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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
|
March 31,
2019 |
|
December 31,
2018
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
15.3
|
|
|
$
|
3.6
|
|
Receivables:
|
|
|
|
|
|
||
Trade, net
|
122.3
|
|
|
139.2
|
|
||
Other
|
11.5
|
|
|
14.5
|
|
||
Gas transportation receivables
|
6.2
|
|
|
8.8
|
|
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Costs recoverable from customers
|
16.2
|
|
|
23.6
|
|
||
Prepayments
|
13.6
|
|
|
21.3
|
|
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Other current assets
|
1.5
|
|
|
1.3
|
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Total current assets
|
186.6
|
|
|
212.3
|
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|
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Property, Plant and Equipment:
|
|
|
|
|
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Natural gas transmission and other plant
|
11,219.3
|
|
|
11,175.4
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||
Construction work in progress
|
171.0
|
|
|
150.2
|
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Property, plant and equipment, gross
|
11,390.3
|
|
|
11,325.6
|
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||
Less—accumulated depreciation and amortization
|
3,015.9
|
|
|
2,939.8
|
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Property, plant and equipment, net
|
8,374.4
|
|
|
8,385.8
|
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|
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Other Assets:
|
|
|
|
|
|
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Goodwill
|
237.4
|
|
|
237.4
|
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||
Gas stored underground
|
75.7
|
|
|
68.6
|
|
||
Other
|
162.0
|
|
|
144.6
|
|
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Total other assets
|
475.1
|
|
|
450.6
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Total Assets
|
$
|
9,036.1
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$
|
9,048.7
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LIABILITIES AND PARTNERS' CAPITAL
|
March 31,
2019 |
|
December 31,
2018
|
||||
Current Liabilities:
|
|
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|
||||
Payables:
|
|
|
|
||||
Trade
|
$
|
49.6
|
|
|
$
|
61.2
|
|
Affiliates
|
0.5
|
|
|
0.5
|
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||
Other
|
8.5
|
|
|
9.9
|
|
||
Gas payables
|
6.8
|
|
|
8.2
|
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||
Accrued taxes, other
|
38.3
|
|
|
58.6
|
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||
Accrued interest
|
37.2
|
|
|
38.1
|
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Accrued payroll and employee benefits
|
15.1
|
|
|
34.0
|
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||
Construction retainage
|
18.0
|
|
|
20.4
|
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||
Deferred income
|
0.9
|
|
|
0.5
|
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||
Other current liabilities
|
26.4
|
|
|
26.0
|
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Total current liabilities
|
201.3
|
|
|
257.4
|
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Long-term debt and finance lease obligation
|
3,647.4
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3,701.3
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|
||||
Other Liabilities and Deferred Credits:
|
|
|
|
|
|
||
Pension liability
|
25.3
|
|
|
24.8
|
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||
Asset retirement obligation
|
57.0
|
|
|
56.4
|
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Provision for other asset retirement
|
70.2
|
|
|
68.5
|
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Other
|
89.7
|
|
|
78.4
|
