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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Boardwalk Pipeline Partners LP Common Units (delisted) | NYSE:BWP | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.05 | 0.00 | 01:00:00 |
Commission file number:
01-32665
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BOARDWALK PIPELINE PARTNERS, LP
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(Exact name of registrant as specified in its charter)
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DELAWARE
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(State or other jurisdiction of incorporation or organization)
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20-3265614
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(I.R.S. Employer Identification No.)
|
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9 Greenway Plaza, Suite 2800
Houston, Texas 77046
(866) 913-2122
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(Address and Telephone Number of Registrant’s Principal Executive Office)
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||
Securities registered pursuant to Section 12(b) of the Act:
NONE
|
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Securities registered pursuant to Section 12(g) of the Act:
NONE
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PART I - FINANCIAL INFORMATION
|
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PART II - OTHER INFORMATION
|
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ASSETS
|
June 30,
2018 |
|
December 31,
2017
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
8.5
|
|
|
$
|
17.6
|
|
Receivables:
|
|
|
|
|
|
||
Trade, net
|
97.4
|
|
|
116.8
|
|
||
Other
|
28.6
|
|
|
16.6
|
|
||
Gas transportation receivables
|
5.1
|
|
|
4.6
|
|
||
Prepayments
|
22.7
|
|
|
17.9
|
|
||
Other current assets
|
9.0
|
|
|
7.1
|
|
||
Total current assets
|
171.3
|
|
|
180.6
|
|
||
|
|
|
|
||||
Property, Plant and Equipment:
|
|
|
|
|
|
||
Natural gas transmission and other plant
|
10,798.1
|
|
|
10,467.1
|
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||
Construction work in progress
|
297.7
|
|
|
416.5
|
|
||
Property, plant and equipment, gross
|
11,095.8
|
|
|
10,883.6
|
|
||
Less—accumulated depreciation and amortization
|
2,779.2
|
|
|
2,621.1
|
|
||
Property, plant and equipment, net
|
8,316.6
|
|
|
8,262.5
|
|
||
|
|
|
|
||||
Other Assets:
|
|
|
|
|
|
||
Goodwill
|
237.4
|
|
|
237.4
|
|
||
Gas stored underground
|
85.8
|
|
|
86.3
|
|
||
Other
|
138.7
|
|
|
139.8
|
|
||
Total other assets
|
461.9
|
|
|
463.5
|
|
||
|
|
|
|
||||
Total Assets
|
$
|
8,949.8
|
|
|
$
|
8,906.6
|
|
LIABILITIES AND PARTNERS' CAPITAL
|
June 30,
2018 |
|
December 31,
2017
|
||||
Current Liabilities:
|
|
|
|
||||
Payables:
|
|
|
|
||||
Trade
|
$
|
73.4
|
|
|
$
|
76.0
|
|
Affiliates
|
1.6
|
|
|
1.5
|
|
||
Other
|
12.2
|
|
|
11.9
|
|
||
Gas payables
|
8.3
|
|
|
5.7
|
|
||
Accrued taxes, other
|
62.8
|
|
|
57.1
|
|
||
Accrued interest
|
37.3
|
|
|
37.9
|
|
||
Accrued payroll and employee benefits
|
24.2
|
|
|
33.7
|
|
||
Construction retainage
|
22.6
|
|
|
32.4
|
|
||
Deferred income
|
1.7
|
|
|
1.9
|
|
||
Other current liabilities
|
19.9
|
|
|
22.3
|
|
||
Total current liabilities
|
264.0
|
|
|
280.4
|
|
||
|
|
|
|
||||
Long-term debt and capital lease obligation
|
3,654.1
|
|
|
3,686.8
|
|
||
|
|
|
|
||||
Other Liabilities and Deferred Credits:
|
|
|
|
|
|
||
Pension liability
|
21.8
|
|
|
21.8
|
|
||
Asset retirement obligation
|
49.2
|
|
|
46.0
|
|
||
Provision for other asset retirement
|
68.7
|
|
|
65.8
|
|
||
Payable to affiliate
|
—
|
|
|
16.0
|
|
||
Other
|
73.4
|
|
|
65.0
|
|
||
Total other liabilities and deferred credits
|
213.1
|
|
|
214.6
|
|
||
|
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|
||||
Commitments and Contingencies
|
|
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|
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|
||||
Partners’ Capital:
