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Revenue Recognition | 9 Months Ended
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Sep. 30, 2025
Revenue Recognition [Abstract] |
Revenue Recognition [Text Block] | Note 5 – Revenue Recognition Revenue by Category The following tables present Williams’ revenue disaggregated by major service line:
| Transmission, Power & Gulf |  | Northeast G&P |  | West |  | Gas & NGL Marketing Services |  | Other |  | Eliminations |  | Total
| (Millions)
Three Months Ended September 30, 2025 |  |
Revenues from contracts with customers: |  |  |  |  |  |  |  |  |  |  |  |  |
Service revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Regulated interstate natural gas transportation and storage | $ | 973 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (21) |  |  | $ | 952 |
Gathering, processing, transportation, fractionation, and storage: |  |  |  |  |  |  |  |  |  |  |  |  |
Monetary consideration | 247 |  |  | 463 |  |  | 464 |  |  | — |  |  | — |  |  | (64) |  |  | 1,110 |
Commodity consideration | 24 |  |  | — |  |  | 21 |  |  | — |  |  | — |  |  | — |  |  | 45 |
Other | 10 |  |  | 25 |  |  | 5 |  |  | — |  |  | — |  |  | (4) |  |  | 36 |
Total service revenues | 1,254 |  |  | 488 |  |  | 490 |  |  | — |  |  | — |  |  | (89) |  |  | 2,143 |
Product sales | 130 |  |  | 31 |  |  | 219 |  |  | 1,248 |  |  | 136 |  |  | (416) |  |  | 1,348 |
Total revenues from contracts with customers | 1,384 |  |  | 519 |  |  | 709 |  |  | 1,248 |  |  | 136 |  |  | (505) |  |  | 3,491 |
Other revenues (1) | 8 |  |  | 11 |  |  | 3 |  |  | 658 |  |  | 24 |  |  | — |  |  | 704 |
Other adjustments (2) | — |  |  | — |  |  | — |  |  | (1,458) |  |  | — |  |  | 186 |  |  | (1,272) |
Total revenues | $ | 1,392 |  |  | $ | 530 |  |  | $ | 712 |  |  | $ | 448 |  |  | $ | 160 |  |  | $ | (319) |  |  | $ | 2,923 |
Three Months Ended September 30, 2024 |  |
Revenues from contracts with customers: |  |  |  |  |  |  |  |  |  |  |  |  |
Service revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Regulated interstate natural gas transportation and storage | $ | 879 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (20) |  |  | $ | 859 |
Gathering, processing, transportation, fractionation, and storage: |  |  |  |  |  |  |  |  |  |  |  |  |
Monetary consideration | 177 |  |  | 442 |  |  | 422 |  |  | — |  |  | — |  |  | (42) |  |  | 999 |
Commodity consideration | 14 |  |  | 1 |  |  | 19 |  |  | — |  |  | — |  |  | — |  |  | 34 |
Other | 8 |  |  | 22 |  |  | 4 |  |  | — |  |  | — |  |  | (3) |  |  | 31 |
Total service revenues | 1,078 |  |  | 465 |  |  | 445 |  |  | — |  |  | — |  |  | (65) |  |  | 1,923 |
Product sales | 84 |  |  | 26 |  |  | 218 |  |  | 1,005 |  |  | 95 |  |  | (316) |  |  | 1,112 |
Total revenues from contracts with customers | 1,162 |  |  | 491 |  |  | 663 |  |  | 1,005 |  |  | 95 |  |  | (381) |  |  | 3,035 |
Other revenues (1) | 8 |  |  | 11 |  |  | — |  |  | 515 |  |  | 8 |  |  | (1) |  |  | 541 |
Other adjustments (2) | — |  |  | — |  |  | — |  |  | (1,038) |  |  | — |  |  | 115 |  |  | (923) |
Total revenues | $ | 1,170 |  |  | $ | 502 |  |  | $ | 663 |  |  | $ | 482 |  |  | $ | 103 |  |  | $ | (267) |  |  | $ | 2,653 |
| Transmission, Power & Gulf |  | Northeast G&P |  | West |  | Gas & NGL Marketing Services |  | Other |  | Eliminations |  | Total
| (Millions)
Nine Months Ended September 30, 2025 |  |
Revenues from contracts with customers: |  |  |  |  |  |  |  |  |  |  |  |
Service revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Regulated interstate natural gas transportation and storage | $ | 2,820 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (62) |  |  | $ | 2,758 |
Gathering, processing, transportation, fractionation, and storage: |  |  |  |  |  |  |  |  |  |  |  |  |
Monetary consideration | 665 |  |  | 1,385 |  |  | 1,335 |  |  | — |  |  | — |  |  | (164) |  |  | 3,221 |
Commodity consideration | 75 |  |  | 1 |  |  | 65 |  |  | — |  |  | — |  |  | — |  |  | 141 |
Other | 40 |  |  | 74 |  |  | 17 |  |  | — |  |  | — |  |  | (14) |  |  | 117 |
Total service revenues | 3,600 |  |  | 1,460 |  |  | 1,417 |  |  | — |  |  | — |  |  | (240) |  |  | 6,237 |
Product sales | 353 |  |  | 132 |  |  | 693 |  |  | 4,517 |  |  | 428 |  |  | (1,304) |  |  | 4,819 |
Total revenues from contracts with customers | 3,953 |  |  | 1,592 |  |  | 2,110 |  |  | 4,517 |  |  | 428 |  |  | (1,544) |  |  | 11,056 |
