Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 23, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | COLUMBIA PIPELINE PARTNERS LP/DE | |
Entity Central Index Key | 1420783 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Common Units [Member] | ||
Document Information [Line Items] | ||
Entity Units Outstanding | 53,833,107 | |
Subordinated Units [Member] | ||
Document Information [Line Items] | ||
Entity Units Outstanding | 46,811,398 |
Statements_of_Consolidated_and
Statements of Consolidated and Combined Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $7.20 | $0.50 |
Accounts receivable (less reserve of $0.3 and $0.3, respectively) | 125.1 | |
Accounts receivable-affiliated | 833.7 | |
Materials and supplies, at average cost | 25.2 | |
Exchange gas receivable | 28 | |
Regulatory assets | 7.7 | |
Deferred property taxes | 47.8 | |
Deferred income taxes | 0 | |
Prepayments and other | 11.6 | |
Total Current Assets | 1,086.30 | |
Investments and Other Assets | ||
Unconsolidated affiliates | 439.5 | |
Other investments | 5.6 | |
Total Investments and Other Assets | 445.1 | |
Property, Plant and Equipment | ||
Property, plant and equipment | 8,080.10 | |
Accumulated depreciation and amortization | -2,982.80 | |
Net Property, Plant and Equipment | 5,097.30 | |
Other Noncurrent Assets | ||
Regulatory assets | 127.5 | |
Goodwill | 1,975.50 | |
Postretirement and postemployment benefits assets | 113 | |
Deferred charges and other | 10.9 | |
Total Other Noncurrent Assets | 2,226.90 | |
Total Assets | 8,855.60 | |
Current Liabilities | ||
Current portion of long-term debt | 0 | |
Short-term borrowings-affiliated | 7 | |
Accounts payable | 43.9 | |
Accounts payable-affiliated | 41 | |
Customer deposits | 13.8 | |
Taxes accrued | 89.8 | |
Exchange gas payable | 27.3 | |
Deferred revenue | 22.4 | |
Regulatory liabilities | 9.6 | |
Legal and environmental | 0.2 | |
Accrued capital expenditures | 80.3 | |
Other accruals | 51.9 | |
Total Current Liabilities | 387.2 | |
Noncurrent Liabilities | ||
Long-term debt-affiliated | 630.9 | |
Deferred income taxes | 1 | |
Accrued liability for postretirement and postemployment benefits | 39.1 | |
Regulatory liabilities | 286.7 | |
Asset retirement obligations | 23.1 | 23.2 |
Other noncurrent liabilities | 84.7 | |
Total Noncurrent Liabilities | 1,065.50 | |
Liabilities | 1,452.70 | |
Equity and Partners' Capital | ||
Net parent investment | 0 | |
Accumulated other comprehensive loss | -4.2 | -16.7 |
Total Columbia Pipeline Partners LP partners' equity and capital | 1,240.20 | |
Noncontrolling Interest in Columbia OpCo | 6,162.70 | |
Total Equity and Partners' Capital | 7,402.90 | 4,171.30 |
Total Liabilities and Equity and Partners' Capital | 8,855.60 | |
Predecessor [Member] | ||
Current Assets | ||
Cash and cash equivalents | 0.5 | |
Accounts receivable (less reserve of $0.3 and $0.3, respectively) | 149.3 | |
Accounts receivable-affiliated | 153.8 | |
Materials and supplies, at average cost | 24.9 | |
Exchange gas receivable | 34.8 | |
Regulatory assets | 6.1 | |
Deferred property taxes | 48.9 | |
Deferred income taxes | 24.6 | |
Prepayments and other | 14.8 | |
Total Current Assets | 457.7 | |
Investments and Other Assets | ||
Unconsolidated affiliates | 444.3 | |
Other investments | 6.2 | |
Total Investments and Other Assets | 450.5 | |
Property, Plant and Equipment | ||
Property, plant and equipment | 7,931.60 | |
Accumulated depreciation and amortization | -2,971.40 | |
Net Property, Plant and Equipment | 4,960.20 | |
Other Noncurrent Assets | ||
Regulatory assets | 151.9 | |
Goodwill | 1,975.50 | |
Postretirement and postemployment benefits assets | 102.7 | |
Deferred charges and other | 9 | |
Total Other Noncurrent Assets | 2,239.10 | |
Total Assets | 8,107.50 | |
Current Liabilities | ||
Current portion of long-term debt | 115.9 | |
Short-term borrowings-affiliated | 247.3 | |
Accounts payable | 56.1 | |
Accounts payable-affiliated | 49.9 | |
Customer deposits | 13.4 | |
Taxes accrued | 106.9 | |
Exchange gas payable | 34.7 | |
Deferred revenue | 22.2 | |
Regulatory liabilities | 1.3 | |
Legal and environmental | 1.5 | |
Accrued capital expenditures | 61.1 | |
Other accruals | 67.4 | |
Total Current Liabilities | 777.7 | |
Noncurrent Liabilities | ||
Long-term debt-affiliated | 1,472.80 | |
Deferred income taxes | 1,239 | |
Accrued liability for postretirement and postemployment benefits | 44.7 | |
Regulatory liabilities | 294.3 | |
Asset retirement obligations | 23.2 | |
Other noncurrent liabilities | 84.5 | |
Total Noncurrent Liabilities | 3,158.50 | |
Liabilities | 3,936.20 | |
Equity and Partners' Capital | ||
Net parent investment | 4,188 | |
Accumulated other comprehensive loss | -16.7 | |
Total Columbia Pipeline Partners LP partners' equity and capital | 4,171.30 | |
Noncontrolling Interest in Columbia OpCo | 0 | |
Total Equity and Partners' Capital | 4,171.30 | |
Total Liabilities and Equity and Partners' Capital | 8,107.50 | |
Common Units [Member] | ||
Equity and Partners' Capital | ||
Limited Partners' Capital Account | 948.4 | |
Common Units [Member] | Predecessor [Member] | ||
Equity and Partners' Capital | ||
Limited Partners' Capital Account | 0 | |
Subordinated Units [Member] | ||
Equity and Partners' Capital | ||
Limited Partners' Capital Account | 296 | |
Subordinated Units [Member] | Predecessor [Member] | ||
Equity and Partners' Capital | ||
Limited Partners' Capital Account | $0 |
Statements_of_Consolidated_and1
Statements of Consolidated and Combined Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Accounts receivable less reserve | $0.30 | $0.10 |
Common Units [Member] | ||
Limited Partners' Capital Account, Units Issued | 53,833,107 | 0 |
Limited Partners' Capital Account, Units Outstanding | 53,833,107 | 0 |
Subordinated Units [Member] | ||
Limited Partners' Capital Account, Units Issued | 46,811,398 | 0 |
Limited Partners' Capital Account, Units Outstanding | 46,811,398 | 0 |
Recovered_Sheet1
Statements Of Consolidated and Combined Operations (USD $) | 2 Months Ended | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Revenues | |||
Transportation revenues | $247.90 | ||
Transportation revenues-affiliated | 28.7 | ||
Storage revenues | 36.6 | ||
Storage revenues-affiliated | 13.3 | ||
Other revenues | 12.7 | ||
Total Operating Revenues | 339.2 | ||
Operating Expenses | |||
Operation and maintenance | 110 | ||
Operation and maintenance-affiliated | 36.1 | ||
Depreciation and amortization | 32.3 | ||
Gain on sale of assets | -5.3 | ||
Property and other taxes | 19 | ||
Total Operating Expenses | 192.1 | ||
Equity Earnings in Unconsolidated Affiliates | 14.9 | ||
Operating Income | 162 | ||
Other Income (Deductions) | |||
Interest expense-affiliated | -11.4 | ||
Other, net | 4.3 | ||
Total Other Deductions, net | -7.1 | ||
Income before Income Taxes | 154.9 | ||
Income Taxes | 23.7 | ||
Net Income | 88.5 | 131.2 | |
Income (Loss) Attributable to Noncontrolling Interest | 75.2 | ||
Net Income (Loss) Allocated to Limited Partners | 13.3 | ||
Net income attributable to partners' ownership interest subsequent to IPO per limited partner unit (basic and diluted) | |||
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted, Net of Tax | $0.13 | ||
Weighted average limited partner units outstanding (basic and diluted) | |||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 100.6 | ||
Predecessor [Member] | |||
Operating Revenues | |||
Transportation revenues | 246.9 | ||
Transportation revenues-affiliated | 28.6 | ||
Storage revenues | 36.3 | ||
Storage revenues-affiliated | 13.7 | ||
Other revenues | 20 | ||
Total Operating Revenues | 345.5 | ||
Operating Expenses | |||
Operation and maintenance | 137.8 | ||
Operation and maintenance-affiliated | 28.3 | ||
Depreciation and amortization | 29.7 | ||
Gain on sale of assets | -17.5 | ||
Property and other taxes | 18.5 | ||
Total Operating Expenses | 196.8 | ||
Equity Earnings in Unconsolidated Affiliates | 9.8 | ||
Operating Income | 158.5 | ||
Other Income (Deductions) | |||
Interest expense-affiliated | -12.1 | ||
Other, net | 1.8 | ||
Total Other Deductions, net | -10.3 | ||
Income before Income Taxes | 148.2 | ||
Income Taxes | 55.7 | ||
Net Income | 92.5 | ||
Common Units [Member] | |||
Other Income (Deductions) | |||
Net Income (Loss) Allocated to Limited Partners | 7.1 | ||
Net income attributable to partners' ownership interest subsequent to IPO per limited partner unit (basic and diluted) | |||
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted, Net of Tax | $0.13 | ||
Weighted average limited partner units outstanding (basic and diluted) | |||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 53.8 | ||
Subordinated Units [Member] | |||
Other Income (Deductions) | |||
Net Income (Loss) Allocated to Limited Partners | $6.20 | ||
Net income attributable to partners' ownership interest subsequent to IPO per limited partner unit (basic and diluted) | |||
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted, Net of Tax | $0.13 | ||
Weighted average limited partner units outstanding (basic and diluted) | |||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 46.8 |
Statements_of_Consolidated_and2
Statements of Consolidated and Combined Comprehensive Income (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Net Income | $131.20 | |||
Net unrealized gain on cash flow hedges | 0.2 | [1] | ||
Other Comprehensive Income, Net of Tax and Transaction Adjustments | 0.2 | |||
Total other comprehensive income | 0.1 | 0.3 | ||
Total comprehensive income subsequent to IPO | 131.4 | |||
Less: Comprehensive income attributable to noncontrolling interest subsequent to IPO | 75.3 | |||
Comprehensive income attributable to limited partners subsequent to IPO | 13.3 | |||
Predecessor [Member] | ||||
Net Income | 92.5 | |||
Net unrealized gain on cash flow hedges | 0.3 | [1] | ||
Total other comprehensive income | 0.3 | |||
Total comprehensive income subsequent to IPO | $92.80 | |||
[1] | Net unrealized gains on derivatives qualifying as cash flow hedges, net of $0.1 million tax expense in the period prior to the IPO, and $0.2 million tax expense in the first quarter of 2014. |
Statements_of_Consolidated_and3
Statements of Consolidated and Combined Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $0.10 | |
Predecessor [Member] | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $0.20 |
Recovered_Sheet2
Statements Of Consolidated and Combined Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities | ||
Net Income | $131.20 | |
Adjustments to Reconcile Net Income to Net Cash from Continuing Operations: | ||
Depreciation and amortization | 32.3 | |
Deferred income taxes and investment tax credits | 10.5 | |
Deferred revenue | 5.3 | |
Equity-based compensation expense and 401(k) profit sharing contribution | 2 | |
Gain on sale of assets | -5.3 | |
Income from unconsolidated affiliates | -14.9 | |
Amortization of Financing Costs | 0.1 | |
AFUDC equity | -3.5 | |
Distributions of earnings received from equity investees | 18.3 | |
Changes in Assets and Liabilities: | ||
Accounts receivable | 12.2 | |
Accounts receivable-affiliated | 15.1 | |
Accounts payable | -15.6 | |
Accounts payable-affiliated | -15.1 | |
Customer deposits | 0.6 | |
Taxes accrued | 2.4 | |
Exchange gas receivable/payable | 0 | |
Other accruals | -7.8 | |
Prepayments and other current assets | 2.9 | |
Regulatory assets/liabilities | 11.8 | |
Postretirement and postemployment benefits | -7.7 | |
Deferred charges and other noncurrent assets | -1.9 | |
Other noncurrent liabilities | 0.8 | |
Net Cash Flows from Operating Activities | 173.7 | |
Investing Activities | ||
Capital expenditures | -163.9 | |
Changes in short-term lendings-affiliated | -699.6 | |
Proceeds from disposition of assets | 10.2 | |
Distributions from or contributions to equity investees | 1.3 | |
Other investing activities | -2.5 | |
Net Cash Flows used for Investing Activities | -854.5 | |
Financing Activities | ||
Change in short-term borrowings-affiliated | -240.4 | |
Payments of long-term debt-affiliated, including current portion | -957.8 | |
Proceeds from the issuance of common units, net of offering costs | 1,168.40 | |
Distribution of IPO proceeds to parent | -500 | |
Contribution of capital from parent | 1,217.30 | |
Net Cash Flows from (used for) Financing Activities | 687.5 | |
Change in cash and cash equivalents | 6.7 | |
Cash and cash equivalents at beginning of period | 0.5 | |
Cash and Cash Equivalents at End of Period | 7.2 | |
Predecessor [Member] | ||
Operating Activities | ||
Net Income | 92.5 | |
Adjustments to Reconcile Net Income to Net Cash from Continuing Operations: | ||
Depreciation and amortization | 29.7 | |
Deferred income taxes and investment tax credits | 28.9 | |
Deferred revenue | 0.8 | |
Equity-based compensation expense and 401(k) profit sharing contribution | 0.9 | |
Gain on sale of assets | -17.5 | |
Income from unconsolidated affiliates | -9.8 | |
Amortization of Financing Costs | 0 | |
AFUDC equity | -1.6 | |
