7 ) 1.6 Advances from affiliates — 2.1 15.3 (17.4 ) — Other current liabilities — 26.7 163.5 (2.7 ) 187.5 Total current liabilities 1.8 28.9 268.9 (26.8 ) 272.8 Long-term debt and capital lease obligation — 2,279.3 1,395.9 — 3,675.2 Advances from affiliates - noncurrent — 2,453.1 864.1 (3,317.2 ) — Other noncurrent liabilities — 0.2 222.1 — 222.3 Total other liabilities and deferred credits — 2,453.3 1,086.2 (3,317.2 ) 222.3 Total partners' capital 4,831.0 2,790.0 6,653.9 (9,443.9 ) 4,831.0 Total Liabilities and Partners' Capital $ 4,832.8 $ 7,551.5 $ 9,404.9 $ (12,787.9 ) $ 9,001.3 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 ) — Prepayments 0.1 — 17.8 — 17.9 Advances to affiliates — — 2.3 (2.3 ) — Other current assets — — 13.5 (1.8 ) 11.7 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 Statements of Income | Condensed Consolidating Statements of Income for the Three Months Ended September 30, 2018 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 266.5 $ (20.7 ) $ 245.8 Storage, parking and lending — — 21.1 — 21.1 Other — — 11.0 — 11.0 Total operating revenues — — 298.6 (20.7 ) 277.9 Operating Costs and Expenses: Fuel and transportation — — 24.2 (20.7 ) 3.5 Operation and maintenance — — 46.9 — 46.9 Administrative and general (0.1 ) — 32.9 — 32.8 Other operating costs and expenses 0.1 — 113.8 — 113.9 Total operating costs and expenses — — 217.8 (20.7 ) 197.1 Operating income — — 80.8 — 80.8 Other Deductions (Income): Interest expense — 29.2 14.3 — 43.5 Interest (income) expense - affiliates, net (17.5 ) 14.0 3.5 — — Equity in earnings of subsidiaries (20.4 ) (63.6 ) — 84.0 — Miscellaneous other income, net — — (0.7 ) — (0.7 ) Total other (income) deductions (37.9 ) (20.4 ) 17.1 84.0 42.8 Income (loss) before income taxes 37.9 20.4 63.7 (84.0 ) 38.0 Income taxes — — 0.1 — 0.1 Net income (loss) $ 37.9 $ 20.4 $ 63.6 $ (84.0 ) $ 37.9 Condensed Consolidating Statements of Income for the Three Months Ended September 30, 2017 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 288.9 $ (22.5 ) $ 266.4 Storage, parking and lending — — 23.2 — 23.2 Other — — 10.9 — 10.9 Total operating revenues — — 323.0 (22.5 ) 300.5 Operating Costs and Expenses: Fuel and transportation — — 31.5 (22.5 ) 9.0 Operation and maintenance — — 49.0 — 49.0 Administrative and general (0.3 ) — 27.4 — 27.1 Other operating costs and expenses 0.4 — 105.0 — 105.4 Total operating costs and expenses 0.1 — 212.9 (22.5 ) 190.5 Operating (loss) income (0.1 ) — 110.1 — 110.0 Other Deductions (Income): Interest expense — 32.2 8.8 — 41.0 Interest (income) expense - affiliates, net (12.4 ) 11.0 1.4 — — Equity in earnings of subsidiaries (57.5 ) (100.7 ) — 158.2 — Miscellaneous other income, net — — (1.1 ) — (1.1 ) Total other (income) deductions (69.9 ) (57.5 ) 9.1 158.2 39.9 Income (loss) before income taxes 69.8 57.5 101.0 (158.2 ) 70.1 Income taxes — — 0.3 — 0.3 Net income (loss) $ 69.8 $ 57.5 $ 100.7 $ (158.2 ) $ 69.8 Condensed Consolidating Statements of Income for the Nine Months Ended September 30, 2018 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 854.7 $ (61.9 ) $ 792.8 Storage, parking and lending — — 68.1 (0.3 ) 67.8 Other — — 38.0 — 38.0 Total operating revenues — — 960.8 (62.2 ) 898.6 Operating Costs and Expenses: Fuel and transportation — — 74.2 (62.2 ) 12.0 Operation and maintenance — — 144.2 — 144.2 Administrative and general (0.2 ) — 100.8 — 100.6 Other operating costs and expenses 0.3 — 334.3 — 334.6 Total operating costs and expenses 0.1 — 653.5 (62.2 ) 591.4 Operating (loss) income (0.1 ) — 307.3 — 307.2 Other Deductions (Income): Interest expense — 91.8 39.1 — 130.9 Interest (income) expense - affiliates, net (49.3 ) 38.1 11.2 — — Interest income — — (0.1 ) — (0.1 ) Equity in earnings of subsidiaries (128.1 ) (258.0 ) — 386.1 — Miscellaneous other income, net — — (1.3 ) — (1.3 ) Total other (income) deductions (177.4 ) (128.1 ) 48.9 386.1 129.5 Income (loss) before income taxes 177.3 128.1 258.4 (386.1 ) 177.7 Income taxes — — 0.4 — 0.4 Net income (loss) $ 177.3 $ 128.1 $ 258.0 $ (386.1 ) $ 177.3 Condensed Consolidating Statements of Income for the Nine Months Ended September 30, 2017 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 918.3 $ (66.3 ) $ 852.0 Storage, parking and lending — — 80.0 (0.2 ) 79.8 Other — — 53.3 — 53.3 Total operating revenues — — 1,051.6 (66.5 ) 985.1 Operating Costs and Expenses: Fuel and transportation — — 109.2 (66.5 ) 42.7 Operation and maintenance — — 141.0 — 141.0 Administrative and general (0.3 ) — 97.2 — 96.9 Other operating costs and expenses 0.5 — 363.0 — 363.5 Total operating costs and expenses 0.2 — 710.4 (66.5 ) 644.1 Operating (loss) income (0.2 ) — 341.2 — 341.0 Other Deductions (Income): Interest expense — 97.6 33.5 — 131.1 Interest (income) expense - affiliates, net (34.6 ) 30.1 4.5 — — Interest income — (0.2 ) (0.1 ) — (0.3 ) Equity in earnings of subsidiaries (178.4 ) (305.9 ) — 484.3 — Miscellaneous other income, net — — (3.5 ) — (3.5 ) Total other (income) deductions (213.0 ) (178.4 ) 34.4 484.3 127.3 Income (loss) before income taxes 212.8 178.4 306.8 (484.3 ) 213.7 Income taxes — — 0.9 — 0.9 Net income (loss) $ 212.8 $ 178.4 $ 305.9 $ (484.3 ) $ 212.8 |
