Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 01-32665 | |
Entity Registrant Name | BOARDWALK PIPELINE PARTNERS, LP | |
Entity Incorporation, State | DE | |
Entity Tax Identification Number | 20-3265614 | |
Entity Address, Address Line One | 9 Greenway Plaza, Suite 2800 | |
Entity Address, City | Houston, | |
Entity Address, State | TX | |
Entity Address, Postal Zip Code | 77046 | |
City Area Code | (866) | |
Local Phone Number | 913-2122 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001336047 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 0 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 375.6 | $ 39.1 |
Receivables: | ||
Trade, net | 126.5 | 126.2 |
Other | 25.1 | 31.4 |
Gas transportation receivables | 16.9 | 8 |
Advances to affiliates | 2.7 | 0 |
Gas stored underground | 34.8 | 26.1 |
Prepayments | 16.2 | 21.4 |
Other current assets | 7 | 7.1 |
Total current assets | 604.8 | 259.3 |
Property, Plant and Equipment: | ||
Natural gas transmission and other plant | 12,344.8 | 12,248.6 |
Construction work in progress | 200.1 | 239.5 |
Property, plant and equipment, gross | 12,544.9 | 12,488.1 |
Less—accumulated depreciation and amortization | 4,037 | 3,947 |
Property, plant and equipment, net | 8,507.9 | 8,541.1 |
Other Assets: | ||
Goodwill | 237.4 | 237.4 |
Gas stored underground | 95.3 | 114 |
Other | 178.3 | 179.6 |
Total other assets | 511 | 531 |
Total Assets | 9,623.7 | 9,331.4 |
Payables: | ||
Trade | 38.8 | 31.1 |
Affiliates | 4.2 | 1.7 |
Other | 12.9 | 20.3 |
Gas transportation payables | 12.8 | 20 |
Accrued taxes, other | 41 | 65.8 |
Accrued interest | 41.7 | 32.7 |
Accrued payroll and employee benefits | 21.6 | 37.4 |
Construction retainage | 14.4 | 16.6 |
Current portion of long-term debt | 300 | 0 |
Other current liabilities | 36.5 | 34.1 |
Total current liabilities | 523.9 | 259.7 |
Long-term debt and finance lease obligation | 3,230.5 | 3,334.5 |
Other Liabilities and Deferred Credits: | ||
Pension liability | 4.9 | 5.6 |
Asset retirement obligations | 62 | 61.5 |
Provision for other asset retirement | 89.3 | 88.2 |
Other | 118.3 | 112.8 |
Total other liabilities and deferred credits | 274.5 | 268.1 |
Commitments and Contingencies | ||
Partners' Capital: | ||
Partners' capital | 5,666.9 | 5,541.7 |
Accumulated other comprehensive loss | (72.1) | (72.6) |
Total partners' capital | 5,594.8 | 5,469.1 |
Total Liabilities and Partners' Capital | $ 9,623.7 | $ 9,331.4 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Revenues: | ||
Transportation | $ 325.6 | $ 317.2 |
Storage, parking and lending | 29.1 | 27.9 |
Other | 23.2 | 24.9 |
Total operating revenues | 377.9 | 370 |
Operating Costs and Expenses: | ||
Fuel and transportation | 5.3 | 9.4 |
Operation and maintenance | 46.9 | 48.4 |
Administrative and general | 37.5 | 34.8 |
Depreciation and amortization | 93.2 | 91 |
Gain on sale of assets | 0 | (0.1) |
Taxes other than income taxes | 29.9 | 30.7 |
Total operating costs and expenses | 212.8 | 214.2 |
Operating income | 165.1 | 155.8 |
Other Deductions (Income): | ||
Interest expense | 42.5 | 40.7 |
Miscellaneous other income, net | (2.8) | (2.6) |
Total other deductions | 39.7 | 38.1 |
Income before income taxes | 125.4 | 117.7 |
Income taxes | 0.2 | 0.2 |
Net income | $ 125.2 | $ 117.5 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 125.2 | $ 117.5 |
Other comprehensive income: | ||
Reclassification adjustment transferred to Net income from cash flow hedges | 0.4 | 0.2 |
Pension and other postretirement benefit costs, net of tax | 0.1 | 0.3 |
Total Comprehensive Income | $ 125.7 | $ 118 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities: | ||
Net income | $ 125.2 | $ 117.5 |
Adjustments to reconcile net income to cash provided by operations: | ||
Depreciation and amortization | 93.2 | 91 |
Amortization of deferred costs and other | 0.3 | 2.5 |
Gain on sale of assets | 0 | (0.1) |
Changes in operating assets and liabilities: | ||
Trade and other receivables | 6 | 7.4 |
Gas transportation receivables and storage assets | 2.2 | (13.2) |
Other assets | 4.8 | (0.7) |
Trade and other payables | 0.9 | 12.4 |
Other payables, affiliates | (0.2) | 0 |
Gas transportation payables | (5) | (1.6) |
Accrued liabilities | (30.7) | (29.3) |
Regulatory assets and liabilities | (1.8) | (3.4) |
Other liabilities | 6.2 | 5.4 |
Net cash provided by operating activities | 201.1 | 187.9 |
Investing Activities: | ||
Capital expenditures | (60.1) | (52.9) |
Proceeds from sale of operating assets | 0.7 | 0.2 |
Advances to affiliates | (2.7) | 0 |
Net cash used in investing activities | (62.1) | (52.7) |
Financing Activities: | ||
Proceeds from long-term debt, net of issuance cost | 495 | 0 |