|
|
|
|
|
|
||
Common units - 250.3 million units issued and outstanding
as of June 30, 2018, and December 31, 2017
|
4,803.0
|
|
|
4,713.1
|
|
||
General partner
|
94.3
|
|
|
92.7
|
|
||
Accumulated other comprehensive loss
|
(78.7
|
)
|
|
(81.0
|
)
|
||
Total partners’ capital
|
4,818.6
|
|
|
4,724.8
|
|
||
Total Liabilities and Partners' Capital
|
$
|
8,949.8
|
|
|
$
|
8,906.6
|
|
|
|
|
For the
Three Months Ended June 30, |
|
For the
Six Months Ended June 30, |
||||||||||||
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||
Transportation
|
|
|
$
|
248.5
|
|
|
$
|
272.3
|
|
|
$
|
547.0
|
|
|
$
|
585.6
|
|
Storage, parking and lending
|
|
|
21.6
|
|
|
27.8
|
|
|
46.7
|
|
|
56.6
|
|
||||
Other
|
|
|
15.2
|
|
|
17.5
|
|
|
27.0
|
|
|
42.4
|
|
||||
Total operating revenues
|
|
|
285.3
|
|
|
317.6
|
|
|
620.7
|
|
|
684.6
|
|
||||
|
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|
|
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|
||||||||
Operating Costs and Expenses:
|
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|
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|
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Fuel and transportation
|
|
|
4.1
|
|
|
14.5
|
|
|
8.5
|
|
|
33.7
|
|
||||
Operation and maintenance
|
|
|
50.9
|
|
|
51.6
|
|
|
97.3
|
|
|
92.0
|
|
||||
Administrative and general
|
|
|
35.7
|
|
|
34.7
|
|
|
67.8
|
|
|
69.8
|
|
||||
Depreciation and amortization
|
|
|
84.8
|
|
|
80.2
|
|
|
167.7
|
|
|
160.8
|
|
||||
(Gain) loss on sale of assets and impairments
|
|
|
(0.1
|
)
|
|
47.1
|
|
|
(0.5
|
)
|
|
47.1
|
|
||||
Taxes other than income taxes
|
|
|
24.2
|
|
|
22.8
|
|
|
53.5
|
|
|
50.2
|
|
||||
Total operating costs and expenses
|
|
|
199.6
|
|
|
250.9
|
|
|
394.3
|
|
|
453.6
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income
|
|
|
85.7
|
|
|
66.7
|
|
|
226.4
|
|
|
231.0
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Other Deductions (Income):
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest expense
|
|
|
43.3
|
|
|
43.9
|
|
|
87.4
|
|
|
90.1
|
|
||||
Interest income
|
|
|
(0.1
|
)
|
|
(0.2
|
)
|
|
(0.1
|
)
|
|
(0.3
|
)
|
||||
Miscellaneous other expense (income), net
|
|
|
0.2
|
|
|
(1.1
|
)
|
|
(0.6
|
)
|
|
(2.4
|
)
|
||||
Total other deductions
|
|
|
43.4
|
|
|
42.6
|
|
|
86.7
|
|
|
87.4
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
|
|
42.3
|
|
|
24.1
|
|
|
139.7
|
|
|
143.6
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Income taxes
|
|
|
0.1
|
|
|
0.4
|
|
|
0.3
|
|
|
0.6
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
|
$
|
42.2
|
|
|
$
|
23.7
|
|
|
$
|
139.4
|
|
|
$
|
143.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended June 30, |
|
For the
Six Months Ended June 30, |
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||
Net income
|
|
$
|
42.2
|
|
|
$
|
23.7
|
|
|
$
|
139.4
|
|
|
$
|
143.0
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loss on cash flow hedge
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
|
||||
Reclassification adjustment transferred to Net income from cash flow hedges
|
|
0.2
|
|
|
0.6
|
|
|
0.8
|
|
|
1.3
|
|
|
||||
Pension and other postretirement benefit costs
|
|
1.2
|
|
|
0.4
|
|
|
1.5
|
|
|
0.7
|
|
|
||||
Total Comprehensive Income
|
|
$
|
43.6
|
|
|
$
|
24.7
|
|
|
$
|
141.7
|
|
|
$
|
143.5
|
|
|
|
For the
Six Months Ended June 30, |
||||||
OPERATING ACTIVITIES:
|
2018
|
|
2017
|
||||
Net income
|
$
|
139.4
|
|
|
$
|
143.0
|
|
Adjustments to reconcile net income to cash provided by operations:
|
|
|
|
|
|
||
Depreciation and amortization
|
167.7
|
|
|
160.8
|
|
||
Amortization of deferred costs and other
|
6.1
|
|
|
3.9
|
|
||
(Gain) loss on sale of assets and impairments
|
(0.5
|
)
|
|
47.1
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Trade and other receivables
|
7.3
|
|
|
26.6
|
|
||
Gas receivables and storage assets
|
(0.2
|
)
|
|
(1.7
|
)
|
||
Costs recoverable from customers
|
(8.0
|
)
|
|
2.2
|
|
||
Other assets