Condensed Consolidating Statements Of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2018 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 37.9 $ 20.4 $ 63.6 $ (84.0 ) $ 37.9 Other comprehensive income (loss): Reclassification adjustment transferred to Net income from cash flow hedges 0.2 0.2 0.1 (0.3 ) 0.2 Pension and other postretirement benefit costs (0.1 ) (0.1 ) (0.1 ) 0.2 (0.1 ) Total Comprehensive Income (Loss) $ 38.0 $ 20.5 $ 63.6 $ (84.1 ) $ 38.0 Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2017 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 69.8 $ 57.5 $ 100.7 $ (158.2 ) $ 69.8 Other comprehensive income (loss): Reclassification adjustment transferred to Net income from cash flow hedges 0.6 0.6 0.2 (0.8 ) 0.6 Pension and other postretirement benefit costs 0.1 0.1 0.1 (0.2 ) 0.1 Total Comprehensive Income (Loss) $ 70.5 $ 58.2 $ 101.0 $ (159.2 ) $ 70.5 Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2018 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 177.3 $ 128.1 $ 258.0 $ (386.1 ) $ 177.3 Other comprehensive income (loss): Reclassification adjustment transferred to Net income from cash flow hedges 1.0 1.0 0.5 (1.5 ) 1.0 Pension and other postretirement benefit costs 1.4 1.4 1.4 (2.8 ) 1.4 Total Comprehensive Income (Loss) $ 179.7 $ 130.5 $ 259.9 $ (390.4 ) $ 179.7 Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2017 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 212.8 $ 178.4 $ 305.9 $ (484.3 ) $ 212.8 Other comprehensive income (loss): (Loss) gain on cash flow hedge (1.5 ) (1.5 ) — 1.5 (1.5 ) Reclassification adjustment transferred to Net income from cash flow hedges 1.9 1.9 0.5 (2.4 ) 1.9 Pension and other postretirement benefit costs 0.8 0.8 0.8 (1.6 ) 0.8 Total Comprehensive Income (Loss) $ 214.0 $ 179.6 $ 307.2 $ (486.8 ) $ 214.0 |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flow for the Nine Months Ended September 30, 2018 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net cash provided by (used in) operating activities $ 48.8 $ (124.6 ) $ 531.1 $ — $ 455.3 INVESTING ACTIVITIES: Capital expenditures — — (354.8 ) — (354.8 ) Proceeds from sale of operating assets — — 0.9 — 0.9 Advances to affiliates, net 27.7 44.3 (303.7 ) 231.7 — Net cash provided by (used in) investing activities 27.7 44.3 (657.6 ) 231.7 (353.9 ) FINANCING ACTIVITIES: Repayment of borrowings from long-term — (185.0 ) — — (185.0 ) Proceeds from borrowings on revolving credit agreement — — 525.0 — 525.0 Repayment of borrowings on revolving credit agreement — — (355.0 ) — (355.0 ) Principal payment of capital lease obligation — — (0.4 ) — (0.4 ) Advances from affiliates, net 0.1 276.3 (44.6 ) (231.7 ) 0.1 Distributions paid (76.7 ) — — — (76.7 ) Net cash (used in) provided by financing activities (76.6 ) 91.3 125.0 (231.7 ) (92.0 ) (Decrease) increase in cash and cash equivalents (0.1 ) 11.0 (1.5 ) — 9.4 Cash and cash equivalents at beginning of period 0.3 4.6 12.7 — 17.6 Cash and cash equivalents at end of period $ 0.2 $ 15.6 $ 11.2 $ — $ 27.0 Condensed Consolidating Statements of Cash Flow for the Nine Months Ended September 30, 2017 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net cash provided by (used in) operating activities $ 33.8 $ (117.0 ) $ 586.4 $ — $ 503.2 INVESTING ACTIVITIES: Capital expenditures — — (496.0 ) — (496.0 ) Proceeds from sale of operating assets — — 63.7 — 63.7 Advances to affiliates, net 42.6 (398.5 ) (377.4 ) 733.3 — Net cash provided by (used in) investing activities 42.6 (398.5 ) (809.7 ) 733.3 (432.3 ) FINANCING ACTIVITIES: Proceeds from long-term debt, net of issuance cost — 494.0 — — 494.0 Repayment of borrowings from long-term debt — (300.0 ) (275.0 ) — (575.0 ) Proceeds from borrowings on revolving credit agreement — — 505.0 — 505.0 Repayment of borrowings on revolving credit agreement — — (400.0 ) — (400.0 ) Principal payment of capital lease obligation — — (0.3 ) — (0.3 ) Advances from affiliates, net 0.1 334.8 398.5 (733.3 ) 0.1 Distributions paid (76.7 ) — — — (76.7 ) Net cash (used in) provided by financing activities (76.6 ) 528.8 228.2 (733.3 ) (52.9 ) (Decrease) increase in cash and cash equivalents (0.2 ) 13.3 4.9 — 18.0 Cash and cash equivalents at beginning of period 0.6 1.8 2.2 — 4.6 Cash and cash equivalents at end of period $ 0.4 $ 15.1 $ 7.1 $ — $ 22.6 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 18, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Transportation | $ 245.8 | $ 266.4 | $ 792.8 | $ 852 | |
Percent of General Partner Interest Owned by Holding Company (in hundredths) | 100.00% | 100.00% | |||
General Partner purchase of common units and conversion to partnership interests | $ 0 | ||||
Other | $ 11 | 10.9 | 38 | 53.3 | |
Accounting Standards Update 2014-09 | |||||
Transportation | 245.8 | 792.8 | |||
Other | 11 | 38 | |||
Restatement Adjustment | Accounting Standards Update 2014-09 | |||||
Transportation | 5.5 | (6.5) | 17.5 | (18.2) | |
Other | $ 0.1 | $ 6.5 | (4.5) | $ 18.2 | |
General Partner | |||||
Price per share paid to acquire outstanding shares | $ 12.06 | ||||
General Partner purchase of common units and conversion to partnership interests | $ 1,500 | $ (94.3) |
Accounting Policies Revenue, In
Accounting Policies Revenue, Initial Application (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Jan. 01, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (12.8) | |
Current Gas Stored Underground Cumulative Effect Decrease | $ 6.4 | |
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (12.8) | |
Other Liabilities Cumulative Effect Increase | 6.4 | |
Current Gas Stored Underground Cumulative Effect Decrease | $ 6.4 | |
Minimum | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Service Contracts Duration | 1 year | |
Expected Payment of Invoiced Services | 10 days | |
Maximum | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Service Contracts Duration | 20 years | |
Expected Payment of Invoiced Services | 30 days |
Accounting Policies New Account
