Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 29, 2019 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | BOARDWALK PIPELINE PARTNERS, LP | |
Entity Central Index Key | 0001336047 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 15.3 | $ 3.6 |
Receivables: | ||
Trade, net | 122.3 | 139.2 |
Other | 11.5 | 14.5 |
Gas transportation receivables | 6.2 | 8.8 |
Costs recoverable from customers | 16.2 | 23.6 |
Prepayments | 13.6 | 21.3 |
Other current assets | 1.5 | 1.3 |
Total current assets | 186.6 | 212.3 |
Property, Plant and Equipment: | ||
Natural gas transmission and other plant | 11,219.3 | 11,175.4 |
Construction work in progress | 171 | 150.2 |
Property, plant and equipment, gross | 11,390.3 | 11,325.6 |
Less—accumulated depreciation and amortization | 3,015.9 | 2,939.8 |
Property, plant and equipment, net | 8,374.4 | 8,385.8 |
Other Assets: | ||
Goodwill | 237.4 | 237.4 |
Gas stored underground | 75.7 | 68.6 |
Other | 162 | 144.6 |
Total other assets | 475.1 | 450.6 |
Total Assets | 9,036.1 | 9,048.7 |
Payables: | ||
Trade | 49.6 | 61.2 |
Affiliates | 0.5 | 0.5 |
Other | 8.5 | 9.9 |
Gas payables | 6.8 | 8.2 |
Accrued taxes, other | 38.3 | 58.6 |
Accrued interest | 37.2 | 38.1 |
Accrued payroll and employee benefits | 15.1 | 34 |
Construction retainage | 18 | 20.4 |
Deferred income | 0.9 | 0.5 |
Other current liabilities | 26.4 | 26 |
Total current liabilities | 201.3 | 257.4 |
Long-term debt and finance lease obligation | 3,647.4 | 3,701.3 |
Other Liabilities and Deferred Credits: | ||
Pension liability | 25.3 | 24.8 |
Asset retirement obligation | 57 | 56.4 |
Provision for other asset retirement | 70.2 | 68.5 |
Other | 89.7 | 78.4 |
Total other liabilities and deferred credits | 242.2 | 228.1 |
Commitments and Contingencies | ||
Partners’ Capital: | ||
Partners' capital | 5,029.6 | 4,947.1 |
Accumulated other comprehensive loss | (84.4) | (85.2) |
Total partners’ capital | 4,945.2 | 4,861.9 |
Total Liabilities and Partners' Capital | $ 9,036.1 | $ 9,048.7 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Revenues: | ||
Transportation | $ 306.4 | $ 298.5 |
Storage, parking and lending | 23.4 | 25.1 |
Other | 16.1 | 11.8 |
Total operating revenues | 345.9 | 335.4 |
Operating Costs and Expenses: | ||
Fuel and transportation | 2.6 | 4.4 |
Operation and maintenance | 43 | 46.4 |
Administrative and general | 33.2 | 32.1 |
Depreciation and amortization | 85.8 | 82.9 |
Gain on sale of assets and impairments | 0 | (0.4) |
Taxes other than income taxes | 28.2 | 29.3 |
Total operating costs and expenses | 192.8 | 194.7 |
Operating income | 153.1 | 140.7 |
Other Deductions (Income): | ||
Interest expense | 45.3 | 44.1 |
Interest income | (0.3) | 0 |
Miscellaneous other income, net | (0.2) | (0.8) |
Total other deductions | 44.8 | 43.3 |
Income before income taxes | 108.3 | 97.4 |
Income taxes | 0.2 | 0.2 |
Net income | $ 108.1 | $ 97.2 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 108.1 | $ 97.2 |
Other comprehensive income (loss): | ||
Reclassification adjustment transferred to Net income from cash flow hedges | 0.3 | 0.6 |
Pension and other postretirement benefit costs, net of tax | 0.5 | 0.3 |
Total Comprehensive Income | $ 108.9 | $ 98.1 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Activities: | ||
Net income | $ 108.1 | $ 97.2 |
Adjustments to reconcile net income to cash provided by operations: | ||
Depreciation and amortization | 85.8 | 82.9 |
Amortization of deferred costs and other | 2.3 | 2.7 |
Gain on sale of assets and impairments | 0 | (0.4) |
Changes in operating assets and liabilities: | ||
Trade and other receivables | 19.8 | 4.8 |
Gas receivables and storage assets | (2.9) | 4.3 |
Costs recoverable from customers | 7.4 | (6.1) |
Other assets | 3.8 | 1.6 |
Trade and other payables | (14.4) | (4.6) |
Gas payables | (2.7) | (0.8) |
Accrued liabilities | (40) | (31.2) |
Other liabilities | (0.8) | 1.5 |
Net cash provided by operating activities | 166.4 | 151.9 |
Investing Activities: | ||
Capital expenditures | (74) | (110.9) |
Proceeds from sale of operating assets | 0.1 | 0.5 |
Net cash used in investing activities | (73.9) | (110.4) |
Financing Activities: | ||
Proceeds from borrowings on revolving credit agreement | 125 | 145 |
Repayment of borrowings on revolving credit agreement | (180) | (145) |
Principal payment of finance lease obligation | (0.2) | (0.1) |
Distributions paid | (25.6) | (25.6) |
Net cash used in financing activities | (80.8) | (25.7) |
Increase in cash and cash equivalents | 11.7 | 15.8 |
Cash and cash equivalents at beginning of period | 3.6 | 17.6 |
Cash and cash equivalents at end of period | $ 15.3 | $ 33.4 |
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, 2017 | $ 4,724.8 | $ (81) | $ 4,713.1 | $ 92.7 | |
Add (deduct): | |||||
Net income | 97.2 | 95.3 | 1.9 | ||
Distributions paid | (25.6) | (25.1) | (0.5) | ||
Other comprehensive income, net of tax | 0.9 | 0.9 | |||
Ending balance at Mar. 31, 2018 | 4,784.5 | (80.1) | 4,770.7 | 93.9 | |
Add (deduct): | |||||
Cumulative effect adjustment from the implementation of ASC 606 | (12.8) | $ (12.6) | $ (0.2) | ||
Beginning balance at Dec. 31, 2018 | 4,861.9 | (85.2) | $ 4,947.1 | ||
Add (deduct): | |||||
Net income | 108.1 | 108.1 | |||
Distributions paid | (25.6) | (25.6) | |||
Other comprehensive income, net of tax | 0.8 | 0.8 | |||
Ending balance at Mar. 31, 2019 | $ 4,945.2 | $ (84.4) | $ 5,029.6 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
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. As of March 31, 2019 , 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 Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Partnership's financial position as of March 31, 2019 , and December 31, 2018 , and its results of operations, comprehensive income, changes in cash flows and changes in partners' capital for the three months ended March 31, 2019 and 2018 . 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, 2018 ( 2018 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 2018 Annual Report on Form 10-K |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles | Accounting Policies Accounting Pronouncements Adopted in 2019 - Leases In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) (ASU 2016-02). ASU 2016-02 supersedes Accounting Standards Codification Topic 840, Leases (ASC 840), and requires, among other things, the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under GAAP. Effective January 1, 2019, the Partnership implemented ASU 2016-02 using the modified retrospective method as of the adoption date, with no adjustment to the comparative period information, which remains reported under ASC 840, and no cumulative effect adjustment to partners’ capital. In addition, the Partnership elected to apply the following practical expedients that are available to entities: (1) practical expedient package to all of its leases, which allows an entity to (i) not reassess whether expired or existing contracts are or contain leases; (ii) not reassess the lease classification for any expired or existing leases; and (iii) not reassess initial direct costs for any existing leases; (2) the practical expedient related to existing and expired land easements that were not previously accounted for as leases, which allows an entity not to assess whether existing or expired land easements contain a lease under ASU 2016-02 if the land easement had not previously been accounted for as a lease; and (3) combining lease and nonlease components in a contract, which allows an entity to account for the combined components under the guidance for the predominant component. The Partnership also elected to not apply the recognition requirements in ASU 2016-02 to short-term leases and to not apply the hindsight practical expedient when considering lessee options to extend or terminate a lease. The implementation of ASU 2016-02 resulted in the recording of a right-of-use asset of $18.0 million and a lease liability of $20.8 million |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | 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 months ended March 31, 2019 (in millions): For the Three Months Ended March 31, 2019 2018 Revenues from Contracts with Customers Firm Service (1) $ 328.8 $ 318.9 Interruptible Service 5.8 9.5 Other revenues 4.9 2.7 Total revenues from contracts with customers 339.5 331.1 Other operating revenues (2) 6.4 4.3 Total Operating Revenues $ 345.9 $ 335.4 ( 1) Revenues earned from contracts with minimum volume commitments (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 March 31, 2019 , and December 31, 2018 , the Partnership had receivables recorded in Trade Receivables from contracts with customers of $122.3 million and $139.2 million and contract liabilities recorded in Other liabilities from contracts with customers of $10.1 million and $9.2 million . The Partnership did not have any contract assets as of March 31, 2019 , and December 31, 2018 . Contract liabilities are expected to be recognized through 2026. Significant changes in the contract liabilities balances during the three months ended March 31, 2019 , are as follows (in millions): Contract Liabilities Balance as of December 31, 2018 $ 9.2 Revenues recognized that were included in the contract liability balance at the beginning of the period (0.3 ) Increases due to cash received, excluding amounts recognized as revenues during the period 1.2 Balance as of March 31, 2019 $ 10.1 Significant changes in the contract liabilities balances during the three months ended March 31, 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 (0.5 ) Increases due to cash received, excluding amounts recognized as revenues during the period 0.7 Balance as of March 31, 2018 $ 8.5 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 March 31, 2019 . 