Distributions of earnings received from equity investees | 7.6 | |
Changes in Assets and Liabilities: | ||
Accounts receivable | -5.2 | |
Accounts receivable-affiliated | 16.1 | |
Accounts payable | -2.8 | |
Accounts payable-affiliated | -10.1 | |
Customer deposits | 75.8 | |
Taxes accrued | -5.3 | |
Exchange gas receivable/payable | -0.2 | |
Other accruals | -4.7 | |
Prepayments and other current assets | 3.1 | |
Regulatory assets/liabilities | 11.3 | |
Postretirement and postemployment benefits | -7.1 | |
Deferred charges and other noncurrent assets | -0.3 | |
Other noncurrent liabilities | 0.4 | |
Net Cash Flows from Operating Activities | 202.5 | |
Investing Activities | ||
Capital expenditures | -133.4 | |
Changes in short-term lendings-affiliated | -1.3 | |
Proceeds from disposition of assets | 4.9 | |
Distributions from or contributions to equity investees | -31 | |
Other investing activities | -1.9 | |
Net Cash Flows used for Investing Activities | -162.7 | |
Financing Activities | ||
Change in short-term borrowings-affiliated | -39.9 | |
Payments of long-term debt-affiliated, including current portion | 0 | |
Proceeds from the issuance of common units, net of offering costs | 0 | |
Distribution of IPO proceeds to parent | 0 | |
Contribution of capital from parent | 0 | |
Net Cash Flows from (used for) Financing Activities | -39.9 | |
Change in cash and cash equivalents | -0.1 | |
Cash and cash equivalents at beginning of period | 0.3 | |
Cash and Cash Equivalents at End of Period | $0.20 |
Recovered_Sheet3
Statements Of Consolidated and Combined Equity and Partners' Capital (USD $) | Total | Limited Partner [Member] | Noncontrolling Interest [Member] | Accumulated Other Comprehensive Income (Loss) | Common Units [Member] | Subordinated Units [Member] | Predecessor [Member] | Predecessor [Member] | |
In Millions | Limited Partner [Member] | Limited Partner [Member] | Parent [Member] | ||||||
Beginning Balance at Dec. 31, 2014 | $4,171.30 | $0 | ($16.70) | $0 | $0 | $4,171.30 | $4,188 | ||
Net Income | 42.7 | 0 | 0 | 0 | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax | 0.1 | 0 | 0.1 | 0 | 0 | 0 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 42.8 | ||||||||
Contribution of capital from parent | 1,217.30 | 0 | 0 | 0 | 0 | 1,217.30 | |||
Predecessor net tax liabilities not assumed by Columbia OpCo(1) | [1] | 1,222.20 | 0 | -10.3 | 0 | 0 | 1,232.50 | ||
Contributed/Noncontributed Net Parent Investment Adjustments | [2] | -7.7 | 0 | 0 | 0 | 0 | -7.7 | ||
Ending Balance at Feb. 11, 2015 | 6,645.90 | 0 | -26.9 | 0 | 0 | 6,672.80 | |||
Beginning Balance at Dec. 31, 2014 | 4,171.30 | -16.7 | 4,171.30 | ||||||
Net Income | 131.2 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 0.1 | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 131.4 | ||||||||
Predecessor net tax liabilities not assumed by Columbia OpCo(1) | [3] | -10.3 | |||||||
Allocation of Accumulated Other Comprehensive Loss To Noncontrolling Interest | 22.7 | ||||||||
Ending Balance at Mar. 31, 2015 | 7,402.90 | -4.2 | |||||||
Beginning Balance at Feb. 11, 2015 | 6,645.90 | 0 | -26.9 | 0 | 0 | 6,672.80 | |||
Net Income | 88.5 | 75.2 | 0 | 7.1 | 6.2 | 0 | |||
Other Comprehensive Income (Loss), Net of Tax | 0.1 | 0.1 | 0 | 0 | 0 | 0 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 88.6 | ||||||||
Allocation of Net Investment to Unitholders | 0 | 6,185.70 | 0 | 0 | 487.1 | -6,672.80 | |||
Allocation of Accumulated Other Comprehensive Loss To Noncontrolling Interest | 0 | -22.7 | 22.7 | 0 | 0 | 0 | |||
Net proceeds from IPO | 1,168.40 | 1,168.40 | 0 | 0 | 0 | 0 | |||
Purchase of additional interest in Columbia OpCo(3) | [4] | 0 | 424.4 | 0 | -227.1 | -197.3 | 0 | ||
Distribution to the noncontrolling interest in Columbia OpCo | -500 | -500 | 0 | 0 | 0 | 0 | |||
Ending Balance at Mar. 31, 2015 | $7,402.90 | $6,162.70 | ($4.20) | $948.40 | $296 | $0 | |||
[1] | Reflects the non-cash elimination of all historical current and deferred income taxes other than Tennessee state income taxes that continue to be borne by the Partnership post-IPO, as well as associated regulatory assets and liabilities. | ||||||||
[2] | Reflects the removal of amounts related to Crossroads Pipeline Company, Columbia Pipeline Group Services Company, Central Kentucky Transmission Company and 1% of the 50% interest in Hardy Storage that were included in the Predecessor but were not contributed to the Partnership, as well as the inclusion of CNS Microwave, which was not part of the Predecessor. | ||||||||
[3] | Reflects the non-cash elimination of all historical current and deferred income taxes other than Tennessee state income taxes that will continue to be borne by the Partnership post-IPO. | ||||||||
[4] | Represents the purchase of an additional 8.4% limited partner interest in Columbia OpCo, recorded at the historical carrying value of Columbia OpCobs net assets after giving effect to the $1,168.4 million equity contribution. |
Recovered_Sheet4
Statements Of Consolidated and Combined Equity and Partners' Capital Statement of Consolidated and Combined Equity and Partners' Capital (Parenthetical) (USD $) | 2 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Net proceeds from IPO | $1,168.40 |
Limited Partner [Member] | |
Net proceeds from IPO | $1,168.40 |
Columbia OpCo | |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest Additional Ownership Interest | 8.40% |
Hardy Storage [Member] | |
Equity Method Investment, Percent Not Contributed to Partnership | 1.00% |
Equity Method Investment, Ownership Percentage | 50.00% |
Basis_of_Accounting_Presentati
Basis of Accounting Presentation | 3 Months Ended | |
Mar. 31, 2015 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Basis of Accounting Presentation | Basis of Accounting Presentation | |
Formed in Delaware on December 5, 2007, Columbia Pipeline Partners LP (the "Partnership") is a subsidiary of NiSource Inc. (“NiSource”). NiSource is a Delaware corporation and holding company whose subsidiaries provide natural gas, electricity and other products and services to approximately 3.8 million customers located within a corridor that runs from the Gulf Coast through the Midwest to New England. Columbia Pipeline Partners LP Predecessor (the “Predecessor”) is comprised of NiSource’s Columbia Pipeline Group Operations reportable segment. | ||
The Partnership is engaged in regulated interstate gas transportation and storage services for LDCs, marketers and industrial and commercial customers located in northeastern, mid-Atlantic, midwestern and southern states and the District of Columbia along with unregulated businesses that include midstream services, including gathering, treating, conditioning, processing, compression and liquids handling, and development of mineral rights positions. The regulated services are performed under tariffs at rates subject to FERC approval. | ||
Concurrent with the completed IPO, NiSource contributed substantially all of the assets and operations of the Predecessor to Columbia OpCo, a Delaware limited partnership formed by CEG, a wholly owned subsidiary of NiSource and CPG OpCo GP LLC (“OpCo GP”), a wholly owned subsidiary of the Partnership. The contribution is considered to be a reorganization of entities under common control. Subsequent to the IPO, the Partnership owns a 15.7% limited partner interest in Columbia OpCo and CEG owns the remaining 84.3% limited partner interest. CPP GP LLC (“MLP GP”), a wholly owned subsidiary of CEG, serves as the general partner of the Partnership. OpCo GP serves as the general partner for Columbia OpCo. Columbia Pipeline Group Services Company provides services to the Partnership pursuant to an omnibus agreement. MLP GP, the Partnership, Columbia OpCo and OpCo GP have all adopted a fiscal year end of December 31. Through our ownership of Columbia OpCo’s general partner, we control all of Columbia OpCo’s assets and operations. As a result, we consolidate Columbia OpCo and CEG's retained interest of 84.3% is recorded as noncontrolling interest in the Partnership's consolidated financial statements. | ||
For periods subsequent to the closing of the IPO, the financial statements included in this quarterly report are the financial statements and accounting records of the Partnership. For periods prior to the closing of the IPO, the financial statements included in this quarterly report are the financial statements and accounting records of the Predecessor. The consolidated and combined financial statements were prepared as follows: | ||
• | The Condensed Consolidated and Combined Balance Sheets (unaudited) as of March 31, 2015 consists of the consolidated balance sheet of the Partnership, while the combined balance sheet as of December 31, 2014 consists of the Predecessor. | |
• | The Condensed Statement of Consolidated and Combined Operations (unaudited) for the three months ended March 31, 2015 consists of consolidated results of the Partnership for the period from February 11, 2015 through March 31, 2015 and the combined results of the Predecessor for the period from January 1, 2015 through February 10, 2015 and for the three months ended March 31, 2014. | |
• | The Condensed Statement of Consolidated and Combined Comprehensive Income (unaudited) for the three months ended March 31, 2015 consists of consolidated results of the Partnership for the period from February 11, 2015 through March 31, 2015 and the combined results of the Predecessor for the period from January 1, 2015 through February 10, 2015 and for the three months ended March 31, 2014. | |
• | The Condensed Statement of Consolidated and Combined Cash Flows (unaudited) for the three months ended March 31, 2015 consists of consolidated cash flows of the Partnership for the period from February 11, 2015 through March 31, 2015 and the combined cash flows of the Predecessor for the period from January 1, 2015 through February 10, 2015 and for the three months ended March 31, 2014. | |
• | The Condensed Statement of Consolidated and Combined Equity and Partners' Capital (unaudited) for the three months ended March 31, 2015 consists of consolidated activity of the Partnership for the period from February 11, 2015 through March 31, 2015 and the combined activity of the Predecessor for the period from January 1, 2015 through February 10, 2015 and for the three months ended March 31, 2014. | |
The Condensed Consolidated and Combined Financial Statements (unaudited) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Partnership believes that the disclosures made are adequate to make the information not misleading. These financial statements should be read in conjunction with the Predecessor’s combined financial statements included in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2014 (the "2014 Form 10-K"). These financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the Partnership’s results of operations and financial position in accordance with GAAP in the United States of America. Amounts reported in the Condensed Statement of Consolidated and Combined Operations (unaudited) are not necessarily indicative of amounts expected for the respective annual periods. | ||
On September 26, 2014, the NiSource board of directors approved in principle the spin-off of CPG through a distribution to NiSource stockholders of all of the outstanding common stock of CPG. The spin-off is expected to occur on July 1, 2015, subject to the satisfaction of various conditions. There is no assurance that the spin-off will in fact occur. In the event the spin-off does occur, CPG will continue to indirectly own MLP GP, our general partner, 84.3% of the limited partner interests in Columbia OpCo and the limited partnership interests in us that are not owned by the public. Even if the spin-off is not consummated, we expect our future involvement with NiSource will be principally conducted through CEG, our sponsor. |
Initial_Public_Offering_Initia
Initial Public Offering Initial Public Offering | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Equity [Abstract] | ||||
Initial Public Offering | Initial Public Offering | |||
On February 6, 2015, the Partnership's common units began trading on the New York Stock Exchange under the ticker symbol "CPPL." On February 11, 2015 the Partnership completed its offering of 53,833,107 common units at a price to the public of $23.00 per unit, including 7,021,709 common units that were issued pursuant to the exercise in full of the underwriters' over-allotment option. The Partnership received net proceeds of $1,168.4 million from the offering. At or prior to the closing of the offering the following transactions occurred: | ||||
• | CEG contributed $1.2 billion of capital to certain subsidiaries of the Predecessor to repay intercompany debt owed to NiSource Finance. CEG entered into new intercompany debt agreements with NiSource Finance for $1.2 billion; | |||
• | CEG contributed substantially all of the subsidiaries in the Predecessor to Columbia OpCo; | |||