Accounting Policies New Accounting Pronouncements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Gas stored underground | $ 81.7 | $ 81.7 | $ 86.3 | |||
Other assets | 138.5 | 138.5 | 139.8 | |||
Other liabilities | 76 | 76 | 65 | |||
Partners' Capital | 4,831 | $ 4,668.2 | 4,831 | $ 4,668.2 | $ 4,724.8 | $ 4,530.9 |
Transportation revenues | 245.8 | 266.4 | 792.8 | 852 | ||
Storage, parking and lending | 21.1 | 23.2 | 67.8 | 79.8 | ||
Other | 11 | 10.9 | 38 | 53.3 | ||
Total operating revenues | 277.9 | 300.5 | 898.6 | 985.1 | ||
Fuel and transportation expense | 3.5 | 9 | 12 | 42.7 | ||
Operating income | 80.8 | 110 | 307.2 | 341 | ||
Net income | 37.9 | 69.8 | 177.3 | 212.8 | ||
Miscellaneous other income, net | 0.7 | 1.1 | 1.3 | 3.5 | ||
Administrative and general | 32.8 | 27.1 | 100.6 | 96.9 | ||
Accounting Standards Update 2014-09 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Other current assets (gas stored underground) | 0.4 | 0.4 | ||||
Gas stored underground | 81.7 | 81.7 | ||||
Other assets | 138.5 | 138.5 | ||||
Other liabilities | 76 | 76 | ||||
Partners' Capital | 4,831 | 4,831 | ||||
Transportation revenues | 245.8 | 792.8 | ||||
Storage, parking and lending | 21.1 | 67.8 | ||||
Other | 11 | 38 | ||||
Total operating revenues | 277.9 | 898.6 | ||||
Fuel and transportation expense | 3.5 | 12 | ||||
Operating income | 80.8 | 307.2 | ||||
Net income | 37.9 | 177.3 | ||||
Accounting Standards Update 2014-09 | Restatement Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Other current assets (gas stored underground) | 4 | 4 | ||||
Gas stored underground | 0.3 | 0.3 | ||||
Other assets | (0.1) | (0.1) | ||||
Other liabilities | (8.1) | (8.1) | ||||
Partners' Capital | 12.2 | 12.2 | ||||
Transportation revenues | 5.5 | (6.5) | 17.5 | (18.2) | ||
Storage, parking and lending | 0.1 | 0.3 | ||||
Other | 0.1 | 6.5 | (4.5) | 18.2 | ||
Total operating revenues | 5.7 | 13.3 | ||||
Fuel and transportation expense | 4.6 | 13.8 | ||||
Operating income | 1 | (0.6) | ||||
Net income | 1 | (0.6) | ||||
Accounting Standards Update 2014-09 | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Other current assets (gas stored underground) | 4.4 | 4.4 | ||||
Gas stored underground | 82 | 82 | ||||
Other assets | 138.4 | 138.4 | ||||
Other liabilities | 67.9 | 67.9 | ||||
Partners' Capital | 4,843.2 | 4,843.2 | ||||
Transportation revenues | 251.3 | 810.3 | ||||
Storage, parking and lending | 21.2 | 68.1 | ||||
Other | 11.1 | 33.5 | ||||
Total operating revenues | 283.6 | 911.9 | ||||
Fuel and transportation expense | 8.1 | 25.8 | ||||
Operating income | 81.8 | 306.6 | ||||
Net income | $ 38.9 | $ 176.7 | ||||
Accounting Standards Update 2017-07 | Restatement Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Miscellaneous other income, net | 0.8 | 1.8 | ||||
Administrative and general | $ 0.8 | $ 1.8 |
Revenues Disaggregation of Reve
Revenues Disaggregation of Revenue (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)segments | Sep. 30, 2017USD ($) | ||
Disaggregation of Revenue [Line Items] | |||||
Number of Reportable Segments | segments | 1 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 273.4 | $ 885.6 | |||
Other operating revenues | [1] | 4.5 | 13 | ||
Total operating revenues | 277.9 | $ 300.5 | 898.6 | $ 985.1 | |
Firm Service | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | [2] | 264.5 | 850.9 | ||
Interruptible Service | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7.7 | 25 | |||
Other revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1.2 | $ 9.7 | |||
[1] | Other operating revenues include certain revenues earned from operating leases, pipeline management fees and other activities that are not considered central and ongoing major business operations of the Partnership and do not represent revenues earned from contracts with customers. | ||||
[2] | Revenues earned from contracts with MVCs are included in firm service given the stand-ready nature of the performance obligation and the guaranteed nature of the fees over the contract term. |
Revenues Contract Balances (Det
Revenues Contract Balances (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Accounts Receivable, Net | $ 89.4 |
Contracts with Customers, Asset, Gross, Current | 17.1 |
Contract Liability Balance as of December 31, 2017 | 1.9 |
Cumulative effect adjustment from the implementation of ASC 606 | 6.4 |
Revenues recognized that were included in the contract liability balance at the beginning of the period | (2.3) |
Increases due to cash received, excluding amounts recognized as revenues during the period | 3.1 |
Contract Liability Balance as of September 30, 2018 | $ 9.1 |
Revenues Performance Obligation
Revenues Performance Obligations (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2018USD ($) | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Fixed Fee Revenues Recognized | $ 797 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 months | |
Estimated revenues from contracts with customers from unsatisfied performance obligations as of September 30, 2018 | $ 1,065 | |
Operating revenues which are fixed and determinable (operating leases) | 13.5 | |
Total projected operating revenues under committed firm agreements | $ 1,078.5 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Estimated revenues from contracts with customers from unsatisfied performance obligations as of September 30, 2018 | $ 1,038 | |
Operating revenues which are fixed and determinable (operating leases) | 18 | |
Total projected operating revenues under committed firm agreements | $ 1,056 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 23 years | |
