XML 41 R30.htm IDEA: XBRL DOCUMENT v3.5.0.2
Guarantee of Securities of Subsidiaries (Tables)
9 Months Ended
Sep. 30, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheet Condensed Consolidating Balance Sheets as of September 30, 2016
(Millions)

Assets
 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Cash and cash equivalents
 
$
0.3

 
$
107.3

 
$
3.8

 
$

 
$
111.4

Receivables
 

 

 
119.5

 

 
119.5

Receivables - affiliate
 

 

 
7.0

 
(7.0
)
 

Gas and liquids stored underground
 

 

 
12.4

 

 
12.4

Prepayments
 
0.4

 

 
19.7

 

 
20.1

Advances to affiliates
 

 

 
127.7

 
(127.7
)
 

Other current assets
 

 

 
20.7

 
(11.8
)
 
8.9

Total current assets
 
0.7

 
107.3

 
310.8

 
(146.5
)
 
272.3

Investment in consolidated subsidiaries
 
2,344.6

 
6,608.7

 

 
(8,953.3
)
 

Property, plant and equipment, gross
 
0.6

 

 
10,155.6

 

 
10,156.2

Less–accumulated depreciation
   and amortization
 
0.6

 

 
2,257.4

 

 
2,258.0

Property, plant and equipment, net
 

 

 
7,898.2

 

 
7,898.2

Other noncurrent assets
 

 
3.4

 
471.5

 
(2.7
)
 
472.2

Advances to affiliates – noncurrent
 
2,140.5

 
504.1

 
61.9

 
(2,706.5
)
 

Total other assets
 
2,140.5

 
507.5


533.4


(2,709.2
)

472.2

 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
$
4,485.8

 
$
7,223.5

 
$
8,742.4

 
$
(11,809.0
)
 
$
8,642.7


Liabilities and Partners' Capital
 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Payables
 
$
0.3

 
$
0.1

 
$
117.8

 
$

 
$
118.2

Payable to affiliates
 
1.4

 

 
7.0

 
(7.0
)
 
1.4

Advances from affiliates
 

 
127.7

 

 
(127.7
)
 

Other current liabilities
 

 
35.0

 
191.2

 
(14.5
)
 
211.7

Total current liabilities
 
1.7

 
162.8

 
316.0

 
(149.2
)
 
331.3

Long-term debt and capital lease
    obligation
 

 
2,513.6

 
1,113.2

 

 
3,626.8

Payable to affiliate - noncurrent
 
16.0

 

 

 

 
16.0

Advances from affiliates - noncurrent
 

 
2,202.4

 
504.1

 
(2,706.5
)
 

Other noncurrent liabilities
 

 
0.1

 
200.4

 

 
200.5

Total other liabilities and deferred
    credits
 
16.0

 
2,202.5

 
704.5

 
(2,706.5
)
 
216.5

Total partners' capital
 
4,468.1

 
2,344.6

 
6,608.7

 
(8,953.3
)
 
4,468.1

Total Liabilities and Partners'
    Capital
 
$
4,485.8


$
7,223.5


$
8,742.4


$
(11,809.0
)

$
8,642.7


Condensed Consolidating Balance Sheets as of December 31, 2015
(Millions)
Assets
 
Parent
 Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Cash and cash equivalents
 
$

 
$
0.3

 
$
2.8

 
$

 
$
3.1

Receivables
 

 

 
129.5

 

 
129.5

Receivables - affiliate
 

 

 
7.0

 
(7.0
)
 

Gas and liquids stored underground
 

 

 
10.7

 

 
10.7

Prepayments
 
0.2

 

 
16.7

 

 
16.9

Advances to affiliates
 

 
21.0

 
107.7

 
(128.7
)
 

Other current assets
 

 

 
12.8

 
(3.2
)
 
9.6

Total current assets
 
0.2

 
21.3

 
287.2

 
(138.9
)
 
169.8

Investment in consolidated subsidiaries
 
2,153.5

 
7,067.6

 

 
(9,221.1
)
 

Property, plant and equipment, gross
 
0.6

 

 
9,706.0

 

 
9,706.6

Less–accumulated depreciation
   and amortization
 
0.6

 

 
2,051.6

 

