Delaware | 38-3940976 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
5151 San Felipe St., Suite 2500 Houston, Texas | 77056 | |
(Address of principal executive offices) | (Zip Code) |
Page | |||
PART I | FINANCIAL INFORMATION | ||
Item 1. | Financial Statements - unaudited | ||
Item 2. | |||
Item 3. | |||
Item 4. | |||
PART II | OTHER INFORMATION | ||
Item 1. | |||
Item 1A. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 5. | |||
Item 6. | |||
DEFINED TERMS The following is a list of frequently used abbreviations or acronyms that are found in this report: | |
Affiliates and Subsidiaries of CPG OpCo LP | |
CEG | Columbia Energy Group |
CEVCO | Columbia Energy Ventures, LLC |
CNS Microwave | CNS Microwave, LLC |
Columbia Gas Transmission | Columbia Gas Transmission, LLC |
Columbia Gulf | Columbia Gulf Transmission, LLC |
Columbia Hardy | Columbia Hardy Corporation |
Columbia Midstream | Columbia Midstream Group, LLC |
CPPL | Columbia Pipeline Partners LP |
CPG | Columbia Pipeline Group, Inc. |
CPGSC | Columbia Pipeline Group Services Company |
Hardy Storage | Hardy Storage Company, LLC |
Millennium Pipeline | Millennium Pipeline Company, L.L.C. |
MLP GP | CPP GP LLC |
OpCo GP | CPG OpCo GP LLC |
Pennant | Pennant Midstream, LLC |
TCPL | TransCanada PipeLines Limited |
TransCanada | TransCanada Corporation |
US Parent | TransCanada PipeLine USA Ltd. |
Abbreviations | |
AFUDC | Allowance for funds used during construction, is the method prescribed by the FERC for inclusion in our tariff rates as reimbursement for the cost of financing construction projects with investor capital and borrowed funds until a project is placed into operation |
ASC | Accounting Standards Codification |
ASU | Accounting Standards Update |
CAA | Clean Air Act |
CCRM | Capital Cost Recovery Mechanism, which is an approved demand charge under the Columbia Gas Transmission modernization settlement |
CPPL's IPO | Initial public offering of Columbia Pipeline Partners LP, which was completed on February 11, 2015 |
condensate | A natural gas liquid with a low vapor pressure, mainly composed of propane, butane, pentane and heavier hydrocarbon functions |
Dth/d | Dekatherms per day |
EPA | United States Environmental Protection Agency |
FASB | Financial Accounting Standards Board |
FERC | Federal Energy Regulatory Commission |
GAAP | Generally Accepted Accounting Principles |
IT | Information Technology |
LDC | Local distribution companies are involved in the delivery of natural gas to consumers within a specific geographic area. |
LNG | Natural gas that has been cooled to minus 161 degrees Celsius for transportation, typically by ship. The cooling process reduces the volume of natural gas by 600 times |
DEFINED TERMS (continued) | |
MMDth | One million Dekatherms |
MMDth/d | One million Dekatherms per day |
NAAQS | National Ambient Air Quality Standards |
NGA | Natural Gas Act of 1938 |
NGL | Hydrocarbons in natural gas that are separated from the natural gas as liquids through the process of absorption, condensation, adsorption or other methods in natural gas processing or cycling plants. Generally such liquids consist of propane and heavier hydrocarbons and are commonly referred to as lease condensate, natural gasoline and liquefied petroleum gases. Natural gas liquids include natural gas plant liquids (primarily ethane, propane, butane and isobutane) and lease condensate (primarily pentanes produced from natural gas at lease separators and field facilities) |
NiSource | NiSource Inc. |
NiSource Corporate Services | NiSource Corporate Services Company |
NiSource Finance | NiSource Finance Corp. |
OCI | Other Comprehensive Income (Loss) |
OPEB | Other postretirement benefits |
ppb | Parts per billion |
SEC | Securities and Exchange Commission |
throughput | The volume of natural gas transported or passing through a pipeline, plant, terminal or other facility during a particular period |
CPG OpCo LP Condensed Consolidated Balance Sheets (unaudited) | |||||||
(in millions) | September 30, 2016 | December 31, 2015 | |||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 7.7 | $ | 78.2 | |||
Accounts receivable (less reserve of $0.3 and $0.3, respectively) | 157.3 | 145.9 | |||||
Accounts receivable-affiliated | 161.2 | 149.4 | |||||
Materials and supplies, at average cost | 26.4 | 32.8 | |||||
Exchange gas receivable | 13.9 | 18.8 | |||||
Deferred property taxes | 17.7 | 52.0 | |||||
Prepayments and other | 36.7 | 33.8 | |||||
Total Current Assets | 420.9 | 510.9 | |||||
Investments | |||||||
Unconsolidated affiliates | 440.2 | 437.1 | |||||
Other investments | 1.8 | 1.8 | |||||
Total Investments | 442.0 | 438.9 | |||||
Property, Plant and Equipment | |||||||
Property, plant and equipment | 10,071.0 | 8,930.9 | |||||
Accumulated depreciation and amortization | (3,053.7 | ) | (2,960.1 | ) | |||
Net Property, Plant and Equipment | 7,017.3 | 5,970.8 | |||||
Other Noncurrent Assets | |||||||
Regulatory assets | 135.8 | 134.1 | |||||
Goodwill | 1,975.5 | 1,975.5 | |||||
Postretirement and postemployment benefits assets | 117.3 | 120.5 | |||||
Deferred charges and other | 8.5 | 9.0 | |||||
Total Other Noncurrent Assets | 2,237.1 | 2,239.1 | |||||
Total Assets | $ | 10,117.3 | $ | 9,159.7 |
CPG OpCo LP Condensed Consolidated Balance Sheets (unaudited) (continued) | |||||||
(in millions) | September 30, 2016 | December 31, 2015 | |||||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Short-term borrowings-affiliated | $ | 1,116.5 | $ | 42.1 | |||
Accounts payable | 74.6 | 49.9 | |||||
Accounts payable-affiliated | 29.6 | 85.9 | |||||
Customer deposits | 16.5 | 17.8 | |||||
Taxes accrued | 73.9 | 108.2 | |||||
Exchange gas payable | 13.7 | 18.2 | |||||
Deferred revenue | 5.6 | 15.0 | |||||
Accrued capital expenditures | 171.0 | 95.9 | |||||
Accrued compensation and related costs | 33.7 | 26.6 | |||||
Other accruals | 73.4 | 43.9 | |||||
Total Current Liabilities | 1,608.5 | 503.5 | |||||
Noncurrent Liabilities | |||||||
Long-term debt-affiliated | 630.9 | 630.9 | |||||
Deferred income taxes | 1.0 | 1.0 | |||||
Accrued liability for postretirement and postemployment benefits | 35.2 | 36.1 | |||||
Regulatory liabilities | 272.9 | 309.7 | |||||
Asset retirement obligations | 22.5 | 25.3 | |||||
Other noncurrent liabilities | 62.7 | 63.5 | |||||
Total Noncurrent Liabilities | 1,025.2 | 1,066.5 | |||||
Total Liabilities | 2,633.7 | 1,570.0 | |||||
Commitments and Contingencies (Refer to Note 12) | |||||||
Equity | |||||||
Limited Partner Interest - Columbia Energy Group | 6,210.1 | 6,300.1 | |||||
Limited Partner Interest - Columbia Hardy Corporation | 38.9 | 39.7 | |||||
Limited Partner Interest - Columbia Pipeline Partners LP | 1,258.6 | 1,275.6 | |||||
Accumulated other comprehensive loss | (24.0 | ) | (25.7 | ) | |||
Total Equity | 7,483.6 | 7,589.7 | |||||
Total Liabilities and Equity | $ | 10,117.3 | $ | 9,159.7 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Operating Revenues | |||||||||||||||
Transportation revenues | $ | 269.8 | $ | 265.8 | $ | 836.4 | $ | 751.0 | |||||||
Transportation revenues-affiliated | — | — | — | 47.1 | |||||||||||
Storage revenues | 48.9 | 49.5 | 147.7 | 122.3 | |||||||||||
Storage revenues-affiliated | — | — | — | 26.2 | |||||||||||
Other revenues | 7.8 | 4.7 | 19.1 | 28.2 | |||||||||||
Total Operating Revenues | 326.5 | 320.0 | 1,003.2 | 974.8 | |||||||||||
Operating Expenses | |||||||||||||||
Operation and maintenance | 151.8 | 144.5 | 356.2 | 391.8 | |||||||||||
Operation and maintenance-affiliated | 116.2 | 37.3 | 197.5 | 111.9 | |||||||||||
Depreciation and amortization | 38.8 | 33.4 | 114.1 | 98.7 | |||||||||||
Gain on sale of assets | (9.8 | ) | (39.0 | ) | (15.8 | ) | (52.6 | ) | |||||||
Impairment of long-lived assets | 11.9 | 0.6 | 11.9 | 0.6 | |||||||||||
Property and other taxes | 17.9 | 15.2 | 58.6 | 53.3 | |||||||||||
Total Operating Expenses | 326.8 | 192.0 | 722.5 | 603.7 | |||||||||||
Equity Earnings in Unconsolidated Affiliates | 16.0 | 15.3 | 48.1 | 44.2 | |||||||||||
Operating Income | 15.7 | 143.3 | 328.8 | 415.3 | |||||||||||
Other Income (Deductions) | |||||||||||||||
Interest expense | (0.2 | ) | (0.3 | ) | (0.6 | ) | (0.3 | ) | |||||||
Interest expense-affiliated | (8.4 | ) | (6.4 | ) | (22.6 | ) | (24.1 | ) | |||||||
Other, net | 14.3 | 8.8 | 30.3 | 18.6 | |||||||||||
Total Other Income (Deductions), net | 5.7 | 2.1 | 7.1 | (5.8 | ) | ||||||||||
Income before Income Taxes | 21.4 | 145.4 | 335.9 | 409.5 | |||||||||||
Income Taxes | — | — | 0.1 | 23.7 | |||||||||||
Net Income | 21.4 | 145.4 | 335.8 | 385.8 | |||||||||||
Less: Predecessor net income prior to CPPL's IPO on February 11, 2015 | — | — | — | 42.7 | |||||||||||
Net income attributable to the Partnership | $ | 21.4 | $ | 145.4 | $ | 335.8 | $ | 343.1 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in millions, net of taxes for periods prior to CPPL's IPO) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Net Income | $ | 21.4 | $ | 145.4 | $ | 335.8 | $ | 385.8 | |||||||
Other comprehensive income | |||||||||||||||
Net unrealized gain on cash flow hedges(1) | 0.6 | 0.4 | 1.6 | 1.0 | |||||||||||
Unrecognized pension and OPEB benefit (cost)(2)(3) | 0.1 | (0.2 | ) | 0.1 | (0.2 | ) | |||||||||
Total other comprehensive income | 0.7 | 0.2 | 1.7 | 0.8 | |||||||||||
Total comprehensive income | 22.1 | 145.6 | 337.5 | 386.6 | |||||||||||
Total other comprehensive income prior to CPPL's IPO | — | — | — | 0.1 | |||||||||||
Predecessor net income prior to CPPL's IPO | — | — | — | 42.7 | |||||||||||
Total comprehensive income prior to CPPL's IPO | — | — | — | 42.8 | |||||||||||
Comprehensive income attributable to the Partnership | $ | 22.1 | $ | 145.6 | $ | 337.5 | $ | 343.8 |
CPG OpCo LP Condensed Statements of Consolidated and Combined Cash Flows (unaudited) | |||||||
Nine Months Ended September 30, (in millions) | 2016 | 2015 | |||||
Operating Activities | |||||||
Net Income | $ | 335.8 | $ | 385.8 | |||
Adjustments to Reconcile Net Income to Net Cash from Operating Activities: | |||||||
Depreciation and amortization | 114.1 | 98.7 | |||||
Deferred income taxes and investment tax credits | — | 10.5 | |||||
Deferred revenue | (2.7 | ) | 0.4 | ||||
Equity-based compensation expense and profit sharing contribution | 1.2 | 4.4 | |||||
Gain on sale of assets | (15.8 | ) | (52.6 | ) | |||
Impairment of long-lived assets | 11.9 | 0.6 | |||||
Income from unconsolidated affiliates | (48.1 | ) | (44.2 | ) | |||
AFUDC equity | (29.7 | ) | (15.0 | ) | |||
Distributions of earnings received from equity investees | 51.0 | 44.1 | |||||
Changes in Assets and Liabilities: | |||||||
Accounts receivable | (3.5 | ) | 3.2 | ||||
Accounts receivable-affiliated | 7.2 | 27.9 | |||||
Accounts payable | 16.7 | 18.1 | |||||
Accounts payable-affiliated | (56.4 | ) | (20.8 | ) | |||
Customer deposits | (1.2 | ) | (23.8 | ) | |||
Taxes accrued | (34.8 | ) | (25.6 | ) | |||
Exchange gas receivable/payable | 0.4 | 0.4 | |||||
Other accruals | 10.5 | (1.9 | ) | ||||
Prepayments and other current assets | 38.0 | 20.2 | |||||
Regulatory assets/liabilities | (10.9 | ) | 43.7 | ||||
Postretirement and postemployment benefits | (0.7 | ) | (26.8 | ) | |||
Deferred charges and other noncurrent assets | 3.7 | (1.5 | ) | ||||
Other noncurrent liabilities | 7.4 | (3.3 | ) | ||||
Net Cash Flows from Operating Activities | 394.1 | 442.5 | |||||
Investing Activities | |||||||
Capital expenditures | (1,073.0 | ) | (775.9 | ) | |||
Insurance recoveries | — | 2.1 | |||||
Changes in short-term lendings-affiliated | (19.1 | ) | (265.3 | ) | |||
Proceeds from disposition of assets | 9.9 | 55.1 | |||||
Contributions to equity investees | (6.2 | ) | (1.4 | ) | |||
Distributions from equity investees | 1.6 | 15.1 | |||||
Other investing activities | (6.7 | ) | (19.2 | ) | |||
Net Cash Flows used for Investing Activities | (1,093.5 | ) | (989.5 | ) | |||
Financing Activities | |||||||
Change in short-term borrowings-affiliated | 1,074.4 | (245.0 | ) | ||||
Payments of long-term debt-affiliated, including current portion | — | (957.8 | ) | ||||
Payments of capital lease obligations and other debt related costs | (1.9 | ) | — | ||||
Capital contribution from CEG | — | 1,217.3 | |||||
Capital contribution from Columbia Pipeline Partners LP for additional interest | — | 1,170.0 | |||||
Proceeds from capital contribution from Columbia Pipeline Partners LP distributed to CEG | — | (500.0 | ) | ||||
Quarterly distributions to limited partners | (443.6 | ) | (82.9 | ) | |||
Net Cash Flows from Financing Activities | 628.9 | 601.6 | |||||
Change in cash and cash equivalents | (70.5 | ) | 54.6 | ||||
Cash and cash equivalents at beginning of period | 78.2 | 0.5 | |||||
Cash and Cash Equivalents at End of Period | $ | 7.7 | $ | 55.1 |
CPG OpCo LP | |||||||||||||||||||
(in millions) | Limited Partner Interest - CEG | Limited Partner Interest - Columbia Hardy | Limited Partner Interest - CPPL | Accumulated Other Comprehensive Loss | Total | ||||||||||||||
Balance as of January 1, 2016 | $ | 6,300.1 | $ | 39.7 | $ | 1,275.6 | $ | (25.7 | ) | $ | 7,589.7 | ||||||||
Net income from January 1, 2016 through September 30, 2016 | 280.5 | 2.6 | 52.7 | — | 335.8 | ||||||||||||||
Other comprehensive income, net of tax, from January 1, 2016 through September 30, 2016 | — | — | — | 1.7 | 1.7 | ||||||||||||||
Quarterly distributions | (370.5 | ) | (3.4 | ) | (69.7 | ) | — | (443.6 | ) | ||||||||||
Balance as of September 30, 2016 | $ | 6,210.1 | $ | 38.9 | $ | 1,258.6 | $ | (24.0 | ) | $ | 7,483.6 |
Predecessor | CPG OpCo LP | ||||||||||||||||||||||
(in millions) | Net Parent Investment | Limited Partner Interest - CEG | Limited Partner Interest - Columbia Hardy | Limited Partner Interest - CPPL | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||
Balance as of January 1, 2015 | $ | 4,188.0 | $ | — | $ | — | $ | — | $ | (16.7 | ) | $ | 4,171.3 | ||||||||||
Net income from January 1, 2015 through February 10, 2015 | 42.7 | — | — | — | — | 42.7 | |||||||||||||||||