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Total other liabilities and deferred credits
|
242.2
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|
228.1
|
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Commitments and Contingencies
|
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Partners’ Capital:
|
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Partners' capital
|
5,029.6
|
|
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4,947.1
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Accumulated other comprehensive loss
|
(84.4
|
)
|
|
(85.2
|
)
|
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Total partners’ capital
|
4,945.2
|
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4,861.9
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Total Liabilities and Partners' Capital
|
$
|
9,036.1
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$
|
9,048.7
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For the
Three Months Ended March 31, |
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2019
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2018
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Operating Revenues:
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Transportation
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$
|
306.4
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$
|
298.5
|
|
Storage, parking and lending
|
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23.4
|
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|
25.1
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Other
|
|
|
|
16.1
|
|
|
11.8
|
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Total operating revenues
|
|
|
|
345.9
|
|
|
335.4
|
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Operating Costs and Expenses:
|
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Fuel and transportation
|
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|
2.6
|
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4.4
|
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Operation and maintenance
|
|
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|
43.0
|
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|
46.4
|
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Administrative and general
|
|
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|
33.2
|
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32.1
|
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Depreciation and amortization
|
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|
85.8
|
|
|
82.9
|
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Gain on sale of assets and impairments
|
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—
|
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|
(0.4
|
)
|
||
Taxes other than income taxes
|
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|
28.2
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29.3
|
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Total operating costs and expenses
|
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|
|
192.8
|
|
|
194.7
|
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||||
Operating income
|
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|
153.1
|
|
|
140.7
|
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Other Deductions (Income):
|
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Interest expense
|
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|
45.3
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44.1
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Interest income
|
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|
(0.3
|
)
|
|
—
|
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Miscellaneous other income, net
|
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|
