XML 44 R32.htm IDEA: XBRL DOCUMENT v3.7.0.1
Guarantee of Securities of Subsidiaries (Tables)
6 Months Ended
Jun. 30, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheet The Partnership has provided the following condensed consolidating financial information in accordance with Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.

Condensed Consolidating Balance Sheets as of June 30, 2017
(Millions)

Assets
 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Cash and cash equivalents
 
$
0.7

 
$
75.0

 
$
1.6

 
$

 
$
77.3

Receivables
 

 

 
112.8

 

 
112.8

Receivables - affiliate
 

 

 
6.9

 
(6.9
)
 

Gas and liquids stored underground
 

 

 
4.7

 

 
4.7

Prepayments
 
0.5

 
0.1

 
21.3

 

 
21.9

Advances to affiliates
 

 
2.4

 
10.1

 
(12.5
)
 

Other current assets
 

 
0.1

 
6.8

 
(1.5
)
 
5.4

Total current assets
 
1.2

 
77.6

 
164.2

 
(20.9
)
 
222.1

Investment in consolidated subsidiaries
 
2,544.6

 
6,829.8

 

 
(9,374.4
)
 

Property, plant and equipment, gross
 
0.6

 

 
10,498.0

 

 
10,498.6

Less–accumulated depreciation
   and amortization
 
0.6

 

 
2,467.5

 

 
2,468.1

Property, plant and equipment, net
 

 

 
8,030.5

 

 
8,030.5

Advances to affiliates – noncurrent
 
2,095.3

 
508.7

 
283.3

 
(2,887.3
)
 

Other noncurrent assets
 

 
2.9

 
467.5

 
0.3

 
470.7

Total other assets
 
2,095.3


511.6


750.8


(2,887.0
)

470.7

 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
$
4,641.1

 
$
7,419.0

 
$
8,945.5

 
$
(12,282.3
)
 
$
8,723.3


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

 
$
0.2

 
$
127.8

 
$

 
$
128.3

Payable to affiliates
 
1.5

 

 
6.9

 
(6.9
)
 
1.5

Advances from affiliates
 

 
10.1

 
2.4

 
(12.5
)
 

Other current liabilities
 

 
25.3

 
155.5

 
(1.2
)
 
179.6

Total current liabilities
 
1.8

 
35.6

 
292.6

 
(20.6
)
 
309.4

Long-term debt and capital lease
    obligation
 

 
2,460.2

 
1,114.3

 

 
3,574.5

Payable to affiliate - noncurrent
 
16.0

 

 

 

 
16.0

Advances from affiliates - noncurrent
 

 
2,378.6

 
508.7

 
(2,887.3
)
 

Other noncurrent liabilities
 

 

 
200.1

 

 
200.1

Total other liabilities and deferred
    credits
 
16.0

 
2,378.6

 
708.8

 
(2,887.3
)
 
216.1

Total partners' capital
 
4,623.3

 
2,544.6

 
6,829.8

 
(9,374.4
)
 
4,623.3

 
 
 
 
 
 
 
 
 
 
 
Total Liabilities and Partners' Capital
 
$
4,641.1


$
7,419.0


$
8,945.5


$
(12,282.3
)

$
8,723.3


Condensed Consolidating Balance Sheets as of December 31, 2016
(Millions)
Assets
 
Parent
 Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Cash and cash equivalents
 
$
0.6

 
$
1.8

 
$
2.2

 
$

 
$
4.6

Receivables
 

 

 
139.8

 

 
139.8

Receivables - affiliate
 

 

 
7.0

 
(7.0
)
 

Gas and liquids stored underground
 

 

 
1.3

 

 
1.3

Prepayments
 
0.4

 

 
17.3

 

 
17.7

Advances to affiliates
 

 
72.9

 
102.7

 
(175.6
)
 

Other current assets
 

 

 
13.9

 
(3.1
)
 
10.8

Total current assets
 
1.0

 
74.7

 
284.2

 
(185.7
)
 