|
(3.8
|
)
|
|
(7.3
|
)
|
||
Trade and other payables
|
(2.6
|
)
|
|
(7.0
|
)
|
||
Gas payables
|
1.3
|
|
|
(4.5
|
)
|
||
Accrued liabilities
|
(3.9
|
)
|
|
(8.3
|
)
|
||
Other liabilities
|
2.7
|
|
|
(6.9
|
)
|
||
Net cash provided by operating activities
|
305.5
|
|
|
347.9
|
|
||
|
|
|
|
||||
INVESTING ACTIVITIES:
|
|
|
|
|
|
||
Capital expenditures
|
(228.9
|
)
|
|
(302.8
|
)
|
||
Proceeds from sale of operating assets
|
0.6
|
|
|
64.8
|
|
||
Net cash used in investing activities
|
(228.3
|
)
|
|
(238.0
|
)
|
||
|
|
|
|
||||
FINANCING ACTIVITIES:
|
|
|
|
|
|
||
Proceeds from long-term debt, net of issuance cost
|
—
|
|
|
494.0
|
|
||
Repayment of borrowings from long-term debt
|
(185.0
|
)
|
|
(300.0
|
)
|
||
Proceeds from borrowings on revolving credit agreement
|
365.0
|
|
|
160.0
|
|
||
Repayment of borrowings on revolving credit agreement
|
(215.0
|
)
|
|
(340.0
|
)
|
||
Principal payment of capital lease obligation
|
(0.3
|
)
|
|
(0.2
|
)
|
||
Advances from affiliates
|
0.1
|
|
|
0.1
|
|
||
Distributions paid
|
(51.1
|
)
|
|
(51.1
|
)
|
||
Net cash used in financing activities
|
(86.3
|
)
|
|
(37.2
|
)
|
||
(Decrease) increase in cash and cash equivalents
|
(9.1
|
)
|
|
72.7
|
|
||
Cash and cash equivalents at beginning of period
|
17.6
|
|
|
4.6
|
|
||
Cash and cash equivalents at end of period
|
$
|
8.5
|
|
|
$
|
77.3
|
|
|
Common
Units
|
|
General
Partner
|
|
Accumulated
Other Comp
Income (Loss)
|
|
|
Total Partners' Capital
|
||||||||
Balance December 31, 2016
|
$
|
4,522.2
|
|
|
$
|
88.8
|
|
|
$
|
(80.1
|
)
|
|
|
$
|
4,530.9
|
|
Add (deduct):
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income
|
140.1
|
|
|
2.9
|
|
|
—
|
|
|
|
143.0
|
|
||||
Distributions paid
|
(50.1
|
)
|
|
(1.0
|
)
|
|
—
|
|
|
|
(51.1
|
)
|
||||
Other comprehensive
income, net of tax
|
—
|
|
|
—
|
|
|
0.5
|
|
|
|
0.5
|
|
||||
Balance June 30, 2017
|
$
|
4,612.2
|
|
|
$
|
90.7
|
|
|
$
|
(79.6
|
)
|
|
|
$
|
4,623.3
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance December 31, 2017
|
$
|
4,713.1
|
|
|
$
|
92.7
|
|
|
$
|
(81.0
|
)
|
|
|
$
|
4,724.8
|
|
Add (deduct):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cumulative effect adjustment from the implementation of ASC 606
|
(12.6
|
)
|
|
(0.2
|
)
|
|
—
|
|
|
|
(12.8
|
)
|
||||
Adjustment related to registration rights agreement
|
16.0
|
|
|
—
|
|
|
—
|
|
|
|
16.0
|
|
||||
Net income
|
136.6
|
|
|
2.8
|
|
|
—
|
|
|
|
139.4
|
|
||||
Distributions paid
|
(50.1
|
)
|
|
(1.0
|
)
|
|
—
|
|
|
|
(51.1
|
)
|
||||
Other comprehensive
income, net of tax
|
—
|
|
|
—
|
|
|
2.3
|
|
|
|
2.3
|
|
||||
Balance June 30, 2018
|
$
|
4,803.0
|
|
|
$
|
94.3
|
|
|
$
|
(78.7
|
)
|
|
|
$
|
4,818.6
|
|
|
|
As Reported
June 30, 2018 |
|
Adjustments
|
|
Balance as if ASC 605 was in effect
|
||||||
Condensed Consolidated Balance Sheet:
|
|
|
|
|
|
|
||||||
Other current assets (gas stored underground)
|
|
$
|
0.3
|
|
|
$
|
3.6
|
|
|
$
|
3.9
|
|
Gas stored underground
|
|
85.8
|
|
|
0.2
|
|
|
86.0
|
|
|||
Other assets
|
|
138.7
|
|
|
(0.2
|
)
|
|
138.5
|
|
|||
Other liabilities
|
|
73.4
|
|
|
(7.6
|
)
|
|
65.8
|
|
|||
Partners' Capital
|
|
4,818.6
|
|
|
11.2
|
|
|
4,829.8
|
|
|
|
As Reported
For the Three Months Ended June 30, 2018 |
|
Adjustments
|
|
Balance as if ASC 605 was in effect
|
||||||
Condensed Consolidated Income Statement:
|
|
|
|
|
|
|
||||||
Transportation revenues
|
|
$
|
248.5
|
|
|
$
|
5.6
|
|
|
$
|
254.1
|
|
Storage, parking and lending
|
|
21.6
|
|
|
0.1
|
|
|
21.7
|
|
|||
Other
|
|
15.2
|
|
|
(4.3
|
)
|
|
10.9
|
|
|||
Total operating revenues
|
|
285.3
|
|
|
1.4
|
|
|
286.7
|
|
|||
Fuel and transportation expense
|
|
4.1
|
|
|
4.2
|
|
|
8.3
|
|
|||
Operating income
|
|
85.7
|
|
|
(2.8
|
)
|
|
82.9
|
|
|||
Net income
|
|
42.2
|
|
|
(2.8
|
)
|
|
39.4
|
|
|
|
As Reported
For the Six Months Ended June 30, 2018 |
|
Adjustments
|
|
Balance as if ASC 605 was in effect
|
||||||
Condensed Consolidated Income Statement:
|
|
|
|
