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Revenue Recognition
 6 Months Ended
Jun. 30, 2026
Revenue Recognition [Abstract]  
Revenue Recognition [Text Block]
Note 4 – Revenue Recognition
Revenue by Category
The following tables present Williams’ revenue disaggregated by major service line:
Transmission, Power & GulfNortheast G&PWestGas & NGL Marketing ServicesOtherEliminationsTotal
(Millions)
Three Months Ended June 30, 2026
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$944 $— $— $— $— $(19)$925 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration261 490 469 — — (68)1,152 
Commodity consideration23 1 21 — — — 45 
Other12 26 6 — — (6)38 
Total service revenues1,240 517 496 — — (93)2,160 
Product sales129 17 228 1,096 138 (389)1,219 
Total revenues from contracts with customers1,369 534 724 1,096 138 (482)3,379 
Other revenues (1)16 13 — 537 13 (1)578 
Other adjustments (2)— — — (995)— 91 (904)
Total revenues$1,385 $547 $724 $638 $151 $(392)$3,053 
Three Months Ended June 30, 2025
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$927 $— $— $— $— $(21)$906 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration226 460 441 — — (55)1,072 
Commodity consideration28 — 19 — — — 47 
Other13 25 5 — — (5)38 
Total service revenues1,194 485 465 — — (81)2,063 
Product sales108 44 210 1,213 137 (397)1,315 
Total revenues from contracts with customers1,302 529 675 1,213 137 (478)3,378 
Other revenues (1)10 12 1 596 53 (1)671 
Other adjustments (2)— — — (1,420)— 152 (1,268)
Total revenues$1,312 $541 $676 $389 $190 $(327)$2,781 
Transmission, Power & GulfNortheast G&PWestGas & NGL Marketing ServicesOtherEliminationsTotal
(Millions)
Six Months Ended June 30, 2026
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$1,940 $— $— $— $— $(39)$1,901 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration505 958 968 — — (135)2,296 
Commodity consideration49 1 41 — — — 91 
Other47 50 13 — — (13)97 
Total service revenues2,541 1,009 1,022 — — (187)4,385 
Product sales258 56 458 3,473 281 (814)3,712 
Total revenues from contracts with customers2,799 1,065 1,480 3,473 281 (1,001)8,097 
Other revenues (1)27 25 (1)1,733 (21)(2)1,761 
Other adjustments (2)— — — (4,034)— 259 (3,775)
Total revenues$2,826 $1,090 $1,479 $1,172 $260 $(744)$6,083 
Six Months Ended June 30, 2025
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$1,847 $— $— $— $— $(41)$1,806 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration418 922 871 — — (100)2,111 
Commodity consideration51 1 44 — — — 96 
Other30 49 12 — — (10)81 
Total service revenues2,346 972 927 — — (151)4,094 
Product sales223 101 474 3,269 292 (888)3,471 
Total revenues from contracts with customers2,569 1,073 1,401 3,269 292 (1,039)7,565 
Other revenues (1)15 23 — 1,696 26 (2)1,758 
Other adjustments (2)— — — (3,865)— 371 (3,494)
Total revenues$2,584 $1,096 $1,401 $1,100 $318 $(670)$5,829 
______________
(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 Comprehensive 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 Comprehensive Income.
For Transco and NWP, revenue disaggregation by major service line includes Natural gas transportation service revenues, Natural gas storage service revenues, Natural gas product sales, and Other service revenues, which are separately presented in their Statements of Net Income.
Contract Assets
The following tables present a reconciliation of contract assets:
Three Months Ended June 30,
WilliamsTranscoNWP
202620252026202520262025
(Millions)
Balance at beginning of period$112 $104 $13 $14 $24 $22 
Revenue recognized in excess of amounts invoiced20 28 — — — 1 
Minimum volume commitments invoiced(6)(30)— (1)— — 
Amortization of contract assets(13)— (1)— — — 
Balance at end of period$113 $102 $12 $13 $24 $23 
Six Months Ended June 30,
WilliamsTranscoNWP
202620252026202520262025
(Millions)
Balance at beginning of period$109 $98 $13 $10 $24 $21 
Revenue recognized in excess of amounts invoiced37 58 — 4 — 3 
Minimum volume commitments invoiced(10)(53)— (1)— — 
Amortization of contract assets(23)(1)(1)— — (1)
Balance at end of period$113 $102 $12 $13 $24 $23 
Contract Liabilities
The following tables present a reconciliation of contract liabilities:
Three Months Ended June 30,
WilliamsTransco
2026202520262025
(Millions)
Balance at beginning of period$917 $1,016 $160 $171 
Payments received and deferred86 86 — — 
Liabilities acquired and other additions— 23 — — 
Significant financing component1 2 — — 
Recognized in revenue(72)(73)(3)(3)
Balance at end of period$932 $1,054 $157 $168 
Six Months Ended June 30,
WilliamsTransco
2026202520262025
(Millions)
Balance at beginning of period$948 $1,046 $163 $173 
Payments received and deferred127 120 — — 
Liabilities acquired and other additions— 23 — — 
Significant financing component
3 4 — — 
Recognized in revenue(146)(139)(6)(5)
Balance at end of period$932 $1,054 $157 $168 
The following table presents the amount of the contract liabilities balance expected to be recognized as revenue when performance obligations are satisfied as of June 30, 2026:
Contract Liabilities
WilliamsTransco
(Millions)
2026 (six months)
$110 $5 
2027 (one year)
165 11 
2028 (one year)
130 11 
2029 (one year)
98 10 
2030 (one year)
72 10 
Thereafter
357 110 
   Total$932 $157 
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 June 30, 2026, 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 June 30, 2026, that will be recognized in future periods is also excluded from its remaining performance obligations and is instead reflected in contract liabilities.
The following table presents the transaction price allocated to the remaining performance obligations under certain contracts as of June 30, 2026:
Remaining Performance Obligations
WilliamsTranscoNWP
(Millions)
2026 (six months)
$2,271 $1,511 $201 
2027 (one year)
4,425 2,877 399 
2028 (one year)
3,968 2,635 375 
2029 (one year)
3,379 2,222 349 
2030 (one year)
2,800 1,842 343 
Thereafter
13,892 10,055 1,930 
   Total$30,735 $21,142 $3,597 
Accounts Receivable
The following is a summary of Williams’ Trade accounts and other receivables:
June 30, 2026December 31, 2025
(Millions)
Accounts receivable related to revenues from contracts with customers$1,557 $1,532 
Receivables from derivatives148 444 
Other accounts receivable263 108 
Trade accounts and other receivables$1,968 $2,084 
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.