(0.2
|
)
|
|
(0.8
|
)
|
||
Total other deductions
|
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|
44.8
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|
43.3
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Income before income taxes
|
|
|
|
108.3
|
|
|
97.4
|
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||||
Income taxes
|
|
|
|
0.2
|
|
|
0.2
|
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||||
Net income
|
|
|
|
$
|
108.1
|
|
|
$
|
97.2
|
|
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|
|
|
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|
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|
For the
Three Months Ended March 31, |
|
||||||
|
|
2019
|
|
2018
|
|
||||
Net income
|
|
$
|
108.1
|
|
|
$
|
97.2
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||
Reclassification adjustment transferred to Net income from cash flow hedges
|
|
0.3
|
|
|
0.6
|
|
|
||
Pension and other postretirement benefit costs, net of tax
|
|
0.5
|
|
|
0.3
|
|
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||
Total Comprehensive Income
|
|
$
|
108.9
|
|
|
$
|
98.1
|
|
|
|
For the
Three Months Ended March 31, |
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OPERATING ACTIVITIES:
|
2019
|
|
2018
|
||||
Net income
|
$
|
108.1
|
|
|
$
|
97.2
|
|
Adjustments to reconcile net income to cash provided by operations:
|
|
|
|
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Depreciation and amortization
|
85.8
|
|
|
82.9
|
|
||
Amortization of deferred costs and other
|
2.3
|
|
|
2.7
|
|
||
Gain on sale of assets and impairments
|
—
|
|
|
(0.4
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Trade and other receivables
|
19.8
|
|
|
4.8
|
|
||
Gas receivables and storage assets
|
(2.9
|
)
|
|
4.3
|
|
||
Costs recoverable from customers
|
7.4
|
|
|
(6.1
|
)
|
||
Other assets
|
3.8
|
|
|
1.6
|
|
||
Trade and other payables
|
(14.4
|
)
|
|
(4.6
|
)
|
||
Gas payables
|
(2.7
|
)
|
|
(0.8
|
)
|
||
Accrued liabilities
|
(40.0
|
)
|
|
(31.2
|
)
|
||
Other liabilities
|
(0.8
|
)
|
|
1.5
|
|
||
Net cash provided by operating activities
|
166.4
|
|
|
151.9
|
|
||
|
|
|
|
||||
INVESTING ACTIVITIES:
|
|
|
|
|
|
||
Capital expenditures
|
(74.0
|
)
|
|
(110.9
|
)
|
||
Proceeds from sale of operating assets
|
0.1
|
|
|
0.5
|
|
||
Net cash used in investing activities
|
(73.9
|
)
|
|
(110.4
|
)
|
||
|
|
|
|
||||
FINANCING ACTIVITIES:
|
|
|
|
|
|
||
Proceeds from borrowings on revolving credit agreement
|
125.0
|
|
|
145.0
|
|
||
Repayment of borrowings on revolving credit agreement
|
(180.0
|
)
|
|
(145.0
|
)
|
||
Principal payment of finance lease obligation
|
(0.2
|
)
|
|
(0.1
|
)
|
||
Distributions paid
|
(25.6
|
)
|
|
(25.6
|
)
|
||
Net cash used in financing activities
|
(80.8
|
)
|
|
(25.7
|
)
|
||
Increase in cash and cash equivalents
|
11.7
|
|
|
15.8
|
|
||
Cash and cash equivalents at beginning of period
|
3.6
|
|
|
17.6
|
|
||
Cash and cash equivalents at end of period
|
$
|
15.3
|
|
|
$
|
33.4
|
|
|
Common
Units
|
|
General
Partner
|
|
Partners'
Capital
|
|
Accumulated
Other Comp
Income (Loss)
|
|
Total
Partners' Capital
|
||||||||||
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
|
)
|
|||||
Net income
|
95.3
|
|
|
1.9
|
|
|
—
|
|
|
—
|
|
|
97.2
|
|
|||||
Distributions paid
|
(25.1
|
)
|
|
(0.5
|
)
|
|
—
|
|
|
—
|
|
|
(25.6
|
)
|
|||||
Other comprehensive
income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
0.9
|
|
|||||
Balance March 31, 2018
|
$
|
4,770.7
|
|
|
$
|
93.9
|
|
|
$
|
—
|
|
|
$
|
(80.1
|
)
|
|
$
|
4,784.5
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance December 31, 2018
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,947.1
|
|
|
$
|
(85.2
|
)
|
|
$
|
4,861.9
|
|
Add (deduct):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
