Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2016

Variable Interest Entity Disclosures [Abstract]

Schedule of Variable Interest Entities [Table Text Block]

The following table presents amounts included in our Consolidated Balance Sheet that are for the use or obligation of WPZ and/or its subsidiaries, and which comprise a significant portion of our consolidated assets and liabilities.



	June 30, 2016			December 31, 2015			Classification
	(Millions)
Assets (liabilities):
Cash and cash equivalents	$	91		$	73		Cash and cash equivalents
Accounts and notes receivable - net	720			1,026			Accounts and notes receivable – net,
Inventories	122			127			Inventories
Assets held for sale	932			13			Assets held for sale
Other current assets	177			177			Other current assets and deferred charges
Investments	7,125			7,336			Investments
Property, plant and equipment – net	27,811			28,593			Property, plant and equipment – net
Goodwill	47			47			Goodwill
Other intangible assets – net	9,791			9,969			Other intangible assets – net of accumulated amortization
Regulatory assets, deferred charges, and other noncurrent assets	459			479			Regulatory assets, deferred charges, and other
Accounts payable	(669		)	(625		)	Accounts payable
Liabilities held for sale	(151		)	—			Liabilities held for sale
Accrued liabilities including current asset retirement obligations	(666		)	(757		)	Accrued liabilities
Commercial paper	(196		)	(499		)	Commercial paper
Long-term debt due within one year	(786		)	(176		)	Long-term debt due within one year
Long-term debt	(19,116		)	(19,001		)	Long-term debt
Deferred income tax liabilities	(21		)	(119		)	Deferred income tax liabilities
Noncurrent asset retirement obligations	(849		)	(857		)	Other noncurrent liabilities
Regulatory liabilities, deferred income and other noncurrent liabilities	(1,275		)	(1,066		)	Other noncurrent liabilities

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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