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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Regulatory Assets and Liabilities Table [Table Text Block]

The following table summarizes our regulatory asset and liability balances as of December 31, 2020 and 2019:


	December 31,
	2020		2019
	(In millions)
Current regulatory assets	$	25	$	55
Non-current regulatory assets	231		212
Total regulatory assets(a)	$	256	$	267

Current regulatory liabilities	$	26	$	26
Non-current regulatory liabilities	169		189
Total regulatory liabilities(b)	$	195	$	215

(a)Regulatory assets as of December 31, 2020 include (i) $131 million of unamortized losses on disposal of assets; (ii) $49 million income tax gross up on equity AFUDC; and (iii) $76 million of other assets including amounts related to fuel tracker arrangements. Approximately $119 million of the regulatory assets, with a weighted average remaining recovery period of 14 years, are recoverable

without earning a return, including the income tax gross up on equity AFUDC for which there is an offsetting deferred income tax balance for FERC rate base purposes; therefore, it does not earn a return.

(b)Regulatory liabilities as of December 31, 2020 are comprised of customer prepayments to be credited to shippers or other over-collections that are expected to be returned to shippers or netted against under-collections over time. Approximately $112 million of the $169 million classified as non-current is expected to be credited to shippers over a remaining weighted average period of 17 years, while the remaining $57 million is not subject to a defined period.

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the allocation of net income available to shareholders of Class P shares and participating securities:


	Year Ended December 31,
	2020		2019		2018
	(In millions, except per share amounts)
Net Income Available to Common Stockholders	$	119	$	2,190	$	1,481
Participating securities:
Less: Net Income Allocated to Restricted stock awards(a)	(13)		(12)		(8)
Net Income Allocated to Class P Stockholders	$	106	$	2,178	$	1,473

Basic Weighted Average Common Shares Outstanding	2,263		2,264		2,216
Basic Earnings Per Common Share	$	0.05	$	0.96	$	0.66

(a)As of December 31, 2020, there were approximately 13 million restricted stock awards outstanding.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following maximum number of potential common stock equivalents are antidilutive and, accordingly, are excluded from the determination of diluted earnings per share:


	Year Ended December 31,
	2020	2019	2018
	(In millions on a weighted average basis)
Unvested restricted stock awards	13	13	12
Convertible trust preferred securities	3	3	3
Mandatory convertible preferred stock(a)	—	—	48

(a)The holder of each convertible preferred share participated in our earnings by receiving preferred stock dividends through the mandatory conversion date of October 26, 2018 at which time our convertible preferred shares were converted to common shares.