108.1
|
|
|
—
|
|
|
108.1
|
|
|||||
Distributions paid
|
—
|
|
|
—
|
|
|
(25.6
|
)
|
|
—
|
|
|
(25.6
|
)
|
|||||
Other comprehensive
income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
0.8
|
|
|||||
Balance March 31, 2019
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,029.6
|
|
|
$
|
(84.4
|
)
|
|
$
|
4,945.2
|
|
|
|
For the Three Months Ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Revenues from Contracts with Customers
|
|
|
|
|
||||
Firm Service
(1)
|
|
$
|
328.8
|
|
|
$
|
318.9
|
|
Interruptible Service
|
|
5.8
|
|
|
9.5
|
|
||
Other revenues
|
|
4.9
|
|
|
2.7
|
|
||
Total revenues from contracts with customers
|
|
339.5
|
|
|
331.1
|
|
||
|
|
|
|
|
||||
Other operating revenues
(2)
|
|
6.4
|
|
|
4.3
|
|
||
Total Operating Revenues
|
|
$
|
345.9
|
|
|
$
|
335.4
|
|
|
|
Contract Liabilities
|
||
Balance as of December 31, 2018
|
|
$
|
9.2
|
|
Revenues recognized that were included in the contract liability
balance at the beginning of the period
|
|
(0.3
|
)
|
|
Increases due to cash received, excluding amounts recognized as
revenues during the period
|
|
1.2
|
|
|
Balance as of March 31, 2019
|
|
$
|
10.1
|
|
|
|
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
|
|
(0.5
|
)
|
|
Increases due to cash received, excluding amounts recognized as
revenues during the period
|
|
0.7
|
|
|
Balance as of March 31, 2018
|
|
$
|
8.5
|
|
|
|
In millions
|
||||||||||||||
|
|
2019
|
|
2020
|
|
Thereafter
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Estimated revenues from contracts with customers
from unsatisfied performance obligations as of
March 31, 2019
|
|
$
|
1,095.0
|
|
|
$
|
970.0
|
|
|
$
|
7,495.0
|
|
|
$
|
9,560.0
|
|
Operating revenues which are fixed and
determinable (operating leases)
|
|
19.0
|
|
|
21.0
|
|
|
208.0
|
|
|
248.0
|
|
||||
Total projected operating revenues under committed
firm agreements as of March 31, 2019
(1)
|
|
$
|
1,114.0
|
|
|
$
|
991.0
|
|
|
$
|
7,703.0
|
|
|
$
|
9,808.0
|
|
|
For the
Three Months Ended March 31, 2019 |
||
Operating lease cost
|
$
|
1.0
|
|
Short-term lease cost
|
0.8
|
|
|
Finance lease cost:
|
|
||
Amortization of right-of-use asset
|
0.2
|
|
|
Interest on lease liabilities
|
0.1
|
|
|
Total lease cost
|
$
|
2.1
|
|
|
As of March 31, 2019
|
||
Right-of-use assets
|
|
||
Operating leases (recorded in Other Assets)
|
$
|
17.2
|
|
Finance lease (recorded in Plant, Property and Equipment)
|
6.6
|
|
|
Lease liabilities
|
|
||
Operating leases (recorded in Other Liabilities, current and
non-current)
|
19.9
|
|
|
Finance lease
|
7.9
|
|
|
Weighted average remaining lease term (years)
|
|
||
Operating leases
|
5.2
|
|
|
Finance lease
|
9.3
|
|
|
Weighted average discount rate
|
|
||
Operating leases
|
4.7
|
%
|
|
Finance lease
|
5.9
|
%
|
|
As of March 31, 2019
|
||||||
|
Operating Leases
|
|
Financing Leases
|
||||
2019
(1)
|
$
|
3.4
|
|
|
$
|
0.8
|
|
2020
|
4.5
|
|
|
1.1
|
|
||
2021
|
4.4
|
|
|
1.1
|
|
||
2022
|
4.3
|
|
|
1.1
|
|
||
2023
|
3.8
|
|
|
1.1
|
|
||
Thereafter
|
2.1
|
|
|
5.1
|
|
||
Total
|
22.5
|
|
|
10.3
|
|
||
Less: discount
|
(2.6
|
)
|
|
(2.4
|
)
|
||
Total lease liabilities
|
$
|
19.9
|
|
|
$
|
7.9
|
|
2019
|
$
|
4.8
|
|
2020
|
4.7
|
|
|
2021
|
4.6
|
|
|
2022
|
4.5
|
|
|
2023
|
4.1
|
|
|
Thereafter
|
1.9
|
|
|
Total
|
$
|
24.6
|
|
As of March 31, 2019
|
|
|
|
|
Estimated Fair Value
|
||||||||||||||||
Financial Assets
|
|
Carrying Amount
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Cash and cash equivalents
|
|
$
|
15.3
|
|
|
|
$
|
15.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Long-term debt
|
|
$
|
3,646.7
|
|
(1)
|
|
$
|
—
|
|
|
$
|
3,728.6
|
|
|
$
|
—
|
|
|
$
|
3,728.6
|
|
As of December 31, 2018
|
|
|
|
|
Estimated Fair Value
|
||||||||||||||||
Financial Assets
|
|
Carrying Amount