Estimated revenues from contracts with customers from unsatisfied performance obligations as of September 30, 2018 | $ 7,630 | |
Operating revenues which are fixed and determinable (operating leases) | 230.5 | |
Total projected operating revenues under committed firm agreements | 7,860.5 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Estimated revenues from contracts with customers from unsatisfied performance obligations as of September 30, 2018 | 9,733 | |
Operating revenues which are fixed and determinable (operating leases) | 262 | |
Total projected operating revenues under committed firm agreements | $ 9,995 | |
[1] | For the 2018 period, $797.0 million represents actual fixed fee revenues recognized for the fulfillment of performance obligations during the nine months ended September 30, 2018 |
Asset Disposition and Impairm_2
Asset Disposition and Impairments (Details) - USD ($) $ in Millions | May 09, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |||||
Proceeds from Sale of Property, Plant, and Equipment | $ 63.6 | ||||
Loss (gain) on sale of assets and impairments | $ 47.1 | $ (0.2) | $ 0 | $ (0.7) | $ 47.1 |
Gas and Liquids Stored Underg_3
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables (Details) MMBbls in Millions, MMBTU in Millions, $ in Millions | Sep. 30, 2018USD ($)$ / MMBTUMMBTUMMBbls | Dec. 31, 2017MMBTUMMBbls |
Gas Balancing Arrangements [Abstract] | ||
Gas Balancing Measurement (in MMBtu) | MMBTU | 7.9 | 12.3 |
Average Market Price of Gas Assumed | $ / MMBTU | 2.83 | |
Gas Imbalance to Subsidiaries Asset Liability | $ 22.4 | |
Natural Gas Liquids Balancing Volume (in MMBbls) (Less than) | MMBbls | 0.1 | 0 |
Natural Gas Liquids Imbalance to Subsidiaries Asset Liability | $ 1.1 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (AOCI) and Fair Value Measurements AOCI (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) | $ (78.6) | $ (81) |
Fair Value, Measurements, Recurring | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 |
Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Cash Flow Hedge Loss to be Reclassified within Twelve Months | 0.9 | |
Accumulated other comprehensive income (loss) | $ (4) | $ (5) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (AOCI) and Fair Value Measurements Financial Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and Cash Equivalents - Fair Value | $ 27 | $ 17.6 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Debt Instrument, Fair Value Disclosure | 3,731.1 | 3,889.4 | ||
Capital Lease Obligations, Noncurrent | 7.6 | 8.1 | ||
Unamortized Debt Issuance Expense | 7.5 | 8.8 | ||
Carrying Amount | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and Cash Equivalents - Fair Value | 27 | 17.6 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Debt Instrument, Fair Value Disclosure | 3,675.1 | [1] | 3,687.5 | [2] |
Fair Value | Fair Value, Inputs, Level 1 | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and Cash Equivalents - Fair Value | 27 | 17.6 | ||
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 | 3,731.1 | 3,889.4 | ||
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 a $7.6 million long-term capital lease obligation and $7.5 million | |||
[2] | The carrying amount of long-term debt excludes an $8.1 million long-term capital lease obligation and $8.8 million |
Commitments and Contingencies C
Commitments and Contingencies Commitments for Construction (Details) $ in Millions | Sep. 30, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 162.5 |
Financing - Debt (Details)
Financing - Debt (Details) - USD ($) $ in Millions | Jun. 01, 2018 | Aug. 31, 2017 | Jan. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Nov. 05, 2018 | Dec. 31, 2017 | |
Debt Instruments [Abstract] | ||||||||
Repayments of Unsecured Debt | $ 185 | $ 575 | ||||||
Unsecured Debt | ||||||||
Debt Instruments [Abstract] | ||||||||
Long-term Debt, Gross | $ 3,100 | $ 3,300 | ||||||
Debt, Weighted-Average Interest Rate | 5.17% | 5.18% | ||||||
Debt Instrument, Face Amount (Issuance) | $ 0 | |||||||
Debt Instrument, Covenant Compliance | At September 30, 2018, Boardwalk Pipelines and its operating subsidiaries were in compliance with their debt covenants. | |||||||
Unsecured Debt | Boardwalk Pipelines Notes Due 2019 | ||||||||
Debt Instruments [Abstract] | ||||||||
Long-term Debt, Gross | $ 350 | |||||||
Unsecured Debt | Boardwalk Pipelines 4.45% Notes Due 2027 | ||||||||
Debt Instruments [Abstract] | ||||||||
Debt Instrument, Issuance Date | Jan. 31, 2017 | |||||||
Debt Instrument, Face Amount (Issuance) | $ 500 | |||||||
Payments of Debt Issuance Costs | 6 | |||||||
Proceeds from Debt, Net of Issuance Costs | [1] | $ 494 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | |||||||
Debt Instrument, Maturity Date | Jul. 15, 2027 | |||||||
Unsecured Debt | Gulf South 6.30% Notes Due 2017 | ||||||||
Debt Instruments [Abstract] | ||||||||
Repayments of Unsecured Debt | $ 275 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | |||||||
Unsecured Debt | Boardwalk Pipelines Notes Due 2018 | ||||||||
Debt Instruments [Abstract] | ||||||||
Repayments of Unsecured Debt | $ 185 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | |||||||
Line of Credit | ||||||||
Debt Instruments [Abstract] | ||||||||
Debt, Weighted-Average Interest Rate | 3.42% | 2.72% | ||||||
Line of Credit Facility [Abstract] | ||||||||
Long-term Line of Credit | $ 555 | $ 385 | ||||||
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 September 30, 2018. | |||||||
Line of Credit | Amendment No. 1 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 | |||||||