174.2

Investment in consolidated subsidiaries
 
2,423.2

 
6,653.6

 

 
(9,076.8
)
 

Property, plant and equipment, gross
 
0.6

 

 
10,326.7

 

 
10,327.3

Less–accumulated depreciation
   and amortization
 
0.6

 

 
2,333.2

 

 
2,333.8

Property, plant and equipment, net
 

 

 
7,993.5

 

 
7,993.5

Advances to affiliates – noncurrent
 
2,125.0

 
435.0

 
229.3

 
(2,789.3
)
 

Other noncurrent assets
 

 
3.3

 
466.8

 

 
470.1

Total other assets
 
2,125.0


438.3


696.1


(2,789.3
)

470.1

 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
$
4,549.2

 
$
7,166.6

 
$
8,973.8

 
$
(12,051.8
)
 
$
8,637.8


Liabilities and Partners' Capital
 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Payables
 
$
0.9

 
$
0.2

 
$
136.4

 
$

 
$
137.5

Payable to affiliates
 
1.4

 

 
7.0

 
(7.0
)
 
1.4

Advances from affiliates
 

 
102.7

 
72.9

 
(175.6
)
 

Other current liabilities
 

 
21.8

 
175.3

 
(3.1
)
 
194.0

Total current liabilities
 
2.3

 
124.7

 
391.6

 
(185.7
)
 
332.9

Long-term debt and capital lease
    obligation
 

 
2,264.4

 
1,293.6

 

 
3,558.0

Payable to affiliate - noncurrent
 
16.0

 

 

 

 
16.0

Advances from affiliates - noncurrent
 

 
2,354.3

 
435.0

 
(2,789.3
)
 

Other noncurrent liabilities
 

 

 
200.0

 

 
200.0

Total other liabilities and deferred
    credits
 
16.0

 
2,354.3

 
635.0

 
(2,789.3
)
 
216.0

Total partners' capital
 
4,530.9

 
2,423.2

 
6,653.6

 
(9,076.8
)
 
4,530.9

 
 
 
 
 
 
 
 
 
 
 
Total Liabilities and Partners' Capital
 
$
4,549.2


$
7,166.6


$
8,973.8


$
(12,051.8
)

$
8,637.8

Condensed Consolidating Statements of Income Condensed Consolidating Statements of Income for the Three Months Ended June 30, 2017
(Millions)

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

 
$

 
$
300.6

 
$
(21.9
)
 
$
278.7

Parking and lending

 

 
8.1

 
(0.2
)
 
7.9

Storage

 

 
19.9

 

 
19.9

Other

 

 
11.1

 

 
11.1

Total operating revenues

 

 
339.7

 
(22.1
)
 
317.6

 
 
 
 
 
 
 
 
 
 
Operating Costs and Expenses:
 

 
 

 
 
 
 
 
 
Fuel and transportation

 

 
36.6

 
(22.1
)
 
14.5

Operation and maintenance

 

 
51.6

 

 
51.6

Administrative and general

 

 
34.2

 

 
34.2

Other operating costs and expenses

 

 
150.1

 

 
150.1

Total operating costs and expenses

 

 
272.5

 
(22.1
)
 
250.4

Operating income

 

 
67.2

 

 
67.2

 
 
 
 
 
 
 
 
 
 
Other Deductions (Income):
 

 
 
 
 
 
 
 
 
Interest expense

 
32.4

 
11.5

 

 
43.9

Interest (income) expense - affiliates, net
(11.4
)
 
10.0

 
1.4

 

 

Interest income

 
(0.1
)
 
(0.1
)
 

 
(0.2
)
Equity in earnings of subsidiaries
(12.3
)
 
(54.6
)
 

 
66.9

 

Miscellaneous other income, net

 

 
(0.6
)
 

 
(0.6
)
Total other (income) deductions
(23.7
)
 
(12.3
)
 
12.2

 
66.9

 
43.1

 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
23.7

 
12.3

 
55.0

 
(66.9
)
 
24.1

Income taxes

 

 
0.4

 

