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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
|
September 30,
2018 |
|
December 31,
2017
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
27.0
|
|
|
$
|
17.6
|
|
Receivables:
|
|
|
|
|
|
||
Trade, net
|
89.4
|
|
|
116.8
|
|
||
Other
|
32.9
|
|
|
16.6
|
|
||
Gas transportation receivables
|
8.3
|
|
|
4.6
|
|
||
Costs recoverable from customers
|
11.1
|
|
|
—
|
|
||
Prepayments
|
25.9
|
|
|
17.9
|
|
||
Other current assets
|
0.9
|
|
|
7.1
|
|
||
Total current assets
|
195.5
|
|
|
180.6
|
|
||
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|
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|
||||
Property, Plant and Equipment:
|
|
|
|
|
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Natural gas transmission and other plant
|
10,952.6
|
|
|
10,467.1
|
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||
Construction work in progress
|
258.9
|
|
|
416.5
|
|
||
Property, plant and equipment, gross
|
11,211.5
|
|
|
10,883.6
|
|
||
Less—accumulated depreciation and amortization
|
2,863.3
|
|
|
2,621.1
|
|
||
Property, plant and equipment, net
|
8,348.2
|
|
|
8,262.5
|
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||
|
|
|
|
||||
Other Assets:
|
|
|
|
|
|
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Goodwill
|
237.4
|
|
|
237.4
|
|
||
Gas stored underground
|
81.7
|
|
|
86.3
|
|
||
Other
|
138.5
|
|
|
139.8
|
|
||
Total other assets
|
457.6
|
|
|
463.5
|
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||
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|
||||
Total Assets
|
$
|
9,001.3
|
|
|
$
|
8,906.6
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LIABILITIES AND PARTNERS' CAPITAL
|
September 30,
2018 |
|
December 31,
2017
|
||||
Current Liabilities:
|
|
|
|
||||
Payables:
|
|
|
|
||||
Trade
|
$
|
65.4
|
|
|
$
|
76.0
|
|
Affiliates
|
1.6
|
|
|
1.5
|
|
||
Other
|
18.3
|
|
|
11.9
|
|
||
Gas payables
|
8.2
|
|
|
5.7
|
|
||
Accrued taxes, other
|
76.4
|
|
|
57.1
|
|
||
Accrued interest
|
36.6
|
|
|
37.9
|
|
||
Accrued payroll and employee benefits
|
27.9
|
|
|
33.7
|
|
||
Construction retainage
|
17.6
|
|
|
32.4
|
|
||
Deferred income
|
0.9
|
|
|
1.9
|
|
||
Other current liabilities
|
19.9
|
|
|
22.3
|
|
||
Total current liabilities
|
272.8
|
|
|
280.4
|
|
||
|
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|
||||
Long-term debt and capital lease obligation
|
3,675.2
|
|
|
3,686.8
|
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||
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|
|
|
||||
Other Liabilities and Deferred Credits:
|
|
|
|
|
|
||
Pension liability
|
19.0
|
|
|
21.8
|
|
||
Asset retirement obligation
|
57.1
|
|
|
46.0
|
|
||
Provision for other asset retirement
|
70.2
|
|
|
65.8
|
|
||
Payable to affiliate
|
—
|
|
|
16.0
|
|
||
Other
|
76.0
|
|
|
65.0
|
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||
Total other liabilities and deferred credits
|
222.3
|
|
|
214.6
|
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|
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Commitments and Contingencies
|
|
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Partners’ Capital:
|
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Common units - 250.3 million units issued and outstanding
December 31, 2017
|
—
|
|
|
4,713.1
|
