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Revenue Recognition
 3 Months Ended
Mar. 31, 2024
Revenue Recognition [Abstract]  
Revenue Recognition [Text Block]
Note 4 – Revenue Recognition
Revenue by Category
The following table presents our revenue disaggregated by major service line:
Regulated Interstate Transportation & Storage
Gulf of Mexico Midstream & Storage
Northeast
Midstream		West MidstreamGas & NGL Marketing ServicesOtherEliminationsTotal
(Millions)
Three Months Ended March 31, 2024
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$880 $— $— $— $— $— $(21)$859 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration— 145 444 430 — — (38)981 
Commodity consideration— 9 5 16 — — — 30 
Other4 9 24 6 — — (5)38 
Total service revenues884 163 473 452 — — (64)1,908 
Product sales25 37 25 248 1,306 108 (318)1,431 
Total revenues from contracts with customers909 200 498 700 1,306 108 (382)3,339 
Other revenues (1)8 3 11 1 833 12 — 868 
Other adjustments (2)— — — — (1,569)— 133 (1,436)
Total revenues$917 $203 $509 $701 $570 $120 $(249)$2,771 
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 (3)
— 104 422 351 — — (44)833 
Commodity consideration— 12 6 18 — — — 36 
Other (3)
4 2 25 2 1 — (4)30 
Total service revenues817 118 453 371 1 — (59)1,701 
Product sales22 36 49 90 1,373 102 (254)1,418 
Total revenues from contracts with customers839 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 
______________________________
(1)Revenues not derived from contracts with customers primarily consist of physical product sales related to commodity derivative contracts, realized and unrealized gains and losses associated with our commodity derivative contracts, which are reported in Net gain (loss) from commodity derivatives in our 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.
(3)Certain contractual reimbursements of operating and maintenance costs totaling $42 million for the three months ended March 31, 2023, previously included in Other are now presented in Monetary consideration to conform to the current presentation.
Contract Assets
The following table presents a reconciliation of our contract assets:
Three Months Ended  
March 31,
20242023
(Millions)
Balance at beginning of period$36 $29 
Revenue recognized in excess of amounts invoiced41 43 
Minimum volume commitments invoiced(27)(30)
Balance at end of period$50 $42 
Contract Liabilities
The following table presents a reconciliation of our contract liabilities:
Three Months Ended  
March 31,
20242023
(Millions)
Balance at beginning of period$1,081 $1,043 
Payments received and deferred42 29 
Significant financing component2 2 
Contract liability acquired (disposed) – net— 5 
Recognized in revenue(72)(69)
Balance at end of period$1,053 $1,010 
Remaining Performance Obligations
Remaining performance obligations primarily include reservation charges on contracted capacity for our gas pipeline firm transportation contracts with customers, storage capacity contracts, long-term contracts containing minimum volume commitments (MVC) associated with our midstream businesses, and fixed payments associated with offshore production handling. For our interstate natural gas pipeline businesses, remaining performance obligations reflect the rates for such services in our current FERC tariffs for the life of the related contracts; however, these rates may change based on future tariffs approved by the FERC and the amount and timing of these changes are not currently known.
Our remaining performance obligations exclude variable consideration, including contracts with variable consideration for which we have elected the practical expedient for consideration recognized in revenue as billed. Certain of our contracts contain evergreen and other renewal provisions for periods beyond the initial term of the contract. The remaining performance obligation amounts as of March 31, 2024, do not consider potential future performance obligations for which the renewal has not been exercised and exclude contracts with customers for which the underlying facilities have not received FERC authorization to be placed into service. Consideration received prior to March 31, 2024, that will be recognized in future periods is also excluded from our remaining performance obligations and is instead reflected in contract liabilities.
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, 2024.
Contract LiabilitiesRemaining Performance Obligations
(Millions)
2024 (nine months)
$116 $2,845 
2025 (one year)
148 3,530 
2026 (one year)
139 3,329 
2027 (one year)
127 2,776 
2028 (one year)
112 2,380 
Thereafter
411 13,624 
   Total$1,053 $28,484 
Accounts Receivable
The following is a summary of our Trade accounts and other receivables:
March 31, 2024December 31, 2023
(Millions)
Accounts receivable related to revenues from contracts with customers$1,156 $1,292 
Receivables from derivatives163 311 
Other accounts receivable36 52 
Trade accounts and other receivables
$1,355 $1,655