Other comprehensive income, net of tax, from January 1, 2015 through February 10, 2015 | — | — | — | — | 0.1 | 0.1 | |||||||||||||||||
Contribution of capital from parent | 1,217.3 | — | — | — | — | 1,217.3 | |||||||||||||||||
Predecessor net tax liabilities not assumed by the Partnership(1) | 1,232.5 | — | — | — | (10.3 | ) | 1,222.2 | ||||||||||||||||
Contributed/Noncontributed Net Parent Investment Adjustments(2) | (7.7 | ) | — | — | — | — | (7.7 | ) | |||||||||||||||
Balance as of February 11, 2015 (prior to CPPL's IPO) | $ | 6,672.8 | $ | — | $ | — | $ | — | $ | (26.9 | ) | $ | 6,645.9 | ||||||||||
Allocation of net investment to partners' capital | (6,672.8 | ) | 6,148.1 | 37.6 | 487.1 | — | — | ||||||||||||||||
Capital contribution from CPPL for additional interest | — | — | — | 1,170.0 | — | 1,170.0 | |||||||||||||||||
CPPL's purchase of additional interest in the Partnership(3) | — | 424.4 | — | (424.4 | ) | — | — | ||||||||||||||||
Distributions to parent | — | (500.0 | ) | — | — | — | (500.0 | ) | |||||||||||||||
Net income from February 11, 2015 through September 30, 2015 | — | 286.6 | 2.6 | 53.9 | — | 343.1 | |||||||||||||||||
Other comprehensive income from February 11, 2015 through September 30, 2015 | — | — | — | — | 0.7 | 0.7 | |||||||||||||||||
Quarterly distributions | — | (69.3 | ) | (0.6 | ) | (13.0 | ) | — | (82.9 | ) | |||||||||||||
Transfers from parent | — | 1.1 | — | 0.2 | — | 1.3 | |||||||||||||||||
Balance as of September 30, 2015 | $ | — | $ | 6,290.9 | $ | 39.6 | $ | 1,273.8 | $ | (26.2 | ) | $ | 7,578.1 |
• | CEG contributed $1,217.3 million of capital to certain subsidiaries of the Predecessor to repay intercompany debt owed to NiSource Finance. CEG entered into new intercompany debt agreements with NiSource Finance for $1,217.3 million; |
• | CEG and Columbia Hardy contributed substantially all of the subsidiaries in the Predecessor to the Partnership; |
• | CEG assumed responsibility for all historical current and deferred income taxes other than Tennessee state income taxes that continue to be borne by the Partnership post-IPO, as well as associated regulatory assets and liabilities; |
• | CEG contributed to CPPL a 7.3% limited partner interest in the Partnership in exchange for 46,811,398 subordinated units in CPPL and all of CPPL's incentive distribution rights; |
• | CPPL purchased from the Partnership an additional 8.4% limited partner interest in exchange for $1,170.0 million from the net proceeds of CPPL's IPO, resulting in CPPL owning a 15.7% limited partner interest in the Partnership; |
• | The Partnership distributed $500.0 million to CEG as a reimbursement of preformation capital expenditures with respect to the assets contributed to the Partnership; |
• | Following CPPL's IPO, CPPL owns a 15.7% limited partner interest in the Partnership, Columbia Hardy owns a 0.77% limited partner interest and CEG owns the remaining 83.53% limited partner interest. |
• | The Condensed Consolidated Balance Sheets (unaudited) consist of the consolidated balance sheet of the Partnership as of September 30, 2016 and December 31, 2015. |
• | The Condensed Statements of Consolidated and Combined Operations (unaudited) consist of consolidated results of the Partnership for the three months ended September 30, 2016 and 2015. |
• | The Condensed Statements of Consolidated and Combined Operations (unaudited) consist of consolidated results of the Partnership for the nine months ended September 30, 2016 and for the period from February 11, 2015 through September 30, 2015 and the combined results of the Predecessor for the period from January 1, 2015 through February 10, 2015. |
• | The Condensed Statements of Consolidated and Combined Comprehensive Income (unaudited) consist of consolidated results of the Partnership for the three months ended September 30, 2016 and 2015. |
• | The Condensed Statements of Consolidated and Combined Comprehensive Income (unaudited) consist of consolidated results of the Partnership for nine months ended September 30, 2016 and for the period from February 11, 2015 through September 30, 2015 and the combined results of the Predecessor for the period from January 1, 2015 through February 10, 2015. |
• | The Condensed Statements of Consolidated and Combined Cash Flows (unaudited) consist of consolidated results of the Partnership for the nine months ended September 30, 2016 and for the period from February 11, 2015 through September 30, 2015 and the combined results of the Predecessor for the period from January 1, 2015 through February 10, 2015. |
• | The Condensed Statements of Consolidated and Combined Equity (unaudited) consist of consolidated activity of the Partnership for the nine months ended September 30, 2016 and for the period from February 11, 2015 through September 30, 2015 and the combined results of the Predecessor for the period from January 1, 2015 through February 10, 2015. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Transportation revenues | $ | — | $ | — | $ | — | $ | 47.1 | |||||||
Storage revenues | — | — | — | 26.2 | |||||||||||
Other revenues | — | — | — | 0.2 | |||||||||||
Operation and maintenance expense | 116.2 | 37.3 | 197.5 | 111.9 | |||||||||||
Interest expense | 8.4 | 6.4 | 22.6 | 24.1 | |||||||||||
Interest income | 0.4 | 2.1 | 0.7 | 4.2 |
(in millions) | September 30, 2016 | December 31, 2015 | |||||
Accounts receivable | $ | 161.2 | $ | 149.4 | |||
Short-term borrowings | 1,116.5 | 42.1 | |||||
Accounts payable | 29.6 | 85.9 | |||||
Long-term debt | 630.9 | 630.9 |
Origination Date | Interest Rate | Maturity Date | September 30, 2016 | December 31, 2015 | |||||||||
(in millions) | |||||||||||||
December 9, 2013 | 4.70 | % | December 31, 2020 | $ | 630.9 | $ | 630.9 |
(in millions) | 2016 | 2015 | |||||
Balance as of January 1, | $ | 25.3 | $ | 23.2 | |||
Noncontributed net parent investment adjustments(1) | — | (0.4 | ) | ||||
Accretion expense | 0.8 | 0.9 | |||||
Additions | — | 0.4 | |||||
Settlements | — | — | |||||
Change in estimated cash flows | (3.6 | ) | (1.6 | ) | |||
Balance as of September 30, | $ | 22.5 | $ | 22.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Millennium Pipeline | |||||||||||||||
Contributions to Millennium Pipeline | $ | 4.3 | $ | 1.4 | $ | 6.2 | $ | 1.4 | |||||||
Distributions of earnings from Millennium Pipeline | 17.5 | 13.3 | 41.3 | 37.5 | |||||||||||
Hardy Storage | |||||||||||||||
Contributions to Hardy Storage | — | — | — | — | |||||||||||
Distributions of earnings from Hardy Storage | — | — | 1.4 | 1.0 | |||||||||||
Pennant | |||||||||||||||
Contributions to Pennant | — | — | — | — | |||||||||||
Distributions of earnings from Pennant | 2.3 | 2.9 | 8.3 | 5.6 | |||||||||||
Return of capital from Pennant | 0.8 | 0.2 | 1.6 | 2.4 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||
Three Months Ended September 30, (in millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Components of Net Periodic Benefit Cost (Income) | |||||||||||||||
Service cost | $ | 1.6 | $ | 1.4 | $ | 0.3 | $ | 0.2 | |||||||
Interest cost | 3.2 | 3.3 | 1.0 | 1.0 | |||||||||||
Expected return on assets | (5.2 | ) | (5.8 | ) | (3.4 | ) | (4.4 | ) | |||||||
Amortization of prior service (credit) cost | (0.2 | ) | (0.3 | ) | (0.1 | ) | — | ||||||||
Recognized actuarial loss | 2.7 | 2.1 | 0.1 | (0.1 | ) | ||||||||||
Net Periodic Benefit Cost (Income) | 2.1 | 0.7 | (2.1 | ) | (3.3 | ) | |||||||||
Additional loss recognized due to: | |||||||||||||||
Settlement loss | 2.6 | — | — | — | |||||||||||
Total Net Periodic Benefit Cost (Income) | $ | 4.7 | $ | 0.7 | $ | (2.1 | ) | $ | (3.3 | ) |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||
Nine Months Ended September 30, (in millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Components of Net Periodic Benefit Cost (Income) | |||||||||||||||
Service cost | $ | 4.8 | $ | 4.0 | $ | 0.8 | $ | 0.8 | |||||||
Interest cost | 11.0 | 9.4 | 3.3 | 3.0 | |||||||||||
Expected return on assets | (18.5 | ) | (18.0 | ) | (11.5 | ) | (13.0 | ) | |||||||
Amortization of prior service (credit) cost | (0.8 | ) | (0.7 | ) | (0.4 | ) | — | ||||||||
Recognized actuarial loss | 8.9 | 6.2 | 0.2 | (0.1 | ) | ||||||||||
Net Periodic Benefit Cost (Income) | 5.4 | 0.9 | (7.6 | ) | (9.3 | ) | |||||||||
Additional loss recognized due to: | |||||||||||||||
Settlement loss | 2.6 | — | — | — | |||||||||||
Total Net Periodic Benefit Cost (Income) | $ | 8.0 | $ | 0.9 | $ | (7.6 | ) | $ | (9.3 | ) |
Pension Benefits | Other Postretirement Benefits | ||||||||||
July 1, 2016 | December 31, 2015 | July 1, 2016 | December 31, 2015 | ||||||||
Actuarial Assumptions | |||||||||||
Discount Rate | 3.75 | % | 4.05 | % | 3.95 | % | 4.28 | % | |||
Expected return on assets | 6.75 | % | 8.20 | % | 6.36 | % | 8.06 | % | |||
Health Care Trend Rates | |||||||||||
Trend for 2016 | 8.80 | % | 8.38 | % | |||||||
Ultimate Trend | 4.50 | % | 4.50 | % | |||||||
Year Ultimate Trend Reached | 2023 | 2022 |
(in millions) | Carrying Amount as of September 30, 2016 | Estimated Fair Value as of September 30, 2016 | Carrying Amount as of Dec. 31, 2015 | Estimated Fair Value as of Dec. 31, 2015 | |||||||||||
Long-term debt-affiliated | $ | 630.9 | $ | 683.2 | $ | 630.9 | $ | 630.9 |
(in millions) | Total | 2016 | 2017 | 2018 | 2019 | 2020 | After | ||||||||||||||
Guarantees of debt | $ | 2,750.0 | $ | — | $ | — | $ | 500.0 | $ | — | $ | 750.0 | $ | 1,500.0 |
Three Months Ended September 30, 2016 (in millions) | Gains and Losses on Cash Flow Hedges(1) | Pension and OPEB Items(1) | Accumulated Other Comprehensive Loss(1) | ||||||||
Balance as of July 1, 2016 | $ | (24.3 | ) | $ | (0.4 | ) | $ | (24.7 | ) | ||
Other comprehensive income before reclassifications | — | 0.2 | 0.2 | ||||||||
Amounts reclassified from accumulated other comprehensive income | 0.6 | (0.1 | ) | 0.5 | |||||||
Net current-period other comprehensive income | 0.6 | 0.1 | 0.7 | ||||||||
Balance as of September 30, 2016 | $ | (23.7 | ) | $ | (0.3 | ) | $ | (24.0 | ) | ||
(1)Amounts in parentheses indicate debits. | |||||||||||
Nine Months Ended September 30, 2016 (in millions) | Gains and Losses on Cash Flow Hedges(1) | Pension and OPEB Items(1) | Accumulated Other Comprehensive Loss(1) | ||||||||
Balance as of January 1, 2016 | $ | (25.3 | ) | $ | (0.4 | ) | $ | (25.7 | ) | ||
Other comprehensive income before reclassifications | — | 0.2 | 0.2 | ||||||||
Amounts reclassified from accumulated other comprehensive income | 1.6 | (0.1 | ) | 1.5 | |||||||
Net current-period other comprehensive income | 1.6 | 0.1 | 1.7 | ||||||||
Balance as of September 30, 2016 | $ | (23.7 | ) | $ | (0.3 | ) | $ | (24.0 | ) |
Three Months Ended September 30, 2015 (in millions) | Gains and Losses on Cash Flow Hedges(1) | Pension and OPEB Items(1) | Accumulated Other Comprehensive Loss(1) | ||||||||
Balance as of July 1, 2015 | $ | (26.2 | ) | $ | (0.2 | ) | $ | (26.4 | ) | ||
Other comprehensive income before reclassifications | — | (0.5 | ) | (0.5 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | 0.4 | 0.3 | 0.7 | ||||||||
Net current-period other comprehensive income | 0.4 | (0.2 | ) | 0.2 | |||||||
Balance as of September 30, 2015 | $ | (25.8 | ) | $ | (0.4 | ) | $ | (26.2 | ) | ||
(1)Amounts in parentheses indicate debits. | |||||||||||
Nine Months Ended September 30, 2015 (in millions) | Gains and Losses on Cash Flow Hedges(1)(2) | Pension and OPEB Items(1)(2) | Accumulated Other Comprehensive Loss(1)(2) | ||||||||
Balance as of January 1, 2015 | $ | (16.6 | ) | $ | (0.1 | ) | $ | (16.7 | ) | ||
Predecessor net tax liabilities not assumed by the Partnership(3) | (10.2 | ) | (0.1 | ) | (10.3 | ) | |||||
Other comprehensive income before reclassifications | — | (0.5 | ) | (0.5 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | 1.0 | 0.3 | 1.3 | ||||||||
Net current-period other comprehensive income | 1.0 | (0.2 | ) | 0.8 | |||||||
Balance as of September 30, 2015 | $ | (25.8 | ) | $ | (0.4 | ) | $ | (26.2 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
AFUDC Equity | $ | 13.8 | $ | 6.6 | $ | 29.7 | $ | 15.0 | |||||||
Miscellaneous | 0.5 | 2.2 | 0.6 | 3.6 | |||||||||||
Total Other, net | $ | 14.3 | $ | 8.8 | $ | 30.3 | $ | 18.6 |
(in millions) | 2016 | 2015 | |||||
Supplemental Disclosures of Cash Flow Information | |||||||
Non-cash transactions: | |||||||
Capital expenditures included in current liabilities(1) | $ | 211.0 | $ | 218.4 | |||
Schedule of interest paid: | |||||||
Cash paid for interest, net of interest capitalized amounts | $ | 21.8 | $ | 29.1 |
Three Months Ended September 30, | 2016 | 2015 | |||||||||||
(in millions) | Total Operating Revenues | Percentage of Total Operating Revenues | Total Operating Revenues | Percentage of Total Operating Revenues | |||||||||
Columbia Gas of Ohio(1) | $ | 35.6 | 10.9 | % | $ | 35.3 | 11.0 | % | |||||
Nine Months Ended September 30, | 2016 | 2015 | |||||||||||
(in millions) | Total Operating Revenues | Percentage of Total Operating Revenues | Total Operating Revenues | Percentage of Total Operating Revenues | |||||||||
Columbia Gas of Ohio(1) | $ | 121.1 | 12.1 | % | $ | 120.4 | 12.4 | % |
• | changes in general economic conditions; |
• | competitive conditions in our industry; |
• | actions taken by third-party operators, processors and transporters; |
• | the demand for natural gas storage and transportation services; |
• | our ability to successfully implement our business plan; |
• | our ability to complete internal growth projects on time and on budget; |
• | the price and availability of debt and equity financing; |
• | capital market performance and other factors that may decrease the value of benefit plan assets |
• | the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; |
• | competition from the same and alternative energy sources; |
• | energy efficiency and technology trends; |
• | operating hazards and other risks incidental to transporting, storing and gathering natural gas; |
• | natural disasters, weather-related delays, casualty losses and other matters beyond our control; |