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||
General partner
|
—
|
|
|
92.7
|
|
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Partners' capital
|
4,909.6
|
|
|
—
|
|
||
Accumulated other comprehensive loss
|
(78.6
|
)
|
|
(81.0
|
)
|
||
Total partners’ capital
|
4,831.0
|
|
|
4,724.8
|
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Total Liabilities and Partners' Capital
|
$
|
9,001.3
|
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|
$
|
8,906.6
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For the
Three Months Ended September 30, |
|
For the
Nine Months Ended September 30, |
||||||||||||
|
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|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Operating Revenues:
|
|
|
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Transportation
|
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$
|
245.8
|
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|
$
|
266.4
|
|
|
$
|
792.8
|
|
|
$
|
852.0
|
|
Storage, parking and lending
|
|
|
21.1
|
|
|
23.2
|
|
|
67.8
|
|
|
79.8
|
|
||||
Other
|
|
|
11.0
|
|
|
10.9
|
|
|
38.0
|
|
|
53.3
|
|
||||
Total operating revenues
|
|
|
277.9
|
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|
300.5
|
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|
898.6
|
|
|
985.1
|
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Operating Costs and Expenses:
|
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Fuel and transportation
|
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3.5
|
|
|
9.0
|
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|
12.0
|
|
|
42.7
|
|
||||
Operation and maintenance
|
|
|
46.9
|
|
|
49.0
|
|
|
144.2
|
|
|
141.0
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|
||||
Administrative and general
|
|
|
32.8
|
|
|
27.1
|
|
|
100.6
|
|
|
96.9
|
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||||
Depreciation and amortization
|
|
|
88.9
|
|
|
80.6
|
|
|
256.6
|
|
|
241.4
|
|
||||
(Gain) loss on sale of assets and impairments
|
|
|
(0.2
|
)
|
|
—
|
|
|
(0.7
|
)
|
|
47.1
|
|
||||
Taxes other than income taxes
|
|
|
25.2
|
|
|
24.8
|
|
|
78.7
|
|
|
75.0
|
|
||||
Total operating costs and expenses
|
|
|
197.1
|
|
|
190.5
|
|
|
591.4
|
|
|
644.1
|
|
||||
|
|
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|
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|
|
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|
||||||||
Operating income
|
|
|
80.8
|
|
|
110.0
|
|
|
307.2
|
|
|
341.0
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Other Deductions (Income):
|
|
|
|
|
|
|
|
|
|
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|
||||||
Interest expense
|
|
|
43.5
|
|
|
41.0
|
|
|
130.9
|
|
|
131.1
|
|
||||
Interest income
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.3
|
)
|
||||
Miscellaneous other income, net
|
|
|
(0.7
|
)
|
|
(1.1
|
)
|
|
(1.3
|
)
|
|
(3.5
|
)
|
||||
Total other deductions
|
|
|
42.8
|
|
|
39.9
|
|
|
129.5
|
|
|
127.3
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
|
|
38.0
|
|
|
70.1
|
|
|
177.7
|
|
|
213.7
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Income taxes
|
|
|
0.1
|
|
|
0.3
|
|
|
0.4
|
|
|
0.9
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
|
$
|
37.9
|
|
|
$
|
69.8
|
|
|
$
|
177.3
|
|
|
$
|
212.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended September 30, |
|
