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Fair Value Measurements and Guarantees (Tables)
 6 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
Fair Value Assets and Liabilities Measured On Recurring Basis [Table Text Block]
The following table presents, by level within the fair value hierarchy, certain of our financial assets and liabilities. The carrying values of cash and cash equivalents, accounts receivable, commercial paper, and accounts payable approximate fair value because of the short-term nature of these instruments. Therefore, these assets and liabilities are not presented in the following table.
 
 
 
 
 
 
Fair Value Measurements Using
 
 
Carrying
Amount
 
Fair
Value
 
Quoted
Prices In
Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
 
(Millions)
Assets (liabilities) at June 30, 2017:
 
 
 
 
 
 
 
 
 
 
Measured on a recurring basis:
 
 
 
 
 
 
 
 
 
 
ARO Trust investments
 
$
119

 
$
119

 
$
119

 
$
—

 
$
—

Energy derivatives assets designated as hedging instruments
 
5

 
5

 
5

 
—

 
—

Energy derivatives assets not designated as hedging instruments
 
3

 
3

 
2

 
—

 
1

Energy derivatives liabilities designated as hedging instruments
 
(1
)
 
(1
)
 
—

 
(1
)
 
—

Energy derivatives liabilities not designated as hedging instruments
 
(6
)
 
(6
)
 
(2
)
 
—

 
(4
)
Additional disclosures:
 
 
 
 
 
 
 
 
 
 
Other receivables
 
6

 
6

 
6

 
—

 
—

Long-term debt, including current portion
 
(23,276
)
 
(24,786
)
 
—

 
(24,786
)
 
—

Guarantees
 
(44
)
 
(31
)
 
—

 
(15
)
 
(16
)
 
 
 
 
 
 
 
 
 
 
 
Assets (liabilities) at December 31, 2016:
 
 
 
 
 
 
 
 
 
 
Measured on a recurring basis:
 
 
 
 
 
 
 
 
 
 
ARO Trust investments
 
$
96

 
$
96

 
$
96

 
$
—

 
$
—

Energy derivatives assets designated as hedging instruments
 
2

 
2

 
—

 
2

 
—

Energy derivatives assets not designated as hedging instruments
 
1

 
1

 
—

 
—

 
1

Energy derivatives liabilities not designated as hedging instruments
 
(6
)
 
(6
)
 
—

 
—

 
(6
)
Additional disclosures:
 
 
 
 
 
 
 
 
 
 
Other receivables
 
15

 
15

 
15

 
—

 
—

Long-term debt, including current portion
 
(23,409
)
 
(24,090
)
 
—

 
(24,090
)
 
—

Guarantees
 
(44
)
 
(30
)
 
—

 
(14
)
 
(16
)
Fair Value Measurements, Nonrecurring [Table Text Block]
Nonrecurring fair value measurements
The following table presents impairments of assets and investments associated with certain nonrecurring fair value measurements within Level 3 of the fair value hierarchy.
 
 
 
 
 
 
 
 
 
Impairments
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
Classification
 
Segment
 
Date of Measurement
 
Fair Value
 
2017
 
2016
 
 
 
 
 
 
 
(Millions)
Certain olefins pipeline project (1)
Property, plant, and equipment – net
 
Other
 
June 30, 2017
 
$
18

 
$
23

 


Canadian operations (2)
Assets held for sale
 
Williams Partners
 
June 30, 2016
 
924

 

 
$
341

Canadian operations (2)
Assets held for sale
 
Other
 
June 30, 2016
 
206

 

 
406

Certain gathering operations (3)
Property, plant, and equipment – net
 
Williams Partners
 
June 30, 2016
 
18

 

 
48

Level 3 fair value measurements of certain assets
 
 
 
 
 
 
 
 
23

 
795

Other impairments and write-downs (4)
 
 
 
 
 
 
 
 
3

 
15

Impairment of certain assets
 
 
 
 
 
 
 
 
$
26

 
$
810

 
 
 
 
 
 
 
 
 
 
 
 
Equity-method investments (5)
Investments
 
Williams Partners
 
March 31, 2016
 
$
1,294

 

 
$
109

Other equity-method investment
Investments
 
Williams Partners
 
March 31, 2016
 
—

 

 
3

Impairment of equity-method investments
 
 
 
 
 
 
 
 

 
$
112

_______________
(1)
Relates primarily to project development costs associated with an olefins pipeline project in the Gulf Coast region, the likelihood of completion of which is now considered remote. The estimated fair value of the remaining pipe and equipment considered a market approach based on our analysis of observable inputs in the principal market, as well as an estimate of replacement cost.

(2)
Relates to our Canadian operations. We designated these operations as held for sale as of June 30, 2016. As a result, we measured the fair value of the disposal group, resulting in an impairment charge. The estimated fair value was determined by a market approach based primarily on inputs received in the marketing process and reflected our estimate of the potential assumed proceeds. We disposed of our Canadian operations through a sale during the third quarter of 2016.
(3)
Relates to certain gathering assets within the Mid-Continent region. The estimated fair value was determined by a market approach based on our analysis of observable inputs in the principal market.
(4)
Reflects multiple individually insignificant impairments and write-downs of other certain assets that may no longer be in use or are surplus in nature for which the fair value was determined to be zero or an insignificant salvage value.
(5)
Relates to Williams Partners’ previously owned interest in DBJV and current equity-method investment in Laurel Mountain. Our carrying values in these equity-method investments had been written down to fair value at December 31, 2015. Our first-quarter 2016 analysis reflected higher discount rates for both of these equity-method investments, along with lower natural gas prices for Laurel Mountain. We estimated the fair value of these equity-method investments using an income approach based on expected future cash flows and appropriate discount rates. The determination of estimated future cash flows involved significant assumptions regarding gathering volumes and related capital spending. Discount rates utilized ranged from 13.0 percent to 13.3 percent and reflected increases in our estimated cost of capital, revised estimates of expected future cash flows, and risks associated with the underlying businesses.