• | interest rates; |
• | labor relations; |
• | large customer defaults; |
• | changes in the availability and cost of capital; |
• | changes in tax status; |
• | the effects of existing and future laws and governmental regulations; |
• | the effects of future litigation, including litigation relating to the Merger; |
• | the occurrence of any event, change or other circumstance in connection with the recent Merger; |
• | risks related to disruption of management’s attention from our ongoing business operations due to the Merger; |
• | risks associated with the loss and ongoing replacement of key personnel due to the recent Merger; |
• | risks relating to unanticipated costs of integration in connection with the Merger, including operating costs, customer loss or business disruption being greater than expected; |
• | risks relating to the difficulties in integrating the businesses and management of CPG, including the business and management of the Partnership, and TransCanada; and |
• | certain factors discussed elsewhere in this Form 10-Q. |
• | Washington County Gathering. A producer has contracted with us to build an approximately 20 mile gas gathering system in southwestern Pennsylvania. The initial project went into service during the third quarter of 2015 and we expect to invest approximately $120 million through 2021. |
• | Gibraltar Pipeline Project. We expect to invest approximately $260 million to construct an approximately 1 MMDth/d dry gas header pipeline in southwest Pennsylvania. We expect this to be the first of multiple phases with an initial in-service date in the fourth quarter of 2016, and a final in-service date in the fourth quarter of 2017. |
• | Utica Access Project. We invested approximately $50 million to construct 4.7 miles of 24-inch pipeline to provide 205,000 Dth/d of new firm transportation to provide Appalachian production access to liquid trading points on Columbia Gas Transmission's system. This project was placed into service in the fourth quarter of 2016. |
• | Millennium Lateral. We intend to invest approximately $20 million through our ownership stake in Millennium Pipeline to construct approximately 8 miles of 16-inch pipeline to a new power plant situated near Wawayanda, New York. This project will provide up to 127,000 Dth/d of new firm capacity and will be placed into service in the second quarter of 2017. |
• | Leach XPress. This project will provide approximately 1.5 MMDth/d of capacity from the Marcellus and Utica production regions to the Leach compressor station located on the Columbia Gulf system, TCO Pool, and other markets on the Columbia Gas Transmission system. We expect the project, which involves an estimated investment of $1.4 billion, to be placed into service in the fourth quarter of 2017. |
• | Rayne XPress. This project will transport approximately 1 MMDth/d of southwest Marcellus and Utica production on the Columbia Gulf system from the Leach, Kentucky interconnect with Columbia Gas Transmission towards the Rayne compressor station in southern Louisiana to reach various Gulf Coast markets. We expect the project, which involves an estimated investment of $420 million, to be placed into service in the fourth quarter of 2017. |
• | Cameron Access Project. This project, which involves an investment of approximately $300 million, will provide 800,000 Dth/d of transportation capacity on the Columbia Gulf system to the Cameron LNG export terminal in Louisiana. We expect the project to be placed into service in the first quarter of 2018. |
• | WB XPress. This project, which involves an investment of approximately $0.9 billion, will expand Columbia Gas Transmission's WB system in order to transport approximately 1.3 MMDth/d of Marcellus production to pipeline interconnects and East Coast markets, including access to the Cove Point LNG terminal. We expect this project to be placed into service in the fourth quarter of 2018. |
• | Mountaineer XPress. This approximately $2.0 billion project will provide new takeaway capacity for Marcellus and Utica production. The project will provide up to 2.7 MMDth/d of firm transportation capacity on the Columbia Gas Transmission system. We expect this project to be placed into service in the fourth quarter of 2018. |
• | Gulf XPress. Gulf XPress will provide 860,000 Dth/d of firm transportation capacity for Marcellus and Utica production on the Columbia Gulf system. This project involves an investment of approximately $0.7 billion and is expected to be placed into service in the fourth quarter of 2018. |
• | Central Virginia Connector. This project will provide 45,000 Dth/d of firm transportation capacity on the Columbia Gas Transmission system to a new point of delivery in Virginia. This approximately $13 million project is expected to be placed into service in the fourth quarter of 2018. |
• | Millennium Eastern System Upgrade. We intend to invest approximately $135 million through our ownership stake in Millennium Pipeline to expand eastward flow capacity by 223,000 Dth/d to Ramapo and other nearby points on the system. We expect this project to be placed into service in the fourth quarter of 2018. |
• | For periods prior to the closing of CPPL's IPO on February 11, 2015, the financial statements included in this Form 10-Q were derived from the financial statements and accounting records of the Predecessor. The Predecessor’s results of operations historically included revenues and expenses relating to 100% of NiSource’s Columbia Pipeline Group reportable segment. NiSource did not contribute Crossroads Pipeline Company, CPGSC and Central Kentucky Transmission Company to us. Such assets were historically included in NiSource’s Columbia Pipeline Group reportable segment, but constituted an immaterial impact on the Predecessor’s results of operations. CNS Microwave is not included in the Predecessor but was contributed to us. |
• | Upon the closing of CPPL's IPO, short-term borrowings-affiliated and a portion of the long-term debt-affiliated (including current portion of long-term debt-affiliated) have been transferred to an affiliate of CPG and the related interest expense is no longer being incurred. |
• | We are a limited partnership treated as a partnership for U.S. federal income tax purposes and, therefore, are not liable for entity-level federal income taxes. We are subject to state and local income taxes in certain jurisdictions. The Predecessor’s tax expense was determined on a separate return basis. Accordingly, we expect our tax expense to be significantly reduced subsequent to CPPL's IPO as compared to that of the Predecessor. |
• | We incurred additional costs as a result of the Merger. We incurred $110.4 million of Merger related costs within operation and maintenance and property and other taxes, including employee related expenses of $101.3 million. Additionally we incurred a Merger related impairment charge of $11.9 million. These costs are included in "Operation and maintenance" and "Impairment of long-lived assets" on the Condensed Statements of Consolidated and Combined Operations (unaudited). |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Operating Revenues | |||||||||||||||
Transportation revenues | $ | 269.8 | $ | 265.8 | $ | 836.4 | $ | 751.0 | |||||||
Transportation revenues-affiliated | — | — | — | 47.1 | |||||||||||
Storage revenues | 48.9 | 49.5 | 147.7 | 122.3 | |||||||||||
Storage revenues-affiliated | — | — | — | 26.2 | |||||||||||
Other revenues | 7.8 | 4.7 | 19.1 | 28.2 | |||||||||||
Total Operating Revenues | 326.5 | 320.0 | 1,003.2 | 974.8 | |||||||||||
Operating Expenses | |||||||||||||||
Operation and maintenance | 151.8 | 144.5 | 356.2 | 391.8 | |||||||||||
Operation and maintenance-affiliated | 116.2 | 37.3 | 197.5 | 111.9 | |||||||||||
Depreciation and amortization | 38.8 | 33.4 | 114.1 | 98.7 | |||||||||||
Gain on sale of assets | (9.8 | ) | (39.0 | ) | (15.8 | ) | (52.6 | ) | |||||||
Impairment of long-lived assets | 11.9 | 0.6 | 11.9 | 0.6 | |||||||||||
Property and other taxes | 17.9 | 15.2 | 58.6 | 53.3 | |||||||||||
Total Operating Expenses | 326.8 | 192.0 | 722.5 | 603.7 | |||||||||||
Equity Earnings in Unconsolidated Affiliates | 16.0 | 15.3 | 48.1 | 44.2 | |||||||||||
Operating Income | 15.7 | 143.3 | 328.8 | 415.3 | |||||||||||
Other Income (Deductions) | |||||||||||||||
Interest expense | (0.2 | ) | (0.3 | ) | (0.6 | ) | (0.3 | ) | |||||||
Interest expense-affiliated | (8.4 | ) | (6.4 | ) | (22.6 | ) | (24.1 | ) | |||||||
Other, net | 14.3 | 8.8 | 30.3 | 18.6 | |||||||||||
Total Other Income (Deductions), net | 5.7 | 2.1 | 7.1 | (5.8 | ) | ||||||||||
Income before Income Taxes | 21.4 | 145.4 | 335.9 | 409.5 | |||||||||||
Income Taxes | — | — | 0.1 | 23.7 | |||||||||||
Net Income | 21.4 | 145.4 | 335.8 | 385.8 | |||||||||||
Less: Predecessor net income prior to CPPL's IPO on February 11, 2015 | — | — | — | 42.7 | |||||||||||
Net income attributable to the Partnership | $ | 21.4 | $ | 145.4 | $ | 335.8 | $ | 343.1 | |||||||
Throughput (MMDth) | |||||||||||||||
Columbia Gas Transmission | 378.4 | 284.3 | 1,298.7 | 1,096.7 | |||||||||||
Columbia Gulf | 138.9 | 137.5 | 408.0 | 420.5 | |||||||||||
Total | 517.3 | 421.8 | 1,706.7 | 1,517.2 |
• | cash generated from our operations; |
• | issuances of additional partnership units; |
• | $750.0 million of reserved borrowing capacity under an intercompany money pool with CPG, in which us and our subsidiaries are participants; and |
• | long-term intercompany borrowings. |
Nine Months Ended September 30, | |||||||
(in millions) | 2016 | 2015 | |||||
Net cash from operating activities | $ | 394.1 | $ | 442.5 | |||
Net cash used for investing activities | (1,093.5 | ) | (989.5 | ) | |||
Net cash from financing activities | 628.9 | 601.6 |
(3.1) | Certificate of Limited Partnership of CPG OpCo LP (Incorporated by reference to Exhibit 3.1 of the Partnership’s Quarterly Report on Form 10-Q (File No. 333-209653-02) filed on May 3, 2016). |
(3.2) | Amended and Restated Agreement of Limited Partnership of CPG OpCo LP (Incorporated by reference to Exhibit 3.2 of the Partnership’s Quarterly Report on Form 10-Q (File No. 333-209653-02) filed on May 3, 2016). |
(31.1)* | Certification of Chief Executive Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
(31.2)* | Certification of Chief Financial Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
(32.1)** | Certification of Chief Executive Officer, pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
(32.2)** | Certification of Chief Financial Officer, pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
(99.1) | “Risk Factors” section excerpted and incorporated by reference from Columbia Pipeline Group, Inc.’s Annual Report on Form 10-K filed with the SEC on February 18, 2016 for the fiscal year ended December 31, 2015 filed herewith pursuant to Rule 12b-23(a)(3) (Incorporated by reference to Exhibit 99.1 of the Partnership’s Quarterly Report on Form 10-Q (File No. 333-209653-02) filed on May 3, 2016). |
(99.2) | “Risk Factors” section excerpted and incorporated by reference from Columbia Pipeline Partners LP’s Annual Report on Form 10-K filed with the SEC on February 18, 2016 for the fiscal year ended December 31, 2015 filed herewith pursuant to Rule 12b-23(a)(3) (Incorporated by reference to Exhibit 99.2 of the Partnership’s Quarterly Report on Form 10-Q (File No. 333-209653-02) filed on May 3, 2016). |
(101.INS)* | XBRL Instance Document |
(101.SCH)* | XBRL Schema Document |
(101.CAL)* | XBRL Calculation Linkbase Document |
(101.LAB)* | XBRL Labels Linkbase Document |
(101.PRE)* | XBRL Presentation Linkbase Document |
(101.DEF)* | XBRL Definition Linkbase Document |
CPG OpCo LP | |||
(Registrant) | |||
By: | CPG OpCo GP LLC, its general partner | ||
By: | Columbia Pipeline Partners LP, its sole member | ||
By: | CPP GP LLC, its general partner | ||
Date: | November 1, 2016 | By: | /s/ Nathaniel A. Brown |
Nathaniel A. Brown | |||
Controller and Principal Financial Officer (Principal Accounting Officer and Duly Authorized Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 of CPG OpCo LP (the "registrant"); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
c) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | November 1, 2016 | By: | /s/ Stanley G. Chapman, III | ||
Stanley G. Chapman, III | |||||
Director and President |
1. | I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 of CPG OpCo LP (the "registrant"); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
c) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | November 1, 2016 | By: | /s/ Nathaniel A. Brown | ||
Nathaniel A. Brown | |||||
Controller and Principal Financial Officer |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Stanley G. Chapman, III | ||||
Stanley G. Chapman, III | ||||
Director and President | ||||
Date: | November 1, 2016 |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Nathaniel A. Brown | ||||
Nathaniel A. Brown | ||||
Controller and Principal Financial Officer | ||||
Date: | November 1, 2016 |
Document And Entity Information - shares shares in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 31, 2016 |
|
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | CPG OpCo LP/DE | |
Entity Central Index Key | 0001667154 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Units Outstanding | 0 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Accounts receivable less reserve | $ 0.3 | $ 0.3 |
Statements Of Consolidated and Combined Operations - USD ($) $ in Millions |
3 Months Ended | 8 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Operating Revenues | |||||
Transportation revenues | $ 269.8 | $ 265.8 | $ 836.4 | $ 751.0 | |
Transportation revenues-affiliated | 0.0 | 0.0 | 0.0 | 47.1 | |
Storage revenues | 48.9 | 49.5 | 147.7 | 122.3 | |
Storage revenues-affiliated | 0.0 | 0.0 | 0.0 | 26.2 | |
Other revenues | 7.8 | 4.7 | 19.1 | 28.2 | |
Total Operating Revenues | 326.5 | 320.0 | 1,003.2 | 974.8 | |
Operating Expenses | |||||