 
2,052.2

Property, plant and equipment, net
 

 

 
7,654.4

 

 
7,654.4

Other noncurrent assets
 
0.4

 
3.0

 
472.7

 

 
476.1

Advances to affiliates – noncurrent
 
2,190.2

 
466.3

 
1,113.4

 
(3,769.9
)
 

Total other assets
 
2,190.6

 
469.3

 
1,586.1

 
(3,769.9
)
 
476.1

 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
$
4,344.3

 
$
7,558.2

 
$
9,527.7

 
$
(13,129.9
)
 
$
8,300.3


Liabilities and Partners' Capital
 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Payables
 
$
0.3

 
$
0.1

 
$
118.2

 
$

 
$
118.6

Payable to affiliates
 
1.3

 

 
7.0

 
(7.0
)
 
1.3

Advances from affiliates
 

 
107.7

 
21.0

 
(128.7
)
 

Other current liabilities
 

 
20.9

 
176.8

 
(3.2
)
 
194.5

Total current liabilities
 
1.6

 
128.7

 
323.0

 
(138.9
)
 
314.4

Long-term debt and capital lease
    obligation
 

 
1,972.4

 
1,486.9

 

 
3,459.3

Payable to affiliate - noncurrent
 
16.0

 

 

 

 
16.0

Advances from affiliates - noncurrent
 

 
3,303.6

 
466.3

 
(3,769.9
)
 

Other noncurrent liabilities
 

 

 
183.9

 

 
183.9

Total other liabilities and deferred
    credits
 
16.0

 
3,303.6

 
650.2

 
(3,769.9
)
 
199.9

Total partners' capital
 
4,326.7

 
2,153.5

 
7,067.6

 
(9,221.1
)
 
4,326.7

Total Liabilities and Partners'
    Capital
 
$
4,344.3


$
7,558.2


$
9,527.7


$
(13,129.9
)

$
8,300.3

Condensed Consolidating Statements of Income


Condensed Consolidating Statements of Income for the Three Months Ended September 30, 2016
(Millions)

 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Operating Revenues:
 
 
 
 
 
 
 
 
 
Transportation
$

 
$

 
$
281.9

 
$
(22.3
)
 
$
259.6

Parking and lending

 

 
5.1

 
(0.2
)
 
4.9

Storage

 

 
23.4

 

 
23.4

Other

 

 
15.4

 

 
15.4

Total operating revenues

 

 
325.8

 
(22.5
)
 
303.3

 
 
 
 
 
 
 
 
 
 
Operating Costs and Expenses:
 

 
 

 
 
 
 
 
 
Fuel and transportation

 

 
41.6

 
(22.5
)
 
19.1

Operation and maintenance

 

 
52.1

 

 
52.1

Administrative and general

 

 
34.4

 

 
34.4

Other operating costs and expenses
0.1

 

 
103.9

 

 
104.0

Total operating costs and expenses
0.1

 

 
232.0

 
(22.5
)
 
209.6

Operating (loss) income
(0.1
)
 

 
93.8

 

 
93.7

 
 
 
 
 
 
 
 
 
 
Other Deductions (Income):
 

 
 
 
 
 
 
 
 
Interest expense

 
34.6

 
13.8

 

 
48.4

Interest (income) expense - affiliates, net
(9.7
)
 
11.7

 
(2.0
)
 

 

Interest income

 

 
(0.1
)
 

 
(0.1
)
Equity in earnings of subsidiaries
(37.7
)
 
(84.0
)
 

 
121.7

 

Miscellaneous other income, net

 

 
(1.9
)
 

 
(1.9
)
Total other (income) deductions
(47.4
)
 
(37.7
)
 
9.8

 
121.7

 
46.4

 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
47.3

 
37.7

 
84.0

 
(121.7
)
 
47.3

Income taxes

 

 

 

 

Net income (loss)
$
47.3

 
$
37.7

 
$
84.0

 
$
(121.7
)
 
$
47.3


Condensed Consolidating Statements of Income for the Three Months Ended September 30, 2015
(Millions)

 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Operating Revenues:
 
 
 
 
 
 
 
 
 
Transportation
$

 
$

 
$
277.1

 
$
(21.5
)
 
