Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2018

Disaggregation of Revenue [Table Text Block]

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



	Northeast Midstream		Atlantic- Gulf Midstream		West Midstream		Transco		Northwest Pipeline		Intercompany Eliminations			Total
	(Millions)
Three Months Ended March 31, 2018
Revenues from contracts with customers:
Service revenues:
Non-regulated gathering, processing, transportation, and storage:
Monetary consideration	$	202	$	137	$	408	$	—	$	—	$	(18	)	$	729
Commodity consideration	4		15		82		—		—		—			101
Regulated interstate natural gas transportation and storage	—		—		—		461		112		(1		)	572
Other	21		6		11		—		—		(3		)	35
Total service revenues	227		158		501		461		112		(22		)	1,437
Product Sales:
NGL and natural gas	98		68		521		25		—		(85		)	627
Other	—		—		4		—		—		—			4
Total product sales	98		68		525		25		—		(85		)	631
Total revenues from contracts with customers	325		226		1,026		486		112		(107		)	2,068
Other revenues (1)	5		2		5		3		—		—			15
Total revenues	$	330	$	228	$	1,031	$	489	$	112	$	(107	)	$	2,083

(1)

We provide management services to operated joint ventures and other investments for which we receive a management fee that is categorized as Service revenues in our Consolidated Statement of Comprehensive Income. These management fees do not constitute revenue from contracts with customers. Product sales in our Consolidated Statement of Comprehensive Income include amounts associated with our derivative contracts that are not within the scope of ASC 606.

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

The following table presents a reconciliation of the beginning and ending balances of our contract assets for the period ended March 31, 2018:



	2018
	(Millions)
Balance at January 1	$	4
Revenue recognized in excess of cash received	20
Minimum volume commitments invoiced	—
Balance at March 31	$	24

Contract with Customer, Liability [Table Text Block]

The following table presents a reconciliation of the beginning and ending balances of our contract liabilities for the period ended March 31, 2018:



	2018
	(Millions)
Balance at January 1	$	1,596
Payments received and deferred	92
Recognized in revenue	(114		)
Balance at March 31	$	1,574

Contract with Customer, Liablity Expected Timing of Revenue Recognition [Table Text Block]

The following table presents the amount of the contract liabilities balance as of March 31, 2018, expected to be recognized as revenue in each of the next five years as performance obligations are expected to be satisfied:



	(Millions)
2018 (remainder)	$	251
2019	252
2020	120
2021	100
2022	94
2023	88
Thereafter	669

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

The following table presents the transaction price allocated to the remaining performance obligations under certain contracts as of March 31, 2018. These primarily include long-term contracts containing MVCs associated with our midstream businesses, fixed payments associated with offshore production handling, and reservation charges on contracted capacity on our gas pipeline firm transportation contracts with customers, as well as storage capacity contracts. Amounts included in the table below for our interstate natural gas pipeline businesses 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 is not currently known. As a practical expedient permitted by ASC 606, this table excludes variable consideration as well as consideration in contracts that is recognized in revenue as billed. It also excludes consideration received prior to March 31, 2018, that will be recognized in future periods (see above for Contract Liabilities and the expected recognition of those amounts within revenue). As noted above, certain of our contracts contain evergreen and other renewal provisions for periods beyond the initial term of the contract. The remaining performance obligation as of March 31, 2018, does not consider potential future performance obligations for which the renewal has not been exercised. The table below also does not include contracts with customers for which the underlying facilities have not received FERC authorization to be placed into service.



	(Millions)
2018 (remainder)	$	1,917
2019	2,399
2020	2,199
2021	1,881
2022	1,749
2023	1,559
Thereafter	11,636
Total	$	23,340

Contract With Customer Accounts Receivable [Table Text Block]

The following is a summary of our Trade accounts and other receivables as it relates to contracts with customers:



	March 31, 2018
	(Millions)
Accounts receivable related to revenues from contracts with customers	$	701
Other accounts receivable	17
Total reflected in Trade accounts and other receivables	$	718

Revenue Recognition Modified Retrospective Adoption Impact [Table Text Block]

The following table depicts the impact of the adoption of ASC 606 on our 2018 financial statements. The adjustment to Intangible assets – net of accumulated amortization in the table below relates to the recognition under ASC 606 of contract assets for MVC-related contracts associated with a 2014 acquisition. The recognition of these contract assets resulted in a lower purchase price allocation to intangible assets. The adoption of ASC 606 did not result in adjustments to total operating, investing, or financing cash flows.



	As Reported			Adjustments resulting from adoption of ASC 606			Balance without adoption of ASC 606
	(Millions, except per unit amounts)
Consolidated Statement of Comprehensive Income
Three Months Ended March 31, 2018
Service revenues	$	1,346		$	5		$	1,351
Service revenues - commodity consideration	101			(101		)	—
Product sales	636			10			646
Total revenues	2,083			(86		)	1,997
Product costs	613			(55		)	558
Processing commodity expenses	35			(35		)	—
Operating and maintenance expenses	351			(1		)	350
Depreciation and amortization expenses	423			1			424
Total costs and expenses	1,591			(90		)	1,501
Operating income (loss)	492			4			496
Interest incurred	(218		)	3			(215		)
Interest capitalized	9			(2		)	7
Income (loss) before income taxes	384			5			389
Net income (loss)	384			5			389
Less: Net income (loss) attributable to noncontrolling interests	24			(1		)	23
Net income (loss) attributable to controlling interests	360			6			366
Allocation of net income (loss) to common units	353			6			359
Basic earnings (loss) per common unit	0.37			0.01			0.38
Diluted earnings (loss) per common unit	0.37			0.01			0.38
Comprehensive income (loss)	386			5			391
Less: Comprehensive income attributable to noncontrolling interests	24			(1		)	23
Comprehensive income (loss) attributable to controlling interests	362			6			368

Consolidated Balance Sheet
March 31, 2018
Inventories	$	160		$	(8	)	$	152
Other current assets and deferred charges	198			(20		)	178
Total current assets	2,344			(28		)	2,316
Investments	6,513			(1		)	6,512
Property, plant and equipment	39,876			(2		)	39,874
Property, plant, and equipment – net	28,547			(2		)	28,545
Intangible assets – net of accumulated amortization	8,643			63			8,706
Regulatory assets, deferred charges, and other	528			(4		)	524
Total assets	46,575			28			46,603
Regulatory liabilities, deferred income, and other	3,221			(125		)	3,096
Common and Class B units	21,694			157			21,851
Total partners’ equity	21,691			157			21,848
Noncontrolling interests in consolidated subsidiaries	1,654			(4		)	1,650
Total equity	23,345			153			23,498
Total liabilities and equity	46,575			28			46,603

Consolidated Statement of Changes in Equity
March 31, 2018
Adoption of ASC 606	$	(148	)	$	148		$	—
Net income (loss)	384			5			389
Net increase (decrease) in equity	(344		)	153			(191		)
Balance - March 31, 2018	23,345			153			23,498