Operation and maintenance | 151.8 | 144.5 | 356.2 | 391.8 | |
Operation and maintenance-affiliated | 116.2 | 37.3 | 197.5 | 111.9 | |
Depreciation and amortization | 38.8 | 33.4 | 114.1 | 98.7 | |
Gain on sale of assets | (9.8) | (39.0) | (15.8) | (52.6) | |
Impairment of long-lived assets | 11.9 | 0.6 | 11.9 | 0.6 | |
Property and other taxes | 17.9 | 15.2 | 58.6 | 53.3 | |
Total Operating Expenses | 326.8 | 192.0 | 722.5 | 603.7 | |
Equity Earnings in Unconsolidated Affiliates | 16.0 | 15.3 | 48.1 | 44.2 | |
Operating Income | 15.7 | 143.3 | 328.8 | 415.3 | |
Other Income (Deductions) | |||||
Interest expense | (0.2) | (0.3) | (0.6) | (0.3) | |
Interest expense-affiliated | (8.4) | (6.4) | (22.6) | (24.1) | |
Other, net | 14.3 | 8.8 | 30.3 | 18.6 | |
Total Other Income (Deductions), net | 5.7 | 2.1 | 7.1 | (5.8) | |
Income before Income Taxes | 21.4 | 145.4 | 335.9 | 409.5 | |
Income Taxes | 0.0 | 0.0 | 0.1 | 23.7 | |
Net Income | 21.4 | 145.4 | $ 343.1 | 335.8 | $ 385.8 |
Net Income Attributable to the Partnership | $ 21.4 | $ 145.4 | 343.1 | $ 335.8 | |
Parent | |||||
Other Income (Deductions) | |||||
Net Income | $ 0.0 |
Statements of Consolidated and Combined Comprehensive Income - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 11, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||||||||||||||
Net Income | $ 21.4 | $ 145.4 | $ 343.1 | $ 335.8 | $ 385.8 | ||||||||||||||||
Net unrealized gain on cash flow hedges | [1] | 0.6 | 0.4 | 1.6 | 1.0 | ||||||||||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | [2],[3] | 0.1 | (0.2) | 0.1 | (0.2) | ||||||||||||||||
Total other comprehensive income | 0.7 | 0.2 | 1.7 | 0.8 | |||||||||||||||||
Total other comprehensive income prior to CPPL's IPO | 0.7 | [4] | 0.2 | [4] | 0.7 | 1.7 | [4] | 0.8 | [4],[5] | ||||||||||||
Total comprehensive income | 22.1 | 145.6 | 337.5 | $ 386.6 | |||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Limited Partners | $ 22.1 | $ 145.6 | $ 343.8 | $ 337.5 | |||||||||||||||||
Predecessor | |||||||||||||||||||||
Total other comprehensive income prior to CPPL's IPO | $ 0.1 | ||||||||||||||||||||
Predecessor net income prior to CPPL's IPO | 42.7 | ||||||||||||||||||||
Total comprehensive income | $ 42.8 | ||||||||||||||||||||
|
Statements of Consolidated and Combined Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Net unrealized gains on derivatives qualifying as cash flow hedges | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.1 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
Statements Of Consolidated and Combined Cash Flows - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Operating Activities | ||
Net Income | $ 335.8 | $ 385.8 |
Adjustments to Reconcile Net Income to Net Cash from Operating Activities: | ||
Depreciation and amortization | 114.1 | 98.7 |
Deferred income taxes and investment tax credits | 0.0 | 10.5 |
Deferred revenue | (2.7) | 0.4 |
Equity-based compensation expense and profit sharing contribution | 1.2 | 4.4 |
Gain on sale of assets | (15.8) | (52.6) |
Impairment of long-lived assets | 11.9 | 0.6 |
Income from unconsolidated affiliates | (48.1) | (44.2) |
AFUDC equity | (29.7) | (15.0) |
Distributions of earnings received from equity investees | 51.0 | 44.1 |
Changes in Assets and Liabilities: | ||
Accounts receivable | (3.5) | 3.2 |
Accounts receivable-affiliated | 7.2 | 27.9 |
Accounts payable | 16.7 | 18.1 |
Accounts payable-affiliated | (56.4) | (20.8) |
Customer deposits | (1.2) | (23.8) |
Taxes accrued | (34.8) | (25.6) |
Exchange gas receivable/payable | 0.4 | 0.4 |
Other accruals | 10.5 | (1.9) |
Prepayments and other current assets | 38.0 | 20.2 |
Regulatory assets/liabilities | (10.9) | 43.7 |
Postretirement and postemployment benefits | (0.7) | (26.8) |
Deferred charges and other noncurrent assets | 3.7 | (1.5) |
Other noncurrent liabilities | 7.4 | (3.3) |
Net Cash Flows from Operating Activities | 394.1 | 442.5 |
Investing Activities | ||
Capital expenditures | (1,073.0) | (775.9) |
Insurance recoveries | 0.0 | 2.1 |
Changes in short-term lendings-affiliated | (19.1) | (265.3) |
Proceeds from disposition of assets | 9.9 | 55.1 |
Contributions to equity investees | (6.2) | (1.4) |
Distributions from equity investees | 1.6 | 15.1 |
Other investing activities | (6.7) | (19.2) |
Net Cash Flows used for Investing Activities | (1,093.5) | (989.5) |
Financing Activities | ||
Change in short-term borrowings-affiliated | 1,074.4 | (245.0) |
Payments of long-term debt-affiliated, including current portion | 0.0 | (957.8) |
Payments of capital lease obligations and other debt related costs | (1.9) | 0.0 |
Capital contribution from CEG | 0.0 | 1,217.3 |
Capital contribution from Columbia Pipeline Partners LP for additional interest | 0.0 | 1,170.0 |
Proceeds from capital contributions from Columbia Pipeline Partners LP distributed to CEG | 0.0 | (500.0) |
Quarterly distributions to limited partners | (443.6) | (82.9) |
Net Cash Flows from Financing Activities | 628.9 | 601.6 |
Change in cash and cash equivalents | (70.5) | 54.6 |
Cash and cash equivalents at beginning of period | 78.2 | 0.5 |
Cash and Cash Equivalents at End of Period | $ 7.7 | $ 55.1 |
Statements Of Consolidated and Combined Equity - USD ($) $ in Millions |
Total |
Accumulated Other Comprehensive Loss |
Parent |
Columbia Energy Group [Member]
Limited Partner [Member]
|
Columbia Hardy Corporation [Member]
Limited Partner [Member]
|
Columbia Pipeline Partners LP [Member]
Limited Partner [Member]
|
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Beginning Balance (Predecessor) at Dec. 31, 2014 | $ 4,171.3 | $ (16.7) | $ 4,188.0 | $ 0.0 | $ 0.0 | $ 0.0 | ||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | Predecessor | 42.7 | 0.0 | 42.7 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | Predecessor | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Contribution of capital from parent | Predecessor | 1,217.3 | 0.0 | 1,217.3 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Predecessor net tax liabilities not assumed by the Partnership | Predecessor | [1] | 1,222.2 | (10.3) | 1,232.5 | 0.0 | 0.0 | 0.0 | |||||||||||||
Contributed/Noncontributed Net Parent Investment Adjustments | Predecessor | [2] | (7.7) | 0.0 | (7.7) | 0.0 | 0.0 | 0.0 | |||||||||||||
Ending Balance (Predecessor) at Feb. 11, 2015 | 6,645.9 | (26.9) | 6,672.8 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Beginning Balance (Predecessor) at Dec. 31, 2014 | 4,171.3 | (16.7) | 4,188.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Net Income | 385.8 | |||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | [3],[4] | 0.8 | ||||||||||||||||||
Quarterly distributions to limited partners | (82.9) | |||||||||||||||||||
Predecessor net tax liabilities not assumed by the Partnership | [3],[4],[5] | (10.3) | ||||||||||||||||||
Ending Balance at Sep. 30, 2015 | 7,578.1 | (26.2) | 0.0 | 6,290.9 | 39.6 | 1,273.8 | ||||||||||||||
Beginning Balance (Predecessor) at Feb. 11, 2015 | 6,645.9 | (26.9) | 6,672.8 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Allocation of net investment to partners' capital | 0.0 | 0.0 | (6,672.8) | 6,148.1 | 37.6 | 487.1 | ||||||||||||||
Capital contribution from CPPL for additional interest | 1,170.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1,170.0 | ||||||||||||||
CPPL's purchase of additional interest in the Partnership | [6] | 0.0 | 0.0 | 0.0 | 424.4 | 0.0 | (424.4) | |||||||||||||
Distributions to parent | (500.0) | 0.0 | 0.0 | (500.0) | 0.0 | 0.0 | ||||||||||||||
Net Income | 343.1 | 0.0 | 0.0 | 286.6 | 2.6 | 53.9 | ||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 0.7 | 0.7 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Quarterly distributions to limited partners | (82.9) | 0.0 | 0.0 | (69.3) | (0.6) | (13.0) | ||||||||||||||
Net Transfers (To) From Parent | 1.3 | 0.0 | 0.0 | 1.1 | 0.0 | 0.2 | ||||||||||||||
Ending Balance at Sep. 30, 2015 | 7,578.1 | (26.2) | $ 0.0 | 6,290.9 | 39.6 | 1,273.8 | ||||||||||||||
Beginning Balance at Dec. 31, 2015 | 7,589.7 | (25.7) | 6,300.1 | 39.7 | 1,275.6 | |||||||||||||||
Net Income | 335.8 | 0.0 | 280.5 | 2.6 | 52.7 | |||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 1.7 | [4] | 1.7 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Quarterly distributions to limited partners | (443.6) | 0.0 | (370.5) | (3.4) | (69.7) | |||||||||||||||
Ending Balance at Sep. 30, 2016 | $ 7,483.6 | $ (24.0) | $ 6,210.1 | $ 38.9 | $ 1,258.6 | |||||||||||||||
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Statement of Consolidated and Combined Equity (Parenthetical) $ in Millions |
Sep. 30, 2016 |
---|---|
Hardy Storage | |
Equity Method Investment, Percent Not Contributed to Partnership | 1.00% |
Equity Method Investment, Ownership Percentage | 50.00% |
Basis of Accounting Presentation |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Accounting Presentation | Basis of Accounting Presentation CPG OpCo LP (the "Partnership") was formed in Delaware on September 26, 2014. The general partner of the Partnership, OpCo GP, is 100.0% owned by its sole member CPPL. At or prior to the closing of CPPL's IPO the following transactions occurred:
On February 11, 2015, concurrent with the completion of CPPL's IPO, NiSource contributed its subsidiary, CEG, to CPG. Following this contribution, CPG owns and operates, through its subsidiaries, approximately 15,000 miles of strategically located interstate gas pipelines extending from New York to the Gulf of Mexico and one of the nation’s largest underground natural gas storage systems, with approximately 300 MMDth of working gas capacity, as well as related gathering and processing assets. CEG owns and operates, through its subsidiaries, substantially all of the natural gas transmission and storage assets of CPG. Prior to July 1, 2015, CPG was a wholly owned subsidiary of NiSource. On July 1, 2015, all the shares of CPG were distributed by NiSource to holders of NiSource common stock completing CPG's separation from NiSource (the "Separation"). As a result of the Separation, CPG became an independent publicly traded company. CPG OpCo LP Predecessor (the “Predecessor”) is comprised of NiSource’s Columbia Pipeline Group Operations reportable segment. The Partnership entered into an omnibus agreement with CEG and its affiliates (together with a services agreement with CPGSC) at the closing of CPPL's IPO that addresses (1) centralized corporate, general and administrative services to be provided by CEG for the Partnership and the reimbursement by the Partnership for the Partnership's portion of these services, (2) CPPL's right of first offer for CEG's 84.3% interest in the Partnership, (3) the indemnification of the Partnership for certain potential environmental and toxic tort claims losses and expenses associated with the operation of the assets and occurring before the closing date of the IPO and (4) the Partnership's requirement to guarantee future indebtedness that CPG incurs. On March 17, 2016, CPG entered into an Agreement and Plan of Merger (the “Merger Agreement”), among CPG, TCPL, US Parent, Taurus Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of US Parent (“Merger Sub”), and, solely for purposes of Section 3.02, Section 5.02, Section 5.09 and Article VIII of the Merger Agreement, TransCanada. Upon the terms and subject to the conditions set forth in the Merger Agreement, effective July 1, 2016, Merger Sub was merged with and into CPG (the “Merger”) with CPG surviving the Merger as an indirect, wholly owned subsidiary of TransCanada. The Merger did not affect the ownership of the Partnership's general partner or limited partner interests, but the Partnership is indirectly managed by TransCanada after the Merger. The Partnership incurred approximately $110.4 million of Merger related costs within operation and maintenance and property and other taxes, including approximately $101.3 million of employee related costs. Additionally, as a result of the Merger, the Partnership recognized an impairment charge of $11.9 million related to the cancellation of IT system upgrades that were in process prior to the Merger. The Partnership is engaged in regulated interstate gas transportation and storage services for LDCs, marketers, producers and industrial and commercial customers located in northeastern, mid-Atlantic, midwestern and southern states and the District of Columbia along with unregulated businesses such as midstream services, including gathering, treating, conditioning, processing, compression and liquids handling, and development of mineral rights positions. The regulated services are performed under tariffs at rates subject to FERC approval. For periods subsequent to the closing of CPPL's IPO, the financial statements included in this current report are the financial statements and accounting records of the Partnership. For periods prior to the closing of CPPL's IPO, the financial statements included in this quarterly report are the financial statements and accounting records of the Predecessor. The consolidated and combined financial statements were prepared as follows:
The Partnership's Condensed Consolidated and Combined Financial Statements (unaudited) have been prepared pursuant to the rules and regulations of the SEC. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Partnership believes that the disclosures made are adequate to make the information not misleading. These financial statements should be read in conjunction with the Partnership’s audited consolidated and combined financial statements for the year ended December 31, 2015. These financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the Partnership’s results of operations and financial position in accordance with GAAP in the United States of America. Amounts reported in the Condensed Statements of Consolidated and Combined Operations (unaudited) are not necessarily indicative of amounts expected for the respective annual periods. All intercompany transactions and balances have been eliminated. |