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Cash and cash equivalents
|
|
$
|
3.6
|
|
|
|
$
|
3.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Long-term debt
|
|
$
|
3,700.9
|
|
(1)
|
|
$
|
—
|
|
|
$
|
3,714.6
|
|
|
$
|
—
|
|
|
$
|
3,714.6
|
|
|
Retirement Plans
|
|
PBOP
|
||||||||||||
|
For the
Three Months Ended March 31, |
|
For the
Three Months Ended March 31, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Service cost
|
$
|
0.8
|
|
|
$
|
0.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
1.1
|
|
|
1.1
|
|
|
0.3
|
|
|
0.4
|
|
||||
Expected return on plan assets
|
(1.6
|
)
|
|
(2.0
|
)
|
|
(0.8
|
)
|
|
(1.1
|
)
|
||||
Amortization of unrecognized net loss
|
0.6
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
||||
Settlement charge
|
0.4
|
|
|
0.6
|
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit cost
|
$
|
1.3
|
|
|
$
|
1.0
|
|
|
$
|
(0.5
|
)
|
|
$
|
(0.7
|
)
|
|
For the
Three Months Ended March 31, |
||||||
|
2019
|
|
2018
|
||||
Cash paid during the period for:
|
|
|
|
||||
Interest (net of amount capitalized)
|
$
|
44.0
|
|
|
$
|
40.2
|
|
Non-cash adjustments:
|
|
|
|
||||
Accounts payable and property, plant and equipment
|
40.7
|
|
|
62.1
|
|
||
Right-of-use assets obtained in exchange for lease obligations
|
18.0
|
|
|
—
|
|
Assets
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Cash and cash equivalents
|
|
$
|
0.1
|
|
|
$
|
2.4
|
|
|
$
|
12.8
|
|
|
$
|
—
|
|
|
$
|
15.3
|
|
Receivables
|
|
—
|
|
|
—
|
|
|
133.8
|
|
|
—
|
|
|
133.8
|
|
|||||
Receivables - affiliate
|
|
—
|
|
|
—
|
|
|
7.1
|
|
|
(7.1
|
)
|
|
—
|
|
|||||
Costs recoverable from customers
|
|
—
|
|
|
—
|
|
|
16.2
|
|
|
—
|
|
|
16.2
|
|
|||||
Prepayments
|
|
0.3
|
|
|
—
|
|
|
13.3
|
|
|
—
|
|
|
13.6
|
|
|||||
Advances to affiliates
|
|
—
|
|
|
—
|
|
|
2.2
|
|
|
(2.2
|
)
|
|
—
|
|
|||||
Other current assets
|
|
—
|
|
|
—
|
|
|
9.9
|
|
|
(2.2
|
)
|
|
7.7
|
|
|||||
Total current assets
|
|
0.4
|
|
|
2.4
|
|
|
195.3
|
|
|
(11.5
|
)
|
|
186.6
|
|
|||||
Investment in consolidated subsidiaries
|
|
2,918.1
|
|
|
7,195.2
|
|
|
—
|
|
|
(10,113.3
|
)
|
|
—
|
|
|||||
Property, plant and equipment, gross
|
|
0.6
|
|
|
—
|
|
|
11,389.7
|
|
|
—
|
|
|
11,390.3
|
|
|||||
Less–accumulated depreciation
and amortization
|
|
0.6
|
|
|
—
|
|
|
3,015.3
|
|
|
—
|
|
|
3,015.9
|
|
|||||
Property, plant and equipment, net
|
|
—
|
|
|
—
|
|
|
8,374.4
|
|
|
—
|
|
|
8,374.4
|
|
|||||
Advances to affiliates – noncurrent
|
|
2,027.6
|
|
|
490.3
|
|
|
434.1
|
|
|
(2,952.0
|
)
|
|
—
|
|
|||||
Other noncurrent assets
|
|
—
|
|
|
5.2
|
|
|
469.7
|
|
|
0.2
|
|
|
475.1
|
|
|||||
Total other assets
|
|
2,027.6
|
|
|
495.5
|
|
|
903.8
|
|
|
(2,951.8
|
)
|
|
475.1
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets
|
|
$
|
4,946.1
|
|
|
$
|
7,693.1
|
|
|
$
|
9,473.5
|
|
|
$
|
(13,076.6
|
)
|
|
$
|
9,036.1
|
|
Liabilities and Partners' Capital
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Payables
|
|
$
|
0.4
|
|
|
$
|
0.1
|
|
|
$
|
57.6
|
|
|
$
|
—
|
|
|
$
|
58.1
|
|
Payable to affiliates
|
|
0.5
|
|
|
—
|
|
|
7.1
|
|
|
(7.1
|
)
|
|
0.5
|
|
|||||
Advances from affiliates
|
|
—
|
|
|
2.2
|
|
|
—
|
|
|
(2.2
|
)
|
|
—
|
|
|||||
Other current liabilities
|
|
—
|
|
|
27.4
|
|
|
117.2
|
|
|
(1.9
|
)
|
|
142.7
|
|
|||||
Total current liabilities
|
|
0.9
|
|
|
29.7
|
|
|
181.9
|
|
|
(11.2
|
)
|
|
201.3
|
|
|||||
Long-term debt and finance lease
obligation
|
|
—
|
|
|
2,280.9
|
|
|
1,366.5
|
|
|
—
|
|
|
3,647.4
|
|
|||||
Advances from affiliates - noncurrent
|
|
—
|
|
|
2,461.7
|
|
|
490.3
|
|
|
(2,952.0
|
)
|
|
—
|
|
|||||
Other noncurrent liabilities
|
|
—
|
|
|
2.7
|
|
|
239.6
|
|
|
(0.1
|
)
|
|
242.2
|
|
|||||
Total other liabilities and deferred
credits
|
|
—
|
|
|
2,464.4
|
|
|
729.9
|
|
|
(2,952.1
|
)
|
|
242.2
|
|
|||||
Total partners' capital
|
|
4,945.2
|
|
|
2,918.1
|
|
