Assets Held for Sale

6 Months Ended

Jun. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale [Table Text Block]

Note 3 – Assets Held for Sale

On July 6, 2017, WPZ completed the sale of Williams Olefins, L.L.C., a wholly owned subsidiary which owned our interest in the Geismar, Louisiana, olefins plant (Geismar Interest) for $2.084 billion in cash, subject to a working capital adjustment. Upon closing of the sale, WPZ entered into a long-term supply and transportation agreement with the purchaser to provide feedstock to the plant via its Bayou Ethane pipeline system. As a result of this sale, WPZ expects to record a gain of approximately $1.1 billion in the third quarter of 2017.

The assets and liabilities of the Geismar olefins plant are presented as held for sale within the Williams Partners segment as of June 30, 2017. The following table presents the carrying amounts of the major classes of assets and liabilities included as part of the Geismar disposal group, which are presented within Assets held for sale and Liabilities held for sale in the Consolidated Balance Sheet. Also included in Assets held for sale in the Consolidated Balance Sheet are $4 million of assets held for sale within the Williams Partners segment unrelated to the Geismar Interest and at December 31, 2016, were previously included in Other current assets and deferred charges.

	Carrying Amount
	June 30, 2017
	(Millions)
Assets:
Current assets	$	72
Property, plant, and equipment – net	903
Other noncurrent assets	25
	$	1,000
Liabilities:
Current liabilities	$	35
Noncurrent liabilities	1
	$	36

The following table presents the results of operations for the Geismar disposal group.

	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
	(Millions)
Income (loss) before income taxes of the disposal group	$	2	$	30	$	25	$	48
Income (loss) before income taxes of the disposal group attributable to The Williams Companies, Inc.	2		18		19		29