Subordinated Debt | ||||||||
Debt Instruments [Abstract] | ||||||||
Debt Instrument, Maturity Date | Dec. 31, 2018 | |||||||
Subordinated Loan Agreement Maximum Borrowing Capacity | $ 300 | |||||||
Subsequent Event | Subordinated Debt | ||||||||
Debt Instruments [Abstract] | ||||||||
Subordinated Debt | $ 0 | |||||||
[1] | The net proceeds of this offering were used to retire the outstanding $275.0 million aggregate principal amount of Gulf South Pipeline Company, LP's 6.30% |
Financing Financing - Equity (D
Financing Financing - Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Capital Unit [Line Items] | ||
Number of common units registered for resale under Amended and Restated Registration Rights Agreement (in number of units) | 27.9 | |
Maximum amount Partnership must pay for reimbursement of underwriting discounts and commissions (in dollars per unit) | $ 0.914 | |
Registration Payment Arrangement, Accrual Carrying Value | $ 0 | $ 16 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 3 | |||
Defined Contribution Plan, Cost | 2.7 | $ 2.7 | $ 8 | $ 8.1 |
Retirement Plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | 0.7 | 0.8 | 2.5 | 2.6 |
Interest cost | 1.2 | 1.2 | 3.4 | 3.5 |
Expected return on plan assets | (1.7) | (2) | (5.7) | (5.9) |
Amortization of unrecognized net loss | 0.3 | 0.4 | 1.1 | 1.3 |
Settlement charge | 0.4 | 0.4 | 2.6 | 1.5 |
Net periodic benefit cost | 0.9 | 0.8 | 3.9 | 3 |
PBOP | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | 0 | 0 | 0.1 | 0.1 |
Interest cost | 0.4 | 0.4 | 1.1 | 1.2 |
Expected return on plan assets | (1.2) | (1.1) | (3.5) | (3.3) |
Amortization of unrecognized net loss | 0 | 0 | 0 | 0 |
Settlement charge | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $ (0.8) | $ (0.7) | $ (2.3) | $ (2) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 1.6 | $ 1.7 | $ 4.6 | $ 5 |
Boardwalk GP, LP | ||||
Related Party Transaction [Line Items] | ||||
Cash dividends paid to parent company | $ 25.6 | $ 13.1 | $ 51.7 | $ 39.2 |
Supplemental Disclosure of Ca_3
Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash paid during the period for: | ||
Interest (net of amount capitalized) | $ 124.9 | $ 125.8 |
Non-cash adjustments: | ||
Accounts payable and property, plant and equipment | $ 51.9 | $ 66.6 |
Guarantee of Securities of Su_3
Guarantee of Securities of Subsidiaries Balance Sheets (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Subsidiary, 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 September 30, 2018, and December 31, 2017. | |||
Assets | ||||
Cash and cash equivalents | $ 27 | 17.6 | $ 22.6 | $ 4.6 |
Receivables | 122.3 | 133.4 | ||
Receivables - affiliate | 0 | 0 | ||
Costs recoverable from customers | 11.1 | 0 | ||
Prepayments | 25.9 | 17.9 | ||
Advances to affiliates | 0 | 0 | ||
Other current assets | 9.2 | 11.7 | ||
Total current assets | 195.5 | 180.6 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Property, plant and equipment, gross | 11,211.5 | 10,883.6 | ||
Less—accumulated depreciation and amortization | 2,863.3 | 2,621.1 | ||
Property, plant and equipment, net | 8,348.2 | 8,262.5 | ||
Advances to affiliates - noncurrent | 0 | 0 | ||
Other noncurrent assets | 457.6 | 463.5 | ||
Total other assets | 457.6 | 463.5 | ||
Total Assets | 9,001.3 | 8,906.6 | ||
Liabilities and Partners' Capital | ||||
Payables | 83.7 | 87.9 | ||
Payable to affiliates | 1.6 | 1.5 | ||
Advances from affiliates | 0 | 0 | ||
Other current liabilities | 187.5 | 191 | ||
Total current liabilities | 272.8 | 280.4 | ||
Long-term debt and capital lease obligation | 3,675.2 | 3,686.8 | ||
Payable to affiliate - noncurrent | 0 | 16 | ||
Advances from affiliates - noncurrent | 0 | 0 | ||
Other noncurrent liabilities | 222.3 | 198.6 | ||
Total other liabilities and deferred credits | 222.3 | 214.6 | ||
Total partners' capital | 4,831 | 4,724.8 | ||
Total Liabilities and Partners' Capital | 9,001.3 | 8,906.6 | ||
Reportable Legal Entities | Parent Guarantor | ||||
Assets | ||||
Cash and cash equivalents | 0.2 | 0.3 | 0.4 | 0.6 |
Receivables | 0 | 0 | ||
Receivables - affiliate | 0 | 0 | ||
Costs recoverable from customers | 0 | |||
Prepayments | 0.1 | 0.1 | ||
Advances to affiliates | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0.3 | 0.4 | ||
Investment in consolidated subsidiaries | 2,790 | 2,672.3 | ||
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 | 2,042.4 | 2,070.1 | ||
Other noncurrent assets | 0.1 | 0 | ||
Total other assets | 2,042.5 | 2,070.1 | ||
Total Assets | 4,832.8 | 4,742.8 | ||
Liabilities and Partners' Capital | ||||
Payables | 0.2 | 0.5 | ||
Payable to affiliates | 1.6 | 1.5 | ||
Advances from affiliates | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 1.8 | 2 | ||
Long-term debt and capital lease obligation | 0 | 0 | ||
Payable to affiliate - noncurrent | 16 | |||
Advances from affiliates - noncurrent | 0 | 0 | ||
Other noncurrent liabilities | 0 | 0 | ||
Total other liabilities and deferred credits | 0 | 16 | ||
Total partners' capital | 4,831 | 4,724.8 | ||
Total Liabilities and Partners' Capital | 4,832.8 | 4,742.8 | ||
Reportable Legal Entities | Subsidiary Issuer | ||||
Assets | ||||
Cash and cash equivalents | 15.6 | 4.6 | 15.1 | 1.8 |
Receivables | 0 | 0 | ||
Receivables - affiliate | 0 | 0 | ||
Costs recoverable from customers | 0 | |||
Prepayments | 0 | 0 | ||
Advances to affiliates | 15.3 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 30.9 | 4.6 | ||
Investment in consolidated subsidiaries | 6,653.9 | 6,676.7 | ||
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 | 864.1 | 923.7 | ||
