Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2023

Disaggregation of Revenue [Table Text Block]

The following table presents our revenue disaggregated by major service line:




































	Regulated Interstate Transportation & Storage		Gulf of Mexico Midstream & Storage		Northeast Midstream		West Midstream		Gas & NGL Marketing Services		Other		Eliminations		Total
	(Millions)
Three Months Ended March 31, 2023
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage	$	813	$	—	$	—	$	—	$	—	$	—	$	(11)	$	802
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration	—		100		391		343		—		—		(43)		791
Commodity consideration	—		12		6		18		—		—		—		36
Other	4		6		56		10		1		—		(5)		72
Total service revenues	817		118		453		371		1		—		(59)		1,701
Product sales	22		36		49		90		1,373		102		(254)		1,418
Total revenues from contracts with customers	839		154		502		461		1,374		102		(313)		3,119
Other revenues (1)	13		4		7		42		1,916		15		—		1,997
Other adjustments (2)	—		—		—		—		(2,159)		—		124		(2,035)
Total revenues	$	852	$	158	$	509	$	503	$	1,131	$	117	$	(189)	$	3,081

Three Months Ended March 31, 2022
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage	$	778	$	—	$	—	$	—	$	—	$	—	$	(18)	$	760
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration	—		82		323		317		—		—		(30)		692
Commodity consideration	—		21		7		49		—		—		—		77
Other	2		6		51		12		1		—		(6)		66
Total service revenues	780		109		381		378		1		—		(54)		1,595
Product sales	16		87		36		187		2,470		104		(393)		2,507
Total revenues from contracts with customers	796		196		417		565		2,471		104		(447)		4,102
Other revenues (1)	4		2		6		(3)		1,615		(65)		(3)		1,556
Other adjustments (2)	—		—		—		—		(3,232)		—		98		(3,134)
Total revenues	$	800	$	198	$	423	$	562	$	854	$	39	$	(352)	$	2,524

______________________________

(1)Revenues not derived from contracts with customers primarily consist of physical product sales related to derivative contracts, realized and unrealized gains and losses associated with our derivative contracts, which are reported in Net gain (loss) on commodity derivatives in the Consolidated Statement of Income, management fees that we receive for certain services we provide to operated equity-method investments, and leasing revenues associated with our headquarters building.

(2)Other adjustments reflect certain costs of Gas & NGL Marketing Services’ risk management activities. As we are acting as agent for natural gas marketing customers or engage in energy trading activities, the resulting revenues are presented net of the related costs of those activities in our Consolidated Statement of Income

Contract with Customer, Asset and Liability [Table Text Block]

The following table presents a reconciliation of our contract assets:


	Three Months Ended March 31,
		2023		2022
		(Millions)
Balance at beginning of period		$	29	$	22
Revenue recognized in excess of amounts invoiced		43		55
Minimum volume commitments invoiced		(30)		(41)
Balance at end of period		$	42	$	36

Contract Liabilities

The following table presents a reconciliation of our contract liabilities:


	Three Months Ended March 31,
		2023		2022
		(Millions)
Balance at beginning of period		$	1,043	$	1,126
Payments received and deferred		29		29
Significant financing component		2		2
Contract liability acquired		5		—
Recognized in revenue		(69)		(64)
Balance at end of period		$	1,010	$	1,093

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

The following table presents the amount of the contract liabilities balance expected to be recognized as revenue when performance obligations are satisfied and the transaction price allocated to the remaining performance obligations under certain contracts as of March 31, 2023.


	Contract Liabilities		Remaining Performance Obligations
	(Millions)
2023 (nine months)	$	98	$	2,887
2024 (one year)	124		3,647
2025 (one year)	122		3,363
2026 (one year)	107		2,837
2027 (one year)	101		2,564

Thereafter	458		15,096
Total	$	1,010	$	30,394

Contract With Customer Accounts Receivable [Table Text Block]

The following is a summary of our Trade accounts and other receivables – net:


	March 31, 2023		December 31, 2022
	(Millions)
Accounts receivable related to revenues from contracts with customers	$	1,205	$	1,771
Receivables from derivatives	291		889
Other accounts receivable	28		63
Trade accounts and other receivables – net	$	1,524	$	2,723