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 Federal Energy Regulatory Commission 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 March 31, 2019 , that will be recognized in future periods, such as recorded in contract liabilities. The estimated revenues reflected in the table may include estimated revenues that are anticipated under executed precedent transportation agreements for projects that are subject to regulatory approvals. In millions 2019 2020 Thereafter Total Estimated revenues from contracts with customers from unsatisfied performance obligations as of March 31, 2019 $ 1,095.0 $ 970.0 $ 7,495.0 $ 9,560.0 Operating revenues which are fixed and determinable (operating leases) 19.0 21.0 208.0 248.0 Total projected operating revenues under committed firm agreements as of March 31, 2019 (1) $ 1,114.0 $ 991.0 $ 7,703.0 $ 9,808.0 (1) For the 2019 period, $308.7 million |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lessee, Finance Leases | Leases The Partnership has various operating lease commitments extending through 2028, generally covering office space and equipment rentals, some of which contain options to renew or extend the lease term. The Partnership also has a finance lease related to the lease of an office building in Owensboro, Kentucky, that has a fifteen year term with two twenty-year renewal options. The components of lease cost were as follows (in millions): For the Operating lease cost $ 1.0 Short-term lease cost 0.8 Finance lease cost: Amortization of right-of-use asset 0.2 Interest on lease liabilities 0.1 Total lease cost $ 2.1 The following provides supplemental balance sheet information related to the Partnership’s leases (in millions): As of March 31, 2019 Right-of-use assets Operating leases (recorded in Other Assets) $ 17.2 Finance lease (recorded in Plant, Property and Equipment) 6.6 Lease liabilities Operating leases (recorded in Other Liabilities, current and non-current) 19.9 Finance lease 7.9 Weighted average remaining lease term (years) Operating leases 5.2 Finance lease 9.3 Weighted average discount rate Operating leases 4.7 % Finance lease 5.9 % The table below presents the maturities of lease liabilities (in millions): As of March 31, 2019 Operating Leases Financing Leases 2019 (1) $ 3.4 $ 0.8 2020 4.5 1.1 2021 4.4 1.1 2022 4.3 1.1 2023 3.8 1.1 Thereafter 2.1 5.1 Total 22.5 10.3 Less: discount (2.6 ) (2.4 ) Total lease liabilities $ 19.9 $ 7.9 (1) For the nine-month period beginning April 1, 2019. The following table summarizes minimum future commitments to be made under non-cancelable operating leases as of December 31, 2018 (in millions): 2019 $ 4.8 2020 4.7 2021 4.6 2022 4.5 2023 4.1 Thereafter 1.9 Total $ 24.6 |
Lessee, Operating Leases | Leases The Partnership has various operating lease commitments extending through 2028, generally covering office space and equipment rentals, some of which contain options to renew or extend the lease term. The Partnership also has a finance lease related to the lease of an office building in Owensboro, Kentucky, that has a fifteen year term with two twenty-year renewal options. The components of lease cost were as follows (in millions): For the Operating lease cost $ 1.0 Short-term lease cost 0.8 Finance lease cost: Amortization of right-of-use asset 0.2 Interest on lease liabilities 0.1 Total lease cost $ 2.1 The following provides supplemental balance sheet information related to the Partnership’s leases (in millions): As of March 31, 2019 Right-of-use assets Operating leases (recorded in Other Assets) $ 17.2 Finance lease (recorded in Plant, Property and Equipment) 6.6 Lease liabilities Operating leases (recorded in Other Liabilities, current and non-current) 19.9 Finance lease 7.9 Weighted average remaining lease term (years) Operating leases 5.2 Finance lease 9.3 Weighted average discount rate Operating leases 4.7 % Finance lease 5.9 % The table below presents the maturities of lease liabilities (in millions): As of March 31, 2019 Operating Leases Financing Leases 2019 (1) $ 3.4 $ 0.8 2020 4.5 1.1 2021 4.4 1.1 2022 4.3 1.1 2023 3.8 1.1 Thereafter 2.1 5.1 Total 22.5 10.3 Less: discount (2.6 ) (2.4 ) Total lease liabilities $ 19.9 $ 7.9 (1) For the nine-month period beginning April 1, 2019. The following table summarizes minimum future commitments to be made under non-cancelable operating leases as of December 31, 2018 (in millions): 2019 $ 4.8 2020 4.7 2021 4.6 2022 4.5 2023 4.1 Thereafter 1.9 Total $ 24.6 |
Gas and Liquids Stored Undergro
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables | 3 Months Ended |
Mar. 31, 2019 | |
Gas Balancing Arrangements [Abstract] | |
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables | Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables The operating subsidiaries of the Partnership provide storage services whereby they store natural gas or NGLs on behalf of customers and also periodically hold customer gas under parking and lending (PAL) services. Since the customers retain title to the gas held by the Partnership in providing these services, the Partnership does not record the related gas on its balance sheet. The operating subsidiaries of the Partnership also periodically lend gas to customers under PAL and certain firm services, and gas or NGLs may be owed to the operating subsidiaries as a result of transportation imbalances. As of March 31, 2019 , 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 32.3 trillion British thermal units (TBtu). Assuming an average market price during March 2019 of $2.83 per million British thermal unit (MMBtu), the market value of that gas was approximately $91.4 million . As of March 31, 2019 , the amount of NGLs owed to the Partnership's operating subsidiaries due to imbalances was approximately 0.2 million barrels, which had a market value of approximately $3.4 million dollars. As of December 31, 2018 , the amount of gas owed to the operating subsidiaries due to gas imbalances and gas loaned under PAL and certain firm service agreements was approximately 13.5 TBtu. Assuming an average market price during December 2018 of $3.68 per MMBtu, the market value of that gas was approximately $49.7 million . As of December 31, 2018 , there were no |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements 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 2018 Annual Report on Form 10-K : Cash and Cash Equivalents: For cash and short-term financial assets, the carrying amount is a reasonable estimate of fair value due to the short maturity of those instruments. Long-Term Debt: The estimated fair value of the Partnership's publicly traded debt is based on quoted market prices at March 31, 2019 , and December 31, 2018 . The fair market value of the debt that is not publicly traded is based on market prices of similar debt at March 31, 2019 , and December 31, 2018 . The carrying amount of the Partnership's variable-rate debt at March 31, 2019 , and December 31, 2018 , 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 March 31, 2019 , and December 31, 2018 , were as follows (in millions): As of March 31, 2019 Estimated Fair Value Financial Assets Carrying Amount Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 15.3 $ 15.3 $ — $ — $ 15.3 Financial Liabilities Long-term debt $ 3,646.7 (1) $ — $ 3,728.6 $ — $ 3,728.6 (1) The carrying amount of long-term debt excludes a $7.3 million long-term finance lease obligation and $6.6 million of unamortized debt issuance costs. As of December 31, 2018 Estimated Fair Value Financial Assets Carrying Amount Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 3.6 $ 3.6 $ — $ — $ 3.6 Financial Liabilities Long-term debt $ 3,700.9 (1) $ — $ 3,714.6 $ — $ 3,714.6 (1) The carrying amount of long-term debt excludes a $7.5 million long-term finance lease obligation and $7.1 million |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings and Settlements The Partnership and its 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, LP (Boardwalk GP), Boardwalk GP, LLC and BPHC (together, Defendants), regarding the potential exercise by Boardwalk GP of its right to purchase the issued and outstanding common units of the Partnership not already owned by Boardwalk GP or its affiliates (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 its right to purchase the issued and outstanding common units of the Partnership for a cash purchase price, as determined by the Partnership's Third Amended and Restated Agreement of Limited Partnership, as amended (the Limited Partnership Agreement), 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 Partnership's common units pursuant to the Purchase Right. On September 28, 2018, the Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding. The Court has established a briefing schedule for a motion to dismiss and a hearing has been scheduled in July 2019. City of New Orleans Litigation Gulf South Pipeline Company, LP, along with several other energy companies operating in Southern Louisiana, has been named as a defendant in a petition for damages and injunctive relief in state district court for Orleans Parish, Louisiana, (Case No. 19-3466) by the City of New Orleans. The case was filed on March 29, 2019. The lawsuit claims include, among other things, negligence, strict liability, nuisance and breach of contract, alleging that the defendants’ drilling, dredging, pipeline and industrial operations since the 1930s have caused increased storm surge risk, increased flood protection costs and unspecified damages to the City of New Orleans. Given that this case has just been filed, the outcome cannot be predicted at this time. Based on the facts and circumstances presently known, in the opinion of management, this case will not be material to the Partnership's financial condition, results of operations or cash flows. Commitments for Construction The Partnership’s future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received and firm commitments under binding construction service agreements. The commitments as of March 31, 2019 , were approximately $145.8 million , all of which are expected to be settled within the next twelve months. There were no substantial changes to the Partnership’s commitments under pipeline capacity agreements disclosed in Note 4 of Part II, Item 8 of the Partnership’s 2018 Annual Report on Form 10-K |
