XML 43 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Guarantee of Securities of Subsidiaries (Tables)
9 Months Ended
Sep. 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 September 30, 2017
(Millions)

Assets
 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Cash and cash equivalents
 
$
0.4

 
$
15.1

 
$
7.1

 
$

 
$
22.6

Receivables
 

 

 
108.2

 

 
108.2

Receivables - affiliate
 

 

 
6.9

 
(6.9
)
 

Gas and liquids stored underground
 

 

 
5.6

 

 
5.6

Prepayments
 
0.4

 

 
19.4

 

 
19.8

Advances to affiliates
 

 
1.4

 
22.4

 
(23.8
)
 

Other current assets
 

 

 
8.2

 
(1.2
)
 
7.0

Total current assets
 
0.8

 
16.5

 
177.8

 
(31.9
)
 
163.2

Investment in consolidated subsidiaries
 
2,602.8

 
6,665.8

 

 
(9,268.6
)
 

Property, plant and equipment, gross
 
0.6

 

 
10,674.1

 

 
10,674.7

Less–accumulated depreciation
   and amortization
 
0.6

 

 
2,542.5

 

 
2,543.1

Property, plant and equipment, net
 

 

 
8,131.6

 

 
8,131.6

Advances to affiliates – noncurrent
 
2,082.4

 
886.4

 
373.4

 
(3,342.2
)
 

Other noncurrent assets
 

 
3.4

 
464.1

 
(0.2
)
 
467.3

Total other assets
 
2,082.4


889.8


837.5


(3,342.4
)

467.3

 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
$
4,686.0

 
$
7,572.1

 
$
9,146.9

 
$
(12,642.9
)
 
$
8,762.1


Liabilities and Partners' Capital
 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Payables
 
$
0.1

 
$
0.2

 
$
87.6

 
$

 
$
87.9

Payable to affiliates
 
1.5

 

 
6.9

 
(6.9
)
 
1.5

Advances from affiliates
 

 
22.4

 
1.4

 
(23.8
)
 

Other current liabilities
 
0.2

 
29.9

 
174.6

 
(1.4
)
 
203.3

Total current liabilities
 
1.8

 
52.5

 
270.5

 
(32.1
)
 
292.7

Long-term debt and capital lease
    obligation
 

 
2,461.0

 
1,124.7

 

 
3,585.7

Payable to affiliate - noncurrent
 
16.0

 

 

 

 
16.0

Advances from affiliates - noncurrent
 

 
2,455.8

 
886.4

 
(3,342.2
)
 

Other noncurrent liabilities
 

 

 
199.5

 

 
199.5

Total other liabilities and deferred
    credits
 
16.0

 
2,455.8

 
1,085.9

 
(3,342.2
)
 
215.5

Total partners' capital
 
4,668.2

 
2,602.8

 
6,665.8

 
(9,268.6
)
 
4,668.2

 
 
 
 
 
 
 
 
 
 
 
Total Liabilities and Partners' Capital
 
$
4,686.0


$
7,572.1


$
9,146.9


$
(12,642.9
)

$
8,762.1


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 September 30, 2017
(Millions)

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

 
$

 
$
295.4

 
$
(22.5
)
 
$
272.9

Parking and lending

 

 
4.3

 

 
4.3

Storage

 

 
18.9

 

 
18.9

Other

 

 
4.4

 

 
4.4

Total operating revenues

 

 
323.0

 
(22.5
)
 
300.5

 
 
 
 
 
 
 
 
 
 
Operating Costs and Expenses:
 

 
 

 
 
 
 
 
 
Fuel and transportation

 

 
31.5

 
(22.5
)
 
9.0

Operation and maintenance

 

 
49.0

 

 
49.0

Administrative and general
(0.3
)
 

 
26.6

 

 
26.3

Other operating costs and expenses
0.4

 

 
105.0

 

 
105.4

Total operating costs and expenses
0.1

 

 
212.1

 
(22.5
)
 
189.7

Operating (loss) income
(0.1
)
 

 
110.9

 

 
110.8

 
 
 
 
 
 
 
 
 
 
Other Deductions (Income):
 

 
 
 
 
 
 
 
 
Interest expense

 
32.2

 
8.8

 

 
41.0

Interest (income) expense - affiliates, net
(12.4
)
 
11.0

 
1.4

 

 

Equity in earnings of subsidiaries
(57.5
)
 
(100.7
)
 

 
158.2

 

Miscellaneous other income, net

 

 
(0.3
)
 

 
(0.3
)
Total other (income) deductions
(69.9
)
 
(57.5
)
 
9.9

 
158.2

 
40.7

 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
69.8

 
57.5

 
101.0

 
(158.2
)
 
70.1

Income taxes

 

 
0.3

 

 
0.3

Net income (loss)
$
69.8

 
$
57.5

 
$
100.7

 
$
(158.2
)
 
$
69.8


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 Nine Months Ended September 30, 2017
(Millions)