$
255.6

Parking and lending

 

 
2.3

 

 
2.3

Storage

 

 
20.4

 

 
20.4

Other

 

 
15.8

 

 
15.8

Total operating revenues

 

 
315.6

 
(21.5
)
 
294.1

 
 
 
 
 
 
 
 
 
 
Operating Costs and Expenses:
 

 
 

 
 

 
 
 
 
Fuel and transportation

 

 
46.6

 
(21.5
)
 
25.1

Operation and maintenance

 

 
54.0

 

 
54.0

Administrative and general
0.2

 

 
31.5

 

 
31.7

Other operating costs and expenses

 

 
102.6

 

 
102.6

Total operating costs and expenses
0.2

 

 
234.7

 
(21.5
)
 
213.4

Operating (loss) income
(0.2
)
 

 
80.9

 

 
80.7

 
 
 
 
 
 
 
 
 
 
Other Deductions (Income):
 

 
 

 
 

 
 
 
 
Interest expense

 
26.1

 
17.0

 

 
43.1

Interest (income) expense - affiliates, net
(7.3
)
 
9.7

 
(2.4
)
 

 

Interest income

 

 
(0.1
)
 

 
(0.1
)
Equity in earnings of subsidiaries
(31.2
)
 
(67.0
)
 

 
98.2

 

Miscellaneous other income, net

 

 
(0.7
)
 

 
(0.7
)
Total other (income) deductions
(38.5
)
 
(31.2
)
 
13.8

 
98.2

 
42.3

 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
38.3

 
31.2

 
67.1

 
(98.2
)
 
38.4

Income taxes

 

 
0.1

 

 
0.1

Net income (loss)
$
38.3

 
$
31.2

 
$
67.0

 
$
(98.2
)
 
$
38.3



Condensed Consolidating Statements of Income for the Nine Months Ended September 30, 2016
(Millions)

 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Operating Revenues:
 
 
 
 
 
 
 
 
 
Transportation
$

 
$

 
$
901.0

 
$
(65.7
)
 
$
835.3

Parking and lending

 

 
14.6

 
(1.2
)
 
13.4

Storage

 

 
68.0

 

 
68.0

Other

 

 
37.9

 

 
37.9

Total operating revenues

 

 
1,021.5

 
(66.9
)
 
954.6

 
 
 
 
 
 
 
 
 
 
Operating Costs and Expenses:
 

 
 

 
 
 
 
 
 
Fuel and transportation

 

 
117.9

 
(66.9
)
 
51.0

Operation and maintenance

 

 
143.8

 

 
143.8

Administrative and general
0.1

 

 
104.5

 

 
104.6

Other operating costs and expenses
0.3

 

 
310.3

 

 
310.6

Total operating costs and expenses
0.4

 

 
676.5

 
(66.9
)
 
610.0

Operating (loss) income
(0.4
)
 

 
345.0

 

 
344.6

 
 
 
 
 
 
 
 
 
 
Other Deductions (Income):
 

 
 
 
 
 
 
 
 
Interest expense

 
91.1

 
45.3

 

 
136.4

Interest (income) expense - affiliates, net
(27.6
)
 
35.2

 
(7.6
)
 

 

Interest income

 

 
(0.3
)
 

 
(0.3
)
Equity in earnings of subsidiaries
(187.0
)
 
(313.3
)
 

 
500.3

 

Miscellaneous other income, net
0.2

 

 
(6.1
)
 

 
(5.9
)
Total other (income) deductions
(214.4
)
 
(187.0
)
 
31.3

 
500.3

 
130.2

 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
214.0

 
187.0

 
313.7

 
(500.3
)
 
214.4

Income taxes

 

 
0.4

 

 
0.4

Net income (loss)
$
214.0

 
$
187.0

 
$
313.3

 
$
(500.3
)
 
$
214.0


Condensed Consolidating Statements of Income for the Nine Months Ended September 30, 2015
(Millions)

 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Operating Revenues:
 
 
 
 
 
 
 
 
 
Transportation
$

 
$

 
$
867.3

 
$
(65.2
)
 
$
802.1

Parking and lending

 

 
8.1

 
(0.2
)
 
7.9

Storage

 

 
60.6

 