Financing
Financing | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Financing | Financing Notes and Debentures As of March 31, 2019 , and December 31, 2018 , the Partnership had notes and debentures outstanding of $3.1 billion with a weighted-average interest rate of 5.17% . 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. As of March 31, 2019 , 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 Sheets as of March 31, 2019. The Partnership has the intent and the ability to refinance the notes through the available borrowing capacity under its revolving credit facility as of March 31, 2019. The Partnership expects to retire these notes at their maturity. Revolving Credit Facility Outstanding borrowings under the Partnership’s revolving credit facility as of March 31, 2019 , and December 31, 2018 , were $525.0 million and $580.0 million , with weighted-average borrowing rates of 3.74% and 3.69% . The Partnership and its subsidiaries were in compliance with all covenant requirements under the revolving credit facility as of March 31, 2019 . The revolving credit facility has a borrowing capacity of $1.5 billion through May 26, 2020, and a borrowing capacity of $1.475 billion |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 and 2018 , were as follows (in millions): Retirement Plans PBOP For the For the 2019 2018 2019 2018 Service cost $ 0.8 $ 0.9 $ — $ — Interest cost 1.1 1.1 0.3 0.4 Expected return on plan assets (1.6 ) (2.0 ) (0.8 ) (1.1 ) Amortization of unrecognized net loss 0.6 0.4 — — Settlement charge 0.4 0.6 — — Net periodic benefit cost $ 1.3 $ 1.0 $ (0.5 ) $ (0.7 ) 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. Through the date of this filing, the Partnership has made no contributions to the defined benefit pension plan in 2019 , but expects to fund $3.0 million in 2019 . 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 $2.8 million and $2.9 million for the three months ended March 31, 2019 and 2018 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
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 $1.4 million and $1.5 million for the three months ended March 31, 2019 and 2018 . Distributions paid to BPHC and Boardwalk GP were $25.6 million and $13.1 million for the three months ended March 31, 2019 and 2018 |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information (in millions): For the 2019 2018 Cash paid during the period for: Interest (net of amount capitalized) $ 44.0 $ 40.2 Non-cash adjustments: Accounts payable and property, plant and equipment 40.7 62.1 Right-of-use assets obtained in exchange for lease obligations 18.0 — |
Guarantee of Securities of Subs
Guarantee of Securities of Subsidiaries | 3 Months Ended |
Mar. 31, 2019 | |
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 as of March 31, 2019 , and December 31, 2018 . 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 March 31, 2019 (Millions) Assets Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Cash and cash equivalents $ 0.1 $ 2.4 $ 12.8 $ — $ 15.3 Receivables — — 133.8 — 133.8 Receivables - affiliate — — 7.1 (7.1 ) — Costs recoverable from customers — — 16.2 — 16.2 Prepayments 0.3 — 13.3 — 13.6 Advances to affiliates — — 2.2 (2.2 ) — Other current assets — — 9.9 (2.2 ) 7.7 Total current assets 0.4 2.4 195.3 (11.5 ) 186.6 Investment in consolidated subsidiaries 2,918.1 7,195.2 — (10,113.3 ) — Property, plant and equipment, gross 0.6 — 11,389.7 — 11,390.3 Less–accumulated depreciation and amortization 0.6 — 3,015.3 — 3,015.9 Property, plant and equipment, net — — 8,374.4 — 8,374.4 Advances to affiliates – noncurrent 2,027.6 490.3 434.1 (2,952.0 ) — Other noncurrent assets — 5.2 469.7 0.2 475.1 Total other assets 2,027.6 495.5 903.8 (2,951.8 ) 475.1 Total Assets $ 4,946.1 $ 7,693.1 $ 9,473.5 $ (13,076.6 ) $ 9,036.1 Liabilities and Partners' Capital Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Payables $ 0.4 $ 0.1 $ 57.6 $ — $ 58.1 Payable to affiliates 0.5 — 7.1 (7.1 ) 0.5 Advances from affiliates — 2.2 — (2.2 ) — Other current liabilities — 27.4 117.2 (1.9 ) 142.7 Total current liabilities 0.9 29.7 181.9 (11.2 ) 201.3 Long-term debt and finance lease obligation — 2,280.9 1,366.5 — 3,647.4 Advances from affiliates - noncurrent — 2,461.7 490.3 (2,952.0 ) — Other noncurrent liabilities — 2.7 239.6 (0.1 ) 242.2 Total other liabilities and deferred credits — 2,464.4 729.9 (2,952.1 ) 242.2 Total partners' capital 4,945.2 2,918.1 7,195.2 (10,113.3 ) 4,945.2 Total Liabilities and Partners' Capital $ 4,946.1 $ 7,693.1 $ 9,473.5 $ (13,076.6 ) $ 9,036.1 Condensed Consolidating Balance Sheets as of December 31, 2018 (Millions) Assets Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Cash and cash equivalents $ 0.3 $ 1.6 $ 1.7 $ — $ 3.6 Receivables — — 153.7 — 153.7 Receivables - affiliate — — 9.5 (9.5 ) — Costs recoverable from customers — — 23.6 — 23.6 Prepayments 0.3 — 21.0 — 21.3 Advances to affiliates — — 2.0 (2.0 ) — Other current assets — — 14.3 (4.2 ) 10.1 Total current assets 0.6 1.6 225.8 (15.7 ) 212.3 Investment in consolidated subsidiaries 2,828.1 7,136.6 — (9,964.7 ) — Property, plant and equipment, gross 0.6 — 11,325.0 — 11,325.6 Less–accumulated depreciation and amortization 0.6 — 2,939.2 — 2,939.8 Property, plant and equipment, net — — 8,385.8 — 8,385.8 Advances to affiliates – noncurrent 2,034.2 460.1 431.8 (2,926.1 ) — Other noncurrent assets 0.2 2.5 446.5 1.4 450.6 Total other assets 2,034.4 462.6 878.3 (2,924.7 ) 450.6 Total Assets $ 4,863.1 $ 7,600.8 $ 9,489.9 $ (12,905.1 ) $ 9,048.7 Liabilities and Partners' Capital Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Payables $ 0.6 $ 0.1 $ 70.4 $ — $ 71.1 Payable to affiliates 0.5 — 9.5 (9.5 ) 0.5 Advances from affiliates — 2.0 — (2.0 ) — Other current liabilities 0.1 24.3 164.2 (2.8 ) 185.8 Total current liabilities 1.2 26.4 244.1 (14.3 ) 257.4 Long-term debt and finance lease obligation — 2,280.1 1,421.2 — 3,701.3 Advances from affiliates - noncurrent — 2,466.0 460.1 (2,926.1 ) — Other noncurrent liabilities — 0.2 227.9 — 228.1 Total other liabilities and deferred credits — 2,466.2 688.0 (2,926.1 ) 228.1 Total partners' capital 4,861.9 2,828.1 7,136.6 (9,964.7 ) 4,861.9 Total Liabilities and Partners' Capital $ 4,863.1 $ 7,600.8 $ 9,489.9 $ (12,905.1 ) $ 9,048.7 Condensed Consolidating Statements of Income for the Three Months Ended March 31, 2019 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 326.6 $ (20.2 ) $ 306.4 Storage, parking and lending — — 23.9 (0.5 ) 23.4 Other — — 16.1 — 16.1 Total operating revenues — — 366.6 (20.7 ) 345.9 Operating Costs and Expenses: Fuel and transportation — — 23.3 (20.7 ) 2.6 Operation and maintenance — — 43.0 — 43.0 Administrative and general — — 33.2 — 33.2 Other operating costs and expenses 0.1 — 113.9 — 114.0 Total operating costs and expenses 0.1 — 213.4 (20.7 ) 192.8 Operating (loss) income (0.1 ) — 153.2 — 153.1 Other Deductions (Income): Interest expense — 29.5 15.8 — 45.3 Interest (income) expense - affiliates, net (19.0 ) 19.1 (0.1 ) — — Interest income — — (0.3 ) — (0.3 ) Equity in earnings of subsidiaries (89.2 ) (137.8 ) — 227.0 — Miscellaneous other income, net — — (0.2 ) — (0.2 ) Total other (income) deductions (108.2 ) (89.2 ) 15.2 227.0 44.8 Income (loss) before income taxes 108.1 89.2 138.0 (227.0 ) 108.3 Income taxes — — 0.2 — 0.2 Net income (loss) $ 108.1 $ 89.2 $ 137.8 $ (227.0 ) $ 108.1 Condensed Consolidating Statements of Income for the Three Months Ended March 31, 2018 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 319.3 $ (20.8 ) $ 298.5 Storage, parking and lending — — 25.4 (0.3 ) 25.1 Other — — 11.8 — 11.8 Total operating revenues — — 356.5 (21.1 ) 335.4 Operating Costs and Expenses: Fuel and transportation — — 25.5 (21.1 ) 4.4 Operation and maintenance — — 46.4 — 46.4 Administrative and general — — 32.1 — 32.1 Other operating costs and expenses — — 111.8 — 111.8 Total operating costs and expenses — — 215.8 (21.1 ) 194.7 Operating income — — 140.7 — 140.7 Other Deductions (Income): Interest expense — 31.9 12.2 — 44.1 Interest (income) expense - affiliates, net (14.3 ) 10.8 3.5 — — Equity in earnings of subsidiaries (82.9 ) (125.6 ) — 208.5 — Miscellaneous other income, net — — (0.8 ) — (0.8 ) Total other (income) deductions (97.2 ) (82.9 ) 14.9 208.5 43.3 Income (loss) before income taxes 97.2 82.9 125.8 (208.5 ) 97.4 Income taxes — — 0.2 — 0.2 Net income (loss) $ 97.2 $ 82.9 $ 125.6 $ (208.5 ) $ 97.2 Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2019 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 108.1 $ 89.2 $ 137.8 $ (227.0 ) $ 108.1 Other comprehensive income (loss): Reclassification adjustment transferred to Net income from cash flow hedges 0.3 0.3 0.3 (0.6 ) 0.3 Pension and other postretirement benefit costs, net of tax 0.5 0.5 0.5 (1.0 ) 0.5 Total