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Investments Investments (Tables) | 12 Months Ended
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Dec. 31, 2020
Investments [Abstract] |
Schedule of Equity Method Investments [Table Text Block] | Our investments primarily consist of equity investments where we hold significant influence over investee actions and for which we apply the equity method of accounting. The following table provides details on our investments as of December 31, 2020 and 2019, and our earnings (loss) from these respective investments for the years ended December 31, 2020, 2019 and 2018:
| Ownership Interest |  | Equity Investments |  | Earnings (Loss) from Equity Investments
| December 31, |  | December 31, |  | Year Ended December 31,
| 2020 |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2018
|  |  | (In millions)
Citrus Corporation | 50% |  | $ | 1,849 |  |  | $ | 1,856 |  |  | $ | 165 |  |  | $ | 157 |  |  | $ | 169 |
SNG | 50% |  | 1,532 |  |  | 1,473 |  |  | 129 |  |  | 140 |  |  | 141 |
NGPL Holdings LLC(a) | 50% |  | 803 |  |  | 721 |  |  | 116 |  |  | 81 |  |  | 66 |
Gulf Coast Express Pipeline LLC | 34% |  | 638 |  |  | 656 |  |  | 90 |  |  | 37 |  |  | 2 |
Permian Highway Pipeline | 27% |  | 632 |  |  | 309 |  |  | — |  |  | — |  |  | — |
MEP | 50% |  | 416 |  |  | 439 |  |  | (6) |  |  | 15 |  |  | 31 |
Gulf LNG(b) | 50% |  | 361 |  |  | 361 |  |  | 19 |  |  | 17 |  |  | (61) |
Products (SE) Pipe Line Corporation(c) | 51% |  | 357 |  |  | 348 |  |  | 43 |  |  | 58 |  |  | 55 |
Utopia Holding LLC | 50% |  | 329 |  |  | 335 |  |  | 20 |  |  | 20 |  |  | 14 |
EagleHawk | 25% |  | 275 |  |  | 285 |  |  | 17 |  |  | 17 |  |  | 7 |
Watco Companies, LLC | (d) |  | 70 |  |  | 185 |  |  | 16 |  |  | 19 |  |  | 21 |
Cortez Pipeline Company | 53% |  | 25 |  |  | 26 |  |  | 24 |  |  | 35 |  |  | 36 |
FEP | 50% |  | 16 |  |  | 102 |  |  | 70 |  |  | 59 |  |  | 55 |
Ruby(e) | (f) |  | 1 |  |  | 41 |  |  | 15 |  |  | (609) |  |  | 26 |
All others |  |  | 613 |  |  | 622 |  |  | 62 |  |  | 55 |  |  | 55 |
Total investments |  |  | $ | 7,917 |  |  | $ | 7,759 |  |  | $ | 780 |  |  | $ | 101 |  |  | $ | 617 |
Amortization of excess cost |  |  |  |  |  |  | $ | (140) |  |  | $ | (83) |  |  | $ | (95) |
(a)Investment in NGPL Holdings LLC (NGPL Holdings) includes a related party promissory note receivable with a principal amount of $500 million as of December 31, 2020. On October 1, 2019, NGPL Holdings issued a non-cash related party promissory note with a principal amount of $500 million as a capital distribution. The related party promissory note accrues interest at 6.75% and is payable quarterly. For the years ended December 31, 2020 and 2019, we recognized $34 million and $8 million, respectively, of interest within “Earnings from equity investments” on our accompanying consolidated statements of income. (b)The loss from Gulf LNG for the year ended December 31, 2018 includes our share of earnings recognized due to a ruling by an arbitration panel affecting a customer contract. 2018 amount also includes a non-cash impairment charge of $270 million (pre-tax) driven by this ruling. See Note 3 for more information. (c)Previously known as Plantation Pipe Line Company. (d)We hold a preferred equity investment in Watco Companies, LLC (Watco). We own 50,000 Class B preferred shares and pursuant to the terms of the investment, receive priority, cumulative cash and stock distributions from the preferred shares at a rate of 3.00% per quarter. We do not hold any voting powers, but the class does provide us certain approval rights, including the right to appoint one of the members to Watco’s board of managers. During the fourth quarter of 2020, we sold our Preferred A and common equity investment in Watco, and recognized a pre-tax gain of $10 million within “Other, net” on our accompanying consolidated statement of income for the year ended December 31, 2020. (e)The loss from Ruby for the year ended December 31, 2019 amount includes a non-cash impairment charge of $650 million (pre-tax) related to our investment. See Note 3 for more information. (f)We operate Ruby and own the common interest in Ruby, the sole owner of the Ruby Pipeline natural gas transmission system. Pembina Pipeline Corporation (Pembina) owns the remaining interest in Ruby in the form of a convertible preferred interest. If Pembina converted its preferred interest into common interest, we and Pembina would each own a 50% common interest in Ruby.
Summarized financial info of significant equity investment [Table Text Block] | Summarized combined financial information for our significant equity investments (listed or described above) is reported below (amounts represent 100% of investee financial information):
|  | Year Ended December 31,
Income Statement |  | 2020 |  | 2019 |  | 2018
|  | (In millions)
Revenues |  | $ | 5,076 |  |  | $ | 4,906 |  |  | $ | 4,898 |
Costs and expenses |  | 4,249 |  |  | 3,508 |  |  | 3,245 |
Net income |  | $ | 827 |  |  | $ | 1,398 |  |  | $ | 1,653 |
|  | December 31,
Balance Sheet |  | 2020 |  | 2019
|  | (In millions)
Current assets |  | $ | 1,013 |  |  | $ | 1,195 |
Non-current assets |  | 25,069 |  |  | 24,743 |
Current liabilities |  | 1,787 |  |  | 2,125 |
Non-current liabilities |  | 9,734 |  |  | 9,670 |
Partners’/owners’ equity |  | 14,561 |  |  | 14,143 |

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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