|
|
|
||||||
Transportation revenues
|
|
$
|
547.0
|
|
|
$
|
12.0
|
|
|
$
|
559.0
|
|
Storage, parking and lending
|
|
46.7
|
|
|
0.2
|
|
|
46.9
|
|
|||
Other
|
|
27.0
|
|
|
(4.6
|
)
|
|
22.4
|
|
|||
Total operating revenues
|
|
620.7
|
|
|
7.6
|
|
|
628.3
|
|
|||
Fuel and transportation expense
|
|
8.5
|
|
|
9.2
|
|
|
17.7
|
|
|||
Operating income
|
|
226.4
|
|
|
(1.6
|
)
|
|
224.8
|
|
|||
Net income
|
|
139.4
|
|
|
(1.6
|
)
|
|
137.8
|
|
|
For the
Three Months Ended June 30, 2018 |
|
For the
Six Months Ended June 30, 2018 |
||||
Revenues from Contracts with Customers
|
|
|
|
||||
Firm Service
(1)
|
$
|
267.5
|
|
|
$
|
586.4
|
|
Interruptible Service
|
7.8
|
|
|
17.3
|
|
||
Other revenues
|
5.8
|
|
|
8.5
|
|
||
Total revenues from contracts with customers
|
281.1
|
|
|
612.2
|
|
||
|
|
|
|
||||
Other operating revenues
(2)
|
4.2
|
|
|
8.5
|
|
||
Total Operating Revenues
|
$
|
285.3
|
|
|
$
|
620.7
|
|
|
|
Contract Liabilities
|
||
Balance as of December 31, 2017
|
|
$
|
1.9
|
|
Cumulative effect adjustment from the implementation of
ASC 606
|
|
6.4
|
|
|
Revenues recognized that were included in the contract liability
balance at the beginning of the period
|
|
(1.2
|
)
|
|
Increases due to cash received, excluding amounts recognized as
revenues during the period
|
|
2.2
|
|
|
Balance as of June 30, 2018
|
|
$
|
9.3
|
|
|
|
As of June 30, 2018 (in millions)
|
||||||||||||||
|
|
2018
(1)
|
|
2019
|
|
Thereafter
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Estimated revenues from contracts with customers
from unsatisfied performance obligations as of
June 30, 2018
|
|
$
|
1,060.0
|
|
|
$
|
1,010.0
|
|
|
$
|
7,440.0
|
|
|
$
|
9,510.0
|
|
Operating revenues which are fixed and
determinable (operating leases)
|
|
13.5
|
|
|
18.0
|
|
|
227.5
|
|
|
259.0
|
|
||||
Total projected operating revenues under committed
firm agreements
|
|
$
|
1,073.5
|
|
|
$
|
1,028.0
|
|
|
$
|
7,667.5
|
|
|
$
|
9,769.0
|
|
(1)
|
For the 2018 period,
$549.7 million
represents actual fixed fee revenues recognized for the fulfillment of performance obligations during the
six months
ended
June 30, 2018
.
|
As of June 30, 2018
|
|
|
|
|
Estimated Fair Value
|
||||||||||||||||
Financial Assets
|
|
Carrying Amount
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Cash and cash equivalents
|
|
$
|
8.5
|
|
|
|
$
|
8.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Long-term debt
|
|
$
|
3,654.2
|
|
(1)
|
|
$
|
—
|
|
|
$
|
3,728.9
|
|
|
$
|
—
|
|
|
$
|
3,728.9
|
|
As of December 31, 2017
|
|
|
|
|
Estimated Fair Value
|
||||||||||||||||
Financial Assets
|
|
Carrying Amount
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Cash and cash equivalents
|
|
$
|
17.6
|
|
|
|
$
|
17.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Long-term debt
|
|
$
|
3,687.5
|
|
(1)
|
|
$
|
—
|
|
|
$
|
3,889.4
|
|
|
$
|
—
|
|
|
$
|
3,889.4
|
|
Date of
Issuance
|
|
Issuing Subsidiary
|
|
Amount of
Issuance
|
|
Purchaser
Discounts
and
Expenses
|
|
Net
Proceeds
|
|
Interest
Rate
|
|
Maturity Date
|
|
Interest Payable
|
||||||||||
January 2017
|
|
Boardwalk Pipelines
|
|
$
|
500.0
|
|
|
$
|
6.0
|
|
|
|
|
$
|
494.0
|
|
|
|
(1)
|
4.45%
|
|
July 15, 2027
|
|
January 15 and July 15
|
|
Retirement Plans
|
|
PBOP
|
||||||||||||
|
For the
Three Months Ended June 30, |
|
For the
Three Months Ended June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Service cost
|
$
|
0.9
|
|
|
$
|
0.9
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
Interest cost
|
1.1
|
|
|
1.1
|
|
|
0.3
|
|
|
0.4
|
|
||||
Expected return on plan assets
|
(2.0
|
)
|
|
(2.0
|
)
|
|
(1.2
|
)
|
|
(1.1
|
)
|
||||
Amortization of unrecognized net loss
|
0.4
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
||||
Settlement charge
|
1.6
|
|
|
0.6
|
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit cost
|
$
|
2.0
|
|
|
$
|
1.1
|
|
|
$
|
(0.8
|
)
|
|
$
|
(0.7
|
)
|
|
Retirement Plans
|
|
PBOP
|
||||||||||||
|
For the
Six Months Ended June 30, |