Comprehensive Income (Loss) $ 108.9 $ 90.0 $ 138.6 $ (228.6 ) $ 108.9 Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2018 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 97.2 $ 82.9 $ 125.6 $ (208.5 ) $ 97.2 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, net of tax 0.3 0.3 0.3 (0.6 ) 0.3 Total Comprehensive Income (Loss) $ 98.1 $ 83.8 $ 126.1 $ (209.9 ) $ 98.1 Condensed Consolidating Statements of Cash Flow for the Three Months Ended March 31, 2019 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net cash provided by (used in) operating activities $ 18.8 $ (44.9 ) $ 192.5 $ — $ 166.4 INVESTING ACTIVITIES: Capital expenditures — — (74.0 ) — (74.0 ) Proceeds from sale of operating assets — — 0.1 — 0.1 Advances to affiliates, net 6.6 (30.2 ) (82.5 ) 106.1 — Net cash provided by (used in) investing activities 6.6 (30.2 ) (156.4 ) 106.1 (73.9 ) FINANCING ACTIVITIES: Proceeds from borrowings on revolving credit agreement — — 125.0 — 125.0 Repayment of borrowings on revolving credit agreement — — (180.0 ) — (180.0 ) Principal payment of finance lease obligation — — (0.2 ) — (0.2 ) Advances from affiliates, net — 75.9 30.2 (106.1 ) — Distributions paid (25.6 ) — — — (25.6 ) Net cash (used in) provided by financing activities (25.6 ) 75.9 (25.0 ) (106.1 ) (80.8 ) (Decrease) increase in cash and cash equivalents (0.2 ) 0.8 11.1 — 11.7 Cash and cash equivalents at beginning of period 0.3 1.6 1.7 — 3.6 Cash and cash equivalents at end of period $ 0.1 $ 2.4 $ 12.8 $ — $ 15.3 Condensed Consolidating Statements of Cash Flow for the Three Months Ended March 31, 2018 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net cash provided by (used in) operating activities $ 14.1 $ (36.3 ) $ 174.1 $ — $ 151.9 INVESTING ACTIVITIES: Capital expenditures — — (110.9 ) — (110.9 ) Proceeds from sale of operating assets — — 0.5 — 0.5 Advances to affiliates, net 11.5 (53.7 ) (115.7 ) 157.9 — Net cash provided by (used in) investing activities 11.5 (53.7 ) (226.1 ) 157.9 (110.4 ) FINANCING ACTIVITIES: Proceeds from borrowings on revolving credit agreement — — 145.0 — 145.0 Repayment of borrowings on revolving credit agreement — — (145.0 ) — (145.0 ) Principal payment of finance lease obligation — — (0.1 ) — (0.1 ) Advances from affiliates, net — 104.2 53.7 (157.9 ) — Distributions paid (25.6 ) — — — (25.6 ) Net cash (used in) provided by financing activities (25.6 ) 104.2 53.6 (157.9 ) (25.7 ) Increase in cash and cash equivalents — 14.2 1.6 — 15.8 Cash and cash equivalents at beginning of period 0.3 4.6 12.7 — 17.6 Cash and cash equivalents at end of period $ 0.3 $ 18.8 $ 14.3 $ — $ 33.4 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy | The accompanying unaudited condensed consolidated financial statements of the Partnership were prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Partnership's financial position as of March 31, 2019 , and December 31, 2018 , and its results of operations, comprehensive income, changes in cash flows and changes in partners' capital for the three months ended March 31, 2019 and 2018 . 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, 2018 ( 2018 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 2018 Annual Report on Form 10-K |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Lease Accounting Pronouncements, Policy | Accounting Pronouncements Adopted in 2019 - Leases In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) (ASU 2016-02). ASU 2016-02 supersedes Accounting Standards Codification Topic 840, Leases (ASC 840), and requires, among other things, the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under GAAP. Effective January 1, 2019, the Partnership implemented ASU 2016-02 using the modified retrospective method as of the adoption date, with no adjustment to the comparative period information, which remains reported under ASC 840, and no cumulative effect adjustment to partners’ capital. In addition, the Partnership elected to apply the following practical expedients that are available to entities: (1) practical expedient package to all of its leases, which allows an entity to (i) not reassess whether expired or existing contracts are or contain leases; (ii) not reassess the lease classification for any expired or existing leases; and (iii) not reassess initial direct costs for any existing leases; (2) the practical expedient related to existing and expired land easements that were not previously accounted for as leases, which allows an entity not to assess whether existing or expired land easements contain a lease under ASU 2016-02 if the land easement had not previously been accounted for as a lease; and (3) combining lease and nonlease components in a contract, which allows an entity to account for the combined components under the guidance for the predominant component. The Partnership also elected to not apply the recognition requirements in ASU 2016-02 to short-term leases and to not apply the hindsight practical expedient when considering lessee options to extend or terminate a lease. The implementation of ASU 2016-02 resulted in the recording of a right-of-use asset of $18.0 million and a lease liability of $20.8 million |
Gas and Liquids Stored Underg_2
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Gas Balancing Arrangements [Abstract] | |
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables, Policy | The operating subsidiaries of the Partnership provide storage services whereby they store natural gas or NGLs on behalf of customers and also periodically hold customer gas under parking and lending (PAL) services. Since the customers retain title to the gas held by the Partnership in providing these services, the Partnership does not record the related gas on its balance sheet. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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 2018 Annual Report on Form 10-K : Cash and Cash Equivalents: For cash and short-term financial assets, the carrying amount is a reasonable estimate of fair value due to the short maturity of those instruments. Long-Term Debt: The estimated fair value of the Partnership's publicly traded debt is based on quoted market prices at March 31, 2019 , and December 31, 2018 . The fair market value of the debt that is not publicly traded is based on market prices of similar debt at March 31, 2019 , and December 31, 2018 . The carrying amount of the Partnership's variable-rate debt at March 31, 2019 , and December 31, 2018 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 months ended March 31, 2019 (in millions): For the Three Months Ended March 31, 2019 2018 Revenues from Contracts with Customers Firm Service (1) $ 328.8 $ 318.9 Interruptible Service 5.8 9.5 Other revenues 4.9 2.7 Total revenues from contracts with customers 339.5 331.1 Other operating revenues (2) 6.4 4.3 Total Operating Revenues $ 345.9 $ 335.4 ( 1) Revenues earned from contracts with minimum volume commitments (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 Liabilities | Significant changes in the contract liabilities balances during the three months ended March 31, 2019 , are as follows (in millions): Contract Liabilities Balance as of December 31, 2018 $ 9.2 Revenues recognized that were included in the contract liability balance at the beginning of the period (0.3 ) Increases due to cash received, excluding amounts recognized as revenues during the period 1.2 Balance as of March 31, 2019 $ 10.1 Significant changes in the contract liabilities balances during the three months ended March 31, 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 (0.5 ) Increases due to cash received, excluding amounts recognized as revenues during the period 0.7 Balance as of March 31, 2018 $ 8.5 |
Remaining Performance Obligation | 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 March 31, 2019 . 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 Federal Energy Regulatory Commission 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 March 31, 2019 , that will be recognized in future periods, such as recorded in contract liabilities. The estimated revenues reflected in the table may include estimated revenues that are anticipated under executed precedent transportation agreements for projects that are subject to regulatory approvals. In millions 2019 2020 Thereafter Total Estimated revenues from contracts with customers from unsatisfied performance obligations as of March 31, 2019 $ 1,095.0 $ 970.0 $ 7,495.0 $ 9,560.0 Operating revenues which are fixed and determinable (operating leases) 19.0 21.0 208.0 248.0 Total projected operating revenues under committed firm agreements as of March 31, 2019 (1) $ 1,114.0 $ 991.0 $ 7,703.0 $ 9,808.0 (1) For the 2019 period, $308.7 million |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease cost were as follows (in millions): For the Operating lease cost $ 1.0 Short-term lease cost 0.8 Finance lease cost: Amortization of right-of-use asset 0.2 Interest on lease liabilities 0.1 Total lease cost $ 2.1 |
Schedule of Supplemental Balance Sheet Information Related To Leases | The following provides supplemental balance sheet information related to the Partnership’s leases (in millions): As of March 31, 2019 Right-of-use assets Operating leases (recorded in Other Assets) $ 17.2 Finance lease (recorded in Plant, Property and Equipment) 6.6 Lease liabilities Operating leases (recorded in Other Liabilities, current and non-current) 19.9 Finance lease 7.9 Weighted average remaining lease term (years) Operating leases 5.2 Finance lease 9.3 Weighted average discount rate Operating leases 4.7 % Finance lease 5.9 % |