For the
Nine Months Ended September 30, |
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||
Net income
|
|
$
|
37.9
|
|
|
$
|
69.8
|
|
|
$
|
177.3
|
|
|
$
|
212.8
|
|
|
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
|
|
|
1.0
|
|
|
1.9
|
|
|
||||
Pension and other postretirement benefit costs
|
|
(0.1
|
)
|
|
0.1
|
|
|
1.4
|
|
|
0.8
|
|
|
||||
Total Comprehensive Income
|
|
$
|
38.0
|
|
|
$
|
70.5
|
|
|
$
|
179.7
|
|
|
$
|
214.0
|
|
|
|
For the
Nine Months Ended September 30, |
||||||
OPERATING ACTIVITIES:
|
2018
|
|
2017
|
||||
Net income
|
$
|
177.3
|
|
|
$
|
212.8
|
|
Adjustments to reconcile net income to cash provided by operations:
|
|
|
|
|
|
||
Depreciation and amortization
|
256.6
|
|
|
241.4
|
|
||
Amortization of deferred costs and other
|
8.8
|
|
|
4.9
|
|
||
(Gain) loss on sale of assets and impairments
|
(0.7
|
)
|
|
47.1
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Trade and other receivables
|
10.9
|
|
|
31.2
|
|
||
Gas receivables and storage assets
|
0.6
|
|
|
(1.3
|
)
|
||
Costs recoverable from customers
|
(11.1
|
)
|
|
3.0
|
|
||
Other assets
|
(7.9
|
)
|
|
(4.4
|
)
|
||
Trade and other payables
|
2.6
|
|
|
(22.0
|
)
|
||
Gas payables
|
1.2
|
|
|
(5.4
|
)
|
||
Accrued liabilities
|
16.0
|
|
|
9.5
|
|
||
Other liabilities
|
1.0
|
|
|
(13.6
|
)
|
||
Net cash provided by operating activities
|
455.3
|
|
|
503.2
|
|
||
|
|
|
|
||||
INVESTING ACTIVITIES:
|
|
|
|
|
|
||
Capital expenditures
|
(354.8
|
)
|
|
(496.0
|
)
|
||
Proceeds from sale of operating assets
|
0.9
|
|
|
63.7
|
|
||
Net cash used in investing activities
|
(353.9
|
)
|
|
(432.3
|
)
|
||
|
|
|
|
||||
FINANCING ACTIVITIES:
|
|
|
|
|
|
||
Proceeds from long-term debt, net of issuance cost
|
—
|
|
|
494.0
|
|
||
Repayment of borrowings from long-term debt
|
(185.0
|
)
|
|
(575.0
|
)
|
||
Proceeds from borrowings on revolving credit agreement
|
525.0
|
|
|
505.0
|
|
||
Repayment of borrowings on revolving credit agreement
|
(355.0
|
)
|
|
(400.0
|
)
|
||
Principal payment of capital lease obligation
|
(0.4
|
)
|
|
(0.3
|
)
|
||
Advances from affiliates
|
0.1
|
|
|
0.1
|
|
||
Distributions paid
|
(76.7
|
)
|
|
(76.7
|
)
|
||
Net cash used in financing activities
|
(92.0
|
)
|
|
(52.9
|
)
|
||
Increase in cash and cash equivalents
|
9.4
|
|
|
18.0
|
|
||
Cash and cash equivalents at beginning of period
|
17.6
|
|
|
4.6
|
|
||
Cash and cash equivalents at end of period
|
$
|
27.0
|
|
|
$
|
22.6
|
|
|
Common
Units
|
|
General
Partner
|
|
Partners'
Capital
|
|
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
|
208.6
|
|
|
4.2
|
|
|
—
|
|
|
—
|
|
|
212.8
|
|
|||||
Distributions paid
|
(75.2
|
)
|
|
(1.5
|
)
|
|
—
|
|
|
—
|
|
|
(76.7
|
)
|
|||||
Other comprehensive
income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
|
1.2
|
|
|||||
Balance September 30, 2017
|
$
|
4,655.6
|
|
|
$
|
91.5
|
|
|
$
|
—
|
|
|
$
|
(78.9
|
)
|
|
$
|
4,668.2
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
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
|
|
|
37.9
|
|
|
—
|
|
|
177.3
|
|
|||||
Distributions paid
|
(50.1
|
)
|
|
(1.0
|
)
|
|
(25.6
|
)
|
|
—
|
|
|
(76.7
|
)
|
|||||
Other comprehensive
income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
2.4
|
|
|
2.4
|
|
|||||
General Partner purchase of common units and conversion to partnership interests
|
(4,803.0
|
)
|
|
(94.3
|
)
|
|
4,897.3