Repayment of borrowings from long-term debt | 300 | 0 |
Proceeds from borrowings on revolving credit facility | 0 | 110 |
Repayment of borrowings on revolving credit facility | 0 | (230) |
Principal payment of finance lease obligation | (0.2) | (0.2) |
Advances from affiliates | 2.7 | (0.1) |
Net cash provided by (used in) financing activities | 197.5 | (120.3) |
Increase in cash and cash equivalents | 336.5 | 14.9 |
Cash and cash equivalents at beginning of period | 39.1 | 2.9 |
Cash and cash equivalents at end of period | $ 375.6 | $ 17.8 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (Unaudited) - USD ($) $ in Millions | Total | Accumulated Other Comprehensive (Loss) Income | Partners' Capital |
Beginning balance at Dec. 31, 2020 | $ 5,249.1 | $ (79.8) | $ 5,328.9 |
Add (deduct): | |||
Net income | 117.5 | 117.5 | |
Other comprehensive income, net of tax | 0.5 | 0.5 | |
Ending balance at Mar. 31, 2021 | 5,367.1 | (79.3) | 5,446.4 |
Beginning balance at Dec. 31, 2021 | 5,469.1 | (72.6) | 5,541.7 |
Add (deduct): | |||
Net income | 125.2 | 125.2 | |
Other comprehensive income, net of tax | 0.5 | 0.5 | |
Ending balance at Mar. 31, 2022 | $ 5,594.8 | $ (72.1) | $ 5,666.9 |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information (in millions): For the 2022 2021 Cash paid during the period for: Interest (net of amount capitalized) $ 31.0 $ 28.3 Non-cash adjustments: Accounts payable and property, plant and equipment 25.6 42.9 |
Supplemental Disclosure of Ca_2
Supplemental Disclosure of Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information (in millions): For the 2022 2021 Cash paid during the period for: Interest (net of amount capitalized) $ 31.0 $ 28.3 Non-cash adjustments: Accounts payable and property, plant and equipment 25.6 42.9 |
Supplemental Disclosure of Ca_3
Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash paid during the period for: | ||
Interest (net of amount capitalized) | $ 31 | $ 28.3 |
Non-cash adjustments: | ||
Accounts payable and property, plant and equipment | $ 25.6 | $ 42.9 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Boardwalk Pipeline Partners, LP (the Company) 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 pipeline and storage systems for natural gas and natural gas liquids and other hydrocarbons (herein referred to together as NGLs). As of March 31, 2022, Boardwalk Pipelines Holding Corp. (BPHC), a wholly owned subsidiary of Loews Corporation (Loews), owned directly or indirectly, 100% of the Company's capital. The accompanying unaudited condensed consolidated financial statements of the Company have been 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 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 Company's financial position as of March 31, 2022, and December 31, 2021, and its results of operations, comprehensive income, changes in cash flows and changes in partners' capital for the three months ended March 31, 2022 and 2021. Reference is made to the Notes to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (2021 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 Company's 2021 Annual Report on Form 10-K are the same policies that were used in preparing the accompanying unaudited condensed consolidated financial statements. Net income for interim periods may not necessarily be indicative of results for the full year. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | Revenues The Company operates in one reportable segment and contracts directly with end-use customers, including local distribution companies, electric power generators, exporters of liquefied natural gas and industrial users, with producers and marketers of natural gas, and with interstate and intrastate pipelines, who, in turn, provide transportation and storage services for end-users. The following table presents the Company's revenues disaggregated by type of service for the three months ended March 31, 2022 and 2021 (in millions): For the 2022 2021 Revenues from Contracts with Customers Firm Service (1) $ 350.2 $ 338.2 Interruptible Service 7.4 11.4 Other revenues 12.2 11.7 Total Revenues from Contracts with Customers 369.8 361.3 Other operating revenues (2) 8.1 8.7 Total Operating Revenues $ 377.9 $ 370.0 (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 Company and do not represent revenues earned from contracts with customers. Contract Balances As of March 31, 2022, and December 31, 2021, the Company had receivables recorded in Trade Receivables, net from contracts with customers of $126.5 million and $126.2 million, contract assets recorded in Other Assets from contracts with a customer of $2.5 million and $2.3 million, and contract liabilities recorded in Other Current