Maturity of Operating Lease Liabilities | The table below presents the maturities of lease liabilities (in millions): As of March 31, 2019 Operating Leases Financing Leases 2019 (1) $ 3.4 $ 0.8 2020 4.5 1.1 2021 4.4 1.1 2022 4.3 1.1 2023 3.8 1.1 Thereafter 2.1 5.1 Total 22.5 10.3 Less: discount (2.6 ) (2.4 ) Total lease liabilities $ 19.9 $ 7.9 |
Maturity of Finance Lease Liabilities | The table below presents the maturities of lease liabilities (in millions): As of March 31, 2019 Operating Leases Financing Leases 2019 (1) $ 3.4 $ 0.8 2020 4.5 1.1 2021 4.4 1.1 2022 4.3 1.1 2023 3.8 1.1 Thereafter 2.1 5.1 Total 22.5 10.3 Less: discount (2.6 ) (2.4 ) Total lease liabilities $ 19.9 $ 7.9 |
Operating Leases of Lessee | The following table summarizes minimum future commitments to be made under non-cancelable operating leases as of December 31, 2018 (in millions): 2019 $ 4.8 2020 4.7 2021 4.6 2022 4.5 2023 4.1 Thereafter 1.9 Total $ 24.6 |
Fair Value Measurements Financi
Fair Value Measurements Financial Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 , and December 31, 2018 , were as follows (in millions): As of March 31, 2019 Estimated Fair Value Financial Assets Carrying Amount Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 15.3 $ 15.3 $ — $ — $ 15.3 Financial Liabilities Long-term debt $ 3,646.7 (1) $ — $ 3,728.6 $ — $ 3,728.6 (1) The carrying amount of long-term debt excludes a $7.3 million long-term finance lease obligation and $6.6 million of unamortized debt issuance costs. As of December 31, 2018 Estimated Fair Value Financial Assets Carrying Amount Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 3.6 $ 3.6 $ — $ — $ 3.6 Financial Liabilities Long-term debt $ 3,700.9 (1) $ — $ 3,714.6 $ — $ 3,714.6 (1) The carrying amount of long-term debt excludes a $7.5 million long-term finance lease obligation and $7.1 million |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 and 2018 , were as follows (in millions): Retirement Plans PBOP For the For the 2019 2018 2019 2018 Service cost $ 0.8 $ 0.9 $ — $ — Interest cost 1.1 1.1 0.3 0.4 Expected return on plan assets (1.6 ) (2.0 ) (0.8 ) (1.1 ) Amortization of unrecognized net loss 0.6 0.4 — — Settlement charge 0.4 0.6 — — Net periodic benefit cost $ 1.3 $ 1.0 $ (0.5 ) $ (0.7 ) 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) | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental Disclosure of Cash Flow Information (in millions): For the 2019 2018 Cash paid during the period for: Interest (net of amount capitalized) $ 44.0 $ 40.2 Non-cash adjustments: Accounts payable and property, plant and equipment 40.7 62.1 Right-of-use assets obtained in exchange for lease obligations 18.0 — |
Guarantee of Securities of Su_2
Guarantee of Securities of Subsidiaries (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 (Millions) Assets Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Cash and cash equivalents $ 0.1 $ 2.4 $ 12.8 $ — $ 15.3 Receivables — — 133.8 — 133.8 Receivables - affiliate — — 7.1 (7.1 ) — Costs recoverable from customers — — 16.2 — 16.2 Prepayments 0.3 — 13.3 — 13.6 Advances to affiliates — — 2.2 (2.2 ) — Other current assets — — 9.9 (2.2 ) 7.7 Total current assets 0.4 2.4 195.3 (11.5 ) 186.6 Investment in consolidated subsidiaries 2,918.1 7,195.2 — (10,113.3 ) — Property, plant and equipment, gross 0.6 — 11,389.7 — 11,390.3 Less–accumulated depreciation and amortization 0.6 — 3,015.3 — 3,015.9 Property, plant and equipment, net — — 8,374.4 — 8,374.4 Advances to affiliates – noncurrent 2,027.6 490.3 434.1 (2,952.0 ) — Other noncurrent assets — 5.2 469.7 0.2 475.1 Total other assets 2,027.6 495.5 903.8 (2,951.8 ) 475.1 Total Assets $ 4,946.1 $ 7,693.1 $ 9,473.5 $ (13,076.6 ) $ 9,036.1 Liabilities and Partners' Capital Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Payables $ 0.4 $ 0.1 $ 57.6 $ — $ 58.1 Payable to affiliates 0.5 — 7.1 (7.1 ) 0.5 Advances from affiliates — 2.2 — (2.2 ) — Other current liabilities — 27.4 117.2 (1.9 ) 142.7 Total current liabilities 0.9 29.7 181.9 (11.2 ) 201.3 Long-term debt and finance lease obligation — 2,280.9 1,366.5 — 3,647.4 Advances from affiliates - noncurrent — 2,461.7 490.3 (2,952.0 ) — Other noncurrent liabilities — 2.7 239.6 (0.1 ) 242.2 Total other liabilities and deferred credits — 2,464.4 729.9 (2,952.1 ) 242.2 Total partners' capital 4,945.2 2,918.1 7,195.2 (10,113.3 ) 4,945.2 Total Liabilities and Partners' Capital $ 4,946.1 $ 7,693.1 $ 9,473.5 $ (13,076.6 ) $ 9,036.1 Condensed Consolidating Balance Sheets as of December 31, 2018 (Millions) Assets Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Cash and cash equivalents $ 0.3 $ 1.6 $ 1.7 $ — $ 3.6 Receivables — — 153.7 — 153.7 Receivables - affiliate — — 9.5 (9.5 ) — Costs recoverable from customers — — 23.6 — 23.6 Prepayments 0.3 — 21.0 — 21.3 Advances to affiliates — — 2.0 (2.0 ) — Other current assets — — 14.3 (4.2 ) 10.1 Total current assets 0.6 1.6 225.8 (15.7 ) 212.3 Investment in consolidated subsidiaries 2,828.1 7,136.6 — (9,964.7 ) — Property, plant and equipment, gross 0.6 — 11,325.0 — 11,325.6 Less–accumulated depreciation and amortization 0.6 — 2,939.2 — 2,939.8 Property, plant and equipment, net — — 8,385.8 — 8,385.8 Advances to affiliates – noncurrent 2,034.2 460.1 431.8 (2,926.1 ) — Other noncurrent assets 0.2 2.5 446.5 1.4 450.6 Total other assets 2,034.4 462.6 878.3 (2,924.7 ) 450.6 Total Assets $ 4,863.1 $ 7,600.8 $ 9,489.9 $ (12,905.1 ) $ 9,048.7 Liabilities and Partners' Capital Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Payables $ 0.6 $ 0.1 $ 70.4 $ — $ 71.1 Payable to affiliates 0.5 — 9.5 (9.5 ) 0.5 Advances from affiliates — 2.0 — (2.0 ) — Other current liabilities 0.1 24.3 164.2 (2.8 ) 185.8 Total current liabilities 1.2 26.4 244.1 (14.3 ) 257.4 Long-term debt and finance lease obligation — 2,280.1 1,421.2 — 3,701.3 Advances from affiliates - noncurrent — 2,466.0 460.1 (2,926.1 ) — Other noncurrent liabilities — 0.2 227.9 — 228.1 Total other liabilities and deferred credits — 2,466.2 688.0 (2,926.1 ) 228.1 Total partners' capital 4,861.9 2,828.1 7,136.6 (9,964.7 ) 4,861.9 Total Liabilities and Partners' Capital $ 4,863.1 $ 7,600.8 $ 9,489.9 $ (12,905.1 ) $ 9,048.7 |
Condensed Consolidating Statements of Income | Condensed Consolidating Statements of Income for the Three Months Ended March 31, 2019 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 326.6 $ (20.2 ) $ 306.4 Storage, parking and lending — — 23.9 (0.5 ) 23.4 Other — — 16.1 — 16.1 Total operating revenues — — 366.6 (20.7 ) 345.9 Operating Costs and Expenses: Fuel and transportation — — 23.3 (20.7 ) 2.6 Operation and maintenance — — 43.0 — 43.0 Administrative and general — — 33.2 — 33.2 Other operating costs and expenses 0.1 — 113.9 — 114.0 Total operating costs and expenses 0.1 — 213.4 (20.7 ) 192.8 Operating (loss) income (0.1 ) — 153.2 — 153.1 Other Deductions (Income): Interest expense — 29.5 15.8 — 45.3 Interest (income) expense - affiliates, net (19.0 ) 19.1 (0.1 ) — — Interest income — — (0.3 ) — (0.3 ) Equity in earnings of subsidiaries (89.2 ) (137.8 ) — 227.0 — Miscellaneous other income, net — — (0.2 ) — (0.2 ) Total other (income) deductions (108.2 ) (89.2 ) 15.2 227.0 44.8 Income (loss) before income taxes 108.1 89.2 138.0 (227.0 ) 108.3 Income taxes — — 0.2 — 0.2 Net income (loss) $ 108.1 $ 89.2 $ 137.8 $ (227.0 ) $ 108.1 Condensed Consolidating Statements of Income for the Three Months Ended March 31, 2018 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Operating Revenues: Transportation $ — $ — $ 319.3 $ (20.8 ) $ 298.5 Storage, parking and lending — — 25.4 (0.3 ) 25.1 Other — — 11.8 — 11.8 Total operating revenues — — 356.5 (21.1 ) 335.4 Operating Costs and Expenses: Fuel and transportation — — 25.5 (21.1 ) 4.4 Operation and maintenance — — 46.4 — 46.4 Administrative and general — — 32.1 — 32.1 Other operating costs and expenses — — 111.8 — 111.8 Total operating costs and expenses — — 215.8 (21.1 ) 194.7 Operating income — — 140.7 — 140.7 Other Deductions (Income): Interest expense — 31.9 12.2 — 44.1 Interest (income) expense - affiliates, net (14.3 ) 10.8 3.5 — — Equity in earnings of subsidiaries (82.9 ) (125.6 ) — 208.5 — Miscellaneous other income, net — — (0.8 ) — (0.8 ) Total other (income) deductions (97.2 ) (82.9 ) 14.9 208.5 43.3 Income (loss) before income taxes 97.2 82.9 125.8 (208.5 ) 97.4 Income taxes — — 0.2 — 0.2 Net income (loss) $ 97.2 $ 82.9 $ 125.6 $ (208.5 ) $ 97.2 |