|
|
|
—
|
|
|
—
|
|
|||||
Balance September 30, 2018
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,909.6
|
|
|
$
|
(78.6
|
)
|
|
$
|
4,831.0
|
|
|
|
As Reported
September 30, 2018 |
|
Adjustments
|
|
Balance as if ASC
605 was in effect
|
||||||
Condensed Consolidated Balance Sheet:
|
|
|
|
|
|
|
||||||
Other current assets (gas stored underground)
|
|
$
|
0.4
|
|
|
$
|
4.0
|
|
|
$
|
4.4
|
|
Gas stored underground
|
|
81.7
|
|
|
0.3
|
|
|
82.0
|
|
|||
Other assets
|
|
138.5
|
|
|
(0.1
|
)
|
|
138.4
|
|
|||
Other liabilities
|
|
76.0
|
|
|
(8.1
|
)
|
|
67.9
|
|
|||
Partners' Capital
|
|
4,831.0
|
|
|
12.2
|
|
|
4,843.2
|
|
|
|
As Reported
For the Three Months Ended September 30, 2018 |
|
Adjustments
|
|
Balance as if ASC
605 was in effect
|
||||||
Condensed Consolidated Income Statement:
|
|
|
|
|
|
|
||||||
Transportation
|
|
$
|
245.8
|
|
|
$
|
5.5
|
|
|
$
|
251.3
|
|
Storage, parking and lending
|
|
21.1
|
|
|
0.1
|
|
|
21.2
|
|
|||
Other
|
|
11.0
|
|
|
0.1
|
|
|
11.1
|
|
|||
Total operating revenues
|
|
277.9
|
|
|
5.7
|
|
|
283.6
|
|
|||
Fuel and transportation expense
|
|
3.5
|
|
|
4.6
|
|
|
8.1
|
|
|||
Operating income
|
|
80.8
|
|
|
1.0
|
|
|
81.8
|
|
|||
Net income
|
|
37.9
|
|
|
1.0
|
|
|
38.9
|
|
|
|
As Reported
For the Nine Months Ended September 30, 2018 |
|
Adjustments
|
|
Balance as if ASC
605 was in effect
|
||||||
Condensed Consolidated Income Statement:
|
|
|
|
|
|
|
||||||
Transportation
|
|
$
|
792.8
|
|
|
$
|
17.5
|
|
|
$
|
810.3
|
|
Storage, parking and lending
|
|
67.8
|
|
|
0.3
|
|
|
68.1
|
|
|||
Other
|
|
38.0
|
|
|
(4.5
|
)
|
|
33.5
|
|
|||
Total operating revenues
|
|
898.6
|
|
|
13.3
|
|
|
911.9
|
|
|||
Fuel and transportation expense
|
|
12.0
|
|
|
13.8
|
|
|
25.8
|
|
|||
Operating income
|
|
307.2
|
|
|
(0.6
|
)
|
|
306.6
|
|
|||
Net income
|
|
177.3
|
|
|
(0.6
|
)
|
|
176.7
|
|
|
For the
Three Months Ended September 30, 2018 |
|
For the
Nine Months Ended September 30, 2018 |
||||
Revenues from Contracts with Customers
|
|
|
|
||||
Firm Service
(1)
|
$
|
264.5
|
|
|
$
|
850.9
|
|
Interruptible Service
|
7.7
|
|
|
25.0
|
|
||
Other revenues
|
1.2
|
|
|
9.7
|
|
||
Total revenues from contracts with customers
|
273.4
|
|
|
885.6
|
|
||
|
|
|
|
||||
Other operating revenues
(2)
|
4.5
|
|
|
13.0
|
|
||
Total Operating Revenues
|
$
|
277.9
|
|
|
$
|
898.6
|
|
|
|
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
|
|
(2.3
|
)
|
|
Increases due to cash received, excluding amounts recognized as
revenues during the period
|
|
3.1
|
|
|
Balance as of September 30, 2018
|
|
$
|
9.1
|
|
|
|
As of September 30, 2018 (in millions)
|
||||||||||||||
|
|
2018
(1)
|
|
2019
|
|
Thereafter
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Estimated revenues from contracts with customers
from unsatisfied performance obligations as of
September 30, 2018
|
|
$
|
1,065.0
|
|
|
$
|
1,038.0
|
|
|
$
|
7,630.0
|
|
|
$
|
9,733.0
|
|
Operating revenues which are fixed and
determinable (operating leases)
|
|
13.5
|
|
|
18.0
|
|
|
230.5
|
|
|
262.0
|
|
||||
Total projected operating revenues under committed
firm agreements
|
|
$
|
1,078.5
|
|
|
$
|
1,056.0
|
|
|
$
|
7,860.5
|
|
|
$
|
9,995.0
|
|
(1)
|
For the 2018 period,
$797.0 million
represents actual fixed fee revenues recognized for the fulfillment of performance obligations during the
nine months
ended
September 30, 2018
.