Liabilities (current portion) and Other Liabilities (noncurrent portion) from contracts with customers of $20.4 million and $19.2 million. As of March 31, 2022, contract liabilities are expected to be recognized through 2040. Significant changes in the contract liability balances during the three months ended March 31, 2022, are as follows (in millions): Contract Liabilities Balance as of December 31, 2021 (1) $ 19.2 Revenues recognized that were included in the contract liability (1.0) Increases due to cash received, excluding amounts recognized as 2.2 Balance as of March 31, 2022 (1) $ 20.4 (1) As of March 31, 2022, and December 31, 2021, $4.0 million and $3.6 million were recorded in Other Current Liabilities (current portion), and $16.4 million and $15.6 million were recorded in Other Liabilities (noncurrent portion). Significant changes in the contract liability balances during the three months ended March 31, 2021, are as follows (in millions): Contract Liabilities Balance as of December 31, 2020 (1) $ 17.2 Revenues recognized that were included in the contract liability (1.3) Increases due to cash received, excluding amounts recognized as 1.5 Balance as of March 31, 2021 (1) $ 17.4 (1) As of March 31, 2021, and December 31, 2020, $4.3 million and $4.9 million were recorded in Other Current Liabilities (current portion) and $13.1 million and $12.3 million were recorded in Other Liabilities (noncurrent portion). 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, 2022. The amounts presented primarily consist of fixed fees or MVCs which are typically recognized over time as the performance obligation is satisfied, in accordance with firm service contracts. For the Company'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 Company 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; and (b) consideration in contracts that is recognized in revenue as invoiced, such as for interruptible services. 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 2022 (1) 2023 Thereafter Total Estimated revenues from contracts with customers from unsatisfied performance obligations as of March 31, 2022 $ 850.0 $ 1,055.0 $ 6,744.0 $ 8,649.0 Operating revenues which are fixed and 18.0 24.0 177.5 219.5 Total projected operating revenues under committed firm agreements as of March 31, 2022 $ 868.0 $ 1,079.0 $ 6,921.5 $ 8,868.5 (1) The 2022 period is for the nine months ending December 31, 2022. For the three months ended March 31, 2022, the Company recognized $328.5 million of fixed fee revenues for the fulfillment of performance obligations. |
Gas and Liquids Stored Undergro
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables | 3 Months Ended |
Mar. 31, 2022 | |
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 Company 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 Company in providing these services, the Company does not record the related gas on its Condensed Consolidated Balance Sheets. The operating subsidiaries of the Company 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, 2022, the amount of gas owed to the Company's operating subsidiaries due to gas imbalances and gas loaned under PAL and certain firm service agreements was approximately 29.7 trillion British thermal units (TBtu). Assuming an average market price during March 2022 of $4.74 per million British thermal unit (MMBtu), the market value of that gas was approximately $140.8 million. As of December 31, 2021, the amount of gas owed to the Company's operating subsidiaries due to gas imbalances and gas loaned under PAL and certain firm service agreements was approximately 7.4 TBtu. Assuming an average market price during December 2021 of $3.59 per MMBtu, the market value of that gas was approximately $26.6 million. As of March 31, 2022, and December 31, 2021, there were no outstanding NGL imbalances owed to the Company's operating subsidiaries. If any significant customer should have credit or financial problems resulting in a delay or failure to pay for services provided or repay the gas owed to the operating subsidiaries, it could have a material adverse effect on the Company's financial condition, results of operations or cash flows. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Financial Assets and Liabilities The methods and assumptions used in estimating the fair value amounts included in the disclosures for financial assets and liabilities are consistent with those disclosed in the 2021 Annual Report on Form 10-K. The carrying amounts and estimated fair values of the Company's financial assets and liabilities which were not recorded at fair value on the Condensed Consolidated Balance Sheets as of March 31, 2022, and December 31, 2021, were as follows (in millions): As of March 31, 2022 Estimated Fair Value Financial Assets Carrying Amount Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 375.6 $ 375.6 $ — $ — $ 375.6 Financial Liabilities Long-term debt $ 3,531.3 (1) $ — $ 3,607.7 $ — $ 3,607.7 (1) The carrying amount of long-term debt, of which $300.0 million of the outstanding principal amount is recorded in Current Liabilities , excludes a $5.1 million long-term finance lease obligation and $5.9 million of unamortized debt issuance costs. As of December 31, 2021 Estimated Fair Value Financial Assets Carrying Amount Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 39.1 $ 39.1 $ — $ — $ 39.1 Financial Liabilities Long-term debt $ 3,334.0 (1) $ — $ 3,631.5 $ — $ 3,631.5 (1) The carrying amount of long-term debt excludes a $5.3 million long-term finance lease obligation and $4.8 million of unamortized debt issuance costs. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings and Settlements The Company 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, including the legal actions identified below, will not have a material impact on the Company'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 Trial Court) against the following defendants: the Company, 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 Company 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 Trial 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 Purchase Right for a cash purchase price, as determined by the Company'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 Company's common units pursuant to the Purchase Right. On September 28, 2018, the Trial Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding, which, among other things, added Loews as a Defendant. The Defendants filed a motion to dismiss, which was heard by the Trial Court in July 2019. In October 2019, the Trial Court ruled on the motion and granted a partial dismissal, with certain aspects of the case proceeding to trial. A trial was held the week of February 22, 2021, and post-trial oral arguments were held on July 14, 2021. On November 12, 2021, the Trial Court issued a ruling in the case. The Trial Court held that Boardwalk GP breached the Limited Partnership Agreement and found that Boardwalk GP is liable to the Plaintiffs for approximately $690.0 million in damages, plus pre-judgment interest (approximately $166.0 million), post-judgment interest and attorneys' fees. The Trial Court's ruling and damages award is against Boardwalk GP, and not the Company or its subsidiaries. The Defendants believe that the Trial Court ruling includes factual and legal errors. Therefore, on January 3, 2022, the Defendants appealed the Trial Court's ruling to the Supreme Court of the State of Delaware (the Supreme Court). On January 17, 2022, the Plaintiffs filed a cross-appeal to the Supreme Court contesting the calculation of damages by the Trial Court. City of New Orleans Litigation Gulf South Pipeline Company, LLC (Gulf South), 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. In October 2020, this case was stayed pending the outcome of a consolidated appeal to the 5 th Circuit Court of Appeals in a similar case. On August 5, 2021, the 5th Circuit Court of Appeals ruled in favor of the oil-and-gas defendants in that consolidated appeal, finding that the two cases being appealed should be re-examined in federal district court since they involve operations that were federally overseen at the time. The ruling reverses a previous decision that allowed the cases to be heard in state court, which the plaintiffs had sought. As a result of the 5th Circuit Court of Appeals' decision, it is anticipated that this case will be reviewed in federal district court to determine whether the case should be heard in that court. Commitments for Construction The Company'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. As of March 31, 2022, the commitments were approximately $126.9 million, all of which are expected to be settled within the next twelve months. |
Financing