Condensed Consolidating Statements Of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2019 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 108.1 $ 89.2 $ 137.8 $ (227.0 ) $ 108.1 Other comprehensive income (loss): Reclassification adjustment transferred to Net income from cash flow hedges 0.3 0.3 0.3 (0.6 ) 0.3 Pension and other postretirement benefit costs, net of tax 0.5 0.5 0.5 (1.0 ) 0.5 Total Comprehensive Income (Loss) $ 108.9 $ 90.0 $ 138.6 $ (228.6 ) $ 108.9 Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2018 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net income (loss) $ 97.2 $ 82.9 $ 125.6 $ (208.5 ) $ 97.2 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, net of tax 0.3 0.3 0.3 (0.6 ) 0.3 Total Comprehensive Income (Loss) $ 98.1 $ 83.8 $ 126.1 $ (209.9 ) $ 98.1 |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flow for the Three Months Ended March 31, 2019 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net cash provided by (used in) operating activities $ 18.8 $ (44.9 ) $ 192.5 $ — $ 166.4 INVESTING ACTIVITIES: Capital expenditures — — (74.0 ) — (74.0 ) Proceeds from sale of operating assets — — 0.1 — 0.1 Advances to affiliates, net 6.6 (30.2 ) (82.5 ) 106.1 — Net cash provided by (used in) investing activities 6.6 (30.2 ) (156.4 ) 106.1 (73.9 ) FINANCING ACTIVITIES: Proceeds from borrowings on revolving credit agreement — — 125.0 — 125.0 Repayment of borrowings on revolving credit agreement — — (180.0 ) — (180.0 ) Principal payment of finance lease obligation — — (0.2 ) — (0.2 ) Advances from affiliates, net — 75.9 30.2 (106.1 ) — Distributions paid (25.6 ) — — — (25.6 ) Net cash (used in) provided by financing activities (25.6 ) 75.9 (25.0 ) (106.1 ) (80.8 ) (Decrease) increase in cash and cash equivalents (0.2 ) 0.8 11.1 — 11.7 Cash and cash equivalents at beginning of period 0.3 1.6 1.7 — 3.6 Cash and cash equivalents at end of period $ 0.1 $ 2.4 $ 12.8 $ — $ 15.3 Condensed Consolidating Statements of Cash Flow for the Three Months Ended March 31, 2018 (Millions) Parent Guarantor Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Boardwalk Pipeline Partners, LP Net cash provided by (used in) operating activities $ 14.1 $ (36.3 ) $ 174.1 $ — $ 151.9 INVESTING ACTIVITIES: Capital expenditures — — (110.9 ) — (110.9 ) Proceeds from sale of operating assets — — 0.5 — 0.5 Advances to affiliates, net 11.5 (53.7 ) (115.7 ) 157.9 — Net cash provided by (used in) investing activities 11.5 (53.7 ) (226.1 ) 157.9 (110.4 ) FINANCING ACTIVITIES: Proceeds from borrowings on revolving credit agreement — — 145.0 — 145.0 Repayment of borrowings on revolving credit agreement — — (145.0 ) — (145.0 ) Principal payment of finance lease obligation — — (0.1 ) — (0.1 ) Advances from affiliates, net — 104.2 53.7 (157.9 ) — Distributions paid (25.6 ) — — — (25.6 ) Net cash (used in) provided by financing activities (25.6 ) 104.2 53.6 (157.9 ) (25.7 ) Increase in cash and cash equivalents — 14.2 1.6 — 15.8 Cash and cash equivalents at beginning of period 0.3 4.6 12.7 — 17.6 Cash and cash equivalents at end of period $ 0.3 $ 18.8 $ 14.3 $ — $ 33.4 |
Basis of Presentation (Details)
Basis of Presentation (Details) | Mar. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Percent of General Partner Interest Owned by Holding Company (in hundredths) | 100.00% |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Mar. 31, 2019 |
Accounting Policies [Abstract] | ||
Right-of-use assets obtained in exchange for lease obligations | $ 18 | $ 18 |
Operating lease liabilities | $ 20.8 | $ 19.9 |
Revenues Disaggregation of Reve
Revenues Disaggregation of Revenue (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019USD ($)segments | Mar. 31, 2018USD ($) | ||
Disaggregation of Revenue [Line Items] | |||
Number of Reportable Segments | segments | 1 | ||
Revenues from Contracts with Customers | $ 339.5 | $ 331.1 | |
Other operating revenues | [1] | 6.4 | 4.3 |
Total operating revenues | 345.9 | 335.4 | |
Firm Service | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | [2] | 328.8 | 318.9 |
Interruptible Service | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 5.8 | 9.5 | |
Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | $ 4.9 | $ 2.7 | |
[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 minimum volume commitments (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) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |||
Accounts Receivable, Net | $ 122.3 | $ 139.2 | |
Contract Liability Beginning Balance | 9.2 | $ 1.9 | |
Contracts with Customers, Asset, Gross, Current | 0 | $ 0 | |
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 | (0.3) | (0.5) | |
Increases due to cash received, excluding amounts recognized as revenues during the period | 1.2 | 0.7 | |
Contract Liability Ending Balance | $ 10.1 | $ 8.5 |
Revenues Performance Obligation
Revenues Performance Obligations (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($) | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Fixed Fee Revenues Recognized | $ 308.7 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months | |
Estimated revenues from contracts with customers from unsatisfied performance obligations as of March 31, 2019 | $ 1,095 | |
Operating revenues which are fixed and determinable (operating leases) | 19 | |
Total projected operating revenues under committed firm agreements | $ 1,114 | [1] |
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 | 1 year | |
Estimated revenues from contracts with customers from unsatisfied performance obligations as of March 31, 2019 | $ 970 | |
Operating revenues which are fixed and determinable (operating leases) | 21 | |
Total projected operating revenues under committed firm agreements | 991 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Estimated revenues from contracts with customers from unsatisfied performance obligations as of March 31, 2019 | 7,495 | |
Operating revenues which are fixed and determinable (operating leases) | 208 | |
Total projected operating revenues under committed firm agreements | 7,703 | [1] |
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 March 31, 2019 | 9,560 | |
Operating revenues which are fixed and determinable (operating leases) | 248 | |
Total projected operating revenues under committed firm agreements | $ 9,808 | [1] |
[1] | For the 2019 period, $308.7 million |
Leases (Details)
Leases (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lessee Finance Lease Description | The Partnership also has a finance lease related to the lease of an office building in Owensboro, Kentucky, that has a fifteen year term with two twenty-year renewal options. |
Lessee, Finance Lease, Term of Contract | 15 years |
Lessee, Finance Lease, Renewal Term | 40 years |
Leases Lease Cost (Details)
Leases Lease Cost (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 1 |
Short-term lease cost | 0.8 |
Finance Lease, Amortization of right-of-use asset | 0.2 |
Finance Lease, Interest on lease liabilities | 0.1 |
Total lease cost | $ 2.1 |
Leases Supplemental Balance She
Leases Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Right-of-use assets operating leases | $ 17.2 | |
Right-of-use assets finance lease | 6.6 | |
Operating lease liabilities | 19.9 | $ 20.8 |
Finance lease liabilities | $ 7.9 | |
Operating lease, weighted average remaining lease term (years) | 5 years 2 months | |
Finance lease, weighted average remaining lease term (years) | 9 years 3 months | |
Operating lease, weighted average discount rate, percent | 4.70% | |
Finance lease, weighted average discount rate, percent | 5.90% |
Leases Maturities of Operating
Leases Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | |||
2019 | [1] | $ 3.4 | |
2020 | 4.5 | ||
2021 | 4.4 | ||
2022 | 4.3 | ||
2023 | 3.8 | ||
Thereafter | 2.1 | ||
Total | 22.5 | ||
Less: discount | (2.6) | ||
Total operating lease liabilities | $ 19.9 | $ 20.8 | |
[1] | For the nine-month period beginning April 1, 2019. |
Leases Maturities of Financing
Leases Maturities of Financing Lease Liabilities (Details) $ in Millions | Mar. 31, 2019USD ($) | |
Leases [Abstract] | ||
2019 | $ 0.8 | [1] |
2020 | 1.1 | |
2021 | 1.1 | |
2022 | 1.1 | |
2023 | 1.1 | |
Thereafter | 5.1 | |
Total | 10.3 | |
Less: discount | (2.4) | |
Total finance lease liabilities | $ 7.9 | |
[1] | For the nine-month period beginning April 1, 2019. |
Leases ASC 840 Operating Lease
Leases ASC 840 Operating Lease (Details) - Office Space and Equipment Rentals $ in Millions | Dec. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | |
2019 | $ 4.8 |
2020 | 4.7 |
2021 | 4.6 |
2022 | 4.5 |
2023 | 4.1 |
Thereafter | 1.9 |
Total | $ 24.6 |
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 | Mar. 31, 2019USD ($)$ / MMBTUMMBTUMMBbls | Dec. 31, 2018USD ($)$ / MMBTUMMBTUMMBbls |
Gas Balancing Arrangements [Abstract] | ||
Gas Balancing Measurement (in MMBtu) | MMBTU | 32.3 | 13.5 |
Average Market Price of Gas Assumed | $ / MMBTU | 2.83 | 3.68 |
Gas Imbalance to Subsidiaries Asset Liability | $ 91.4 | $ 49.7 |
Natural Gas Liquids Balancing Volume (in MMBbls) (Less than) | MMBbls | 0.2 | 0 |
Natural Gas Liquids Imbalance to Subsidiaries Asset Liability | $ 3.4 |
Fair Value Measurements Finan_2
Fair Value Measurements Financial Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and Cash Equivalents - Fair Value | $ 15.3 | $ 3.6 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Debt Instrument, Fair Value Disclosure | 3,728.6 | 3,714.6 | ||
Finance Lease, Liability, Noncurrent | 7.3 | 7.5 | ||
Unamortized Debt Issuance Expense | 6.6 | 7.1 | ||
Carrying Amount | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and Cash Equivalents - Fair Value | 15.3 | 3.6 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Debt Instrument, Fair Value Disclosure | 3,646.7 | [1] | 3,700.9 | [2] |
Fair Value | Fair Value, Inputs, Level 1 | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and Cash Equivalents - Fair Value | 15.3 | 3.6 | ||
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 | 3,728.6 | 3,714.6 | ||
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 $7.3 million long-term finance lease obligation and $6.6 million | |||
[2] | The carrying amount of long-term debt excludes a $7.5 million long-term finance lease obligation and $7.1 million |
Commitments and Contingencies C
Commitments and Contingencies Commitments for Construction (Details) $ in Millions | Mar. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 145.8 |
Financing - Debt (Details)
Financing - Debt (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Short-term Debt, Refinanced, Amount | $ 350 | |
Short-term Debt, Refinanced, Description | 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 Sheets as of March 31, 2019. The Partnership has the intent and the ability to refinance the notes through the available borrowing capacity under its revolving credit facility as of March 31, 2019. The Partnership expects to retire these notes at their maturity. | |