Other revenues (1) | 23 |  |  | 34 |  |  | 3 |  |  | 2,354 |  |  | 50 |  |  | (2) |  |  | 2,462 |
Other adjustments (2) | — |  |  | — |  |  | — |  |  | (5,323) |  |  | — |  |  | 557 |  |  | (4,766) |
Total revenues | $ | 3,976 |  |  | $ | 1,626 |  |  | $ | 2,113 |  |  | $ | 1,548 |  |  | $ | 478 |  |  | $ | (989) |  |  | $ | 8,752 |
Nine Months Ended September 30, 2024 |  |
Revenues from contracts with customers: |  |  |  |  |  |  |  |  |  |  |  |
Service revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Regulated interstate natural gas transportation and storage | $ | 2,605 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (61) |  |  | $ | 2,544 |
Gathering, processing, transportation, fractionation, and storage: |  |  |  |  |  |  |  |  |  |  |  |  |
Monetary consideration | 480 |  |  | 1,317 |  |  | 1,253 |  |  | — |  |  | — |  |  | (117) |  |  | 2,933 |
Commodity consideration | 28 |  |  | 1 |  |  | 53 |  |  | — |  |  | — |  |  | — |  |  | 82 |
Other | 32 |  |  | 69 |  |  | 15 |  |  | — |  |  | — |  |  | (12) |  |  | 104 |
Total service revenues | 3,145 |  |  | 1,387 |  |  | 1,321 |  |  | — |  |  | — |  |  | (190) |  |  | 5,663 |
Product sales | 185 |  |  | 74 |  |  | 657 |  |  | 3,233 |  |  | 289 |  |  | (880) |  |  | 3,558 |
Total revenues from contracts with customers | 3,330 |  |  | 1,461 |  |  | 1,978 |  |  | 3,233 |  |  | 289 |  |  | (1,070) |  |  | 9,221 |
Other revenues (1) | 27 |  |  | 33 |  |  | 7 |  |  | 1,685 |  |  | 22 |  |  | (2) |  |  | 1,772 |
Other adjustments (2) | — |  |  | — |  |  | — |  |  | (3,575) |  |  | — |  |  | 342 |  |  | (3,233) |
Total revenues | $ | 3,357 |  |  | $ | 1,494 |  |  | $ | 1,985 |  |  | $ | 1,343 |  |  | $ | 311 |  |  | $ | (730) |  |  | $ | 7,760 |
______________ (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 Williams’ commodity derivative contracts, which are reported in Net gain (loss) from commodity derivatives in the Consolidated Statement of Income, management fees received for certain services provided to operated equity-method investments, and leasing revenues associated with the Williams headquarters building. (2)Other adjustments reflect certain costs of Gas & NGL Marketing Services’ risk management activities. As Williams is acting as agent for natural gas marketing customers or engages in energy trading activities, the resulting revenues are presented net of the related costs of those activities in the Consolidated Statement of Income. For Transco and NWP, revenue disaggregation by major service line includes Natural gas transportation, Natural gas storage, Natural gas product sales, and Other, which are separately presented in their Statements of Net Income. Contract Assets The following tables present a reconciliation of contract assets:
| Three Months Ended September 30,
| Williams |  | Transco |  | NWP
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
| (Millions)
Balance at beginning of period | $ | 102 |  |  | $ | 67 |  |  | $ | 13 |  |  | $ | 3 |  |  | $ | 23 |  |  | $ | 19 |
Revenue recognized in excess of amounts invoiced | 13 |  |  | 44 |  |  | — |  |  | 4 |  |  | 2 |  |  | 1 |
Minimum volume commitments invoiced | (5) |  |  | (23) |  |  | — |  |  | — |  |  | — |  |  | — |
Contract assets acquired | — |  |  | 36 |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of contract assets | (2) |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |
Balance at end of period | $ | 108 |  |  | $ | 124 |  |  | $ | 13 |  |  | $ | 7 |  |  | $ | 24 |  |  | $ | 20 |
| Nine Months Ended September 30,
| Williams |  | Transco |  | NWP
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
| (Millions)
Balance at beginning of period | $ | 98 |  |  | $ | 36 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 21 |  |  | $ | 17 |
Revenue recognized in excess of amounts invoiced | 71 |  |  | 125 |  |  | 4 |  |  | 7 |  |  | 5 |  |  | 3 |
Minimum volume commitments invoiced | (58) |  |  | (73) |  |  | — |  |  | — |  |  | — |  |  | — |
Contract assets acquired | — |  |  | 36 |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of contract assets | (3) |  |  | — |  |  | (1) |  |  | — |  |  | (2) |  |  | — |
Balance at end of period | $ | 108 |  |  | $ | 124 |  |  | $ | 13 |  |  | $ | 7 |  |  | $ | 24 |  |  | $ | 20 |
Contract Liabilities The following tables present a reconciliation of contract liabilities:
| Three Months Ended September 30,
| Williams |  | Transco |  | NWP
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
| (Millions)