 
0.4

Net income (loss)
$
23.7

 
$
12.3

 
$
54.6

 
$
(66.9
)
 
$
23.7


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

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

 
$

 
$
291.7

 
$
(21.9
)
 
$
269.8

Parking and lending

 

 
5.4

 
(1.0
)
 
4.4

Storage

 

 
23.6

 

 
23.6

Other

 

 
8.5

 

 
8.5

Total operating revenues

 

 
329.2

 
(22.9
)
 
306.3

 
 
 
 
 
 
 
 
 
 
Operating Costs and Expenses:
 

 
 

 
 

 
 
 
 
Fuel and transportation

 

 
34.5

 
(22.9
)
 
11.6

Operation and maintenance

 

 
48.3

 

 
48.3

Administrative and general

 

 
35.5

 

 
35.5

Other operating costs and expenses
0.1

 

 
101.5

 

 
101.6

Total operating costs and expenses
0.1

 

 
219.8

 
(22.9
)
 
197.0

Operating (loss) income
(0.1
)
 

 
109.4

 

 
109.3

 
 
 
 
 
 
 
 
 
 
Other Deductions (Income):
 

 
 

 
 

 
 
 
 
Interest expense

 
30.4

 
15.0

 

 
45.4

Interest (income) expense - affiliates, net
(9.0
)
 
11.5

 
(2.5
)
 

 

Interest income

 

 
(0.1
)
 

 
(0.1
)
Equity in earnings of subsidiaries
(57.0
)
 
(98.9
)
 

 
155.9

 

Miscellaneous other deductions
    (income), net
0.2

 

 
(2.1
)
 

 
(1.9
)
Total other (income) deductions
(65.8
)
 
(57.0
)
 
10.3

 
155.9

 
43.4

 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
65.7

 
57.0

 
99.1

 
(155.9
)
 
65.9

Income taxes

 

 
0.2

 

 
0.2

Net income (loss)
$
65.7

 
$
57.0

 
$
98.9

 
$
(155.9
)
 
$
65.7


Condensed Consolidating Statements of Income for the Six Months Ended June 30, 2017
(Millions)

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

 
$

 
$
641.1

 
$
(43.8
)
 
$
597.3

Parking and lending

 

 
13.5

 
(0.2
)
 
13.3

Storage

 

 
43.3

 

 
43.3

Other

 

 
30.7

 

 
30.7

Total operating revenues

 

 
728.6

 
(44.0
)
 
684.6

 
 
 
 
 
 
 
 
 
 
Operating Costs and Expenses:
 

 
 

 
 
 
 
 
 
Fuel and transportation

 

 
77.7

 
(44.0
)
 
33.7

Operation and maintenance

 

 
92.0

 

 
92.0

Administrative and general

 

 
68.8

 

 
68.8

Other operating costs and expenses
0.1

 

 
258.0

 

 
258.1

Total operating costs and expenses
0.1

 

 
496.5

 
(44.0
)
 
452.6

Operating (loss) income
(0.1
)
 

 
232.1

 

 
232.0

 
 
 
 
 
 
 
 
 
 
Other Deductions (Income):
 

 
 
 
 
 
 
 
 
Interest expense

 
65.4

 
24.7

 

 
90.1

Interest (income) expense - affiliates, net
(22.2
)
 
19.1

 
3.1

 

 

Interest income

 
(0.2
)
 
(0.1
)
 

 
(0.3
)
Equity in earnings of subsidiaries
(120.9
)
 
(205.2
)
 

 
326.1

 

Miscellaneous other income, net

 

 
(1.4
)
 

 
(1.4
)
Total other (income) deductions
(143.1
)
 
(120.9
)
 
26.3

 
326.1

 
88.4

 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
143.0

 
120.9

 
205.8

 
(326.1
)
 
143.6

Income taxes

 

 
0.6

 

 
0.6

Net income (loss)
$
143.0

 
$
120.9

 
$
205.2

 
$
(326.1
)
 
$
143.0


Condensed Consolidating Statements of Income for the Six Months Ended June 30, 2016
(Millions)