Financing | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Financing | Financing Notes and Debentures As of March 31, 2022, and December 31, 2021, the Company had principal amounts of notes and debentures outstanding of $3.6 billion and $3.4 billion, with weighted-average interest rates of 4.72% and 4.84%, of which $300.0 million of the outstanding principal amount is recorded in Current Liabilities . For the three months ended March 31, 2022, the Company completed the following debt issuance (in millions, except interest rates): Date of Issuing Subsidiary Amount of Purchaser Net Interest Maturity Date Interest February 2022 Boardwalk Pipelines $ 500.0 $ 5.0 $ 495.0 (1) 3.60 % September 1, 2032 March 1 and September 1 (1) The net proceeds of this offering were used to retire the outstanding $300.0 million aggregate principal amount of Gulf South 4.00% notes due June 2022 on March 21, 2022, to fund growth capital expenditures and for general partnership purposes. The indentures governing the notes and debentures have restrictive covenants which provide that, with certain exceptions, neither the Company 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 Company's debt obligations are unsecured. As of March 31, 2022, Boardwalk Pipelines and its operating subsidiaries were in compliance with their debt covenants. Revolving Credit Facility As of March 31, 2022, and December 31, 2021, the Company had no outstanding borrowings and all of the $1.0 billion available borrowing capacity under the revolving credit facility. The Company and its subsidiaries were in compliance with all covenant requirements under the revolving credit facility as of March 31, 2022. |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Employee Benefits Defined Benefit Retirement Plans (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, 2022 and 2021, were as follows (in millions): Retirement Plans PBOP For the For the 2022 2021 2022 2021 Service cost $ 0.6 $ 0.7 $ — $ — Interest cost 0.6 0.5 0.2 0.2 Expected return on plan assets (1.5) (1.6) (0.4) (0.6) Amortization of unrecognized net loss — 0.3 — — Settlement charge 0.7 0.4 — — Regulatory asset decrease 0.7 — — — Net periodic benefit cost $ 1.1 $ 0.3 $ (0.2) $ (0.4) During the three months ended March 31, 2022, the Company made $0.8 million in contributions to the defined benefit pension plan and expects to fund an additional $2.2 million in the remainder of 2022. Defined Contribution Plan Texas Gas Transmission, LLC employees hired on or after November 1, 2006, and all other employees of the Company are provided retirement benefits under a defined contribution plan, which also provides 401(k) plan benefits to its participants. Costs related to the Company's defined contribution plan were $3.1 million for each of the three months ended March 31, 2022 and 2021. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Loews provides a variety of corporate services to the Company under service agreements, including information technology, tax, risk management, internal audit and corporate development services and charges the Company for allocated overheads. The Company incurred charges related to these services of $0.9 million and $1.4 million for the three months ended March 31, 2022 and 2021, which were recorded in Administrative and General on the Condensed Consolidated Statements of Income. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy | The accompanying unaudited condensed consolidated financial statements of the Company have been 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 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 Company's financial position as of March 31, 2022, and December 31, 2021, and its results of operations, comprehensive income, changes in cash flows and changes in partners' capital for the three months ended March 31, 2022 and 2021. Reference is made to the Notes to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (2021 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 Company's 2021 Annual Report on Form 10-K are the same policies that were used in preparing the accompanying unaudited condensed consolidated financial statements. Net income for interim periods may not necessarily be indicative of results for the full year. |
Gas and Liquids Stored Underg_2
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Gas Balancing Arrangements [Abstract] | |
Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables, Policy | The operating subsidiaries of the Company 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 Company in providing these services, the Company does not record the related gas on its Condensed Consolidated Balance Sheets. |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company's revenues disaggregated by type of service for the three months ended March 31, 2022 and 2021 (in millions): For the 2022 2021 Revenues from Contracts with Customers Firm Service (1) $ 350.2 $ 338.2 Interruptible Service 7.4 11.4 Other revenues 12.2 11.7 Total Revenues from Contracts with Customers 369.8 361.3 Other operating revenues (2) 8.1 8.7 Total Operating Revenues $ 377.9 $ 370.0 (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 Company and do not represent revenues earned from contracts with customers. |
