Revenue Recognition (Notes)

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenues

The following tables present our revenues disaggregated by revenue source and type of revenue for each revenue source (in millions):



	Three Months Ended March 31, 2020
	Natural Gas Pipelines		Products Pipelines		Terminals		CO₂		Corporate and Eliminations			Total
Revenues from contracts with customers(a)
Services
Firm services(b)	$	865	$	79	$	189	$	—	$	—		$	1,133
Fee-based services	193		260		121		13		—			587
Total services	1,058		339		310		13		—			1,720
Commodity sales
Natural gas sales	501		—		—		—		(2		)	499
Product sales	136		109		3		232		(13		)	467
Total commodity sales	637		109		3		232		(15		)	966
Total revenues from contracts with customers	1,695		448		313		245		(15		)	2,686
Other revenues(c)	180		47		129		64		—			420
Total revenues	$	1,875	$	495	$	442	$	309	$	(15	)	$	3,106



	Three Months Ended March 31, 2019
	Natural Gas Pipelines		Products Pipelines		Terminals		CO₂		Corporate and Eliminations			Total
Revenues from contracts with customers(a)
Services
Firm services(b)	$	930	$	80	$	250	$	—	$	(1	)	$	1,259
Fee-based services	192		235		148		16		(1		)	590
Total services	1,122		315		398		16		(2		)	1,849
Commodity sales
Natural gas sales	754		—		—		1		(2		)	753
Product sales	240		66		2		268		(6		)	570
Total commodity sales	994		66		2		269		(8		)	1,323
Total revenues from contracts with customers	2,116		381		400		285		(10		)	3,172
Other revenues(c)	85		43		109		20		—			257
Total revenues	$	2,201	$	424	$	509	$	305	$	(10	)	$	3,429

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(a)	Differences between the revenue classifications presented on the consolidated statements of operations and the categories for the disaggregated revenues by type of revenue above are primarily attributable to revenues reflected in the “Other revenues” category above (see note (c) below).


(b)	Includes non-cancellable firm service customer contracts with take-or-pay or minimum volume commitment elements, including those contracts where both the price and quantity amount are fixed. Excludes service contracts with index-based pricing, which along with revenues from other customer service contracts are reported as Fee-based services.


(c)	Amounts recognized as revenue under guidance prescribed in Topics of the ASC other than in Topic 606 and primarily include leases of $294 million and $218 million and derivative contracts of $104 million and $23 million for the three months ended March 31, 2020 and 2019, respectively. See Note 5 for additional information related to our derivative contracts.

Contract Balances

Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections.

As of March 31, 2020 and December 31, 2019, our contract asset balances were $32 million and $27 million, respectively. Of the contract asset balance at December 31, 2019, $10 million was transferred to accounts receivable during the three months ended March 31, 2020. As of March 31, 2020 and December 31, 2019, our contract liability balances were $257 million and $232 million, respectively. Of the contract liability balance at December 31, 2019, $32 million was recognized as revenue during the three months ended March 31, 2020.

Revenue Allocated to Remaining Performance Obligations

The following table presents our estimated revenue allocated to remaining performance obligations for contracted revenue that has not yet been recognized, representing our “contractually committed” revenue as of March 31, 2020 that we will invoice or transfer from contract liabilities and recognize in future periods (in millions):



Year	Estimated Revenue
Nine months ended December 31, 2020	$	3,309
2021	3,845
2022	3,121
2023	2,529
2024	2,206
Thereafter	13,988
Total	$	28,998

Our contractually committed revenue, for purposes of the tabular presentation above, is generally limited to service or commodity sale customer contracts which have fixed pricing and fixed volume terms and conditions, generally including contracts with take-or-pay or minimum volume commitment payment obligations. Our contractually committed revenue amounts generally exclude, based on the following practical expedients that we elected to apply, remaining performance obligations for: (i) contracts with index-based pricing or variable volume attributes in which such variable consideration is allocated entirely to a wholly unsatisfied performance obligation and (ii) contracts with an original expected duration of one year or less.