|
For the
Six Months Ended June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Service cost
|
$
|
1.8
|
|
|
$
|
1.8
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
Interest cost
|
2.2
|
|
|
2.3
|
|
|
0.7
|
|
|
0.8
|
|
||||
Expected return on plan assets
|
(4.0
|
)
|
|
(3.9
|
)
|
|
(2.3
|
)
|
|
(2.2
|
)
|
||||
Amortization of unrecognized net loss
|
0.8
|
|
|
0.9
|
|
|
—
|
|
|
—
|
|
||||
Settlement charge
|
2.2
|
|
|
1.1
|
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit cost
|
$
|
3.0
|
|
|
$
|
2.2
|
|
|
$
|
(1.5
|
)
|
|
$
|
(1.3
|
)
|
|
For the
Six Months Ended June 30, |
||||||
|
2018
|
|
2017
|
||||
Cash paid during the period for:
|
|
|
|
||||
Interest (net of amount capitalized)
|
$
|
83.0
|
|
|
$
|
82.4
|
|
Non-cash adjustments:
|
|
|
|
||||
Accounts payable and property, plant and equipment
|
58.9
|
|
|
90.0
|
|
Assets
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
1.1
|
|
|
$
|
7.4
|
|
|
$
|
—
|
|
|
$
|
8.5
|
|
Receivables
|
|
—
|
|
|
—
|
|
|
126.0
|
|
|
—
|
|
|
126.0
|
|
|||||
Receivables - affiliate
|
|
—
|
|
|
—
|
|
|
6.7
|
|
|
(6.7
|
)
|
|
—
|
|
|||||
Prepayments
|
|
0.3
|
|
|
—
|
|
|
22.4
|
|
|
—
|
|
|
22.7
|
|
|||||
Advances to affiliates
|
|
—
|
|
|
19.0
|
|
|
2.2
|
|
|
(21.2
|
)
|
|
—
|
|
|||||
Other current assets
|
|
—
|
|
|
—
|
|
|
16.4
|
|
|
(2.3
|
)
|
|
14.1
|
|
|||||
Total current assets
|
|
0.3
|
|
|
20.1
|
|
|
181.1
|
|
|
(30.2
|
)
|
|
171.3
|
|
|||||
Investment in consolidated subsidiaries
|
|
2,769.5
|
|
|
6,670.3
|
|
|
—
|
|
|
(9,439.8
|
)
|
|
—
|
|
|||||
Property, plant and equipment, gross
|
|
0.6
|
|
|
—
|
|
|
11,095.2
|
|
|
—
|
|
|
11,095.8
|
|
|||||
Less–accumulated depreciation
and amortization
|
|
0.6
|
|
|
—
|
|
|
2,778.6
|
|
|
—
|
|
|
2,779.2
|
|
|||||
Property, plant and equipment, net
|
|
—
|
|
|
—
|
|
|
8,316.6
|
|
|
—
|
|
|
8,316.6
|
|
|||||
Advances to affiliates – noncurrent
|
|
2,050.8
|
|
|
842.6
|
|
|
410.4
|
|
|
(3,303.8
|
)
|
|
—
|
|
|||||
Other noncurrent assets
|
|
0.4
|
|
|
2.7
|
|
|
458.5
|
|
|
0.3
|
|
|
461.9
|
|
|||||
Total other assets
|
|
2,051.2
|
|
|
845.3
|
|
|
868.9
|
|
|
(3,303.5
|
)
|
|
461.9
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets
|
|
$
|
4,821.0
|
|
|
$
|
7,535.7
|
|
|
$
|
9,366.6
|
|
|
$
|
(12,773.5
|
)
|
|
$
|
8,949.8
|
|
Liabilities and Partners' Capital
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Payables
|
|
$
|
0.5
|
|
|
$
|
0.1
|
|
|
$
|
85.0
|
|
|
$
|
—
|
|
|
$
|
85.6
|
|
Payable to affiliates
|
|
1.6
|
|
|
—
|
|
|
6.7
|
|
|
(6.7
|
)
|
|
1.6
|
|
|||||
Advances from affiliates
|
|
—
|
|
|
2.2
|
|
|
19.0
|
|
|
(21.2
|
)
|
|
—
|
|
|||||
Other current liabilities
|
|
0.1
|
|
|
24.2
|
|
|
154.5
|
|
|
(2.0
|
)
|
|
176.8
|
|
|||||
Total current liabilities
|
|
2.2
|
|
|
26.5
|
|
|
265.2
|
|
|
(29.9
|
)
|
|
264.0
|
|
|||||
Long-term debt and capital lease
obligation
|
|
—
|
|
|
2,278.5
|
|
|
1,375.6
|
|
|
—
|
|
|
3,654.1
|
|
|||||
Advances from affiliates - noncurrent
|
|
—
|
|
|
2,461.2
|
|
|
842.6
|
|
|
(3,303.8
|
)
|
|
—
|
|
|||||
Other noncurrent liabilities
|
|
0.2
|
|
|
—
|
|
|
212.9
|
|
|
—
|
|
|
213.1
|
|
|||||
Total other liabilities and deferred
credits
|
|
0.2
|
|
|
2,461.2
|
|
|
1,055.5
|
|
|
(3,303.8
|
)
|
|
213.1
|
|
|||||
Total partners' capital
|
|
4,818.6
|
|
|
2,769.5
|
|
|
6,670.3
|
|
|
(9,439.8
|
)
|
|
4,818.6
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Liabilities and Partners' Capital
|
|
$
|
4,821.0
|
|
|
$
|
7,535.7
|
|
|
$
|
9,366.6
|
|
|
$
|
(12,773.5
|
)
|
|
$
|
8,949.8
|
|
Assets
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Cash and cash equivalents
|
|
$
|
0.3
|
|
|
$
|
4.6
|
|
|
$
|
12.7
|
|
|
$
|
—
|
|
|
$
|
17.6
|
|
Receivables
|
|
—
|
|
|
—
|
|
|
133.4
|
|
|
—
|
|
|
133.4
|
|
|||||
Receivables - affiliate
|
|
—
|
|
|
—
|
|
|
7.0
|
|
|
(7.0
|
)
|
|
—
|
|
|||||
Prepayments
|
|
0.1
|
|
|
—
|
|
|
17.8
|
|
|
—
|
|
|
17.9
|
|
|||||
Advances to affiliates
|
|
—
|
|
|
—
|
|
|
2.3
|
|
|
(2.3
|
)
|
|
—
|
|
|||||