|
As of September 30, 2018
|
|
|
|
|
Estimated Fair Value
|
||||||||||||||||
Financial Assets
|
|
Carrying Amount
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Cash and cash equivalents
|
|
$
|
27.0
|
|
|
|
$
|
27.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
27.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Long-term debt
|
|
$
|
3,675.1
|
|
(1)
|
|
$
|
—
|
|
|
$
|
3,731.1
|
|
|
$
|
—
|
|
|
$
|
3,731.1
|
|
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 September 30, |
|
For the
Three Months Ended September 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Service cost
|
$
|
0.7
|
|
|
$
|
0.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
1.2
|
|
|
1.2
|
|
|
0.4
|
|
|
0.4
|
|
||||
Expected return on plan assets
|
(1.7
|
)
|
|
(2.0
|
)
|
|
(1.2
|
)
|
|
(1.1
|
)
|
||||
Amortization of unrecognized net loss
|
0.3
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
||||
Settlement charge
|
0.4
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit cost
|
$
|
0.9
|
|
|
$
|
0.8
|
|
|
$
|
(0.8
|
)
|
|
$
|
(0.7
|
)
|
|
Retirement Plans
|
|
PBOP
|
||||||||||||
|
For the
Nine Months Ended September 30, |
|
For the
Nine Months Ended September 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Service cost
|
$
|
2.5
|
|
|
$
|
2.6
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
Interest cost
|
3.4
|
|
|
3.5
|
|
|
1.1
|
|
|
1.2
|
|
||||
Expected return on plan assets
|
(5.7
|
)
|
|
(5.9
|
)
|
|
(3.5
|
)
|
|
(3.3
|
)
|
||||
Amortization of unrecognized net loss
|
1.1
|
|
|
1.3
|
|
|
—
|
|
|
—
|
|
||||
Settlement charge
|
2.6
|
|
|
1.5
|
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit cost
|
$
|
3.9
|
|
|
$
|
3.0
|
|
|
$
|
(2.3
|
)
|
|
$
|
(2.0
|
)
|
|
For the
Nine Months Ended September 30, |
||||||
|
2018
|
|
2017
|
||||
Cash paid during the period for:
|
|
|
|
||||
Interest (net of amount capitalized)
|
$
|
124.9
|
|
|
$
|
125.8
|
|
Non-cash adjustments:
|
|
|
|
||||
Accounts payable and property, plant and equipment
|
51.9
|
|
|
66.6
|
|
Assets
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Cash and cash equivalents
|
|
$
|
0.2
|
|
|
$
|
15.6
|
|
|
$
|
11.2
|
|
|
$
|
—
|
|
|
$
|
27.0
|
|
Receivables
|
|
—
|
|
|
—
|
|
|
122.3
|
|
|
—
|
|
|
122.3
|
|
|||||
Receivables - affiliate
|
|
—
|
|
|
—
|
|
|
6.7
|
|
|
(6.7
|
)
|
|
—
|
|
|||||
Costs recoverable from customers
|
|
—
|
|
|
—
|
|
|
11.1
|
|
|
—
|
|
|
11.1
|
|
|||||
Prepayments
|
|
0.1
|
|
|
—
|
|
|
25.8
|
|
|
—
|
|
|
25.9
|
|
|||||
Advances to affiliates
|
|
—
|
|
|
15.3
|
|
|
2.1
|
|
|
(17.4
|
)
|
|
—
|
|
|||||
Other current assets
|
|
—
|
|
|
—
|
|
|
12.4
|
|
|
(3.2
|
)
|
|
9.2
|
|
|||||
Total current assets
|
|
0.3
|
|
|
30.9
|
|
|
191.6
|
|
|
(27.3
|
)
|
|
195.5
|
|
|||||
Investment in consolidated subsidiaries
|
|
2,790.0
|
|
|
6,653.9
|
|
|
—
|
|
|
(9,443.9
|
)
|
|
—
|
|
|||||
Property, plant and equipment, gross
|
|
0.6
|
|
|
—
|
|
|
11,210.9
|
|
|
—
|
|
|
11,211.5
|
|
|||||
Less–accumulated depreciation
and amortization
|
|
0.6
|
|
|
—
|
|
|
2,862.7
|
|
|
—
|
|
|
2,863.3
|
|
|||||
Property, plant and equipment, net
|
|
—
|
|
|
—
|
|
|
8,348.2
|
|
|
—
|
|
|
8,348.2
|
|
|||||
Advances to affiliates – noncurrent
|
|
2,042.4
|
|
|
864.1
|
|
|
410.7
|
|
|
(3,317.2
|
)
|
|
—
|
|
|||||
Other noncurrent assets
|
|
0.1
|
|
|
2.6
|
|
|
454.4
|
|
|
0.5
|
|
|
457.6
|
|
|||||
Total other assets
|
|
2,042.5
|
|
|
866.7
|
|
|
865.1
|
|
|
(3,316.7
|
)
|
|
457.6
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets
|
|
$
|
4,832.8
|
|
|
$
|