Contract Liabilities | Significant changes in the contract liability balances during the three months ended March 31, 2022, are as follows (in millions): Contract Liabilities Balance as of December 31, 2021 (1) $ 19.2 Revenues recognized that were included in the contract liability (1.0) Increases due to cash received, excluding amounts recognized as 2.2 Balance as of March 31, 2022 (1) $ 20.4 (1) As of March 31, 2022, and December 31, 2021, $4.0 million and $3.6 million were recorded in Other Current Liabilities (current portion), and $16.4 million and $15.6 million were recorded in Other Liabilities (noncurrent portion). Significant changes in the contract liability balances during the three months ended March 31, 2021, are as follows (in millions): Contract Liabilities Balance as of December 31, 2020 (1) $ 17.2 Revenues recognized that were included in the contract liability (1.3) Increases due to cash received, excluding amounts recognized as 1.5 Balance as of March 31, 2021 (1) $ 17.4 (1) As of March 31, 2021, and December 31, 2020, $4.3 million and $4.9 million were recorded in Other Current Liabilities (current portion) and $13.1 million and $12.3 million were recorded in Other Liabilities (noncurrent portion). |
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, 2022. The amounts presented primarily consist of fixed fees or MVCs which are typically recognized over time as the performance obligation is satisfied, in accordance with firm service contracts. For the Company'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 Company 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; and (b) consideration in contracts that is recognized in revenue as invoiced, such as for interruptible services. 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 2022 (1) 2023 Thereafter Total Estimated revenues from contracts with customers from unsatisfied performance obligations as of March 31, 2022 $ 850.0 $ 1,055.0 $ 6,744.0 $ 8,649.0 Operating revenues which are fixed and 18.0 24.0 177.5 219.5 Total projected operating revenues under committed firm agreements as of March 31, 2022 $ 868.0 $ 1,079.0 $ 6,921.5 $ 8,868.5 (1) The 2022 period is for the nine months ending December 31, 2022. For the three months ended March 31, 2022, the Company recognized $328.5 million of fixed fee revenues for the fulfillment of performance obligations. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The carrying amounts and estimated fair values of the Company's financial assets and liabilities which were not recorded at fair value on the Condensed Consolidated Balance Sheets as of March 31, 2022, and December 31, 2021, were as follows (in millions): As of March 31, 2022 Estimated Fair Value Financial Assets Carrying Amount Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 375.6 $ 375.6 $ — $ — $ 375.6 Financial Liabilities Long-term debt $ 3,531.3 (1) $ — $ 3,607.7 $ — $ 3,607.7 (1) The carrying amount of long-term debt, of which $300.0 million of the outstanding principal amount is recorded in Current Liabilities , excludes a $5.1 million long-term finance lease obligation and $5.9 million of unamortized debt issuance costs. As of December 31, 2021 Estimated Fair Value Financial Assets Carrying Amount Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 39.1 $ 39.1 $ — $ — $ 39.1 Financial Liabilities Long-term debt $ 3,334.0 (1) $ — $ 3,631.5 $ — $ 3,631.5 (1) The carrying amount of long-term debt excludes a $5.3 million long-term finance lease obligation and $4.8 million of unamortized debt issuance costs. |
Financing (Tables)
Financing (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | For the three months ended March 31, 2022, the Company completed the following debt issuance (in millions, except interest rates): Date of Issuing Subsidiary Amount of Purchaser Net Interest Maturity Date Interest February 2022 Boardwalk Pipelines $ 500.0 $ 5.0 $ 495.0 (1) 3.60 % September 1, 2032 March 1 and September 1 (1) The net proceeds of this offering were used to retire the outstanding $300.0 million aggregate principal amount of Gulf South 4.00% notes due June 2022 on March 21, 2022, to fund growth capital expenditures and for general partnership purposes. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 and 2021, were as follows (in millions): Retirement Plans PBOP For the For the 2022 2021 2022 2021 Service cost $ 0.6 $ 0.7 $ — $ — Interest cost 0.6 0.5 0.2 0.2 Expected return on plan assets (1.5) (1.6) (0.4) (0.6) Amortization of unrecognized net loss — 0.3 — — Settlement charge 0.7 0.4 — — Regulatory asset decrease 0.7 — — — Net periodic benefit cost $ 1.1 $ 0.3 $ (0.2) $ (0.4) |
Basis of Presentation (Details)
Basis of Presentation (Details) | Mar. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Percent of Company's Capital Directly and Indirectly Owned by Holding Company | 100.00% |