Other current assets
|
|
—
|
|
|
—
|
|
|
13.5
|
|
|
(1.8
|
)
|
|
11.7
|
|
|||||
Total current assets
|
|
0.4
|
|
|
4.6
|
|
|
186.7
|
|
|
(11.1
|
)
|
|
180.6
|
|
|||||
Investment in consolidated subsidiaries
|
|
2,672.3
|
|
|
6,676.7
|
|
|
—
|
|
|
(9,349.0
|
)
|
|
—
|
|
|||||
Property, plant and equipment, gross
|
|
0.6
|
|
|
—
|
|
|
10,883.0
|
|
|
—
|
|
|
10,883.6
|
|
|||||
Less–accumulated depreciation
and amortization
|
|
0.6
|
|
|
—
|
|
|
2,620.5
|
|
|
—
|
|
|
2,621.1
|
|
|||||
Property, plant and equipment, net
|
|
—
|
|
|
—
|
|
|
8,262.5
|
|
|
—
|
|
|
8,262.5
|
|
|||||
Advances to affiliates – noncurrent
|
|
2,070.1
|
|
|
923.7
|
|
|
376.5
|
|
|
(3,370.3
|
)
|
|
—
|
|
|||||
Other noncurrent assets
|
|
—
|
|
|
3.3
|
|
|
460.5
|
|
|
(0.3
|
)
|
|
463.5
|
|
|||||
Total other assets
|
|
2,070.1
|
|
|
927.0
|
|
|
837.0
|
|
|
(3,370.6
|
)
|
|
463.5
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets
|
|
$
|
4,742.8
|
|
|
$
|
7,608.3
|
|
|
$
|
9,286.2
|
|
|
$
|
(12,730.7
|
)
|
|
$
|
8,906.6
|
|
Liabilities and Partners' Capital
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Payables
|
|
$
|
0.5
|
|
|
$
|
0.1
|
|
|
$
|
87.3
|
|
|
$
|
—
|
|
|
$
|
87.9
|
|
Payable to affiliates
|
|
1.5
|
|
|
—
|
|
|
7.0
|
|
|
(7.0
|
)
|
|
1.5
|
|
|||||
Advances from affiliates
|
|
—
|
|
|
2.3
|
|
|
—
|
|
|
(2.3
|
)
|
|
—
|
|
|||||
Other current liabilities
|
|
—
|
|
|
25.2
|
|
|
167.9
|
|
|
(2.1
|
)
|
|
191.0
|
|
|||||
Total current liabilities
|
|
2.0
|
|
|
27.6
|
|
|
262.2
|
|
|
(11.4
|
)
|
|
280.4
|
|
|||||
Long-term debt and capital lease
obligation
|
|
—
|
|
|
2,461.8
|
|
|
1,225.0
|
|
|
—
|
|
|
3,686.8
|
|
|||||
Payable to affiliate - noncurrent
|
|
16.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.0
|
|
|||||
Advances from affiliates - noncurrent
|
|
—
|
|
|
2,446.6
|
|
|
923.7
|
|
|
(3,370.3
|
)
|
|
—
|
|
|||||
Other noncurrent liabilities
|
|
—
|
|
|
—
|
|
|
198.6
|
|
|
—
|
|
|
198.6
|
|
|||||
Total other liabilities and deferred
credits
|
|
16.0
|
|
|
2,446.6
|
|
|
1,122.3
|
|
|
(3,370.3
|
)
|
|
214.6
|
|
|||||
Total partners' capital
|
|
4,724.8
|
|
|
2,672.3
|
|
|
6,676.7
|
|
|
(9,349.0
|
)
|
|
4,724.8
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Liabilities and Partners' Capital
|
|
$
|
4,742.8
|
|
|
$
|
7,608.3
|
|
|
$
|
9,286.2
|
|
|
$
|
(12,730.7
|
)
|
|
$
|
8,906.6
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Transportation
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
268.9
|
|
|
$
|
(20.4
|
)
|
|
$
|
248.5
|
|
Storage, parking and lending
|
—
|
|
|
—
|
|
|
21.6
|
|
|
—
|
|
|
21.6
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
15.2
|
|
|
—
|
|
|
15.2
|
|
|||||
Total operating revenues
|
—
|
|
|
—
|
|
|
305.7
|
|
|
(20.4
|
)
|
|
285.3
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fuel and transportation
|
—
|
|
|
—
|
|
|
24.5
|
|
|
(20.4
|
)
|
|
4.1
|
|
|||||
Operation and maintenance
|
—
|
|
|
—
|
|
|
50.9
|
|
|
—
|
|
|
50.9
|
|
|||||
Administrative and general
|
(0.1
|
)
|
|
—
|
|
|
35.8
|
|
|
—
|
|
|
35.7
|
|
|||||
Other operating costs and expenses
|
0.2
|
|
|
—
|
|
|
108.7
|
|
|
—
|
|
|
108.9
|
|
|||||
Total operating costs and expenses
|
0.1
|
|
|
—
|
|
|
219.9
|
|
|
(20.4
|
)
|
|
199.6
|
|
|||||
Operating (loss) income
|
(0.1
|
)
|
|
—
|
|
|
85.8
|
|
|
—
|
|
|
85.7
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Deductions (Income):
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest expense
|
—
|
|
|
30.7
|
|
|
12.6
|
|
|
—
|
|
|
43.3
|
|
|||||
Interest (income) expense - affiliates, net
|
(17.5
|
)
|
|
13.3
|
|
|
4.2
|
|
|
—
|
|
|
—
|
|
|||||
Interest income
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||||
Equity in earnings of subsidiaries
|
(24.8
|
)
|
|
(68.8
|
)
|
|
—
|
|
|
93.6
|
|
|
—
|
|
|||||
Miscellaneous other expense, net
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|||||
Total other (income) deductions
|
(42.3
|
)
|
|
(24.8
|
)
|
|
16.9
|
|
|
93.6
|
|
|
43.4