• | CEG assumed responsibility for all historical current and deferred income taxes other than Tennessee state income taxes that continue to be borne by the Partnership post-IPO, as well as associated regulatory assets and liabilities; | |||
• | CEG contributed a 7.3% limited partner interest in Columbia OpCo in exchange for 46,811,398 subordinated units in the Partnership and all of the Partnership's incentive distribution rights; | |||
• | the Partnership purchased from Columbia OpCo an additional 8.4% limited partner interest in exchange for $1,168.4 million from the net proceeds of the IPO, net of underwriting discounts, structuring fees and offering expenses of approximately $69.8 million, resulting in the Partnership owning a 15.7% limited partner interest in Columbia OpCo; | |||
The table below summarizes the effects of the changes in the Partnership's ownership interest in Columbia OpCo on the Partnership's equity: | ||||
Three Months Ended | ||||
March 31, | ||||
(in millions) | 2015 | |||
Net income attributable to the Partnership | $ | 13.3 | ||
Decrease in partnership equity for the purchase of an additional 8.4 percent interest in Columbia OpCo | (424.4 | ) | ||
Change from net income attributable to the Partnership and transfers to noncontrolling interest | $ | (411.1 | ) | |
• | Columbia OpCo distributed $500.0 million to CEG as a reimbursement of preformation capital expenditures with respect to the assets contributed to Columbia OpCo. | |||
The Partnership entered into an omnibus agreement with CEG and its affiliates at the closing of the offering that addresses (1) centralized corporate, general and administrative services to be provided by CEG for the Partnership and the reimbursement by the Partnership for the Partnership's portion of these services, (2) the Partnership's right of first offer for CEG's 84.3% interest in Columbia OpCo, (3) the indemnification of the Partnership for certain potential environmental and toxic tort claims losses and expenses associated with the operation of the assets and occurring before the closing date of the IPO and (4) Columbia OpCo's requirement to guarantee future indebtedness that CPG incurs. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. ASU 2015-05 clarifies guidance on determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software. The Partnership is required to adopt ASU 2015-05 for periods beginning after December 15, 2015, including interim periods, and the guidance is permitted to be applied either (1) prospectively to all agreements entered into or materially modified after the effective date or (2) retrospectively, with early adoption permitted. The Partnership is currently evaluating the impact the adoption of ASU 2015-05 will have on the Condensed Consolidated and Combined Financial Statements (unaudited) or Notes to Condensed Consolidated and Combined Financial Statements (unaudited). | |
In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 changes the way entities present debt issuance costs in financial statements by presenting issuance costs on the balance sheet as a direct deduction from the related liability rather than as a deferred charge. Amortization of these costs will continue to be reported as interest expense. The Partnership is required to adopt ASU 2015-03 for periods beginning after December 15, 2015, including interim periods, and the guidance is to be applied retrospectively with early adoption permitted. The Partnership is currently evaluating the impact the adoption of ASU 2015-03 will have on the Condensed Consolidated and Combined Financial Statements (unaudited) or Notes to Condensed Consolidated and Combined Financial Statements (unaudited). | |
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 amends consolidation guidance by including changes to the variable and voting interest models used by entities to evaluate whether an entity should be consolidated. The Partnership is required to adopt ASU 2015-02 for periods beginning after December 15, 2015, including interim periods, and the guidance is to be applied retrospectively or using a modified retrospective approach, with early adoption permitted. The Partnership is currently evaluating the impact the adoption of ASU 2015-02 will have on the Condensed Consolidated and Combined Financial Statements (unaudited) or Notes to Condensed Consolidated and Combined Financial Statements (unaudited). |
Net_Income_Per_Limited_Partner
Net Income Per Limited Partner Unit | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Net Income Per Limited Partner Unit [Abstract] | ||||||||||||||||
Net Income Per Limited Partner Unit | Net Income Per Limited Partner Unit | |||||||||||||||
Net income per unit applicable to common limited partner units and to subordinated limited partner units is computed by dividing the respective limited partners’ interest in net income for the period subsequent to the IPO by the weighted-average number of common units and subordinated units outstanding for the period. Because the Partnership has more than one class of participating securities, it uses the two-class method when calculating the net income per unit applicable to limited partners. The classes of participating securities include common units, subordinated units and incentive distribution rights. Basic and diluted net income per unit are the same because the Partnership does not have any potentially dilutive units outstanding for the periods presented. | ||||||||||||||||
Pursuant to our cash distribution policy, within 60 days after the end of each quarter, we intend to distribute to the holders of common and subordinated units on a quarterly basis at least the minimum quarterly distribution of $0.1675 per unit, or $0.67 on an annualized basis, to the extent we have sufficient cash after establishment of cash reserves and payment of fees and expenses, including payments to our general partner and its affiliates. We will prorate the distribution from February 11, 2015, the date of our IPO, through March 31, 2015. | ||||||||||||||||
On April 29, 2015, the board of directors of MLP GP, the Partnership's general partner, declared an initial prorated quarterly cash distribution for the period February 11, 2015, through March 31, 2015, of $0.0912 per unit, or $9.2 million in total. This distribution is payable on May 20, 2015, to unit holders of record as of May 13, 2015. | ||||||||||||||||
The calculation of net income per unit is as follows: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
(in millions) | 2015 | |||||||||||||||
Net income attributable to limited partners subsequent to IPO | $ | 13.3 | ||||||||||||||
Less: | ||||||||||||||||
Limited partners' distribution declared on common units | — | |||||||||||||||
Limited partners' distribution declared on subordinated units | — | |||||||||||||||
Distribution declared on incentive distribution rights | — | |||||||||||||||
Net income subsequent to the IPO in excess of distribution | $ | 13.3 | ||||||||||||||
Three Months Ended March 31, 2015 (in millions, except per unit data) | Limited Partners' Common Units | Limited Partners' Subordinated Units | Incentive Distribution Rights | Total | ||||||||||||
Net income attributable to limited partners subsequent to IPO | ||||||||||||||||
Distribution declared | $ | — | $ | — | $ | — | $ | — | ||||||||
Net income subsequent to the IPO in excess of distribution | 7.1 | 6.2 | — | 13.3 | ||||||||||||
Net income attributable to limited partners subsequent to IPO | $ | 7.1 | $ | 6.2 | $ | — | $ | 13.3 | ||||||||
Weighted average limited partner units outstanding | ||||||||||||||||
Basic and diluted | 53.8 | 46.8 | — | 100.6 | ||||||||||||
Net income attributable to partners' ownership interest subsequent to IPO per limited partner unit | ||||||||||||||||
Basic and diluted | $ | 0.13 | $ | 0.13 | $ | — | $ | 0.13 | ||||||||
Transactions_With_Affiliates
Transactions With Affiliates | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||
Transactions With Affiliates | Transactions with Affiliates | |||||||||||||
In the normal course of business, the Partnership engages in transactions with subsidiaries of NiSource. Transactions with affiliates are summarized in the tables below: | ||||||||||||||
Statement of Operations. | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(in millions) | 2015 | 2014 | ||||||||||||
Predecessor | ||||||||||||||
Transportation revenues | $ | 28.7 | $ | 28.6 | ||||||||||
Storage revenues | 13.3 | 13.7 | ||||||||||||
Other revenues | 0.1 | 0.1 | ||||||||||||
Operation and maintenance expense | 36.1 | 28.3 | ||||||||||||
Interest expense | 11.4 | 12.1 | ||||||||||||
Interest income | 1 | 0.1 | ||||||||||||
Balance Sheet. | ||||||||||||||
(in millions) | March 31, 2015 | December 31, 2014 | ||||||||||||
Predecessor | ||||||||||||||
Accounts receivable | $ | 833.7 | $ | 153.8 | ||||||||||
Current portion of long term debt- affiliated | — | 115.9 | ||||||||||||
Short-term borrowings | 7 | 247.3 | ||||||||||||
Accounts payable | 41 | 49.9 | ||||||||||||
Long-term debt | 630.9 | 1,472.80 | ||||||||||||
Transportation, Storage and Other Revenues. The Partnership provides natural gas transportation, storage and other services to subsidiaries of NiSource. Prior to the IPO, the Predecessor provided similar services to subsidiaries of NiSource. | ||||||||||||||
Operation and Maintenance Expense. The Partnership receives executive, financial, legal, information technology and other administrative and general services from NiSource Corporate Services and Columbia Pipeline Group Services Company. Prior to the IPO, the Predecessor received similar services from NiSource Corporate Services. Expenses incurred as a result of these services consist of employee compensation and benefits, outside services and other expenses. The expenses are charged directly or allocated using various allocation methodologies based on a combination of gross fixed assets, total operating expense, number of employees and other measures. Management believes the allocation methodologies are reasonable. However, these allocations and estimates may not represent the amounts that would have been incurred had the services been provided by an outside entity. | ||||||||||||||
Interest Expense and Income. The Partnership and Predecessor, prior to the IPO, were charged interest for long-term debt of $12.2 million and $12.2 million for the three months ended March 31, 2015 and 2014, respectively, offset by associated AFUDC of $1.0 million and $1.2 million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||
Columbia OpCo and its subsidiaries entered into an intercompany money pool agreement with NiSource Finance, which became effective on the date of the IPO. The money pool is available for Columbia OpCo and its subsidiaries' general purposes, including capital expenditures and working capital. This new money pool agreement is discussed in connection with Short-term Borrowings below. Prior to the IPO, the subsidiaries of the Predecessor participated in a similar money pool agreement with NiSource Finance. NiSource Corporate Services administers the money pools. The cash accounts maintained by the subsidiaries of Columbia OpCo and the Predecessor are swept into a NiSource corporate account on a daily basis, creating an affiliated receivable or decreasing an affiliated payable, as appropriate, between NiSource and the subsidiary. The amount of interest expense and income for short-term borrowings is determined by the net position of each subsidiary in the money pool. The money pool weighted-average interest rate at March 31, 2015 and 2014 was 1.07% and 0.67%, respectively. The interest expense for short-term borrowings charged for the three months ended March 31, 2015 and 2014 was $0.2 million and $1.1 million, respectively. | ||||||||||||||
Accounts Receivable. The Partnership includes in accounts receivable amounts due from the money pool discussed above of $816.2 million at March 31, 2015 for subsidiaries of Columbia OpCo in a net deposit position. The Predecessor includes in accounts receivable amounts due from the money pool discussed above of $125.0 million at December 31, 2014 for subsidiaries in a net deposit position. Also included in the balance at March 31, 2015 and December 31, 2014 are amounts due from subsidiaries of NiSource for transportation and storage services of $17.5 million and $28.8 million, respectively. Net cash flows related to the money pool receivables are included as Investing Activities on the Condensed Statements of Consolidated and Combined Statements of Cash Flows (unaudited). All other affiliated receivables are included as Operating Activities. | ||||||||||||||