Other noncurrent assets | 2.6 | 3.3 | ||
Total other assets | 866.7 | 927 | ||
Total Assets | 7,551.5 | 7,608.3 | ||
Liabilities and Partners' Capital | ||||
Payables | 0.1 | 0.1 | ||
Payable to affiliates | 0 | 0 | ||
Advances from affiliates | 2.1 | 2.3 | ||
Other current liabilities | 26.7 | 25.2 | ||
Total current liabilities | 28.9 | 27.6 | ||
Long-term debt and capital lease obligation | 2,279.3 | 2,461.8 | ||
Payable to affiliate - noncurrent | 0 | |||
Advances from affiliates - noncurrent | 2,453.1 | 2,446.6 | ||
Other noncurrent liabilities | 0.2 | 0 | ||
Total other liabilities and deferred credits | 2,453.3 | 2,446.6 | ||
Total partners' capital | 2,790 | 2,672.3 | ||
Total Liabilities and Partners' Capital | 7,551.5 | 7,608.3 | ||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Assets | ||||
Cash and cash equivalents | 11.2 | 12.7 | 7.1 | 2.2 |
Receivables | 122.3 | 133.4 | ||
Receivables - affiliate | 6.7 | 7 | ||
Costs recoverable from customers | 11.1 | |||
Prepayments | 25.8 | 17.8 | ||
Advances to affiliates | 2.1 | 2.3 | ||
Other current assets | 12.4 | 13.5 | ||
Total current assets | 191.6 | 186.7 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Property, plant and equipment, gross | 11,210.9 | 10,883 | ||
Less—accumulated depreciation and amortization | 2,862.7 | 2,620.5 | ||
Property, plant and equipment, net | 8,348.2 | 8,262.5 | ||
Advances to affiliates - noncurrent | 410.7 | 376.5 | ||
Other noncurrent assets | 454.4 | 460.5 | ||
Total other assets | 865.1 | 837 | ||
Total Assets | 9,404.9 | 9,286.2 | ||
Liabilities and Partners' Capital | ||||
Payables | 83.4 | 87.3 | ||
Payable to affiliates | 6.7 | 7 | ||
Advances from affiliates | 15.3 | 0 | ||
Other current liabilities | 163.5 | 167.9 | ||
Total current liabilities | 268.9 | 262.2 | ||
Long-term debt and capital lease obligation | 1,395.9 | 1,225 | ||
Payable to affiliate - noncurrent | 0 | |||
Advances from affiliates - noncurrent | 864.1 | 923.7 | ||
Other noncurrent liabilities | 222.1 | 198.6 | ||
Total other liabilities and deferred credits | 1,086.2 | 1,122.3 | ||
Total partners' capital | 6,653.9 | 6,676.7 | ||
Total Liabilities and Partners' Capital | 9,404.9 | 9,286.2 | ||
Eliminations | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Receivables | 0 | 0 | ||
Receivables - affiliate | (6.7) | (7) | ||
Costs recoverable from customers | 0 | |||
Prepayments | 0 | 0 | ||
Advances to affiliates | (17.4) | (2.3) | ||
Other current assets | (3.2) | (1.8) | ||
Total current assets | (27.3) | (11.1) | ||
Investment in consolidated subsidiaries | (9,443.9) | (9,349) | ||
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 | (3,317.2) | (3,370.3) | ||
Other noncurrent assets | 0.5 | (0.3) | ||
Total other assets | (3,316.7) | (3,370.6) | ||
Total Assets | (12,787.9) | (12,730.7) | ||
Liabilities and Partners' Capital | ||||
Payables | 0 | 0 | ||
Payable to affiliates | (6.7) | (7) | ||
Advances from affiliates | (17.4) | (2.3) | ||
Other current liabilities | (2.7) | (2.1) | ||
Total current liabilities | (26.8) | (11.4) | ||
Long-term debt and capital lease obligation | 0 | 0 | ||
Payable to affiliate - noncurrent | 0 | |||
Advances from affiliates - noncurrent | (3,317.2) | (3,370.3) | ||
Other noncurrent liabilities | 0 | 0 | ||
Total other liabilities and deferred credits | (3,317.2) | (3,370.3) | ||
Total partners' capital | (9,443.9) | (9,349) | ||
Total Liabilities and Partners' Capital | $ (12,787.9) | $ (12,730.7) |
Guarantee of Securities of Su_4
Guarantee of Securities of Subsidiaries Guarantee of Securities of Subsidiaries Statements of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Revenues: | ||||
Transportation | $ 245.8 | $ 266.4 | $ 792.8 | $ 852 |
Storage, parking and lending | 21.1 | 23.2 | 67.8 | 79.8 |
Other | 11 | 10.9 | 38 | 53.3 |
Total operating revenues | 277.9 | 300.5 | 898.6 | 985.1 |
Operating Costs and Expenses: | ||||
Fuel and transportation | 3.5 | 9 | 12 | 42.7 |
Operation and maintenance | 46.9 | 49 | 144.2 | 141 |
Administrative and general | 32.8 | 27.1 | 100.6 | 96.9 |
Other operating costs and expenses | 113.9 | 105.4 | 334.6 | 363.5 |
Total operating costs and expenses | 197.1 | 190.5 | 591.4 | 644.1 |
Operating (loss) income | 80.8 | 110 | 307.2 | 341 |
Other Deductions (Income): | ||||
Interest expense | 43.5 | 41 | 130.9 | 131.1 |
Interest expense - affiliates, net | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | (0.1) | (0.3) |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Miscellaneous other income, net | (0.7) | (1.1) | (1.3) | (3.5) |
Total other (income) deductions | 42.8 | 39.9 | 129.5 | 127.3 |
Income (loss) before income taxes | 38 | 70.1 | 177.7 | 213.7 |
Income taxes | 0.1 | 0.3 | 0.4 | 0.9 |
Net income (loss) | 37.9 | 69.8 | 177.3 | 212.8 |
Reportable Legal Entities | Parent Guarantor | ||||
Operating Revenues: | ||||
Transportation | 0 | 0 | 0 | 0 |
Storage, parking and lending | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Costs and Expenses: | ||||
Fuel and transportation | 0 | 0 | 0 | 0 |
Operation and maintenance | 0 | 0 | 0 | 0 |
Administrative and general | (0.1) | (0.3) | (0.2) | (0.3) |
Other operating costs and expenses | 0.1 | 0.4 | 0.3 | 0.5 |
Total operating costs and expenses | 0 | 0.1 | 0.1 | 0.2 |
Operating (loss) income | 0 | (0.1) | (0.1) | (0.2) |
Other Deductions (Income): | ||||
Interest expense | 0 | 0 | 0 | 0 |
Interest income - affiliates, net | (17.5) | (12.4) | (49.3) | (34.6) |
Interest income | 0 | 0 | ||
Equity in earnings of subsidiaries | (20.4) | (57.5) | (128.1) | (178.4) |