|
7,195.2
|
|
|
(10,113.3
|
)
|
|
4,945.2
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Liabilities and Partners' Capital
|
|
$
|
4,946.1
|
|
|
$
|
7,693.1
|
|
|
$
|
9,473.5
|
|
|
$
|
(13,076.6
|
)
|
|
$
|
9,036.1
|
|
Assets
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Cash and cash equivalents
|
|
$
|
0.3
|
|
|
$
|
1.6
|
|
|
$
|
1.7
|
|
|
$
|
—
|
|
|
$
|
3.6
|
|
Receivables
|
|
—
|
|
|
—
|
|
|
153.7
|
|
|
—
|
|
|
153.7
|
|
|||||
Receivables - affiliate
|
|
—
|
|
|
—
|
|
|
9.5
|
|
|
(9.5
|
)
|
|
—
|
|
|||||
Costs recoverable from customers
|
|
—
|
|
|
—
|
|
|
23.6
|
|
|
—
|
|
|
23.6
|
|
|||||
Prepayments
|
|
0.3
|
|
|
—
|
|
|
21.0
|
|
|
—
|
|
|
21.3
|
|
|||||
Advances to affiliates
|
|
—
|
|
|
—
|
|
|
2.0
|
|
|
(2.0
|
)
|
|
—
|
|
|||||
Other current assets
|
|
—
|
|
|
—
|
|
|
14.3
|
|
|
(4.2
|
)
|
|
10.1
|
|
|||||
Total current assets
|
|
0.6
|
|
|
1.6
|
|
|
225.8
|
|
|
(15.7
|
)
|
|
212.3
|
|
|||||
Investment in consolidated subsidiaries
|
|
2,828.1
|
|
|
7,136.6
|
|
|
—
|
|
|
(9,964.7
|
)
|
|
—
|
|
|||||
Property, plant and equipment, gross
|
|
0.6
|
|
|
—
|
|
|
11,325.0
|
|
|
—
|
|
|
11,325.6
|
|
|||||
Less–accumulated depreciation
and amortization
|
|
0.6
|
|
|
—
|
|
|
2,939.2
|
|
|
—
|
|
|
2,939.8
|
|
|||||
Property, plant and equipment, net
|
|
—
|
|
|
—
|
|
|
8,385.8
|
|
|
—
|
|
|
8,385.8
|
|
|||||
Advances to affiliates – noncurrent
|
|
2,034.2
|
|
|
460.1
|
|
|
431.8
|
|
|
(2,926.1
|
)
|
|
—
|
|
|||||
Other noncurrent assets
|
|
0.2
|
|
|
2.5
|
|
|
446.5
|
|
|
1.4
|
|
|
450.6
|
|
|||||
Total other assets
|
|
2,034.4
|
|
|
462.6
|
|
|
878.3
|
|
|
(2,924.7
|
)
|
|
450.6
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets
|
|
$
|
4,863.1
|
|
|
$
|
7,600.8
|
|
|
$
|
9,489.9
|
|
|
$
|
(12,905.1
|
)
|
|
$
|
9,048.7
|
|
Liabilities and Partners' Capital
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Payables
|
|
$
|
0.6
|
|
|
$
|
0.1
|
|
|
$
|
70.4
|
|
|
$
|
—
|
|
|
$
|
71.1
|
|
Payable to affiliates
|
|
0.5
|
|
|
—
|
|
|
9.5
|
|
|
(9.5
|
)
|
|
0.5
|
|
|||||
Advances from affiliates
|
|
—
|
|
|
2.0
|
|
|
—
|
|
|
(2.0
|
)
|
|
—
|
|
|||||
Other current liabilities
|
|
0.1
|
|
|
24.3
|
|
|
164.2
|
|
|
(2.8
|
)
|
|
185.8
|
|
|||||
Total current liabilities
|
|
1.2
|
|
|
26.4
|
|
|
244.1
|
|
|
(14.3
|
)
|
|
257.4
|
|
|||||
Long-term debt and finance lease
obligation
|
|
—
|
|
|
2,280.1
|
|
|
1,421.2
|
|
|
—
|
|
|
3,701.3
|
|
|||||
Advances from affiliates - noncurrent
|
|
—
|
|
|
2,466.0
|
|
|
460.1
|
|
|
(2,926.1
|
)
|
|
—
|
|
|||||
Other noncurrent liabilities
|
|
—
|
|
|
0.2
|
|
|
227.9
|
|
|
—
|
|
|
228.1
|
|
|||||
Total other liabilities and deferred
credits
|
|
—
|
|
|
2,466.2
|
|
|
688.0
|
|
|
(2,926.1
|
)
|
|
228.1
|
|
|||||
Total partners' capital
|
|
4,861.9
|
|
|
2,828.1
|
|
|
7,136.6
|
|
|
(9,964.7
|
)
|
|
4,861.9
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Liabilities and Partners' Capital
|
|
$
|
4,863.1
|
|
|
$
|
7,600.8
|
|
|
$
|
9,489.9
|
|
|
$
|
(12,905.1
|
)
|
|
$
|
9,048.7
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Transportation
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
326.6
|
|
|
$
|
(20.2
|
)
|
|
$
|
306.4
|
|
Storage, parking and lending
|
—
|
|
|
—
|
|
|
23.9
|
|
|
(0.5
|
)
|
|
23.4
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
16.1
|
|
|
—
|
|
|
16.1
|
|
|||||
Total operating revenues
|
—
|
|
|
—
|
|
|
366.6
|
|
|
(20.7
|
)
|
|
345.9
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fuel and transportation
|
—
|
|
|
—
|
|
|
23.3
|
|
|
(20.7
|
)
|
|
2.6
|
|
|||||
Operation and maintenance
|
—
|
|
|
—
|
|
|
43.0
|
|
|
—
|
|
|
43.0
|
|
|||||
Administrative and general
|
—
|
|
|
—
|
|
|
33.2
|
|
|
—
|
|
|
33.2
|
|
|||||
Other operating costs and expenses
|
0.1
|
|
|
—
|
|
|
113.9
|
|
|
—
|
|
|
114.0
|
|
|||||
Total operating costs and expenses