Short-term Borrowings. In connection with the closing of the IPO, the subsidiaries of Columbia OpCo entered into an intercompany money pool agreement with NiSource Finance with $750 million of reserved borrowing capacity; following the spin-off, the agreement will be with CPG. In furtherance of the money pool agreement, CPG entered into a $1,500 million revolving credit agreement on December 5, 2014. The CPG revolving credit agreement will not become effective until the completion of the spin-off. Each of CEG, OpCo GP and Columbia OpCo is a guarantor of CPG's revolving credit facility. As a guarantor and restricted subsidiary, Columbia OpCo is subject to various customary covenants and restrictive provisions which, among other things, limit CPG’s and its restricted subsidiaries’ ability to incur additional indebtedness, guarantees and/or liens; consolidate, merge or transfer all or substantially all of their assets; make certain investments or restricted payments; modify certain material agreements; engage in certain types of transactions with affiliates; dispose of assets; and prepay certain indebtedness; each of which is subject to customary and usual exceptions and baskets, including an exception to the limitation on restricted payments for distributions of available cash, as permitted by their organizational documents. If Columbia OpCo and the other loan parties fail to perform their obligations under these and other covenants, it could adversely affect Columbia OpCo’s ability to finance future business opportunities and make cash distributions to us. CPG’s revolving credit facility also contains customary events of default, including cross default provisions that apply to any other indebtedness CPG may have with an outstanding principal amount in excess of $50 million. If a default occurred, the relevant lenders could elect to declare the debt, together with accrued interest and other fees, to be immediately due and payable and proceed against Columbia OpCo as a guarantor. | ||||||||||||||
The balance of Short-term Borrowings includes all subsidiaries of Columbia OpCo and includes all subsidiaries of the Predecessor in a net borrower position of the money pool discussed above at March 31, 2015 and December 31, 2014, respectively. Net cash flows related to short-term borrowings are included as Financing Activities on the Condensed Statements of Consolidated and Combined Statements of Cash Flows (unaudited). | ||||||||||||||
Accounts Payable. The affiliated accounts payable balance primarily includes amounts due for services received from NiSource Corporate Services and interest payable to NiSource Finance. | ||||||||||||||
Long-term Debt. The Partnership’s and Predecessor's long-term financing requirements are satisfied through borrowings from NiSource Finance. Details of the long-term debt balance are summarized in the table below: | ||||||||||||||
Origination Date | Interest Rate | Maturity Date | March 31, 2015 | December 31, 2014 | ||||||||||
(in millions) | Predecessor | |||||||||||||
November 28, 2005(1) | 5.41 | % | 30-Nov-15 | $ | — | $ | 115.9 | |||||||
28-Nov-05 | 5.45 | % | 28-Nov-16 | — | 45.3 | |||||||||
28-Nov-05 | 5.92 | % | 28-Nov-25 | — | 133.5 | |||||||||
28-Nov-12 | 4.63 | % | 28-Nov-32 | — | 45 | |||||||||
28-Nov-12 | 4.94 | % | 30-Nov-37 | — | 95 | |||||||||
19-Dec-12 | 5.16 | % | 21-Dec-37 | — | 55 | |||||||||
28-Nov-12 | 5.26 | % | 28-Nov-42 | — | 170 | |||||||||
19-Dec-12 | 5.49 | % | 18-Dec-42 | — | 95 | |||||||||
December 9, 2013(2) | 4.75 | % | 31-Dec-16 | 630.9 | 834 | |||||||||
Total Long-term Debt | $ | 630.9 | $ | 1,588.70 | ||||||||||
(1) The debt balance for the note originating on November 28, 2005 and maturing on November 30, 2015 is included in "Current portion of long-term debt-affiliated" on the Condensed Combined Balance Sheets as of December 31, 2014. | ||||||||||||||
(2) The Partnership may borrow at any time from the origination date to the maturity date not to exceed $2.6 billion. The note carries a variable interest rate of prime plus 150 basis points. All funds borrowed on the note are due December 31, 2016. | ||||||||||||||
Dividends. Columbia OpCo distributed $500.0 million to CEG as a reimbursement of preformation capital expenditures with respect to the assets contributed to Columbia OpCo. The Partnership paid no dividends to CEG in the three months ended March 31, 2014. There were no restrictions on the payment by the Partnership of dividends to CEG. |
ShortTerm_Borrowings
Short-Term Borrowings | 3 Months Ended |
Mar. 31, 2015 | |
Short-term Debt [Abstract] | |
Short-Term Borrowings | Short-Term Borrowings |
On December 5, 2014, the Partnership entered into a $500 million senior revolving credit facility, of which $50 million in letters of credit is available. The revolving credit facility became effective at the closing of our IPO. The credit facility is available for general partnership purposes, including working capital and capital expenditures, including the funding of capital calls. | |
Our obligations under the revolving credit facility are unsecured, however, if the credit rating of CPG at the time of the spin-off is not BB+ or better and Ba1 or better, then we may be required to post collateral to secure our obligations under the revolving credit facility. The loans thereunder bear interest at our option at either (i) the greatest of (a) the federal funds effective rate plus 0.50 percent, (b) the reference prime rate of Wells Fargo Bank, National Association or (c) the Eurodollar rate which is based on the London Interbank Offered Rate (“LIBOR”), plus 1.00 percent, each of which is subject to a margin that varies from 0.000 percent to 0.650 percent per annum, according to the credit rating of NiSource, as long as NiSource remains a guarantor of the revolving credit facility, or to the credit rating of CPG, once NiSource is released as a guarantor from our revolving credit facility, or (ii) the Eurodollar rate plus a margin that varies from 1.000 percent to 1.650 percent per annum, according to the credit rating of NiSource, as long as NiSource remains a guarantor of the revolving credit facility, or to the credit rating of CPG, once NiSource is released as a guarantor from our revolving credit facility. The revolving credit facility is subject to a facility fee that varies from 0.125 percent to 0.350 percent per annum, according to the credit rating of NiSource, as long as NiSource remains a guarantor of the revolving credit facility, or to the credit rating of CPG, once NiSource is released as a guarantor from our revolving credit facility. | |
The revolving indebtedness under the credit facility ranks equally with all our outstanding unsecured and unsubordinated debt. NiSource, CPG, CEG, OpCo GP and Columbia OpCo each fully guarantee the credit facility, except that NiSource will be released from its guarantee upon receipt by CPG of a rating by Moody’s and S&P. | |
Our revolving credit facility contains various covenants and restrictive provisions which, among other things, limit our ability and our restricted subsidiaries’ ability to incur additional indebtedness, guarantees and/or liens; consolidate, merge or transfer all or substantially all of our assets; make certain investments or restricted payments; modify certain material agreements; engage in certain types of transactions with affiliates; dispose of assets; and prepay certain indebtedness; each of which is subject to customary and usual exceptions and baskets, including an exception to the limitation on restricted payments for distributions of available cash, as permitted by our organizational documents. If we fail to perform our obligations under these and other covenants, the revolving credit commitment could be terminated and any outstanding borrowings, together with accrued interest, under the revolving credit facility could be declared immediately due and payable. Our revolving credit facility also contains customary events of default, including cross default provisions that apply to any other indebtedness we may have with an outstanding principal amount in excess of an amount to be agreed. | |
The revolving credit facility also contains certain financial covenants that will require us to maintain (a) a consolidated total leverage ratio that does not exceed (i) 5.75 to 1.00 for the period of four consecutive fiscal quarters (“test period”) ending December 31, 2015, (ii) 5.50 to 1.00 for any test period ending after December 31, 2015 and on or before December 31, 2017, and (iii) 5.00 to 1.00 for any test period ending after December 31, 2017, provided that after December 31, 2017 and during a Specified Acquisition Period (as defined in the revolving credit facility), the leverage ratio shall not exceed 5.50 to 1.00 and (b) until CPG has received an investment grade rating, a Consolidated Interest Coverage Ratio (as defined in the revolving credit facility) of no less than 3.00 to 1.00. | |
As of March 31, 2015, the Partnership had no borrowings and issued no letters of credit under the revolving credit facility. |
Gain_On_Sale_Of_Assets
Gain On Sale Of Assets | 3 Months Ended |
Mar. 31, 2015 | |
Gain On Sale of Assets [Abstract] | |
Gain On Sale Of Assets | Gain on Sale of Assets |
The Partnership recognizes gains on conveyances of mineral rights positions into earnings as any obligation associated with conveyance is satisfied. Gains on conveyances of $5.3 million and $17.5 million were recorded in earnings for the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015 and December 31, 2014, deferred gains of approximately $19.2 million and $19.6 million, respectively, were deferred pending performance of future obligations and recorded within "Deferred revenue," on the Condensed Consolidated and Combined Balance Sheets (unaudited). |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill |
The Partnership tests its goodwill for impairment annually as of May 1 unless indicators, events, or circumstances would require an immediate review. Goodwill is tested for impairment using financial information at the reporting unit level, which is consistent with the level of discrete financial information reviewed by operating segment management. The Partnership's reporting unit is Columbia Transmission Operations, which represents the operations of Columbia Gas Transmission and Columbia Gulf. | |
The Predecessor applied the qualitative step 0 analysis to its reporting unit for the annual impairment test performed as of May 1, 2014. The results of this assessment indicated that it is not more likely than not that its reporting unit fair value is less than the reporting unit carrying value. | |
The Partnership considered whether there were any events or changes in circumstances subsequent to the annual test that would reduce the fair value of the reporting unit below its carrying amount and necessitate another goodwill impairment test. No such indicators were noted that would require a subsequent goodwill impairment testing during the first quarter of 2015. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Asset Retirement Obligation [Abstract] | ||||||||
Asset Retirement Obligations | Asset Retirement Obligations | |||||||
Changes in the Partnership’s liability for asset retirement obligations for the three months ended March 31, 2015 and 2014 are presented in the table below: | ||||||||
(in millions) | 2015 | 2014 | ||||||
Predecessor | ||||||||
Balance as of January 1, | $ | 23.2 | $ | 26.3 | ||||
Noncontributed net parent investment adjustments(1) | (0.4 | ) | — | |||||
Accretion expense | 0.3 | 0.4 | ||||||
Additions | — | — | ||||||
Settlements | — | — | ||||||
Change in estimated cash flows | — | — | ||||||
Balance as of March 31, | $ | 23.1 | $ | 26.7 | ||||
(1) Reflects the removal of amounts related to Crossroads Pipeline Company, which was included in the Predecessor but was not contributed to the Partnership. | ||||||||
The asset retirement obligations above relate to obligations related to the modernization program of pipelines and transmission facilities, the retiring of offshore facilities, PCB remediation and asbestos removal at several compressor and measuring stations. The Partnership recognizes that there are obligations to incur significant costs to retire wells associated with gas storage operations; however, the lives of these wells are indeterminable until management establishes plans for closure. |
Regulatory_Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2015 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Matters | Regulatory Matters |
Columbia Gas Transmission Customer Settlement. In January 2015, Columbia Gas Transmission commenced the third year of the Columbia Gas Transmission long-term system modernization program. Columbia Gas Transmission expects to invest approximately $300 million in modernization investments during the year. Recovery of approximately $320 million of investments made in 2014 began on February 1, 2015. | |