Balance at beginning of period | $ | 1,054 |  |  | $ | 1,064 |  |  | $ | 168 |  |  | $ | 179 |  |  | $ | — |  |  | $ | 1 |
Payments received and deferred | 32 |  |  | 33 |  |  | — |  |  | — |  |  | — |  |  | — |
Significant financing component | 1 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |
Contract liability acquired (disposed) – net | — |  |  | 53 |  |  | — |  |  | — |  |  | — |  |  | — |
Recognized in revenue | (83) |  |  | (66) |  |  | (3) |  |  | (3) |  |  | — |  |  | — |
Balance at end of period | $ | 1,004 |  |  | $ | 1,086 |  |  | $ | 165 |  |  | $ | 176 |  |  | $ | — |  |  | $ | 1 |
| Nine Months Ended September 30,
| Williams |  | Transco |  | NWP
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
| (Millions)
Balance at beginning of period | $ | 1,046 |  |  | $ | 1,081 |  |  | $ | 173 |  |  | $ | 184 |  |  | $ | — |  |  | $ | 2 |
Payments received and deferred | 152 |  |  | 150 |  |  | — |  |  | — |  |  | — |  |  | — |
Other additions | 23 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Significant financing component | 5 |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | — |
Contract liability acquired (disposed) – net | — |  |  | 53 |  |  | — |  |  | — |  |  | — |  |  | — |
Recognized in revenue | (222) |  |  | (204) |  |  | (8) |  |  | (8) |  |  | — |  |  | (1) |
Balance at end of period | $ | 1,004 |  |  | $ | 1,086 |  |  | $ | 165 |  |  | $ | 176 |  |  | $ | — |  |  | $ | 1 |
Remaining Performance Obligations Remaining performance obligations primarily include reservation charges on contracted capacity for Williams’ gas pipeline firm transportation contracts with customers, storage capacity contracts, long-term contracts containing MVC associated with midstream businesses, and fixed payments associated with offshore gathering and transportation. For Williams’ interstate natural gas pipeline businesses, including Transco and NWP, remaining performance obligations generally reflect the expected rates for such services for the life of the related contracts; however, these rates may change based on future tariffs approved by the FERC. Remaining performance obligations exclude variable consideration, including contracts with variable consideration for which it has elected the practical expedient for consideration recognized in revenue as billed. Certain of its contracts contain evergreen and other renewal provisions for periods beyond the initial term of the contract. The remaining performance obligation amounts as of September 30, 2025, 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 September 30, 2025, that will be recognized in future periods is also excluded from its remaining performance obligations and is instead reflected in contract liabilities. The following tables present 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 September 30, 2025.
| Contract Liabilities
| Williams |  | Transco |  | NWP
| (Millions)
2025 (three months) | $ | 60 |  |  | $ | 3 |  |  | $ | — |
2026 (one year) | 173 |  |  | 10 |  |  | — |
2027 (one year) | 154 |  |  | 10 |  |  | — |
2028 (one year) | 130 |  |  | 11 |  |  | — |
2029 (one year) | 95 |  |  | 11 |  |  | — |
Thereafter | 392 |  |  | 120 |  |  | — |
Total | $ | 1,004 |  |  | $ | 165 |  |  | $ | — |
| Remaining Performance Obligations
| Williams |  | Transco |  | NWP
| (Millions)
2025 (three months) | $ | 1,112 |  |  | $ | 761 |  |  | $ | 100 |
2026 (one year) | 4,490 |  |  | 2,926 |  |  | 399 |
2027 (one year) | 4,170 |  |  | 2,721 |  |  | 380 |
2028 (one year) | 3,619 |  |  | 2,371 |  |  | 367 |
2029 (one year) | 2,872 |  |  | 1,791 |  |  | 348 |
Thereafter | 15,785 |  |  | 11,401 |  |  | 2,256 |
Total | $ | 32,048 |  |  | $ | 21,971 |  |  | $ | 3,850 |
Accounts Receivable The following is a summary of Williams’ Trade accounts and other receivables:
| September 30, 2025 |  | December 31, 2024
| (Millions)
Accounts receivable related to revenues from contracts with customers | $ | 1,227 |  |  | $ | 1,494 |
Receivables from derivatives | 186 |  |  | 294 |
Other accounts receivable | 67 |  |  | 75 |
Trade accounts and other receivables | $ | 1,480 |  |  | $ | 1,863 |
Transco and NWP receivables from contracts with customers are included within Receivables - Trade and Receivables - Affiliates. Receivables that are not related to contracts with customers are included within Receivables - Advances to affiliate and Receivables - Other.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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