7,551.5
|
|
|
$
|
9,404.9
|
|
|
$
|
(12,787.9
|
)
|
|
$
|
9,001.3
|
|
Liabilities and Partners' Capital
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Payables
|
|
$
|
0.2
|
|
|
$
|
0.1
|
|
|
$
|
83.4
|
|
|
$
|
—
|
|
|
$
|
83.7
|
|
Payable to affiliates
|
|
1.6
|
|
|
—
|
|
|
6.7
|
|
|
(6.7
|
)
|
|
1.6
|
|
|||||
Advances from affiliates
|
|
—
|
|
|
2.1
|
|
|
15.3
|
|
|
(17.4
|
)
|
|
—
|
|
|||||
Other current liabilities
|
|
—
|
|
|
26.7
|
|
|
163.5
|
|
|
(2.7
|
)
|
|
187.5
|
|
|||||
Total current liabilities
|
|
1.8
|
|
|
28.9
|
|
|
268.9
|
|
|
(26.8
|
)
|
|
272.8
|
|
|||||
Long-term debt and capital lease
obligation
|
|
—
|
|
|
2,279.3
|
|
|
1,395.9
|
|
|
—
|
|
|
3,675.2
|
|
|||||
Advances from affiliates - noncurrent
|
|
—
|
|
|
2,453.1
|
|
|
864.1
|
|
|
(3,317.2
|
)
|
|
—
|
|
|||||
Other noncurrent liabilities
|
|
—
|
|
|
0.2
|
|
|
222.1
|
|
|
—
|
|
|
222.3
|
|
|||||
Total other liabilities and deferred
credits
|
|
—
|
|
|
2,453.3
|
|
|
1,086.2
|
|
|
(3,317.2
|
)
|
|
222.3
|
|
|||||
Total partners' capital
|
|
4,831.0
|
|
|
2,790.0
|
|
|
6,653.9
|
|
|
(9,443.9
|
)
|
|
4,831.0
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Liabilities and Partners' Capital
|
|
$
|
4,832.8
|
|
|
$
|
7,551.5
|
|
|
$
|
9,404.9
|
|
|
$
|
(12,787.9
|
)
|
|
$
|
9,001.3
|
|
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
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
266.5
|
|
|
$
|
(20.7
|
)
|
|
$
|
245.8
|
|
Storage, parking and lending
|
—
|
|
|
—
|
|
|
21.1
|
|
|
—
|
|
|
21.1
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
11.0
|
|
|
—
|
|
|
11.0
|
|
|||||
Total operating revenues
|
—
|
|
|
—
|
|
|
298.6
|
|
|
(20.7
|
)
|
|
277.9
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fuel and transportation
|
—
|
|
|
—
|
|
|
24.2
|
|
|
(20.7
|
)
|
|
3.5
|
|
|||||
Operation and maintenance
|
—
|
|
|
—
|
|
|
46.9
|
|
|
—
|
|
|
46.9
|
|
|||||
Administrative and general
|
(0.1
|
)
|
|
—
|
|
|
32.9
|
|
|
—
|
|
|
32.8
|
|
|||||
Other operating costs and expenses
|
0.1
|
|
|
—
|
|
|
113.8
|
|
|
—
|
|
|
113.9
|
|
|||||
Total operating costs and expenses
|
—
|
|
|
—
|
|
|
217.8
|
|
|
(20.7
|
)
|
|
197.1
|
|
|||||
Operating income
|
—
|
|
|
—
|
|
|
80.8
|
|
|
—
|
|
|
80.8
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Deductions (Income):
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest expense
|
—
|
|
|
29.2
|
|
|
14.3
|
|
|
—
|
|
|
43.5
|
|
|||||
Interest (income) expense - affiliates, net
|
(17.5
|
)
|
|
14.0
|
|
|
3.5
|
|
|
—
|
|
|
—
|
|
|||||
Equity in earnings of subsidiaries
|
(20.4
|
)
|
|
(63.6
|
)
|
|
—
|
|
|
84.0
|
|
|
—
|
|
|||||
Miscellaneous other income, net
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
|
—
|
|
|
(0.7
|
)
|
|||||
Total other (income) deductions
|
(37.9
|
)
|
|
(20.4
|
)
|
|
17.1
|
|
|
84.0
|
|
|
42.8
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes
|
37.9
|
|
|
20.4
|
|
|
63.7
|
|
|
(84.0
|
)
|
|
38.0
|
|
|||||
Income taxes
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|||||
Net income (loss)
|
$
|
37.9
|
|
|
$
|
20.4
|
|
|
$
|
63.6
|
|
|
$
|
(84.0
|
)
|
|
$
|
37.9
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Transportation
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
288.9
|
|
|
$
|
(22.5
|
)
|
|
$
|
266.4
|
|
Storage, parking and lending
|
—
|
|
|
—
|
|
|
23.2
|
|
|
—
|
|
|
23.2
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
10.9
|
|
|
—
|
|
|
10.9
|
|
|||||
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
|
)
|
|
—
|
|
|
27.4
|
|
|
—
|
|