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes
|
42.2
|
|
|
24.8
|
|
|
68.9
|
|
|
(93.6
|
)
|
|
42.3
|
|
|||||
Income taxes
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|||||
Net income (loss)
|
$
|
42.2
|
|
|
$
|
24.8
|
|
|
$
|
68.8
|
|
|
$
|
(93.6
|
)
|
|
$
|
42.2
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Transportation
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
294.2
|
|
|
$
|
(21.9
|
)
|
|
$
|
272.3
|
|
Storage, parking and lending
|
—
|
|
|
—
|
|
|
28.0
|
|
|
(0.2
|
)
|
|
27.8
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
17.5
|
|
|
—
|
|
|
17.5
|
|
|||||
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
|
—
|
|
|
—
|
|
|
34.7
|
|
|
—
|
|
|
34.7
|
|
|||||
Other operating costs and expenses
|
—
|
|
|
—
|
|
|
150.1
|
|
|
—
|
|
|
150.1
|
|
|||||
Total operating costs and expenses
|
—
|
|
|
—
|
|
|
273.0
|
|
|
(22.1
|
)
|
|
250.9
|
|
|||||
Operating income
|
—
|
|
|
—
|
|
|
66.7
|
|
|
—
|
|
|
66.7
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
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
|
—
|
|
|
—
|
|
|
(1.1
|
)
|
|
—
|
|
|
(1.1
|
)
|
|||||
Total other (income) deductions
|
(23.7
|
)
|
|
(12.3
|
)
|
|
11.7
|
|
|
66.9
|
|
|
42.6
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
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
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Transportation
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
588.2
|
|
|
$
|
(41.2
|
)
|
|
$
|
547.0
|
|
Storage, parking and lending
|
—
|
|
|
—
|
|
|
47.0
|
|
|
(0.3
|
)
|
|
46.7
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
27.0
|
|
|
—
|
|
|
27.0
|
|
|||||
Total operating revenues
|
—
|
|
|
—
|
|
|
662.2
|
|
|
(41.5
|
)
|
|
620.7
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fuel and transportation
|
—
|
|
|
—
|
|
|
50.0
|
|
|
(41.5
|
)
|
|
8.5
|
|
|||||
Operation and maintenance
|
—
|
|
|
—
|
|
|
97.3
|
|
|
—
|
|
|
97.3
|
|
|||||
Administrative and general
|
(0.1
|
)
|
|
—
|
|
|
67.9
|
|
|
—
|
|
|
67.8
|
|
|||||
Other operating costs and expenses
|
0.2
|
|
|
—
|
|
|
220.5
|
|
|
—
|
|
|
220.7
|
|
|||||
Total operating costs and expenses
|
0.1
|
|
|
—
|
|
|
435.7
|
|
|
(41.5
|
)
|
|
394.3
|
|
|||||
Operating (loss) income
|
(0.1
|
)
|
|
—
|
|
|
226.5
|
|
|
—
|
|
|
226.4
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Deductions (Income):
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest expense
|
—
|
|
|
62.6
|
|
|
24.8
|
|
|
—
|
|
|
87.4
|
|
|||||
Interest (income) expense - affiliates, net
|
(31.8
|
)
|
|
24.1
|
|
|
7.7
|
|
|
—
|
|
|
—
|
|
|||||
Interest income
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||||
Equity in earnings of subsidiaries
|
(107.7
|
)
|
|
(194.4
|
)
|
|
—
|
|
|
302.1
|
|
|
—
|
|
|||||
Miscellaneous other income, net
|
—
|
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
(0.6
|
)
|
|||||
Total other (income) deductions
|
(139.5
|
)
|
|
(107.7
|
)
|
|
31.8
|
|
|
302.1
|
|
|
86.7
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes
|
139.4
|
|
|
107.7
|
|
|
194.7
|
|
|
(302.1
|
)
|
|
139.7
|
|
|||||
Income taxes
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|||||
Net income (loss)
|
$
|
139.4
|
|
|
$
|
107.7
|
|
|
$
|
194.4
|
|
|
$
|
(302.1
|
)
|
|
$
|
139.4
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Transportation
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
629.4
|
|
|
$
|
(43.8
|
)
|
|
$
|
585.6
|
|
Storage, parking and lending
|
—
|
|
|
—
|
|
|
56.8
|
|
|
(0.2
|
)
|
|
56.6
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
42.4
|
|
|
—
|
|
|
42.4
|
|
|||||
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
|
—
|
|
|
—
|
|
|
69.8
|
|
|
—
|
|
|
69.8
|
|
|||||
Other operating costs and expenses
|
0.1
|
|
|
—
|
|
|
258.0
|
|
|
—
|
|
|
258.1
|
|
|||||
Total operating costs and expenses
|
0.1
|
|
|
—
|
|
|
497.5
|
|
|
(44.0
|
)
|
|
453.6
|
|
|||||
Operating (loss) income
|
(0.1
|
)
|
|
—
|
|
|
231.1
|
|
|
—
|
|
|
231.0