Recent Accounting Pronouncements |
9 Months Ended |
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Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 amends the guidance in ASC 230 on the classification of certain cash receipts and payments in the statement of cash flows. The Partnership is required to adopt ASU 2016-15 for periods beginning after December 15, 2017, including interim periods, and the guidance is to be applied retrospectively, with early adoption permitted. The Partnership is currently evaluating the impact the adoption of ASU 2016-15 will have on the Condensed Consolidated and Combined Financial Statements (unaudited) or Notes to Condensed Consolidated and Combined Financial Statements (unaudited). In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 outlines a single, comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14 to extend the adoption date for ASU 2014-09 to periods beginning after December 15, 2017, including interim periods, and the new standard is to be applied retrospectively, with early adoption permitted on the original effective date of ASU 2014-09 on a limited basis. In March 2016, the FASB issued ASU 2016-08, which amends the principal-versus-agent implementation guidance and illustrations in ASU 2014-09. Among other things, ASU 2016-08 clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. In April 2016, the FASB issued ASU 2016-10, which clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in ASU 2014-09. In May 2016, the FASB issued ASU 2016-12, which contains narrow scope improvements for certain aspects of ASU 2014-09 including collectability, presentation of sales tax and other similar taxes collected from customers, noncash consideration, contract modifications and completed contracts at transition and transition technical correction. The Partnership is currently evaluating the impact the adoption of ASU 2014-09, and the related ASUs, will have on the Condensed Consolidated and Combined Financial Statements (unaudited) or Notes to Condensed Consolidated and Combined Financial Statements (unaudited). In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in ASC 606, the FASB's new revenue recognition standard (e.g., those related to evaluating when profit can be recognized). Furthermore, ASU 2016-02 addresses other concerns related to the current leases model. For example, ASU 2016-02 eliminates the requirement in current U.S. GAAP for an entity to use bright-line tests in determining lease classification. The standard also requires lessors to increase the transparency of their exposure to changes in value of their residual assets and how they manage that exposure. The Partnership is required to adopt ASU 2016-02 for periods beginning after December 15, 2018, including interim periods, with early adoption permitted. The Partnership is currently evaluating the impact the adoption of ASU 2016-02 will have on the Condensed Consolidated and Combined Financial Statements (unaudited) or Notes to Condensed Consolidated and Combined Financial Statements (unaudited). In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 changes the way entities present debt issuance costs in financial statements by presenting issuance costs on the balance sheet as a direct deduction from the related liability rather than as a deferred charge. Amortization of these costs will continue to be reported as interest expense. In August 2015, the FASB issued ASU 2015-15 to clarify the SEC staff's position on these costs in relation to line-of-credit agreements stating that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit. The Partnership retrospectively adopted ASU 2015-03 and ASU 2015-15 as of January 1, 2016. The adoption of this guidance did not have a material impact on the Condensed Consolidated and Combined Financial Statements (unaudited) or Notes to Condensed Consolidated and Combined Financial Statements (unaudited). In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 amends consolidation guidance by including changes to the variable and voting interest models used by entities to evaluate whether an entity should be consolidated. The Partnership retrospectively adopted ASU 2015-02 as of January 1, 2016. The adoption of this guidance did not have a material impact on the Condensed Consolidated and Combined Financial Statements (unaudited) or Notes to Condensed Consolidated and Combined Financial Statements (unaudited). |
Transactions With Affiliates |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions With Affiliates | Transactions with Affiliates Prior to CPG's separation from NiSource, the Partnership engaged in transactions with subsidiaries of NiSource, which were deemed to be affiliates of the Partnership. The Partnership continues to engage in transactions with subsidiaries of CPG subsequent to the Separation. These affiliate transactions are summarized in the tables below: Statement of Operations
Balance Sheet
Transportation, Storage and Other Revenues. Prior to the Separation, the Partnership provided natural gas transportation, storage and other services to subsidiaries of NiSource, the Partnership's former affiliates. Prior to CPPL's IPO, the Predecessor provided similar services to subsidiaries of NiSource. Operation and Maintenance Expense. The Partnership receives executive, financial, legal, information technology and other administrative and general services from CPGSC. Prior to CPPL's IPO, the Predecessor received similar services from NiSource Corporate Services. Expenses incurred as a result of these services consist primarily of employee compensation and benefits, outside services and other expenses. The expenses are charged directly or allocated using various allocation methodologies based on a combination of gross fixed assets, total operating expense, number of employees and other measures. Management believes the allocation methodologies are reasonable. However, these allocations and estimates may not represent the amounts that would have been incurred had the services been provided by an outside entity. Subsequent to the completion of the Merger, the Partnership incurred merger related operation and maintenance expense of $78.3 million primarily related to employee and administrative expenses. Interest Expense and Income. The Partnership was charged interest for long-term debt of $7.6 million and $7.6 million for the three months ended September 30, 2016 and 2015, respectively, offset by associated AFUDC of $1.8 million and $1.7 million for the three months ended September 30, 2016 and 2015, respectively. The Partnership was charged interest for long-term debt of $22.8 million and $27.3 million for the nine months ended September 30, 2016 and 2015, respectively, offset by associated AFUDC of $3.7 million and $4.1 million for the nine months ended September 30, 2016 and 2015, respectively. The Partnership and its subsidiaries entered into an intercompany money pool agreement with NiSource Finance, which became effective on the date of CPPL's IPO. Following the Separation, the agreement is with CPG. The money pool is available for the Partnership and its subsidiaries' general purposes, including capital expenditures and working capital. This intercompany money pool agreement is discussed in connection with Short-term Borrowings below. Prior to CPPL's IPO, the subsidiaries of the Predecessor participated in a similar money pool agreement with NiSource Finance. CPGSC administers the current money pool agreement. The cash accounts maintained by the subsidiaries of the Partnership and the Predecessor were, prior to the Separation, swept into a NiSource corporate account on a daily basis, creating an affiliated receivable or decreasing an affiliated payable, as appropriate, between NiSource and the subsidiary. Subsequent to the Separation, cash accounts maintained by subsidiaries of the Partnership were swept into a CPG corporate account on a daily basis, creating an affiliated receivable or decreasing an affiliated payable, as appropriate, between CPG and the subsidiary. The amount of interest expense and income for short-term borrowings was determined by the net position of each subsidiary in the money pool. The money pool weighted-average interest rate at September 30, 2016 and 2015 was 1.68% and 1.21%, respectively. For the three months ended September 30, 2016 and 2015, the interest expense for short-term borrowings charged was $2.6 million and $0.5 million, respectively. For the nine months ended September 30, 2016 and 2015, the interest expense for short-term borrowings charged was $3.5 million and $0.9 million, respectively. Accounts Receivable. The Partnership includes in accounts receivable amounts due from the money pool discussed above of $159.5 million at September 30, 2016 for subsidiaries of the Partnership in a net deposit position. The Partnership includes in accounts receivable amounts due from the money pool discussed above of $140.5 million at December 31, 2015 for subsidiaries in a net deposit position. Also included in the balance at September 30, 2016 and December 31, 2015 are amounts due from subsidiaries of CPG for transportation and storage services of $1.7 million and $8.9 million, respectively. Net cash flows related to the money pool receivables are included as Investing Activities on the Condensed Statements of Consolidated and Combined Cash Flows (unaudited). All other affiliated receivables are included as Operating Activities. Short-term Borrowings. In connection with the closing of CPPL's IPO, the subsidiaries of the Partnership entered into an intercompany money pool agreement with NiSource Finance with $750.0 million of reserved borrowing capacity. Following the Separation, the agreement was with CPG. In furtherance of the money pool agreement, CPG entered into a $1,500.0 million revolving credit agreement on December 5, 2014. Effective July 1, 2016, in connection with the Merger, the $1,500.0 million CPG revolving credit facility was terminated and replaced by a $2,000.0 million revolving credit facility with US Parent. The balance of Short-term Borrowings at September 30, 2016 and December 31, 2015 of $1,116.5 million and $42.1 million, respectively, includes those subsidiaries of the Partnership in a net borrower position of the money pool discussed above. Net cash flows related to Short-term Borrowings are included as Financing Activities on the Condensed Statements of Consolidated and Combined Cash Flows (unaudited). Accounts Payable. The affiliated accounts payable balance primarily includes amounts due for services received from CPGSC, and interest payable to CPG. Long-term Debt. In May 2015, the Partnership's outstanding intercompany debt transferred from NiSource Finance to CPG. The Partnership's long-term financing requirements are satisfied through borrowings from CPG. On January 31, 2016, the Partnership amended its intercompany credit agreement with CPG to extend the maturity date of the note originating on December 9, 2013 from December 31, 2016 to December 31, 2020. The Partnership may borrow at any time from the origination date to December 31, 2016 not to exceed $2.6 billion. From January 1, 2017 to December 31, 2020, the Partnership may borrow at any time not to exceed $2.3 billion. As of the January 2016 amendment, the note carries a fixed interest rate of 4.70% for the outstanding borrowings as of September 30, 2016. Details of the long-term debt balance are summarized in the table below:
Dividends. During the nine months ended September 30, 2016, the Partnership distributed $443.6 million to the limited partners. During the nine months ended September 30, 2015, the Partnership distributed $582.9 million to the limited partners, of which $500.0 million was a reimbursement of preformation capital expenditures with respect to the assets contributed to the Partnership. There were no restrictions on the payment of distributions by the Partnership. |
Gain On Sale Of Assets |
9 Months Ended |
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Sep. 30, 2016 | |
Gain On Sale of Assets [Abstract] | |
Gain On Sale Of Assets | Gain on Sale of Assets The Partnership recognizes gains on conveyances of mineral rights positions into earnings as any obligation associated with conveyance is satisfied. For the three months ended September 30, 2016 and 2015, gains on conveyances amounted to $9.7 million and $36.0 million, respectively, and are included in "Gain on sale of assets" on the Condensed Statements of Consolidated and Combined Operations (unaudited). For the nine months ended September 30, 2016 and 2015, gains on conveyances amounted to $15.7 million and $49.6 million, respectively, and are included in "Gain on sale of assets" on the Condensed Statements of Consolidated and Combined Operations (unaudited). Included in the gains on conveyances is a cash bonus payment of $9.0 million and $35.8 million received by CEVCO from CNX Gas Company LLC during the three and nine months ended September 30, 2016 and 2015, respectively, for the lease of Utica Shale and Upper Devonian gas rights in Greene and Washington Counties in Pennsylvania and Marshall and Ohio Counties in West Virginia. As of September 30, 2016 and December 31, 2015, deferred gains of approximately $1.3 million and $8.1 million, respectively, were deferred pending performance of future obligations and recorded within "Deferred revenue," on the Condensed Consolidated Balance Sheets (unaudited). |
Goodwill |
9 Months Ended |