Long-term Debt, Gross | $ 3,100 | $ 3,100 |
Debt, Weighted-Average Interest Rate | 5.17% | 5.17% |
Debt Instrument, Covenant Compliance | As of March 31, 2019, Boardwalk Pipelines and its operating subsidiaries were in compliance with their debt covenants. | |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Debt, Weighted-Average Interest Rate | 3.74% | 3.69% |
Line of Credit Facility [Abstract] | ||
Long-term Line of Credit | $ 525 | $ 580 |
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 March 31, 2019. | |
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 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ in Millions | Apr. 29, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Defined Contribution Plan, Cost | $ 2.8 | $ 2.9 | |
Retirement Plans | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 0.8 | 0.9 | |
Interest cost | 1.1 | 1.1 | |
Expected return on plan assets | (1.6) | (2) | |
Amortization of unrecognized net loss | 0.6 | 0.4 | |
Settlement charge | 0.4 | 0.6 | |
Net periodic benefit cost | 1.3 | 1 | |
PBOP | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 0 | 0 | |
Interest cost | 0.3 | 0.4 | |
Expected return on plan assets | (0.8) | (1.1) | |
Amortization of unrecognized net loss | 0 | 0 | |
Settlement charge | 0 | 0 | |
Net periodic benefit cost | $ (0.5) | $ (0.7) | |
Subsequent Event | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | $ 3 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 1.4 | $ 1.5 |
Boardwalk GP, LP | ||
Related Party Transaction [Line Items] | ||
Cash dividends paid to parent company | $ 25.6 | $ 13.1 |
Supplemental Disclosure of Ca_3
Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Cash paid during the period for: | |||
Interest (net of amount capitalized) | $ 44 | $ 40.2 | |
Non-cash adjustments: | |||
Accounts payable and property, plant and equipment | 40.7 | $ 62.1 | |
Right-of-use assets obtained in exchange for lease obligations | $ 18 | $ 18 |
Guarantee of Securities of Su_3
Guarantee of Securities of Subsidiaries Balance Sheets (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
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 as of March 31, 2019, and December 31, 2018. | |||
Assets | ||||
Cash and cash equivalents | $ 15.3 | 3.6 | $ 33.4 | $ 17.6 |
Receivables | 133.8 | 153.7 | ||
Receivables - affiliate | 0 | 0 | ||
Costs recoverable from customers | 16.2 | 23.6 | ||
Prepayments | 13.6 | 21.3 | ||
Advances to affiliates | 0 | 0 | ||
Other current assets | 7.7 | 10.1 | ||
Total current assets | 186.6 | 212.3 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Property, plant and equipment, gross | 11,390.3 | 11,325.6 | ||
Less—accumulated depreciation and amortization | 3,015.9 | 2,939.8 | ||
Property, plant and equipment, net | 8,374.4 | 8,385.8 | ||
Advances to affiliates - noncurrent | 0 | 0 | ||
Other noncurrent assets | 475.1 | 450.6 | ||
Total other assets | 475.1 | 450.6 | ||
Total Assets | 9,036.1 | 9,048.7 | ||
Liabilities and Partners' Capital | ||||
Payables | 58.1 | 71.1 | ||
Payable to affiliates | 0.5 | 0.5 | ||
Advances from affiliates | 0 | 0 | ||
Other current liabilities | 142.7 | 185.8 | ||
Total current liabilities | 201.3 | 257.4 | ||
Long-term debt and finance lease obligation | 3,647.4 | 3,701.3 | ||
Advances from affiliates - noncurrent | 0 | 0 | ||
Other noncurrent liabilities | 242.2 | 228.1 | ||
Total other liabilities and deferred credits | 242.2 | 228.1 | ||
Total partners' capital | 4,945.2 | 4,861.9 | ||
Total Liabilities and Partners' Capital | 9,036.1 | 9,048.7 | ||
Reportable Legal Entities | Parent Guarantor | ||||
Assets | ||||
Cash and cash equivalents | 0.1 | 0.3 | 0.3 | 0.3 |
Receivables | 0 | 0 | ||
Receivables - affiliate | 0 | 0 | ||
Costs recoverable from customers | 0 | 0 | ||
Prepayments | 0.3 | 0.3 | ||
Advances to affiliates | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0.4 | 0.6 | ||
Investment in consolidated subsidiaries | 2,918.1 | 2,828.1 | ||
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 | 2,027.6 | 2,034.2 | ||
Other noncurrent assets | 0 | 0.2 | ||
Total other assets | 2,027.6 | 2,034.4 | ||
Total Assets | 4,946.1 | 4,863.1 | ||
Liabilities and Partners' Capital | ||||
Payables | 0.4 | 0.6 | ||
Payable to affiliates | 0.5 | 0.5 | ||
Advances from affiliates | 0 | 0 | ||
Other current liabilities | 0 | 0.1 | ||
Total current liabilities | 0.9 | 1.2 | ||
Long-term debt and finance lease obligation | 0 | 0 | ||
Advances from affiliates - noncurrent | 0 | 0 | ||
Other noncurrent liabilities | 0 | 0 | ||
Total other liabilities and deferred credits | 0 | 0 | ||
Total partners' capital | 4,945.2 | 4,861.9 | ||
Total Liabilities and Partners' Capital | 4,946.1 | 4,863.1 | ||
Reportable Legal Entities | Subsidiary Issuer | ||||
Assets | ||||
Cash and cash equivalents | 2.4 | 1.6 | 18.8 | 4.6 |
Receivables | 0 | 0 | ||
Receivables - affiliate | 0 | 0 | ||
Costs recoverable from customers | 0 | 0 | ||
Prepayments | 0 | 0 | ||
Advances to affiliates | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 2.4 | 1.6 | ||
Investment in consolidated subsidiaries | 7,195.2 | 7,136.6 | ||
Property, plant and equipment, gross | 0 | 0 | ||
Less—accumulated depreciation and amortization | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Advances to affiliates - noncurrent | 490.3 | 460.1 | ||
Other noncurrent assets | 5.2 | 2.5 | ||
Total other assets | 495.5 | 462.6 | ||
Total Assets | 7,693.1 | 7,600.8 | ||
Liabilities and Partners' Capital | ||||
Payables | 0.1 | 0.1 | ||
Payable to affiliates | 0 | 0 | ||
Advances from affiliates | 2.2 | 2 | ||
Other current liabilities | 27.4 | 24.3 | ||
Total current liabilities | 29.7 | 26.4 | ||
Long-term debt and finance lease obligation | 2,280.9 | 2,280.1 | ||
Advances from affiliates - noncurrent | 2,461.7 | 2,466 | ||
Other noncurrent liabilities | 2.7 | 0.2 | ||
Total other liabilities and deferred credits | 2,464.4 | 2,466.2 | ||
Total partners' capital | 2,918.1 | 2,828.1 | ||
Total Liabilities and Partners' Capital | 7,693.1 | 7,600.8 | ||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Assets | ||||
Cash and cash equivalents | 12.8 | 1.7 | 14.3 | 12.7 |
Receivables | 133.8 | 153.7 | ||
Receivables - affiliate | 7.1 | 9.5 | ||
Costs recoverable from customers | 16.2 | 23.6 | ||
Prepayments | 13.3 | 21 | ||
Advances to affiliates | 2.2 | 2 | ||
Other current assets | 9.9 | 14.3 | ||
Total current assets | 195.3 | 225.8 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Property, plant and equipment, gross | 11,389.7 | 11,325 | ||
Less—accumulated depreciation and amortization | 3,015.3 | 2,939.2 | ||
Property, plant and equipment, net | 8,374.4 | 8,385.8 | ||
Advances to affiliates - noncurrent | 434.1 | 431.8 | ||
Other noncurrent assets | 469.7 | 446.5 | ||
Total other assets | 903.8 | 878.3 | ||
Total Assets | 9,473.5 | 9,489.9 | ||
Liabilities and Partners' Capital | ||||
Payables | 57.6 | 70.4 | ||
Payable to affiliates | 7.1 | 9.5 | ||
Advances from affiliates | 0 | 0 | ||
Other current liabilities | 117.2 | 164.2 | ||
Total current liabilities | 181.9 | 244.1 | ||
Long-term debt and finance lease obligation | 1,366.5 | 1,421.2 | ||
Advances from affiliates - noncurrent | 490.3 | 460.1 | ||
Other noncurrent liabilities | 239.6 | 227.9 | ||
Total other liabilities and deferred credits | 729.9 | 688 | ||
Total partners' capital | 7,195.2 | 7,136.6 | ||
Total Liabilities and Partners' Capital | 9,473.5 | 9,489.9 | ||
Eliminations | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Receivables | 0 | 0 | ||
Receivables - affiliate | (7.1) | (9.5) | ||
Costs recoverable from customers | 0 | 0 | ||
Prepayments | 0 | 0 | ||
Advances to affiliates | (2.2) | (2) | ||
Other current assets | (2.2) | (4.2) | ||
Total current assets | (11.5) | (15.7) | ||
Investment in consolidated subsidiaries | (10,113.3) | (9,964.7) | ||
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 | (2,952) | (2,926.1) | ||
Other noncurrent assets | 0.2 | 1.4 | ||
Total other assets | (2,951.8) | (2,924.7) | ||
Total Assets | (13,076.6) | (12,905.1) | ||
Liabilities and Partners' Capital | ||||
Payables | 0 | 0 | ||
Payable to affiliates | (7.1) | (9.5) | ||
Advances from affiliates | (2.2) | (2) | ||
Other current liabilities | (1.9) | (2.8) | ||
Total current liabilities | (11.2) | (14.3) | ||
Long-term debt and finance lease obligation | 0 | 0 | ||
Advances from affiliates - noncurrent | (2,952) | (2,926.1) | ||
Other noncurrent liabilities | (0.1) | 0 | ||
Total other liabilities and deferred credits | (2,952.1) | (2,926.1) | ||
Total partners' capital | (10,113.3) | (9,964.7) | ||
Total Liabilities and Partners' Capital | $ (13,076.6) | $ (12,905.1) |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Revenues: | ||
Transportation | $ 306.4 | $ 298.5 |
Storage, parking and lending | 23.4 | 25.1 |
Other | 16.1 | 11.8 |
Total operating revenues | 345.9 | 335.4 |
Operating Costs and Expenses: | ||
Fuel and transportation | 2.6 | 4.4 |
Operation and maintenance | 43 | 46.4 |
Administrative and general | 33.2 | 32.1 |
Other operating costs and expenses | 114 | 111.8 |
Total operating costs and expenses | 192.8 | 194.7 |
Operating (loss) income | 153.1 | 140.7 |
Other Deductions (Income): | ||
Interest expense | 45.3 | 44.1 |
Interest expense - affiliates, net | 0 | 0 |
Interest income | (0.3) | 0 |
Equity in earnings of subsidiaries | 0 | 0 |
Miscellaneous other income, net | (0.2) | (0.8) |
Total other (income) deductions | 44.8 | 43.3 |
Income (loss) before income taxes | 108.3 | 97.4 |
Income taxes | 0.2 | 0.2 |