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
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
|
—
|
|
|
—
|
|
|
(2.4
|
)
|
|
—
|
|
|
(2.4
|
)
|
|||||
Total other (income) deductions
|
(143.1
|
)
|
|
(120.9
|
)
|
|
25.3
|
|
|
326.1
|
|
|
87.4
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
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
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Net income (loss)
|
$
|
42.2
|
|
|
$
|
24.8
|
|
|
$
|
68.8
|
|
|
$
|
(93.6
|
)
|
|
$
|
42.2
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reclassification adjustment transferred
to Net income from cash flow hedges
|
0.2
|
|
|
0.2
|
|
|
0.2
|
|
|
(0.4
|
)
|
|
0.2
|
|
|||||
Pension and other postretirement
benefit costs
|
1.2
|
|
|
1.2
|
|
|
1.2
|
|
|
(2.4
|
)
|
|
1.2
|
|
|||||
Total Comprehensive Income (Loss)
|
$
|
43.6
|
|
|
$
|
26.2
|
|
|
$
|
70.2
|
|
|
$
|
(96.4
|
)
|
|
$
|
43.6
|
|
|
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
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Net income (loss)
|
$
|
139.4
|
|
|
$
|
107.7
|
|
|
$
|
194.4
|
|
|
$
|
(302.1
|
)
|
|
$
|
139.4
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reclassification adjustment transferred
to Net income from cash flow hedges
|
0.8
|
|
|
0.8
|
|
|
0.4
|
|
|
(1.2
|
)
|
|
0.8
|
|
|||||
Pension and other postretirement
benefit costs
|
1.5
|
|
|
1.5
|
|
|
1.5
|
|
|
(3.0
|
)
|
|
1.5
|
|
|||||
Total Comprehensive Income (Loss)
|
$
|
141.7
|
|
|
$
|
110.0
|
|
|
$
|
196.3
|
|
|
$
|
(306.3
|
)
|
|
$
|
141.7
|
|
|
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) gain 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
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Net cash provided by (used in)
operating activities
|
$
|
31.4
|
|
|
$
|
(85.1
|
)
|
|
$
|
359.2
|
|
|
$
|
—
|
|
|
$
|
305.5
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital expenditures
|
—
|
|
|
—
|
|
|
(228.9
|
)
|
|
—
|
|
|
(228.9
|
)
|
|||||
Proceeds from sale of operating assets
|
—
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|||||
Advances to affiliates, net
|
19.3
|
|
|
62.1
|
|
|
(223.8
|
)
|
|
142.4
|
|
|
—
|
|
|||||
Net cash provided by (used in)
investing activities
|
19.3
|
|
|
62.1
|
|
|
(452.1
|
)
|
|
142.4
|
|
|
(228.3
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Repayment of borrowings from long-term
debt |
—
|
|
|
(185.0
|
)
|
|
—
|
|
|
—
|
|
|
(185.0
|
)
|
|||||
Proceeds from borrowings on revolving
credit agreement
|
—
|
|
|
—
|
|
|
365.0
|
|
|
—
|
|
|
365.0
|
|
|||||
Repayment of borrowings on revolving
credit agreement
|
—
|
|
|
—
|
|
|
(215.0
|
)
|
|
—
|
|
|
(215.0
|
)
|
|||||
Principal payment of capital lease
obligation
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
(0.3
|
)
|
|||||
Advances from affiliates, net
|
0.1
|
|
|
204.5
|
|
|
(62.1
|
)
|
|
(142.4
|
)
|
|
0.1
|
|
|||||
Distributions paid
|
(51.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51.1
|
)
|
|||||
Net cash (used in) provided by
financing activities
|
(51.0
|
)
|
|
19.5
|
|
|
87.6
|
|
|
(142.4
|
)
|
|
(86.3
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Decrease in cash and cash
equivalents
|
(0.3
|
)
|
|
(3.5
|
)
|
|
(5.3
|
)
|
|
—
|
|
|
(9.1
|
)
|
|||||
Cash and cash equivalents at
beginning of period
|
0.3
|
|
|
4.6
|
|
|
12.7
|
|
|
—
|
|
|
17.6
|
|
|||||
Cash and cash equivalents at
end of period
|
$
|
—
|
|
|
$
|
1.1
|
|
|
$
|
7.4
|
|
|
$
|
—
|
|
|
$
|
8.5
|
|
|
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
|
|
|
Boardwalk Pipeline Partners, LP
|
|
|
By: Boardwalk GP, LP
its general partner
|
|
|
By: Boardwalk GP, LLC
its general partner
|
|
July 30, 2018
|
By:
|
/s/ Jamie L. Buskill
|
|
|
Jamie L. Buskill
Senior Vice President, Chief Financial and Administrative Officer and Treasurer
(Duly authorized officer and principal financial officer)
|
1 Year Boardwalk Pipeline Chart |
1 Month Boardwalk Pipeline Chart |
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