Cost Recovery Trackers and other similar mechanisms. A significant portion of the transmission and storage regulated companies' revenue is related to the recovery of their operating costs, the review and recovery of which occurs via standard regulatory proceedings with the FERC under section 4 of the Natural Gas Act. However, certain operating costs of the Columbia OpCo regulated transmission and storage companies are significant and recurring in nature, such as fuel for compression and lost and unaccounted for gas. The FERC allows for the recovery of such costs via cost tracking mechanisms. These tracking mechanisms allow the transmission and storage companies' rates to fluctuate in response to changes in certain operating costs or conditions as they occur to facilitate the timely recovery of its costs incurred. The tracking mechanisms involve a rate adjustment that is filed at a predetermined frequency, typically annually, with the FERC and is subject to regulatory review before new rates go into effect. Other such costs under regulatory tracking mechanisms include upstream pipeline transmission, electric compression, environmental, operational purchases and sales of natural gas, and the revenue requirement for capital investments made under Columbia Gas Transmission's long-term plan to modernize its interstate transmission system as discussed above. |
Equity_Method_Investments
Equity Method Investments | 3 Months Ended |
Mar. 31, 2015 | |
Equity Method Investments [Abstract] | |
Equity Method Investments | Equity Method Investments |
Certain investments of the Partnership are accounted for under the equity method of accounting. Income and losses from Millennium Pipeline, Hardy Storage and Pennant are reflected in “Equity Earnings in Unconsolidated Affiliates” on the Condensed Statements of Consolidated and Combined Operations (unaudited). These investments are integral to the Partnership’s business. Contributions are made to these equity investees to fund the Partnership’s share of capital projects. | |
Columbia Gas Transmission made no contributions to Millennium Pipeline for the three months ended March 31, 2015 and contributed $2.6 million for the three months ended March 31, 2014. Millennium Pipeline distributed $16.6 million and $7.1 million of earnings to Columbia Gas Transmission during the three months ended March 31, 2015 and 2014, respectively. | |
No contributions were made to Hardy Storage during the three months ended March 31, 2015 and 2014. Hardy Storage distributed $0.5 million of earnings to NiSource during each of the three months ended March 31, 2015 and 2014, respectively. | |
No contributions were made to Pennant for the three months ended March 31, 2015 and contributions of $28.4 million were made for the three months ended March 31, 2014. Pennant distributed $1.2 million of earnings and returned $1.3 million of capital to Columbia Midstream during the three months ended March 31, 2015. No distributions were received from Pennant during the three months ended March 31, 2014. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The Partnership is a limited partnership and is treated as a partnership for U.S. federal income tax purposes and therefore, is not liable for entity-level federal income taxes. The Predecessor’s operating results were included in NiSource’s consolidated U.S. federal and in consolidated, combined or stand-alone state income tax returns. Amounts presented in the combined financial statements prior to the IPO relate to income taxes that have been determined on a separate tax return basis, and the Predecessor’s contribution to NiSource’s net operating losses and tax credits have been included in the Predecessor’s financial statements. | |
The Partnership’s interim effective tax rates reflect the estimated annual effective tax rates for 2015 and 2014, adjusted for tax expense associated with certain discrete items. The effective tax rates for the three months ended March 31, 2015 and 2014 were 15.3% and 37.6%, respectively. The effective tax rate for 2014 differs from the Federal tax rate of 35% primarily due to the effects of tax credits, state income taxes, utility rate making, and other permanent book-to-tax differences. The effective tax rate for 2015 differs from the Federal tax rate of 35% primarily due to the effects of tax credits, state income taxes, utility rate making, other permanent book-to-tax differences, and post-IPO income that is not subject to income tax at the partnership level. |
Pension_And_Other_Postretireme
Pension And Other Postretirement Benefits | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ||||||||||||||||
Pension And Other Postretirement Benefits | Pension and Other Postretirement Benefits | |||||||||||||||
NiSource provides defined contribution plans and noncontributory defined benefit retirement plans that cover employees of subsidiaries of Columbia OpCo. Benefits under the defined benefit retirement plans reflect the employees’ compensation, years of service and age at retirement. Additionally, NiSource provides health care and life insurance benefits for certain retired employees of subsidiaries of Columbia OpCo. The majority of employees may become eligible for these benefits if they reach retirement age while working for subsidiaries of Columbia OpCo. The expected cost of such benefits is accrued during the employees’ years of service. Current rates charged to customers of subsidiaries of Columbia OpCo include postretirement benefit costs. Cash contributions are remitted to grantor trusts. | ||||||||||||||||
Subsidiaries of Columbia OpCo are participants in the consolidated NiSource defined benefit retirement plans (the Plans), and therefore, subsidiaries of Columbia OpCo are allocated a ratable portion of NiSource’s grantor trusts for the Plans in which its employees and retirees participate. As a result, the Partnership follows multiple employer accounting under the provisions of GAAP. | ||||||||||||||||
For the three months ended March 31, 2015, subsidiaries of Columbia OpCo have made no contributions to its pension plans and contributed $2.6 million to its other postretirement benefit plans. | ||||||||||||||||
The following table provides the components of the plans’ net periodic benefits cost for the three months ended March 31, 2015 and 2014: | ||||||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||||
Benefits | ||||||||||||||||
Three Months Ended March 31, (in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Predecessor | Predecessor | |||||||||||||||
Components of Net Periodic Benefit Cost (Income) | ||||||||||||||||
Service cost | $ | 1.3 | $ | 1.2 | $ | 0.3 | $ | 0.3 | ||||||||
Interest cost | 3.1 | 3.4 | 1 | 1.2 | ||||||||||||
Expected return on assets | (6.1 | ) | (5.9 | ) | (4.3 | ) | (4.1 | ) | ||||||||
Amortization of prior service credit | (0.2 | ) | (0.2 | ) | — | — | ||||||||||
Recognized actuarial loss | 2 | 1.6 | — | — | ||||||||||||
Total Net Periodic Benefit Cost (Income) | $ | 0.1 | $ | 0.1 | $ | (3.0 | ) | $ | (2.6 | ) | ||||||
Fair_Value
Fair Value | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value | Fair Value | |||||||||||||||
The Partnership has certain financial instruments that are not measured at fair value on a recurring basis but nevertheless are recorded at amounts that approximate fair value due to their liquid or short-term nature, including cash and cash equivalents, customer deposits and short-term borrowings-affiliated. The Partnership's long-term debt-affiliated is recorded at historical amounts. | ||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate fair value. | ||||||||||||||||
Long-term debt-affiliated. The fair values of these securities are estimated based on the quoted market prices for similar issues or on the rates offered for securities of the same remaining maturities. These fair value measurements are classified as Level 2 within the fair value hierarchy. For the three months ended March 31, 2015 and for the year ended December 31, 2014, there were no changes in the method or significant assumptions used to estimate the fair value of the financial instruments. | ||||||||||||||||
The carrying amount and estimated fair values of financial instruments were as follows: | ||||||||||||||||
(in millions) | Carrying | Estimated Fair | Carrying | Estimated Fair | ||||||||||||
Amount as of | Value as of | Amount as of | Value as of | |||||||||||||
31-Mar-15 | 31-Mar-15 | Dec. 31, 2014 | Dec. 31, 2014 | |||||||||||||
Predecessor | ||||||||||||||||
Current portion of long-term debt - affiliated | $ | — | $ | — | $ | 115.9 | $ | 120 | ||||||||
Long-term debt - affiliated | 630.9 | 630.9 | 1,472.80 | 1,550.40 | ||||||||||||
Other_Commitments_And_Continge
Other Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Other Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Other Commitments and Contingencies |
A. Other Legal Proceedings. In the normal course of its business, the Partnership has been named as a defendant in various legal proceedings. In the opinion of management, the ultimate disposition of these currently asserted claims will not have a material impact on the Partnership’s consolidated and combined financial statements. | |
B. Environmental Matters. The Partnership's operations are subject to environmental statutes and regulations related to air quality, water quality, hazardous waste and solid waste. The Partnership believes that it is in substantial compliance with those environmental regulations currently applicable to its operations and believes that it has all necessary permits to conduct its operations. | |
It is the Partnership's continued intent to address environmental issues in cooperation with regulatory authorities in such a manner as to achieve mutually acceptable compliance plans. However, there can be no assurance that fines and penalties will not be incurred. The Partnership expects a significant portion of environmental assessment and remediation costs to be recoverable through rates. | |
The Partnership records accruals to cover environmental remediation at various sites. The current portion of this accrual is included in “Legal and environmental” in the Condensed Consolidated and Combined Balance Sheets (unaudited). The noncurrent portion is included in “Other noncurrent liabilities” in the Condensed Consolidated and Combined Balance Sheets (unaudited). | |
National Ambient Air Quality Standards. The CAA requires the EPA to set NAAQS for particulate matter and five other pollutants considered harmful to public health and the environment. Periodically the EPA imposes new or modifies existing NAAQS. States that contain areas that do not meet the new or revised standards must take steps to maintain or achieve compliance with the standards. These steps could include additional pollution controls on boilers, engines, turbines, and other facilities owned by the Partnership. | |
The following NAAQS were recently added or modified: | |
Ozone: On November 25, 2014, the EPA proposed to lower the 8-hour ozone standard from 75 ppb to within a range of 65-70 ppb. If the standard is finalized and the EPA proceeds with designations, areas where the Partnership operates currently designated as attainment may be re-classified as non-attainment. The Partnership will continue to monitor this matter and cannot estimate its impact at this time. | |
Nitrogen Dioxide (NO2): The EPA revised the NO2 NAAQS by adding a one-hour standard while retaining the annual standard. The new standard could impact some Partnership combustion sources. The EPA designated all areas of the country as unclassifiable/attainment in January 2012. After the establishment of a new monitoring network and possible modeling implementation, areas will potentially be re-designated sometime in 2016. States with areas that do not meet the standard will be required to develop rules to bring areas into compliance within five years of designation. Additionally, under certain permitting circumstances, emissions from some existing Partnership combustion sources may need to be assessed and mitigated. The Partnership will continue to monitor this matter and cannot estimate the impact of these rules at this time. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | |||||||||||
The following tables display the components of Accumulated Other Comprehensive Loss for the three months ended March 31, 2015 and 2014: | ||||||||||||
Three Months Ended March 31, 2015 (in millions) | Gains and Losses on Cash Flow Hedges(1) | Pension and OPEB Items(1) | Accumulated | |||||||||
Other | ||||||||||||
Comprehensive | ||||||||||||
Loss(1) | ||||||||||||
Balance as of January 1, 2015 | $ | (16.6 | ) | $ | (0.1 | ) | $ | (16.7 | ) | |||
Predecessor net tax liabilities not assumed by Columbia OpCo(2) | (10.2 | ) | (0.1 | ) | (10.3 | ) | ||||||
Allocation of accumulated other comprehensive loss to noncontrolling interest | 22.6 | 0.1 | 22.7 | |||||||||
Other comprehensive income before reclassifications | — | — | — | |||||||||
Amounts reclassified from accumulated other comprehensive income(3) | 0.1 | — | 0.1 | |||||||||
Net current-period other comprehensive (loss) income | 0.1 | — | 0.1 | |||||||||
Balance as of March 31, 2015 | $ | (4.1 | ) | $ | (0.1 | ) | $ | (4.2 | ) | |||