Net income (loss) | 108.1 | 97.2 |
Reportable Legal Entities | Parent Guarantor | ||
Operating Revenues: | ||
Transportation | 0 | 0 |
Storage, parking and lending | 0 | 0 |
Other | 0 | 0 |
Total operating revenues | 0 | 0 |
Operating Costs and Expenses: | ||
Fuel and transportation | 0 | 0 |
Operation and maintenance | 0 | 0 |
Administrative and general | 0 | 0 |
Other operating costs and expenses | 0.1 | 0 |
Total operating costs and expenses | 0.1 | 0 |
Operating (loss) income | (0.1) | 0 |
Other Deductions (Income): | ||
Interest expense | 0 | 0 |
Interest income - affiliates, net | (19) | (14.3) |
Interest income | 0 | |
Equity in earnings of subsidiaries | (89.2) | (82.9) |
Miscellaneous other income, net | 0 | 0 |
Total other (income) deductions | (108.2) | (97.2) |
Income (loss) before income taxes | 108.1 | 97.2 |
Income taxes | 0 | 0 |
Net income (loss) | 108.1 | 97.2 |
Reportable Legal Entities | Subsidiary Issuer | ||
Operating Revenues: | ||
Transportation | 0 | 0 |
Storage, parking and lending | 0 | 0 |
Other | 0 | 0 |
Total operating revenues | 0 | 0 |
Operating Costs and Expenses: | ||
Fuel and transportation | 0 | 0 |
Operation and maintenance | 0 | 0 |
Administrative and general | 0 | 0 |
Other operating costs and expenses | 0 | 0 |
Total operating costs and expenses | 0 | 0 |
Operating (loss) income | 0 | 0 |
Other Deductions (Income): | ||
Interest expense | 29.5 | 31.9 |
Interest expense - affiliates, net | 19.1 | 10.8 |
Interest income | 0 | |
Equity in earnings of subsidiaries | (137.8) | (125.6) |
Miscellaneous other income, net | 0 | 0 |
Total other (income) deductions | (89.2) | (82.9) |
Income (loss) before income taxes | 89.2 | 82.9 |
Income taxes | 0 | 0 |
Net income (loss) | 89.2 | 82.9 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
Operating Revenues: | ||
Transportation | 326.6 | 319.3 |
Storage, parking and lending | 23.9 | 25.4 |
Other | 16.1 | 11.8 |
Total operating revenues | 366.6 | 356.5 |
Operating Costs and Expenses: | ||
Fuel and transportation | 23.3 | 25.5 |
Operation and maintenance | 43 | 46.4 |
Administrative and general | 33.2 | 32.1 |
Other operating costs and expenses | 113.9 | 111.8 |
Total operating costs and expenses | 213.4 | 215.8 |
Operating (loss) income | 153.2 | 140.7 |
Other Deductions (Income): | ||
Interest expense | 15.8 | 12.2 |
Interest income - affiliates, net | (0.1) | |
Interest expense - affiliates, net | 3.5 | |
Interest income | (0.3) | |
Equity in earnings of subsidiaries | 0 | 0 |
Miscellaneous other income, net | (0.2) | (0.8) |
Total other (income) deductions | 15.2 | 14.9 |
Income (loss) before income taxes | 138 | 125.8 |
Income taxes | 0.2 | 0.2 |
Net income (loss) | 137.8 | 125.6 |
Eliminations | ||
Operating Revenues: | ||
Transportation | (20.2) | (20.8) |
Storage, parking and lending | (0.5) | (0.3) |
Other | 0 | 0 |
Total operating revenues | (20.7) | (21.1) |
Operating Costs and Expenses: | ||
Fuel and transportation | (20.7) | (21.1) |
Operation and maintenance | 0 | 0 |
Administrative and general | 0 | 0 |
Other operating costs and expenses | 0 | 0 |
Total operating costs and expenses | (20.7) | (21.1) |
Operating (loss) income | 0 | 0 |
Other Deductions (Income): | ||
Interest expense | 0 | 0 |
Interest expense - affiliates, net | 0 | 0 |
Interest income | 0 | |
Equity in earnings of subsidiaries | 227 | 208.5 |
Miscellaneous other income, net | 0 | 0 |
Total other (income) deductions | 227 | 208.5 |
Income (loss) before income taxes | (227) | (208.5) |
Income taxes | 0 | 0 |
Net income (loss) | $ (227) | $ (208.5) |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | $ 108.1 | $ 97.2 |
Other comprehensive income (loss): | ||
Reclassification adjustment transferred to Net income from cash flow hedges | 0.3 | 0.6 |
Pension and other postretirement benefit costs, net of tax | 0.5 | 0.3 |
Total Comprehensive Income (Loss) | 108.9 | 98.1 |
Reportable Legal Entities | Parent Guarantor | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | 108.1 | 97.2 |
Other comprehensive income (loss): | ||
Reclassification adjustment transferred to Net income from cash flow hedges | 0.3 | 0.6 |
Pension and other postretirement benefit costs, net of tax | 0.5 | 0.3 |
Total Comprehensive Income (Loss) | 108.9 | 98.1 |
Reportable Legal Entities | Subsidiary Issuer | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | 89.2 | 82.9 |
Other comprehensive income (loss): | ||
Reclassification adjustment transferred to Net income from cash flow hedges | 0.3 | 0.6 |
Pension and other postretirement benefit costs, net of tax | 0.5 | 0.3 |
Total Comprehensive Income (Loss) | 90 | 83.8 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | 137.8 | 125.6 |
Other comprehensive income (loss): | ||
Reclassification adjustment transferred to Net income from cash flow hedges | 0.3 | 0.2 |
Pension and other postretirement benefit costs, net of tax | 0.5 | 0.3 |
Total Comprehensive Income (Loss) | 138.6 | 126.1 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | (227) | (208.5) |
Other comprehensive income (loss): | ||
Reclassification adjustment transferred to Net income from cash flow hedges | (0.6) | (0.8) |
Pension and other postretirement benefit costs, net of tax | (1) | (0.6) |
Total Comprehensive Income (Loss) | $ (228.6) | $ (209.9) |
Guarantee of Securities of Su_6
Guarantee of Securities of Subsidiaries Guarantee of Securities of Subsidiaries Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Cash Flows | ||
Net cash provided by (used in) operating activities | $ 166.4 | $ 151.9 |
Investing Activities: | ||
Capital expenditures | (74) | (110.9) |
Proceeds from sale of operating assets | 0.1 | 0.5 |
Advances to affiliates, net | 0 | 0 |
Net cash provided by (used in) investing activities | (73.9) | (110.4) |
Financing Activities: | ||
Proceeds from borrowings on revolving credit agreement | 125 | 145 |
Repayment of borrowings on revolving credit agreement | (180) | (145) |
Principal payment of finance lease obligation | (0.2) | (0.1) |
Advances from affiliates, net | 0 | 0 |
Distributions paid | (25.6) | (25.6) |
Net cash (used in) provided by financing activities | (80.8) | (25.7) |
(Decrease) increase in cash and cash equivalents | 11.7 | 15.8 |
Cash and cash equivalents at beginning of period | 3.6 | 17.6 |
Cash and cash equivalents at end of period | 15.3 | 33.4 |
Reportable Legal Entities | Parent Guarantor | ||
Statement of Cash Flows | ||
Net cash provided by (used in) operating activities | 18.8 | 14.1 |
Investing Activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of operating assets | 0 | 0 |
Advances to affiliates, net | 6.6 | 11.5 |
Net cash provided by (used in) investing activities | 6.6 | 11.5 |
Financing Activities: | ||
Proceeds from borrowings on revolving credit agreement | 0 | 0 |
Repayment of borrowings on revolving credit agreement | 0 | 0 |
Principal payment of finance lease obligation | 0 | 0 |
Advances from affiliates, net | 0 | 0 |
Distributions paid | (25.6) | (25.6) |
Net cash (used in) provided by financing activities | (25.6) | (25.6) |
(Decrease) increase in cash and cash equivalents | (0.2) | 0 |
Cash and cash equivalents at beginning of period | 0.3 | 0.3 |
Cash and cash equivalents at end of period | 0.1 | 0.3 |
Reportable Legal Entities | Subsidiary Issuer | ||
Statement of Cash Flows | ||
Net cash provided by (used in) operating activities | (44.9) | (36.3) |
Investing Activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of operating assets | 0 | 0 |
Advances to affiliates, net | (30.2) | (53.7) |
Net cash provided by (used in) investing activities | (30.2) | (53.7) |
Financing Activities: | ||
Proceeds from borrowings on revolving credit agreement | 0 | 0 |
Repayment of borrowings on revolving credit agreement | 0 | 0 |
Principal payment of finance lease obligation | 0 | 0 |
Advances from affiliates, net | 75.9 | 104.2 |
Distributions paid | 0 | 0 |
Net cash (used in) provided by financing activities | 75.9 | 104.2 |
(Decrease) increase in cash and cash equivalents | 0.8 | 14.2 |
Cash and cash equivalents at beginning of period | 1.6 | 4.6 |
Cash and cash equivalents at end of period | 2.4 | 18.8 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
Statement of Cash Flows | ||
Net cash provided by (used in) operating activities | 192.5 | 174.1 |
Investing Activities: | ||
Capital expenditures | (74) | (110.9) |
Proceeds from sale of operating assets | 0.1 | 0.5 |
Advances to affiliates, net | (82.5) | (115.7) |
Net cash provided by (used in) investing activities | (156.4) | (226.1) |
Financing Activities: | ||
Proceeds from borrowings on revolving credit agreement | 125 | 145 |
Repayment of borrowings on revolving credit agreement | (180) | (145) |
Principal payment of finance lease obligation | (0.2) | (0.1) |
Advances from affiliates, net | 30.2 | 53.7 |
Distributions paid | 0 | 0 |
Net cash (used in) provided by financing activities | (25) | 53.6 |
(Decrease) increase in cash and cash equivalents | 11.1 | 1.6 |
Cash and cash equivalents at beginning of period | 1.7 | 12.7 |
Cash and cash equivalents at end of period | 12.8 | 14.3 |
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 | 106.1 | 157.9 |
Net cash provided by (used in) investing activities | 106.1 | 157.9 |
Financing Activities: | ||
Proceeds from borrowings on revolving credit agreement | 0 | 0 |
Repayment of borrowings on revolving credit agreement | 0 | 0 |
Principal payment of finance lease obligation | 0 | 0 |
Advances from affiliates, net | (106.1) | (157.9) |
Distributions paid | 0 | 0 |
Net cash (used in) provided by financing activities | (106.1) | (157.9) |
(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 |