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

 
$

 
$
619.1

 
$
(43.4
)
 
$
575.7

Parking and lending

 

 
9.5

 
(1.0
)
 
8.5

Storage

 

 
44.6

 

 
44.6

Other

 

 
22.5

 

 
22.5

Total operating revenues

 

 
695.7

 
(44.4
)
 
651.3

 
 
 
 
 
 
 
 
 
 
Operating Costs and Expenses:
 

 
 

 
 

 
 
 
 
Fuel and transportation

 

 
76.3

 
(44.4
)
 
31.9

Operation and maintenance

 

 
91.7

 

 
91.7

Administrative and general
0.1

 

 
70.1

 

 
70.2

Other operating costs and expenses
0.2

 

 
206.4

 

 
206.6

Total operating costs and expenses
0.3

 

 
444.5

 
(44.4
)
 
400.4

Operating (loss) income
(0.3
)
 

 
251.2

 

 
250.9

 
 
 
 
 
 
 
 
 
 
Other Deductions (Income):
 

 
 

 
 

 
 
 
 
Interest expense

 
56.5

 
31.5

 

 
88.0

Interest (income) expense - affiliates, net
(17.9
)
 
23.5

 
(5.6
)
 

 

Interest income

 

 
(0.2
)
 

 
(0.2
)
Equity in earnings of subsidiaries
(149.3
)
 
(229.3
)
 

 
378.6

 

Miscellaneous other deductions
    (income), net
0.2

 

 
(4.2
)
 

 
(4.0
)
Total other (income) deductions
(167.0
)
 
(149.3
)
 
21.5

 
378.6

 
83.8

 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
166.7

 
149.3

 
229.7

 
(378.6
)
 
167.1

Income taxes

 

 
0.4

 

 
0.4

Net income (loss)
$
166.7

 
$
149.3

 
$
229.3

 
$
(378.6
)
 
$
166.7


Condensed Consolidating Statements Of Comprehensive Income Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2017
(Millions)

 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Net income (loss)
$
23.7

 
$
12.3

 
$
54.6

 
$
(66.9
)
 
$
23.7

Other comprehensive income (loss):
 

 
 

 
 

 
 
 
 
Reclassification adjustment transferred
    to Net income from cash flow hedges
0.6

 
0.6

 
0.1

 
(0.7
)
 
0.6

Pension and other postretirement
    benefit costs
0.4

 
0.4

 
0.4

 
(0.8
)
 
0.4

Total Comprehensive Income (Loss)
$
24.7

 
$
13.3

 
$
55.1

 
$
(68.4
)
 
$
24.7


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

 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Net income (loss)
$
65.7

 
$
57.0

 
$
98.9

 
$
(155.9
)
 
$
65.7

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
1.1

 
1.1

 
1.1

 
(2.2
)
 
1.1

Total Comprehensive Income (Loss)
$
67.4

 
$
58.7

 
$
100.2

 
$
(158.9
)
 
$
67.4


Condensed Consolidating Statements of Comprehensive Income for the Six Months Ended June 30, 2017
(Millions)

 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Net income (loss)
$
143.0

 
$
120.9

 
$
205.2

 
$
(326.1
)
 
$
143.0

Other comprehensive income (loss):
 

 
 

 
 

 
 
 

Loss on cash flow hedge
(1.5
)
 
(1.5
)
 

 
1.5

 
(1.5
)
Reclassification adjustment transferred
    to Net income from cash flow hedges
1.3

 
1.3

 
0.3

 
(1.6
)
 
1.3

Pension and other postretirement
    benefit costs
0.7

 
0.7

 
0.7

 
(1.4
)
 
0.7

Total Comprehensive Income (Loss)
$
143.5

 
$
121.4

 
$
206.2

 
$
(327.6
)
 
$
143.5



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

 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Net income (loss)
$
166.7

 
$
149.3

 
$
229.3

 
$
(378.6
)
 
$
166.7

Other comprehensive income (loss):
 

 
 

 
 