Miscellaneous other income, net | 0 | 0 | 0 | 0 |
Total other (income) deductions | (37.9) | (69.9) | (177.4) | (213) |
Income (loss) before income taxes | 37.9 | 69.8 | 177.3 | 212.8 |
Income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | 37.9 | 69.8 | 177.3 | 212.8 |
Reportable Legal Entities | Subsidiary Issuer | ||||
Operating Revenues: | ||||
Transportation | 0 | 0 | 0 | 0 |
Storage, parking and lending | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | |
Total operating revenues | 0 | 0 | 0 | 0 |
Operating Costs and Expenses: | ||||
Fuel and transportation | 0 | 0 | 0 | 0 |
Operation and maintenance | 0 | 0 | 0 | 0 |
Administrative and general | 0 | 0 | 0 | 0 |
Other operating costs and expenses | 0 | 0 | 0 | 0 |
Total operating costs and expenses | 0 | 0 | 0 | 0 |
Operating (loss) income | 0 | 0 | 0 | 0 |
Other Deductions (Income): | ||||
Interest expense | 29.2 | 32.2 | 91.8 | 97.6 |
Interest expense - affiliates, net | 14 | 11 | 38.1 | 30.1 |
Interest income | 0 | (0.2) | ||
Equity in earnings of subsidiaries | (63.6) | (100.7) | (258) | (305.9) |
Miscellaneous other income, net | 0 | 0 | 0 | 0 |
Total other (income) deductions | (20.4) | (57.5) | (128.1) | (178.4) |
Income (loss) before income taxes | 20.4 | 57.5 | 128.1 | 178.4 |
Income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | 20.4 | 57.5 | 128.1 | 178.4 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Operating Revenues: | ||||
Transportation | 266.5 | 288.9 | 854.7 | 918.3 |
Storage, parking and lending | 21.1 | 23.2 | 68.1 | 80 |
Other | 11 | 10.9 | 38 | 53.3 |
Total operating revenues | 298.6 | 323 | 960.8 | 1,051.6 |
Operating Costs and Expenses: | ||||
Fuel and transportation | 24.2 | 31.5 | 74.2 | 109.2 |
Operation and maintenance | 46.9 | 49 | 144.2 | 141 |
Administrative and general | 32.9 | 27.4 | 100.8 | 97.2 |
Other operating costs and expenses | 113.8 | 105 | 334.3 | 363 |
Total operating costs and expenses | 217.8 | 212.9 | 653.5 | 710.4 |
Operating (loss) income | 80.8 | 110.1 | 307.3 | 341.2 |
Other Deductions (Income): | ||||
Interest expense | 14.3 | 8.8 | 39.1 | 33.5 |
Interest expense - affiliates, net | 3.5 | 1.4 | 11.2 | 4.5 |
Interest income | (0.1) | (0.1) | ||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Miscellaneous other income, net | (0.7) | (1.1) | (1.3) | (3.5) |
Total other (income) deductions | 17.1 | 9.1 | 48.9 | 34.4 |
Income (loss) before income taxes | 63.7 | 101 | 258.4 | 306.8 |
Income taxes | 0.1 | 0.3 | 0.4 | 0.9 |
Net income (loss) | 63.6 | 100.7 | 258 | 305.9 |
Eliminations | ||||
Operating Revenues: | ||||
Transportation | (20.7) | (22.5) | (61.9) | (66.3) |
Storage, parking and lending | 0 | 0 | (0.3) | (0.2) |
Other | 0 | 0 | 0 | 0 |
Total operating revenues | (20.7) | (22.5) | (62.2) | (66.5) |
Operating Costs and Expenses: | ||||
Fuel and transportation | (20.7) | (22.5) | (62.2) | (66.5) |
Operation and maintenance | 0 | 0 | 0 | 0 |
Administrative and general | 0 | 0 | 0 | 0 |
Other operating costs and expenses | 0 | 0 | 0 | 0 |
Total operating costs and expenses | (20.7) | (22.5) | (62.2) | (66.5) |
Operating (loss) income | 0 | 0 | 0 | 0 |
Other Deductions (Income): | ||||
Interest expense | 0 | 0 | 0 | 0 |
Interest expense - affiliates, net | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | ||
Equity in earnings of subsidiaries | 84 | 158.2 | 386.1 | 484.3 |
Miscellaneous other income, net | 0 | 0 | 0 | 0 |
Total other (income) deductions | 84 | 158.2 | 386.1 | 484.3 |
Income (loss) before income taxes | (84) | (158.2) | (386.1) | (484.3) |
Income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | $ (84) | $ (158.2) | $ (386.1) | $ (484.3) |
Guarantee of Securities of Su_5
Guarantee of Securities of Subsidiaries Guarantee of Securities of Subsidiaries Statements of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | $ 37.9 | $ 69.8 | $ 177.3 | $ 212.8 |
Other comprehensive income (loss): | ||||
(Loss) gain on cash flow hedge | 0 | 0 | 0 | (1.5) |
Reclassification adjustment transferred to Net income from cash flow hedges | 0.2 | 0.6 | 1 | 1.9 |
Pension and other postretirement benefit costs | (0.1) | 0.1 | 1.4 | 0.8 |
Total Comprehensive Income (Loss) | 38 | 70.5 | 179.7 | 214 |
Reportable Legal Entities | Parent Guarantor | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 37.9 | 69.8 | 177.3 | 212.8 |
Other comprehensive income (loss): | ||||
(Loss) gain on cash flow hedge | (1.5) | |||
Reclassification adjustment transferred to Net income from cash flow hedges | 0.2 | 0.6 | 1 | 1.9 |
Pension and other postretirement benefit costs | (0.1) | 0.1 | 1.4 | 0.8 |
Total Comprehensive Income (Loss) | 38 | 70.5 | 179.7 | 214 |
Reportable Legal Entities | Subsidiary Issuer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 20.4 | 57.5 | 128.1 | 178.4 |
Other comprehensive income (loss): | ||||
(Loss) gain on cash flow hedge | (1.5) | |||
Reclassification adjustment transferred to Net income from cash flow hedges | 0.2 | 0.6 | 1 | 1.9 |
Pension and other postretirement benefit costs | (0.1) | 0.1 | 1.4 | 0.8 |
Total Comprehensive Income (Loss) | 20.5 | 58.2 | 130.5 | 179.6 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 63.6 | 100.7 | 258 | 305.9 |
Other comprehensive income (loss): | ||||
(Loss) gain on cash flow hedge | 0 | |||
Reclassification adjustment transferred to Net income from cash flow hedges | 0.1 | 0.2 | 0.5 | 0.5 |
Pension and other postretirement benefit costs | (0.1) | 0.1 | 1.4 | 0.8 |
Total Comprehensive Income (Loss) | 63.6 | 101 | 259.9 | 307.2 |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (84) | (158.2) | (386.1) | (484.3) |