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Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The Partnership tests its goodwill for impairment annually as of May 1 unless indicators, events, or circumstances would require an immediate review. Goodwill is tested for impairment using financial information at the reporting unit level, referred to as the Columbia Gas Transmission Operations reporting unit, which is consistent with the level of discrete financial information reviewed by management. The Columbia Gas Transmission Operations reporting unit includes the following entities: Columbia Gas Transmission (including its equity method investment in the Millennium Pipeline joint venture), Columbia Gulf and the equity method investment in Hardy Storage. All of the Partnership's goodwill relates to NiSource's acquisition of CEG in 2000, which was contributed to the Partnership prior to CPPL's IPO. The Partnership’s goodwill assets at September 30, 2016 were $1,975.5 million. The Predecessor completed a quantitative (“step 1”) fair value measurement of the reporting unit during the May 1, 2012 goodwill test. The test indicated that the fair value of the reporting unit substantially exceeded the carrying value, indicating that no impairment existed. GAAP allows entities testing goodwill for impairment the option of performing a qualitative (“step 0”) assessment before calculating the fair value of a reporting unit for the goodwill impairment test. If a step 0 assessment is performed, an entity is no longer required to calculate the fair value of a reporting unit unless the entity determines that, based on that assessment, it is more likely than not that its fair value is less than its carrying amount. The Partnership applied the qualitative step 0 analysis to its reporting unit for the annual impairment test performed as of May 1, 2016. For the current year test, the Partnership assessed various assumptions, events and circumstances that would have affected the estimated fair value of the reporting unit as compared to its base line May 1, 2012 step 1 fair value measurement. The recent Merger Agreement and acquisition price were incorporated into the current year testing. The results of this assessment indicated that it is not more likely than not that its reporting unit fair value is less than the reporting unit carrying value. The Partnership considered whether there were any events or changes in circumstances subsequent to the annual test that would reduce the fair value of the reporting unit below its carrying amount and necessitate another goodwill impairment test. On November 1, 2016, CPPL announced that it entered into an agreement and plan of merger with CPG, in which CPG will acquire all outstanding common units of CPPL. The acquisition price leads to a similar valuation of the Partnership as that provided for in the Merger Agreement, providing further evidence that it is not more likely than not that the reporting unit fair value is less than the reporting unit carrying value. In consideration of all relevant factors, there were no indicators that would require a subsequent goodwill impairment test during the third quarter of 2016. |
Asset Retirement Obligations |
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Asset Retirement Obligation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations | Asset Retirement Obligations Changes in the Partnership’s liability for asset retirement obligations for the nine months ended September 30, 2016 and 2015 are presented in the table below:
(1) Reflects the removal of amounts related to Crossroads Pipeline Company, which was included in the Predecessor but was not contributed to the Partnership. The asset retirement obligations above relate to the modernization program of pipelines and transmission facilities, the retiring of offshore facilities, polychlorinated biphenyl ("PCB") remediation and asbestos removal at several compressor and measuring stations. The Partnership recognizes that certain assets, which include gas pipelines and natural gas storage wells, will operate for an indeterminate future period when properly maintained. A liability for these asset retirement obligations will be recorded only if and when a future retirement obligation with a determinable life is identified. |
Regulatory Matters |
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Sep. 30, 2016 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Matters | Regulatory Matters Columbia Gas Transmission Modernization Program. In November 2015, Columbia Gas Transmission commenced the fourth year of the Columbia Gas Transmission long-term system modernization program. Columbia Gas Transmission expects to place approximately $300.0 million in modernization investments into service during the year. Recovery of the revenue requirement on approximately $320.0 million of investments made in 2015 began on February 1, 2016. In December 2015, Columbia Gas Transmission filed an extension of this settlement and received the FERC's approval of the customer agreement in March 2016. This extension will allow Columbia Gas Transmission to invest an additional $1.1 billion over an additional three-year period through 2020. This agreement also expands the scope of facility investments covered by the program. Columbia Gulf. On January 21, 2016, the FERC issued an Order (the "January 21 Order") initiating an investigation pursuant to Section 5 of the NGA to determine whether Columbia Gulf’s existing rates for jurisdictional services are unjust and unreasonable. Columbia Gulf filed a cost and revenue study with the FERC on April 5, 2016, as required by the January 21 Order. The January 21 Order directed that a hearing be conducted pursuant to an accelerated timeline and that an initial decision be issued by February 28, 2017. On June 13, 2016, the FERC trial staff, Columbia Gulf, and all of the active parties filed a Joint Motion to Suspend the Procedural Schedule and Waive Answer Period (the "Motion"). The Motion represents that the parties unanimously support the Motion and requested waiver of the answer period, which was granted. The parties reached an agreement in principle during a June 2, 2016 settlement conference that would fully resolve all matters set for hearing by the FERC. The Motion represents that the parties expect to file an offer of settlement memorializing the agreement in principle no later than July 29, 2016, and suspension of the procedural schedule will promote an efficient and speedy resolution of this matter by allowing the participants to focus their efforts on drafting the necessary settlement documents. Columbia Gulf filed the offer of settlement with the FERC in accordance with the agreement noted above. On August 15, 2016, the administrative law judge issued a Certification of Uncontested Settlement, which noted that no parties objected to the provisions in the offer of settlement. On September 22, 2016, the FERC issued an order approving the uncontested settlement, which requires a reduction in Columbia Gulf’s daily maximum recourse rate and addresses Columbia Gulf’s treatment of postretirement benefits other than pensions, pension expenses, and regulatory expenses. The order also requires Columbia Gulf to file a general rate case under section 4 of the NGA by January 31, 2020, for rates to take effect by August 1, 2020. Other terms of the settlement are included in FERC Docket No. RP16-302-000. Cost Recovery Trackers and other similar mechanisms. A significant portion of the transmission and storage regulated companies' revenue is related to the recovery of their operating costs, the review and recovery of which occurs via standard regulatory proceedings with the FERC under Section 4 of the NGA. However, certain operating costs of the Columbia OpCo regulated transmission and storage companies are significant and recurring in nature, such as fuel for compression and lost and unaccounted for gas. The FERC allows for the recovery of such costs via cost tracking mechanisms. These tracking mechanisms allow the transmission and storage companies' rates to fluctuate in response to changes in certain operating costs or conditions as they occur to facilitate the timely recovery of its costs incurred. The tracking mechanisms involve a rate adjustment that is filed at a predetermined frequency, typically annually, with the FERC and is subject to regulatory review before new rates go into effect. Other such costs under regulatory tracking mechanisms include upstream pipeline transmission, electric compression, operational purchases and sales of natural gas, and the revenue requirement for capital investments made under Columbia Gas Transmission's long-term plan to modernize its interstate transmission system as discussed above. |
Equity Method Investments |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments | Equity Method Investments Certain investments of the Partnership are accounted for under the equity method of accounting. These investments are recorded within "Unconsolidated affiliates" on the Condensed Consolidated Balance Sheets (unaudited) and the Partnership's portion of the results is reflected in "Equity Earnings in Unconsolidated Affiliates" on the Condensed Statements of Consolidated and Combined Operations (unaudited). In the normal course of business, the Partnership engages in various transactions with these unconsolidated affiliates. Contributions are made to these equity investees to fund the Partnership’s share of capital projects. The following table contains contribution and distribution data representing the Partnership's portion based on the Partnership's ownership percentage of each investment:
During the third quarter of 2015, an additional member joined the Pennant joint venture. The member's initial ownership investment in Pennant is 5.00%, and by funding specified, disproportionate investment amounts for future growth projects, the member can invest directly in the growth of Pennant. Such funding will potentially increase the member's ownership in Pennant up to 33.33% over a defined investment period. As a result of the buy-in, Columbia Midstream received $12.7 million in cash and recorded a gain of $2.9 million, and its ownership interest in Pennant decreased from 50.00% to 47.50%. |
Income Taxes |
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Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Partnership is a limited partnership and is treated as a partnership for U.S. federal income tax purposes and, therefore, is not liable for entity-level federal income taxes. Amounts presented for 2015 in the combined financial statements relate to income taxes that have been determined on a separate tax return basis for the period prior to CPPL's IPO. The effective tax rates for the nine months ended September 30, 2016 and 2015 were zero and 5.8%, respectively. The effective tax rate for 2015 differs from the Federal tax rate of 35% primarily due to post-IPO income that is not subject to income tax at the partnership level. |
Pension And Other Postretirement Benefits |
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Pension and Other Postretirement Benefit Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension And Other Postretirement Benefits | Pension and Other Postretirement Benefits CPG provides defined contribution plans and noncontributory defined benefit retirement plans that cover employees of subsidiaries of the Partnership. Prior to the Separation, employees of subsidiaries of the Partnership were covered by defined contribution plans and noncontributory defined benefit retirement plans provided by NiSource. Benefits under the defined benefit retirement plans reflect the employees' compensation, years of service and age at retirement. Additionally, CPG provides health care and life insurance benefits for certain retired employees of subsidiaries of the Partnership. The majority of employees may become eligible for these benefits if they reach retirement age while working for subsidiaries of the Partnership. The expected cost of such benefits is accrued during the employees' years of service. Current rates charged to customers of subsidiaries of the Partnership include postretirement benefit costs. Cash contributions are remitted to trusts, including a grantor trust used to fund benefits of the CPG non-qualified defined benefit plan. Subsidiaries of the Partnership are participants in the consolidated CPG defined benefit retirement plans (the Plans) and, therefore, subsidiaries of the Partnership are allocated a ratable portion of CPG's trusts for the Plans in which its employees and retirees participate. As a result, the Partnership follows multiple employer accounting under the provisions of GAAP. For the nine months ended September 30, 2016, CPG has made no contributions to its pension plans and contributed $1.0 million to its other postretirement benefit plans. The following table provides the components of the subsidiaries of the Partnership's allocation of net periodic benefits cost for the three and nine months ended September 30, 2016 and 2015:
As of July 1, 2016, the CPG pension and other postretirement benefit plans were remeasured as a result of the acquisition by TransCanada. The remeasurement resulted in an increase to the pension benefit obligation, net of plan assets, of $0.4 million, a net decrease to regulatory assets of $0.9 million, and an increase to accumulated other comprehensive loss of $0.1 million. Net periodic pension cost for the remainder of 2016 increased by $0.7 million as a result of the remeasurement. A settlement charge of $2.6 million was recorded as a result of the non-qualified pension plan being terminated in connection with Merger. The other postretirement benefits obligation, net of plan assets, decreased by $10.1 million as a result of the remeasurement. Additionally, the remeasurement resulted in an increase to regulatory assets of $8.6 million and a decrease to regulatory liabilities of $1.7 million. The remeasurement resulted in no change to accumulated other comprehensive loss. Net periodic other postretirement benefit cost for the remainder of 2016 increased by $1.0 million as a result of the remeasurement. The following table provides the key assumptions that were used to calculate the pension and other postretirement benefit obligation and the net periodic benefit cost at the measurement dates of July 1, 2016 and December 31, 2015.