 
 
 
 
Reclassification adjustment transferred
    to Net income from cash flow hedges
1.2

 
1.2

 
0.4

 
(1.6
)
 
1.2

Pension and other postretirement
    benefit costs
1.7

 
1.7

 
1.7

 
(3.4
)
 
1.7

Total Comprehensive Income (Loss)
$
169.6

 
$
152.2

 
$
231.4

 
$
(383.6
)
 
$
169.6


Condensed Consolidating Statements of Cash Flows Condensed Consolidating Statements of Cash Flow for the Six Months Ended June 30, 2017
(Millions)

 
Parent
Guarantor
 
Subsidiary
 Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Net cash provided by (used in)
    operating activities
$
21.4

 
$
(79.3
)
 
$
405.8

 
$

 
$
347.9

 
 
 
 
 
 
 
 
 
 
INVESTING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Capital expenditures

 

 
(302.8
)
 

 
(302.8
)
Proceeds from sale of operating assets

 

 
64.8

 

 
64.8

Advances to affiliates, net
29.7

 
(3.2
)
 
8.6

 
(35.1
)
 

Net cash provided by (used in)
    investing activities
29.7

 
(3.2
)
 
(229.4
)
 
(35.1
)
 
(238.0
)
 
 
 
 
 
 
 
 
 
 
FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Proceeds from long-term debt, net of
    issuance cost

 
494.0

 

 

 
494.0

Repayment of borrowings from long-term
    debt

 
(300.0
)
 

 

 
(300.0
)
Proceeds from borrowings on revolving
    credit agreement

 

 
160.0

 

 
160.0

Repayment of borrowings on revolving
    credit agreement

 

 
(340.0
)
 

 
(340.0
)
Principal payment of capital lease
    obligation

 

 
(0.2
)
 

 
(0.2
)
Advances from affiliates, net
0.1

 
(38.3
)
 
3.2

 
35.1

 
0.1

Distributions paid
(51.1
)
 

 

 

 
(51.1
)
Net cash (used in) provided by
    financing activities
(51.0
)
 
155.7

 
(177.0
)
 
35.1

 
(37.2
)
 
 
 
 
 
 
 
 
 
 
Increase (decrease) in cash and cash
  equivalents
0.1

 
73.2

 
(0.6
)
 

 
72.7

Cash and cash equivalents at
  beginning of period
0.6

 
1.8

 
2.2

 

 
4.6

Cash and cash equivalents at
    end of period
$
0.7

 
$
75.0

 
$
1.6

 
$

 
$
77.3


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


 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Net cash provided by (used in)
    operating activities
$
17.8

 
$
(73.3
)
 
$
360.2

 
$

 
$
304.7

 
 
 
 
 
 
 
 
 
 
INVESTING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Capital expenditures

 

 
(259.0
)
 

 
(259.0
)
Proceeds from sale of operating assets

 

 
0.1

 

 
0.1

Advances to affiliates, net
33.6

 
(6.5
)
 
270.1

 
(297.2
)
 

Net cash provided by (used in)
    investing activities
33.6

 
(6.5
)
 
11.2

 
(297.2
)
 
(258.9
)
 
 
 
 
 
 
 
 
 
 
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

 

 
(630.0
)
 

 
(630.0
)
Principal payment of capital lease
    obligation

 

 
(0.2
)
 

 
(0.2
)
Advances from affiliates, net
0.1

 
(303.7
)
 
6.5

 
297.2

 
0.1

Distributions paid
(51.1
)
 

 

 

 
(51.1
)
Net cash (used in) provided by
    financing activities
(51.0
)

235.4


(368.7
)

297.2


112.9

 
 
 
 
 
 
 
 
 
 
Increase in cash and cash
    equivalents
0.4

 
155.6

 
2.7

 

 
158.7

Cash and cash equivalents at
    beginning of period

 
0.3

 
2.8

 

 
3.1

Cash and cash equivalents at
    end of period
$
0.4

 
$
155.9

 
$
5.5

 
$

 
$
161.8