 
60.6

Other

 

 
51.8

 

 
51.8

Total operating revenues

 

 
987.8

 
(65.4
)
 
922.4

 
 
 
 
 
 
 
 
 
 
Operating Costs and Expenses:
 

 
 

 
 

 
 
 
 
Fuel and transportation

 

 
143.4

 
(65.4
)
 
78.0

Operation and maintenance

 

 
148.7

 

 
148.7

Administrative and general

 

 
94.1

 

 
94.1

Other operating costs and expenses
0.2

 

 
312.0

 

 
312.2

Total operating costs and expenses
0.2

 

 
698.2

 
(65.4
)
 
633.0

Operating (loss) income
(0.2
)
 

 
289.6

 

 
289.4

 
 
 
 
 
 
 
 
 
 
Other Deductions (Income):
 

 
 

 
 

 
 
 
 
Interest expense

 
77.9

 
56.3

 

 
134.2

Interest (income) expense - affiliates, net
(21.2
)
 
28.3

 
(7.1
)
 

 

Interest income

 

 
(0.3
)
 

 
(0.3
)
Equity in earnings of subsidiaries
(135.4
)
 
(241.6
)
 

 
377.0

 

Miscellaneous other income, net

 

 
(1.3
)
 

 
(1.3
)
Total other (income) deductions
(156.6
)
 
(135.4
)
 
47.6

 
377.0

 
132.6

 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
156.4

 
135.4

 
242.0

 
(377.0
)
 
156.8

Income taxes

 

 
0.4

 

 
0.4

Net income (loss)
$
156.4

 
$
135.4

 
$
241.6

 
$
(377.0
)
 
$
156.4


Condensed Consolidating Statements Of Comprehensive Income



Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2016
(Millions)

 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Net income (loss)
$
47.3

 
$
37.7

 
$
84.0

 
$
(121.7
)
 
$
47.3

Other comprehensive income (loss):
 

 
 

 
 

 
 
 
 
Reclassification adjustment transferred
    to Net income from cash flow hedges
0.6

 
0.6

 
0.2

 
(0.8
)
 
0.6

Pension and other postretirement
    benefit costs
0.6

 
0.6

 
0.6

 
(1.2
)
 
0.6

Total Comprehensive Income (Loss)
$
48.5

 
$
38.9

 
$
84.8

 
$
(123.7
)
 
$
48.5



Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2015
(Millions)

 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Net income (loss)
$
38.3

 
$
31.2

 
$
67.0

 
$
(98.2
)
 
$
38.3

Other comprehensive income (loss):
 

 
 

 
 

 
 
 
 
Reclassification adjustment transferred
    to Net income from cash flow hedges
0.6

 
0.6

 
0.2

 
(0.8
)
 
0.6

Total Comprehensive Income (Loss)
$
38.9

 
$
31.8

 
$
67.2

 
$
(99.0
)
 
$
38.9



Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2016
(Millions)

 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Net income (loss)
$
214.0

 
$
187.0

 
$
313.3

 
$
(500.3
)
 
$
214.0

Other comprehensive income (loss):
 

 
 

 
 

 
 
 

Reclassification adjustment transferred
    to Net income from cash flow hedges
1.8

 
1.8

 
0.6

 
(2.4
)
 
1.8

Pension and other postretirement
    benefit costs
2.3

 
2.3

 
2.3

 
(4.6
)
 
2.3

Total Comprehensive Income (Loss)
$
218.1

 
$
191.1

 
$
316.2

 
$
(507.3
)
 
$
218.1



Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2015
(Millions)

 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Net income (loss)
$
156.4

 
$
135.4

 
$
241.6

 
$
(377.0
)
 
$
156.4

Other comprehensive income (loss):
 

 
 

 
 

 
 
 
 
Reclassification adjustment transferred
    to Net income from cash flow hedges
1.8

 
1.8

 
0.6

 
(2.4
)
 
1.8

Pension and other postretirement
    benefit costs
(4.3
)
 
(4.3
)
 
(4.3
)
 
8.6

 
(4.3
)
Total Comprehensive Income (Loss)
$
153.9

 
$
132.9

 
$
237.9

 
$
(370.8
)
 