Three Months Ended March 31, 2014 (in millions) | Gains and Losses on Cash Flow Hedges(1) | Pension and OPEB Items(1) | Accumulated | |||||||||
Other | ||||||||||||
Comprehensive | ||||||||||||
Loss(1) | ||||||||||||
Predecessor | ||||||||||||
Balance as of January 1, 2014 | $ | (17.6 | ) | $ | (0.1 | ) | $ | (17.7 | ) | |||
Other comprehensive income before reclassifications | — | — | — | |||||||||
Amounts reclassified from accumulated other comprehensive income | 0.3 | — | 0.3 | |||||||||
Net current-period other comprehensive income (loss) | 0.3 | — | 0.3 | |||||||||
Balance as of March 31, 2014 | $ | (17.3 | ) | $ | (0.1 | ) | $ | (17.4 | ) | |||
(1)All amounts prior to the IPO are net of tax. Amounts in parentheses indicate debits. | ||||||||||||
(2) Reflects the non-cash elimination of all historical current and deferred income taxes other than Tennessee state income taxes that will continue to be borne by the Partnership post-IPO. | ||||||||||||
(3) Reflects amounts allocated to noncontrolling interest. | ||||||||||||
Equity Investment | ||||||||||||
As Millennium Pipeline is an equity method investment, Columbia OpCo is required to recognize a proportional share of Millennium Pipeline’s OCI. The remaining unrecognized loss at March 31, 2015 of $26.4 million, before tax, related to terminated interest rate swaps is being amortized over the period ending June 2025 into earnings using the effective interest method through interest expense as interest payments are made by Millennium Pipeline. The unrecognized loss of $26.4 million and $16.6 million, net of tax, at March 31, 2015 and December 31, 2014, respectively, is included in gains and losses on cash flow hedges above. |
Other_Net
Other, Net | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Other Income and Expenses [Abstract] | |||||||
Other, Net | Other, Net | ||||||
Three Months Ended March 31, | |||||||
(in millions) | 2015 | 2014 | |||||
Predecessor | |||||||
AFUDC Equity | $ | 3.5 | $ | 1.6 | |||
Miscellaneous | 0.8 | 0.2 | |||||
Total Other, net | $ | 4.3 | $ | 1.8 | |||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information | |||||||
The following table provides additional information regarding the Partnership’s Condensed Statements of Consolidated and Combined Cash Flows (unaudited) for the three months ended March 31, 2015 and 2014: | ||||||||
(in millions) | 2015 | 2014 | ||||||
Predecessor | ||||||||
Supplemental Disclosures of Cash Flow Information | ||||||||
Non-cash transactions: | ||||||||
Capital expenditures included in current liabilities | $ | 98.8 | $ | 58.9 | ||||
Schedule of interest and income taxes paid: | ||||||||
Cash paid for interest, net of interest capitalized amounts | $ | 15.6 | $ | 0.3 | ||||
Cash paid for income taxes | — | 20.6 | ||||||
Concentration_Of_Credit_Risk
Concentration Of Credit Risk | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Risks and Uncertainties [Abstract] | ||||||||||||||
Concentration Risk Disclosure | Concentration of Credit Risk | |||||||||||||
Columbia Gas of Ohio, an affiliated party, accounted for greater than 10% of total operating revenues for the three months ended March 31, 2015 and 2014. The following table provides the customer's operating revenues and percentage of total operating revenues for the three months ended March 31, 2015 and 2014: | ||||||||||||||
2015 | 2014 | |||||||||||||
(in millions) | Total Operating Revenues | Percentage of Total Operating Revenues | Total Operating Revenues | Percentage of Total Operating Revenues | ||||||||||
Predecessor | ||||||||||||||
Columbia Gas of Ohio | $ | 48.9 | 14.4 | % | $ | 47.6 | 13.8 | % | ||||||
There was no other single customer that accounted for greater than 10% of operating revenues for the three months ended March 31, 2015 and 2014. The loss of a significant portion of operating revenues from this customer would have a material adverse effect on the business of the Partnership. |
Subsequent_Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event |
Distribution. On April 29, 2015, the board of directors of MLP GP, the Partnership's general partner, declared an initial prorated quarterly cash distribution for the period February 11, 2015, through March 31, 2015, of $0.0912 per unit, or $9.2 million. This distribution is payable on May 20, 2015, to unit holders of record as of May 13, 2015. |
Initial_Public_Offering_Tables
Initial Public Offering (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Equity [Abstract] | ||||
Change From Net Income Attributable to the Partnership and Transfers to Noncontrolling Interest | ||||
Three Months Ended | ||||
March 31, | ||||
(in millions) | 2015 | |||
Net income attributable to the Partnership | $ | 13.3 | ||
Decrease in partnership equity for the purchase of an additional 8.4 percent interest in Columbia OpCo | (424.4 | ) | ||
Change from net income attributable to the Partnership and transfers to noncontrolling interest | $ | (411.1 | ) |
Net_Income_Per_Limited_Partner1
Net Income Per Limited Partner Unit (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Net Income Per Limited Partner Unit [Abstract] | ||||||||||||||||
Schedule of Undistributed Net Income | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
(in millions) | 2015 | |||||||||||||||
Net income attributable to limited partners subsequent to IPO | $ | 13.3 | ||||||||||||||
Less: | ||||||||||||||||
Limited partners' distribution declared on common units | — | |||||||||||||||
Limited partners' distribution declared on subordinated units | — | |||||||||||||||
Distribution declared on incentive distribution rights | — | |||||||||||||||
Net income subsequent to the IPO in excess of distribution | $ | 13.3 | ||||||||||||||
Schedule Of Net Income Per Limited Partner Unit | ||||||||||||||||
Three Months Ended March 31, 2015 (in millions, except per unit data) | Limited Partners' Common Units | Limited Partners' Subordinated Units | Incentive Distribution Rights | Total | ||||||||||||
Net income attributable to limited partners subsequent to IPO | ||||||||||||||||
Distribution declared | $ | — | $ | — | $ | — | $ | — | ||||||||
Net income subsequent to the IPO in excess of distribution | 7.1 | 6.2 | — | 13.3 | ||||||||||||
Net income attributable to limited partners subsequent to IPO | $ | 7.1 | $ | 6.2 | $ | — | $ | 13.3 | ||||||||
Weighted average limited partner units outstanding | ||||||||||||||||
Basic and diluted | 53.8 | 46.8 | — | 100.6 | ||||||||||||
Net income attributable to partners' ownership interest subsequent to IPO per limited partner unit | ||||||||||||||||
Basic and diluted | $ | 0.13 | $ | 0.13 | $ | — | $ | 0.13 | ||||||||
Transactions_With_Affiliates_T
Transactions With Affiliates (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||
Schedule of Transactions With Affiliates | Statement of Operations. | |||||||||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(in millions) | 2015 | 2014 | ||||||||||||
Predecessor | ||||||||||||||
Transportation revenues | $ | 28.7 | $ | 28.6 | ||||||||||
Storage revenues | 13.3 | 13.7 | ||||||||||||
Other revenues | 0.1 | 0.1 | ||||||||||||
Operation and maintenance expense | 36.1 | 28.3 | ||||||||||||
Interest expense | 11.4 | 12.1 | ||||||||||||
Interest income | 1 | 0.1 | ||||||||||||
Balance Sheet. | ||||||||||||||
(in millions) | March 31, 2015 | December 31, 2014 | ||||||||||||
Predecessor | ||||||||||||||
Accounts receivable | $ | 833.7 | $ | 153.8 | ||||||||||
Current portion of long term debt- affiliated | — | 115.9 | ||||||||||||
Short-term borrowings | 7 | 247.3 | ||||||||||||
Accounts payable | 41 | 49.9 | ||||||||||||
Long-term debt | 630.9 | 1,472.80 | ||||||||||||
Schedule of Related Party Transactions, Long-Term Debt | ||||||||||||||
Origination Date | Interest Rate | Maturity Date | March 31, 2015 | December 31, 2014 | ||||||||||
(in millions) | Predecessor | |||||||||||||
November 28, 2005(1) | 5.41 | % | 30-Nov-15 | $ | — | $ | 115.9 | |||||||
28-Nov-05 | 5.45 | % | 28-Nov-16 | — | 45.3 | |||||||||
28-Nov-05 | 5.92 | % | 28-Nov-25 | — | 133.5 | |||||||||
28-Nov-12 | 4.63 | % | 28-Nov-32 | — | 45 | |||||||||
28-Nov-12 | 4.94 | % | 30-Nov-37 | — | 95 | |||||||||
19-Dec-12 | 5.16 | % | 21-Dec-37 | — | 55 | |||||||||
28-Nov-12 | 5.26 | % | 28-Nov-42 | — | 170 | |||||||||
19-Dec-12 | 5.49 | % | 18-Dec-42 | — | 95 | |||||||||
December 9, 2013(2) | 4.75 | % | 31-Dec-16 | 630.9 | 834 | |||||||||
Total Long-term Debt | $ | 630.9 | $ | 1,588.70 | ||||||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Asset Retirement Obligation [Abstract] | ||||||||
Changes In Company's Liability For Asset Retirement Obligations | ||||||||
(in millions) | 2015 | 2014 | ||||||
Predecessor | ||||||||
Balance as of January 1, | $ | 23.2 | $ | 26.3 | ||||
Noncontributed net parent investment adjustments(1) | (0.4 | ) | — | |||||
Accretion expense | 0.3 | 0.4 | ||||||
Additions | — | — | ||||||
Settlements | — | — | ||||||
Change in estimated cash flows | — | — | ||||||
Balance as of March 31, | $ | 23.1 | $ | 26.7 | ||||
(1) Reflects the removal of amounts related to Crossroads Pipeline Company, which was included in the Predecessor but was not contributed to the Partnership. | ||||||||
The asset retirement obligations above relate to obligations related to the modernization program of pipelines and transmission facilities, the retiring of offshore facilities, PCB remediation and asbestos removal at several compressor and measuring stations. The Partnership recognizes that there are obligations to incur significant costs to retire wells associated with gas storage operations; however, the lives of these wells are indeterminable until management establishes plans for closure. |
Pension_And_Other_Postretireme1
Pension And Other Postretirement Benefits (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ||||||||||||||||
Components Of The Plans' Net Periodic Benefits Cost | ||||||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||||
Benefits | ||||||||||||||||
Three Months Ended March 31, (in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Predecessor | Predecessor | |||||||||||||||
Components of Net Periodic Benefit Cost (Income) | ||||||||||||||||
Service cost | $ | 1.3 | $ | 1.2 | $ | 0.3 | $ | 0.3 | ||||||||
Interest cost | 3.1 | 3.4 | 1 | 1.2 | ||||||||||||
Expected return on assets | (6.1 | ) | (5.9 | ) | (4.3 | ) | (4.1 | ) | ||||||||
Amortization of prior service credit | (0.2 | ) | (0.2 | ) | — | — | ||||||||||
Recognized actuarial loss | 2 | 1.6 | — | — | ||||||||||||
Total Net Periodic Benefit Cost (Income) | $ | 0.1 | $ | 0.1 | $ | (3.0 | ) | $ | (2.6 | ) | ||||||
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Carrying Amount And Estimated Fair Values Of Financial Instruments | ||||||||||||||||
(in millions) | Carrying | Estimated Fair | Carrying | Estimated Fair | ||||||||||||
Amount as of | Value as of | Amount as of | Value as of | |||||||||||||
31-Mar-15 | 31-Mar-15 | Dec. 31, 2014 | Dec. 31, 2014 | |||||||||||||
Predecessor | ||||||||||||||||
Current portion of long-term debt - affiliated | $ | — | $ | — | $ | 115.9 | $ | 120 | ||||||||
Long-term debt - affiliated | 630.9 | 630.9 | 1,472.80 | 1,550.40 | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||||||||||
Components Of Accumulated Other Comprehensive Loss | ||||||||||||
Three Months Ended March 31, 2015 (in millions) | Gains and Losses on Cash Flow Hedges(1) | Pension and OPEB Items(1) | Accumulated | |||||||||
Other | ||||||||||||
Comprehensive | ||||||||||||
Loss(1) | ||||||||||||
Balance as of January 1, 2015 | $ | (16.6 | ) | $ | (0.1 | ) | $ | (16.7 | ) | |||
Predecessor net tax liabilities not assumed by Columbia OpCo(2) | (10.2 | ) | (0.1 | ) | (10.3 | ) | ||||||
Allocation of accumulated other comprehensive loss to noncontrolling interest | 22.6 | 0.1 | 22.7 | |||||||||
Other comprehensive income before reclassifications | — | — | — | |||||||||
Amounts reclassified from accumulated other comprehensive income(3) | 0.1 | — | 0.1 | |||||||||
Net current-period other comprehensive (loss) income | 0.1 | — | 0.1 | |||||||||
Balance as of March 31, 2015 | $ | (4.1 | ) | $ | (0.1 | ) | $ | (4.2 | ) | |||
Three Months Ended March 31, 2014 (in millions) | Gains and Losses on Cash Flow Hedges(1) | Pension and OPEB Items(1) | Accumulated | |||||||||
Other | ||||||||||||
Comprehensive | ||||||||||||
Loss(1) | ||||||||||||
Predecessor | ||||||||||||
Balance as of January 1, 2014 | $ | (17.6 | ) | $ | (0.1 | ) | $ | (17.7 | ) | |||
Other comprehensive income before reclassifications | — | — | — | |||||||||
Amounts reclassified from accumulated other comprehensive income | 0.3 | — | 0.3 | |||||||||
Net current-period other comprehensive income (loss) | 0.3 | — | 0.3 | |||||||||
Balance as of March 31, 2014 | $ | (17.3 | ) | $ | (0.1 | ) | $ | (17.4 | ) | |||
(1)All amounts prior to the IPO are net of tax. Amounts in parentheses indicate debits. | ||||||||||||
(2) Reflects the non-cash elimination of all historical current and deferred income taxes other than Tennessee state income taxes that will continue to be borne by the Partnership post-IPO. | ||||||||||||