Revenues Disaggregation of Reve
Revenues Disaggregation of Revenue (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($)segments | Mar. 31, 2021USD ($) | ||
Disaggregation of Revenue [Line Items] | |||
Number of Reportable Segments (in ones) | segments | 1 | ||
Revenues from Contracts with Customers | $ 369.8 | $ 361.3 | |
Other operating revenues | [1] | 8.1 | 8.7 |
Total operating revenues | 377.9 | 370 | |
Firm Service | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | [2] | 350.2 | 338.2 |
Interruptible Service | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | 7.4 | 11.4 | |
Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from Contracts with Customers | $ 12.2 | $ 11.7 | |
[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 Company 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, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Revenue from Contract with Customer [Abstract] | ||||||
Trade Receivables, net | $ 126.5 | $ 126.2 | ||||
Contracts with Customers, Asset, Gross, Noncurrent | 2.5 | 2.3 | ||||
Contract Liability Beginning Balance | 19.2 | [1] | $ 17.2 | [2] | ||
Revenues recognized that were included in the contract liability balances at the beginning of the period | (1) | (1.3) | ||||
Increases due to cash received, excluding amounts recognized as revenues during the period | 2.2 | 1.5 | ||||
Contract Liability Ending Balance | 20.4 | [1] | 17.4 | [2] | ||
Contract with Customer, Liability, Current | 4 | 4.3 | 3.6 | $ 4.9 | ||
Contract with Customer, Liability, Noncurrent | $ 16.4 | $ 13.1 | $ 15.6 | $ 12.3 | ||
[1] | As of March 31, 2022, and December 31, 2021, $4.0 million and $3.6 million were recorded in Other Current Liabilities (current portion), and $16.4 million and $15.6 million were recorded in Other Liabilities (noncurrent portion). | |||||
[2] | As of March 31, 2021, and December 31, 2020, $4.3 million and $4.9 million were recorded in Other Current Liabilities (current portion) and $13.1 million and $12.3 million were recorded in Other Liabilities (noncurrent portion). |
Revenues Performance Obligation
Revenues Performance Obligations (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($) | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Fixed Fee Revenues Recognized | $ 328.5 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months | [1] |
Estimated revenues from contracts with customers from unsatisfied performance obligations as of March 31, 2022 | $ 850 | [1] |
Operating revenues which are fixed and determinable (operating leases) | 18 | [1] |
Total projected operating revenues under committed firm agreements as of March 31, 2022 | $ 868 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
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, 2022 | $ 1,055 | |
Operating revenues which are fixed and determinable (operating leases) | 24 | |
Total projected operating revenues under committed firm agreements as of March 31, 2022 | $ 1,079 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 20 years | |
Estimated revenues from contracts with customers from unsatisfied performance obligations as of March 31, 2022 | $ 6,744 | |
Operating revenues which are fixed and determinable (operating leases) | 177.5 | |
Total projected operating revenues under committed firm agreements as of March 31, 2022 | 6,921.5 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Estimated revenues from contracts with customers from unsatisfied performance obligations as of March 31, 2022 | 8,649 | |
Operating revenues which are fixed and determinable (operating leases) | 219.5 | |
Total projected operating revenues under committed firm agreements as of March 31, 2022 | $ 8,868.5 | |
[1] | The 2022 period is for the nine months ending December 31, 2022. For the three months ended March 31, 2022, the Company recognized $328.5 million of fixed fee revenues for the fulfillment of performance obligations. |
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, 2022USD ($)$ / MMBTUMMBTUMMBbls | Dec. 31, 2021USD ($)$ / MMBTUMMBTUMMBbls |
Gas Balancing Arrangements [Abstract] | ||
Gas Balancing Measurement (in MMBtu) | MMBTU | 29.7 | 7.4 |
Average Market Price of Gas Assumed | $ / MMBTU | 4.74 | 3.59 |
Gas Imbalance to Subsidiaries Asset Liability | $ | $ 140.8 | $ 26.6 |
Natural Gas Liquids Balancing Volume (in MMbbls) | MMBbls | 0 | 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and Cash Equivalents, Fair Value | $ 375.6 | $ 39.1 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Debt Instrument, Fair Value Disclosure | 3,607.7 | 3,631.5 | ||
Current portion of long-term debt | 300 | 0 | ||