$
153.9


Condensed Consolidating Statements of Cash Flows


Condensed Consolidating Statements of Cash Flow for the Nine Months Ended September 30, 2016
(Millions)

 
Parent
Guarantor
 
Subsidiary
 Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Net cash provided by (used in)
    operating activities
$
27.3

 
$
(108.3
)
 
$
535.2

 
$

 
$
454.2

 
 
 
 
 
 
 
 
 
 
INVESTING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Capital expenditures

 

 
(432.4
)
 

 
(432.4
)
Proceeds from sale of operating assets

 

 
0.2

 

 
0.2

Advances to affiliates, net
49.7

 
(16.8
)
 
256.5

 
(289.4
)
 

Net cash provided by (used in)
    investing activities
49.7

 
(16.8
)
 
(175.7
)
 
(289.4
)
 
(432.2
)
 
 
 
 
 
 
 
 
 
 
FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Proceeds from long-term debt, net of
    issuance cost

 
539.1

 

 

 
539.1

Proceeds from borrowings on revolving
    credit agreement

 

 
255.0

 

 
255.0

Repayment of borrowings on revolving
    credit agreement, including financing fees

 
(0.8
)
 
(630.0
)
 

 
(630.8
)
Principal payment of capital lease
    obligation

 

 
(0.3
)
 

 
(0.3
)
Advances from affiliates, net

 
(306.2
)
 
16.8

 
289.4

 

Distributions paid
(76.7
)
 

 

 

 
(76.7
)
Net cash (used in) provided by
    financing activities
(76.7
)
 
232.1

 
(358.5
)
 
289.4

 
86.3

 
 
 
 
 
 
 
 
 
 
Increase in cash and cash
  equivalents
0.3

 
107.0

 
1.0

 

 
108.3

Cash and cash equivalents at
  beginning of period

 
0.3

 
2.8

 

 
3.1

Cash and cash equivalents at
    end of period
$
0.3

 
$
107.3

 
$
3.8

 
$

 
$
111.4


Condensed Consolidating Statements of Cash Flow for the Nine Months Ended September 30, 2015
(Millions)


 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Net cash provided by (used in)
    operating activities
$
20.4

 
$
(99.5
)
 
$
509.3

 
$

 
$
430.2

 
 
 
 
 
 
 
 
 
 
INVESTING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Capital expenditures

 

 
(241.1
)
 

 
(241.1
)
Proceeds from sale of operating assets

 

 
0.3

 

 
0.3

Proceeds from other recoveries

 

 
6.2

 

 
6.2

Advances to affiliates, net
(60.9
)
 
(276.5
)
 
(71.4
)
 
408.8

 

Net cash (used in) provided by
    investing activities
(60.9
)
 
(276.5
)
 
(306.0
)
 
408.8

 
(234.6
)
 
 
 
 
 
 
 
 
 
 
FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Proceeds from long-term debt, net of
    issuance cost

 
247.1

 

 

 
247.1

Repayment of borrowings from long-term
    debt and term loan


 

 
(725.0
)
 

 
(725.0
)
Proceeds from borrowings on revolving
    credit agreement

 

 
980.0

 

 
980.0

Repayment of borrowings on revolving
    credit agreement, including financing
    fees

 
(3.6
)
 
(735.0
)
 

 
(738.6
)
Principal payment of capital lease
    obligation

 

 
(0.3
)
 

 
(0.3
)
Advances from affiliates, net
0.6

 
132.3

 
276.5

 
(408.8
)
 
0.6

Distributions paid
(76.0
)
 

 

 

 
(76.0
)
Proceeds from sale of common units
113.1

 

 

 

 
113.1

Capital contributions from general partner
2.3

 

 

 

 
2.3

Net cash provided by (used in)
    financing activities
40.0


375.8


(203.8
)

(408.8
)

(196.8
)
 
 
 
 
 
 
 
 
 
 
Decrease in cash and cash
    equivalents
(0.5
)
 
(0.2
)
 
(0.5
)
 

 
(1.2
)
Cash and cash equivalents at
    beginning of period
0.5

 
1.8

 
4.3

 

 
6.6

Cash and cash equivalents at
    end of period
$

 
$
1.6

 
$
3.8

 
$

 
$
5.4