|
0.1
|
|
|
—
|
|
|
213.4
|
|
|
(20.7
|
)
|
|
192.8
|
|
|||||
Operating (loss) income
|
(0.1
|
)
|
|
—
|
|
|
153.2
|
|
|
—
|
|
|
153.1
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Deductions (Income):
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest expense
|
—
|
|
|
29.5
|
|
|
15.8
|
|
|
—
|
|
|
45.3
|
|
|||||
Interest (income) expense - affiliates, net
|
(19.0
|
)
|
|
19.1
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|||||
Interest income
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
(0.3
|
)
|
|||||
Equity in earnings of subsidiaries
|
(89.2
|
)
|
|
(137.8
|
)
|
|
—
|
|
|
227.0
|
|
|
—
|
|
|||||
Miscellaneous other income, net
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|||||
Total other (income) deductions
|
(108.2
|
)
|
|
(89.2
|
)
|
|
15.2
|
|
|
227.0
|
|
|
44.8
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes
|
108.1
|
|
|
89.2
|
|
|
138.0
|
|
|
(227.0
|
)
|
|
108.3
|
|
|||||
Income taxes
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|||||
Net income (loss)
|
$
|
108.1
|
|
|
$
|
89.2
|
|
|
$
|
137.8
|
|
|
$
|
(227.0
|
)
|
|
$
|
108.1
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Transportation
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
319.3
|
|
|
$
|
(20.8
|
)
|
|
$
|
298.5
|
|
Storage, parking and lending
|
—
|
|
|
—
|
|
|
25.4
|
|
|
(0.3
|
)
|
|
25.1
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
11.8
|
|
|
—
|
|
|
11.8
|
|
|||||
Total operating revenues
|
—
|
|
|
—
|
|
|
356.5
|
|
|
(21.1
|
)
|
|
335.4
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fuel and transportation
|
—
|
|
|
—
|
|
|
25.5
|
|
|
(21.1
|
)
|
|
4.4
|
|
|||||
Operation and maintenance
|
—
|
|
|
—
|
|
|
46.4
|
|
|
—
|
|
|
46.4
|
|
|||||
Administrative and general
|
—
|
|
|
—
|
|
|
32.1
|
|
|
—
|
|
|
32.1
|
|
|||||
Other operating costs and expenses
|
—
|
|
|
—
|
|
|
111.8
|
|
|
—
|
|
|
111.8
|
|
|||||
Total operating costs and expenses
|
—
|
|
|
—
|
|
|
215.8
|
|
|
(21.1
|
)
|
|
194.7
|
|
|||||
Operating income
|
—
|
|
|
—
|
|
|
140.7
|
|
|
—
|
|
|
140.7
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Deductions (Income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest expense
|
—
|
|
|
31.9
|
|
|
12.2
|
|
|
—
|
|
|
44.1
|
|
|||||
Interest (income) expense - affiliates, net
|
(14.3
|
)
|
|
10.8
|
|
|
3.5
|
|
|
—
|
|
|
—
|
|
|||||
Equity in earnings of subsidiaries
|
(82.9
|
)
|
|
(125.6
|
)
|
|
—
|
|
|
208.5
|
|
|
—
|
|
|||||
Miscellaneous other income, net
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
|
—
|
|
|
(0.8
|
)
|
|||||
Total other (income) deductions
|
(97.2
|
)
|
|
(82.9
|
)
|
|
14.9
|
|
|
208.5
|
|
|
43.3
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes
|
97.2
|
|
|
82.9
|
|
|
125.8
|
|
|
(208.5
|
)
|
|
97.4
|
|
|||||
Income taxes
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|||||
Net income (loss)
|
$
|
97.2
|
|
|
$
|
82.9
|
|
|
$
|
125.6
|
|
|
$
|
(208.5
|
)
|
|
$
|
97.2
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Net income (loss)
|
$
|
108.1
|
|
|
$
|
89.2
|
|
|
$
|
137.8
|
|
|
$
|
(227.0
|
)
|
|
$
|
108.1
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reclassification adjustment transferred
to Net income from cash flow hedges
|
0.3
|
|
|
0.3
|
|
|
0.3
|
|
|
(0.6
|
)
|
|
0.3
|
|
|||||
Pension and other postretirement
benefit costs, net of tax
|
0.5
|
|
|
0.5
|
|
|
0.5
|
|
|
(1.0
|
)
|
|
0.5
|
|
|||||
Total Comprehensive Income (Loss)
|
$
|
108.9
|
|
|
$
|
90.0
|
|
|
$
|
138.6
|
|
|
$
|
(228.6
|
)
|
|
$
|
108.9
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Net income (loss)
|
$
|
97.2
|
|
|
$
|
82.9
|
|
|
$
|
125.6
|
|
|
$
|
(208.5
|
)
|
|
$
|
97.2
|
|
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, net of tax
|
0.3
|
|
|
0.3
|
|
|
0.3
|
|
|
(0.6
|
)
|
|
0.3
|
|
|||||