|
27.1
|
|
|||||
Other operating costs and expenses
|
0.4
|
|
|
—
|
|
|
105.0
|
|
|
—
|
|
|
105.4
|
|
|||||
Total operating costs and expenses
|
0.1
|
|
|
—
|
|
|
212.9
|
|
|
(22.5
|
)
|
|
190.5
|
|
|||||
Operating (loss) income
|
(0.1
|
)
|
|
—
|
|
|
110.1
|
|
|
—
|
|
|
110.0
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
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
|
—
|
|
|
—
|
|
|
(1.1
|
)
|
|
—
|
|
|
(1.1
|
)
|
|||||
Total other (income) deductions
|
(69.9
|
)
|
|
(57.5
|
)
|
|
9.1
|
|
|
158.2
|
|
|
39.9
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
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
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Transportation
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
854.7
|
|
|
$
|
(61.9
|
)
|
|
$
|
792.8
|
|
Storage, parking and lending
|
—
|
|
|
—
|
|
|
68.1
|
|
|
(0.3
|
)
|
|
67.8
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
38.0
|
|
|
—
|
|
|
38.0
|
|
|||||
Total operating revenues
|
—
|
|
|
—
|
|
|
960.8
|
|
|
(62.2
|
)
|
|
898.6
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fuel and transportation
|
—
|
|
|
—
|
|
|
74.2
|
|
|
(62.2
|
)
|
|
12.0
|
|
|||||
Operation and maintenance
|
—
|
|
|
—
|
|
|
144.2
|
|
|
—
|
|
|
144.2
|
|
|||||
Administrative and general
|
(0.2
|
)
|
|
—
|
|
|
100.8
|
|
|
—
|
|
|
100.6
|
|
|||||
Other operating costs and expenses
|
0.3
|
|
|
—
|
|
|
334.3
|
|
|
—
|
|
|
334.6
|
|
|||||
Total operating costs and expenses
|
0.1
|
|
|
—
|
|
|
653.5
|
|
|
(62.2
|
)
|
|
591.4
|
|
|||||
Operating (loss) income
|
(0.1
|
)
|
|
—
|
|
|
307.3
|
|
|
—
|
|
|
307.2
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Deductions (Income):
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest expense
|
—
|
|
|
91.8
|
|
|
39.1
|
|
|
—
|
|
|
130.9
|
|
|||||
Interest (income) expense - affiliates, net
|
(49.3
|
)
|
|
38.1
|
|
|
11.2
|
|
|
—
|
|
|
—
|
|
|||||
Interest income
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||||
Equity in earnings of subsidiaries
|
(128.1
|
)
|
|
(258.0
|
)
|
|
—
|
|
|
386.1
|
|
|
—
|
|
|||||
Miscellaneous other income, net
|
—
|
|
|
—
|
|
|
(1.3
|
)
|
|
—
|
|
|
(1.3
|
)
|
|||||
Total other (income) deductions
|
(177.4
|
)
|
|
(128.1
|
)
|
|
48.9
|
|
|
386.1
|
|
|
129.5
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes
|
177.3
|
|
|
128.1
|
|
|
258.4
|
|
|
(386.1
|
)
|
|
177.7
|
|
|||||
Income taxes
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|||||
Net income (loss)
|
$
|
177.3
|
|
|
$
|
128.1
|
|
|
$
|
258.0
|
|
|
$
|
(386.1
|
)
|
|
$
|
177.3
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Transportation
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
918.3
|
|
|
$
|
(66.3
|
)
|
|
$
|
852.0
|
|
Storage, parking and lending
|
—
|
|
|
—
|
|
|
80.0
|
|
|
(0.2
|
)
|
|
79.8
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
53.3
|
|
|
—
|
|
|
53.3
|
|
|||||
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
|
)
|
|
—
|
|
|
97.2
|
|
|
—
|
|
|
96.9
|
|
|||||
Other operating costs and expenses
|
0.5
|
|
|
—
|
|
|
363.0
|
|
|
—
|
|
|
363.5
|
|
|||||
Total operating costs and expenses
|
0.2
|
|
|
—
|
|
|
710.4
|
|
|
(66.5
|
)
|
|
644.1
|
|
|||||
Operating (loss) income
|
(0.2
|
)
|
|
—
|
|
|
341.2
|
|
|
—
|
|
|
341.0
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
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
|
—
|
|
|
—
|
|
|
(3.5
|
)
|
|
—
|
|
|
(3.5
|
)
|
|||||
Total other (income) deductions
|
(213.0
|
)
|
|
(178.4
|
)
|
|
34.4
|
|
|
484.3
|
|
|
127.3
