Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2024

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, 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
Other	4		9		24		6		—		—		(5)		38
Total service revenues	884		163		473		452		—		—		(64)		1,908
Product sales	25		37		25		248		1,306		108		(318)		1,431
Total revenues from contracts with customers	909		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 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

______________________________

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

Contract Assets

The following table presents a reconciliation of our contract assets:


	Three Months Ended March 31,
		2024		2023
	(Millions)
Balance at beginning of period		$	36	$	29
Revenue recognized in excess of amounts invoiced		41		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,
		2024		2023
	(Millions)
Balance at beginning of period		$	1,081	$	1,043
Payments received and deferred		42		29
Significant financing component		2		2
Contract liability acquired (disposed) – net		—		5
Recognized in revenue		(72)		(69)
Balance at end of period		$	1,053	$	1,010

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, 2024.


	Contract Liabilities		Remaining 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

Contract With Customer Accounts Receivable

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


	March 31, 2024		December 31, 2023
	(Millions)
Accounts receivable related to revenues from contracts with customers	$	1,156	$	1,292
Receivables from derivatives	163		311
Other accounts receivable	36		52
Trade accounts and other receivables	$	1,355	$	1,655