Finance Lease, Liability, Noncurrent | 5.1 | 5.3 | ||
Unamortized debt issuance costs | 5.9 | 4.8 | ||
Carrying Amount | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and Cash Equivalents, Fair Value | 375.6 | 39.1 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Debt Instrument, Fair Value Disclosure | 3,531.3 | [1] | 3,334 | [2] |
Fair Value | Fair Value, Inputs, Level 1 | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and Cash Equivalents, Fair Value | 375.6 | 39.1 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Debt Instrument, Fair Value Disclosure | 0 | 0 | ||
Fair Value | Fair Value, Inputs, Level 2 | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and Cash Equivalents, Fair Value | 0 | 0 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Debt Instrument, Fair Value Disclosure | 3,607.7 | 3,631.5 | ||
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, of which $300.0 million of the outstanding principal amount is recorded in Current Liabilities , excludes a $5.1 million long-term finance lease obligation and $5.9 million of unamortized debt issuance costs. | |||
[2] | The carrying amount of long-term debt excludes a $5.3 million long-term finance lease obligation and $4.8 million of unamortized debt issuance costs. |
Commitments and Contingencies L
Commitments and Contingencies Legal Proceedings (Details) - Boardwalk GP, LP $ in Millions | Nov. 12, 2021USD ($) |
Legal damages awarded to other party (approximately) | $ 690 |
Pre-judgment interest awarded to other party (approximately) | $ 166 |
Commitments and Contingencies C
Commitments and Contingencies Commitments for Construction (Details) $ in Millions | Mar. 31, 2022USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 126.9 |
Financing - Debt (Details)
Financing - Debt (Details) - USD ($) $ in Millions | Mar. 21, 2022 | Feb. 28, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||||
Current portion of long-term debt | $ 300 | $ 0 | ||||
Repayment of borrowings from long-term debt | 300 | $ 0 | ||||
Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 3,600 | $ 3,400 | ||||
Debt, Weighted-Average Interest Rate | 4.72% | 4.84% | ||||
Current portion of long-term debt | $ 300 | |||||
Debt Instrument, Covenant Compliance | As of March 31, 2022, Boardwalk Pipelines and its operating subsidiaries were in compliance with their debt covenants. | |||||
Unsecured Debt | Boardwalk Pipelines 3.60% Notes Due 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Issuance Date | Feb. 28, 2022 | |||||
Debt Instrument, Face Amount | $ 500 | |||||
Payments of Debt Issuance Costs | 5 | |||||
Proceeds from Debt, Net of Issuance Costs | [1] | $ 495 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | |||||
Debt Instrument, Maturity Date | Sep. 1, 2032 | |||||
Unsecured Debt | Gulf South 4.0% Notes Due 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||||
Repayment of borrowings from long-term debt | $ 300 | |||||
Line of Credit | ||||||
Line of Credit Facility [Abstract] | ||||||
Long-term Line of Credit | $ 0 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,000 | |||||
Line of Credit Facility, Covenant Compliance | The Company and its subsidiaries were in compliance with all covenant requirements under the revolving credit facility as of March 31, 2022. | |||||
Line of Credit | Amendment No. 3 Credit Agreement - 2021 | ||||||
Line of Credit Facility [Abstract] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 | |||||
[1] | The net proceeds of this offering were used to retire the outstanding $300.0 million aggregate principal amount of Gulf South 4.00% notes due June 2022 on March 21, 2022, to fund growth capital expenditures and for general partnership purposes. |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Defined Contribution Plan, Cost | $ 3.1 | $ 3.1 |
Retirement Plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 0.6 | 0.7 |
Interest cost | 0.6 | 0.5 |
Expected return on plan assets | (1.5) | (1.6) |
Amortization of unrecognized net loss | 0 | 0.3 |
Settlement charge | 0.7 | 0.4 |
Regulatory asset decrease | 0.7 | 0 |
Net periodic benefit cost | 1.1 | 0.3 |
PBOP | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 0 | 0 |
Interest cost | 0.2 | 0.2 |
Expected return on plan assets | (0.4) | (0.6) |
Amortization of unrecognized net loss | 0 | 0 |
Settlement charge | 0 | 0 |
Regulatory asset decrease | 0 | 0 |
Net periodic benefit cost | (0.2) | $ (0.4) |
Pension Plan | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0.8 | |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 2.2 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Related Party Transactions [Abstract] | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.9 | $ 1.4 |