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value The Partnership has certain financial instruments that are not measured at fair value on a recurring basis but nevertheless are recorded at amounts that approximate fair value due to their liquid or short-term nature, including cash and cash equivalents, customer deposits and short-term borrowings-affiliated. The Partnership's long-term debt-affiliated is recorded at historical amounts. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate fair value. Long-term debt-affiliated. The fair value of these securities is estimated based on the quoted market prices for similar issues or on the rates offered for securities of the same remaining maturities. On January 31, 2016, the Partnership amended its intercompany credit agreement to extend the maturity date and apply a fixed interest rate. Prior to this amendment, the fair value approximated carrying value as these securities bore interest at variable rates. These fair value measurements are classified as Level 2 within the fair value hierarchy. For the nine months ended September 30, 2016 and for the year ended December 31, 2015, there were no changes in the method or significant assumptions used to estimate the fair value of the financial instruments. The carrying amount and estimated fair values of financial instruments were as follows:
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Other Commitments And Contingencies |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Commitments and Contingencies | Other Commitments and Contingencies A. Guarantees and Indemnities. In the normal course of its business, the Partnership and certain subsidiaries enter into various agreements providing financial or performance assurance to third parties on behalf of the parent or certain subsidiaries. Such agreements include guarantees and stand-by letters of credit. These agreements are entered into primarily to support or enhance the creditworthiness otherwise attributed to the parent or a subsidiary on a stand-alone basis, thereby facilitating the extension of sufficient credit to accomplish the parent or the subsidiaries' intended commercial purposes. The total guarantees and indemnities in existence at September 30, 2016 and the years in which they expire were:
Guarantees of Debt. The Partnership, together with CEG and OpCo GP (the "Guarantors") have guaranteed payment of $2,750.0 million in aggregated principal amount of CPG's senior notes. Each Guarantor is required to comply with covenants under the debt indenture and in the event of default the Guarantors would be obligated to pay the debt's principal and related interest. The Partnership does not anticipate that it will have any difficulty maintaining compliance. The guarantees of any Guarantor may be released under certain circumstances. Lines and Letters of Credit. CPPL maintained a $500.0 million senior revolving credit facility, of which $50.0 million was available for issuance of letters of credit. The Partnership, together with CPG, CEG and OpCo GP, each fully guaranteed the CPPL credit facility. On June 29, 2016, in anticipation of the Merger, all outstanding borrowings, facility fees and interest were paid in full and the revolving credit facility was terminated. CPG maintained a $1,500.0 million senior revolving credit facility, of which $250.0 million in letters of credit was available. The Partnership, together with CEG and OpCo GP, each fully guaranteed the CPG credit facility. On July 1, 2016, in connection with the Merger, all existing letters of credit were migrated to a TransCanada credit facility and the CPG revolving credit facility was terminated. CPG's commercial paper program (the “Program”) had a Program limit of up to $1,000.0 million. The Partnership, together with CEG and OpCo GP, each agreed, jointly and severally, unconditionally and irrevocably to guarantee payment in full of the principal of and interest (if any) on the promissory notes. On June 30, 2016, in anticipation of the Merger, the Program was terminated. CPG had no promissory notes outstanding under the Program at the time of termination. B. Other Legal Proceedings. In the normal course of its business, the Partnership has been named as a defendant in various legal proceedings. In the opinion of management, the ultimate disposition of these currently asserted claims will not have a material impact on the Partnership’s consolidated and combined financial statements. Please see Item 1 of Part II, Legal Proceedings, for more information. C. Environmental Matters. The Partnership's operations are subject to environmental statutes and regulations related to air quality, water quality, hazardous waste and solid waste. The Partnership believes that it is in substantial compliance with those environmental regulations currently applicable to its operations and believes that it has all necessary material permits to conduct its operations. It is the Partnership's continued intent to address environmental issues in cooperation with regulatory authorities in such a manner as to achieve mutually acceptable compliance plans. However, there can be no assurance that fines and penalties will not be incurred. The Partnership records accruals to cover environmental remediation at various sites. The current portion of this accrual is included in “Other accruals” in the Condensed Consolidated Balance Sheets (unaudited). The noncurrent portion is included in “Other noncurrent liabilities” in the Condensed Consolidated Balance Sheets (unaudited). Air The CAA and comparable state laws regulate emissions of air pollutants from various industrial sources, including compressor stations, and also impose various monitoring and reporting requirements. Such laws and regulations may require pre-approval for the construction or modification of certain projects or facilities expected to produce air emissions or result in an increase of existing air emissions; application for, and strict compliance with, air permits containing various emissions and operational limitations; or the utilization of specific emission control technologies to limit emissions. The actions listed below could require further reductions in emissions from various emission sources. The Partnership will continue to closely monitor developments in these matters. National Ambient Air Quality Standards. The federal CAA requires the EPA to set NAAQS for particulate matter and five other pollutants considered harmful to public health and the environment. Periodically, the EPA imposes new or modifies existing NAAQS. States that contain areas that do not meet the new or revised standards must take steps to maintain or achieve compliance with the standards. These steps could include additional pollution controls on boilers, engines, turbines, and other facilities owned by gas transmission operations. The following NAAQS were recently added or modified: Ozone: On October 1, 2015, the EPA issued a final rule lowering the NAAQS for ground-level ozone to 70 ppb under both the primary and secondary standards to provide requisite protection of public health and welfare, respectively. The EPA is required to include an adequate margin of safety in establishing the primary ozone standard for protection of public health, whereas the secondary ozone standard is intended to improve protection for trees, plants and ecosystems. The final rule becomes effective sixty days after the rule is published in the Federal Register. The EPA is required to make attainment and non-attainment designations for specific geographic locations under the revised standards by October 1, 2017 and, depending on the severity of the ozone present, non-attainment areas will have until between 2020 and 2037 to meet the health standard. With the EPA lowering the ground-level ozone standard, states may be required to implement more stringent regulations. Based on the current version of the rule, the Partnership does not expect a material impact on its operations. Nitrogen Dioxide (NO2): The EPA revised the NO2 NAAQS by adding a one-hour standard while retaining the annual standard. The new standard could impact some Partnership combustion sources. The EPA designated all areas of the country as unclassifiable/attainment in January 2012. After the establishment of a new monitoring network and possible modeling implementation, areas will potentially be re-designated sometime in 2016. States with areas that do not meet the standard will be required to develop rules to bring areas into compliance within five years of designation. Additionally, under certain permitting circumstances, emissions from some existing Partnership combustion sources may need to be assessed and mitigated. The Partnership will continue to monitor this matter and cannot estimate the impact of these rules at this time. Climate Change. Future legislative and regulatory programs could significantly restrict emissions of greenhouse gases including methane. New Source Performance Standards: On May 12, 2016, the EPA finalized the rule to regulate fugitive methane emissions for compressor stations in the natural gas transmission and storage sector. The final rule was subsequently published in the Federal Register on June 3, 2016. The Partnership is working with industry groups to litigate and clarify ambiguities within the rule. The Partnership does not have any existing sites that will be impacted by this rule. However, the EPA has announced that it intends to propose additional regulations related to the emission of methane from existing sources in the oil and natural gas sector. Pipeline Safety On March 17, 2016, the federal Pipeline and Hazardous Materials Safety Administration (“PHMSA”) announced a proposed rulemaking that would, if adopted, impose more stringent requirements for certain gas lines and gathering lines under varying circumstances. Among other things, the proposed rulemaking would extend certain of PHMSA’s current regulatory safety programs for gas pipelines beyond “high consequence areas” to cover gas pipelines found in newly defined “moderate consequence areas” that contain as few as 5 dwellings within the potential impact area; require gas pipelines installed before 1970 that are currently exempted from certain pressure testing obligations to be tested to determine their maximum allowable operating pressures (“MAOP”); and require gathering lines in Class I areas, both onshore and offshore, to comply with standards regarding damage prevention, corrosion control (for metallic pipe), public education, MAOP limits, line markers and emergency planning if such gathering lines’ nominal design is 8 inches or more. In order to provide clarity and greater certainty on what may constitute a “gathering line,” PHMSA is proposing a new definition of that term under the rulemaking, which term would now encompass “a pipeline, or a connected series of pipelines, and equipment used to collect gas from the endpoint of a production facility/operation and transport it to the furthermost point downstream of the following endpoints” including the “inlet of 1st gas processing plant;” the “outlet of” a gas treatment facility (not associated with a processing plant or compressor station); the “[o]utlet of the furthermost downstream compressor” leading to a pipeline, or the “point where separate production fields are commingled.” Other new requirements proposed by PHMSA under the rulemaking would require pipeline operators to: report to PHMSA in the event of certain MAOP exceedances; strengthen PHMSA integrity management requirements; consider seismicity in evaluating threats to a pipeline; conduct hydrostatic testing for all pipeline segments manufactured using longitudinal seam welds; and use more detailed guidance from PHMSA in the selection of assessment methods to inspect pipelines. The Partnership will continue to monitor this matter and cannot estimate the impact of these rules at this time. On June 22, 2016, President Obama signed new pipeline safety legislation, the “Protecting our Infrastructure of Pipelines and Enhancing Safety Act of 2016" (the “PIPES Act”). Extending PHMSA’s statutory mandate through 2019, the PIPES Act establishes or continues the development of stringent requirements affecting pipeline safety including: (i) providing PHMSA with additional authority to address imminent hazards by imposing emergency restrictions, prohibitions and safety measures on owners and operators of gas or hazardous liquid pipeline facilities without prior notice or an opportunity for a hearing; (ii) having pipeline operators that experience a spill from a liquids pipeline provide safety data sheets for the spilled liquid to the on-scene coordinator predesignated by the EPA and state and local officials within six hours of a telephonic notice; (iii) obligating PHMSA to develop safety standards for natural gas storage facilities by June 22, 2018; (iv) obligating PHMSA to provide feedback to pipeline operators after an inspection, including a briefing within thirty days and a written report with written preliminary findings within ninety days to the extent practicable; (v) requiring annual internal inspection of certain underwater hazardous liquid pipeline facilities in high consequence areas located at depths greater than 150 feet under the surface of the water; and (vi) requiring PHMSA to complete certain of the outstanding mandates under existing legislation and to report to Congress on the status of overdue rulemakings. The Partnership will continue to monitor this matter and cannot estimate the impact of these rules at this time. On October 3, 2016, PHMSA announced a temporary rule authorizing the agency to issue Emergency Orders to address what it deems imminent safety hazards for both liquid and gas pipes. The new rule allows PHMSA to impose restrictions, prohibitions, and require safety measures without giving operators prior notice or an opportunity for a hearing. In contrast to PHMSA’s past practice of issuing Corrective Action Orders to an individual owner, operator, or facility, under the new rule PHMSA can issue an Emergency Order for numerous entities. PHMSA has until March 19, 2017 to issue a permanent final rule, when this temporary rule expires. The Partnership will continue to monitor this matter and cannot estimate the impact of these rules at this time. |
Accumulated Other Comprehensive Loss |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following tables display the components of Accumulated Other Comprehensive Loss for the three and nine months ended September 30, 2016 and 2015:
(1)Amounts in parentheses indicate debits.
(1)Amounts in parentheses indicate debits. (2)All amounts prior to CPPL's IPO are net of tax. (3)Reflects the non-cash elimination of all historical current and deferred income taxes other than Tennessee state income taxes that will continue to be borne by the Partnership post-IPO. Equity Investment Millennium Pipeline is an equity method investment and, therefore, the Partnership is required to recognize a proportional share of Millennium Pipeline’s OCI. The remaining unrecognized loss at September 30, 2016 of $23.7 million, before tax, related to terminated interest rate swaps is being amortized over a 15 year period ending June 2025 into earnings using the effective interest method through interest expense as interest payments are made by Millennium Pipeline. The unrecognized loss of $23.7 million and $25.0 million, before tax, at September 30, 2016 and December 31, 2015, respectively, is included in gains and losses on cash flow hedges above. |
Other, Net |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, Net | Other, Net
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Supplemental Cash Flow Information |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table provides additional information regarding the Partnership’s Condensed Statements of Consolidated and Combined Cash Flows (unaudited) for the nine months ended September 30, 2016 and 2015:
(1) Capital expenditures included in current liabilities is comprised of "Accrued capital expenditures" and certain other amounts included within "Accounts payable" on the Condensed Consolidated Balance Sheets (unaudited). |
Concentration Of Credit Risk |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentration Risk Disclosure | Concentration of Credit Risk Columbia Gas of Ohio, an affiliated party prior to the Separation, accounted for greater than 10% of total operating revenues for the three and nine months ended September 30, 2016 and 2015. The following tables provide this customer's operating revenues and percentage of total operating revenues for the three and nine months ended September 30, 2016 and 2015:
(1) Represents the gross amount of revenue contracted for with Columbia Gas of Ohio and, therefore, subject to risk at the loss of this customer. Columbia Gas of Ohio has entered into certain capacity release arrangements with third parties which ultimately can decrease the net revenue amount the Partnership receives from Columbia Gas of Ohio in any given period. The loss of a significant portion of operating revenues from this customer could have a material adverse effect on the business of the Partnership. |
Transactions With Affiliates (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Transactions With Affiliates | Statement of Operations
Balance Sheet
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Schedule of Related Party Transactions, Long-Term Debt |
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Asset Retirement Obligations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes In Company's Liability For Asset Retirement Obligations |
(1) Reflects the removal of amounts related to Crossroads Pipeline Company, which was included in the Predecessor but was not contributed to the Partnership. |
Equity Method Investments (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments | The following table contains contribution and distribution data representing the Partnership's portion based on the Partnership's ownership percentage of each investment:
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Pension And Other Postretirement Benefits (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of The Plans' Net Periodic Benefits Cost |
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Schedule of Assumptions Used [Table Text Block] | The following table provides the key assumptions that were used to calculate the pension and other postretirement benefit obligation and the net periodic benefit cost at the measurement dates of July 1, 2016 and December 31, 2015.
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Fair Value (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount And Estimated Fair Values Of Financial Instruments | The carrying amount and estimated fair values of financial instruments were as follows:
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Other Commitments And Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Guarantee Obligations | The total guarantees and indemnities in existence at September 30, 2016 and the years in which they expire were:
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Accumulated Other Comprehensive Loss (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Accumulated Other Comprehensive Loss |
(1)Amounts in parentheses indicate debits.