Other comprehensive income (loss): | ||||
(Loss) gain on cash flow hedge | 1.5 | |||
Reclassification adjustment transferred to Net income from cash flow hedges | (0.3) | (0.8) | (1.5) | (2.4) |
Pension and other postretirement benefit costs | 0.2 | (0.2) | (2.8) | (1.6) |
Total Comprehensive Income (Loss) | $ (84.1) | $ (159.2) | $ (390.4) | $ (486.8) |
Guarantee of Securities of Su_6
Guarantee of Securities of Subsidiaries Guarantee of Securities of Subsidiaries Statements of Cash Flows (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Cash Flows | ||
Net cash provided by (used in) operating activities | $ 455.3 | $ 503.2 |
Investing Activities: | ||
Capital expenditures | (354.8) | (496) |
Proceeds from sale of operating assets | 0.9 | 63.7 |
Advances to affiliates, net | 0 | 0 |
Net cash provided by (used in) investing activities | (353.9) | (432.3) |
Financing Activities: | ||
Proceeds from long-term debt, net of issuance cost | 0 | 494 |
Repayment of borrowings from long-term debt | (185) | (575) |
Proceeds from borrowings on revolving credit agreement | 525 | 505 |
Repayment of borrowings on revolving credit agreement | (355) | (400) |
Principal payment of capital lease obligation | (0.4) | (0.3) |
Advances from affiliates, net | 0.1 | 0.1 |
Distributions paid | (76.7) | (76.7) |
Net cash (used in) provided by financing activities | (92) | (52.9) |
(Decrease) increase in cash and cash equivalents | 9.4 | 18 |
Cash and cash equivalents at beginning of period | 17.6 | 4.6 |
Cash and cash equivalents at end of period | 27 | 22.6 |
Reportable Legal Entities | Parent Guarantor | ||
Statement of Cash Flows | ||
Net cash provided by (used in) operating activities | 48.8 | 33.8 |
Investing Activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of operating assets | 0 | 0 |
Advances to affiliates, net | 27.7 | 42.6 |
Net cash provided by (used in) investing activities | 27.7 | 42.6 |
Financing Activities: | ||
Proceeds from long-term debt, net of issuance cost | 0 | |
Repayment of borrowings from long-term debt | 0 | 0 |
Proceeds from borrowings on revolving credit agreement | 0 | 0 |
Repayment of borrowings on revolving credit agreement | 0 | 0 |
Principal payment of capital lease obligation | 0 | 0 |
Advances from affiliates, net | 0.1 | 0.1 |
Distributions paid | (76.7) | (76.7) |
Net cash (used in) provided by financing activities | (76.6) | (76.6) |
(Decrease) increase in cash and cash equivalents | (0.1) | (0.2) |
Cash and cash equivalents at beginning of period | 0.3 | 0.6 |
Cash and cash equivalents at end of period | 0.2 | 0.4 |
Reportable Legal Entities | Subsidiary Issuer | ||
Statement of Cash Flows | ||
Net cash provided by (used in) operating activities | (124.6) | (117) |
Investing Activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of operating assets | 0 | 0 |
Advances to affiliates, net | 44.3 | (398.5) |
Net cash provided by (used in) investing activities | 44.3 | (398.5) |
Financing Activities: | ||
Proceeds from long-term debt, net of issuance cost | 494 | |
Repayment of borrowings from long-term debt | (185) | (300) |
Proceeds from borrowings on revolving credit agreement | 0 | 0 |
Repayment of borrowings on revolving credit agreement | 0 | 0 |
Principal payment of capital lease obligation | 0 | 0 |
Advances from affiliates, net | 276.3 | 334.8 |
Distributions paid | 0 | 0 |
Net cash (used in) provided by financing activities | 91.3 | 528.8 |
(Decrease) increase in cash and cash equivalents | 11 | 13.3 |
Cash and cash equivalents at beginning of period | 4.6 | 1.8 |
Cash and cash equivalents at end of period | 15.6 | 15.1 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
Statement of Cash Flows | ||
Net cash provided by (used in) operating activities | 531.1 | 586.4 |
Investing Activities: | ||
Capital expenditures | (354.8) | (496) |
Proceeds from sale of operating assets | 0.9 | 63.7 |
Advances to affiliates, net | (303.7) | (377.4) |
Net cash provided by (used in) investing activities | (657.6) | (809.7) |
Financing Activities: | ||
Proceeds from long-term debt, net of issuance cost | 0 | |
Repayment of borrowings from long-term debt | 0 | (275) |
Proceeds from borrowings on revolving credit agreement | 525 | 505 |
Repayment of borrowings on revolving credit agreement | (355) | (400) |
Principal payment of capital lease obligation | (0.4) | (0.3) |
Advances from affiliates, net | (44.6) | 398.5 |
Distributions paid | 0 | 0 |
Net cash (used in) provided by financing activities | 125 | 228.2 |
(Decrease) increase in cash and cash equivalents | (1.5) | 4.9 |
Cash and cash equivalents at beginning of period | 12.7 | 2.2 |
Cash and cash equivalents at end of period | 11.2 | 7.1 |
Eliminations | ||
Statement of Cash Flows | ||
Net cash provided by (used in) operating activities | 0 | 0 |
Investing Activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of operating assets | 0 | 0 |
Advances to affiliates, net | 231.7 | 733.3 |
Net cash provided by (used in) investing activities | 231.7 | 733.3 |
Financing Activities: | ||
Proceeds from long-term debt, net of issuance cost | 0 | |
Repayment of borrowings from long-term debt | 0 | 0 |
Proceeds from borrowings on revolving credit agreement | 0 | 0 |
Repayment of borrowings on revolving credit agreement | 0 | 0 |
Principal payment of capital lease obligation | 0 | 0 |
Advances from affiliates, net | (231.7) | (733.3) |
Distributions paid | 0 | 0 |
Net cash (used in) provided by financing activities | (231.7) | (733.3) |
(Decrease) increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $ 0 | $ 0 |