Total Comprehensive Income (Loss)
|
$
|
98.1
|
|
|
$
|
83.8
|
|
|
$
|
126.1
|
|
|
$
|
(209.9
|
)
|
|
$
|
98.1
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Net cash provided by (used in)
operating activities
|
$
|
18.8
|
|
|
$
|
(44.9
|
)
|
|
$
|
192.5
|
|
|
$
|
—
|
|
|
$
|
166.4
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital expenditures
|
—
|
|
|
—
|
|
|
(74.0
|
)
|
|
—
|
|
|
(74.0
|
)
|
|||||
Proceeds from sale of operating assets
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|||||
Advances to affiliates, net
|
6.6
|
|
|
(30.2
|
)
|
|
(82.5
|
)
|
|
106.1
|
|
|
—
|
|
|||||
Net cash provided by (used in)
investing activities
|
6.6
|
|
|
(30.2
|
)
|
|
(156.4
|
)
|
|
106.1
|
|
|
(73.9
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Proceeds from borrowings on revolving
credit agreement
|
—
|
|
|
—
|
|
|
125.0
|
|
|
—
|
|
|
125.0
|
|
|||||
Repayment of borrowings on revolving
credit agreement
|
—
|
|
|
—
|
|
|
(180.0
|
)
|
|
—
|
|
|
(180.0
|
)
|
|||||
Principal payment of finance lease
obligation
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|||||
Advances from affiliates, net
|
—
|
|
|
75.9
|
|
|
30.2
|
|
|
(106.1
|
)
|
|
—
|
|
|||||
Distributions paid
|
(25.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25.6
|
)
|
|||||
Net cash (used in) provided by
financing activities
|
(25.6
|
)
|
|
75.9
|
|
|
(25.0
|
)
|
|
(106.1
|
)
|
|
(80.8
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(Decrease) increase in cash and cash
equivalents
|
(0.2
|
)
|
|
0.8
|
|
|
11.1
|
|
|
—
|
|
|
11.7
|
|
|||||
Cash and cash equivalents at
beginning of period
|
0.3
|
|
|
1.6
|
|
|
1.7
|
|
|
—
|
|
|
3.6
|
|
|||||
Cash and cash equivalents at
end of period
|
$
|
0.1
|
|
|
$
|
2.4
|
|
|
$
|
12.8
|
|
|
$
|
—
|
|
|
$
|
15.3
|
|
|
Parent
Guarantor
|
|
Subsidiary
Issuer
|
|
Non-guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Boardwalk Pipeline Partners, LP
|
||||||||||
Net cash provided by (used in)
operating activities
|
$
|
14.1
|
|
|
$
|
(36.3
|
)
|
|
$
|
174.1
|
|
|
$
|
—
|
|
|
$
|
151.9
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital expenditures
|
—
|
|
|
—
|
|
|
(110.9
|
)
|
|
—
|
|
|
(110.9
|
)
|
|||||
Proceeds from sale of operating assets
|
—
|
|
|
—
|
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
|||||
Advances to affiliates, net
|
11.5
|
|
|
(53.7
|
)
|
|
(115.7
|
)
|
|
157.9
|
|
|
—
|
|
|||||
Net cash provided by (used in)
investing activities
|
11.5
|
|
|
(53.7
|
)
|
|
(226.1
|
)
|
|
157.9
|
|
|
(110.4
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Proceeds from borrowings on revolving
credit agreement
|
—
|
|
|
—
|
|
|
145.0
|
|
|
—
|
|
|
145.0
|
|
|||||
Repayment of borrowings on revolving
credit agreement
|
—
|
|
|
—
|
|
|
(145.0
|
)
|
|
—
|
|
|
(145.0
|
)
|
|||||
Principal payment of finance lease
obligation
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||||
Advances from affiliates, net
|
—
|
|
|
104.2
|
|
|
53.7
|
|
|
(157.9
|
)
|
|
—
|
|
|||||
Distributions paid
|
(25.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25.6
|
)
|
|||||
Net cash (used in) provided by
financing activities
|
(25.6
|
)
|
|
104.2
|
|
|
53.6
|
|
|
(157.9
|
)
|
|
(25.7
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Increase in cash and cash
equivalents
|
—
|
|
|
14.2
|
|
|
1.6
|
|
|
—
|
|
|
15.8
|
|
|||||
Cash and cash equivalents at
beginning of period
|
0.3
|
|
|
4.6
|
|
|
12.7
|
|
|
—
|
|
|
17.6
|
|
|||||
Cash and cash equivalents at
end of period
|
$
|
0.3
|
|
|
$
|
18.8
|
|
|
$
|
14.3
|
|
|
$
|
—
|
|
|
$
|
33.4
|
|
|
Boardwalk Pipeline Partners, LP
|
|
|
By: Boardwalk GP, LP
its general partner
|
|
|
By: Boardwalk GP, LLC
its general partner
|
|
April 29, 2019
|
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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