Assets Held for Sale

9 Months Ended

Sep. 30, 2011

Assets Held for Sale [Abstract]

Assets Held for Sale

Note 6.  Assets Held for Sale

During September 2011, we committed to a formal plan to sell the equity interests of a wholly owned subsidiary, Crystal Holding L.L.C. (“Crystal”), which owns two underground salt dome natural gas storage facilities and associated pipelines located near Petal and Hattiesburg, Mississippi.  The facilities have a combined 28.8 Bcf of total storage capacity (of which 18.6 Bcf is total working gas capacity) and are owned by Petal Gas Storage, L.L.C. (“Petal”) and Hattiesburg Gas Storage Company (“Hattiesburg”).  At September 30, 2011, the assets and liabilities of Crystal were classified as held for sale and we stopped depreciating and amortizing the Crystal assets. Crystal's operations are a component of our Onshore Natural Gas Pipelines & Services business segment.

On October 16, 2011, we announced the execution of definitive agreements to sell our ownership interests in Crystal to Boardwalk HP Storage Company, LLC for $550 million in cash.  This transaction is subject to customary regulatory approvals and is expected to close during the fourth quarter of 2011.

The following table presents the major classes of assets and liabilities designated as held for sale on our consolidated balance sheet at September 30, 2011.  With the exception of certain amounts recorded in property, plant and equipment and other assets, the amounts in the table all relate to Crystal.

Assets held for sale:
Current assets	$	9.5
Property, plant and equipment, net  (1)		374.8
Intangible assets, net		41.2
Goodwill		14.8
Other assets (2)		14.8
Total assets held for sale (presented as a component of our current assets)	$	455.1
Liabilities related to assets held for sale:
Current liabilities	$	14.7
Long-term debt		57.2
Other long-term liabilities		0.3
Total liabilities related to assets held for sale (presented as a component of our current liabilities)	$	72.2
(1)   Includes $31.7 million of surplus material unrelated to Crystal. (2)   Represents pipeline linefill held for sale unrelated to Crystal.

Our consolidated results of operations for the nine months ended September 30, 2011 and 2010 included $19.6 million and $23.1 million of depreciation and amortization expense related to the Crystal assets.

We have determined that Crystal's operations do not meet the criteria to be classified as discontinued operations.  Following the proposed sale, we will continue to have significant commercial contracts and operational arrangements at the Petal and Hattiesburg facilities, which are adjacent to and currently share certain operating assets with our retained Petal NGL storage facility.