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Fair Value Measurements and Guarantees (Tables)
 3 Months Ended
Mar. 31, 2020
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, margin deposits, 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 March 31, 2020:
 
 
 
 
 
 
 
 
 
 
Measured on a recurring basis:
 
 
 
 
 
 
 
 
 
 
ARO Trust investments
 
$
188

 
$
188

 
$
188

 
$
—

 
$
—

Energy derivative assets designated as hedging instruments
 
2

 
2

 
2

 
—

 
—

Energy derivative assets not designated as hedging instruments
 
2

 
2

 
2

 
—

 
—

Energy derivative liabilities not designated as hedging instruments
 
(5
)
 
(5
)
 
(3
)
 
—

 
(2
)
Additional disclosures:
 
 
 
 
 
 
 
 
 
 
Long-term debt, including current portion
 
(22,476
)
 
(22,531
)
 
—

 
(22,531
)
 
—

Guarantees
 
(41
)
 
(27
)
 
—

 
(11
)
 
(16
)
 
 
 
 
 
 
 
 
 
 
 
Assets (liabilities) at December 31, 2019:
 
 
 
 
 
 
 
 
 
 
Measured on a recurring basis:
 
 
 
 
 
 
 
 
 
 
ARO Trust investments
 
$
201

 
$
201

 
$
201

 
$
—

 
$
—

Energy derivative assets not designated as hedging instruments
 
1

 
1

 
1

 
—

 
—

Energy derivative liabilities not designated as hedging instruments
 
(3
)
 
(3
)
 
(1
)
 
—

 
(2
)
Additional disclosures:
 
 
 
 
 
 
 
 
 
 
Long-term debt, including current portion
 
(22,288
)
 
(25,319
)
 
—

 
(25,319
)
 
—

Guarantees
 
(41
)
 
(27
)
 
—

 
(11
)
 
(16
)
Fair Value Measurements, Nonrecurring [Table Text Block]
The following table presents impairments of assets and equity-method investments associated with certain nonrecurring fair value measurements within Level 3 of the fair value hierarchy, except as specifically noted.
 
 
 
 
 
 
 
 
Impairments
 
 
 
 
 
 
 
 
Three Months Ended 
March 31,
 
 
Segment
 
Date of Measurement
 
Fair Value
 
2020
 
2019
 
 
 
 
 
 
(Millions)
Impairment of certain assets:
 
 
 
 
 
 
 
 
 
 
Certain idle gathering assets (1)
 
West
 
March 31, 2019
 
$
—

 

 
$
12

Impairment of equity-method investments:
 
 
 
 
 
 
 
 
 
 
RMM (2)
 
West
 
March 31, 2020
 
$
557

 
$
243

 
 
Brazos Permian II (2)
 
West
 
March 31, 2020
 
—

 
193

 
 
Caiman II (3)
 
Northeast G&P
 
March 31, 2020
 
191

 
229

 
 
Appalachia Midstream Investments (3)
 
Northeast G&P
 
March 31, 2020
 
2,700

 
127

 
 
Aux Sable (3)
 
Northeast G&P
 
March 31, 2020
 
7

 
39

 
 
Laurel Mountain (3)
 
Northeast G&P
 
March 31, 2020
 
236

 
10

 
 
Discovery (3)
 
Transmission & Gulf of Mexico
 
March 31, 2020
 
367

 
97

 
 
UEOM (4)
 
Northeast G&P
 
March 17, 2019
 
1,210

 

 
$
74

Impairment of equity-method investments
 
 
 
 
 
 
 
$
938

 
$
74

_______________
(1)
Reflects impairment of Property, plant, and equipment – net that is no longer in use for which the fair value was determined to be lower than the carrying value. This impairment is reported in Other (income) expense – net within Costs and expenses in the Consolidated Statement of Operations.

(2)
Following the previously described declining market conditions during the first quarter of 2020, we evaluated these investments for other-than-temporary impairment. The fair value was measured using an income approach. Both investees operate in primarily oil-driven basins where significant expected reductions in producer activities led to reduced estimates of expected future cash flows. Our fair value estimates also reflected discount rates of approximately 17 percent for these investments. We also considered any debt held at the investee level, and its impact to fair value. The industry weighted-average discount rates utilized were significantly influenced by the recent market declines previously discussed.

(3)
Following the previously described declining market conditions during the first quarter of 2020, we evaluated these investments for other-than-temporary impairment. The impairments within our Northeast G&P segment are
primarily associated with operations in wet-gas areas where producer drilling activities are influenced by NGL prices which historically trend with crude oil prices. The fair values of our investments in Caiman II and Aux Sable Liquid Products LP (Aux Sable) were estimated using a market approach, reflecting valuation multiples ranging from 5.0x to 6.2x EBITDA (weighted-average 6.0x). The fair values of the other investments were estimated using an income approach, with discount rates ranging from 9.7 percent to 13.5 percent (weighted-average 12.6 percent). We also considered any debt held at the investee level, and its impact to fair value. The assumed valuation multiples and industry weighted-average discount rates utilized were both significantly influenced by the recent market declines previously discussed.

(4)
The estimated fair value was determined by a market approach based on the transaction price for the purchase of the remaining interest in UEOM as finalized just prior to the signing and closing of the acquisition in March 2019 (see Note 2 – Acquisitions). These inputs resulted in a fair value measurement within Level 2 of the fair value hierarchy.