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
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
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Net income (loss)
|
$
|
37.9
|
|
|
$
|
20.4
|
|
|
$
|
63.6
|
|
|
$
|
(84.0
|
)
|
|
$
|
37.9
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reclassification adjustment transferred
to Net income from cash flow hedges
|
0.2
|
|
|
0.2
|
|
|
0.1
|
|
|
(0.3
|
)
|
|
0.2
|
|
|||||
Pension and other postretirement
benefit costs
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
0.2
|
|
|
(0.1
|
)
|
|||||
Total Comprehensive Income (Loss)
|
$
|
38.0
|
|
|
$
|
20.5
|
|
|
$
|
63.6
|
|
|
$
|
(84.1
|
)
|
|
$
|
38.0
|
|
|
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
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Net income (loss)
|
$
|
177.3
|
|
|
$
|
128.1
|
|
|
$
|
258.0
|
|
|
$
|
(386.1
|
)
|
|
$
|
177.3
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reclassification adjustment transferred
to Net income from cash flow hedges
|
1.0
|
|
|
1.0
|
|
|
0.5
|
|
|
(1.5
|
)
|
|
1.0
|
|
|||||
Pension and other postretirement
benefit costs
|
1.4
|
|
|
1.4
|
|
|
1.4
|
|
|
(2.8
|
)
|
|
1.4
|
|
|||||
Total Comprehensive Income (Loss)
|
$
|
179.7
|
|
|
$
|
130.5
|
|
|
$
|
259.9
|
|
|
$
|
(390.4
|
)
|
|
$
|
179.7
|
|
|
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) gain 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
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Net cash provided by (used in)
operating activities
|
$
|
48.8
|
|
|
$
|
(124.6
|
)
|
|
$
|
531.1
|
|
|
$
|
—
|
|
|
$
|
455.3
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital expenditures
|
—
|
|
|
—
|
|
|
(354.8
|
)
|
|
—
|
|
|
(354.8
|
)
|
|||||
Proceeds from sale of operating assets
|
—
|
|
|
—
|
|
|
0.9
|
|
|
—
|
|
|
0.9
|
|
|||||
Advances to affiliates, net
|
27.7
|
|
|
44.3
|
|
|
(303.7
|
)
|
|
231.7
|
|
|
—
|
|
|||||
Net cash provided by (used in)
investing activities
|
27.7
|
|
|
44.3
|
|
|
(657.6
|
)
|
|
231.7
|
|
|
(353.9
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Repayment of borrowings from long-term
debt |
—
|
|
|
(185.0
|
)
|
|
—
|
|
|
—
|
|
|
(185.0
|
)
|
|||||
Proceeds from borrowings on revolving
credit agreement
|
—
|
|
|
—
|
|
|
525.0
|
|
|
—
|
|
|
525.0
|
|
|||||
Repayment of borrowings on revolving
credit agreement
|
—
|
|
|
—
|
|
|
(355.0
|
)
|
|
—
|
|
|
(355.0
|
)
|
|||||
Principal payment of capital lease
obligation
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
|||||
Advances from affiliates, net
|
0.1
|
|
|
276.3
|
|
|
(44.6
|
)
|
|
(231.7
|
)
|
|
0.1
|
|
|||||
Distributions paid
|
(76.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(76.7
|
)
|
|||||
Net cash (used in) provided by
financing activities
|
(76.6
|
)
|
|
91.3
|
|
|
125.0
|
|
|
(231.7
|
)
|
|
(92.0
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(Decrease) increase in cash and cash
equivalents
|
(0.1
|
)
|
|
11.0
|
|
|
(1.5
|
)
|
|
—
|
|
|
9.4
|
|
|||||
Cash and cash equivalents at
beginning of period
|
0.3
|
|
|
4.6
|
|
|
12.7
|
|
|
—
|
|
|
17.6
|
|
|||||
Cash and cash equivalents at
end of period
|
$
|
0.2
|
|
|
$
|
15.6
|
|
|
$
|
11.2
|
|
|
$
|
—
|
|
|
$
|
27.0
|
|
|
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
|
|
|
Boardwalk Pipeline Partners, LP
|
|
|
By: Boardwalk GP, LP
its general partner
|
|
|
By: Boardwalk GP, LLC
its general partner
|
|
November 5, 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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