(3) Reflects amounts allocated to noncontrolling interest. | ||||||||||||
Other_Net_Tables
Other, Net (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Other Income and Expenses [Abstract] | |||||||
Schedule Of Other, Net [Table Text Block] | |||||||
Three Months Ended March 31, | |||||||
(in millions) | 2015 | 2014 | |||||
Predecessor | |||||||
AFUDC Equity | $ | 3.5 | $ | 1.6 | |||
Miscellaneous | 0.8 | 0.2 | |||||
Total Other, net | $ | 4.3 | $ | 1.8 | |||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Additional Information Regarding Condensed Statements Of Consolidated Cash Flows | ||||||||
(in millions) | 2015 | 2014 | ||||||
Predecessor | ||||||||
Supplemental Disclosures of Cash Flow Information | ||||||||
Non-cash transactions: | ||||||||
Capital expenditures included in current liabilities | $ | 98.8 | $ | 58.9 | ||||
Schedule of interest and income taxes paid: | ||||||||
Cash paid for interest, net of interest capitalized amounts | $ | 15.6 | $ | 0.3 | ||||
Cash paid for income taxes | — | 20.6 | ||||||
Concentration_Of_Credit_Risk_T
Concentration Of Credit Risk (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Risks and Uncertainties [Abstract] | ||||||||||||||
Schedule of Concentration Of Credit Risk | The following table provides the customer's operating revenues and percentage of total operating revenues for the three months ended March 31, 2015 and 2014: | |||||||||||||
2015 | 2014 | |||||||||||||
(in millions) | Total Operating Revenues | Percentage of Total Operating Revenues | Total Operating Revenues | Percentage of Total Operating Revenues | ||||||||||
Predecessor | ||||||||||||||
Columbia Gas of Ohio | $ | 48.9 | 14.4 | % | $ | 47.6 | 13.8 | % | ||||||
Basis_of_Accounting_Presentati1
Basis of Accounting Presentation Basis of Accounting Presentation (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Basis Of Accounting Presentation [Line Items] | |
Number Of Customers | 3,800,000 |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 15.70% |
Limited Liability Company or Limited Partnership, Managing Member or General Partner, Name | CPP GP LLC |
Corporate Joint Venture [Member] | |
Basis Of Accounting Presentation [Line Items] | |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 84.30% |
Initial_Public_Offering_Narrat
Initial Public Offering (Narrative) (Details) (USD $) | 2 Months Ended | 1 Months Ended | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Feb. 11, 2015 | Mar. 31, 2015 |
Initial Public Offering [Line Items] | |||
Net proceeds from IPO | $1,168.40 | ||
Contribution of capital from parent | 1,217.30 | ||
Underwriting discounts, structuring fees, and offering expenses | 69.8 | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 15.70% | ||
Columbia Energy Group | |||
Initial Public Offering [Line Items] | |||
Contribution of capital from parent | 1,200 | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 7.30% | ||
Columbia OpCo | |||
Initial Public Offering [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest Additional Ownership Interest | 8.40% | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 15.70% | ||
Reimbursement of Preformation Capital | 500 | ||
Noncontrolling Interest [Member] | |||
Initial Public Offering [Line Items] | |||
Net proceeds from IPO | 0 | ||
Contribution of capital from parent | 0 | ||
Common Units [Member] | |||
Initial Public Offering [Line Items] | |||
Partners' Capital Account, Units, Sold in Public Offering | 53,833,107 | ||
Shares Issued, Price Per Share | $23 | ||
Common Units [Member] | Over-Allotment Option [Member] | |||
Initial Public Offering [Line Items] | |||
Partners' Capital Account, Units, Sold in Public Offering | 7,021,709 | ||
Subordinated Units [Member] | Columbia Energy Group | |||
Initial Public Offering [Line Items] | |||
Partners' Capital Account, Units, Sold in Public Offering | 46,811,398 | ||
Limited Partner [Member] | |||
Initial Public Offering [Line Items] | |||
Net proceeds from IPO | 1,168.40 | ||
Limited Partner [Member] | Columbia Energy Group | |||
Initial Public Offering [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 84.30% | ||
Limited Partner [Member] | Common Units [Member] | |||
Initial Public Offering [Line Items] | |||
Contribution of capital from parent | 0 | ||
Limited Partner [Member] | Subordinated Units [Member] | |||
Initial Public Offering [Line Items] | |||
Net proceeds from IPO | 0 | ||
Contribution of capital from parent | $0 |
Initial_Public_Offering_Schedu
Initial Public Offering (Schedule of Change From Net Income Attributable to the Partnership and Transfers to Noncontrolling Interest) (Details) (USD $) | 2 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | |
Initial Public Offering [Line Items] | ||
Net Income (Loss) Allocated to Limited Partners | $13.30 | |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 0 | [1] |
Change from net income attributable to the Partnership and transfers to noncontrolling interest | -411.1 | |
Noncontrolling Interest [Member] | ||
Initial Public Offering [Line Items] | ||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $424.40 | [1] |
[1] | Represents the purchase of an additional 8.4% limited partner interest in Columbia OpCo, recorded at the historical carrying value of Columbia OpCobs net assets after giving effect to the $1,168.4 million equity contribution. |
Net_Income_Per_Limited_Partner2
Net Income Per Limited Partner Unit (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Apr. 29, 2015 | Mar. 31, 2015 |
Subsequent Event [Member] | ||
Schedule Of Earnings Per Unit [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Declared | $9.20 | |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $0.09 | |
Distribution Made to Limited Partner, Distribution Date | 20-May-15 | |
Distribution Made to Limited Partner, Date of Record | 13-May-15 | |
Minimum | ||
Schedule Of Earnings Per Unit [Line Items] | ||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $0.17 | |
Minimum | Annualized | ||
Schedule Of Earnings Per Unit [Line Items] | ||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $0.67 |
Net_Income_Per_Limited_Partner3
Net Income Per Limited Partner Unit (Schedule of Net Income In Excess Of Distribution) (Details) (USD $) | 2 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Schedule of Undistributed Net Income [Line Items] | |
Net Income (Loss) Allocated to Limited Partners | $13.30 |
Incentive Distribution, Distribution | 0 |
Undistributed Earnings, Basic | 13.3 |
Common Units [Member] | |
Schedule of Undistributed Net Income [Line Items] | |
Net Income (Loss) Allocated to Limited Partners | 7.1 |
Distribution Made to Limited Partner, Cash Distributions Declared | 0 |
Undistributed Earnings, Basic | 7.1 |
Subordinated Units [Member] | |
Schedule of Undistributed Net Income [Line Items] | |
Net Income (Loss) Allocated to Limited Partners | 6.2 |
Distribution Made to Limited Partner, Cash Distributions Declared | 0 |
Undistributed Earnings, Basic | $6.20 |
Net_Income_Per_Limited_Partner4
Net Income Per Limited Partner Unit (Schedule of Net Income Per Limited Partner Unit) (Details) (USD $) | 2 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Schedule Of Earnings Per Unit [Line Items] | |
Incentive Distribution, Distribution | $0 |
Partners' Capital Account, Distributions | 0 |
Undistributed Earnings, Basic | 13.3 |
Net Income (Loss) Allocated to Limited Partners | 13.3 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 100.6 |
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted, Net of Tax | $0.13 |
Incentive Distribution Rights [Member] | |
Schedule Of Earnings Per Unit [Line Items] | |
Incentive Distribution, Distribution | 0 |
Undistributed Earnings, Basic | 0 |
Net Income (Loss) Allocated to Limited Partners | 0 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 0 |
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted, Net of Tax | $0 |
Subordinated Units [Member] | |
Schedule Of Earnings Per Unit [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 0 |
Undistributed Earnings, Basic | 6.2 |
Net Income (Loss) Allocated to Limited Partners | 6.2 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 46.8 |
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted, Net of Tax | $0.13 |
Common Units [Member] | |
Schedule Of Earnings Per Unit [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 0 |
Undistributed Earnings, Basic | 7.1 |
Net Income (Loss) Allocated to Limited Partners | $7.10 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 53.8 |
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted, Net of Tax | $0.13 |
Transactions_With_Affiliates_N
Transactions With Affiliates (Narrative) (Details) (USD $) | 3 Months Ended | 2 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 05, 2014 |
Related Party Transaction [Line Items] | |||||
Interest Expense, Long-term Debt | $12.20 | ||||
Allowance for Funds Used During Construction, Capitalized Interest | 1 | ||||
Short-term Debt, Weighted Average Interest Rate | 1.07% | 1.07% | |||
Interest Expense, Short-term Borrowings | 0.2 | ||||
Accounts receivable-affiliated | 833.7 | 833.7 | |||
Revolving credit facility | 2,600 | 2,600 | |||
Transportation and Storage Services | |||||
Related Party Transaction [Line Items] | |||||
Accounts receivable-affiliated | 17.5 | 17.5 | |||
Predecessor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest Expense, Long-term Debt | 12.2 | ||||
Allowance for Funds Used During Construction, Capitalized Interest | 1.2 | ||||
Short-term Debt, Weighted Average Interest Rate | 0.67% | ||||
Interest Expense, Short-term Borrowings | 1.1 | ||||
Accounts receivable-affiliated | 153.8 | ||||
Predecessor [Member] | Transportation and Storage Services | |||||
Related Party Transaction [Line Items] | |||||
Accounts receivable-affiliated | 28.8 | ||||
Columbia OpCo | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement of Preformation Capital | 500 | ||||
Money Pool | |||||
Related Party Transaction [Line Items] | |||||
Accounts receivable-affiliated | 816.2 | 816.2 | |||
Revolving credit facility | 750 | 750 | |||
Money Pool | Predecessor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts receivable-affiliated | 125 | ||||
Revolving Credit Facility | |||||
Related Party Transaction [Line Items] | |||||
Revolving credit facility | $1,500 | $1,500 | $500 | ||
Notes Due 2016 [1] | |||||
Related Party Transaction [Line Items] | |||||
Debt Instrument, Maturity Date | 31-Dec-16 | ||||
London Interbank Offered Rate (LIBOR) | |||||
Related Party Transaction [Line Items] | |||||
Basis Spread on Variable Rate | 1.00% | ||||
London Interbank Offered Rate (LIBOR) | Notes Due 2016 [1] | |||||
Related Party Transaction [Line Items] | |||||
Basis Spread on Variable Rate | 1.50% |
Transactions_With_Affiliates_S
Transactions With Affiliates (Schedule of Affiliated Transactions) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | |||
Transportation revenues-affiliated | $28.70 | ||
Storage revenues | 13.3 | ||
Other revenues | 0.1 | ||
Operation and maintenance-affiliated | 36.1 | ||
Interest expense | 11.4 | ||
Interest income | 1 | ||
Accounts receivable | 833.7 | ||
Long-term Debt and Capital Lease Obligations, Current | 0 | ||
Short-term Debt | 7 | ||
Accounts payable | 41 | ||
Long-term debt | 630.9 | ||
Predecessor [Member] | |||
Related Party Transaction [Line Items] | |||
Transportation revenues-affiliated | 28.6 | ||
Storage revenues | 13.7 | ||
Other revenues | 0.1 | ||
Operation and maintenance-affiliated | 28.3 | ||
Interest expense | 12.1 | ||
Interest income | 0.1 | ||
Accounts receivable | 153.8 | ||
Long-term Debt and Capital Lease Obligations, Current | 115.9 | ||
Short-term Debt | 247.3 | ||
Accounts payable | 49.9 | ||
Long-term debt | $1,472.80 |
Transactions_With_Affiliates_S1
Transactions With Affiliates (Schedule of Long-term Debt) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Long-term Debt | $630.90 | |
Notes Due 2015 | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | 28-Nov-05 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.41% | |
Debt Instrument, Maturity Date | 30-Nov-15 | |
Long-term Debt | 0 | |
Notes Due 2016 | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | 28-Nov-05 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.45% | |
Debt Instrument, Maturity Date | 28-Nov-16 | |
Long-term Debt | 0 | |
Notes Due 2025 | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | 28-Nov-05 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.92% | |
Debt Instrument, Maturity Date | 28-Nov-25 | |
Long-term Debt | 0 | |
Notes Due 2032 | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | 28-Nov-12 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.63% | |
Debt Instrument, Maturity Date | 28-Nov-32 | |
Long-term Debt | 0 | |
Notes Due 2037 | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | 28-Nov-12 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.94% | |
Debt Instrument, Maturity Date | 30-Nov-37 | |
Long-term Debt | 0 | |