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

 
$

 
$
936.5

 
$
(66.3
)
 
$
870.2

Parking and lending

 

 
17.8

 
(0.2
)
 
17.6

Storage

 

 
62.2

 

 
62.2

Other

 

 
35.1

 

 
35.1

Total operating revenues

 

 
1,051.6

 
(66.5
)
 
985.1

 
 
 
 
 
 
 
 
 
 
Operating Costs and Expenses:
 

 
 

 
 
 
 
 
 
Fuel and transportation

 

 
109.2

 
(66.5
)
 
42.7

Operation and maintenance

 

 
141.0

 

 
141.0

Administrative and general
(0.3
)
 

 
95.4

 

 
95.1

Other operating costs and expenses
0.5

 

 
363.0

 

 
363.5

Total operating costs and expenses
0.2

 

 
708.6

 
(66.5
)
 
642.3

Operating (loss) income
(0.2
)
 

 
343.0

 

 
342.8

 
 
 
 
 
 
 
 
 
 
Other Deductions (Income):
 

 
 
 
 
 
 
 
 
Interest expense

 
97.6

 
33.5

 

 
131.1

Interest (income) expense - affiliates, net
(34.6
)
 
30.1

 
4.5

 

 

Interest income

 
(0.2
)
 
(0.1
)
 

 
(0.3
)
Equity in earnings of subsidiaries
(178.4
)
 
(305.9
)
 

 
484.3

 

Miscellaneous other income, net

 

 
(1.7
)
 

 
(1.7
)
Total other (income) deductions
(213.0
)
 
(178.4
)
 
36.2

 
484.3

 
129.1

 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
212.8

 
178.4

 
306.8

 
(484.3
)
 
213.7

Income taxes

 

 
0.9

 

 
0.9

Net income (loss)
$
212.8

 
$
178.4

 
$
305.9

 
$
(484.3
)
 
$
212.8


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

 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Net income (loss)
$
69.8

 
$
57.5

 
$
100.7

 
$
(158.2
)
 
$
69.8

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
0.1

 
0.1

 
0.1

 
(0.2
)
 
0.1

Total Comprehensive Income (Loss)
$
70.5

 
$
58.2

 
$
101.0

 
$
(159.2
)
 
$
70.5


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 Nine Months Ended September 30, 2017
(Millions)

 
Parent
Guarantor
 
Subsidiary
Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Net income (loss)
$
212.8

 
$
178.4

 
$
305.9

 
$
(484.3
)
 
$
212.8

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
1.9

 
1.9

 
0.5

 
(2.4
)
 
1.9

Pension and other postretirement
    benefit costs
0.8

 
0.8

 
0.8

 
(1.6
)
 
0.8

Total Comprehensive Income (Loss)
$
214.0

 
$
179.6

 
$
307.2

 
$
(486.8
)
 
$
214.0



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

 
Parent
Guarantor
 
Subsidiary
 Issuer
 
Non-guarantor Subsidiaries
 
Eliminations
 
Consolidated Boardwalk Pipeline Partners, LP
Net cash provided by (used in)
    operating activities
$
33.8

 
$
(117.0
)
 
$
586.4

 
$

 
$
503.2

 
 
 
 
 
 
 
 
 
 
INVESTING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Capital expenditures

 

 
(496.0
)
 

 
(496.0
)
Proceeds from sale of operating assets

 

 
63.7

 

 
63.7

Advances to affiliates, net
42.6

 
(398.5
)
 
(377.4
)
 
733.3

 

Net cash provided by (used in)
    investing activities
42.6

 
(398.5
)
 
(809.7
)
 
733.3

 
(432.3
)
 
 
 
 
 
 
 
 
 
 
FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Proceeds from long-term debt, net of
    issuance cost

 
494.0

 

 

 
494.0

Repayment of borrowings from long-term
    debt

 
(300.0
)
 
(275.0
)
 

 
(575.0
)
Proceeds from borrowings on revolving
    credit agreement

 

 
505.0

 

 
505.0

Repayment of borrowings on revolving
    credit agreement

 

 
(400.0
)
 

 
(400.0
)
Principal payment of capital lease
    obligation

 

 
(0.3
)
 

 
(0.3
)
Advances from affiliates, net
0.1

 
334.8

 
398.5

 
(733.3
)
 
0.1

Distributions paid
(76.7
)
 

 

 

 
(76.7
)
Net cash (used in) provided by
    financing activities
(76.6
)
 
528.8

 
228.2

 
(733.3
)
 
(52.9
)
 
 
 
 
 
 
 
 
 
 
(Decrease) increase in cash and cash
  equivalents
(0.2
)
 
13.3

 
4.9

 

 
18.0

Cash and cash equivalents at
  beginning of period
0.6

 
1.8

 
2.2

 

 
4.6

Cash and cash equivalents at
    end of period
$
0.4

 
$
15.1

 
$
7.1

 
$

 
$
22.6


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