(1)Amounts in parentheses indicate debits. (2)All amounts prior to CPPL's IPO are net of tax. (3)Reflects the non-cash elimination of all historical current and deferred income taxes other than Tennessee state income taxes that will continue to be borne by the Partnership post-IPO. |
Other, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Other, Net |
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Supplemental Cash Flow Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Information Regarding Condensed Statements Of Consolidated Cash Flows |
(1) Capital expenditures included in current liabilities is comprised of "Accrued capital expenditures" and certain other amounts included within "Accounts payable" on the Condensed Consolidated Balance Sheets (unaudited). |
Concentration Of Credit Risk (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Concentration Of Credit Risk |
(1) Represents the gross amount of revenue contracted for with Columbia Gas of Ohio and, therefore, subject to risk at the loss of this customer. Columbia Gas of Ohio has entered into certain capacity release arrangements with third parties which ultimately can decrease the net revenue amount the Partnership receives from Columbia Gas of Ohio in any given period. |
Basis of Accounting Presentation (Narrative) (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|---|
Feb. 11, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
mi
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
shares
|
Sep. 30, 2016
USD ($)
mi
|
Sep. 30, 2015
USD ($)
|
|
Basis Of Accounting Presentation [Line Items] | ||||||
Limited Liability Company or Limited Partnership, Managing Member or General Partner, Name | OpCo GP LLC | |||||
Pipeline Miles | mi | 15,000 | 15,000 | ||||
Reimbursement of Preformation Capital | $ 500.0 | |||||
Net proceeds from IPO | $ 1,170.0 | |||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 100.00% | |||||
Merger related transaction costs | $ 110.4 | |||||
Employee related Merger transaction costs | 101.3 | |||||
Impairment of long-lived assets | $ 11.9 | $ 0.6 | $ 11.9 | $ 0.6 | ||
Columbia Pipeline Partners LP [Member] | ||||||
Basis Of Accounting Presentation [Line Items] | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 15.70% | |||||
Columbia Hardy Corporation [Member] | ||||||
Basis Of Accounting Presentation [Line Items] | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 0.77% | |||||
Columbia Energy Group [Member] | ||||||
Basis Of Accounting Presentation [Line Items] | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 84.30% | |||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 83.53% | |||||
Columbia Pipeline Partners LP [Member] | ||||||
Basis Of Accounting Presentation [Line Items] | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest Additional Ownership Interest | 8.40% | |||||
Columbia Energy Group [Member] | ||||||
Basis Of Accounting Presentation [Line Items] | ||||||
Contribution of capital from parent | $ 1,217.3 | |||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 7.30% | |||||
Subordinated Units [Member] | Columbia Energy Group [Member] | ||||||
Basis Of Accounting Presentation [Line Items] | ||||||
Partners' Capital Account, Units, Sold in Public Offering | shares | 46,811,398 |
Transactions With Affiliates (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 8 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Jul. 01, 2016 |
Dec. 31, 2015 |
Dec. 05, 2014 |
|
Related Party Transaction [Line Items] | ||||||||
Merger Related Utilities Operating Expense Maintenance and Operations Related Parties | $ 78.3 | |||||||
Interest Expense, Long-term Debt | $ 7.6 | $ 7.6 | 22.8 | $ 27.3 | ||||
Allowance for Funds Used During Construction, Capitalized Interest | 1.8 | 1.7 | 3.7 | 4.1 | ||||
Interest Expense, Short-term Borrowings | 2.6 | $ 0.5 | 3.5 | $ 0.9 | ||||
Accounts receivable-affiliated | 161.2 | 161.2 | $ 149.4 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,600.0 | 2,600.0 | ||||||
Short-term borrowings-affiliated | 1,116.5 | 1,116.5 | 42.1 | |||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 582.9 | 443.6 | ||||||
Reimbursement of Preformation Capital | $ 500.0 | |||||||
Transportation and Storage Services | ||||||||
Related Party Transaction [Line Items] | ||||||||
Accounts receivable-affiliated | $ 1.7 | $ 1.7 | 8.9 | |||||
Money Pool | ||||||||
Related Party Transaction [Line Items] | ||||||||
Short-term Debt, Weighted Average Interest Rate | 1.68% | 1.21% | 1.21% | 1.68% | 1.21% | |||
Accounts receivable-affiliated | $ 159.5 | $ 159.5 | $ 140.5 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 750.0 | 750.0 | ||||||
Revolving Credit Facility [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500.0 | |||||||
Notes Due 2020 [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,300.0 | $ 2,300.0 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | 4.70% | ||||||
Debt Instrument, Maturity Date | Dec. 31, 2020 | |||||||
TransCanada PipeLine USA Ltd. [Member] | Revolving Credit Facility [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000.0 |
Transactions With Affiliates (Schedule of Affiliated Transactions) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Related Party Transaction [Line Items] | |||||
Transportation revenues | $ 0.0 | $ 0.0 | $ 0.0 | $ 47.1 | |
Storage revenues | 0.0 | 0.0 | 0.0 | 26.2 | |
Other revenues | 0.0 | 0.0 | 0.0 | 0.2 | |
Operation and maintenance expense | 116.2 | 37.3 | 197.5 | 111.9 | |
Interest expense | 8.4 | 6.4 | 22.6 | 24.1 | |
Interest income | 0.4 | $ 2.1 | 0.7 | $ 4.2 | |
Accounts receivable | 161.2 | 161.2 | $ 149.4 | ||
Short-term borrowings | 1,116.5 | 1,116.5 | 42.1 | ||
Accounts payable | 29.6 | 29.6 | 85.9 | ||
Long-term debt | $ 630.9 | $ 630.9 | $ 630.9 |
Transactions With Affiliates (Schedule of Long-term Debt) (Details) - Notes Due 2020 [Member] - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Schedule of Related Party Transactions, Long-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Dec. 09, 2013 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | |
Debt Instrument, Maturity Date | Dec. 31, 2020 | |
Long-term Debt | $ 630.9 | $ 630.9 |
Gain On Sale Of Assets (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Gain On Sale of Assets [Abstract] | |||||
Gain on Conveyances | $ 9.7 | $ 36.0 | $ 15.7 | $ 49.6 | |
Gain on Conveyances Cash Received | 9.0 | $ 35.8 | |||
Deferred Gains On Conveyances | $ 1.3 | $ 1.3 | $ 8.1 |
Goodwill (Narrative) (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 1,975.5 | $ 1,975.5 |
Asset Retirement Obligations (Changes In Company's Liability For Asset Retirement Obligations) (Details) - USD ($) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning Balance | $ 25.3 | $ 23.2 | ||
Noncontributed net parent investment adjustments | [1] | 0.0 | (0.4) | |
Accretion expense | 0.8 | 0.9 | ||
Additions | 0.0 | 0.4 | ||
Settlements | 0.0 | 0.0 | ||
Change in estimated cash flows | (3.6) | (1.6) | ||
Ending Balance | $ 22.5 | $ 22.5 | ||
|
Regulatory Matters (Narrative) (Details) - USD ($) $ in Millions |
Jan. 01, 2016 |
Sep. 30, 2016 |
Feb. 01, 2016 |
---|---|---|---|
Regulatory Assets and Liabilities Disclosure [Abstract] | |||
Expected Modernization Investment | $ 300.0 | ||
Modernization Program Recovery | $ 320.0 | ||
Annual Capital Cost Recovery Mechanism Extension Limit | $ 1,100.0 |
Equity Method Investments Equity Method Investments (Narrative) (Details) - Pennant $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2015
USD ($)
| |
Schedule of Equity Method Investments [Line Items] | |
Gain on Buy-In | $ 2.9 |
Cash Received from Buy-In | $ 12.7 |
Equity Method Investment, Ownership Percentage | 47.50% |
Equity Method Investment, Initial Ownership Percentage | 5.00% |
Maximum [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 33.33% |
Previous [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Equity Method Investments (Schedule of Equity Method Investments) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Millennium Pipeline | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Contributions | $ 4.3 | $ 1.4 | $ 6.2 | $ 1.4 |
Distributions of earnings | 17.5 | 13.3 | 41.3 | 37.5 |
Hardy Storage | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Contributions | 0.0 | 0.0 | 0.0 | 0.0 |
Distributions of earnings | 0.0 | 0.0 | 1.4 | 1.0 |
Pennant | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Contributions | 0.0 | 0.0 | 0.0 | 0.0 |
Distributions of earnings | 2.3 | 2.9 | 8.3 | 5.6 |
Return of capital | $ 0.8 | $ 0.2 | $ 1.6 | $ 2.4 |
Income Taxes (Narrative) (Details) |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Income Tax Disclosure [Abstract] | ||
Effective income tax rates | 0.00% | 5.80% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% |
Pension And Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Jul. 01, 2016 |
|
Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Change in Projected Benefit Obligation, Net of Plan Assets, Due to Interim Measurement | $ 0.4 | ||||
Decrease in regulatory assets due to interim measurement | 0.9 | ||||
Change in Accumulated Other Comprehensive Income Due to Interim Measurement | 0.1 | ||||
Defined Benefit Plan, Contributions by Employer | $ 0.0 | ||||
Change in Net Periodic Benefit Cost due to Interim Measurement | 0.7 | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | $ (2.6) | $ 0.0 | (2.6) | $ 0.0 | |
Other Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Change in Projected Benefit Obligation, Net of Plan Assets, Due to Interim Measurement | 10.1 | ||||
Increase in regulatory assets due to interim measurement | 8.6 | ||||
Decrease in regulatory liabilities due to interim measurement | 1.7 | ||||
Change in Accumulated Other Comprehensive Income Due to Interim Measurement | $ 0.0 | ||||
Defined Benefit Plan, Contributions by Employer | 1.0 | ||||
Change in Net Periodic Benefit Cost due to Interim Measurement | 1.0 | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
Pension And Other Postretirement Benefits (Components Of The Plans' Net Periodic Benefits Cost) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | $ 1.6 | $ 1.4 | $ 4.8 | $ 4.0 |
Interest cost | 3.2 | 3.3 | 11.0 | 9.4 |
Expected return on assets | (5.2) | (5.8) | (18.5) | (18.0) |
Amortization of prior service (credit) cost | (0.2) | (0.3) | (0.8) | (0.7) |
Recognized actuarial loss | 2.7 | 2.1 | 8.9 | 6.2 |
Net Periodic Benefits Cost (Income) | 2.1 | 0.7 | 5.4 | 0.9 |
Settlement loss | 2.6 | 0.0 | 2.6 | 0.0 |
Total Net Periodic Benefit Cost (Income) | 4.7 | 0.7 | 8.0 | 0.9 |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 0.3 | 0.2 | 0.8 | 0.8 |
Interest cost | 1.0 | 1.0 | 3.3 | 3.0 |
Expected return on assets | (3.4) | (4.4) | (11.5) | (13.0) |
Amortization of prior service (credit) cost | (0.1) | 0.0 | (0.4) | 0.0 |
Recognized actuarial loss | 0.1 | (0.1) | 0.2 | (0.1) |
Net Periodic Benefits Cost (Income) | (2.1) | (3.3) | (7.6) | (9.3) |
Settlement loss | 0.0 | 0.0 | 0.0 | 0.0 |
Total Net Periodic Benefit Cost (Income) | $ (2.1) | $ (3.3) | $ (7.6) | $ (9.3) |
Pension And Other Postretirement Benefits Pension and Other Postretirement Benefits - Schedule of Significant Actuarial Assumptions Used for Remeasurement (Details) |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.75% | 4.05% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.75% | 8.20% |
Other Postretirement Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.95% | 4.28% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.36% | 8.06% |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 8.80% | 8.38% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2023 | 2022 |
Fair Value (Carrying Amount And Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt-affiliated, Carrying Amount | $ 630.9 | $ 630.9 |
Long-term debt-affiliated, Estimated Fair Value | $ 683.2 | $ 630.9 |
Other Commitments And Contingencies (Narrative) (Details) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016
USD ($)
|
Dec. 05, 2014
USD ($)
|
|
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,600.0 | |
Ozone Level Maximum | 70 ppb | |
Dwellings within the potential impact area | 5 | |
Gathering line nominal design inches | 8 | |
Feet under the surface water | 150 | |
Revolving Credit Facility [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500.0 | |
Guarantees of debt | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Guarantees | $ 2,750.0 | |
Columbia Pipeline Partners LP [Member] | Revolving Credit Facility [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 500.0 | |
Columbia Pipeline Partners LP [Member] | Lines and letters of Credit | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 50.0 | |
Columbia Pipeline Group | Revolving Credit Facility [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500.0 | |
Columbia Pipeline Group | Lines and letters of Credit | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 250.0 | |
Commercial Paper [Member] | Columbia Pipeline Group | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000.0 | |
Commercial Paper | $ 0.0 |
Other Commitments And Contingencies (Existence and Expiration of Commercial Commitments) (Details) - Guarantees of debt $ in Millions |
Sep. 30, 2016
USD ($)
|
---|---|
Total commercial commitments [Line Items] | |
Total | $ 2,750.0 |
2016 | 0.0 |
2017 | 0.0 |
2018 | 500.0 |
2019 | 0.0 |
2020 | 750.0 |
After | $ 1,500.0 |
Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Accumulated Other Comprehensive Loss [Line Items] | ||
Other Comprehensive Income Unrecognized Gain Loss On Derivatives Arising During Period Before Tax | $ 23.7 | $ 25.0 |
Millennium Pipeline | ||
Accumulated Other Comprehensive Loss [Line Items] | ||
Unrealized loss, amortization period | 15 years | |
Debt Instrument, Maturity Date | Jun. 01, 2025 |
Accumulated Other Comprehensive Loss (Components Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 8 Months Ended | 9 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||
Beginning Balance | [1] | $ (24.7) | $ (26.4) | $ (25.7) | $ (16.7) | [2] | |||||||||||
Other comprehensive income before reclassifications | [1] | 0.2 | (0.5) | 0.2 | (0.5) | [2] | |||||||||||
Amounts reclassified from accumulated other comprehensive income | [1] | 0.5 | 0.7 | 1.5 | 1.3 | [2] | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | 0.7 | [1] | 0.2 | [1] | $ 0.7 | 1.7 | [1] | 0.8 | [1],[2] | ||||||||
Ending Balance | [1] | (24.0) | (26.2) | [2] | (26.2) | [2] | (24.0) | (26.2) | [2] | ||||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||
Beginning Balance | [1] | (24.3) | (26.2) | (25.3) | (16.6) | [2] | |||||||||||
Predecessor net tax liabilities not assumed by the Partnership | [1],[2],[3] | (10.2) | |||||||||||||||
Other comprehensive income before reclassifications | [1] | 0.0 | 0.0 | 0.0 | 0.0 | [2] | |||||||||||
Amounts reclassified from accumulated other comprehensive income | [1] | 0.6 | 0.4 | 1.6 | 1.0 | [2] | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | [1] | 0.6 | 0.4 | 1.6 | 1.0 | [2] | |||||||||||
Ending Balance | [1] | (23.7) | (25.8) | [2] | (25.8) | [2] | (23.7) | (25.8) | [2] | ||||||||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||
Beginning Balance | [1] | (0.4) | (0.2) | (0.4) | (0.1) | [2] | |||||||||||
Predecessor net tax liabilities not assumed by the Partnership | [1],[2],[3] | (0.1) | |||||||||||||||
Other comprehensive income before reclassifications | [1] | 0.2 | (0.5) | 0.2 | (0.5) | [2] | |||||||||||
Amounts reclassified from accumulated other comprehensive income | [1] | (0.1) | 0.3 | (0.1) | 0.3 | [2] | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | [1] | 0.1 | (0.2) | 0.1 | (0.2) | [2] | |||||||||||
Ending Balance | [1] | $ (0.3) | $ (0.4) | [2] | (0.4) | [2] | (0.3) | (0.4) | [2] | ||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||
Predecessor net tax liabilities not assumed by the Partnership | [1],[2],[3] | $ (10.3) | |||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | $ 0.7 | $ 1.7 | |||||||||||||||
|
Other, Net (Schedule of Other, Net) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Other Income and Expenses [Abstract] | ||||
AFUDC Equity | $ 13.8 | $ 6.6 | $ 29.7 | $ 15.0 |
Miscellaneous | 0.5 | 2.2 | 0.6 | 3.6 |
Total Other, net | $ 14.3 | $ 8.8 | $ 30.3 | $ 18.6 |
Supplemental Cash Flow Information (Schedule of Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|||
Supplemental Cash Flow Information [Abstract] | ||||
Capital expenditures included in current liabilities | [1] | $ 211.0 | $ 218.4 | |
Cash paid for interest, net of interest capitalized amounts | $ 21.8 | $ 29.1 | ||
|
Concentration Of Credit Risk (Narrative) (Details) |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Concentration Risk [Line Items] | |
Concentration Risk, Benchmark Description | greater than 10% of total operating revenues |
Concentration of Credit Risk (Schedule of Concentration Of Credit Risk) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|||||
Concentration Risk [Line Items] | ||||||||
Revenues | $ 326.5 | $ 320.0 | $ 1,003.2 | $ 974.8 | ||||
Credit Concentration Risk | ||||||||
Concentration Risk [Line Items] | ||||||||
Revenues | $ 35.6 | [1] | $ 35.3 | [1] | $ 121.1 | $ 120.4 | ||
Concentration Risk, Percentage | 10.90% | [1] | 11.00% | [1] | 12.10% | 12.40% | ||
|
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