Acquisitions (Tables)

3 Months Ended

Mar. 31, 2023

Business Acquisition [Line Items]

Business Acquisition, Pro Forma Information

The following pro forma Revenues and Net income (loss) attributable to The Williams Companies, Inc. for the three months ended March 31, 2023 and 2022, are presented as if the MountainWest Acquisition had been completed on January 1, 2022, and the Trace Acquisition had been completed on January 1, 2021. These pro forma amounts are not necessarily indicative of what the actual results would have been if the MountainWest Acquisition and Trace Acquisition had in fact occurred on the dates or for the periods indicated, nor do they purport to project Revenues or Net income (loss) attributable to The Williams Companies, Inc. for any future periods or as of any date. These amounts do not give effect to any potential cost savings, operating synergies, or revenue enhancements to result from the transaction or the potential costs to achieve these cost savings, operating synergies, and revenue enhancements.

	Three Months Ended March 31, 2023
	As Reported		Pro Forma MountainWest (1)				Pro Forma Combined
	(Millions)
Revenues	$	3,081	$	35			$	3,116
Net income (loss) attributable to The Williams Companies, Inc.	927		6				933
	Three Months Ended March 31, 2022
	As Reported		Pro Forma MountainWest		Pro Forma Trace		Pro Forma Combined
	(Millions)
Revenues	$	2,524	$	67	$	35	$	2,626
Net income (loss) attributable to The Williams Companies, Inc.	380		17		14		411

(1)Excludes results from operations acquired in the MountainWest Acquisition for the period beginning on the acquisition date of February 14, 2023, as these results are included in the amounts as reported.

MountainWest Acquisition

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents the preliminary allocation of the acquisition date fair value of the major classes of the assets acquired, which are included in our Transmission & Gulf of Mexico segment, and liabilities assumed at February 14, 2023. The fair value of accounts receivable acquired equals contractual amounts receivable. The allocation is considered preliminary because the valuation work has not been completed due to the ongoing review of the valuation results and validation of significant inputs and assumptions. Preliminary fair value measurements were made for certain acquired assets and liabilities, primarily property, plant, and equipment and long-term debt; however, adjustments to those measurements may be made in subsequent periods, up to one year from the acquisition date, as new information related to facts and circumstances as of the acquisition date may be identified.

	(Millions)
Cash and cash equivalents	$	23
Trade accounts and other receivables – net	14
Other current assets	28
Investments	22
Property, plant, and equipment – net	1,092
Other noncurrent assets	33
Total identifiable assets acquired	$	1,212
Current liabilities	$	(38)
Long-term debt (see Note 6)	(365)
Other noncurrent liabilities	(155)
Total liabilities assumed	$	(558)
Net identifiable assets acquired	$	654
Goodwill included in Intangible assets – net of accumulated amortization	400
Net assets acquired	$	1,054

Trace Midstream Acquisition

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

We accounted for the Trace Acquisition as a business combination. The following table presents the allocation of the acquisition date fair value of the major classes of the assets acquired, which are included in our West segment, and liabilities assumed at April 29, 2022. The fair value of accounts receivable acquired equals contractual amounts receivable. The valuation techniques used consisted of the income approach (excess earnings method) for valuation of intangible assets and depreciated replacement costs for property, plant, and equipment.

	(Millions)
Cash and cash equivalents	$	39
Trade accounts and other receivables – net	18
Property, plant, and equipment – net	448
Intangible assets – net of accumulated amortization	472
Other noncurrent assets	20
Total assets acquired	$	997
Accounts payable	$	(12)
Accrued and other current liabilities	(5)
Other noncurrent liabilities	(8)
Total liabilities assumed	$	(25)
Net assets acquired	$	972