Notes Due 2037 [1] | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | 19-Dec-12 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.16% | |
Debt Instrument, Maturity Date | 21-Dec-37 | |
Long-term Debt | 0 | |
Notes Due 2042 | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | 28-Nov-12 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.26% | |
Debt Instrument, Maturity Date | 28-Nov-42 | |
Long-term Debt | 0 | |
Notes Due 2042 [1] | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | 19-Dec-12 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.49% | |
Debt Instrument, Maturity Date | 18-Dec-42 | |
Long-term Debt | 0 | |
Notes Due 2016 [1] | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | 9-Dec-13 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |
Debt Instrument, Maturity Date | 31-Dec-16 | |
Long-term Debt | 630.9 | |
Predecessor [Member] | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Long-term Debt | 1,588.70 | |
Predecessor [Member] | Notes Due 2015 | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Long-term Debt | 115.9 | |
Predecessor [Member] | Notes Due 2016 | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Long-term Debt | 45.3 | |
Predecessor [Member] | Notes Due 2025 | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Long-term Debt | 133.5 | |
Predecessor [Member] | Notes Due 2032 | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Long-term Debt | 45 | |
Predecessor [Member] | Notes Due 2037 | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Long-term Debt | 95 | |
Predecessor [Member] | Notes Due 2037 [1] | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Long-term Debt | 55 | |
Predecessor [Member] | Notes Due 2042 | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Long-term Debt | 170 | |
Predecessor [Member] | Notes Due 2042 [1] | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Long-term Debt | 95 | |
Predecessor [Member] | Notes Due 2016 [1] | ||
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Long-term Debt | $834 |
ShortTerm_Borrowings_Narrative
Short-Term Borrowings (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 05, 2014 |
Short-term Debt [Line Items] | ||
Revolving credit facility | $2,600 | |
Line of Credit Facility Amount Outstanding | 0 | |
Letters of Credit Outstanding | 0 | |
Minimum | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Commitment Fee Percentage | 0.13% | |
Consolidated Interest Coverage Ratio | 3 | |
Maximum | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Commitment Fee Percentage | 0.35% | |
Ratio of Indebtedness to Net Capital | 1 | |
Consolidated Interest Coverage Ratio | 1 | |
Revolving Credit Facility | ||
Short-term Debt [Line Items] | ||
Revolving credit facility | 1,500 | 500 |
Letter of Credit | ||
Short-term Debt [Line Items] | ||
Revolving credit facility | $50 | |
Period 1 | Minimum | ||
Short-term Debt [Line Items] | ||
Ratio of Indebtedness to Net Capital | 5.75 | |
Period 1 | Maximum | ||
Short-term Debt [Line Items] | ||
Ratio of Indebtedness to Net Capital | 1 | |
Period 2 | Minimum | ||
Short-term Debt [Line Items] | ||
Ratio of Indebtedness to Net Capital | 5.5 | |
Period 2 | Maximum | ||
Short-term Debt [Line Items] | ||
Ratio of Indebtedness to Net Capital | 1 | |
Period 3 | Minimum | ||
Short-term Debt [Line Items] | ||
Ratio of Indebtedness to Net Capital | 5 | |
Acquisition Period | Minimum | ||
Short-term Debt [Line Items] | ||
Ratio of Indebtedness to Net Capital | 5.5 | |
Acquisition Period | Maximum | ||
Short-term Debt [Line Items] | ||
Ratio of Indebtedness to Net Capital | 1 | |
Federal Funds Effective Swap Rate | ||
Short-term Debt [Line Items] | ||
Basis Spread on Variable Rate | 0.50% | |
Federal Funds Effective Swap Rate | Minimum | ||
Short-term Debt [Line Items] | ||
Margin Rate | 0.00% | |
Federal Funds Effective Swap Rate | Maximum | ||
Short-term Debt [Line Items] | ||
Margin Rate | 0.65% | |
London Interbank Offered Rate (LIBOR) | ||
Short-term Debt [Line Items] | ||
Basis Spread on Variable Rate | 1.00% | |
London Interbank Offered Rate (LIBOR) | Minimum | ||
Short-term Debt [Line Items] | ||
Margin Rate | 0.00% | |
London Interbank Offered Rate (LIBOR) | Maximum | ||
Short-term Debt [Line Items] | ||
Margin Rate | 0.65% | |
Eurodollar | ||
Short-term Debt [Line Items] | ||
Margin Rate | 1.00% | |
Eurodollar | Maximum | ||
Short-term Debt [Line Items] | ||
Margin Rate | 1.65% |
Gain_On_Sale_Of_Assets_Narrati
Gain On Sale Of Assets (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Gain On Sale of Assets [Abstract] | |||
Gain on Conveyances | $5.30 | $17.50 | |
Deferred Gains On Conveyances | $19.20 | $19.60 |
Asset_Retirement_Obligations_C
Asset Retirement Obligations (Changes In Company's Liability For Asset Retirement Obligations) (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Beginning Balance | $23.20 | ||||
Noncontributed net parent investment adjustments | -0.4 | [1] | |||
Accretion expense | 0.3 | ||||
Additions | 0 | ||||
Settlements | 0 | ||||
Change in estimated cash flows | 0 | ||||
Ending Balance | 23.1 | ||||
Predecessor [Member] | |||||
Beginning Balance | 26.3 | 23.2 | |||
Noncontributed net parent investment adjustments | 0 | [1] | |||
Accretion expense | 0.4 | ||||
Additions | 0 | ||||
Settlements | 0 | ||||
Change in estimated cash flows | 0 | ||||
Ending Balance | $26.70 | $23.20 | |||
[1] | Reflects the removal of amounts related to Crossroads Pipeline Company, which was included in the Predecessor but was not contributed to the Partnership. |
Regulatory_Matters_Narrative_D
Regulatory Matters (Narrative) (Details) (USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Jan. 01, 2015 | Feb. 01, 2015 |
Regulatory Assets and Liabilities Disclosure [Abstract] | ||
Expected Modernization Investment | $300 | |
Modernization Program Recovery | $320 |
Equity_Method_Investments_Narr
Equity Method Investments (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 11, 2015 | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | |||
Contributions | $1,217.30 | ||
Millennium Pipeline | |||
Schedule of Equity Method Investments [Line Items] | |||
Contributions | 0 | 2.6 | |
Distributions | 16.6 | 7.1 | |
Hardy Storage [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Contributions | 0 | ||
Distributions | 0.5 | 0.5 | |
Pennant [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Contributions | 0 | 28.4 | |
Distributions | 1.2 | 0 | |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | $1.30 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Taxes [Line Items] | ||
Effective income tax rates | 15.30% | 37.60% |
Corporate Income Tax Rate | 35.00% |
Pension_And_Other_Postretireme2
Pension And Other Postretirement Benefits (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | $0 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | $2.60 |
Pension_And_Other_Postretireme3
Pension And Other Postretirement Benefits (Components Of The Plans' Net Periodic Benefits Cost) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | $1.30 | |
Interest cost | 3.1 | |
Expected return on assets | -6.1 | |
Amortization of prior service credit | -0.2 | |
Recognized actuarial loss | 2 | |
Total Net Periodic Benefits Cost | 0.1 | |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | 0.3 | |
Interest cost | 1 | |
Expected return on assets | -4.3 | |
Amortization of prior service credit | 0 | |
Recognized actuarial loss | 0 | |
Total Net Periodic Benefits Cost | -3 | |
Predecessor [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | 1.2 | |
Interest cost | 3.4 | |
Expected return on assets | -5.9 | |
Amortization of prior service credit | -0.2 | |
Recognized actuarial loss | 1.6 | |
Total Net Periodic Benefits Cost | 0.1 | |
Predecessor [Member] | Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | 0.3 | |
Interest cost | 1.2 | |
Expected return on assets | -4.1 | |
Amortization of prior service credit | 0 | |
Recognized actuarial loss | 0 | |
Total Net Periodic Benefits Cost | ($2.60) |
Fair_Value_Carrying_Amount_And
Fair Value (Carrying Amount And Estimated Fair Values Of Financial Instruments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $0 | |
Current Portion of Long Term Debt, Fair Value | 0 | |
Long-term debt, Carrying Amount | 630.9 | |
Long-term debt, Estimated Fair Value | 630.9 | |
Predecessor [Member] | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | 115.9 | |
Current Portion of Long Term Debt, Fair Value | 120 | |
Long-term debt, Carrying Amount | 1,472.80 | |
Long-term debt, Estimated Fair Value | $1,550.40 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Narrative) (Details) (Millennium Pipeline, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Millennium Pipeline | ||
Accumulated Other Comprehensive Loss [Line Items] | ||
Other Comprehensive Income Unrecognized Gain Loss On Derivatives Arising During Period Net Of Tax | $26.40 | $16.60 |
Debt Instrument, Maturity Date | 1-Jun-25 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Components Of Accumulated Other Comprehensive Loss) (Details) (USD $) | 2 Months Ended | 1 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Feb. 11, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Predecessor net tax liabilities not assumed by Columbia OpCo(1) | $1,222.20 | [1] | ||||
Allocation of Accumulated Other Comprehensive Loss To Noncontrolling Interest | 0 | |||||
Beginning Balance | -16.7 | -16.7 | -17.7 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.1 | [2] | 0.3 | |||
Other Comprehensive Income (Loss), Net of Tax | 0.1 | 0.1 | 0.1 | 0.3 | ||
Ending Balance | -4.2 | -4.2 | -17.4 | |||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Predecessor net tax liabilities not assumed by Columbia OpCo(1) | -10.2 | [3] | ||||
Allocation of Accumulated Other Comprehensive Loss To Noncontrolling Interest | 22.6 | |||||
Beginning Balance | -16.6 | -16.6 | -17.6 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.1 | [2] | 0.3 | |||
Other Comprehensive Income (Loss), Net of Tax | 0.1 | 0.3 | ||||
Ending Balance | -4.1 | -4.1 | -17.3 | |||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Predecessor net tax liabilities not assumed by Columbia OpCo(1) | -0.1 | [3] | ||||
Allocation of Accumulated Other Comprehensive Loss To Noncontrolling Interest | 0.1 | |||||
Beginning Balance | -0.1 | -0.1 | -0.1 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | [2] | 0 | |||
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||||
Ending Balance | -0.1 | -0.1 | -0.1 | |||
Accumulated Other Comprehensive Income (Loss) | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Predecessor net tax liabilities not assumed by Columbia OpCo(1) | -10.3 | [1] | -10.3 | [3] | ||
Allocation of Accumulated Other Comprehensive Loss To Noncontrolling Interest | 22.7 | 22.7 | ||||
Other Comprehensive Income (Loss), Net of Tax | $0 | $0.10 | ||||
[1] | Reflects the non-cash elimination of all historical current and deferred income taxes other than Tennessee state income taxes that continue to be borne by the Partnership post-IPO, as well as associated regulatory assets and liabilities. | |||||
[2] | Reflects amounts allocated to noncontrolling interest. | |||||
[3] | Reflects the non-cash elimination of all historical current and deferred income taxes other than Tennessee state income taxes that will continue to be borne by the Partnership post-IPO. |
Other_Net_Schedule_of_Other_Ne
Other, Net (Schedule of Other, Net) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule Of Other, Net [Line Items] | ||
AFUDC Equity | $3.50 | |
Miscellaneous | 0.8 | |
Total Other, net | 4.3 | |
Predecessor [Member] | ||
Schedule Of Other, Net [Line Items] | ||
AFUDC Equity | 1.6 | |
Miscellaneous | 0.2 | |
Total Other, net | $1.80 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Cash Flow [Line Items] | ||
Capital expenditures included in current liabilities | $98.80 | $58.90 |
Cash paid for interest, net of interest capitalized amounts | 15.6 | 0.3 |
Cash paid for income taxes | $0 | $20.60 |
Concentration_Of_Credit_Risk_N
Concentration Of Credit Risk (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Concentration Risk [Line Items] | |
Concentration Risk, Benchmark Description | 0.1 |
Concentration_of_Credit_Risk_S
Concentration of Credit Risk (Schedule of Concentration Of Credit Risk) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Concentration Risk [Line Items] | ||
Revenues | $339.20 | |
Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Revenues | $48.90 | $47.60 |
Concentration Risk, Percentage | 14.40% | 13.80% |
Subsequent_Event_Narrative_Det
Subsequent Event (Narrative) (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Apr. 29, 2015 |
Subsequent Event [Member] | |
Subsequent Events [Abstract] | |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $0.09 |
Distribution Made to Limited Partner, Cash Distributions Declared | $9.20 |
Distribution Made to Limited Partner, Date of Record | 13-May-15 |
Distribution Made to Limited Partner, Distribution Date | 20-May-15 |